本周末北证 50 报收 1463.03 点，周涨跌幅为+1.19%。消费服务本周走势较弱， 跌幅在五大行业中较大，周涨跌幅为-1.95%。本周开源北交所北交所消费服务二 级行业大部分出现下跌，商业服务、农林牧渔、建筑装饰、包装印刷本周上涨， 其中涨幅超过 1%的有：商业服务（+2.18%）、农林牧渔（+1.35%）、包装印刷 （+1.37%）。个股情况来看，本周 23.40%的消费服务标的市值有所上涨。分二级 行业来看，农林牧渔有 60%以上的标的本周上涨。周涨跌幅居前的个股分别为宏 裕包材（+24.67%）、北矿检测（+14.28%）、田野股份（+13.19%）、铜冠矿建 （+5.32%）、秋乐种业（+2.45%）、康农种业（+2.31%）、中纺标（+0.94%）、广 咨国际（+0.94%）、中设咨询（+0.26%）、国航远洋（+0.1%）。 北交所策略专题报告 2025 年 12 月 28 日 北证文创国潮主线浮现—从柏星龙 AI 文创到朱炳仁铜上市辅导 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 文旅产业发展快速 ...

更多"中年人的泡泡玛特"正迎来上市。 继铜师傅向港交所发起冲刺后，又一家铜艺术品公司走上了证券化的道路。 日前，杭州朱炳仁铜艺股份有限公司（下称"朱炳仁铜"）启动了北交所上市辅导备案。 朱炳仁铜的主要产品包括铜工艺品和铜装饰，主要用于艺术收藏、酒店家居等多种场景需求。 2023年、2024年，朱炳仁铜的收入分别为4.85亿元、6.2亿元，同期归母净利润分别为0.56亿元、0.63亿 元。 这是朱炳仁铜二度启动上市辅导，在此之前其曾在华泰联合的辅导下启动上市辅导，但无疾而终。 此次朱炳仁铜若能顺利登陆上市，有望创造历史，成为北交所第一家艺术品公司。 但在这一稀缺性背后，朱炳仁铜的挑战正在接踵而至。 一方面，朱炳仁铜主打朱府铜艺，实控人朱军岷之父朱炳仁自称是朱府铜艺家族第四代传人，但朱炳仁 之弟朱炳新亦自称是该家族的第四代传人，并将其产品的品牌名命名为朱府铜艺，日后二者是否会因为 朱府铜艺的名号产生矛盾，仍是未知数； 另一方面，近期以来铜价暴涨，可能也会在一定程度上挤压了朱炳仁铜的毛利空间。 老字号暗藏风波？ 朱炳仁铜公司名称中的"朱炳仁"正是取自国家级工艺美术大师朱炳仁之名，后者系朱府铜艺家族的传 人。 朱炳仁 ...

铜师傅闯关港股IPO后，再有铜工艺企业瞄准资本市场。 12月3日，证监会官网显示，杭州朱炳仁铜艺股份有限公司（简称"朱炳仁铜"）在浙江证监局上市辅导 备案拟在北交所上市，辅导机构为浙商证券。 据了解，朱炳仁铜(874779)已在2025年10月在全国中小企业股份转让系统挂牌。公开转让说明书显示， 朱炳仁铜主要从事铜工艺相关产品的研发、生产、销售，主要产品包括铜工艺品和铜装饰产品。公司在 产品设计、生产工艺、销售渠道及品牌知名度等方面具备较强的市场竞争力。 截至2024年末，朱炳仁铜设计团队已达九十余人的规模，具备高效、高质完成设计任务的能力。在文创 领域，报告期内朱炳仁铜每年设计并投产数百款各式铜工艺产品，铸就公司产品良好的市场口碑，推动 铜文创市场的发展；在铜装饰领域，公司设计团队具备丰富的古建筑、现代建筑领域设计经验，无论是 还原历史风貌还是提升建筑质感，充分满足业主不同的建筑装饰需求。 作为一家铜工艺企业，朱炳仁铜在传统铜制工艺的基础上，自主研发提升公司的工艺技术水平，公司在 热着色、蚀刻等关键工序，熔铜、庚彩、花斑纹着色等特殊工艺领域具备丰富的技术储备。 朱炳仁铜实际控制人朱军岷是国家级非遗铜雕技艺传 ...

Company Overview - Zhu Bingren Copper Art Co., Ltd. was established on August 8, 2011, with a registered capital of 105 million yuan [1] - The company is primarily engaged in the research, production, and sales of copper craft products, including copper artworks and decorative items [2] - The actual controller, Zhu Junmin, is a national-level inheritor of intangible cultural heritage in copper sculpture and a master of arts and crafts in Zhejiang Province [2] Financial Performance - In 2023, the company achieved revenue of 485 million yuan, which is projected to increase to 620 million yuan in 2024 [3] - The net profit attributable to the parent company for 2023 was approximately 56.2 million yuan, expected to rise to about 62.9 million yuan in 2024 [3] - Total assets as of December 31, 2024, are projected to be 965.19 million yuan, up from 741.36 million yuan in 2023 [4] - The company's equity attributable to shareholders is expected to increase from 448.30 million yuan in 2023 to 510.74 million yuan in 2024 [4] Key Financial Ratios - The gross profit margin improved from 49.59% in 2023 to 53.77% in 2024 [4] - The asset-liability ratio increased from 39.53% in 2023 to 47.08% in 2024 [4] - The current ratio decreased from 1.83 in 2023 to 1.60 in 2024, while the quick ratio fell from 1.11 to 0.93 [4] Shareholding Structure - Zhu Junmin directly holds 61,733,684 shares, accounting for 58.79% of the total shares, making him the controlling shareholder [1][5] - Zhu Yanhong, Zhu Junmin's sister, holds 20,062,454 shares, representing 19.11% of the total shares [5] - Together, Zhu Junmin and Zhu Yanhong control 79.90% of the company's shares [5] Management Background - Zhu Junmin, aged 55, has extensive experience in the copper industry and has held various managerial positions since 1990 [7] - Zhu Yanhong, aged 51, has been involved in the copper art sector and has served in multiple roles, including as the director of the Zhejiang Zhu Bingren Copper Sculpture Art Museum [7]

Core Viewpoint - The company Copper Master is attempting a second listing in Hong Kong after its initial prospectus failed, capitalizing on the recovering sentiment in the Hong Kong consumer stock market [2][13]. Group 1: Business Performance - Copper Master has seen its revenue growth slow to single digits, with profits also declining, contrasting sharply with competitors like Pop Mart, which reported over 200% revenue growth and nearly 400% net profit growth [3][19]. - In the first half of 2025, Copper Master reported a main business revenue of 308 million yuan, a year-on-year increase of less than 10%, while net profit fell from 39.76 million yuan in the first half of 2024 to 30.24 million yuan [19][22]. - The average transaction price for Copper Master has significantly decreased, with online prices dropping from 958 yuan to 556 yuan and offline prices from 1918 yuan to 659 yuan from 2022 to the first half of 2025 [22]. Group 2: Market Positioning - Copper Master is often labeled as "the Pop Mart for middle-aged people," but this comparison is superficial as the two companies operate under fundamentally different business models [4][15]. - While Pop Mart focuses on emotional value and IP-driven products, Copper Master emphasizes tangible copper craftsmanship, leading to a lower gross margin of around 35% compared to Pop Mart's gross margin of approximately 70% [16][18]. - The target demographic for Copper Master includes middle-aged consumers who prioritize functional value and social status over emotional appeal, contrasting with the younger audience of Pop Mart [18][29]. Group 3: Growth Challenges - The company faces significant challenges in proving its growth potential, especially as it approaches its IPO, with concerns about its ability to meet investor expectations [21][25]. - Rising copper prices pose a threat to Copper Master's profit margins, as the company relies on raw material costs that are subject to market fluctuations [23][24]. - Copper Master is attempting to diversify its product offerings and target demographics by expanding into plastic and other materials, as well as collaborating with popular IPs to attract younger consumers [26][28]. Group 4: International Expansion - The company is exploring international markets, particularly in regions like Southeast Asia, Taiwan, and the United States, to leverage the appeal of Eastern aesthetics and craftsmanship [32][33]. - However, establishing a presence in overseas markets requires significant time and investment in brand education and channel development, making immediate financial returns unlikely [33].

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 ...