香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD. 杭州銅師傅文創（集團）股份有限公司 本文件為草擬本，其所載資訊不完整及可作更改。閱讀本文件有關資料時，必須一併細閱本文件首頁上「警告」一節。 重要提示 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表 示同意： 倘在適當時候向香港公眾人士發出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 登記的本公司招股章程作出投資決定，招股章程 ...

Group 1 - The "Time Talk · Chinese Impression" cultural creative store officially opened at Terminal 3 of the Capital Airport, marking a significant cultural showcase upgrade for the airport [1][3] - The store is a collaboration between the Capital Airport Commercial Company and People's Daily People's Creativity, designed to make culture tangible and history perceptible, featuring over a thousand national trend products inspired by renowned museums [2][3] - This initiative aligns with national cultural strategies and aims to transform airport commerce from mere consumer traffic to a model that integrates cultural value, promoting both cultural dissemination and economic benefits [3] Group 2 - The store employs a combination of static displays and dynamic interactions to integrate traditional culture into consumable and experiential cultural products, attracting numerous travelers [2] - Future plans include strengthening cultural connections at the airport, expanding cultural creative industry collaborations, and developing a matrix of cultural retail experiences that are engaging and interactive [3] - The goal is to evolve the Capital Airport from a transportation hub to a "national cultural living room," enhancing its role as a cultural landmark [3][5]

Group 1 - The "Whistle" represents a cultural product from Xiaoshan, specifically a handmade tool called "Zhu Xiao," which has gained popularity on social media platforms like Douyin [2] - The development of the cultural and creative industry, along with the promotion of the "new three items" in culture, is essential for economic breakthroughs [3] - The construction of the Changlong International Aviation Re-manufacturing Center is set to begin in 2025, marking a significant step in establishing an aviation maintenance capability in Zhejiang [3] Group 2 - The focus on low-altitude economy during the two sessions highlights the need for both hardware infrastructure and soft systems to support its integration into daily life [4] - The proposal to enhance the low-altitude economy includes exploring demand-driven construction models and integrating drone applications into urban functions [4] - The shift from high-altitude to low-altitude economic strategies reflects a broader transformation in logistics, human flow, information flow, and financial flow [5] Group 3 - The discussions during the two sessions emphasized the importance of economic confidence and the cultural sector's response to challenges such as AI [5] - The reference to the "Binjiang case" illustrates the potential for Xiaoshan to experience a similar strategic opportunity through ongoing reforms [5]

Group 1 - The report highlights the active participation of the Chengdu Municipal Committee of the Chinese People's Political Consultative Conference in contributing to the modernization of Chengdu, aligning with national and local strategic goals [1] - A total of 831 proposals were received, with 492 officially registered, including 53 merged proposals, indicating a strong engagement from committee members [1] - The proposals cover various areas, including enhancing urban development, promoting technological innovation, and improving public welfare, reflecting a comprehensive approach to city governance [1][2][3][4] Group 2 - The proposals related to enhancing urban development focus on building strategic industrial chains and improving talent mobility, with 36 proposals registered in this category [2] - A significant emphasis is placed on technological and industrial innovation, with 127 proposals aimed at fostering collaboration between state-owned and private enterprises and enhancing the digital economy [2] - The report also addresses the need for deep reforms and high-level openness, with 31 proposals aimed at improving resource allocation and promoting international medical tourism [3] - Cultural innovation is highlighted with 62 proposals aimed at enhancing the city's cultural influence and developing creative industries [3] - The focus on improving public welfare is evident with 125 proposals aimed at enhancing education, employment support, and healthcare services [4] - Environmental sustainability is addressed with 22 proposals aimed at promoting green transformation and improving urban ecological systems [4] - Governance improvements are proposed through 48 initiatives aimed at enhancing urban management and community engagement [4]

Core Viewpoint - Beijing is focusing on cultural heritage preservation and utilization, particularly in relation to the central axis and archaeological sites, with significant plans for the upcoming years [1][2][4]. Group 1: Cultural Heritage Protection and Utilization - The successful application for the Beijing central axis as a UNESCO World Heritage site has led to the implementation of protective regulations and action plans, including 45 key tasks for the next three years [2][4]. - In 2025, the completion of the protection and display project for the Xianlong Altar is planned, along with the establishment of heritage markers at 15 sites along the central axis [2][3]. - The promotion of cultural heritage through exhibitions and volunteer programs aims to enhance public engagement and awareness, with 1,286 volunteers recruited for the central axis protection efforts [3][4]. Group 2: Museum Development and Cultural Innovation - By 2025, it is projected that over 100 million visitors will attend museums in Beijing, with ongoing reforms to improve service quality and visitor experience [5][6]. - The establishment of the Great Wall Museum is set for 2026, alongside legislative efforts to enhance museum regulations and deepen institutional reforms [6]. - The "Beijing Museum Season" will feature various cultural activities and exhibitions, integrating modern technologies like VR and AR to enrich visitor experiences [5][10]. Group 3: Archaeological Projects and Future Plans - The archaeological work at the Liuli River site has been recognized nationally, and efforts will continue to advance its application for World Cultural Heritage status [7][9]. - Plans for 2026 include extensive archaeological explorations and research at the Liuli River site, focusing on understanding the historical urban layout and significant findings related to the Yan state [9]. - The preservation and promotion of Yunju Temple as a significant cultural site will be prioritized, with efforts to support its application for the World Memory Heritage status [8][9]. Group 4: Cultural Products and Market Expansion - The "Beijing Museum" cultural brand has gained popularity, with successful product launches generating significant sales, such as the "Tian Gong Zao Jing" refrigerator magnet [10]. - In 2026, the focus will be on upgrading cultural products and expanding their market reach, with initiatives like the "Cultural Heritage in Beijing" series [10][11]. - Collaborative events and exhibitions will be organized to integrate cultural products into broader commercial and tourism activities, enhancing public engagement [10][11].

Core Viewpoint - The cultural events in Shenyang during the New Year holiday showcase a blend of traditional craftsmanship and modern creativity, attracting significant public interest and participation [1][2][3][4]. Group 1: Cultural Exhibitions - The Shenyang Museum's intangible cultural heritage display features artisans demonstrating traditional skills, such as the creation of figures from dough and intricate embroidery, highlighting the region's cultural depth [2]. - Visitors express pride in local craftsmanship, with one citizen noting the emotional connection to the exquisite embroidery that reflects Shenyang's cultural heritage [2]. - The dynamic performance area includes traditional Chinese opera and local drum performances, enhancing the festive atmosphere [2]. Group 2: New Year Cultural Market - The third Industrial Museum Cultural Market offers a variety of traditional and creative New Year goods, evoking childhood memories of festive celebrations [3]. - The market features unique cultural products and local delicacies, providing visitors with a dual experience of exhibition and shopping [3]. - Children's performances by the Industrial Museum's choir receive positive feedback, showcasing youthful energy and cultural engagement [3]. Group 3: Educational and Creative Initiatives - The "Qingqin Creation" university student cultural and creative week attracts attention, featuring handmade products from local universities that reflect the creativity and entrepreneurial spirit of young people [4]. - Students express enthusiasm for sharing their work and contributing to the innovation and preservation of industrial culture [4]. - The series of events during the New Year holiday emphasizes the importance of cultural transmission and the vibrant continuation of local traditions [4].

Core Viewpoint - Guizhou Province has officially introduced 43 specific measures to enhance the development of cultural and creative products, aiming to transition the cultural tourism industry from resource dependence to innovation-driven transformation [1][2] Group 1: Policy Measures - The 43 measures provide systematic solutions to industry bottlenecks through creative transformation, industrial upgrading, and market expansion, establishing a complete industrial chain support system from works to products to goods [1] - The measures emphasize the importance of exploring unique cultural resources such as red culture, Wang Yangming culture, ethnic culture, and Tunpu culture to address issues of product homogeneity and insufficient cultural connotation [1] Group 2: Industry Impact - The cultural and creative industry drives high-quality development in tourism by transforming tourism products from simple souvenirs to deep consumer goods that embody regional culture and emotional value [1] - The measures promote an upgrade in tourism experiences from mere sightseeing to immersive and interactive experiences, facilitating a shift from ticket-based economies to a composite consumption ecosystem [1] Group 3: Successful Examples - Recent successful cultural and creative products, such as the "Non-Heritage Phoenix Crown" 3D fridge magnet and "Little Old Fei" merchandise, demonstrate the potential of this direction, attracting significant consumer interest and social media engagement [2] - These products enrich the brand connotation of "Colorful Guizhou" and create a fusion ecosystem of "creativity + tourism + manufacturing," enhancing the overall effectiveness of the cultural tourism industry [2] Group 4: Collaborative Mechanism - The measures highlight the establishment of a collaborative mechanism involving government guidance, market leadership, enterprise participation, industry norms, and social involvement, which can effectively integrate resources and stimulate market innovation [2] - The long-term impact of these measures is expected to shift the cultural and creative industry from "single-point breakthroughs" to "systematic enhancements," activating new momentum for cultural tourism integration and high-quality development [2]

Core Insights - The article discusses the recent measures introduced by Guizhou Province to enhance the development of cultural and creative products, aiming to stimulate market vitality and address development bottlenecks [2][6] - Guizhou's cultural and creative industry is experiencing robust growth, leveraging local cultural resources and integrating digital technology to enhance product offerings [3][4] Group 1: Policy Measures - Guizhou has implemented 43 specific measures to promote the development of cultural and creative products, focusing on creative design, production, and marketing [2][6] - The measures aim to establish a long-term mechanism for the sustainable development of the cultural and creative industry in Guizhou [6] Group 2: Market Dynamics - The cultural and creative market in Guizhou is vibrant, with various products such as 3D fridge magnets and silver jewelry gaining popularity among tourists [3][4] - Digital technology is playing a crucial role in transforming traditional crafts into modern products, significantly improving production efficiency and reducing costs [4][5] Group 3: Economic Impact - The development of the cultural and creative industry is creating a composite consumption ecosystem that enhances visitor engagement and spending [5] - Companies like Lejia Cultural Technology have successfully established a toy industry in a previously underserved area, generating over 500 million yuan in annual output and creating employment for over 8,000 people [5] Group 4: Future Directions - Experts suggest that Guizhou should focus on strengthening brand and IP development while fostering talent through educational partnerships to sustain the growth of the cultural and creative industry [7]

Core Viewpoint - The company Tong Shifu, known for its copper cultural products, is positioning itself as the "Bubble Mart for middle-aged men" and is preparing for an IPO to become the first publicly listed company in the copper cultural sector [1][3]. Market Position - As of 2024, Tong Shifu holds the largest market share in China's copper cultural craft product market at 35% [2]. - The market for copper cultural crafts is relatively small, with an estimated size of 1.58 billion yuan in 2024, projected to grow to 2.3 billion yuan by 2029 [20]. Financial Performance - Revenue from Tong Shifu's copper cultural products is projected to grow from 503.2 million yuan in 2022 to 571.2 million yuan in 2024, with net profits expected to increase from 56.9 million yuan to 78.98 million yuan in the same period [5][6]. - In the first half of 2025, revenue was 292 million yuan, a decrease of 11.2% year-on-year, attributed to strategic resource allocation towards new product development [5]. Product and IP Strategy - Tong Shifu has developed a comprehensive IP matrix, including self-developed and licensed IPs, with significant revenue contributions from self-developed IPs [7][9]. - The company has launched various product lines, including copper, silver, and gold cultural products, with a notable focus on appealing to younger consumers through sub-brands [17][18]. Sales Channels - The company primarily relies on online sales, with online direct sales accounting for approximately 70% of total revenue from 2022 to 2025 [10]. - Tong Shifu is expanding its offline presence, planning to open 50 new stores in major cities over the next three years [11]. Cost and Pricing - The average copper purchase price has increased from 58.6 yuan/kg in 2022 to 65.2 yuan/kg in 2025, impacting profit margins [21][22]. - The company offers a wide range of products, from low-cost items to high-end pieces, with the lowest priced item at 38 yuan and the highest at approximately 80,700 yuan [22]. Brand Perception and Challenges - Despite its growth, Tong Shifu faces challenges in attracting younger consumers compared to competitors like Bubble Mart, as its products lack the same cultural penetration and appeal [20][24]. - The company aims to enhance the cultural value of its products to establish a stronger market position and differentiate itself from competitors [23].

Core Viewpoint - The 7th Chengdu Digital Copyright Trading Expo emphasizes the importance of copyright in the digital cultural industry, showcasing nearly 200 digital cultural enterprises and over 300 brands, with an expected participation of over 300,000 people [3][4]. Group 1: Event Overview - The expo features a theme of "Creating IP, Building Value, Winning the Future" and is held at the Chengdu International Fashion Industry Park [3]. - The event includes 3,000 cultural products and IPs, breaking the traditional exhibition model by making digital cultural achievements more accessible to the public [4]. - The expo aims to create a vibrant atmosphere for copyright respect, creative encouragement, active trading, and efficient transformation [3]. Group 2: Economic Impact - The expo is expected to generate over 5 billion yuan in copyright licensing and trading by 2026, significantly boosting related consumption [5]. - The event includes over 20 industry supply-demand matching activities, highlighting the signing of the national tour authorization for the musical "Panda" and collaborations with Shantou for cultural copyright incubation [5]. Group 3: Future Prospects - Chengdu aims to enhance its international brand and strengthen its role in the digital cultural field through the expo, promoting more "Chengdu-made" IPs to the global market [6].