Core Viewpoint - The recent popularity of LABUBU from Pop Mart highlights the growing interest in aesthetic and commercially valuable products in the trendy toy IP sector, coinciding with the listing ambitions of companies in this field [1] Company Overview - Tongshifu, based in Hangzhou, is focusing on copper cultural and creative products and has made progress in its overseas IPO filing [2][4] - The company was founded in 2013 by Yu Guang, who previously led a bathroom products business, after realizing the high costs of acquiring copper statues [5] - As of May 2, 2025, Yu Guang holds approximately 26.27% of the voting rights, making him the largest shareholder, with significant stakes held by Shunwei and Xiaomi Group [5][7] Product Categories - Tongshifu's products are categorized into four main types: copper cultural products, plastic trendy toys, silver cultural products, and gold cultural products [7] - The core product line is copper cultural products, which accounted for over 95% of revenue during the reporting period, with copper figurines making up more than 85% of that revenue [9][10] Financial Performance - The company's revenue has shown slight growth, with figures around 503 million RMB in 2022, 506 million RMB in 2023, and an estimated 571 million RMB in 2024, while net profit has fluctuated [13] - The gross profit margins have improved from 32.2% in 2022 to an estimated 35.4% in 2024, despite challenges in net profit due to market conditions [13] Market Dynamics - The market for copper cultural products is small, with a projected market size of only 16 billion RMB by 2024, despite a compound annual growth rate (CAGR) of 7.3% from 2019 to 2024 [17] - The overall cultural and creative product market in China is expected to grow from 286.9 billion RMB in 2019 to 464.7 billion RMB by 2029, with plastic resin products experiencing the fastest growth [14] Competitive Landscape - The copper cultural product market is highly concentrated, with the top three players accounting for over 70% of total revenue, and Tongshifu leading with a market share of approximately 35% [20] - The company faces intense competition despite high entry barriers due to the complexity of product development and brand establishment [20] Sales Channels - Tongshifu relies heavily on online sales, with approximately 70% of revenue generated from platforms like Tmall, JD.com, and Douyin, while physical retail contributes a smaller portion [22][23] - The company plans to expand its market presence overseas, although its products are deeply rooted in Chinese cultural narratives, which may not resonate with international consumers [24]

四、请补充说明公司及下属公司开发、运营的网站、APP、小程序等产品情况，收集及储存的用户信息 规模、数据收集使用情况，是否涉及向第三方提供个人用户信息，上市前后个人信息保护和数据安全的 安排或措施。 五、请补充说明公司股东人数的计算方式及依据。 六、请补充说明本次拟参与"全流通"的股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 智通财经APP获悉，6月27日，中国证监会公布境外发行上市备案补充材料要求公示(2025年6月20日— 2025年6月26日)。中国证监会对铜师傅等10家企业出具补充材料要求。其中，证监会要求铜师傅说明持 股5%以上的境外主要股东中境内主体的具体情况等事项。据悉，铜师傅已于2025年5月9日向港交所主 板提交上市申请，招银国际为独家保荐人。 请铜师傅补充说明以下事项，请律师核查并出具明确的法律意见: 一、请补充说明持股5%以上的境外主要股东中境内主体的具体情况，Shunwei Ventures III(Hong Kong) Limited与天津金米投资合伙企业(有限合伙)是否存在关联关系或一致行动关系。 二、请补充说明公司相关股东股权代持形成原因、演变情况、合法合规性、是否存在 ...

小众的铜制工艺品行业，能否创造一个新的"泡泡玛特"，市场正在将目光聚焦于这样一家港股拟上市企 业。 日前递交港股招股书的铜师傅，以35%的市占率位居中国铜制文创工艺品龙头，然而全年营收只有5.51 亿元。 尽管营收不足泡泡玛特的二十分之一，但铜师傅身上并不缺少流量光环。 它曾被雷军评价为"小米体系外最像小米的企业"，两度获得顺为资本、小米集团投资。 不仅是小米生态链中罕见的工艺品品牌。 也在潮玩热度一骑绝尘的当下，被赋予"中年男人的泡泡玛特"的期待。 冲刺IPO的半年前，股东之一以4.16元/股的价格转让其持有的股权，较比两年前交易估值跌去85%。 铜师傅的机会与问题都在哪里？ 小米学徒 铜制工艺品曾是一个传统且小众、两极分化严重的市场。 动辄几万的精致作品，与廉价、做工粗糙的地摊货共存，缺乏高性价比的优质产品。 有品类、无品牌市场的空白让铜师傅的创始人俞光看到了机遇。 2014年，铜师傅首批产品在天猫旗舰店上线，名为"马到成功"的马型铜雕定价仅999元，较比市面上动 辄数千元的同类产品，性价比凸显。 加之赶上了淘系电商的渗透红利，到2016年，铜师傅全渠道营收共1.06亿，天猫旗舰店成交额达到9100 万。 ...

Core Viewpoint - The article discusses the rise of Tong Shifu, a leading player in the domestic copper cultural and creative product market, which has been dubbed "the Bubble Mart for middle-aged men" due to its unique positioning and appeal to a specific consumer demographic [2][7][20]. Company Overview - Tong Shifu holds a market share of 35% in the copper cultural and creative product sector in China as of 2024 [7][18]. - The founder, Yu Guang, transitioned from the bathroom industry to the copper craft sector after a personal experience of being deterred by high prices for a copper statue [2][14]. - Despite its leading position, Tong Shifu's net profit has not exceeded 100 million yuan for three consecutive years, with a reported net profit of 44 million yuan in 2023, a decline of over 20% year-on-year [2][17]. Financial Performance - From 2022 to 2024, Tong Shifu's revenue figures were 503 million yuan, 506 million yuan, and 571 million yuan, indicating steady growth but remaining below 600 million yuan [17]. - In contrast, Bubble Mart achieved a revenue of 13.038 billion yuan in 2024, showcasing a significant disparity in scale and profitability [16][17]. Market Dynamics - The overall market for cultural and creative products in China is projected to grow from 4.5 trillion yuan in 2019 to 8.8 trillion yuan by 2029, with the copper cultural product market expected to increase from 1.1 billion yuan to 2.3 billion yuan in the same period [17][18]. - The copper cultural product market remains relatively small, which poses challenges for Tong Shifu in terms of scaling its business [18]. Revenue Structure - Tong Shifu's revenue is heavily reliant on copper cultural products, contributing 95% or more to total revenue from 2022 to 2024 [18][19]. - Online sales account for over 70% of Tong Shifu's revenue, highlighting a strong dependence on e-commerce platforms [19]. Strategic Initiatives - To overcome growth limitations, Tong Shifu is diversifying its product offerings to include plastic toys, silver, gold, and wooden cultural products, although these efforts have faced challenges [18][19]. - The company has also engaged in collaborations with popular IPs to enhance brand visibility and consumer engagement [15].

以下文章来源于天下网商 ，作者天下网商 中年男人的泡泡玛特，如今正冲击上市。 天下网商 . 今年5月，杭州铜师傅文创集团股份有限公司（以下简称铜师傅）向港交所主板正式递交招股书申请 上市，招银国际为独家保荐人。 记录互联网商业的人物和故事。 来源丨 天下网商（ID：txws_txws） 作者丨金雅 铜质文创工艺品，是这家公司的王牌产品，近三年里为公司创造了超过95%的收入。铜师傅线上平均 客单价高于750元，全网粉丝超过500万，中年男性是其主流消费者。 据招股书，2022年—2024 年，铜师傅的营收分别为 5.03 亿元、5.06 亿元、5.71 亿元，年内利润 分别为 5693.8万元、4413.1万元、7898.2万元。若按2024年总收入计，铜师傅以35.0% 的市场份 额，位居中国铜质文创工艺产品市场第一。 | | | | 截至12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | | | 人民幣千元 | 估收入% | 人民幣千元 | 佔收入% | 人民幣千元 | ...

最近一个月，《哪吒2》新一波联名、授权热潮来袭。在亮相的品牌合作中，一次性公布了10个授权产品、覆盖多个价位档次的铜师傅，引发《哪吒2》粉 丝诸多讨论。 在衍生品市场，铜师傅并不是一个高知名度品牌。但通过整理铜师傅过去的授权IP合作情况，ACGx发现原来该品牌是个授权合作大户。2017年至今，铜 师傅和取得了30多个IP授权，特别是近三年年均至少有五次合作，其中不乏敦煌、武当、少林等中国文化IP，但更多的是《变形金刚》《功夫熊猫》《圣 斗士星矢》《猫和老鼠》等海外经典IP或热门IP。 尽管合作频繁，近期铜师傅在港交IPO的招股说明书中，却提到公司近3年营收增速缓慢，且其原创IP和授权IP收入贡献占比长期维持在9:1左右。这意味 着大量授权IP合作并未给铜师傅带来明显收入增长。这在文创生意如此火热的当下，实属少见。 2017年进入衍生品市场，至今仍是新人 成立于2013年的铜师傅，是一家专注于铜制文创工艺品的品牌。 相较于其他积累已久的同行，铜师傅品牌运营时间可以说是相当短。但凭借坚持高性价比产品路线和线上销售，以及小米、顺为等资本在前三轮上亿元的 投资，铜师傅快速打开市场，其现有用户群体为30-35岁男性消费 ...

近期，杭州铜师傅文创(集团)股份有限公司（下称"铜师傅"）提交了招股说明书，拟港股IPO上市。 笔者注意到，铜师傅主要依靠铜质文创产品为生，但是无论是公司整体业绩，还是核心产品，其增速均呈现出 "跑输行业"的发展态势，成长性令人担忧。 2022年-2024年（下称"报告期"），铜师傅分别实现营业收入50318.5万元、50638.3万元、57118.8万元，年内利润分别为5693.8万元、4413.1万元、7898.2万 元，营收持续增长，净利润在波动。 从产品上看，铜师傅主要拥有铜质文创产品、银质文创产品、黄金文创产品、木质文创产品，其中铜质文创产品产生的销售收入分别为47964.5万元、 48800.5万元、55125.1万元，分别占当期营业收入的95.4%、96.3%、96.6%，为公司最重要的产品。 | | | | 截至12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | | | | 估收入的 | | 估收入的 | | 估收入的 | | | 人民幣千元 | 自分比 ...

Core Viewpoint - The article highlights the rapid growth and market success of Tong Shifu, a company specializing in copper crafts, which has gained significant popularity among young male consumers, paralleling the success of brands like Bubble Mart in the new consumption sector [3][48]. Company Overview - Tong Shifu, founded by Yu Guang, has become the leading brand in China's copper cultural and creative products industry, leveraging a unique market position and a focus on quality [7][9]. - The company has recently submitted its IPO application in Hong Kong, indicating its readiness for public listing [9]. Business Strategy - Yu Guang's entrepreneurial journey reflects a commitment to quality and innovation, having previously succeeded in the bathroom fixtures industry before pivoting to copper crafts [12][16]. - The company employs a pricing strategy aimed at making copper products accessible to a broader audience, with items like the "Twelve Zodiac" series priced as low as 99 yuan [21][23]. - Tong Shifu has adopted a marketing approach similar to Xiaomi, focusing on community engagement and brand loyalty through events like the "Copper Fan Heroes Conference" [27][30]. Market Performance - In 2024, Tong Shifu achieved a revenue of 5.71 billion yuan with a net profit of 790 million yuan, reflecting a net profit margin of 13.8% [46]. - The company holds a 35% market share in the Chinese copper cultural and creative products market, positioning it as a dominant player [46]. Consumer Demographics - The primary consumer base consists of over 500 million "Copper Fans," predominantly young males aged 30-35, indicating a strong trend towards interest-based consumption [48].

铜质文创工艺产品头部品牌 ——铜师傅（H02150.HK）招股说明书解读 2025年5月18日 作者：姜浩 执业证书编号S0930522010001 梁丹辉 执业证书编号S0930524070007 证券研究报告 核心观点 铜师傅：铜质文创产品领先者 公司以铜质文创产品为核心，为消费者提供铜质摆件、铜质雕画、塑胶潮玩、金银文创产品等多样化商品。公 司在铜质产品领域深耕多年，对铜质产品的传统工艺具有深厚积累。弗若斯特沙利文数据显示，按2024年收入 计，公司在中国铜质文创工艺产品市场排名第一，市占率达到35.0%，具备领先地位。 铜质文创产品市场快速发展，集中度较高 弗若斯特沙利文数据显示，我国2024年金质文创工艺产品销售收入达187亿元，占中国金属文创工艺产品市场比 例达到74.2%。铜质文创工艺产品占比相对较小，2024年我国铜质文创工艺产品销售收入16亿元，占比6.3%， 但其2019-2024年CAGR达到7.3%，高于整体中国金属文创工艺产品市场增速1.8%，且预计2024-2029年铜质产 品市场规模仍将以高于整体的7.7%的CAGR增长。中国铜质文创产品市场集中度较高，2024年市场前三名共计 ...

以下文章来源于IPO日报 ，作者佘诗婕 IPO日报 . 财经记者、财务专家、法律专家组成的专业团队，专注检验拟上市公司、上市公司质量。 作者 | 佘诗婕 来源 | IPO日报 导 语 ： 雷军："铜师傅是我们整个小米体系之外最像小米的企业。" 日前，杭州铜师傅文创（集团）股份有限公司（以下简称"铜师傅"）正式向港交所递交招股书，拟于主板上市，招银国际担任独家保荐人。 雷军投资 "铜师傅"创始人俞光曾在媒体专访中透露，他创业的原因是出于一次购买"未果"。 2013年，俞光在杭州为朋友挑选乔迁礼物时，遍寻市场却找不到一尊兼具品质与性价比的铜制关公像。高端作品标价动辄数万元，低端产品则粗糙廉 价，这种两极分化的市场现状让他萌生了创业的想法，于是，铜工艺品牌 "铜师傅" 应运而生。 俞光凭借多年在建材行业的经验，敏锐地察觉到铜材质的独特优势。 作为仅次于金银的贵金属，铜不仅具有高贵的质感，还具备优异的延展性和可塑性，能够驾驭传统、现代等多种艺术风格。与陶瓷相比，铜器不易碎裂； 与木雕相比，更适合规模化生产。 此后两年间，铜师傅完成四轮融资，累计融资超8.2亿元。 雷军更是公开称："铜师傅是我们整个小米体系之外最像小米 ...