8月14日，深圳市创想三维科技股份有限公司（下称创想三维）在港交所递交招股书。 创想三维创立于2014年，是一家消费级3D打印产品及服务提供商。其主要产品及服务包括：3D打印机、3D打印耗材以及创想云(其专注于3D打印内容的 全球在线社区)上提供的各类服务。按2020年至2024年消费级3D打印机的累计出货量计，创想三维是全球最大的消费级3D打印产品及服务提供商，市场占 有率为27.9%。 创想三维创始人是四位"85后"：唐京科、陈春、敖丹军、刘辉林。他们在一次3D打印展会上相识，发现国内消费级3D打印机市场几乎被国外品牌垄断， 而国内消费者对于这一新兴技术的需求却日益增长。 2014年，他们凑了30万，在深圳龙华区一个20平方米的办公区里成立了创想三维。 当时3D打印很热，创想三维进入赛道的时候已经不算早了。但他们做很重要的决定：选择了消费级3D打印市场，并将目标市场定位为海外。 创想三维成立头两年主要做品牌代工，产品销往海外。2016年做出了一款爆款产品CR-10，以500美元售价杀入海外市场，月销量超两万台。2019年创想 三维转型做自有品牌出海。 创想三维的收入主要来自销售及提供3D打印机；3D打印耗 ...

Group 1 - A pool robot manufacturer focuses on in-house production and rigorous testing, including extreme environment tests, to ensure product quality [2] - The founder plans to invest 20 million to develop a prototype for a small submarine targeting tourist attractions [2] - A small home appliance company misjudged the market, leading to an 80 million loss on its second product due to high marketing costs and poor sales performance [3][4] Group 2 - A cleaning brand's cross-industry hardware line struggles with product definition and internal team conflicts, leading to a lack of progress [4] - The brand's strategy of securing orders before product development has proven ineffective in the hardware sector [4] - A 3D printer company ended its investment collaboration with a laser engraving company after only four months, leading to competition between the two [5] Group 3 - A personal care company failed to protect its product innovation with patents, resulting in competitors replicating its features and launching negative marketing campaigns [5] - An intelligent appliance company's overseas market struggles are compounded by frequent leadership changes and declining profit margins [6][7] - A smart garden robot company maintains strict confidentiality about its operations and has reportedly shipped over 100,000 units this year [6] Group 4 - A laser engraving company faced significant losses due to leaked core technology, which allowed competitors to release similar products ahead of its planned launch [7] - A storage giant's performance is heavily reliant on external factors like natural disasters and geopolitical events, leading to unstable revenue [7] - An industrial manufacturer is cautiously entering the smart lawn mower market with a modest investment, aiming for realistic sales targets [8] Group 5 - A lawn mower manufacturer faced poor market reception in North America due to technical failures in its high-end product, resulting in negligible sales [9] - User feedback highlighted severe operational issues, including frequent malfunctions and inability to recognize obstacles [9]

Core Viewpoint - Shenzhen Creality 3D Technology Co., Ltd. (referred to as "Creality") has submitted its prospectus to the Hong Kong Stock Exchange for a proposed listing on the main board, indicating its intention to raise capital for further expansion in the 3D printing industry [2][3]. Company Overview - Creality, established in 2014, is a leading global provider of consumer-grade 3D printing products and services, offering a comprehensive range of products including 3D printers, consumables, and services on its online community platform, Creality Cloud [5][6]. - The company has expanded its product line to include 3D scanners, laser engravers, and accessories, and recently launched an overseas e-commerce platform focused on 3D creative products called Nexbie [5]. Market Position - According to data from Zhaoshang Consulting, Creality was the largest consumer-grade 3D printing company globally by cumulative shipment volume from 2020 to 2024, with a total shipment of 4.4 million units and a global market share of 27.9% [5]. - In 2024, Creality ranked as the second-largest consumer-grade 3D printing company by shipment volume, with a market share of 16.9% [5]. - Creality held the top position in the global consumer-grade 3D scanner market in 2024, with a shipment market share of 37.7% and a GMV market share of 37.6% [5]. - The company ranked third in the global consumer-grade laser engraver market in 2024, with a shipment market share of 5.7% and a GMV market share of 3.5% [5]. Business Operations - Creality is the only major player in the global 3D creative industry that simultaneously offers consumer-grade 3D printing, scanning, and laser engraving products and services [6]. - The company's R&D focuses on empowering its 3D printers with key technologies, particularly in mechanical design, electronic systems, motion control algorithms, slicing software, and firmware [6]. - Manufacturing operations are located in Wuhan, Huizhou, and Shenzhen, responsible for producing 3D printers and some consumables [6]. - As of March 31, 2025, Creality had 74 self-operated online stores and 2,163 distributors, with a sales network covering approximately 140 countries and regions [6]. Financial Performance - Creality's revenue for the years 2022, 2023, 2024, and the first three months of 2025 was RMB 1.346 billion, RMB 1.883 billion, RMB 2.288 billion, and RMB 707.984 million, respectively [12][13]. - The corresponding net profits for the same periods were RMB 104 million, RMB 129 million, RMB 89 million, and RMB 82 million [12][13]. Shareholder Structure - Prior to the Hong Kong listing, the shareholder structure of Creality shows that the controlling shareholders, including Mr. Chen Chun and others, collectively hold approximately 81.98% of the shares [8][9]. - Other shareholders include notable investors such as Qianhai Ark, Tencent Investment, and others [8]. Management Team - The board of directors consists of 9 members, including 5 executive directors and 3 independent non-executive directors, with Mr. Chen Chun serving as the chairman and CEO [11].

Core Viewpoint - Shenzhen Chuangxiang Sanwei Technology Co., Ltd. (Chuangxiang Sanwei) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider in the consumer-grade 3D printing industry, with significant growth potential in both domestic and international markets [3][4]. Group 1: Company Overview - Chuangxiang Sanwei, established in 2014, specializes in consumer-grade 3D printing products and services, including 3D printers, consumables, and an online community platform called Nexbie [3]. - The company is the only major player in the global 3D creative industry that offers consumer-grade 3D printing, scanning, and laser engraving products and services [4]. Group 2: Market Position and Growth - According to data from Zhaoshih Consulting, Chuangxiang Sanwei holds a 27.9% market share in the global consumer-grade 3D printing products and services sector, making it the largest provider in this category from 2020 to 2024 [4]. - The market for consumer-grade 3D printers is projected to grow from $2.1 billion in 2024 to $8.8 billion by 2029, with a compound annual growth rate (CAGR) of 33.6% [5]. Group 3: Sales and Revenue Trends - As of Q1 2025, Chuangxiang Sanwei's sales in North America and Europe have surpassed those in China, with respective sales proportions of 33.3% and 25.8% compared to 24.6% in China [7]. - The company's revenue has shown significant growth, with figures of RMB 1.346 billion, RMB 1.882 billion, and RMB 2.288 billion for the years 2022 to 2024, reflecting a CAGR of 30.4% [8]. Group 4: Financial Performance - Chuangxiang Sanwei's gross profit margins have improved, with rates of 28.8%, 31.8%, 30.9%, and 35.2% from 2022 to Q1 2025 [8]. - The net profit for the company was RMB 1.04 billion, RMB 1.29 billion, and RMB 0.89 billion for the years 2022 to 2024, with a net profit of RMB 0.82 billion in Q1 2025 [8]. Group 5: Future Plans - The net proceeds from the IPO will primarily be used for research and development to enhance technological capabilities, overseas user operations, global brand promotion, and sales channel development [9].

Core Viewpoint - The article highlights the significant advancements in nano 3D printing technology achieved by Professor Chen Shiqi and his team at The Chinese University of Hong Kong, which have dramatically increased speed and reduced costs, making the technology commercially viable [1][4][17]. Group 1: Technological Breakthrough - The new technology developed by Chen's team enhances the speed of nano 3D printing by 1000 times and reduces costs by 95%, overcoming long-standing technical barriers in the field [1][4][17]. - The prototype of the nano ultra-fast 3D printer has a lateral resolution of 30 nanometers and can produce structures with 100 nanometer precision at a cost of approximately 5 to 6 RMB per cubic millimeter [4][17]. Group 2: Commercialization Efforts - In 2022, Chen co-founded SuperNano Technology to commercialize the nano 3D printing technology, which has successfully developed a prototype for mass production [4][5]. - The company has completed seed funding of tens of millions, indicating a transition from technology validation to scaling production [5]. Group 3: Academic and Industrial Collaboration - The article discusses the evolving landscape of academic and industrial collaboration in Hong Kong, with the government introducing initiatives like the "Industry-Academia-Research 1+" plan to support research commercialization [7][20]. - Chen emphasizes the importance of transforming research outcomes into marketable products, noting that many technologies remain underutilized due to funding and talent gaps in the transition from prototype to market [18][21]. Group 4: Future Prospects - Chen believes that Hong Kong's startups can leverage the manufacturing advantages of mainland cities in the Greater Bay Area, creating a complementary relationship between Hong Kong's research capabilities and the manufacturing strengths of these cities [8]. - The article also highlights the need for experienced leadership in startups to navigate the challenges of commercialization and market entry [21][22].

Group 1: Blue Glass Technology - Blue Glass Technology officially listed on the Hong Kong Stock Exchange on July 9, 2025, marking a significant milestone in its globalization strategy [8][14] - The company has invested 18 billion yuan over ten years, resulting in over 2,200 authorized patents, showcasing its commitment to innovation [13][34] - Blue Glass has transitioned from manufacturing mobile phone glass to becoming a leading supplier in the smart hardware sector, including AI glasses and robotics [19][21] Group 2: Warner Pharmaceutical - Warner Pharmaceutical, primarily focused on generic drugs, reported a revenue of over 1.4 billion yuan in 2024, with R&D investment reaching 158 million yuan, accounting for 11.21% of its revenue [26][34] - The company is transitioning from a generic drug manufacturer to an innovative pharmaceutical enterprise, focusing on niche markets such as depression and rare animal medicine substitutes [27][33] - Warner Pharmaceutical has established a strong production base with over 80 drug registration approvals, aiming to enhance its competitive edge in the pharmaceutical industry [29][30] Group 3: Xue Tian Salt Industry - Xue Tian Salt Industry, known as China's first salt reform stock, is expanding from traditional salt production to new energy materials, including sodium batteries and fiber materials [38][39] - The company aims to achieve total assets exceeding 10 billion yuan and brand value of 11.8 billion yuan, with a strategic focus on becoming a leading salt chemical enterprise [36][41] - Xue Tian is investing in a fiber research institute to explore the mass production of fiber electronic devices, further diversifying its business [40][41] Group 4: Huashu High-Tech - Huashu High-Tech has developed a complete industrial-grade additive manufacturing technology system, focusing on 3D printing applications across various industries [42][48] - The company has achieved significant growth, with over 1,200 units of its 3D printing equipment sold globally, and is actively expanding its R&D capabilities [48][49] - Huashu High-Tech emphasizes the importance of innovation and focus in overcoming challenges in the 3D printing industry, positioning itself for future market growth [47][49]

7月17日，3D打印概念股表现活跃，泰尔股份、金橙子、爱司凯等多只个股涨停。据东方财富Choice数 据显示，今年以来，3D打印概念股平均涨幅为66%。 消息面上，知名苹果分析师郭明錤日前发文称，最新调查显示，苹果正在积极引入3D打印技术，预计 今年新款产品部分钛金属机构件将采用3D列印技术。 除苹果外，目前三星、华为、OPPO等公司均计划在下一代产品中使用钛合金技术，荣耀等厂商近日发 布的折叠屏手机的铰链轴盖部分已采用了钛合金3D打印工艺。 苹果、华为等消费电子巨头均对钛合金3D打印表现出浓厚兴趣，钛合金在消费电子领域迎来应用新进 展。郭明錤表示，苹果计划在今年下半年发布的Apple Watch Ultra智能手表的部分钛金属机械部件采用 3D打印制造。他预计3D打印能够改善苹果的生产时间并降低生产成本，还有助于提升苹果的ESG指 标。 实际上，苹果已经在钛合金专利上进行了大量储备。调研机构PatentlyApple统计，截至目前，苹果已累 计获得钛合金材料相关专利8项。 除苹果以外，荣耀也进行了"试水"。荣耀近日发布的MagicV2是全球首款采用钛合金铰链的折叠旗舰 机，铰链的轴盖部分首次采用钛合金3D打 ...

这家曾被誉为"制造业颠覆者"、巅峰市值近60亿美元（约合人民币430亿元）的技术先锋，在提交破产 保护时市值已缩水至不足5000万美元。作为曾经在行业内熠熠生辉的明星企业，其陨落之路令人唏嘘， 这背后所反映出的不仅仅是企业自身的问题，更与整个行业的发展态势息息相关。 3D打印行业在过去一段时间经历了投资过热的阶段。随着技术的不断进步和市场对制造业创新的需求 增加，大量资本涌入该行业，推动了众多企业的快速发展，Desktop Metal便是在这一浪潮中崛起的典型 代表。 本文来自微信公众号：投中网 （ID：China-Venture），作者：黎曼，原文标题：《曾经430亿市值的明 星公司，破产了》，题图来自：AI生成 2025年7月28日，一则重磅消息在3D打印行业乃至整个财经领域掀起波澜：金属3D打印机制造商 Desktop Metal根据美国破产法第11章申请破产保护。 一、全球市值最高的3D打印公司 Desktop Metal成立于2015年，总部位于美国马萨诸塞州。其创立有着深厚的技术和行业背景支撑。创始 人团队堪称豪华，包括A123Systems的创始人兼Northbridge Venture Par ...

Core Viewpoint - The bankruptcy of Desktop Metal, a leading player in the 3D printing industry, signals potential decline in the sector, reflecting not only the company's issues but also broader industry challenges [2][15]. Company Overview - Desktop Metal was founded in 2015 in Massachusetts, USA, by a team with strong technical backgrounds, including founders from A123Systems and several MIT professors [4][5]. - The company initially focused on developing metal binder jetting technology, which allowed for compact equipment and fast printing speeds, appealing to diverse environments [5][6]. Capital and Market Dynamics - Desktop Metal experienced a surge in capital investment, raising $438 million by 2020 and achieving a valuation of $2.5 billion [6]. - The company went public via a SPAC merger in December 2020, reaching a peak valuation of nearly $60 billion despite minimal revenue [6][8]. Aggressive Expansion and Challenges - Following its IPO, Desktop Metal engaged in aggressive acquisitions, spending $370 million on six acquisitions between 2022 and 2024 to expand its market presence [8][9]. - However, the integration of acquired technologies proved problematic, with only 32% of patents translating into production technologies, leading to operational inefficiencies [9][10]. Financial Struggles - The company's financial health deteriorated significantly, with cumulative losses exceeding $1 billion from 2021 to 2023, and a 217% increase in management expenses due to failed integrations [10][12]. - By 2024, Desktop Metal faced severe cash flow issues, reporting a free cash flow of -$48 million and only $110 million in cash reserves [10][12]. Bankruptcy and Industry Implications - In April 2024, Desktop Metal agreed to be acquired by Nano Dimension for $179.3 million, a fraction of its peak valuation [12][13]. - Following the acquisition, Desktop Metal filed for Chapter 11 bankruptcy in July 2025, highlighting the financial strain from previous management decisions [12][13]. - The situation serves as a cautionary tale for the 3D printing industry, emphasizing the need for effective commercialization of technology and prudent financial management [15].

Group 1 - The establishment of Foshan Lingzhi 3D Printing Co., Ltd. has been recently reported, with a registered capital of 50,000 RMB [1] - The company's business scope includes 3D printing services, new material technology research and development, and sales of 3D printing basic materials [1] - Additional activities encompass software development, sales of plastic products, and various technology and product sales related to computing and industrial design [1]