HAILUN PIANO(SZ:300329) Chang Jiang Shang Bao·2025-12-21 23:19Core Viewpoint - The key focus is on the change of control at Helen Piano, with the new actual controller, Cui Yongqing, expected to reverse the company's declining performance after the transfer of shares to Quantuo Zhuodai [1][2]. Group 1: Share Transfer and New Control - On December 19, Helen Piano announced a change in its controlling shareholder to Quantuo Zhuodai, with Cui Yongqing as the new actual controller [1][2]. - The share transfer involved 60,260,600 shares, accounting for 23.83% of the total share capital, at a price of 9.09 yuan per share, totaling approximately 548 million yuan [2]. - Quantuo Zhuodai has already realized a floating profit of about 480 million yuan from this transaction [12]. Group 2: Company Performance - Helen Piano's revenue has been declining, with reported revenues of 379 million yuan, 297 million yuan, and 159 million yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year decreases of 27.33%, 21.56%, and 46.47% [6]. - The net profit attributable to the parent company for the same years was 8.32 million yuan, -78.85 million yuan, and -97.92 million yuan, indicating a cumulative loss of approximately 217 million yuan over three years [6]. - For the first three quarters of 2025, the company reported a revenue of 88.55 million yuan, a year-on-year decline of 26.38%, and a net loss of 39.86 million yuan [6][7]. Group 3: Market and Product Development - The decline in revenue is attributed to a decrease in demand for traditional pianos and a drop in sales volume [7]. - In response to market changes, the company is actively developing smart musical instruments, with sales of smart electric pianos reaching 4,660 units, resulting in a revenue increase of 576.89% compared to the previous year [8]. - The integration of AI technology into traditional instrument manufacturing is seen as a potential opportunity for Helen Piano to achieve significant growth in the smart instrument sector [10]. Group 4: New Controller's Background - Cui Yongqing, the new actual controller, has a strong background in data and AI, with his company, Quantuo Technology, having a vast data system covering over 2.7 billion active devices and 1.035 billion active users [10]. - Quantuo Technology has been involved in multiple financing rounds, indicating a robust position in the market and potential for future growth [10]. - The new leadership is expected to leverage AI and data analytics to drive Helen Piano's transformation and innovation in the industry [10].