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 ...

进出口规模创历史新高、"朋友圈"不断扩大、民营企业持续创新……数据显示，今年前7个月，我国货 物贸易进出口总值25.7万亿元，同比增长3.5%。在外部挑战之下，我国货物进出口持续增长，展现出较 强韧性和活力，为世界经济复苏注入了中国力量。 粤港澳大湾区内地9市出口近七成的数 字照相机、超八成的3D打印机,进口超四成 的存储器、超六成的电脑处理部件。 1人民 "朋友圈"扩围拓展 中国 民 多元化成效继续显现 1-7月份,我国对新兴及其他市场进出口增 长5%,占比65.5%,同比提高0.9个百分点。 the first the 对东盟、非洲进出口分别增长9.4%、 17.2%,均明显高于整体。 对共建"一带一路"国家进出口占比提升 至51.7%。 创新底色更加鲜明 1-7月份,我国机电产品占出口比重六 成,其中出口高端机床同比增长23.4%,出 口代表绿色低碳的"新三样"产品增长 14.9%。 航线延伸,贸易伙伴遍布五洲四海。中国 是150多个国家和地区的主要贸易伙伴。 我国丝路电商伙伴国已达35个,建成120个 线上线下国家馆,在19个国家建设了65个直采 基地,举办了100多场电商"云上大讲堂"业 务培训,有 ...

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 ...

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].

Group 1: IPO Activities - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 15, 2025, under the stock code "2591" [2] - Yinnuo Pharmaceutical issued a total of 36,556,400 H shares, with the Hong Kong public offering being oversubscribed by 5,341.66 times and the international offering by 10.67 times [2] - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. listed on the Hong Kong Stock Exchange on August 11, 2025, under the stock code "2627" [4] Group 2: Company Products and Innovations - Yinnuo Pharmaceutical has developed a candidate drug pipeline targeting diabetes and other metabolic diseases, including the core product Isupatide α, which is in clinical development for obesity and metabolic dysfunction-related fatty liver disease (MASH) [2][3] - Zhonghui Yuantong's core product, the quadrivalent influenza virus subunit vaccine, is the first and only approved vaccine of its kind in China, showing strong immune response and low adverse reaction risks [4][5] - Shenzhen Chuangxiang Sanwei Technology Co., Ltd. is a leading provider of consumer-grade 3D printing products and services, with a market share of 27.9% in the global consumer-grade 3D printing sector [6] Group 3: Financial Performance - Chuangxiang Sanwei's revenue from 2022 to 2024 was 1.346 billion, 1.883 billion, and 2.288 billion yuan, with a compound annual growth rate of 30.4% [7] - BeBeBus, under Butong Group, achieved revenues of 507 million, 852 million, and 1.249 billion yuan from 2022 to 2024, with a 24.7% increase in the first half of 2025 [10] - Chuangxiang Sanwei's gross profit margins from 2022 to 2024 were 28.8%, 31.8%, and 30.9%, with a first-quarter margin of 35.2% in 2025 [8]

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]

Core Insights - Amazon Global Selling recently launched the "2025 China Export Cross-Border E-commerce Development Trend White Paper," highlighting its deep insights into the Chinese export cross-border e-commerce market [1] - The white paper focuses on product innovation, analyzing fifty of the most innovative cross-border e-commerce companies and showcasing their success in international competition [1] - The report indicates that the scale of China's export cross-border e-commerce reached 2.15 trillion RMB in 2024, a year-on-year increase of 16.9%, with high-tech products and domestic brands driving this growth [1] Group 1: Product Innovation - The white paper reveals a transformation trend from "Made in China" to "Created in China," providing valuable product innovation pathways for sellers [1] - The "Top 50 Innovative Brands Going Global" list includes well-known sellers like Anker Innovations and Roborock, recognized for their innovative products on Amazon [8] - The evaluation criteria for the list include innovation value, differentiation advantages, business performance, user feedback, and continuous innovation capability [8] Group 2: Methodology and Insights - Amazon's Asia-Pacific Innovation Center introduced the "Product Innovation Flywheel" methodology, which consists of five stages: demand insight, creative development, product validation, scale growth, and iterative upgrades [8] - Companies on the list shared their innovation experiences, emphasizing the importance of strong empowerment layers and technology-driven innovation for global competitiveness [11] - The combination of Chinese supply chain efficiency and global aesthetic trends is driving industry innovation and cross-border business growth [11]

Core Insights - The "2025 China Export Cross-Border E-commerce Development Trend White Paper" was released, highlighting product innovation and revealing the "Top 50 Innovative Export Brands" [1] - In 2024, China's export cross-border e-commerce scale reached 2.15 trillion RMB, marking a 16.9% year-on-year growth, setting a new historical high [1] - High-tech products such as 3D printers and industrial robots saw significant export growth of 32.8% and 45.2% respectively, indicating a trend towards high-quality development in the cross-border e-commerce sector [1] Group 1 - The white paper identifies four key characteristics of product innovation in China's cross-border e-commerce: strong independent innovation capabilities, significant investment, notable hard technology advantages, and a consumer-centric innovation value orientation [2] - Nearly 90% of the listed companies have original products, and over 30% have created new consumption scenarios and categories, with high-tech products like smart home devices and consumer electronics making up over 75% of the total [2] - The founder and CEO of Anker Innovations emphasized that the next decade will be the golden age for hardware, requiring strong enabling layers to attract more creators for high-innovation products [2] Group 2 - The rapid development of cross-border e-commerce has allowed more Chinese companies to win global customers' favor through innovative, high-quality, and high-tech products, showcasing a significant shift from "Made in China" to "Created in China" [2] - Amazon China's Vice President highlighted the ever-changing global customer demands and the emergence of new consumption scenarios, making product innovation a critical focus for cross-border e-commerce companies [2]