海伦钢琴控制权变更，业绩亏损，智能化转型持续推进

Corporate Governance - The controlling shareholder of the company will change to Quantuo Zhuodai (Shanghai) Enterprise Management Center (Limited Partnership) by December 2025, with the actual controller changing to Cui Yongqing [2] - On January 16, 2026, the company completed a board restructuring, with Cui Yongqing officially elected as chairman, further optimizing the governance structure and clarifying the direction for intelligent transformation [2] Financial Performance - On January 30, 2026, the company announced a profit warning for the full year of 2025, expecting a net loss attributable to shareholders of between 70 million to 90 million yuan, primarily due to a decline in the traditional piano market, increased investment in smart product R&D, and asset impairment [3] - The financial report for the first three quarters of 2025 showed a revenue decline of 26.38% year-on-year, with a net loss attributable to shareholders of 39.85 million yuan [3] Business and Technology Development - Since 2023, the company has been advancing the intelligent transformation of its musical instrument products, launching a new AI smart digital piano series in 2025, and establishing Ningbo Quantuo Hailun Smart Technology Co., Ltd. to focus on AI software development [4] - Sales of smart musical instrument products increased by approximately 280% year-on-year, but the transformation is still in the investment phase, with R&D and marketing expenses around 16 million yuan [4] Stock and Market Performance - On February 13, 2026, the stock price closed at 14.64 yuan per share, with a single-day increase of 2.09%, but has seen a cumulative decline of 9.57% year-to-date and a 60-day decline of 17.19% [5] - The capital market has shown volatility, with a net outflow of 120,900 yuan in main funds on that day, influenced by performance and industry factors [5] Industry Policy and Environment - The company benefits from digitalization policy support in the cultural industry, such as the "14th Five-Year Plan" and capital market policies encouraging industry consolidation, but the overall industry faces challenges from shrinking traditional demand [6] - Continuous attention is needed on the effectiveness of the intelligent business implementation and progress in profit improvement [6]