Zheng Quan Shi Bao Wang·2026-01-19 00:48Core Viewpoint - Moganshan Home has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor, aiming to leverage its established brand and market position in the green home furnishings sector [1] Company Overview - The company has developed "Moganshan" into a nationally recognized brand in China, starting from the artificial board business and expanding into a diversified product system that meets core green home needs, positioning itself as a one-stop comprehensive service provider for green home furnishings [1] - Moganshan Home actively participates in national-level R&D projects since the "Twelfth Five-Year Plan" and has received multiple national honors, including being recognized as a National Intellectual Property Demonstration Enterprise and a National Green Factory [1] - The company has invested in R&D to reduce formaldehyde emissions, with all products upgraded to HENF level standards and has contributed to the drafting of over 75 national and industry standards, including GB 18580-2025 [1] Market Position and Expansion - As of September 30, 2025, the company has established a broad sales and distribution network with 875 dealers, covering all provinces in China and 45 overseas countries and regions, and is actively implementing a comprehensive overseas expansion plan [1] - The market size for green artificial boards in China is expected to grow at a compound annual growth rate (CAGR) of 5.7%, increasing from RMB 310.6 billion in 2024 to RMB 409.0 billion by 2029 [1] - The green custom home market is projected to expand at a CAGR of 9.4%, rising from RMB 322.0 billion in 2024 to RMB 504.1 billion by 2029 [1]