更多"中年人的泡泡玛特"正迎来上市。 继铜师傅向港交所发起冲刺后，又一家铜艺术品公司走上了证券化的道路。 日前，杭州朱炳仁铜艺股份有限公司（下称"朱炳仁铜"）启动了北交所上市辅导备案。 朱炳仁铜的主要产品包括铜工艺品和铜装饰，主要用于艺术收藏、酒店家居等多种场景需求。 2023年、2024年，朱炳仁铜的收入分别为4.85亿元、6.2亿元，同期归母净利润分别为0.56亿元、0.63亿 元。 这是朱炳仁铜二度启动上市辅导，在此之前其曾在华泰联合的辅导下启动上市辅导，但无疾而终。 此次朱炳仁铜若能顺利登陆上市，有望创造历史，成为北交所第一家艺术品公司。 但在这一稀缺性背后，朱炳仁铜的挑战正在接踵而至。 一方面，朱炳仁铜主打朱府铜艺，实控人朱军岷之父朱炳仁自称是朱府铜艺家族第四代传人，但朱炳仁 之弟朱炳新亦自称是该家族的第四代传人，并将其产品的品牌名命名为朱府铜艺，日后二者是否会因为 朱府铜艺的名号产生矛盾，仍是未知数； 另一方面，近期以来铜价暴涨，可能也会在一定程度上挤压了朱炳仁铜的毛利空间。 老字号暗藏风波？ 朱炳仁铜公司名称中的"朱炳仁"正是取自国家级工艺美术大师朱炳仁之名，后者系朱府铜艺家族的传 人。 朱炳仁 ...

Core Viewpoint - The company, Hangzhou Copper Master Cultural (Group) Co., Ltd., faces multiple challenges in its capital market journey, including price fluctuations of copper, limited customer base expansion, and slow market growth, despite holding the leading market share in China's copper cultural crafts at 35% [1][2][3] Financial Performance - Revenue from copper cultural products for the years 2022 to the first half of 2025 is projected to be approximately 480 million RMB, 488 million RMB, 551 million RMB, and 292 million RMB, respectively, accounting for over 94% of total revenue during these periods [3] - The average selling price of copper cultural products has decreased from 363.7 RMB in 2022 to 290.4 RMB in the first half of 2025, attributed to a shift in consumer preference towards lower-priced small-sized products [5] Market Challenges - The copper cultural product market is expected to grow from 23.1 billion RMB in 2019 to 29.3 billion RMB by 2029, while the plastic resin category is projected to increase from 38 billion RMB to 155.5 billion RMB, indicating limited growth potential for copper products [9] - The company’s gross margin for copper cultural products has been relatively low, with figures of 32.5%, 31.9%, 35.2%, and 35.3% from 2022 to the first half of 2025, lagging behind margins of other product categories [3][4] IP and Product Development - The company has launched a significant number of new SKUs based on both self-developed and licensed IPs, with 407, 350, and 528 new SKUs introduced from 2022 to 2024, respectively [6] - Despite the introduction of new IPs, the company lacks a "super IP" that could serve as a cultural symbol and brand icon, which is essential for reaching a broader market [6][8] Strategic Outlook - The company aims to leverage its brand, channels, and product advantages to enhance product value, explore high-end markets, and develop derivative products to tap into existing market potential [10] - The transition to the Hong Kong Stock Exchange is seen as a strategy to improve listing success and efficiency, given the more flexible and international nature of the market [9][10]

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].