四年辗转两大交易所，铜质工艺品龙头杭州铜师傅文创（集团）股份有限公司（以下简称"铜师傅"）的资本市场之路并不顺 利。近日，因首次招股书失效，公司再度递表港交所。当前，铜师傅虽坐拥中国铜质文创工艺品市占率第一（35%）的位置， 却面临"性价比"打法受限于铜价波动，客群突破没有明显成效以及赛道增长缓慢等多重挑战。在未来原材料价格高企与市场天 花板双重压力下，其能否借力港股实现突破，仍待观察。 铜价高位运行 赚差价变难了 "中国铜质文创工艺产品市场的第一品牌；通过结构化定价及工艺平衡质量及亲民价格……"在最新招股书中，铜师傅在提及自 身竞争优势时把市占率第一和产品具有"性价比"提到了最前面。 实际上，铜师傅一开始正是凭借在铜质文创产品上的"平权之战"起家的。据悉，2013年已经在卫浴出口领域做到上亿身价的俞 光，在购买铜关公像时发现，一尊一米多的铜关公报价120万元，但市场铜价才2800元/吨。这当中的巨大价差，也让俞光看到 了商机，决定进军铜工艺品行业。 值得一提的是，在小米集团CEO雷军的个人微信公众号上，曾发表过一篇名为《铜师傅创始人俞光：小米带给我的启示》的文 章，其中提到，雷军认为铜师傅是整个小米体系之外 ...

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].