3 6 Ke·2025-05-14 09:46Core Viewpoint - The article discusses the upcoming IPO of Hangzhou Tongshifu Cultural (Group) Co., Ltd., which focuses on copper crafts and integrates traditional craftsmanship with cultural IP, positioning itself as a competitive player in the market alongside established companies like Old Pao Gold and Pop Mart [1][4]. Company Overview - Tongshifu was founded in Hangzhou and has been recognized for its innovative approach to the copper crafts market, which was previously characterized by a lack of brand and quality differentiation [4][5]. - The founder, Yu Guang, identified a significant market gap in the copper crafts sector, leading to the establishment of the company with a focus on high cost-performance products [4][5]. Market Position and Growth - Tongshifu's revenue has shown steady growth, increasing from 503 million yuan in 2022 to 571 million yuan in 2024, with net profit rising from 57 million yuan to 79 million yuan during the same period [7][9]. - The company holds a 35% market share in the domestic copper cultural crafts market, making it a leader in this sector [9]. Product Strategy and Innovation - The company has developed a dedicated R&D team of 119 members and has increased its R&D investment significantly, reflecting its commitment to innovation and product development [7]. - Tongshifu has expanded its product offerings beyond copper crafts to include plastic toys, silver cultural products, and gold cultural products, showcasing its versatility [7]. Cultural Integration and IP Collaborations - The company has successfully collaborated with popular cultural IPs such as the Monkey King and Nezha, enhancing its brand appeal and market reach [8][10]. - The integration of traditional craftsmanship with modern cultural elements positions Tongshifu favorably in the context of the rising trend of cultural revival in China [10][12]. Competitive Landscape - While Tongshifu is compared to Old Pao Gold and Pop Mart, it is noted that its growth rate and profitability are currently lower than these competitors, with Pop Mart achieving a net profit margin exceeding 23% [10][11]. - The article suggests that Tongshifu's IPO may not replicate the explosive market performance seen by Old Pao Gold, but it has the potential for long-term growth by balancing traditional craftsmanship with commercial efficiency [11][12][13].