创想三维IPO招股书：营收创新高，竞争压力并存

The 3D printing world is watching a pivotal moment unfold. Shenzhen-based giant Creality has filed its prospectus for a main board listing on the Hong Kong Stock Exchange (HKEX). If successful, this would mark the first consumer 3D printing firm to go public in Hong Kong. The filing reveals a company at a crossroads: achieving record-breaking revenue while simultaneously facing unprecedented competitive pressure that has tipped its finances into the red.

3D打印行业正见证一个关键时刻。总部位于深圳的巨头创想三维已向香港交易所主板提交上市招股书。若成功上市，这将成为香港首家上市的消费级3D打印企业。文件揭示了一个处于十字路口的公司：在实现破纪录营收的同时，正面临前所未有的竞争压力，导致其财务状况陷入亏损。

Creality’s claim to fame is undeniable. Between 2020 and 2024, it shipped a staggering 4.4 million printers, cementing its position as the world’s largest consumer 3D printer maker by cumulative shipments. Its affordable Ender series, launched in 2017, democratized desktop 3D printing for millions of hobbyists. However, the competitive landscape shifted seismically with the arrival of Bambu Lab in 2022.

创想三维的行业地位毋庸置疑。2020年至2024年间，其打印机出货量高达440万台，稳居全球消费级3D打印机累计出货量榜首。2017年推出的平价Ender系列为数百万爱好者普及了桌面3D打印。然而，随着拓竹科技在2022年的入局，竞争格局发生了根本性转变。

Bambu Lab redefined user expectations overnight, emphasizing speed, automation, multi-material capabilities, and polished software. By the time Creality responded with its K1 series in 2023, it was already in a defensive position. The data is stark: in 2024, Bambu Lab shipped 1.2 million units (29% market share) compared to Creality’s roughly 700,000 (16.9%). This IPO is widely seen as a crucial move to raise capital while the company’s brand still holds significant market credibility.

拓竹科技一夜之间重新定义了用户期待，强调打印速度、自动化、多材料兼容性和精良的软件生态。当创想三维在2023年以K1系列回应时，已处于防守态势。数据对比鲜明：2024年，拓竹科技出货120万台（市场份额29%），而创想三维出货约70万台（市场份额16.9%）。此次IPO被广泛视为在公司品牌仍具市场信誉时筹集资金的关键举措。

Creality’s revenue tells a story of impressive growth, soaring from RMB 1.35 billion in 2022 to RMB 3.13 billion in 2025. Yet, a deeper look reveals concerning trends. Printer revenue grew a mere 0.9% in 2024, driven entirely by higher prices, not more units sold. The average selling price jumped from RMB 1,306 to RMB 2,404 between 2022 and 2025, while unit sales actually fell from 842,000 to 742,000.

创想三维的营收展现了惊人的增长，从2022年的13.5亿元人民币跃升至2025年的31.3亿元人民币。但深入分析可见隐忧：2024年打印机营收仅增长0.9%，完全由价格上涨驱动而非销量增长。2022年至2025年间，产品平均售价从1306元攀升至2404元，而实际销量从84.2万台下降至74.2万台。

This shift—selling fewer products at higher prices—signals a strategic retreat in the face of competition. The cost of fighting back is clear on the balance sheet. The company has invested heavily, more than doubling R&D spending to RMB 222 million in 2025. Marketing costs exploded ninefold to RMB 270 million as Creality pushed aggressively into direct online sales. These soaring expenses culminated in a net loss of RMB 182.4 million in 2025, a dramatic reversal from an RMB 88.7 million profit the previous year.

这种“以价补量”的策略标志着面对竞争的战略性收缩。反击的成本在资产负债表上清晰可见：公司研发投入大幅增加，2025年研发费用翻倍至2.22亿元人民币；为强攻线上直销，营销费用暴涨九倍至2.7亿元人民币。这些激增的开支最终导致2025年净亏损1.824亿元人民币，与前一年8870万元人民币的净利润形成戏剧性逆转。

Facing hardware headwinds, Creality’s strategy is pivoting toward a platform-based model. This is the core of its IPO narrative. The company operates Creality Cloud, an online community with 5.7 million registered users. More significantly, in August 2025, it launched Nexbie—an e-commerce platform for 3D printed products, partially powered by Tencent’s AI tools.

面对硬件业务逆风，创想三维正将战略转向平台化模式，这构成了其IPO故事的核心。公司运营着拥有570万注册用户的Creality Cloud在线社区。更重要的是，2025年8月推出了Nexbie——一个部分由腾讯AI工具驱动的3D打印产品电商平台。

The vision is to build a recurring revenue stream from software, digital content, and consumables, reducing dependence on cyclical hardware sales. For creators and users, a robust ecosystem means easier access to models, filaments, and services. While Nexbie currently operates as a Creality-owned storefront, its potential evolution into a broader marketplace could be a game-changer, offering a new venue for designers to share and sell their work alongside premium STL files from other sources.

其愿景是通过软件、数字内容和耗材建立持续性收入流，降低对周期性硬件销售的依赖。对创作者和用户而言，健全的生态系统意味着更便捷地获取模型、耗材和服务。虽然Nexbie目前作为创想三维自营平台运营，但其未来可能演变为更开放的市场，为设计师提供分享和销售作品的新渠道，并与来自其他来源的优质STL文件共同构建生态。

For makers and enthusiasts, this corporate maneuvering has real-world implications:

对于创客和爱好者而言，这些企业战略调整将产生实际影响：

The success of platforms like Creality Cloud underscores the community’s hunger for shared knowledge and resources. This ecosystem is vital, as the hardware is only as good as the designs it produces. Whether for functional prototypes or intricate collectibles, having access to a vast library of reliable 3D printing models is key to a great printing experience.

Looking for high-quality STL files? Browse our collection at 3dmis.com!

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