Elegoo最新5亿元融资能否对抗“拓竹效应”？

Chinese 3D printer manufacturer Elegoo (Shenzhen SmartPie Technology Co., also known as SmartPie) has completed a B+ round of financing worth over 500 million yuan ($73.3 million). The round was jointly backed by Meituan and its investment arm, Dragon Ball, alongside Guoce Capital, Hillhouse Capital, Minghui Zhiyuan Capital, Shenzhen Capital Group, Shanghai High-Tech Investment Group, and Yintai Capital. This funding round closed less than six months after DJI took a strategic stake in the company.

中国3D打印机制造商Elegoo（深圳智能派科技有限公司，亦称为SmartPie）已完成超5亿元人民币（约合7330万美元）的B+轮融资。本轮融资由美团及其投资部门龙珠资本联合领投，国策资本、高瓴资本、明辉致远资本、深创投、上海高投集团及银泰资本跟投。此次融资距离大疆战略入股该公司不足六个月。

According to a news report, the funds will be deployed for hiring senior talent, advancing R&D, scaling global operations, strengthening the supply chain, and broadening the Elegoo brand’s international reach. The capital comes as Elegoo faces a competitive gap it has so far been unable to close.

据媒体报道，这笔资金将用于招募高端人才、推进研发、扩大全球运营、强化供应链以及拓宽Elegoo品牌的国际影响力。此次融资之际，Elegoo正面临一个迄今未能缩小的竞争差距。

Elegoo’s revenue reached 2.3 billion yuan in 2025, up from 1.6 billion yuan in 2024 and 1 billion yuan in 2023. But that growth has not kept pace with rival 3D printer manufacturer Bambu Lab, which has pulled the gap between the two companies to roughly 4:1 in its favor.

Elegoo 2025年营收达23亿元人民币，高于2024年的16亿元和2023年的10亿元。但这一增长未能赶上竞争对手3D打印机制造商拓竹科技（Bambu Lab），后者已将两家公司的差距拉大至约4:1，且对其有利。

Elegoo’s revenue figures converted in USD at respective historical rates. Co-founder and vice president Chen Bo told 36Kr, “When the gap widens slightly in the early stages, say I have 1 billion and my competitor has 2.5 billion, I can assume that with double the effort, I can catch up. But if three years later, he has 10 billion and I have 2.3 billion, it means my previous efforts weren’t enough. You’ve only put in the hard work but haven’t achieved any real success.”

Elegoo的营收数据按各自历史汇率折算为美元。联合创始人兼副总裁陈波对36氪表示：”初期差距稍微拉大时，比如我有10亿，对手有25亿，我可以认为付出双倍努力就能追上。但如果三年后，他有100亿，我有23亿，那就意味着我之前的努力不够。你只是付出了辛苦，却没有取得任何实际成功。”

Much of that divergence traces back to a product development failure between late 2024 and early 2025. A new machine the company had planned to release to capture incremental market growth kept getting delayed, and when it eventually shipped, only a monochrome version made it to overseas markets. The domestic version was never released at all.

这种分化很大程度上源于2024年底至2025年初的一次产品开发失败。该公司计划推出一款新机器以抢占增量市场份额，但该产品不断延期，最终发货时，只有单色版本进入了海外市场，国内版本则从未发布。

This failure to deliver on hardware was, at its core, a failure of code. While Elegoo’s hardware had iterated steadily, the firmware and slicing algorithms that govern print stability had fallen behind. Bambu Lab machines now maintain stable operation for over a month between resets, while competing systems require recalibration every two weeks. That gap has nothing to do with hardware tolerances; it is the result of accumulated algorithmic knowledge built into the software over time.

这次硬件交付失败的根源在于代码问题。虽然Elegoo的硬件迭代稳步推进，但控制打印稳定性的固件和切片算法已经落后。拓竹科技的机器现在每次重置后可稳定运行超过一个月，而竞争系统需要每两周重新校准一次。这一差距与硬件公差无关，而是软件中随时间积累的算法知识所致。

To close that gap, Elegoo approached DJI through an intermediary and finalized a cooperation agreement within three months, with the VP treating the relationship as a way to absorb a methodology. Several of the hardware industry’s leading brands, including Bambu Lab, Insta360, and EcoFlow, have core teams that trace back to DJI, and Elegoo is now working to internalize the same system-level approach to integrating hardware and software.

为了缩小这一差距，Elegoo通过中间人联系大疆，并在三个月内敲定了合作协议，副总裁将这一关系视为吸收方法论的方式。包括拓竹科技、影石Insta360和正浩EcoFlow在内的多家硬件行业领先品牌，其核心团队均源自大疆，Elegoo目前正致力于内化同样的系统级软硬件整合方法。

Executing that at scale is where Meituan comes in. The platform, which led this round alongside Dragon Ball Capital, is one of China’s largest consumer platforms with over 770 million annual active users, and has in recent years been actively deploying capital into AI, robotics, and hardware. Its involvement gives Elegoo the resources to execute at a scale the DJI round alone could not support.

大规模执行这一策略正是美团介入之处。这家与龙珠资本共同领投本轮融资的平台是中国最大的消费平台之一，拥有超过7.7亿年活跃用户，近年来积极将资本投入人工智能、机器人和硬件领域。其参与为Elegoo提供了单靠大疆一轮投资无法支撑的规模化执行资源。

Elegoo’s revenue target for 2026 is 3.5 to 4 billion yuan, and Chen Bo’s medium-term aim is to bring the gap with Bambu Lab down from roughly five times to somewhere between one and two times. If the products released in 2024 and 2025 do not perform as expected, the founders have said they will consider bringing in professional managers, a position that is rare for a venture-backed consumer hardware company.

Elegoo 2026年的营收目标为35亿至40亿元人民币，陈波的中期目标是将与拓竹科技的差距从约五倍缩小至一到两倍。创始人表示，如果2024年和2025年发布的产品表现不及预期，他们将考虑引入职业经理人，这一立场在风投支持的消费硬件公司中实属罕见。

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