创想三维拟港股上市！净利润增速放缓

Core Viewpoint - Shenzhen Chuangxiang 3D Technology Co., Ltd. (referred to as "Chuangxiang 3D") has submitted its prospectus to the Hong Kong Stock Exchange, aiming for an IPO. The company shows revenue growth from 2022 to 2024, but net profit growth is slowing, with a projected decline in net profit for 2024 [1][6]. Company Overview - Chuangxiang 3D is a provider of consumer-grade 3D printing products and services, including 3D printers, consumables, and various services offered on Chuangxiang Cloud, a global online community focused on 3D printing content [3]. - The company has expanded its product line to include 3D scanners, laser engravers, and components, and recently launched an overseas e-commerce platform called Nexbie, focusing on 3D creative products [3]. - According to Zhaoshang Consulting, Chuangxiang 3D holds a 27.9% market share, making it the largest provider of consumer-grade 3D printing products and services globally from 2020 to 2024 [3]. Financial Performance - Revenue increased from RMB 1.35 billion in 2022 to RMB 2.29 billion in 2024, while net profit showed a significant slowdown, rising from RMB 104 million in 2022 to RMB 129 million in 2023, but falling to RMB 88.66 million in 2024 [6][8]. - The company’s sales network consists of 74 self-operated online stores and 2,163 distributors, covering approximately 140 countries and regions globally [4]. Use of IPO Proceeds - The IPO proceeds are intended for research and development investments to enhance technological capabilities, support long-term innovation, and maintain competitiveness in the global consumer-grade 3D printing industry [4]. - Other uses include operations for overseas users, specifically for Chuangxiang Cloud and Nexbie, global brand promotion, sales channel development, and seeking strategic partnerships, investments, or acquisitions [4]. Market Dynamics - The online sales heavily depend on certain platforms, with over 80% of online sales coming from third-party platforms like Amazon and Tmall [9]. - The 3D creative industry, including 3D printing, scanning, and laser engraving, is experiencing rapid growth, characterized by high market concentration, with the top five companies dominating global shipment volumes [9]. - The industry is competitive, with leading companies competing on multiple dimensions such as printing speed, precision, material compatibility, ease of use, ecosystem completeness, and software integration [9].