Group 1 - The home goods sector experienced a decline of 0.83% on December 26, with Songlin Technology leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Notable gainers in the home goods sector included Delixi Co., which rose by 10.00% to a closing price of 10.56, and Pianao, which increased by 9.98% to 22.37 [1] Group 2 - The home goods sector saw a net inflow of 46.985 million yuan from main funds, while retail investors experienced a net outflow of 2.2195 million yuan [2] - Major stocks with significant net inflows included Delixi Co. with a net inflow of 60.3607 million yuan and Jianyun Home with 32.9837 million yuan [3] - Conversely, Songlin Technology faced a net outflow of 13.2578 million yuan from main funds, indicating a negative sentiment towards the stock [3]

Core Viewpoint - PIANO is undergoing a potential change in control as its major shareholder and actual controller, Ma Libin, is planning to transfer control, leading to a suspension of trading for the company's stock [1][8]. Company Summary - PIANO is a listed company specializing in high-end customized home products, including cabinets and wardrobes, facing significant revenue decline due to the real estate cycle [3]. - In 2024, PIANO's total revenue dropped to 886 million yuan, a substantial decrease of 32.68% year-on-year, reaching levels last seen in 2017; the net profit attributable to shareholders was -375 million yuan, a staggering decline of 535.88% [3]. - For the first three quarters of 2025, PIANO reported revenue of 420 million yuan, down 37.27% year-on-year, continuing the downward trend; the net profit attributable to shareholders was -7.52 million yuan, a decline of 191.47%, although the loss narrowed compared to the first half of the year [3]. Industry Summary - The customized home furnishing industry is closely tied to the real estate sector, which is currently experiencing a downturn, adversely affecting companies in this space [5]. - Major brands like Oppein and Sophia also reported disappointing revenue in 2024, with Oppein's revenue at 18.93 billion yuan (down 16.93%) and Sophia's at 10.49 billion yuan (down 10.04%); however, Sophia managed to achieve a net profit of 1.37 billion yuan, an increase of 8.69% [5]. - As the new housing market slows, renovation and partial updates are emerging as new growth points, prompting companies to transition from product suppliers to space solution providers [6]. Control Change Details - Ma Libin, the founder and current chairman of PIANO, holds 39.12% of the company's shares, making him the largest single shareholder [7]. - This planned change in control marks Ma Libin's first explicit intention to relinquish control of PIANO, although he has attempted to reduce his stake multiple times in the past three years [8]. - Previous attempts to transfer shares included a plan in October 2022 to transfer 20% of shares to Zhuhai Honglu, with part of the transfer completed but later attempts halted due to external conditions [9]. - Speculation suggests that Poly Group may be a potential buyer for the control stake, as its subsidiary, Poly Capital, currently holds a significant share in PIANO [9].

（原标题：皮阿诺跌7.04%，龙虎榜上机构买入1269.47万元，卖出3877.36万元） 皮阿诺今日下跌7.04%，全天换手率17.02%，成交额4.56亿元，振幅8.43%。龙虎榜数据显示，机构净卖出2607.89万元，营业部席位合计净买入 277.97万元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 相关ETF 数字经济ETF 深交所公开信息显示，当日该股因日跌幅偏离值达-7.67%上榜，机构专用席位净卖出2607.89万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交1.19亿元，其中，买入成交额为4805.22万元，卖出成交额为7135.13万元，合计净 卖出2329.92万元。 具体来看，今日上榜的营业部中，共有4家机构专用席位现身，即买三、卖二、卖三、卖四、卖五，合计买入金额1269.47万元，卖出金额3877.36 万元，合计净卖出2607.89万元。 资金流向方面，今日该股主力资金净流出1416.16万元，其中，特大单净流入210.88万元，大单资金净流出1627.04万元。近5日主力资金净流出 3967.80万元。（数据宝） 皮阿诺12月25日交易公开信息 ...

Group 1 - The stock of Pianuo fell by 5.21% to 20.74 CNY per share, with a trading volume of 2.19 billion CNY and a turnover rate of 8.02%, resulting in a total market capitalization of 37.94 billion CNY [1] - Pianuo, established on June 14, 2005, and listed on March 10, 2017, specializes in the research, design, production, sales, installation, and after-sales service of mid-to-high-end customized cabinets, wardrobes, wooden doors, and related home products [1] - The revenue composition of Pianuo includes customized cabinets and related products at 54.78%, customized wardrobes and related products at 39.55%, doors and walls at 3.86%, and other supplementary products at 1.82% [1] Group 2 - Yimin Fund has one fund heavily invested in Pianuo, specifically the Yimin Core Growth Mixed Fund (560006), which held 20,800 shares in the third quarter, accounting for 1.01% of the fund's net value, making it the eighth largest holding [2] - The Yimin Core Growth Mixed Fund (560006) was established on August 16, 2012, with a latest scale of 24.98 million CNY, achieving a year-to-date return of 15.34% and a one-year return of 14.98% [2] - The fund manager Wang Yong has a tenure of 2 years and 302 days, with a total asset scale of 93.18 million CNY, achieving a best return of 82.08% during his tenure [3]

北京商报讯（记者 翟枫瑞）12月24日，装修建材板块小幅增长，以16406.45点收盘，涨幅为0.85%。在 板块带动下，多只装修建材股股价实现增长。濮耐股份以6.05元/股收盘，涨幅为5.58%，领涨装修建材 股。*ST松发以85.01元/股收盘，涨幅为5.00%，涨幅位列装修建材股第二。*ST亚振以40.95元/股收盘， 涨幅为5.00%，涨幅位列装修建材股第三。除此之外，皮阿诺以21.88元/股收盘，跌幅为4.04%，领跌装 修建材股。瑞泰科技以18.85元/股收盘，跌幅为2.94%，跌幅位列装修建材股第二。恒林股份以32.16元/ 股收盘，跌幅为1.05%，跌幅位列装修建材股第三。 中国银河在研报中表示，消费、投资共同发力扩内需，消费升级推动建材高品质转型。消费端，中央经 济工作会议提到，2026年要"深入实施提振消费专项行动，清理消费领域不合理限制措施"，与十五五规 划建议稿中提到的"清理汽车、住房等消费不合理"相呼应，预计26年各地区居民住房限购政策将逐步放 开，家装市场回暖预期增强，有望带动消费建材需求恢复。 ...

（文/孙梅欣 编辑/张广凯） 越来越多深陷行业危机的家居企业，正试图通过跨界收并购科技企业，以摆脱当下困境。 家居上市企业美克家居近期停牌并发布公告，公司正在筹划通过发行股份及支付现金的方式，收购深圳 万德溙光电科技有限公司（以下简称"万德溙"）控制权，并募集配套资金。 美克称，由于交易还处于筹划阶段，万德溙的评估、交易金额、发行股份、支付现金比例等重大资产交 易的核心信息尚未确定，因此并未在此次公告中披露。 深圳万德溙是一家成立于2018年的科技企业，主营业务涵盖高速铜缆、连接器、光电产品及配件的研发 与销售，产品应用于数据中心及AI服务器等领域，可以说和美克家居主营的成品家具业务并无关联。 对于为何要选择行业大跨界收购万德溙，美克家居相关人士对观察者网回复，由于公司正处于停牌阶 段，为遵守信披公平性暂时无法提供更多具体细节，还需等待公司复牌后的相关公告。 无独有偶，就在美克家居宣布筹划收购万德溙同期，定制家具上市企业皮阿诺也公告了详式权益变动 书，杭州初芯微科技合伙企业（以下简称"初芯微"）计划以4.44亿元的对价，收购皮阿诺16.78%的股 份。 初芯微收购的股份中，包含皮阿诺的原控股股东马礼斌9.78 ...

（文章来源：证券日报） 证券日报网讯 12月23日，皮阿诺在互动平台回答投资者提问时表示，截至2025年12月19日，公司股东 总户数为25159户。 ...

中国银河在研报中表示，建筑行业景气度回升。11月，建筑业PMI为49.6%，比9月上升0.5pct；建筑业 业务活动预期指数为57.9%，比上月上升1.9pct；建筑业新订单指数为46.1%，比上月提升0.2pct；建筑 业从从业人员指数为41.8%，比上月增加1.9pct；建筑业业务活动预期指数为57.9%，比上月上升 1.9pct，建筑行业景气度有所回升。 北京商报讯（记者 翟枫瑞）12月23日，装修建材板块小幅下跌，以16268.54点收盘，跌幅为0.23%。受 板块影响，装修建材板块个股出现不同程度下跌。皮阿诺以22.80元/股收盘，跌幅为6.21%，领跌装修 建材股。顶固集创以11.27元/股收盘，跌幅为6.01%，跌幅位列装修建材股第二。晶雪节能以21.99元/股 收盘，跌幅为3.81%，跌幅位列装修建材股第三。除此之外，友邦吊顶以32.67元/股收盘，涨幅为 10.00%，领涨装修建材股。德尔未来以5.84元/股收盘，涨幅为9.98%，涨幅位列装修建材股第二。康欣 新材以3.33元/股收盘，涨幅为5.38%，涨幅位列装修建材股第三。 ...

Core Viewpoint - The control change of PIANO (002853.SZ) has been finalized after three years of preparation, with the controlling shareholder Ma Libin transferring the company to the founder of Chuxin Group, Yin Jiayin, who has resources in the semiconductor industry. This marks a significant cross-industry shift for PIANO, which has faced declining revenues and losses for several years [1][18]. Group 1: Control Change Mechanism - The control transfer involved a combination of share transfer agreements, voting rights relinquishment, and a directed share issuance [2][20]. - Ma Libin agreed to transfer 17.89 million shares (9.78% of total shares) to Chuxin Micro at a price of 15.31 CNY per share, totaling approximately 274 million CNY. He also relinquished voting rights for 35.37 million shares (19.34% of total shares) until Chuxin Micro becomes the largest shareholder [2][3]. - Following the share transfers, Chuxin Micro's holding increased to 16.78%, while Ma Libin's voting rights dropped to 10.40%, effectively giving Chuxin Micro the highest voting power [3][21]. Group 2: Financial Performance and Challenges - PIANO's financial performance has deteriorated since 2021, with revenue dropping from a peak of 1.824 billion CNY in 2021 to 886 million CNY in 2024, a decline of 33% year-on-year [8][26]. - The net profit for 2024 was a loss of 375 million CNY, a significant decline of 536% year-on-year, marking the fourth consecutive year of profit decline [9][30]. - The company has faced challenges due to the downturn in the real estate sector and strategic adjustments that have negatively impacted its large-scale real estate business [9][30]. Group 3: Strategic Shift and Future Prospects - The acquisition by Chuxin Group, which has a strong background in the semiconductor industry, is seen as a potential opportunity for PIANO to pivot towards new growth areas [13][36]. - Chuxin Group is recognized for its investments in high-tech sectors, including optical chips and smart manufacturing, which could provide PIANO with new avenues for revenue generation [33][36]. - The pricing structure of the share transfers reflects a consensus on the company's valuation, with the share prices decreasing across different transaction stages, indicating varying risk levels [37].

【深圳商报讯】(记者陈燕青)今年以来出现了多起私募股权创投基金入股上市公司的案例，涉及的A股 公司包括皮阿诺、鸿合科技、天迈科技、ST中珠等，大多为小市值公司。 对此，业内人士认为，未来私募股权创投基金收购上市公司股权的案例会越来越多，通过产业整合和资 产注入有助于改善相关公司的业绩。 12月15日晚，定制家居上市公司皮阿诺宣布，大股东马礼斌与二股东珠海鸿禄分别向初芯微转让9.78% 和7%股份，两项转让完成后，初芯微持股比例将达到16.78%。此外，大股东马礼斌同步承诺放弃其剩 余的3537.37万股表决权。此外，公司拟向青岛初芯定向发行3451.5万股，发行完成后青岛初芯持股比例 将达到15.87%。由于青岛初芯和初芯微为一致行动人，两者合计持股比例达29.99%。 根据记者梳理，私募股权创投基金入主上市公司主要有协议转让、参与上市公司定增、司法拍卖等方 式。从已披露的案例来看，私募股权创投基金大多通过"协议转让+原控股股东表决权委托(或放弃)"等 方式取得上市公司实控权。 私募股权创投基金下场收购上市公司控制权，既能缓解被投项目退出难的问题，又能以上市公司为平台 推进募资，可谓是一举两得。 深圳一家创投 ...