这家公司筹划控制权变更，股价“提前”涨停

Core Viewpoint - PIANO is undergoing a potential change in control as its major shareholder and actual controller, Ma Libin, is planning to transfer control, leading to a suspension of trading for the company's stock [1][8]. Company Summary - PIANO is a listed company specializing in high-end customized home products, including cabinets and wardrobes, facing significant revenue decline due to the real estate cycle [3]. - In 2024, PIANO's total revenue dropped to 886 million yuan, a substantial decrease of 32.68% year-on-year, reaching levels last seen in 2017; the net profit attributable to shareholders was -375 million yuan, a staggering decline of 535.88% [3]. - For the first three quarters of 2025, PIANO reported revenue of 420 million yuan, down 37.27% year-on-year, continuing the downward trend; the net profit attributable to shareholders was -7.52 million yuan, a decline of 191.47%, although the loss narrowed compared to the first half of the year [3]. Industry Summary - The customized home furnishing industry is closely tied to the real estate sector, which is currently experiencing a downturn, adversely affecting companies in this space [5]. - Major brands like Oppein and Sophia also reported disappointing revenue in 2024, with Oppein's revenue at 18.93 billion yuan (down 16.93%) and Sophia's at 10.49 billion yuan (down 10.04%); however, Sophia managed to achieve a net profit of 1.37 billion yuan, an increase of 8.69% [5]. - As the new housing market slows, renovation and partial updates are emerging as new growth points, prompting companies to transition from product suppliers to space solution providers [6]. Control Change Details - Ma Libin, the founder and current chairman of PIANO, holds 39.12% of the company's shares, making him the largest single shareholder [7]. - This planned change in control marks Ma Libin's first explicit intention to relinquish control of PIANO, although he has attempted to reduce his stake multiple times in the past three years [8]. - Previous attempts to transfer shares included a plan in October 2022 to transfer 20% of shares to Zhuhai Honglu, with part of the transfer completed but later attempts halted due to external conditions [9]. - Speculation suggests that Poly Group may be a potential buyer for the control stake, as its subsidiary, Poly Capital, currently holds a significant share in PIANO [9].