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]

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].

Core Insights - The recent collaboration between Tong Shifu and the IP "Nezha 2" has sparked significant interest, with 10 licensed products announced, covering various price points [1] - Despite frequent collaborations, Tong Shifu's revenue growth has been slow, with licensed IP income contributing only about 10% to total revenue over the past three years [3][9] - Tong Shifu, established in 2013, has quickly gained market share in the copper cultural craft market, holding a 35% share as of 2024, but operates in a niche market with a total size of only 1.6 billion yuan [4] Company Overview - Tong Shifu entered the derivative market in 2017 and has since engaged in over 30 IP collaborations, including both domestic cultural IPs and popular international franchises [3][9] - The brand primarily targets male consumers aged 30-35, with an average transaction value exceeding 750 yuan [4] - The company's flagship store on Tmall shows that original products, particularly the "Great Sage" and "Copper Gourd" series, are the best sellers, generating significant revenue [6] Market Position - The copper cultural craft market is relatively small compared to the broader metal cultural craft market, which is dominated by gold products [4] - Despite the brand's efforts to expand through IP collaborations, many licensed products have underperformed in sales compared to original offerings [7][11] - The founder of Tong Shifu has acknowledged the challenges in monetizing IP collaborations, emphasizing the importance of brand visibility over direct sales [11] Product Strategy - Recent collaborations with well-known IPs like "Nezha 2" are seen as more aligned with the brand's identity, potentially attracting a younger consumer base [25][28] - The company has faced criticism for the design of some licensed products, which have been perceived as lacking coherence with the original IPs [15][22] - Future product launches are expected to focus on designs that resonate more with consumer expectations and the brand's traditional craftsmanship [28]

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Tong Shifu, is a leader in the copper cultural and creative product market, holding a market share of 35.0% in China as of 2024 [2][8] - The copper cultural product market is rapidly growing, with a projected CAGR of 7.7% from 2024 to 2029, outpacing the overall growth of the metal cultural product market [3][30] - The company has a strong focus on traditional culture and employs the lost-wax casting method to create refined products [4][56] Market Overview - The Chinese cultural and creative product market is expected to grow from CNY 286.9 billion in 2019 to CNY 354.0 billion in 2024, with a CAGR of 4.3% [27] - The copper cultural product segment is smaller, with a projected sales revenue of CNY 1.6 billion in 2024, accounting for 6.3% of the metal cultural product market [30] - The market is highly concentrated, with the top three companies accounting for 71.9% of the market share in 2024 [37] Product Offering - The company's main products include copper ornaments and copper sculptures, with the copper ornament series being the most popular [42][45] - The company also offers a variety of products based on traditional Chinese culture, including collaborations with well-known IPs [47][53] Financial Performance - The company reported a revenue of CNY 571.2 million in 2024, representing a year-on-year growth of 12.8% [14][66] - The net profit for 2024 was CNY 79.0 million, with a net profit margin of 13.8%, an increase of 5.1 percentage points from the previous year [66] - The overall gross margin improved to 35.4% in 2024, up by 3.0 percentage points [66] Sales Channels - The company primarily uses direct sales channels, with online direct sales accounting for 70.5% of total revenue in 2024 [61] - The company has expanded its offline presence with nine direct stores in major cities to enhance brand visibility [61]

Core Insights - The article highlights the upcoming IPO of Hangzhou Tongshifu Cultural Creative (Group) Co., Ltd., which is seeking to leverage its market leadership in the copper cultural creative product sector amidst industry challenges [1][9] - The company holds a 35% market share in China's copper cultural creative product market, which is projected to grow but remains limited in size [3][9] Company Overview - Tongshifu was established in 2013 and focuses on copper as its core material, with copper cultural creative products accounting for over 95% of its revenue from 2022 to 2024 [2][3] - The company has a vertically integrated business model covering research, design, development, production, and sales, with a growing number of SKUs from 2,137 in 2022 to 2,485 in 2024 [4] Financial Performance - The company's revenue for 2022, 2023, and 2024 was approximately 503 million, 506 million, and 571 million RMB, respectively, with gross margins improving from 32.2% to 35.4% over the same period [7][8] - Net profits for the same years were reported at approximately 56.9 million, 44.1 million, and 78.0 million RMB [8] Market Dynamics - The copper cultural creative product market in China is relatively small, with a projected size of only 1.6 billion RMB in 2024, indicating limited growth potential compared to the broader cultural creative market [9][11] - The market penetration rates for copper products are low, with urban penetration at 2.34% and rural at less than 1.4%, highlighting a significant gap in market reach [11] Competitive Landscape - The industry faces intense competition with around 1,000 companies producing copper cultural creative products, leading to price competition and market share challenges [9][12] - High-end silver and gold cultural products pose a competitive threat to copper products due to their perceived value and scarcity [9] Strategic Initiatives - The company plans to enhance product innovation by launching over 400 new products annually and focusing on both traditional and trendy designs [12] - Production capacity upgrades are planned through new equipment and hiring additional staff, aiming to improve operational flexibility [12] - Market expansion strategies include targeting international markets like Hong Kong, Japan, and Italy, while also increasing the number of physical stores in key domestic cities [12]

Group 1 - Company "Tong Shifu" has officially submitted its prospectus to the Hong Kong Stock Exchange for an IPO, marking its second attempt at going public after previously withdrawing from the Shenzhen Stock Exchange in September 2024 due to market conditions [1] - The funds raised from the IPO will primarily be used for product research and development, increasing production capacity and flexibility, and enhancing sales and marketing capabilities [1] - Founded in 2013, Tong Shifu specializes in various copper cultural and creative products, including ornaments, sculptures, and wall art, operating under a dual business model of "self-developed IP + authorized IP" with 57 domestic and international IPs [1] Group 2 - As of December 2024, Tong Shifu has opened 9 direct stores in cities like Hangzhou, Suzhou, and Chengdu, and has 68 stores operated by 54 authorized offline distributors [1] - According to a report by Frost & Sullivan, Tong Shifu holds a 35% market share in the Chinese copper cultural and creative product market, ranking first in the industry [1] - The company has received significant backing from various investors, including Shunwei Capital and Xiaomi Group, with multiple rounds of financing completed [1][2] Group 3 - From 2022 to 2024, Tong Shifu's revenue figures were 503 million, 506 million, and 571 million yuan respectively, with net profits of 56.94 million, 44.13 million, and 78.98 million yuan [2] - The gross profit margins for the same period were 32.2%, 32.4%, and 35.4% [2] - The company's revenue is heavily reliant on copper cultural products, which accounted for 96% of total revenue in 2024, while other product lines contributed less than 5% [2]

Core Viewpoint - Copper Master Cultural (Group) Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to reconstruct and reinterpret Eastern aesthetics through its copper cultural products [1][3]. Company Overview - Copper Master focuses on copper cultural products, particularly copper ornaments, and has expanded its material range to include gold, silver, and plastic to attract a broader audience [3]. - The company was established in March 2013 and was previously known by several names before rebranding to "Copper Master" in December 2024 [3]. - As of now, the registered capital of Copper Master is 57 million yuan, with key shareholders including Yu Guang, Shunwei Capital, Xiaomi Group, and Guangxin Capital [3][4]. Market Position - According to a report by Frost & Sullivan, Copper Master holds the largest market share in China's copper cultural craft products market, with a revenue share of 35.0% in 2024 [3]. Financial Performance - The revenue figures for Copper Master in 2022, 2023, and 2024 were approximately 503 million yuan, 506 million yuan, and 571 million yuan, respectively, while net profits were 56.9 million yuan, 44.1 million yuan, and 78.0 million yuan [5][6]. - The revenue from copper cultural products accounted for 95.4%, 96.3%, and 96.6% of total revenue in the respective years [7]. Product Development - Copper Master regularly introduces new SKUs and product lines, with 2,137, 2,296, and 2,485 SKUs offered in 2022, 2023, and 2024, respectively [7]. - The company has created 300, 279, and 456 new original product IPs in the same years, with self-developed IP contributing to 94.1%, 88.3%, and 93.7% of total revenue [7].