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wrote a column · Apr 3 16:19

Revenue grows but profits don't; cash flow under pressure as the 3D printing leader makes another push for a Hong Kong listing

Recently, Creality updated its prospectus and is making another attempt at an IPO on the main board of the Hong Kong Stock Exchange. While striving to become the 'first consumer-grade 3D printing stock,' challenges such as revenue growth without profit, cash flow pressures, and high expenses have come under the market's spotlight. [The issue of revenue growth without profit becomes apparent] As a leading player in the consumer-grade 3D printing industry, Creality has continuously faced the challenge of revenue growth without corresponding profit increases in recent years. Creality was founded in 2014 and quickly rose to prominence in overseas markets with an affordable pricing strategy. In just over a decade, it grew into a global leader in the consumer-grade 3D printing sector, now holding the top position globally in consumer-grade 3D scanners and second place in 3D printers. However, Creality’s path to going public has not been smooth sailing. In early 2024, Creality completed IPO registration with the Shenzhen Securities Regulatory Bureau, officially initiating the process of listing on the A-share market. However, this plan was shelved after just over a year. In August 2025, Creality switched to targeting the Hong Kong Stock Exchange for its listing attempt, but its prospectus expired six months later. In March 2026, it submitted its application again, and if successful, it will become the 'first consumer-grade 3D printing stock.' Currently, listed companies in the 3D printing industry are mainly concentrated in the industrial segment, including Bright Laser Technologies, Farsoon Technology, and Shining 3D, while no leading consumer-grade company has yet gone public. Notably, before the IPO, Creality had undergone a round of financing, introducing Tencent, Shenzhen Capital Group, and Qianhai FOF in 2021...
Recently, Creality updated its prospectus, making another attempt at an IPO on the Hong Kong Stock Exchange Main Board. While striving to become the 'first consumer-grade 3D printing stock,' challenges such as revenue growth without profit increase, cash flow pressure, and high expenses have come under the market spotlight.
[The Issue of Revenue Growth Without Profit Increase Emerges]
As a leading player in the consumer-grade 3D printing industry, Creality has continuously faced the challenge of revenue growth without corresponding profit growth in recent years.
Creality was founded in 2014 and quickly rose to prominence in overseas markets with an affordable pricing strategy. In just over a decade, it grew into a leader in the global consumer-grade 3D printing sector, currently holding the top position globally in consumer-grade 3D scanners and second place in 3D printers.
However, Creality’s path to going public has not been smooth sailing.
In early 2024, Creality completed IPO registration with the Shenzhen Securities Regulatory Bureau, officially launching its process for listing on the A-share market. However, just over a year later, the listing plan was shelved.
In August 2025, Creality switched to targeting the Hong Kong Stock Exchange for its IPO push, but six months later, its prospectus expired. In March 2026, it submitted its application again, and if successful, it will become the 'first consumer-grade 3D printing stock.'
Currently, listed companies in the 3D printing industry are mainly concentrated in the industrial-grade segment, including Bright Laser Technologies, Hunan Farsoon High-tech, and Shining 3D, while no leading company in the consumer-grade segment has yet gone public.
Notably, before the IPO, Creality underwent a round of financing in 2021, bringing in well-known institutions such as Tencent, Shenzhen Capital Group, and Qianhai FOF, with a post-investment valuation reaching 4 billion yuan.
By comparison, both Bright Laser Technologies and Farsoon Technologies are valued at over 10 billion yuan, with Farsoon exceeding 30 billion yuan. In contrast, Creality 3D's valuation leaves some room for imagination.
In terms of the company's growth, Creality 3D's recent performance of increasing revenue but not profits highlights underlying concerns.
From 2023 to 2025, Creality 3D's main business revenue grew from 1.883 billion yuan to 3.127 billion yuan, an increase of 66.06% during this period. However, profitability remained under pressure, with net profits of 129 million yuan, 88.66 million yuan, and a loss of 182 million yuan respectively, resulting in a direct loss in 2025.
Recently, Creality updated its prospectus and is making another attempt at an IPO on the main board of the Hong Kong Stock Exchange. While striving to become the 'first consumer-grade 3D printing stock,' challenges such as revenue growth without profit, cash flow pressures, and high expenses have come under the market's spotlight. [The issue of revenue growth without profit becomes apparent] As a leading player in the consumer-grade 3D printing industry, Creality has continuously faced the challenge of revenue growth without corresponding profit increases in recent years. Creality was founded in 2014 and quickly rose to prominence in overseas markets with an affordable pricing strategy. In just over a decade, it grew into a global leader in the consumer-grade 3D printing sector, now holding the top position globally in consumer-grade 3D scanners and second place in 3D printers. However, Creality’s path to going public has not been smooth sailing. In early 2024, Creality completed IPO registration with the Shenzhen Securities Regulatory Bureau, officially initiating the process of listing on the A-share market. However, this plan was shelved after just over a year. In August 2025, Creality switched to targeting the Hong Kong Stock Exchange for its listing attempt, but its prospectus expired six months later. In March 2026, it submitted its application again, and if successful, it will become the 'first consumer-grade 3D printing stock.' Currently, listed companies in the 3D printing industry are mainly concentrated in the industrial segment, including Bright Laser Technologies, Farsoon Technology, and Shining 3D, while no leading consumer-grade company has yet gone public. Notably, before the IPO, Creality had undergone a round of financing, introducing Tencent, Shenzhen Capital Group, and Qianhai FOF in 2021...
In response, Creality 3D explained that this was mainly due to issuing shares to investors and paying dividends.However, even after adjustments, the net profit performance remained unsatisfactory, declining year by year to 130 million yuan, 97 million yuan, and 92 million yuan respectively.
The decline in Creality 3D's profitability cannot be separated from the impact of rising costs and eroding expenses.
[Behind the Profit Slowdown]
In recent years, the squeeze on Creality 3D's profitability due to expenses has become increasingly evident. Marketing expenses, which account for the largest share, increased from 301 million yuan in 2023 to 570 million yuan in 2025, with its proportion of revenue rising from 16% to 18.2%.
Recently, Creality updated its prospectus and is making another attempt at an IPO on the main board of the Hong Kong Stock Exchange. While striving to become the 'first consumer-grade 3D printing stock,' challenges such as revenue growth without profit, cash flow pressures, and high expenses have come under the market's spotlight. [The issue of revenue growth without profit becomes apparent] As a leading player in the consumer-grade 3D printing industry, Creality has continuously faced the challenge of revenue growth without corresponding profit increases in recent years. Creality was founded in 2014 and quickly rose to prominence in overseas markets with an affordable pricing strategy. In just over a decade, it grew into a global leader in the consumer-grade 3D printing sector, now holding the top position globally in consumer-grade 3D scanners and second place in 3D printers. However, Creality’s path to going public has not been smooth sailing. In early 2024, Creality completed IPO registration with the Shenzhen Securities Regulatory Bureau, officially initiating the process of listing on the A-share market. However, this plan was shelved after just over a year. In August 2025, Creality switched to targeting the Hong Kong Stock Exchange for its listing attempt, but its prospectus expired six months later. In March 2026, it submitted its application again, and if successful, it will become the 'first consumer-grade 3D printing stock.' Currently, listed companies in the 3D printing industry are mainly concentrated in the industrial segment, including Bright Laser Technologies, Farsoon Technology, and Shining 3D, while no leading consumer-grade company has yet gone public. Notably, before the IPO, Creality had undergone a round of financing, introducing Tencent, Shenzhen Capital Group, and Qianhai FOF in 2021...
In contrast, in the first three quarters of 2025, Bright Laser Technologies' marketing expense ratio was 7.75%, and Farsoon Technologies' was 11.12%, both significantly lower than Creality 3D's.
The reduction in government subsidies also had a certain impact on Creality 3D's profitability. During the reporting period, the government subsidies it received decreased from 34.646 million yuan to 16.29 million yuan, accounting for 26.92% to 17.39% of the adjusted net profit respectively.
The sharp increase in Creality's marketing expenses is closely tied to the rapid expansion of its channels. Currently, it primarily relies on offline distributors and its own online e-commerce platforms. Although offline channels remain dominant, their revenue share has been declining year by year. The focus of expansion has shifted to online channels, especially in overseas markets, such as launching the overseas e-commerce platform Nexbie and restructuring the delivery model.
From 2023 to 2025, Creality's online channel revenue grew from $671 million to $1.518 billion, more than doubling in size, with its revenue share increasing from 35.7% to 48.5%. Offline revenue increased from $1.211 billion to $1.609 billion, but the growth rate was clearly not as strong as that of online channels.
Recently, Creality updated its prospectus and is making another attempt at an IPO on the main board of the Hong Kong Stock Exchange. While striving to become the 'first consumer-grade 3D printing stock,' challenges such as revenue growth without profit, cash flow pressures, and high expenses have come under the market's spotlight. [The issue of revenue growth without profit becomes apparent] As a leading player in the consumer-grade 3D printing industry, Creality has continuously faced the challenge of revenue growth without corresponding profit increases in recent years. Creality was founded in 2014 and quickly rose to prominence in overseas markets with an affordable pricing strategy. In just over a decade, it grew into a global leader in the consumer-grade 3D printing sector, now holding the top position globally in consumer-grade 3D scanners and second place in 3D printers. However, Creality’s path to going public has not been smooth sailing. In early 2024, Creality completed IPO registration with the Shenzhen Securities Regulatory Bureau, officially initiating the process of listing on the A-share market. However, this plan was shelved after just over a year. In August 2025, Creality switched to targeting the Hong Kong Stock Exchange for its listing attempt, but its prospectus expired six months later. In March 2026, it submitted its application again, and if successful, it will become the 'first consumer-grade 3D printing stock.' Currently, listed companies in the 3D printing industry are mainly concentrated in the industrial segment, including Bright Laser Technologies, Farsoon Technology, and Shining 3D, while no leading consumer-grade company has yet gone public. Notably, before the IPO, Creality had undergone a round of financing, introducing Tencent, Shenzhen Capital Group, and Qianhai FOF in 2021...
For the consumer-grade 3D printing industry, focusing on online channels has become a major future trend. It not only boosts sales revenue but also serves as an essential supplement to manufacturers' brand ecosystems.
Take industry leader Bambu Lab, for example. By leveraging the 'device materials + community' closed-loop model around the MakerWorld community, along with features like 'one-click printing' and a highly integrated hardware-software ecosystem, the company quickly rose to prominence. Within just four years of its founding in 2020, it firmly secured the top position in the industry. By 2025, it had over 50 million registered users, with monthly active users reaching tens of millions.
The logic behind Creality’s efforts to build its Creation Cloud platform is similar. Currently, the platform boasts over 4 million registered users but still lags significantly behind the MakerWorld community.
Creality's high marketing expenses are also inseparable from the intense competitive landscape of the industry.
In recent years, the consumer-grade 3D printing sector has maintained robust growth. According to CIC data, the market size exceeded $4 billion in 2024, with a compound annual growth rate (CAGR) of 28% from 2020 to 2024. It is expected to reach $16.9 billion by 2029, with a potential CAGR of up to 33% during this period.
Despite the promising outlook for the sector, competition has become increasingly fierce. According to CIC research, the global consumer-grade 3D printing market was highly concentrated in 2024. Based on GMV (Gross Merchandise Volume), the combined market share of the top four players, including Bambu Lab and Creality, exceeded 60%.
Recently, Creality updated its prospectus and is making another attempt at an IPO on the main board of the Hong Kong Stock Exchange. While striving to become the 'first consumer-grade 3D printing stock,' challenges such as revenue growth without profit, cash flow pressures, and high expenses have come under the market's spotlight. [The issue of revenue growth without profit becomes apparent] As a leading player in the consumer-grade 3D printing industry, Creality has continuously faced the challenge of revenue growth without corresponding profit increases in recent years. Creality was founded in 2014 and quickly rose to prominence in overseas markets with an affordable pricing strategy. In just over a decade, it grew into a global leader in the consumer-grade 3D printing sector, now holding the top position globally in consumer-grade 3D scanners and second place in 3D printers. However, Creality’s path to going public has not been smooth sailing. In early 2024, Creality completed IPO registration with the Shenzhen Securities Regulatory Bureau, officially initiating the process of listing on the A-share market. However, this plan was shelved after just over a year. In August 2025, Creality switched to targeting the Hong Kong Stock Exchange for its listing attempt, but its prospectus expired six months later. In March 2026, it submitted its application again, and if successful, it will become the 'first consumer-grade 3D printing stock.' Currently, listed companies in the 3D printing industry are mainly concentrated in the industrial segment, including Bright Laser Technologies, Farsoon Technology, and Shining 3D, while no leading consumer-grade company has yet gone public. Notably, before the IPO, Creality had undergone a round of financing, introducing Tencent, Shenzhen Capital Group, and Qianhai FOF in 2021...
Among them, Bambu Lab holds a market share of 35.5%, far surpassing Creality, which ranks second with 11.2%. Notably, Creality once held the top position in the consumer-grade 3D printer market but was quickly overtaken by the rising star Bambu Lab.
Besides Bambu Lab, Creality faces competition from numerous formidable rivals. In recent years, several黑马 have emerged in the industry, most notably Bambu Lab and Intelligent Dispatch. Bambu Lab’s core founding team comes from DJI, which also entered the sector by investing in Intelligent Dispatch.
Apart from a few leading companies, Creality also faces competition from emerging brands like Fastbot Technology and Atomstack, as well as cross-industry players such as Anker Innovations, a consumer electronics giant, and Dreame Technology, a rising home appliance star.
At the product level, in the increasingly competitive mid-to-high-end market, Creality is facing fierce competition from Bambu Lab's P1 and X1 series. Bambu Lab has gained recognition in the high-speed printing field due to its stability and intelligence, and with its first-mover advantage, it has established a solid foothold in the mid-to-high-end market.
For a long time, high cost-performance has been Creality’s main brand label. The Ender-3 series is even called the king of cost-performance under 1,000 yuan, while the K2 series and SPARK series are tasked with breaking into the premium market.
More importantly, although Creality's revenue grew rapidly during the reporting period, sales volume declined, dropping from 870,700 units in 2023 to 742,400 units in 2025. The main reason is the focus on high-end products, with the average selling price increasing from 1,600 yuan to 2,500 yuan, which became a key factor supporting the company's performance growth.
As competition intensifies,If Creality cannot significantly boost its sales volume, there is a risk of losing market share. In 2024, the third and fourth-ranked companies held market shares of 10.7% and 10%, respectively, with only a small gap from Creality, making its market position unstable.
In response to competition, Creality is also diversifying its business. In addition to its core pillar business of 3D printers, the company has expanded into consumables, 3D scanners, laser engravers, and accessories. By 2025, the revenue contribution from 3D printers had dropped to 57.1%, while consumables and 3D scanners experienced rapid growth, each increasing their share to over 10%.
Recently, Creality updated its prospectus and is making another attempt at an IPO on the main board of the Hong Kong Stock Exchange. While striving to become the 'first consumer-grade 3D printing stock,' challenges such as revenue growth without profit, cash flow pressures, and high expenses have come under the market's spotlight. [The issue of revenue growth without profit becomes apparent] As a leading player in the consumer-grade 3D printing industry, Creality has continuously faced the challenge of revenue growth without corresponding profit increases in recent years. Creality was founded in 2014 and quickly rose to prominence in overseas markets with an affordable pricing strategy. In just over a decade, it grew into a global leader in the consumer-grade 3D printing sector, now holding the top position globally in consumer-grade 3D scanners and second place in 3D printers. However, Creality’s path to going public has not been smooth sailing. In early 2024, Creality completed IPO registration with the Shenzhen Securities Regulatory Bureau, officially initiating the process of listing on the A-share market. However, this plan was shelved after just over a year. In August 2025, Creality switched to targeting the Hong Kong Stock Exchange for its listing attempt, but its prospectus expired six months later. In March 2026, it submitted its application again, and if successful, it will become the 'first consumer-grade 3D printing stock.' Currently, listed companies in the 3D printing industry are mainly concentrated in the industrial segment, including Bright Laser Technologies, Farsoon Technology, and Shining 3D, while no leading consumer-grade company has yet gone public. Notably, before the IPO, Creality had undergone a round of financing, introducing Tencent, Shenzhen Capital Group, and Qianhai FOF in 2021...
Moreover, Creality’s cash flow pressure should not be overlooked.
[Cash Flow Anxiety Driving the Urgency to Go Public]
The proceeds from Creality’s IPO will mainly be allocated to technology R&D, expanding overseas user operations, global brand promotion, sales channel development, and replenishing working capital. Faced with R&D investment, overseas business expansion, and channel development, the company’s cash flow issues have gradually surfaced.
One of the reasons Creality is eager to go public is the cash flow pressure.During the reporting period, the company's current liabilities increased rapidly from 764 million to 1.223 billion, a 60% increase.
Recently, Creality updated its prospectus and is making another attempt at an IPO on the main board of the Hong Kong Stock Exchange. While striving to become the 'first consumer-grade 3D printing stock,' challenges such as revenue growth without profit, cash flow pressures, and high expenses have come under the market's spotlight. [The issue of revenue growth without profit becomes apparent] As a leading player in the consumer-grade 3D printing industry, Creality has continuously faced the challenge of revenue growth without corresponding profit increases in recent years. Creality was founded in 2014 and quickly rose to prominence in overseas markets with an affordable pricing strategy. In just over a decade, it grew into a global leader in the consumer-grade 3D printing sector, now holding the top position globally in consumer-grade 3D scanners and second place in 3D printers. However, Creality’s path to going public has not been smooth sailing. In early 2024, Creality completed IPO registration with the Shenzhen Securities Regulatory Bureau, officially initiating the process of listing on the A-share market. However, this plan was shelved after just over a year. In August 2025, Creality switched to targeting the Hong Kong Stock Exchange for its listing attempt, but its prospectus expired six months later. In March 2026, it submitted its application again, and if successful, it will become the 'first consumer-grade 3D printing stock.' Currently, listed companies in the 3D printing industry are mainly concentrated in the industrial segment, including Bright Laser Technologies, Farsoon Technology, and Shining 3D, while no leading consumer-grade company has yet gone public. Notably, before the IPO, Creality had undergone a round of financing, introducing Tencent, Shenzhen Capital Group, and Qianhai FOF in 2021...
Despite Creality maintaining a relatively fast growth pace, its cash and equivalents did not increase accordingly, dropping from 302 million to 277 million during the reporting period, far from enough to cover current liabilities.
Behind Creality’s cash crunch lies the negative net cash flow, with a first-time record of -63.977 million in 2025, mainly due to significant increases in inventory and accounts receivable, which grew by 44.7% and 50.2% year-over-year to 634 million and 338 million respectively.
This situation is more related to Creality's shift in overseas distribution models. With the expansion of overseas online business, the previous delivery model from within China has shifted to either overseas warehouse deliveries or direct supply to overseas customers, undoubtedly increasing capital occupation pressure and correspondingly raising inventory turnover costs.
From 2023 to 2025, Creality’s inventory turnover days increased from 81.4 days to 98.3 days. For the consumer-grade 3D printing industry, which experiences rapid technological iteration, the increase in inventory turnover days could pose a risk of price declines.
Another high-investment project for Creality is R&D expenditure, one of the key directions of this IPO fundraising. Given the rapid pace of technological innovation in the industry, continuous R&D investment is crucial to maintaining product competitiveness.
According to the prospectus, Creality’s R&D expenditures for 2023-2025 were 96.271 million, 149 million, and 222 million respectively, with R&D expense ratios at 5.1%, 6.5%, and 7.1%. Although these rates have been increasing yearly, they remain relatively low compared to the overall 3D printing industry.
For instance, in the first three quarters of 2025, Bright Laser Technologies reported an R&D expense ratio of 15.77%, while Farsoon Technologies’ ratio was as high as 22.23%. ScanTech, which focuses on 3D scanners, also reached 22.45%.
In comparison, considering the competitive landscape of the industry, Creality’s relatively low R&D expense ratio may carry risks of declining competitiveness and market share.
As a leading player in the consumer-grade 3D printing industry, Creality holds a significant market share but faces considerable cash flow and competitive pressures. With other major players yet to go public, its rush to IPO underscores an unmistakable sense of urgency.
Text by Xu Feng
Disclaimer
This article contains content related to listed companies, reflecting the author's personal analysis and judgment based on information disclosed by these companies in accordance with their legal obligations (including but not limited to interim announcements, annual reports, and official interactive platforms). The information or opinions presented in this article do not constitute any form of investment or other business advice. Market Value Observer assumes no responsibility for any actions taken as a result of adopting the content of this article.
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