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]

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [3] - The controlling shareholder, Ningbo Lijing Electronics Group Co., Ltd., did not change during the reporting period [5] - The company disclosed a plan for the controlling shareholder to increase its stake in the company by investing between RMB 50 million and RMB 100 million within six months [6] Group 2 - As of the announcement date, the controlling shareholder completed the share buyback plan, acquiring 3,515,380 shares, which is 1.03% of the total share capital, for a total amount of RMB 50,482,019.38 [6]

Core Viewpoint - Lege Co., Ltd. announced the approval of the proposal at the second meeting of the sixth board of directors held on August 26 [2] Group 1 - The company held its second meeting of the sixth board of directors [2] - The meeting reviewed and approved the proposal and its summary [2]

智通财经APP讯，乐歌股份(300729.SZ)发布2025年半年度报告，该公司营业收入为31.45亿元，同比增 长29.56%。归属于上市公司股东的净利润为1.29亿元，同比减少19.47%。归属于上市公司股东的扣除非 经常性损益的净利润为7850.16万元，同比减少26.58%。基本每股收益为0.3776元。 ...

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-070 | | --- | --- | --- | | 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 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》及《深圳证券交易所上市公司自律监管指南第 2 号——公告格式》等相关规 定，乐歌人体工学科技股份有限公司（以下简称"公司"或"本公司"）就 2025 年半年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 (一)2021 年向特定对象发行股票募集资金情况 1、实际募集资金金额、资金到账时间 根据本公司 2021 年 1 月 12 日第四届董事会第二十二次会议、2021 年 1 月 28 日 2021 年第一次临时股东大会决议、2021 年 4 月 21 日第四届董事会第二十 六次 ...

单位：万元 乐歌人体工学科技股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 制人及其附属企业 | 团有限公司 | 制 | | | | | | | 供服务 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 美国福达客有限 | 同受最终控制方控 | 应收账款 | 824.33 | 1,005.65 | | | 1,829.98 | 货款，提 | 经营性往来 | | | 公司 | 制 | | | | | | | 供服务 | | | | 姜艺 | 实际控制人 | 其他应收款 | 1.44 | | | 0.01 | 1.43 | 备用金 | 经营性往来 | | | 乐 歌 人 体 工 学 (越南) 有限公司 | 子公司 | 其他应收款 | 3,356.02 | | | 3,356.02 | - | 往来款 | 非经营性往 来 | | | Lecangs, LLC | 孙公司 | 其他应收款 | 7,698.38 | 30,152.30 | 501.79 | 7,568.99 | 30, ...

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-067 | | --- | --- | --- | | 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 一、董事会会议召开情况 乐歌人体工学科技股份有限公司（以下简称"公司"）第六届董事会第二 次会议于 2025 年 8 月 26 日在宁波市鄞州区首南街道学士路 436 号乐歌大厦会议 室以现场结合通讯的方式召开。会议通知已于 2025 年 8 月 15 日通过邮件的方式 送达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人。 会议由董事长、总经理项乐宏主持，公司部分高管列席。会议召开符合有 关法律、法规、规章和《公司章程》的规定。 二、董事会会议审议情况 第六届董事会第二次会议决议公告 经各位董事认真审议，会议形成了以下决议： 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。 （一）审议通过《关于<2025 年半年度报告>及其摘要的议案》 经审议，董事会一致认为：公司《2025 年半年度报告》及摘要的编制和审议 程序符合法律、行政法规、中 ...

2025年半年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：乐歌股份 | | | --- | --- | --- | | 保荐代表人姓名：李豪 | 联系电话： | (021)38676666 | | 保荐代表人姓名： 张征宇 | 联系电话： | (021)38676499 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集 | 是 | | 资 金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 6次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | 件一致 | | | 4. ...