5年内3次冲击上市，云峰莫干山成长性已显疲态

Core Viewpoint - Yunfeng Moganshan Home Furnishing has submitted an IPO application to the Hong Kong Stock Exchange after failing to enter the A-share market, reflecting its determination to access capital markets despite industry challenges [1] Group 1: Company Background - Yunfeng Moganshan was established in 1995 and is headquartered in Huzhou, Zhejiang Province, initially focusing on panel furniture sales before expanding into the custom home furnishing market [1] - The company has been attempting to go public for nearly five years, with previous attempts to list on the Shanghai Stock Exchange failing due to regulatory issues [1] Group 2: Financial Performance - For the fiscal year 2023-2024, the company reported revenues of 3.394 billion yuan and 3.456 billion yuan, with a year-on-year growth of only 1.8% [2] - The profit for 2023 was 320 million yuan, remaining stable at 321 million yuan in 2024, while the profit for the first three quarters of 2025 reached approximately 279 million yuan, showing a year-on-year increase of 14.34% [2] Group 3: Product Segmentation - The main products of Yunfeng Moganshan include artificial boards and custom home furnishings, with the artificial board segment generating 2.34 billion yuan in revenue in 2023, accounting for 69% of total revenue [3] - The revenue from the artificial board segment decreased slightly to 2.326 billion yuan in 2024, and further declined to 1.501 billion yuan in the first three quarters of 2025, representing a 15% drop [3] Group 4: Custom Home Furnishing Growth - The custom home furnishing segment generated 643 million yuan in 2023, increasing to 703 million yuan in 2024, with a growth rate of 9.33% [5] - By the first three quarters of 2025, revenue from custom home furnishings reached 644 million yuan, marking a significant year-on-year growth of 35.65% and increasing its share of total revenue to 25.6% [5] Group 5: Industry Challenges - The demand for custom home furnishings is showing signs of saturation, with a noted decline in new housing deliveries impacting market capacity [6] - The company has faced scrutiny regarding its reliance on intellectual property licensing, which has been a significant revenue source but also led to regulatory challenges in its previous A-share listing attempt [7][9]