同城兄弟。 作者/余梦莹 报道/投资界PEdaily 腾讯投的3D打印公司，要I PO了。 投资界获悉，近日深圳市创想三维科技股份有限公司（简称"创想三维"）更新招股书，拟于香港主板上市，中金公司为独家保荐人。 身后掌舵人是四位8 0后青年——1 0多年前相识于一场3D打印展，他们决定联手创业。从深圳一间2 0平米的办公室起步，用平价策略 切入海外市场，将消费级3D打印机卖到了全球第二，成长为一家隐秘的独角兽。 其实早年，创想三维还是业内"老大哥"，不曾想拓竹以后起之秀的姿态，迅速跻身为全球霸主。身处深圳， 如今 遍地大大小小3D打 印公司，成为深圳硬件生态繁荣最具象的缩影。 四人做3D打印机，要IPO了 故事始于一场意外的相遇。 2 0 1 4年的深圳，陈春、唐京科、敖单军和刘辉林在一场3D打印展上结识。怀揣着创业的憧憬，他们越聊越投机，相见恨晚，成立一 家3D打印公司的计划徐徐铺开。 四人背景各不相同：陈春曾在智诚科技担任销售工程师，唐京科在富士康任设计工程师，敖单军曾任职深圳中为高科技有限公司，而 刘辉林则是从湖北工业大学一毕业，就来到了深圳打拼。 彼时，3D打印在国内方兴未艾，但已在海外生长多年。一台 ...

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香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Shenzhen Creality 3D Technology Co., Ltd. 深圳市創想三維科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的獨家保薦人、保薦人兼整體協調人、整體協調 人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記 前，本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀 請，準投資者務請僅依據與香港公司註冊處處長註冊的本公司招股章程作出投資決定； ...

Core Viewpoint - The China Securities Regulatory Commission has approved the overseas listing of Creality 3D, a leading player in the consumer-grade 3D printing sector, which aims to issue up to 151 million shares on the Hong Kong Stock Exchange, potentially becoming the first consumer-grade 3D printing stock in Hong Kong [1][18]. Group 1: Company Background and Growth - Creality 3D was founded in 2014 by four entrepreneurs who started with a modest investment of 300,000 yuan in a small office in Shenzhen, targeting the high-priced consumer 3D printing market dominated by Western brands [3][19]. - The company has grown rapidly, achieving a valuation of $1 billion by July 2025 and expanding its production capacity to approximately 260,000 square meters across two bases in Wuhan and Huizhou [3][19]. - As of March 31, 2025, Creality 3D has established a sales network that includes 74 self-operated online stores and 2,163 distributors, covering around 140 countries and regions globally [3][19]. Group 2: Business Ecosystem and Financial Performance - Creality 3D has diversified its product offerings beyond 3D printers to include 3D printing materials, 3D scanners, laser engraving machines, and an online community called "Creality Cloud" [4][20]. - The company is the only major player in the global 3D creative industry that provides consumer-grade 3D printing, scanning, and laser engraving products and services [4][20]. - Financially, Creality 3D reported revenues of 1.346 billion yuan, 1.883 billion yuan, and 2.288 billion yuan for 2022, 2023, and 2024 respectively, with a compound annual growth rate of 30.4% from 2022 to 2024 [5][22]. Group 3: Challenges and Competitive Landscape - Despite strong revenue growth, Creality 3D faced a 31.23% decline in net profit in 2024, highlighting the intense competition in the industry and the phenomenon of "increased revenue without increased profit" [6][23]. - The competitive landscape includes significant players like Tiertime, which has received substantial investments and is seen as a formidable competitor, prompting Creality 3D to invest heavily in R&D and marketing to maintain market share [10][28]. - The company is also navigating a challenging environment characterized by rising material costs and increased R&D and marketing expenditures [6][23]. Group 4: Future Prospects and Strategic Initiatives - The funds raised from the IPO are earmarked for enhancing R&D capabilities, expanding overseas operations, and developing global brand promotion and sales channels [7][24]. - Creality 3D has plans to leverage AI technology in its operations, aiming to enhance user engagement and streamline the 3D printing process [5][21]. - The company is positioned to capitalize on the growing consumer-grade 3D printing market, which is projected to expand significantly in the coming years, with a market size expected to reach $41 billion by 2024 [12][29].

Core Viewpoint - The company, Creality 3D, has received approval for overseas listing, positioning itself as a leading player in the global consumer-grade 3D printing market, with plans to issue up to 151 million shares on the Hong Kong Stock Exchange [4][5]. Group 1: Company Overview - Creality 3D, founded in 2014 in Shenzhen, has grown from a small startup in a 20-square-meter office to a global leader in consumer-grade 3D printing, achieving a valuation of $1 billion by July 2025 [6][18]. - The company has a market share of 27.9% in the global consumer-grade 3D printing sector, making it the largest provider of consumer-grade 3D printing products and services [7]. Group 2: Business Ecosystem - Creality 3D has expanded its offerings from a single 3D printer to a comprehensive ecosystem that includes 3D printing materials, 3D scanners, laser engraving machines, and an online community platform called Creality Cloud [8][9]. - The company is the only major player in the 3D creative industry that provides consumer-grade 3D printing, scanning, and laser engraving products and services simultaneously [9]. Group 3: Financial Performance - The company reported revenues of 1.346 billion yuan, 1.883 billion yuan, and 2.288 billion yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of 30.4% from 2022 to 2024 [11]. - Despite revenue growth, the net profit for 2024 decreased by 31.23% to 88.76 million yuan due to increased market competition and rising costs [12]. Group 4: Investment and Shareholder Structure - Creality 3D has attracted significant investment from notable firms such as Qianhai FOF, Shenzhen Capital Group, and Tencent, with these investors holding approximately 14.75% of the company's shares prior to the IPO [13][14]. - The founding team, consisting of four individuals, holds over 80% of the company's shares, with an average age of under 36 [15]. Group 5: Industry Context - The IPO process of Creality 3D reflects the rise of Shenzhen as a hub for the 3D printing industry, with local companies capturing 90% of the entry-level 3D printer market [16][18]. - The company plans to use the funds raised from the IPO for research and development, overseas user operations, brand promotion, and strategic partnerships [17].

Company Overview - Chuangxiang Sanwei is a leading player in the consumer-grade 3D printing industry and a major cross-border independent seller, recently filing for an IPO on the Hong Kong Stock Exchange [1] - The company positions itself as the "largest global provider of consumer-grade 3D printing products and services," leveraging its first-mover advantage and historical accumulation [4] Industry Position and Competitive Landscape - Between 2020 and 2024, Chuangxiang Sanwei shipped approximately 4.4 million units, achieving a market share of 27.9%, significantly surpassing the second competitor [4] - However, in 2024, the company shipped around 700,000 units, resulting in a market share drop to 16.9%, while a newer competitor, Tuo Zhu Technology, surged to the top with 1.2 million units and a 29% share [4][6] - The competitive landscape is characterized by intense rivalry, with Tuo Zhu Technology redefining performance standards in consumer-grade 3D printing, thereby eroding Chuangxiang Sanwei's market position [6] Financial Performance Revenue Structure and Growth - In 2022, 3D printers accounted for 82% of the company's revenue, decreasing to 62% by 2024, but still representing the primary revenue source [9] - The company experienced a compound annual growth rate (CAGR) of 30% from 2022 to 2024, reaching a revenue of 2.3 billion RMB in 2024 [12] - The core 3D printer business showed stagnation, with a CAGR of only 13% and a year-on-year growth of just 0.8% in 2024, driven primarily by price increases rather than volume growth [14] Profit Margin Analysis - The company's profit margins have declined, with operating profit margin dropping from 12.1% to 4.3% between 2022 and 2024, and net profit margin decreasing from 7.7% to 3.8% [17] - Sales and marketing expenses surged from 8.1% in 2022 to 16.7% in 2024, indicating a heavy reliance on marketing for growth [19] Key Balance Sheet Items and Cash Flow - Operating cash flow net amount decreased from 260 million RMB in 2022 to 170 million RMB in 2024, with a negative cash flow of 80.32 million RMB in Q1 2025 [20] - The company has accumulated significant inventory, with a book value of 516 million RMB and an extended turnover period, indicating sales difficulties [20] Future Development and Potential Risks - Chuangxiang Sanwei is attempting to transition from a pure manufacturer to an "hardware + software + content + service" ecosystem, with "Chuangxiang Cloud" as a key initiative [21] - The company is also exploring Nexbie, an overseas e-commerce platform for 3D creative products, although it currently contributes only 0.2% to revenue [22] - The consumer-grade 3D printing market is poised for explosive growth, and the company's ability to navigate its transformation will be crucial for its future competitive position [22]

Group 1 - The core point of the article is that Shenzhen Chuangxiang Sanwei Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first consumer-grade 3D printer company listed in Hong Kong [1][2] - The company plans to use the funds raised from the IPO for research and development, overseas user operations, global brand promotion, sales channel development, seeking strategic partnerships, and potential investments or acquisitions [1][2] - Chuangxiang Sanwei is recognized as the largest provider of consumer-grade 3D printing products and services globally, with a market share of 27.9% based on cumulative shipments from 2020 to 2024 [2][6] Group 2 - The revenue from 3D printers has been decreasing, with the revenue share from 3D printers dropping from 81.7% in 2022 to 61.3% in the first quarter of 2025, while the revenue share from 3D printing consumables increased from 3% to 12% during the same period [3][4] - The company's revenue for the reporting periods was 1.346 billion, 1.883 billion, 2.288 billion, and 708 million, with net profits of 104 million, 129 million, 88.66 million, and 81.564 million respectively [3][4] - Chuangxiang Sanwei's inventory has been increasing, with the book value of inventory rising from 184 million to 516 million over the reporting periods, indicating a growing trend [5][6] Group 3 - The company relies heavily on a limited number of key online platforms for sales, including Amazon, eBay, Tmall, JD.com, and Taobao, which account for a significant portion of its online sales [4][5] - Chuangxiang Sanwei has only received external financing once since its establishment, with a 5.08 billion A-round financing completed in June 2021 [6]

Core Viewpoint - Shenzhen Chuangxiang 3D Technology Co., Ltd. (Chuangxiang 3D) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, overseas operations, global brand promotion, and sales channel development, as well as seeking strategic partnerships, investments, or acquisitions [1] Group 1: Company Overview - Chuangxiang 3D, established in 2014, is a provider of consumer-grade 3D printing products and services, including 3D printers, consumables, and a global online community called "Chuangxiang Cloud" [2] - The company is the largest provider of consumer-grade 3D printing products and services globally, with a market share of 27.9% from 2020 to 2024, ranking second in consumer-grade 3D printers, first in consumer-grade 3D scanners, and third in consumer-grade laser engravers [2][8] Group 2: Financial Performance - Chuangxiang 3D's revenue from 2022 to Q1 2025 shows a declining trend in the revenue share from 3D printers, decreasing from 81.7% in 2022 to 61.3% in Q1 2025, while the revenue share from 3D printing consumables increased from 3% to 12% during the same period [3] - The company's revenue figures for the reporting period were 1.346 billion, 1.883 billion, 2.288 billion, and 708 million yuan, with net profits of 104 million, 129 million, 88.66 million, and 81.56 million yuan respectively, indicating a 21.5% revenue growth in 2024 but a 31% decline in net profit [4] - Raw material costs accounted for over 75% of the sales cost during the reporting period, with specific percentages of 82.7%, 76.7%, 76.4%, and 75.2% [4] Group 3: Inventory and Supply Chain - Chuangxiang 3D's inventory, which includes finished goods, raw materials, and work-in-progress, has shown a growth trend, with values of 184 million, 356 million, 438 million, and 516 million yuan during the reporting period [5] - The average inventory turnover days increased from 86.5 days to 100.8 days, indicating a gradual extension in inventory turnover [6] Group 4: Market Position and Competition - In terms of 2024 shipment volume, Chuangxiang 3D shipped approximately 700,000 consumer-grade 3D printers, giving it a market share of 16.9%, ranking second globally [8][10] - The company has only completed one round of external financing since its establishment, raising approximately 508 million yuan in June 2021 [11]

Core Viewpoint - Shenzhen Chuangxiang 3D Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, overseas operations, global brand promotion, and sales channel development, potentially becoming the first consumer-grade 3D printer stock in the market [1][2]. Group 1: Company Overview - Founded in 2014, Chuangxiang 3D is a provider of consumer-grade 3D printing products and services, including 3D printers, consumables, and a global online community called "Chuangxiang Cloud" [2]. - The company has a market share of 27.9% in cumulative shipments of consumer-grade 3D printers from 2020 to 2024, making it the largest provider in this segment [2][7]. - Chuangxiang 3D's manufacturing facilities are located in Wuhan, Huizhou, and Shenzhen, with a sales network covering approximately 140 countries and regions [2]. Group 2: Financial Performance - Revenue from 3D printers has been declining as a percentage of total revenue, from 81.7% in 2022 to 61.3% in Q1 2025, while the revenue share from 3D printing consumables increased from 3% to 12% during the same period [3][4]. - The company's revenue for the reporting periods was 1.346 billion, 1.883 billion, 2.288 billion, and 708 million yuan, with net profits of 104 million, 129 million, 88.66 million, and 81.56 million yuan respectively [4]. - In 2024, revenue grew by 21.5%, but net profit declined by 31%, indicating a situation of "increased revenue without increased profit" [4]. Group 3: Inventory and Supply Chain - Chuangxiang 3D's inventory has been increasing, with figures of 184 million, 356 million, 438 million, and 516 million yuan over the reporting periods [5]. - The average inventory turnover days have extended from 86.5 days to 100.8 days, which may negatively impact cash flow and liquidity [5]. - Raw material costs accounted for over 75% of the sales cost during the reporting periods, with specific components including electronic parts, motors, and biodegradable materials [4]. Group 4: Market Position and Competition - Chuangxiang 3D is positioned as the second-largest consumer-grade 3D printer company based on 2024 shipment volume, with approximately 700,000 units shipped and a market share of 16.9% [7][10]. - The company has only completed one round of external financing since its establishment, raising approximately 508 million yuan in June 2021 [12].

Core Viewpoint - Shenzhen Chuangxiang Sanwei Technology Co., Ltd. (Chuangxiang Sanwei) has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for R&D, overseas operations, brand promotion, and strategic partnerships, despite experiencing significant fluctuations in net profit [1][8]. Group 1: Company Overview - Chuangxiang Sanwei, established in 2014, is a leading provider of consumer-grade 3D printing products and services, offering a comprehensive range of products including 3D printers, consumables, and services on its online community platform, Chuangxiang Cloud [5][6]. - The company is recognized as the only global player providing consumer-grade 3D printing, scanning, and laser engraving products and services simultaneously [5]. - In 2020, Chuangxiang Sanwei achieved a revenue milestone of over 1 billion yuan, marking a significant growth year for the consumer-grade 3D printing industry [6]. Group 2: Financial Performance - Chuangxiang Sanwei's revenue for the years 2022 to 2024 is projected to be 13.46 billion yuan, 18.83 billion yuan, and 22.88 billion yuan, respectively, with a compound annual growth rate of 30.4% over the past three years [13]. - However, net profit has shown considerable volatility, with figures of 1.04 billion yuan, 1.29 billion yuan, 0.89 billion yuan, and 0.82 billion yuan for the same period, indicating a 31.01% year-on-year decline in 2024 compared to 2023 [13][9]. - The company's gross profit margins have remained relatively stable, recorded at 28.8%, 31.8%, 30.9%, and 35.2% during the same period [13]. Group 3: Market Position and Strategy - As of 2024, Chuangxiang Sanwei is the largest consumer-grade 3D printing company globally by cumulative shipment volume, with a market share of 27.9% [10]. - The company ranks second in the global consumer-grade 3D printing market by shipment volume in 2024, with a market share of 16.9%, and holds the top position in the consumer-grade 3D scanner market with a 37.7% share [10]. - Chuangxiang Sanwei's sales network includes 74 self-operated online stores and 2,163 distributors, covering approximately 140 countries and regions globally [10]. Group 4: Future Plans - The funds raised from the IPO are intended for enhancing R&D capabilities, supporting long-term innovation, and maintaining competitiveness in the global consumer-grade 3D printing industry [8]. - The company plans to invest in overseas operations, specifically for the development and operation of Chuangxiang Cloud and Nexbie, its overseas e-commerce platform [8][12].