Chuangxiang 3D IPO "Breakthrough": Annual Revenue Exceeds 3.1 Billion Yuan, Operating Cash Flow Turns Negative

China Business News reporter Chen Ting, Zhao Yi, Shenzhen report

Consumer-grade 3D printing “veteran players” are once again launching an attack on the capital markets.

Recently, Shenzhen Creality? 3D Technology Co., Ltd. (hereinafter referred to as “Creality 3D”) submitted an application to the Hong Kong Stock Exchange, making its second attempt at a Hong Kong IPO in about half a year. As early as 2023, Creality 3D had sought to list on the A-share market, but the effort later came to nothing.

The prospectus shows that Creality 3D is a provider of consumer-grade 3D printing products and services. Its products mainly include 3D printers, 3D printing filament/resins, 3D scanners, laser engraving machines, accessories and others, as well as various services provided through an online community, while operating an overseas e-commerce platform focused on 3D creative finished products.

In 2020—widely regarded as the “breakout year” for the consumer-grade 3D printing industry—the application scenarios expanded significantly from personal creations to home use. As market visibility increased, it also strengthened users’ awareness and recognition. Before that, Creality 3D had already “entered the game.”

Creality 3D was founded in 2014. Data provided by Jutong? 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 grew from about 1.88B yuan to 3.13B yuan. But in 2025, the company recorded losses, attributed to non-cash expenditures brought by pre-listing dividends and share-based payments. Even after excluding the aforementioned factors, Creality 3D’s net profit in 2025 still fell from about 130 million yuan in 2023 to 92 million yuan. The company’s net operating cash flow in 2025 even turned from positive to negative, at about -63.97 million yuan.

Regarding the company’s considerations for pursuing a listing in Hong Kong at its current stage and its subsequent operating plans, a reporter from China Business News called and sent a letter to Creality 3D. The company’s customer service said that the interview request had been conveyed to the relevant department. However, as of the time of publication, no further response had been provided.

More revenue, not more profit

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

Consumer-grade 3D printing refers to the use of desktop or small 3D printers by individual consumers, hobbyists, educators, and small businesses for daily creative projects, prototyping, and lightweight commercial applications. Compared with industrial-grade 3D printing used in fields such as automotive, aerospace, medical, and construction, consumer-grade 3D printing differs significantly in areas including print size, precision and stability, and the complexity of supporting materials.

The prospectus shows that Creality 3D’s predecessor was Shenzhen Bolingda Technology Co., Ltd. In 2021, Creality 3D raised a total of about 508 million yuan in its Series A financing, with investors including Tencent Venture Capital and the Qianhai Equity Investment Fund, among others. After completing the Series A financing, Creality 3D’s post-investment valuation was 4.0 billion yuan.

For this IPO, Creality 3D plans to use the funds raised for R&D investment, operating its overseas users, global brand promotion and development of sales channels, investment or acquisitions, and working capital.

According to the prospectus, Creality 3D’s revenue comes from selling 3D printers, 3D printing filament/resins, 3D scanners, laser engraving machines, accessories and others, as well as providing 3D printing finished products and services (mainly membership subscription fees, proceeds from 3D model transactions and commissions, and proceeds from sales of 3D printing finished products). From 2023 to 2025, the company recorded gross profit of 600 million yuan, 708 million yuan, and 975 million yuan, respectively, with gross margin 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 said the main reason was that in 2025, the company issued shares to investors and paid dividends of about 240 million yuan, resulting in non-cash expenditures. After adjustment, the company’s net profit from 2023 to 2025 was 130 million yuan, 97.2M yuan, and 92.39M yuan, respectively, which still shows a continuous downward trend.

However, behind the “book profit,” Creality 3D’s net cash flow from operating activities turned from positive to negative in 2025. In 2023 and 2024, this financial metric was 161 million yuan and 173 million yuan, respectively. Creality 3D said that changes in working capital led to net cash outflow, 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. The prospectus shows that from 2023 to 2025, the company’s 3D printer revenue was about 1.4B yuan, 1.42B yuan, and 1.79B yuan, respectively, with its share decreasing from 74.6% to 57.1%.

Creality 3D said that most of the company’s revenue comes from sales of 3D printers. Related sales have grown steadily, mainly due to the company launching new products such as the high-end K2 series with higher suggested retail prices, increasing promotional efforts across existing sales channels, and continuously expanding sales channels. “Although the absolute sales of 3D printers remain at a relatively high level, as other businesses expand, their percentage of total revenue has declined, which mainly reflects our commitment to achieving diversification of our product portfolio.”

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

Creality 3D said that the decline in 3D printer unit sales in 2024 was mainly because the company focused on promoting relatively high-end product lines, making unit sales more targeted and the average selling price higher. “The increasing number of new user accounts highlights that market demand is shifting toward high-end product lines that are easier to use.”

Intense market competition

In fact, as discussion about consumer-grade 3D printing has gradually increased, attention has been drawn to the phenomenon in which Creality 3D, the “veteran player” in the industry, is overtaken by “latecomers.”

According to data provided by Jutong? Consulting, in 2024, the concentration of the top participants in the global consumer-grade 3D printer market was relatively high. 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.

The prospectus shows that the world’s largest consumer-grade 3D printing company in 2024 was founded in China in 2020, focusing mainly on 3D printers, filament/resins, accessories, and software, and it is a non-listed company. Reporters consulted and learned that this company is the TuoZhu? Technology. In 2024, TuoZhu Technology’s consumer-grade 3D printer GMV was 730 million USD, with a market share of 35.5%.

Creality 3D candidly acknowledged: “The industry we operate in is highly competitive.” The company may face challenges from new competitors. In the future, these competitors may offer competitive products at lower prices, intensifying competition in the industry and adversely affecting the company’s product sales, pricing and gross margin, and 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, technology, and other areas.”

According to materials provided by Jutong? 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 said 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 long-term market leadership and driving further growth in average selling prices.”

The prospectus shows that Creality 3D’s average selling price for 3D printers has been rising steadily, mainly because direct sales generate higher volumes, and its suggested retail price is higher than dealer prices, as well as driven by the company’s continued launch of higher-priced product lines. 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 increases year by year, its gross margin continues to decline. From 2023 to 2025, gross margin for this product was 30.9%, 29.3%, and 28.4%, respectively. The company explained that this is mainly because the launch timeline for the company’s new product line in 2024 was delayed, leading to higher sales of older models promoted through promotional activities, which had lower profit margins.

During the reporting period, the company’s selling and marketing expenses rose steadily, increasing from about 302 million yuan in 2023 to 570 million yuan in 2025. Among them, marketing and advertising expenses were approximately 157 million yuan, 192 million yuan, and 267 million yuan in 2023, 2024, and 2025, respectively. Creality 3D said that the increased marketing and advertising expenses in 2025 mainly consisted of promotion costs paid to third-party e-commerce platforms, social media, and search engines, as well as cooperation fees for KOLs (Key Opinion Leaders, key opinion leaders).

The prospectus shows that from 2023 to 2025, Creality 3D’s R&D expenses were 96.30 million yuan, 149 million yuan, and 223 million yuan, respectively, accounting for 5.1%, 6.5%, and 7.1% of revenue in the same periods. The increase in this item in 2025 was mainly due to the company’s business expansion, which led to an increase in the number of R&D personnel and their salaries and bonuses.

As of the end of 2025, Creality 3D’s bank deposits and cash on hand decreased continuously from about 202 million yuan at the end of 2023 to 120 million yuan.

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