证券代码：002918 证券简称：蒙娜丽莎 公告编号：2025-045 债券代码：127044 债券简称：蒙娜转债 蒙娜丽莎集团股份有限公司董事会 一、本期业绩预计情况 | 项目 | 本报告期 | | 上年同期 | | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 | | 亏损：320 万元-630 万元 | | | | | | | | 盈利：8,260.21 | 万元 | | | 股东的净利润 | | 比上年同期下降：103.87% -107.63% | | | | | 扣除非经常性损 | | 亏损：1,520 万元-1,830 万元 | | | | | | | | 盈利：6,873.46 | 万元 | | | 益后的净利润 | | 比上年同期下降：122.11% -126.62% | | | | | 基本每股收益 | | 亏损：0.01 元/股-0.02 元/股 | | 盈利：0.20 | 元/股 | | 营业收入 | | 180,000 万元-210,000 万元 | 233,452.01 | 万元 | | | 二、与会计师事务所沟通情况 | | | ...

内容概要：装饰装修材料是用于建筑物室内外装饰的各类材料的总称。在整个建筑中，建筑装饰材料是 不可或缺的组成部分。由于我国是一个发展中国家，发展任务很重，潜力很大。随着我国居民人均可支 配收入与消费支出水平的稳步增长，家居家装领域消费投入也同步提高。中国建筑装饰装修材料行业随 着房地产、建筑装饰业的发展得到了快速发展。中国已经成为世界上装饰材料生产大国、消费大国和出 口大国。材料主导产品不仅在总量上连续多年位居世界第一，而且人均消费指数已接近和高于世界先进 水平。2024年，我国新型装饰装修规模从2016年的4662.3亿元增长至5225.3亿元，预计2025年我国新型 装饰装修规模有望达到5225.3亿元。装饰装修材料是与人居环境关系最密切的材料，因而，绿色、多功 能成为今后装饰装修材料发展的主要方向。 上市企业：东方雨虹(SZ002271)、新建材（000786.SZ）、三棵树（603737）、巨石股份（600176） 相关企业：马可波罗控股股份有限公司、北京圣象木业有限公司、广东东唯新材料有限公司、圣象集团 有限公司 关键词：装饰装修材料行业产业链、装饰装修材料市场规模、装饰装修材料市场竞争格局、装饰装修 ...

东方雨虹 20250709 摘要 公司在去年下半年价格战后，试点提价策略，发现对销量影响不大，决 定逐步恢复价格，尤其在零售端防水涂料市场（占全国 70%份额）具有 较强议价能力，提价幅度最高达十几个百分点，瓷砖胶等基础材料也适 度上调。 工程市场竞争格局变化，头部企业如宇宏、科顺和北新防水不再内卷， 陆续发布涨价函，宇宏 3 月涨价函已落地，4 月价格止跌，二季度累计 价格环比一季度略有提升，预示行业平均利润率有望恢复。 工程市场需求下行，大量防水公司退出，从业企业数量大幅下降（估计 至少 60%），价格影响力集中于宇宏、科顺和北新防水三家，若三家不 再打价格战，调价落地可行性较高。 价格战导致防水行业质量下降，部分企业产品甚至无法达标五项基本检 测指标。强条在重点工程有效，但普通项目落地效果差，需加强监管， 避免牺牲质量换取市场份额的短视行为。 2025 年上半年，民建业务一季度收入下降十几个百分点，二季度恢复 双位数增长，预计全年增长；零售业务一、二季度均增长，优于工程市 场；工程市场降幅收窄，但价格基数低影响收入。 Q&A 东方雨虹近期防水产品的提价背景及其持续性如何？ 东方雨虹近期的防水产品提价主要 ...

Core Viewpoint - The construction industry is joining the "anti-involution" movement, aiming to enhance industry self-discipline and eliminate excessive competition, following similar trends in the photovoltaic and new energy vehicle sectors [2][4]. Group 1: Industry Trends - In the first five months of the year, national real estate development investment reached 36,234 billion yuan, a year-on-year decrease of 10.7%, with declines in new construction, ongoing projects, and completions [2]. - A joint initiative by 33 construction companies aims to promote industry transformation through technological innovation and to avoid blind expansion and excessive debt [2][6]. - The construction industry is experiencing significant slowdowns due to urbanization and reduced market demand, leading to overcapacity and a noticeable decline in growth rates [2][6]. Group 2: Cement Industry - The China Cement Association has issued guidelines to align actual production capacity with registered capacity, emphasizing the importance of capacity replacement policies for industry optimization [3][6]. - The cement industry is familiar with capacity reduction, with a projected utilization rate of 53% for cement clinker in 2024, down 6 percentage points from 2023, and an expected profit of around 25 billion yuan, a 20% decrease year-on-year [6][7]. - The industry is facing significant profit declines due to ongoing adjustments in the real estate sector and delays in infrastructure projects [6][7]. Group 3: Waterproofing Sector - Waterproofing companies have initiated price increases to counteract rising raw material costs, with price adjustments ranging from 3% to 13% for various products [4][5]. - Major waterproofing firms reported a significant drop in net profits for 2024, with Beijing Oriental Yuhong's net profit down 95.24% year-on-year, while Keshun Waterproof managed to turn a profit despite challenges [5]. - The waterproofing industry is experiencing a decline in production due to fluctuating downstream demand, prompting companies to raise prices to stabilize their financial performance [5].

Core Viewpoint - Shanghai Yueshen Health Group plans to use surplus reserves of 72.85 million yuan and capital reserves of 141 million yuan, totaling 214 million yuan, to offset cumulative losses, resulting in a significant reduction of its reserves and a nearly 400% drop in net profit for 2024 [1][2][4]. Financial Summary - For 2024, the company reported revenue of 1.204 billion yuan, a year-on-year decrease of 5.79%, and a net profit attributable to shareholders of -147 million yuan, a staggering decline of 393.87% [4]. - The company has experienced negative net profits for three consecutive years, with cumulative losses exceeding 500 million yuan, indicating concerns over its core business's ability to generate profits [4]. - The company's operating cash flow also decreased by 33.48% year-on-year, amounting to 82.23 million yuan [4]. Business Transformation - Yueshen Health, originally focused on ceramic tiles, has been transitioning into the health sector since 2015, with its business now encompassing building materials, health services, and investment property leasing [5]. - The company’s building materials segment primarily focuses on high-end ceramic tile brand "Simik," while its health services include various care systems and training programs [5]. Loss Factors - The primary reasons for the company's losses include a decline in revenue from the ceramic tile business due to reduced market demand, increased competition, and rising costs [3]. - The company has also faced challenges related to the long investment cycle of its health projects and asset impairment losses, which have further exacerbated its financial difficulties [4].

Core Viewpoint - Shanghai Yueshen Health Group Co., Ltd. plans to use surplus reserves to cover losses, as the company reported a significant decline in net profit due to increased market competition and reduced sales prices of its products [1][2]. Group 1: Financial Adjustments - The company intends to utilize a total of 72,853,943.26 yuan from surplus reserves and 141,057,228.79 yuan from capital reserves to offset losses, resulting in a reduction of capital reserves to 176,595,527.02 yuan [1]. - As of December 31, 2024, the company's undistributed profits were reported at -0 yuan, indicating a complete depletion of retained earnings [1]. Group 2: Causes of Loss - The primary reasons for the company's losses include a slight decline in sales and intensified market competition, which led to a decrease in sales prices and gross margins of tile products [2]. - The company has also recognized potential impairment losses on assets, further exacerbating the cumulative loss [2]. Group 3: Notification to Creditors - The company has formally notified creditors of their rights to claim debts or request guarantees within 30 days of receiving the notice, or 45 days from the announcement date if no notice is received [2][3]. - Creditors must submit written requests along with relevant documentation to the company to assert their claims [2][3].

自周一迈克丽斯 (MAMK) 登陆纳斯达克后，昨晚美股又迎来2家中企上市。 1、盈丰泥水(MSGY) | | Ordinary Shares | | | | | | --- | --- | --- | --- | --- | --- | | | beneficially | | | | | | | owned prior to this | | Ordinary Shares beneficially | | | | | offering | held | | immediately after this offering | | | | | Approximate | | | | | | | percentage | | Approximate | | | | | of | | percentage of | | | | Mumber of | outstanding | Number of | outstanding | | | Name of Beneficial | Ordinary | Ordinary | Ordinary | Ordinary | | | Owner | Shares | Sha ...

证券研究报告 | 行业定期报告 2025 年 07 月 08 日 反内卷升级，看好建材板块盈利能力修复 建材行业定期报告 中游制造/建材 本周（2025/6/30-7/6）建材动态：水泥高温雨季压制需求，价格延续下滑趋势， 水泥协会发布《通知》打响"反内卷"攻坚战；浮法玻璃价格整体偏弱运行， 区域涨跌互现；玻纤中，粗纱稳中偏弱，电子纱高端产品仍有涨价预期；消费 建材方面，头部企业自律升级、破除内卷，消费建材中长期配置价值凸显。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 96 | 1.9 | | 总市值（十亿元） | 795.7 | 0.9 | | 流通市值（十亿元） | 736.6 | 0.9 | 行业指数 % 1m 6m 12m 绝对表现 3.1 15.0 24.4 相对表现 0.7 10.6 8.8 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Jul/24 Oct/24 Feb/25 Jun/25 (%) 建材 沪深300 相关报告 1、《建材行业定期报告—地产政策 延续止跌回稳，看好中报龙头基本面 修复》202 ...

近日，由佛山市委网络安全和信息化委员会办公室、佛山市市场监督管理局指导，佛山陶瓷品牌强市战 略峰会年度活动组委会主办的2025佛山陶瓷品牌强市战略峰会在佛山隆重举行。会上，全球超耐磨瓷砖 销量第一品牌大角鹿凭借引领全球的超耐磨技术、卓越的产品创新力、技术领先力与品牌影响力，荣 获"佛山陶瓷头部品牌"，成为引领佛山陶瓷高质量发展的核心力量。 摘要：全球超耐磨瓷砖销量第一品牌大角鹿凭借引领全球的超耐磨技术、卓越的产品创新力、技术领先 力与品牌影响力，荣获"佛山陶瓷头部品牌" 技术驱动发展，打造"超耐磨瓷砖"新标杆 在当前陶瓷行业迈向高质量发展的关键阶段，技术实力正成为衡量品牌竞争力的重要标准。唯有持续投 入研发、实现技术突围的企业，才能在激烈的市场洗牌中冲出重围。 与此同时，在加快国内市场布局的同时，大角鹿亦持续加码国际化战略，通过多维度发力，积极推 动"佛山瓷砖"在全球范围内的品牌跃升。近年来，大角鹿频频亮相国际建陶行业重要展会，与全球一线 品牌同台竞技，以科技硬实力赢得广泛瞩目，特别是其打造的"超耐磨万人PK大赛"互动体验活动，通 过现场真实比拼，向国际消费者直观呈现中国超耐磨瓷砖的技术优势与耐磨表现，极大增 ...

周专题：轨道频谱稀缺驱动竞赛，国内低轨星座建设步入加速期 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 通信卫星轨道主要分为地球静止轨道（GEO）、中地球轨道（MEO）和低地球轨道（LEO）。LEO轨道可降 低功率衰减、通信时延并简化终端设计，但需多星组网覆盖。相比GEO，LEO/MEO系统时延更小，且卫星体 积小、重量轻，利于一箭多星发射，降低星座构建成本和周期。低轨空间轨道和频段资源稀缺（低轨容量约6 万颗，星链计划占4.2万颗），L/S/C等优质频段殆尽，Ku/Ka频段协调难度大。根据国际电信联盟（ITU）规 则，运营商需在限定时间内（2年10%、5年50%、7年100%）完成卫星部署以锁定资源，导致竞争加剧。中国 星网"国网"、垣信"千帆"首批星已入轨，蓝箭"鸿鹄 ...