广州珠江钢琴集团股份有限公司 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：2025-048 广州珠江钢琴集团股份有限公司 2025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.第三季度财务会计报告是否经过审计 □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 □是 否 | | 本报告期 | 本报告期比上年 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 同期增减 | | 比上年同期增减 | | 营业收入（元） | 145,454,882.36 | -10.70% | 386,153,227.43 | -26 ...

Market Overview - The entertainment products sector increased by 0.44% compared to the previous trading day, with Zhujiang Piano leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Zhujiang Piano (002678) closed at 6.81, rising by 10.02% with a trading volume of 869,200 shares and a transaction value of 544 million yuan [1] - Source Pet (001222) closed at 24.76, up 3.04%, with a trading volume of 46,000 shares and a transaction value of 114 million yuan [1] - Other notable performers include Gao Le Co., Ltd. (002348) up 1.93%, Helen Piano (300329) up 1.87%, and Yingpais (002899) up 1.42% [1] Fund Flow Analysis - The entertainment products sector experienced a net outflow of 43.9977 million yuan from institutional investors, while retail investors saw a net inflow of 53.0975 million yuan [2] - The overall trend indicates that while institutional funds were withdrawn, retail investors were actively buying into the sector [2] Individual Stock Fund Flow - Zhujiang Piano saw a net inflow of 40.5139 million yuan from institutional investors, while retail investors had a net outflow of 298.93 thousand yuan [3] - Gao Le Co., Ltd. had a net inflow of 7.6592 million yuan from institutional investors, with retail investors experiencing a net outflow of 729.74 thousand yuan [3] - Morning Light Co., Ltd. (603899) had a net inflow of 7.1605 million yuan from institutional investors, while retail investors faced a net outflow of 662.38 thousand yuan [3]

Group 1 - The stock of Zhujiang Piano reached a closing price of 6.81 yuan on October 24, with a limit-up performance and a closing market capitalization of 4.67% from the total circulation value [1] - The potential factors for the stock's limit-up include strong market expectations for improved company performance ahead of the Q3 report, positive overall performance in the musical instrument manufacturing industry, and favorable policies in arts education [1][3] - The company benefits from the active multi-child policy sector, enhancing its position as a multi-child concept stock, alongside deepening cultural tourism industry layouts through its subsidiary Zhujiang Ruifeng [1] Group 2 - On October 24, the net inflow of main funds was 40.51 million yuan, accounting for 7.44% of the total transaction amount, while retail investors experienced a net outflow of 298.93 million yuan, representing 0.55% of the total [1] - Over the past five days, the stock has shown significant fluctuations in net fund flows, with notable inflows and outflows reflecting changing investor sentiment [1]

Group 1: A-Share Market Overview - A-shares opened higher on October 24, with the Shanghai Composite Index rising by 0.42%, reaching a peak of 3946.16 points, marking a new high in over ten years [1] - The market turnover reached 1.24 trillion yuan, an increase of over 180 billion yuan compared to the same period of the previous trading day [1] - The technology sector saw collective gains, with commercial aerospace, satellite internet, semiconductors, and memory storage concepts all rising by over 3% [1] Group 2: Zhujiang Piano Stock Performance - Zhujiang Piano (002678) exhibited a "limit-up" and "limit-down" trading pattern, hitting the limit-down within one minute of opening, followed by a rapid rise to limit-up within two minutes [2] - As of the morning close, there were over 750,000 buy orders on Zhujiang Piano, with total buy order funds exceeding 500 million yuan [2] - The company reported a loss of 236 million yuan for 2024 and a loss of 138 million yuan for the first half of this year, indicating recent operational pressure [2][3] Group 3: Commercial Aerospace Sector - The commercial aerospace sector saw significant gains, with the concept index rising by 4.1% on October 24, and several stocks, including Aerospace Zhizhuang and Aerospace Changfeng, hitting the limit-up [4] - Recent advancements in reusable rocket technology were highlighted, with the successful completion of static ignition tests for the Zhuque-3 rocket, which is designed for large satellite constellation networks [4][5] - The commercial aerospace industry is expected to grow significantly, with projections indicating a capacity to produce 100 rockets and 150 commercial satellites annually by 2027 [5] Group 4: Institutional Ratings in Commercial Aerospace - A total of 67 stocks in the A-share market are involved in the commercial aerospace industry, with 16 stocks receiving ratings from five or more institutions [6] - Companies like Feilihua, AVIC Xi'an Aircraft Industry, and Aerospace Electronics are among those with the highest number of institutional ratings [6][7] - Forecasts suggest that these companies are likely to turn profitable or see year-on-year net profit growth by 2025, with some companies expecting profit increases exceeding 100% this year [6][7] Group 5: Northbound Capital Inflows - In the third quarter, 30 stocks in the commercial aerospace sector saw an increase in holdings by northbound funds, with some stocks like Longxi Co. and Zhongtian Rocket experiencing over 100% growth in holdings [8] - Longxi Co. is actively expanding its market presence in civil aviation components, aiming to integrate into the domestic civil aircraft supply chain [8]

Market Overview - On October 24, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index reaching a nearly ten-year high, closing up 0.42% [1][2] - The ChiNext Index rose by 2.09%, and the STAR 50 Index increased by 2.98%, indicating strong market performance [1][2] Sector Performance - The technology sector, including memory, commercial aerospace, satellite internet, and semiconductors, experienced significant gains, while sectors like ice and snow tourism, coal mining, oil and gas extraction, real estate, liquor, and steel saw pullbacks [2][4] - The total market turnover reached 1.24 trillion yuan, showing a noticeable increase compared to the previous day, with over 2,900 stocks rising [2] Notable Stocks - In the electronics sector, stocks related to memory, HBM, circuit boards, semiconductors, and advanced packaging surged, with companies like Puzai Co., Kexiang Co., and Shengyi Technology hitting the daily limit of 20% [4][5] - Honghua Semiconductor led the Hang Seng Technology Index with a nearly 12% increase, while other notable gainers included ASMPT and SMIC [3][4] Coal Sector - The coal sector faced a significant pullback, with companies like Antai Group and Yunmei Energy hitting the daily limit down, and others like Shaanxi Black Cat and Liaoning Energy experiencing substantial declines [10][11] Company Highlights - Zhujiang Piano experienced a dramatic trading session, initially hitting the daily limit down before rebounding to close at the daily limit up, marking its third consecutive limit-up day [12] - The company confirmed stable operational conditions and no significant changes in the internal or external business environment, following a notice of abnormal stock trading fluctuations [12] Future Economic Outlook - The National Development and Reform Commission indicated that the "three new" economy's contribution to GDP is expected to exceed 18% in 2024, highlighting the growth potential of emerging industries [7][8] - Strategic emerging industries such as new energy, new materials, and aerospace are anticipated to create several trillion-yuan markets, with significant investments in quantum technology and other high-tech sectors over the next decade [8]

Market Overview - On October 24, the A-share market saw all three major indices rise, with the Shanghai Composite Index reaching a nearly ten-year high, closing up 0.42% [1] - The Shenzhen Component Index increased by 1.3%, the ChiNext Index rose by 2.09%, and the STAR 50 Index surged by 2.98% [2] Trading Volume and Stock Performance - The total trading volume across the market reached 1.24 trillion yuan, showing a significant increase compared to the previous day, with over 2,900 stocks rising [2] - The electronic sector experienced a notable surge, particularly in memory, commercial aerospace, satellite internet, and semiconductor stocks, which led the gains [2][4] Sector Performance - The memory sector saw a rise of 6.40%, with HBM up 4.95% and semiconductors up 3.92% [3] - Conversely, sectors such as coal mining, real estate, and tourism experienced declines, with coal stocks notably retreating [9][10] Notable Stocks - Individual stocks like Huahong Semiconductor rose nearly 12%, leading the Hang Seng Technology Index [3] - Stocks such as Puran Co., Kexiang Co., and Shengyi Technology hit the daily limit up of 20% [5][6] Policy and Future Outlook - The National Development and Reform Commission emphasized the importance of nurturing emerging industries, projecting that the "three new" economy will account for over 18% of GDP by 2024 [7] - The recent announcement from major suppliers like Samsung and SK Hynix indicates a potential price increase of up to 30% for DRAM and NAND flash memory by Q4 2025, signaling a shift towards a "super cycle" in the memory chip industry [8] Specific Company Movements - On the same day, Zhujiang Piano experienced a dramatic price movement, initially hitting the limit down before rebounding to a limit up, closing at 6.81 yuan per share [12][17]

Core Viewpoint - The A-share market experienced a significant rise on October 24, with the Shanghai Composite Index reaching a ten-year high, driven by strong performance in the technology sector and commercial aerospace concepts. Group 1: Market Performance - On October 24, the Shanghai Composite Index rose by 0.42%, peaking at 3946.16 points, marking a new ten-year high [1] - The market's trading volume reached 1.24 trillion yuan, an increase of over 180 billion yuan compared to the previous trading day [1] - The technology sector saw collective gains, with commercial aerospace, satellite internet, semiconductors, and memory storage concepts all rising by over 3% [1] Group 2: Company Specifics - Pearl River Piano - Pearl River Piano (002678) exhibited extreme volatility, opening with a limit down and then quickly reversing to a limit up within two minutes, with over 750,000 buy orders remaining at the limit up price [1] - The stock saw significant trading activity from notable speculators, with Huaxin Securities being a major player in both buying and selling [1] - Pearl River Piano reported a loss of 236 million yuan for 2024 and a loss of 138 million yuan for the first half of the year, indicating ongoing operational challenges [2] Group 3: Commercial Aerospace Sector - The commercial aerospace sector saw a surge, with the concept index rising by 4.1% on October 24, and several stocks reaching their daily limit [1][4] - Recent advancements in reusable rocket technology were highlighted, with the successful testing of the Zhuque-3 rocket, which is designed for large constellation networking [4][5] - The commercial aerospace industry is projected to grow significantly, with a target of producing 100 rockets and 150 commercial satellites annually by 2027, aiming for a market scale of 50 billion yuan [5] Group 4: Institutional Ratings and Predictions - A total of 67 stocks in the A-share market are involved in the commercial aerospace supply chain, with 16 stocks receiving ratings from five or more institutions [6] - Institutions predict that these 16 stocks will achieve profitability or significant net profit growth by 2025, with some companies expecting over 100% growth in net profit this year [6][7] - Notable companies such as Zhimin Da and Narui Radar are expected to see substantial increases in net profit, with growth rates projected at 488.54% and 305.59%, respectively [7]

Market Overview - The A-share market experienced a collective rise on October 24, with the Shanghai Composite Index reaching a nearly ten-year high, closing up 0.42% [2][3] - The Shenzhen Component Index increased by 1.3%, while the ChiNext Index rose by 2.09%, and the STAR 50 Index saw a gain of 2.98% [2][3] Sector Performance - The technology sector, particularly in memory chips, commercial aerospace, satellite internet, and semiconductors, showed significant gains, leading the market [3][4] - The overall market saw a trading volume of 1.24 trillion yuan, with over 2,900 stocks rising [3] Notable Stocks - Honghua Semiconductor surged nearly 12%, leading the Hang Seng Technology Index [4] - Several stocks in the electronics sector, including Puran Co., Kexiang Co., and Shengyi Technology, hit the daily limit of 20% increase [6][7] - The stock of Zhujiang Piano initially dropped to the limit down but then surged to hit the limit up, closing at 6.81 yuan per share [13][18] Coal Sector - The coal sector faced a notable decline, with companies like Antai Group and Yunmei Energy hitting the limit down, while others like Shaanxi Black Cat and Liaoning Energy also saw significant drops [10][11] Future Industry Outlook - The National Development and Reform Commission emphasized the importance of nurturing emerging industries, projecting that the "three new" economy will account for over 18% of GDP by 2024 [8][9] - Strategic emerging industries such as new energy, new materials, and aerospace are expected to create substantial market opportunities in the coming years [9]

据天眼查APP显示，广州珠江钢琴集团股份有限公司成立于1987年10月10日，注册资本135832.0323万 人民币。（数据宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.10.23 | 9.95 | 5.31 | -702.27 | | 2025.10.22 | 9.96 | 2.88 | 6994.69 | | 2025.10.21 | -0.78 | 1.94 | -1538.97 | | 2025.10.20 | 0.78 | 4.07 | -801.79 | | 2025.10.17 | 10.11 | 6.45 | 8401.92 | | 2025.10.16 | 0.65 | 0.73 | -364.42 | | 2025.10.15 | 2.67 | 1.00 | -630.18 | | 2025.10.14 | 0.90 | 0.91 | 260.39 | | 2025.10.13 | 0.45 | 0.81 | 78.42 | | 2025.10.10 | 2.54 | ...

Core Viewpoint - The stock of Zhujiang Piano experienced significant volatility, moving from a limit down to a limit up, indicating strong market activity and investor interest [2] Group 1: Stock Performance - The stock price of Zhujiang Piano saw a dramatic change, with a trading volume of 82.44 million shares and a transaction value of 514 million yuan [2] - The stock exhibited a price fluctuation of 20.03% and a turnover rate of 6.07% [2] - The amount of buy orders at the limit up was 545 million yuan, reflecting strong demand [2]