Sanlv Technology lists on New Third Board targeting ChiNext IPO, plans over CNY 500M expansion; Zhongde Technology raises tens of millions in A+ round

Sanlv Technology (三绿科技), the global leader in FDM filament, has listed on China's New Third Board (NEEQ) and announced its intention to pursue a ChiNext IPO. The company reported 2024 revenue of CNY 763 million, up 63% from 2023, with net profit reaching CNY 70.7 million. Sanlv plans to invest over CNY 500 million in its Zhongshan facility to expand capacity to 50,000 tons of FDM filament and 30,000 tons of modified pellets annually. Separately, Zhongde Technology, which uses electrochemical 3D printing for AI chip vapor chambers, closed a tens-of-millions CNY A+ round led by Chuangwei Investment, its fourth funding round in four years.

Sanlv's listing and expansion underscore a key shift in the polymer AM market: the FDM/FFF filament segment is transitioning from hobbyist novelty to a mass-production commodity. With China's 3D printer output growing 52.5% YoY to 5.21 million units in 2025, material suppliers that achieve cost leadership and global distribution—Sanlv's PLA filament leads Amazon US rankings—are capturing bulk value. This follows the familiar Chinese localization arc: a Western pioneer (Stratasys, Ultimaker) established the category, and now a Chinese entrant with supply chain scale is driving costs down. Sanlv's move to industrial-scale production and IPO is a signal that polymer-MEX material supply is maturing into a capital-intensive, volume-driven business.

For Sanlv, the near-term challenge is maintaining filament quality consistency as production scales fivefold, especially with deep-pocketed competitors like Bambu Lab integrating materials. Investors should watch whether the company's margin profile holds up as commoditization pressures mount. For the broader AM industry, Sanlv's trajectory validates that polymer materials—long overshadowed by metal AM hype—can generate real, sustained revenue and public-market attention.