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 ...

9月26日，惠达卫浴披露挂牌进展，9月12日，公司及控股子公司北流新盛达在北京产权交易中心以1.44 亿元为首次挂牌底价对广西新高盛100%股权及债权进行公开挂牌。 截至9月25日首次挂牌期满，公司尚未征集到意向受让方，此次挂牌转让程序终止。 惠达卫浴称，公司将尽快讨论广西新高盛股权及债权的出售方案，并提交董事会审议。 此前，公司于9月4日召开第七届董事会第八次会议，审议通过了《关于拟公开挂牌出售广西新高盛薄型 建陶有限公司100%股权及债权的议案》，同意公司及公司控股子公司北流市新盛达新型材料有限公司 公开挂牌转让广西新高盛薄型建陶有限公司100%股权及债权，并授权公司经营层办理相关事宜。 资料显示，惠达卫浴始创于1982年，位于河北省唐山市，由卫生陶瓷起步，并逐步向全品类卫浴产品延 伸。公司主要拥有"HUIDA惠达""DOFINY杜菲尼""LA'BOBO""Porta"和"Creo"等品牌。其中，"惠达"作 为主品牌，业务品类涉及卫生洁具、陶瓷砖、整体厨卫等。 广西新高盛是一家以陶瓷薄岩板产品的研发、设计、生产和销售为主营业务的高新技术企业。惠达卫浴 提及，近几年，广西新高盛抗压前行。目前，广西新高盛处于 ...

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].

Core Viewpoint - The article discusses the release of multiple national standards by the State Administration for Market Regulation, covering various sectors including steel, ceramics, and chemical products, with a total of 49 mandatory standards and 622 recommended standards set to be implemented by 2025 and 2026 [2][6]. Group 1: Mandatory National Standards - A total of 49 mandatory national standards have been approved, including "Fall Protection Safety Nets" [2]. - The implementation date for several standards, such as "Chemical Composition Allowable Deviation for Steel and Alloys," is set for December 1, 2025 [6]. - Other standards include methods for determining chromium, vanadium, boron, and aluminum content in steel and alloys, all effective from March 1, 2026 [6]. Group 2: Recommended National Standards - 622 recommended national standards have been published, including "Packaging and Storage Graphic Symbols" [2]. - Specific testing methods for ceramic tiles and various chemical analyses are included in the recommended standards [6][7]. - The implementation dates for these standards vary, with many set for March 1, 2026 [7][8]. Group 3: Industry Impact - The new standards are expected to enhance product quality and safety across industries such as construction, manufacturing, and chemicals [2][6]. - The introduction of these standards may lead to increased compliance costs for companies but is anticipated to improve overall market competitiveness [2][6]. - The standards will also facilitate better quality control and assurance processes within the relevant industries [2][6].

Core Viewpoint - The construction ceramics industry is undergoing significant technological upgrades driven by new national standards, which aim to enhance product quality and energy efficiency, similar to the evolution seen in the home appliance sector [1][2]. Group 1: National Standards and Industry Impact - The newly approved national standard GB/T 45817-2025 focuses on grading ceramic tiles based on consumer and enterprise concerns, including surface flatness, water absorption uniformity, stain resistance, and slip resistance [1]. - The GB21252-2023 standard, effective from December 1, 2024, sets energy consumption limits for ceramic products, mandating that new or renovated products must not exceed certain energy consumption grades [2]. Group 2: Market Dynamics and Company Performance - From 2017 to 2024, over 400 ceramic enterprises were eliminated, reducing the total number from 1,402 to 993, a decline of 29.17%, indicating a trend towards market consolidation [3]. - The market share of the top ten companies in the industry increased by 3 percentage points during the "13th Five-Year Plan" period, reaching 18%, with expectations to exceed 20% by the end of the "14th Five-Year Plan" [3]. Group 3: Technological Advancements in Leading Companies - Marco Polo, a leading company in the industry, has seen its market share rise from 2.62% in 2022 to 3.27% in 2024, reflecting steady growth [4]. - The new digital factory of Marco Polo, set to commence production in 2024, incorporates advanced technologies and aims to serve as a benchmark for smart manufacturing in the industry [4][5]. Group 4: Sustainability and Innovation - Marco Polo's digital factory emphasizes green energy utilization, featuring a rooftop solar power system with a capacity of 9MW, generating over 9 million kWh annually, which accounts for more than half of its total electricity consumption [5][6]. - The factory also implements a rainwater collection system and utilizes biomass fuel for its spray drying tower, showcasing a commitment to reducing resource consumption and waste generation [6].

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]

Group 1 - The Xiamen Municipal Market Supervision Administration conducted a quality supervision sampling of ceramic tile products for 2025, involving 2 batches and 1 manufacturing enterprise [1] - All sampling results were compliant with the standards [1] - The inspection was based on GB/T 4100—2015 "Ceramic Tiles" and GB 6566—2010 "Limit of Radioactive Nuclides in Building Materials" standards, assessing various properties such as dimensions, water absorption rate, breaking strength, and resistance to chemical corrosion [1]

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has conducted quality supervision and inspection of various products, including cement, construction steel bars, and tempered glass, with no non-compliant products found in the recent checks [1] Group 1: Product Quality Inspection - The inspection covered 24 types of products, including ceramic tiles and sanitary ceramics [1] - A total of 7 batches of ceramic tiles from 3 manufacturers and 10 batches of sanitary ceramics from 5 sellers were tested, all passing quality standards [1] - The inspection involved areas such as Huaxi District, Baiyun District, and Qingzhen City in Guiyang [1]

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].