The copper master who plummeted immediately after going public has not stabilized investor confidence.

Why is AI Master Tong so difficult to appeal to both middle-aged and young consumer groups?

Jiemian News Reporter | Zhu Yongling

Jiemian News Editor | Lou Qiqin

“China’s first copper cultural and creative stock” Tong Master successfully listed on the Hong Kong Stock Exchange, but the capital market did not respond positively. On April 1, Tong Master’s closing price in Hong Kong stocks was only HKD 32.94 per share. In contrast, its issue price was HKD 60 per share. Just the day before, on the first day of listing, the stock opened at HKD 35.42 per share, plunging 40.97%, and ultimately, the first-day closing price was down 49.17%, with nearly half of its market value evaporated.

Jiemian News contacted Tong Master for a response, but had not received a reply by the time of publication.

Tong Master’s main business is copper crafts. More concretely, it produces auspicious figurines and sculptures such as the God of Wealth and gourds, often seen at company entrances, in leadership offices, and shopfronts, with an average price of three to four hundred yuan. Men over 30 are the main audience for these products, so Tong Master is jokingly called “Bubble Mart for middle-aged people.”

But unlike Bubble Mart’s broad market of trendy toys, Tong Master’s copper cultural and creative crafts occupy a very niche segment, with a relatively low ceiling. In 2024, this niche market is estimated to be about 1.58 billion yuan. In this market, Tong Master, holding over 30% share, will only generate about 600 million yuan in revenue in 2025.

Image source: Jiemian News | Zhu Yongling

To expand the market, one of Tong Master’s ideas is to attract young people, such as launching plastic figurines that are more popular among young consumers, and collaborating with Marvel and Universal Pictures’ various film IPs to release co-branded products.

But the problem lies in the fact that Tong Master’s inherent core audience of middle-aged men is difficult to reconcile with the young market it seeks to attract.

Because trend-driven consumption is essentially a cultural symbol established by the younger generation to differentiate themselves from other age groups. They want to control what is considered cool, trendy, and interesting. In the trend consumption market, it is mostly middle-aged people following youth culture, and it’s rare for young people to actively endorse middle-aged culture.

In other words, if Tong Master cannot break free from its association with middle-aged men, it will struggle to win favor among young consumers.

This is already reflected in Tong Master’s latest performance. In 2025, revenue from its “plastic dolls and toys” category fell 36% year-on-year to 9.18 million yuan. Plastic trendy toys are a category specifically launched to attract young consumers, under the sub-brand “Happy Little Generals.” However, this brand still retains Tong Master’s brand tone in its design, such as integrating traditional Chinese culture.

Meanwhile, Tong Master has not yet fully tapped into its more important middle-aged customer base. One example is that Tong Master faces obstacles in pushing its diverse copper cultural and creative products to middle-aged consumers, still heavily relying on the single category of copper ornaments. In 2025, revenue from copper sculpture paintings further declined by 6% year-on-year to 50.19 million yuan.

Image source: Tong Master IPO Prospectus | Happy Little Generals plastic toy sub-brand

Therefore, Tong Master currently needs not to serve both ends simultaneously but to quickly decide between “deepening engagement with middle-aged consumers” and “penetrating the young market.”

If it chooses the former, its large existing middle-aged customer base remains an advantage. Its further growth could come from more targeted product expansion, channel and marketing development, and moving into the high-end market.

A reference point is Zhu Bingren Copper, another leading brand in this field, which adopts a high-end approach, with prices higher than Tong Master, and focuses more on middle-aged consumers in product, channel, and marketing strategies.

For example, its product lineup rarely features youthful IP collaborations, instead expanding into tea ware, home goods, stationery, and items like aromatherapy, vases, and bag charms aimed at middle-aged women. The approach clearly aims to cover various lifestyle scenarios of the target audience. Zhu Bingren Copper’s offline stores are mainly located in high-end malls, cultural scenic spots, and airports in first- and second-tier cities. Its famous slogan “Give as a gift to your noble person, Zhu Bingren” also reinforces its high-end gifting image.

However, if Tong Master chooses to deeply cultivate the middle-aged segment, it will naturally intensify competition with Zhu Bingren Copper. The latter is also a formidable competitor; according to Tong Master’s IPO prospectus, Zhu Bingren Copper held a 31.8% market share in the copper cultural and creative crafts market in 2024, close to Tong Master’s 35%.

On the other hand, if Tong Master shifts focus to young people and enters the trendy toy market, it might have the chance to turn copper cultural and creative products into a new trend favored by young groups, creating a “copper version of Bubble Mart.” But whether this can be achieved remains uncertain, as it involves a brand repositioning, as well as a revolution in talent, corporate culture, and other aspects.

Moreover, as mentioned earlier, this would also mean Tong Master must cut ties with its current core audience, which is not an easy decision to make.