Chinas Piano Dreams Fading
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https://mp.weixin.qq.com/s/gQlO2hZw3huiTSiv_e36rg
https://www.thinkchina.sg/chinas-middle-class-families-are-giving-their-pianos
Since the second half of 2022, the Chinese piano industry has been shrouded in dark clouds. Weak market demand, worsening inventory pressure, declining birth rates, the “double reduction” policy (reducing the burdens of homework and after-school tutoring) and other factors have led to a decline in the development of the entire industry.
The most direct sign of this trend is the bleak performance by the only two piano companies listed on the A-shares market, namely Hailun Piano and Pearl River Piano Group.
... a piano bought previously at 50,000 RMB to 60,000 RMB will not even fetch 5,000 RMB now.
In the first three quarters of 2023, Hailun Piano’s revenue fell by 21.99% year-on-year, with net profit attributable to parent company dropping sharply by 24.7%, while Pearl River Piano Group’s revenue fell by 31.47% year-on-year, with net profit attributable to parent company plummeting by 93.54%. These statistics reflect an ominous sign — the piano industry is experiencing a downturn in business.
