<p>这家激光切割机和雕刻机的领先制造商拥有腾讯和红杉作为其两大支持者，同时摩根士丹利也是其 IPO 的承销商之一。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/05053524/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-1-2026_133139_thebambooworks.com_-1024x690.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="690" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/05053524/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-1-2026_133139_thebambooworks.com_-1024x690.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>激光切割机制造商 xTool 已申请在香港上市，凭借其直接销售模式实现盈利和高利润率，避免了昂贵的中介费用。</li>
<li>在 2024 年报告强劲增长后，该公司核心激光切割机和雕刻机的单位销售在去年前九个月下降。</li>
</ul>
<p>在新 IPO 方面，科技公司总是试图通过其尖端技术来推销自己。但 <strong>xTool Innovate Ltd</strong> 在新年当天申请在香港证券交易所上市，声称自己是全球领先的激光切割机和雕刻机制造商之一，这一称号显得有些独特。</p>
<p>该公司在这一新兴领域看起来是一个相对强劲的候选者，声称其控制了全球激光雕刻机和切割机市场近 47% 的份额。其产品使用与 3D 打印机类似的技术，但作为切割和雕刻工具的用途相对有限，属于稍微不同的类别。</p>
<p>xTool 最大的卖点之一是其背后有一流的支持者，包括互联网巨头腾讯和红杉（前称红杉中国）。全球重量级的摩根士丹利也是此次 IPO 的两大主承销商之一，表明国际投资者的需求可能会很强。这可能至少部分归因于该公司大部分收入来自中国以外，去年约 85% 的收入来自美国和欧洲。</p>
<p>投资者最大的警示信号是该公司去年收入增长的突然急剧放缓，这可能是由于竞争加剧所致。</p>
<p>但总体而言，xTool 的情况看起来相对良好，具有盈利能力和相对充裕的现金流，表明其上市并不是在迫切需要筹集新资金。到去年九月底，该公司现金达到 11.4 亿元人民币（1.63 亿美元），较一年前的 5.69 亿元人民币有所增加。而且在去年年底的最新融资轮中，腾讯又增加了 2 亿美元，使其现金总额翻了一番。</p>
<p>该公司大部分产品直接销售给消费者和小型企业，这使其能够保持相对于依赖中介如分销商和电子商务网站的同行而言，令人羡慕的高利润率。去年前九个月，其毛利率为 56%，而瑞士竞争对手 <strong>Bystronic</strong>（BYS.SW）为 46.6%，中国的 <strong>汉斯激光</strong>（002008.SZ）仅为 32.1%。</p>
<p>xTool 的故事中还有一个有趣的元素，即其 Atomm 在线社区，允许用户开放自己的工作室和家中，为他人提供现场演示。&#34;这些社区主导的空间作为创造力和教育的地方中心，通过将用户转变为用户主持人来提升我们的品牌形象，&#34;该公司在其上市文件中表示。这样的社区发展对于许多高科技产品和服务提供商来说，越来越重要，通过口碑提升忠诚度并吸引新客户。</p>
<p>激光切割机和雕刻机制造商的估值差异较大，Bystronic 的市销率（P/S）相对较低，为 0.79，而汉斯激光的市销率为 2.44。假设由于其高利润率和大市场份额而有溢价的市销率约为 3，将使 xTool 的估值达到约 10 亿美元，如果能达到这一水平，将成为科技&#34;独角兽&#34;。</p>
<h4><strong>缓慢的开局</strong></h4>
<p>xTool 成立于 2013 年，由当时年轻的王建军创办，现年 40 岁，背景为飞机设计。但王在 2021 年推出 xTool 的首款激光雕刻和切割产品时才找到了公司的当前业务。自那时以来，它迅速弥补了失去的时间，现在已成为亚马逊美国网站上销量最高的品牌之一，其产品通常售价在 1000 到 1800 美元之间。</p>
<p>正如我们之前提到的，这些第三方电子商务网站在 xTool 整体销售中占比较小，去年前九个月仅占总销售的 21%，而 2023 年为 32%。去年前九个月，61% 的销售来自其自己的网站，较 2023 年的 53% 有所上升，而 18% 来自线下渠道。</p>
<p>通过公司自己网站的购买增加似乎表明其在建立用户社区方面的强大努力正在产生积极效果，帮助降低销售成本，减少中介。</p>
<p>美国目前占 xTool 销售的 55%，较 2023 年的 62% 有所下降，这表明其地理销售结构仍在变化。该公司受到特朗普对中国产品的美国关税的影响，尽管这些关税在两国试图谈判贸易协议时不断变化。尽管如此，xTool 在泰国有一个制造设施，虽然规模明显小于其在中国的主要设施，但这也为其提供了一定的灵活性。它还通过使用可能位于海外的第三方合同制造商获得了一些灵活性。</p>
<p>该公司的整体收入在 2024 年激增 70%，从 2023 年的 14.6 亿元人民币增长至 24.8 亿元人民币，因为其销售迅速扩大。但去年情况开始急剧放缓，2025 年前九个月的收入同比仅增长 19%，从一年前的 15 亿元人民币增至 17.8 亿元人民币。</p>
<p>更令人担忧的是，该公司激光个人创意工具和配件的实际单位销售量在最新的九个月期间降至 71,900 台，较去年同期的 85,900 台有所下降。xTool 通过提高产品价格来抵消部分收入压力。去年，该公司还通过推出新系列激光打印机弥补了一部分失去的业务。公司将单位销售量的下降归因于产品发布的时机以及某些型号的停产。但其核心产品的这种下降看起来并不特别令人鼓舞。</p>
<p>尽管出现了令人担忧的迹象，该公司在去年前三个季度仍保持盈利，利润为 8310 万元人民币，比去年同期的 5260 万元人民币增长了 58%。去年，该公司还达成了另一个里程碑，总资产超过总负债，实现了正的净资产。</p>
<p>由于其强大的盈利能力和在激光切割和雕刻领域的领先地位，该公司的底线看起来总体积极。但如果 xTool 希望实现高估值，可能需要缓解投资者对其核心产品销售下滑的担忧。</p>
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腾讯控股(ADR)

腾讯控股(ADS)

腾讯控股

<p>腾讯支持的 xTool 已提交香港 IPO 申请，主要投资者包括腾讯和摩根士丹利。该公司是激光切割机和雕刻机的领先制造商，全球市场份额达到 47%。尽管核心产品销售近期有所下降，xTool 仍保持盈利，毛利率为 56%。该公司拥有显著的现金储备，总额为 1.63 亿美元，并且最近又筹集了 2 亿美元。其直销模式提升了盈利能力，社区参与活动正在增强品牌忠诚度</p>

<p><em>The leading maker of laser cutters and engravers boasts Tencent and HongShan as two of its backers, as well as Morgan Stanley as one of its IPO underwriters</em></p>
<div class="lb-trans"><p>这家激光切割机和雕刻机的领先制造商拥有腾讯和红杉作为其两大支持者，同时摩根士丹利也是其 IPO 的承销商之一。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/05053524/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-1-2026_133139_thebambooworks.com_-1024x690.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/05053524/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-1-2026_133139_thebambooworks.com_-1024x690.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Laser cutter maker xTool has filed for a Hong Kong IPO, boasting profitability and high margins thanks to its direct sales model that cuts out costly middlemen</li>
<li>After reporting strong growth in 2024, unit sales of the company's core laser cutters and engravers dropped in the first nine months of last year</li>
</ul>
<div class="lb-trans"><ul>
<li>激光切割机制造商 xTool 已申请在香港上市，凭借其直接销售模式实现盈利和高利润率，避免了昂贵的中介费用。</li>
<li>在 2024 年报告强劲增长后，该公司核心激光切割机和雕刻机的单位销售在去年前九个月下降。</li>
</ul>
</div><p>When it comes to new IPOs, tech companies are always trying to sell themselves on their cutting-edge technology. But <strong>xTool Innovate Ltd</strong>., which filed to list on the Hong Kong Stock Exchange on New Year's Day, has a somewhat unique claim to that title, as one of the world's leading makers of laser cutters and engravers.</p>
<div class="lb-trans"><p>在新 IPO 方面，科技公司总是试图通过其尖端技术来推销自己。但 <strong>xTool Innovate Ltd</strong> 在新年当天申请在香港证券交易所上市，声称自己是全球领先的激光切割机和雕刻机制造商之一，这一称号显得有些独特。</p>
</div><p>The company looks like a relatively strong candidate in this emerging field, saying it controls a near majority 47% of the global market for laser engravers and cutters. Its products use similar technology to 3D printers, but are a slightly different breed in their more limited use as cutting and engraving tools rather than makers of finished products.</p>
<div class="lb-trans"><p>该公司在这一新兴领域看起来是一个相对强劲的候选者，声称其控制了全球激光雕刻机和切割机市场近 47% 的份额。其产品使用与 3D 打印机类似的技术，但作为切割和雕刻工具的用途相对有限，属于稍微不同的类别。</p>
</div><p>One of xTool's biggest selling points is its A-list of backers, including internet giant Tencent and HongShan, formerly known as Sequoia China. Global heavyweight Morgan Stanley is also one of the IPO's two lead underwriters, indicating demand from international investors is likely to be strong. That probably owes at least partly to the fact that the company gets the majority of its revenue from outside China, with about 85% coming from the U.S. and Europe last year.</p>
<div class="lb-trans"><p>xTool 最大的卖点之一是其背后有一流的支持者，包括互联网巨头腾讯和红杉（前称红杉中国）。全球重量级的摩根士丹利也是此次 IPO 的两大主承销商之一，表明国际投资者的需求可能会很强。这可能至少部分归因于该公司大部分收入来自中国以外，去年约 85% 的收入来自美国和欧洲。</p>
</div><p>The biggest red flag for investors is a sudden sharp slowdown in the company's revenue growth last year, which is probably due to growing competition.</p>
<div class="lb-trans"><p>投资者最大的警示信号是该公司去年收入增长的突然急剧放缓，这可能是由于竞争加剧所致。</p>
</div><p>But for the most part, things look relatively good for xTool, which has the distinction of being both profitable and relatively cash rich, indicating it's not making its listing under pressure to raise new money. The company had 1.14 billion yuan ($163 million) in cash at the end of last September, up from 569 million yuan a year earlier. And it more than doubled that by adding another $200 million at the end of last year in its latest funding round led by Tencent.</p>
<div class="lb-trans"><p>但总体而言，xTool 的情况看起来相对良好，具有盈利能力和相对充裕的现金流，表明其上市并不是在迫切需要筹集新资金。到去年九月底，该公司现金达到 11.4 亿元人民币（1.63 亿美元），较一年前的 5.69 亿元人民币有所增加。而且在去年年底的最新融资轮中，腾讯又增加了 2 亿美元，使其现金总额翻了一番。</p>
</div><p>The company sells most of its products directly to consumers and small businesses, which allows it to maintain enviably high margins compared with some of its peers that rely more heavily on middlemen like distributors and e-commerce websites. Its gross margin stood at 56% in the first nine months of last year, compared with 46.6% for Swiss rival <strong>Bystronic</strong> (BYS.SW) and just 32.1% for China-based <strong>Han's Laser</strong> (002008.SZ).</p>
<div class="lb-trans"><p>该公司大部分产品直接销售给消费者和小型企业，这使其能够保持相对于依赖中介如分销商和电子商务网站的同行而言，令人羡慕的高利润率。去年前九个月，其毛利率为 56%，而瑞士竞争对手 <strong>Bystronic</strong>（BYS.SW）为 46.6%，中国的 <strong>汉斯激光</strong>（002008.SZ）仅为 32.1%。</p>
</div><p>xTool also has an interesting element to its story through its Atomm online community, which allows users to open their individual studios and homes to offer live demos for others. &#34;These community-led spaces serve as local hubs of creativity and education, enhancing our brand image by turning users into user-hosts,&#34; the company said in its listing document. Such community development is an increasingly important element for many high-tech product and service providers, boosting loyalty and attracting new customers through word of mouth.</p>
<div class="lb-trans"><p>xTool 的故事中还有一个有趣的元素，即其 Atomm 在线社区，允许用户开放自己的工作室和家中，为他人提供现场演示。&#34;这些社区主导的空间作为创造力和教育的地方中心，通过将用户转变为用户主持人来提升我们的品牌形象，&#34;该公司在其上市文件中表示。这样的社区发展对于许多高科技产品和服务提供商来说，越来越重要，通过口碑提升忠诚度并吸引新客户。</p>
</div><p>Valuations for laser cutter makers and engravers vary quite a bit, with Bystronic commanding a relatively low price-to-sales (P/S) ratio of 0.79, while Han's Laser trades at 2.44. A ratio of around 3, which assumes a premium due to its high margins and large market share, would value xTool at about $1 billion, making it a tech &#34;unicorn&#34; if it can reach that level.</p>
<div class="lb-trans"><p>激光切割机和雕刻机制造商的估值差异较大，Bystronic 的市销率（P/S）相对较低，为 0.79，而汉斯激光的市销率为 2.44。假设由于其高利润率和大市场份额而有溢价的市销率约为 3，将使 xTool 的估值达到约 10 亿美元，如果能达到这一水平，将成为科技&#34;独角兽&#34;。</p>
</div><h4><strong>Slow start</strong></h4>
<div class="lb-trans"><h4><strong>缓慢的开局</strong></h4>
</div><p>xTool was founded back in 2013 by a then-youthful Wang Jianjun, now 40, who comes from an aircraft design background. But Wang didn't find his company's current business until a bit later with the launch of xTool's first laser carver and engraving products in 2021. It has rapidly made up for lost time since then, and is now one of the top selling brands on Amazon's U.S. site, where its products typically sell for between $1,000 and $1,800.</p>
<div class="lb-trans"><p>xTool 成立于 2013 年，由当时年轻的王建军创办，现年 40 岁，背景为飞机设计。但王在 2021 年推出 xTool 的首款激光雕刻和切割产品时才找到了公司的当前业务。自那时以来，它迅速弥补了失去的时间，现在已成为亚马逊美国网站上销量最高的品牌之一，其产品通常售价在 1000 到 1800 美元之间。</p>
</div><p>As we've previously noted, such third-party e-commerce sites account for a relatively small portion of xTool's overall sales, making up 21% of the total in the first nine months of last year, down from 32% in 2023. The majority 61% of its sales came from its own websites in the first nine months of last year, up from 53% in 2023, while 18% came from offline channels.</p>
<div class="lb-trans"><p>正如我们之前提到的，这些第三方电子商务网站在 xTool 整体销售中占比较小，去年前九个月仅占总销售的 21%，而 2023 年为 32%。去年前九个月，61% 的销售来自其自己的网站，较 2023 年的 53% 有所上升，而 18% 来自线下渠道。</p>
</div><p>The increasing purchases through the company's own websites seem to show its strong efforts at building a user community are having some positive effects, helping to lower its cost of sales by cutting out middlemen.</p>
<div class="lb-trans"><p>通过公司自己网站的购买增加似乎表明其在建立用户社区方面的强大努力正在产生积极效果，帮助降低销售成本，减少中介。</p>
</div><p>The U.S. currently accounts for 55% of xTool's sales, down from 62% from 2023, which shows it's geographical sales mix is still changing. The company is exposed to Donald Trump's U.S. tariffs against Chinese products, though those tariffs keep changing as the two countries try to negotiate a trade deal. That said, xTool also has some wiggle room through a manufacturing facility in Thailand, though that's notably smaller than its main facility in China. It also has some flexibility through its use of third-party contract manufacturers that may be located offshore.</p>
<div class="lb-trans"><p>美国目前占 xTool 销售的 55%，较 2023 年的 62% 有所下降，这表明其地理销售结构仍在变化。该公司受到特朗普对中国产品的美国关税的影响，尽管这些关税在两国试图谈判贸易协议时不断变化。尽管如此，xTool 在泰国有一个制造设施，虽然规模明显小于其在中国的主要设施，但这也为其提供了一定的灵活性。它还通过使用可能位于海外的第三方合同制造商获得了一些灵活性。</p>
</div><p>The company's overall revenue surged 70% in 2024 to 2.48 billion yuan from the 1.46 billion yuan it recorded in 2023 as its sales quickly scaled up. But things began to slow sharply last year, with revenue up just 19% year-on-year in the first nine months of 2025 to 1.78 billion yuan from 1.5 billion yuan a year earlier.</p>
<div class="lb-trans"><p>该公司的整体收入在 2024 年激增 70%，从 2023 年的 14.6 亿元人民币增长至 24.8 亿元人民币，因为其销售迅速扩大。但去年情况开始急剧放缓，2025 年前九个月的收入同比仅增长 19%，从一年前的 15 亿元人民币增至 17.8 亿元人民币。</p>
</div><p>More worrisome, the company's actual unit sales of laser-based personal creative tools and accessories fell to 71,900 units in the latest nine-month period from 85,900 units a year earlier. xTool was able to offset some of the revenue pressure by charging higher prices for its products. It also made up for some of the lost business by rolling out a new line of laser printers last year. The company blamed the drop in unit sales to the timing of product launches and discontinuation of certain models. But such a decline for its core products doesn't look particularly encouraging.</p>
<div class="lb-trans"><p>更令人担忧的是，该公司激光个人创意工具和配件的实际单位销售量在最新的九个月期间降至 71,900 台，较去年同期的 85,900 台有所下降。xTool 通过提高产品价格来抵消部分收入压力。去年，该公司还通过推出新系列激光打印机弥补了一部分失去的业务。公司将单位销售量的下降归因于产品发布的时机以及某些型号的停产。但其核心产品的这种下降看起来并不特别令人鼓舞。</p>
</div><p>Despite that worrisome sign, the company remained profitable with an 83.1 million yuan profit in the first nine months of last year, up 58% from 52.6 million yuan in the year-ago period. It also notched another milestone last year when its total assets surpassed its total liabilities, giving it positive net assets.</p>
<div class="lb-trans"><p>尽管出现了令人担忧的迹象，该公司在去年前三个季度仍保持盈利，利润为 8310 万元人民币，比去年同期的 5260 万元人民币增长了 58%。去年，该公司还达成了另一个里程碑，总资产超过总负债，实现了正的净资产。</p>
</div><p>The bottom line looks broadly positive for the company, thanks to its strong profitability and leading position in the laser cutting and engraving space. But xTool may need to ease investor concerns about stumbling sales for its core products if it hopes to achieve a premium valuation.</p>
<div class="lb-trans"><p>由于其强大的盈利能力和在激光切割和雕刻领域的领先地位，该公司的底线看起来总体积极。但如果 xTool 希望实现高估值，可能需要缓解投资者对其核心产品销售下滑的担忧。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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Tencent-Backed xTool Seeks Hong Kong IPO, Amid Weakening Core Product Sales

- 激光切割机制造商 xTool 已申请在香港上市，盈利能力和高利润率显著。  
- 尽管 2024 年业绩增长强劲，但该公司去年前九个月的销量下滑。  
- 两大支持者为腾讯和红杉，摩根士丹利为其 IPO 的主要承销商之一。

在核心产品销售疲软的背景下，腾讯支持的 xTool 寻求在香港进行首次公开募股（IPO）