Core Viewpoint - The promulgation of the "Private Economy Promotion Law" in China is a significant boost for the private sector, providing a sense of security for private entrepreneurs and expanding their development space [2][5]. Group 1: Impact of the Private Economy Promotion Law - The law establishes a nationwide unified negative list for market access, allowing private enterprises to enter any field not listed, thus broadening their opportunities for growth [2]. - Private enterprises are crucial to China's technological innovation, with over 92% of national high-tech enterprises and 95% of specialized and innovative small and medium-sized enterprises being privately owned [2]. Group 2: Technological Innovation at Mona Lisa Group - Mona Lisa Group has established the world's first demonstration production line for zero-carbon ammonia-hydrogen combustion technology, marking a significant achievement in the high-temperature industrial sector [3]. - Despite facing challenges such as high costs of ammonia compared to natural gas and difficulties in obtaining technical transformation subsidies, the company remains committed to technological innovation to enhance product competitiveness [3][6]. - Technological innovation has allowed Mona Lisa to offer differentiated products, improving average prices and profit margins, which is essential for survival in the current market environment [3]. Group 3: Industry Influence and Brand Image - The breakthroughs in zero-carbon ammonia-hydrogen combustion technology have garnered widespread attention, enhancing the brand image of Mona Lisa and the overall reputation of the Chinese ceramic industry [4]. Group 4: Future Directions and Challenges - The Private Economy Promotion Law encourages private enterprises to play an active role in technological innovation and the development of modern industrial systems [5]. - Mona Lisa aims to become a century-old enterprise by focusing on quality, delivery, cost, and innovation, with technological innovation being a key component for high-quality development [5][6]. - The company recognizes the need to adapt to market changes and maintain competitive advantages through continuous research and development [5][6].

Investment Rating - The report maintains a recommendation for the building materials sector, indicating a positive outlook for profitability recovery in the industry [2]. Core Insights - The building materials industry is experiencing a "de-involution" campaign aimed at improving overall profitability, particularly in the cement sector, where demand is currently suppressed due to high temperatures and rainy weather [1][10]. - The report highlights a significant increase in land acquisition by the top 100 real estate companies, with a year-on-year growth of 33.3%, reflecting a recovery in investment confidence among real estate enterprises [6][13]. - Price adjustments in the waterproofing materials sector are noted, with leading companies implementing price increases of 1% to 13% across various product categories, indicating a shift towards healthier competition in the consumer building materials market [6][13]. Summary by Sections Cement Industry - The national average cement price has continued to decline, with a drop of 10-15 CNY/ton in certain regions, while some areas like Jilin and Chongqing have seen price increases of 30-50 CNY/ton [10][22]. - The cement market is under pressure with a current inventory ratio of 76.00%, indicating a continued accumulation of stock [10][22]. - The China Cement Association has initiated measures to address supply-demand imbalances, which are expected to enhance overall industry profitability [10][11]. Float Glass Industry - The float glass market is experiencing weak price performance, with a national average price of 1174 CNY/ton, down 3.27 CNY/ton from the previous period [11]. - Inventory levels have decreased slightly, with a total of 6.9085 million heavy boxes reported, and production has increased to 110.34 million tons [11][12]. - Despite some replenishment activities in the downstream market, overall demand remains limited, leading to expectations of continued price weakness [11][12]. Fiberglass Industry - The market for non-alkali fiberglass remains stable, with prices around 3700 CNY/ton for high-end products, while electronic fiberglass prices are expected to rise due to tight supply [12]. - The main product G75 in the electronic fiberglass market is priced between 8800-9200 CNY/ton, showing stability compared to the previous week [12]. Consumer Building Materials - The report emphasizes the trend of price increases among leading companies in the waterproofing sector, which is seen as a positive sign for the industry's competitive landscape [6][13]. - Recommendations for investment include companies like Weixing New Materials, Keda Manufacturing, and Mona Lisa, which are positioned well for growth in the current market environment [14][15][16].

Investment Rating - The report maintains a "Recommendation" rating for the building materials industry [2] Core Views - The real estate policy continues to stabilize, which is expected to support the recovery of leading companies in the consumption building materials sector [14][15] - The cement market is experiencing continued low demand and overall price decline, with a national average shipment rate of 43.4% [11][21] - The float glass market is facing price declines and weak supply-demand support, with a current average price of 1174 RMB/ton [12][21] - The fiberglass market shows stable pricing for alkali-free roving, while electronic yarn prices remain steady [13] Summary by Sections Industry Dynamics - The cement market saw a price drop of 1.1% this week, with significant declines in various regions, while some areas like Jilin and Henan experienced slight price increases [11][21] - The float glass market's average price decreased by 7.14 RMB/ton, with a total production of 1.0909 million tons this week, reflecting a year-on-year decline of 8.2% [12][21] - The fiberglass market remains stable, with prices for alkali-free roving around 3500-3600 RMB/ton, while electronic yarn prices are expected to remain stable due to tight supply [13] Consumption Building Materials - The real estate policy is expected to drive demand for high-quality building materials, with the "Good House" national standard promoting industry transformation [14][15] - The report highlights the potential for recovery in the consumption building materials sector, particularly for leading companies [15] Recommended Stocks - Key recommended stocks include Weixing New Materials, Keda Manufacturing, Mona Lisa, Beixin Building Materials, Keshun Co., Dongpeng Holdings, with a focus on companies like China National Materials and Tianan New Materials [16][18]

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 关于 2025 年第二季度可转换公司债券转股情况的公告 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。 特别提示： 3、转股价格：人民币 19.80 元/股 4、转股期起止日期：2022 年 2 月 21 日至 2027 年 8 月 15 日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》的有关规定，蒙娜丽莎集团股份有限公司（以下简称"公司"） 现将 2025 年第二季度可转换公司债券（以下简称"可转债"或"蒙娜转债"）转股及公司 股份变动情况公告如下： 一、可转债发行上市基本情况 （一）可转债发行情况 经中国证券监督管理委员会"证监许可【2021】2510 号"文核准，公司于 2021 年 8 月 16 日公开发行了 1,168.93 万张可转换公司债券，每张面值 100 元，发行总额 116 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 上述担保事项在公司 2024 年度股东大会审批的担保额度范围内。截至 2025 年 6 月 30 日，公司为桂蒙公司提供的实际担保余额为 37,987.67 万元，剩余实际可用担保额度为 112,012.33 万元。 三、被担保人基本情况 1. 公司名称：广西蒙娜丽莎新材料有限公司 关于为全资子公司提供担保的进展公告 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。 一、担保情况概述 蒙娜丽莎集团股份有限公司（以下简称"公司"）为满足控股子公司日常经营和业务 发展资金需要，提高公司融资决策效率，公司分别于 2025 年 4 月 16 日召开第四届董事会 第八次会议、第四届监事会第五次会议，于 2025 年 5 月 16 日召开 2024 年度股东大会， 审议通过了《关于 2025 年度对外担保额度预计的议案》，同意公司 2025 年度为控股子公 司提供 ...

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。 特别提示： 债券代码：127044 | 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 关于蒙娜转债恢复转股的公告 债券简称：蒙娜转债 恢复转股时间：自 2025 年 6 月 26 日起恢复转股 蒙娜丽莎集团股份有限公司董事会 2025 年 6 月 25 日 根据相关规定，"蒙娜转债"将在本次权益分派股权登记日后的第一个交易日，即 2025 年 6 月 26 日起恢复转股。敬请公司可转换公司债券持有人留意。 特此公告。 蒙娜丽莎集团股份有限公司（以下简称"公司"）因实施 2024 年度权益分派方案， 根据《蒙娜丽莎集团股份有限公司公开发行可转换公司债券募集说明书》相关条款的规定， 公司可转换公司债券（债券简称：蒙娜转债；债券代码：127044）自 2025 年 6 月 18 日至 公司 2024 年度权益分派股权登记日暂停转股。具体内容详见公司于 202 ...

Overview of the Convertible Bond Issuance - Monalisa Group Co., Ltd. has approved the issuance of convertible bonds with a total scale not exceeding 116,893 million RMB, equivalent to 1,168.93 million bonds at a face value of 100 RMB each [2][3] - The bonds will be listed on the Shenzhen Stock Exchange and have a maturity period of 6 years from the issuance date [3][4] - The coupon rate will be determined based on market conditions and company specifics, with annual interest payments [3][4] Financial Performance - For the fiscal year 2024, Monalisa reported a net profit of 12,496.18 million RMB, a decrease of 53.06% year-on-year, primarily due to intensified market competition and a decline in sales and prices [12][14] - The company's total revenue for 2024 was 463,083.71 million RMB, down 21.79% from the previous year [14] - The total assets decreased by 20.47% to 771,023.15 million RMB, while the net assets fell by 3.56% to 333,340.88 million RMB [14][15] Use of Proceeds from Bond Issuance - The net proceeds from the bond issuance will be allocated to various investment projects, with a total planned investment of 128,893 million RMB [11] - The company has decided to change the use of some funds from the "Digital Management System and Smart Warehouse Construction Project" to permanently supplement working capital due to reduced necessity for the project [16][23] Credit Rating - The issuer's credit rating is AA- with a stable outlook, as assessed by Zhongjian Pengyuan Credit Rating Co., Ltd. [11][21] Bondholder Rights and Conditions - The bondholders have the right to sell back their bonds to the company under certain conditions, such as if the stock price falls below 70% of the conversion price during the last two interest years [10][19] - The conversion price for the bonds has been adjusted to 20.00 RMB per share, effective from November 1, 2024, due to market conditions [24]

申万宏源证券承销保荐有限责任公司 关于 蒙娜丽莎集团股份有限公司 公开发行可转换公司债券受托管理事务 报告 （2024年度） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办 法》"）《关于蒙娜丽莎集团股份有限公司公开发行可转换公司债券受托管 理协议》（以下简称"《受托管理协议》"）《蒙娜丽莎集团股份有限公司公开 发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）《蒙娜丽莎集 团股份有限公司2024年年度报告》等相关公开信息披露文件、第三方中介机构出 具的专业意见等，由本期债券受托管理人申万宏源证券承销保荐有限责任公 司（以下简称"申万宏源"）编制。申万宏源对本报告中所包含的从上述文件中 引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确 性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为申万宏源所作的承诺或 声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，申万宏源不 承担任何责任。 1 | 重要声明 | | 1 | | ...

Core Viewpoint - The credit rating report indicates that the company, Mona Lisa Group Co., Ltd., remains a leading brand in the ceramic tile industry, but faces challenges due to declining revenue and increased competition in the real estate sector [2][3]. Company Overview - The company maintains a strong brand presence in the building ceramics industry, with a well-established distribution network and competitive advantages [3][4]. - The company's main financial data shows a decline in revenue, with operating income dropping from 62.29 billion in 2022 to 6.86 billion in 2025 [2][3]. Financial Performance - The company's net profit turned negative in the first quarter of 2025, reflecting ongoing challenges in the market [3][4]. - Key financial metrics include total debt of 25.66 billion in 2025, down from 38.68 billion in 2023, indicating a reduction in financial leverage [2][3]. - The company's operating cash flow was negative at -1.14 billion in the first quarter of 2025, compared to 8.07 billion in 2024 [2][3]. Market Environment - The ceramic tile industry is experiencing a downturn due to a decline in downstream demand, with a projected 10.6% decrease in real estate investment in 2024 [3][4]. - The overall production of ceramic tiles is expected to decrease by 12.18% in 2024, with a significant number of production lines exiting the market [3][4]. Sales and Distribution - The company has shifted its sales strategy, increasing the proportion of revenue from distribution channels to 76.47% in 2024 and 81.86% in the first quarter of 2025 [3][4]. - The company is focusing on improving cash flow by tightening credit terms with high-risk real estate clients, adopting a "cash before delivery" approach [3][4]. Inventory and Receivables - The company faces risks related to inventory devaluation, with a significant portion of its inventory valued at 6.78 billion as of 2024 [4][5]. - The bad debt provision for accounts receivable has increased from 45.59% at the end of 2023 to 50.86% at the end of 2024, indicating heightened credit risk [4][5]. Competitive Landscape - The ceramic tile industry is characterized by intense competition, with many small enterprises and a trend towards market consolidation among larger players [3][4]. - The company is adjusting its product mix to focus on lower-end products as high-end product sales decline, impacting overall revenue and profit margins [3][4].

Core Viewpoint - The company has made adjustments to the conversion price of its convertible bonds, "蒙娜转债," based on various corporate actions such as stock dividends, capital increases, and cash distributions [1][2][3][4][5][6][7][8]. Summary by Sections Convertible Bond Issuance and Price Adjustment Mechanism - The company issued 11.6893 million convertible bonds on August 16, 2021, with an initial conversion price of 27.20 CNY per share [1]. - The conversion price is subject to adjustments based on stock changes due to stock dividends, capital increases, and cash distributions, following specific formulas outlined in the bond issuance prospectus [1][2]. Historical Adjustments to Conversion Price - The conversion price was adjusted from 27.20 CNY to 27.07 CNY effective September 24, 2021, due to stock incentives [2]. - Further adjustments occurred, reducing the conversion price to 26.92 CNY on February 16, 2022, and to 26.63 CNY on an unspecified date in 2022, reflecting additional stock incentives and cash dividends [3][4]. - The conversion price was adjusted to 26.75 CNY on October 26, 2022, and to 26.72 CNY on December 30, 2022, due to further stock incentives [5][6]. - The conversion price was further reduced to 26.57 CNY on June 14, 2023, following a cash dividend distribution [6]. - The latest adjustment set the conversion price to 26.27 CNY, effective after a cash dividend distribution on an unspecified date in 2024 [7]. - A significant downward adjustment to 20.00 CNY was approved by the board on October 31, 2024, effective November 1, 2024, following the annual profit distribution plan [8]. Current Conversion Price - The current conversion price for "蒙娜转债" is set at 19.80 CNY per share, effective from 2025, after accounting for the latest cash dividend distribution [8].