Investment Rating - The report suggests a cautious subscription for the company Copper Master (0664.HK) [1] Core Insights - The company is a leading cultural and creative brand in China, focusing on copper cultural products, with copper products accounting for 96.6% of total revenue in 2024 [2] - The company ranks first in the Chinese copper cultural craft market, with an estimated market share of 35.0% by revenue in 2024 [2] - The cultural and creative product market in China has shown steady growth, with a CAGR of 4.3% over the past six years, and is expected to reach a market size of 464.7 billion yuan by 2029 [2] - The copper cultural product segment is projected to grow from 1.11 billion yuan in 2019 to 1.58 billion yuan in 2024, with a CAGR of 7.7% [2] Financial Performance - The company has maintained stable revenue growth, with revenues of 503 million, 506 million, and 571 million yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of +0.6%, +12.8%, and +11.3% [3] - Net profit figures for the same years are 57 million, 44 million, and 79 million yuan, with a significant year-on-year increase of +79.0% in 2024 [3] - The gross profit margins for 2022, 2023, and 2024 are 32.2%, 32.4%, and 35.4% respectively, while net profit margins are 11.3%, 8.7%, and 13.8% [3] - The company aims to deepen its IP matrix and optimize its multi-channel ecosystem while accelerating its international market expansion [3] Market Valuation - The estimated market capitalization for Copper Master is approximately 4.12 billion HKD, with a projected PE ratio of 46.0 for 2024 [5]

HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD. 杭州銅師傅文創（集團）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 0664 全球發售 獨家保薦人、獨家保薦人兼整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 杭州銅師傅文創（集團）股份有限公司 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應取得獨立專業意見。 HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD. 杭 州 銅 師 傅 文 創（ 集 團 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 獨家保薦人、獨家保薦人兼整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發 ...

Group 1 - The core viewpoint of the article highlights the recent IPO activities in Hong Kong, the US, and A-shares, focusing on companies like Tong Shifu and Fei Su Innovation [1][2] Group 2 - Tong Shifu, established in 2013, specializes in combining traditional craftsmanship with modern design, focusing on copper cultural products, and is projected to hold a 35.0% market share in China's copper cultural craft product market by 2024 [3][4] - The company is expanding its product range to include plastic figurines, silver, and gold cultural products, with a new sub-brand "Xi Jiang Jin Pu" for gold products, which are made from 999 pure gold [4] - From 2022 to 2024, Tong Shifu plans to launch 583, 514, and 707 new SKUs respectively, and has secured numerous intellectual property rights to maintain its competitive edge [4] - Financially, Tong Shifu's revenues for 2022, 2023, and 2024 are projected at 503 million, 506 million, and 571 million yuan respectively, with a revenue increase of 11.4% in the first three quarters of 2025 [4] - The net profits for the same years are 57 million, 44 million, 79 million, and 42 million yuan, with net profit margins of 11.3%, 8.7%, 13.8%, and 9.3% respectively [5] - Tong Shifu has attracted investments from notable institutions including Shunwei Capital, Xiaomi, and others [5] Group 3 - Fei Su Innovation commenced its IPO process on March 13, 2023, with plans to issue 40 million H-shares, aiming to raise up to 1.664 billion HKD [7] - The company is recognized as the second largest player in the global online DTC network solutions market with a market share of 6.9% as of 2024 [7]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD. 杭州銅師傅文創（集團）股份有限公司 本文件為草擬本，其所載資訊不完整及可作更改。閱讀本文件有關資料時，必須一併細閱本文件首頁上「警告」一節。 重要提示 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表 示同意： 倘在適當時候向香港公眾人士發出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 登記的本公司招股章程作出投資決定，招股章程 ...