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创想三维冲刺港股IPO,去年出货量不及拓竹六成丨IPO观察
36氪· 2025-08-25 13:31
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 ...
创想三维冲刺港股IPO,去年出货量不及拓竹六成|IPO观察
3 6 Ke· 2025-08-23 01:39
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 ...
3D打印“独角兽”谋求赴港上市
Nan Fang Du Shi Bao· 2025-08-20 23:13
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 ...
创想三维“弃A赴港”上市:仍面临盈利下滑、渠道依赖等难题
Sou Hu Cai Jing· 2025-08-20 02:33
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].
创想三维冲刺港交所:全球最大消费级3D打印机厂商,营收复合年增30%
IPO早知道· 2025-08-15 02:11
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].
奥比中光(688322):25H1营收翻倍增长,携手地平线扩大机器人领域优势
Tianfeng Securities· 2025-08-13 01:12
Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5][16]. Core Viewpoints - The company achieved a revenue of 435 million yuan in 2025H1, representing a year-on-year growth of 104.14%, primarily driven by the growth in 3D scanning and payment scenario business [1]. - The net profit attributable to the parent company reached 60 million yuan, an increase of 114 million yuan compared to the same period last year, indicating a strong recovery and continued momentum in the second quarter [1]. - The collaboration with Horizon and its subsidiary, Diguo Robotics, aims to enhance technological innovation and application in the robotics sector, leveraging the company's strengths in 3D visual sensors and algorithms [2]. - The partnership with Ant Group to optimize payment convenience through various methods, including "tap payment," is expected to create new value for users and merchants [3]. - The company is positioned as a domestic leader in 3D visual sensors, with its technology and products gaining recognition from global giants, suggesting a strong market position [3]. Financial Summary - The company forecasts revenue growth from 870 million yuan in FY2025 to 1.42 billion yuan in FY2026, with a projected revenue of 1.75 billion yuan in FY2027 [3][10]. - The net profit attributable to the parent company is expected to improve from a loss of 275.88 million yuan in 2023 to a profit of 355.71 million yuan in 2027 [10]. - The EBITDA is projected to increase significantly, from 24.42 million yuan in 2023 to 349.18 million yuan in 2027, reflecting strong operational performance [10].
SLAM的最终形态应该是什么样的?
自动驾驶之心· 2025-08-06 03:25
Core Viewpoint - The article discusses the challenges and limitations of traditional and new methods in SLAM (Simultaneous Localization and Mapping), emphasizing the need for data-driven approaches to improve performance and reliability in real-world applications [6][12]. Group 1: Traditional Methods - Traditional SLAM methods have not significantly changed and struggle with corner cases, leading to unresolved issues [7]. - These methods do not show noticeable performance improvements as data increases, limiting their scalability [7]. Group 2: New Methods - New SLAM methods are often not generalizable, with performance heavily dependent on data distribution, unlike traditional methods which are nearly universally applicable [12]. - Current new methods fail to meet performance benchmarks on affordable hardware, requiring at least 100ms/frame for mapping and 20ms/frame for localization to be viable [12]. - Debugging new methods is challenging; issues often require additional data rather than providing clear solutions, unlike traditional methods which can identify root causes [12]. Group 3: Market Expectations - New methods typically achieve around 70-80% success in scenarios where traditional methods succeed, but they also struggle in areas where traditional methods fail, achieving only 60-70% success [13]. - End-user applications expect 100% reliability in solvable scenarios, while failures in challenging scenarios are acceptable [13]. Group 4: Future Trends - The future of SLAM is likely to be dominated by data-driven methods, as leveraging GPU capabilities to process large datasets will outperform manual tuning of noise parameters in traditional methods [13].
消费级设备系列报告之二:消费级3D打印出海爆火,重视核心标的机会
Investment Rating - The report indicates a positive investment outlook for the consumer-grade 3D printing industry, highlighting significant growth potential driven by various demand factors and technological advancements [3][79]. Core Insights - The consumer-grade 3D printing market is expected to reach USD 7.1 billion by 2028, with a compound annual growth rate (CAGR) of 19.2% from 2022 to 2028 [3][83]. - Key demand drivers include the rise of the maker movement in Europe and the U.S., the DIY culture, and the increasing consumer interest in personalized products [3][39]. - The supply side is characterized by technological advancements, a diverse material spectrum, and the establishment of community ecosystems that enhance customer engagement [3][91]. Summary by Sections 1. Market Overview - The consumer-grade 3D printing market is primarily designed for individual users and small businesses, offering ease of use and lower costs compared to industrial-grade printers [3][10]. - The market is witnessing rapid growth, with significant contributions from the U.S. and European markets, driven by high consumer spending power and interest in technology [3][47]. 2. Demand Drivers - The report identifies four main demand drivers: 1. The "garage innovation" culture in the U.S. and Europe, which promotes the adoption of desktop devices [3][39]. 2. The DIY trend among consumers, allowing for personalized product creation [3][40]. 3. The tool-like attributes of 3D printers for small businesses and educational institutions [3][59]. 4. The influence of trendy collectible products that enhance consumer interest [3][70]. 3. Supply Trends - The supply side is evolving with advancements in technology, including multi-functional devices and AI integration, which lower operational barriers for users [3][91]. - The materials used in 3D printing are becoming more diverse, allowing for a wider range of applications [3][106]. - Community ecosystems are being built to retain customer loyalty and encourage new entrants through crowdfunding opportunities [3][110]. 4. Key Players - Core companies identified in the report include: 1. Key components: Jieput, Ruike Laser, and Jinchengzi [3]. 2. 3D scanning accessories: Sikan Technology and Orbbec [3]. 3. Materials: Haizheng Materials, Huitong Technology, and Jialian Technology [3]. 4. Complete machines: Anker Innovation and others [3][28]. 5. Market Statistics - In 2024, China's 3D printer exports are projected to reach USD 1.147 billion, with a year-on-year growth of 31.09% [3][80]. - The report notes that over 90% of entry-level 3D printers globally are supplied by Chinese manufacturers, indicating a strong competitive position in the market [3][88].
计算机行业周报:3D打印产业链高景气!AI+法律产品突破!-20250705
Investment Rating - The report indicates a positive outlook for the 3D printing industry, highlighting a high level of prosperity in the industry chain and potential rapid growth for core companies [5][6]. Core Insights - The 3D printing industry is entering a significant growth phase, driven by lower prices and simplified operations, particularly in the consumer market. Companies like Tuozhu Technology are leading this trend by making desktop 3D printers more accessible [7][10]. - The legal AI sector is poised for substantial opportunities due to advancements in large model reasoning capabilities, with significant investments flowing into AI legal startups [28][31]. - Key companies in the 3D printing space include Tuozhu Technology, Chuangxiang Sanwei, and others, while in the legal AI sector, notable players include Jinqiao Information and Huayu Software [29][32]. Summary by Sections 3D Printing Industry - The 3D printing industry is experiencing a boom, with a 40% year-on-year increase in equipment production as of May 2025, indicating a rapid growth phase for consumer-grade products [7][10]. - The industry is characterized by a diverse supply chain, including consumer-grade printers, core components, scanning devices, and materials, with companies like Tuozhu Technology and Jiepte leading the market [29][30]. - The technology is revolutionizing manufacturing by enabling complex designs and reducing production costs, particularly in aerospace and medical applications [24][25]. Legal AI Sector - The legal AI market is witnessing a surge in investment, with 79% of funding directed towards AI-related companies in the legal field during 2024-2025 [28][30]. - Key developments include the launch of AI products by Jinqiao Information, which aims to enhance judicial efficiency, and Huayu Software's comprehensive legal AI solutions [32][38]. - The report highlights the increasing adoption of AI in law firms, with applications expanding from document collaboration to full lifecycle management of contracts [28][30]. Company Updates - Taxfriend Co. is adapting to stricter tax regulations, with its AI products entering a critical deployment phase, aiming to meet the growing compliance needs of businesses [42][43]. - Newland has established a subsidiary in the U.S. and obtained an MSB license, facilitating its entry into the cross-border payment market [44][45]. - MaiFushi has launched its AI-Agentforce platform, enhancing marketing strategies through intelligent automation and data-driven decision-making [49][50].
思看科技(688583):3D视觉核心优势,物理AI第一步(“智”造TMT系列之三十二暨空间智能系列之二)
Investment Rating - The report initiates coverage with a "Buy" rating for the company [8] Core Insights - The company is a leading manufacturer of 3D scanners, holding the largest market share in China and the second largest globally. It has demonstrated rapid revenue growth while maintaining high profitability, with a projected gross margin of 76% and a net margin of 36% in 2024 [7][40] - The company focuses on high-end manufacturing, providing precise and efficient solutions for various industrial applications, including reverse engineering, 3D inspection, and 3D printing [7][23] - The core competitive advantage lies in its advanced algorithms and structural design capabilities, which support a range of 3D scanning products and software solutions [7][18] - The company is positioned to expand into professional fields such as healthcare and cultural heritage, leveraging its existing technology and market presence [7][10] Financial Data and Profit Forecast - The company is expected to achieve total revenue of 426 million yuan in 2025, with a year-on-year growth rate of 28%. By 2027, revenue is projected to reach 729 million yuan [6] - The net profit attributable to the parent company is forecasted to be 162 million yuan in 2025, growing to 274 million yuan by 2027, reflecting a compound annual growth rate of 32.5% [6] - The earnings per share (EPS) is estimated to be 2.38 yuan in 2025, increasing to 4.03 yuan by 2027 [6] Market Position and Competitive Landscape - The company has established a strong foothold in the industrial-grade 3D scanning market, with a diverse product matrix that includes handheld, automated, and color 3D scanners [19][40] - The report highlights the company's ability to penetrate both domestic and international markets, with overseas revenue growing significantly [45][49] - The company is compared to peers such as Lingyun Optics and Aoptics, with a projected price-to-earnings (PE) ratio of 69x for 2025, supporting the "Buy" rating [8] Technological Advantages - The company has developed a robust technology stack, including three core technology clusters: 3D recognition and reconstruction, 3D extension, and stereo vision calibration [58] - Innovations such as edge computing and multi-band scanning technology enhance the efficiency and accuracy of 3D scanning processes, positioning the company favorably against traditional contact-based measurement methods [63][69] Growth Drivers - The report identifies key growth drivers, including the expansion into professional fields and the development of physical AI applications, which could significantly enhance the company's market potential [7][10] - The company is expected to benefit from increasing demand for non-contact measurement solutions, which are anticipated to replace traditional methods in various industries [86]