Chuangxiang 3D IPO “Breakthrough to Pass the Hurdles”: Annual Revenue Exceeds 3.1 Billion Yuan, Operating Cash Flow Turns Negative

Industry Reporter Chen Ting and Zhao Yi, Shenzhen Report

Consumer-grade 3D printing “veteran players” are once again challenging the capital markets.

Recently, Shenzhen Creality 3D Technology Co., Ltd. (hereinafter “Creality 3D”) submitted an application to the Hong Kong Stock Exchange. This is its second attempt to launch an IPO in Hong Kong within about half a year. As early as 2023, Creality 3D had also sought to list on A-shares, but the effort did not succeed.

According to the prospectus, Creality 3D is a provider of consumer-grade 3D printing products and services. Its products mainly include 3D printers, 3D printing consumables, 3D scanners, laser engravers, accessories and other items, and it provides various services through an online community, while operating an overseas e-commerce platform focused on finished 3D creative products.

2020 is widely regarded as the “breakout year” for the consumer-grade 3D printing industry. Application scenarios expanded dramatically from individual creation to home use. At the same time as market visibility increased, user awareness was also strengthened. Before that, Creality 3D had already “entered the arena.”

Creality 3D was founded in 2014. Data provided by Zhishicon (Zhishi Consulting) shows that Creality 3D is the world’s second-largest consumer-grade 3D printing company, with a market share of 11.2%. According to the prospectus, from 2023 to 2025, Creality 3D’s revenue increased from about 1.882 billion yuan to 3.127 billion yuan. But in 2025, the company recorded a loss, which it attributed to non-cash expenses arising from dividends and share-based payments made before the listing. Even after excluding the above factors, Creality 3D’s net profit in 2025 still fell from about 130 million yuan in 2023 to 92 million yuan. In 2025, the company’s net operating cash flow also turned from positive to negative, at approximately -63.977 million yuan.

Regarding the company’s considerations for pursuing a listing in Hong Kong at its current stage and its subsequent operating plan, a reporter from China Business Journal contacted and wrote to Creality 3D. The company’s customer service said that the request for an interview had been conveyed to the relevant department. As of the time of publication, no further response had been provided.

Grow revenue without growing profits

In the Hong Kong stock market, Creality 3D is pushing to become the “No. 1 stock in consumer-grade 3D printing.”

Consumer-grade 3D printing refers to daily creative projects, prototyping, and light commercial applications carried out by individual consumers, business hobbyists, education practitioners, and small businesses using desktop or small-sized 3D printers. Compared with industrial-grade 3D printing applied in fields such as automotive, aerospace, medical, and construction, consumer-grade 3D printing has significant differences in print size, precision and stability, and the complexity of supported materials.

According to the prospectus, Creality 3D’s predecessor was Shenzhen Bolingda Technology Co., Ltd. In 2021, during its Series A financing, Creality 3D raised approximately 508 million yuan in total. Investors included Tencent Venture Capital, the Qianhai Equity Investment Fund, and others. After the Series A financing was completed, Creality 3D’s post-investment valuation was 4 billion yuan.

For this IPO, Creality 3D plans to use the proceeds for R&D investment, overseas user operations, global brand promotion and sales channel development, investment or acquisitions, and working capital.

According to the prospectus, Creality 3D’s revenue comes from sales of 3D printers, 3D printing consumables, 3D scanners, laser engravers, accessories and other items, as well as from providing finished 3D printed products and services (mainly membership subscription fees, proceeds from 3D model transactions and commissions, and proceeds from sales of finished 3D printed products). From 2023 to 2025, the company recorded gross profit of 600 million yuan, 708 million yuan, and 975 million yuan, respectively, with gross profit margins of 31.8%, 30.9%, and 31.2%, respectively.

From 2023 to 2025, Creality 3D’s net profits were 129 million yuan, 88.66 million yuan, and -182 million yuan, respectively. Creality 3D stated that this was mainly because in 2025 the company issued shares to investors and paid dividends of approximately 240 million yuan. After adjustments, the company’s net profits for 2023 to 2025 were 130 million yuan, 97.199 million yuan, and 92.385 million yuan, respectively, which still showed a continuous declining trend.

However, behind the “paper profits,” Creality 3D’s net cash flow from operating activities turned negative in 2025. In 2023 and 2024, this financial indicator was 161 million yuan and 173 million yuan, respectively. Creality 3D stated that changes in working capital led to net cash outflows, mainly including an increase in inventories of 237 million yuan and an increase in trade receivables of 116 million yuan.

In terms of revenue structure, 3D printers are Creality 3D’s largest source of revenue.

3D printers are the core hardware in the consumer-grade 3D printing industry. According to the prospectus, from 2023 to 2025, the company’s 3D printer revenue was approximately 1.404 billion yuan, 1.416 billion yuan, and 1.785 billion yuan, respectively, with its share falling from 74.6% to 57.1%.

Creality 3D stated that the vast majority of the company’s revenue comes from 3D printer sales. Relevant sales grew steadily, mainly attributable to the company’s launch of new products, such as the high-end K2 series with higher retail prices, increased promotional efforts in existing sales channels, and continuous expansion of sales channels. “Although the absolute sales of 3D printers are still at a relatively high level, as other businesses expand, the percentage of total revenue has declined, which mainly reflects our commitment to achieving diversification in our product mix.”

However, Creality 3D’s 3D printer unit sales declined over the past two years. From 2023 to 2025, unit sales of this product were 870,000 units, 720,000 units, and 742,000 units, respectively, while the average selling price rose continuously—from approximately 1,612.3 yuan per unit in 2023 to 2,404.4 yuan per unit.

Creality 3D stated that the decline in 3D printer unit sales in 2024 was mainly because the company focused on promoting a relatively high-end product series, resulting in more targeted unit sales and a higher average selling price. “The growing number of novice users highlights that market demand is shifting toward higher-end product series that are easier to use.”

Intense market competition

In fact, as discussions about consumer-grade 3D printing have gradually grown hotter, attention has been drawn to the phenomenon in which “veteran players” like Creality 3D are overtaken by “latecomers.”

According to data provided by Zhishicon (Zhishi Consulting), in 2024, the global consumer-grade 3D printer market had a relatively high concentration among the top participants. Measured by GMV (gross merchandise value), the combined market share of the top five participants exceeded 70%. Based on 2024 GMV, Creality 3D is the world’s second-largest consumer-grade 3D printing company, with GMV of 230 million USD.

According to the prospectus, the world’s largest consumer-grade 3D printing company in 2024 was founded in China in 2020. It mainly focuses on 3D printers, consumables, accessories, and software, and it is a non-listed company. Reporters learned that the company is Bambu Lab. In 2024, Bambu Lab’s consumer-grade 3D printer GMV was 730 million USD, with a market share of 35.5%.

Creality 3D frankly acknowledged: “We operate in an industry with fierce competition.” The company may face challenges from incoming competitors, which in the future could offer competitively priced products at lower prices, intensifying industry competition and adversely affecting the company’s product sales, pricing and gross profit margin, as well as market share. “To respond to potential competition, we may need to make substantial additional investments in R&D, marketing and sales, talent recruitment and retention, and technology.”

According to materials provided by Zhishicon (Zhishi Consulting), the average selling price of consumer-grade 3D printers increased from about 350 USD per unit in 2020 to 500 USD in 2024, and is expected to further rise to 650 USD by 2029. Creality 3D stated that in recent years, market participants including the company have launched models with stronger functions, higher precision, and simpler and more user-friendly interfaces, thereby improving overall value positioning and accelerating market acceptance of high-end products. “Looking ahead, the direction of competition in the industry will depend on which participants can continuously innovate and achieve differentiated technological breakthroughs, thereby shaping a long-term market leadership position and driving further growth in average selling prices.”

According to the prospectus, Creality 3D’s average selling price for 3D printers has continued to rise, mainly because direct sales generate relatively higher volume, and its retail prices are higher than dealer prices, as well as because the company has continued to roll out higher-priced product series. In 2023, Creality 3D launched its first high-end flagship K series printer, with a suggested retail price of 1,099 USD. In 2024, it launched the K2 Plus printer, with a suggested retail price of 1,299 USD.

It is worth noting that while Creality 3D’s average selling price for 3D printers has increased year by year, its gross profit margin has continued to decline. From 2023 to 2025, the gross profit margin for this product was 30.9%, 29.3%, and 28.4%, respectively. The company explained that this is mainly due to delays in the launch timing of the company’s new product series in 2024, which led to an increase in sales volume of older models with lower profit margins driven by promotional activities.

During the reporting period, the company’s selling and marketing expenses rose significantly—from about 302 million yuan in 2023 to 570 million yuan in 2025. Of these, marketing and advertising expenses were approximately 157 million yuan, 192 million yuan, and 267 million yuan in 2023, 2024, and 2025, respectively. Creality 3D stated that the increase in marketing and advertising expenses in 2025 mainly went toward promotional expenses paid to third-party e-commerce platforms, social media, and search engines, as well as cooperation fees for KOLs (Key Opinion Leaders).

According to the prospectus, from 2023 to 2025, Creality 3D’s R&D expenses were 96.3 million yuan, 149 million yuan, and 223 million yuan, respectively, accounting for 5.1%, 6.5%, and 7.1% of revenue in the same period. The increase in this item in 2025 was mainly because the company expanded its business, leading to an increase in the number of R&D personnel and their salaries and bonuses.

By the end of 2025, the bank deposits and cash on hand held by Creality 3D continued to decline from about 202 million yuan at the end of 2023 to 120 million yuan.