广州珠江钢琴集团股份有限公司 2021 年第三季度报告 证券代码：002678 证券简称：珠江钢琴 公告编号：2021-060 广州珠江钢琴集团股份有限公司 2021年第三季度报告 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。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保 证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|--------------------------|---- ...

Financial Performance - The company's operating revenue for the first half of 2021 was ¥1,049,026,079.09, representing a 64.76% increase compared to ¥636,707,819.59 in the same period last year [25]. - The net profit attributable to shareholders of the listed company reached ¥110,495,201.38, a significant increase of 233.70% from ¥33,111,967.67 in the previous year [25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥104,811,847.07, up 349.67% from ¥23,308,536.49 in the same period last year [25]. - The basic earnings per share increased to ¥0.08, a 300.00% rise compared to ¥0.02 in the previous year [25]. - The company's operating revenue reached ¥1,049,026,079.09, a year-on-year increase of 64.76% compared to ¥636,707,819.59 in the previous year, primarily due to the low revenue base from the previous year affected by COVID-19 and effective marketing strategies [43]. - Operating costs increased to ¥751,289,396.97, reflecting a year-on-year growth of 63.54% due to the rise in revenue [43]. - The company reported a significant increase in sales from the manufacturing sector, contributing ¥1,006,589,466.74, which accounted for 95.95% of total revenue, with a year-on-year growth of 64.06% [45]. - The gross profit margin for the manufacturing sector was 28.33%, slightly up from 27.65% in the previous year [47]. - The company reported a significant increase in other income to ¥6,834,813.41 from ¥4,350,338.33, representing a growth of about 57.0% [171]. - The comprehensive income attributable to the parent company's owners for the first half of 2021 was ¥105,737,284.84, compared to ¥36,526,657.54 in the same period of 2020, reflecting an increase of approximately 189.5% [173]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,860,751,724.24, reflecting a 1.30% increase from ¥4,798,196,583.39 at the end of the previous year [25]. - The net assets attributable to shareholders of the listed company were ¥3,579,601,954.47, which is a 1.57% increase from ¥3,524,122,521.58 at the end of the previous year [25]. - The total assets as of the reporting date amounted to ¥3,605,649,281.05, slightly up from ¥3,590,010,132.95 at the end of the previous period [170]. - Total liabilities stood at CNY 1,252,142,410.50, a slight increase from CNY 1,245,378,254.95, representing a growth of about 0.5% [157]. - The total liabilities of the company were recorded at 16,906.8 million RMB, indicating a leverage ratio of approximately 83.3% [195]. Cash Flow - The net cash flow from operating activities was -¥117,120,861.27, showing an improvement of 21.47% compared to -¥149,139,814.54 in the previous year [25]. - The cash flow from operating activities for the first half of 2021 was a net outflow of CNY -117,120,861.27, compared to CNY -149,139,814.54 in the first half of 2020 [181]. - The cash inflow from investment activities in the first half of 2021 was CNY 51,300,856.67, a decrease from CNY 752,933,479.55 in the same period of 2020 [181]. - The cash flow from financing activities generated a net inflow of CNY 16,108,420.49 in the first half of 2021, compared to CNY 166,696,755.16 in the first half of 2020 [183]. - The total cash inflow from investment activities was ¥4,415,909.20 in 2021, a significant drop from ¥922,915,509.75 in 2020, reflecting a decline of approximately 52.2% [186]. Research and Development - Research and development expenses rose by 33.69% to ¥50,237,694.98, as the company increased investment to maintain competitive advantages [43]. - The company plans to enhance its R&D investment and build technological barriers to achieve automation transformation in the traditional piano market [35]. - Research and development expenses for the first half of 2021 were ¥50,237,694.98, compared to ¥37,577,372.21 in the same period of 2020, showing an increase of approximately 33.6% [171]. Market Strategy and Expansion - The company plans to continue expanding its market presence and enhancing its product offerings through ongoing research and development efforts [43]. - The company aims to establish a comprehensive music service complex based on its existing instrument manufacturing advantages [35]. - The company is expanding its digital music education and internet integration through its subsidiary, aiming to create a robust digital instrument ecosystem [36]. - The company plans to enhance its international operations by integrating resources from Schimmel to reduce production costs and improve its marketing network in China [67]. - The company aims to innovate its marketing strategies by developing a high-quality dealer network and expanding its online services, including art education courses and product sales [68]. Risks and Compliance - The company faced various risks and has outlined corresponding measures in the report [4]. - The company has identified risks related to global economic uncertainty and the impact of the COVID-19 pandemic on domestic consumption, which may affect its future growth [62]. - The company strictly adheres to environmental regulations, ensuring compliance with national and local laws regarding pollution control [82]. - The company has established 43 emission outlets for dust and 24 for total VOCs, complying with relevant emission standards [82]. - The company has implemented a comprehensive environmental impact assessment for all construction projects, ensuring compliance with environmental regulations [86]. Shareholder Information - The company announced that as of January 16, 2021, the Guangzhou State-owned Assets Supervision and Administration Commission directly holds 915,520,320 shares, accounting for 67.40% of the total share capital [121]. - The largest shareholder, Guangzhou Municipal Government State-owned Assets Supervision and Administration Commission, holds 915,520,320 shares, accounting for 67.40% of total shares [130]. - The total number of ordinary shareholders at the end of the reporting period was 13,083 [130]. - The company reported no changes in the holdings of directors, supervisors, and senior management during the reporting period [139]. Corporate Social Responsibility - The company has invested CNY 100,000 in poverty alleviation projects, completing infrastructure improvements such as water supply and road construction [88]. - The company has successfully concluded its precision poverty alleviation efforts, meeting all provincial and municipal targets [88]. - The company emphasizes talent development by enhancing training management systems and collaborating with universities for talent cultivation in various fields [71].

广州珠江钢琴集团股份有限公司 广州珠江钢琴集团股份有限公司 2021 年第一季度报告全文 证券代码：002678 证券简称：珠江钢琴 公告编号：2021-023 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李建宁、主管会计工作负责人梁永恒及会计机构负责人(会计主 管人员)梁永恒声明：保证季度报告中财务报表的真实、准确、完整。 2 广州珠江钢琴集团股份有限公司 2021 年第一季度报告全文 第二节 公司基本情况 2021 年第一季度报告 2021 年 04 月 1 广州珠江钢琴集团股份有限公司 2021 年第一季度报告全文 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 558,808,832.97 | 311,418,993.59 | 79.44% | ...

Financial Performance - The company's operating revenue for 2020 was ¥1,751,896,090.27, a decrease of 14.69% compared to 2019[19]. - The net profit attributable to shareholders for 2020 was ¥170,622,294.24, down 10.09% from the previous year[19]. - The basic earnings per share for 2020 was ¥0.13, reflecting a decrease of 7.14% compared to 2019[19]. - The total operating revenue for 2020 was approximately CNY 1.75 billion, a decrease of 14.69% compared to CNY 2.05 billion in 2019[51]. - The net profit attributable to shareholders was 171 million yuan, down 10.09% year-on-year, while the net profit after deducting non-recurring gains and losses was 143 million yuan, a decrease of 7.87%[41]. - The company's total assets reached 4.799 billion yuan, an increase of 7.33% year-on-year, indicating a solid asset-liability structure[41]. - The total operating costs for 2020 amounted to ¥1,294,325,380.30, a decrease of 9.27% from ¥1,430,452,284.67 in 2019[57]. - The company reported a net cash flow from operating activities of ¥547,878,507.49 in 2020, representing a significant increase of 168.52% compared to ¥204,033,005.28 in 2019[64]. Market Position and Competition - The company has become a leading global manufacturer of pianos and a prominent digital piano manufacturer in China, holding a significant market position[3]. - The company faces intensified competition from both domestic and international brands in the piano and digital instrument markets[3]. - The overall market demand remains weak, with significant uncertainty in global growth prospects[4]. - The company acknowledges risks from global economic uncertainties and increased competition in the domestic piano market, which may impact international procurement and product exports[91]. Strategic Initiatives - The company is committed to innovation and technology development in digital instruments to maintain competitive advantage[3]. - The company is exploring opportunities for market expansion and potential mergers and acquisitions to strengthen its market position[3]. - The company aims to enhance its core technology and build technical barriers through increased R&D investment and automation transformation[28]. - The company plans to integrate internet technologies to innovate business models and enhance supply chain and marketing channels, aiming to improve market share and coverage[95]. - The company is focusing on creating a digital service platform for piano education through the "Piano Cloud Classroom" app, enhancing online teaching capabilities[31]. Investment and R&D - The company invested 82.67 million yuan in R&D, accounting for 4.71% of total revenue, and completed the design of 27 new piano models and 34 digital piano models[42]. - The company’s digital piano subsidiary reported a 16% increase in net profit, with production and sales volumes growing by 11% and 6% respectively[44]. - The company has developed a strong international talent pool, with over 20 foreign experts and more than 30 renowned domestic and international piano performers[36]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.37 CNY per 10 shares based on a total of 1,358,320,323 shares[4]. - The total distributable profit for 2020 was RMB 494,228,340.41, with the cash dividend accounting for 100% of the total profit distribution[103]. - The company has committed to distributing at least 20% of the annual distributable profit as cash dividends from 2018 to 2020[104]. Social Responsibility and Community Engagement - The company has invested a total of RMB 15,214.17 million in the National Cultural and Art Education Center project, with an actual investment of RMB 9,093.9 million during the reporting period, achieving a 100% investment progress[84]. - The company has organized various activities to promote consumption poverty alleviation, including themed party day events and the establishment of a "consumption poverty alleviation love card" initiative[160]. - The company has invested a total of 2.25 million RMB in poverty alleviation efforts in 2020, focusing on deep poverty areas and achieving a 100% poverty alleviation rate for 138 households and 475 individuals[158]. Environmental and Quality Management - The company has established an ISO14001 environmental management system, ensuring that noise, dust, and wastewater emissions are well below regulatory limits[150]. - During the reporting period, the company reported zero safety production and fire accidents, with no occupational health incidents or environmental pollution events[150]. - The company has actively engaged in quality management and established a quality culture to enhance product safety and standards[146]. Future Outlook - In 2021, the company plans to focus on high-quality development, expanding the industrial chain, and optimizing product structure, with a commitment to pandemic prevention and safety production as a top priority[93]. - The company identifies significant growth potential in emerging industries, particularly in smart pianos and online education, which are still in the blue ocean stage[92]. - The company will continue to push for international operations, leveraging global resources to expand its market presence and enhance brand influence in high-end markets[93].

Financial Performance - Operating revenue for the period was ¥560,995,112.21, representing a decrease of 8.12% year-on-year[7]. - Net profit attributable to shareholders was ¥61,293,251.04, an increase of 25.76% compared to the same period last year[7]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥52,954,439.24, up 14.64% year-on-year[7]. - Basic earnings per share were ¥0.05, an increase of 66.67% year-on-year[7]. - Operating profit, total profit, and net profit attributable to the parent company decreased by 34.93%, 35.51%, and 37.81% year-on-year, respectively, due to delays in resuming work caused by COVID-19[18]. - The total operating revenue for Q3 2020 was ¥560,995,112.21, a decrease of approximately 8.1% compared to ¥610,550,692.98 in Q3 2019[53]. - The net profit for Q3 2020 was ¥74,162,540.53, an increase of approximately 28.5% compared to ¥57,998,491.74 in Q3 2019[53]. - The company's total comprehensive income for Q3 2020 was CNY 62,543,030.76, up 28.5% from CNY 48,684,193.81 in the same quarter last year[55]. - The company's total revenue from January to the end of the reporting period was CNY 1,197,702,931.80, down 25.1% from CNY 1,599,390,768.96 in the previous year[59]. Cash Flow - Net cash flow from operating activities was ¥199,810,822.68, an increase of 80.50% compared to the same period last year[7]. - The net cash flow from operating activities for the current period is ¥50,671,008.14, compared to a loss of ¥45,378,913.33 in the previous period, indicating a significant recovery[71]. - Total cash inflow from investment activities is ¥1,275,806,921.07, down from ¥1,400,176,136.00 in the previous period, reflecting a decrease of approximately 8.9%[71]. - The net cash flow from investment activities is ¥224,130,835.89, a turnaround from a negative cash flow of ¥42,730,896.98 in the previous period[71]. - The total cash inflow from operating activities was ¥1,153,250,162.91, compared to ¥1,593,345,754.98 in the previous period, a decline of approximately 27.5%[71]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥4,648,408,092.34, an increase of 3.97% compared to the end of the previous year[7]. - The total liabilities of the company as of September 30, 2020, were CNY 1,179,518,959.74, compared to CNY 1,045,400,134.98 at the end of 2019, marking an increase of approximately 12.8%[44]. - The company's equity remained stable at CNY 3,468,889,132.60 as of September 30, 2020, consistent with the previous year[44]. - The total liabilities to total assets ratio stands at approximately 23.4%, indicating a relatively low leverage level[82]. - The company reported a total liability of CNY 1,045,400,134.98, with current liabilities at CNY 913,317,596.04[82]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,429[10]. - The largest shareholder, Guangzhou Municipal Government State-owned Assets Supervision and Administration Commission, holds 74.89% of the shares[10]. - The company did not conduct any repurchase transactions during the reporting period[14]. Investments and Projects - The company plans to issue super short-term financing bonds not exceeding 500 million yuan to improve liquidity and fund efficiency[21]. - The Guangzhou Cultural Industry Innovation and Entrepreneurship Incubation Park project has a cumulative investment of 131.42 million yuan as of September 30, 2020[27]. - The company has terminated the National Cultural and Art Education Center construction project and will permanently supplement working capital with the remaining raised funds and interest[28]. - The company has invested 38.2 million yuan in entrusted wealth management products, with an outstanding balance of 18.2 million yuan as of the reporting date[31]. - The company has shifted the funding for the cloud service platform project to the Guangzhou Cultural Industry Innovation and Entrepreneurship Incubation Park project[28]. Operational Efficiency - The company has established one center store in Beijing and flagship stores in Guangzhou and Foshan through its wholly-owned subsidiary, but the operational status has not met expectations[28]. - The company has implemented a "renovate while leasing" strategy for the incubation park project to enhance operational efficiency[27]. - The company is actively promoting external leasing through traditional advertising and online media[27].

Financial Performance - The company's operating revenue for the first half of 2020 was ¥636,707,819.59, a decrease of 35.61% compared to ¥988,840,075.98 in the same period last year[18]. - The net profit attributable to shareholders was ¥33,111,967.67, down 67.87% from ¥103,055,415.41 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥23,308,536.49, a decline of 74.71% compared to ¥92,163,024.36 in the same period last year[18]. - The basic earnings per share decreased by 75.00% to ¥0.02 from ¥0.08 in the previous year[18]. - The total assets at the end of the reporting period were ¥4,657,161,622.26, an increase of 4.17% from ¥4,470,698,047.10 at the end of the previous year[18]. - The net assets attributable to shareholders decreased slightly by 0.32% to ¥3,384,649,489.45 from ¥3,395,664,040.25 at the end of the previous year[18]. - The net cash flow from operating activities was negative at -¥149,139,814.54, a slight improvement from -¥156,080,002.11 in the previous year[18]. - The company reported non-recurring gains of ¥9,803,431.18 during the reporting period[23]. - The weighted average return on net assets was 0.97%, down from 3.08% in the previous year[18]. Sales and Market Performance - Online sales of pianos reached 1,380 units in the first half of 2020, demonstrating a shift towards digital marketing strategies[31]. - The subsidiary Aimoson reported operating revenue of 32.51 million yuan, a decline of 20.02% year-on-year, due to decreased market demand for digital products[35]. - Domestic sales contributed 87.84% of total revenue, totaling ¥559,252,571.61, which is a 38.82% decline compared to the previous year[42]. - The manufacturing sector accounted for 96.37% of total revenue, amounting to ¥613,566,185.87, reflecting a 35.31% decrease year-on-year[42]. Research and Development - The company developed 10 new piano designs during the reporting period, enhancing market competitiveness[32]. - The company launched 7 new patents, including 4 utility model patents and 3 design patents, increasing its total patent count to 167[32]. - The company has developed 267 new material and process improvement experiments, with 47 already implemented[32]. - The company is focusing on developing a comprehensive online service platform to provide integrated services, including online education and product sales, to enhance customer experience[74]. - The company is accelerating the development of digital instruments, including electronic drums and silent guitars, to diversify its product offerings and improve production efficiency[73]. Cash Flow and Investments - Investment activities resulted in a net cash outflow of -¥174,241,880.40, a significant decrease of 575.94% compared to a net inflow of ¥36,609,923.22 in the same period last year[39]. - Financing activities generated a net cash inflow of ¥166,696,755.16, a substantial increase of 769.85% compared to -¥24,885,550.07 in the previous year[39]. - The total amount of funds raised was ¥109,300 million, with ¥773.28 million invested during the reporting period[54]. - The total amount of entrusted financial management reached CNY 66,250 million, with an outstanding balance of CNY 63,700 million[102]. Environmental and Social Responsibility - Guangzhou Zhujiang Piano Group reported compliance with environmental regulations, with no exceedances in pollutant emissions across all monitored categories[111]. - The company operates a wastewater treatment system that recycles water, with domestic sewage treated to meet standards before discharge into municipal systems[109]. - The company is actively involved in poverty alleviation efforts, focusing on deep poverty areas and implementing various support projects[114]. - The company has committed to providing technical training for impoverished households, organizing two training sessions annually[116]. - The company has invested a total of 2.25 million yuan in poverty alleviation efforts, with 474 registered impoverished individuals lifted out of poverty[123]. Shareholder and Equity Information - The total number of shares before the change was 1,358,320,323, with a total of 1,358,320,323 shares after the change, maintaining 100% ownership[131]. - The largest shareholder, Guangzhou Municipal Government State-owned Assets Supervision and Administration Commission, holds 1,017,244,800 shares, accounting for 74.89% of total shares[136]. - The total equity attributable to the owners of the parent company was CNY 3,384,649,489.45 as of June 30, 2020, slightly down from CNY 3,395,664,040.25 at the end of 2019, a decrease of about 0.3%[158]. - The company has not experienced any changes in its controlling shareholder during the reporting period[137]. Risks and Challenges - The company faces risks from global economic uncertainties and the impact of the COVID-19 pandemic on international trade and market demand[69]. - The impact of COVID-19 has led to a decline in overall market demand, with significant increases in logistics and raw material costs, resulting in reduced order volumes and pressure on sales[70]. - Rising manufacturing costs due to environmental policies and increased raw material prices are pressuring profit margins, prompting the company to enhance R&D and manufacturing processes to improve product quality[71].

广州珠江钢琴集团股份有限公司 2020 年第一季度报告全文 证券代码：002678 证券简称：珠江钢琴 公告编号：2020-022 广州珠江钢琴集团股份有限公司 2020 年第一季度报告 PEARL RIVER PIANO 2020 年 04 月 1 广州珠江钢琴集团股份有限公司 2020 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李建宁、主管会计工作负责人梁永恒及会计机构负责人(会计主 管人员)梁永恒声明：保证季度报告中财务报表的真实、准确、完整。 2 广州珠江钢琴集团股份有限公司 2020 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | |-----------------------------------------------------|---------------------- ...

Financial Performance - The company reported a total revenue of 1,358,320,323 RMB for the year 2019, with a cash dividend of 0.35 RMB per 10 shares distributed to shareholders[9]. - The company's operating revenue for 2019 was ¥2,053,455,951.75, representing a 4.00% increase from ¥1,974,560,927.14 in 2018[35]. - The net profit attributable to shareholders for 2019 was ¥189,764,277.59, up 7.67% from ¥176,252,404.62 in 2018[35]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥155,759,090.01, reflecting a 13.54% increase from ¥137,186,320.96 in 2018[35]. - The basic earnings per share for 2019 was ¥0.14, which is a 7.69% increase from ¥0.13 in 2018[35]. - The total assets at the end of 2019 were ¥4,470,698,047.10, a 2.15% increase from ¥4,376,451,368.39 at the end of 2018[35]. - The net assets attributable to shareholders at the end of 2019 were ¥3,395,664,040.25, up 3.14% from ¥3,292,434,010.79 at the end of 2018[35]. - The company achieved a 4.86% year-on-year increase in digital piano sales, totaling 42,736 units sold in 2019[63]. - The total sales volume of pianos reached 156,144 units, with online sales accounting for 3,807 units, a 7.45% increase year-on-year[58]. Market Position and Competition - The company has become a leading global manufacturer of pianos, holding a significant market position in both traditional and digital piano segments[8]. - The company faces risks from intensified market competition, particularly from foreign brands entering the Chinese market and the rapid growth of second-hand piano imports[4]. - The company holds a 42.20% market share in the Chinese piano market and a 30.15% share globally, maintaining a leading position in production and sales[46]. - The domestic piano market is facing intensified competition, with increased pressure from international manufacturers and a rise in second-hand piano imports[109]. Research and Development - The company has developed 166 technology patents, including 42 invention patents, and has established itself as a leader in piano manufacturing in China[49]. - The company invested CNY 97.7 million in R&D, completing 578 new material and process improvement experiments, and designing 32 new piano models[59]. - The company has implemented a quality improvement plan, resulting in recognition at various quality control events[66]. - The company has established partnerships with educational institutions to cultivate industry talent and improve quality standards[174]. Strategic Initiatives - The company is focused on expanding its market share in digital instruments, driven by technological innovation and increasing consumer interest[4]. - The company has a well-defined strategy for future growth, including market expansion and the development of new products and technologies[8]. - The company is actively promoting international operations and high-end upgrades in the piano industry, with a focus on smart pianos and arts education[45]. - The company aims to create a globally influential music culture base, integrating research, production, and education[46]. Social Responsibility and Community Engagement - The company has maintained a strong commitment to social responsibility, emphasizing its role in society and community engagement[173]. - The company has developed a targeted poverty alleviation plan focusing on deep poverty areas, emphasizing quality over quantity in poverty alleviation efforts[181]. - The company provided vocational skills training to 224 individuals, with an investment of 25,000 CNY, resulting in 131 individuals achieving employment[186]. - The company has organized two technical training sessions annually for registered impoverished households[182]. Environmental Sustainability - The company is committed to sustainable development, focusing on green production processes and zero wastewater discharge[176]. - The company achieved zero emissions for wastewater and reliable treatment for waste gas and dust in the new wastewater treatment system established in 2018[178]. - The company has implemented 98 clean production programs since 2006, passing the clean production audit by the Guangdong Provincial Environmental Protection Bureau[178]. - The company strictly adheres to environmental protection laws and regulations, ensuring compliance with the Environmental Protection Law and other relevant laws[198]. Governance and Compliance - The company is enhancing its communication with investors and stakeholders, focusing on transparency and responsible governance practices[108]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[133]. - The company has not experienced any major lawsuits or arbitration matters during the reporting period[146]. - The company has not reported any violations regarding external guarantees during the reporting period[163].

广州珠江钢琴集团股份有限公司 2019 年第三季度报告全文 广州珠江钢琴集团股份有限公司 （Guangzhou Pearl River Piano Group Co.,Ltd） 2019 年第三季度报告 1 证券代码：002678 证券简称：珠江钢琴 公告编号：2019-043 2019 年 10 月 广州珠江钢琴集团股份有限公司 2019 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李建宁、主管会计工作负责人梁永恒及会计机构负责人(会计主 管人员)梁永恒声明：保证季度报告中财务报表的真实、准确、完整。 2 广州珠江钢琴集团股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-------------------------------------------- ...

Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥988.84 million, representing a 2.07% increase compared to the same period last year[18]. - The net profit attributable to shareholders of the listed company was approximately ¥103.06 million, an increase of 6.26% year-on-year[18]. - The basic earnings per share for the period was ¥0.08, reflecting a 14.29% increase compared to the previous year[18]. - The total revenue for the reporting period was RMB 988.84 million, representing a 2.07% increase from RMB 968.76 million in the previous year[42]. - The manufacturing sector accounted for 95.92% of total revenue, with revenue of RMB 948.47 million, reflecting a 2.07% increase year-on-year[44]. - The company's revenue for the manufacturing sector reached ¥948,471,406.40, representing a year-on-year increase of 2.07%[45]. - The company reported a total of ¥2,302.26 million in raised funds during the reporting period, with a cumulative investment of ¥68,323.81 million[55]. - The company’s research and development expenditure was RMB 46.96 million, a decrease of 3.96% from RMB 48.89 million in the previous year[42]. - The company’s overseas revenue decreased by 25.95% to RMB 74.72 million, down from RMB 100.91 million in the previous year[44]. - The cultural service sector generated revenue of RMB 29.11 million, a decline of 2.31% from RMB 29.79 million in the previous year[44]. Cash Flow and Financial Position - The net cash flow from operating activities was negative at approximately -¥156.08 million, a decline of 106.64% compared to the previous year[18]. - The company's cash and cash equivalents at the end of the reporting period amounted to ¥547,819,368.50, down 3.17% from ¥693,442,630.79 at the same time last year[47]. - Accounts receivable increased significantly to ¥287,133,281.65, up 4.68% from ¥85,695,551.34 year-on-year[47]. - Inventory levels rose to ¥960,695,086.39, which is an increase of 2.22% compared to ¥875,245,160.36 from the previous year[47]. - The company’s short-term borrowings increased to ¥395,353,000.00, up 3.21% from ¥259,625,700.00 year-on-year[47]. - The total amount of guarantees provided by the company accounted for 2.14% of the company's net assets[87]. - The company has no violations regarding external guarantees during the reporting period[89]. - The total assets at the end of the reporting period were approximately ¥4.32 billion, a decrease of 1.19% from the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were approximately ¥3.31 billion, an increase of 0.44% compared to the previous year[18]. Market and Competition - The company faces risks from macroeconomic fluctuations that may impact consumer spending on pianos and digital instruments[4]. - Increased competition in the domestic piano and digital instrument market poses a risk to the company's market position[5]. - The company aims to optimize its sales structure and expand its marketing network to cover untapped markets[32]. - The company has established 58 national distributors and 28 sub-distributors for the Schimmel brand in China[32]. - The company participated in over 189 cultural events to enhance its international brand influence[35]. Product Development and Innovation - The company developed 16 new piano models in the first half of 2019, with some entering the trial production phase[34]. - The company has authorized 8 patents this year, including 1 invention patent and 5 utility model patents[34]. - The company completed 214 trials for new materials and processes in piano manufacturing, with 22 projects implemented[33]. Social Responsibility and Community Engagement - The company aims to achieve poverty alleviation goals by 2020, ensuring that rural poor populations have access to basic needs and services[95]. - The company has invested a total of 171 million yuan in poverty alleviation efforts, with 468 individuals from registered impoverished households lifted out of poverty[101]. - A total of 9 poverty alleviation projects have been initiated, with an investment of 85.2 million yuan specifically for industry development[102]. - The company has organized 2 training sessions annually for impoverished households to enhance their skills[99]. - The company has allocated 74.5 million yuan to improve educational resources in impoverished areas[102]. Governance and Compliance - The company has not reported any significant legal disputes or penalties during the period, reflecting a stable operational environment[74]. - The company has not engaged in any major related party transactions during the reporting period, ensuring transparency in its operations[78]. - The company has not initiated any stock incentive plans or employee shareholding plans during the reporting period, indicating a focus on other strategic initiatives[77]. - The financial report for the first half of 2019 has not been audited[126]. - The company prepares financial statements based on the assumption of going concern, with no significant doubts about its ability to continue operations for the next 12 months[174]. Shareholder Information - The total number of shares is 1,358,320,323, with 99.91% being unrestricted shares[111]. - The largest shareholder, Guangzhou Municipal Government, holds 74.89% of the shares, totaling 1,017,244,800 ordinary shares[115]. - The total number of ordinary shareholders at the end of the reporting period is 16,604[114]. Environmental Compliance - The company strictly adheres to environmental protection laws and regulations, ensuring compliance in all new project constructions[91]. - The company has installed online monitoring facilities for wastewater treatment, ensuring compliance with local environmental standards[92]. - The company has developed an emergency response plan for environmental incidents, which has been reviewed and filed with the local environmental authority[94].