Core Viewpoint - The recent IPO application by Tong Shifu Cultural Group has attracted significant market attention, highlighting concerns over its performance and valuation amidst a competitive landscape in the copper cultural products market [1][5]. Company Performance - Since its establishment in 2013, Tong Shifu has focused on the design and development of copper cultural products, aiming to combine the unique charm of copper with modern creative design [1]. - Despite holding a leading position in the copper cultural products market, Tong Shifu's revenue growth rate of 6.54% is notably lower than the industry average growth rate of 9.21% [1]. - In the core business of copper ornaments, Tong Shifu's growth rate lags behind the industry by 2.51 percentage points [1]. Financial Estimates - Estimated revenues for 2022, 2023, and 2024 are projected at RMB 479.645 million, RMB 488.005 million, and RMB 551.251 million respectively, with copper ornaments contributing significantly to these figures [2]. - The revenue from copper ornaments is expected to grow from RMB 428.004 million in 2022 to RMB 497.831 million in 2024, indicating a slight increase in market share [2]. Valuation Fluctuations - Tong Shifu's valuation experienced significant volatility, peaking at RMB 2.614 billion in July 2021 before plummeting to RMB 1.6 billion, a decline of 38.26% within a year and a half [2][3]. - A recent share transfer at a price of RMB 4.16 per share, over 85% lower than previous highs, has intensified market concerns regarding the company's valuation [3]. Market Challenges - The company faces challenges in its IPO journey, with increasing market competition and investor caution regarding valuations [7]. - The ability of Tong Shifu to optimize its growth model and enhance market competitiveness will be critical in reversing its current performance trends [5].