Revenue and Profit - The total operating revenue of the company in Q1 2025 was 686 million yuan, a decrease of 16.12% compared to the same period last year [1] - The net profit attributable to the parent company recorded a loss of 59.28 million yuan, a year-on-year decline of 715.27%, while the net profit excluding non-recurring items was -67.50 million yuan, down 869.73% year-on-year [1] Profitability - The gross profit margin was 21.54%, a decrease of 18.75 percentage points compared to the same period last year [2] - The net profit margin was -8.47%, a year-on-year decrease of 1016.95 percentage points, indicating challenges in cost control and profitability [2] Expense Control - Total selling, administrative, and financial expenses reached 167 million yuan, accounting for 24.39% of operating revenue, an increase of 11.58% year-on-year [3] Cash Flow and Asset Status - The operating cash flow per share was -0.27 yuan, a decrease of 507.65% year-on-year, indicating increased cash outflow from operating activities [4] - Monetary funds amounted to 1.509 billion yuan, a decrease of 28.82% compared to the same period last year, while accounts receivable were 664 million yuan, down 26.54% year-on-year [4] - Accounts receivable accounted for 531.16% of the latest annual net profit attributable to the parent company, suggesting a significant risk of bad debts [4] Debt Situation - Interest-bearing liabilities were 2.077 billion yuan, a year-on-year decrease of 31.29%, but the interest-bearing asset-liability ratio remained at 27.54%, necessitating ongoing attention to debt repayment capacity [5] Summary - Overall, the company's performance in Q1 2025 was weak, particularly in terms of profitability and cash flow. There is a need for improved cost and expense management, as well as cash flow improvement, while closely monitoring accounts receivable and debt levels to ensure financial health [6]

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-028 | | --- | --- | --- | | 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 第四届监事会第六次会议决议公告 本公司及监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、监事会会议召开情况 蒙娜丽莎集团股份有限公司（以下简称"公司"）第四届监事会第六次会议于 2025 年 4 月 25 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 4 月 21 日以专人 送达、传真、电子邮件、电话相结合方式送达全体监事。本次会议由监事会主席蔡莉莉女 士召集并主持，应出席监事 3 名，实际出席监事 3 名，公司董事会秘书列席了会议。会议 的召集、召开程序符合《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、监事会会议审议情况 经与会监事认真审议，以记名投票表决方式通过了如下议案： 1、审议通过了《关于 2025 年第一季度报告的议案》 经审核，公司监事会认为：董事会编制和审核公司 2025 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-027 | | --- | --- | --- | | 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。 三、备查文件 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"）第四届董事会第九次会议于 2025 年 4 月 25 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 4 月 21 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。 二、董事会会议审议情况 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 2025 年第一季度报告的议案》 具体内容详见公司 于 2025 年 4 月 26 日在信息披露媒体巨潮资讯网 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.1500 | 0.0200 | -850 | 0.0200 | | 每股净资产（元） | 7.75 | 7.89 | -1.77 | 7.38 | | 每股公积金(元) | 3.32 | 3.3 | 0.61 | 3.3 | | 每股未分配利润(元) | 3.23 | 3.47 | -6.92 | 2.97 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 6.86 | 8.18 | -16.14 | 11.01 | | 净利润(亿元) | -0.59 | 0.1 | -690 | 0.07 | | 净资产收益率(%) | -1.79 | 0.28 | -739.29 | 0.21 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 9164.19万股，累计占流通股比： 41.75%， ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥686,252,768.61, a decrease of 16.12% compared to ¥818,125,953.51 in the same period last year[5]. - The net profit attributable to shareholders was a loss of ¥59,281,371.77, representing a decline of 715.27% from a profit of ¥9,635,007.32 in the previous year[5]. - The net cash flow from operating activities was negative at ¥113,615,159.07, a decrease of 507.66% compared to ¥27,870,404.71 in the same period last year[5]. - Total operating revenue for the current period was ¥686,252,768.61, a decrease of 16.1% compared to ¥818,125,953.51 in the previous period[21]. - Net profit for the current period was a loss of ¥58,093,399.69, compared to a profit of ¥7,552,998.04 in the previous period, representing a significant decline[22]. - The company reported an operating profit of -¥58,009,612.83, a significant drop from ¥12,258,371.56 in the previous period[22]. - The company incurred credit impairment losses of -¥6,803,048.11, compared to -¥2,326,596.40 in the previous period, showing an increase in losses[22]. - Other income for the current period was ¥7,425,387.80, down from ¥9,649,328.84 in the previous period, reflecting a decrease of 23.0%[21]. Assets and Liabilities - The total assets at the end of the reporting period were ¥7,542,344,082.22, down 2.18% from ¥7,710,231,542.38 at the end of the previous year[5]. - The company's total equity decreased to ¥3,597,202,909.16 from ¥3,655,270,907.45, reflecting a reduction of approximately 1.6%[20]. - The company's current liabilities totaled RMB 2,663,280,193.70, down from RMB 2,794,761,845.95[19]. - The non-current liabilities increased slightly to RMB 1,281,860,979.36 from RMB 1,260,198,788.98[19]. - The total liabilities of the company were RMB 3,945,141,173.06, compared to RMB 4,054,960,634.93 previously[19]. - The total liabilities and equity amounted to ¥7,542,344,082.22, down from ¥7,710,231,542.38, indicating a decrease of approximately 2.2%[20]. Cash Flow - The net cash flow from financing activities increased by 436.50% to ¥16,545.74 million, mainly due to an increase in cash received from borrowings[12]. - Cash flow from operating activities was ¥789,522,787.37, down from ¥986,071,477.13 in the previous period, indicating a decline of 20%[23]. - Total cash inflow from operating activities amounted to 917,684,080.85, while cash outflow was 1,031,299,239.92, resulting in a net cash outflow of 113,615,159.07[24]. - Cash inflow from investment activities was 10,361,225.56, with cash outflow totaling 33,403,793.51, leading to a net cash outflow of 23,042,567.95[24]. - Cash inflow from financing activities reached 417,000,000.00, while cash outflow was 251,542,569.73, resulting in a net cash inflow of 165,457,430.27[24]. - The ending cash and cash equivalents balance was 1,361,945,390.68, down from 1,952,433,816.33 in the previous period[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,779[13]. - The largest shareholder, Xiao Hua, holds 30.13% of the shares, amounting to 125,080,560 shares[14]. Inventory and Receivables - The company's inventory decreased to RMB 913,266,329.88 from RMB 1,003,528,336.03[18]. - The company’s accounts receivable increased to RMB 663,741,942.81 from RMB 655,659,946.40[18]. - The company’s short-term borrowings rose to RMB 314,000,000.00 from RMB 279,125,430.56[19]. Legal Matters - The company reported a total of RMB 37,912.37 million in new litigation and arbitration cases, representing 10.97% of the latest audited net assets[17]. Other Financial Metrics - The weighted average return on equity was -1.79%, a decrease of 2.07% from 0.28% in the previous year[5]. - Basic and diluted earnings per share for the current period were both -¥0.15, compared to ¥0.02 in the previous period[22]. - The company reported a significant increase in prepayments, which rose by 114.58% to ¥4,760.35 million due to increased advance payments for energy and materials[10]. - The company experienced a 443.18% increase in other operating income, which reached ¥565.89 million, primarily due to an increase in contract breach penalty income[11].

2025中国房地产TOP500测评成果发布会暨房地产发展高峰论坛，于3月在京盛大启幕。 在设计上，蒙娜丽莎瓷砖持续探索空间美学与现代科技的融合，在品类、花色、规格上不断创新。2025 年，蒙娜丽莎瓷砖更是重磅推出了无极.石界、七星珍岩、时空石韵等全新系列，引入国际领先空间和材 料设计理念，创新质感工艺，实现了设计水准与硬度、止滑、耐污等安全、健康性能的提升。通过建筑陶 瓷艺术融合功能性创新，蒙娜丽莎瓷砖以高品质的创新产品，呼应着人们对"好房子"的期待，为提升居 住"幸福感"和实现"文化表达"展现了新的可能。 得益于蒙娜丽莎瓷砖对产品的高要求，蒙娜丽莎瓷砖成功占据行业领先位置，在与近百家大型房地产商建 立战略合作关系的同时，参与了北京奥运会八大场馆、广州亚运会十大场馆、港珠澳大桥、杭州亚运会亚 运村等重大国家级工程项目建设，代表民族品牌向用户和世界展现中国品牌实力。 领先技术和服务，奠定可靠品牌基础 三十余年的深耕，让蒙娜丽莎瓷砖积累了深厚的用户基础，而这些用户的支持背后，是蒙娜丽莎瓷砖对消 费者需求的深入洞察和对更高水准生产技术的不懈追求。 为充分保障品牌产品的高品质，蒙娜丽莎瓷砖在四大生产基地的基础上，搭建 ...

证券研究报告|公司点评报告 2025 年 04 月 24 日 蒙娜丽莎（002918.SZ） 行业竞争压力仍存，经销渠道持续提升 中游制造/建材 公司 2024 年实现营业总收入 46.31 亿元，同比下降 21.79%；归母净利润 1.25 亿元，同比下降 53.06%；扣非后归母净利润 1.03 亿元，同比下滑 57.53%；基 本 EPS 为 0.31 元/股，同比减少 51.56%；加权平均 ROE 为 3.64%，同比下降 4.31pct。 强烈推荐（维持） 目标估值：NA 当前股价：8.74 元 基础数据 | 总股本（百万股） | 415 | | --- | --- | | 已上市流通股（百万股） | 219 | | 总市值（十亿元） | 3.6 | | 流通市值（十亿元） | 1.9 | | 每股净资产（MRQ） | 8.0 | | ROE（TTM） | 3.7 | | 资产负债率 | 52.6% | | 主要股东 | 萧华 | 股价表现 % 1m 6m 12m 绝对表现 -8 0 -8 相对表现 -5 5 -16 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 Apr/24 ...

证券研究报告|公司点评报告 2025 年 04 月 24 日 蒙娜丽莎（002918.SZ） 行业竞争压力仍存，经销渠道持续提升 中游制造/建材 公司 2024 年实现营业总收入 46.31 亿元，同比下降 21.79%；归母净利润 1.25 亿元，同比下降 53.06%；扣非后归母净利润 1.03 亿元，同比下滑 57.53%；基 本 EPS 为 0.31 元/股，同比减少 51.56%；加权平均 ROE 为 3.64%，同比下降 4.31pct。 强烈推荐（维持） 目标估值：NA 当前股价：8.74 元 基础数据 | 总股本（百万股） | 415 | | --- | --- | | 已上市流通股（百万股） | 219 | | 总市值（十亿元） | 3.6 | | 流通市值（十亿元） | 1.9 | | 每股净资产（MRQ） | 8.0 | | ROE（TTM） | 3.7 | | 资产负债率 | 52.6% | | 主要股东 | 萧华 | 股价表现 % 1m 6m 12m 绝对表现 -8 0 -8 相对表现 -5 5 -16 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 Apr/24 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, reflecting the challenging conditions in the ceramic industry due to the real estate market adjustment [1][2]. Financial Performance - In 2024, the company achieved revenue of 4.63 billion yuan, a year-on-year decrease of 21.8% - The net profit attributable to shareholders was 120 million yuan, down 53.1% year-on-year - The net profit after deducting non-recurring items was 100 million yuan, a decline of 57.5% year-on-year - In Q4 2024, the company reported revenue of 1.06 billion yuan, a decrease of 23.0% year-on-year, with a net loss of 20 million yuan [1]. Industry Context - The ceramic industry is under pressure, with a 12.18% decline in national ceramic tile production to 5.91 billion square meters in 2024 - The number of large-scale enterprises in the building ceramic industry decreased to 993, down by 29 from 2023 - The number of production lines in the national building ceramic sector fell to 2,193, a reduction from 2,485 in 2022, indicating an exit rate of 11.75% [2]. Revenue Breakdown - The company's revenue from building ceramic products was 4.55 billion yuan, down 22.6% year-on-year - The volume and price of products decreased by 16.3% and 7.5% respectively - Revenue from distribution and strategic engineering channels was 3.54 billion yuan and 1.09 billion yuan, down 7.5% and 48.0% year-on-year, with gross margins of 25.7% and 32.6% respectively [2]. Profitability and Cost Management - The company's gross margin was 27.3%, a decrease of 2.2 percentage points year-on-year - The sales, management, and financial expense ratios were 6.4%, 9.5%, and 0.2% respectively, with management expenses increasing by 1.9 percentage points - The company recorded asset and credit impairment losses totaling 150 million yuan, impacting profitability and reducing the net profit margin to 2.7%, down 1.8 percentage points year-on-year [3]. Strategic Initiatives - The company is enhancing its operational efficiency through a comprehensive channel layout and optimizing management practices - It is focusing on developing new retail and integrated market businesses while establishing deep partnerships with major decoration companies - Cost reduction and efficiency improvement measures are being systematically implemented to optimize channel operations [3]. Investment Outlook - The company is positioned as a leader in the tile industry with a robust channel layout and strong product competitiveness - Given the ongoing competitive pressures in the tile industry, projected net profits for 2025-2027 are 201 million, 249 million, and 285 million yuan respectively - The company is expected to maintain a steady market share, with a target price of 10.16 yuan based on a 21x PE for 2025 [4].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 10.16 CNY, while the current price is 8.84 CNY [4][8]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 4.63 billion CNY, a year-on-year decrease of 21.8%, and a net profit of 125 million CNY, down 53.1% [2][4]. - The company is actively adjusting its customer structure to mitigate risks, particularly in response to the challenges faced by the ceramics industry due to the real estate sector's downturn [8]. - The company has implemented measures to enhance operational efficiency and reduce costs, which are expected to improve channel management and overall competitiveness [8]. Financial Performance Summary - In 2024, the company achieved total revenue of 4.63 billion CNY, with a year-on-year growth rate of -21.8%. The projected revenue for 2025 is 4.76 billion CNY, indicating a recovery with a growth rate of 2.8% [4]. - The net profit for 2024 was 125 million CNY, with a projected increase to 201 million CNY in 2025, reflecting a growth rate of 60.8% [4]. - The company's gross margin for 2024 was 27.3%, a decrease of 2.2 percentage points year-on-year, while the operating profit is expected to improve in the following years [8]. Market and Industry Context - The ceramics industry is facing increased competition and a decline in production, with national ceramic tile output in 2024 at 5.91 billion square meters, down 12.18% from 2023 [8]. - The company is positioned as a leader in the tile industry, with a well-established channel layout and strong product competitiveness, which is expected to help it gain market share despite the challenging environment [8].