Core Viewpoint - The ongoing copyright dispute involving MakerWorld highlights the escalating competition in the domestic 3D printing ecosystem, emphasizing the importance of model design and intellectual property as core competitive strengths for manufacturers [2][3]. Group 1: Company Developments - MakerWorld, a platform under拓竹科技, has initiated legal actions against Creality Cloud, Nexprint, and MakerOnline for copyright infringement, including unauthorized use of exclusive models and violation of licensing terms [2]. - As of October 22, 2023, Maker Online has not responded to the infringement claims, and related content remains online, while legal proceedings against Creality Cloud and Nexprint are ongoing [2]. -拓竹科技 has invested significantly in creator incentives, distributing hundreds of millions annually, with top creators earning over 500,000 yuan per year, contributing to MakerWorld's rapid growth to become the largest 3D model community globally within two years [3]. Group 2: Industry Trends - The 3D printing market is transitioning from industrial applications to consumer-level markets, with new growth opportunities in personal, educational, and entertainment sectors, supported by government policies encouraging innovation in digital consumption [4]. - The desktop 3D printer segment is emerging as a new category in digital consumption, with forecasts indicating a global market size of $7.1 billion by 2028, reflecting a compound annual growth rate of 19.2% [4]. -拓竹科技 has quickly established itself as the leading consumer-grade 3D printer company globally within five years, expanding its presence in markets such as the US, Japan, Germany, the UK, and Singapore [4].

Core Viewpoint - The legal actions taken by MakerWorld against Creality Cloud, Nexprint, and MakerOnline highlight ongoing copyright infringement issues in the 3D printing industry, reflecting an escalating "ecological war" among companies in this sector [1][2]. Group 1: Legal Actions and Infringement Issues - MakerWorld has initiated legal measures against Creality Cloud, Nexprint, and MakerOnline for copyright infringement, including unauthorized use of exclusive models and violation of licensing terms [1][2]. - As of October 20, 2025, MakerOnline has not responded to the allegations, and infringing content remains online, while legal proceedings against Creality Cloud and Nexprint are ongoing [2]. Group 2: Industry Dynamics and Market Growth - The global 3D printing industry is experiencing rapid growth, transitioning from industrial applications to consumer markets, with new opportunities in personal, educational, and entertainment sectors [4]. - The desktop 3D printing segment is emerging as a new category in digital consumption, supported by government policies encouraging innovation and product development [4]. - Analysts predict that the consumer-grade 3D printing market will reach a size of $7.1 billion by 2028, with a compound annual growth rate of 19.2%, driven by maker culture, DIY demand, and personalized product needs [5]. Group 3: Company Overview and Innovations - Within five years, the company has become the leading consumer-grade 3D printer manufacturer globally, establishing a presence in multiple countries including the USA, Japan, and Germany [7]. - The X1 series, launched in 2022, has improved speed and stability in consumer-grade 3D printing, receiving over $7 million in crowdfunding and recognition from TIME magazine [9]. - The company has developed various management tools and community platforms, such as MakerWorld, to lower barriers to entry for users and enhance creative efficiency [9].

Core Insights -拓竹科技 has opened its first global flagship store in Shenzhen, marking a significant step after becoming the leader in the global consumer-grade 3D printing market [1] Company Overview - Founded in 2020,拓竹科技 quickly became the world's leading consumer-grade 3D printer company within five years, following the launch of its first product in 2022 [6] - The company has established offices in the US, Japan, Germany, the UK, and Singapore to promote its global expansion [6] - The X1 series, launched in 2022, integrated various technologies to improve speed and stability, receiving over $7 million in support on Kickstarter and being listed as one of Time magazine's "Best Inventions" [6] Industry Trends - The global 3D printing industry is accelerating, transitioning from industrial manufacturing to consumer markets, with applications in personal creation, education, and home entertainment [5] - The consumer-grade 3D printing market is expected to reach $7.1 billion by 2028, with a compound annual growth rate of 19.2% [5] - Key drivers for market growth include the maker culture in Europe and the US, DIY demand, small-batch processing capabilities, and the influence of trendy IP [5] Technological Advancements - Recent developments in 3D printing technology have lowered costs and improved accessibility, allowing ordinary consumers to turn ideas into physical objects at lower costs [5] -拓竹科技 has developed management tools and community platforms to lower modeling and usage barriers, enhancing user experience and creativity [7] Policy Support - The Chinese government has issued guidelines to promote digital consumption, encouraging companies to accelerate innovation in new consumer products, including desktop 3D printers [7]

Core Viewpoint - Shenzhen Creality 3D Technology Co., Ltd. (referred to as "Creality") has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, marking its entry into the capital market and reflecting the growth trends in the 3D printing industry amid technological advancements and application proliferation [2][4]. Company Overview - Founded in 2014, Creality is a leading player in the global consumer 3D printing market, recognized as a national-level specialized and innovative "little giant" enterprise and a national high-tech enterprise [5]. - Creality achieved a valuation of $1 billion in July 2025 and holds a 27.9% market share, making it the global leader in consumer-grade 3D printers from 2020 to 2024 [5]. - The product line includes 3D printers, 3D scanners, laser engravers, accessories, and consumables, supported by the "Creality Cloud" integrated 3D printing platform [5]. Financial Performance - Revenue increased from 1.346 billion yuan in 2022 to 2.288 billion yuan in 2024, demonstrating strong market expansion capabilities [6]. - Net profit showed a decline from 129 million yuan in 2023 to 88.66 million yuan in 2024, indicating challenges in maintaining profitability amid expansion and increased R&D investments [6]. Industry Context - The global 3D printing industry is experiencing rapid growth, transitioning from industrial applications to consumer markets, with competition shifting from hardware performance to ecosystem development [6][7]. - Leading companies are innovating in areas such as printing speed, precision, material compatibility, and software integration, which are essential for attracting a broader consumer base [7]. Competitive Landscape - Creality faces intense competition from companies like Topbot Technology and Flashforge, which are engaging in price wars to capture market share [8][9]. - Despite being the cumulative shipment leader from 2020 to 2024, Creality's single-year data indicates a drop to second place in 2024, suggesting a slowdown in growth compared to competitors [9]. Challenges Ahead - Creality's profitability is under pressure due to increased competition, rising raw material costs, and significant R&D and marketing expenditures [8]. - The company relies heavily on online sales, with 47.9% of sales coming from online channels in 2024, primarily through third-party platforms like Amazon and Tmall, which poses risks if platform policies change [8]. - Customer retention and acquisition remain challenges, as the revenue share from the top five customers decreased from 36.9% to 15.4%, indicating a need for improved customer loyalty [8].

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].