IPO雷达｜云峰莫干山转战港股，主营板材靠外包生产，冲A违规曾被现场抓包

Core Viewpoint - Yunfeng Moganshan Ecological Home Furnishing Co., Ltd. has submitted an application for a mainboard listing, with its core products primarily relying on outsourced production, and its predecessor, Yunfeng New Materials, faced regulatory warnings due to violations during its IPO attempt [1][12]. Company Overview - Founded in 1995, Yunfeng Moganshan specializes in providing green artificial boards and customized home furnishing products and services, establishing "Moganshan" as a nationally recognized brand in China [4]. - According to Zhaoshang Consulting, the company is the third-largest green artificial board service provider in China and among the top fifteen green customized home furnishing providers based on projected revenue for 2024 [4]. Financial Performance - The company's revenue for the years 2023, 2024, and the first three quarters of 2025 were approximately RMB 3.39 billion, RMB 3.46 billion, and RMB 2.52 billion, respectively, with profits of RMB 320 million, RMB 320 million, and RMB 279 million during the same periods [6][8]. - The cost of sales for the same periods was approximately RMB 2.64 billion, RMB 2.68 billion, and RMB 1.99 billion, resulting in gross profits of RMB 754 million, RMB 775 million, and RMB 558 million [8]. Production and Supply Chain - The main products, artificial boards and flooring, are primarily produced through partnerships with outsourced manufacturers, with OEM outsourcing costs accounting for approximately 76.0%, 75.6%, and 72.3% of the cost of sales during the reporting periods [9][10]. - The company has set strict quality standards for outsourced production, but it cannot ensure compliance due to limited operational control over manufacturers [9][10]. Revenue Sources - Revenue from distributors accounted for 90.3%, 85.6%, and 76.0% of total revenue during the reporting periods, indicating a significant reliance on distributor relationships for business growth [11]. Historical Context - The company was established as a holding company for Yunfeng New Materials Group after a restructuring process that did not change the economic substance of ownership and operations [13]. - Yunfeng New Materials previously withdrew its IPO application in April 2025 due to regulatory scrutiny over violations during the application process [14]. Financial Liabilities - As of December 31, 2023, and December 31, 2024, the company recorded net current liabilities of RMB 2.12 billion, with trade and other receivables amounting to RMB 1.32 billion, RMB 1.05 billion, and RMB 2.61 billion during the reporting periods [15][17].