雷军押注 “中年人的泡泡玛特”

Core Viewpoint - The company, Hangzhou Tongshifu Cultural Creative Co., Ltd., known as "the Bubble Mart for middle-aged people," is attempting to overcome development bottlenecks through capitalization, but faces challenges such as a limited market size for copper craft products and a single product structure [3][4]. Company Overview - Tongshifu has appointed CITIC Lyon Securities as the overall coordinator for its IPO process on the Hong Kong Stock Exchange, having previously updated its prospectus [3]. - The company has faced difficulties in its listing journey, including a failed attempt to go public on the A-share market and multiple submissions to the Hong Kong Stock Exchange [5][6]. Financial Performance - The company's revenue has shown slight growth, with figures of CNY 5.03 billion in 2022, CNY 5.06 billion in 2023, CNY 5.71 billion in 2024, and CNY 3.08 billion in the first half of 2025 [9]. - Gross profit margin has improved from 32.2% to 35.1%, indicating enhanced profitability, but net profit has fluctuated significantly, with a drop of 23.9% in the first half of 2025 compared to the same period in 2024 [9]. Product Dependency - Copper craft products account for over 90% of the company's revenue, with a consistent contribution of around 95% from 2022 to 2025 [9][10]. - The average selling price of these products has decreased from CNY 363.7 per unit in 2022 to CNY 290.4 in the first half of 2025, indicating pricing pressure [9]. Market Challenges - The domestic market for copper craft products is limited, projected to grow from CNY 1.1 billion in 2019 to CNY 1.6 billion by 2024, with a compound annual growth rate of 7.7% expected until 2029 [10]. - The company is attempting to diversify its product offerings but has not yet established a second growth curve, with new segments like plastic toys and silver crafts contributing minimally to revenue [10][11]. Sales Channels - The company heavily relies on online sales, which accounted for over 79% of total revenue from 2022 to the first half of 2025, but the average transaction value has decreased significantly [11]. - The offline presence is limited, with only 11 direct stores and 63 franchised stores as of mid-2025 [11]. Intellectual Property Strategy - The company primarily focuses on self-developed IP, with over 90% of SKU revenue coming from in-house creations since 2022, but licensed IP contributions remain limited [12]. - The introduction of new SKUs continues, with 528 new self-developed products planned for 2024 [12]. Future Outlook - The second submission for the Hong Kong IPO is seen as a critical opportunity for the company, but it must address issues related to its single product structure and lack of growth momentum to succeed [12].