New stock outlook|"Consumer-grade 3D printing first stock" goes to Hong Kong, how much gold content does Imagination 3D have?

Recently, Shenzhen Creat3D Technology Corporation Limited (referred to as "Creat3D") once again submitted an IPO application to the Hong Kong Stock Exchange, with CICC acting as the sole sponsor. This is the company's second attempt after its initial filing in August 2025. The prospectus shows that Creat3D was established in 2014 and primarily focuses on consumer-level 3D printing products and services, including 3D printers, consumables, 3D scanners, laser engraving machines, accessories, etc. The company also operates the global 3D printing online community "Creat3D Cloud" and the overseas market-oriented 3D creative product e-commerce platform Nexbie. IPO investors before the company's IPO include Qianhai FOF, Shenzhen Capital Group, Tencent Investment, ZHSC Investment, etc. In the consumer-level 3D printing segment, Creat3D has already secured a favorable position. According to Zhoushi Consulting data, in 2024, the company ranked second in the global consumer-level 3D printer market by GMV, first in the consumer-level 3D scanner market, and third in the consumer-level laser engraving machine market. Currently, most listed companies in the 3D printing industry focus on the industrial sector, with no leading companies entering the consumer segment. If Creat3D successfully goes public, it has the potential to become the "first consumer-level 3D printing stock in Hong Kong." However, underneath the "industry second" aura, the company's struggling financial performance and tense financial situation seem to suggest that its fundamentals may not be as optimistic as they appear. Revenue growth, profit pressure, negative cash flow Over the past three years, Creat3D's performance has shown mixed results. From 2023 to 2025, the company's revenue was 1.883 billion yuan, 2.288 billion yuan, and 3.127 billion yuan respectively. The company attributes this to the continuous launch of new products, growing user demand, and channel expansion. During the same period, the gross profit margin remained relatively stable at 31.8%, 30.9%, and 31.2%. However, while revenue increased, the quality of profits deteriorated. In 2023, 2024, and 2025, the company recorded annual profits of approximately 129 million yuan, 88.66 million yuan, and -182 million yuan respectively. Explanation for the loss in 2025 is mainly due to the issuance of shares to investors and distribution of dividends totaling 240 million yuan. Even excluding the impact of share-based compensation and dividend distribution, the company's adjusted net profit has fallen year after year: from 130 million yuan in 2023 to 97 million yuan in 2024, and further down to 92 million yuan in 2025. Behind the erosion of profit is the rapid increase in various expenses. In 2025, sales and marketing expenses increased by 48.8% year-on-year, from 383 million yuan to 570 million yuan, far exceeding the revenue growth rate of 36.7% during the same period; research and development expenses also grew by 49.2%, from 149 million yuan to 222 million yuan. The financial situation is also worth noting. In 2025, the company's operating cash flow turned negative, recording -63.977 million yuan. By the end of the year, cash and cash equivalents were only 277 million yuan. As of the end of 2025, the revenue distribution in North America, Europe, and China accounted for 32.2%, 25.1%, and 25.9% respectively, indicating that the company's main business comes from overseas markets. In recent years, the company's online channels have been growing steadily, with the number of online stores increasing from 50 in 2023 to 81 in 2025; net additions of offline distributors increased by several hundred each year, with 579, 419, and 349 new additions over the three years. In 2025, the revenue distribution between online and offline sales was 48.5% and 51.5% respectively. Currently, the company has 81 online stores and 2422 distributors, with sales networks covering approximately 140 countries and regions globally. The prospectus shows that as the company continues to expand into overseas markets and establish DTC online stores, as well as cooperate with e-commerce platforms like Amazon, the company is shifting from its previous direct delivery model in China to overseas warehouse distribution or direct home delivery. This change has extended the transportation period and utilized more funds. At the end of each reporting period, inventory increased from 356 million yuan to 438 million yuan and then 634 million yuan, with average inventory turnover days increasing from 81.4 days to 98.2 days and 98.3 days. During the same period, trade accounts receivable increased from 177 million yuan to 225 million yuan and then 338 million yuan. Industry at a historic moment, AI, user community to be the "new battlefield" From an industry perspective, Creat3D's listing in Hong Kong comes at a historic turning point as the industry shifts from "niche geek" to "mass consumer" stage. The "2025 China 3D Printing Trend Report" shows that in 2025, searches related to "3D printers" on the Xiaohongshu platform increased by 238%. As of early February 2026, the cumulative views of "3D printing" topics on Xiaohongshu have exceeded 1.64 billion, indicating that personalized and customized 3D printing is becoming a mainstream trend in the consumer-level market. Policy-wise, there have been positive developments as well: in September 2025, the Ministry of Commerce and 8 other departments jointly declared desktop 3D printing equipment as a key digital consumer product for development; in November of the same year, the Ministry of Industry and Information Technology and 6 other departments proposed advancing 3D printing equipment into classrooms. Data from the National Bureau of Statistics shows that in 2025, China's 3D printing equipment production increased by 52.5% year-on-year, becoming one of the fastest-growing manufacturing types. Orient research reports point out that the 3D printing industry is at a critical point of scale expansion. Consumer-level device prices have dropped to the 2000-3000 yuan range, accessibility has increased, and the prevalence of 3D farm models (multiple consumer-level 3D printers for small batch order production) are expected to push the global consumer market to reach 29.59 billion USD in 2025, a 55% year-on-year growth, with applications focusing on consumer goods, academic education, cultural creativity, and other areas. However, behind the broad market prospects, a competitive landscape with "one leader, many strong players" is forming in the industry. Data shows that in 2024, the global consumer-level 3D printer market CR4 was 71%, with the top four all being domestic manufacturers; Chinese brands accounted for over 95% of global shipments. Among them, the market leader with a 35.5% market share is far ahead, with GMV reaching 730 million USD; Creat3D ranks second with an 11.2% share, but its GMV is only 230 million USD, about one-third of the first-place company. While the gap with the market leader is significant, Creat3D's current leading position is not stable either: the difference in GMV between the third and fourth-place companies and Creat3D is less than 30 million USD, making it a close competition. However, a diversified product lineup is one of Creat3D's competitive advantages. The prospectus shows that Creat3D is the only company among the major global 3D creative industry participants that offers consumer-level 3D printing, scanning, and laser engraving products and services simultaneously. Its product line covers a full range from entry-level to professional level, further subdivided into basic, intermediate, and flagship models. As of December 31, 2025, in addition to 3D printers, the company offers over 400 value-added accessory SKUs, over 1400 3D printing consumable SKUs, and over 10 3D scanners and laser engraving machine SKUs. Data shows that Creat3D ranks first globally in the consumer-level 3D scanner market with a market share of 37.6% and third in the global consumer-level laser engraving machine market with a market share of 3.5%. With the inevitability of hardware parameter homogenization, 3D printing industry participants are increasingly focusing on ecosystem and community building. It is understood that MakerWorld under the leading 3D printing company Zhaofu Technology, with only two years online, has nearly tens of millions of monthly active users, over a million 3D models, becoming one of the most active 3D printing communities globally. Creat3D has also established a software ecosystem, launching the Creat3D Cloud and Nexbie platforms. Creat3D Cloud serves as a 3D printing content community, with over 4 million registered users and over 1.5 million 3D models by 2025. Nexbie is in its early stages and positioned as an overseas e-commerce platform connecting 3D creative product creators and buyers, currently focusing on finished product sales. An active community and rich model library are expected to form a virtuous cycle of user co-creation and content accumulation, enhancing user activity and loyalty. At the same time, Creat3D is leading in AI technology applications, aiming to address the consumer-level user's biggest pain point: "print failure rate." In the application of AI technology, Creat3D is the first company in the industry to fully integrate AI into the 3D creative process (modeling, printing, laser engraving). In August 2025, the company launched the K2 and K2 Pro models, with the K2 series equipped with AI cameras in the cabin for intelligent error detection; the K2 Pro goes further, with additional nozzle AI cameras, unlocking advanced functions such as automatic extrusion flow adjustment, detection of waste slot blockages, significantly improving success rates for multi-color printing. With the maturity of AI 3D generated models like MeshyAI, Tencent Hanyuan 3D, and TRIPO AI, the entry barrier for consumer-level 3D printing is expected to significantly decrease. As 3D printing equipment, technology, and prices become more accessible, Creat3D is also expected to benefit from an active user community ecosystem. Overall, in the current climate of increasing prosperity in the consumer-level 3D printing segment, Creat3D, as a rare consumer-level 3D printing stock in the Hong Kong market, is likely to enjoy a certain scarcity premium. However, behind this aura, hidden concerns cannot be ignored. The company's weak profit performance, excessive growth in marketing expenses, and relatively weak self-sustaining ability are issues that need to be addressed. More importantly, amidst intense competition in the consumer-level printing market, the company has not established an absolute leading advantage in this segment. Therefore, behind Creat3D's "high-growth narrative," there are still two major questions that the market will have: Can the company improve the quality of profits while maintaining revenue growth? Can the company truly build a long-term competitive moat with its community ecosystem and AI applications? The answers to these questions, which are crucial to the company's long-term competitiveness, still await future validation.