Group 1: Mona Lisa (002918) - The company's revenue from distribution channels decreased by 10% year-on-year in the first half of 2025, while the engineering channel saw a decline of 42.68% [1] - The distribution channel accounted for 82.98% of revenue in Q2, with ongoing declines in engineering [1] - The company is facing intense industry competition with no positive price changes, and is focusing on cost reduction and efficiency improvements [1] - The strategic customer business proportion has dropped to 17%, with 83% of demand coming from non-real estate sectors [1] - The company maintains a "large tiles, large building materials, large home" strategy, with low financial investment proportion [1] Group 2: Mountain Outside Mountain - The domestic market for blood purification equipment generated revenue of 152 million yuan, a year-on-year increase of 14.60% [2] - Blood purification consumables revenue reached 85.34 million yuan, up 46.17%, with self-produced consumables growing by 91.90% [2] - R&D investment increased by 37.12% to 36.51 million yuan, while sales expenses rose by 26.64% to 62.80 million yuan [2] - The overseas market revenue was 86.82 million yuan, reflecting a growth of 41.30%, with significant increases in North America and Africa [2] - The company is a drafting unit for national standards and is enhancing its international competitiveness through core technology [2] Group 3: Leyard (300296) - The smart display segment experienced a 20% quarter-on-quarter growth, driven by high demand in overseas markets, particularly North America [3] - Business growth is supported by demand from cinemas, virtual shooting, and large events [3] - The company is optimizing production capacity across its factories in Slovakia, Shenzhen, and Wuxi to mitigate tariff impacts [3] - The AR glasses are expected to launch in October, targeting B-end customers [3] - The AI and spatial computing segments saw a year-on-year decline due to price reductions and increased R&D investment [3]