Company Overview - Yunfeng New Materials primarily engages in the design, research and development, production, and sales of indoor decorative materials and customized home products, including engineered wood, wooden flooring, technology wood, and customized home products like wardrobes and wooden doors [2] - The company is recognized as a key leading enterprise in the national forestry sector and ranks second in the sales of "Mogan Mountain" brand plywood within the industry [2] - Over more than 20 years, the company has developed into an innovative enterprise with four core business segments: engineered wood, wooden flooring, technology wood, and whole-house customization [2] Financial Performance - From 2022 to the first half of 2024, Yunfeng New Materials achieved revenues of 2.669 billion yuan, 3.429 billion yuan, and 1.634 billion yuan, with net profits of 245 million yuan, 320 million yuan, and 149 million yuan respectively [2] - The gross profit margins for the main business from 2021 to the first half of 2024 were 22.73%, 21.13%, 20.82%, and 19.30%, indicating a downward trend influenced by product sales structure and fluctuations in gross margins of main products [4] Market Competition - The company faces significant market competition in the engineered wood, wooden flooring, and customized home product sectors, with a relatively low market share in engineered wood and a mid-tier position in the wooden flooring industry compared to larger competitors [3] - The customized home industry is experiencing increasing competition as more traditional furniture manufacturers are entering the market, which may lead to a decline in average industry profit margins [3] Raw Material Procurement - Yunfeng New Materials sources raw materials both through self-production and OEM procurement, with major materials including board products and melamine paper [3] - Fluctuations in the prices of raw materials and OEM procurement significantly impact the company's main business costs and, consequently, its gross income [3] IPO and Future Prospects - In March 2023, the company’s IPO on the Shanghai main board was accepted, with plans to raise 1.249 billion yuan for projects related to intelligent whole-house customization, R&D center enhancements, and brand channel development [4] - The company faced inquiries regarding its IPO in June 2023 but has not disclosed responses, and the IPO was withdrawn in April 2025 [4]