海伦钢琴(300329) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The board, supervisory board, and senior management guarantee the report's accuracy, while the company faces market, product profitability, and equity change risks - Company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[4] - Company's responsible person Chen Hailun, chief accountant Jin Jiangfeng, and head of accounting department Wang Qiong declare the financial report in this semi-annual report is true, accurate, and complete[4] - Company faces market risks due to global economic slowdown, uncertain market recovery, weak traditional piano market, and increased competition from foreign brands and used pianos[5] - Company's expansion into smart musical instruments faces profitability risks, with uncertain market acceptance and share, requiring continuous technology R&D and updates[6] - Company plans to introduce investors to gain control and empower smart electronic musical instrument business, but the completion and timing of equity changes are uncertain[7][8] - Company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[9] Table of Contents This report's clear table of contents lists eight main chapters covering company profile, financial indicators, management discussion, governance, significant events, share changes, bond information, and financial reports - The report's table of contents includes eight main chapters, from company profile to financial reports, with a clear structure[11] - Reference documents include signed financial statements, original drafts of documents publicly disclosed on CSRC-designated websites, and other relevant materials[13][14][15] Definitions This section defines common terms used in the report, clarifying "Company," "this Company," and "Hailun Piano" refer to Hailun Piano Co., Ltd., and lists major related parties and currency units - "Company," "this Company," and "Hailun Piano" all refer to Hailun Piano Co., Ltd[16] - "Yuan" and "ten thousand yuan" in the report refer to RMB yuan and RMB ten thousand yuan, respectively[16] - Major related parties, including Hailun Investment, Seasons Hong Kong, and Yongmeng International, are listed with their designations[16] Company Profile and Key Financial Indicators Company Profile Hailun Piano Co., Ltd., stock code 300329, is listed on the Shenzhen Stock Exchange, with Chen Hailun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hailun Piano | | Stock Code | 300329 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Hailun Piano Co., Ltd. | | Legal Representative | Chen Hailun | Contact Persons and Information The company's Board Secretary is Shi Dingjing and Securities Affairs Representative is Li Jing, both located at No. 36 Longtanshan Road, Beilun District, Ningbo, with provided contact details Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Shi Dingjing | No. 36 Longtanshan Road, Beilun District, Ningbo | 0574-86813822 | 0574-55221607 | phil@hailunpiano.com | | Securities Affairs Representative | Li Jing | No. 36 Longtanshan Road, Beilun District, Ningbo | 0574-86813822 | 0574-55221607 | lijing@hailunpiano.com | Other Information During the reporting period, there were no changes in the company's contact information, information disclosure, storage locations, or registration status - No changes in the company's registered address, office address, website, email, or other contact information during the reporting period[21] - No changes in information disclosure and storage locations during the reporting period[22] - No changes in the company's registration status during the reporting period[23] Key Accounting Data and Financial Indicators This reporting period saw a 32.43% decrease in operating revenue and a 39.84% decrease in net profit attributable to shareholders, while net cash flow from operating activities significantly increased by 81.35% Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period | Prior Year Period | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 56,644,208.20 | 83,833,644.48 | -32.43% | | Net Profit Attributable to Shareholders of Listed Company (yuan) | -24,432,122.98 | -17,471,866.91 | -39.84% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses (yuan) | -24,544,516.02 | -17,636,715.46 | -39.17% | | Net Cash Flow from Operating Activities (yuan) | -16,529,127.90 | -88,633,137.51 | 81.35% | | Basic Earnings Per Share (yuan/share) | -0.0966 | -0.0691 | -39.80% | | Diluted Earnings Per Share (yuan/share) | -0.0966 | -0.0691 | -39.80% | | Weighted Average Return on Net Assets | -3.46% | -2.11% | -1.35% | | Period-end Indicators | Current Period-end | Prior Year-end | Change from Prior Year-end | | Total Assets (yuan) | 1,099,099,495.57 | 1,111,153,806.74 | -1.08% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 693,238,026.26 | 717,670,149.24 | -3.40% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[25] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[26] Non-recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 112,393.04 yuan this period, primarily from disposal of non-current assets, government grants, and other non-operating income/expenses, net of income tax Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 180,809.17 | | Government grants recognized in current profit or loss | 16,600.00 | | Other non-operating income and expenses apart from the above | -38,898.84 | | Less: Income tax impact | 46,117.29 | | Total | 112,393.04 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified any listed non-recurring gains and losses items as recurring gains and losses[29] Management Discussion and Analysis Main Business Activities During the Reporting Period The company primarily engages in piano R&D, manufacturing, sales, service, and art education, with no significant changes in business model, but overall performance declined due to market downturn - The musical instrument consumer market is sluggish, and the piano industry faces rising manufacturing costs, international brand competition, and the impact of used pianos[31] - The company's main business involves piano product R&D, manufacturing, sales, service, and art education, with no significant changes during the reporting period[31] - The company's main products include traditional pianos, smart digital pianos, and related accessories, actively expanding the market for its "Hailun" and "Wendelong" brands[32] - Sales volume of smart digital pianos increased by 876.06%, with R&D investment of 4.5569 million yuan, accounting for 8.04% of operating revenue[32] - The company adopts a production model combining "production based on sales" and "safety stock," with sales channels covering regional management in China and international sales, actively expanding online e-commerce platforms[33][34] - During the reporting period, operating revenue was 56.6442 million yuan, a 32.43% year-on-year decrease; net profit attributable to parent company owners was -24.4321 million yuan, a 39.84% year-on-year decrease[34] - The performance decline was mainly due to decreased sales volume (piano sales decreased by 46.65% year-on-year) and increased unit production costs, leading to an 8.72% decrease in gross profit margin[35] Analysis of Core Competencies The company's core competencies include a sustainable scientific management philosophy, excellent execution, leading industry position, strong brand influence, and continuous technological innovation, particularly in product design, manufacturing, materials, and talent - The company adheres to the "high technology, high quality, high starting point" operating principle, using intelligence to ignite music and expand into smart piano and art education industries[36] - The company is the first national cultural industry demonstration base in China's piano industry, a co-drafter of national industry standards, and holds a leading position in piano sales within the domestic industry[36] - The company's "HAILUN" brand has received numerous domestic and international honors, including the French "DIAPASON" magazine's "Golden Tuning Fork" award and the highest rating in the American "The Piano Book" world piano quality ranking[36][37] - The company focuses on piano manufacturing technology R&D, initiating 5 new product R&D projects, applying for 3 patents, and obtaining 7 authorized patents during the reporting period, with a cumulative total of 122 authorized patents[38] - The company was among the first to fully utilize advanced methods like CAD, CAM, and 3D animation in product design, shortening the R&D cycle to 2-3 months[39] - The company introduced internationally leading digital control production lines and adopted a positioning hole interlocking process, becoming an ODM partner for renowned international piano companies like Bechstein of Germany[39] - The company innovates boldly in material application, being the first to use new technologies and materials such as cast aluminum alloy center plates and alloy copper string pillows, with several technologies obtaining national patents[40] - The company boasts a technical innovation team comprising domestic and international experts and self-cultivated key personnel, with 54 R&D staff and stable core technical personnel[40] Analysis of Main Business Operations Main business revenue decreased by 32.43% due to lower piano sales. Sales expenses increased by 17.83% from e-commerce promotion, management expenses decreased by 16.44% due to personnel reduction, and financial expenses decreased by 51.53% due to foreign exchange gains. Smart digital piano revenue grew by 876.06%, with a 28.81% increase in gross profit margin Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 56,644,208.20 | 83,833,644.48 | -32.43% | Decrease in piano market demand, leading to lower sales | | Operating Cost | 50,686,949.31 | 67,702,764.19 | -25.13% | Decrease in piano sales, increase in unit cost | | Selling Expenses | 10,027,648.66 | 8,509,958.00 | 17.83% | Increase in e-commerce and promotion expenses | | Administrative Expenses | 14,373,226.09 | 17,201,732.46 | -16.44% | Personnel reduction, decrease in payroll expenses | | Financial Expenses | 1,494,194.22 | 3,082,939.13 | -51.53% | Increase in foreign exchange rate, leading to higher exchange gains | | Income Tax Expense | -4,653,565.47 | -47,447.89 | -9,707.74% | Provision for deferred income tax to offset losses | | R&D Investment | 4,556,879.53 | 5,756,588.64 | -20.84% | Decrease in external technical assistance for R&D | | Net Cash Flow from Operating Activities | -16,529,127.90 | -88,633,137.51 | 81.35% | Decrease in external material purchases | | Net Cash Flow from Investing Activities | 2,759,481.99 | 3,480,508.82 | -20.72% | Decrease in investment in fixed assets and construction in progress | | Net Cash Flow from Financing Activities | 11,638,898.59 | 50,523,635.93 | -76.96% | Repayment of maturing short-term bank loans | | Net Increase in Cash and Cash Equivalents | -1,413,430.71 | -34,610,431.25 | 95.92% | Decrease in operating outflows and repayment of maturing short-term bank loans | - No significant changes occurred in the company's profit composition or sources of profit during the reporting period[42] Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Upright Pianos | 30,654,396.45 | 29,652,840.34 | 3.27% | -49.85% | -40.96% | -14.56% | | Grand Pianos | 11,604,770.44 | 10,109,893.53 | 12.88% | -22.74% | -10.51% | -11.91% | | Accessories | 3,186,733.80 | 2,692,792.48 | 15.50% | 39.55% | 41.77% | -1.33% | | Smart Digital Pianos | 7,056,207.90 | 5,315,968.22 | 24.66% | 876.06% | 606.03% | 28.81% | Analysis of Non-Main Business Operations Non-main business activities impacted total profit this period, with investment income primarily from art education investments and credit impairment losses significantly increasing due to higher bad debt provisions for accounts receivable Impact of Non-Main Business Operations on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 916,300.00 | -3.09% | Investment income from art education | Yes | | Non-operating Expenses | 38,899.39 | -0.13% | - | No | | Credit Impairment | -4,202,960.40 | 14.16% | Increase in provision for bad debts on accounts receivable | Yes | | Asset Disposal Income | 180,809.17 | -0.61% | Sale of talent apartments to company employees | No | | Other Income | 157,091.17 | -0.53% | Government grants | No | Analysis of Assets and Liabilities At period-end, total assets and net assets attributable to shareholders slightly decreased. Short-term borrowings decreased by 2.23% due to conversion to long-term, while long-term borrowings increased by 4.44% from new bank mortgage loans, and contract liabilities decreased by 0.22% due to fewer pre-orders Significant Changes in Asset Composition | Item | Amount at Current Period-end (yuan) | Proportion of Total Assets | Amount at Prior Year-end (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 38,269,027.36 | 3.48% | 39,682,458.07 | 3.57% | -0.09% | Decrease in sales collection | | Inventories | 364,640,551.75 | 33.18% | 371,538,303.04 | 33.44% | -0.26% | Decrease in inventory goods | | Long-term Equity Investments | 86,560,489.24 | 7.88% | 83,364,189.24 | 7.50% | 0.38% | - | | Short-term Borrowings | 186,210,000.00 | 16.94% | 212,970,761.11 | 19.17% | -2.23% | Short-term bank loans converted to long-term loans | | Contract Liabilities | 4,648,020.17 | 0.42% | 7,056,712.87 | 0.64% | -0.22% | Decrease in pre-orders leading to lower advance receipts | | Long-term Borrowings | 145,250,000.00 | 13.22% | 97,580,613.20 | 8.78% | 4.44% | Increase in bank mortgage loans | | Advance Receipts | 10,181,127.40 | 0.93% | 8,157,590.40 | 0.73% | 0.20% | Advance receipt for land transfer fees | - The company had no major overseas assets or assets and liabilities measured at fair value during the reporting period[50][51] Restricted Asset Rights | Item | Book Value at Period-end (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Fixed Assets | 76,488,842.67 | Loan collateral | | Investment Properties | 6,810,150.51 | Loan collateral | | Intangible Assets | 15,312,234.68 | Loan collateral | | Total | 98,611,227.86 | - | Analysis of Investment Status During the reporting period, the company did not engage in any significant equity investments, non-equity investments, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans - The company had no significant equity investments, non-equity investments, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[51][52][53][54][55] Major Asset and Equity Sales During the reporting period, the company did not sell any major assets or equity - The company did not sell any major assets during the reporting period[56] - The company did not sell any major equity during the reporting period[57] Analysis of Major Holding and Participating Companies During the reporting period, the company had no important holding or participating company information that required disclosure - The company had no important holding or participating company information that required disclosure during the reporting period[57] Structured Entities Controlled by the Company During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[58] Risks Faced by the Company and Countermeasures Company faces technology, R&D, market, and product profitability risks, addressed by a high-level R&D team, product expansion, and increased investment in smart musical instruments and online promotion - The company faces technology and R&D risks, requiring continuous focus on piano manufacturing technology research and development, to avoid technology and products being surpassed[59] - The company has established a high-level R&D team with strong technical accumulation, capable of developing advanced manufacturing processes[59] - The company faces market risks, with a sluggish traditional piano market and uncertain policy directions, and will respond by expanding into new sales regions and developing new products[59] - The smart musical instrument market is highly competitive, posing product profitability risks for the company, which will increase R&D investment, deeply explore user needs, and fully utilize online social media platforms for brand promotion[60] Registration Form for Research, Communication, and Interview Activities During the Reporting Period On May 8, 2025, the company participated in an online exchange via Securities Daily Investor Interaction Platform, discussing 2024 operating performance and future development strategies Research Activities Received During the Reporting Period | Reception Date | Reception Venue | Reception Method | Type of Reception Object | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | 2025-05-08 | Securities Daily Investor Interaction Platform | Online platform exchange | Other investors | Company's 2024 operating performance and future development strategies, etc. | Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[62] - The company has not disclosed a valuation enhancement plan[62] Implementation of “Quality and Return Dual Improvement” Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[62] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, Mr. Lu Mingchu resigned as a company director on April 18, 2025, due to personal reasons Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Lu Mingchu | Director | Resignation | 2025-04-18 | Personal reasons | Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[65] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period[66] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[67] Social Responsibility The company actively fulfills social responsibilities by implementing an excellent performance model to protect stakeholders' interests, providing a safe work environment, ensuring product quality, and contributing to art education and public welfare - The company's administrative management center is responsible for collecting environmental protection, energy consumption, safety production, and other legal and regulatory documents, and assessing operational compliance[67] - The company promotes a "win-win cooperation" value, establishing mechanisms to protect the human rights of employees, customers, and stakeholders through an excellent performance model[67] - The company is committed to providing a healthy, safe, and comfortable working environment for employees, improving conditions through technical upgrades and environmental equipment purchases, and conducting regular third-party inspections[67] - The company has established ISO14001 environmental management system and OHSAS18001 occupational health and safety management system, earning the title of "Ningbo Environmental Protection Model (Green) Factory"[68] - The company values product quality, is recognized as a national key cultural export enterprise, with its pianos rated as Zhejiang Famous Brand Products, operating with integrity and legal compliance, and actively paying taxes according to law[68] - The company has a comprehensive customer satisfaction measurement system, tracking product quality and after-sales service, and conducting regular customer satisfaction surveys[68] - The company selects 4-8 new product development plans annually, has recently expanded into smart musical instruments, and has developed over 60 upright piano models, 30 grand piano models, and 10 smart piano models[69] - The company led the formulation of the new national piano standard GB/T 10159－2008 and actively participates in national piano industry association work to promote industry development[69] - The company promotes art education development and enhances national musical literacy through school-enterprise cooperation, establishing teaching practice bases, sponsoring music training schools, and promoting music activities[70][71] - The company actively fulfills public responsibilities by purchasing environmental protection equipment, optimizing employee working environments, alleviating local employment pressure, and continuously sponsoring educational initiatives and public performances[71] Significant Matters Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period All commitments made by the company's actual controller, major shareholders, and related parties regarding non-competition, related party transactions, fund occupation, financial compensation, and share lock-up were fulfilled on time during the reporting period, with no overdue unfulfilled items - Chen Hailun, Jin Haifen, Chen Chaofeng, Hailun Investment, Seasons Hong Kong, Tongxin Management, Yunle Consulting, and Yongmeng International committed not to engage in competitive businesses identical or similar to Hailun Piano's main operations, and granted Hailun Piano priority selection rights[73][74] - Chen Hailun, Jin Haifen, Chen Chaofeng, Hailun Investment, Seasons Hong Kong, Tongxin Management, and Yunle Consulting committed to strictly exercise shareholder rights in accordance with laws, regulations, and the company's articles of association, avoiding unnecessary related party transactions, and adhering to market principles[74][75] - Chen Hailun, Jin Haifen, Chen Chaofeng, Hailun Investment, and Seasons Hong Kong committed not to occupy Hailun Piano's funds or assets during their tenure as major shareholders[75] - Chen Hailun, Jin Haifen, Chen Chaofeng, and Hailun Investment committed to bear all related financial compensation liabilities if fined or incurred losses due to failure to pay housing provident funds for all employees[75] - Jin Haizhen, Chen Hailun, Chen Chaofeng, and Jin Haifen committed that the number of shares transferred annually during their tenure at the company would not exceed 25% of their indirectly held company shares[75][76] - The company committed not to provide loans or other financial assistance to equity incentive recipients; equity incentive recipients committed to return all benefits received if disclosure documents contain false records, etc[76] - All commitments were fulfilled on time[76] Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company - There was no non-operating fund occupation by controlling shareholders or other related parties of the listed company during the reporting period[77] Illegal External Guarantees During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[78] Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[79] Board of Directors, Supervisory Board, and Audit Committee's Explanation of the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period The company had no "non-standard audit report" for this reporting period - The company had no "non-standard audit report" for this reporting period[80] Board of Directors' Explanation of "Non-Standard Audit Report" for the Previous Year The company had no "non-standard audit report" for the previous year - The company had no "non-standard audit report" for the previous year[80] Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy and reorganization matters - The company had no bankruptcy and reorganization matters during the reporting period[80] Litigation Matters The company had no major litigation or arbitration matters this period. Other litigation involved Hailun Art Education Investment Co., Ltd. against Ningbo Hailun Yuxing Education Management Consulting Co., Ltd. for fund misappropriation and breach of contract, with a final judgment upheld and partial execution received - The company had no major litigation or arbitration matters during this reporting period[81] - Hailun Art Education Investment Co., Ltd. sued Ningbo Hailun Yuxing Education Management Consulting Co., Ltd. and others for misappropriation of funds, breach of contract, etc., involving an amount of 35.2797 million yuan[81] - The case received a final judgment upholding the original verdict, confirming the termination of the equity transfer agreement, and requiring the defendant to return 33,114,500 yuan in equity transfer payments and compensate 800,000 yuan in legal fees[82][83][84][85] - As of the end of the reporting period, a total of 11,264,901.73 yuan in execution payments has been received, with the remaining amount still under execution[82] Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[86] Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the reporting period, the company, its controlling shareholders, and actual controllers had no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company had no unfulfilled effective court judgments or large overdue debts[87] Significant Related Party Transactions During the reporting period, the company had no related party transactions related to daily operations, asset/equity acquisitions/disposals, joint external investments, related party receivables/payables, or financial business with related financial companies, nor any other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[87] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[88] - The company had no related party transactions involving joint external investments during the reporting period[89] - The company had no related party receivables or payables during the reporting period[90] - The company had no deposits, loans, credit lines, or other financial business with related financial companies or financial companies controlled by the company during the reporting period[91][92] - The company had no other significant related party transactions during the reporting period[93] Major Contracts and Their Fulfillment During the reporting period, the company had no entrustment, contracting, or leasing matters, nor any major guarantees, significant daily operating contracts, or other major contracts - The company had no entrustment situations during the reporting period[94] - The company had no contracting situations during the reporting period[95] - The company had no leasing situations during the reporting period[96] - The company had no major guarantee situations during the reporting period[97] - The company had no significant daily operating contracts during the reporting period[98] - The company had no other major contracts during the reporting period[99] Explanation of Other Significant Matters During the reporting period, there were no other significant matters requiring explanation by the company - The company had no other significant matters requiring explanation during the reporting period[100] Significant Matters of Company Subsidiaries During the reporting period, the company's subsidiaries had no significant matters - The company's subsidiaries had no significant matters[101] Share Changes and Shareholder Information Share Change Status During the reporting period, the company's total share capital remained unchanged, but restricted shares increased by 11,944 shares due to director Lu Mingchu's resignation, with unrestricted shares decreasing accordingly. The company did not implement share repurchases Share Change Status (Unit: shares) | Category | Number Before This Change | Proportion Before This Change | Increase/Decrease in This Change (Subtotal) | Number After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 748,349 | 0.30% | 11,944 | 760,293 | 0.30% | | Of which: Shares held by domestic natural persons | 748,349 | 0.30% | 11,944 | 760,293 | 0.30% | | II. Unrestricted Shares | 252,140,431 | 99.70% | -11,944 | 252,128,487 | 99.70% | | Of which: RMB ordinary shares | 252,140,431 | 99.70% | -11,944 | 252,128,487 | 99.70% | | III. Total Shares | 252,888,780 | 100.00% | 0 | 252,888,780 | 100.00% | - The reason for share changes was the change in the number of restricted shares for senior executives after Mr. Lu Mingchu's resignation as a company director, resulting in an increase of 11,944 restricted shares and a decrease of 11,944 unrestricted shares[105] - The company had no progress on share repurchase implementation during the reporting period[105] Changes in Restricted Shares (Unit: shares) | Shareholder Name | Restricted Shares at Period Start | Restricted Shares Released This Period | Restricted Shares Increased This Period | Restricted Shares at Period End | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Lu Mingchu | 35,831 | 0 | 11,944 | 47,775 | Restricted shares change after executive resignation | Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[108] Number of Shareholders and Shareholding Status At the end of the reporting period, there were 15,519 ordinary shareholders. Ningbo Beilun Hailun Investment Co., Ltd. and Seasons Hong Kong Investment Co., Ltd. are controlling shareholders, holding 27.41% and 16.98% respectively. Some top ten shareholders held shares through margin trading and securities lending - The total number of ordinary shareholders at the end of the reporting period was 15,519[110] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-end (shares) | Change in Shares During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Beilun Hailun Investment Co., Ltd. | Domestic non-state-owned legal person | 27.41% | 69,316,800 | 0 | 0 | 69,316,800 | | Seasons Hong Kong Investment Co., Ltd. | Overseas legal person | 16.98% | 42,931,400 | 0 | 0 | 42,931,400 | | Yaokang Private Equity Fund (Hangzhou) Co., Ltd. - Yaokang Shengshi No. 1 Private Securities Investment Fund | Other | 1.38% | 3,500,300 | 3,500,300 | 0 | 3,500,300 | | Huang Wanpeng | Domestic natural person | 1.11% | 2,810,000 | -310,000 | 0 | 2,810,000 | | Wang Dingyun | Domestic natural person | 0.91% | 2,300,000 | 2,300,000 | 0 | 2,300,000 | | Xu Limin | Domestic natural person | 0.86% | 2,165,000 | 2,165,000 | 0 | 2,165,000 | | Yang Xiaosheng | Domestic natural person | 0.58% | 1,474,300 | 1,474,300 | 0 | 1,474,300 | | Ye Lingyan | Domestic natural person | 0.57% | 1,453,800 | 1,453,800 | 0 | 1,453,800 | | BARCLAYS BANK PLC | Overseas legal person | 0.53% | 1,346,000 | 901,117 | 0 | 1,346,000 | | China Construction Bank Corporation - Noah Multi-Strategy Stock Fund | Other | 0.53% | 1,339,200 | 744,100 | 0 | 1,339,200 | - Ningbo Beilun Hailun Investment Co., Ltd. and Seasons Hong Kong Investment Co., Ltd. are the controlling shareholders of the company; it is unknown whether other shareholders have related party relationships or act in concert[111] - Some of the top 10 ordinary shareholders participated in margin trading and securities lending, with their actual total shareholding exceeding the number held in ordinary securities accounts[111] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, as detailed in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[113] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[114] - The company's actual controller did not change during the reporting period[114] Bond-Related Information Bond-Related Information During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[117] Financial Report Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[119] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, detailing financial position and operating results - The consolidated balance sheet shows total assets of 1,099,099,495.57 yuan, total liabilities of 404,851,782.02 yuan, and total owners' equity of 694,247,713.55 yuan at period-end[121][123] - The consolidated income statement shows total operating revenue of 56,644,208.20 yuan, net profit of -25,022,165.98 yuan, and net profit attributable to parent company shareholders of -24,432,122.98 yuan for the current period[127][129] - The consolidated cash flow statement shows net cash flow from operating activities of -16,529,127.90 yuan, net cash flow from investing activities of 2,759,481.99 yuan, and net cash flow from financing activities of 11,638,898.59 yuan[134][135] Company Overview Hailun Piano Co., Ltd., established on June 15, 2001, with stock code 300329 and registered capital of 252,888,780.00 yuan, primarily engages in piano manufacturing, R&D, sales, service, and art education, operating with a standardized multi-level governance structure - Hailun Piano Co., Ltd. was registered on June 15, 2001, and its shares were listed on the Shenzhen Stock Exchange on June 19, 2012[151] - The company's registered capital is 252,888,780.00 yuan, and its total share capital is 252,888,780.00 shares[151][155] - The company's business scope includes piano manufacturing, musical instrument products, auto parts, education information consulting, musical instrument leasing, etc., with main products being pianos and musical instrument products[155] - The company has established a standardized governance structure comprising the general meeting of shareholders, board of directors, supervisory board, and management, with the board of directors having four specialized committees and multiple functional departments[155] Basis of Financial Statement Preparation The company prepares its financial statements on a going concern basis, adhering to accounting standards issued by the Ministry of Finance and disclosure requirements from the China Securities Regulatory Commission, with no significant doubts about its ability to continue as a going concern - The company prepares its financial statements on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports (Revised 2023)," based on actual transactions and events[156] - There are no matters or circumstances that cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[157] Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates for financial statement preparation, covering business combinations, financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, and deferred income tax, including materiality criteria and no changes in accounting estimates - The financial statements prepared by the company comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[159] - The accounting year runs from January 1 to December 31 of the Gregorian calendar, with a 12-month operating cycle[160][161] - The company and its domestic subsidiaries use RMB as their functional currency[162] - Significant construction in progress is defined as items with amounts over 1 million yuan, and significant items for long-term equity investment income accounted for using the equity method are defined as investment income over 5 million yuan[163] - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics[175] - The company uses the transfer of control as the criterion for revenue recognition, recognizing revenue when the customer obtains control of the relevant goods[229] - The company applies the gross method for government grants, recognizing asset-related grants as deferred income, and income-related grants intended to compensate for future period costs as deferred income, while those compensating for incurred costs are directly recognized in current profit or loss[235] - The company does not recognize right-of-use assets and lease liabilities for short-term leases and leases of low-value assets, instead expensing relevant lease payments on a straight-line basis over the lease term or including them in the cost of related assets[242] - There were no significant changes in accounting policies or significant changes in accounting estimates during this reporting period[251] Taxes The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, property tax, education surcharge, and local education surcharge. As a high-tech enterprise, it enjoys a 15% corporate income tax rate, while some subsidiaries, as small low-profit enterprises, pay at 20% Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Value added from sales of goods or provision of taxable services | 1%, 3%, 6%, 13% (Export tax refund rate is 13%) | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Property Tax | 1.2% of original value of property less 30%; 12% of rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Hailun Piano Co., Ltd., as a high-tech enterprise, pays corporate income tax at a 15% rate from 2023 to 2025[253] - Ningbo Hailun Yangyin Art Training Co., Ltd., Ningbo Hailun Art Training Co., Ltd., and Beijing Hailun Network Information Technology Co., Ltd., as small low-profit enterprises, pay corporate income tax at a 20% rate[253] Notes to Consolidated Financial Statement Items This section details the period-end and period-start balances and changes for consolidated financial statement items, including monetary funds, notes receivable, accounts receivable, other receivables, inventories, long-term equity investments, fixed assets, intangible assets, short-term borrowings, long-term borrowings, operating revenue and costs, various expenses, investment income, and credit impairment losses, with explanations for significant changes Monetary Funds | Item | Balance at Period-end (yuan) | Balance at Period-start (yuan) | | :--- | :--- | :--- | | Cash on hand | 217,965.82 | 235,883.96 | | Bank deposits | 37,383,028.92 | 38,003,165.43 | | Other monetary funds | 668,032.62 | 1,443,408.68 | | Total | 38,269,027.36 | 39,682,458.07 | Aging Distribution of Accounts Receivable | Aging | Book Balance at Period-end (yuan) | Book Balance at Period-start (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 61,961,774.79 | 66,221,416.17 | | 1 to 2 years | 47,059,152.27 | 41,725,391.89 | | 2 to 3 years | 21,171,774.64 | 20,236,082.75 | | Over 3 years | 13,352,998.87 | 8,291,076.92 | | Total | 143,545,700.57 | 136,473,967.73 | Inventory Classification | Item | Book Value at Period-end (yuan) | Book Value at Period-start (yuan) | | :--- | :--- | :--- | | Raw materials | 84,132,188.67 | 76,224,553.80 | | Work in progress | 76,842,023.48 | 68,082,832.46 | | Inventory goods | 203,125,990.93 | 226,723,054.77 | | Revolving materials | 4,858.56 | 9,592.38 | | Consigned processing materials | 535,490.11 | 498,269.63 | | Total | 364,640,551.75 | 371,538,303.04 | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main business | 53,891,050.84 | 49,356,777.05 | 82,178,802.39 | 66,796,423.29 | | Other business | 2,753,157.36 | 1,330,172.26 | 1,654,842.09 | 906,340.90 | | Total | 56,644,208.20 | 50,686,949.31 | 83,833,644.48 | 67,702,764.19 | Financial Expenses | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Interest expense | 3,801,133.34 | 2,792,513.87 | | Less: Interest income | 13,744.93 | 102,016.90 | | Exchange gains/losses | -2,337,850.56 | 286,158.79 | | Handling fees | 44,656.37 | 106,283.37 | | Total | 1,494,194.22 | 3,082,939.13 | Credit Impairment Losses | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Bad debt loss on notes receivable | 22,299.18 | 39,743.62 | | Bad debt loss on accounts receivable | -3,374,011.76 | -942,505.37 | | Bad debt loss on other receivables | -851,247.82 | -457,120.33 | | Total | -4,202,960.40 | -1,359,882.08 | Interests in Other Entities Company owns several subsidiaries, including Hailun Art Education Investment Co., Ltd. and Beijing Hailun Network Information Technology Co., Ltd., mostly with 100% ownership. Investments in associates totaled 86,560,489.24 yuan in book value, with net profit and total comprehensive income of 916,300.00 yuan this period Composition of Enterprise Group (Partial) | Subsidiary Name | Main Operating Location | Business Nature | Shareholding Proportion (Direct) | | :--- | :--- | :--- | :--- | | Hailun Art Education Investment Co., Ltd. | Ningbo Beilun | Art Education | 100.00% | | Beijing Hailun Network Information Technology Co., Ltd. | Beijing Haidian | Software Industry | 100.00% | | Hailun Piano (Yingkou) Co., Ltd. | Liaoning Yingkou | Manufacturing | 100.00% | | Hailun Piano (Ningbo) Co., Ltd. | Zhejiang Ningbo | Manufacturing | 100.00% | | Ningbo Hailun Yangyin Art Training Co., Ltd. | Ningbo Yinzhou | Education | 100.00% (Indirect) | | Ningbo Hailun Art Training Co., Ltd. | Ningbo Beilun | Education | 100.00% (Indirect) | | Sichuan Hailun Piano Industry Development Co., Ltd. | Sichuan Chengdu | Wholesale and Retail Trade | 70.00% | | Hailun Music Talent Service (Ningbo) Co., Ltd. | Ningbo Zhenhai | Other Human Resource Services | 51.00% (Indirect) | Summary Financial Information of Insignificant Joint Ventures and Associates | Item | Balance at Period-end / Amount for Current Period (yuan) | | :--- | :--- | | Total book value of investments in associates | 86,560,489.24 | | Net profit of associates | 916,300.00 | | Total comprehensive income of associates | 916,300.00 | Government Grants At the end of the reporting period, government grants in deferred income totaled 189,000.00 yuan, with 43,600.00 yuan recognized in other income this period Liability Items Involving Government Grants | Accounting Account | Balance at Period-start (yuan) | Amount Recognized in Other Income This Period (yuan) | Balance at Period-end (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 216,000.00 | 27,000.00 | 189,000.00 | Asset-related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount for Current Period (yuan) | | :--- | :--- | | Other Income | 43,600.00 | Risks Related to Financial Instruments The company faces credit, market (foreign exchange, interest rate, other price), and liquidity risks, managed through diversified investments, exchange rate monitoring, appropriate fixed/floating rate instrument mixes, and cash flow monitoring. A 5% appreciation or depreciation of RMB against USD and EUR would impact net profit by ±2.6866 million yuan - The company faces credit risk, market risk (foreign exchange risk, interest rate risk, other price risk), and liquidity risk[425] - The company's main business is settled in RMB, so foreign exchange risk is not significant, but financial assets and liabilities denominated in USD and EUR still pose foreign exchange risk[426] Impact of Exchange Rate Changes on Net Profit (ten thousand yuan) | Exchange Rate Change | Current Period Amount | | :--- | :--- | | Increase 5% | -268.66 | | Decrease 5% | 268.66 | - As of June 30, 2025, all of the company's bank borrowings are fixed-rate borrowings and are not affected by cash flow variability risk due to interest rate changes[428] - The company manages credit risk by assessing debtors' creditworthiness, setting credit limits and terms, and regularly monitoring credit records[429] - The company manages liquidity risk by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next 12 months[433] - As of June 30, 2025, the company's asset-liability ratio was 36.83%, with a capital management objective to ensure continuous operation and maintain an optimal capital structure[435] Disclosure of Fair Value At period-end, the company's total assets measured at fair value were 18,098,182.97 yuan, primarily other equity instrument investments. For equity instrument investments not traded in active markets, book cost is used as the best estimate of fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period-end | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Other equity instrument investments | 18,098,182.97 | 18,098,182.97 | | Total assets continuously measured at fair value | 18,098,182.97 | 18,098,182.97 | - For other equity instrument investments not traded in active markets, the company uses book cost as the best estimate of fair value[439] - The book value of the company's financial assets and liabilities measured at amortized cost differs very little from their fair value[440] Related Parties and Related Party Transactions The company's controlling shareholders are Ningbo Beilun Hailun Investment Co., Ltd. and Seasons Hong Kong Investment Co., Ltd., with the Chen Hailun family as the ultimate controlling party. During the reporting period, the company engaged in related party transactions for goods procurement and sales with associates Nanxiong Hailun Roman Piano Co., Ltd., Ningbo Hailun Gushang Education Technology Co., Ltd., and related party Ningbo Jingchen Machinery Co., Ltd - The company's controlling shareholders are Ningbo Beilun Hailun Investment Co., Ltd. (27.41% shareholding) and Seasons Hong Kong Investment Co., Ltd. (16.98% shareholding)[441] - The ultimate controlling party of the enterprise is the Chen Hailun family[442] - The company has related party relationships with associates Nanxiong Hailun Roman Piano Co., Ltd., Ningbo Hailun Gushang Education Technology Co., Ltd., and Ningbo Jingchen Machinery Co., Ltd., controlled by Lu Xiaoming, a supervisor of the company[444][445] Related Party Transactions for Procurement of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Nanxiong Hailun Roman Piano Co., Ltd. | Procurement of casings, pianos | 339,247.79 | 2,308,104.42 | | Ningbo Jingchen Machinery Co., Ltd. | Procurement of aluminum products | 0.00 | 36,991.15 | Related Party Transactions for Sale of Goods/Provision of Services | Related Party | Related Transaction Content | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | :--- | | Nanxiong Hailun Roman Piano Co., Ltd. | Sale of goods | 120,787.61 | 22,123.89 | | Ningbo Hailun Gushang Education Technology Co., Ltd. | Sale of goods | 2,300.88 | 0.00 | - The number of key management personnel was 16 in the current period and 18 in the prior period, all receiving remuneration from the company[450] Related Party Receivables | Item Name | Related Party | Book Balance at Period-end (yuan) | Book Balance at Period-start (yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Nanxiong Hailun Roman Piano Co., Ltd. | 7,426,894.90 | 7,335,404.90 | | Accounts Receivable | Ningbo Hailun Gushang Education Technology Co., Ltd. | 390,333.64 | 390,333.64 | | Advance Payments | Nanxiong Hailun Roman Piano Co., Ltd. | 9,273,640.00 | 8,276,990.00 | Related Party Payables | Item Name | Related Party | Book Balance at Period-end (yuan) | Book Balance at Period-start (yuan) | | :--- | :--- | :--- | :--- | | Accounts Payable | Ningbo Jingchen Machinery Co.