Core Insights - The 42nd Foshan Ceramic Fair has become a significant platform for product launches, technology exchanges, and trade negotiations, showcasing the strength of China's ceramic supply chain and its role in the global ceramic value chain [1][3] - The fair highlights the resilience of the Chinese ceramic industry, which is adapting to market demands for innovation and cultural expression, particularly in the context of international trade challenges [2][4] Industry Trends - The ceramic industry is witnessing a shift from functional building materials to products that express home aesthetics, integrate smart living, and serve as carriers of cultural heritage [3][9] - The demand for personalized and intelligent products is driving companies to increase R&D investments, leading to a projected industry output value of 1.2 trillion yuan in 2024, with a year-on-year growth of 5.3% [6][9] Market Opportunities - Urban renewal, rural revitalization, and housing renovation policies are providing new growth momentum for the ceramic industry, with over 60,000 urban renewal projects expected in 2024, potentially creating a market worth 4 trillion yuan [7][8] - The Foshan Ceramic Fair has set up forums to discuss urban renewal trends, indicating a strategic focus on adapting to the changing market landscape [7][12] Product Innovations - New products showcased include graphene-infused tiles and antibacterial ceramics, with the latter achieving over 99.99% efficacy against certain bacteria [5][6] - The introduction of eco-friendly materials and technologies, such as ecological stone and modular installation systems, reflects a broader industry trend towards sustainability and low-carbon solutions [8][9] International Market Expansion - The fair has facilitated connections between Chinese ceramic companies and international markets, particularly through initiatives targeting RCEP countries and Eastern European markets [12][13] - The theme of "innovation" at the fair underscores the industry's efforts to navigate trade barriers and enhance competitiveness in the global market [11][13]

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 ...

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 ...

Financial Performance - The company reported a basic earnings per share of -0.0263 yuan for Q1 2025, a decrease of 168.37% compared to -0.0098 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.3 billion yuan, a significant decline of 150% from -0.12 billion yuan in Q1 2024 [1] - The operating revenue for Q1 2025 was 9.94 billion yuan, down 1.78% from 10.12 billion yuan in Q1 2024 [1] - The return on equity was -0.40% in Q1 2025, compared to -0.15% in Q1 2024, reflecting a decline of 166.67% [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 80,414.82 million shares, accounting for 70.22% of the circulating shares, with an increase of 836.74 million shares from the previous period [2] - The largest shareholder, Ningbo Lijian Venture Capital Partnership, holds 35,037.98 million shares, representing 30.60% of the total share capital, with no change [3] - The second-largest shareholder, Foshan Huashengchang Ceramics Co., Ltd., holds 16,200 million shares, accounting for 14.15% of the total share capital, also unchanged [3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

"项目研发过程中遇到技术挑战很多，其中最棘手的是抛光渣、除铁渣大量运用到陶瓷坯体中出现泥浆 解胶难、高温发泡等技术难题。"项目负责人表示，项目团队通过对材料特性、机理研究，经过数百次 试验，从根本上系统解决了上述难题。与国内外同类技术相比，在固废循环利用、产品薄型化、能源结 构双轨升级、自动化智能管控几方面具有显著优势。 据悉，该项目通过固废利用技术和低碳制造工艺革新、能源结构优化以及智能化生产，在减少资源消 耗、降低废弃物排放、降低生产成本、提高产品品质的基础上，同时通过新型连续球磨自动化智能控制 系统、大型智能化制粉喷雾干燥系统等创新研究，将推动行业向绿色、低碳、可持续方向发展，推进行 业自动化、数字化改造，实现标准化和智能化生产。项目技术成果已在控股公司旗下5大生产基地得到 推广应用，实现规模化生产，开发了黑金花、劳伦黑金、斯卡利古堡、维多利亚白、安娜西灰等花色多 样且规格齐全的绿色低碳陶瓷砖产品。 "在未来3到5年内，建筑陶瓷绿色低碳制造技术将依托政策驱动、技术创新和市场需求，逐步拓展新应 用场景，推动行业向更高效、更环保的方向发展。"谈及行业未来发展，上述负责人表示，绿色低碳转 型是建筑陶瓷行业可持 ...

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].

Core Viewpoint - Mona Lisa Group is facing an unprecedented survival crisis, with significant declines in revenue and net profit over the past three years, primarily due to overcapacity, bad debts, and cash flow issues [1][2][5] Group 1: Financial Performance - In 2024, the company's revenue was 4.631 billion yuan, a year-on-year decline of 22%, and net profit was 125 million yuan, down 53% [1] - The net profit margin fell to 2.7%, the lowest since its listing, while the gross profit margin decreased to 27.32%, the second lowest since listing [1] Group 2: Industry Challenges - The ceramic industry is experiencing a severe downturn, with national ceramic tile production in 2024 at 5.91 billion square meters, a year-on-year decrease of 12.18% [2] - The industry faces overcapacity, with an annual production capacity of 12.2 billion square meters but actual production around 6 billion square meters, leading to frequent production line stoppages [2] Group 3: Accounts Receivable Issues - The company has signed debt-to-equity agreements with real estate companies amounting to 1.325 billion yuan, alongside 892 million yuan in uncollected accounts receivable [3] - As of August 2024, the company recorded a bad debt loss of 118 million yuan, with concerns about further impairment risks as real estate debt restructuring progresses [3] Group 4: Distribution Network Challenges - The company's distribution network has been severely impacted, with 2024 seeing a significant decline in new store openings and dealer expansion [4] - The accounts receivable turnover rate dropped to 6.14, the second lowest in history, exacerbating bad debt risks and cash flow pressures [4] Group 5: Debt Crisis - By the end of 2024, the company's debt-to-asset ratio rose to 52.59%, with total interest-bearing debt reaching 1.906 billion yuan, accounting for 57% of net assets [5] - The company faces significant short-term repayment pressures, with 451 million yuan in non-current liabilities due within one year and 279 million yuan in short-term loans [5] Group 6: Strategic Challenges - The company attempted strategic transformation with a focus on high-end products, but these efforts have not reversed the downward trend amid industry challenges [6] - The structural contradictions in the ceramic industry, such as overcapacity versus shrinking demand, highlight the need for companies to find new growth drivers [7] Group 7: Future Outlook - The company's ability to recover from its crisis will depend on its strategic adjustments, debt restructuring, and technological innovations [8] - The current situation serves as a warning for all companies in the industry, emphasizing the necessity for innovation to overcome the challenges of overcapacity [8]

蒙娜丽莎（002918）公告，2024年营业收入46.31亿元，同比下降21.79%。归属于上市公司股东的净利 润1.25亿元，同比下降53.06%。基本每股收益0.31元/股。以实施权益分派股权登记日总股本并扣除公司 回购专户上已回购股份后的总股本为基数，向全体股东每10股派发现金红利2元(含税)，送红股0股(含 税)，不以公积金转增股本。 ...

海通证券股份有限公司 关于湖南华联瓷业股份有限公司 变更部分募集资金用途的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为湖南华联 瓷业股份有限公司（以下简称"华瓷股份"或"公司"）首次公开发行股票并上市持 续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引 第2号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公 司自律监管指引第13号——保荐业务》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第1号-主板上市公司规范运作》等有关规定， 对公司变更募集资金投资项目的事项进行了核查，具体情况如下： 一、变更募集资金投资项目的概述 （一）募集资金到位情况 经中国证券监督管理委员会《关于核准湖南华联瓷业股份有限公司首次公开 发行股票的批复》（证监许可20212802号）核准，公司向社会公开发行人民币 普通股（A股）62,966,700股，公司本次公开发行股票募集资金总额为人民币 税），实际募集资金净额为人民币532,679,111.08元。上述募集资金到位情况经天 健会计师事务所（特殊普通合伙）天健验字20212-40号验资报告予以验 ...