海伦钢琴股份有限公司 2022 年第三季度报告 证券代码：300329 证券简称：海伦钢琴 公告编号：2022-026 海伦钢琴股份有限公司 2022 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。 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.第三季度报告是否经过审计 □是 否 1 海伦钢琴股份有限公司 2022 年第三季度报告 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 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。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 104,988,328.59 | -22.25% | 293,29 ...

Financial Performance - The company's operating revenue for the first half of 2022 was approximately ¥188.30 million, a decrease of 25.05% compared to ¥251.25 million in the same period last year[23]. - The net profit attributable to shareholders of the listed company was approximately ¥6.14 million, down 75.20% from ¥24.74 million in the previous year[23]. - The net cash flow from operating activities was approximately -¥59.26 million, a decline of 29.70% compared to -¥45.69 million in the same period last year[23]. - The basic earnings per share decreased by 75.15% to ¥0.0243 from ¥0.0978 in the previous year[23]. - The company's total profit for the first half of 2022 was CNY 7,052,296.87, a decline of 73.8% compared to CNY 26,852,124.88 in the same period last year[144]. - The total comprehensive income for the first half of 2022 was CNY 6,135,322.96, down from CNY 24,717,770.39 in the same period of 2021[142]. - The company's net profit margin decline due to reduced revenues and increased costs, impacting overall profitability[140]. Market Strategy and Development - The company plans to focus on expanding sales into second and third-tier cities, leveraging partnerships with music schools to understand new market demands[3]. - The company is committed to developing smart pianos and online/offline art education markets to strengthen its cultural and artistic training business[5]. - The company aims to produce 15,000 pianos and 40,000 piano shells annually, with the project originally planned to reach operational status by June 2021 but delayed due to the pandemic[64]. - The company is focusing on modernizing its product offerings to meet the evolving demands for personalized and high-tech pianos[64]. - The company plans to actively explore and prudently select new investment projects for the remaining raised funds, pending feasibility studies[65]. Research and Development - R&D investment for new piano products amounted to CNY 8.75 million, representing 4.65% of operating revenue[32]. - The company is actively developing six new piano products and enhancing its smart piano offerings through AI technology[32]. - The company has established a unique technology system by integrating advanced European design concepts with modern industrial production methods, resulting in a significant reduction in product design and development cycles from 2-3 years to 2-3 months[39]. - The company has a stable R&D team of 82 personnel, with a low turnover rate, contributing to its continuous innovation capabilities[41]. Financial Position and Assets - Total assets at the end of the reporting period were approximately ¥1.40 billion, an increase of 1.11% from ¥1.39 billion at the end of the previous year[23]. - The company's cash and cash equivalents decreased to approximately ¥75.96 million, representing 5.42% of total assets, down from 8.80%[50]. - Accounts receivable increased to approximately ¥142.00 million, accounting for 10.14% of total assets, up from 8.10%[50]. - Inventory increased to approximately ¥378.63 million, representing 27.03% of total assets, up from 24.29%[50]. - Fixed assets increased to approximately ¥346.26 million, accounting for 24.72% of total assets, up from 17.77%[50]. Investment and Funding - The total amount of raised funds was approximately ¥521.11 million, with cumulative usage of approximately ¥521.01 million[54]. - The company has completed the smart piano and internet system project with a total investment of approximately ¥77.99 million[60]. - The company allocated 103.35 million CNY of raised funds for the production project of 15,000 pianos and 40,000 piano shells, which was completed by June 30, 2022, utilizing 108.12 million CNY[61]. - The company has utilized 25 million RMB of raised funds to permanently supplement working capital, with additional amounts allocated for various projects over the years[65]. Competition and Market Risks - The company faces significant market competition risks if it fails to enhance resource integration and expand market share[3]. - The impact of COVID-19 led to a significant decline in market demand and disruptions in offline education and training services[34]. - The company reported that the piano strike mechanism project did not meet expected returns due to increased competition and a sluggish economic environment caused by the COVID-19 pandemic[70]. Corporate Governance and Social Responsibility - The company has established an ISO14001 environmental management system to address environmental hazards in its production processes[88]. - The company emphasizes a "win-win" value proposition to protect the interests of employees, customers, and stakeholders[87]. - The company actively supports local music education by providing funding and quality teaching resources to music training schools[91]. - The company has committed to social responsibility by purchasing eco-friendly equipment and providing job opportunities for local university graduates[91]. Shareholder Information - The total number of shares is 252,888,780, with 100% being ordinary shares[117]. - The largest shareholder, Helen Investment, holds 69,316,800 shares, which is 27.41% of total shares[118]. - The company has not engaged in any major related party transactions during the reporting period[100]. - The company has not reported any major contracts or guarantees during the reporting period[110]. Future Outlook - Future guidance indicates a cautious outlook due to market volatility and economic uncertainties[158]. - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming quarters[158]. - The company aims to improve its capital structure and return on equity in the next fiscal year[158].

Revenue and Profitability - Revenue for Q1 2022 was ¥97,213,870.56, a decrease of 24.96% compared to ¥129,555,430.95 in the same period last year[3] - Net profit attributable to shareholders was ¥6,307,357.62, down 52.35% from ¥13,237,996.53 year-on-year[3] - Basic earnings per share decreased by 60.00% to ¥0.0200 from ¥0.0500 in the previous year[3] - The net profit for the first quarter of 2022 was CNY 6,517,667.86, a decrease of 50.8% compared to CNY 13,220,251.28 in the same period last year[20] - The total comprehensive income attributable to the parent company was CNY 6,307,357.62, down from CNY 13,237,996.53 year-on-year[21] - The company experienced a decrease in operating profit to CNY 7,361,742.53 from CNY 14,605,158.66 year-on-year[20] - The total profit for the first quarter was CNY 7,312,347.67, down from CNY 14,606,033.72 in the same period last year[20] Cash Flow and Liquidity - Net cash flow from operating activities was -¥59,416,071.57, a decline of 184.71% compared to -¥20,868,953.86 in Q1 2021[10] - The company's cash and cash equivalents decreased to RMB 105,048,480.86 from RMB 121,983,660.50 at the beginning of the year, indicating a liquidity contraction[15] - The cash flow from operating activities showed a net outflow of CNY -59,416,071.57, compared to CNY -20,868,953.86 in the previous year[24] - The company reported a cash flow from investing activities of CNY 67,388.24, a significant improvement from CNY -30,864,516.55 in the same period last year[24] - The cash flow from financing activities generated a net inflow of CNY 42,761,455.00, compared to CNY 34,591,743.74 in the previous year[25] - The cash and cash equivalents at the end of the period were CNY 93,954,785.52, compared to CNY 73,179,649.01 at the end of the previous year[25] Assets and Liabilities - Total assets increased by 1.40% to ¥1,404,776,368.52 from ¥1,385,440,466.07 at the end of the previous year[3] - Accounts receivable increased to RMB 128,991,395.24 from RMB 112,199,660.55, suggesting a potential rise in credit sales or collection issues[15] - Inventory levels rose to RMB 361,351,867.98 from RMB 336,457,203.39, indicating a buildup of stock that may affect future cash flow[16] - Short-term borrowings increased to RMB 301,574,985.00 from RMB 259,104,519.72, reflecting a higher reliance on debt financing[17] - The total liabilities increased to RMB 482,213,661.79 from RMB 469,395,427.20, reflecting a rise in financial obligations[17] - The equity attributable to shareholders increased slightly to RMB 920,342,193.17 from RMB 914,034,835.55, indicating stability in shareholder equity despite operational challenges[18] Operating Performance - Total operating revenue for Q1 2022 was RMB 97,213,870.56, a decrease of 25% compared to RMB 129,555,430.95 in the same period last year[19] - Total operating costs for Q1 2022 were RMB 94,029,031.64, down from RMB 117,476,872.77 year-on-year, reflecting a cost reduction strategy[19] - The company experienced a 62.19% decrease in advance receipts, primarily due to the completion of the sale of talent apartments[7] - The company’s weighted average return on equity decreased to 0.69% from 1.32% year-on-year[3] - The number of ordinary shareholders at the end of the reporting period was 28,637[11]

Financial Performance - The company's operating revenue for 2021 was ¥521,834,465.77, an increase of 9.72% compared to ¥475,607,304.54 in 2020[5]. - The net profit attributable to shareholders was -¥79,614,971.05, a decrease of 350.07% from ¥31,837,466.76 in 2020[5]. - The net cash flow from operating activities was -¥23,747,351.06, a decline of 572.10% compared to ¥5,030,114.72 in 2020[5]. - The company's revenue for the reporting period was CNY 521.83 million, representing a year-on-year increase of 9.72%[37]. - The net profit attributable to the parent company was CNY -79.62 million, a year-on-year decrease of 350.07%[38]. - The total assets at the end of 2021 were ¥1,385,440,466.07, an increase of 7.42% from ¥1,289,732,534.93 at the end of 2020[5]. - The net assets attributable to shareholders decreased by 8.30% to ¥914,034,835.55 from ¥996,751,959.65 at the end of 2020[5]. - The company reported a basic earnings per share of -¥0.31, a decrease of 338.46% from ¥0.13 in 2020[5]. - The total cost of sales amounted to ¥386,908,216.08, with material costs constituting 82.72% of this total[58]. - The company’s management expenses increased by 25.33% to ¥47,620,306.77, primarily due to higher salaries for management personnel[61]. - The company’s financial expenses surged by 112.00% to ¥10,014,155.89, mainly due to decreased interest income and increased loan interest[61]. Market Challenges - The company is facing market risks due to a temporary downturn in the traditional piano market and increased competition from foreign brands and second-hand pianos[5]. - The ongoing COVID-19 pandemic continues to create uncertainties affecting the company's operations, logistics, and sales[8]. - The company faced challenges due to rising costs and competition from international brands and second-hand pianos[33]. - The company is facing challenges in its art education investments due to the impact of COVID-19 and related policies, leading to impairment losses of CNY 101.77 million[37]. - The company is facing market risks due to a softening traditional piano market and competition from foreign brands and second-hand pianos[107]. Strategic Initiatives - The company is expanding into the smart piano and online-offline art education markets to enhance its profitability and strengthen its position in the cultural and artistic training industry[7]. - The company is focusing on expanding its market presence through online courses, live streaming sales, and e-commerce initiatives[33]. - The company is actively developing smart pianos and enhancing related APP software in collaboration with the Central Conservatory of Music[34]. - The company is focusing on expanding its sales channels through online platforms and live streaming to boost sales[36]. - The company is actively exploring smart manufacturing and internet technology to enhance product value and cultural significance[38]. - The company is expanding its product line by adding sales of other musical instruments such as guitars and violins, alongside traditional piano production[105]. - The company is leveraging e-commerce platforms like Douyin and Tmall to enhance brand promotion and sales channels[106]. - The company aims to tap into the growing demand for intelligent pianos and online-offline art education training markets to strengthen its profitability[108]. - The company is focusing on expanding sales into second and third-tier cities by analyzing market demand trends and developing new products[108]. Research and Development - The company launched 8 new piano products during the reporting period, with R&D investment amounting to ¥26,690,300, representing 5.11% of operating revenue[34]. - The company applied for 12 patents during the reporting period, with 5 patents granted, including 4 invention patents[43]. - The company has a stable R&D team of 82 personnel, contributing to its continuous innovation and technological advancement[43]. - The company has completed the R&D of multiple upright piano models (WS120, WS122, WS125, WS130, RK120, RK126, MK123, MK126) aimed at enhancing performance and product diversification, now ready for mass production[62]. - The company has shifted its R&D focus towards modernized products such as electric and smart pianos, reflecting market trends[90]. Governance and Compliance - The company is committed to improving its governance structure in compliance with relevant laws and regulations[112]. - The company emphasizes the importance of information disclosure and investor relations management, ensuring accurate and timely information release in compliance with regulations[116]. - The company has established a complete and independent business system, ensuring no competition with controlling shareholders[118]. - The company maintains independent financial management, with a dedicated finance department and independent accounting system[119]. - The company has implemented a robust governance structure, ensuring compliance with legal and regulatory requirements[118]. - The company is committed to social responsibility and balancing the interests of stakeholders, including shareholders and employees[117]. Shareholder and Equity Management - The company did not distribute cash dividends or bonus shares for the year, maintaining a base of 252,888,780 shares[8]. - The company has been actively involved in stock repurchase and cancellation strategies to manage its equity effectively[124]. - The company reported a total of 150,000 shares with a limit on sales of 45,000 and 105,000 shares for the current period[124]. - The total number of shares for the company is 113,870 with 196,200 shares available for repurchase and 113,670 shares for cancellation[124]. - The company has a total of 5,681 shares with 9,481 shares available for repurchase[124]. - The company’s total number of shares held by directors and supervisors reflects a commitment to long-term performance[124]. - The company’s independent directors have extensive experience in the music instrument industry and legal affairs, enhancing governance[126]. Social Responsibility and Community Engagement - The company actively fulfilled its social responsibilities, particularly during the COVID-19 pandemic, by implementing relevant policies and ensuring orderly resumption of work[156]. - The company has sponsored various music competitions and cultural events, enhancing local music education and cultural activities[161]. - The company has prioritized hiring local university graduates and provided job opportunities for farmers who lost their land during urbanization[162]. - The company has invested in environmental protection by purchasing new equipment to optimize the working environment and reduce pollution[161]. Investment and Project Management - The company has completed profit commitments for all subsidiaries except Ningbo Helen Yuxing Education Management Consulting Co., Ltd., which has not fulfilled its profit commitments[175]. - The company has not experienced any major litigation or arbitration matters during the reporting period[180]. - The company has not reported any penalties or rectification situations during the reporting period[181]. - The company reported a total of 150 million in entrusted financial management funds, with no overdue amounts or impairments recorded[194]. - The company has a remaining balance of fundraising of CNY 16,753,374.40 as of December 31, 2021, with CNY 11,933,430.64 being excess funds, accounting for 3.21% of the net fundraising amount[98].

Financial Performance - The company's operating revenue for Q3 2021 was ¥135,028,002.46, a decrease of 5.54% compared to the same period last year[2] - The net profit attributable to shareholders for the same period was ¥11,926,359.22, an increase of 2.85% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥11,803,878.08, up 21.11% from the previous year[2] - The total revenue for the first nine months of 2021 was ¥386,273,609.32, representing a 20.05% increase compared to the same period in 2020[8] - The net profit attributable to shareholders for the first nine months was ¥36,668,804.28, an increase of 83.13% year-on-year[8] - Total operating revenue for Q3 2021 was ¥386,273,609.32, an increase of 20.00% compared to ¥321,770,032.59 in the same period last year[14] - Net profit for Q3 2021 reached ¥36,459,067.15, representing a 85.55% increase from ¥19,674,132.70 in Q3 2020[14] - The total profit for Q3 2021 was ¥39,671,990.89, compared to ¥22,469,993.20 in Q3 2020, marking an increase of 76.67%[14] Assets and Liabilities - Total assets at the end of Q3 2021 reached ¥1,482,329,379.62, reflecting a growth of 14.93% compared to the end of the previous year[2] - The company's total assets as of September 30, 2021, amount to ¥1,482,329,379.62, an increase from ¥1,289,732,534.93 at the end of 2020[12][13] - Current assets total ¥646,012,950.58, up from ¥576,666,938.33 at the end of 2020, reflecting a growth of approximately 12.0%[12] - Total liabilities have risen to ¥449,409,719.88 from ¥289,583,857.43, representing an increase of approximately 55.3%[13] - The total liabilities stood at ¥289,583,857.43 as of Q3 2021, which remained consistent compared to the previous year, showing no significant increase in debt levels[22] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥50,295,525.88, a decrease of 29.97% year-on-year[8] - Cash flow from operating activities showed a net outflow of ¥50,295,525.88, worsening from a net outflow of ¥38,697,130.94 in Q3 2020[18] - Investment activities resulted in a net cash outflow of ¥147,718,190.22, compared to a net outflow of ¥80,012,508.12 in the previous year[18] - Cash inflow from financing activities was ¥248,748,100.00, an increase from ¥150,477,400.00 in Q3 2020[18] - The net cash flow from financing activities for Q3 2021 was ¥184,631,471.50, a significant increase compared to ¥45,821,152.10 in Q3 2020, reflecting a growth of approximately 302%[19] - The total cash and cash equivalents at the end of Q3 2021 amounted to ¥76,384,895.96, down from ¥80,269,463.40 at the end of Q3 2020, indicating a decrease of about 2.2%[19] - The cash and cash equivalents decreased to ¥87,279,737.61 from ¥100,926,180.82, a decline of approximately 13.6%[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 33,196[9] - The largest shareholder, Ningbo Beilun Helen Investment Co., Ltd., holds 27.41% of shares, totaling 69,316,800 shares[9] - The company has no preferred shareholders as of the reporting period[10] Inventory and Receivables - The company's inventory increased by 11.94% to ¥315,915,973.29, indicating a rise in stock levels[7] - The company's inventory as of September 30, 2021, is ¥315,915,973.29, compared to ¥282,227,420.75 at the end of 2020, indicating an increase of about 11.9%[12] - The accounts receivable increased to ¥147,991,934.17 from ¥107,046,435.83, reflecting a growth of about 38.4%[12] Equity and Retained Earnings - The company's equity attributable to shareholders is ¥1,029,732,679.01, up from ¥996,751,959.65 at the end of 2020, showing a growth of about 3.3%[13] - The company's retained earnings as of Q3 2021 were ¥331,807,185.03, indicating a solid accumulation of profits over time[23] Research and Development - The company reported a significant increase in research and development expenses, totaling ¥16,289,543.13, up from ¥14,692,983.63 in the same period last year[14] Financial Management - The company recorded a decrease in financial expenses, which amounted to ¥5,398,986.15, compared to ¥1,261,354.86 in the previous year[14] - The company has adopted new leasing standards starting in 2021, which required adjustments to the financial statements, although it did not impact the balance sheet items significantly[20] - The company’s long-term investments remained stable at ¥316,446,596.20, indicating a consistent investment strategy[21] - The company’s total current liabilities were reported at ¥277,819,901.00, reflecting a stable short-term financial position[22]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 251,245,606.86, representing a 40.49% increase compared to CNY 178,829,631.63 in the same period last year[23]. - The net profit attributable to shareholders was CNY 24,742,445.06, a significant increase of 193.56% from CNY 8,428,360.65 in the previous year[23]. - The net profit after deducting non-recurring gains and losses reached CNY 24,391,111.74, up 269.56% from CNY 6,600,010.74 year-on-year[23]. - The basic earnings per share increased to CNY 0.0978, reflecting a growth of 192.81% compared to CNY 0.0334 in the same period last year[23]. - The company's revenue for the reporting period reached 251.25 million CNY, a year-on-year increase of 40.49%[30]. - The net profit attributable to the parent company was 24.74 million CNY, representing a year-on-year growth of 193.56%[30]. - The company reported a total profit for the first half of 2021 of ¥26,852,124.88, significantly higher than ¥9,165,723.83 in the first half of 2020, representing a 193.5% increase[148]. - The net profit for the first half of 2021 was ¥24,717,770.39, up from ¥8,198,709.30 in the first half of 2020, marking a 201.5% increase[148]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,419,479,608.80, a 10.06% increase from CNY 1,289,732,534.93 at the end of the previous year[23]. - The net assets attributable to shareholders were CNY 1,017,806,319.79, showing a 2.11% increase from CNY 996,751,959.65 at the end of the last year[23]. - The company's short-term borrowings increased by 216.85% compared to the end of the previous year, with a debt-to-asset ratio of 28.06%[31]. - Total liabilities increased to CNY 398,301,245.83 from CNY 289,583,857.43, marking a rise of about 37.5%[139]. - Owner's equity rose to CNY 1,021,178,362.97 from CNY 1,000,148,677.50, indicating an increase of approximately 2.1%[141]. Sales and Production - The company sold 17,220 pianos during the reporting period, an increase of 6,456 units or approximately 60% year-on-year[34]. - The revenue from upright pianos was CNY 197,171,852.04, with a year-on-year increase of 53.71%[45]. - The revenue from grand pianos reached CNY 25,414,373.69, showing a significant year-on-year increase of 66.23%[45]. - The company has expanded its product line to include traditional pianos, digital pianos, smart pianos, guitars, and electric jazz drums[31]. Research and Development - R&D investment amounted to 10.74 million CNY, accounting for 4.28% of revenue, with a year-on-year increase of 13.69%[32]. - The company obtained 2 new patents during the reporting period, bringing the total number of authorized patents to 83, including 6 software copyrights[38]. - The company has formed a strong technical innovation team with 85 R&D personnel, contributing to its competitive edge in the industry[39]. - The company is actively developing smart pianos and has collaborated with the Central Conservatory of Music to enhance teaching materials and training[32]. Market Strategy - The company plans to focus on expanding sales into second and third-tier cities to mitigate market concentration risks[6]. - The company will enhance its product development capabilities and production technology through fundraising projects to meet the demand for upgraded consumption[7]. - The company has established "Hailun Art Education Investment Co., Ltd." to expand its smart piano and online/offline art education training market[7]. - The company has implemented a sales model that combines online and offline channels, enhancing brand visibility through various promotional activities[34]. Financial Management - The company does not plan to distribute cash dividends or issue bonus shares for this reporting period[8]. - The company has a commitment to social responsibility, ensuring the protection of employee rights and interests[92]. - The company has not faced any administrative penalties for environmental issues during the reporting period[91]. - The company has not experienced any changes in its board of directors or senior management during the reporting period[87]. Challenges and Risks - The demand for traditional pianos has shown weak growth, and the company did not achieve significant sales revenue growth due to intensified market competition and a sluggish economic environment[70]. - The gross profit margin has decreased due to increased costs related to depreciation and labor after project completion[70]. - The company is facing market risks due to concentrated sales regions and plans to expand into second and third-tier cities to meet growing demand[82]. Cash Flow and Investments - The company reported a net cash outflow from investment activities of ¥100,460,856.55, a 127.37% increase compared to ¥44,183,353.55, mainly due to investments in production expansion projects[43]. - The net cash flow from operating activities was -45,690,952.48 CNY, compared to -53,520,510.50 CNY in the previous period, indicating a slight improvement[156]. - Cash inflow from financing activities reached 186,727,850.00 CNY, compared to 118,298,850.00 CNY in the previous period, showing a 58% increase[157]. Corporate Governance - The company has maintained a stable governance structure with a board of directors and several specialized committees to oversee operations[182]. - The company has not encountered any issues that would raise doubts about its ability to continue as a going concern for the next 12 months[184]. - The company has not made any acquisitions or divestitures during the reporting period, maintaining its current operational structure[182].

Financial Performance - The company's operating revenue for Q1 2021 was ¥129,555,430.95, representing an increase of 86.61% compared to ¥69,426,819.75 in the same period last year[7]. - Net profit attributable to shareholders was ¥13,237,996.53, a significant increase of 514.66% from ¥2,153,705.25 year-on-year[7]. - The net profit after deducting non-recurring gains and losses reached ¥12,954,876.03, up 807.23% from ¥1,427,961.64 in the previous year[7]. - The basic earnings per share increased to ¥0.0500, reflecting a growth of 400.00% compared to ¥0.0100 in the same quarter last year[7]. - The total operating revenue for the current period reached ¥129,555,430.95, a significant increase from ¥69,426,819.75 in the previous period, representing an increase of approximately 86.7%[49]. - Operating profit for the current period was ¥14,605,158.66, up from ¥2,233,434.51, indicating a growth of approximately 553.5%[50]. - Net profit for the current period reached ¥13,220,251.28, compared to ¥2,081,793.40 in the previous period, marking an increase of around 535.5%[50]. - The company achieved a total comprehensive income of ¥13,220,251.28, compared to ¥2,081,793.40 in the previous period, indicating a growth of around 535.5%[51]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,317,582,701.02, a 2.16% increase from ¥1,289,732,534.93 at the end of the previous year[7]. - The net assets attributable to shareholders amounted to ¥1,009,989,956.17, which is a 1.33% increase from ¥996,751,959.65 at the end of the last year[7]. - Total liabilities increased to ¥304,213,772.24 from ¥289,583,857.43, marking a rise of approximately 5%[43]. - The company's equity attributable to shareholders reached ¥1,009,989,956.17, up from ¥996,751,959.65, reflecting a growth of about 1.2%[43]. - Current assets totaled ¥586,499,615.11, up from ¥576,666,938.33, indicating an increase of about 1.4%[41]. - The company's cash and cash equivalents decreased to ¥83,874,544.35 from ¥100,926,180.82, a decline of approximately 17%[41]. - Accounts receivable rose to ¥128,679,125.92 from ¥107,046,435.83, representing an increase of about 20.3%[41]. - Inventory decreased slightly to ¥275,433,686.96 from ¥282,227,420.75, a reduction of about 2.5%[41]. Cash Flow - The net cash flow from operating activities improved to -¥20,868,953.86, a 69.51% reduction in losses compared to -¥68,434,625.76 in the same period last year[7]. - Operating cash inflow for the current period reached CNY 121,268,594.71, a significant increase from CNY 43,535,568.01 in the previous period, reflecting a growth of approximately 178%[56]. - The ending cash and cash equivalents balance was CNY 73,179,649.01, down from CNY 112,554,492.23, reflecting a decrease of about 35%[58]. - Total cash outflow from operating activities was CNY 142,137,548.57, compared to CNY 111,970,193.77 in the previous period, indicating increased operational expenses[57]. - The company incurred CNY 30,437,707.62 in cash payments to employees, an increase from CNY 25,344,983.43, reflecting higher labor costs[57]. Research and Development - The company's R&D expenses for the period totaled CNY 4.67 million, a year-on-year increase of 20.39%, with six upright piano models currently in the development stage[19]. - Research and development expenses increased to ¥4,674,344.59 from ¥3,882,568.10, which is an increase of about 20.4%[50]. Market and Competition - The company faces significant industry risks due to increasing competition and must enhance resource integration and market share[21]. - The ongoing impact of the COVID-19 pandemic remains a concern, particularly with international developments, prompting the company to adjust its growth plans accordingly[26]. - The company is focusing on expanding sales regions, particularly targeting second and third-tier cities through new product development and marketing strategies[21]. Investment Projects - The total amount of raised funds is ¥52,111.17 million, with ¥1,398.62 million invested in the current quarter[29]. - Cumulative investment of raised funds amounts to ¥52,101.34 million, with 25.74% of the funds having been repurposed[29]. - The company has made strategic adjustments to improve the efficiency of fund utilization[33]. - The company plans to actively select new fundraising investment projects after the feasibility study report is completed[33]. Risks and Challenges - There is a risk of management challenges due to rapid business and personnel growth, necessitating improved internal processes and management systems[23]. - The company acknowledges potential risks associated with fundraising projects, including discrepancies in expected economic benefits and project completion timelines[25]. - The company is committed to strengthening its talent acquisition and retention strategies to mitigate human resource risks in a competitive market[23]. Production and Projects - The piano production expansion project has a total investment of 11,050 million, with a completion progress of 89.26% as of June 30, 2018[31]. - The piano striking machine manufacturing project has an investment of 5,105 million, with a completion progress of 82.44% as of April 30, 2015[31]. - The smart piano and matching system R&D and industrialization project has an investment of 20,634 million, with a completion progress of 75.72% as of December 31, 2017[31]. - The company reported a significant decline in traditional piano demand due to the increasing influence of modern technology, resulting in stagnant sales revenue growth[32].

Financial Performance - The company's operating revenue for 2020 was approximately ¥475.61 million, a decrease of 14.08% compared to ¥553.53 million in 2019[17]. - The net profit attributable to shareholders for 2020 was approximately ¥31.84 million, down 38.81% from ¥52.03 million in 2019[17]. - The basic earnings per share for 2020 was ¥0.130, a decrease of 38.10% from ¥0.210 in 2019[17]. - The net profit after deducting non-recurring gains and losses for 2020 was approximately ¥26.18 million, a decrease of 46.61% from ¥49.03 million in 2019[17]. - The company's total revenue for 2020 was ¥475,607,304.54, a decrease of 14.08% compared to ¥553,530,167.07 in 2019[42]. - The net profit attributable to the parent company was CNY 3,183.75 million, down 38.81% year-on-year[38]. - The company reported a positive profit for the reporting period, with net profit attributable to ordinary shareholders being positive, but no cash dividend distribution plan was proposed[119]. Cash Flow and Assets - The net cash flow from operating activities improved significantly to approximately ¥5.03 million, compared to a negative cash flow of ¥42.42 million in 2019, marking an increase of 111.86%[17]. - Total assets at the end of 2020 were approximately ¥1.29 billion, an increase of 3.19% from ¥1.25 billion at the end of 2019[17]. - The company's cash and cash equivalents decreased by 38.52% compared to the beginning of the period due to the impact of the pandemic on sales[38]. - The company's short-term borrowings increased by 76.47% compared to the beginning of the year, with a debt-to-asset ratio of 22.45%[38]. - Cash and cash equivalents decreased from 164,168,678 (13.13%) at the beginning of 2020 to 100,926,180 (7.83%) at the end of 2020, a reduction of 5.30% due to external payments and decreased sales receipts[65]. Market and Sales Performance - In 2020, the company sold 32,276 pianos, a decrease of 16.04% year-on-year, with revenue of 475.61 million yuan, down 14.08% compared to the previous year[29]. - Domestic sales accounted for 89.71% of total revenue at ¥426,674,843.04, down 12.86% from the previous year[42]. - The sales volume of upright pianos decreased by 15.88% to 30,904 units, while production volume fell by 27.27% to 24,874 units[46]. - The company reported a 34.87% decline in electric piano sales volume, totaling 1,115 units, while production increased by 33.85%[48]. Research and Development - The company invested ¥20,398,300 in R&D, representing 4.29% of sales revenue, focusing on improving product quality and developing new products[39]. - The company has a stable R&D team with 82 personnel, focusing on continuous innovation and collaboration with international piano manufacturers[35]. - The company launched 5 new product projects during the reporting period and obtained 4 new patents, bringing the total number of authorized patents to 79[33]. - The company has six ongoing R&D projects, including four upright pianos and one smart piano[39]. Strategic Initiatives - The company is actively developing smart pianos and enhancing its online and offline art education training systems[30]. - The company aims to expand its market by promoting mid-to-high-end traditional pianos and smart piano products[30]. - The company aims to gradually release production capacity and enhance market recognition for its new products, anticipating improved financial performance over time[87]. - The company plans to expand into other musical instruments like guitars and violins while promoting smart piano products through mobile internet technology[103]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of ¥0.14 per 10 shares, based on a total of 253,559,880 shares[5]. - The proposed cash dividend for 2020 is CNY 0.14 per 10 shares, totaling CNY 3,549,838.32, which represents 100% of the distributable profit[116]. - The company distributed a cash dividend of CNY 7,100,222.64 in 2019, which was 13.65% of the consolidated net profit attributable to ordinary shareholders[117]. - The total number of shares decreased from 253,579,380 to 253,559,880, a reduction of 19,500 shares due to the cancellation of unvested restricted stock[164]. Governance and Compliance - The company has established a comprehensive governance structure, including rules for shareholder meetings, board meetings, and management guidelines, ensuring clear responsibilities and procedures for governance[199]. - The company operates independently from its controlling shareholders, maintaining autonomy in business, assets, personnel, and finances, in compliance with relevant laws and regulations[200]. - The company has not faced any penalties or rectification issues during the reporting period[135]. - The company has fulfilled all commitments made by actual controllers, shareholders, and related parties during the reporting period[120]. Challenges and Risks - The company has indicated potential risks in its future development, which are discussed in detail in the management discussion and analysis section[5]. - The company faced challenges in achieving expected returns from projects due to increased competition and a sluggish economic environment, resulting in a decline in sales revenue[87]. - The piano industry is facing supply-demand mismatches and increasing competition, with traditional pianos struggling to meet modern consumer demands[101]. Community and Environmental Responsibility - The company has established an ISO14001 environmental management system and OHSAS18001 occupational health and safety management system, receiving the title of "Ningbo Environmental Protection Model (Green) Factory"[153]. - The company has actively supported music education by collaborating with local schools and providing teaching equipment, enhancing cultural life for the community[156]. - The company has sponsored various music competitions and events, promoting local music education and cultural activities[157].

Financial Performance - Net profit attributable to shareholders decreased by 48.25% to CNY 11,595,418.40 for the current period[8] - Operating revenue slightly decreased by 0.05% to CNY 142,940,400.96 compared to the same period last year[8] - The company reported a decrease of 19.58% in revenue for the year-to-date period compared to the previous year[8] - The net profit for the third quarter of 2020 reached CNY 11,475,423.40, compared to CNY 10,956,379.92 in the previous year, indicating an increase of about 4.7%[44] - The total profit for the third quarter of 2020 was CNY 13,304,269.37, compared to CNY 12,351,434.32 in the previous year, marking an increase of about 7.7%[44] - The operating profit for the third quarter of 2020 was CNY 13,504,714.14, an increase from CNY 12,042,245.84 in the same period last year, representing a growth of approximately 12.1%[44] - The company reported a net profit margin improvement, with net profit increasing due to better cost management despite lower revenues[42] Cash Flow and Liquidity - Cash flow from operating activities increased significantly by 342.61% to CNY 14,823,379.56[8] - Cash and cash equivalents decreased by 44.67% to ¥90,833,998.19 from ¥164,168,678.68 due to reduced sales revenue and increased investment in projects[21] - The net cash flow from operating activities for the year-to-date period was -¥38,697,130.94, an improvement from -¥57,445,926.84 in the same period last year[61] - The company reported a net cash flow from operating activities of -37,282,021.64 CNY, which is an improvement from -56,491,188.95 CNY in the previous period[65] - Total cash and cash equivalents at the end of the period were 75,853,888.86 CNY, down from 112,324,427.44 CNY in the previous period[66] - Cash inflow from operating activities totaled 287,323,285.41 CNY, while cash outflow was 324,605,307.05 CNY, resulting in a negative cash flow[65] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 20,872[12] - The largest shareholder, Ningbo Beilun Helen Investment Co., Ltd., holds 27.34% of the shares[12] Assets and Liabilities - Total assets increased by 3.10% to CNY 1,288,678,295.07 compared to the end of the previous year[8] - Total liabilities increased to CNY 298,397,056.11 from CNY 276,537,179.67, reflecting a growth in current liabilities[36] - The company's total assets as of September 30, 2020, amounted to CNY 1,150,222,430.22, compared to CNY 1,082,253,533.29 at the end of 2019[38] - Cash and cash equivalents decreased to CNY 86,418,423.65 from CNY 158,631,811.95, indicating a significant reduction in liquidity[36] - The company’s inventory increased to ¥290,778,871.80 from ¥267,173,289.11, reflecting a strategic decision to maintain stock levels[32] Investment and Expenses - Short-term borrowings increased by 152.43% to ¥91,313,050.00 from ¥36,173,626.25, mainly due to an increase in credit loans[21] - Financial expenses rose by 132.11% to ¥1,261,354.86, primarily due to increased exchange losses and loan interest[21] - Investment activities resulted in a cash outflow of ¥80,012,508.12, an increase of 18.73% from ¥67,391,178.80, due to increased investment in projects[23] - The company recorded a financial expense of ¥1,177,713.31, a significant increase from a financial income of ¥3,958,794.59 in the previous year, primarily due to increased interest expenses[55] - The company reported a decrease in research and development expenses to CNY 5,243,578.66 from CNY 5,378,294.87 in the previous year, a reduction of about 2.5%[46] Future Outlook - Future outlook includes plans for market expansion and potential new product launches to drive growth[42]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥178,829,631.63, a decrease of 30.44% compared to ¥257,097,625.58 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was ¥8,428,360.65, down 69.60% from ¥27,729,083.94 in the previous year[20]. - The basic earnings per share decreased to ¥0.0334, a decline of 69.72% compared to ¥0.1103 in the same period last year[20]. - The operating revenue for the reporting period was 178.83 million yuan, a year-on-year decrease of 30.44%[28]. - The net profit attributable to the parent company was 842.84 yuan, a year-on-year decrease of 69.60%[29]. - The total comprehensive income for the period was 8.42 million, a decrease of 229% compared to the previous period[164]. - The total profit for the first half of 2020 was ¥9,165,723.83, down 70.0% from ¥30,508,721.86 in the same period of 2019[148]. - The company reported a decrease in sales revenue from 230,704,663.33 CNY in the first half of 2019 to 156,460,679.84 CNY in the same period of 2020[159]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,317,506,429.34, an increase of 5.41% from ¥1,249,875,734.39 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company were ¥971,769,528.93, a slight increase of 0.24% from ¥969,462,385.36 at the end of the previous year[20]. - Total liabilities amounted to CNY 342,090,382.40, an increase from CNY 276,537,179.67, representing a rise of approximately 23.7%[139]. - Current liabilities rose to CNY 330,272,425.97, compared to CNY 264,669,223.24, marking an increase of about 24.7%[139]. - Cash and cash equivalents decreased to CNY 123,499,922.54 from CNY 158,631,811.95, a decline of approximately 22.1%[143]. Cash Flow - The net cash flow from operating activities was -¥53,520,510.50, a decrease of 4.26% compared to -¥51,335,841.17 in the same period last year[20]. - The net cash flow from financing activities increased significantly by 260.46% to ¥64,259,420.28, mainly due to an increase in short-term borrowings[43]. - The cash inflow from financing activities increased significantly to 118,298,850.00 CNY, compared to only 8,207,450.00 CNY in the first half of 2019[157]. - The ending balance of cash and cash equivalents decreased to 120,301,041.99 CNY from 149,253,299.84 CNY at the end of the previous period[158]. Market and Competition - The company faces significant market competition risks if it cannot enhance resource integration and expand market share[5]. - The impact of the COVID-19 pandemic has significantly affected the company's piano sales and art education business, prompting the company to adapt its operations accordingly[7]. - The company's piano sales volume was 10,764 units, a year-on-year decrease of 37.89%[28]. - The company reported that traditional piano demand is declining due to increased competition and changing consumer preferences towards high-tech products[76]. Research and Development - R&D expenses amounted to CNY 9.45 million, representing 5.28% of total revenue[39]. - The company launched 5 new product projects during the reporting period and obtained 4 new patents[34]. - The company has established a technical innovation team with 85 R&D personnel, maintaining a stable workforce[36]. - The company is focusing on enhancing its research and development capabilities for new technologies[166]. Strategic Initiatives - The company plans to focus on expanding sales in second and third-tier cities through new product development and marketing channel expansion[5]. - The company has established a strategic partnership with the Central Conservatory of Music to develop and promote the "Central Music Continuing Education - Hailun Smart Piano Classroom" project[27]. - The company continues to focus on sustainable development and brand building, aiming to enhance product value and expand into the arts education sector[27]. - The company plans to actively select new fundraising investment projects following the feasibility study report[72]. Shareholder and Equity Information - The company will not distribute cash dividends or issue bonus shares for this reporting period[8]. - The total number of ordinary shareholders at the end of the reporting period was 22,735[119]. - The largest shareholder, Ningbo Beilun Helen Investment Co., Ltd., holds 27.34% of the shares, totaling 69,316,800 shares[120]. - The company did not engage in any major asset or equity sales during the reporting period[81][82]. Compliance and Governance - The financial report for the first half of 2020 was not audited[135]. - The company has established an environmental emergency response plan, which has been filed with relevant government regulatory departments[111]. - The company has a total of 6 subsidiaries included in the consolidated financial statements for the reporting period[183]. - The company adheres to the accounting policies and estimates as per the relevant accounting standards, including provisions for bad debts and depreciation of fixed assets[186].