Core Viewpoint - Mona Lisa's recent financial report for the first half of 2025 shows significant declines in revenue and profit, indicating potential challenges in its business operations [1][3]. Financial Performance - The total revenue for the first half of 2025 was 1.915 billion yuan, a decrease of 17.96% year-on-year [1]. - The net profit attributable to shareholders was -5.6682 million yuan, reflecting a decline of 106.86% compared to the previous year [1]. - In Q2 2025, total revenue was 1.229 billion yuan, down 18.96% year-on-year, while net profit was 53.6132 million yuan, a decrease of 26.52% [1]. - The gross margin was 24.96%, down 6.98% year-on-year, and the net margin was 0.08%, a significant drop of 97.61% [1]. - Total expenses (selling, administrative, and financial) amounted to 341 million yuan, accounting for 17.8% of revenue, an increase of 1.53% year-on-year [1]. Balance Sheet and Cash Flow - Cash and cash equivalents decreased by 30.51% to 1.451 billion yuan [1]. - Accounts receivable stood at 651 million yuan, down 34.46% year-on-year [1]. - Interest-bearing liabilities were 1.917 billion yuan, a decrease of 29.29% [1]. - The cash flow per share was 0.22 yuan, down 75.67% year-on-year [1]. Return on Investment - The company's return on invested capital (ROIC) was 2.25% last year, indicating weak capital returns [3]. - The historical median ROIC since the company went public is 12.29%, with the worst year being 2022 at -3.98% [3]. Business Model and Operational Insights - The company's performance relies heavily on research and marketing efforts, necessitating a deeper analysis of these driving factors [3]. - Analysts suggest monitoring the company's cash flow situation, debt levels, and accounts receivable status, as the accounts receivable to profit ratio reached 520.56% [3].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 15.26 [7][9]. Core Views - The company reported a revenue of RMB 1.915 billion for H1 2025, a year-on-year decrease of 17.96%, and a net loss attributable to the parent company of RMB 5.6682 million, a year-on-year increase in loss of 106.86% [1][7]. - The ceramic industry is experiencing intense competition, and the company's strategic engineering business is closely tied to real estate, which has negatively impacted revenue. However, the expansion of new retail channels and the ongoing industry consolidation are seen as positive factors [1][2]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenues of RMB 1.915 billion, with a significant decline in net profit, aligning with previous forecasts of a loss between RMB 3.2 million and RMB 6.3 million [1][7]. - Q2 2025 saw revenues of RMB 1.229 billion, down 18.96% year-on-year but up 79.07% quarter-on-quarter, with a net profit of RMB 53.6132 million, down 26.52% year-on-year but up 190.44% quarter-on-quarter [1][2]. Product and Channel Analysis - The company’s revenue from glazed tiles and ceramic boards was RMB 1.562 billion and RMB 230 million respectively, reflecting declines of 15.94% and 12.13% year-on-year. The overall gross margin decreased to 24.96%, down 1.87 percentage points year-on-year due to price declines amid fierce market competition [2][3]. - The company is focusing on optimizing its product structure and enhancing its multi-channel approach to improve profitability [2]. Cost Management and Cash Flow - The company maintained strict control over operating expenses, with a period expense ratio of 21.56%, up 0.29 percentage points year-on-year, while absolute expenses decreased by 16.9% [3]. - Operating cash flow for H1 2025 was RMB 91 million, a decline of 75.67% year-on-year, indicating challenges in cash generation despite cost control efforts [3]. Industry Outlook - The ceramic industry is facing challenges due to a prolonged downturn in the real estate sector, leading to reduced demand and increased competition. However, the trend of "anti-involution" is driving industry consolidation, with weaker players exiting the market [4][5]. - The company is actively working on transferring debt assets and has signed agreements to offset debts with real estate, indicating a proactive approach to managing financial challenges [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards due to ongoing price competition, with expected net profits of RMB 165 million, RMB 240 million, and RMB 290 million respectively [5]. - The company is assigned a PE valuation of 26 times for 2026, leading to an upward adjustment of the target price to RMB 15.26, reflecting a more favorable outlook despite current challenges [5].

□ 本报记者 解 磊 中国陶瓷工业正站在绿色发展的关键十字路口。面对"双碳"时代命题，一场以科技创新为引擎、以绿色 低碳为方向的产业革命正在全行业深入推进。从能源结构的清洁化变革到生产流程的智能化升级，从资 源利用的循环化再造到绿色产品的多元化创新，陶瓷行业正在打破"高耗能、高排放"的传统窠臼，向着 绿色、节能、高效的高质量发展新阶段稳步迈进。 目前，陶瓷行业每年碳减排约1000万吨，平均每年降碳约3.5%，为"双碳"目标实现做出了重要贡献。中 国陶瓷工业协会相关负责人表示，这场深刻转型不仅关乎产业生存与发展，更是中国制造践行生态文明 理念、构建可持续发展未来的重要实践。 能源清洁化加速行业绿色"蝶变" 作为建材领域节能减排的先行者，陶瓷行业正面临着巨大的挑战。今年获得中国轻工业联合会科学技术 进步奖二等奖的广东唯美陶瓷有限公司的"环境友好型建筑陶瓷绿色低碳制造关键技术研究及产业化"项 目，不仅开发了一套长期绿色低碳发展的生产体系，更实现了环境友好型建筑陶瓷的生产。通过固废利 用技术的革新、能源结构的优化，以及智能化生产的应用，该项目不仅减少了资源消耗和废弃物排放， 还降低了生产成本并提高了产品品质。此外，新 ...

（记者 胡玲） 每经AI快讯，蒙娜丽莎（SZ 002918，收盘价：12.98元）8月27日发布公告称，蒙娜丽莎集团股份有限 公司子公司广西蒙娜丽莎新材料有限公司于近日取得国家知识产权局颁发的发明专利证书4项。专利名 称分别为"一种红外辐射复合相磷酸铝材料的制备方法""一种在大气窗口具有高辐射性能的磷酸铝材料 的制备方法""一种喷雾干燥塔""一种减少表面痱子产生的瓷质仿古砖的制备方法"等。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 2025年1至6月份，蒙娜丽莎的营业收入构成为：建筑陶瓷制品制造占比98.77%，其他业务占比1.23%。 ...

Core Viewpoint - Mona Lisa's 2025 mid-year report indicates a significant decline in both revenue and net profit, reflecting ongoing challenges in the market [1][4]. Financial Performance - The company's main revenue for the first half of 2025 was 1.915 billion yuan, a year-on-year decrease of 17.96% [1][4]. - The net profit attributable to shareholders was -5.6682 million yuan, down 106.86% year-on-year [1][4]. - The non-recurring net profit was -16.1989 million yuan, representing a 123.57% decline compared to the previous year [1][4]. - In Q2 2025, the single-quarter main revenue was 1.229 billion yuan, a decrease of 18.96% year-on-year [1][4]. - The single-quarter net profit attributable to shareholders was 53.6132 million yuan, down 26.52% year-on-year [1][4]. - The single-quarter non-recurring net profit was 51.3035 million yuan, a decline of 14.44% year-on-year [1][4]. Financial Ratios - The company's debt ratio stood at 51.2% [1]. - Investment income was -910,800 yuan, and financial expenses amounted to 2.51775 million yuan [1]. - The gross profit margin was 24.96%, reflecting a year-on-year decrease of 6.97% [7]. Earnings Per Share - Earnings per share were -0.01 yuan, a decline of 105.00% year-on-year [7]. - The operating cash flow per share was 0.22 yuan, down 75.67% year-on-year [7]. Shareholder Information - The top shareholders include Xiao Hua with 14.25% ownership, Huo Rongquan with 6.53%, and Zhang Qikang with 4.45% [12].

智通财经APP讯，蒙娜丽莎(002918.SZ)发布2025年半年度报告，报告期内，公司实现营业收入19.15亿 元，同比下降17.96%。归属于上市公司股东净亏损566.82万元。归属于上市公司股东的扣除非经常性损 益净亏损1619.89万元。基本每股亏损0.01元。 ...

证券日报网讯8月26日晚间，蒙娜丽莎（002918）发布公告称，子公司广西蒙娜丽莎新材料有限公司于 近日取得国家知识产权局颁发的发明专利证书4项。 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-061 | | --- | --- | --- | | 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 2025 年 8 月 27 日 蒙娜丽莎集团股份有限公司（以下简称"公司"）子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 4 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 | 桂蒙公 司 | 一种红外辐射复合相 磷酸铝材料的制备方 | ZL2023115 26799.3 | 2023.11.16 | 2025.07.29 | 第 8113226 | 号 | | | | | 法 | | | | | | | 2 | 发明 专利 | 桂蒙公 司 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-060 | | --- | --- | --- | | 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 年半年度计提资产减值准备的公告 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 8 月 26 日召开第四届董 事会第十四次会议，审议通过了《关于 2025 年半年度计提资产减值准备的议案》。现将 具体情况公告如下： 一、本次计提资产减值准备的情况概述 （一）计提资产减值准备的原因 根据《企业会计准则》《深圳证券交易所股票上市规则》及公司会计政策的相关规定， 为客观、公允地反映公司的财务状况、资产价值及经营成果，基于审慎性原则，公司对合 并报表范围内的截至 2025 年 6 月 30 日的各类资产进行充分评估和减值测试，对存在减值 迹象的相关资产计提减值损失。 （二）本次计提资产减值准备的资产范围、总金额和计入的报告期间 经公司对截至 2025 年 6 月 30 日合并报表可 ...

| | | 往来方与上 | 上市公司 | | 2025 年 1-6 | 月 2025 | 年 1-6 | 2025 年 1-6 月 | 2025 | 年 | 6 月 30 | | 质（经营 | 往来性 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其他关联资 金往来 | 资金往来方 名称 | 市公司的关 联关系 | 核算的会 计科目 | 年期初往 2025 来资金余额 | 往来累计发生 金额（不含利 | | 月往来资 金的利息 | 偿还累计发生 金额 | | 日往来资金余 额 | | 往来形 成原因 | 性往 来、 | 非 | | | | | | | 息） | | （如有） | | | | | | 经营性 | | | | | 实际控制人 | | | | | | | | | | | 往来 ） | | | 控股股东、实 际控制人及 其附属企业 | 佛山市蒙娜 丽莎文化创 意园开发有 限公司 | 萧华、霍荣 铨、邓啟棠、 张旗康控制 的企业、副 董事长霍荣 | 应收账款 ...