Core Viewpoint - The company has completed the repurchase and cancellation of 1,488,000 restricted stocks, which accounts for 0.1094% of the total share capital before the repurchase, due to the failure to meet the conditions for lifting restrictions on the stock [2][13][18]. Group 1: Repurchase Details - The number of restricted stocks repurchased is 1,488,000 shares, involving 155 incentive recipients [2][13]. - The total share capital of the company decreased from 1,359,808,323 shares to 1,358,320,323 shares after the repurchase [2][18]. - The repurchase price for the restricted stocks is set at 3.367 yuan per share [14][15]. Group 2: Reasons for Repurchase - The repurchase was triggered by changes in the personal circumstances of 8 incentive recipients, who no longer qualify for the incentive program [11]. - The company did not meet the performance assessment targets set for the third lifting period of the restricted stocks, leading to the repurchase of 1,414,500 shares from 147 incentive recipients [12][13]. Group 3: Financial Impact - The total amount for the repurchase is 5,021,250 yuan, sourced from the company's own funds [14][16]. - The repurchase and cancellation of the restricted stocks will not have a substantial impact on the company's financial status or operational results [18]. Group 4: Compliance and Completion - The repurchase and cancellation procedures have been completed in accordance with relevant laws, regulations, and the company's incentive plan [17]. - The company has received verification from the auditing firm regarding the completion of the repurchase [17].

证券代码：002678 证券简称：珠江钢琴 公告编号：2025-029 广州珠江钢琴集团股份有限公司 关于2022年限制性股票激励计划剩余部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示: 1、公司本次回购注销的限制性股票数量为 1,488,000 股，占回购注销前公司总 股本 1,359,808,323 股的 0.1094%，共涉及激励对象人数 155 人。 2、截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公司 办理完成上述限制性股票的回购注销手续。本次回购注销完成后，公司总股本由 1,359,808,323 股减少至 1,358,320,323 股。 广州珠江钢琴集团股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召 开第四届董事会第三十二次会议、第四届监事会第二十次会议，审议通过《关于公 司 2022 年限制性股票激励计划第三个解除限售期解除限售条件未成就暨回购注销 剩余部分限制性股票的议案》，拟回购注销公司 2022 年限制性股票激励计划（以 下简称"本激励计划"）授予的但尚未 ...

Group 1 - The A-share entertainment products sector continues to decline, with Jinling Sports dropping over 10% [1] - Other companies such as Gaole Shares, Zhujiang Piano, Kangliyuan, and Shifeng Culture also experienced declines [1]

证券代码：002678 证券简称：珠江钢琴 公告编号：2025-028 广州珠江钢琴集团股份有限公司 股票交易异常波动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况的说明 广州珠江钢琴集团股份有限公司（以下简称"公司"、证券简称：珠江钢琴、 证券代码：002678）股票连续两个交易日（2025 年 6 月 16 日、2025 年 6 月 17 日）收盘价格涨幅偏离值累计超过 20%。根据深圳证券交易所相关规定，属于股 票交易异常波动情形。 二、公司关注、核实的情况说明 针对公司股票异常波动，公司对有关事项进行了核查，有关情况说明如下： （三）近期公司经营情况及内外部经营环境未发生重大变化； （四）公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重 大事项，或处于筹划阶段的重大事项。 （五）经查询，公司控股股东、实际控制人在股票异常波动期间不存在买卖 公司股票的行为。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规定应予以披露而未披露的事项或与该事项有 ...

证券代码：002678 证券简称：珠江钢琴 公告编号：2025-028 广州珠江钢琴集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况的说明 广州珠江钢琴集团股份有限公司（以下简称"公司"、证券简称：珠江钢琴、 证券代码：002678）股票连续两个交易日（2025 年 6 月 16 日、2025 年 6 月 17 日）收盘价格涨幅偏离值累计超过 20%。根据深圳证券交易所相关规定，属于股 票交易异常波动情形。 二、公司关注、核实的情况说明 针对公司股票异常波动，公司对有关事项进行了核查，有关情况说明如下： （一）公司前期披露的信息不存在需要更正、补充之处； （二）公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生 较大影响的未公开重大信息； （三）近期公司经营情况及内外部经营环境未发生重大变化； （四）公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重 大事项，或处于筹划阶段的重大事项。 （五）经查询，公司控股股东、实际控制人在股票异常波动期间不存在买卖 公司股票的行为。 三、是否存在应披露而未披露信 ...

Group 1 - The horse racing concept index increased by 1.32%, ranking 10th among concept sectors, with four stocks rising, including Zhujiang Piano which hit the daily limit, and Zhongmu Co., *ST Zhengping, and Luoniushan showing gains of 2.86%, 0.58%, and 0.50% respectively [1] - The main funds in the horse racing concept sector experienced a net outflow of 0.19 billion yuan, with Zhujiang Piano leading the net inflow at 21.32 million yuan, followed by Luoniushan, Zhongmu Co., and *ST Zhengping with net inflows of 7.99 million yuan, 4.25 million yuan, and 3.48 million yuan respectively [2][3] - The net inflow ratios for Zhujiang Piano, Luoniushan, and *ST Zhengping were 11.33%, 4.19%, and 3.37% respectively, indicating strong interest from main funds [3] Group 2 - The horse racing concept sector had a total of four stocks that rose, while Zhongti Industry and Xinhua Du were among the top decliners, falling by 2.52% and 2.17% respectively [1][2] - The trading volume and turnover rates for the leading stocks in the horse racing concept were notable, with Zhujiang Piano showing a turnover rate of 2.27% and a significant net inflow of funds [3]

Core Viewpoint - Zhujiang Piano announced that its current operating conditions are normal and there have been no significant changes in the internal and external operating environment, aside from disclosed information [1] Group 1 - The company confirmed that there are no undisclosed significant matters related to the company by its controlling shareholder and actual controller [1]

Group 1 - The A-share education industry concept has seen significant movement, with notable stocks such as Pearl River Piano reaching the daily limit increase [1] - Other companies that experienced gains include High乐股份, 精达股份, 运达科技, 中岩大地, 中文在线, and 学大教育 [1]

Group 1 - The horse racing concept has seen a significant surge, with companies like Zhujiang Piano (002678) hitting the upper limit, and others such as Roniu Mountain (000735) rising over 4.5% [1] - The Guangzhou government has released a draft plan titled "Guangzhou Special Action Plan for Boosting Consumption," which aims to accelerate the construction and operation of the Hong Kong Jockey Club's Conghua Racecourse and promote consumption in ice and snow sports as well as horse racing [1] - Other companies such as Zhongti Industry (600158), *ST Zhengping (603843), and Hainan Rubber (601118) have also experienced upward movement in their stock prices [1]

Core Viewpoint - The piano education industry in China is experiencing a significant decline, with a shift in consumer preferences towards more practical subjects like programming and academic tutoring, leading to increased competition and financial struggles for piano-related businesses [4][7][13]. Group 1: Industry Overview - At its peak, the number of children learning piano in China reached 30 million, driven by a cultural trend where owning a piano was seen as a status symbol [4]. - The piano market has faced a drastic downturn since two years ago, with companies like Pearl River Piano reporting a net profit loss of 236 million yuan in 2024, a staggering decline of 4,108.2% year-on-year [4][5]. - The total assets of Pearl River Piano decreased by 12.52% from the previous year, indicating a broader financial struggle within the industry [6]. Group 2: Changing Consumer Preferences - Parents are increasingly prioritizing practical skills over traditional music education, with many opting for subjects that promise immediate academic benefits, such as math and programming [7][13]. - The perception of piano education has shifted from a necessity to a luxury, with parents now viewing it as an extravagant expense rather than an essential part of their children's education [13][34]. Group 3: Market Dynamics - The number of piano graduates has surged since the 2010 "art examination boom," leading to an oversupply of piano teachers and increased competition within the industry [23][25]. - The decline in demand for piano education has resulted in many piano teachers struggling to find work, with some institutions even cutting costs by having administrators teach classes themselves [26][27]. Group 4: Financial Implications - The piano market is witnessing a significant contraction, with reports indicating that nearly half of the piano factories are facing closure, and the resale market for second-hand pianos is also declining [15][19]. - The import of second-hand pianos has dropped from 160,000 units in 2021 to just 80,000 in 2023, reflecting a broader trend of reduced consumer interest [19]. Group 5: Future Outlook - Experts predict that the classical music market, including piano education, will continue to shrink, with a potential shift towards more accessible and less formal music education [35][36]. - The industry is expected to undergo a significant transformation, moving away from being a status symbol to a more casual and less central role in children's education [38].