IPO按下暂停键 玫瑰岛资本出路在何方

Core Viewpoint - The IPO process of Rose Island has been paused again due to the expiration of the financial report's validity period, marking the second suspension in its application to the Beijing Stock Exchange (BSE) [1][2]. Group 1: IPO Process - Rose Island's updated application documents reference a financial report with a cutoff date of June 30, 2025, leading to the submission of a request to suspend the IPO review due to the impending expiration of the financial report's validity [2]. - This is not the first suspension; Rose Island's IPO journey began with an initial suspension on September 30, 2025, to update financial data, and the new data's validity period will expire on December 31, 2025, triggering the current suspension [3]. - The BSE focuses on innovative small and medium-sized enterprises, aligning with Rose Island's business positioning and development stage, but the repeated suspensions indicate a lack of control over the IPO application timeline [3]. Group 2: Financial Performance - In Q1 2025, Rose Island reported revenue of 163 million yuan and a net profit of approximately 10.45 million yuan. However, from 2022 to 2024, revenue figures were 752 million yuan, 776 million yuan, and 823 million yuan, with net profits declining from 108 million yuan to 69.2 million yuan, reflecting a 36.06% year-on-year decrease in net profit despite revenue growth [4]. - The BSE has inquired about the authenticity and sustainability of Rose Island's financial performance, requesting comparisons with industry peers to demonstrate stable operating performance and cash flow [4]. - Rose Island's shower room revenue has shown a downward trend, decreasing from 621 million yuan in 2022 to 594 million yuan in 2024, with 257 million yuan in revenue for the first half of 2025 [5]. Group 3: Market Potential and Future Outlook - If Rose Island successfully lists on the BSE, it aims to raise 370 million yuan, with 320 million yuan allocated for the development and industrialization of customized home products, enhancing production capacity and establishing a research and marketing center [7]. - The global shower room market is projected to grow from 2220.39 billion yuan in 2024 to 2362.07 billion yuan by 2026, with China's market expected to expand from 843.75 billion yuan in 2024 to 921.21 billion yuan by 2026, indicating significant growth potential [7]. - The growth in the shower room market is driven by renovation demands and the rapid development of the finished housing market, necessitating brands that can offer differentiated products and efficient service capabilities [8].