Summary of Key Points
Zhu Bingren·Tong, which is aiming to become the "first stock related to intangible cultural heritage and national trends" on the Beijing Stock Exchange, has faced a trust crisis due to a 59-yuan copper "little mouse" pendant losing its color (revealing the nickel layer). This incident has exposed issues such as the mismatch between product craftsmanship and usage scenarios, as well as the coating thickness falling below the recommended standards of the jewelry industry. Meanwhile, another company in the same sector saw its stock price plummet by 77% and its profits drop by 95% after going public on the Hong Kong Stock Exchange, highlighting the challenges of the niche copper cultural and creative market, which is characterized by low repurchase rates and high average transaction prices. Both leading companies are dealing with the same core issue: regardless of their impressive reputations, they must convince consumers and investors with the value of their products and actual growth.
1. The 59-yuan mouse pendant losing its color: Mismatch in craftsmanship + coating controversy, revealing corporate negligence
The faded "little mouse" was originally designed as a car accessory (not considering frequent handling) but was used by consumers as a personal pendant. Its manufacturing process involves "copper base + gold plating," and the silver-white color that appeared after fading is the nickel layer from the electroplating process. The key controversy lies in the coating thickness:
- The jewelry industry recommends a gold plating thickness of ≥0.5 micrometers (QB/T1131-2005);
- Zhu Bingren·Tong's customer service stated that their gold-plated jewelry has a coating thickness of about 0.25 micrometers, which falls within the "thin gold plating" range (0.05-0.5 micrometers).
In simple terms, the thinner the coating, the more prone it is to scratches and peeling. Although the brand insists that the affected product is not jewelry and therefore does not meet these standards, consumers were not informed that it should not be worn daily. The fact that it still faded even after being replaced leads them to feel deceived—how can a product labeled as "mastercrafted" for 59 yuan not even maintain its color?
2. The "intangible cultural heritage premium" is under question: Is it genuine heritage or just marketing?
Zhu Bingren·Tong has a strong reputation, including a century-old copper craftsmanship tradition, national intangible cultural heritage status, and a master craftsman's involvement in projects like the Leifeng Tower and the Great Hall of the People. However, the high premium (52.3% gross margin in 2025) has been questioned following the color issue:
- Low R&D investment: The R&D expense ratio decreased from 3.49% to 2.24% between 2023 and 2025, far lower than the sales expenses (297 million yuan in 2025, a year-on-year increase of 75.4%);
- Internal control issues: The prospectus mentions unresolved lawsuits and issues with personal card transactions;
- IP dependency: The brand's value is heavily tied to the personal IP of Zhu Bingren; any issues with this IP could significantly impact the brand's value.
Consumers wonder: Am I buying "intangible cultural heritage craftsmanship" or just a "regular gold-plated product" packaged with a master label? For a 59-yuan pendant with a coating thickness half of the industry standard, it's hard to justify the high price.
3. The lesson for the copper companies: Niche markets struggle to attract capital
Although one of the companies was the "first stock in the copper cultural and creative sector," its post-listing performance was dismal:
- Stock price crash: The issue price was 60 Hong Kong dollars, but it is now down to 13.58 Hong Kong dollars (a 77% drop);
- Profit plummet: The net profit for the first half of 2026 is expected to be 1-1.5 million yuan, a 95% decrease from the same period in 2025 (30.2 million yuan).
What are the problems?
- Niche market: The total copper cultural and creative market size was only 1.576 billion yuan in 2024 and is expected to grow to 2.282 billion yuan in 2029;
- Mismatch in consumer behavior: Some compare it to Bubble Mart, but Bubble Mart relies on frequent repurchases due to its IP, while copper crafts have high average transaction prices, low repurchase rates, and long decision-making cycles;
- Growth bottleneck: Together, Zhu Bingren·Tong and the other company account for 66.8% of the market share, making it difficult to gain more market share.
The capital market is discerning: Niche markets with low growth potential, no matter how appealing the story, are not attractive to investors.
4. The dilemmas of the two leading companies: Where is the path to growth?
Although Zhu Bingren·Tong is aiming for the Beijing Stock Exchange and the other company is already listed, they both face structural challenges:
- Limited market space: The market is small, with a compound growth rate of less than 8% in the next five years, making it hard to meet high growth expectations;
- Single revenue model: Both companies rely on selling copper crafts, with no diversification in revenue sources;
- Dual challenges of trust and capital: Zhu Bingren·Tong needs to rebuild consumer trust, and the other company must prove its ability to sustain profitability.
Without breaking through market limitations (such as expanding into new usage scenarios or developing products with higher repurchase rates) or demonstrating real product quality and technological innovation to justify the premium, both companies' futures are uncertain.
5. Trust is more valuable than gold plating: How to overcome the crisis before the IPO?
Zhu Bingren·Tong encountered a quality issue at a critical stage of its IPO, and rebuilding trust is more difficult than simply fixing the product:
- Short-term measures: Replacing products and optimizing craftsmanship, but the psychological impact on consumers is not easily resolved;
- Long-term solutions: Consumers need to see that the "intangible cultural heritage premium" is not just a gimmick; actions such as thicker coatings, clearer product usage instructions, and increased R&D investment are needed to improve quality;
- IPO impact: The Beijing Stock Exchange will review the company's internal controls and brand risks, and the color issue could slow down the IPO process or affect its valuation.
Ultimately, what truly matters is not the gold coating but the trust consumers have in the brand. Once that trust is lost, it is difficult to regain.
In conclusion
Whether it's Zhu Bingren·Tong's trust crisis or the other company's lack of capital interest, it highlights that in niche markets, "storytelling" alone is not enough; "real action" is what ensures long-term success. Consumers want value for their money, and investors need to see actual growth. Without meeting these criteria, even the brightest reputations will fade.