Core Viewpoint - Shenzhen Chuangxiang 3D Technology Co., Ltd. (Chuangxiang 3D) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, overseas operations, global brand promotion, and sales channel development, as well as seeking strategic partnerships, investments, or acquisitions [1] Group 1: Company Overview - Chuangxiang 3D, established in 2014, is a provider of consumer-grade 3D printing products and services, including 3D printers, consumables, and a global online community called "Chuangxiang Cloud" [2] - The company is the largest provider of consumer-grade 3D printing products and services globally, with a market share of 27.9% from 2020 to 2024, ranking second in consumer-grade 3D printers, first in consumer-grade 3D scanners, and third in consumer-grade laser engravers [2][8] Group 2: Financial Performance - Chuangxiang 3D's revenue from 2022 to Q1 2025 shows a declining trend in the revenue share from 3D printers, decreasing from 81.7% in 2022 to 61.3% in Q1 2025, while the revenue share from 3D printing consumables increased from 3% to 12% during the same period [3] - The company's revenue figures for the reporting period were 1.346 billion, 1.883 billion, 2.288 billion, and 708 million yuan, with net profits of 104 million, 129 million, 88.66 million, and 81.56 million yuan respectively, indicating a 21.5% revenue growth in 2024 but a 31% decline in net profit [4] - Raw material costs accounted for over 75% of the sales cost during the reporting period, with specific percentages of 82.7%, 76.7%, 76.4%, and 75.2% [4] Group 3: Inventory and Supply Chain - Chuangxiang 3D's inventory, which includes finished goods, raw materials, and work-in-progress, has shown a growth trend, with values of 184 million, 356 million, 438 million, and 516 million yuan during the reporting period [5] - The average inventory turnover days increased from 86.5 days to 100.8 days, indicating a gradual extension in inventory turnover [6] Group 4: Market Position and Competition - In terms of 2024 shipment volume, Chuangxiang 3D shipped approximately 700,000 consumer-grade 3D printers, giving it a market share of 16.9%, ranking second globally [8][10] - The company has only completed one round of external financing since its establishment, raising approximately 508 million yuan in June 2021 [11]
“全球最大”消费级3D打印企业创想三维递表港交所:去年“增收不增利” 今年一季度平均存货周转天数超100天
Mei Ri Jing Ji Xin Wen·2025-08-29 12:34