以下文章来源于新消费日报 ，作者徐赐豪 新消费日报 . 《科创板日报》旗下媒体产品，聚焦科技消费时代的新产品、新模式、新投资。 监管层面的关注为铜师傅的上市之路增添了不确定性。创投日报记者梳理发现，中国证监会国际司在今年6月针对其赴港上市备案反馈意 见，曾明确要求补充说明多项关键问题， 核心聚焦股权代持、外商投资准入、募资用途及股东股权代持的形成原因、演变情况、合法合规 性及潜在纠纷风险等。 招股书披露的信息显示，铜师傅的股权变动曾长期处于高频状态， 仅2016年1月至2017年4月的16个月内，股东之间的股份转让就高达48 次， 这一数据无疑加剧了监管对其股权稳定性的关注。 尽管上市之路坎坷，铜师傅却受雷军青睐。 公开记录显示，截至目前，公司已完成多轮融资，背后集结了小米系顺为资本、天津金米投 资，以及复星创富、凯辉基金、海泉基金、国中资本等知名机构。 融资历程显示，2017年5月锦元资产的投资是其首次融资记录，而最后一轮融资发生在2021年8月，金鼎投资、国中资本及复星创富共同注 资2亿元完成C轮融资。 据港交所官网披露，有"中年人的泡泡玛特"之称的杭州铜师傅文创（集团）股份有限公司（下称"铜师傅"），已 ...

作者丨朱艺艺 编辑丨高梦阳 卖"铜质潮玩"一年收入近6亿元，在铜质文创赛道深耕10多年的杭州铜师傅文创（集团）股份 有限公司（简称"铜师傅"）在2024年尝试冲刺A股未果后，赴港IPO。 近日，铜师傅更新招股书，根据弗若斯特沙利文报告，截至2024年12月31日按总收入及线上 收入计，公司在中国铜质文创工艺产品市场均排名第一，市场份额分别约为35.0%及44.1%。 公司核心品类为主品牌"铜师傅"旗下铜质文创产品，2022年-2024年以及2025年上半年贡献收 入分别为4.80亿元、4.88亿元、5.51亿元以及2.93亿元，占比均超过九成。 由于目标受众主要为中年男性，铜师傅被市场称为"中年人的泡泡玛特"。值得一提的是，公司 将这些忠实消费者称为"铜粉"，还为此推出年度"铜粉节"。 截至招股书披露，铜师傅获得了多方明星资本青睐，包括雷军作为联合创始人的顺为资本、小 米集团(1810.HK）控股的天津金米、国中基金、央视基金、复星旗下投资机构复星惟盈等。 铜质文创贡献九成收入 铜师傅的历史可追溯至2013年3月，公司当时以杭州太铜工艺品有限公司的名称成立，并于 2014年11月改制为股份有限公司，直到202 ...

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][13]. Company Overview - Tongshifu has been deeply engaged in the copper cultural product sector for over a decade and ranks 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][3]. - 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 [1][6]. 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% [3][4]. - The second-largest competitor, speculated to be Hangzhou Zhubingren Copper Art Co., Ltd., achieved revenues of 4.85 billion yuan and 6.20 billion yuan in 2023 and 2024, respectively [4]. 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 [11]. - The company reported a revenue of 3.08 billion yuan and a net profit of 300 million yuan in the first half of 2025 [11]. Product Categories and Sales Channels - The core product category is copper cultural products, which contributed 95.4%, 96.3%, 96.6%, and 94.9% of total revenue from 2022 to the first half of 2025 [6][9]. - Online sales dominate the revenue stream, with online direct sales accounting for approximately 70% of total revenue during the same period [10][11]. Consumer Base and Branding - The target audience primarily consists of middle-aged men, leading to the nickname "the Bubble Mart for middle-aged consumers." Loyal customers are referred to as "Tongfen," and the company organizes an annual "Tongfen Festival" to engage them [1][15]. - The company has developed a range of sub-brands, including plastic trendy toys and silver cultural products, although these currently contribute less than 5% of total revenue [8][9]. Investment and Shareholding - The company has attracted significant investment from notable entities, including Xiaomi Group and Shunwei Capital, with Xiaomi-related holdings totaling approximately 22.95% [13][14]. - The founder, Yu Guang, remains the largest single shareholder with a 26.27% stake [13]. Industry Outlook - The domestic copper cultural product market 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, reaching 2.3 billion yuan by 2029 [16].

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 - Hangzhou Tongshifu Cultural Creative (Group) Co., Ltd. has officially submitted its listing application on the Hong Kong Stock Exchange, with CMB International as the sole sponsor, highlighting its leading position in the copper cultural product market with a 35% market share and backing from notable investors like Xiaomi and Shunwei Capital [1][4] Company Overview - Founded in 2013, Tongshifu focuses on copper cultural products while also expanding into plastic trendy toys, silver, and gold cultural products, leveraging the artistic background of its founders [1] - The company has established a product matrix centered on copper cultural products, differentiating itself from traditional gold and silver craft enterprises by lowering consumer barriers [1] IP Strategy - Tongshifu employs a dual strategy of "original + licensed" IP operations, introducing a significant number of self-developed IP products from 2022 to mid-2025, while collaborating with international IPs like "Kung Fu Panda" and "Avengers" [2] - Revenue increased from 503 million yuan in 2022 to 571 million yuan in 2024, with a gross margin improvement from 32.2% to 35.4% [2] Financial Performance - The company reported a net profit rebound to 78.98 million yuan in 2024, despite facing challenges such as a decline in average transaction value from 958 yuan in 2022 to 556 yuan in the first half of 2025 [2] - Over 75% of Tongshifu's revenue is generated from online channels, which helps reduce operational costs but also presents challenges in maintaining customer spending [2] Market Position and Challenges - Despite being a market leader, Tongshifu faces a ceiling in the copper cultural product market, projected to grow from 1.576 billion yuan in 2024 to 2.282 billion yuan by 2029, with a compound annual growth rate of 7.7% [4] - The company’s revenue from copper products has consistently exceeded 94%, while new categories like plastic trendy toys contribute minimally [4] Cost Pressures - Rising copper prices and increasing labor costs, projected to reach 158,000 yuan per year by 2029, pose significant challenges to profit margins, especially given the labor-intensive nature of copper craftsmanship [5] - To address these issues, Tongshifu plans to enhance IP value development through collaborations with museums and non-heritage institutions, as well as expanding international IP partnerships [5] Listing Strategy - The decision to list on the Hong Kong Stock Exchange follows a strategic shift from an earlier plan to list on the Shenzhen Stock Exchange, as the Hong Kong market offers greater inclusivity for cultural enterprises and a broader international investor base [5] - If successful, the funds raised will be allocated to technology development, IP reserves, and market expansion, aiming to overcome the limitations of a niche market [5]

2025年11月11日，港交所官网的一则披露消息，让文创圈与资本圈同时将目光聚焦于一家专注铜质文创产品的企业——杭州铜师傅文创(集团)股份有限公司 （以下简称"铜师傅"）。其上市申请已正式获受理，招银国际担任独家保荐人。 这家背后站着小米、顺为资本的文创企业，即将在资本市场迎来关键一役。 在黄金、白银占据主流消费市场的当下，以铜为核心材质的铜师傅，不仅在细分领域站稳脚跟，更以35%的市场份额（据弗若斯特沙利文2024年度报告）成 为中国铜质文创工艺产品市场的"领头羊"。 这个多数消费者仍感陌生的品牌，究竟凭何在小众赛道突围，又为何能获得雷军的青睐？ 铜质文创企业，上半年营收达3.08亿 铜师傅的崛起，离不开创始人俞光与核心伙伴俞清的"艺术+实业"双重基因。上世纪90年代初，俞光就读于绍兴市中等专业学校工艺美术班，对传统工艺的 热爱在此萌芽。而他的弟弟俞清，1997年毕业于中国美术学院，扎实的专业功底为后续产品设计埋下伏笔。这种艺术基因的传承，成为铜师傅区别于普通工 艺品企业的核心优势。 毕业后的兄弟二人，率先在卫浴领域试水，积累了产品研发、供应链管理的实战经验。一次偶然的机会，他们发现铜材质在文创领域的独特价 ...

据港交所11月11日披露，杭州铜师傅文创(集团)股份有限公司(简称：铜师傅)递表港交所主板，招银国际为独家保荐人。该公司曾于2025年5月9日递表港交 所。 铜师傅品牌发轫于承袭中国传统工艺的铜器工坊，历经十年演进，成为全国领军文创品牌。通过持续投入于原创设计与研究和发展，公司将材质版图延伸至 金、银与塑胶，吸引更广泛的受众并拓展创意可能。公司的铜质、黄金、银质产品均采用纯金属制成。若干铜质文创产品SKU在表面镀有一层纯金或纯银， 以提升其美观及价值。公司旨在打造符合当代消费者审美偏好及使用场景的产品。 铜质文创产品至今仍是铜师傅产品矩阵的核心品类。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12月31日止年度按收入划分的市 场总额的71.9%以上。公司的领先地位得益于公司的创意和制造模式、强大的品牌资产以及高度参与的消费者社区文化。截至2022年、2023年、2024年12月 31日止年度以及截至2024年及2025年6月30日止六个月，公司铜质文创产品的收入分别为约4.80亿元、4.88亿元、5.51亿元、2.74亿元及2.93亿元人民币，分 别占同期总收入的95.4%、96.3%、 ...

Core Viewpoint - The company, Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd., has submitted an application for listing on the Hong Kong Stock Exchange, with CMB International as the sole sponsor. The company focuses on integrating traditional craftsmanship with modern design to develop copper cultural and creative products, holding a leading market position in China [1][5]. Company Overview - Tongshifu has maintained a strong market presence in the copper cultural and creative product sector, ranking first in China with a market share of 35.0% as of December 31, 2024 [5][6]. - The company has evolved from a traditional copper workshop into a leading cultural brand over ten years, expanding its product range to include gold, silver, and plastic materials [5][6]. - The core product category remains copper cultural and creative products, which accounted for approximately 94.9% to 96.6% of total revenue from 2022 to 2024 [6][7]. Financial Performance - Revenue figures for Tongshifu are as follows: approximately CNY 5.03 billion in 2022, CNY 5.06 billion in 2023, and CNY 5.71 billion in 2024, with estimates of CNY 2.84 billion and CNY 3.08 billion for the first half of 2024 and 2025, respectively [7][10]. - Profit figures show a decline from CNY 569.38 million in 2022 to CNY 441.31 million in 2023, followed by an increase to CNY 789.82 million in 2024, with estimates of CNY 397.65 million and CNY 302.44 million for the first half of 2024 and 2025, respectively [8][10]. - Gross profit margins have improved from 32.2% in 2022 to 35.4% in 2024, with a slight decrease to 35.1% in the first half of 2025 [9][10]. Industry Overview - The global cultural and creative industry is projected to grow from CNY 16 trillion in 2019 to CNY 19.5 trillion by 2024, with a compound annual growth rate (CAGR) of 4.0% [11]. - The cultural and creative product market in China is expected to expand from CNY 4.5 trillion in 2019 to CNY 6.4 trillion by 2024, with a CAGR of 7.4% [13]. - The metal cultural and creative product market in China is anticipated to grow from CNY 231 billion in 2019 to CNY 252 billion by 2024, with copper products showing the strongest growth at a CAGR of 7.3% [16].

Group 1: Industry Dynamics - The company specializes in copper cultural products, providing a variety of items such as copper ornaments and sculptures, and is ranked first in the Chinese market for copper cultural craft products with projected sales revenue of 1.6 billion yuan in 2024, reflecting a CAGR of 7.3% from 2019 to 2024, which is 1.8% higher than the overall growth rate [6] - The restaurant industry is showing signs of recovery, with an increase in store numbers and a rise in market heat in first-tier cities during Q1 2025, driven by policy stimuli that are expected to improve demand [10] - In April 2025, retail sales in the gold and silver jewelry category increased by 25.3% year-on-year, supported by a low base and high investment demand for value preservation [15] - April 2025 fiscal data showed improvements in both revenue and expenditure, with notable increases in infrastructure-related spending and a recovery in the land market, supported by the issuance of new special bonds [21] - The AI server power market is projected to reach a scale of 35.1 to 45.5 billion yuan in 2025, driven by the rapid growth of AI and increasing power demand [27] Group 2: Company Insights - The company "Mingming is Busy" has rapidly expanded its business through a franchise model, achieving over 10,000 stores by 2024, with a GMV of 55.5 billion yuan [42] - The coal industry is experiencing a decline in operating revenue and cash flow, but overall debt repayment capacity remains strong, indicating manageable credit risk despite high leverage levels [33] - The mechanical industry has seen a double-digit export growth in excavators, tractors, and mining machinery to North America, despite facing adverse impacts from tariffs [48]

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Tong Shifu, is a leader in the copper cultural and creative product market, holding a market share of 35.0% in China as of 2024 [2][8] - The copper cultural product market is rapidly growing, with a projected CAGR of 7.7% from 2024 to 2029, outpacing the overall growth of the metal cultural product market [3][30] - The company has a strong focus on traditional culture and employs the lost-wax casting method to create refined products [4][56] Market Overview - The Chinese cultural and creative product market is expected to grow from CNY 286.9 billion in 2019 to CNY 354.0 billion in 2024, with a CAGR of 4.3% [27] - The copper cultural product segment is smaller, with a projected sales revenue of CNY 1.6 billion in 2024, accounting for 6.3% of the metal cultural product market [30] - The market is highly concentrated, with the top three companies accounting for 71.9% of the market share in 2024 [37] Product Offering - The company's main products include copper ornaments and copper sculptures, with the copper ornament series being the most popular [42][45] - The company also offers a variety of products based on traditional Chinese culture, including collaborations with well-known IPs [47][53] Financial Performance - The company reported a revenue of CNY 571.2 million in 2024, representing a year-on-year growth of 12.8% [14][66] - The net profit for 2024 was CNY 79.0 million, with a net profit margin of 13.8%, an increase of 5.1 percentage points from the previous year [66] - The overall gross margin improved to 35.4% in 2024, up by 3.0 percentage points [66] Sales Channels - The company primarily uses direct sales channels, with online direct sales accounting for 70.5% of total revenue in 2024 [61] - The company has expanded its offline presence with nine direct stores in major cities to enhance brand visibility [61]