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标题: Hisun Biomaterials' Net Profit Rises 459.49% as 3D Printing Consumables Become Its Leading Growth Driver [打印本页]

作者: admin 时间: 2026-11-3 20:13
标题: Hisun Biomaterials' Net Profit Rises 459.49% as 3D Printing Consumables Become Its Leading Growth Driver
Introduction: 3D printing is reshaping the performance trajectory of a traditional PLA materials company.

Nanjixiong learned that Hisun Biomaterials (688203.SH) released its third-quarter 2026 report on the evening of October 26. Revenue for the first three quarters was RMB 953 million, up 53.41% year on year; net profit attributable to shareholders of the parent company was RMB 27.447 million, up 459.49%; and net profit excluding non-recurring gains and losses was RMB 26.85 million, up 623.95%. The company explicitly attributed revenue growth to “continued favorable demand in 3D printing consumables.” 3D printing is shifting from an incremental business into the core variable determining the company's earnings responsiveness.

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Quarterly and Full-Year Momentum: Q3 Revenue Reaches RMB 347 Million, with Faster Growth

For the third quarter alone, revenue was RMB 347 million, up 62.76% year on year, while net profit attributable to shareholders of the parent was RMB 6.5249 million, up 278.43%. Q3 revenue growth of 62.76% exceeded the 53.41% growth for the first three quarters, indicating that demand from 3D printing consumables did not slow in Q3.

One detail warrants attention: Q3 net profit fell from Q2. Public data indicate that Q2 net profit was approximately RMB 20 million and Q3 net profit approximately RMB 7 million, a sequential decline of about 67%. During the reporting period, the company recognized asset impairment provisions and credit impairment losses totaling RMB 16.8727 million, affecting total profit. Excluding this factor, the quality of growth in its main business remains clear.

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3D Printing: From 30% to 49%, Reshaping the Revenue Mix Within a Year

Explosive growth in Hisun Biomaterials' 3D printing business was already evident in the first half of 2026.

Total PLA resin sales volume increased 57% year on year in H1 2026, while sales volume for 3D printing grew approximately 169%, significantly outpacing overall growth. More importantly, 3D printing's share of revenue changed: it accounted for approximately 30% of revenue for full-year 2025, rising to about 49% in H1 2026. Within a year, it moved from roughly one-third of company revenue to nearly half.

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Downstream demand is driving this structural change. PLA accounts for approximately 70% of the FDM 3D printing filament market and is the most widely used raw material for consumer 3D printing consumables. Hisun Biomaterials is among the few Chinese companies producing high-optical-purity PLA at scale. It has a first-mover advantage in batch consistency and high-speed printing compatibility for dedicated 3D printing PLA. In institutional investor discussions, the company stated that PLA for 3D printing must suit high-speed printing and differs from conventional applications in indicators such as cooling rate and interlayer bonding. Hisun has completed product development and promotion addressing these needs.

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Capacity Foundation: 125,000 Tonnes of PLA, with the New Line Still Ramping Up

The expansion of 3D printing consumables is supported by Hisun Biomaterials' capacity expansion completed in 2026.

In May 2026, the first-phase 75,000-tonne-per-year production line of the company's 150,000-tonne-per-year PLA project entered full operation. Annual PLA resin capacity increased from 50,000 to 125,000 tonnes. Subsidiary Hainuo'er's 50,000-tonne-per-year line operated at approximately 85% load in the first half. Haichuangda's new 75,000-tonne-per-year line, commissioned in May, is currently at approximately 70% of its overall designed output and is still ramping up.

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This means Hisun Biomaterials is far from reaching its capacity-release ceiling for 3D printing consumables. As the new line continues approaching designed output, there is room to increase supply to the 3D printing market further.

Industry Context: Print Farms and Printer Exports Are Consuming More PLA

The company's growth is not an isolated development when viewed across the industry.

According to China's National Bureau of Statistics, domestic 3D printing equipment output increased 52.3% year on year from January through July 2026. Growing equipment volumes translate directly into continuing consumables use. China exported 5.03 million 3D printers in 2025; exports had already reached 5.92 million in the first three quarters of 2026 and could exceed 8 million for the year. By August 2026, domestic print farms operated more than 300,000 machines. Expansion of this ecosystem has created steady repeat demand for consumables.

Hisun Biomaterials estimates that the entire 3D printing industry may consume 120,000–140,000 tonnes of PLA in 2026. Compared with its total PLA capacity of 125,000 tonnes, which is not all allocated to 3D printing, the supply–demand balance remains relatively tight.

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Costs are another variable to watch. Since the start of 2026, upstream PLA raw materials have undergone several price increases, with PLA for 3D printing rising further to approximately RMB 22,000 per tonne. As a PLA resin producer, Hisun Biomaterials occupies a relatively favorable position in passing through price increases, while cost pressure on downstream filament manufacturers is accumulating.

Nanjixiong's Observations: Upstream Suppliers Are Capturing the Materials Dividend from 3D Printing Consumables

Hisun Biomaterials' third-quarter report provides a clear example: once the installed base of consumer 3D printers crosses a certain threshold, materials suppliers in the consumables chain can feel the inelasticity of demand earlier than equipment manufacturers.

A 3D printer is a durable good, but every spool of filament is consumed. More printer sales, denser networks of print farms, and more frequent printing all sustain PLA resin consumption. Hisun Biomaterials occupies a distinctive position in this chain: it is not a filament brand and does not sell directly to end users, but supplies the upstream raw material for FDM's most widely used consumable. With 3D printing's revenue share rising from 30% to 49% in a year, the company's performance is now closely tied to the penetration curve of consumer 3D printing.

Two developments deserve attention next: the ramp-up of the new 75,000-tonne line, which determines the company's ability to expand supply for printing consumables; and whether Hisun can maintain its current balance between volume and profit as PLA prices rise. The growth window that 3D printing has opened for this traditional materials company is only beginning.

AI-translated from an article by Xiaoruanxiong on Nanjixiong, originally published on 2026-10-28. Text and images retain the original source attribution.
Read the original Chinese article

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