星标 ★ IPO日报 精彩文章第一时间推送 近日，港交所披露，深圳市创想三维科技股份有限公司(下称"创想三维")递表港交所，申请主板上市，中金公司为独家保荐人。 IPO日报注意到，这家3D打印行业头部企业获得前海母基金、深创投、腾讯创投等深圳知名投资方的参股，早早实现年入10个"小目标"，2024年年入22.88 亿元，近三年营收的复合年增长率达30.4%，但净利润却出现大幅波动。 目前，创想三维的制造业务位于武汉、惠州和深圳，主要负责生产公司的3D打印机、部分3D打印耗材及其他产品。 截至最后实际可行日期，创想三维前海母基金、深创投、腾讯创投及中航坪山分别占公司已发行及发行在外股份总数约5.81%、4.32%、2.16%及1.45%。 AI制图 腾讯参投 据悉，创想三维成立于2014年，作为全球领先的消费级3D打印产品及服务提供商，提供全方位的产品和服务，包括3D打印机、3D打印耗材、创想云（公 司专注于3D打印内容的全球在线社区)）上的各类服务。 公司产品线涵盖3D扫描仪、激光雕刻机及配件。根据咨询机构灼识咨询的资料，创想三维是全球3D创意产业主要参与者中唯一一家同时提供消费级3D打 印、消费级3D扫描和 ...

而在营收持续增长的背后，创想三维也面临着净利润增速放缓、对特定在线渠道的依赖，以及行业竞争 加剧等多重考验。这些挑战，对这家正处于高速发展期的企业提出了新的要求，即如何在巩固市场地位 的同时，找到新的盈利增长点，并构建更加稳固的商业护城河。 值得注意的是，2023年12月底，创想三维曾谋求A股上市。但在今年8月，创想三维终止了A股IPO辅 导，选择转向港交所。谋求赴港上市，创想三维仍需回答如何平衡营收增长与盈利，并构建更稳固的商 业生态，这成为其上市后亟待解答的关键命题。南都湾财社记者也就上市进程中所面临的困难和挑战向 创想三维发函采访，截至发稿，暂未收到回复。 从深圳走出的全球消费级3D打印龙头 创想三维成立于2014年，是中国率先进入3D打印行业的研发制造商，属于国家级专精特新"小巨人"企 业和国家高新技术企业。短短十余年间，公司从深圳的一家新兴硬件创业公司，成长为全球消费级3D 打印的龙头。在2025年7月被认定为新晋独角兽，估值达10亿美元。根据灼识咨询的数据，按2020年至 2024年消费级3D打印机累计出货量计，创想三维以27.9%的市场份额位居全球第一。 创想三维产品线覆盖3D打印机、3D扫描仪 ...

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-based Creality, a leading player in the consumer 3D printing industry, is preparing for an IPO in Hong Kong, aiming to capitalize on the growing demand for personalized and customized products driven by advancements in AI and smart manufacturing [1][5]. Company Overview - Creality was founded in 2014 by four young entrepreneurs with an initial investment of 300,000 yuan and has since become a significant player in the consumer 3D printing market, holding a 27.9% market share as of 2024 [1][3]. - The company has launched several successful products, including the CR-i3 and CR-10, which disrupted the high pricing of international competitors by offering lower-cost alternatives [2][3]. Financial Performance - Creality's revenue is projected to grow from 1.346 billion yuan in 2022 to 2.288 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 30.4% [3]. - The company's gross profit for the same period is expected to increase from 388 million yuan in 2022 to 708 million yuan in 2024, with gross margins improving from 28.8% to 30.9% [3]. Market Position - Creality is the largest provider of consumer 3D printing products and services globally, with a second-place market share in consumer 3D printers and first in consumer 3D scanners [3]. - The consumer 3D printing market is expected to see significant growth, with shipments projected to rise from 4.1 million units in 2024 to 13.4 million units by 2029, achieving a CAGR of 26.6% [5]. Investment and Funding - Prior to the IPO, Creality raised 6 billion yuan in 2020 from several investors, marking its first external funding round [4]. - The company plans to use the proceeds from the IPO to enhance its global operations, brand promotion, and innovation efforts [9]. Competitive Landscape - The consumer 3D printing industry is becoming increasingly competitive, with new entrants and established companies expanding their presence [5][6]. - Creality's revenue from 3D printers has been declining as a percentage of total revenue, indicating a need for diversification [5]. Strategic Initiatives - Creality is focusing on enhancing its research and development efforts, with R&D spending increasing from 87.5 million yuan in 2022 to 149 million yuan in 2024 [6]. - The company is also expanding its international presence through partnerships with e-commerce platforms and localizing its marketing strategies [7].

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and China, highlighting key companies and their market performance. Group 1: Yinno Pharmaceutical - Guangzhou Yinno Pharmaceutical Group Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 15, 2025, with the stock code "2591" [3] - The IPO involved the issuance of 36,556,400 H-shares, with a subscription rate of 5,341.66 times for public offerings and 10.67 times for international offerings [3] - The company has developed a pipeline of candidate drugs targeting diabetes and other metabolic diseases, including its core product, Isupatide α, which has received regulatory approval for treating type 2 diabetes (T2D) in China [4][5] - Isupatide α is positioned as a next-generation treatment with advantages such as strong efficacy, weight loss benefits, extended half-life, and improved safety [5] Group 2: Zhonghui Biotechnology - Jiangsu Zhonghui Biotechnology Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 11, 2025, with the stock code "2627" [7] - The company focuses on innovative vaccines and has developed the first and only quadrivalent influenza virus subunit vaccine approved in China, which shows strong immune response and low adverse reaction risks [7][8] - Zhonghui's pipeline includes 11 other vaccine candidates, with a strategic focus on expanding its international market presence [9] Group 3: Chuangxiang Sanwei Technology - Shenzhen Chuangxiang Sanwei Technology Co., Ltd. submitted its prospectus for listing on the Hong Kong Stock Exchange on August 14, 2025 [11] - The company is a leading provider of consumer-grade 3D printing products and services, holding a 27.9% market share in the global consumer-grade 3D printing market [11][12] - Financial data indicates a revenue growth from 1.346 billion yuan in 2022 to 2.288 billion yuan in 2024, with a compound annual growth rate of 30.4% [12][13] Group 4: Butong Group - Butong Group, established in 2018, is a technology company focused on high-end parenting products, with its BeBeBus brand ranking first in the durable parenting products market in China by GMV [15][16] - The company has over 3 million members and has shown strong repurchase rates across its private and online channels [16] - Financial performance shows revenue growth from 507 million yuan in 2022 to 1.249 billion yuan in 2024, with a significant increase in adjusted net profit [17]

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 ...

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].