点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布24年年报及25年一季报,24年公司实现营业收入/归母净利润/扣非归母净利润46.3/1.2/1.0亿元，同 比-21.8%/-53.1%/-57.5%。25Q1公司实现营业收入/归母净利润/扣非归母净利润6.9/-0.6/-0.7亿元，同 比-16.1%/转亏/转亏。 点评： 陶瓷行业低迷，公司经营承压 受房地产行业调整影响，市场竞争加剧，陶瓷行业持续承压，24年全国陶瓷砖产量为 59.1 亿平方米，同比 下降12.2%。在较为低迷的行业背景下，公司经营持续承压，24年营收及利润均同比下滑，25Q1营收仍有 所下滑并出现亏损。毛利率的下降、管理费用率的提升及资产减值损失（应收坏账准备、存货跌价准备以 及工抵房 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【电新】上海车展趋势观察：大电量增程、商用车电动化、宁德时代引领新技术——碳中和领域动态追踪（一 百五十五） 宁德时代引领新技术突破，骁遥双核+自生成锂/钠负极再次拉开产品代差。增程车型有望成为电动化下半 场主力，大电量增程成为趋势。重卡等商用车电动化加速。上海车展新车型发布，大电量增程、商用车电 动化等趋势有望带动锂电需求，新技术突破有望催化固态电池、钠电等主题行情。 （殷中枢/陈无忌） 2025-04-27 您可点击今日推送内容的第1条查看 【汽车】2025上海车展开幕，聚焦智能化主旋律——汽车和汽车零部件板块跟踪报告 2025上海车展开幕，智驾+机器人共振，全产业链变革加速。1）预计2025E销量提振前景依然可期， ...

Core Insights - The 137th Canton Fair has attracted nearly 200,000 overseas buyers from 218 countries and regions, serving as a barometer for China's foreign trade and a platform for Guangdong's regional economic breakthroughs [1] - Guangdong's county-level industrial clusters have rapidly developed under the "Hundred Thousand Project," with traditional industries like ceramics and clothing undergoing transformation and upgrades driven by emerging sectors such as artificial intelligence and electronic information [1][3] - The Canton Fair acts as a catalyst for international orders and the flow of technology and capital into county-level industries, enabling them to actively participate in the global industrial value chain [1][3] Industry Development - Companies like Lingfeng Home have successfully automated their production lines, leading to significant export growth, with annual exports reaching $300 million and a market share of 45% in high-end stainless steel kitchenware in Europe and the U.S. [2] - The modernization of production lines has allowed companies like Songfa Ceramics to enhance their market competitiveness, with plans to exceed 10 billion RMB in export value by 2024 [4] - The Canton Fair has become a strategic point for county-level industries to expand into global markets, facilitating the transition from traditional manufacturing to intelligent manufacturing [4][5] Regional Economic Impact - The Canton Fair has fostered cross-regional industrial collaboration, promoting resource flow between the Greater Bay Area and less developed regions in Guangdong [5][6] - The "reverse enclave" model is being utilized to attract investments in industries such as biomedicine, with significant projects being established in areas like Fogang County [6][7] - The fair's "long-tail effect" continues to drive innovation in local industries, with initiatives like the "Old Brand Entering Canton Fair" enhancing cultural experiences and boosting consumer interest [7]

为了进一步感受中国陶瓷行业脉搏的跳动，南方财经全媒体记者全程参与、全方位感受本次陶博会。在 展厅的各个角落，我们看到了一个与时俱进、不断创新的博览会，新产品、新技术、新模式、新渠道、 新业态在陶瓷行业诞生，中国陶瓷从规模扩张迈向价值挖潜；在与供销双方的交流中，我们看到中国陶 瓷行业的韧性，它渗透在持续创新的产品中、在与时俱进的思维中，在"东方不亮西方亮"的市场中。 破局：3万+新品里的"中式创新密码" 身处佛山陶博会展厅，很容易生出"乱花渐欲迷人眼"的感慨，936家品牌参展、超30000款新品首发，陶 瓷行业的上新速度和数量让人咂舌。 今年，"好房子"首次出现在全国两会政府工作报告中，"绿色、低碳、智能、安全"被视为其最重要的特 征。其中，绿色就是让人们住得健康；低碳就是要为居民省钱，也为社会节能；智能就是让居民用得更 方便。 "好房子"这一导向为陶瓷行业划定了新赛道：产品不再仅是功能性建材，而是家居美学的表达者、智能 生活的参与者，甚至是文化传承的载体。 南方财经全媒体记者赵晓晨 实习生侯若琳 江仕志 佛山报道 第137届广交会正在火热进行中，展馆内万商云集，琳琅满目的商品展示着中国供应链的实力和魅力。 而 ...

Group 1 - The establishment of the first copyright commercial mediation center in Foshan aims to provide a more efficient platform for copyright dispute resolution in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The mediation center is supervised by the Foshan Judicial Bureau and the Foshan Copyright Bureau, with 14 mediators, including 5 full-time and 9 specially invited mediators from large enterprises and law firms [1] - The introduction of the mediation center is expected to enhance the copyright mediation system in Foshan, improving the efficiency of dispute resolution and providing comprehensive support to parties involved [1] Group 2 - Foshan's copyright work has made significant progress, with a total of 24,338 copyright registrations, ranking first in the province for works copyright registration [2] - The number of rights holders for works copyright registration reached 876, showing a year-on-year growth of 6.44% [2] - Traditional manufacturing industries such as home textiles, clothing, and architectural ceramics continue to lead in copyright registrations, indicating a growing market innovation capability [2]

2025年4月26日 公司研究 行业低迷业绩承压,渠道结构持续优化 ―蒙娜丽莎（002918.SZ）2024 年年报及 2025 年一季报点评 要点 本报告来源于"慧博投研",请勿外传! 事件:公司发布 24 年年报及 25 年一季报.24 年公司实现营业收入/归母净利润/ 扣非归母净利润 46.3/1.2/1.0 亿元，同比-21.8%/-53.1%/-57.5%。25Q1 公司实 现营业收入/归母净利润/扣非归母净利润 6.9/-0.6/-0.7 亿元，同比-16.1%/转亏/ 转亏。 点评: 陶瓷行业低迷,公司经营承压:受房地产行业调整影响,市场竞争加剧,陶瓷行 业持续承压,24年全国陶瓷砖产量为 59.1 亿平方米,同比下降 12.2%。在较 为低迷的行业背景下,公司经营持续承压,24年营收及利润均同比下滑,2501 营收仍有所下滑并出现亏损。毛利率的下降、管理费用率的提升及资产减值损失 (应收坏账准备、存货跌价准备以及工抵房减值准备) 的增加,导致公司 24年 利润同比降幅明显高于收入，也导致 25Q1 出现亏损。 经销渠道占比提升,库存结构持续优化:公司稳健经营,加强经销,主动减少部 分经营风险较 ...

Core Viewpoint - Mona Lisa Group emphasizes corporate social responsibility, leading product innovation through technological breakthroughs, promoting quality transformation via standards, facilitating low-carbon transformation through a green revolution, and defining consumer value through service innovation, thereby achieving robust development and contributing to the high-quality development of China's building ceramics industry [1] Quality Leadership - Mona Lisa Group relies on a comprehensive quality control system that covers the entire lifecycle of products, ensuring quality foundations [2] - The company's testing center is CNAS certified and conducts thorough inspections of raw materials, in-process products, and finished goods, ensuring compliance with industry standards and achieving advanced levels in key indicators [2][4] - The integration of information technology optimizes the quality management system, ensuring product consistency and stability across four production bases [4] Technological Leadership - In 2007, Mona Lisa Group established the first domestic dry-pressing ceramic thin plate production line, marking a significant technological milestone [5] - The company has continuously broken size barriers in ceramic products, with innovations such as the 1.0mm ceramic thin plate in 2022 and the 9-meter super large plate in 2021, enhancing the market perception of high-end building decoration products [6] Green Transformation - The company is set to launch a zero-carbon ammonia-hydrogen combustion technology production line in September 2024, aiming to eliminate CO2 emissions and reduce carbon output by 5,200 tons annually [7] - The establishment of a large-scale distributed photovoltaic system at the production base is expected to save 32,700 tons of standard coal and reduce carbon emissions by 81,400 tons annually [9] Service Innovation - Mona Lisa Group has developed a comprehensive service delivery system that enhances user experience through a full-process quality delivery plan [10] - The implementation of intelligent customer service systems has improved service request handling efficiency by 40%, creating a positive feedback loop for quality upgrades [10][11]

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]

夜幕降临，江西省景德镇市陶溪川文创街区游人如织、热闹非凡。青花、粉彩、珐琅彩……手工艺人的 摊位上摆满了各类作品，吸引着游客驻足挑选。 "一部中国陶瓷史，半卷峰峦在景德。"景德镇悠久的制瓷史和丰富的陶瓷文化遗存为陶瓷产业发展注入 源源动力。该市纪委监委把陶瓷文化遗产保护工作纳入监督重要事项，督促相关职能部门做好历史文化 遗产整体性保护、系统性传承、创新性发展，推动实施御窑厂遗址、高岭瓷土矿遗址、落马桥遗址、观 音阁遗址等8个考古发掘项目。驻市文旅局纪检监察组深入古窑遗址，召开监督调研座谈会，推动对108 条老里弄、900多栋老建筑进行原真性、系统性保护，督促创新推进"千馆之城"建设。（通讯员 沈明样 胡恒通） "最近这段时间经营状况怎么样，有没有遇到吃拿卡要的情况？"近日，景德镇市纪委监委工作人员深入 走访陶溪川文创街区，向摊主、店主了解招商、运营、服务等方面的问题与需求和职能部门履职情况。 2023年10月，习近平总书记在景德镇市考察时强调，"要集聚各方面人才，加强创意设计和研发创新， 进一步把陶瓷产业做大做强，把'千年瓷都'这张靓丽的名片擦得更亮。"景德镇市纪委监委把陶瓷产业 发展作为监督重点，紧紧围绕传 ...

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%， ...