Winning Technology enters 3D printing with Bambu Lab equipment deal for AI + IP文创 business

Shanghai-listed Winning Technology (汇纳科技) disclosed on April 27 that it signed a consumer-grade 3D printing equipment procurement agreement with Bambu Lab (拓竹科技) in Q4 2025, currently under execution. The company is pivoting into additive manufacturing under new controlling shareholder Jiang Zexing, founder of Shenzhen金石三维 (Jinshi 3D), who acquired a 15% stake in May 2025 and became chairman in September 2025. Winning Technology reported Q1 2026 revenue of RMB 67.56 million (+29% YoY) but a net loss of RMB 20.22 million, with full-year 2025 revenue of RMB 307 million (-15.5%) and a loss of RMB 83.46 million. The company plans to build an additive manufacturing production base using Bambu Lab equipment to produce IP-branded文创 (cultural creative) toys and collectibles, leveraging its existing AI and big data capabilities.

This move represents a structural pivot by a publicly traded Chinese AI/data analytics firm into the consumer AM space, following the P2 Chinese localization arc pattern — but here the entrant is not a hardware maker but an application-layer company using off-the-shelf Bambu Lab printers. The strategy targets the fast-growing consumer-electronics and IP文创 vertical, where Bambu Lab's FDM/FFF ecosystem has already demonstrated scalability for small-batch, high-variety production. Winning Technology's existing AI and big data infrastructure could provide a differentiation in design automation and personalized production workflows, though the company has not disclosed specific production capacity targets or revenue projections from the AM business. The move mirrors broader Chinese industrial policy encouraging cross-sector adoption of AM for consumer goods, but the execution risk is high given the company's current loss position and lack of AM production experience.

From an AM industry perspective, this is a speculative pivot by a loss-making public company using a controlling shareholder's AM background to access a trendy market. The critical execution milestones are whether Winning Technology can achieve positive unit economics on Bambu Lab equipment for IP文创 production and whether the AI integration delivers measurable throughput or personalization advantages over existing Chinese consumer AM service bureaus. Without disclosed production volumes or customer contracts, this remains a narrative-driven diversification rather than a proven industrial deployment.