雷军投资的铜师傅上市便遭遇断崖式下跌 “中年人的泡泡玛特”标签未获得资本认可

深圳商报·读创04-03

深圳商报·读创客户端记者詹钰叶　　近来香港市场新股上市后表现喜忧参半，其中，被称为“中年人的泡泡玛特”的铜师傅上市即破发，三个交易日近半数市值蒸发。招股书显示其业务结构单一，原材料价格承压、盈利能力波动明显。小米创始人雷军旗下的顺为资本和小米集团控制的天津金米投资平台分别持股13.39%和9.56%，为其第二和第三大股东。　　今年3月31日，发行价为60港元的“铜质文创第一股”铜师傅上市首日即破发...

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The label of \"Bubble Mart for middle-aged people\" was not recognized by the capital","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/1010c64bbddd5de6d6f4f5562583243b","symbols_score_info":{"81810":0.6,"91113":1.97,"HXXD.SI":0.6,"XIACY":0.6,"MIUmain":0.6,"PMRTY":1.87,"09992":1.87},"content_text":"深圳商报·读创客户端记者詹钰叶　　近来香港市场新股上市后表现喜忧参半，其中，被称为“中年人的泡泡玛特”的铜师傅上市即破发，三个交易日近半数市值蒸发。招股书显示其业务结构单一，原材料价格承压、盈利能力波动明显。小米创始人雷军旗下的顺为资本和小米集团控制的天津金米投资平台分别持股13.39%和9.56%，为其第二和第三大股东。　　今年3月31日，发行价为60港元的“铜质文创第一股”铜师傅上市首日即破发；次日盘中又创下上市以来的最低价26.28港元；4月2日收于32港元，较发行价下挫46.67%。要知道，这家带着“中年人的泡泡玛特”标签的公司在公开发售阶段受到众多散户的认可，超额认购高达59.55倍，并触发回拨机制。不过，国际配售部分的认购倍数仅为1.56倍，可见机构投资者并不如散户“上头”。按最新收盘价计，若中签的投资者未离场，每手股票账面浮亏达到2800港元。　　公开信息显示，铜师傅成立于2013年，在2017年的A轮融资与2018年的B轮融资中吸引了小米创始人雷军旗下的顺为资本、小米集团控制的天津金米投资平台的注意。其提交的招股书显示，顺为资本和天津金米投资平台分别持股13.39%和9.56%，为其第二和第三大股东。其创始人俞光则持股26.27%，为单一大股东——他曾自称是“骨灰级米粉”，并效仿小米，每年举办“铜粉英雄大会”。　　从招股书看，2022年至2024年，铜师傅营收分别为5.03亿元、5.06亿元和5.71亿元，三年间营收增速平缓；但同期净利润则呈现“过山车”走势，分别为5693.8万元、4413.1万元和7898.2万元。2025年全年初步未经审计数据显示，当年铜师傅营收增至6.17亿元，但净利润约4790万元，同比下降约39.4%；对此，公司解释称系原材料铜价上涨以及与上市流程相关的1282.1万元开支。有数据显示，2020年至2025年期间，铜价复合年增长率高达10.7%。　　铜师傅旗下主要产品有四类，分别是铜质文创产品、塑料手办潮玩，以及金银材质的文创产品。其中，铜质文创产品是公司营收的主要来源，2022年~2025年前三季度，这类产品对公司营收的贡献度均超过90%；而铜质摆件的收入占同期铜质文创产品收入的八成以上，可见公司对单一品类依赖程度较高。　　弗若斯特沙利文报告显示，2024年中国铜质文创工艺产品市场规模仅约16亿元，预计至2029年才能增长至23亿元，年复合增速仅7.7%。有市场人士认为，处于该赛道中的铜师傅成长空间或较为有限。　　有不便具名的分析人士称，当前铜师傅的IP矩阵布局远不及泡泡玛特。“可以看到的是，公司曾在塑胶潮玩子品牌‘欢喜小将’进行过努力，试图打开年轻人的市场，但收效并不理想；哪怕有明星资本背书，但总体来看市场对其长期增长潜力持十分谨慎的态度。”（文章来源：深圳商报·读创）","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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2624651681","isCrawlerRequest":true}