Core Viewpoint - Zhujiang Piano has acquired the management rights of the Bai Shui Xian Waterfall Scenic Area, aiming to transform it into a national 5A tourist attraction within five years, amidst a significant decline in its main business revenue [1][2][6]. Group 1: Acquisition Details - Zhujiang Piano's subsidiary, Guangzhou Bai Shui Zhai Scenic Area Operation Management Co., Ltd., won the bid for the Bai Shui Xian Waterfall Scenic Area, with a contract period of 20 years and a minimum investment of 400 million yuan [2][5]. - The annual resource usage fee for Zhujiang Piano is set at 8.43 million yuan [2][5]. - The previous operator, Overseas Chinese Town Group, exited the project after failing to meet the 5A tourist attraction goal within their contract period [9][10]. Group 2: Strategic Goals and Plans - The company plans to invest in the development, management, and promotion of the scenic area, with a target to increase annual visitor numbers by 1.5 million [13][14]. - Zhujiang Piano aims to create a comprehensive tourism experience by integrating surrounding resources and promoting local industries [13][14]. - The project aligns with the company's long-term strategic goals to diversify into the cultural tourism sector, providing new economic growth opportunities [6][11]. Group 3: Financial Context - Zhujiang Piano reported a 39.97% decline in revenue for 2024, amounting to 677.17 million yuan, with a net loss of 235.62 million yuan [15][16]. - The main revenue-generating business, "Instrument Sales and After-sales Services," saw a 42.59% drop in revenue, contributing to the overall financial downturn [15][16]. - The company is exploring new markets and product lines, including cultural tourism, to counteract the declining performance of its core business [16].

Core Viewpoint - The announcement indicates that Zhujiang Piano (002678) has won the bidding for the operation rights of the Bai Shui Xian Waterfall Scenic Area, which aligns with the company's long-term development goals and strategic layout in the cultural tourism sector [2]. Group 1: Project Details - The company received a notification from the Guangzhou Property Exchange on August 5, 2025, confirming that its subsidiary, Guangzhou Bai Shui Zhai Scenic Area Operation Management Co., Ltd., won the bid for the Bai Shui Xian Waterfall Scenic Area [2]. - The starting resource usage fee for the project is set at 8.43 million yuan per year, with a total investment commitment of no less than 400 million yuan over the 20-year contract period [2]. Group 2: Strategic Implications - This project is seen as a new economic growth point for the company, facilitating its expansion into the cultural tourism sector and enhancing its operational capabilities [2]. - The funding for this project will come from the subsidiary's own resources, ensuring that it will not significantly impact the company's financial status or operational results [2].