铜师傅：业绩增速“跑输”行业均值，估值突遭“血崩”｜IPO观察

Core Viewpoint - The company, Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange, but its growth rate is lagging behind the industry, raising concerns about its future performance [2][5]. Financial Performance - For the years 2022 to 2024, the company reported revenues of RMB 503.185 million, RMB 506.383 million, and RMB 571.188 million, with net profits of RMB 56.938 million, RMB 44.131 million, and RMB 78.982 million, indicating fluctuating profitability despite revenue growth [3][4]. - The company's main revenue source is copper cultural products, which accounted for 95.4%, 96.3%, and 96.6% of total revenue during the same period, highlighting its reliance on this product line [4]. Market Position - According to a report by Frost & Sullivan, the company holds a leading position in the Chinese copper cultural product market with a market share of 35% as of the end of 2024 [4]. - However, the company's average annual compound growth rate (CAGR) of 6.54% from 2022 to 2024 is significantly lower than the industry CAGR of 9.21%, indicating a failure to capitalize on market growth [5]. Valuation Trends - The company's valuation has seen a dramatic decline, dropping from RMB 26.14 billion in July 2021 to RMB 16 billion by December 2022, a decrease of 38.26% [2][6]. - The valuation crisis is further illustrated by a shareholder transferring shares at RMB 4.16 per share in December 2024, a staggering drop of over 85% from the previous valuation of RMB 28.07 per share in December 2022 [11].