36氪首发 | 消费科技品牌「xTool」递表港交所，腾讯领投 2 亿美元 Pre-IPO 融资

Text | Zhang Ziyi

Editor | Yuan Silai

36Kr has learned that on January 1, 2026, consumer technology brand xTool officially submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the main board. The joint sponsors are Morgan Stanley and Huatai Securities.

The prospectus shows that in 2025, xTool completed a Pre - IPO (Series D) financing of approximately $200 million, led by Tencent, with the participation of Granite Asia, Cathay Capital, Gaocheng Capital, Yuanyi Capital, and Jiayu Fund. Previous investors in the company include Sequoia China, Shenzhen Capital Group, and CICC Jiazi.

The funds raised from this IPO will be used for R & D investment, brand building, expansion of overseas user communities, and supply chain construction.

Personal creative tools are a new global track that has emerged in recent years. Driven by AI technology, the barriers to using personal creative tools will continue to decline significantly. This structural trend brought about by the underlying technological transformation provides the industry with a sustainable growth path with long - term vitality. xTool has also grown rapidly in recent years, becoming a leading laser engraving machine enterprise.

xTool's main business focuses on laser - based personal creative tools and material printers, targeting individual consumers, small and medium - sized enterprises (SMBs), and brand retail stores.

According to CIC Consulting, xTool ranks first in the global laser - based personal creative tools market, with a market share of 37% in the first nine months of 2025. In the laser engraving machine segment, xTool's market share is 47%, approximately six times that of the second - ranked company and exceeding the sum of the second to tenth - ranked companies.

The prospectus reveals that from 2023 to 2024, xTool's revenue increased from RMB 1.46 billion to RMB 2.48 billion, a year - on - year increase of 70.0%. It continued to grow in the first nine months of 2025. During the "Black Friday and Cyber Monday" period, its GMV increased by 50% year - on - year, and the single - day GMV exceeded RMB 100 million.

In terms of revenue composition, 97% of xTool's revenue comes from overseas markets, with the European and American markets accounting for 85%. In 2024, the official self - operated independent website contributed 62.1% of the total revenue. The user repurchase rate is 40%, and the NPS (Net Promoter Score) is 67%.

In terms of profitability, in 2023, 2024, and the first nine months of 2025, the company's overall gross profit margins were 59.2%, 54.4%, and 56.0% respectively; the adjusted net profit margins were 12.6%, 10.4%, and 9.7% respectively. Affected by overseas consumption habits, the company's performance shows seasonality, with the fourth quarter being the main contributor to revenue and profit.

In terms of product pricing, xTool's average unit price is 10% - 30% higher than the industry average. The average selling price of the core product "Laser Personal Creative Tools and Accessory Sets" increased from approximately RMB 12,000 in 2023 to RMB 21,000 in the first nine months of 2025.

Technologically, xTool has developed a unified software platform, xTool Studio, by integrating optics, CNC control, and AI algorithms. The AI engine AIMake it is equipped with has functions for remembering user preferences and optimizing performance. As of now, R & D personnel account for approximately 56% of the company's total staff.

In addition to laser - based products, xTool launched its first apparel printer in June 2025 and obtained a 12.7% share in the global DTF (Direct to Film) segment within a few months, ranking third globally in terms of GMV.

In terms of user activity, approximately 80% of users use the equipment monthly, and 40% use it daily. The company's self - operated overseas community Atomm and social platforms cover over 210,000 active users, and it has established 470 communities in 32 countries offline.

According to a CIC Consulting report, the global market size of technology - enabled personal creative tools is expected to grow from $6.8 billion in 2024 to $39.1 billion in 2030, with a compound annual growth rate (CAGR) of 33.8%. Google search data shows that since 2023, the search volume for the xTool brand has exceeded that of the "laser engraving machine" category, with a growth of approximately 50% from 2022 to 2024.

Currently, personal creative tools still have infinite growth potential, and IPO listing has become an option for many enterprises. The established 3D printer company Creality also submitted its prospectus to the Hong Kong Stock Exchange last year. If xTool successfully lists this time, it will become the first publicly - traded company in the consumer - grade laser engraving machine field.