红杉腾讯投资，深圳又将诞生一个明星IPO

Core Insights - The article highlights the rising trend of smart hardware, particularly in the context of the recent CES event, where AI integration in hardware was emphasized as a key theme [1][8] - Xtool, a laser engraving machine company from Shenzhen, has submitted its application for a mainboard listing, indicating a growing interest in consumer hardware [1][2] - The success of companies like Ying Shi Innovation, which recently went public, has reignited investor interest in previously overlooked hardware categories [2] Industry Trends - The consumer hardware sector is experiencing a revival, driven by strong supply chain advantages in China and the successful IPOs of companies like Ying Shi Innovation [1][2] - AI technology is becoming a core component of hardware, with the CES event officially declaring "AI Inside Every Hardware" as its theme [1][8] - The trend of going global is significant, with Xtool focusing on overseas markets to avoid domestic competition, achieving substantial revenue from international sales [1][5] Company Overview - Xtool was founded in 2021 and aims to become the first publicly listed company in the consumer laser engraving machine sector [2] - The company has undergone several funding rounds, raising significant capital from various investors, including Sequoia China and Tencent [3] - Xtool's revenue is primarily generated from overseas markets, with 85% of its income coming from international sales, particularly in the US and Europe [5] Financial Performance - Xtool's revenue for 2023, 2024, and the first nine months of 2025 was reported at 1.457 billion, 2.476 billion, and 1.777 billion respectively [3] - The company's net profit margin has been declining, with net profits of 111 million, 149 million, and 83.11 million for the same periods [3] Market Dynamics - The hardware market is becoming increasingly segmented, with new categories emerging that cater to specific consumer needs, such as portable outdoor showers and AI-driven sports training tools [7] - The expansion of the "leisure economy" is driving demand for personalized products, broadening the target audience beyond just professionals to include hobbyists and retail brands [7] Investment Climate - Investors are showing renewed interest in Shenzhen as a hub for hardware innovation, although there is a cautious approach towards investing in early-stage projects [9][10] - The article notes that while the hardware sector appears vibrant, the path from initial concept to market validation and scaling is fraught with challenges [9][10]