Core Viewpoint - The article discusses the upcoming IPO of Tongshifu, a company specializing in copper cultural and creative products, highlighting its market position, financial performance, and growth potential in a niche market [3][5][19]. Financial Performance - Tongshifu's revenue for 2022, 2023, and 2024 is projected to be RMB 503.2 million, RMB 506.4 million, and RMB 571.2 million respectively, with net profits of RMB 56.9 million, RMB 44.1 million, and RMB 78.9 million [4][14]. - The gross profit margins are expected to improve from 32.2% in 2022 to 35.4% in 2024, indicating enhanced profitability [14]. Market Position - Tongshifu holds a 35% market share in the Chinese copper cultural and creative products market, making it the leading player in this niche [3][17]. - The market for copper cultural products is projected to grow from RMB 1.1 billion in 2019 to RMB 1.6 billion in 2024, with a compound annual growth rate of 7.3% [16]. Consumer Demographics - The primary consumer demographic for Tongshifu consists of middle-aged men, with an average online transaction value exceeding RMB 750 [3][11]. - The company has over 5 million followers online, indicating a strong consumer base [3]. Product Strategy - The company has developed a diverse product range with 2,485 SKUs, including 574 new products launched in 2024, focusing on high-quality, cost-effective offerings [7][14]. - Self-developed IP products account for a significant portion of revenue, with a focus on traditional cultural themes, while licensed IP products serve to attract attention [13][14]. Sales Channels - Online sales contribute approximately 70-80% of total revenue, with direct sales through platforms like Tmall and JD.com being the primary source [14]. - The company operates nine direct stores and plans to expand its physical presence in major cities [14]. Competitive Landscape - The copper cultural products market is characterized by high concentration, with the top three companies, including Tongshifu, holding a combined market share of 71.9% [16][17]. - The company aims to leverage its unique supply chain and craftsmanship to maintain a competitive edge in a market that relies heavily on manual production [14]. Future Growth Potential - The IPO proceeds will be allocated to enhancing production capacity, expanding product lines, optimizing sales channels, and exploring international markets [19]. - Tongshifu's strategy includes diversifying into plastic and gold products to mitigate risks associated with relying solely on copper [19].