蒙娜丽莎 (002918 CH) 渠道转型推进，行业出清加速 2025 年 8 月 27 日│中国内地 陶瓷 蒙娜丽莎发布半年报，2025 年 H1 实现营收 19.15 亿元（yoy-17.96%）， 归 母 净 利 -566.82 万元（ yoy-106.86% ） ， 扣 非 净 利 -1619.89 万 元 （yoy-123.57%），上半年归母净利符合公司此前发布的业绩预告（亏损 320~630 万元）。其中 Q2 实现营收 12.29 亿元（yoy-18.96%，qoq+79.07%）， 归母净利 5361.32 万元（yoy-26.52%，qoq+190.44%）。上半年经营承压， 我们认为或主因陶瓷行业市场竞争仍较为激烈，而公司战略工程业务同地产 关联度较高，对公司收入形成拖累，考虑到公司新零售渠道持续扩容，"反 内卷"趋势下行业出清加速，维持"买入"。 证券研究报告 25H1 量价双重扰动营收，渠道优化持续推进 25H1 公司瓷质有釉砖/陶瓷板、薄型陶瓷砖分别实现收入 15.62/2.30 亿元， 同比-15.94%/-12.13%；毛利率分别为 24.53%/28.57%，同比-2.35/ ...

Group 1 - The latest stock price of Mona Lisa is 11.94 yuan, an increase of 0.28 yuan from the previous trading day [1] - The stock opened at 11.85 yuan, reached a high of 12.32 yuan, and a low of 11.32 yuan, with an overall volatility of 8.58% [1] - The trading volume was 329,400 hands, with a total transaction amount of 387 million yuan [1] Group 2 - Mona Lisa operates in the renovation and building materials industry, primarily engaged in the research, production, and sales of building ceramic products [1] - The company's product range includes ceramic tiles and ceramic slabs, widely used in residential and commercial buildings [1] Group 3 - On August 19, the stock experienced a rapid rebound, with a price increase of over 2% within 5 minutes, reaching 11.61 yuan at 9:39 AM [1] - The net outflow of main funds on that day was 4.55 million yuan, accounting for 0.17% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 235 million yuan, representing 8.98% of the circulating market value [1]