Bambu Lab, Creality, and Yiji 3D: A Competitive Overview of Unlisted 3D Printing Companies

Bambu Lab, Creality, Eplus3D: Overview of Competitiveness Among Unlisted 3D Printing Companies

Scan of major unlisted enterprises in the consumer and industrial 3D printing sectors

Data as of: 2026-07-10

Disclaimer: This report is compiled based on public information and does not constitute investment advice. Bambu Lab and Eplus3D are unlisted companies; financial data comes from media and industry reports and may have discrepancies in accounting standards. Investment decisions should be based on official company disclosures and formal prospectuses.

Executive Summary

This report scans the competitiveness of three major unlisted 3D printing companies: Bambu Lab (leader in consumer-grade FDM), Creality (new Hong Kong-listed star in consumer 3D printing, listed in May 2026), and Eplus3D (challenger in industrial-grade metal SLM). The three companies represent two main lines in the 3D printing industry: Consumer-grade "Shenzhen Four Little Dragons" sweep the globe with scale, channels, and cost-effectiveness; Industrial-grade metal 3D printing domestic substitution competes for aerospace and high-end manufacturing markets through technology, customer certification, and large equipment capabilities.

In terms of investment comparability: Bambu Lab is the highest-quality unlisted target in the consumer sector, with 2025 revenue exceeding 10 billion RMB, net profit of approximately 3 billion RMB, net margin of about 30%, and a valuation of around 40 billion RMB; Creality has already listed on the Hong Kong Stock Exchange, with 2025 revenue of 3.13 billion RMB but a net loss of 182 million RMB, and a market cap of approximately 13 billion HKD; Eplus3D is smaller in scale, aiming for the STAR Market, focusing on large metal SLM equipment, and is a third-tier competitor after BLT and Farsoon.

• Bambu Lab: Global leader in consumer 3D printing, with a 42.7% GMV market share in 2025, revenue exceeding 10 billion RMB, net profit of approximately 3 billion RMB, and a valuation of around 40 billion RMB. The core team comes from DJI, with strong product innovation and ecosystem barriers.
• Creality: Listed on the Hong Kong Stock Exchange in May 2026, ranking second globally in the consumer 3D printer market (11.2% market share) and first in the consumer 3D scanner market (45.3% market share). 2025 revenue was 3.13 billion RMB, with a net loss of 182 million RMB.
• Eplus3D: Industrial-grade metal SLM equipment manufacturer, a national-level "Specialized, Refined, Differential, and Innovative" little giant. Launched the world's largest SLM metal 3D printing equipment M2050 in 2024 (three-axis dimensions exceeding 2 meters, 64 lasers), serving aerospace and medical customers.
• Core Differences: Bambu/Creality target the consumer grade, with strong economies of scale, medium gross margins, and fierce competition; Eplus3D targets industrial-grade metal printing, with high technical barriers, long customer certification cycles, and smaller scale.

I. Bambu Lab: Global Leader in Consumer 3D Printing

1.1 Company Positioning

Bambu Lab (Bambu Lab) was founded in 2020, headquartered in Qianhai, Shenzhen, by a former DJI engineering team, focusing on the R&D and manufacturing of desktop FDM 3D printers. The company promotes the entry of 3D printers into home scenarios through an "home appliance-style" strategy. The Bambu Lab X1 launched in 2022, featuring high-speed printing, multi-color/multi-material switching, and low failure rates, became one of the most successful 3D printer crowdfunding projects in Kickstarter history.

1.2 Operating Data

Bambu Lab is the most profitable and fastest-growing company in the global consumer 3D printing sector. Its core advantages come from three aspects: First, product innovation, with series like X1/P1/A1/H2D continuously leading in print speed, multi-color printing, and intelligence; Second, ecosystem barriers, forming a closed loop with self-developed materials, slicing software, and the model community MakerWorld; Third, channel expansion, accelerating offline layout in 2025–2026, entering Sam's Club, opening direct stores, and promoting the "home standard configuration" strategy.

1.3 Competitive Advantages and Risks

• Advantages: DJI-affiliated team background, technological generation gap in products, global brand, high net profit margin, and rapid iteration capability.
• Risks: Intensifying competition in the consumer market (Creality, Zortrax, SmartMaker, KuaiZao Technology, etc.); Intellectual property disputes (Pop Mart sued MakerWorld for infringement in 2026, now settled); Overseas tariff and policy risks; Future listing valuation may face inversion between primary and secondary markets.

II. Creality: The First Hong Kong-Listed Consumer 3D Printing Stock

2.1 Company Positioning

Creality (Creality, 3388.HK) listed on the Hong Kong Stock Exchange on May 29, 2026, becoming the "First Consumer 3D Printing Stock on the HKEX." Founded in 2014, the company mainly engages in consumer 3D printing equipment, with product lines covering FDM and SLA 3D printers, extending to 3D scanners, laser engravers, consumables, and accessories. It is an old-school leader in the global consumer 3D printer market, with cumulative shipments leading the industry.

2.2 Operating Data

Creality and Bambu Lab form a "one super, many strong" pattern: Bambu occupies the high end with product innovation, while Creality maintains scale through its product matrix, channel coverage, and consumable ecosystem. Creality's 2025 loss was mainly affected by one-time equity payments and dividends; excluding these, the main business remains profitable.

2.3 Competitive Advantages and Risks

• Advantages: Long-standing brand history, global channels, complete product matrix, rich consumable SKUs, and fast growth in new businesses like 3D scanners.
• Risks: High-end products suppressed by Bambu, dropping from first to second place; high sales expense ratio; high dependence on overseas markets; Hong Kong stock liquidity discount.

III. Eplus3D: Challenger in Industrial-Grade Metal SLM

3.1 Company Positioning

Eplus3D (Eplus3D/Eplus Additive) is headquartered in Hangzhou and is a national-level "Specialized, Refined, Differential, and Innovative" little giant, focusing on the R&D, production, and sales of industrial-grade metal 3D printing (SLM) equipment. In September 2025, the company submitted the draft prospectus for its STAR Market IPO, aiming to list on the A-share market.

3.2 Technology and Products

Eplus3D deeply cultivates powder bed metal 3D printing technology, breaking through industry challenges such as large size, large layer thickness, and multi-laser splicing. In 2024, the company launched the world's largest SLM metal 3D printing equipment M2050, with three-axis dimensions exceeding 2 meters and capable of carrying 64 lasers, mainly facing commercial aerospace, aircraft engines, and other large complex component manufacturing. Its products cover aerospace, high-performance industrial manufacturing, mold manufacturing, precision medicine, and other fields.

3.3 Competitive Status

In the domestic metal 3D printing equipment market, Eplus3D is listed alongside BLT and Farsoon as major domestic manufacturers, but its scale and brand power are weaker than the former two. BLT had 2025 revenue of 1.85 billion RMB, and Farsoon had 720 million RMB; Eplus3D's revenue scale is expected to be even smaller (specific data not publicly disclosed). Eplus3D's differentiation lies in its large equipment capabilities and commercial aerospace customers, but it also faces challenges such as concentration of aerospace customers, fluctuations in downstream capital expenditure, and dependence on imported core components.

3.4 Advantages and Risks

• Advantages: Leading large equipment technology, focus on metal SLM, accumulation of high-end customers like commercial aerospace, and expectations for STAR Market listing.
• Risks: Small scale, high customer and industry concentration, direct competition with BLT/Farsoon, uncertainty in IPO progress.

IV. Comparison of the Three Companies

V. Investment Perspective Summary

Ranking by investability: Bambu Lab > Creality > Eplus3D. Bambu Lab has proven its scale profitability and global leadership, making it the most commercially valuable unlisted 3D printing company; Creality is already listed and can be configured as the second player in the consumer sector, but attention should be paid to its competitive landscape with Bambu; Eplus3D is still in the early growth stage, suitable as a target for the industrial-grade metal 3D printing niche theme, but carries higher risks.

Comparison with listed companies: BLT and Farsoon are currently the core targets in the A-share 3D printing sector, but their valuations are significantly overdrawn; although Bambu Lab is unlisted, its profitability and growth potential are superior to most A-share peers; Creality's Hong Kong listing valuation is relatively rational, but its business growth and profitability are weaker than Bambu's; Lenti Technology and Eplus3D represent niche tracks, with smaller scales and higher risks.

Data requires secondary verification and does not constitute investment advice.