传统钢琴销量大幅缩水，海伦钢琴业绩持续“降调”，低谷期换帅能否弹出盈利旋律

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