Core Viewpoint - The company reported a significant decline in revenue and incurred substantial losses in the first three quarters of 2025 [1] Financial Performance - The company achieved an operating revenue of 386 million yuan, representing a year-on-year decrease of 26.72% [1] - The net loss attributable to shareholders of the listed company was 218 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 220 million yuan [1]

Core Viewpoint - Zhujiang Piano experienced a trading halt today, with a turnover rate of 6.40% and a transaction volume of 544 million yuan, indicating significant market activity [1] Trading Performance - The stock reached its daily limit, with a price fluctuation of 22.26% throughout the day [1] - The net inflow of funds from major investors was 62.11 million yuan, with large orders contributing a net inflow of 76.49 million yuan, while large orders saw a net outflow of 14.37 million yuan [1] Market Participation - The stock was listed on the Dragon and Tiger list due to its daily price fluctuation of 22.26%, with net purchases from the Shenzhen Stock Connect amounting to 809,400 yuan [1] - The top five trading departments accounted for a total transaction volume of 145 million yuan, with a net selling amount of 9.32 million yuan [1] Historical Context - Over the past six months, the stock has appeared on the Dragon and Tiger list six times, with an average price drop of 0.66% the day after being listed and an average decline of 7.22% over the following five days [1]

证券代码：002678 证券简称：珠江钢琴 公告编号：2025-050 广州珠江钢琴集团股份有限公司 关于召开公司2025年第二次临时股东大会的通知 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10月23日召 开第四届董事会第三十九次会议，决定于2025年11月11日下午15：30以网络投票 和现场投票相结合的方式召开公司2025年第二次临时股东大会。现将本次会议的 有关事项公告如下： 一、召开会议的基本情况 1、股东会届次：公司2025年第二次临时股东大会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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》等法律、行政法规、部门规章、规范性文件及《公司章程》的有 关规定。 4、会议时间： （3）公司聘请的律师； （4）根据相关法规应当出席股东大会的其他人员。 8、会议地点：广州市增城区永宁街香山大道38号广州珠江钢琴集团股份有 限公司文化中心五楼会议室。 二、会议审 ...

《2025 年第三季度报告》具体内容详见巨潮资讯网（www.cninfo.com.cn）。 （二）以 3 票同意、0 票否决、0 票弃权，审议通过《关于变更会计师事务所的 议案》 证券代码：002678 证券简称：珠江钢琴 公告编号：2025-047 广州珠江钢琴集团股份有限公司 第四届监事会第二十三次会议决议公告 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10月17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10月23日下午15：30以现场 会议方式在公司监事会办公室召开第四届监事会第二十三次会议。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 年第三季度报告》 经审议，监事会认为：董事会编制和审核公司 2025 年第三季度报告的程序符合 法律、行政法规和中国证监会的规定，报告内容真实 ...

Group 1 - The core point of the article is that Zhujiang Piano (SZ 002678) held its 39th board meeting on October 23, 2025, where it reviewed the proposal to change its accounting firm [1] - For the first half of 2025, Zhujiang Piano's revenue composition was as follows: Industrial accounted for 82.78%, Property leasing and services for 12.62%, Cultural services for 3.14%, and Other businesses for 1.46% [1] - As of the report date, Zhujiang Piano's market capitalization was 9.3 billion yuan [1] Group 2 - The article mentions that Chinese innovative drugs have sold overseas licenses worth 80 billion USD this year, highlighting the booming secondary market in biomedicine [1] - A dialogue with Lu Gang, a partner at Chuangdong Investment, indicates that while the secondary market is thriving, the primary market is facing challenges in fundraising [1]

Company Performance - Zhujiang Piano reported a revenue of approximately 386 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 26.72% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 218 million yuan [1] - Basic earnings per share showed a loss of 0.16 yuan [1] Market Capitalization - As of the report, Zhujiang Piano's market capitalization stands at 9.3 billion yuan [1]

Core Viewpoint - The company Zhujiang Piano (002678.SZ) reported a significant decline in revenue and an increase in net losses for the third quarter and the first three quarters of the year, primarily due to a challenging market environment and changes in consumer behavior [1]. Financial Performance - Q3 revenue was 145 million yuan, a year-on-year decrease of 10.70% [1] - Net loss for Q3 was 80.4659 million yuan [1] - Revenue for the first three quarters was 386 million yuan, down 26.72% year-on-year [1] - Net loss for the first three quarters reached 218 million yuan [1] Industry Context - The decline in performance is attributed to multiple factors, including a sluggish consumer demand in the musical instrument market, changes in consumer willingness to spend, the "double reduction" policy, and adjustments in art examination policies [1]. - The overall consumption demand in the musical instrument industry remains weak, leading to a significant drop in sales for the company [1]. - Decreased production capacity has further increased production costs, compressing profit margins for the company [1].

关于变更会计师事务所的公告 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： 证券代码：002678 证券简称：珠江钢琴 公告编号：2025-049 广州珠江钢琴集团股份有限公司 1、拟聘任的会计师事务所名称：天健会计师事务所（特殊普通合伙） 2、原聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙） 3、变更会计师事务所的原因：综合考量广州珠江钢琴集团股份有限公司（以 下简称"公司"）业务发展与审计需求，根据《国有企业、上市公司选聘会计师 事务所管理办法》（财会〔2023〕4 号）等相关规定，经履行招标程序及综合评 估，公司拟聘任天健会计师事务所（特殊普通合伙）（以下简称"天健会计师事 务所"）为公司 2025 年度财务报告和内部控制审计机构，聘期一年。公司已就 变更会计师事务所事宜与前任会计师事务所进行沟通，前任会计师事务所已明确 知悉本次变更事项并确认无异议。 4、公司审计委员会、董事会对本次变更会计师事务所事项均无异议。本事 项尚需提交公司股东大会审议。 5、本次变更会计师事务所符合财政部、国务院国资委、证监会印发的《国 有企业、上市公司 ...

Core Insights - The company reported a third-quarter revenue of 145 million, representing a year-on-year decline of 10.70% [1] - The net profit for the third quarter was a loss of 80.4659 million, a decrease of 24.40% compared to the previous year [1] - For the first three quarters, the total revenue was 386 million, showing a year-on-year decline of 26.72% [1] - The net profit for the first three quarters was a loss of 218 million, which is a decline of 58.18% year-on-year [1]

（一）以 7 票同意、0 票否决、0 票弃权，审议通过《2025 年第三季度报告》 证券代码：002678 证券简称：珠江钢琴 公告编号：2025-046 广州珠江钢琴集团股份有限公司 第四届董事会第三十九次会议决议公告 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 10 月 17 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 10 月 23 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 三十九次会议。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 本议案在提交公司董事会审议前已经公司董事会审计委员会审议通过。 《2025 年第三季度报告》具体内容详见巨潮资讯网（www.cninfo.com.cn）。 （二）以 7 票同意、0 票否决、0 票弃权，审议 ...