以下文章来源于硬氪 ，作者张子怡 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 对手都是中国企业。 文 ｜ 张子怡 编辑 ｜ 彭孝秋 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ 企业官网 当下，绝大多数出海硬件企业谈到对手，没人能绕开中国企业，海外对手早已不算什么，真正让人畏惧的是一波又一波来自中国的硬件企业。它们既内卷， 又努力，有共同的供应链优势，还有层出不起穷的新技术。 创想三维成为 文字游戏里的全球最大 对于这一点，创想三维一定有相当深刻的感触。 2014年，创想三维四位合伙人在一场展会上相识，决定合作开发3D打印机。11年后，距离赴港上市只差临门一脚。 只是，这条路已不是他们独享的舞台——新老大拓竹增长迅猛、旧玩家纵维立方和智能派环伺。 2015年前后是中国3D打印机行业发展最迅速的时期，涌现了大量相关企业，这一年，纵维立方和智能派陆续成立。 3D打印热潮后是泡沫破灭期，留下了技术和供应链。而地处深圳的创想三维和纵维立方则抓住了临海城市的外贸机遇，四五年时间它们都成为营收过10亿 元的3D打印企业。 超10亿元的营收成绩，在颇为小众的3D打印赛道里是个了不起的成绩。 直到新 ...

作者 | 张子怡 编辑 | 彭孝秋 当下，绝大多数出海硬件企业谈到对手，没人能绕开中国企业，海外对手早已不算什么，真正让人畏惧的是一波又一波来自中国的硬件企业。它们既内 卷，又努力，有共同的供应链优势，还有层出不起穷的新技术。 对于这一点，创想三维一定有相当深刻的感触。 2014年，创想三维四位合伙人在一场展会上相识，决定合作开发3D打印机。11年后，距离赴港上市只差临门一脚。 只是，这条路已不是他们独享的舞台——新老大拓竹增长迅猛、旧玩家纵维立方和智能派环伺。 2015年前后是中国3D打印机行业发展最迅速的时期，涌现了大量相关企业，这一年，纵维立方和智能派陆续成立。 3D打印热潮后是泡沫破灭期，留下了技术和供应链。而地处深圳的创想三维和纵维立方则抓住了临海城市的外贸机遇，四五年时间它们都成为营收过10 亿元的3D打印企业。 超10亿元的营收成绩，在颇为小众的3D打印赛道里是个了不起的成绩。 直到新入局者拓竹的加入，2022年4月拓竹拓竹推出第一代3D打印机产品，以势如破竹的气势洗牌了市场。到2024年，有市场消息称，拓竹营收已突破55 亿元。而创想三维彼时的营收为22.88亿元。 后来者与早发者的差距已越来 ...

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].

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 - A leading domestic 3D printer company is entering the laser engraving machine market, with plans to launch new products by 2025 or 2026, aiming for an initial shipment of approximately 300,000 units in the first year [3][4]. Group 1: Market Dynamics - The 3D printing industry, particularly the FDM segment, is expected to reach a saturation point in the next 3-4 years, with potential sales bottlenecks occurring at 3-4 million units [5]. - Laser engraving machines are considered essential tools for makers, with lower technical barriers compared to 3D printers, indicating a more accessible market for new entrants [5][6]. Group 2: Competitive Landscape - Numerous players, both new and established, are actively entering the laser engraving machine sector, including companies like Atomstack, LaserPecker, WeCreat, and ACCELaser, with Anker also showing interest [6]. - xTool, the leading company in the laser engraving machine market, may face significant pressure from increasing competition, prompting it to diversify into UV printers and welding machines [6].

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].

Group 1: Desktop 3D Printing Market - The global desktop 3D printing market is projected to grow from $5.9 billion in 2024 to $20.9 billion by 2030, with a CAGR of 23% [14][11]. - In 2023, China's desktop 3D printing market size was $300 million, accounting for approximately 6% of the global market, with key applications in dental/healthcare (24%), jewelry (21%), and food (19%) [14][12]. - The desktop 3D printing technology is categorized into FDM and SLA, with FDM being more cost-effective but less precise compared to SLA [14][13]. Group 2: Competitive Landscape - Bambu Lab is a leading player in the desktop 3D printing market, achieving revenues of 2.7 billion yuan in 2023, with a projected revenue of 5.5 billion yuan in 2024 [28]. - Creality, established in 2014, has sold over 5.5 million 3D printers globally, maintaining a market share of approximately 39% in the entry-level segment [29]. - Voxelab, founded in 2015, has launched over 20 products and achieved annual revenues exceeding 1 billion yuan, focusing on cost-effective solutions [35]. Group 3: Laser Engraving Market - The global laser engraving market is expected to reach $4.4457 billion in 2024, with a CAGR of 8.7% from 2025 to 2030 [47]. - The desktop laser engraving machine market is growing rapidly, with a 23% increase in sales from 2022 to 2023, reaching 370,000 units sold [47][48]. - Major players in the laser engraving market include xTool, Ortur, and Atomstack, with xTool holding a significant market share [50][54]. Group 4: Key Companies and Financials - Bambu Lab's community forum has over 100,000 members, enhancing user engagement and product adoption [28]. - xTool's revenue exceeded 1 billion yuan in 2023, with projections of 2 to 3 billion yuan in 2024, aiming for over 5 billion yuan by 2025 [54]. - The laser control system supplier, Jin Chengzi, is expected to generate revenue of 212 million yuan in 2024, with a net profit margin of 13.9% [65].

Core Viewpoint - The article discusses the competitive landscape of the 3D printing industry, particularly focusing on the emergence of Tuozhu as a significant player and its impact on existing companies like Chuangxiang Sanwei. It highlights the potential for investment opportunities and the challenges faced by traditional players in adapting to the new market dynamics [4][38]. Group 1: Investment Interest in Tuozhu - Recent rumors about Tencent's potential investment in Tuozhu have sparked interest among investors, although the validity of these rumors remains uncertain [4]. - Many investors are eager to invest in Tuozhu, viewing it as a leading company in the 3D printing sector, akin to Apple in its industry [5][6]. - The competition for investment opportunities has led some investors to seek alternative targets within the 3D printing space, looking for the next "Xiaomi" [5][6]. Group 2: Potential Competitors to Tuozhu - xTool is identified as a strong competitor to Tuozhu, having transitioned from the education sector to become a leader in laser engraving and is now entering the 3D printing market [7][8]. - xTool's projected revenue for 2024 is estimated to be between 2.3 to 2.4 billion RMB, with a net profit margin of 12%, but its high Pre-IPO valuation of 6 billion RMB raises concerns among investors [8][9]. - Another competitor, Chasing, has launched a 3D printing project called Atom Rebuild, which has completed a multi-million angel round of financing and is expected to release products soon [10][11]. Group 3: Chuangxiang Sanwei's Market Position - Chuangxiang Sanwei has historically dominated the consumer-grade 3D printing market, with projected revenues of 2.8 billion RMB and a net profit of 100 to 200 million RMB for 2024 [15]. - Despite its advantages, Chuangxiang Sanwei faces challenges due to its equal shareholding structure among founders, which could lead to decision-making inefficiencies and internal conflicts [18][19]. - The company has struggled to innovate and keep pace with Tuozhu, which has rapidly gained market share and established a strong brand presence [20][21]. Group 4: Industry Dynamics and Changes - The emergence of Tuozhu has prompted a shift in the 3D printing industry, with traditional players like Chuangxiang Sanwei adapting their strategies to remain competitive [24][30]. - Chuangxiang Sanwei is transitioning from a "machine sea strategy" to focusing on high-quality products, influenced by Tuozhu's market approach [26][27]. - The competitive landscape has led to a reevaluation of product development and marketing strategies among established companies, with many adopting a follower strategy in response to Tuozhu's innovations [30][38]. Group 5: IPO Prospects for Chuangxiang Sanwei - Chuangxiang Sanwei is reportedly preparing for an IPO in Hong Kong, aiming to become the first consumer-grade 3D printing company to go public [32]. - The company has faced challenges in its IPO journey, including a potential reduction in valuation from 6 billion RMB to 4.5 billion RMB due to market conditions [34][35]. - Successful IPO could provide Chuangxiang Sanwei with additional capital for R&D and production, benefiting the overall industry [36].

Core Insights - AI is transforming education from a mere tool to a "transformational engine" that injects innovative momentum into the educational ecosystem [2] - The integration of AI in classrooms enhances creativity and collaboration among students, allowing them to become "AI collaborative designers" [4][5] - The role of teachers is evolving into "intelligent teaching architects," while students take on the role of "project managers" in the design process [5][7] Group 1: AI in Creative Education - The course "AI-Driven Campus Cultural Innovation" focuses on the relationship between user needs, technology implementation, and design aesthetics [2] - Students engage in a creative process that involves inputting ideas, generating designs through AI, and iterating on those designs [4] - The use of laser engraving technology allows students to see their digital designs materialize into physical objects within 15 minutes [5] Group 2: AI in Programming Education - The "AI Empowered Python Basics" course combines coding logic with AI safety, making complex programming concepts more accessible [7] - Students practice real-world tasks like building calculators, enhancing their understanding of programming logic and AI's role in simplifying code [7] - A focus on "AI safety defense" teaches students about the risks associated with code execution, reinforcing secure programming practices [7] Group 3: AI in Interdisciplinary Learning - The course "When Museums Meet AI" merges technology with humanities, allowing students to explore AI's applications in museum curation [8] - Students act as "digital curators," using AI to assist in the entire process from theme conception to technical planning [8] - The course emphasizes the balance between AI creativity and historical authenticity, ensuring that students ground their AI-generated content in factual research [9] Group 4: AI as a Collaborative and Evaluative Tool - AI serves as a "creative catalyst," helping students expand their ideas through cross-disciplinary knowledge [10] - During the creation process, AI acts as a "work incubator," facilitating the transition from concept validation to final product [11] - In the iterative phase, AI provides multidimensional evaluation, offering precise optimization suggestions based on industry standards [13]