杭州铜师傅闯港股，俞光卖铜葫芦年入近6亿元，35%市占撑起“中年男人的泡泡玛特” | 长三角资本局

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文|新浪财经上海站十里　　3月10日，港交所文件显示，杭州铜师傅文创（集团）股份有限公司通过港股IPO聆讯。这个靠铜葫芦、孙悟空、财神、关公做出近6亿元年营收的公司，终于走到资本市场门前。　　它被外界称作“中年人的泡泡玛特”，但比这个标签更值得看的是，铜师傅真正抓住的，并不是潮玩情绪，而是一群30岁到55岁男性用户对身份、寓意和传统文化的稳定需求。　　按2024年总收入计，公司市场份额...

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Guang sells copper gourd with an annual income of nearly 600 million yuan, and 35% of the market account supports \"Bubble Mart for middle-aged men\" | Yangtze River Delta Capital Bureau","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"文|新浪财经上海站 十里\n\n　　3月10日，港交所文件显示，杭州铜师傅文创（集团）股份有限公司通过港股IPO聆讯。这个靠铜葫芦、孙悟空、财神、关公做出近6亿元年营收的公司，终于走到资本市场门前。\n　　它被外界称作“中年人的泡泡玛特”，但比这个标签更值得看的是，铜师傅真正抓住的，并不是潮玩情绪，而是一群30岁到55岁男性用户对身份、寓意和传统文化的稳定需求。\n　　按2024年总收入计，公司市场份额达到35%，2025年前9个月营收4.48亿元，毛利率34.3%，经调整净利5437万元。自研传统文化IP贡献了88.3%的营收，铜葫芦和大圣系列撑起了基本盘。\n　　铜师傅卖的不是一个新故事，而是把中年男性熟悉的文化符号重新包装成了可消费、可陈设、可送礼的商品。\n　　但问题也恰恰出在这里。俞光和铜师傅把传统文化做成了生意，也把自己困在了传统文化里。招股书显示，铜质文创产品平均售价从2022年的363.7元降至2025年上半年的290.4元，线上客单价从958元一路降到598元，线下客单价也从1918元降到726元。另一边，自研IP虽然贡献收入，却难掩同质化，铜葫芦、铜马、财神、关公并非独家，市场上相似产品并不少见。消费者依然愿意买，但价格正在往下走，这已经说明问题。\n　　为了摆脱“只赚中年男人钱”的单一叙事，铜师傅这些年频繁联名，从漫威、变形金刚到哪咤、《太平年》，声量做得不小。\n　　年初《太平年》联名鱼符24小时售空1.1万件，确实让公司在IPO前又站上流量风口。但招股书也写得很清楚，授权IP收入占比始终在10%左右徘徊，热闹没有真正改写生意结构。鱼符爆了，其他同系列产品销量仍停留在几十件。哪咤联名更把问题挑明了，年轻用户冲着IP而来，却对产品做工、沟通方式和品牌理解并不买账，最终以俞光公开道歉收场。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：张恒星","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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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