HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Liuliumei Co., Ltd. (PHIP Updates) - Some Points Worth the Attention

Pre-IPO SpaceX - About the Business, the Concerns and Thoughts on Valuation

Pre-IPO Shenzhen Salubris Pharmaceuticals (A/H Listing) - Innovative Drug Business Has Been on Track

Pre-IPO Lupeng Pharmaceutical - Unique Pipeline May Not Guarantee the Commercialization Outlook

Pre-IPO Ringpai Veterinary Hospital Management - The Business Model, the Risks, and the Outlook

Equity Capital Markets

Shenzhen Creality 3d Technology Co. Ltd. / Equity Capital Markets

Shenzhen Creality 3d Technology Co. Ltd. (2598001D HK)

<ul>
<li>Creality 3D’s business model can be summarized as a complete ecosystem loop of "hardware+software+content+community", aiming to transform from a simple hardware manufacturer to a 3D creative ecosystem platform.</li>
<li>Behind the increase in revenue, Creality 3D has fallen into a dilemma of increasing revenue without increasing profits.The pressure on main business's profitability is increasing.</li>
<li>Given that Creality 3D turned from profit to loss in 2025 and the unstable/low margin, P/S could be more suitable at initial stage. RMB5 billion-6.5 billion is a comfortable range.</li>
</ul>


Creality 3D’s business model can be summarized as a complete ecosystem loop of "hardware+software+content+community", aiming to transform from a simple hardware manufacturer to a 3D creative ecosystem platform.
Behind the increase in revenue, Creality 3D has fallen into a dilemma of increasing revenue without increasing profits.The pressure on main business's profitability is increasing.
Given that Creality 3D turned from profit to loss in 2025 and the unstable/low margin, P/S could be more suitable at initial stage. RMB5 billion-6.5 billion is a comfortable range.


Pre-IPO Shenzhen Creality 3D Technology (PHIP Updates) - The Business and the Outlook