| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：123072 | 债券简称：乐歌转债 | | 乐歌人体工学科技股份有限公司 关于公司第一期员工持股计划存续期即将届满 的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 乐歌人体工学科技股份有限公司于 2021 年 1 月 12 日召开第四届董事会第二 十二次会议和第四届监事会第十九次会议，审议通过了《关于<乐歌人体工学科 技股份有限公司第一期员工持股计划（草案）>及其摘要的议案》、《关于公司 第一期员工持股计划管理办法的议案》、《关于提请股东大会授权董事会办理公 司第一期员工持股计划相关事宜的议案》，上述议案已经公司 2021 年 1 月 28 日召开的 2021 年第一次临时股东大会审议通过，同意公司实施第一期员工持股 计划并授权董事会办理相关事宜。 2021 年 2 月 5 日，公司召开第四届董事会第二十三次会议和第四届监事会 第二十次会议，审议通过了《关于<乐歌人体工学科技股份有限公司第一期员工 持股计 ...

Group 1 - The company Lege Co., Ltd. has stated on its interactive platform that it has not received any news regarding cooperation with Yushu Technology [2]

Macroeconomic Insights - The average import tax rate in the U.S. increased by 6.6 percentage points compared to the end of 2024, which is lower than market expectations[5] - If the average import tax rate rises by 10% this year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4% under stable demand conditions[7] Consumer and Business Impact - As of June, U.S. businesses bore approximately 63% of the tariff costs, while consumers accounted for less than 40%[6] - The consumer price sensitivity may lead businesses to absorb a significant portion of tariff costs, affecting pricing strategies[6] Durable Goods and Construction Sector - Domestic demand for construction remains weak, with steel and glass prices declining, while cement prices have rebounded due to enhanced production management[9] - Retail sales of passenger vehicles increased, with a year-on-year growth of 8% in daily sales from August 11 to August 17[10] Insurance Sector Performance - The insurance industry reported a total premium income of CNY 420.85 billion from January to July 2025, reflecting a year-on-year growth of 6.8%[14] - Life insurance premiums reached CNY 258.61 billion in July, marking a significant year-on-year increase of 33.5%[15] Steel Industry Outlook - China's crude steel production from January to July 2025 was 594 million tons, a decrease of 3.1% year-on-year, indicating a contraction in production capacity[25] - The steel industry is expected to stabilize in 2025 due to a combination of demand recovery and supply-side reductions[27]

Core Viewpoint - 乐歌股份2025年中报显示营业总收入增长，但归母净利润下降，反映出公司在收入增长的同时面临盈利能力下降的挑战 [1] Financial Performance - 2025年中报营业总收入为31.45亿元，同比上升29.56% [1] - 归母净利润为1.29亿元，同比下降19.47% [1] - 第二季度营业总收入为16.0亿元，同比上升22.57% [1] - 第二季度归母净利润为7723.9万元，同比下降3.87% [1] - 毛利率为25.69%，同比减18.06% [1] - 净利率为4.1%，同比减37.85% [1] - 每股收益为0.38元，同比减26.31% [1] Accounts and Cash Flow - 应收账款占归母净利润的比率为124.32% [1] - 每股经营性现金流为0.77元，同比增50.71% [1] - 经营活动产生的现金流量净额变动幅度为64.53% [2] Business Operations - 海外仓业务在关税影响下仍实现收入同比增幅66% [3] - 截至6月末，乐歌海外仓累计服务客户1744家，上半年发件量910万件，同比增幅超120% [3] - 公司在自动化和信息化方面的持续投入将逐步体现运营优势和成本降低 [3] Investment and Capital - 公司去年的ROIC为5.63%，资本回报率一般 [4] - 有息资产负债率已达26.96% [4] - 应收账款/利润比已达124.32% [4]

Core Viewpoint - The report highlights that Lege Co., Ltd. has shown excellent performance in expanding new product categories, although various factors have impacted short-term profitability, leading to a "Buy" rating for the company [1] Financial Performance - For the first half of 2025, Lege Co., Ltd. achieved operating revenue of 3.145 billion, a year-on-year increase of 29.56%, while net profit attributable to shareholders decreased by 19.47% to 129 million, and net profit excluding non-recurring items fell by 26.58% to 79 million [2] - In Q2 2025, the company reported operating revenue of 1.600 billion, a 22.57% increase, with net profit attributable to shareholders at 77 million, down 3.87%, and net profit excluding non-recurring items at 53 million, down 19.70% [2] Business Analysis - Cross-border e-commerce revenue grew by 9.16% to 1.000 billion in H1 2025, with independent site revenue increasing by 11.22% to 410 million, accounting for 41% of cross-border e-commerce income [3] - Ergonomic product series generated 1.383 billion in revenue, a 3.48% year-on-year increase, while new categories like electric sofas and ergonomic chairs contributed approximately 20% to revenue growth [3] - Overseas warehouse revenue surged by 84.27% to 1.559 billion, serving 1,744 outbound enterprises, with the German warehouse achieving over 70% utilization and profitability [3] Profitability and Cost Structure - The gross margin for H1 2025 decreased by 5.66 percentage points to 25.69%, primarily due to the increased share of overseas warehouse revenue and rising logistics costs [4] - The gross margin for ergonomic products was 41.46%, up by 1.29 percentage points, while the gross margin for warehousing logistics services fell by 5.31 percentage points to 9.69% [4] - Expense ratios for sales, management, R&D, and financial costs were 14.52%, 4.19%, 3.52%, and 0.03%, respectively, with sales expense ratio decreasing by 2.05 percentage points [4] Future Outlook - The overseas warehouse business is expected to maintain high growth rates and improve profitability due to increasing e-commerce penetration in the U.S. and enhanced operational efficiency [5] - The company's strong product demand and development capabilities, along with its overseas operational experience, are anticipated to mitigate trade friction impacts and support future growth [5] Earnings Forecast and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.91, 1.04, and 1.20 yuan, respectively, with current price-to-earnings (PE) ratios of 16.18, 14.09, and 12.26 times [6]

Core Viewpoint - Lege Co., Ltd. reported a mixed performance in its 2025 mid-year financial results, with significant revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1] Financial Performance - Total revenue reached 3.145 billion yuan, a year-on-year increase of 29.56% [1] - Net profit attributable to shareholders was 129 million yuan, down 19.47% year-on-year [1] - Gross margin decreased to 25.69%, down 18.06% year-on-year [1] - Net margin fell to 4.1%, a decline of 37.85% year-on-year [1] - Operating cash flow per share increased by 50.71% to 0.77 yuan [1] Accounts Receivable and Debt - Accounts receivable amounted to 418 million yuan, representing 124.32% of the latest annual net profit [1][11] - Interest-bearing liabilities increased to 2.774 billion yuan, a rise of 19.51% [1] Operational Insights - The increase in revenue was attributed to the growth of overseas warehouse operations, which saw a 66% year-on-year increase in income despite challenges from tariffs [12] - The company has been investing in automation and information technology to enhance operational efficiency and reduce costs [13] Market Position and Future Outlook - The company’s overseas warehouse business is expected to maintain profitability and scale, with a projected shipment volume exceeding 20 million pieces for the year [12] - The competitive landscape in the overseas warehouse sector is shifting towards operational efficiency and service reliability as key differentiators [13]

Summary of Lege's Conference Call Company Overview - **Company**: Lege Co., Ltd. - **Industry**: Smart Home and Cross-Border E-commerce Key Financial Highlights - **Revenue Growth**: In the first half of 2025, revenue increased by nearly 30% year-on-year, reaching 3.145 billion CNY [2][3] - **Net Profit Decline**: Net profit decreased by 26.58% year-on-year, primarily due to increased tariffs, management, and R&D expenses [2][3] - **Cost Control**: The company needs to focus on the effectiveness of cost reduction and efficiency improvement measures [2] Business Segments Performance - **Overseas Warehouse Business**: - Revenue grew by 84.27% year-on-year to 1.569 billion CNY, accounting for nearly 50% of total revenue [2][6] - Number of overseas warehouses reached 1,744, with shipment volume increasing over 120% year-on-year [2][6] - Expected annual shipment volume could reach 20 million [2][6] - Risk of declining gross margin noted [2][6] - **Ergonomic Products**: - Revenue increased by 3.48% year-on-year to 1.383 billion CNY, with independent site sales rising to 41% [2][7] - New product categories accounted for 20% of sales [2][7] - Impact from tariffs is significant, necessitating attention to pricing strategies and local production in the U.S. [2][7] - **Domestic Market**: - Achieved a slight revenue increase of 1%, with operating profit margin improving to 11% [2][7] - Focus on optimizing store profitability and e-commerce strategies for sustainable growth [2][7] Challenges and Risks - **Tariff Pressures**: Increased tariffs and regulatory scrutiny from U.S. customs are significant challenges [4][13][29] - **Rising Costs**: Management and R&D expenses have increased due to investments in new models and personnel [4][5] - **Competition in Overseas Warehousing**: Increased competition and narrowing price differences in overseas warehouse operations [4][10] Future Outlook - **Second Half of 2025**: - Anticipated acceleration in revenue growth due to the peak season for cross-border e-commerce and reduced leasing liabilities [2][8] - Profit improvement expected from cost reduction measures and operational efficiency [2][8] - Resilience in the dual business model of smart home products and overseas warehouses [2][8] Strategic Initiatives - **Automation and Information Technology**: Continued investment in automation and IT to enhance operational efficiency and service capabilities [4][10][11] - **Local Production Considerations**: Plans to localize production in the U.S. to mitigate tariff risks [4][13] - **Marketing and Brand Strategy**: Focus on brand strength and consumer insights to maintain competitive advantage despite higher costs compared to smaller competitors [28] Additional Insights - **Inventory Management**: Need to balance inventory levels with new orders and market demand to maintain profit margins [23][25] - **Cross-Border E-commerce Pricing**: Some product categories have seen price increases of 2-3% due to tariffs, but overall sales remain stable [22] - **Distribution Strategy**: Adjustments in distribution strategy to focus on profitable channels and reduce losses in underperforming segments [27] This summary encapsulates the key points from Lege's conference call, highlighting financial performance, business segment insights, challenges, future outlook, and strategic initiatives.

Group 1: Overseas Warehouse Business - The company's overseas warehouse business has maintained profitability despite a challenging trade environment, with a significant scale of operations reaching millions of shipments [1][2] - In Q2, the overseas warehouse revenue increased by 66% year-on-year, indicating resilience in U.S. consumer demand despite tariffs and inflation [2] - As of June, the company served 1,744 clients with a shipment volume of 9.1 million, a year-on-year increase of over 120%, and expects to exceed 20 million shipments for the year [2] Group 2: Non-U.S. Warehouse Operations - Non-U.S. warehouses, particularly in Germany, the UK, and Canada, have achieved a capacity utilization rate of over 70%, showing improved profitability [3] - The company plans cautious expansion of overseas warehouses based on market demand [3] Group 3: Domestic Smart Home Business - The domestic marketing business reversed a two-year decline, achieving profitability with a significant improvement in operating profit margin [4] - Future strategies include building a nationwide dealer channel and enhancing e-commerce marketing to maintain market share and profitability [4] Group 4: Impact of Tariff Policies - Tariffs have increased product costs, with the company facing potential tariffs of 20% or more, necessitating price adjustments to mitigate cost impacts [5][6] - The company aims to build a comprehensive global supply chain to address tariff risks, including relocating some production closer to major consumer markets [6] Group 5: Cross-Border E-Commerce Development - The Flexispot brand has become a leader in the linear drive consumer goods sector, with significant brand recognition and search volume growth in the U.S. and Europe [6][7] - The company continues to enhance offline channel development to increase brand exposure and customer interaction [6] Group 6: Independent Website Performance - The company operates 12 independent websites, with U.S. site traffic leading the industry and independent site sales accounting for over 40% of cross-border e-commerce revenue, a year-on-year increase of 11.22% [8] - New product categories, such as ergonomic chairs and electric sofas, have seen sales growth exceeding 100%, with new product sales accounting for 20% of total revenue [8]

Core Viewpoint - The company reported a 29.6% increase in revenue to 3.145 billion yuan for 1H25, but a 19.5% decline in net profit attributable to shareholders to 129 million yuan, slightly below expectations due to increased last-mile delivery costs and challenges in the overseas warehouse business [1] Revenue Performance - Revenue for 1H25 increased by 29.6% to 3.145 billion yuan, with a quarterly breakdown showing a 37.7% increase in Q1 and a 22.6% increase in Q2 [1] - The overseas warehouse segment saw a significant revenue increase of 84.3% to 1.57 billion yuan, accounting for 49.9% of total revenue, driven by higher e-commerce penetration in the U.S. and the expansion of domestic cross-border enterprises [2] - The ergonomic product line generated 1.38 billion yuan in revenue, a 3.5% increase, with sales of ergonomic chairs, electric sofas, and electric beds doubling [2] Profitability and Margins - The gross margin for 1H25 decreased by 5.7 percentage points to 25.7%, influenced by the revenue structure shift towards overseas warehouses [3] - The gross margins for ergonomic products and overseas warehouses were 41.5% and 9.7%, respectively, with the latter experiencing a decline of 5.3 percentage points [3] - The net profit margin and adjusted net profit margin fell to 4.1% and 2.5%, respectively, due to high management expenses and the impact of new warehouse operations [3] Future Outlook - The ergonomic business is expected to grow steadily due to strong brand presence overseas and the introduction of new product categories [3] - The profitability of overseas warehouses is anticipated to improve as demand for cross-border e-commerce remains strong and operational efficiencies are realized [3] Earnings Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 26% and 11% to 300 million yuan and 430 million yuan, respectively [4] - The current price corresponds to 17 and 12 times the projected P/E ratios for 2025 and 2026, with an 18% upside potential based on the maintained target price [4]

Core Viewpoint - Lege Co., Ltd. (300729.SZ) reported its 2025 semi-annual results, highlighting significant institutional investor holdings and changes in public fund disclosures [1] Group 1: Institutional Holdings - As of August 26, 2025, a total of 10 institutional investors disclosed holdings in Lege Co., Ltd., with a combined shareholding of 152 million shares, representing 44.60% of the total share capital [1] - The top ten institutional investors include notable entities such as Ningbo Lijing Electronics Group Co., Ltd. and Guangdong Hengjian International Investment Co., Ltd. [1] - Compared to the previous quarter, the combined shareholding percentage of the top ten institutional investors decreased by 0.40 percentage points [1] Group 2: Public Fund Disclosures - During this reporting period, two new public funds were disclosed, namely Zhonggeng Value Flexible Allocation Mixed and Nanhua CSI Hangzhou Bay Area ETF [1] - Three public funds were not disclosed in this period compared to the previous quarter, including Fuqua Stable Enhanced Bond A/B and Jinguan Taifu Technology-Driven Mixed A [1]