xTool 创客工场，递交IPO招股书，拟赴香港上市，摩根士丹利、华泰国际联席保荐

Core Viewpoint - xTool Innovate Limited, a leading global high-end consumer technology brand, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its strong market position in the laser personal creative tools sector [2]. Business Overview - xTool was established in 2013 and focuses on consumer and commercial-grade laser personal creative tools and material printers, enabling users to efficiently turn ideas into high-quality products [5]. - According to a report by ZhiShi Consulting, xTool holds a 37% market share in the global laser personal creative tools market and is the largest and fastest-growing brand in laser engraving and cutting machines with a 47% market share, significantly surpassing its competitors [5]. - The company has sold products to over 80 countries and regions, with more than 405,000 connected devices worldwide as of September 30, 2025 [5]. - xTool offers a flagship software, xTool Studio, which simplifies the creative workflow from design to engraving, cutting, and printing [5]. Sales Channels - xTool primarily sells its products online through its official website and third-party e-commerce platforms, with 62.1% of total revenue coming from its official website in 2024 [6]. Financial Performance - The company's revenue for the years 2023, 2024, and the first nine months of 2025 was RMB 1.456 billion, RMB 2.476 billion, and RMB 1.777 billion, respectively, with corresponding net profits of RMB 111 million, RMB 149 million, and RMB 83 million [12]. - The revenue breakdown shows that laser personal creative tools and accessories accounted for 89.1% of total revenue in 2024, while materials printers and accessories contributed 5.7% [8]. Shareholder Structure - Prior to the IPO, the largest shareholder of xTool is Mr. Wang Jianjun, holding 31.38% of the shares [10]. - Other notable investors include Tencent and various venture capital firms [9]. Board of Directors - The board consists of 7 members, including 4 executive directors and 3 independent non-executive directors, with Mr. Wang Jianjun serving as the founder, chairman, and CEO [11]. IPO Advisory Team - The IPO advisory team includes J.P. Morgan and Huatai International as joint sponsors, with KPMG as the auditor and various legal advisors for different jurisdictions [14].