Pearl River Piano: It is expected that the net profit will be a loss of 350 million yuan to 395 million yuan by 2025.

Pearl River Piano announcement: It is expected that the net profit for the year 2025 will be a loss of 395 to 350 million yuan, compared to a loss of 236 million yuan in the same period last year. Due to the impact of multiple external factors such as fluctuations in the domestic and international economic situation, adjustments in the consumer market structure, the demand in the piano main business market continues to shrink significantly; coupled with the company's capacity reduction resulting in higher unit costs, personnel optimization, and asset impairment provisions, the total profit of the company has declined compared to the same period last year.