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].

Group 1 - The horse racing concept index rose by 0.28%, ranking fifth among concept sectors, with three stocks increasing, including *ST Zhengping which hit the daily limit, and Xinhua Du and Zhujiang Piano which rose by 0.92% and 0.22% respectively [1] - The leading decliners in the horse racing concept sector included Zhongti Industry, Hainan Rubber, and Luoniushan, which fell by 1.10%, 1.07%, and 0.99% respectively [1] Group 2 - The top-performing concept sectors today included the ST sector with a rise of 1.11%, while the storage chip sector saw a decline of 2.67% [2] - The horse racing concept sector had a net outflow of 0.17 million yuan in capital, with *ST Zhengping receiving the highest net inflow of 6.904 million yuan [2] - The net inflow ratios for *ST Zhengping, Xinhua Du, and Zhongmu Co. were 5.13%, 3.43%, and 1.40% respectively [3] Group 3 - The capital flow rankings for the horse racing concept showed *ST Zhengping leading with a daily increase of 4.82% and a turnover rate of 8.05% [3] - Other notable stocks in the horse racing concept included Xinhua Du with a 0.92% increase and a turnover rate of 4.28%, while Zhongmu Co. experienced a decline of 0.87% with a turnover rate of 0.91% [3]

证券代码：002678 证券简称：珠江钢琴 公告编号：2025-027 广州珠江钢琴集团股份有限公司 关于聘任公司副总经理的公告 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、聘任情况概述 广州珠江钢琴集团股份有限公司（以下简称"公司"）于 2025 年 5 月 6 日 召开了第四届董事会第三十四次会议审议通过《关于聘任公司副总经理的议案》。 经公司总经理提名，董事会提名委员会资格审查，董事会同意聘任于富瑜女士、 陈嘉先生、杨小强先生担任公司副总经理，任期与本届董事会一致。（于富瑜女 士、陈嘉先生、杨小强先生简历附后）。 于富瑜女士、陈嘉先生、杨小强先生具备相关法律法规和《公司章程》规定 的任职条件，不存在《公司法》和《公司章程》中规定的不得担任公司高级管理 人员的情形。 二、备查文件 （一）第四届董事会第三十四次会议决议； （二）提名委员会决议。 特此公告。 二〇二五年五月七日 附件： 于富瑜女士个人简历 于富瑜，1983 年 5 月出生，中国籍，中共党员，中国石油大学（北京）工 学学士学位，持有专业技术职务及职（执）业资格：中级乐器设计师、助理政工 ...

证券代码：002678 证券简称：珠江钢琴 公告编号：2025-026 广州珠江钢琴集团股份有限公司 第四届董事会第三十四次会议决议公告 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。 广州珠江钢琴集团股份有限公司（以下简称"公司"）2025 年 4 月 30 日以 电子邮件及书面送达的方式发出会议通知及会议资料，于 2025 年 5 月 6 日下午 14:00 在公司文化中心五楼会议室以通讯会议方式召开第四届董事会第三十四次 会议。会议应参加表决董事 7 名，实际参加表决董事 7 名。全部为通讯表决。 本次会议的召开符合《中华人民共和国公司法》《广州珠江钢琴集团股份有 限公司章程》及《广州珠江钢琴集团股份有限公司董事会议事规则》相关规定。 一、会议形成以下决议： （一）以 7 票同意、0 票否决、0 票弃权，审议通过《关于聘任公司副总经 理的议案》 根据《公司法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第1号——主板上市公司规范运作》《公司章程》的相关规定， 经公司总经理提名，董事会提名委员会资格审查，董事会同意聘任于富瑜女士、 ...

珠江钢琴（002678）公告，公司于2025年5月6日召开第四届董事会第三十四次会议，审议通过《关于聘 任公司副总经理的议案》。经总经理提名，董事会提名委员会资格审查，董事会同意聘任于富瑜、陈 嘉、杨小强担任公司副总经理，任期与本届董事会一致。于富瑜、陈嘉、杨小强均具备相关法律法规和 《公司章程》规定的任职条件，不存在不得担任公司高级管理人员的情形。 ...

Core Viewpoint - The piano industry is facing significant challenges, with major players like Pearl River Piano and Helen Piano experiencing substantial declines in revenue and profit due to shrinking market demand and increased competition [1][3][4]. Group 1: Company Performance - Pearl River Piano reported Q1 2025 revenue of 124 million yuan, a year-on-year decline of 42.11% and a quarter-on-quarter decrease of 17.78% [1]. - The company's net profit attributable to shareholders was a loss of 51.68 million yuan, a year-on-year drop of 162.52%, although it improved by 47.08% compared to the previous quarter [1]. - Helen Piano's Q1 revenue was 27.76 million yuan, down 39.96% year-on-year and 28.71% quarter-on-quarter, with a net loss of 9.68 million yuan, a 154.56% decline year-on-year but an 88.38% increase from the previous quarter [1][3]. Group 2: Market Trends - The piano market has seen a drastic reduction in sales, with total sales dropping from 356,000 units in 2018 to 128,000 units in 2023, a decline of 64%, and projections indicate sales may fall below 100,000 units in 2024 [3]. - The decline in demand is attributed to the cancellation of the art bonus policy by the Ministry of Education in 2018 and the introduction of the "double reduction" policy, alongside factors like disposable income [3]. Group 3: Industry Challenges - The rising costs of piano manufacturing due to increased competition and complex production processes are squeezing profit margins for manufacturers [3]. - The second-hand piano market is also impacting new piano sales, with listings often priced at less than one-tenth of the original price [4]. Group 4: Strategic Responses - Pearl River Piano is transitioning towards smart pianos and expanding into areas like art training and cultural tourism, establishing a wholly-owned subsidiary for this purpose [4]. - Helen Piano is focusing on promoting smart electric pianos while exploring diversified development paths [4]. Group 5: Future Outlook - The chairman of the China Musical Instrument Association indicated that the current adjustment period is a necessary phase in the development cycle of the piano industry, suggesting potential for recovery as companies adapt their business models and product structures [5].

Financial Performance - The company reported a basic earnings per share of -0.0400 yuan for Q1 2025, a decrease of 300% compared to Q1 2024's -0.0100 yuan and a decline from Q1 2023's 0.0200 yuan [1] - The operating revenue for Q1 2025 was 1.24 billion yuan, down 41.78% from 2.13 billion yuan in Q1 2024 and significantly lower than 3.73 billion yuan in Q1 2023 [1] - The net profit for Q1 2025 was -0.52 billion yuan, representing a 160% decrease from -0.2 billion yuan in Q1 2024 and a drop from 0.31 billion yuan in Q1 2023 [1] - The return on equity for Q1 2025 was -1.51%, a decline of 184.91% compared to -0.53% in Q1 2024 and a decrease from 0.91% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 115,346.78 million shares, accounting for 84.97% of the circulating shares, with an increase of 647,000 shares compared to the previous period [2] - Guangzhou Urban Construction Investment Group Co., Ltd. holds 69,274.34 million shares, representing 51.03% of the total share capital, with no change [2] - Guangzhou Industrial Investment Holding Group Co., Ltd. holds 22,277.70 million shares, accounting for 16.41%, also unchanged [2] - The Guangdong Provincial Finance Department holds 10,172.45 million shares, representing 7.49%, with no change [2] - A new entry in the top shareholders is Qu Binhui, holding 456.45 million shares, which accounts for 0.34% [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares this time [3]

证券代码：002678 证券简称：珠江钢琴 公告编号：2025-025 广州珠江钢琴集团股份有限公司 关于部分固定资产折旧年限会计估计变更的公告 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、会计估计变更概述 （一）会计估计变更的原因 根据《企业会计准则第 4 号——固定资产》第十九条规定："企业至少应当于每 年年度终了，对固定资产的使用寿命、预计净残值和折旧方法进行复核。使用寿命 预计数与原先估计数有差异的，应当调整固定资产使用寿命"。 随着科技发展，新材料、新技术在建筑领域广泛应用，房屋及建筑物在设计水 平与施工标准上显著提升。同时，公司持续强化对房屋及建筑物的定期保养和检修 工作，使得房屋、建筑物及构筑物运行状态良好，经评估其预计使用寿命较原估计 更长。为更准确、公允地反映公司资产状况和经营成果，确保固定资产折旧年限与 实际使用寿命高度契合，使计提折旧期间更为合理，公司决定对部分固定资产折旧 年限进行会计估计变更。 （二）变更前后固定资产折旧年限介绍 特别提示： 广州珠江钢琴集团股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召 ...

《2025 年第一季度报告》具体内容详见巨潮资讯网（www.cninfo.com.cn）、《证 券时报》、《中国证券报》及《证券日报》。 证券代码：002678 证券简称：珠江钢琴 公告编号：2025-023 广州珠江钢琴集团股份有限公司 第四届监事会第二十一次会议决议公告 本公司及监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。 广州珠江钢琴集团股份有限公司（以下简称"公司"）于2025年4月24日以书面 送达及电子邮件方式发出会议通知和议案资料，于2025年4月29日下午14:30以通讯 会议方式在公司监事会办公室召开第四届监事会第二十一次会议。会议应出席监事3 名，实到监事3名。本次会议由监事会主席唐和平主持，会议的召集及召开符合《中 华人民共和国公司法》和《公司章程》等有关规定，合法有效。 一、本次会议审议情况 （一）以 3 票同意、0 票否决、0 票弃权，审议通过《2025 年第一季度报告》 二〇二 五 年 四 月二十九 日 （二）以 3 票同意、0 票否决、0 票弃权，审议通过《关于部分固定资产折旧 年限会计估计变更的议案》 经审核，监事会认为：本次会计估计 ...

证券代码：002678 证券简称：珠江钢琴 公告编号：2025-022 广州珠江钢琴集团股份有限公司 第四届董事会第三十三次会议决议公告 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。 广州珠江钢琴集团股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日以电 子邮件及书面送达的方式发出会议通知及会议资料，于 2025 年4 月 29日下午 15:00 以通讯会议的方式在公司文化中心五楼会议室召开第四届董事会第三十三次会 议。会议应参加表决董事 7 名，实际参加表决董事 7 名，全部采用通讯方式表决。 本次会议的召开符合《中华人民共和国公司法》《广州珠江钢琴集团股份有 限公司章程》及《广州珠江钢琴集团股份有限公司董事会议事规则》的规定。 一、会议形成以下决议 （一）以 7 票同意、0 票否决、0 票弃权，审议通过《2025 年第一季度报告》 《2025 年第一季度报告》具体内容详见巨潮资讯网（www.cninfo.com.cn）、 《证券时报》、《中国证券报》及《证券日报》。 （二）以 7 票同意、0 票否决、0 票弃权，审议通过《关于部分固定资产 ...