Core Insights - The New Third Board has welcomed a number of hard technology companies, with 15 new listings in the past week, including six companies on October 22, showcasing strong innovation and market competitiveness in sectors like semiconductors and advanced manufacturing [1][2] - The New Third Board is increasingly demonstrating its role in nurturing hard technology enterprises, as exemplified by companies like Loco Electronics, which focuses on intelligent oil and gas field equipment [1][2] - Several newly listed companies are actively preparing for listings on the Beijing Stock Exchange, indicating a deepening linkage between the New Third Board and the Beijing Stock Exchange [1][6] Company Highlights - Zhongxin Crystal, a key player in semiconductor wafer manufacturing, has established a comprehensive production process and plans to reach a monthly capacity of 400,000 small-sized wafers and 600,000 12-inch polished wafers [2][3] - Zhongxin Crystal has entered the supply chain of major clients, including SMIC and GlobalWafers, with over 270 certified customers and 2,600 certified products [2] - Xinxing Lianhua, recognized as a national "little giant," specializes in high-frequency and high-speed electronic testing instruments, demonstrating significant technical advantages in the high-end radio instrument market [3] - Sentai Yingge is a rare domestic enterprise capable of providing precision accessories for CNC machine tools, with applications in automotive manufacturing and aerospace [3] - Haimingrun has established a leading position in diamond composite sheets for oil and gas drill bits, focusing on the mid-to-high-end market [4] - Weifang Jinghua is a major manufacturer of negative electrode material crushing equipment, becoming a key supplier for global leader BETTERI in the negative electrode materials sector [4] Progress on Beijing Stock Exchange Listings - Zhongxin Crystal has initiated its listing preparation for the Beijing Stock Exchange, having submitted its application on August 1 and received acceptance on October 10 [6] - Other newly listed companies are also advancing their plans for the Beijing Stock Exchange, with several updating their listing progress in October [6] - Zhu Bingren Copper, listed on October 15, announced the submission of its listing application the day after its listing, focusing on copper crafts and decorative products [6] - Baimaike's board approved a listing proposal for the Beijing Stock Exchange, with a high gross margin of 75.97% and multiple certifications [6] - Ruilong Technology, listed on October 17, plans to submit its application for the Beijing Stock Exchange within 12 months, having established itself in the high-frequency copper-clad laminate industry [7]

Core Viewpoint - The article highlights the upcoming IPO of Hangzhou Tongshifu Cultural (Group) Co., Ltd., a leading brand in China's copper cultural and creative products market, emphasizing its unique business model and strong backing from Xiaomi [1][8]. Company Background - Founded by Yu Guang in 2013, Tongshifu started as a copper crafts business and has become the top brand in the copper cultural products market in China, with an online average transaction value exceeding 750 yuan [1][11]. - The company has received significant investment from Xiaomi and its ecosystem, with Lei Jun describing it as the most Xiaomi-like company outside of the Xiaomi ecosystem [1][8]. Business Model and Product Offering - Tongshifu's core product line focuses on copper cultural products, which accounted for approximately 95.4% to 96.6% of total revenue from 2022 to 2024, with revenues projected to be 480 million yuan, 488 million yuan, and 551 million yuan respectively [11]. - The company has successfully created a variety of original IPs, launching hundreds of new products each year, and has established a strong online presence, ranking first in the copper cultural product category on major e-commerce platforms [12]. Financial Performance - The company has shown profitability over the past three years, with net profits of 57 million yuan, 44 million yuan, and 79 million yuan [11]. - The revenue from self-developed IPs has been significant, contributing around 94.1% to 93.7% of total revenue from 2022 to 2024 [12]. Market Position and Strategy - Tongshifu holds a market share of 35.0% in the overall copper cultural products market and 44.1% in online sales as of 2024, indicating a strong competitive position [12]. - The company is actively expanding its offline presence with nine direct stores and 54 authorized dealers, while also planning to enter international markets, including Taiwan and the United States [13]. Industry Context - The article discusses the rise of the "Guzi Economy," which refers to the emerging consumer phenomenon around cultural and creative products, particularly those related to popular IPs [14][16]. - The success of other companies in this space, such as Pop Mart and Bluku, illustrates the potential for growth and investment in the cultural and creative sectors [16][17].

眨眼，2025年第二季度已经快过半了。回顾这期间诞生的港股大牛股，古法工艺老铺黄金 （06181.HK）和潮玩"钞能力王者"泡泡玛特（09992.HK）是其中绝对少不了的身影。 而让投资者兴奋的是，日前，以铜工艺品为核心，融合非遗技艺与文创IP的杭州铜师傅文创（集团）股 份有限公司（简称："铜师傅"）向港交所递交招股书，筹备上市事宜。 从产品维度来说，铜师傅背后似乎有着"铜雕工艺品+文创IP"的双轮驱动模式，即"老铺黄金的工艺壁垒 叠加泡泡玛特的变现能力"。 事实真的如此吗？ 铜工艺品平权的商业缺口，造就了"铜师傅"的出现 成立于杭州的铜师傅，据悉，曾被小米CEO雷军公开评价"是整个小米体系之外最像小米的企业。" 一个是知名的铜艺术品品牌，一个是全球知名的消费电子终端品牌，两家经营的产品不说毫无关联，但 确实相差甚远。然而，两家在各自领域掀起的产品"平权之战"成为它们最初的渊源。 基于类似的"平权"商业诉求，铜师傅创办早期，俞光一直在解锁小米公司的方法论，最终成功将铜工艺 品以平价定价走进万家万户中，成为愉悦普通人的装饰品。有资料显示，铜师傅曾经有一款铜葫芦爆 款，以39元的售价年销售了50万只。目前也仅有大 ...