| 证券代码：300729 | 证券简称：乐歌股份 公告编号：2025-032 | | --- | --- | | 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 关于可转换公司债券转股价格调整的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、调整前"乐歌转债"转股价格：33.23 元/股 2、调整后"乐歌转债"转股价格：32.93 元/股 3、转股价格调整生效日期：2025 年 5 月 22 日 一、关于乐歌转债转股价格调整的相关规定 乐歌人体工学科技股份有限公司于 2020 年 10 月 21 日向不特定对象发行可转换公 司债券 142 万张（债券简称：乐歌转债；债券代码：123072），根据公司《创业板向不 特定对象发行可转换公司债券募集说明书》中披露的可转换公司债券发行方案以及中国 证监会关于可转换公司债券发行的有关规定，公司本次发行的可转换公司债券转股价格 的调整方式及计算公式如下： "在本次发行之后，当公司发生派送股票股利、转增股本、增发新股（不包括因本 次发行的可转债转股而增加的股本）、配股 ...

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-031 | | --- | --- | --- | | 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 2024 年年度权益分派实施公告 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。 特别提示 1、乐歌人体工学科技股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日召开 2024 年度股东大会，审议通过了《2024 年度利润分配预案》。本次权益 分派距离股东大会通过权益分派方案的时间未超过两个月。 2、自 2024 年 12 月 31 日至本次权益分派实施申请的前一交易日（2025 年 5 月 12 日）期间，因可转债转股，公司总股本由 341,308,620 股增至 341,309,251 股。公司按照分配比例不变的原则对分配总额进行调整。调整后的分配方案如下： 以公司现有总股本 341,309,251 股为基数，每 10 股派发现金 3.0 元（含税）， 共计派发现金 102,392,775.3 元（含税），不送红股，不进行资本 ...

Summary of Conference Call Records Industry Overview - The records focus on the cross-border e-commerce industry, particularly the impact of US-China trade tensions on companies like Zhiyou Technology and Lega Co., Ltd. [1][3][4] Key Points and Arguments - **Impact of US-China Trade Tensions**: Initial trade frictions significantly affected cross-border e-commerce, especially for multi-category premium e-commerce reliant on Chinese supply chains. The shift of supply chains to Southeast Asia is time-consuming, and the cost burden is passed downstream, raising market concerns [1][4]. - **Small Package Tariff Adjustments**: Although the tariff rate on small packages has decreased from 120% to 54%, the total tariff remains unchanged at $100, keeping export costs high for small items, particularly in apparel. The US controls this tariff rate, making negotiations for further reductions unlikely [5]. - **Growth Opportunities**: Current market conditions present growth opportunities in B2C large durable goods, B2B models, and overseas warehouse operations. The online penetration rate for large home goods is increasing, and small B customers are demanding direct sales from manufacturers [6][7]. - **Zhiyou Technology's Market Position**: Zhiyou Technology has a strong brand and channel advantage in the European market, which can be replicated for large item expansions. The company expects gradual recovery in the US market through price adjustments despite tariff impacts [8][9]. - **Lega Co., Ltd.'s Development**: Lega Co., Ltd. specializes in ergonomic products and has seen good growth in its independent site. The company plans to expand into electric sofas and beds, with expectations of improved profitability by 2025 [10]. Additional Important Insights - **Resilience of Cross-Border E-commerce**: The resilience of cross-border e-commerce companies is attributed to their control over channels and the ability to quickly adapt product offerings based on consumer demand. This positions them to better withstand external risks [2]. - **Market Expectations for Financial Performance**: Market expectations for Zhiyou Technology's revenue in 2025 are around 410 million yuan, while Lega Co., Ltd. is expected to achieve approximately 400 million yuan in profit. These forecasts are based on assumptions of damage to the US market, indicating potential for upside surprises [3][10]. - **Inventory Management**: Many cross-border e-commerce companies have sufficient overseas inventory, which mitigates the impact of tariffs and allows for continued sales during periods of heightened tariffs [11][12]. This summary encapsulates the critical insights from the conference call records, highlighting the challenges and opportunities within the cross-border e-commerce sector.

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the annual line, indicating a slight increase of 0.23% and a total trading volume of 1,076.285 billion yuan [1]. Group 1: Market Performance - As of 13:59 today, the Shanghai Composite Index stands at 3,377.11 points, reflecting a year-to-date performance above the annual line [1]. - A total of 49 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1]. Group 2: Notable Stocks - The stocks with the largest deviation rates include: - Baoxin Technology (002514) with a deviation rate of 5.49% and a daily increase of 9.93% [1]. - ST Zhongzhu (600568) with a deviation rate of 4.76% and a daily increase of 5.22% [1]. - King Med (603882) with a deviation rate of 4.28% and a daily increase of 4.42% [1]. - Other stocks that have just crossed the annual line include: - Duofu Du (002506) with a deviation rate of 4.02% and a daily increase of 9.95% [1]. - Shapais (300791) with a deviation rate of 4.16% and a daily increase of 4.67% [1]. Group 3: Trading Data - The total trading volume for A-shares today reached 1,076.285 billion yuan, indicating active market participation [1]. - The stocks listed show varying turnover rates, with some stocks like Baoxin Technology and ST Zhongzhu having turnover rates of 9.92% and 1.36% respectively [1].

关于 乐歌人体工学科技股份有限公司 2024 年年度股东大会 之 国浩律师（上海）事务所 法律意见书 地址：上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 电话：（+86）（21）5234 1668 传真：（+86）（21）5234 1670 电子信箱：grandallsh@grandall.com.cn 网址：http://www.grandall.com.cn 二〇二五年五月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于乐歌人体工学科技股份有限公司 2024 年年度股东大会之 法律意见书 致：乐歌人体工学科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受乐歌人体工学科技股份有 限公司（以下简称"公司"）委托，指派李鹏律师、王伟建律师（以下简称"本所 律师"）出席公司 2024 年年度股东大会（以下简称"本次股东大会"）。本所律师 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共和国 公司法》（以下简称"《公司法》"）《上市公司股东会规则》（以下简称"《股 东会规则》"）等法律、法规、部门规章和规范性文件以及《乐歌人体工学 ...

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-030 | | --- | --- | --- | | 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 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 1、 本次股东大会不存在否决议案的情形。 2、 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、 召开时间：2025 年 5 月 12 日（星期一）14:00 （1） 现场会议召开时间：2025 年 5 月 12 日 14:00 二、会议出席情况 （一）股东出席的总体情况 参加本次股东大会现场会议和网络投票表决的股东及股东代理人共 182 人， 代表有表决权的公司股份数合计为 165,629,012 股，占公司有表决权股份总数 341,309,251 股的 48.5275%。其中：通过现场投票的股东共 11 人，代表有表决权 的公司股份数合计为 161,748,381 股，占公司有表决权股份总数 341,309,251 股的 4 ...

关于控股股东增持公司股份计划时间过半的公告 公司控股股东宁波丽晶电子集团有限公司保证向本公司提供的信息内容的真实、 准确和完整，没有虚假记载、误导性陈述或重大遗漏 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： | 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-029 | | --- | --- | --- | | 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 本次增持前，丽晶电子直接持有公司股票 66,189,378 股，占公司总股本的 19.39%， 实际控制人项乐宏先生及其配偶姜艺女士直接及间接合计控制公司15,882.22万股股票， 占公司总股本的 46.54%。 2、增持股份的目的：控股股东丽晶电子基于对公司未来持续发展前景的信心以及 对公司投资价值的认同，为促进公司持续稳定、健康发展，提升投资者信心，拟实施本 次增持计划。 3、增持股份的金额：人民币不低于 5,000.00 万元且不超过 10,000.00 万元。 4、增持股份的价格：本次计划增持价格不超过人民币 25 元/股，具体将根据公司股 票价 ...

Core Viewpoint - Yiwu, known as the "World Supermarket," is adapting to changes in international trade dynamics, particularly in response to the U.S. tariff policies, which have led to shifts in customer demographics and purchasing behaviors [2][12]. Group 1: Market Dynamics - Yiwu's small commodity market has over 1.15 million merchants and more than 2.1 million SKUs, attracting global buyers, especially from the Middle East and Africa, while U.S. customers have decreased [2][6]. - The implementation of the U.S. "reciprocal tariff" policy has prompted local merchants to seek new markets, with many reporting a shift from U.S. clients to those in South America and Europe [6][7]. - Merchants are actively adjusting their strategies, with some reporting increased orders from overseas customers on e-commerce platforms since the tariff announcement [9][13]. Group 2: Business Strategies - Merchants are focusing on diversifying their customer base and enhancing product value to mitigate the impact of tariffs, with strategies including price increases and optimizing production processes [13][14]. - The rise of cross-border e-commerce and live streaming has led to a significant shift in how Yiwu merchants engage with international customers, with many adopting social media marketing strategies [15][16]. - The demand for multilingual talent is increasing as businesses seek to better communicate with diverse international clients, prompting local educational institutions to adapt their training programs [17][19]. Group 3: Economic Impact - The U.S. tariff policy is expected to affect inventory levels in American retail, with reports indicating that major retailers like Walmart are adjusting their supply strategies in response to rising costs [8][12]. - The overall impact of tariffs on international shipping is significant, with projections indicating a 35% decrease in cargo volume arriving at the Port of Los Angeles compared to the previous year [14].

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Group 1 - The core focus of fund managers is on overseas warehouse businesses within the cross-border e-commerce sector, driven by high tariffs and the cancellation of small parcel exemptions, which provide cost advantages in customs clearance, logistics, and taxes [1][2][3] - The increasing support from high-level policies for the cross-border e-commerce industry encourages companies to diversify their foreign trade business, particularly in B2B segments, which is seen as a significant opportunity for public funds [2][3] - Fund managers are particularly interested in companies with strong overseas warehouse capabilities, as these facilities allow for bulk customs clearance and lower tax rates, leading to explosive growth in demand for overseas warehouses [2][4] Group 2 - Companies like JD Logistics, which have over 50 self-operated overseas warehouses in regions such as North America and Southeast Asia, have become key holdings for funds, with JD Logistics reporting a 186.8% year-on-year increase in adjusted net profit for 2024 [4][5] - Other public funds are heavily investing in companies like Jitu Express and Pinduoduo, which are also expanding their overseas warehouse networks, indicating a strong focus on this area by fund managers [5][6] - The logistics and warehouse sector is being prioritized by various funds, with a notable absence of dedicated cross-border e-commerce funds, suggesting a strategic focus on logistics as a foundational infrastructure for e-commerce [7][8] Group 3 - The cross-border e-commerce sector is characterized by a limited number of investable targets, leading funds to adopt a strategy focused on a few leading companies rather than a broad industry approach [7][9] - Fund managers emphasize the importance of identifying high-quality, globally competitive companies within the cross-border e-commerce space, indicating a preference for specific stock selection over broad sector investment [9]