Core Viewpoint - The company is facing significant challenges in the piano industry due to market changes, but it remains committed to diversifying its business and enhancing its cultural services while maintaining its core manufacturing operations [1][3]. Group 1: Financial Performance - In 2024, the company reported a revenue of 677 million yuan, a year-on-year decrease of 39.97% [1]. - The net profit attributable to shareholders was -236 million yuan, indicating a shift from profit to loss compared to 2023 [1]. - The gross margin for "instrument sales and after-sales services" was 7.58%, down by 11.75 percentage points year-on-year, primarily due to decreased sales volume [3]. Group 2: Business Strategy - The company plans to pursue a dual strategy of focusing on both instrument manufacturing and cultural services, referred to as "two wings flying together" [1][8]. - The company aims to enhance its brand competitiveness and market share in acoustic and digital pianos while exploring new business avenues in cultural tourism and high-end furniture [8][9]. - A new wholly-owned subsidiary, Guangzhou Zhujiang Culture and Tourism Investment Co., Ltd., is set to be established with an investment of 200 million yuan to drive the development of cultural tourism [8]. Group 3: Market Outlook - Despite current challenges, the long-term fundamentals of the piano industry in China remain positive, with potential for growth due to low penetration rates compared to regions like Europe, the US, and Japan [3]. - The company is actively exploring emerging overseas markets, including Russia, Belarus, and India, to expand its international presence [3].