2025年1月-3月，海伦钢琴实现营业收入2775.83万元，同比减少39.96%；归属净利润-968.48万元，同比 减少154.56%。 来源：金融界 8月1日，海伦钢琴盘中19.96%涨停，截至10:51，报11.0元/股，成交2.63亿元，换手率10.35%，总市值 27.82亿元。 资料显示，海伦钢琴股份有限公司位于宁波市北仑区龙潭山路36号，公司是一家集高新技术与传统钢琴 制造工艺于一体的国家级企业，专注于制造高品质的立式和三角钢琴，并成功在国内外市场获得广泛认 可与销售。公司通过引进国际专家提升技术水平，产品遍布全球800多家代理琴行，连续多年获得行业 奖项，且在重要国际舞台得以展示，体现了其深厚的品牌影响力和文化价值。 截至3月31日，海伦钢琴股东户数1.6万，人均流通股1.58万股。 ...

Core Viewpoint - The traditional piano market is facing severe challenges due to the rise of digital instruments and changes in music education models, leading to significant declines in sales and financial performance for companies like Hailun Piano [1][20]. Company Overview - Hailun Piano, founded in 2001 by Chen Hailun, was once a successful example of a national musical instrument brand, achieving notable milestones such as being the designated piano for the 2008 Beijing Olympics and listing on the Shenzhen Stock Exchange in 2012 [5][4]. - The company has established a strong international presence, exporting products to Europe, America, and Japan, with over 200 stores in Europe and several in Japan [5]. Financial Performance - Hailun Piano's revenue has been on a downward trend, with figures of 3.79 billion yuan in 2022, 2.97 billion yuan in 2023, and an estimated 1.59 billion yuan in 2024, marking a continuous decline over three years [8]. - The company's net profit loss has also widened, with a projected loss of 980 million yuan in 2024, a year-on-year increase of 24.18%, and cumulative losses of 1.77 billion yuan over 2023 and 2024 [9]. - In Q1 2025, revenue further declined by 39.96% to 27.76 million yuan, with a net loss of 9.68 million yuan, a year-on-year increase of 154.56% [10]. Sales and Market Demand - The company's piano sales have experienced a dramatic drop, with upright piano sales plummeting from 22,800 units in 2022 to 9,452 units in 2024, and grand piano sales decreasing from 1,596 units to 915 units during the same period [15]. - The only bright spot is the digital piano segment, which saw sales increase by 140.45% to 2,152 units in 2024, but this growth was insufficient to offset the decline in traditional piano sales [16]. Industry Context - The overall piano market is in a state of decline, with total sales expected to drop from 356,000 units in 2018 to less than 100,000 units in 2024 [21]. - Competitors like Pearl River Piano are also facing challenges, with a 42% revenue drop and a loss of 51.68 million yuan in Q1 2025, prompting them to explore diversification into art training [21]. Company Restructuring - In response to the challenging market conditions, Hailun Piano has reduced its workforce by 50%, from 1,010 employees at the end of 2023 to 506 by the end of 2024 [18]. - The company has also sold part of its land and associated assets for 33.89 million yuan to adjust its production layout and reduce operational costs [19].

Core Viewpoint - The piano industry is experiencing a significant downturn, with Helen Piano's performance declining for three consecutive years, leading to a drastic drop in sales volume in 2024 [2][4][5] Company Summary - Helen Piano announced on July 17, 2025, that its actual controllers are planning a change in control, with no formal agreements signed yet [3] - The company is primarily engaged in the research, manufacturing, sales, and service of piano products, as well as cultural industries such as art education [3] - Helen Piano was founded in 2001 and went public in 2012, being one of only two piano companies listed on the A-share market [3] Financial Performance - Helen Piano's revenue has decreased from 3.79 billion yuan in 2022 to 1.59 billion yuan in 2024, with only one profitable year in 2022, earning 8.32 million yuan [4] - In Q1 2025, the company reported revenue of 27.76 million yuan, a year-on-year decline of 39.96%, and a net loss of 9.68 million yuan, with losses increasing by 154.56% year-on-year [4] Market Trends - The overall piano market is in decline, with Helen Piano's upright piano sales dropping from 22,800 units in 2022 to 9,452 units in 2024, and grand piano sales decreasing from 1,596 units to 915 units in the same period [5] - Conversely, electric piano sales increased significantly, with 2,152 units sold in 2024, a year-on-year growth of 140.45%, but this segment still contributes minimally to overall revenue [5] - The industry is facing challenges due to intensified international competition and domestic policy changes affecting music education, impacting consumer demand for pianos [6] Industry Context - The broader instrument industry is undergoing a period of adjustment, with companies like Pearl River Piano also experiencing significant sales declines and exploring alternative business avenues [6]