Mona Lisa: The industry prices have not yet seen a positive change, and the time period for capacity clearance will be relatively slow.

Mona Lisa stated in the conference call that in the first half of 2025, the market competition in the architectural ceramics industry remains fierce. Enterprises still face price competition pressure, and no positive changes in prices have been observed in the industry. The company is currently formulating strategies based on the balance point of quantity and price. If they only stick to prices, it may lead to a decline in market share. The company is pushing new products such as "Wuji Stone World," but it is difficult to predict when prices will stabilize and rise. The exit of small and medium-sized enterprises in the industry is mainly driven by market competition. The current industry's opening rate is low, and sales in 2025 are expected to decline to a low point. Subsequent environmental protection, energy consumption policies, and market competition pressure are expected to drive the industry's capacity reduction, but the time period for capacity reduction will be relatively slow.