Zhong Guo Jing Ying Bao·2025-12-12 11:35Core Viewpoint - The company, Hangzhou Copper Master Cultural and Creative (Group) Co., Ltd., is seeking to go public again on the Hong Kong Stock Exchange, with a focus on the copper cultural and creative product market, which is expected to grow significantly in China [1][5]. Company Overview - Copper Master primarily targets male consumers aged 30 to 55, earning it the nickname "the Bubble Mart for middle-aged men" [1]. - The company reported annual revenue exceeding 500 million yuan, with self-owned IP products accounting for approximately 90% of total revenue [1][2]. - The market for copper cultural and creative products is relatively small, with an estimated size of 1.58 billion yuan in 2024, where Copper Master holds a 35% market share [2]. Market Dynamics - The copper cultural and creative product market is characterized by high concentration, with Copper Master and another brand, Zhu Bingren Copper, dominating nearly 70% of the market [2]. - The company faces challenges in expanding its customer base, particularly among younger consumers, due to high prices and production costs [3][5]. Sales Channels - Copper Master relies heavily on online sales, with over 70% of its revenue coming from online direct sales and e-commerce platforms [3]. - The company is attempting to establish a physical retail presence, with 63 stores operated by 56 authorized dealers as of June 30, 2025 [3]. Competitive Landscape - Despite its leading position, Copper Master is experiencing difficulties in customer expansion and faces limitations due to the slow growth ceiling of its market segment [5]. - The company has completed five rounds of financing, attracting investments from notable firms such as Shunwei Capital and Xiaomi Group [6]. Industry Trends - The global cultural and creative industry is expanding, with market size projected to grow from 16 trillion yuan in 2019 to 19.5 trillion yuan in 2024 [7]. - The rise of "emotional economy" and the pursuit of quality life among consumers are driving demand for artistic and cultural products [7]. Challenges - The company faces significant challenges related to raw material price fluctuations, particularly copper prices, which have risen from 48,773.5 yuan per ton in 2020 to 74,958.3 yuan per ton in 2024, reflecting a compound annual growth rate of 11.3% [8]. - The high production costs associated with copper-intensive manufacturing may limit the company's pricing flexibility and overall financial performance [8].