Core Insights - Helen Piano reported a significant decline in revenue and net profit for the first half of 2025, indicating financial challenges faced by the company [1] Financial Performance - The company achieved an operating revenue of 56,644,208.20 yuan, representing a year-on-year decrease of 32.43% [1] - The net profit attributable to shareholders was -24,432,122.98 yuan, reflecting a year-on-year decline of 39.84% [1]

Group 1 - The company announced that its sixth board meeting approved the proposal for the 2025 semi-annual report and its summary [2]

Group 1 - The company announced that its sixth supervisory board's tenth meeting approved the proposal regarding the 2025 semi-annual report and its summary [2]

Core Viewpoint - Helen Piano (300329.SZ) reported a significant decline in revenue and an increase in net losses for the first half of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 56.6442 million yuan, representing a year-on-year decrease of 32.43% [1] - The net loss attributable to shareholders of the listed company was 24.4321 million yuan, which is an increase of 39.84% year-on-year [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 24.5445 million yuan, also reflecting a year-on-year increase of 39.17% [1] - The basic loss per share was 0.0966 yuan [1]

Core Viewpoint - Helen Piano (300329.SZ) reported a significant decline in revenue and an increase in net losses for the first half of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 56.6442 million yuan, representing a year-on-year decrease of 32.43% [1] - The net loss attributable to shareholders of the listed company was 24.4321 million yuan, which is an increase of 39.84% year-on-year [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 24.5445 million yuan, also reflecting a year-on-year increase of 39.17% [1] - The basic loss per share was 0.0966 yuan [1]

Group 1 - The company's operating revenue for the first half of 2025 is 56.6442 million, representing a year-on-year decline of 32.43% [1] - The net loss attributable to shareholders of the listed company is 24.4321 million, compared to a net loss of 17.4719 million in the same period last year [1]

Current Market Diagnosis - The current decline in the Chinese piano market is attributed to a "perfect storm" of four factors: demographic changes, policy adjustments, economic cycles, and consumer preferences, indicating a profound structural transformation rather than a simple cyclical adjustment [1] - A significant long-term factor is the sharp decline in birth rates, with China's newborn population dropping from 17.86 million in 2016 to 9.02 million in 2023, nearly halving over seven years. This will lead to a drastic reduction in the traditional target demographic for pianos (children aged 6-12) over the next 5-10 years, fundamentally capping the market [1] Policy and Consumer Behavior - The "Double Reduction" policy has led to a more than 90% reduction in academic training, but the anticipated benefits for arts education have not fully materialized. Data from the China Household Finance Survey indicates that while education spending remains high, it is shifting from "academic training" to "quality education," competing for limited family budgets [2] Economic Environment - The macroeconomic environment is under pressure, with the growth rate of retail sales of consumer goods slowing and per capita disposable income growth also decelerating. Consumer confidence indices have shown fluctuations, impacting the sales of pianos, which are considered non-essential durable goods with significant price tags [3] Market Dynamics - The stock market for pianos is facing challenges from the influx of second-hand pianos, with over 8 million pianos estimated to be in circulation as of 2021. The annual flow of second-hand pianos due to discontinued lessons is increasingly affecting the market for new pianos. The Japan Musical Instruments Association reports that the export of second-hand pianos to China has remained at tens of thousands annually, significantly impacting the mid-to-low-end new piano market [4] Signs of Market Bottoming - The market "bottoming" does not imply a rebound in sales but rather the completion of supply-side clearing and the establishment of a new, lower supply-demand equilibrium [6] - Indicators to observe include the completion of supply-side clearing, with data from the China Musical Instruments Association showing a 10.6% year-on-year decline in revenue for large-scale musical instrument companies in 2023 and a 20.3% drop in total profits. The industry concentration (CR10) continues to rise as many small manufacturers exit the market [7] - The pricing system is stabilizing, with new piano prices having undergone multiple rounds of reductions, creating a reasonable gap with second-hand piano prices and reducing the intensity of price wars. It is anticipated that this bottoming process will continue until 2025, with a potential stabilization of annual sales around 200,000 units, compared to historical peaks of over 400,000 units, reflecting a "real demand" level [8] Future Outlook - The future of the market lies not in waiting for a reversal of the macro environment but in seeking internal value through thorough "value reconstruction" and "model innovation" [9]

证券代码：002678 证券简称：珠江钢琴 公告编号：2025-039 （一）会议召开情况 份有限公司（以下简称"公司"）文化中心五楼会议室 通过深圳证券交易所系统和互联网投票系统提供网络投票平台。 规范性文件和《公司章程》的有关规定。 （二）会议出席情况 通过现场和网络投票的股东 167 人，代表股份 922,628,965 股，占公司有表决 权股份总数的 67.9243％。 广州珠江钢琴集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 一、会议召开和出席情况 其中：通过现场投票的股东 4 人，代表股份 693,737,866 股，占公司有表决权 股份总数的 51.0732％。 通过网络投票的股东 163 人，代表股份 228,891,099 股，占公司有表决权股份 总数的 16.8510％。 通过现场和网络投票的中小股东 163 人，代表股份 6,114,145 股，占公司有表 决权股份总数的 0.4501％。 其中：通过现场投票的中小股东 1 人，代表股份 1 股，占公司有表决权股份 总数的 0.0000％。 通过网络投票的中 ...

Core Viewpoint - The legal opinion letter confirms the legality of the procedures and results of the 2025 First Extraordinary General Meeting of Guangzhou Pearl River Piano Group Co., Ltd, held on August 21, 2025, in accordance with relevant laws and regulations [2][12]. Group 1: Meeting Procedures - The meeting was convened by the board of directors and announced through various media, including the Shenzhen Stock Exchange [4][5]. - The meeting utilized a combination of on-site and online voting methods, with the on-site meeting held at the company's cultural center [5][6]. - The actual time, location, and voting methods were consistent with the prior announcements [5][6]. Group 2: Attendance and Qualifications - A total of 167 participants attended the meeting, representing 922,628,965 voting shares, which is 67.9243% of the total voting shares [7][8]. - The meeting included both on-site and online participants, with 4 on-site attendees representing 693,737,866 shares and 163 online voters representing 228,891,099 shares [6][7]. - The qualifications of the attendees and the convenor were verified to be in compliance with relevant laws and the company's articles of association [8][12]. Group 3: Proposals and Voting Results - The meeting reviewed proposals related to the expansion of business scope and amendments to the company's articles of association and related management systems [9][10]. - The voting results showed overwhelming support for the proposals, with 99.9455% approval for the first proposal and similar high approval rates for subsequent proposals [10][11]. - The voting process was conducted in accordance with legal requirements, ensuring the legitimacy of the results [12].

Core Viewpoint - Huangqiao Town in Jiangsu Province is recognized as the "Violin Capital of China," producing approximately one-third of the world's violins, with a complete industry chain established for instrument manufacturing and sales [2] Industry Overview - Huangqiao Town has over 220 musical instrument production and supporting enterprises, with an annual output of 1 million violins, 2 million guitars, 5,500 pianos, and over 1.1 million sets of various instrument accessories [2] - The total annual output value of the musical instrument industry in Huangqiao Town exceeds 2 billion yuan [2] Production Process - The production of violins involves over a hundred processes, each of which can affect the sound quality, with skilled craftsmen like Xu Xiaofeng spending about one and a half months to refine a single violin [2] - Innovations in materials are being researched to enhance the sound quality of violins [2] Market Reach - The products manufactured in Huangqiao Town are exported to 96 countries and regions worldwide [2]