证券代码：300329 证券简称：海伦钢琴 公告编号：2025-034 海伦钢琴股份有限公司 第六届董事会第十三次会议决议公告 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。 海伦钢琴股份有限公司（以下简称"公司"）第六届董事会第十三次会议 通知于 2025 年 10 月 15 日以传真、邮件、专人送达等方式发出，会议于 2025 年 10 月 28 日上午 10:00 以现场结合通讯表决方式召开。本次会议由陈海伦先 生主持，会议应出席董事 7 名，实际出席会议董事 7 人，其中独立董事杨弋夫 以通讯表决方式出席会议。公司监事、高级管理人员列席了本次会议。会议的 召集和召开符合《公司法》和《公司章程》的有关规定。 2 《公司 2025 年第三季度报告》的具体内容详见同日刊登在中国证监会指 定信息披露网站巨潮资讯网（http://www.cninfo.com.cn）公告。 该议案已经公司董事会审计委员会审议通过。 表决结果：7 票赞成，0 票反对，0 票弃权。同意票占有表决权票总数的 100%。 特此公告。 1 海伦钢琴股份有限公司董事会 2025 年 10 月 ...

Financial Performance - The company's revenue for Q3 2025 was ¥31,905,169.68, representing a decrease of 12.45% compared to the same period last year[5] - The net profit attributable to shareholders was -¥15,426,230.18, a significant decline of 638.91% year-on-year[5] - The basic earnings per share for the period was -¥0.0610, reflecting a decrease of 639.82% compared to the previous year[5] - The company reported a decrease in operating revenue for the year-to-date of 26.38% to ¥88,549,377.88, mainly due to declining demand in the traditional piano market[9] - The net profit attributable to the parent company was -¥39,858,353.16, a decline of 172.83% year-on-year, influenced by decreased traditional piano sales and a significant drop in investment income[10] - The net profit for the current period is -40,770,170.47, compared to -15,307,491.16 in the previous period, indicating a significant increase in losses[21] - Operating profit for the current period is -48,580,947.66, compared to -15,657,912.14 in the previous period, reflecting a worsening operational performance[21] - The company reported a total comprehensive income of -40,770,170.47 for the current period, compared to -15,307,491.16 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,077,960,205.06, down 2.99% from the end of the previous year[5] - The total assets of the company as of the end of the reporting period are ¥1,077,960,205.06, down from ¥1,111,153,806.74 at the beginning of the period, indicating a decrease of approximately 3.0%[18] - The total liabilities have increased slightly to ¥399,462,881.08 from ¥393,359,927.21, reflecting an increase of about 1.3%[18] - The company's net profit has significantly decreased, with retained earnings dropping to ¥38,702,534.21 from ¥78,560,887.37, a decline of approximately 50.8%[18] - The long-term investments increased to ¥87,160,489.24 from ¥83,364,189.24, showing a growth of about 4.3%[16] Cash Flow - The company's cash flow from operating activities showed a net outflow of -¥12,703,760.41, an increase of 86.38% in outflow compared to the previous year[5] - The net cash flow from operating activities improved by 86.38% to -¥12,703,760.41, mainly due to reduced payments for external procurement[10] - The net cash flow from investing activities decreased by 82.90% to ¥1,712,879.72, primarily due to reduced fixed asset investments and external investments[10] - The net cash flow from financing activities decreased by 95.23% to ¥3,293,021.18, mainly due to the repayment of bank loans[10] - Cash flow from operating activities shows a net outflow of -12,703,760.41, an improvement from -93,266,797.81 in the previous period[22] - The net cash flow from investing activities is 1,712,879.72, a decrease from 10,015,444.49 in the previous period[23] Operational Metrics - The company's operating costs decreased by 19.26% to ¥79,470,699.61 compared to the previous year, primarily due to a decline in piano sales and an increase in unit costs[10] - The total operating costs for the current period amount to ¥133,971,915.54, down from ¥158,711,095.86 in the previous period, reflecting a reduction of about 15.6%[19] - The operating cost specifically for the current period is ¥79,470,699.61, which is a decrease of approximately 19.3% from ¥98,429,592.17 in the previous period[19] - The company experienced a decrease in cash inflow from sales of goods and services, totaling 91,915,555.50, down from 121,544,038.46 in the previous period[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,049, with the largest shareholder holding 27.41% of the shares[12] Market and Strategic Developments - The company is in the process of transferring control to a new investor, which is expected to enhance its competitive strength in the smart electronic instrument business[15] - The company is awaiting compliance confirmation from the Shenzhen Stock Exchange regarding the recent equity change, which introduces uncertainty regarding the completion timeline[15] Tax and Expenses - Tax expenses increased by 84.32% to ¥3,003,304.23, mainly due to the accrual of property and land taxes[10] - Research and development expenses decreased by 23.43% to ¥6,795,959.74, attributed to reduced personnel costs and design expenses[10] Inventory and Borrowings - The inventory decreased by 4.29% to ¥355,610,398.32, indicating a reduction in stock levels[9] - The company's short-term borrowings decreased by 15.41% to ¥180,157,374.00, primarily due to repayment of bank loans[9] - The accounts payable increased by 32.46% to ¥26,851,733.13, attributed to extended payment terms for procurement[9] Foreign Exchange Impact - The company experienced a 1336.06% increase in the impact of exchange rate changes on cash and cash equivalents, amounting to ¥590,644.58, due to rising foreign exchange rates[10] - The company recorded a foreign exchange gain of 590,644.58, compared to a loss of -47,784.59 in the previous period[23]

Group 1 - Helen Piano's stock increased by 5.54% to 16.57 CNY per share, with a trading volume of 85.76 million CNY and a turnover rate of 2.11%, resulting in a total market capitalization of 4.19 billion CNY [1] - The company, established on June 15, 2001, and listed on June 19, 2012, is based in Ningbo, Zhejiang Province, and specializes in the research, production, and sales of pianos and their core components [1] - The revenue composition of Helen Piano includes: upright pianos 54.12%, grand pianos 20.49%, smart electric pianos 12.46%, accessories 5.63%, others 4.86%, art training 1.56%, small instruments 0.73%, and components 0.16% [1] Group 2 - Noan Fund's Noan Multi-Strategy Mixed A (320016) entered the top ten circulating shareholders of Helen Piano in the second quarter, holding 1.3392 million shares, which is 0.53% of the circulating shares, with an estimated floating profit of approximately 1.1651 million CNY [2] - The Noan Multi-Strategy Mixed A fund was established on August 9, 2011, with a latest scale of 1.399 billion CNY, achieving a year-to-date return of 68.91% and a one-year return of 79.81% [2]

Core Insights - The 2025 Shanghai International Musical Instruments Exhibition took place from October 22 to 25, covering an area of 150,000 square meters across 14 exhibition halls, showcasing a blend of traditional craftsmanship and smart technology in music [1][4] Company Highlights - Helen Piano, a leading Chinese piano brand, showcased a comprehensive range of musical instruments and innovative products under the theme "Technology Empowers Music, Education Connects the Future" [1][4] - The exhibition attracted numerous industry experts and leaders, including Wang Shicheng, Vice Secretary of the China Light Industry Federation, and renowned composer and performer Bian Liunian, who visited Helen Piano's booth [3] - Helen Piano's Chairman, Chen Helen, emphasized the company's commitment to elevating Chinese manufacturing to intelligent manufacturing, providing high-quality piano products and services to global music enthusiasts [3][9] Product Showcase - Helen Piano planned four major exhibition areas to cater to diverse musical needs, including traditional acoustic pianos, AI smart digital pianos, drums, folding pianos, and electric wind instruments [4][6] - The acoustic piano area featured classic upright and grand pianos, praised for their rich sound quality, while the digital piano area showcased AI smart digital pianos that replicate the touch and feedback of grand pianos [6] - The portable instruments section included innovative products like folding pianos and smart electric wind instruments, designed for easy storage and portability, allowing musicians to play anywhere [6] Strategic Goals - During the exhibition, Helen Piano announced two strategic development goals: to create "intelligent, entertaining, and market-oriented" musical products and to enhance production capabilities through new quality production forces [9][10] - The company introduced three series of AI smart digital pianos and an upcoming smart electric wind instrument, highlighting their competitive pricing and superior performance compared to Japanese brands [10]

Market Overview - The entertainment products sector increased by 0.67% on the previous trading day, with Helen Piano leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Performers - Helen Piano (300329) closed at 15.38, up 5.34% with a trading volume of 107,900 shares and a transaction value of 163 million [1] - Chuangyuan Co. (300703) closed at 30.40, up 4.32% with a trading volume of 78,400 shares and a transaction value of 232 million [1] - Jinling Sports (300651) closed at 23.33, up 4.15% with a trading volume of 128,500 shares and a transaction value of 295 million [1] Underperformers - Qunxing Toys (002575) saw a significant decline of 9.93%, closing at 6.35 with a trading volume of 374,100 shares and a transaction value of 238 million [2] - Zhujiang Piano (002678) decreased by 0.78%, closing at 5.12 with a trading volume of 263,300 shares and a transaction value of 135 million [2] Capital Flow - The entertainment products sector experienced a net outflow of 54.7 million from institutional investors, while retail investors saw a net inflow of 53.5 million [2][3] - The main stocks in the sector showed varied capital flows, with Jinling Sports receiving a net inflow of 24.57 million from institutional investors [3] Individual Stock Analysis - Helen Piano had a net inflow of 6.79 million from institutional investors, while retail investors had a net outflow of 7.61 million [3] - High乐股份 (002348) had a net inflow of 5.24 million from institutional investors, but retail investors experienced a net outflow of 8.50 million [3]

Core Insights - Helen Piano's stock increased by 5.21% to 15.36 CNY per share, with a total market capitalization of 3.884 billion CNY as of October 21 [1] - The company specializes in the research, production, and sales of pianos and their core components, with revenue breakdowns showing upright pianos at 54.12%, grand pianos at 20.49%, and smart electric pianos at 12.46% [1] Group 1: Company Overview - Helen Piano Co., Ltd. is located in Ningbo, Zhejiang Province, established on June 15, 2001, and listed on June 19, 2012 [1] - The company's main business revenue composition includes: upright pianos (54.12%), grand pianos (20.49%), smart electric pianos (12.46%), accessories (5.63%), other (4.86%), art training (1.56%), small instruments (0.73%), and components (0.16%) [1] Group 2: Shareholder Information - Noan Fund's Noan Multi-Strategy Mixed A (320016) entered the top ten circulating shareholders of Helen Piano, holding 1.3392 million shares, representing 0.53% of circulating shares [2] - The fund has achieved a year-to-date return of 63.06%, ranking 289 out of 8162 in its category, and a one-year return of 83.07%, ranking 80 out of 8024 [2] Group 3: Fund Manager Performance - The fund managers of Noan Multi-Strategy Mixed A are Kong Xianzheng and Wang Haichang, with Kong having a tenure of 4 years and 330 days, achieving a best return of 74.29% during his tenure [3] - Wang has a tenure of 3 years and 92 days, with a best return of 62.03% during his management period [3]

Market Overview - The entertainment products sector experienced a slight decline of 0.06% on October 14, with Jinling Sports leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the entertainment products sector included: - Helen Piano: Closed at 14.97, up 4.98% with a trading volume of 194,400 shares and a turnover of 294 million yuan [1] - Yingpais: Closed at 24.03, up 2.43% with a trading volume of 84,400 shares and a turnover of 202 million yuan [1] - Gaole Co.: Closed at 4.01, up 1.52% with a trading volume of 318,000 shares and a turnover of 127 million yuan [1] - Conversely, Jinling Sports saw a significant decline, closing at 21.66, down 4.33% with a trading volume of 77,200 shares and a turnover of 171 million yuan [2] Capital Flow - The entertainment products sector saw a net outflow of 126 million yuan from institutional investors, while retail investors experienced a net inflow of 82.96 million yuan [2] - The capital flow for specific stocks showed: - Morning Light Co.: Net inflow of 13.99 million yuan from institutional investors, but a net outflow of 15.94 million yuan from retail investors [3] - Gaole Co.: Net inflow of 5.65 million yuan from institutional investors, with a net outflow of 2.49 million yuan from retail investors [3] - Pearl River Piano: Net inflow of 2.57 million yuan from institutional investors, with a net outflow of 1.69 million yuan from retail investors [3]

Core Viewpoint - Helen Piano's stock increased by 5% to 14.28 CNY per share, with a trading volume of 100 million CNY and a turnover rate of 2.92%, resulting in a total market capitalization of 3.611 billion CNY [1] Company Overview - Helen Piano Co., Ltd. is located at Longtan Mountain Road 36, Beilun District, Ningbo, Zhejiang Province, established on June 15, 2001, and listed on June 19, 2012 [1] - The company's main business involves the research, production, and sales of pianos and their core components, with revenue composition as follows: upright pianos 54.12%, grand pianos 20.49%, smart electric pianos 12.46%, accessories 5.63%, others 4.86%, art training 1.56%, small instruments 0.73%, and components 0.16% [1] Shareholder Information - Noan Fund's Noan Multi-Strategy Mixed A (320016) entered the top ten circulating shareholders of Helen Piano in the second quarter, holding 1.3392 million shares, which is 0.53% of the circulating shares [2] - The estimated floating profit for today is approximately 910,700 CNY [2] - Noan Multi-Strategy Mixed A was established on August 9, 2011, with a latest scale of 1.399 billion CNY, achieving a year-to-date return of 61.76% and a one-year return of 86.28% [2] Fund Manager Performance - The fund managers of Noan Multi-Strategy Mixed A are Kong Xianzheng and Wang Haichang [3] - Kong Xianzheng has a tenure of 4 years and 322 days, with a total fund asset size of 4.607 billion CNY, achieving a best return of 76.38% and a worst return of -16.74% during his tenure [3] - Wang Haichang has a tenure of 3 years and 84 days, managing a total fund asset size of 2.529 billion CNY, with a best return of 63.97% and a worst return of -18.8% during his tenure [3]

Core Insights - The piano industry in China is experiencing a significant downturn, with a sharp decline in sales and an increasing number of piano stores closing down [1][2][10] Industry Overview - The global piano production and sales have remained stable at around 400,000 to 500,000 units annually, with China producing over 300,000 units, making it a major player in the global piano market [2] - From 2018 to 2023, piano sales in China plummeted from 356,000 units to 128,000 units, with projections indicating a drop below 100,000 units in 2024 [3] Company Performance - Leading company Pearl River Piano (珠江钢琴) reported a revenue of 677 million yuan in 2024, a year-on-year decline of 39.97%, with a net loss of 236 million yuan, marking a 4108.2% decrease [6] - Another company, Helen Piano (海伦钢琴), saw its revenue decline from 379 million yuan in 2022 to 159 million yuan in 2024, with significant losses in the past three years [6] Market Dynamics - The decline in piano sales is attributed to a decrease in the number of people learning to play the piano, with a nearly 20% drop in piano exam candidates in 2023 compared to 2022 [10] - The introduction of policies such as the cancellation of art exam bonus points and the "double reduction" policy has reduced the motivation for students to learn piano [10][15] Consumer Behavior - The high cost of learning piano, including the purchase of instruments and ongoing lesson fees, has deterred many families from investing in piano education [13][15] - There is a shift in consumer preference towards more affordable instruments, such as digital pianos, which have seen an increase in sales [20] Industry Transformation - The piano industry is undergoing a transformation driven by policy changes, demographic shifts, and evolving consumer needs, prompting companies to explore new teaching models and services beyond just selling pianos [22]

Market Overview - The entertainment products sector rose by 3.28% on September 19, with Zhejiang Zhengte leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Individual Stock Performance - Zhejiang Zhengte (001238) closed at 50.20, up 2.14%, with a trading volume of 7447 lots and a transaction value of approximately 37.23 million yuan [1] - Sanbai Shuo (001300) closed at 14.51, up 2.11%, with a trading volume of 61,100 lots and a transaction value of approximately 87.22 million yuan [1] - Chuangyuan Co. (300703) closed at 33.12, up 1.47%, with a trading volume of 88,500 lots and a transaction value of approximately 294 million yuan [1] - Other notable performers include Huali Technology (301011) and Tongda Chuangzhi (001368), with respective increases of 1.36% and 0.40% [1] Capital Flow Analysis - The entertainment products sector experienced a net outflow of 125 million yuan from institutional investors, while retail investors saw a net inflow of 147 million yuan [2] - The capital flow data indicates that retail investors are more active in the sector compared to institutional investors [2] Detailed Capital Flow for Selected Stocks - Huali Technology (301011) had a net inflow of approximately 8.09 million yuan from institutional investors, while retail investors had a net outflow of about 678,050 yuan [3] - Zhejiang Zhengte (001238) saw a net outflow of 682,100 yuan from institutional investors but a net inflow of 4.26 million yuan from retail investors [3] - Other stocks like Sanbai Shuo (001300) and High乐股份 (002348) also showed mixed capital flows, with varying levels of institutional and retail investor activity [3]