Creality prepares for another attempt to become leading consumer 3D printer IPO; revenue grows but profits stagnate over three years; market share surpassed by Bambu Lab

Recently, consumer-grade 3D printing industry leader Shenzhen Chuangxiang 3D Technology Co., Ltd. (hereafter: Chuangxiang 3D) updated its Hong Kong Stock Exchange listing application, continuing its push to become the top consumer 3D printing company. In terms of performance, the company’s revenue has steadily increased over the past three years, but net profit has shown a downward trend, closely related to increased marketing investments.

Consumer-grade 3D printing is a relatively new market in recent years, but it is highly competitive. Chuangxiang 3D’s competitor, Tuozhu Technology, has completed multiple rounds of financing within less than six years of its founding, and has surpassed Chuangxiang 3D in market share. These factors may serve as important catalysts for Chuangxiang 3D’s active pursuit of a listing.

Over 50% of revenue comes from Europe and North America; revenue growth but profit declines over the past three years

Chuangxiang 3D is a provider of consumer-grade 3D printing products and services, mainly including 3D printers, 3D scanners, laser engravers, and related consumables. According to data from Zhuo Consulting, by 2024, in terms of GMV, Chuangxiang 3D ranks second globally in the consumer 3D printer market and first in the consumer 3D scanner market, and third in the global consumer laser engraving market.

Looking at overall financial performance, the company’s revenue has shown continuous growth over the past three years, with total revenues of 1.883 billion yuan, 2.288 billion yuan, and 3.127 billion yuan from 2023 to 2025. Gross profit was 600 million yuan, 708 million yuan, and 975 million yuan, with gross profit margins of 31.8%, 30.9%, and 31.2%. However, the company’s overall net profit has declined, with net profits of 129 million yuan, 89 million yuan, and a loss of 182 million yuan from 2023 to 2025.

Regarding the loss in 2025, Chuangxiang 3D explained that it was mainly due to issuing shares to investors and paying dividends of 240 million yuan. Excluding this factor, net profit in 2025 would be 58 million yuan, still lower than in 2024.

By product, 3D printers are the largest revenue source. From 2023 to 2025, sales of 3D printers generated revenues of 1.403 billion yuan, 1.416 billion yuan, and 1.785 billion yuan, accounting for 74.6%, 61.9%, and 57.1% of total revenue respectively. Notably, the proportion of 3D printers in total revenue has decreased each year, while the second-largest revenue source—3D printing consumables—increased from 7.2% in 2023 to 13.4% in 2025.

Regionally, most of Chuangxiang 3D’s revenue comes from abroad. From 2023 to 2025, revenue from North America and Europe accounted for 53.2%, 51.1%, and 57.3%, respectively, while revenue from China was 30.8%, 29.1%, and 25.9%.

For a long time, 3D modeling required high barriers to entry. To attract more consumers, consumer-grade 3D printing needs to build a robust 3D model ecosystem, allowing users to print directly from high-quality models.

Chuangxiang 3D’s solution is to establish Chuangxiang Cloud. Chuangxiang Cloud is a global online community focused on 3D printing content, where consumers can directly download models for printing. As of December 31, 2025, the 3D model library on Chuangxiang Cloud has over 2.7 million models, with approximately 84,300 model creators, including 1,755 certified modelers.

Intense industry competition; latecomers surpass established players

The consumer-grade 3D printing market has recently emerged, and industry insiders generally regard 2020 as the inaugural year of this market. According to Zhuo Consulting, by 2024, the market size reached $4.1 billion in GMV, and is expected to grow to $16.9 billion by 2029, with a compound annual growth rate of 33%.

However, the market is highly competitive. Chuangxiang 3D’s net profit decline in 2024 is closely related to increased marketing efforts. Financial data shows that sales and marketing expenses, which account for about 16% of total revenue, grew by 27% and 49% year-over-year in 2024 and 2025, respectively.

Regarding consumer 3D printing, Tuozhu Technology has been a notable recent player. Coincidentally, both Tuozhu Technology and Chuangxiang 3D are based in Shenzhen and have received investments from Tencent. Chuangxiang 3D was founded in 2014, while Tuozhu Technology was established in 2020.

According to Zhuo Consulting, Tuozhu Technology’s current GMV for 3D printers is $730 million, far surpassing Chuangxiang 3D’s $230 million. Currently, Tuozhu Technology holds a 35.5% market share, compared to 11.2% for Chuangxiang 3D. Tuozhu Technology has achieved a late-stage overtaking.

In terms of financing, Tuozhu Technology has completed four rounds of public funding. Its Series A was invested by IDG Capital with a funding amount of 30 million yuan, post-investment valuation around 200 million yuan. Series B included investments from Ming Shi Capital, Temasek, and Wuyuan Capital, with undisclosed amounts. Series C was completed in April 2024, again with IDG Capital, raising 150 million yuan.

In contrast, Chuangxiang 3D only completed Series A financing in 2021, with a total amount of 510 million yuan. In late December 2023, Chuangxiang 3D sought an A-share listing, but in August this year, it terminated its A-share IPO counseling and shifted to the Hong Kong Stock Exchange. This re-filing follows the expiration of its previous submission.

In its prospectus, Chuangxiang 3D states that the industry currently exhibits relatively high market concentration, especially in 3D printing and laser engraving. The top five companies account for the majority of global shipments, with leading companies competing across multiple dimensions such as printing speed and accuracy, material compatibility, ease of use, ecosystem completeness, and software integration.