Core Viewpoint - The company "Copper Master" has achieved significant revenue in the copper cultural and creative product market, with plans for an IPO in Hong Kong after an unsuccessful attempt to list on the A-share market. The company is recognized as a leader in its sector, holding a substantial market share and a loyal customer base referred to as "Copper Fans" [1][15][18]. Company Overview - Founded in March 2013 as Hangzhou Taicopper Craft Co., Ltd., the company restructured into a joint-stock company in November 2014 and was renamed Hangzhou Copper Master Cultural Creative Group Co., Ltd. in December 2024 [3]. - The company has developed into a leading brand in the domestic copper cultural and creative product market over the past decade, with a market share of approximately 35% as of December 2024 [3][4]. Financial Performance - The company's revenue from copper cultural and creative products for the years 2022 to 2024 is projected to be 480 million RMB, 488 million RMB, and 551 million RMB, respectively, contributing over 90% of total revenue [1][8]. - The total revenue for the company from 2022 to 2024 is approximately 5.03 billion RMB, 5.06 billion RMB, and 5.71 billion RMB, with net profits fluctuating during this period [13][14]. Market Position - The copper cultural and creative product market in China is highly concentrated, with the top three players accounting for over 71.9% of the market share. Copper Master ranks first with a market share of 35% [3][4]. - The market size for copper craft products has grown from 1.1 billion RMB in 2019 to an estimated 1.6 billion RMB in 2024, with a projected compound annual growth rate of 7.7% from 2024 to 2029 [18]. Product and Sales Channels - The product mix is primarily focused on copper cultural and creative products, which accounted for 95.4% to 96.6% of total revenue from 2022 to 2025 [8][10]. - Online sales are a significant revenue driver, contributing approximately 70% of total revenue, with major platforms including Tmall, JD.com, and Douyin [12][13]. Strategic Developments - The company has attempted to expand its product offerings beyond copper products to include plastic toys, silver, and gold cultural products, although these categories currently contribute less than 5% of total revenue [11]. - Copper Master has developed a range of original and licensed IPs, including collaborations with popular franchises such as "Game of Thrones" and "Jurassic World" [11]. Investment and Shareholding - The company has attracted significant investment from notable entities, including Xiaomi Group and Shunwei Capital, with Xiaomi holding approximately 9.56% of shares [15][17]. - As of the latest disclosure, the founder holds 26.27% of the shares, maintaining the largest single shareholder position [16].

Core Viewpoint - The company, Hangzhou Tongshifu Cultural Creative (Group) Co., Ltd., known as "Tongshifu," has achieved nearly 600 million yuan in revenue from copper cultural products and is now pursuing an IPO in Hong Kong after an unsuccessful attempt to list on the A-share market in 2024 [1][13]. Company Overview - Tongshifu has been deeply engaged in the copper cultural product sector for over a decade and ranks first in the Chinese market with a market share of approximately 35.0% in total revenue and 44.1% in online revenue as of December 31, 2024 [1][3]. - The company's main brand, "Tongshifu," has generated significant revenue from copper cultural products, contributing 4.80 billion yuan, 4.88 billion yuan, 5.51 billion yuan, and 2.93 billion yuan from 2022 to the first half of 2025, accounting for over 90% of total revenue [1][6]. Market Position - The copper cultural product market in China is highly concentrated, with the top three players holding over 71.9% of the market share. Tongshifu leads with a market share of 35.0% [3][4]. - The second-largest competitor, speculated to be Hangzhou Zhubingren Copper Art Co., Ltd., achieved revenues of 4.85 billion yuan and 6.20 billion yuan in 2023 and 2024, respectively [4]. Revenue and Profitability - From 2022 to 2024, Tongshifu's revenues were approximately 5.03 billion yuan, 5.06 billion yuan, and 5.71 billion yuan, with net profits fluctuating from 570 million yuan in 2022 to 440 million yuan in 2023, and then increasing to 790 million yuan in 2024 [11]. - The company reported a revenue of 3.08 billion yuan and a net profit of 300 million yuan in the first half of 2025 [11]. Product Categories and Sales Channels - The core product category is copper cultural products, which contributed 95.4%, 96.3%, 96.6%, and 94.9% of total revenue from 2022 to the first half of 2025 [6][9]. - Online sales dominate the revenue stream, with online direct sales accounting for approximately 70% of total revenue during the same period [10][11]. Consumer Base and Branding - The target audience primarily consists of middle-aged men, leading to the nickname "the Bubble Mart for middle-aged consumers." Loyal customers are referred to as "Tongfen," and the company organizes an annual "Tongfen Festival" to engage them [1][15]. - The company has developed a range of sub-brands, including plastic trendy toys and silver cultural products, although these currently contribute less than 5% of total revenue [8][9]. Investment and Shareholding - The company has attracted significant investment from notable entities, including Xiaomi Group and Shunwei Capital, with Xiaomi-related holdings totaling approximately 22.95% [13][14]. - The founder, Yu Guang, remains the largest single shareholder with a 26.27% stake [13]. Industry Outlook - The domestic copper cultural product market is projected to grow from 1.1 billion yuan in 2019 to 1.6 billion yuan in 2024, with a compound annual growth rate of 7.7% expected from 2024 to 2029, reaching 2.3 billion yuan by 2029 [16].

Core Viewpoint - The company, Hangzhou Tongshifu Cultural Creative (Group) Co., Ltd., known as "Tongshifu," has achieved nearly 600 million yuan in revenue from copper cultural products and is now pursuing an IPO in Hong Kong after an unsuccessful attempt to list on the A-share market in 2024 [1][10]. Company Overview - Tongshifu has been deeply engaged in the copper cultural product sector for over a decade, ranking first in the Chinese market with a market share of approximately 35.0% in total revenue and 44.1% in online revenue as of December 31, 2024 [1][2]. - The company's main brand, "Tongshifu," has generated significant revenue from copper cultural products, contributing 4.80 billion yuan, 4.88 billion yuan, 5.51 billion yuan, and 2.93 billion yuan from 2022 to the first half of 2025, accounting for over 90% of total revenue during these periods [1][5]. Market Position - The copper cultural product market in China is highly concentrated, with the top three players holding over 71.9% of the market share. Tongshifu leads with a market share of 35.0% [2]. - The second-largest competitor, speculated to be Hangzhou Zhubingren Copper Art Co., Ltd., has a market share of 31.8% and reported revenues of 4.85 billion yuan and 6.20 billion yuan for 2023 and 2024, respectively [3]. Revenue and Profitability - From 2022 to 2024, Tongshifu's revenues were approximately 5.03 billion yuan, 5.06 billion yuan, and 5.71 billion yuan, with net profits fluctuating from 570 million yuan in 2022 to 440 million yuan in 2023, and then increasing to 790 million yuan in 2024 [9]. - The average selling price of copper cultural products has decreased over the same period, attributed to a shift in consumer preference towards lower-priced small-sized SKUs [6][7]. Product Diversification - The company is expanding its product range beyond copper cultural products to include plastic trendy toys, silver cultural products, and gold cultural products, although these sub-brands currently contribute less than 5% of total revenue [7]. - Notable product lines include the copper gourd series and the Great Sage series, generating approximately 130 million yuan and 108 million yuan, respectively [8]. Sales Channels - Online sales are a significant revenue source for Tongshifu, with direct online sales contributing 3.55 billion yuan, 3.54 billion yuan, 4.03 billion yuan, and 2.15 billion yuan from 2022 to the first half of 2025, maintaining around 70% of total revenue [9]. Investment and Shareholding - The company has attracted investments from notable entities, including Xiaomi Group and Shunwei Capital, with Xiaomi holding a 9.56% stake and Shunwei Capital holding 13.39% [10][11]. - The founder, Yu Guang, remains the largest shareholder with a 26.27% stake [11]. Industry Outlook - The market for copper cultural products is projected to grow from 1.1 billion yuan in 2019 to 1.6 billion yuan in 2024, with a compound annual growth rate of 7.7% expected from 2024 to 2029, although the total market size is anticipated to reach only 2.3 billion yuan by 2029, indicating limited growth potential for capital investment [14].

Core Insights - The article discusses the journey of the company "Copper Master" founded by entrepreneur Yu Guang, highlighting its growth and recent IPO attempt in Hong Kong after a failed attempt earlier this year [1][2]. Company Overview - Copper Master was established in 2013, initially focusing on producing bronze statues, particularly of the deity Guan Gong, and has since expanded its product line to include various bronze cultural and creative products [2]. - The company has achieved an annual revenue of 5 billion RMB, leveraging a business model inspired by Xiaomi, which emphasizes cost-effectiveness and consumer engagement [1][6]. Market Position - According to a report by Frost & Sullivan, Copper Master holds the largest market share in China's bronze cultural and creative product market, with a commanding 35% share as of the end of 2024 [3][4]. Product Strategy - The company has developed a diverse IP matrix, creating hundreds of original product IPs between 2022 and 2024, with over 90% of its revenue coming from self-developed IPs [5]. - Despite expanding its material offerings to include gold, silver, and plastic, the core business remains focused on bronze products, which accounted for over 95% of revenue during the reporting period [2][8]. Financial Performance - Copper Master has shown continuous profitability, with revenues increasing from 503 million RMB in 2022 to an estimated 571 million RMB in 2024. However, net profits have fluctuated, with a notable decline of nearly 24% year-on-year in the first half of 2023 [8][11]. - The company reported a net profit of 30.24 million RMB for the first half of 2023, down 23.9% from the previous year, attributed to increased operational costs and non-recurring expenses [10][11]. Future Plans - The company aims to use the funds raised from its IPO to enhance product development, increase production capacity, improve sales channels, and upgrade digital infrastructure [11].