Core Viewpoint - The graduation exhibitions from major art academies in China have gained significant public attention, with specific works like "Prayer" from Sichuan Fine Arts Institute and "Droplet Instrument" from China Academy of Art becoming viral sensations on social media, raising questions about the professional value of these pieces amidst their popularity [1][3][12]. Group 1: Artwork Highlights - "Droplet Instrument" combines natural water ripple effects with elements of ancient Chinese compass, featuring a dynamic design that simulates the spread of water waves through a mechanical structure [3][7]. - "Prayer" features a wooden model adorned with headphones and scarves, covered in bubble wrap, prompting discussions about its artistic technique and commentary on consumerism [13][15]. - Both artworks reflect a blend of traditional Chinese culture and contemporary artistic expression, showcasing the artists' backgrounds and inspirations [7][8][16]. Group 2: Artist Insights - The creator of "Droplet Instrument," Nie Shichang, emphasizes the importance of integrating traditional culture with modern technology in his work, which took over a year to develop [7][8]. - Anqi, the artist behind "Prayer," aims to critique consumerism through her work, which she describes as a reflection on the superficiality of modern life [15][17]. - Both artists have gained substantial social media followings due to their viral works, indicating a growing interest in their artistic journeys [18][21]. Group 3: Industry Perspectives - The popularity of these artworks raises concerns about the impact of social media on the perception of art, with some educators suggesting that the sudden fame of student works may not accurately reflect their artistic merit [17][24]. - The integration of technology in art is highlighted as a significant trend, with educators noting that this fusion has become a focal point in contemporary artistic discussions [12][24]. - The ongoing dialogue about the relationship between art and public engagement underscores the need for a balanced evaluation system that appreciates both academic rigor and popular appeal [24].

证券代码：002918 证券简称：蒙娜丽莎 公告编号：2025-035 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 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、董事会会议召开情况 具体内容详见公司于 2025 年 6 月 7 日在信息披露媒体《证券时报》及巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于子公司签署仓库租赁合同的公告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 蒙娜丽莎集团股份有限公司（以下简称"公司"）第四届董事会第十一次会议于 2025 年 6 月 6 日在公司办公楼会议室以现场结合通讯表决方式召开，会议通知已于 2025 年 6 月 3 日通过专人送达、传真、电子邮件、电话等方式发出。本次会议由董事长萧礼标先生 主持，应出席会议董事 9 名，实际出席会议董事 9 名，其中饶平根先生以通讯表决方式出 席，公司全体监事、高级管理人员列席了会议。会议的召集、召开符合《公司法》《公司 章程》及有关法律、行政法规、部门规章、规范性文件的规定，会议合法有效。 二、董事会会议审议 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-036 | | --- | --- | --- | | 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 关于子公司签署仓库租赁合同的公告 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。 蒙娜丽莎集团股份有限公司（以下简称"公司"）于 2025 年 6 月 6 日召开第四届董 事会第十一次会议审议通过了《关于子公司签署仓库租赁合同的议案》，现将具体情况公 告如下： 一、交易事项概述 为满足公司日常生产经营及发展需要，公司全资子公司广东蒙娜丽莎物流服务有限公 司与佛山市永淳联仓储物流有限公司签署《仓库租赁合同》《仓库物业管理服务协议》， 承租位于佛山市高明区明城镇合和大道北侧的厂房仓库及其附属设施（含供电、供水、消 防管道等）（以下简称"租赁物"），租赁物面积共 69,784.53 平方米（按实际可使用面 积），租赁期及服务期为 6 年，租赁总金额为人民币 3,600 万元，仓库物业管理服务费总 金额为人民币 1,152 万元。 本次租赁事项不涉及关联交易 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-035 | | --- | --- | --- | | 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 第四届董事会第十一次会议决议公告 为满足公司日常生产经营及发展需要，公司全资子公司广东蒙娜丽莎物流服务有限公 司与佛山市永淳联仓储物流有限公司签署《仓库租赁合同》《仓库物业管理服务协议》， 承租位于佛山市高明区明城镇合和大道北侧的厂房仓库及其附属设施（含供电、供水、消 防管道等）（以下简称"租赁物"），租赁物面积共 69,784.53 平方米（按实际可使用面 积），租赁期及服务期为 6 年，租赁总金额为人民币 3,600 万元，仓库物业管理服务费总 金额为人民币 1,152 万元。 具体内容详见公司于 2025 年 6 月 7 日在信息披露媒体《证券时报》及巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于子公司签署仓库租赁合同的公告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 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 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-034 | | --- | --- | --- | | 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 关于取得发明专利证书的公告 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。 蒙娜丽莎集团股份有限公司（以下简称"蒙娜丽莎"或"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 | 蒙娜 | 具有晕彩釉面效果的陶 | ZL2023102 | 2023.03.21 | 2025.05.09 | 第 7927564 | 号 | | | 专利 | 丽莎 | 瓷产品及其制备方法 | 83126.3 | | | | | | 2 | 发明 ...

Core Viewpoint - Mona Lisa Group has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment, reflecting confidence in the company's long-term stability and value [6]. Group 1: Convertible Bond Overview - The company issued convertible bonds amounting to 1.16893 billion yuan on August 16, 2021, with the bond code 127044 [1]. - The initial conversion price was set at 27.07 yuan per share, which has undergone several adjustments since its issuance [2][3]. Group 2: Price Adjustment History - The conversion price has been adjusted multiple times, with the latest adjustment setting it at 20.00 yuan per share effective from November 1, 2024 [4]. - The conversion price was adjusted downwards from 26.63 yuan to 26.20 yuan in various steps between 2022 and 2024 [3][4]. Group 3: Downward Adjustment Clause - The company has a clause allowing for a downward adjustment of the conversion price if the stock price remains below 85% of the conversion price for 15 out of 30 consecutive trading days [5]. - The board has the authority to propose adjustments, which require a two-thirds majority approval from shareholders [5]. Group 4: Recent Board Decision - On May 26, 2025, the board decided not to proceed with a downward adjustment of the conversion price, despite the conditions being met, and will reassess the situation in six months [6].

Group 1 - The board of directors of Mona Lisa Group held its tenth meeting of the fourth session on May 26, 2025, with all nine directors present, ensuring compliance with legal and regulatory requirements [1][2] - The board decided not to lower the conversion price of the "Mona Convertible Bond" and will reassess this decision in six months, starting from November 27, 2025 [1][2] - The voting results for the decision were unanimous, with all nine votes in favor and no opposition or abstentions [2]

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-033 | | --- | --- | --- | | 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 关于不向下修正蒙娜转债转股价格的公告 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： 1、本次触发转股价格修正条件的期间从 2025 年 5 月 1 日起算，自 2025 年 5 月 1 日 至 2025 年 5 月 26 日，蒙娜丽莎集团股份有限公司（以下简称"公司"）股票在连续 30 个 交易日中已有 15 个交易日的收盘价不高于当期转股价格 85%，已触发"蒙娜转债"转股 价格的向下修正条款。 2、经公司第四届董事会第十次会议审议通过，公司董事会决定本次不向下修正"蒙 娜转债"转股价格，同时在未来六个月内（即 2025 年 5 月 27 日至 2025 年 11 月 26 日） 如果再次触发"蒙娜转债"转股价格向下修正条款，亦不提出向下修正方案。下一触发转 股价格修正条款的期间从 2025 年 11 月 27 日重新起算，若再次触发 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-032 | | --- | --- | --- | | 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 第四届董事会第十次会议决议公告 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、董事会会议召开情况 蒙娜丽莎集团股份有限公司（以下简称"公司"）第四届董事会第十次会议于 2025 年 5 月 26 日在公司办公楼会议室以现场方式召开，会议通知已于 2025 年 5 月 22 日通过 专人送达、传真、电子邮件、电话等方式发出。本次会议由董事长萧礼标先生主持，应出 席会议董事 9 名，实际出席会议董事 9 名，公司全体监事、高级管理人员列席了会议。会 议的召集、召开符合《公司法》《公司章程》及有关法律、行政法规、部门规章、规范性 文件的规定，会议合法有效。 2、公司第四届董事会战略委员会第四次会议决议。 特此公告。 蒙娜丽莎集团股份有限公司董事会 经与会董事审议，以记名投票表决方式审议通过了以下议案： 1、审议通过了《关于不向下修正"蒙娜转债"转股价 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in water, electricity, fuel, and thermal investments, as well as water conservancy investments, which have seen year-on-year growth rates of +25.5% and +30.7% respectively in the first four months of 2025 [1][2] - The issuance of special bonds has accelerated, with a cumulative increase of 1,190.4 billion yuan in special bonds in the first four months of 2025, an increase of 467.9 billion yuan year-on-year, leading to optimism about the conversion of physical workload in infrastructure [1] - The report emphasizes the cyclical investment opportunities in coal chemical industries and suggests paying attention to the transformation opportunities of certain small and medium-sized construction companies [1] Summary by Sections Real Estate and Construction Data - From January to April 2025, real estate sales area decreased by 2.8% year-on-year, with new construction area down by 23.8% and construction area down by 9.7% [2] - In the same period, the completion area saw a year-on-year decline of 16.9% [2] Cement Industry - Cement production in the first four months of 2025 was 495 million tons, a decrease of 2.8% year-on-year, with April's production down by 5.3% [3] - The average cement shipment rate was 36%, remaining stable year-on-year, but the price pressure continues due to weak market demand [3] Glass Industry - Flat glass production from January to April 2025 was 31.86 million weight boxes, down 4.8% year-on-year, with April's production also declining [4] - The market demand for float glass was weak, leading to increased inventory levels among producers [4]