《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 ...

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]