Core Viewpoint - The 2026 Guangzhou Custom Home Exhibition and Light High-end Exhibition will focus on the theme of "Customization + Good Housing," aiming to transform policy guidance and consumer demand into business opportunities and industry solutions [1][22]. Group 1: Industry Evolution and Policy Resonance - The custom home industry is evolving towards integrating functionality, aesthetics, and the relationship between people and space, shifting from merely delivering furniture to delivering a lifestyle [1]. - The "Good Housing" initiative, driven by national policies, aims to address public concerns and redefine the essence of housing, emphasizing quality living as a core driver for the real estate and home industries [3][5]. Group 2: Exhibition Highlights and Innovations - The 2026 exhibition will explore comprehensive solutions to meet the demand for quality housing and living, featuring various segments such as good housing sample parks, light high-end pavilions, and health materials [6][8]. - A collaboration with ENJOY DESIGN will create an immersive "Good Housing Sample Park," showcasing high-quality brands and innovative living scenarios that embody the standards of safety, comfort, and sustainability [6][10]. Group 3: Material and Design Integration - The exhibition will emphasize the importance of high-quality materials in constructing good housing, featuring brands that focus on eco-friendly and high-performance materials [10][14]. - A special focus will be on the "Water Paint Ecological Pavilion," promoting the latest technologies in eco-friendly coatings and establishing a "Water Paint Ecological Alliance" to standardize and popularize water-based painting systems [10][12]. Group 4: Addressing Aging Population Needs - The exhibition will address the needs of the aging population by showcasing smart and comfortable living solutions, integrating various brands' products into a cohesive living space designed for safety and convenience [18]. - A dedicated "Smart Aging + Home Renovation Ecological Pavilion" will present innovative solutions for upgrading existing homes to meet the demands of an aging society [16][18]. Group 5: Comprehensive Renovation Services - The exhibition will feature a "New Quality Renovation Supply Chain Trend Exhibition," bringing together top renovation companies and suppliers to ensure high-quality and efficient renovation services that fulfill the promise of good housing [20][22]. - This initiative aims to transform the concept of good housing into tangible experiences for consumers through integrated supply chain solutions [20].

Core Viewpoint - The dual role of Rabbit Baby as both a shareholder and a core customer of its invested company, Jiangsu Jiashijia New Materials Group Co., Ltd., adds uncertainty to the IPO process of Jiashijia, attracting increased scrutiny from regulatory bodies [1][4]. Regulatory Scrutiny of Related Transactions - Regulatory rules emphasize the importance of related transactions during the IPO review process, focusing on commercial necessity, procedural compliance, and fair pricing [2][5]. - Rabbit Baby's role as a strategic shareholder and key raw material purchaser creates inherent related transaction attributes, raising concerns about potential conflicts of interest [2][5]. - Jiashijia must demonstrate to regulators that its ongoing transactions with Rabbit Baby are based on independent and fair commercial logic, rather than potential profit transfer [2][5]. Balancing Industrial Synergy and Independence - Rabbit Baby's investment in upstream suppliers like Jiashijia reflects a strategic intent to strengthen its core supply chain and build an industrial ecosystem, ensuring stable and quality raw material supply [3][7]. - The close relationship between Rabbit Baby and Jiashijia can validate commercial rationale, but excessive reliance on transactions may raise doubts about Jiashijia's independence and sustainable profitability [3][7]. - Jiashijia's ability to clearly define its business boundaries with Rabbit Baby in its prospectus will be crucial for passing the IPO review, demonstrating its capability to independently secure market orders [3][7]. - The situation highlights a classic market dilemma: encouraging industrial integration while ensuring the independence of listed companies and the fairness of transactions [3][7].