2026年1月16日，云峰莫干山生态家居有限公司（以下简称"莫干山家居"）正式向港交所递交主板上市 申请，中信证券担任独家保荐人。此次IPO距离其2025年4月冲刺A股折戟仅过去九个月，公司试图通过 港股市场重启资本化进程。然而，招股书暴露的外包生产依赖、增长动能衰竭、应收账款飙升及历史合 规隐患等多重风险，为其上市前景蒙上浓重阴影。 外包依赖症：七成生产靠OEM，质量管控暗藏隐患 莫干山家居的商业模式存在显著结构性风险。2023年至2025年前三季度，公司OEM外包生产成本分别 达20.06亿元、20.26亿元和13.53亿元，占销售成本的比例均超过72%，远高于行业约50%的平均水平。 这种"轻生产、重品牌"的模式虽降低了固定资产投入，却导致公司对供应链控制力薄弱。招股书坦言， 公司无法确保外包商始终遵守质量标准，且交付延迟可能冲击生产计划。 风险已在实际运营中显现。黑猫投诉 【下载黑猫投诉客户端】平台显示，"莫干山板材""莫干山全屋定 制"涉及多起工期延误、板材开裂、以次充好等投诉。此外，2025年前三季度贸易应收款项骤增至2.61 亿元，较2024年末增幅达149%，反映公司在渠道扩张中被迫放宽账期， ...

港交所1月16日披露，云峰莫干山生态家居有限公司（简称"莫干山家居"）正式递交主板上市申请，中 信证券担任独家保荐人。根据灼识咨询报告，按2024年收入计，公司为中国第三大绿色人造板服务商及 前十五大绿色定制家居提供商。 在当前家居行业竞争激烈的环境下，公司若无法突破收入增长瓶颈、有效管控销售费用率并强化应收账 款管理，其整体财务表现与市场估值可能持续承压。 尽管公司市场规模居于行业前列，但其财务数据显示增长动力与盈利质量面临挑战。此次赴港上市，能 否为公司注入增长新动能、优化财务结构并巩固其市场地位，将是投资者关注的核心。 毛利率提升难掩盈利疲软 莫干山家居作为绿色家居领域的知名品牌与重要参与者，其市场地位与绿色先发优势显著。公司定位 为"一站式绿色家居综合服务商"，旗下"莫干山"品牌已形成全国影响力。业务始于1995年，以人造板为 核心，逐步拓展至定制家居等领域。公司参与超75项国家及行业标准制定，并获得国家绿色工厂、绿色 供应链示范企业等多项认证。截至2025年9月30日，公司拥有875家经销商，覆盖全国所有省份及45个海 外国家和地区，并正推进品牌出海战略。 根据莫干山家居最新披露的财务数据，公司虽在 ...

莫干山家居作为绿色家居领域的知名品牌与重要参与者，其市场地位与绿色先发优势显著。公司定位 为"一站式绿色家居综合服务商"，旗下"莫干山"品牌已形成全国影响力。业务始于1995年，以人造板为 核心，逐步拓展至定制家居等领域。公司参与超75项国家及行业标准制定，并获得国家绿色工厂、绿色 供应链示范企业等多项认证。截至2025年9月30日，公司拥有875家经销商，覆盖全国所有省份及45个海 外国家和地区，并正推进品牌出海战略。 根据莫干山家居最新披露的财务数据，公司虽在2025年前9个月实现毛利率的显著回升，但多项核心盈 利指标呈现下滑趋势，费用结构亦出现明显波动，整体财务表现承压。 智通财经APP获悉，港交所1月16日披露，云峰莫干山生态家居有限公司（简称"莫干山家居"）正式递 交主板上市申请，中信证券担任独家保荐人。根据灼识咨询报告，按2024年收入计，公司为中国第三大 绿色人造板服务商及前十五大绿色定制家居提供商。 尽管公司市场规模居于行业前列，但其财务数据显示增长动力与盈利质量面临挑战。此次赴港上市，能 否为公司注入增长新动能、优化财务结构并巩固其市场地位，将是投资者关注的核心。 毛利率提升难掩盈利疲软 根 ...

Core 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]

Core Viewpoint - Yunfeng Mogan Mountain Eco Home Co., Ltd. is shifting its focus to the Hong Kong stock market after failing to list on the A-share market, submitting its prospectus for an IPO on January 16 [1]. Financial Performance - The revenue figures for Yunfeng Mogan Mountain from 2023 to the third quarter of 2025 are 3.394 billion, 3.456 billion, and 2.519 billion yuan, respectively, maintaining an average annual revenue above 3 billion yuan [3]. - The gross profit for the same period is reported as 754 million, 775 million, and 646 million yuan, with gross margins of 22.2%, 22.4%, and 25.7%, showing a year-on-year increase [3]. Distribution Network - The contribution of distributors to the total revenue is significant, accounting for 90.3%, 85.6%, 87.6%, and 76.0% of total revenue for the years 2023, 2024, and the nine months ending September 30, 2025 [3]. Company Background - Yunfeng Mogan Mountain was registered in the Cayman Islands on September 17, 2025, and was previously associated with Zhejiang Shenghua Yunfeng New Materials Co., Ltd., which aimed to list on the Shanghai Stock Exchange [3]. - The company withdrew its IPO application from the Shanghai Stock Exchange on April 21, 2025, leading to the termination of the review process for its public offering [4].

Core Viewpoint - The home furnishing industry is undergoing a deep adjustment period, leading to the accelerated elimination of inefficient production capacity. Companies like Meike Home are seeking new breakthroughs through cross-industry transformations and acquisitions to navigate this challenging landscape [1][3]. Financial Performance - Meike Home expects a negative profit total for 2025, with a projected net profit loss for shareholders. In the first three quarters of 2025, the company reported revenue of 2.223 billion yuan, a year-on-year decline of 10.10%, and a net profit loss of 220 million yuan [3][4]. - The company's revenue has been on a downward trend since 2020, with cumulative net profit losses of 1.625 billion yuan from 2022 to 2024. Historical revenue figures show a decline from 5.588 billion yuan in 2019 to 3.395 billion yuan in 2024 [5][6]. Operational Adjustments - Meike Home has decided to suspend operations at its subsidiaries in Tianjin due to an average production capacity utilization rate of less than 20%. This move aims to optimize idle capacity and reduce losses while accelerating strategic transformation [4][6]. - The company is also reducing its number of stores from 471 to 327 between 2022 and 2024, indicating a strategic shift to address inefficiencies in its traditional large-store model [6]. Strategic Transformation - Meike Home is planning to acquire 100% of Wande Guangdian, a company focused on high-speed copper cable, as part of its strategy to enter the AI computing power sector. This acquisition is seen as a way to diversify and enhance the company's growth potential [7][8]. - The AI market is experiencing rapid growth, with projections indicating a 20% increase in general computing power and a 43% increase in intelligent computing power in China by 2025. This presents a significant opportunity for Meike Home's strategic pivot [7][8]. Industry Context - The home furnishing industry is witnessing increased brand differentiation, and Meike Home's actions reflect a proactive approach to navigate the cyclical challenges faced by traditional enterprises. The success of its transformation will depend on effective resource integration and balancing core business recovery with new business expansion [3][8].

Group 1 - The core viewpoint of the article highlights that Meike Home (美克家居) is proactively optimizing its operations by shutting down two underperforming subsidiaries in Tianjin, which have been operating at less than 20% capacity utilization and incurred a combined loss of 0.68 billion yuan in the first three quarters of 2025 [1][2] - The shutdown is aimed at cutting losses and reallocating resources to core domestic retail and strategic transformation areas, thereby enhancing efficiency through a "subtract to add" approach [1] - Meike Home's overseas business, which accounts for over 56% of its operations, has smoothly transitioned production to Vietnam, ensuring stable delivery while avoiding international trade barriers [1] Group 2 - The anticipated loss for 2025 is attributed to cyclical adjustments in the home furnishing industry rather than a decline in the company's core competitiveness [2] - Positive signals are emerging in the industry, with furniture retail sales revenue increasing by 33.2% year-on-year in the first three quarters of 2025, driven by demand for home renovations and upgrades [2] - Meike Home is strategically positioning itself to benefit from policy incentives aimed at green home products and smart solutions, with a focus on intelligent design services and partnerships with leading real estate developers [2] Group 3 - Meike Home is planning to acquire 100% of Shenzhen Wandeng Technology Co., Ltd. through a combination of stock issuance and cash payment, which specializes in high-speed copper cable products essential for AI data centers [2][3] - The acquisition is seen as a strategic extension of Meike Home's global supply chain management experience, aiming to diversify its business model beyond home furnishings [3] - The company is expected to benefit from a dual-driven growth model, combining a recovery in its home furnishing business with rapid growth in the computing power sector, potentially overcoming previous growth bottlenecks [3]

Core Insights - The 2025 Green Home Industry Development Conference was held in Guangyuan, Sichuan, where 40 home-related cooperation agreements were signed, amounting to 11.463 billion yuan [1] - A total of 31 investment projects were signed with an investment amount of 9.133 billion yuan, and 9 trade cooperation agreements were reached with a cooperation amount of 2.33 billion yuan [1] - The Guangyuan City Green Intelligent Home Collaborative Innovation Center was established to facilitate order matching, capacity sharing, and financing for enterprises, promoting the rapid transformation of good ideas and comprehensive promotion of good products [1] Industry Development - Sichuan Province has been implementing strategies to strengthen its industrial and manufacturing sectors, focusing on key industries, including green building materials as one of the 17 critical industries [1] - Guangyuan City is a major hub for the development of green home specialty industries in Sichuan, continuously promoting the growth of the green home industry with significant regional competitive advantages [1] - The Guangyuan Green Home Industry City has been listed as a key project in Sichuan Province for six consecutive years [1] Future Plans - Sichuan will vigorously promote the development of the green home industry, enhancing industry concentration, innovation, brand strength, greenness, and digital intelligence [1] - The initiative aims to expand "Chuan-style home" products both domestically and internationally [1]

Core Viewpoint - The 2025 Green Home Industry (Guangyuan) Development Conference will focus on promoting green home materials, smart manufacturing, and energy-saving technologies, aiming to enhance the quality of the local green home industry [1] Group 1: Conference Details - The conference will take place from December 21 to 22, 2025, under the theme "Smart Manufacturing for a Beautiful and Carbon-Friendly Future" [1] - The establishment of the "Guangyuan Green Smart Home Collaborative Innovation Center" will be announced, focusing on key areas of technology research and application [1] Group 2: Project Signings - During the conference, it is expected that over 30 manufacturing projects and more than 10 trade projects will be signed, with a total signing amount of approximately 10 billion [1] Group 3: Industry Development - Guangyuan has positioned the building materials and home furnishing industry as a leading sector, aiming to develop into a prominent green home industry city in Western China [1] - The output value of Guangyuan's green home industry reached 5.285 billion in 2024, reflecting a year-on-year growth of 10.58%, with expectations to exceed 6 billion in 2025 [1]

Core Insights - The article highlights the participation of Zuo You Home at the 30th China International Furniture Expo, showcasing its commitment to green innovation and craftsmanship through its theme "Zuo You 'World Living Room' - Powering a Green New Future" [1] - Zuo You Home's "Qingluan Smart Chair" won the prestigious Golden Axe Innovation Award, emphasizing the company's focus on integrating traditional culture with modern technology [5] Group 1: Brand and Product Innovation - Zuo You Home has been dedicated to the research and manufacturing of sofas and whole-home furniture for 39 years, with a mission to create green homes and enhance family happiness [2] - The company has achieved a 100% compliance rate with national standards and a 96% premium rate over the past decade, establishing itself as a benchmark for green manufacturing in the Chinese furniture industry [2] - The "Qingluan Smart Chair" features a dual-modal intelligent interaction system and a three-dimensional healing system, providing various wellness modes such as yoga and meditation [5][8] Group 2: Environmental Commitment - Zuo You Home has implemented advanced green standards in sofa manufacturing, utilizing water-based adhesives to eliminate harmful substances, showcasing its leadership in green transformation [4] - The company is a founding member of the "Green Furniture Quality Products" initiative and was among the first to receive this certification [2] Group 3: International Presence and Recognition - Zuo You Home has a history of international engagement, having participated in significant events like the Boao Forum and the Milan International Furniture Fair, enhancing its global brand image [12] - The company received a nomination for the UNIDO Global Solutions Award in 2022, marking its contributions to sustainable development on a global scale [15][18] Group 4: Future Vision - Zuo You Home aims to continue leading the industry towards green, digital, and human-centered advancements, aspiring to become a globally recognized leader in green and happy home furnishings [17]