This company sold its factory, and the buyer's background is unusual.

In early 2026, the home furnishing industry still hasn’t shaken off the chill from the real estate downturn. Many home furnishing stores are facing foreclosure and auction failures, with industry asset liquidity remaining under pressure.

On March 3rd, Pianno (002853.SZ) issued a notice that drew attention. It disclosed that its wholly owned subsidiary, Tianjin Pianno Home Furnishings Co., Ltd., completed the transfer of industrial land and factory buildings listed for sale at a price of 95 million yuan (including VAT). The buyer is Tianjin Shenghai Technology Development Co., Ltd.

The assets involved in this transaction are substantial: located in Tianjin Jinghai Economic Development Zone, the industrial land covers 139,000 square meters, with above-ground factory buildings totaling approximately 55,000 square meters. The land use rights extend until 2063.

Although Tianjin Shenghai, the transferee, was established in November 2025 and had no actual revenue in 2025, its background is notable—it’s a wholly owned state-owned enterprise under the Ziya High-tech Industrial Park, controlled by the Tianjin Ziya Economic and Technological Development Zone Management Committee. Its business scope includes park management and non-residential real estate leasing. This acquisition may be related to regional industrial layout.

It’s worth noting that the contract explicitly states that, based on the principle of “the sale does not break the lease,” from the date the factory ownership is registered under Tianjin Shenghai, all rights and obligations under existing lease agreements between Pianno and the tenants will be transferred to Shenghai.

Pianno is eager to offload core assets, which is essentially a necessary move under performance pressure. According to the 2025 performance forecast, the company expects a net loss attributable to shareholders of 35 to 45 million yuan. While this significantly reduces the loss compared to last year’s massive 375 million yuan deficit, it still remains in the red.

More detailed data reveal the operational pressures: in the first three quarters of 2025, revenue was only 420 million yuan, with a net loss of 7.5252 million yuan attributable to shareholders, basic earnings per share of -0.04 yuan, and a net cash flow from investing activities of -83.9583 million yuan.

Behind the declining performance is a widespread dilemma in the home furnishing industry— in 2025, the national sales of building materials and home furnishings above designated size decreased by 3.33% year-on-year. Weak consumer demand, coupled with the volatility in the real estate market leading to bad debt impairments, has forced Pianno to adopt a “cash is king” survival strategy.

The 95 million yuan from the sale of the factory is a “timely rain” for Pianno. The proceeds from this disposal of non-current assets have been included in the 2025 non-recurring gains and losses, expected to contribute about 20 million yuan in net profit buffering for the company.

With core business growth sluggish, revitalizing existing assets can supplement cash flow, optimize asset structure, and ease financial pressure from liabilities. This approach aligns closely with industry trends.

Since 2026, peers like Oppein Home and Zhongyuan Home have been leasing or selling idle factories to optimize resource allocation, reflecting a industry-wide shift from “scale expansion” to “efficiency optimization.”

It’s also noteworthy that asset sales are just part of Pianno’s recent strategic adjustments. In February 2026, the company’s controlling shareholder, Ma Libin, completed an agreement transfer of 9.78% of shares. The transferee is Hangzhou Chuxin Micro Technology Partnership. The change in actual control had previously driven the stock price to hit the daily limit up three times between January and February.

The optimization of equity structure and asset disposal together point toward a strategic shift of “focusing on core business and lightening the load.” Coupled with its ventures into AI design and e-sports room branding, Pianno is attempting to explore new growth avenues beyond traditional custom home furnishings.

For Pianno, the 95 million yuan factory transaction is not the end but the beginning of strategic reshaping. In a context where industry capacity utilization is only 68.4%, how to efficiently reinvest the funds gained from revitalizing assets into upgrading core businesses and expanding into new tracks will be key to overcoming losses and achieving sustainable development.