Core Viewpoint - Zhujiang Piano (002678.SZ) announced a contract with Kaifeng Wansui Mountain Scenic Area Co., Ltd. for the procurement and installation of stage and landscape lighting equipment, totaling 18.3 million RMB [1] Group 1 - The contract was signed between Zhujiang Piano's wholly-owned subsidiary, Guangzhou Hongyang Mingdao Performing Equipment Co., Ltd., and Kaifeng Wansui Mountain Scenic Area Co., Ltd. [1] - The contract includes the purchase of floodlights, performing arts equipment, and installation and debugging services [1] - The total amount of the contract is 18.3 million RMB, which reflects the company's ongoing engagement in the entertainment and performance equipment sector [1]

智通财经APP讯，珠江钢琴(002678.SZ)发布公告，近日，公司负责舞台、景观灯光业务的全资子公司广 州宏洋明道演艺设备有限公司(以下简称"全资子公司")与开封市万岁山游览区有限公司签订了《设备采 购安装项目合同》，开封市万岁山游览区有限公司向全资子公司采购泛光、演艺设备及设备的安装调试 服务，合同总金额为1,830万元(人民币)。 ...

Group 1 - The core point of the article is that Zhujiang Piano (002678.SZ) has signed a contract for equipment procurement and installation with Kaifeng Wansui Mountain Scenic Area Co., Ltd. [1] - The contract is valued at 18.3 million RMB, which includes the procurement of floodlights and performance equipment, as well as installation and debugging services [1]

证券代码：002678 证券简称：珠江钢琴 公告编号：2025-038 广州珠江钢琴集团股份有限公司 关于全资子公司获得客户采购订单的自愿性信息披露公告 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、签订合同概况 近日，广州珠江钢琴集团股份有限公司（以下简称"公司"）负责舞台、景 观灯光业务的全资子公司广州宏洋明道演艺设备有限公司（以下简称"全资子公 司"）与开封市万岁山游览区有限公司签订了《设备采购安装项目合同》，开封 市万岁山游览区有限公司向全资子公司采购泛光、演艺设备及设备的安装调试服 务，合同总金额为 1,830 万元（人民币）。 根据《深圳证券交易所股票上市规则》和《公司章程》等有关规定，本事项 无需经公司董事会及股东会审议，不构成关联交易，也不构成《上市公司重大资 产重组管理办法》规定的重大资产重组。 董事会 二〇二五年八月十八日 二、对公司的影响 根据公司发展战略，公司聚焦乐器文化产业发展，打造钢琴、数码乐器、音 乐文化三大业务板块，从高端乐器制造业务延伸到文化服务等相关产业。近年来， 舞台演艺灯光市场蓬勃发展，全资子公司舞台、景观灯光业务 ...

珠江钢琴公告，近日全资子公司广州宏洋明道演艺设备有限公司与开封市万岁山游览区有限公司签订 《设备采购安装项目合同》，合同总金额为1830万元。该合同为公司全资子公司日常经营销售订单，预 计对公司经营业绩产生积极影响。 ...

Market Overview - The entertainment products sector increased by 0.56% on August 15, with Huali Technology leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - Huali Technology (301011) closed at 29.46, up 5.21% with a trading volume of 120,800 shares and a transaction value of 355 million [1] - Shifeng Culture (002862) closed at 19.68, up 5.13% with a trading volume of 239,100 shares and a transaction value of 476 million [1] - Jinling Sports (300651) closed at 23.35, up 3.87% with a trading volume of 205,800 shares and a transaction value of 470 million [1] - Other notable stocks include Quanyun Laser (300220) at 17.31 (+2.12%), Kangliyuan (301287) at 42.70 (+2.03%), and Yingpais (002899) at 22.97 (+1.10%) [1] Capital Flow - The entertainment products sector saw a net inflow of 113 million from institutional investors, while retail investors experienced a net outflow of 18 million [2] - The main capital inflow and outflow for key stocks are as follows: - Shifeng Culture: 75.32 million inflow from main capital, 37.47 million outflow from retail [3] - Jinling Sports: 35.44 million inflow from main capital, 17.04 million outflow from retail [3] - Huali Technology: 26.27 million inflow from main capital, 6.28 million outflow from retail [3]

Core Viewpoint - Zhujiang Piano has acquired the management rights of the Bai Shui Xian Waterfall Scenic Area, aiming to transform it into a national 5A tourist attraction within five years, amidst a significant decline in its main business revenue [1][2][6]. Group 1: Acquisition Details - Zhujiang Piano's subsidiary, Guangzhou Bai Shui Zhai Scenic Area Operation Management Co., Ltd., won the bid for the Bai Shui Xian Waterfall Scenic Area, with a contract period of 20 years and a minimum investment of 400 million yuan [2][5]. - The annual resource usage fee for Zhujiang Piano is set at 8.43 million yuan [2][5]. - The previous operator, Overseas Chinese Town Group, exited the project after failing to meet the 5A tourist attraction goal within their contract period [9][10]. Group 2: Strategic Goals and Plans - The company plans to invest in the development, management, and promotion of the scenic area, with a target to increase annual visitor numbers by 1.5 million [13][14]. - Zhujiang Piano aims to create a comprehensive tourism experience by integrating surrounding resources and promoting local industries [13][14]. - The project aligns with the company's long-term strategic goals to diversify into the cultural tourism sector, providing new economic growth opportunities [6][11]. Group 3: Financial Context - Zhujiang Piano reported a 39.97% decline in revenue for 2024, amounting to 677.17 million yuan, with a net loss of 235.62 million yuan [15][16]. - The main revenue-generating business, "Instrument Sales and After-sales Services," saw a 42.59% drop in revenue, contributing to the overall financial downturn [15][16]. - The company is exploring new markets and product lines, including cultural tourism, to counteract the declining performance of its core business [16].

Group 1 - The stock price of Zhujiang Piano reached 5.02 yuan as of August 11, 2025, with a 1.21% increase from the previous trading day [1] - The company has obtained a 20-year operating right for the Baihuaxian Waterfall Scenic Area, planning to develop it into a national 5A tourist attraction within five years, with an investment of no less than 400 million yuan [1] - Zhujiang Piano's main business includes piano manufacturing, digital instruments, and music education [1] Group 2 - The company experienced a net outflow of 4.2506 million yuan in main funds on August 11, with a cumulative net outflow of 11.0187 million yuan over the past five trading days [1] - The revenue for 2024 is projected to decline by 39.97% to 677 million yuan, with a net loss of 236 million yuan [1] - The performance forecast for the first half of 2025 indicates a potential further loss of 120 million to 155 million yuan [1]

Core Viewpoint - Zhujiang Piano has acquired the management rights of the Bai Shui Xian Waterfall Scenic Area, aiming to transform it into a national 5A tourist attraction within five years, amidst a significant decline in its main business revenue [2][3][12]. Group 1: Acquisition Details - Zhujiang Piano's subsidiary, Guangzhou Bai Shui Zhai Scenic Area Operation Management Co., Ltd., won the bid for the Bai Shui Xian Waterfall Scenic Area, with a contract period of 20 years and a minimum investment of 400 million yuan [3][7]. - The annual resource usage fee for Zhujiang Piano is set at 8.43 million yuan, which is lower than the previous operator, Overseas Chinese Town Group [3][8]. - The company plans to enhance the scenic area through investment, development, management, and marketing efforts [7][12]. Group 2: Strategic Goals and Challenges - The company aims to increase annual visitor numbers by 1.5 million and integrate surrounding resources to promote rural industry upgrades [12][15]. - Zhujiang Piano has hired experienced personnel from the cultural tourism industry to lead the project, indicating a strategic shift towards cultural services [12][15]. - The company has faced a significant decline in revenue, with a 39.97% drop in 2024, leading to a net loss of 236 million yuan [15][16]. Group 3: Previous Operator's Performance - The previous operator, Overseas Chinese Town Group, failed to achieve the goal of upgrading the scenic area to a 5A rating within their operational period [8][10]. - The Bai Shui Xian Waterfall Scenic Area is currently rated as a 4A scenic area, with an annual visitor count of approximately 500,000 [8][10]. - Issues such as aging facilities and limited attractions have been noted, which Zhujiang Piano aims to address [8][12].

Core Viewpoint - Zhujiang Piano has acquired the management rights of the Bai Shui Xian Waterfall Scenic Area, aiming to transform it into a national 5A tourist attraction within five years, amidst a backdrop of declining revenue in its main business [1][2][12]. Summary by Sections Acquisition Details - Zhujiang Piano's subsidiary, Guangzhou Bai Shui Zhai Scenic Area Operation Management Co., Ltd., won the bid for the Bai Shui Xian Waterfall Scenic Area, with a contract period of 20 years and a minimum investment of 400 million yuan [2][5]. - The annual resource usage fee for Zhujiang Piano is set at 8.43 million yuan [2][5]. Strategic Goals - The company plans to invest in the development, management, and promotion of the scenic area, with the goal of achieving national 5A status or becoming a national-level tourist resort within five years [5][12]. - Zhujiang Piano aims to enhance the annual visitor count by 1.5 million, integrating surrounding towns and rural areas to boost local economies [14][12]. Background on Previous Management - The previous operator, Overseas Chinese Town Group, failed to meet the 5A status goal during its management tenure, which lasted less than seven years [6][9]. - The group had committed to a total investment of 1 billion yuan but did not achieve the desired outcomes, leading to its exit from the project [9][10]. Financial Performance - Zhujiang Piano reported a significant decline in revenue, with a 39.97% drop to 677.17 million yuan in 2024, and a net loss of 235.62 million yuan, marking a shift from profit to loss [16][15]. - The company is exploring new markets and product lines, including home furnishings, to diversify its revenue streams [12][17]. Industry Context - The overall environment for the musical instrument industry is challenging, with a slowdown in growth and a need for companies to adapt to changing consumer preferences [15][17]. - Experts suggest that companies like Zhujiang Piano should shift from a manufacturing mindset to a focus on user experience and storytelling to regain market confidence [15].