On March 9, Shenzhen Creality 3D Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor. As a leading global provider of consumer 3D printing products and services, the company has built a comprehensive product portfolio covering 3D printers, 3D scanners, laser engravers, 3D printing materials and accessories, as well as the online community“Creality Cloud”and e-commerce platform“Nexbie”.

According to Frost & Sullivan, in terms of GMV in 2024, the company ranked second globally in the consumer 3D printer market, first globally in the consumer 3D scanner market, and third globally in the consumer laser engraver market. It is the only major player in the global 3D creativity industry that provides consumer-grade 3D printing, 3D scanning and laser engraving products and services simultaneously.

Business Model: Full-Scenario Product Matrix, Building a Closed-Loop 3D Creativity Ecosystem

Creality 3D’s business covers the entire 3D creativity process, from data input to final output, forming an end-to-end closed-loop ecosystem.

The product matrix is centered on 3D printers, which accounted for 74.6%, 61.9% and 57.1% of revenue in 2023, 2024 and 2025 respectively. Although the proportion declined slightly, the absolute value continued to grow from RMB 1.404 billion to RMB 1.785 billion.

The company offers a full range of products from entry-level to professional-grade. The average selling price rose steadily from RMB 1,600 in 2023 to RMB 2,400 in 2025, mainly driven by the launch of high-end flagship series (such as K1 Max, K2 Plus) and the increasing proportion of direct sales channels.

The 3D scanner business grew rapidly, with revenue surging from RMB 41.53 million in 2023 to RMB 366 million in 2025, and its proportion rising from 2.2% to 11.7%, making it the fastest-growing segment.

The average selling price increased from RMB 1,700 to RMB 4,300, mainly thanks to the launch of high-end products such as RaptorX and the expansion of direct sales channels. In terms of 2024 GMV, the company has become the world’s No.1 in the consumer 3D scanner market.

The laser engraver business maintained steady growth, with revenue rising from RMB 111 million to RMB 225 million, accounting for around 7%.

Revenue from 3D printing materials increased from RMB 136 million to RMB 418 million, with the proportion rising from 7.2% to 13.4%, reflecting the value of the consumable repeat-purchase business model.

In addition to hardware sales, the company operates“Creality Cloud”, the world’s largest online 3D printing community. As of the end of 2025, registered users exceeded 4 million, with over 1.5 million 3D models.

The overseas e-commerce platform“Nexbie”, launched in 2025, focuses on the trading of finished 3D creative products and is in the early stage of development.

The platform ecosystem not only enhances user stickiness but also lays the foundation for diversified revenue streams such as future subscription services (RMB 4.6 million in membership subscription revenue in 2025) and transaction commissions.

In terms of sales channels, the company adopts a dual model of direct sales and distribution.

Online revenue rose from 35.7% in 2023 to 48.5% in 2025, with the absolute value increasing from RMB 671 million to RMB 1.518 billion.

The number of online stores increased from 50 to 81, including 64 overseas and 17 domestic stores.

Offline revenue declined from 64.3% to 51.5%, but the absolute value still maintained growth.

Financial Performance: Steady Revenue Growth, Short-Term Profit Fluctuations Mainly Driven by One-Off Items

Financial data shows that Creality 3D is in a phase of scale expansion with sustained revenue growth, while profit fluctuations in 2025 were mainly due to non-operating factors.

Revenue grew 21.5% from RMB 1.883 billion (2023) to RMB 2.288 billion (2024), and further increased 36.6% to RMB 3.127 billion (2025).

Growth was driven by the expansion of all product lines, with 3D scanners up 76.2% year-on-year and 3D materials up 60.0% year-on-year.

Gross profit increased in tandem:

From RMB 600 million (2023) to RMB 708 million (2024) and RMB 975 million (2025).

Gross margin remained stable at around 31%, at 31.8%, 30.9% and 31.2% from 2023 to 2025.

In terms of expense structure:

Selling and marketing expenses were the largest item, reaching RMB 570 million in 2025, accounting for 18.2% of revenue, rising year by year mainly due to online channel expansion and platform promotion.

R&D expenditure increased continuously from RMB 96.27 million (2023) to RMB 222 million (2025), rising from 5.1% to 7.1% of revenue. The R&D team reached 743 people, reflecting sustained investment in technological innovation.

In terms of profit:

Net profit was RMB 129 million (2023) and RMB 88.76 million (2024).

The company recorded a net loss of RMB 182 million in 2025, mainly due to a one-off non-cash item of RMB 240 million from share issuance to investors and dividend distribution in net other (losses)/gains. Excluding this factor, underlying profitability remained solid.

In cash flow:

Net cash used in operating activities was RMB 64 million in 2025, mainly due to increased inventory (up RMB 237 million) and receivables from overseas store expansion, reflecting funding occupation during the shift from domestic delivery to overseas warehouse distribution.

As of the end of 2025, the company’s net assets stood stable at RMB 1.077 billion.

Technological Strength and Market Outlook: Full AI Empowerment, Industry Enters High-Growth Stage

As a technology-driven enterprise, Creality 3D has continuously increased R&D investment. As of the end of 2025, the R&D team comprised 743 professionals.

The company is the first in the global industry to fully integrate AI technology into the entire 3D creativity process, with AI applied to modeling, printing and laser engraving.

Its AI system, trained on 3D models from Creality Cloud, can reconstruct accurate 3D surfaces and automatically adjust printing parameters.

AI-powered machine vision is integrated into devices to monitor material flow and enable automatic real-time calibration.

Laser engravers are equipped with cameras and AI algorithms for real-time monitoring and adjustment of the engraving process.

In terms of intellectual property, the company held over 900 granted patents globally as of the end of 2025.

The consumer 3D printing industry is entering a period of rapid growth.

According to Frost & Sullivan, the global consumer 3D printer market is projected to grow from US$4.1 billion in 2024 to US$16.9 billion in 2029, representing a CAGR of 33.0%.

The consumer 3D scanner and laser engraver markets will grow to US$200 million and US$2.4 billion respectively.

Growth drivers include AI lowering the threshold for 3D modeling, continuous improvement in printer performance, expansion of application scenarios from personal creation to home use, and significantly increased user awareness.

As an industry leader, Creality 3D has established significant first-mover advantages.

As of the Latest Practicable Date, Creality Cloud had over 5.7 million registered users, making it the world’s largest online 3D printing community by registered users and senior designers, providing massive data for AI model training.

The synergy between the platform ecosystem and hardware sales is expected to form the company’s long-term competitive barrier.

Conclusion

Creality 3D’s HKEX listing application presents a technology leader in the global consumer 3D printing sector that is evolving from a hardware manufacturer to an integrated“hardware + software + community”platform enabled by AI and platform ecology.

Built on 3D printers, with rapidly rising 3D scanners and growing platform users, the company has formed a full-scenario product matrix and user ecosystem.

Although it recorded a loss in 2025 due to a one-off non-cash item, its core business profitability is solid and revenue growth remains strong.

Benefiting from the dual opportunities of AI popularization and rising consumer 3D printing penetration, as the world’s only leader covering 3D printing, scanning and laser engraving simultaneously, Creality 3D is well-positioned to further expand its leading edge in the 10-billion-level market.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.