文/华夏ESG观察联盟 企业介绍 专家点评：惠达卫浴以透明治理和数字化赋能夯实企业根基，把责任写进发展，将卓越治理力转化为品 牌与行业影响力。（施涵-香港大学） 编辑：麻晓超 企业拥有国家级博士后科研工作站、国家认定企业技术中心、国家级企业工业设计中心，获评国家高新 技术企业、国家技术创新示范企业、国家装配式建筑基地企业、国家级绿色工厂、国家级两化融合管理 体系认证企业。 实践案例 惠达卫浴董事会由9名成员组成，其中3名为独立董事，女性董事占比33%。董事会成员背景多元化、专 业覆盖多个学科领域、结构科学合理，有效促进董事会科学决策。董事会下设审计、战略、提名、薪酬 与考核等专门委员会，各委员会的权责明确，充分发挥专业技能。 惠达卫浴依据《信息安全管理规定》《信息分级及保密制度》等制度框架，持续完善全生命周期的管理 机制，包括风险预警、应急响应、实时监控和定期审计，有效提升全员的数据保护能力与合规操作水 平。构建了集制度、技术与人员于一体的综合防护架构，2024年取得 ISO 27001信息安全管理体系国际 认证。建立了包括漏洞扫描、渗透测试和攻防演练在内的多维防御网络，持续识别并修复系统风险点， 核心业务系 ...

Core Viewpoint - Mona Lisa's actual controller, Zhang Qikang, plans to reduce his holdings by up to 1.5 million shares, despite the company's stock price reaching a new high this year. The company has reported a net loss in the first half of the year, raising questions about the reasons behind the loss and the continuous increase in the secretary's salary [1][5]. Financial Performance - In the first half of 2025, Mona Lisa achieved revenue of 1.915 billion yuan, a year-on-year decrease of 17.96%, with net profit showing a loss of 5.6682 million yuan, a decline of 106.86% [2][3]. - The decline in performance is attributed to three main factors: intense market competition leading to a drop in average selling prices, a significant reduction in tile orders due to the real estate sector's transition to a stock era, and impairment provisions for assets showing signs of impairment [3][4]. Historical Performance Trends - The company experienced a peak net profit of 566 million yuan in 2020, followed by a decline in net profit in subsequent years, with losses recorded in 2022 and 2023. Revenue has also been on a downward trend since 2021, with figures of 6.229 billion yuan, 5.921 billion yuan, and 4.631 billion yuan for 2022, 2023, and 2024 respectively [4]. - The net profit margin has decreased from 11.65% in 2020 to 2.81% in 2024, reflecting increasing operational pressures [4]. Asset Management - The company has seen a positive trend in its balance sheet, with accounts receivable and inventory levels consistently declining from 1.677 billion yuan and 2.081 billion yuan in 2021 to 679 million yuan and 1.004 billion yuan in 2024, respectively [4]. Stock Performance and Executive Compensation - Despite the operational challenges, Mona Lisa's stock price has increased by over 60% this year, reaching a high of 16.70 yuan on September 19, 2025. However, the stock had previously dropped significantly from a peak of 47.53 yuan in 2020 to a low of 6.53 yuan in 2024 [5][6]. - Zhang Qikang's total pre-tax compensation has risen from 2.0921 million yuan in 2021 to 2.7570 million yuan in 2024, making him the highest-paid executive in the company [6][7]. Future Outlook - Zhang Qikang expressed optimism about the future of the ceramic industry, highlighting the potential in the domestic real estate stock market and the need for continuous product innovation and quality improvement to enhance brand appeal [9].

Core Viewpoint - Mona Lisa's actual controller, Zhang Qikang, plans to reduce his shareholding by up to 1.5 million shares despite the company's stock price reaching a new high this year. The company has reported a net loss in the first half of the year, raising questions about the reasons behind the loss and the continuous increase in the secretary's salary [1][4]. Financial Performance - In the first half of 2025, Mona Lisa achieved revenue of 1.915 billion yuan, a year-on-year decrease of 17.96%, with net profit showing a loss of 5.6682 million yuan, a decline of 106.86% year-on-year [2]. - The decline in performance is attributed to three main factors: intense market competition leading to a drop in average selling prices, a significant reduction in tile orders due to the real estate sector entering a stock phase, and impairment provisions for assets showing signs of impairment [2][3]. Historical Performance - In 2020, Mona Lisa recorded a net profit of 566 million yuan, the highest in its history. However, from 2021 onwards, the company has seen a continuous decline in revenue and net profit, with net profit dropping to -381 million yuan in 2022 and 12.5 million yuan in 2024 [3]. - The company's net profit margin has decreased from 11.65% in 2020 to 2.81% in 2024, reflecting increasing operational pressure [3]. Shareholder Actions - Zhang Qikang's planned share reduction is set to occur between October 21, 2025, and January 20, 2026, with the potential to cash out approximately 24.915 million yuan if sold at the current price of 16.61 yuan per share [4][5]. - Despite the company's performance challenges, Zhang Qikang's salary has consistently increased, reaching 2.757 million yuan in 2024, the highest among executives [5][6]. Market Outlook - Zhang Qikang expressed optimism about the future of the ceramic industry, highlighting the significant demand within the existing real estate market and the potential for growth through product innovation and service enhancement [8].

Group 1 - The 2025 Hebei Zanhua and Gaoyi Ceramic Expo opened on August 18, attracting over 300 enterprises and brands from various ceramic production regions in China, including Guangdong, Shandong, Henan, and Jiangxi [1] - The expo features two premium exhibition areas showcasing over 3,000 products, including large slabs, rock slabs, glazed tiles, marble tiles, and antique tiles, as well as new wall materials and ceramic raw materials [2] - A regional brand strategy for "Zanhua-Gaoyi Ceramics" was officially launched by six ceramic enterprises from Zanhua and Gaoyi during the event [2] Group 2 - The expo will host a series of themed activities, including the Hebei Haorui Ceramic New Product Launch, key enterprise visits, and a youth entrepreneur networking event organized by the China Building Sanitary Ceramics Association [4] - Zanhua and Gaoyi counties, which are closely located within Shijiazhuang City, have a rich history in the ceramic industry, with building ceramics being a pillar industry for both counties [4] - According to the "Ceramic Industry Long March" report released by the China Building Sanitary Ceramics Association in 2024, Zanhua has five large-scale ceramic enterprises with a total daily production capacity of 684,000 square meters, while Gaoyi has 13 ceramic production enterprises with a daily capacity of 543,000 square meters [4]

Group 1: Core Insights - The "Good House" initiative aims to enhance housing quality in China, shifting focus from quantity to quality, with standards including safety, comfort, sustainability, and intelligence [1][8] - The construction industry is transitioning from mass production to meticulous craftsmanship, creating new opportunities and challenges for companies in the real estate supply chain [1][8] Group 2: Company Innovations - New Pearl Group has consistently driven industry upgrades through innovation, investing in R&D and collaborating with universities, resulting in over 100 patents [2][4] - The company has launched high-end products like large ceramic slabs, which are recognized as industry leaders in production volume [2][4] Group 3: Product Development - New Pearl's products, such as the stone crystal wall and floor tiles, are designed to meet modern safety and comfort standards, featuring eco-friendly and durable materials [5][8] - The introduction of AI-driven designs and traditional cultural elements in products reflects the company's commitment to innovation and aesthetic appeal [6][7] Group 4: Environmental Focus - New Pearl is actively pursuing green and low-carbon building materials, adhering to strict environmental standards throughout the production process [8][14] - The company has initiated a green low-carbon action plan, focusing on sustainable materials and clean production technologies [8][14] Group 5: Market Trends - The ceramic tile market in China is expected to undergo structural changes, with over 60% penetration of green manufacturing technologies by 2030 [11][14] - Consumer demand for diverse, high-performance, and eco-friendly ceramic products is increasing, influencing market dynamics [14][15]

Core Viewpoint - Green production has become essential for sustainable development in enterprises, with Marco Polo Holdings recognized for its outstanding performance in this area [1][2]. Group 1: Company Strategy - Marco Polo Holdings prioritizes green production as a core strategy, implementing environmental principles throughout the entire production process, from raw material procurement to waste disposal [1]. - The company utilizes advanced environmental technologies, including low-energy production equipment and waste treatment systems, to minimize energy consumption and pollutant emissions [1][2]. - Marco Polo Holdings has established a strict environmental management system and has obtained ISO 14001 certification to ensure compliance with international standards [1]. Group 2: Industry Impact - Green production not only reflects Marco Polo Holdings' commitment to environmental protection but also serves as a powerful driver for high-quality industry development [2]. - The company's efforts in green production enhance its technical capabilities, optimize production processes, and improve product quality, thereby encouraging other industry players to accelerate their transformation [2]. - By reducing energy consumption and pollution, green production contributes to the sustainable development of the industry, laying a solid foundation for long-term growth [2]. Group 3: Future Initiatives - Marco Polo Holdings views green production as a long-term commitment and plans to increase investment in environmental protection, introducing more advanced technologies and equipment [3]. - The company aims to strengthen collaboration with environmental organizations and research institutions to promote continuous innovation in green production technologies [3]. - Marco Polo Holdings will actively participate in the formulation and revision of industry standards to enhance green production standards, calling on more enterprises to share the responsibility of environmental protection [3].

Group 1 - The event "Discovering Good Design in China" took place in Fuzhou, featuring strategic partners and design speakers sharing insights on design and urban living [2][58][60] - The initiative aims to showcase and promote outstanding contemporary interior designers in China, fostering dialogue and collaboration within the design community [60][58] - The event highlighted the importance of local cultural roots in design, emphasizing that designs should reflect regional characteristics rather than merely following external trends [6][11][29] Group 2 - Designers discussed the balance between commercial success and aesthetic expression, noting that effective design should harmonize cost and form to achieve optimal returns [13][44] - The concept of "conflict and harmony" in design was explored, where contrasting elements can create emotional connections and enhance consumer engagement [8][9] - The future of design is anticipated to focus on a dual approach of "returning to nature" and "simplifying technology," redefining lifestyles in the context of AI advancements [48][49][55] Group 3 - The event served as a platform for designers to share their philosophies and experiences, reinforcing the narrative that design is an ongoing exploration rather than a destination [33][31] - The significance of maintaining a balance between tradition and innovation was emphasized, with designers encouraged to embrace new methodologies while respecting their cultural heritage [20][35][49] - The role of AI in design was discussed, with a consensus that while technology can enhance creativity, the human touch remains irreplaceable in crafting meaningful spaces [51][55][53]

Core Insights - The event "Discovering China's Good Design" aims to showcase and promote outstanding local designers in Ningbo, emphasizing the integration of traditional culture with modern design aesthetics [2][57][59] - The initiative has successfully identified over twenty designers who have been recognized in the ANDREW MARTIN International Interior Design Awards, highlighting the rise of Chinese design on the global stage [4][5] Group 1: Event Overview - The event took place on June 26, 2025, in Ningbo, featuring strategic partners such as Swiss GEBERIT and Spanish DESEIS [2][59] - It included discussions and exchanges among selected speakers and design friends, focusing on the importance of having a unique perspective in design [4][5] Group 2: Design Philosophy - The core of good design is the presence of a viewpoint; without it, design lacks soul [4] - Designers are encouraged to step out of their comfort zones and embrace possibilities to create lasting value [5] Group 3: Local Design Community - The event aims to elevate Ningbo's design talent to a broader platform, fostering confidence among local designers [7] - The focus is on discovering and promoting the unique design strengths of Ningbo, allowing for greater visibility and opportunities [7] Group 4: Design Methodologies - The concept of "reverse design" is introduced, which involves breaking conventional paths to achieve innovation [9][10] - Emphasis is placed on the importance of integrating traditional aesthetics into contemporary design, creating a dialogue between the past and present [47][54] Group 5: Future Directions - The initiative encourages a collaborative approach in design, where designers act as curators, co-creating spaces with clients [31][32] - The goal is to transform spaces into living entities that reflect unique stories and emotional connections [32][34]

Core Insights - Guangdong's first county-level overseas warehouse in New Zealand is set to expand, facilitating trade between Chaozhou enterprises and New Zealand [1] - Chaozhou's foreign trade is showing resilience, with a reported import and export value of 282.9 billion yuan in 2024, marking an 11.7% year-on-year increase [1][2] - The overseas warehouse model is becoming crucial for Chaozhou businesses to enhance logistics and payment processes, thereby supporting brand development [1][4] Group 1: Trade Performance - Chaozhou's foreign trade for the first four months of the year reached 80.9 billion yuan, a 4% increase year-on-year, with exports at 67.2 billion yuan, up 7.8% [2] - Key export products include ceramics (21.9 billion yuan), food (8.2 billion yuan), and footwear (5.2 billion yuan) [2] Group 2: Industry Development - Chaozhou is focusing on industrial transformation, leveraging traditional industries like ceramics and food while also investing in emerging sectors such as new materials and biomedicine [2] - The city aims to create a 100 billion yuan advanced ceramics manufacturing cluster [2] Group 3: Market Opportunities - Chaozhou's ceramics and food products align well with New Zealand's market demands, particularly in high-end building materials and food products for the local Chinese community [3] - The New Zealand county-level overseas warehouse project has already attracted over 20 enterprises, including leading ceramics companies [3] Group 4: Support for SMEs - The government is promoting cross-border e-commerce and enhancing overseas warehouse infrastructure to support small and medium-sized enterprises (SMEs) [4] - The New Zealand county-level overseas warehouse project aims to reduce entry barriers for SMEs by offering shared services and flexible inventory management [5] Group 5: Logistics and Sales Support - The project will provide comprehensive trade services, including logistics support and damage coordination during transportation [5] - A dedicated marketing team will be established to assist enterprises in achieving effective sales connections in New Zealand [6]