蒙娜丽莎集团股份有限公司 2025 年半年度报告全文 蒙娜丽莎集团股份有限公司 2025 年半年度报告 2025-058 2025 年 8 月 1 蒙娜丽莎集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人萧礼标、主管会计工作负责人汪雪波及会计机构负责人(会计 主管人员)梁富萍声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告如涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，投资者及相关人士应对此保持足够的风险认识，并应当理解计划、预测 与承诺之间的差异。 公司已在本报告中详细描述可能对公司未来发展战略和经营目标的实现 产生不利影响的风险因素，具体内容请见本报告"第三节管理层讨论与分 析"之"十、公司面临的风险和应对措施"，敬请广大投资者注意投资风 险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | ...

Group 1 - The renovation and building materials sector experienced a slight increase, closing at 15099.09 points with a growth rate of 0.90% [1] - Several stocks in the renovation and building materials sector saw price increases, with Mona Lisa leading at 12.72 CNY per share, up 10.03% [1] - Keren Co. and Zhejiang Zhengte followed, closing at 12.35 CNY per share (up 7.20%) and 51.80 CNY per share (up 5.74%) respectively [1] Group 2 - Conversely, *ST Yazhen led the decline in the sector, closing at 25.99 CNY per share, down 5.01% [1] - *ST Songfa and Diou Home also saw declines, closing at 55.40 CNY per share (down 2.46%) and 6.96 CNY per share (down 2.25%) respectively [1] Group 3 - According to a report by EEO Research Institute, the transaction volume of China's technology market is increasing annually, projected to reach 6.8 trillion CNY in 2024, with a year-on-year growth of approximately 11.2% [1] - The robust development of the technology market supports the stable growth of China's whole-home smart industry, with higher technological maturity driving market prosperity and diversification [1]

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

2025年8月，蒙娜丽莎集团（股票代码：002918）凭借在环境、社会及公司治理（ESG）领域的系统性 实践，斩获中诚信绿金国际有限公司（以下简称 "中诚信绿金"）最新发布的ESG评级"A-"等级。 中诚信是国内规模最大、全球领先的评级机构。中诚信绿金作为中诚信旗下专业从事绿色金融与ESG服 务的子公司，是国内ESG评级领域的权威机构，覆盖57个细分领域差异化指标体系，依托超1.1万家企 业数据库和700余项四级指标动态监测，为全球投资者提供可信赖的中国市场评估工具，其评级结果被 全球投资机构广泛用于资产配置决策。 据悉，中诚信绿金ESG评级结果分为AAA至C七个等级，在房地产行业203家上市公司中仅6家获A级及 以上，环保行业该等级占比也不足 27%。蒙娜丽莎此次获评"A-"等级处于较高水平，充分展现了其在 环境、社会和公司治理（ESG）方面的卓越表现，在陶瓷行业处于领先示范地位。 作为中国建筑陶瓷行业的领军企业，蒙娜丽莎围绕"绿色发展，共筑美好"的可持续发展理念，已构建起 以董事会为可持续发展战略管理顶层机构的可持续发展治理架构，建立起一套科学的管理体系，并通过 长期价值引领、创新驱动建设、员工关怀发展、 ...

Group 1 - The latest stock price of Mona Lisa is 11.94 yuan, an increase of 0.28 yuan from the previous trading day [1] - The stock opened at 11.85 yuan, reached a high of 12.32 yuan, and a low of 11.32 yuan, with an overall volatility of 8.58% [1] - The trading volume was 329,400 hands, with a total transaction amount of 387 million yuan [1] Group 2 - Mona Lisa operates in the renovation and building materials industry, primarily engaged in the research, production, and sales of building ceramic products [1] - The company's product range includes ceramic tiles and ceramic slabs, widely used in residential and commercial buildings [1] Group 3 - On August 19, the stock experienced a rapid rebound, with a price increase of over 2% within 5 minutes, reaching 11.61 yuan at 9:39 AM [1] - The net outflow of main funds on that day was 4.55 million yuan, accounting for 0.17% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 235 million yuan, representing 8.98% of the circulating market value [1]

Group 1 - The renovation and building materials sector experienced a slight increase, closing at 14,625.78 points with a growth rate of 0.53% [1] - Several stocks in the renovation and building materials sector saw price increases, with Yabo Co. leading at 1.82 CNY per share, up 10.30% [1] - Mona Lisa and Ruitek Technology followed with increases of 6.67% and 6.24%, closing at 11.52 CNY and 13.10 CNY per share respectively [1] Group 2 - Filinger led the decline in the sector with a drop of 5.92%, closing at 21.12 CNY per share [1] - Senying Windows and Wanli Stone also experienced declines of 4.45% and 3.87%, closing at 35.04 CNY and 29.28 CNY per share respectively [1] - Guojin Securities noted that despite significant declines in key real estate indicators over the past four years, overall housing demand has not significantly decreased, with a shift from new to second-hand housing [1] Group 3 - The demand for building materials is expected to stabilize in the medium to long term as the market transitions to a renovation-focused era [1] - The recommendation is to focus on leading paint companies and those with a high retail proportion or successful retail transformation in the consumer building materials sector [1]

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].

Core Viewpoint - The renovation and building materials sector experienced a slight increase, with a closing index of 14625.78 points, reflecting a growth of 0.53% [1] Group 1: Market Performance - Several stocks in the renovation and building materials sector saw price increases, with Boya Co. leading at 1.82 CNY per share, up 10.30% [1] - Mona Lisa (002918) closed at 11.52 CNY per share, marking a 6.67% increase, ranking second in the sector [1] - Ruifeng Technology (002066) closed at 13.10 CNY per share, with a 6.24% increase, ranking third [1] - Conversely, Filinger (603226) led the decline with a closing price of 21.12 CNY per share, down 5.92% [1] - Senying Windows (301227) closed at 35.04 CNY per share, down 4.45%, ranking second in losses [1] - Wanli Stone (002785) closed at 29.28 CNY per share, down 3.87%, ranking third in losses [1] Group 2: Industry Insights - According to Guojin Securities, the real estate sector has seen significant declines in key indicators over the past four years, yet overall housing demand has not decreased significantly [1] - There is a noticeable shift in demand from new homes to second-hand homes, with second-hand home activity surpassing that of new homes this year [1] - As the home renovation era begins, the main driver of building materials demand is expected to shift towards renovations, with stable medium to long-term growth anticipated [1] - Continued recommendations are made for leading paint companies and those in the building materials sector that have a high retail proportion or are successfully transitioning to retail [1]

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment in July showed a high increase in railway and water electricity fuel investment, while overall infrastructure investment is experiencing marginal slowdown, particularly in the central and western regions [1][2] - Real estate development investment from January to July decreased by 12%, with a significant drop of 17.1% in July alone, indicating a continued weakness in the real estate sector [2] - The issuance of special bonds has accelerated, with a total of 27,775.89 billion yuan issued from January to July, representing a year-on-year increase of 56.5%, which is expected to support infrastructure investment growth in the second half of the year [1] - Cement demand is anticipated to gradually recover, with a focus on investment opportunities at relatively low points in the market, despite a 4.5% year-on-year decline in cement production from January to July [3] - The flat glass market is showing signs of improvement, with a slight increase in prices and a reduction in inventory levels, suggesting a potential recovery in demand [4] Summary by Sections Infrastructure Investment - In July, infrastructure investment growth was supported by a 21.5% year-on-year increase in water electricity fuel investment, while transportation and storage investment saw a 3.9% increase [2] - The report emphasizes the importance of focusing on major engineering projects and infrastructure investments in the central and western regions [1] Real Estate Sector - The real estate sector continues to show weakness, with significant declines in sales, new construction, and completion areas from January to July [2] - The report highlights the need for monitoring policy changes that could impact the real estate market [4] Cement and Glass Markets - Cement production decreased by 4.5% year-on-year, with a notable drop in July, but there are expectations for demand recovery as the market enters a peak season [3] - The flat glass market is experiencing a slight recovery, with improved trading conditions and reduced inventory levels [4]

Group 1 - The company has changed the purpose of its share repurchase plan, now intending to use the repurchased shares for capital reduction instead of employee stock ownership plans [1] - A total of 6,379,004 shares will be canceled, leading to a corresponding reduction in the company's registered capital [2] - The final situation of the company's capital changes will be confirmed by the China Securities Depository and Clearing Corporation after the completion of the cancellation process [2] Group 2 - The company is notifying creditors about the capital reduction, allowing them to claim their debts within 45 days from the announcement [2] - Creditors must provide relevant documentation to assert their claims, including contracts and proof of debt relationships [3] - Specific requirements for both corporate and individual creditors are outlined for submitting claims [3]