3D Printing Firm Creality Clears Hong Kong Stock Exchange Hearing; Net Profit Under Pressure, Plans Intensive New Product Launches in Second Half

[Ebrun Original] May 12 news: Shenzhen Creality 3D Technology Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange, with China International Capital Corporation Limited (CICC) acting as the sole sponsor. It is reported that the company submitted listing applications on February 21, 2025, August 13, 2025, and March 9, 2026, respectively. It officially commenced its pre-deal investor education (PDIE) on May 12 and is expected to list on the Hong Kong Stock Exchange within this month.

Public information shows that Creality was founded in 2014. As a global consumer-grade 3D printing product and service provider, its product portfolio includes 3D printers, 3D printing consumables, 3D scanners, laser engravers, accessories, Creality Cloud (an online 3D printing community), and Nexbie (an overseas e-commerce platform).

According to the prospectus, Creality's revenue for 2023, 2024, and 2025 was RMB 1.883 billion, RMB 2.288 billion, and RMB 3.127 billion, respectively. Under International Financial Reporting Standards (IFRS), the corresponding net profit was RMB 129 million, RMB 89 million, and a loss of RMB 182 million, respectively. The adjusted net profit (non-IFRS) was RMB 130 million, RMB 97 million, and RMB 92 million, respectively.

Regarding the decline in net profit, the company stated that the decrease from 2023 to 2024 was primarily due to increased sales and marketing expenses, including higher promotion fees paid to third-party e-commerce platforms, social media, and search engines, as well as increased Key Opinion Leader (KOL) collaboration fees. Additionally, R&D expenses increased, with a rise in the number of R&D personnel and their salaries and bonuses leading to higher employee costs. The further decline in 2025 was mainly attributable to the issuance of shares to former investors and the distribution of dividends totaling RMB 240 million.

Creality stated that the company is striving for performance improvement in 2026 by advancing the commercialization of several developed R&D projects, continuously expanding sales channels, and enhancing internal operational efficiency. Particularly, starting from the second half of 2026, the company will intensively launch multiple new products, including a multi-nozzle, multi-color intelligent 3D printer, a desktop full-color UV 3D printer, and an intelligent multi-material laser engraver that integrates artificial intelligence and multi-axis linkage technology.

Furthermore, the prospectus disclosed that compared to the same period in 2025, the total sales volume of hardware products (including 3D printers, consumables, 3D scanners, and laser engravers) in Q1 2026 increased by 41.5%. In the future, Creality will continue to optimize its product mix and marketing efficiency, increase the proportion of high-margin products, and improve operating cash flow.

From a product line perspective, Creality's offerings include 3D printers, 3D printing consumables, 3D scanners, laser engravers, accessories and others, and 3D printed finished products and services. As of December 31, 2025, in addition to 3D printers, Creality offered over 400 value-added accessory SKUs, over 1,400 3D printing consumable SKUs, and over 10 3D scanner and laser engraver SKUs.

From 2023 to 2025, the company's revenue sources became more balanced. The contribution of its primary product, 3D printers, to total revenue decreased from 74.6% to 57.1%, while the contribution of other products increased to varying degrees.

Regarding the average selling price (ASP) and sales volume of products, Creality's annual sales volume of 3D printers decreased from 870,700 units in 2023 to 742,400 units in 2025, while the ASP increased from RMB 1,612.3 to RMB 2,404.4. The prospectus stated that the decrease in sales volume and increase in ASP were due to the company's focus on promoting its high-end product series. For example, in 2023, the company launched its first high-end flagship K-series printer, the K1 Max, with a manufacturer's suggested retail price (MSRP) of $1,099. In 2024, it further launched the K2 Plus printer with an MSRP of $1,299.

In terms of sales channels, from 2023 to 2025, the revenue contribution from Creality's online channels increased from 35.7% to 48.5%, while the contribution from offline channels decreased from 64.3% to 51.5%.

Regarding regional markets, Creality's sales have covered 140 countries and regions worldwide. From 2023 to 2025, the revenue contribution from North America increased from 29.8% to 32.2%; the contribution from Europe increased from 23.4% to 25.1%, while the revenue contribution from China decreased from 30.8% to 25.9%.

According to CIC data, in 2025, by gross merchandise volume (GMV), Creality was the world's second-largest consumer-grade 3D printing company, with a market share of 11.2%. In 2025, by GMV, Creality ranked first among global consumer-grade 3D scanner companies, with a market share of 45.3%. Also in 2025, by GMV, Creality ranked fourth among global consumer-grade laser engraver companies, with a market share of 4.8%.

Ebrun will continue to track this story. For more information related to this article, please scan the QR code to follow the author on WeChat.