雷军看好的铜师傅冲击上市：年入超5亿，却难成中年男版泡泡玛特？

ITBEAR科技资讯2025-12-23

在文创领域，泡泡玛特凭借潮流玩具俘获年轻群体，而另一家企业则瞄准中年男性市场，在铜质文创赛道闯出一片天地。杭州铜师傅文创（集团）股份有限公司，凭借将传统工艺与现代设计巧妙融合的铜质文创产品，不仅在市场上占据一席之地，还向港交所发起冲击，有望成为“铜文创第一股”。据弗若斯特沙利文报告，截至2024年，铜师傅在中国铜质文创工艺产品市场以总收入计算位居榜首，市场份额达35%。其核心消费群体为30岁至55...

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middle-aged male version of Pop Mart?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81810":0.6,"91113":1.95,"MIUmain":0.6,"09992":0.9,"HXXD.SI":0.6},"content_text":"在文创领域，泡泡玛特凭借潮流玩具俘获年轻群体，而另一家企业则瞄准中年男性市场，在铜质文创赛道闯出一片天地。杭州铜师傅文创（集团）股份有限公司，凭借将传统工艺与现代设计巧妙融合的铜质文创产品，不仅在市场上占据一席之地，还向港交所发起冲击，有望成为“铜文创第一股”。据弗若斯特沙利文报告，截至2024年，铜师傅在中国铜质文创工艺产品市场以总收入计算位居榜首，市场份额达35%。其核心消费群体为30岁至55岁的男性，因此被业内形象地称为“中年男人的泡泡玛特”。铜师傅的创始人俞光，其创业灵感源于一次“买不起”的经历。早年从事卫浴行业的他，对关公像情有独钟。一次购买铜质关公像时，发现售价高达120万元，而铜的市场价仅几万元一吨，敏锐的他从中嗅到了商机。2013年3月，俞光创立铜师傅，开启自制铜质工艺品之路。经过9个月尝试和数千万元前期投入，2014年初，首款铜质小沙弥诞生。2015年，借助《西游记之大圣归来》电影热度，团队打造“欢乐西游”产品；2016年，“大圣之大胜”铜质工艺品上线，在淘宝众筹947万元，刷新淘宝设计类产品众筹纪录，当年销售额突破亿元。铜质文创产品一直是铜师傅的核心业务。2022年至2024年，该品类收入分别为4.796亿元、4.88亿元及5.51亿元，占同期总收入比例分别为95.4%、96.3%及96.6%。除铜质产品外，公司还逐步拓展至塑胶潮玩、银质文创产品及黄金文创产品等多元材质品类。在银质文创方面，旗下“阅银”品牌专注于茶具及装饰品等功能性、象征性物件。2022年至2025年上半年，银质文创产品收入分别为477.1万元、332万元、423.2万元和469.2万元，收入占比分别为0.9%、0.7%、0.7%和1.5%。2024年推出的黄金文创品牌“玺匠金铺”，以999纯金为主要材料，个别产品提供纯银选择。创立当年收入127.4万元，占比0.2%；2025年上半年，收入迅速增长至587.8万元，占比1.9%。针对年轻消费者，子品牌“欢喜小将”推出融合文化元素与潮玩设计的塑胶收藏品，2022年至2025年上半年，收入分别为328.6万元、1330.4万元、1425.2万元和521.3万元，对各期收入贡献率分别为0.7%、2.6%、2.5%和1.7%。不过，铜师傅也有业务调整。旗下主营木质文创产品的子品牌“唯檀”，2022年收入1548.3万元，占总收入的3%，但2023年和2024年收入持续下降，分别降至175.4万元和17.9万元，占比降至0.4%和0%。2025年上半年，收入进一步降至0.3万元，几乎可忽略不计。公司表示，因木质文创产品收入及占比低，已从2022年起停产，后续收入主要来自出售存货。销售渠道上，铜师傅采用多渠道网络，包括直销、经销和代销模式。直销模式涵盖电商旗舰店在线直销和直营零售店线下直销；经销模式由买断模式下的在线及线下经销商组成；代销模式主要通过托管的第三方在线平台进行。公司国内以线上销售为主，较依赖线上电商平台。2022年至2024年及2025年上半年，线上直销分别占总收入的70.6%、69.9%、70.5%及69.8%。2025年上半年，公司持续扩张直营店网点，线下直销收入同比大幅增加至1457万元。报告期内，线上客单价分别为958元、822元、777元及556元；线下直营店客单价分别约为1918元、1734元、568元及659元。截至2025年6月末，公司拥有11家线下直营门店和由56家授权线下经销商运营的63家门店，未来三年计划新开50家直营店，重点布局北京、上海、杭州、成都等城市。公司2024年开拓美国市场，全年收入41.7万元，占比0.1%；2025年上半年收入27.5万元。财务数据方面，2022年至2024年，铜师傅收入持续稳定增长，分别为5.03亿元、5.06亿元及5.71亿元；净利润分别为5693.8万元、4413.1万元和7898.2万元，同期毛利率分别为32.2%、32.4%及35.4%。2025年上半年，营收2.92亿元，同比减少11.2%，主要因公司策略性将更多研发资源分配至铜质摆件，新产品减少导致销量下降；净利润3024.4万元，同比减少23.9%，主要归因于IPO。公司预计IPO将导致净利润较2024年有所减少，但扣除一次性开支后，预测2025年度净利润将超过2024年。在营销上，铜师傅也投入颇多。2022年至2024年及2025年上半年，销售及营销开支分别为6266.7万元、7244.8万元、7159万元和3993.5万元，三年营销费用超2亿元。俞光是忠实的“米粉”，效仿雷军小米的七字诀总结创业八字诀“降维、专注、极致、口碑”，还打造了“铜粉节”。雷军也看好铜师傅，称赞其是“小米体系之外最像小米的企业”。2017年和2018年，在铜师傅发展关键节点，雷军创立的顺为资本和小米旗下天津金米接连投资。股权结构上，创始人兼CEO俞光持有约26.27%的表决权，是单一最大股东；顺为资本持股13.39%，小米旗下天津金米持股9.56%，合计持股22.95%。尽管中国金属文创工艺产品市场规模庞大，2024年达252亿元，但铜质工艺产品市场规模较小且集中度高。2024年，铜质文创工艺品细分市场规模约15.8亿元，预计2029年增长至23亿元，目前铜师傅和“朱炳仁·铜”瓜分近七成市场。近年来，铜师傅线上线下客单价持续走低，而主要材料铜成本却持续上涨。铜的年均价从2020年的48773.5元/吨涨至2024年的74958.3元/吨，截至2025年6月末达77596.2元/吨，预计2029年将达93494.1元/吨。公司各期平均铜购买价也呈上升趋势。铜师傅价格带宽，从几十元到数万元不等，目前在售最低价挂件为38元的“好运铜葫芦”，最高价是“玺匠金铺旗舰店”的“足金古法十字金刚杵黄金吊坠”，大号售价约8.07万元。公司表示，产品组合向更小巧及入门级产品转变，虽推高销量，但也拉低了整体平均售价。铜师傅虽合作IP众多，但利润获取有限，尚未出现有文化穿透力的超级IP符号。性价比是其优势，但赋予产品更深文化价值才是关键。在非遗工艺和黄金饰品受年轻消费者青睐的背景下，铜师傅等品牌备受资本关注，不过对铜师傅而言，摆脱“男性”刻板印象或许是当下重要课题。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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