Core Viewpoint - The piano industry is facing a significant decline in sales, leading to the transfer of control of Helen Piano, a company founded by the so-called "Piano Godfather," Chen Hailun, due to continuous poor performance and the risk of delisting [1][11][17]. Company Ownership and Control - Helen Piano has undergone a change in ownership, with Helen Investment and Four Seasons Hong Kong as the controlling shareholders, holding 27.41% and 16.98% of shares respectively [4]. - On July 24, a share transfer agreement was signed, where Helen Investment and Four Seasons Hong Kong sold a total of 60.83 million shares to Quantuo Zhuodai at a price of 9.09 yuan per share, totaling 548 million yuan [4][5]. - After the transfer, Quantuo Zhuodai will hold 23.83% of Helen Piano, while Helen Investment retains 20.56% [5]. - Following the transaction, Cui Yongqing will become the actual controller of Helen Piano, although Helen Investment remains the second-largest shareholder [7]. Financial Performance and Market Trends - Helen Piano's sales have drastically declined, with upright piano sales dropping from 30,904 units in 2020 to 9,452 units in 2024 [16]. - The company's financial situation has worsened, with a reported revenue of 27.76 million yuan in Q1 2023, a year-on-year decrease of 39.96%, and a net profit loss of 9.685 million yuan, a decline of 154.56% [17]. - The company faces a significant risk of delisting if it cannot maintain a revenue threshold of 100 million yuan [17]. Industry Context - The piano market in China has seen a decline in demand, attributed to the cancellation of educational policies that previously encouraged piano training, leading to many households with over 8 million pianos now having them as idle assets [16]. - The overall piano sales in China, which had averaged 400,000 units annually from 2017 to 2020, have sharply decreased, reflecting a broader trend of declining interest in piano education and ownership [16].

Core Viewpoint - The market has reacted negatively to the ownership change proposal of Helen Piano, resulting in a significant drop in its stock price, which fell from a peak of 12 yuan to around 9 yuan, representing a loss of one-fourth of its market value over four trading days [1][2]. Group 1: Stock Performance - The latest market price of 9.03 yuan is below the transaction price of 9.09 yuan per share for the ownership change, indicating that the new controlling shareholder, Cui Yongqing, is already facing a "floating loss" before officially taking control [2]. - On July 30, Helen Piano closed at 9.03 yuan, down 2.48% [1]. Group 2: Ownership Change Details - Helen Piano disclosed multiple equity change reports on July 29, highlighting Cui Yongqing's background, who has served as chairman and general manager of Quantuo Technology (Hangzhou) Co., Ltd. for the past five years [3][5]. - The announcement listed 10 other core enterprises controlled by Cui Yongqing, but did not mention his role in Quantuo Technology, where he holds only 13.64% of the shares, making him the second-largest shareholder [5][6]. Group 3: Financial Support and Future Prospects - Following the announcement of the ownership change, Helen Piano's chairman, Chen Hailun, stated that he would lend 200 million yuan to the company to improve cash flow, which exceeds the company's projected revenue for 2024 of 159 million yuan [9][10]. - Chen Hailun's comments did not lead to market confidence, as the stock continued to decline despite his assurances [10]. Group 4: Potential Shareholder Actions - Helen Investment, the current controlling shareholder of Helen Piano, indicated that there are no specific plans to increase or dispose of shares in the next 12 months, but it does not rule out the possibility of selling shares in the future [11][13].

Core Viewpoint - Helen Piano's stock price has dropped significantly following the announcement of a change in control, indicating market skepticism about the new ownership and its potential impact on the company's future [2][16]. Group 1: Stock Performance - Over four trading days, Helen Piano's market value decreased by 25%, with the stock price falling from a peak of 12 yuan to around 9 yuan [2]. - As of July 30, the stock closed at 9.03 yuan, down 2.48%, which is below the transaction price of 9.09 yuan per share for the new controlling shareholder, Cui Yongqing [4][2]. Group 2: New Controlling Shareholder - Cui Yongqing, born in 1982, has held positions as chairman and general manager of Quantuo Technology (Hangzhou) Co., Ltd. for the past five years [6]. - However, Quantuo Technology does not appear to be one of Cui's core enterprises or businesses, raising questions about his actual influence and capabilities [7][9]. Group 3: Corporate Structure and Ownership - The detailed equity change report lists 10 other core enterprises controlled by Cui Yongqing, but does not mention Quantuo Technology, where he holds only 13.64% of the shares, making him the second-largest shareholder [9][11]. - The largest shareholder of Quantuo Technology is Qiang Min, who holds 27.28% of the shares, indicating that Cui does not have majority control [9]. Group 4: Market Reactions and Future Outlook - Following the announcement of the control change, Helen Piano's stock experienced high volatility, opening up 16.62% but closing down 4.76% on the same day, with a turnover rate of 23.64% [16]. - Chairman Chen Hailun's comments about the share transfer and a personal loan of 200 million yuan to improve cash flow have not reassured the market, as the company's stock continues to decline [16][18].

Core Viewpoint - Helen Piano's stock price has dropped significantly following the announcement of a change in control, indicating market skepticism about the new ownership and its implications for the company's future [1][13]. Group 1: Stock Performance - Over four trading days, Helen Piano's market value decreased by 25%, with the stock price falling from a peak of 12 yuan to around 9 yuan [1]. - As of July 30, the stock closed at 9.03 yuan, which is below the transaction price of 9.09 yuan per share for the change in control [3][4]. Group 2: New Ownership - The new controlling shareholder, Cui Yongqing, has incurred a "floating loss" before officially taking control of Helen Piano due to the stock price decline [4]. - Cui Yongqing has held positions as chairman and general manager of Quantuo Technology (Hangzhou) Co., Ltd., but this company does not appear to be a core asset under his control [6][8]. Group 3: Company Announcements - Helen Piano disclosed multiple equity change reports on July 29, highlighting Cui Yongqing's capabilities and the companies he controls [5][13]. - The reports listed 10 other core enterprises and business situations controlled by Cui Yongqing, but did not mention Quantuo Technology's limited ownership structure [7][8]. Group 4: Market Reactions and Future Outlook - Following the announcement of the control change, Helen Piano's stock experienced high volatility, opening up 16.62% but closing down 4.76% on the same day [13]. - Chairman Chen Helen's comments about the stock transfer and future support for the company did not alleviate market concerns, as the stock continued to decline [14][16].

Core Viewpoint - The control change of Helen Piano (300329.SZ) is a response to its declining performance and potential delisting risk, with the new controller, Cui Yongqing, expected to bring a digital transformation to the company [1][3][6] Group 1: Control Change - The current controlling shareholders, Chen Hailun, Jin Haifen, and Chen Chaofeng, plan to transfer a total of 60,260,600 shares (23.83% of total shares) for 548 million yuan to Quantuo Zhuodai, resulting in Cui Yongqing becoming the new actual controller [1][2] - After the transaction, Helen Investment's shareholding will decrease from 27.41% to 20.56%, while Quantuo Zhuodai will become the largest shareholder with a 23.83% stake [2] Group 2: Financial Performance - Helen Piano's revenue has significantly declined from 379 million yuan in 2022 to 159 million yuan in 2024, with net losses of 78.85 million yuan and 97.92 million yuan in 2023 and 2024 respectively [3][4] - The company is on the brink of delisting, as it risks being flagged for delisting if it continues to report negative net profits and revenue below 100 million yuan for two consecutive years [3] Group 3: Market Environment - The traditional piano industry is facing challenges, including rising manufacturing costs and competition from international brands and the second-hand piano market, leading to a drastic drop in market demand from 500,000 units in 2019 to 85,000 units currently [4] - Sales of upright pianos, a core product for Helen Piano, have also seen significant declines, with sales dropping from 22,792 units in 2022 to 9,452 units in 2024, representing year-on-year decreases of 32.68%, 15.63%, and 50.85% respectively [4] Group 4: Strategic Adjustments - In response to declining traditional piano sales, Helen Piano is shifting focus towards smart musical instruments, achieving a 140.45% increase in digital piano sales in 2024, although this segment still accounts for less than 3% of total revenue [5] - The company has also attempted to expand its art training business since 2014, but faced challenges due to high initial costs and recent policy changes affecting the education sector, leading to impairment provisions of 38.80 million yuan and 41.18 million yuan for 2023 and 2024 respectively [5][6]

海伦钢琴股份有限公司 详式权益变动报告书 上市公司名称：海伦钢琴股份有限公司 信息披露义务人名称：全拓卓戴（上海）企业管理中心（有限合伙） 住所：上海市宝山区沪太路6395号1-2层 通讯地址：浙江省杭州市拱墅区半山路3-1号 权益变动性质：增加（协议受让） 签署日期：二零二五年七月 股票上市地点：深圳证券交易所 股票简称：海伦钢琴 股票代码：300329 海伦钢琴股份有限公司 详式权益变动报告书 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》及相关法律、法规、规范性文件之规定编写。 二、依据上述法律法规的规定，本报告书已全面披露信息披露义务人在海伦 钢琴股份有限公司拥有权益的股份变动情况。截至本报告书签署日，除本报告书 披露的信息外，信息披露义务人没有通过任何其他方式在海伦钢琴股份有限公司 拥有权益。 三、信息披露义务人签署本 ...

海伦钢琴股份有限公司 简式权益变动报告书 上市公司：海伦钢琴股份有限公司 股票上市地：深圳证券交易所 股票简称：海伦钢琴 股票代码：300329.SZ 信息披露义务人：宁波北仑海伦投资有限公司 通讯地址：浙江省宁波市北仑区龙潭山路 36 号 权益变动性质：股份减少、表决权放弃（表决权比例下降至 14.56%） 签署日期：二零二五年七月 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书系根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》及其他相关法律、法规及部门规章的有关规定编写。 二、本报告书已全面披露信息披露义务人在海伦钢琴股份有限公司拥有权益 的股份变动情况。截至本报告书签署日，除本报告书披露的信息外，信息披露义 务人没有通过其他任何方式增加或减少其在海伦钢琴股份有限公司拥有权益的 股份。 三、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程 ...

海伦钢琴股份有限公司 简式权益变动报告书 上市公司：海伦钢琴股份有限公司 股票上市地：深圳证券交易所 股票简称：海伦钢琴 股票代码：300329.SZ 信息披露义务人：四季香港投资有限公司 住所：UNIT D 12/F SEABRIGHT PLAZA, 9-23 SHELL STREET, NORTH POINT, HONG KONG 通讯地址：浙江省宁波市北仑区龙潭山路 36 号 权益变动性质：股份减少（协议转让） 签署日期：二零二五年七月 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书系根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》及其他相关法律、法规及部门规章的有关规定编写。 二、本报告书已全面披露信息披露义务人在海伦钢琴股份有限公司拥有权益 的股份变动情况。截至本报告书签署日，除本报告书披露的信息外，信息披露义 务人没有通过其他任何方式增加或减少其在海伦钢琴股份有限公 ...

首创证券股份有限公司 关于海伦钢琴股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问：首创证券股份有限公司 二〇二五年七月 首创证券股份有限公司关于海伦钢琴股份有限公司详式权益变动报告书之财务顾问核查意见 声 明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变 动报告书》及《公开发行证券的公司信息披露内容与格式准则第 16 号——上市 公司收购报告书》等法律法规和规范性文件的规定，本财务顾问按照行业公认的 业务标准、道德规范，本着诚实信用、勤勉尽责的精神，对本次权益变动的相关 情况和资料进行了核查，对信息披露义务人出具的《海伦钢琴股份有限公司详式 权益变动报告书》所披露的内容出具核查意见，以供投资者和有关各方参考。 为此，本财务顾问特做出以下声明与承诺： 1、本财务顾问所依据的有关资料由信息披露义务人提供。信息披露义务人 已作出声明，保证其所提供的所有文件、材料及口头证言真实、准确、完整、及 时，不存在任何重大遗漏、虚假记载或误导性陈述，并对其真实性、准确性、完 整性和合法性负责。 2、财务顾问已按照 ...

Core Viewpoint - Helen Piano is undergoing a change in control, with the new controlling party being a technology company associated with Quan Tuo Zhuo Dai, which has been established specifically for this transaction [1][4][11]. Group 1: Transaction Details - Helen Piano's major shareholder, Helen Investment, and its actual controller, Chen Hailun, have signed an agreement to transfer 60,260,600 shares, representing 23.83% of the total share capital, to Quan Tuo Zhuo Dai at a price of 9.09 yuan per share, totaling approximately 548 million yuan [1][4]. - Following the transaction, Chen Hailun will relinquish voting rights for 15,173,300 shares, which is 6.00% of the total shares, until the new controller, Cui Yongqing, no longer holds control [4][3]. - The transaction is subject to an 18-month lock-up period during which the acquired shares cannot be transferred [4]. Group 2: Background of the New Controlling Party - Quan Tuo Zhuo Dai was established on March 7, 2025, and is suspected to have been created specifically for this transaction [2][11]. - The associated company, Quan Tuo Technology, focuses on data element circulation and AI model development, boasting a significant data resource with over 950 million active behavioral data points [2][12]. - Cui Yongqing, the founder of Quan Tuo Technology, will become the new actual controller of Helen Piano after the transaction [3][12]. Group 3: Financial Performance of Helen Piano - Helen Piano has experienced a continuous decline in performance, with revenues dropping from 379 million yuan in 2022 to 159 million yuan in 2024, representing year-on-year decreases of 27.33%, 21.56%, and 46.47% respectively [10]. - The net profit has also declined, with figures of 8.32 million yuan in 2022 turning into losses of 78.85 million yuan in 2023 and 97.92 million yuan in 2024 [10]. - In Q1 2025, the revenue was 27.76 million yuan, a year-on-year decrease of 39.96%, with a net loss of 9.68 million yuan, down 154.56% from the previous year [10]. Group 4: Market Reactions and Speculations - Prior to the announcement of the change in control, Helen Piano's stock price surged from 7.86 yuan to 10.29 yuan, marking an increase of approximately 31% over six trading days [7]. - There are allegations of insider trading, as information regarding the transaction was reportedly leaked before the official announcement [8][9]. - Speculations suggest that Quan Tuo Technology may use this transaction as a means to achieve a backdoor listing through Helen Piano [14].