Amid the AI computing power frenzy, an unexpected player has emerged as a market darling: a ceramic tile manufacturer dragged down by the property sector's downturn.
On May 13, Monalisa Group Co.,Ltd. (002918.SZ) secured its fourth consecutive daily limit-up. In just four trading days, its share price soared over 46% from 10.52 yuan to 15.4 yuan per share, adding nearly 20 billion yuan to its market capitalization—an increase of roughly half.
The driving force behind this rally, ironically, is not a recovery in its core tile business. Instead, the company has been incorrectly labeled with the "ceramic substrate" concept, a key material linked to the AI supply chain. Recent analyst notes indicate that to address thermal challenges, leading chipmakers, including NVIDIA, are increasingly adopting ceramic substrates (or hybrid ceramic-PCB solutions) to replace traditional PCB layers, fueling rapid market expansion.
This connection has placed Monalisa Group Co.,Ltd., with its "ceramic" name, into the speculative narrative. However, the semiconductor "ceramic substrates" attracting market fervor are fundamentally different from the "architectural ceramics" the company produces. The former are advanced structural ceramics like aluminum nitride or silicon nitride, while the latter belong to the silicate system.
On the evening of May 12, the company issued a risk warning公告 regarding abnormal stock price fluctuations. It clarified that its products are primarily used in residential and commercial interior decoration and furniture, and it has generated no revenue or profit from semiconductor materials.
**Persistent Earnings Decline** Public records show Monalisa Group Co.,Ltd. was founded in 1992 and is a leading domestic tile brand. Its main products are architectural ceramics, including ceramic tiles, slabs, and thin tiles, used in decoration, furniture, and ceramic art installations. In contrast, AI ceramic substrates are electronic packaging materials based on ceramics like alumina or aluminum nitride, used for thermal conduction, electrical insulation, and mechanical support in devices.
Benefiting from the earlier property boom, the company listed on the Shenzhen SME Board in 2017. Its rising revenue made it a market favorite, with its market cap once nearing 200 billion yuan. However, the recent property sector adjustment has hit the construction ceramics industry hard. The company's financials show four consecutive years of revenue decline, falling 37% from 62.29 billion yuan in 2022 to 39.23 billion yuan in 2025. Net profit attributable to shareholders plummeted 58% to 52.43 million yuan in 2025.
For Q1 this year, revenue dropped 7.62% year-on-year to 634 million yuan, resulting in a net loss of 18.12 million yuan, including 22.58 million yuan in asset impairment losses. The company acknowledged intense competition in the ceramics sector and potential cost pressures from rising energy and chemical material prices. Before this rally, its market cap had shrunk nearly 80% from its peak to 42 billion yuan.
The recent stock surge stems largely from investor speculation about a potential "transformation." Its 2025 annual report首次 mentioned building a second growth curve by investing in or acquiring companies in new material sectors like advanced ceramics to foster future growth.
On May 13, a company representative stated there is currently no独立的 advanced ceramics business segment, only some investments in related areas. When asked if the invested companies had AI or ceramic substrate-related orders, the response was "unclear" and to refer to official announcements.
**Investments in Advanced Ceramics Spark Speculation** The company's first publicly known investment in advanced ceramics was in September 2025, participating in a funding round for Haigude, a Wuxi-based high-tech firm specializing in aluminum nitride ceramic substrates for LED lighting, ICs, and high-power devices.
In November 2025, Monalisa Group Co.,Ltd., via a wholly-owned subsidiary, invested 15 million yuan for a 75% stake in Zhuhai Jingci Electronics, gaining control. Public information shows Zhuhai Jingci, founded in 2018, is involved in semiconductor device manufacturing and特种陶瓷制品制造, holding patents for ceramic substrate processing. Its official WeChat account describes it as a thermal solution provider mastering advanced ceramic copper-clad processes (DBC, DPC, AMB) for materials like alumina and aluminum nitride, with products used in new energy vehicles, industrial control, and communications.
However, detailed information on Zhuhai Jingci remains limited. The 2025 annual report did not list it as a major subsidiary for separate financial disclosure, and the revenue breakdown shows no income from "semiconductor materials" or "advanced ceramics."
Recently, investors inquired on interactive platforms whether Zhuhai Jingci plans to produce ceramic substrates for PCBs. The company did not directly answer, only reiterating that its core business remains unchanged, primarily deriving from architectural ceramics.
Market analysts suggest the market enthusiasm is betting on a future industrial shift. However, given the lack of technical synergy between advanced ceramics and its current main business, and its early "investment phase" in this new sector, investors should be wary of valuation overextension and time cost risks.
Recent龙虎榜 data also hints at high risk behind the speculation. On May 12, the top five buying positions were all from securities营业部, with a combined purchase of 76.38 million yuan. Meanwhile, institutional专用席位 and Shenzhen-Hong Kong Stock Connect channels were net sellers, offloading 10.10 million yuan and 7.53 million yuan, respectively.
**Intensified AI Concept Speculation** Such "extended speculation" around AI themes is not uncommon recently. Another A股 property chain company, JinTangLang, experienced a similar situation.
JinTangLang, a leader in建筑装饰, also faced业绩与股价 pressure amid the property downturn. However, its stock surged over 130% in April, fueled by associations with data centers and AI computing power.
Initially, rumors circulated about a $2.3 billion project in Vietnam. The company first澄清 no formal agreement existed, but later announced its越南分公司 had signed a framework agreement for an airport terminal interior装修 project.
Subsequently, its annual report disclosed洁净类装修业务覆盖电子半导体,新能源, and other fields, with plans to expand in the electronic cleanroom market. Cleanrooms are essential for chip manufacturing, and demand is expected to grow with AI-driven chip expansion.
After the stock surge, the company clarified on互动平台 that its involvement is limited to construction business for data center infrastructure, contributing less than 1% to revenue and profit, with no plans to extend into算力运营 or other AI产业链 segments.
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