<img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-axegupay5k/9463f79f3f5a4db3b3fd40fc9135e095~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1CRnZCenNuS28rR0g0ak5FSTBWTmsxemwwMGs9?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-axegupay5k/9463f79f3f5a4db3b3fd40fc9135e095~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1CRnZCenNuS28rR0g0ak5FSTBWTmsxemwwMGs9"/>
LeiDi Network, Lei Jianping, March 11
Hangzhou Tongshifu Cultural Creative (Group) Co., Ltd. (referred to as &#34;Tongshifu&#34;) today passed the listing hearing and is preparing to list on the Hong Kong Stock Exchange.
Important shareholders of Tongshifu include Shunwei, Xiaomi, and Li Wanqiang, who is also a shareholder and was previously a co-founder of Xiaomi.
9 months revenue of 450 million, profit down 22% year-on-year
<img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/fcc4dadbcb4e4d519c600e4e01bb4c0a~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1qU3hSSHVnWjlQaWdFblBqaml4Q3ZoY2lwbHc9?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/fcc4dadbcb4e4d519c600e4e01bb4c0a~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1qU3hSSHVnWjlQaWdFblBqaml4Q3ZoY2lwbHc9"/>
Tongshifu was established in 2013, blending traditional craftsmanship with contemporary life, inheriting and innovating Chinese artistic wisdom. With a vertically integrated model covering research, design, development, production, and sales, Tongshifu creates exquisite products rich in cultural resonance, emotional appeal, and artistic purity.
<img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/7b1503af113a423e954fdc06e3b60b14~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1rNkhYNjN5d043OEs3Mi80dUJ1TENPdC9BcDQ9?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/7b1503af113a423e954fdc06e3b60b14~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1rNkhYNjN5d043OEs3Mi80dUJ1TENPdC9BcDQ9"/>
Copper has always been the core material of the Tongshifu brand. By continuously investing in original design and research and development, Tongshifu has also extended its material range to gold, silver, and plastic, attracting a broader audience and expanding creative possibilities.
![](https://p26-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/5cfc788306df4fbdaa0ecd64c37355d5~tplv-tt-origin-web:gif.jpeg?
The prospectus shows that Tongshifu's revenue for 2022, 2023, and 2024 is expected to be 500 million, 506 million, and 571 million respectively; gross profit is expected to be 162 million, 164 million, and 200 million respectively; gross profit margin is expected to be 32.2%, 32.4%, and 35.4% respectively; net profit for the year is expected to be 56.94 million, 44.13 million, and 78.98 million respectively, with net profit margins of 11.3%, 8.7%, and 13.8% respectively.
<img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/96b28a830973459f8230dcf2ef71a652~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT13TGZyL3JJL1k2a0s1dnlpOWRDM3FLenphVFk9?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/96b28a830973459f8230dcf2ef71a652~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT13TGZyL3JJL1k2a0s1dnlpOWRDM3FLenphVFk9"/>
In the first nine months of 2025, Tongshifu's revenue was 448 million, a 12% increase from 400 million in the same period last year; gross profit was 154 million, with a gross profit margin of 34.3%; profit during the period was 41.55 million, a 22% decrease from 53.27 million in the same period last year.
<img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/fd6f57c05dc1472698be5ff10603c4f4~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1OVmczNEpmbGNOaEdDcEVsM3hiU3VqR0dLNE09?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/fd6f57c05dc1472698be5ff10603c4f4~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1OVmczNEpmbGNOaEdDcEVsM3hiU3VqR0dLNE09"/>
Tongshifu's adjusted net profit for 2022, 2023, and 2024 is expected to be 56.94 million, 44.13 million, and 78.98 million respectively; the adjusted net profit for the first nine months of 2025 is expected to be 54.37 million.
![](https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/2d23645ad6c04d57a5cfdf89f9f830cb~tplv-tt-origin-web:gif.jpeg?
As of September 30, 2025, Tong Shifu holds cash and cash equivalents of 91.94 million yuan.
Yu Guang has 26% voting rights.
<img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/4aba276b32014243b4086997b86c4546~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT05VVVITldLRSs5WXYxY3EyTVRCeVVQakcxa0E9?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/4aba276b32014243b4086997b86c4546~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT05VVVITldLRSs5WXYxY3EyTVRCeVVQakcxa0E9"/>
Founder, Chairman, and CEO of Tong Shifu, Yu Guang.
The executive directors of Tong Shifu are Yu Guang, Luo Renxiang, He Yun, Ms. Wang Xiaoxia, and Chen Ruiguang; the non-executive director is Xiao Feng, and the independent non-executive directors are Tu Bisheng, Dr. Huang Wenli, and Fang Junhui.
<img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/8110737911274d76b0c0a92e8d38b4a9~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1Wbk41R2hYcTRsM2dmTXR6Y2tUL1BuVWcyU1U9?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/8110737911274d76b0c0a92e8d38b4a9~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1Wbk41R2hYcTRsM2dmTXR6Y2tUL1BuVWcyU1U9"/>
As of the last practicable date, Yu Guang holds approximately 26.27% of the voting rights in the company.
<img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/803cc72fca954f579244d523cb5416b8~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1ZbWZ2TVB1YUxEZFBqeGlLQmxhOW9ZRmI3bDg9?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/803cc72fca954f579244d523cb5416b8~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT1ZbWZ2TVB1YUxEZFBqeGlLQmxhOW9ZRmI3bDg9"/>
In addition, Shunwei holds 13.39%, Tianjin Jinmi under Xiaomi holds 9.56%, Beijing Guangxin holds 6.06%, Ouzhifu holds 4.7%, Guozhong Fund holds 3.79%, Beijing Hezhong holds 3.52%, CCTV Fund holds 3.13%, and Qionghai Jinda holds 3.06%
Luo Wenjuan holds 2.84%, Jin Yuanhanfei holds 2.48%, Qiu Dekang holds 2.03%, Qingdao Yunzhi Investment Management Partnership (Limited Partnership) holds 1.92%, Xiao Feng holds 1.87%, Bay Area No. 1 holds 1.25%, Shenzhen Guolinfeng holds 1.09%, Ruan Zhuoer holds 0.91%;
<img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/7eb2fa6357254af8a8538313fcfa2936~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT10YjRlZFVxMUZRR05pNEExNFhBcUdET3MvRmM9?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-6w9my0ksvp/7eb2fa6357254af8a8538313fcfa2936~tplv-tt-origin-web:gif.jpeg/query-X2l6PTU4NTU4JmZyb209YXJ0aWNsZS5wY19kZXRhaWwmbGszcz05NTMxOTJmNCZ4LWV4cGlyZXM9MTc3Mzc5MjI3OSZ4LXNpZ25hdHVyZT10YjRlZFVxMUZRR05pNEExNFhBcUdET3MvRmM9"/>
Yang Ke holds 0.86%, Zhao Lei holds 0.85%, Lv Lihan holds 0.78%, Zhang Lei holds 0.76%, He Yun holds 0.63%, Fosun Weiying holds 0.52%, Luo Renxiang holds 0.51%, Li Wanqiang holds 0.51%, Ding Pengfei holds 0.51%;
Jin Yuanzhecheng holds 0.42%, Chen Jingzhi holds 0.38%, Yin Xuelong holds 0.35%, Zhang Jianmei holds 0.31%, Shanghai Ruma holds 0.3%, Jin Zeguang, Jin Lihua, Zhang Weijiang, Lv Hangjun, Shen Tu Jiahui, Yang Junjie each hold 0.25%;
Qian Jiayang and Yu Hong each hold 0.22%, Dong Shengfang and Huang Dongsheng each hold 0.2%, Ren Bingzhang and Jin Hongwei each hold 0.19%, Zhou Chengfeng holds 0.17%, Shi Ziming, An Hui, and Ren Liang each hold 0.16%, Wang Yuezhen and Lu Huahua each hold 0.15%. Hu Wenping, Ding Yi, Lv Liang, Zhang Jie, and Wang Qiuxia each hold 0.1%.
——————————————

00664

Tongshifu Cultural Creative (Group) Co., Ltd. today passed the listing hearing and is preparing to list on the Hong Kong Stock Exchange. The company generated revenue of 448 million yuan in the first nine months of 2025, with profits down 22% year-on-year. Important shareholders include Shunwei and Xiaomi. Tongshifu was established in 2013, focusing on the integration of traditional crafts and modern life, dedicated to original design and research and development. The prospectus shows that revenue and gross profit will steadily increase over the next three years

Copper Master passes the listing hearing: 9 months revenue of 450 million, profit down 22%, Shunwei is a shareholder