G 
Guangzhou Pearl River Piano Group Co 002678.SZ · CNY
Consumer Discretionary · Shenzhen · 🇨🇳 China
4.09
-2.15%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥569.7m
FY2016FY2025
Net income
−CN¥374.0m
FY2016FY2025
Free cash flow
−CN¥260.7m
FY2016FY2025
Shareholders' equity
CN¥3.10bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥569.7m | CN¥677.2m | CN¥1.13bn | CN¥1.66bn | CN¥2.02bn | CN¥1.75bn | CN¥2.05bn | CN¥1.97bn | CN¥1.79bn | CN¥1.57bn |
| Gross profit | CN¥15.4m | CN¥28.2m | CN¥210.4m | CN¥397.4m | CN¥505.7m | CN¥450.0m | CN¥619.3m | CN¥608.1m | CN¥572.1m | CN¥472.0m |
| Research and development | CN¥34.4m | CN¥44.0m | CN¥68.1m | CN¥84.4m | CN¥97.2m | CN¥82.7m | CN¥97.7m | CN¥97.2m | CN¥95.7m | CN¥82.9m |
| Operating income | −CN¥269.7m | −CN¥269.3m | CN¥10.6m | CN¥138.4m | CN¥224.4m | CN¥193.3m | CN¥216.1m | CN¥201.6m | CN¥187.4m | CN¥162.5m |
| Net income | −CN¥374.0m | −CN¥235.6m | CN¥5.9m | CN¥123.3m | CN¥186.1m | CN¥170.6m | CN¥189.8m | CN¥176.3m | CN¥164.7m | CN¥151.5m |
| Diluted earnings per share | -0.28 | -0.17 | 0.00 | 0.10 | 0.13 | 0.14 | 0.15 | 0.12 | 0.13 | 0.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.82bn | CN¥3.99bn | CN¥4.56bn | CN¥5.12bn | CN¥5.02bn | CN¥4.80bn | CN¥4.47bn | CN¥4.38bn | CN¥4.17bn | CN¥2.89bn |
| Cash and short-term investments | — | CN¥941.3m | CN¥1.48bn | CN¥2.10bn | CN¥2.04bn | CN¥1.93bn | CN¥1.55bn | CN¥1.42bn | CN¥1.67bn | CN¥616.6m |
| Total liabilities | CN¥696.6m | CN¥517.5m | CN¥828.5m | CN¥1.37bn | CN¥1.34bn | CN¥1.25bn | CN¥1.05bn | CN¥1.05bn | CN¥939.0m | CN¥867.9m |
| Debt | CN¥215.8m | CN¥230.4m | CN¥289.9m | CN¥577.8m | CN¥433.1m | CN¥440.4m | CN¥431.0m | CN¥329.6m | CN¥359.6m | CN¥425.4m |
| Shareholders' equity | CN¥3.10bn | CN¥3.45bn | CN¥3.70bn | CN¥3.71bn | CN¥3.64bn | CN¥3.52bn | CN¥3.40bn | CN¥3.29bn | CN¥3.19bn | CN¥2.01bn |
| Shares outstanding | 1,337m | 1,406m | 1,361m | 1,182m | 1,441m | 1,204m | 1,282m | 1,527m | 1,223m | 1,177m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥134.9m | −CN¥217.1m | −CN¥315.9m | CN¥94.9m | CN¥311.1m | CN¥547.9m | CN¥204.0m | CN¥123.3m | CN¥225.4m | CN¥248.8m |
| Capital spending | −CN¥125.8m | −CN¥213.8m | −CN¥56.5m | −CN¥123.4m | −CN¥76.2m | −CN¥114.3m | −CN¥118.2m | −CN¥328.2m | −CN¥240.7m | −CN¥149.5m |
| Free cash flow | −CN¥260.7m | −CN¥430.9m | −CN¥372.4m | −CN¥28.5m | CN¥234.9m | CN¥433.6m | CN¥85.8m | −CN¥205.0m | −CN¥15.3m | CN¥99.2m |
| Dividends paid | −CN¥5.4m | −CN¥7.3m | −CN¥51.3m | −CN¥78.9m | −CN¥65.5m | −CN¥47.5m | −CN¥88.3m | −CN¥93.6m | −CN¥81.2m | −CN¥76.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥123.3m | CN¥142.0m | CN¥183.5m | CN¥145.5m | CN¥117.2m | CN¥123.5m | CN¥150.2m | CN¥162.9m |
| Gross profit | CN¥6.8m | CN¥15.5m | CN¥9.2m | CN¥9.3m | −CN¥15.6m | CN¥12.5m | −CN¥39.1m | CN¥23.0m |
| Operating income | −CN¥57.7m | −CN¥44.7m | −CN¥66.9m | −CN¥81.7m | −CN¥83.0m | −CN¥52.3m | −CN¥128.3m | −CN¥64.8m |
| Net income | −CN¥80.6m | −CN¥45.4m | −CN¥155.8m | −CN¥80.5m | −CN¥86.1m | −CN¥51.7m | −CN¥97.7m | −CN¥64.7m |
| Diluted earnings per share | -0.06 | -0.03 | -0.12 | -0.06 | -0.06 | -0.04 | -0.07 | -0.05 |
| Cash from operations | — | — | — | −CN¥67.0m | −CN¥21.0m | −CN¥70.0m | CN¥80.0m | −CN¥12.0m |
| Capital spending | −CN¥21.0m | −CN¥33.0m | −CN¥7.0m | −CN¥46.0m | −CN¥70.0m | −CN¥1.0m | −CN¥104.0m | −CN¥67.0m |
| Free cash flow | — | — | — | −CN¥113.0m | −CN¥91.0m | −CN¥71.0m | −CN¥24.0m | −CN¥79.0m |
| Total assets | CN¥3.71bn | CN¥3.73bn | CN¥3.82bn | CN¥3.86bn | CN¥3.89bn | CN¥3.89bn | CN¥3.99bn | CN¥4.11bn |
| Cash and short-term investments | — | — | — | CN¥752.0m | CN¥830.6m | CN¥848.6m | CN¥941.3m | CN¥906.3m |
| Debt | CN¥231.3m | CN¥235.6m | CN¥215.8m | CN¥70.4m | CN¥245.9m | CN¥178.1m | CN¥198.2m | CN¥126.7m |
| Shareholders' equity | CN¥2.96bn | CN¥3.04bn | CN¥3.10bn | CN¥3.24bn | CN¥3.33bn | CN¥3.40bn | CN¥3.45bn | CN¥3.56bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 2.7% | 4.2% | 18.7% | 23.9% | 25.0% | 25.7% |
| Operating margin | -61.5% | -39.7% | 2.0% | 9.5% | 11.9% | 12.3% |
| Net margin | -65.6% | -34.8% | 0.5% | 7.4% | 9.2% | 9.7% |
| Return on equity | -12.1% | -6.8% | 0.2% | 3.3% | 5.1% | 4.8% |
| Return on assets | -9.8% | -5.9% | 0.1% | 2.4% | 3.7% | 3.6% |
| Free cash flow yield | -0.2% | -0.1% | -4.3% | 4.1% | 6.0% | 12.3% |
| Revenue growth | -15.9% | -40.0% | -32.1% | -17.8% | 15.3% | -14.7% |
| Earnings growth | 58.7% | -4108.2% | -95.2% | -33.7% | 9.1% | -10.1% |
| Current ratio | 6.29x | 7.13x | 3.88x | 2.71x | 2.63x | 2.55x |
| Debt to equity | 0.07x | 0.06x | 0.07x | 0.15x | 0.11x | 0.12x |
| Equity ratio | 81.1% | 86.6% | 81.2% | 72.6% | 72.6% | 73.4% |
| Interest coverage | -71.17x | -38.56x | 1.31x | 7.08x | 12.45x | 11.01x |
| R&D as a share of sales | 6.0% | 6.5% | 6.0% | 5.1% | 4.8% | 4.7% |
| Buybacks as a share of market value | 4.9% | -3.2% | -15.2% | 18.0% | -19.7% | 6.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -30.0% | -20.1% | -9.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 3.5% | 16.1% | 20.6% | 25.8% |
| Operating margin | -43.2% | -9.7% | 0.4% | 5.7% |
| Net margin | -48.9% | -11.9% | -1.6% | 4.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -19.1 | -26.7 | — | 57.2 | 55.8 | 52.0 | 56.3 | 49.5 | 64.2 | 89.0 |
| Price to sales | 12.6 | 9.3 | 7.0 | 4.3 | 5.1 | 5.1 | 5.2 | 4.4 | 5.9 | 8.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 9 May 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.002 | 0.028 | 0.043 | 0.037 | 0.035 | 0.065 | 0.062 | 0.054 |
- 13-for-10 split · 3 Jul 2018
- 2-for-1 split · 4 Jul 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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