Core Viewpoint - Mona Lisa, a ceramic giant, is facing significant profit decline in 2025, with a projected net profit drop of 47.18% to between 45 million and 66 million yuan, following a previous profit halving in 2024 [2][3]. Financial Performance - The expected net profit for 2025 is between 45 million and 66 million yuan, a substantial decrease from 125 million yuan in the previous year [3][4]. - The projected non-recurring net profit is expected to be between 30 million and 44.5 million yuan, reflecting a decline of 56.74% to 70.84% year-on-year [3][4]. - Basic earnings per share are anticipated to be 0.11 yuan, down from 0.31 yuan in the previous year [4]. Market Challenges - The ceramic industry is experiencing intense competition, leading to a decline in average product sales prices, which has resulted in overall sales revenue falling short of expectations [6]. - The real estate sector, closely linked to the company's strategic engineering business, is entering a stock era, resulting in reduced order volumes and a decline in engineering channel sales revenue [6]. Management Response - In response to the operational pressures, the company announced that the salaries of some directors and senior management will decrease by no less than 20% in 2025, aligned with the decline in operating revenue [7]. Industry Context - The performance fluctuations of Mona Lisa reflect the broader transformation pains within the building materials and home furnishing industry, which is transitioning from a growth phase to a stock competition phase [8]. - Despite current challenges, there is an optimistic outlook for 2026, with expectations of structural investment opportunities and a potential recovery in profitability for leading companies in the sector [8]. - The company maintains that the ceramic tile market still holds significant capacity, and there are many opportunities for growth despite the competitive landscape [9].