Core Viewpoint - The overseas concept continues to show strong performance, particularly in the apparel and home furnishing sectors, with several stocks reaching their daily limit up [1] Group 1: Stock Performance - Sheng Tai Group, Pi'ano, Huafang Co., Zhejiang Zhengte, and Yingfeng Co. all hit the daily limit up [1] - Meizhi Gao and Taihu Xue both surged over 20% [1] - Hengtai Lighting, Youkeshu, Zhiou Technology, and Saiwei Times all increased by more than 10% [1]

Group 1: Shareholder and Stock Performance - The total number of shareholders as of March 31, 2025, is 9,882 [3] - The stock price fluctuations are influenced by market conditions, macroeconomic factors, and investor sentiment, with no undisclosed negative information affecting the company [2][5] - The major shareholder's share transfer is ongoing and has not yet been completed [1] Group 2: Financial Performance - In 2024, the company achieved a revenue of 885.88 million CNY, with a net profit attributable to shareholders of -374.76 million CNY, indicating a decline due to industry conditions and market competition [4] - The overall furniture manufacturing industry in China reported a revenue of 677.15 billion CNY in 2024, with a year-on-year growth of 0.4% and a profit total of 37.24 billion CNY, down 0.1% from the previous year [5] Group 3: Strategic Initiatives - The company plans to enhance its brand positioning in the mid-to-high-end market, improve product quality, and optimize customer revenue structure by focusing on quality real estate developers [4][6] - The introduction of advanced production lines and lean manufacturing principles aims to improve production efficiency and product quality [5] - The company is expanding its sales channels through a combination of direct sales and partnerships with real estate clients, aiming for a comprehensive marketing service network [6] Group 4: Market Outlook - The ongoing urbanization and renovation demands are expected to provide structural growth opportunities for the industry [5] - The custom furniture market is in a growth phase with significant potential for increased market concentration due to evolving consumer preferences and diversified channels [5]

Core Points - The stock of PIANO experienced a decline of 7.84% with a turnover rate of 8.43% and a trading volume of 152 million yuan, showing a fluctuation of 10.44% [2] - Institutional investors net sold 14.67 million yuan, while brokerage seats collectively net bought 10.43 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange due to a daily price deviation of -9.54% [2] Trading Data - The top five brokerage seats accounted for a total transaction amount of 60.37 million yuan, with a buying amount of 28.07 million yuan and a selling amount of 32.31 million yuan, resulting in a net sell of 4.24 million yuan [2] - Among the brokerage seats, three institutional specialized seats were present, with a total buying amount of 4.41 million yuan and a selling amount of 19.08 million yuan, leading to a net sell of 14.67 million yuan [2] Fund Flow - The stock saw a net outflow of 21.47 million yuan from main funds, with a significant outflow of 14.56 million yuan from large orders and 6.91 million yuan from big orders [2] - Over the past five days, the net outflow of main funds amounted to 20.47 million yuan [2]

证券代码：002853 证券简称：皮阿诺 公告编号：2025-029 广东皮阿诺科学艺术家居股份有限公司 关于举办 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 广东皮阿诺科学艺术家居股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日披露了《2024 年年度报告》及《2025 年第一季度报告》。为便于广大投 资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 5 月 12 日（星期一）15:30-16:30 在"价值在线"（www.ir-online.cn）举办公司 2024 年度暨 2025 年第一季度业绩说明会，与投资者进行沟通和交流，广泛听取 投资者的意见和建议。现将相关事项公告如下： 一、业绩说明会召开时间、地点及方式 1、召开时间：2025 年 5 月 12 日（星期一）15:30-16:30 2、召开地点：价值在线（www.ir-online.cn） 3、召开方式：网络互动方式 二、出席人员 公司出席本次业绩说明会的人员：董事长兼总经理马礼斌先生、独 ...

Group 1: Government Initiatives - The second batch of 81 billion yuan of ultra-long-term special government bond funds has been allocated to support the consumption of old-for-new consumer goods [1] Group 2: Furniture Manufacturing Industry Performance - In the first quarter, China's furniture manufacturing industry reported a total profit of 3.71 billion yuan, a decline of 40.1% year-on-year [2] - The industry's operating revenue was 145.98 billion yuan, down 2.2% year-on-year, with operating costs also decreasing by 2.2% to 121.52 billion yuan [2] Group 3: Regulatory Changes in Real Estate - Dongguan plans to implement new regulations for fully furnished new housing sales starting May 1, 2025, emphasizing quality and transparency in the renovation process [3] Group 4: Company-Specific News - Jiayu Co. received a decision for stock delisting due to its stock price being below 1 yuan for 20 consecutive trading days [4] - TOTO announced the closure of its factories in Beijing and Shanghai, citing a 20.4% decline in revenue from the Chinese market and a significant asset impairment charge of 34 billion yen [5] - Kuka Home exposed 95 unauthorized stores selling non-official products, emphasizing the importance of consumer protection [6] Group 5: Annual Reports of Furniture Companies - Diou Home reported a net loss of 569 million yuan for 2024, a year-on-year increase of 13.53% in losses, with revenue down 27.12% to 2.741 billion yuan [8] - Henglin Co. achieved a net profit of 263 million yuan, a slight decrease of 0.02%, with revenue up 34.59% to 11.029 billion yuan [7] - Qusleep Technology reported a net profit of 28.97 million yuan, a year-on-year increase of 21.4%, with revenue growing by 13.93% to 347 million yuan [7] - Kuka Home's net profit for 2024 was 1.417 billion yuan, down 29.38% year-on-year, with revenue decreasing by 3.81% to 18.48 billion yuan [8] - Other companies like Zhihong Home, Haolaike, and Juran Smart Home reported significant declines in net profits, with losses ranging from 2.15 billion yuan to 11.71 billion yuan [8][9][10]

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Company Overview - The company specializes in the research, design, production, sales, installation, and after-sales service of high-end customized cabinets, wardrobes, doors, and related home products, aiming to provide personalized and customized home solutions for consumers [2][3] - The company has established itself as a leading enterprise in the domestic customized home products market, with a strong market reputation and brand loyalty [2] Business Model - The company employs a dual strategy of independent and collaborative research and development, focusing on consumer needs and market trends to guide product development [4] - The procurement model utilizes an information-based supply chain management system to ensure product quality and control procurement costs [6] - The production model is based on order-driven manufacturing, allowing for flexible production processes that meet customer demands [7] - The sales model combines bulk business and retail distribution, establishing partnerships with real estate developers and utilizing various sales channels, including e-commerce and designer collaborations [8][9][10][11] Financial Data - The company has not needed to restate previous financial data, indicating stable financial reporting practices [3] - The company plans to engage in accounts receivable factoring with a maximum financing limit of RMB 200 million, aimed at optimizing its capital structure and improving cash flow [14][22] Related Party Transactions - The company intends to conduct accounts receivable factoring with China Poly Group Corporation, which is a related party, to enhance financial efficiency [14][20] - The transaction has been approved by the board and will be submitted for shareholder approval, ensuring compliance with regulatory requirements [15][28] Future Outlook - The company aims to enhance its operational efficiency and financial health through the proposed factoring arrangement, which is expected to accelerate cash flow and support business development [27]

证券代码：002853 证券简称：皮阿诺 公告编号：2025-028 广东皮阿诺科学艺术家居股份有限公司 关于召开公司 2024 年年度股东大会的通知 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2025年5月 19日的交易时间，即9:15-9:25，9:30-11:30和13:00-15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为2025年5月19日9:15-15:00。 5、会议召开方式：本次股东大会采用现场投票与网络投票相结合的方式召开。 公司股东只能选择现场投票、网络投票中的一种表决方式；如果同一表决权出现 重复表决的，以第一次有效投票表决结果为准。 6、会议的股权登记日：2025年5月13日（星期二） 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2024年年度股东大会 2、股东大会的召集人：公司董事会 3、公司第四届董事会第八次会议审议通过了《关于提请召开公司2024年年度 股东大会的议案》，本次股东大会的召开符合《公司法》、《证券法》、《深圳 证券交易所股票上市规则》等有关法律 ...

证券代码：002853 证券简称：皮阿诺 公告编号：2025-016 广东皮阿诺科学艺术家居股份有限公司 第四届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 广东皮阿诺科学艺术家居股份有限公司（以下简称"公司"）第四届监事会第 七次会议通知于 2025 年 4 月 14 日以书面的方式通知公司全体监事，会议于 2025 年 4 月 25 日以现场的方式在公司会议室召开。本次会议应出席监事 3 人，实际 出席监事 3 人，经半数以上监事共同推举，会议由郭玉琳女士主持，会议符合《公 司法》和《公司章程》等有关法律法规及公司《监事会议事规则》的规定。 二、监事会会议审议情况 经与会监事审议，会议通过了以下议案： 1、审议通过了《2024 年度监事会工作报告》 具体内容详见公司于同日刊登在巨潮资讯网的《2024 年度监事会工作报告》。 本议案尚需提交公司 2024 年年度股东大会审议。 表决结果：3 票同意，0 票弃权，0 票反对 2、审议通过了《2024 年年度报告及其摘要》 经审核，监事会认为：董事会编制和审核公 ...

证券代码：002853 证券简称：皮阿诺 公告编号：2025- 015 广东皮阿诺科学艺术家居股份有限公司 第四届董事会第八次会议决议公告 二、董事会会议审议情况 经与会董事审议，逐项审议通过了以下议案： 1、审议通过了《2024 年度总经理工作报告》 表决结果：7 票同意，0 票弃权，0 票反对。 2、审议通过了《2024 年度董事会工作报告》 报告期内，董事会严格按照《公司法》、《证券法》、《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》等法律法规及《公司章程》、《公司董事会议事规则》等公司制度 的规定，本着对公司和股东认真负责的工作态度，勤勉尽责开展各项工作，切实 履行股东大会赋予的董事会职责，严格执行股东大会各项决议，积极推进董事会 各项决议的实施，有效地保障了公司及全体股东的利益。 公司第四届独立董事许柏鸣先生、童娜琼女士、董会莲女士分别向董事会提 交了《独立董事 2024 年度述职报告》，并将在公司 2024 年年度股东大会上进行 述职。 公司董事会依据独立董事出具的《独立董事关于独立性的自查报告》及相关 材料，对公司现任独立董事许柏鸣先 ...