来源：豹速科技财经 一个年规模仅16亿元、增长平缓的细分赛道，能否支撑起一家上市公司的长期增长叙事？ 撰稿氢小妹，全文4100字，欢迎点击文首订阅豹速科技财经。 近日，杭州铜师傅文创（集团）股份有限公司（以下简称"铜师傅"）向港交所主板第二次提交上市申 请，引发市场广泛关注。 作为中国铜质文创工艺市场的绝对领头羊，铜师傅凭借高达35%的市场份额占据行业首位，2024年营收 5.71亿元、净利润7898.2万元的业绩也颇为亮眼。 不过，在龙头光环之下，这家被称为"小米体系外最像小米的企业"，其招股书所呈现的图景却呈现出明 显的两面性： 一面是凭借"性价比"策略构筑的品类护城河与稳定的市场地位； 另一面是营收增长缓慢、业务高度单一、线上渠道过度集中的结构性隐忧，以及铜价高位运行、赛道天 花板清晰所引发的增长焦虑。 从深交所创业板到港交所，铜师傅的资本征途并非坦途。 这家成立十余年的文创品牌，正站在一个关键的十字路口： 港股市场能否成为其突破瓶颈、实现"综合文创平台"转型的跳板？ 资本市场的审视目光，又将如何评价其"小而美"的生意模式所面临的成长性考验？ 1 龙头地位 与增长瓶颈 铜师傅的崛起，是一个典型的商业"平 ...

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 Viewpoint - The company, Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd., founded by entrepreneur Yu Guang, has successfully transformed the niche market of copper crafts into a business generating annual revenue of 500 million yuan, leveraging a model inspired by Xiaomi [2][3]. Group 1: Company Background and Business Model - Yu Guang's journey into the copper craft business began with a realization of market potential after a shocking quote for a copper statue [1]. - Since its establishment in 2013, the company has adopted a "stock clearance marketing" strategy, gaining visibility through unique marketing efforts, including sending a copper statue to former U.S. President Obama [5]. - The company primarily uses traditional lost-wax casting methods, with a production cycle of approximately 12 working days, focusing on balancing quality and cost [5]. Group 2: Financial Performance - The company's revenue has shown growth from 503.2 million yuan in 2022 to an estimated 571.2 million yuan in 2024, while net profit has fluctuated, with figures of 56.94 million yuan, 44.13 million yuan, and 78.98 million yuan over the same period [15][17]. - The online average transaction price has decreased from 958 yuan in 2022 to an estimated 777 yuan in 2024, reflecting changing consumer preferences [5]. Group 3: Market Position and Product Focus - As of the end of 2024, the company holds a leading position in the Chinese copper cultural and creative product market, with a market share of 35% [6]. - Copper products account for over 95% of the company's revenue, indicating a strong focus on this material despite diversifying into gold, silver, and plastic products [6][10]. Group 4: Intellectual Property and Product Development - The company has developed a robust IP matrix, creating hundreds of original product IPs between 2022 and 2024, with over 90% of revenue derived from self-developed IPs [10][11]. - The introduction of 528 new SKUs based on self-developed IPs in 2024 highlights the company's commitment to innovation and product diversity [11]. Group 5: Strategic Partnerships and Future Plans - The company has strong backing from Xiaomi, with significant shareholding from Xiaomi-related entities, which enhances its market credibility [12]. - The upcoming IPO aims to raise funds for product development, capacity enhancement, and digital infrastructure upgrades, addressing challenges related to market space and profitability [19].

Core Viewpoint - Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd. is attempting to merge traditional culture with modern business as it re-applies for an IPO in Hong Kong, following a previous failed attempt and a recent lapse of its prospectus [4][5]. Group 1: Company Overview - Hangzhou Tongshifu has focused on developing copper cultural and creative products, achieving over 500 million RMB in revenue over the past three years, with more than 90% coming from copper products [5][7]. - The company holds a 35% market share in China's copper cultural and creative product market, ranking first in total revenue as of the end of 2024 [5][6]. Group 2: Financial Performance - Revenue figures for Hangzhou Tongshifu from 2022 to 2025 are approximately 5.03 billion RMB, 5.06 billion RMB, 5.71 billion RMB, and 3.08 billion RMB, with net profits of 570 million RMB, 440 million RMB, 790 million RMB, and 300 million RMB respectively [7][8]. - The revenue from copper cultural products for the same period is approximately 4.8 billion RMB, 4.88 billion RMB, 5.51 billion RMB, and 2.93 billion RMB, constituting over 94% of total revenue [5][6][7]. Group 3: Market Strategy - The company primarily targets middle-aged male consumers, with a significant online sales presence, contributing over 70% of total revenue through direct online sales and third-party platforms [9][10]. - Hangzhou Tongshifu is expanding its product lines beyond copper to include plastic toys, silver, and gold cultural products, recognizing the limitations of relying solely on one business segment [7][8]. Group 4: Ownership and Investment - The founder, Yu Guang, has a history of entrepreneurship and has received investment from Shunwei Capital, which is associated with Xiaomi's ecosystem, indicating a strategic alignment with tech-driven business models [12][13]. - The current ownership structure shows Yu Guang as the largest shareholder with 26.27%, followed by Shunwei Capital at 13.39% and Tianjin Jinmi (a Xiaomi subsidiary) at 9.56% [13].

Core Viewpoint - The article discusses the IPO of Hangzhou Tongshifu Cultural (Group) Co., Ltd. ("Tongshifu"), highlighting its unique position in the copper cultural product market and its growth potential as it prepares for listing on the Hong Kong Stock Exchange [1]. Company Background - Tongshifu was founded by Yu Guang, who identified a gap in the market for high-quality, cost-effective copper art pieces after struggling to find a suitable gift [3]. - The company combines traditional craftsmanship with modern aesthetics, utilizing a unique high-temperature coloring and painting process to create durable copper art products [4]. Market Position and Strategy - Tongshifu has adopted a strategy of offering "artistic quality at industrial prices," catering to a wide range of consumers with products priced from 39 RMB to 39,999 RMB [4]. - The company has achieved significant brand recognition through successful crowdfunding campaigns and collaborations with major brands, including a partnership with Warner Bros. [5]. Financial Performance - The company has seen steady revenue growth, with revenues of 503.2 million RMB in 2022, 506.4 million RMB in 2023, and an estimated 571.2 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 6.54% [8]. - Net profits have also increased, with figures of 57 million RMB, 44.1 million RMB, and an estimated 79.8 million RMB for the respective years, showing a CAGR of 17.78% [8]. Sales Channels and Market Share - Online sales accounted for a significant portion of total revenue, with 80.9%, 79.2%, and 77.2% from 2022 to 2024, respectively [9]. - Tongshifu ranks first in the copper cultural product category on major e-commerce platforms like Tmall and JD.com [9]. Intellectual Property and Innovation - The company has developed a robust intellectual property portfolio, with 1,575 copyrights and various patents, enhancing its competitive edge [7]. - R&D expenditures have been consistent, representing 3.7%, 5.7%, and 4.9% of total revenue during the reporting period, focusing on original design and process improvements [11]. Challenges and Risks - Despite its market leadership, Tongshifu faces challenges from emerging brands and increasing competition, with the top three companies holding 71.9% of the market share [11]. - The company relies heavily on copper for its products, which constitutes over 51.9% of total operating costs, exposing it to fluctuations in copper prices [12]. - The revenue structure is relatively narrow, with over 95% coming from copper products, indicating potential risks associated with market dependency [12].

Core Viewpoint - The company "Tong Shifu" is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its leading position in the copper cultural and creative market while facing various challenges in a competitive landscape [1][11]. Company Overview - Founded by Yu Guang, "Tong Shifu" emerged from a personal experience of difficulty in finding quality copper art pieces, leading to the establishment of a brand that combines traditional craftsmanship with modern aesthetics [3][4]. - The company has developed a unique high-temperature coloring and painting process, enhancing the appeal of its copper products [4]. Market Position - According to a report by Frost & Sullivan, "Tong Shifu" holds a 35% revenue share in the Chinese copper cultural market, making it the leading player [7][12]. - The company has a comprehensive industry chain covering research, design, development, production, and sales, which enhances its market competitiveness [7]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was approximately 503 million, 506 million, and 571 million RMB, respectively, with a compound annual growth rate (CAGR) of 6.54% [8]. - Net profit for the same years was around 57 million, 44 million, and 79 million RMB, with a CAGR of 17.78%, indicating a steady performance [8]. Sales Channels - The majority of sales are conducted through online platforms, with online sales accounting for approximately 80.9%, 79.2%, and 77.2% of total revenue during the reporting period [8]. - The company primarily relies on third-party e-commerce platforms like Tmall and JD.com, with only a limited number of direct stores, which poses risks related to platform dependency [14]. Challenges - The market is becoming increasingly competitive, with the top three companies holding a combined market share of 71.9%, indicating a crowded landscape [11][12]. - The company faces risks related to intellectual property infringement and brand dilution due to the emergence of similar brands [11][13]. - Rising copper prices, which increased from approximately 47,600 RMB per ton in 2019 to around 88,700 RMB in 2024, could pressure profit margins if costs cannot be passed on to consumers [13]. Future Outlook - "Tong Shifu" plans to continue investing in the protection and development of its original IP, which has contributed significantly to its revenue [11]. - The company aims to diversify its product offerings beyond copper art, although progress in this area has been slow [13].

Core Viewpoint - Copper Master, a cultural and creative company based in Hangzhou, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage the growing market for copper cultural products and enhance its brand influence [3][15]. Company Overview - Founded in 2013 by Yu Guang, Copper Master focuses on integrating traditional craftsmanship with modern design, emphasizing the cultural heritage of Chinese art [5][6]. - The company has achieved a market share of 35.0% in the Chinese copper cultural product market, ranking first in total revenue [3][13]. Financial Performance - Copper Master's revenue for 2022, 2023, and 2024 is projected to be 503 million, 506 million, and 571 million yuan respectively, with net profits of 56.93 million, 44.13 million, and 78.98 million yuan [13]. - The core product, copper cultural products, accounted for approximately 95.4%, 96.3%, and 96.6% of total revenue during the same period [13]. Investment and Shareholding - The company has completed multiple rounds of financing, attracting notable investors such as Shunwei Capital, Xiaomi Group, and Li Wanqiang, a co-founder of Xiaomi [4][7][11]. - Yu Guang holds 26.27% of the shares, making him the largest single shareholder [3]. Market Position and Strategy - Copper Master has maintained a strong online sales presence, with online direct sales and distribution channels contributing 80%, 79%, and 77% to total revenue from 2022 to 2024 [13]. - The upcoming IPO is expected to further enhance the company's valuation and support its international expansion [11][16].