作者：阿飞 来源：IPO参考 1995年，当肖杉辞去中山怡华集团的稳定工作，在丈夫徐伟的支持下投身淋浴房创业时，这对四川夫妇或许未曾想到，30年后他们的家族企业将站在IPO的 大门前。 今年6月30日，广东玫瑰岛家居股份有限公司（以下简称"玫瑰岛"）正式向北交所递交招股书。这家由徐伟、肖杉夫妇创立，如今由女儿徐思佳、女婿李龙 共同掌舵的卫浴企业，计划募资3.7亿元用于生产基地扩建和品牌升级。 要说国内的淋浴房产业，中山是个绕不过去的地方。中山市商务局统计数据显示，截至2024年7月，中山市共有230多家淋浴房生产企业，以及150多家产业 链配套企业，聚集了国内大多数淋浴房产业链，同时，中山还是中国淋浴房产业制造基地、中国淋浴房出口基地。 中山淋浴房产业发轫于20多年前，之前在中国，只有"卫生间"概念，没有"淋浴房"的概念，淋浴房是一种源于德国的舶来品，一开始出现在上海，后来由洁 丽和洁美两家企业带回中山。 上世纪90年代初期，国防科技大学毕业的徐伟与北京钢铁学院（现北京科技大学）毕业的肖杉，来到中山打拼。当肖杉发现丹丽洁具的进口钢板盆存在替代 机会时，这对夫妇的创业齿轮开始转动。 1995年肖杉辞职创办淋浴配 ...

Core Viewpoint - The Chinese home furnishing industry is undergoing significant changes due to shifts in consumer behavior and the real estate market, leading to a transformation in business strategies among key players [5][22]. Group 1: Market Changes - The home furnishing industry is experiencing a major transformation not seen in the past thirty years, driven by changes in real estate dynamics and evolving consumer habits [5][22]. - Traditional retail spaces are seeing decreased foot traffic, prompting businesses to adapt by targeting new housing developments and utilizing "community model homes" for customer acquisition [5][10]. - The shift towards online channels for customer engagement is evident, with over 95% of customer acquisition for some businesses now coming from online platforms [13]. Group 2: New Business Strategies - Companies are increasingly focusing on creating model homes in new residential areas to attract customers, with some businesses reporting up to 30-40 orders from a single community [10]. - The rise of direct factory sales is changing the landscape, as consumers seek lower prices by purchasing directly from manufacturers rather than through traditional retail channels [18][21]. - Some businesses are rethinking their physical locations, with the potential to move to less expensive areas while still maintaining customer engagement through online marketing [16]. Group 3: Industry Concerns - Major incidents involving leading home furnishing brands have raised concerns about the industry's future, as many companies expanded too aggressively during a time when they should have been consolidating [22]. - There is a growing apprehension among industry leaders regarding their understanding of younger consumers, who may not be attracted to traditional home furnishing stores [24]. - The need for comprehensive transformation in home furnishing retail is emphasized, as consumer preferences shift towards more personalized and fragmented shopping experiences [24].

Core Insights - A new company, Foshan Jingmo Sanitary Ware Co., Ltd., has been established with a registered capital of 10,000 RMB [1] Company Overview - The company operates in various sectors including sales of sanitary ware, building materials, household appliances, and furniture [1] - It also engages in internet sales, wholesale of hardware products, and sales of daily necessities [1] - The company is involved in a wide range of services such as market marketing planning, enterprise image planning, and technical services [1] Business Scope - The business scope includes both general projects and licensed projects, with activities ranging from sales of sanitary ceramics to advertising publishing [1] - Licensed activities include residential interior decoration and construction engineering design, which require approval from relevant authorities [1]

Group 1 - The national subsidy program has faced interruptions since late May due to funding shortages, with some regions pausing or limiting the subsidies [1] - The third batch of national subsidy funds is confirmed to be released at the end of July, with a total budget of 300 billion RMB for the year, of which 162 billion RMB has already been distributed in the first two batches [3] - The subsidy scope has expanded this year to include categories beyond home appliances, such as renovation, bathroom, and smart devices, with specific subsidy amounts for different energy efficiency levels [5] Group 2 - The distribution of the third batch of funds will be more refined, with some regions implementing daily limits or timed coupon releases to prevent rapid depletion of funds [8] - Certain regions still allow unrestricted access to subsidies, while others require users to compete for limited coupons, indicating a disparity in access based on location [8][9] - The authorities have emphasized strict measures against fraudulent practices related to the subsidy program, which may complicate cross-region subsidy claims for consumers [9]

Core Viewpoint - The article discusses the evolution of Huida, a leading sanitary ware brand in China, over the past 43 years, highlighting its transformation from a local ceramic factory to a global player in the smart bathroom industry, while maintaining its foundational values and adapting to modern challenges. Group 1: Company History and Evolution - Huida was founded in 1982 by Wang Huiwen with an initial investment of 280,000 yuan, becoming one of the first private enterprises in the reform era of China [4] - The company quickly grew to become the largest sanitary ware brand in Northern China and was one of the first to be listed on the A-share market in 2017 [9] - Over the years, Huida has undergone significant transformations, including a shift from export-led to domestic market focus, and from being a supplier to a consumer brand [55] Group 2: Technological Advancements - Huida has embraced smart manufacturing and product innovation, with its 4th factory established in 2018 showcasing advanced automation and production capabilities, achieving an annual output of 1.4 million units [21][25] - The company has developed smart toilets with features such as automatic temperature adjustment and UV sterilization, setting new industry standards for health and safety [30][31] - The production capacity and technological advancements have positioned Huida as a leader in the global smart sanitary ware market, with China accounting for 69% of global production and 64% of sales in recent years [35] Group 3: Market Position and Global Strategy - Huida has established a presence in over 70 countries, contributing to 28% of its total revenue from overseas markets [51] - The company is focused on localizing its products to meet international standards while also innovating based on local consumer needs, enhancing its global competitiveness [37] - The brand aims to transition from a comprehensive sanitary ware company to a "health bathroom expert," addressing consumers' hidden health needs through innovative solutions [59] Group 4: Future Outlook - The company is preparing to navigate challenges such as trade wars and a sluggish real estate market, while also capitalizing on the growing domestic middle class [63][68] - Huida's leadership emphasizes the importance of continuous innovation and adaptation to maintain relevance in a rapidly changing market [71] - The brand's future strategy includes leveraging its technological advancements and strong market position to expand its influence in the global sanitary ware industry [67]

Group 1 - The 2025 International Green Zero Carbon Festival and ESG Leaders Summit successfully concluded in Shanghai, gathering over 300 green brands and attracting more than 120 industry leaders to share insights on sustainable development [1] - The "2025 Zero Carbon Award" was announced during the event, with Xiamen Reiter Bath Technology Co., Ltd. winning the "2025 Green Technology Innovation Pioneer Award" for its outstanding achievements in green technology [3] Group 2 - Since its establishment in 1999, the company has focused on technological research and development, accumulating over 2,000 patents. Its "E-shion Quiet Flush System" achieves four times the national standard flushing power while reducing noise to 40 decibels, significantly better than industry standards [5] - The company's UVC dynamic waterway sterilization technology achieves a 99.9% sterilization rate through a purely physical method, providing users with a healthier and more environmentally friendly bathroom experience [5] - The company has pioneered global technologies such as "Delayed Water Inlet Patent Technology" and "Dual Flush Water Control," which significantly reduce water waste [7] Group 3 - As a publicly listed company on the Shenzhen Stock Exchange, the company actively responds to the national "dual carbon" strategy by designing automated and intelligent production lines and building a green supply chain ecosystem [7] - The company has five global production bases covering 200,000 square meters, with products sold in over 80 countries and regions, and has established partnerships with well-known enterprises such as China Vanke and InterContinental Hotels [7] - In 2023, the global sales of its water-saving flushing components exceeded 21.42 million units, maintaining the top market share in the domestic market for several consecutive years [7] Group 4 - The company integrates green development into its corporate DNA, implementing measures such as paperless offices and low-carbon travel initiatives to reduce its carbon footprint [9] - It actively participates in public welfare activities, including water-saving initiatives and donations for poverty alleviation and disaster relief, demonstrating its sense of social responsibility [9] Group 5 - The company has received multiple awards, including the "German IF Design Award" and the "Boiling Quality Gold Award," and has been recognized in the Ministry of Industry and Information Technology's green manufacturing system list [11][12] - The recent award for "2025 Green Technology Innovation Pioneer" reflects the company's comprehensive strength in technology, quality, and sustainable development [11][12] - The company aims to continue its focus on the smart bathroom sector and contribute to the global zero-carbon goal, viewing the award as both recognition and motivation for future development [14]

Group 1: Market Trends and Consumer Demand - The demand for smart toilets in China is increasing, driven by features such as heated seats and one-button calling, making them a necessity for many households [1] - The "old-for-new" policy, which includes bathroom fixtures by 2025, is expected to boost market consumption and encourage brands to launch corresponding subsidy plans [1] - The national policy encourages green consumption and elderly-friendly renovations, effectively stimulating market demand for smart toilets [2] Group 2: Company Innovations and Strategies - Jomoo Group is accelerating product innovation, launching health care toilets and barrier-free toilets for the elderly, while also enhancing service measures like "immediate delivery and installation" [1][2] - The company has established the world's first "green black-light factory" for smart toilets, utilizing advanced technologies such as robotics and AI to improve production efficiency by approximately 35% and reduce energy consumption by over 7% [2] - Financial institutions, particularly China Construction Bank, are providing significant support for Jomoo's digital transformation and funding needs, facilitating the company's ability to seize market opportunities [2][3] Group 3: Financial Support and Impact - Since the implementation of the "old-for-new" policy, China Construction Bank has provided nearly 3 billion yuan in financing support to Jomoo Group, including 210 million yuan in supply chain finance [3] - Financial institutions are responding quickly to the funding needs of various sectors, including telecommunications and home appliances, by offering innovative financing tools to alleviate short-term cash flow pressures [3]

Core Insights - The event "With Love, Together: Million Lottery" hosted by Rietter on July 1, 2025, showcased the company's commitment to user engagement and innovation in health management through the launch of the AI Health Toilet IX9 [1][2] - Rietter's "Lifetime Rights Plan" was initiated in April 2025, aiming to enhance customer loyalty and brand interaction by offering significant rewards to users of their smart toilets [2][4] - The AI Health Toilet IX9 represents a significant advancement in home health management, featuring an AI system for seamless health monitoring and various patented technologies ensuring high sanitation standards [3][5] User Engagement and Brand Strategy - The lottery event was supervised by the Xiamen Public Notary Office to ensure fairness, and it involved 101 winners receiving the AI Health Toilet IX9, emphasizing transparency in the brand's promotional activities [2][4] - The event also leveraged social media platforms to enhance user interaction, encouraging participants to share their experiences and thereby strengthening brand advocacy [4][6] - Rietter's strategy integrates technology, health, and emotional connection, aiming to create a sustainable and socially responsible brand image through initiatives like the Lifetime Rights Plan and educational donations [4][6] Product Features and Innovations - The AI Health Toilet IX9 includes advanced features such as real-time monitoring of 14 physiological indicators and the ability to generate visual health reports, enhancing its role as a personal health management center [5][6] - The product employs innovative sanitation technologies, achieving a 99.9% sterilization rate and receiving multiple certifications, which positions it as a leader in the smart bathroom segment [3][5] - User testimonials during the event highlighted the practical benefits of the product, reinforcing the brand's commitment to improving family health and well-being through technology [3][4]

Core Viewpoint - The company demonstrates strong confidence in its future development, as evidenced by significant share buyback plans from its chairman and major shareholders, indicating a positive outlook for the company's long-term value [1][2]. Group 1: Share Buyback Plans - The chairman of the company, Zhu Jiang, along with his action group Chengdu Shuihua Internet Technology Co., Ltd., plans to increase their shareholding by a total of 37.5 million yuan within six months, showcasing their commitment to the company's growth [1]. - Zhu Jiang plans to invest 10 million yuan, while Shuihua Internet intends to invest 20 million yuan, with a three-year lock-up period for the shares acquired [1]. - The Sichuan Development Securities Investment Fund, a major shareholder, plans to increase its holdings by purchasing 4.9863 million shares and converting 3.94 million "Dio Convertible Bonds" into shares, with a total investment of between 40 million and 60 million yuan over the next six months [2]. Group 2: Company Overview and Performance - The company is recognized as a leading manufacturer of bathroom and ceramic products in China, with a product line that includes tiles and sanitary ware, aiming to become a top supplier of integrated home decoration solutions [2]. - The company recently released a performance forecast for the first half of 2025, indicating stable revenue from its tile division and positive net cash flow from operating activities, reflecting effective risk management and financial stability [3].

Core Viewpoint - The legal opinion letter confirms that the procedures for the 2025 first extraordinary general meeting of Huida Sanitary Ware Co., Ltd. comply with relevant laws and regulations, and the voting results are valid and legal [1][4][7]. Group 1: Meeting Procedures - The board of directors notified shareholders of the meeting 15 days in advance, detailing the time, location, and agenda [2][3]. - The meeting was held on July 16, 2025, combining on-site and online voting methods [3][4]. Group 2: Attendance and Qualifications - A total of 151 shareholders and their proxies attended the meeting, representing 257,774,456 shares, which is 67.7168% of the total voting shares [3][5]. - The qualifications of the attendees and the convenor, the board of directors, were confirmed to be legal and valid [5][6]. Group 3: Voting Procedures and Results - The meeting utilized a combination of on-site and online voting, with results verified according to legal and regulatory requirements [6][7]. - The voting results for various proposals showed overwhelming support, with the following key votes: - Amendment to the Articles of Association: 99.7083% in favor [6] - Amendment to the External Investment Management System: 99.7059% in favor [6] - Amendment to the Related Party Transaction Management System: 99.7080% in favor [6] - Amendment to the External Guarantee Management System: 99.6841% in favor [6] - Amendment to the Fundraising Management System: 99.7067% in favor [6] - Amendment to the Selection of Accounting Firms: 99.6957% in favor [6]. Group 4: Conclusion - The legal opinion concludes that all procedures, qualifications, and voting results of the meeting are in compliance with applicable laws and the company's articles of association [7][8].