本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，外资 公募 持续加大布局中国市场的力度。 一方面， 摩根士丹利 基金 、 联博基金 宣布加大注资；另一方面，多家外资公募多次发 布看好中国市场的论点。 （ 点此领取调研名单 ） 其中，摩根资产管理近日发布的《2025年中全球市场展望》显示，中国资产是全球资产配置再平衡过程中的重要标的之一，下半年或存在结构 性行情。（可参考： 高盛、大摩、小摩、瑞银、巴克莱银行等十大知名外资重仓股出炉！ ） 路博迈基金在《中国市场展望7月报》中称，目前来看，A股上行的部分条件已经具备，市场正在等待更确定性的因素落地。 从公募机构对A股市场的布局来看，路博迈基金、富达基金、摩根基金等机构新发行基金超过30只。 另外，摩根基金、摩根士丹利基金、宏利 基金近 1月对A股公司的调研均接近40只。那么，近1个月，这些知名外资公募都布局了哪些A股公司呢？ （注：本文数据来源于Choice，截至 2025年9月28日） 摩根基金近 1个月共调研了38家公司，其中晶盛机电3家公司被调研了2次，合计调研了41次。 从今年来的涨幅来看，股价实现上涨的公司共有 32家，其中涨 ...

Core Viewpoint - Chuangxiang 3D is expected to fill the gap in the secondary market for consumer-grade 3D printers as it seeks to go public in Hong Kong, positioning itself as the first stock in this category [4][10]. Market Dynamics - Following the successful crowdfunding of Anker's UV printer, the market has seen a surge of new players entering the space [2]. - The secondary market has begun to focus on consumer-grade 3D printers, with some companies experiencing significant stock price increases despite being marginal players [6]. Company Positioning - Chuangxiang 3D has submitted its IPO application and plans to heavily invest in UV printer technology to capture new market opportunities [3][12]. - The company has seen a decline in market share for its 3D printers, leading to a need for a second growth curve to maintain its position in the second tier of the consumer-grade 3D printer industry [4][24]. Financial Performance - Chuangxiang 3D's revenue has grown from 1.346 billion RMB in 2022 to 2.288 billion RMB in 2024, with a compound annual growth rate of 30.4%. However, profits have decreased from 1.04 billion RMB in 2022 to 886.6 million RMB in 2024, indicating a situation of revenue growth without profit growth [14][18]. - The company’s 3D printer sales are projected to drop from 870,700 units in 2023 to 720,600 units in 2024 due to a focus on higher-end products [13][21]. Market Share and Competition - Chuangxiang 3D is the largest consumer-grade 3D printer company globally, with a cumulative shipment of 4.4 million units and a market share of 27.9% from 2020 to 2024 [8][9]. - In the 3D scanner market, Chuangxiang 3D leads with a market share of 37.7% by shipment volume in 2024 [15][16]. Future Outlook - The company is actively developing its product matrix, including launching new series of 3D scanners and enhancing its UV printing capabilities [12][22]. - Analysts suggest that if Chuangxiang 3D can improve its profit margins to levels comparable to competitors like Tuozhu, it could unlock significant valuation potential in the secondary market [22][23].

Core Viewpoint - The article emphasizes the intense competition among Chinese hardware companies in the global market, particularly in the 3D printing sector, where domestic players dominate and pose significant challenges to emerging firms [4][10]. Group 1: Company Overview - Creality, founded in 2014, is on the verge of going public in Hong Kong, marking a significant milestone in its journey [6]. - The company has achieved remarkable revenue growth, surpassing 2.288 billion RMB in 2024, with a notable increase from 1.346 billion RMB in 2022 [19][27]. - Creality's market share in the global consumer-grade 3D printer segment is reported at 27.9% based on cumulative shipments from 2020 to 2024, making it a leading player [14]. Group 2: Competitive Landscape - The entry of new competitors like Bambu Lab has reshaped the market dynamics, with Bambu Lab reportedly achieving revenues exceeding 5.5 billion RMB in 2024, overshadowing Creality's 2.288 billion RMB [9][16]. - The article highlights that Creality's shipment volume decreased from 870,000 units in 2023 to 720,000 units in 2024, indicating a shift towards higher-end products [17]. - The competitive environment is characterized by a "Matthew Effect," where leading companies like Bambu Lab and xTool significantly outpace others in revenue and market share [20][34]. Group 3: Financial Performance - Creality's revenue from 3D printing machines has decreased from 81.7% in 2022 to 61.9% in 2024, indicating a diversification in its product offerings [18]. - The company's gross profit margin improved slightly from 28.8% in 2022 to 30.9% in 2024, despite a decline in net profit from 104 million RMB in 2022 to 88.66 million RMB in 2024 [19]. - The revenue contribution from 3D scanning devices has grown rapidly, reaching 208 million RMB in 2024, accounting for 9.1% of total revenue [27]. Group 4: Market Trends - The global consumer-grade 3D scanning market is projected to grow significantly, with a compound annual growth rate of 47.8% from 2020 to 2024 [26]. - Creality's average selling price for 3D scanners dropped from 2,700 RMB in 2022 to 1,700 RMB in 2023, reflecting increased price competition [28]. - The laser engraving machine segment is also competitive, with Creality generating 160 million RMB in revenue from this category in 2024, representing 7.1% of total revenue [32]. Group 5: Strategic Focus - The company is focusing on enhancing its product offerings and expanding its sales channels, with online sales accounting for 47.9% of total revenue in Q1 2024 [36]. - Creality's sales expenses have increased from 8.1% in 2022 to 16.7% in 2024, indicating a growing investment in marketing and sales efforts [38]. - The article suggests that for hardware companies, product quality and innovation are critical for success, as evidenced by the achievements of competitors like Bambu Lab and xTool [37].

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 ...

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 as a leading player in the global consumer 3D printing sector, reflecting new trends in the industry driven by technological breakthroughs and application proliferation [2] Company Overview - Founded in 2014, Creality is a pioneer in the 3D printing industry in China and has grown from a startup to a global leader in consumer-grade 3D printing, achieving a valuation of $1 billion by July 2025 [2][3] - Creality's product line includes 3D printers, 3D scanners, laser engravers, accessories, and consumables, forming a comprehensive 3D printing ecosystem with brands like Creality and Ender [3] Financial Performance - Revenue increased from 1.346 billion yuan in 2022 to 2.288 billion yuan in 2024, showcasing strong market expansion capabilities [3] - Net profit showed a decline from 104 million yuan in 2022 to 88.66 million yuan in 2024, indicating challenges in maintaining profitability amid increased competition and rising costs [3][6] Market Position and Challenges - Creality holds a 27.9% market share in global consumer-grade 3D printers, leading the market from 2020 to 2024 [2] - The company faces challenges such as slowing net profit growth, reliance on specific online channels, and intensified industry competition [2][6] Industry Trends - The global 3D printing industry is experiencing rapid growth, with a shift from hardware performance competition to a focus on comprehensive ecosystem development [4] - Innovations in multi-material compatibility, smart slicing algorithms, and high-speed printing are lowering usage barriers and attracting a broader consumer base [4] Strategic Initiatives - Creality's "Creality Cloud" platform enhances user engagement by providing content, community, and services, while the "Nexbie" e-commerce platform aims to create a commercial closed loop [5] - The company plans to use IPO proceeds to increase R&D investment and expand its global sales network, solidifying its leadership position [5] Competitive Landscape - The competitive environment is fierce, with rivals like Topbot Technology and Flashforge engaging in price wars, impacting market dynamics [7] - Creality's cumulative shipment volume remains the highest globally, but it has fallen to second place in annual data for 2024, indicating a slowdown in growth compared to competitors [7]

Core Viewpoint - Shenzhen-based Creality is positioning itself as a leader in the global consumer 3D printing market, recently filing for an IPO in Hong Kong, aiming to become the first publicly listed company in this sector [1][2]. Company Overview - Creality was founded by four engineers and has achieved significant growth, with annual revenue increasing from 130 million to 2.288 billion yuan from 2022 to 2024 [4]. - The company has sold over 4 million units of its Ender series 3D printers, capturing a 27.9% market share in Europe and North America [2][3]. - Creality's product line includes 3D printers, scanners, laser engravers, and a comprehensive 3D printing ecosystem through its "Creality Cloud" platform [3]. Financial Performance - Revenue growth has been strong, with 2022 revenue at 1.346 billion yuan, increasing to 2.288 billion yuan in 2024, but net profit has faced challenges, dropping from 104 million yuan in 2022 to 88.66 million yuan in 2024 [4]. - In Q1 2024, revenue rose by 28.73% year-on-year to 708 million yuan, with net profit increasing to 82 million yuan [4]. Market Dynamics - The company heavily relies on online sales, which accounted for 47.9% of total sales in 2024, with over 80% of online revenue coming from platforms like Amazon and Tmall [5]. - The concentration of revenue from the top five customers decreased from 36.9% to 15.4%, indicating a need for improved customer retention [6]. Industry Competition - Shenzhen has emerged as a hub for 3D printing, with several leading brands like Bambu Lab and Elegoo competing in the market [7]. - Chinese suppliers dominate the entry-level 3D printer market, accounting for 95% of global shipments, with Creality holding a 39% market share despite a 3% decline in sales [7]. - The industry is experiencing intense competition, particularly in overseas markets, with companies investing heavily in social media marketing to enhance brand visibility [8].

Group 1 - The cross-border e-commerce market is undergoing significant transformation driven by external factors such as tariff wars, geopolitical impacts, and global supply chain restructuring [1] - The focus of competition has shifted from "price competition" to "value competition," emphasizing product innovation as a key to long-term success [1][5] - By 2025, global e-commerce sales are expected to exceed 20% of total retail sales, with online shopping users reaching 3 billion, indicating steady growth in online consumption [1][2] Group 2 - High-tech and high-value-added products are becoming new growth engines for China's exports, with significant increases in exports of 3D printers and industrial robots [2][4] - The rapid growth of emerging categories is attributed to their ability to meet consumer needs more precisely and their higher technological content [4][5] Group 3 - The "product innovation flywheel" methodology has been developed to help brands iterate and optimize their innovation processes, focusing on demand insight, creative development, and validation [8][9] - Successful brands exhibit strong self-innovation capabilities and a consumer-centric approach, with nearly 90% having original products and over 60% winning international awards [6][8] Group 4 - The transition from "low-price volume" to "innovation-driven" strategies is crucial for Chinese brands to remain competitive in the global market [5][26] - Brands are increasingly focusing on building a product matrix and structured layout to create a sustainable competitive advantage rather than relying on single blockbuster products [14][15] Group 5 - AI is playing an increasingly important role in product innovation, enhancing efficiency and reducing trial-and-error costs across various stages of the product lifecycle [18][19] - Companies like Timekettle and UGREEN are leveraging AI for product design, marketing, and service optimization, resulting in significant improvements in conversion rates and user satisfaction [21][22] Group 6 - Amazon is actively supporting sellers in product innovation through the development of AI tools and resources, aiming to lower barriers to innovation and accelerate product launches [22][23] - The establishment of Amazon's innovation center in Shenzhen represents a strategic move to explore more efficient innovation mechanisms in the cross-border e-commerce sector [23][26]

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 - The core point of the article is that Creality, a leading global provider of consumer-grade 3D printing products and services, has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in its growth journey [1][3] - Creality is recognized as the largest provider in the consumer-grade 3D printing market, holding a market share of 27.9% from 2020 to 2024 based on cumulative shipment volume [1][2] - The company has experienced substantial revenue growth, with projected revenues of 13.46 billion, 18.83 billion, and 22.88 billion yuan for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 30.4% [6][8] Group 2 - Creality's successful journey began in 2014 when four founders identified a gap in the consumer-grade 3D printing market, leading to the establishment of the company with an initial investment of 300,000 yuan [4][5] - The company has expanded its product offerings to include 3D printers, 3D printing materials, 3D scanners, and laser engraving machines, and has recently launched an overseas e-commerce platform focused on 3D creative products [6][8] - As of the first quarter of 2025, Creality's revenue reached 7.08 billion yuan, with a year-on-year growth of 28.67%, and a profit of 81.56 million yuan, reflecting an 18.1% increase [7][8] Group 3 - The company has seen a steady increase in its gross profit and gross profit margin, with gross profits of 3.878 billion, 5.995 billion, and 7.078 billion yuan for the years 2022, 2023, and 2024, and a gross profit margin of 28.8%, 31.8%, and 30.9% respectively [8] - The online sales channel has significantly contributed to revenue growth, with its share increasing from 13.5% in 2022 to 40.9% in 2024, and reaching 47.9% in the first quarter of 2025 [8] - The competitive landscape in the 3D printing industry is intensifying, with several new entrants and established players vying for market share, highlighting the need for continuous innovation and adaptation [10][16] Group 4 - The IPO is expected to provide Creality with the necessary capital to invest in research and development, global brand promotion, and sales channel development, which are crucial for sustaining its growth trajectory [17][18] - The company aims to leverage its early market entry, brand recognition, and technological foundation to capitalize on emerging market opportunities [17] - The global 3D creative industry is experiencing rapid growth, driven by advancements in artificial intelligence, hardware performance, and digital manufacturing technologies [16]

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].