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].

"70后"绍兴商人俞光，与铜工艺品的缘分始于"请关公"一事。 彼时还在从事卫浴行业的俞光，打算为公司请一尊关公铜像，却被对方开出的120万元价格吓了一跳。不过，他也由此敏锐地察觉到其中潜藏的商机。 自2013年公司成立至今已有12年，俞光借鉴小米模式，成功将铜制产品这一冷门且带有"老气横秋"标签的生意，做到了年收入达5亿元的规模。 近日，俞光创立的杭州铜师傅文创（集团）股份有限公司（以下简称"铜师傅"）再度向港交所主板递交上市申请。 《每日经济新闻》记者（以下简称"每经记者"）注意到，这也是铜师傅今年5月首次递表失效后二度冲刺港股。 在小米系股东的加持下，这家"铜质潮玩"的代表性企业，从A股创业板铩羽而归后转战港股，能否在资本市场续写"铜变金"的传奇？ 借一尊关公铜像洞察商机，以自研IP矩阵撬动35%市场份额 俞光毕业于绍兴市中等专业学校1987届工艺美术班，他曾核算过一尊关公铜像的成本。当时，1吨铜的价格大约为几万元，而一尊1米高的关公铜像，用铜量 还不到1吨。 于是，俞光萌生了创办一家铜工艺品公司、专门制作关公像的想法。2013年，铜师傅正式成立。 成立初期，铜师傅凭借"去库存式营销"意外出圈。2015年 ...

A ank, a 铜师傅。ic 一家缘起于"请关公"的铜工艺品公司，正试图在资本市场讲述一个关于传统文化与现代商业完美融合的故事。 九成以上来自铜质文创产品 杭州铜师傅自成立以来，一直专注于将传统工艺与现代设计和使用场景相结合，开发铜质文创产品。根据弗若斯特沙利文报告，截至2024年底，杭州铜师傅 在中国铜质文创工艺产品市场按总收入计位列第一，市场份额达35%。 在杭州铜师傅的产品矩阵中，铜质文创产品为核心品类。招股说明书显示，铜质文创工艺产品市场相对集中，前三大市场参与者共同占截至2024年底按收入 划分的市场总额的71.9%以上。 2022年至2024年以及2025年上半年，杭州铜师傅的铜质文创产品的收入分别约为4.8亿元、4.88亿元、5.51亿元、2.93亿元，分别占同期总收入的95.4%、 96.3%、96.6%及94.9%。 | | | | 截至12月31日止年度 | | | | | 载至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | ...

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].