证券研究报告 | 行业专题研究 gszqdatemark 2026 02 26 年 月 日 轻工制造 增持（维持） 行业走势 XTool：激光创意方兴未艾，驭光造物龙头引航 公司概况：全球激光类个人创意工具龙头 xTool 是全球激光类个人创意工具领域的龙头企业，于 2013 年在深圳成 立。按 2025 年前九个月 GMV 计，公司以 37%的份额位居全球激光类个 人创意工具市场首位；在细分的激光雕刻机及切割机市场，其市场份额高 达 47%，是第二大品牌的六倍。公司构建了以激光类工具为核心，材质打 印机、软件及配件耗材协同发展的产品矩阵，并通过免费软件 xTool Studio 与配套耗材销售提升用户粘性与复购。公司收入高度依赖海外市场，2024 年海外收入占比达 97%，全球化特征明显。 行业：科技赋能个人创意工具市场高速成长 科技赋能个人创意工具是利用激光、打印、数控等技术将数字创意转化为 实体产品的设备集群。该市场增长强劲，按 GMV 计，全球市场规模预计 将从 2024 年的 68 亿美元增长至 2035 年的 870 亿美元，复合年增长率达 17.3%。该市场主要分为增材类和非增材类，xTool ...

Group 1: Company Overview - The report identifies xTool as the global leader in the laser personal creative tools market, holding a 37% market share by GMV as of the first nine months of 2025, and a dominant 47% share in the laser engraving and cutting machine segment, significantly outpacing the second-largest brand by six times [1][10]. - xTool has established a product matrix centered around laser tools, collaborating with material printers, software, and accessory consumables, enhancing user retention and repurchase through its free software, xTool Studio [1][10]. Group 2: Industry Growth - The technology-enabled personal creative tools market is projected to grow from USD 6.8 billion in 2024 to USD 87 billion by 2035, with a compound annual growth rate (CAGR) of 17.3%, driven by advancements in laser, printing, and CNC technologies [2]. - The competitive landscape in the laser personal creative tools industry is highly concentrated, with the top 10 brands accounting for over 50% of GMV, and the top five brands in the laser engraving and cutting machine sector representing approximately 60% of the market [2]. Group 3: Competitive Advantages - xTool's competitive strength is built on its brand recognition, technological innovation, and effective marketing strategies, achieving high user recommendation rates and repurchase rates [3]. - The company has received multiple international design awards and has a robust community ecosystem with over 212,000 active users, 1.5 million social media followers, and an average monthly website traffic of 2.9 million [3]. Group 4: Financial Performance - xTool has demonstrated rapid revenue and net profit growth, with revenues of CNY 14.57 billion, CNY 24.76 billion, and CNY 17.77 billion for the years 2023, 2024, and the first nine months of 2025, respectively [34]. - The net profit figures for the same periods were CNY 1.11 billion, CNY 1.49 billion, and CNY 0.83 billion, indicating a strong upward trend in profitability [34].

行业研究丨专题报告丨家用电器 [Table_Title] xTool：全球科技工具品牌，龙头地位持续巩固 报告要点 [Table_Summary] 公司专注于全球科技工具市场，产品以激光工具为核心，并拓展至材料打印领域。行业层面， 全球市场规模预计保持快速增长，其中激光类稳步渗透，材料打印类（尤其 DTF）增长显著。 公司地位稳固，在激光市场及核心细分领域份额持续领先，并快速切入材料打印市场，位列全 球前三。财务方面，公司收入稳健增长，毛利率保持较好水平。整体来看，公司已在高增长赛 道建立领先优势，具备持续发展的基础。综上，建议把握科技工具优质赛道及产业链投资机会。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 家用电器 cjzqdt11111 [Table_Title2] xTool：全球科技工具品牌，龙头地位持续巩固 [Table_Summary2] 公司概览：全球化布局深化，产品矩阵持续丰富 xTool 是一家全球消费科技品牌 ...

Group 1 - xTool Innovate Limited has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, reporting a revenue of 1.777 billion yuan and an adjusted net profit of 172 million yuan for the first nine months of 2025 [1] - Founded in 2021 by Wang Jianjun, xTool is recognized as the largest and fastest-growing brand in the laser engraving and cutting machine sector, according to a report by ZhiShi Consulting [1] - The company's revenue is primarily generated from overseas markets, with 54.8% coming from the United States (973 million yuan) and 30.3% from Europe (538 million yuan) during the first nine months of 2025 [1] Group 2 - xTool established a European regional office in Berlin in November last year and launched its flagship desktop laser engraving machine, the F2 Ultra UV, in the local market [2] - The company has over 300 demonstration halls and 40 service stations in Europe [2] - The global market for technology-enabled personal creative tools is projected to grow from 6.8 billion USD in 2024 to 39.1 billion USD by 2030, according to ZhiShi Consulting [2]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [7]. Core Insights - The laser engraving machine is identified as a technology-enabled personal creative tool, with xTool holding the number one market share. The market for personal creative tools is projected to grow significantly, driven by emotional consumption, the creative economy, and maker culture [2]. - The demand side is influenced by trends towards personalization and emotional value in consumption, the growth of the creative economy, and the rise of maker culture and social media [2]. - On the supply side, advancements in AI technology, integration of software and hardware ecosystems, and cost reductions from domestic supply chains are accelerating industry penetration [2]. - The global market for technology-enabled personal creative tools is expected to grow from USD 6.8 billion in 2024 to USD 39.1 billion by 2030, with a compound annual growth rate (CAGR) of 33.8% [2]. - The market for laser personal creative tools is projected to expand from USD 1 billion in 2024 to USD 3.6 billion by 2030, with a CAGR of 23.1% [2]. Summary by Relevant Sections Market Demand - The demand for personal creative tools is driven by emotional consumption, the creative economy, and maker culture, leading to a shift towards personalized and unique designs [2]. Market Supply - Innovations in AI and automation, along with the integration of software and hardware, are lowering barriers to entry and enhancing user experience [2]. Market Size and Growth - The market for technology-enabled personal creative tools is expected to grow significantly, with laser tools showing a strong growth trajectory [2]. Industry Chain - The industry chain includes upstream suppliers of core hardware, midstream product providers, and downstream users such as individual creators and small businesses [2]. Investment Opportunities - Key investment targets include laser engraving machine manufacturers like xTool and other component suppliers such as JPT and Raycus Laser [2][3].

Core Insights - xTool Innovate Limited is set to officially submit its IPO prospectus to the Hong Kong Stock Exchange on January 1, 2026, with Morgan Stanley and Huatai International as joint sponsors [1] - Established in 2013, xTool is a global high-end consumer technology brand focused on providing professional and intelligent laser creative tools and material printers for individual consumers, small business owners, and retail stores [1] - As of September 30, 2025, xTool has sold over 405,000 connected devices worldwide, with a significant market presence in the laser engraving and cutting machine sector [1][2] Market Position - xTool holds the title of the world's leading brand in laser personal creative tools, with a market share of 37% based on GMV for the first three quarters of 2025 [2] - It is also the largest and fastest-growing brand in laser engraving and cutting machines, capturing 47% of the market share, which is six times that of the second-largest brand [2] - The company generates 97% of its revenue from overseas markets, primarily in developed regions, and its product prices are typically 10%-30% higher than the industry average [2] Product and Community Engagement - xTool's NPS (Net Promoter Score) is 67%, with a customer repurchase rate of 40% as of October 31, 2025 [3] - The brand has established a community-driven strategy, with 80% of users engaging with their devices at least once a month and over 212,000 active users participating in the Atomm online community [3] - xTool has created 470 offline "xTool Squad" communities across 32 countries, enhancing user experience through hands-on product trials [3] Technological Advancements - xTool's technological edge lies in the integration of precision optics, intelligent CNC control, and AI algorithms, which fosters product innovation [4] - The company has a strong R&D team, with 753 full-time technical staff, representing about 56% of its office employees, and holds numerous patents both domestically and internationally [4] Financial Performance - xTool's revenue for 2023 and 2024 was 1.457 billion and 2.475 billion yuan, respectively, reflecting a year-on-year growth of 70% [5] - For the first three quarters of 2025, revenue increased by 18.6% to 1.777 billion yuan, with a gross margin of 56.0% [5] - The company anticipates significant profitability growth in the fourth quarter, which is typically the peak season for revenue and profit contributions [6] Future Outlook - xTool plans to use the net proceeds from its IPO to enhance R&D, expand its overseas user community, improve manufacturing capabilities, and strengthen supply chain resilience [6] - The global market for technology-enabled personal creative tools is projected to grow at a CAGR of 33.8% from 2024 to 2030, reaching $39.1 billion by 2030 [6]

Company Overview - xTool is a global high-end consumer technology brand focused on empowering creative creation from digital to physical [2] - It holds a 37% market share in the laser personal creative tools segment by GMV as of the first nine months of 2025, and a 47% market share in laser engraving and cutting machines, significantly surpassing its competitors [2] - The company has sold over 405,000 connected devices worldwide as of September 30, 2025, and aims to become a global leader in personal creative tools [2] Product Offerings - xTool's core product line includes laser engraving machines, laser cutting machines, laser welding machines, and CNC cutting machines [3] - In 2025, xTool began selling garment printers as part of its new material printing business line, marking the start of a broader product roadmap [3] - The company offers a flagship software, xTool Studio, which simplifies the creative workflow from design to engraving, cutting, and printing [3] Financial Performance - For the fiscal years ending in 2023, 2024, and the nine months ending September 30, 2025, the company reported revenues of approximately RMB 1.46 billion, RMB 2.48 billion, and RMB 1.78 billion respectively [4] - The net profit for the same periods was approximately RMB 111 million, RMB 149 million, and RMB 83 million [5] - The gross profit margins for these periods were 59.2%, 54.4%, and 56.0% respectively [8] Market Overview - The global market for technology-enabled personal creative tools is expected to grow from USD 6.8 billion in 2024 to USD 39.1 billion by 2030, with a CAGR of 33.8% [10] - The non-additive personal creative tools market is projected to expand significantly, driven by material printing tools, which are expected to grow from USD 100 million to an estimated USD 20.4 billion by 2035 [13] - The global penetration rate of laser personal creative tools is anticipated to rise from approximately 11.2% in 2022 to about 15.3% in 2024 [16]