Creality files Hong Kong IPO prospectus with 2025 revenue reaching RMB 3.13 billion

Shenzhen-based Creality has filed an Application Proof with the Hong Kong Stock Exchange for a main board listing, marking its third attempt to go public. Acting as the sole sponsor, China International Capital Corporation (CICC) is managing the process for the company. The filing reveals that Creality achieved total revenue of RMB 3.13 billion in 2025, up from RMB 1.35 billion in 2022. However, the company reported a net loss of RMB 182.4 million for 2025, a significant reversal from the RMB 88.7 million profit recorded the previous year.

This IPO attempt comes as Creality faces intense competitive pressure in the FDM/FFF desktop printing market. While Creality remains a volume leader with 4.4 million cumulative units shipped between 2020 and 2024, its market share in 2024 was 16.9% compared to Bambu Lab's 29%. The financial data shows a shift in business strategy; printer unit sales fell from 842,000 in 2022 to 742,000 in 2025, while the average selling price rose from RMB 1,306 to RMB 2,404. To combat this, Creality has aggressively increased R&D spending to RMB 222 million and marketing costs to RMB 270 million to support its Creality Cloud platform and direct-to-consumer sales channels.

Creality must now prove it can stabilize its bottom line while transitioning from a low-cost hardware provider to a high-value ecosystem player. The company needs to successfully leverage its 5.7 million Creality Cloud users and new Nexbie e-commerce platform to offset the rising costs of hardware competition. Investors will be looking for evidence that the increased R&D and marketing spend can convert higher-priced machine sales into sustainable operating cash flow.