New Stock Analysis | Volume Sold Lost, Cost Rate Out of Control: The Dilemma of "Pseudo Ecology" in CreatAge 3D

According to the disclosure by the Hong Kong Stock Exchange on May 11th, the global consumer-grade 3D printing leader, Shenzhen CreatBot Technology Co., Ltd. (hereinafter referred to as CreatBot), has brought good news. The company has officially passed the listing hearing on the main board of the Hong Kong Stock Exchange, under the exclusive sponsorship of CICC. Observing as a leader in the global 3D printing sector, CreatBot has increased its revenue from 1.8 billion to 3.1 billion in just three years, showing astonishing growth. However, behind the impressive revenue growth, there is an embarrassing situation of a sudden net loss of 182 million yuan in 2025. Can this "increase in revenue without increasing profits" financial gap tell the market a new story about the "hardware + software + platform full-scene ecological closed-loop"? Costs and expenses are out of control behind the income growth The prospectus shows that CreatBot is a global consumer-grade 3D printing product and service provider. The company's products and services mainly include: 3D printers, 3D printing materials, 3D scanners, laser engraving machines, accessories, and other products, as well as various services provided through the CreatBot Cloud platform (focused on 3D printing content). In addition, in August 2025, the company launched Nexbie, an overseas e-commerce platform dedicated to 3D creative products. The company's full-scene 3D printing product and service matrix empower each other. During the creative process, users usually combine 3D printing with 3D scanning, laser engraving, etc., to provide a more comprehensive solution. By providing one-stop purchasing services and promoting continuous flow conversion between products and services, the company aims to drive customers to repurchase products and enhance customer stickiness to the company's products and services. In addition, after customers purchase the company's products, they will be guided to the CreatBot Cloud and Nexbie platform, which not only promotes user engagement but also helps product discovery. From 2023 to 2025, CreatBot's revenue increased from 1.83 billion to 3.13 billion, with a compound annual growth rate of 28.87% in three years, showing rapid expansion. However, the growth rate of expenses far exceeds the revenue growth ... (continues)