Guojin Securities has released a research report stating that a performance inflection point has emerged. For Creality (03388) in 26H1, with a dense wave of new product launches starting in September, the company is expected to see a dual recovery in revenue and profit margins from 2026H2 onward. At the same time, following the company's listing, its management model and business model have undergone a qualitative shift, positioning it for a strategic transformation from a hardware manufacturer to a technology ecosystem operator. The bank estimates the company's EPS for 2026-2028 at 0.05/0.53/0.84 yuan, maintaining its Buy rating. The main points from Guojin Securities are as follows:
Event: As of October 7, 2026, the company's new product SPARKX i8 surpassed US$3.7 million in crowdfunding on the Indiegogo platform. The product launched on September 22, raising nearly US$1.8 million on its first day. The early-bird price of the new product is US$289 (approximately RMB 1,936), with shipment expected in October and delivery in November. On the technical side, the SPARKX i8 features a self-developed QuarTeks four-channel single-nozzle color-switching architecture, compressing the common end of four filament paths to less than 1mm, with color switching time under 1 second and multi-color printing efficiency improved by more than 500% at maximum compared with external feeding solutions. Referring to the historical performance of the Ender series, the SPARKX i8 possesses the product qualities to become the next-generation benchmark model, and is expected to drive an acceleration in consumer 3D printing penetration.
New product matrix landing densely, volume-price-profit resonance inflection point in sight. Entering the second half of the year, the new product cycle has fully started, and the profitability of new products is better than that of older products in the same price band, so the gross margin center is expected to rise. In addition to the SPARKX i8, the high-end flagship new product K3 features the self-developed KliTek multi-nozzle system, taking an independent path in multi-color, multi-nozzle printing solutions, and is expected to reshape the competitive landscape and pricing power distribution in the high-end market. In addition, the Pika portable AI 3D scanner went on sale on July 22. As the first product in this track featuring a "pocket-level dual light source + AI post-processing", it strengthens the company's ecosystem entry position in the "scan-model-print" chain.
Management iteration has landed, and the governance structure is evolving toward a technology growth paradigm. Since July 2026, the company has continued to attract high-end talent, recruiting a chief scientist globally and opening key positions such as head of the Advanced Research Institute and AI scientist. The level and direction of talent acquisition clearly point to underlying technology and AI capability building. The company's operating mindset is shifting from a manufacturing logic to a technology growth logic, providing talent and governance support for the company's platform transformation.
AI edge applications continue to deepen, and the ecosystem flywheel accelerates self-reinforcement. On the user asset side, in 26H1 the Creality Cloud platform added more than 1 million registered users (up 77.1% year-on-year), monthly active users rose 68.3% year-on-year, and active creators rose 94.3% year-on-year, with supply (creators, model content) and demand (registered users, monthly active users) growing simultaneously on both sides. On the modeling capability side, the company has reached a strategic cooperation with Tencent Cloud. Its AI modeling platform MakeNow has officially integrated the Tencent Hunyuan large model and can adapt open-source general models generated by Meshly AIAgent.
Risk warnings: Intensified industry competition risk; macroeconomic fluctuation risk; raw material price fluctuation risk; intellectual property risk.