Market Overview - The home goods sector increased by 1.31% on November 10, with Tai Peng Intelligent leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Top Performers - Tai Peng Intelligent (code: 920132) closed at 23.44, up 13.62% with a trading volume of 41,700 lots and a transaction value of 93.95 million [1] - Mona Lisa (code: 002918) closed at 15.90, up 6.00% with a trading volume of 103,800 lots and a transaction value of 163 million [1] - Ni Xin Health (code: 002162) closed at 4.77, up 6.00% with a trading volume of 869,500 lots and a transaction value of 409 million [1] Underperformers - Wo Le Home (code: 603326) closed at 9.33, down 2.30% with a trading volume of 77,300 lots and a transaction value of 72.32 million [2] - Filinger (code: 603226) closed at 39.88, down 1.89% with a trading volume of 31,200 lots and a transaction value of 124 million [2] - Hai Xiang New Materials (code: 003011) closed at 23.32, down 1.81% with a trading volume of 41,700 lots and a transaction value of 97.83 million [2] Capital Flow - The home goods sector saw a net inflow of 36.81 million from main funds, while retail funds experienced a net outflow of 24.88 million [2] - Main funds showed significant inflows in Ni Xin Health (34.03 million) and Mona Lisa (24.25 million) [3] - Retail funds had notable outflows in Mona Lisa (-28.16 million) and Ni Xin Health (-24.27 million) [3]

Core Viewpoint - The recent robbery at the Louvre Museum has raised significant concerns about its security measures, which are reportedly outdated and inadequate, despite warnings from French security authorities [1][11]. Group 1: Robbery Incident - Four suspects have been charged in connection with the major robbery at the Louvre Museum that occurred in mid-October, but most of the stolen jewelry remains missing [1]. - The Louvre has a history of thefts, with the most notable being the theft of the painting "Mona Lisa" [1]. Group 2: Historical Context of Theft - The "Mona Lisa," painted by Leonardo da Vinci, was stolen in 1911 by Vincenzo Peruggia, who had previously worked at the Louvre and was familiar with its layout [2][4]. - Peruggia successfully stole the painting by disguising himself as a museum worker and was aided by a plumber who mistakenly thought he was a colleague [4][5]. Group 3: Security Concerns - Following the theft of the "Mona Lisa," the Louvre implemented enhanced security measures, including increased patrols and barriers to protect the artwork [9]. - Despite improvements for the "Mona Lisa," other artworks at the Louvre have been stolen, indicating ongoing security vulnerabilities [10][11]. - Reports from 2014 indicated that the Louvre was using outdated computer systems and simple passwords for its security operations, which had not been modernized despite warnings from security authorities [11].

Core Viewpoint - Mona Lisa's stock has experienced fluctuations, with a year-to-date increase of 45.04% but a recent decline in the last five and twenty trading days, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Mona Lisa reported a revenue of 2.977 billion yuan, a year-on-year decrease of 16.66%, and a net profit attributable to shareholders of 80.5042 million yuan, down 42.71% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 818 million yuan, with 266 million yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 41.78% to 15,800, while the average circulating shares per person increased by 66.76% to 13,467 shares [2]. - Among the top ten circulating shareholders, ICBC Strategic Transformation Stock A (000991) is the eighth largest, holding 5.1209 million shares, a reduction of 676,900 shares from the previous period [3]. Market Activity - On November 3, Mona Lisa's stock price fell by 2.02% to 15.03 yuan per share, with a trading volume of 24.3526 million yuan and a turnover rate of 0.75%, resulting in a total market capitalization of 6.144 billion yuan [1]. - The stock has seen a net outflow of 1.526 million yuan in principal funds, with significant selling activity noted [1].

Group 1 - Mona Lisa Group Co., Ltd. and its subsidiaries have recently obtained two invention patents from the National Intellectual Property Administration, which are related to new ceramic tile products and their manufacturing methods [1] - The company's revenue composition for the first half of 2025 indicates that 98.77% of its revenue comes from the manufacturing of building ceramic products, while other businesses account for 1.23% [1] - The current market capitalization of Mona Lisa is 6.1 billion yuan [2]

上述发明专利为公司及子公司自主研发成果。专利的取得和应用不会对公司目前的生 产经营产生重大影响，但有利于充分发挥公司自主知识产权的优势，促进技术创新，增强 公司产品的核心竞争力，对公司未来发展产生积极影响。 特此公告。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 蒙娜丽莎集团股份有限公司（以下简称"蒙娜丽莎"或"公司"）及子公司高安市蒙 娜丽莎新材料有限公司（以下简称"江蒙公司"）、广西蒙娜丽莎新材料有限公司（以下 简称"桂蒙公司"）于近日取得国家知识产权局颁发的发明专利证书共 2 项，具体情况如 下： | 序 | 专利 | 专利 | 发明名称 | 专利号 | 专利 | 专利授权 | 证书号 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 类型 | 权人 | | | 申请日 | 公告日 | | | | 1 | 发明 专利 | 江蒙 公司、 蒙娜 | 一种锂云母尾料大掺 量超白坯体定位晶花 | ZL20241122 6144.9 | 2024.09.03 | 2025.10. ...

Core Viewpoint - Mona Lisa is a leading company in the domestic building ceramics industry, focusing on high-quality ceramic products and possessing a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Mona Lisa reported revenue of 2.977 billion yuan, ranking 4th in the industry, surpassing the industry average of 1.945 billion yuan and the median of 1.2 billion yuan, but below the top two competitors Marco Polo and Dongpeng [2] - The main business, glazed tiles, generated 1.562 billion yuan, accounting for 81.58% of total revenue [2] - The net profit for the same period was 94.21 million yuan, also ranking 4th in the industry, higher than the median of 54 million yuan but lower than the industry average of 125 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Mona Lisa's debt-to-asset ratio was 50.54%, down from 57.40% year-on-year, but higher than the industry average of 39.52% [3] - The gross profit margin for the same period was 27.12%, slightly down from 27.59% year-on-year, yet above the industry average of 23.08% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 41.78% to 15,800, while the average number of circulating A-shares held per shareholder increased by 66.76% to 13,500 [5] - The eighth largest circulating shareholder, ICBC Strategic Transformation Stock A, held 5.1209 million shares, a decrease of 676,900 shares compared to the previous period [5] Group 4: Management and Compensation - The chairman, Xiao Libiao, received a salary of 2.6754 million yuan in 2024, an increase of 21,600 yuan from 2023 [4]

1. Reported Industry Investment Rating - No relevant information provided 2. Core View of the Report - The ceramic industry is in a stage of adjustment with low kiln - opening rates. SMEs are being cleared out mainly by market competition, and the process will be slow. The company will optimize its sales structure, continue cost - reduction and efficiency - improvement measures, and focus on product innovation to improve its market position [25][29][30] 3. Summary According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Mona Lisa, belonging to the decoration and building materials industry. The reception time was on October 27, 2025. The company's reception staff included Director and Board Secretary Zhang Qikang and Financial Controller Wang Xuebo [16] 3.2. Detailed Research Institutions - The research institutions include securities companies such as Aijian Securities, Everbright Securities; fund management companies like Anxin Fund, Taixin Fund; insurance asset management companies such as Taikang Asset Management; and other types of institutions like Beijing Gaoheng Asset Management, Chongzheng Investment [17][18] 3.3. Research Institution Proportion - No relevant information provided 3.4. Main Content Information - **Industry and company capacity utilization**: The company arranges orders reasonably according to market demand, aiming for better production costs and transportation radii. The overall kiln - opening rate in the industry is low this year [25] - **Company's view on going global**: Ceramic exports face high transportation costs. Some companies have built overseas production bases to deal with tariffs and anti - dumping issues. The company has no current plan to build overseas production bases [26][27] - **Industry capacity clearance and competition pattern**: SMEs' clearance is mainly market - driven, and environmental policies have limited short - term effects. The kiln - opening rate is low, and capacity clearance will be a slow process [29] - **Company's real - estate strategic engineering business**: The real - estate industry's entry into the stock era has reduced tile orders. The company will optimize its sales structure based on the real - estate industry's development and customer risks [30] - **Company's cost - reduction and efficiency - improvement**: Cost - reduction and efficiency - improvement will be a regular task, but the space for further cost reduction will shrink [30] - **Product price trend**: The company's product prices declined in the first three quarters due to various reasons. It will strengthen R & D to promote price stability [30][31] - **Future of the building ceramic industry and investment and acquisition plans**: The domestic real - estate stock market has great demand, and the market share of leading ceramic companies is low. The company has no current investment and acquisition plans [31][32] - **Adequacy of impairment provisions for real - estate accounts receivable**: The company has made impairment provisions for some real - estate accounts receivable and will continue to assess their recoverability [32] - **Company's sales structure in the first three quarters of 2025**: The company has optimized its sales structure, with the distribution business accounting for 83.65% (249,025.57 million yuan) and the strategic engineering business accounting for 16.35% (48,676.52 million yuan) of the total revenue of 297,702.09 million yuan [33]

Group 1 - Mona Lisa (SZ 002918) announced that on October 27, 2025, it will accept investor research from Aijian Securities, with participation from the company's director and board secretary Zhang Qikang [1] - For the first half of 2025, Mona Lisa's revenue composition shows that manufacturing of building ceramic products accounts for 98.77%, while other businesses account for 1.23% [1] - As of the time of reporting, Mona Lisa's market capitalization is 6.4 billion yuan [1]

Group 1: Industry and Company Capacity Utilization - The overall kiln opening rate in the industry is low this year, influenced by market demand and order conditions [2] - The company has not yet planned to establish production bases abroad, but will disclose any future arrangements according to regulations [3] Group 2: Market Competition and Strategic Adjustments - The industry is experiencing a slow capacity clearance primarily driven by market competition, with limited short-term impact from environmental policies [4] - The company's strategic engineering business related to the real estate sector has significantly declined due to the market entering a stock phase, leading to a substantial decrease in tile orders [4] Group 3: Financial Performance and Cost Management - The company's gross profit margin has improved quarterly, but the potential for further cost reduction is diminishing as the industry transitions from growth to competition [5] - The company reported a revenue of 297,702.09 thousand yuan from distribution business, accounting for 83.65% of total revenue, while strategic engineering business revenue was 48,676.52 thousand yuan, making up 16.35% [7] Group 4: Pricing Trends and Future Outlook - The decline in product prices during the first three quarters was due to strategic pricing adjustments to boost sales and manage inventory [5] - Despite recent adjustments in the real estate market, the domestic real estate sector still holds significant demand, and the company aims to enhance brand appeal through continuous product innovation [6]

Group 1 - The national standard preparation work for "Zero Carbon Fuel High-Temperature Fired Ceramic Tiles (Slabs)" has officially started on October 24 [1] - Mona Lisa Group is the leading drafting unit for this national standard [1]