Sou Hu Cai Jing·2025-12-03 08:13Core Viewpoint - The company Copper Master is attempting a second listing in Hong Kong after its initial prospectus failed, capitalizing on the recovering sentiment in the Hong Kong consumer stock market [2][13]. Group 1: Business Performance - Copper Master has seen its revenue growth slow to single digits, with profits also declining, contrasting sharply with competitors like Pop Mart, which reported over 200% revenue growth and nearly 400% net profit growth [3][19]. - In the first half of 2025, Copper Master reported a main business revenue of 308 million yuan, a year-on-year increase of less than 10%, while net profit fell from 39.76 million yuan in the first half of 2024 to 30.24 million yuan [19][22]. - The average transaction price for Copper Master has significantly decreased, with online prices dropping from 958 yuan to 556 yuan and offline prices from 1918 yuan to 659 yuan from 2022 to the first half of 2025 [22]. Group 2: Market Positioning - Copper Master is often labeled as "the Pop Mart for middle-aged people," but this comparison is superficial as the two companies operate under fundamentally different business models [4][15]. - While Pop Mart focuses on emotional value and IP-driven products, Copper Master emphasizes tangible copper craftsmanship, leading to a lower gross margin of around 35% compared to Pop Mart's gross margin of approximately 70% [16][18]. - The target demographic for Copper Master includes middle-aged consumers who prioritize functional value and social status over emotional appeal, contrasting with the younger audience of Pop Mart [18][29]. Group 3: Growth Challenges - The company faces significant challenges in proving its growth potential, especially as it approaches its IPO, with concerns about its ability to meet investor expectations [21][25]. - Rising copper prices pose a threat to Copper Master's profit margins, as the company relies on raw material costs that are subject to market fluctuations [23][24]. - Copper Master is attempting to diversify its product offerings and target demographics by expanding into plastic and other materials, as well as collaborating with popular IPs to attract younger consumers [26][28]. Group 4: International Expansion - The company is exploring international markets, particularly in regions like Southeast Asia, Taiwan, and the United States, to leverage the appeal of Eastern aesthetics and craftsmanship [32][33]. - However, establishing a presence in overseas markets requires significant time and investment in brand education and channel development, making immediate financial returns unlikely [33].