Guangdong Piano Customized Furniture (SZ:002853) Sou Hu Cai Jing·2025-12-16 16:38Core Viewpoint - The control of Pianao (002853) is set to change hands to Yinjia Yin, the chairman of Chuxin Group, with a total investment of 444 million yuan, marking the first A-share listed platform for Chuxin Group [1][3][4]. Group 1: Share Transfer and Control Change - The announcement on December 15 revealed that the controlling shareholder of Pianao will change to Hangzhou Chuxin Micro Technology Partnership, with Yinjia Yin as the actual controller [3][4]. - The share transfer involves Ma Libin and Zhuhai Honglu transferring 17.88 million shares and 12.80 million shares, respectively, at prices of 15.31 yuan/share and 13.284 yuan/share, totaling 274 million yuan and 170 million yuan [3][4]. - After the transfer, Chuxin Micro's shareholding will increase to 16.78%, and Ma Libin will relinquish voting rights for 35.37 million shares, representing 19.34% of the total shares [4][5]. Group 2: Financial Implications and Performance Pressure - Pianao is facing significant financial pressure, with projected revenues of approximately 886 million yuan in 2024, a year-on-year decline of 32.68%, and a net loss of 375 million yuan [8]. - In the first three quarters of this year, Pianao reported revenues of about 420 million yuan, down 37.27% year-on-year, with a net loss of 752,520 yuan [8]. - The new management will need to evaluate the business comprehensively to decide whether to divest underperforming segments or to upgrade operations [8]. Group 3: Background of New Management - Yinjia Yin, the founder of Chuxin Group, has over 15 years of experience in industrial investment and mergers, focusing on the semiconductor and display industries [5][6]. - Chuxin Micro was established on December 5, 2023, and is composed of shareholders including Qingdao Chuxin, Beijing Weixin, and Lü Pengzhao, with connections to listed companies such as Saiwei Electronics [7][8].