Core Viewpoint - The cultural and creative brand "Copper Master" is making a significant push for an IPO on the Hong Kong Stock Exchange, having submitted its listing application and secured investments from notable institutions [1][2]. Company Overview - Copper Master specializes in copper cultural and creative products and has expanded its product line to include plastic toys, silver, and gold cultural products [1]. - The company has a strong market position, holding the largest market share in China's copper cultural and creative craft market at 35.0% and 44.1% for overall and online revenue respectively by 2024 [2]. Financial Performance - Revenue projections for Copper Master from 2022 to 2024 are 503 million, 506 million, and 571 million yuan, respectively, while net profits are expected to be 57 million, 44 million, and 79 million yuan, with net profit margins of 11.3%, 8.7%, and 13.8% [2]. - The majority of revenue comes from online direct sales through third-party e-commerce platforms, accounting for 70.6%, 69.9%, and 70.5% of total revenue during the reporting period [2]. Sales Channels - Copper Master is expanding its offline presence, having opened 9 direct stores and partnered with 54 authorized distributors operating 68 stores as of December 31, 2024, with plans to open 30 more stores in key cities over the next three years [3]. Intellectual Property and R&D - The company generates 93.7% of its revenue from original self-developed intellectual properties, with a total of 1,575 artistic copyrights and various patents [4]. - R&D investments from 2022 to 2024 were approximately 18.8 million, 28.6 million, and 28.2 million yuan, representing 3.7%, 5.7%, and 4.9% of total revenue, respectively [4]. Production Facilities - Copper Master operates a production facility in Hangzhou, with plans to build a dedicated R&D center by June 2026, aiming to enhance product design and testing capabilities [5]. - The IPO proceeds will primarily be used for product development, capacity enhancement, and channel expansion [5].

Core Viewpoint - The company, Tong Shifu, is preparing for an IPO on the Hong Kong Stock Exchange, focusing on its unique copper-based cultural and creative products while expanding into other materials like plastic, silver, and gold [2]. Group 1: Company Overview - Established in 2013, Tong Shifu emphasizes original design and R&D, with copper as its core material [2]. - The company has expanded its product offerings to include 2,137 SKUs in 2022, 2,296 in 2023, and 2,485 in 2024, with new SKUs launched each year [3]. Group 2: Market Position - According to a report by Frost & Sullivan, Tong Shifu holds the top position in the Chinese copper cultural and creative product market, with a market share of 35.0% in revenue and 44.1% in online sales for 2024 [4]. - The brand has consistently ranked first in sales on major e-commerce platforms like Tmall and JD from 2022 to 2024, with an average online transaction value exceeding 750 yuan [5]. Group 3: Sales Channels - Online direct sales accounted for 70.6%, 69.9%, and 70.5% of total revenue from 2022 to 2024, with total online channel revenue percentages of 80.9%, 79.2%, and 77.2% respectively [5]. - The company has a weighted average repurchase rate of approximately 59.2%, 56.9%, and 56.4% across its online direct sales channels during the same period [5]. Group 4: R&D and IP Management - Tong Shifu has a strict IP management system, holding 1,575 copyrights, 285 design patents, 12 utility model patents, 9 software copyrights, and 2 invention patents as of December 31, 2024 [6]. - The company has invested approximately 18.8 million yuan, 28.6 million yuan, and 28.2 million yuan in R&D from 2022 to 2024, representing about 3.7%, 5.7%, and 4.9% of total revenue respectively [6]. Group 5: Financial Performance - The revenue for Tong Shifu was 503 million yuan in 2022, 506 million yuan in 2023, and 571 million yuan in 2024, with net profits of 57 million yuan, 44 million yuan, and 79 million yuan respectively [7]. - The net profit margins were 11.3%, 8.7%, and 13.8% for the same years [7]. Group 6: IPO Fund Utilization - The net proceeds from the IPO will primarily be used for product development, increasing production capacity, enhancing sales channels, upgrading digital infrastructure, and general corporate purposes [8].