Tongshifu, since its inception, has focused on integrating traditional craftsmanship with modern design and usage scenarios to develop copper-based cultural and creative products. According to a Frost & Sullivan report, the company ranked first in China's copper cultural and creative products market by total revenue in the year ending December 31, 2024, with a market share of 35.0%. This highlights its strong position in the niche segment of metal cultural and creative products, which accounts for approximately 6.3% of the broader market.

Originating from a copper workshop that inherited traditional Chinese craftsmanship, Tongshifu has evolved over a decade into a national leader in cultural and creative branding. Through continuous investment in original design, research, and development, the company has expanded its material portfolio to include gold, silver, and plastic, attracting a broader audience and unlocking new creative possibilities.

All of Tongshifu’s copper, gold, and silver products are crafted from pure metals. Some copper-based cultural and creative SKUs are plated with a layer of pure gold or silver to enhance their aesthetic appeal and value. The company aims to create products that align with contemporary consumer preferences and usage scenarios, with copper-based cultural and creative products remaining the core of its product matrix.

The copper cultural and creative products market is relatively concentrated, with the top three players accounting for over 71.9% of the total market revenue in the year ending December 31, 2024. Tongshifu’s leading position is attributed to its innovative manufacturing model, strong brand equity, and highly engaged consumer community culture.

Tongshifu’s products are categorized into four main groups based on material and craftsmanship: copper cultural and creative products, plastic collectibles, silver cultural and creative products, and gold cultural and creative products. The company has built a comprehensive IP matrix, including self-developed and licensed collaborations, supported by a robust system of design patents, copyrights, and proprietary technologies.

For the years ending December 31, 2022, 2023, and 2024, as well as the six months ending June 30, 2024, and 2025, revenue from self-developed IP SKUs accounted for approximately 94.1%, 88.3%, 93.7%, 91.9%, and 91.2% of total revenue, respectively. The company continues to enrich its IP portfolio through self-development and licensing, launching new SKUs annually to align with evolving product pipelines.

During the same periods, Tongshifu introduced 407, 350, 528, 190, 240, and 174 new self-developed IP SKUs, alongside 176, 164, 179, 87, 50, and 81 licensed IP SKUs. Revenue from the top five IPs accounted for 20.5%, 20.1%, 23.9%, and 23.2% of total revenue in the respective periods, demonstrating a diversified IP matrix that avoids over-reliance on any single IP.

As of June 30, 2025, Tongshifu held 1,677 artistic copyrights, 246 design patents, 12 utility model patents, nine software copyrights, and three invention patents, reflecting its commitment to R&D and IP protection. The company’s dedicated creative R&D team comprised 126 members as of the same date, supporting its expanding product categories and themes.

Tongshifu’s pricing strategy emphasizes quality-to-price ratio, balancing artistic, cultural, and material value with broad consumer accessibility. Online average order values (AOV) for the years ending December 31, 2022, 2023, and 2024, and the six months ending June 30, 2025, were approximately RMB 958, RMB 822, RMB 777, and RMB 556, respectively. Offline AOVs from direct retail stores were RMB 1,918, RMB 1,734, RMB 568, and RMB 659 for the same periods.

The company employs an integrated production and procurement model, combining in-house manufacturing with limited outsourced production. Its Hangzhou facility, spanning 155,626 square meters as of June 30, 2025, serves as the primary production base. Outsourced production costs accounted for 3.7%, 4.1%, 4.8%, 5.0%, and 6.8% of operating costs in the respective periods, indicating restrained reliance on external resources.

Tongshifu operates a multi-channel sales network, including direct sales (via e-commerce flagship stores and offline retail stores), distribution (online and offline buyout-model dealers), and consignment (primarily through third-party online platforms).

Financially, Tongshifu reported revenues of RMB 503 million, RMB 506 million, RMB 571 million, RMB 284 million, and RMB 308 million for the years ending December 31, 2022, 2023, and 2024, and the six months ending June 30, 2024, and 2025, respectively. Gross margins stood at 32.2%, 32.4%, 35.4%, 36.0%, and 35.1% for the same periods, reflecting stable operational efficiency. Net profits were RMB 56.9 million, RMB 44.1 million, RMB 79.0 million, RMB 39.8 million, and RMB 30.2 million, respectively.

Key shareholders include Shunwei Capital, Xiaomi Group (01810.HK), Cathay Innovation SME Fund, China Renaissance Capital, Bai Quan Na Hai, and CCTV Fund. Proceeds from Tongshifu’s Hong Kong IPO will be allocated to product development and design, capacity expansion, sales and marketing enhancement, digital infrastructure upgrades, and general working capital.