来源：《理财周刊》 今年以来，港股 IPO 市场持续复苏，吸引众多国内企业纷纷转战港交所冲击资本市场。 继2025年5月首次递表失效后，2025年11月25日，中国铜质文创龙头杭州铜师傅文创（集团）股份有限 公司（以下简称"杭州铜师傅"或"公司"）的二次向港交所主板递交招股书，招银国际担任独家保荐人。 2025年上半年利润骤降24% 盈利受铜价波动影响 近年来，公司也在不断打造塑胶潮玩、银质文创产品、黄金文创产品等多元产品线，但是招股书显示， 2022年至2024年，其铜质文创产品销售收入占总营收的比例分别高达 95.4%、96.3% 及 96.6%，以及截 至2025年6月30日前，铜质文创产品销售收入占比依然高达94.9%。近三年间，形成"一铜独大"的业务格 局，导致公司业务结构极度单一。 公司开拓的其他产品线如塑胶潮玩、金银文创产品等也都未有起色。截至2025年6月30日前，塑胶潮 玩、金银文创等非铜质产品对公司营收的贡献总计约5.1%，投入产出严重失衡，并且这种单一的产品 结构或致使公司抗风险能力较弱。 公司招股书上显示，杭州铜师傅是一家以铜艺术品制造为核心业务的企业，专注于将传统工艺与现代设 计相结 ...

以下文章来源于盐财经 ，作者陈慧 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 年轻人或许很难想象，常年出现在商铺、领导办公室的财神、关公，早已形成一门规模可观的生意。 正如 年轻人 能为泡泡玛特买单，中年男人往往也对于那些掂在手中颇有分量的 铜制工艺品 ，天生 没有抵抗力。 最近，一家被称作"中年男人的泡泡玛特"的公司引起了市场关注，它就是来自杭州的"铜师傅"。 铜师傅主要售卖的就是 铜制工艺品 。盐财经记者在深圳线下门店里注意到，铜师傅的展柜陈列的， 既有 "大圣传奇"、变形金刚等热门IP联名款，也有铜葫芦、财神雕塑、"聚宝盆"等经典款铜制品。 来源丨 盐财经 （ nfc-yancaijing ） 作者丨 陈慧 编辑丨宝珠 图源丨铜师傅官网 门店吸引了不少人驻足， 张可就是其中之一，他反复摩挲着一款全铜笔筒 ："摸着手感厚重，像老辈 人传下来的古玩" 。 他并非铜师傅的老粉，也对哪吒、钢铁侠这类IP联名毫无兴趣，但铜制品材质的质感、工艺的精致 度，以及传统文化赋予的吉祥寓意，让他买下了这件笔筒。 这家从杭州起家、深耕铜质文创十二年的企业，正是 靠着 这样一批受众的支撑，在资本市场持续发 力 ...

Core Viewpoint - The article discusses the rise of "Tong Shifu," a company specializing in copper crafts, which has gained significant market attention and is often referred to as "the Bubble Mart for middle-aged men" [4][6]. Company Overview - Tong Shifu primarily sells copper crafts, including popular IP collaborations and traditional items like copper gourds and wealth sculptures [4][6]. - The company has submitted its application for listing on the Hong Kong Stock Exchange for the third time, following previous attempts that were unsuccessful [6][8]. Financial Performance - Tong Shifu has established itself as a leader in the industry, with annual revenues consistently above 500 million RMB, achieving 571 million RMB in 2024 and 308 million RMB in the first half of 2025 [8][18]. - The revenue breakdown shows that copper cultural products contribute nearly 95% of total revenue, with a significant reliance on a single product line [22][23]. Market Position and Challenges - Despite being a market leader with over 30% market share, the company faces growth limitations due to the small size of the copper craft market, projected to grow from 1.6 billion RMB in 2024 to only 2.3 billion RMB by 2029 [18][19]. - The company's profitability has shown volatility, with a notable decline in net profit in the first half of 2025, raising concerns about its growth sustainability [18][19]. Strategic Initiatives - To overcome growth ceilings, Tong Shifu has expanded its offline presence and is exploring international markets, while also launching sub-brands to tap into different segments [26][27]. - The company has engaged in collaborations with various IPs to attract attention, although there are concerns about the effectiveness of this strategy in meeting core consumer demands [28][34]. Investment and Ownership - The company has received significant backing from Xiaomi's ecosystem, with Xiaomi's capital contributing to its growth and operational strategies [16][18]. - The founder, Yu Guang, has integrated Xiaomi's value proposition of high cost-performance into Tong Shifu's business model, which has been crucial for its rapid rise [16][18]. Future Outlook - The upcoming listing is seen as a way to enhance brand credibility and market presence, although there are questions about the company's ability to maintain its growth trajectory amid market challenges [36][37]. - The focus on maintaining craftsmanship and cultural significance will be critical for Tong Shifu as it navigates the competitive landscape and seeks to expand its consumer base [37].

Core Viewpoint - The company, Hangzhou Tongshifu Cultural Creative Co., Ltd., known as "the Bubble Mart for middle-aged people," is attempting to overcome development bottlenecks through capitalization, but faces challenges such as a limited market size for copper craft products and a single product structure [3][4]. Company Overview - Tongshifu has appointed CITIC Lyon Securities as the overall coordinator for its IPO process on the Hong Kong Stock Exchange, having previously updated its prospectus [3]. - The company has faced difficulties in its listing journey, including a failed attempt to go public on the A-share market and multiple submissions to the Hong Kong Stock Exchange [5][6]. Financial Performance - The company's revenue has shown slight growth, with figures of CNY 5.03 billion in 2022, CNY 5.06 billion in 2023, CNY 5.71 billion in 2024, and CNY 3.08 billion in the first half of 2025 [9]. - Gross profit margin has improved from 32.2% to 35.1%, indicating enhanced profitability, but net profit has fluctuated significantly, with a drop of 23.9% in the first half of 2025 compared to the same period in 2024 [9]. Product Dependency - Copper craft products account for over 90% of the company's revenue, with a consistent contribution of around 95% from 2022 to 2025 [9][10]. - The average selling price of these products has decreased from CNY 363.7 per unit in 2022 to CNY 290.4 in the first half of 2025, indicating pricing pressure [9]. Market Challenges - The domestic market for copper craft products is limited, projected to grow from CNY 1.1 billion in 2019 to CNY 1.6 billion by 2024, with a compound annual growth rate of 7.7% expected until 2029 [10]. - The company is attempting to diversify its product offerings but has not yet established a second growth curve, with new segments like plastic toys and silver crafts contributing minimally to revenue [10][11]. Sales Channels - The company heavily relies on online sales, which accounted for over 79% of total revenue from 2022 to the first half of 2025, but the average transaction value has decreased significantly [11]. - The offline presence is limited, with only 11 direct stores and 63 franchised stores as of mid-2025 [11]. Intellectual Property Strategy - The company primarily focuses on self-developed IP, with over 90% of SKU revenue coming from in-house creations since 2022, but licensed IP contributions remain limited [12]. - The introduction of new SKUs continues, with 528 new self-developed products planned for 2024 [12]. Future Outlook - The second submission for the Hong Kong IPO is seen as a critical opportunity for the company, but it must address issues related to its single product structure and lack of growth momentum to succeed [12].

Core Viewpoint - The company "Copper Master" has achieved significant revenue in the copper cultural and creative product market, with plans for an IPO in Hong Kong after an unsuccessful attempt to list on the A-share market. The company is recognized as a leader in its sector, holding a substantial market share and a loyal customer base referred to as "Copper Fans" [1][15][18]. Company Overview - Founded in March 2013 as Hangzhou Taicopper Craft Co., Ltd., the company restructured into a joint-stock company in November 2014 and was renamed Hangzhou Copper Master Cultural Creative Group Co., Ltd. in December 2024 [3]. - The company has developed into a leading brand in the domestic copper cultural and creative product market over the past decade, with a market share of approximately 35% as of December 2024 [3][4]. Financial Performance - The company's revenue from copper cultural and creative products for the years 2022 to 2024 is projected to be 480 million RMB, 488 million RMB, and 551 million RMB, respectively, contributing over 90% of total revenue [1][8]. - The total revenue for the company from 2022 to 2024 is approximately 5.03 billion RMB, 5.06 billion RMB, and 5.71 billion RMB, with net profits fluctuating during this period [13][14]. Market Position - The copper cultural and creative product market in China is highly concentrated, with the top three players accounting for over 71.9% of the market share. Copper Master ranks first with a market share of 35% [3][4]. - The market size for copper craft products has grown from 1.1 billion RMB in 2019 to an estimated 1.6 billion RMB in 2024, with a projected compound annual growth rate of 7.7% from 2024 to 2029 [18]. Product and Sales Channels - The product mix is primarily focused on copper cultural and creative products, which accounted for 95.4% to 96.6% of total revenue from 2022 to 2025 [8][10]. - Online sales are a significant revenue driver, contributing approximately 70% of total revenue, with major platforms including Tmall, JD.com, and Douyin [12][13]. Strategic Developments - The company has attempted to expand its product offerings beyond copper products to include plastic toys, silver, and gold cultural products, although these categories currently contribute less than 5% of total revenue [11]. - Copper Master has developed a range of original and licensed IPs, including collaborations with popular franchises such as "Game of Thrones" and "Jurassic World" [11]. Investment and Shareholding - The company has attracted significant investment from notable entities, including Xiaomi Group and Shunwei Capital, with Xiaomi holding approximately 9.56% of shares [15][17]. - As of the latest disclosure, the founder holds 26.27% of the shares, maintaining the largest single shareholder position [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][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]

Core Insights - The article highlights the successful listing application of Hangzhou Tongshifu Cultural Products Co., Ltd. (referred to as "Tongshifu") on the Hong Kong Stock Exchange, backed by Xiaomi and Shunwei Capital, marking a significant moment for the company in the cultural and creative industry [1][11] - Tongshifu has established itself as a leader in the copper cultural product market, holding a 35% market share, according to Frost & Sullivan's 2024 report [1] Company Overview - Founded in 2013 by brothers Yu Guang and Yu Qing, Tongshifu combines art and industry, leveraging their backgrounds in traditional craftsmanship and design to create unique copper products [2] - The company has diversified its product offerings into four main categories: core copper cultural products, plastic trendy toys, silver cultural products, and gold cultural products [3] Financial Performance - Tongshifu's revenue has shown steady growth, increasing from 503 million yuan in 2022 to 571 million yuan in 2024, with 308 million yuan achieved in the first half of 2025, nearing 54% of the total revenue for 2024 [9] - The gross profit margin improved from 32.2% to 35.4% between 2022 and 2024, maintaining a high level of 35.1% in the first half of 2025 [9] - Net profit rebounded to 78.98 million yuan in 2024 after a brief adjustment in 2023, indicating ongoing optimization of profitability [9] Market Position and Challenges - Despite being a market leader, Tongshifu operates in a niche market, with the copper cultural product market projected to grow from 1.576 billion yuan in 2024 to 2.282 billion yuan by 2029, reflecting a compound annual growth rate of 7.7% [16] - The company heavily relies on its core copper cultural products, which accounted for approximately 95% of total revenue from 2022 to the first half of 2025, indicating slow progress in diversifying its product range [17] Competitive Landscape - The competitive environment is intensifying, particularly in the trendy toy market, where companies like Pop Mart and others are successfully listed, increasing market concentration [18] - Tongshifu faces challenges in customer penetration due to the weight and price limitations of its copper products compared to competitors focused on plastic trendy toys [18] Strategic Directions - The company aims to deepen its IP value and expand its product categories, focusing on both original and licensed IP collaborations to enhance product value and reach a broader consumer base [23] - Successful listing on the Hong Kong Stock Exchange could provide Tongshifu with additional funding for technology development, IP reserves, and market expansion [23]

Company Overview - Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd. has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CMB International as the sole sponsor [1] - The company focuses on integrating traditional craftsmanship with modern design to develop copper cultural and creative products, holding a leading market position in China's copper cultural product market with a market share of 35.0% as of December 31, 2024 [5][6] Financial Performance - Revenue figures for Tongshifu are approximately RMB 503.2 million, RMB 506.4 million, and RMB 571.2 million for the years ending 2022, 2023, and 2024 respectively, with a revenue of RMB 283.6 million and RMB 308.2 million for the six months ending June 30, 2024, and 2025 respectively [7][10] - Profit figures for the same periods are RMB 56.9 million, RMB 44.1 million, and RMB 78.0 million for 2022, 2023, and 2024 respectively, with profits of RMB 39.8 million and RMB 30.2 million for the six months ending June 30, 2024, and 2025 respectively [8][10] - Gross profit margins have shown a positive trend, with margins of 32.2%, 32.4%, and 35.4% for 2022, 2023, and 2024 respectively, and margins of 36.0% and 35.1% for the six months ending June 30, 2024, and 2025 respectively [9][10] Industry Overview - The global cultural and creative industry is projected to grow from RMB 16.0 trillion in 2019 to RMB 19.5 trillion by 2024, with a compound annual growth rate (CAGR) of 4.0% [11] - The market for cultural and creative products in China is expected to expand from RMB 4.5 trillion in 2019 to RMB 6.4 trillion by 2024, with a CAGR of 7.4% [13] - The market for metal cultural products in China is anticipated to grow from RMB 231 billion in 2019 to RMB 252 billion by 2024, with copper products leading the growth at a CAGR of 7.3% [17]