Guangdong Piano Customized Furniture Co Ltd

Pianuo released its 2026 interim report. The company's total operating revenue was 190 million yuan, down 29.04% year-on-year. Net profit attributable to the parent company was negative 4.164 million yuan. Net cash flow from operating activities was negative 35.174 million yuan, down 467.83% year-on-year. The company's latest asset-liability ratio was 34.06%, gross margin was 19.64%, ROE was negative 0.47%, and diluted earnings per share was negative 0.02 yuan. The number of shareholders was 9,480, and the top ten shareholders held 66.91% of the shares.

Piano recently announced the termination of its share subscription agreement with Qingdao Chuxin Gongchuang Technology Co., Ltd., switching to a full underwriting by its controlling shareholder, Hangzhou Chuxinwei Technology Partnership. The total fundraising amount remains capped at 395 million yuan. The pricing base date has been changed from a fixed price of 11.43 yuan per share to 80% of the average price on the issue launch date, and the subscriber has shifted from an external investor to the controlling shareholder. Hangzhou Chuxinwei only completed its takeover of Piano's control three months ago, and the new owner has been in place for less than 100 days before the private placement plan underwent a major overhaul. The company's main business continues to incur losses, with an estimated non-recurring net loss of 32.36 million to 34.29 million yuan in the first half of 2026, widening further from the same period last year, and only a one-time gain from the disposal of its Tianjin subsidiary's assets has been used to dress up the financial statements. The proceeds from this private placement will be entirely used to repay bank loans and replenish working capital, which market participants view as a short-term bailout by swapping equity for debt, with clear shortcomings in medium- to long-term competitiveness investment.

Piano disclosed its earnings forecast, expecting a net loss attributable to the parent of 3.86 million to 5.79 million yuan in the first half of 2026, compared with a loss of 12.58 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 32.36 million to 34.29 million yuan, compared with a loss of 19.80 million yuan in the same period last year. The company stated that due to multiple factors such as increased economic uncertainty, weak demand in the home decoration market, and intensified industry competition, its main business revenue continued to decline, and the overall gross margin also decreased compared with the same period last year. In addition, the company realized disposal gains from the sale of some assets of its Tianjin subsidiary, which are incidental and one-time in nature and do not constitute a regular source of profit.