小众的铜制工艺品行业，能否创造一个新的"泡泡玛特"，市场正在将目光聚焦于这样一家港股拟上市企 业。 日前递交港股招股书的铜师傅，以35%的市占率位居中国铜制文创工艺品龙头，然而全年营收只有5.51 亿元。 尽管营收不足泡泡玛特的二十分之一，但铜师傅身上并不缺少流量光环。 它曾被雷军评价为"小米体系外最像小米的企业"，两度获得顺为资本、小米集团投资。 不仅是小米生态链中罕见的工艺品品牌。 也在潮玩热度一骑绝尘的当下，被赋予"中年男人的泡泡玛特"的期待。 冲刺IPO的半年前，股东之一以4.16元/股的价格转让其持有的股权，较比两年前交易估值跌去85%。 铜师傅的机会与问题都在哪里？ 小米学徒 铜制工艺品曾是一个传统且小众、两极分化严重的市场。 动辄几万的精致作品，与廉价、做工粗糙的地摊货共存，缺乏高性价比的优质产品。 有品类、无品牌市场的空白让铜师傅的创始人俞光看到了机遇。 2014年，铜师傅首批产品在天猫旗舰店上线，名为"马到成功"的马型铜雕定价仅999元，较比市面上动 辄数千元的同类产品，性价比凸显。 加之赶上了淘系电商的渗透红利，到2016年，铜师傅全渠道营收共1.06亿，天猫旗舰店成交额达到9100 万。 ...

Core Viewpoint - The article discusses the rise of Tong Shifu, a leading player in the domestic copper cultural and creative product market, which has been dubbed "the Bubble Mart for middle-aged men" due to its unique positioning and appeal to a specific consumer demographic [2][7][20]. Company Overview - Tong Shifu holds a market share of 35% in the copper cultural and creative product sector in China as of 2024 [7][18]. - The founder, Yu Guang, transitioned from the bathroom industry to the copper craft sector after a personal experience of being deterred by high prices for a copper statue [2][14]. - Despite its leading position, Tong Shifu's net profit has not exceeded 100 million yuan for three consecutive years, with a reported net profit of 44 million yuan in 2023, a decline of over 20% year-on-year [2][17]. Financial Performance - From 2022 to 2024, Tong Shifu's revenue figures were 503 million yuan, 506 million yuan, and 571 million yuan, indicating steady growth but remaining below 600 million yuan [17]. - In contrast, Bubble Mart achieved a revenue of 13.038 billion yuan in 2024, showcasing a significant disparity in scale and profitability [16][17]. Market Dynamics - The overall market for cultural and creative products in China is projected to grow from 4.5 trillion yuan in 2019 to 8.8 trillion yuan by 2029, with the copper cultural product market expected to increase from 1.1 billion yuan to 2.3 billion yuan in the same period [17][18]. - The copper cultural product market remains relatively small, which poses challenges for Tong Shifu in terms of scaling its business [18]. Revenue Structure - Tong Shifu's revenue is heavily reliant on copper cultural products, contributing 95% or more to total revenue from 2022 to 2024 [18][19]. - Online sales account for over 70% of Tong Shifu's revenue, highlighting a strong dependence on e-commerce platforms [19]. Strategic Initiatives - To overcome growth limitations, Tong Shifu is diversifying its product offerings to include plastic toys, silver, gold, and wooden cultural products, although these efforts have faced challenges [18][19]. - The company has also engaged in collaborations with popular IPs to enhance brand visibility and consumer engagement [15].

以下文章来源于天下网商 ，作者天下网商 中年男人的泡泡玛特，如今正冲击上市。 天下网商 . 今年5月，杭州铜师傅文创集团股份有限公司（以下简称铜师傅）向港交所主板正式递交招股书申请 上市，招银国际为独家保荐人。 记录互联网商业的人物和故事。 来源丨 天下网商（ID：txws_txws） 作者丨金雅 铜质文创工艺品，是这家公司的王牌产品，近三年里为公司创造了超过95%的收入。铜师傅线上平均 客单价高于750元，全网粉丝超过500万，中年男性是其主流消费者。 据招股书，2022年—2024 年，铜师傅的营收分别为 5.03 亿元、5.06 亿元、5.71 亿元，年内利润 分别为 5693.8万元、4413.1万元、7898.2万元。若按2024年总收入计，铜师傅以35.0% 的市场份 额，位居中国铜质文创工艺产品市场第一。 | | | | 截至12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | | | 人民幣千元 | 估收入% | 人民幣千元 | 佔收入% | 人民幣千元 | ...

Core Insights - The article highlights the rapid growth and increasing market interest in China's潮玩 (trendy toys) and文创 (cultural and creative) industries, with companies like 铜师傅 (Copper Master) and 52TOYS pursuing IPOs to capitalize on this trend [2][15]. Company Overview: 铜师傅 (Copper Master) - 铜师傅 submitted its IPO application to the Hong Kong Stock Exchange on May 9, 2023, aiming for a main board listing, with 招银国际 (Zhaoyin International) as the sole sponsor [4]. - The company, founded in 2013, specializes in copper-based cultural and creative products, with notable IP collaborations including《变形金刚》(Transformers) and《流浪地球》(The Wandering Earth) [6]. - Revenue figures for 铜师傅 from 2022 to 2024 were reported as 5.03 billion, 5.06 billion, and 5.71 billion RMB, with net profits of 56.94 million, 44.13 million, and 78.98 million RMB respectively, indicating a fluctuating net profit margin [6][9]. - The company heavily relies on copper products, which accounted for 96.6% of its revenue in 2024, despite attempts to diversify into other materials [7]. Company Overview: 52TOYS - 52TOYS, established in 2015, is a leading IP toy company in China, with a diverse portfolio of 35 proprietary IPs and 80 licensed IPs [10]. - The company reported revenues of 4.63 billion, 4.82 billion, and 6.30 billion RMB from 2022 to 2024, with a significant portion of revenue derived from licensed IPs, which accounted for 64.5% of total revenue by 2024 [10][11]. - Despite revenue growth, 52TOYS faced net losses of 1.71 million, 71.93 million, and 122 million RMB over the same period, highlighting challenges in profitability [10][11]. - The company is actively expanding internationally, with overseas revenue reaching 1.47 billion RMB in 2024, representing a compound annual growth rate of over 100% [12]. Market Trends - The潮玩 and文创 industries in China are experiencing a surge in consumer demand for personalized and culturally rich products, with the overall潮玩 market size estimated at approximately 345 billion RMB [15]. - The盲盒 (blind box) segment has shown explosive growth, with a compound annual growth rate of 122% from 2017 to 2021, reflecting the evolving consumer preferences [15]. - The article notes a shift in the industry towards more refined operations, with companies leveraging IPOs to expand their IP portfolios and enhance global reach [15][16].

Core Viewpoint - The company "Copper Master" is positioning itself to become the first publicly listed company in China's copper cultural and creative sector, with a focus on affordable copper art products and a unique business model inspired by Xiaomi's strategies [1][14]. Company Background - Founded by Yu Guang, Copper Master has evolved from a small-scale business to a significant player in the copper art market, achieving annual sales exceeding 500 million yuan [1][4]. - Yu Guang's journey began in the construction and bathroom industry before he pivoted to copper art after a personal experience with high-priced copper statues [4][12]. Business Model and Strategy - Copper Master employs a cost-effective pricing strategy, offering products like a copper gourd for 39 yuan, aiming to make copper art accessible to a broader audience [5][7]. - The company has successfully leveraged online sales channels and community engagement, similar to Xiaomi's approach, to build a loyal customer base known as "Copper Fans" [9][10]. Financial Performance - The company's revenue for 2022 is reported at 5.03 billion yuan, with projected revenues of 5.06 billion yuan in 2023 and 5.71 billion yuan in 2024 [14]. - Despite the growth, the net profit has shown fluctuations, with figures of 56.94 million yuan in 2022, 44.13 million yuan in 2023, and an expected increase to 78.98 million yuan in 2024 [14]. Market Position and Challenges - Copper Master is currently the leading brand in the copper cultural and creative market, holding a significant market share alongside two other competitors [16][18]. - The overall market for metal cultural and creative products is relatively small, with a projected growth rate of only 1.8% from 2019 to 2024, limiting the potential for expansion [16][18]. Future Development Plans - The company aims to diversify its product offerings by expanding into gold and plastic creative products, although the success of these initiatives remains uncertain [19].

Core Viewpoint - The article highlights the rapid growth and market success of Tong Shifu, a company specializing in copper crafts, which has gained significant popularity among young male consumers, paralleling the success of brands like Bubble Mart in the new consumption sector [3][48]. Company Overview - Tong Shifu, founded by Yu Guang, has become the leading brand in China's copper cultural and creative products industry, leveraging a unique market position and a focus on quality [7][9]. - The company has recently submitted its IPO application in Hong Kong, indicating its readiness for public listing [9]. Business Strategy - Yu Guang's entrepreneurial journey reflects a commitment to quality and innovation, having previously succeeded in the bathroom fixtures industry before pivoting to copper crafts [12][16]. - The company employs a pricing strategy aimed at making copper products accessible to a broader audience, with items like the "Twelve Zodiac" series priced as low as 99 yuan [21][23]. - Tong Shifu has adopted a marketing approach similar to Xiaomi, focusing on community engagement and brand loyalty through events like the "Copper Fan Heroes Conference" [27][30]. Market Performance - In 2024, Tong Shifu achieved a revenue of 5.71 billion yuan with a net profit of 790 million yuan, reflecting a net profit margin of 13.8% [46]. - The company holds a 35% market share in the Chinese copper cultural and creative products market, positioning it as a dominant player [46]. Consumer Demographics - The primary consumer base consists of over 500 million "Copper Fans," predominantly young males aged 30-35, indicating a strong trend towards interest-based consumption [48].

东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 近三年，年营收稳定破5亿。 作者丨黎曼 来源丨 投中网 以下文章来源于东四十条资本 ，作者黎曼 毕业于绍兴美专美术专业的俞光，早年通过摆地摊、干装修的经历磨砺出了敏锐的商业嗅觉。他31岁创立卫浴品牌雅鼎，年营 收破3亿并登陆新三板。但骨子里的艺术情结驱使他二次创业，于2013年创立铜师傅，要将传统铜艺带入寻常百姓家。 俞光的创业契机来自一尊天价关公像。2013年，俞光因办公室木雕关公开裂，寻访铜像时被120万元报价刺痛。因铜器市场高 价与低质分化，他决心自研工艺决心自研铜工艺。 但要将铜器从庙堂摆件变为年轻人的潮流符号这并不容易，俞光到底做对了什么？ 作为小米的死忠粉，俞光和小米一样以"高质价比"切入市场：2014年推出定价19.9元的铜葫芦，通过天猫旗舰店单日引流300 万。这样就有了生产爆品的逻辑。而后俞光又将小米模式引入文创领域，用"成本定价法"打破了行业暴利，399元的铜木家具 2025年5月，杭州铜师傅文创（集团）股份有限公司向港交所递交招股 ...