Guosheng: Consumer-grade 3D printing benefits from supply and demand resonance, leading companies benefit greatly.

Guosheng released a research report stating that the core incremental value of 3D printing lies in immediacy, cost-efficiency, and meeting emotional needs, and the industry has entered the era of "hardware + software + ecosystem" full-stack competition. From a lifecycle perspective, the 3D printing track has just crossed the incubation period from 0 to 1, and is now in the growth stage from 1 to 100, with a steep growth curve, continuously benefiting from supply-demand resonance; in terms of attributes, the beauty of the track lies in the "core DRIVE" model of "brand", which has raised the industry's competitive barriers, benefiting leading players significantly. Guosheng's main points are as follows: Supply-demand breakdown: Strong selectivity, room for product improvement Demand side: The core incremental value lies in immediacy, cost-efficiency and meeting emotional needs. On the demand side, 3D printing users mainly include tech enthusiasts, schools & research institutions, small business clients, and trend followers. The first two are the early core users of the industry, while the latter two are key to expanding the market for printers. For small business users, the incremental value provided by 3D printing lies in immediacy and cost-efficiency, whereas for trend followers, the appeal of 3D printing lies in its creativity, social nature, and interactive nature with IP, providing users with unique emotional value. Building a vibrant content ecosystem is essential. Supply side: The industry has entered the era of "hardware + software + ecosystem" full-stack competition. The supply side has gone through the transition from hardware competition (cost-effectiveness is king) to hardware-software competition (technology is the core) to hardware, software, and ecosystem competition, which raises the overall strength requirements for players in the track. Product improvement is reflected in printing precision, speed, material & color compatibility, ease of use, and material savings. Current technological iterations focus on printing precision and material & color compatibility: increasing printing accuracy can be achieved through sensor configuration, AI cameras, etc., while multi-nozzle solutions and motor upgrades can expand compatibility with more materials and colors. The Matthew effect is significant, high-end products still have cost reduction potential Cost side: Low-end machines have simple bills of materials (BOM), while high-end models still have room for cost reduction. A 3D printer mainly consists of five parts: the frame structure provides overall support; the motion system controls the movement of the print head and platform; the extruder melts and extrudes the material; the control board receives instructions; and the power supply. Low-end machines have a simple BOM, and consumers can DIY, while high-end machines come with additional components such as AI cameras and sensors, still leaving room for cost reduction. Competitive side: Brand is the core driving factor, and the Matthew effect is significant. Product power is the core competitive factor, with the GMV of new products from Creality 3D in 2025 accounting for up to 57% of the total, nearing that of Beijing Roborock Technology, indicating that the brand is still the primary factor. The core competition of brands returns to "hardware + software + ecosystem", and the Matthew effect is significant in the track. Channel strength and marketing capabilities help product globalization. Domestic leading brands have performed well in both aspects, with Creality 3D establishing a comprehensive online and offline sales network, while Tronxy focuses on independent stations. In marketing, both utilize KOLs, bloggers, and channels such as YouTube and Instagram for promotion. Risk warning: Increased competition risk, exacerbated global trade tensions, tariff risks.