In the pan-home furnishing industry, a group of powerful players are emerging from the panel + customization industry, such as Tubaobao, Yunfeng Moganshan, Qianqianzhou, Dawangye, Fuqing, etc.
These companies originally focused on the panel business, but took advantage of their material advantages to expand into customized homes and decoration, and successfully built a panel + customization business model.
Among them, leading companies have achieved nearly 10 billion in revenue. For example, Bunny’s revenue in 2024 will exceed 9.1 billion yuan, the decorative materials sector will have revenue of approximately 7.404 billion yuan, and customized home furnishing revenue will be approximately 707 million yuan.
Recently, Yunfeng Moganshan Ecological Home Co., Ltd. submitted a main board listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor.
The company’s revenue in 2024 has exceeded 3.4 billion yuan, and in the first three quarters of 2025, it has exceeded 2.5 billion yuan.
Once the listing is successful, the sheet metal + customization industry will add a capital warrior.
Yunfeng Moganshan was incorporated in the Cayman Islands in September 2025, and its business was previously carried out by Yunfeng New Materials and its affiliates.
The predecessor of Yunfeng New Materials can be traced back to Zhejiang Deqing Shenghua Decoration Materials Co., Ltd. in 1995. The Moganshan brand was founded in 1997, which was recognized as a well-known trademark that year, and the blockboard was recognized as a Chinese famous brand product.
At present, the company has completed a diversified strategic layout, and its business covers boards, flooring, customized home furnishings, technology wood, etc., as well as commercial licensing.
From the perspective of revenue composition, from 2023 to the first three quarters of 2025, Yunfeng Moganshan’s revenue was 3.394 billion yuan, 3.456 billion yuan, and 2.519 billion yuan respectively, with gross profits of 754 million yuan, 775 million yuan, and 646 million yuan respectively. Gross profit margins were 22.2%, 22.4%, and 25.7%, respectively.
320 million, 320 million and 280 million.
Among the revenue of over 3 billion, dealers contribute a large proportion, but the number of dealers is relatively small compared to peers. As of September 30, 2025, there were 875 dealers, covering all provinces in China and 45 overseas countries and regions.
In terms of product supply and intellectual property licensing, from 2023 to the first three quarters of 2025, revenue from product supply accounts for a relatively high proportion, among which artificial panels have the largest revenue scale and the highest proportion.
The company continues to work hard on product iteration, launching ecological non-formaldehyde decorative panels and other products, and will promote the upgrade of all products to HENF-level formaldehyde emission standards in 2025.
Customized home furnishing business has grown steadily, covering wardrobes, cabinets, wooden doors, etc.; wood flooring revenue accounts for about 5% – 8%; technological wood accounts for 3% – 7%; intellectual property licensing business maintains growth, with licensing revenue reaching 306 million yuan in the first three quarters of 2025, a year-on-year increase of 23.8%.
Previously, Zhejiang Shenghua Yunfeng New Materials Co., Ltd., the main operating entity of the “Moganshan” brand, had planned to be listed on the Shanghai Stock Exchange. It would pre-disclose the prospectus in 2021 and update the prospectus at the end of December 2024, but withdrew its application in April 2025.
After more than nine months, Yunfeng Moganshan turned to the Hong Kong Stock Exchange to restart the listing process.
From an industry perspective, the panel + customization industry has good growth potential and is the two main tracks of the pan-home furnishing industry.
The output value of the sheet metal industry is more than 700 billion, and the customized home furnishing industry is worth 500 billion. The scale of the two major industries exceeds one trillion.
The output and consumption of the plate industry have continued to grow, and the total number of enterprises has shown a decreasing trend, and some leading enterprises will continue to grow.
At present, enterprises are improving their strength from multiple aspects such as products and channels, such as focusing on product design and environmental performance, expanding omni-channel resources, and exploring new terminal sales models.
The customized home furnishing track has experienced rapid growth in the past many years, but its growth has been hindered in recent years, mainly affected by the decline of the real estate market.
However, companies have taken the initiative to focus on products and channels, such as developing demand for renovation of existing houses, incubating popular products and packages from all dimensions, expanding dealer outlets, developing new retail models, and expanding decoration company channels and overseas tracks.
The trillion-level board and customized home furnishing track will exist for a long time. It is crucial for companies to find the right focus and establish competitiveness. Listing on the main board to obtain capital and other support will help cope with market changes.
