据相关消息显示，短短几天内，大族激光全资子公司深圳市大族半导体装备科技有限公司（以下简称：大族半导体）连续中标面板龙头京东方第8.6代 AMOLED生产线项目。 2025年12月31日，大族半导体中标成都京东方显示技术有限公司第8.6代AMOLED生产线项目，项目编号为4197-244BOECDDT01/282。经查阅，大族半导 体中标该项目激光切割机4套。 | 4197- | 激光切割机 | ব | 设备用途及基本要求 要求该设备结构设计合理，采用先进成熟技术，保证系统具 | CNY100 | | --- | --- | --- | --- | --- | | 244BOEC | | 皇 | 有良好的动态品质。所选控制系统执行元件精度高，可靠性好，响应速度快。设备 | 00/USD | | DDT01/2 | | | 使用、操作、维修方便，造型美观，结构紧凑，整机运行稳定可靠，售后服务优 | 1650 | | 82 | | | 良。 | | 2026年1月8日，大族半导体中标成都京东方显示技术有限公司第8.6代AMOLED生产线项目，项目编号为4197-244BOECDDT01/295。经查阅，大族半导体 ...

证 券 研 究 报 告 "制造强国"实干系列周报(26/01/04期) 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A0230522100006 黄莎 A0230522010002 武雨桐 A0230520090001 李蕾 A0230519080008 穆少阳 A0230524070009 曾子栋 A0230525070007 联系人：何佳霖 A0230523080002 2026.1.6 核心观点 ◼ 风险提示：市场竞争加剧的风险；原材料价格波动风险；经济周期波动的风险 www.swsresearch.com 证券研究报告 2 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用端关 注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期。重点关注 标的：1）卫星载荷：信科移动+烽火通信+航天电子+上海瀚迅+臻镭科技，2）卫星平台：上海港湾+航天智 ...

机械设备/ 旗 : 的空 2026 年 01 月 04 日 sumeng@swsresearch.com 申万宏源研究微信服务号 消费级雕刻机企业 xTool 拟赴港 IPO,建议关注产业链机会 时分分析 相关研究 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 册 分歧了后 何佳霖 A0230523080002 hejl@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 联系人 苏萌 A0230524080011 -消费级设备系列报告之七 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 看好 激光雕刻机是科技赋能个人创意工具类型之一，xTool 市占率第一。个人创意工具包括 ○ 消费级和商业级的增材类及非增材类工具。增材类工具一般指 3D 打印机;非增 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 机械设备/ 通用设备 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - 何佳霖 A0230523080002 hejl@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 联系人 苏萌 A0230524080011 sumeng@swsresearch.com 2026 年 01 月 04 日 消费级雕刻机企业 xTool 拟赴港 IPO，建议关注产业链机会 看好 ——消费级设备系列报告之七 本期投资提示： ⚫ 激光雕刻机是科技赋能个人创意工具类型之一，xTool 市占率第一 ...

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]

Core Viewpoint - xTool Innovate Limited is set to go public on the Hong Kong Stock Exchange, aiming to leverage its strong market position in the high-end consumer technology sector, particularly in laser engraving and cutting tools, to attract investment and expand its global footprint [2][3]. Company Overview - Founded in 2013, xTool focuses on providing intelligent laser tools and material printers for individual consumers, small business owners, and retail stores, enabling creative production from digital to physical [3]. - As of September 30, 2025, xTool has sold over 405,000 connected devices globally, with a significant market presence in the laser product segment [3]. Market Position - xTool holds the largest market share in the global laser personal creative tools sector, with a 37% share based on GMV for the first three quarters of 2025, and dominates the laser engraving and cutting machine market with a 47% share, significantly outpacing its competitors [4]. - The company has achieved a high level of brand recognition, with 97% of its revenue coming from overseas markets, primarily in developed regions [4]. Product and Technology - xTool's products are priced 10%-30% higher than the industry average due to their advanced technology and precise product definitions, allowing the brand to maintain high sales volumes and premium pricing [4]. - The company integrates advanced optical technology, intelligent CNC control, and AI algorithms to enhance product innovation and user experience, with a focus on continuous improvement through its AI-driven platform, AIMake [6]. Financial Performance - xTool's revenue for 2023 and 2024 was 1.457 billion yuan and 2.475 billion yuan, respectively, reflecting a year-on-year growth of 70%. For the first three quarters of 2025, revenue grew by 18.6% to 1.777 billion yuan [7]. - The company has demonstrated strong gross margins of 59.2%, 54.4%, and 56.0% for 2023, 2024, and the first three quarters of 2025, respectively, with a notable seasonal revenue pattern peaking in the fourth quarter [7]. Community Engagement - xTool emphasizes community engagement, with 80% of users utilizing their devices at least once a month and 40% daily. The company has established a vibrant online community with over 212,000 active users [5]. - The brand has also created 470 offline communities across 32 countries, enhancing customer interaction and product experience [5]. Investment and Future Growth - xTool has attracted significant investment from notable firms, completing a $200 million Series D funding round in the second half of 2025, led by Tencent [8]. - The company plans to use IPO proceeds to enhance R&D, expand its user community, improve manufacturing capabilities, and strengthen its supply chain resilience [8]. - The global market for technology-enabled personal creative tools is projected to grow at a compound annual growth rate of 33.8% from 2024 to 2030, reaching $39.1 billion by 2030 [8].

公司简介 智通财经APP获悉，据港交所1月1日披露，xTool Innovate Limited(简称：xTool)向港交所主板递交上市申请，摩根士丹利、华泰国际为其联席保荐人。 于往绩记录期间，激光个人创意工具构成xTool的核心产品种类，包括激光雕刻机及激光切割机，以及激光焊接机及数控切割机。基于公司激光产品取得的 成功，xTool于2025年开始销售服装打印机，作为新材质打印机业务线的一部分。推出服装打印机标志着更广泛产品路线图的起点，xTool计划在该路线图下 推出更多材质打印机及补充解决方案，以进一步丰富公司的产品组合。除核心机器产品种类外，xTool亦销售补充核心产品线的各种耗材，以推动客户复 购。 xTool免费向用户提供旗舰软件xTool Studio，一款多合一的桌面软件，旨在简化从设计到雕刻、切割及打印的整个创意工作流程。该软件具有简洁、易于导 航的界面，其集中式主页展示了热门项目推荐模板，亦集成了创意助手AIMake，此工具旨在帮助用户轻松生成可直接制作的项目设计。xTool Studio支持精 确的项目定制化和实时处理预览。 财务资料 收入 于2023年度、2024年度以及2025年截 ...

招股书显示，xTool是一个全球高端消费科技品牌，致力于赋能从数字到实体的创意创作。xTool是全球 第一的激光类个人创意工具品牌，于2025年前九个月按GMV计拥有37%的市场份额。xTool亦是规模最 大、增长最快的激光雕刻机及激光切割机品牌，于2025年前九个月按GMV计占47%的市场份额，是第 二大品牌的六倍，并超越排名第二至第十的品牌的市场份额总和。 智通财经获悉，据港交所1月1日披露，xTool Innovate Limited(简称：xTool)向港交所主板递交上市申 请，摩根士丹利、华泰国际为其联席保荐人。 本文源自：智通财经网 ...

智通财经APP获悉，据港交所1月1日披露，xTool Innovate Limited(简称：xTool)向港交所主板递交上市申请，摩根士丹 利、华泰国际为其联席保荐人。 招股书显示，xTool是一个全球高端消费科技品牌，致力于赋能从数字到实体的创意创作。xTool是全球第一的激光类个 人创意工具品牌，于2025年前九个月按GMV计拥有37%的市场份额。xTool亦是规模最大、增长最快的激光雕刻机及激 光切割机品牌，于2025年前九个月按GMV计占47%的市场份额，是第二大品牌的六倍，并超越排名第二至第十的品牌 的市场份额总和。 ...

作为先进制造领域的关键工具，激光被誉为"最快的刀""最准的尺""最亮的光"。如今，该产业高质量发 展始终受到国家高度重视，济南正凭借深厚的产业积淀与完善的生态布局，在全国激光产业版图中占据 重要地位。 原标题：山东济南：汇聚高端智力资源，打造"中国激光第三极" ◎本报记者 王延斌 通讯员 杜世明 在山东济南发力打造"中国激光第三极"的关键时刻，一场重要会议的举行引来外界关注。近日，先进固 态激光、功能材料及高端应用研讨会在济南举行。此次会议吸引了9名院士以及380余位专家学者参与。 他们围绕先进固态激光技术及应用，共话激光技术创新突破，共商产业协同发展路径。 据介绍，本次研讨会聚焦"先进固态激光、功能材料及高端应用"，正是以技术创新为核心驱动力，将助 力我国在激光领域实现科技自立自强。中国科学院院士祝世宁在会上说："先进激光技术是国家战略科 技力量的重要组成部分，而固态激光技术更是全球科技竞争的制高点之一。" 从1985年济南铸锻所研制出中国第一台激光切割机，到如今成长为全国重要的激光加工装备产业基地， 济南激光产业已实现从单点突破到集群发展的转型。济南市科技局党组书记、局长黄波介绍，济南已构 建起覆盖激光外 ...