财务状况方面，截至2025年9月底，鑫谊麟禾的赎回负债为44.45亿元，较总资产高出约13.81亿元。受此影响，公司已"技术性资不抵债"，资产负债率达 185.85%，营运资金为-34.65亿元。 2026年1月30日，上海鑫谊麟禾科技股份有限公司（简称"鑫谊麟禾"或"公司"）向联交所主板提交上市申请，华泰国际担任独家保荐人。 2023年及2024年，鑫谊麟禾接连收购上海和宗、浙江明磊，切入制造业务，对价合计近4亿元。虽然制造业务助推公司的收入规模快速扩张，但该业务毛利 率较低且持续下滑，大幅拉低了公司整体毛利率，2025年前三季度降至19.5%。同时，公司期间费用率居高不下，进一步蚕食利润，报告期内深陷持续亏损 泥潭。 出品：新浪财经上市公司研究院 作者：君 公开资料显示，MRO是维护（Maintenance）、维修（Repair）和运营（Operations）的缩写，指制造商品所需的工具、用品、生产设备和设施的日常和长期 维护，也称为维护、维修和大修。MRO 通常可分为四种类型，工具和消耗品、基础架构修复和维护、材料处理设备维护、生产设备维修和维护。 据统计，2016年3月至2022年5月，鑫谊麟禾完成9 ...

Core Insights - The U.S. home improvement market is dominated by two major players: Home Depot and Lowe's, which together hold a market share of 76.7% [1][2] - Home Depot's revenue for 2024 is projected at $159.5 billion, while Lowe's is expected to reach $83.674 billion [2] - Home Depot has successfully cultivated the DIY market and established a warehouse-style retail model, which has allowed it to offer competitive pricing [5][10] Market Positioning - Home Depot and Lowe's have distinct customer bases; Home Depot targets DIY consumers and professional contractors, while Lowe's initially focused on contractors before shifting towards DIY [13][18] - Home Depot's market share in the DIY segment was 17% in 2022, while Lowe's derived 75% of its revenue from DIY customers [16][22] Competitive Strategies - Home Depot's strategy includes a focus on low pricing and a wide range of products, with a significant portion of its sales coming from "explosive products" [6][9] - Lowe's has made efforts to expand into the professional market, including acquisitions like Maintenance Supply Headquarters and Artisan Design Group [19][22][23] Financial Performance - Home Depot's Pros sales have surpassed DIY sales as of Q4 2024, indicating a successful shift in focus [20] - Lowe's has faced challenges with declining DIY customer spending due to inflation and rising interest rates [18][25] Supply Chain and Logistics - Both companies have established strong supply chain management practices, with Home Depot sourcing over 50% of its products from the U.S. and reducing reliance on Chinese suppliers [38][39] - Home Depot's logistics system is highly developed, with 98% of its goods transported through its own logistics network [42] Online Business Development - Home Depot has been more aggressive in its online sales strategy, achieving a higher online sales percentage compared to Lowe's [45]