Core Insights - The article highlights the rapid growth and increasing market interest in China's潮玩 (trendy toys) and文创 (cultural and creative) industries, with companies like 铜师傅 (Copper Master) and 52TOYS pursuing IPOs to capitalize on this trend [2][15]. Company Overview: 铜师傅 (Copper Master) - 铜师傅 submitted its IPO application to the Hong Kong Stock Exchange on May 9, 2023, aiming for a main board listing, with 招银国际 (Zhaoyin International) as the sole sponsor [4]. - The company, founded in 2013, specializes in copper-based cultural and creative products, with notable IP collaborations including《变形金刚》(Transformers) and《流浪地球》(The Wandering Earth) [6]. - Revenue figures for 铜师傅 from 2022 to 2024 were reported as 5.03 billion, 5.06 billion, and 5.71 billion RMB, with net profits of 56.94 million, 44.13 million, and 78.98 million RMB respectively, indicating a fluctuating net profit margin [6][9]. - The company heavily relies on copper products, which accounted for 96.6% of its revenue in 2024, despite attempts to diversify into other materials [7]. Company Overview: 52TOYS - 52TOYS, established in 2015, is a leading IP toy company in China, with a diverse portfolio of 35 proprietary IPs and 80 licensed IPs [10]. - The company reported revenues of 4.63 billion, 4.82 billion, and 6.30 billion RMB from 2022 to 2024, with a significant portion of revenue derived from licensed IPs, which accounted for 64.5% of total revenue by 2024 [10][11]. - Despite revenue growth, 52TOYS faced net losses of 1.71 million, 71.93 million, and 122 million RMB over the same period, highlighting challenges in profitability [10][11]. - The company is actively expanding internationally, with overseas revenue reaching 1.47 billion RMB in 2024, representing a compound annual growth rate of over 100% [12]. Market Trends - The潮玩 and文创 industries in China are experiencing a surge in consumer demand for personalized and culturally rich products, with the overall潮玩 market size estimated at approximately 345 billion RMB [15]. - The盲盒 (blind box) segment has shown explosive growth, with a compound annual growth rate of 122% from 2017 to 2021, reflecting the evolving consumer preferences [15]. - The article notes a shift in the industry towards more refined operations, with companies leveraging IPOs to expand their IP portfolios and enhance global reach [15][16].