Home-New Creality IPO Prospectus Shows Record Revenue Alongside Competitive Pressure
Shenzhen-based 3D printer makerCrealityhas filed an Application Proof with theHong Kong Stock Exchange(HKEX) for a main board listing, its thirdattempt to go public.
If the listing proceeds, the company would be the first consumer 3D printing firm to trade in Hong Kong. According to aMarch 2026 prospectus, Chinese investment bankChina International Capital Corporation(CICC) is acting as sole sponsor.
The timing is a bit high-stakes. Creality remains the largest consumer 3D printer maker in the world by cumulative shipments, having sold 4.4 million units between 2020 and 2024. But that lead is historical.
In 2024, rivalBambu Labshipped 1.2 million printers to Creality’s roughly 700,000, claiming a 29% share of annual shipments against Creality’s 16.9%. The IPO is, in part, a bid to raise capital while the company still holds enough credibility to do so.
How Bambu Lab Shifted the Basis of Competition
To understand how Creality arrived here, it helps to know how it rose. Its Ender series, launched in 2017, made desktop 3D printing affordable for a generation of hobbyists who could not previously justify the cost. Price and manufacturing scale carried the company to a 27.9% cumulative market share.
That was enough, until Bambu Lab launched the X1 in 2022 and changed what buyers expected. Speed, automation, multicolour printing, and polished software became the new benchmarks. By the time Creality responded with its K1 series in May 2023, it was already playing catch-up.
That competitive lag runs through the financials. Overall revenue grew strongly, from RMB 1.35 billion in 2022 to RMB 3.13 billion in 2025. But within that, printer revenue rose just 0.9% in 2024, and the growth that did occur came from higher prices rather than more units sold.
According to36Kr, the average selling price climbed from RMB 1,306 to RMB 2,404 between 2022 and 2025, while unit sales fell from 842,000 to 742,000. A company selling fewer products at higher prices is not gaining ground; it is managing a retreat.
Source: 3D Printing Industry
