证券代码：002918 证券简称：蒙娜丽莎 编号：2026-001 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 □其他： | | 活动参与人员 | 方正证券、中泰建材、景林资产、海融鑫投资、中金资本、坤酉基金、抱石投 | | | 资、苏建鸿（排名不分先后） | | 时间 | 年 月 日上午 2026 1 7 10:00-11:30 | | 地点 | 蒙娜丽莎智能家居公司会议室 | | 形式 | 现场会议 | | 上市公司接待人员 | 公司董事、董事会秘书：张旗康 | | | 1、2025 年行业发展情况以及对 年的展望？ 2026 | | | 答：2025 年陶瓷行业仍延续 2024 年的发展态势，尚未有明显企稳回升， | | | 陶瓷头部企业的市场占有率整体仍处于较低水平。2026 年，国家将坚持内需主 | | | 导，通过大力提振消费，继续实施消费品以旧换新等政策，有望为持续承压的 | | | 陶瓷行业带来利好。随着国家政策的积极引导，建陶行业在压力中展现出新的 ...

Core Insights - The "Discovering Good Design in China" annual event celebrated the announcement of the "Discover 100 Annual Designers," highlighting the achievements in contemporary interior design in China [2][4][10]. Group 1: Event Overview - The event gathered designers, partners, and media to reflect on a year of design exploration and discovery [2]. - The initiative aims to promote the internationalization of Chinese design through a series of forums and discussions featuring outstanding designers [4][10]. - Over the past five years, the program has successfully showcased Chinese design on a global stage, emphasizing the depth of Chinese culture and unique living aesthetics [6][8]. Group 2: Key Achievements - The program has conducted eight "design tours" across 22 cities, engaging 12,000 participants and facilitating the selection of 100 annual designers [10]. - The initiative has successfully promoted 18 designers to the Andrew Martin International Interior Design Awards [10]. - The event culminated in the recognition of nearly 100 designers based on a comprehensive evaluation of design perspectives [10]. Group 3: Design Themes and Perspectives - The event featured six key themes that emerged from the design discussions, focusing on cultural understanding, emotional resonance, and the integration of technology in design [29][41]. - Designers emphasized the importance of empathy in design, advocating for spaces that resonate emotionally with users [31]. - The future of design is seen as a blend of sustainability and technological advancement, redefining the concept of beauty in design [41][43]. Group 4: Award Recipients - The "Discover 100 Annual Designers" list includes notable names such as Guo Nijie from STUDIOVOID and Wu Shijun from Space Design, among others [16][20][25][31][39][45]. - Each award recipient presented their design philosophy, contributing to the overall narrative of the event [14][20][25][31]. Group 5: Future Directions - The organizing committee plans to continue promoting quality design and providing support for future award selections, reflecting a commitment to cultural heritage and innovation [47]. - The event serves as a platform for fostering collaboration among designers and industry partners, aiming to elevate the standards of design in China [47].

Core Insights - Dongpeng Holdings has achieved significant success in the e-commerce sector, ranking first in the Tmall home decoration "tile brand sales list" and the JD home decoration "wall and floor material brand list," marking five consecutive years of leading the tile industry in new retail [1] Group 1: Financial Performance - In the first three quarters of the year, Dongpeng Holdings reported a revenue of 4.501 billion yuan, with a year-on-year growth of 8.03% in the tile retail channel [1] - The net profit attributable to shareholders for the first three quarters was 349 million yuan, reflecting a year-on-year increase of 13.09%, with a notable 32.91% growth in the third quarter [1] - The net cash flow from operating activities reached 651 million yuan, up 33.19% year-on-year [1] Group 2: Market Position and Strategy - The architectural ceramics industry is currently in a phase of demand contraction and price wars, yet Dongpeng Holdings has managed to grow its market share rapidly [1][2] - The company has opened 196 new stores and upgraded 224 existing ones in the first three quarters, enhancing its brand display and service capabilities [2] - Dongpeng Holdings has focused on "experiential scene-based" transformations and a "online-to-offline" operational model to stimulate consumer demand [2] Group 3: Product Innovation - Dongpeng Holdings has launched several innovative products, including the "Feather Anti-Slip Shield" technology for anti-slip tiles and a smart toilet that meets the highest 5A grade in sanitary ware [5] - The company has established 38 innovation platforms and holds 2,505 patents, making it the ceramic tile enterprise with the most patents in the industry [4] - The introduction of new product lines, such as the premium stone series and eco-friendly products, has contributed to the company's competitive edge [2] Group 4: Industry Standards and Future Outlook - Dongpeng Holdings is a key player in the formulation of the new national standard for ceramic tiles, which will be implemented on December 1, aiming to enhance product quality across the industry [6][7] - The new standard is expected to drive technological advancements and quality upgrades, benefiting companies like Dongpeng that can meet these stringent requirements [6][7] - The architectural ceramics market is projected to stabilize at around 250 billion yuan over the next five years, with a potential increase in market concentration favoring leading companies [3]

Core Viewpoint - Marco Polo plans to distribute over 358 million yuan in cash dividends shortly after its listing, reflecting strong profitability and cash flow [1][2]. Financial Summary - For the first three quarters of 2025, the company's consolidated net profit attributable to shareholders was 1.062 billion yuan, with the parent company achieving a net profit of 618 million yuan [1]. - As of September 30, 2025, the parent company's distributable profits amounted to 3.817 billion yuan, while the consolidated distributable profits were 7.519 billion yuan [1]. - The proposed dividend distribution is 3.00 yuan per 10 shares, totaling 358 million yuan, based on a share capital of 1.195 billion shares [1]. Company Overview - Marco Polo aims to create the first world-renowned brand for Chinese ceramics, focusing on the research, production, and sales of architectural ceramics [4]. - The company is one of the largest manufacturers and sellers of architectural ceramics in China, owning two major brands: "Marco Polo Tiles" and "Weimei L&D Ceramics" [4]. - Marco Polo operates five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, with a product range that includes glazed and unglazed tiles [4]. Market Performance - The company was listed on October 22, 2025, with an impressive first-day increase of 128.8% [2]. - As of the latest update, the company's stock price is 24.92 yuan per share, resulting in a total market capitalization of 29.777 billion yuan [2].

Company Overview - Huida Sanitary Ware Co., Ltd. was founded in 1982 and is headquartered in Tangshan, Hebei Province, with an asset scale of 5.5 billion and products exported to over 100 countries and regions [2] - The company has three core production bases in Tangshan, Chongqing, and Guangxi, with an annual production capacity of 10 million sanitary ceramics, 500,000 smart bathrooms, and 600,000 high-end bathroom cabinets [2] - Huida owns multiple brands including "HUIDA," "DOFINY," and "LA'BOBO," covering a full range of products such as sanitary ware, ceramic tiles, rock slabs, and integrated kitchen and bathroom solutions [2] - The company has established national-level research and development facilities and has been recognized as a national high-tech enterprise and a national green factory [2] Governance and Management Practices - The board of directors consists of 9 members, including 3 independent directors, with a 33% representation of female directors, promoting diverse and professional decision-making [3] - The company has implemented a comprehensive management mechanism for information security, including risk warning, emergency response, real-time monitoring, and regular audits, enhancing data protection and compliance [3] - Huida has established a multi-dimensional defense network for system security, achieving a core business system availability of 99.99% and has not experienced any major information security incidents during the reporting period [3] - The company aims to achieve ISO 27001 international certification for information security management systems by 2024, reinforcing its commitment to transparent governance and digital empowerment [3]

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].