卖过保险、搞过装修，靠一份PPT获雷军投资！这位小米“骨灰粉”的企业冲刺IPO，靠做“冷门生意”年入5.71亿元

Core Viewpoint - Copper Master, a cultural and creative company specializing in copper crafts, has submitted its listing application to the Hong Kong Stock Exchange, with significant backing from Lei Jun, founder of Xiaomi, who is a major investor in the company [1][8]. Company Overview - The founder, Yu Guang, has a diverse background, having previously sold insurance and worked in home renovation before establishing Copper Master [2][3]. - Copper Master was founded after Yu Guang's personal experience with the high prices of copper art pieces, leading him to create his own products [3]. - The company has achieved significant revenue growth, with a reported total revenue of 1.06 billion RMB in 2016 [3]. Investment and Shareholding - Copper Master secured 110 million RMB in Series A funding in 2017, followed by 310 million RMB in Series B funding in 2018, with continued investment from Xiaomi and Shunwei Capital [8]. - The current shareholding structure shows Yu Guang as the largest shareholder with 26.27%, followed by Shunwei Capital and Tianjin Jinmi [9]. Market Position and Financial Performance - The copper craft market has shown strong growth, with the market size projected to increase from 1.1 billion RMB in 2019 to 1.6 billion RMB by 2024, reflecting a compound annual growth rate (CAGR) of 7.3% [11][15]. - Copper Master holds a 35% market share in the copper cultural and creative product segment, leading the revenue in this niche [13]. - The company's revenue for 2022, 2023, and 2024 is estimated at approximately 503 million RMB, 506 million RMB, and 571 million RMB, respectively [14]. Revenue Composition - Copper Master heavily relies on copper cultural products, which accounted for 95.4%, 96.3%, and 96.6% of total revenue from 2022 to 2024 [11][12]. - The company has a high dependency on a single product category, which poses potential risks [11]. Growth Comparison - Despite the overall market growth, Copper Master's revenue growth rate of 6.55% from 2022 to 2024 is lower than the industry average, indicating a potential gap in performance relative to market trends [15]. Expenditure Analysis - The company has allocated significantly more to platform services and marketing compared to research and development, with expenditures of 47.8 million RMB, 55.7 million RMB, and 49.4 million RMB from 2022 to 2024 [18][19].