钢琴销量断崖式下滑，海伦钢琴筹划控制权变更

Core Viewpoint - The piano industry is experiencing a significant downturn, with Helen Piano's performance declining for three consecutive years, leading to a drastic drop in sales volume in 2024 [2][4][5] Company Summary - Helen Piano announced on July 17, 2025, that its actual controllers are planning a change in control, with no formal agreements signed yet [3] - The company is primarily engaged in the research, manufacturing, sales, and service of piano products, as well as cultural industries such as art education [3] - Helen Piano was founded in 2001 and went public in 2012, being one of only two piano companies listed on the A-share market [3] Financial Performance - Helen Piano's revenue has decreased from 3.79 billion yuan in 2022 to 1.59 billion yuan in 2024, with only one profitable year in 2022, earning 8.32 million yuan [4] - In Q1 2025, the company reported revenue of 27.76 million yuan, a year-on-year decline of 39.96%, and a net loss of 9.68 million yuan, with losses increasing by 154.56% year-on-year [4] Market Trends - The overall piano market is in decline, with Helen Piano's upright piano sales dropping from 22,800 units in 2022 to 9,452 units in 2024, and grand piano sales decreasing from 1,596 units to 915 units in the same period [5] - Conversely, electric piano sales increased significantly, with 2,152 units sold in 2024, a year-on-year growth of 140.45%, but this segment still contributes minimally to overall revenue [5] - The industry is facing challenges due to intensified international competition and domestic policy changes affecting music education, impacting consumer demand for pianos [6] Industry Context - The broader instrument industry is undergoing a period of adjustment, with companies like Pearl River Piano also experiencing significant sales declines and exploring alternative business avenues [6]