Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a significant increase in revenue driven by strong demand for overseas warehouses, with a year-on-year revenue growth of 45% in 2024, reaching 5.67 billion yuan. However, the net profit attributable to shareholders decreased by 47% to 340 million yuan due to reduced sales from overseas warehouses [1][11] - The overseas warehouse business saw a remarkable revenue increase of 155% in 2024, amounting to 2.423 billion yuan, benefiting from scale advantages and improved bargaining power within the cross-border logistics supply chain [2] - The company's independent brand products accounted for 73.84% of its main business revenue, with cross-border e-commerce sales growing by 14% to 2.026 billion yuan, and independent site sales increasing by 22% to 820 million yuan [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.67 billion yuan, a 45% increase year-on-year, while the net profit attributable to shareholders was 340 million yuan, down 47% [1] - The gross margin for 2024 was 29.15%, a decrease of 7.4 percentage points year-on-year, primarily due to the high growth of low-margin overseas warehouse business [4] Overseas Warehouse Business - The overseas warehouse business generated 2.423 billion yuan in revenue in 2024, with a gross margin of 10.4%, down 2 percentage points year-on-year. The company expanded its overseas warehouse area significantly, reaching 662,100 square meters [2] Cross-Border E-Commerce - The independent site sales represented 40% of the cross-border e-commerce revenue, with a total of 34.1 million buyers on independent sites, reflecting a 36% year-on-year increase [3] Profit Forecast - The company is expected to achieve revenues of 7.39 billion yuan, 8.42 billion yuan, and 9.54 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 414 million yuan, 496 million yuan, and 588 million yuan [11]

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（以下简称"公司"）第五届董事会、监事会 将于 2025 年 5 月 6 日任期届满。鉴于新修订的《中华人民共和国公司法》《上 市公司章程指引》及《关于新配套制度规则实施相关过渡安排》等要求，以及目 前公司第五届董事会、监事会换届选举工作尚在筹备中，为确保公司董事会、监 事会相关工作的连续性和稳定性，公司董事会、监事会将适当延期换届，董事会 各专门委员会和高级管理人员的任期亦相应顺延。 在换届选举工作完成之前，公司第五届董事会、监事会全体成员及高级管理 人员仍将依照《深圳证券交易所创业板股票上市规则》《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》等相关法律法规和《公司 章程》等规定，继续履行董事、监事及高级管理人员的义务和职责。公司将积极 推进董事会及监事会的换届选举工作，并及时履行相应的信息披露义务。公司董 事会、监事会延期换届不会影响公司的正常运营。 乐歌人体工学科技股份有限公司董事会 2025 年 4 月 30 日 | 证券代码：300729 | 证 ...

证券代码:300729 证券简称:乐歌股份 公告编号：2025-027 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 根据公司2023年6月26日第五届董事会第十八次会议、2023年7月14日 2023年第一次临时 股东大会、2024年5月16日第五届董事会第二十九次会议、 2024年6月3日2024年第二次临时股 东大会，并经中国证券监督管理委员会证监许可〔2023〕2919号文同意注册，公司申请向特定 对象发行人民币普通股（A 股）26,666,666.00股，每股发行价格人民币15元，募集资金总额 为人民币 399,999,990.00元，扣除总发行费用人民币7,132,329.53元（不含增值税），募集 资金净额为人民币392,867,660.47元。截至2024年10月17日，以上募集资金已由国泰君安证券 股份有限公司在扣除承销保荐费用人民币5,935,999.86 元（含增值税）后汇入本公司募集资 金监管账户，到位情况业经毕马威华振会计师事务所（特殊普通合伙）验证并出具毕马威华振 验字第2400562号验资报告。 本次向特定对象发行的股份已于2024年11月1日在深圳证 ...

向特定对象发行股票 限售股份上市流通的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐机构"）作为乐 歌人体工学科技股份有限公司（以下简称"乐歌股份"、"公司"）向特定对象发 行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所 创业板股票上市规则》《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》《深圳证券交易所上市公司自律监管指引第 13 号——保荐 业务》等有关规定，对乐歌股份 2024 年度向特定对象发行股票限售股份上市流 通事项进行了审慎核查，具体核查情况和核查意见如下： 一、本次解除限售股份的发行情况和股本变动情况 （一） 本次解除限售的股份概况 国泰海通证券股份有限公司 关于乐歌人体工学科技股份有限公司 根据公司 2023 年 6 月 26 日第五届董事会第十八次会议、2023 年 7 月 14 日 2023 年第一次临时股东大会、2024 年 5 月 16 日第五届董事会第二十九次会议、 2024 年 6 月 3 日 2024 年第二次临时股东大会，并经中国证券监督管理委员会证 监许可〔2023〕2919 号文同意注册，公司申请向特定 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [1][2] Core Views - The company achieved a revenue of 5.67 billion yuan in 2024, representing a year-on-year increase of 45.3%, while the net profit attributable to shareholders decreased by 47.0% to 340 million yuan [2] - The first quarter of 2025 saw a revenue of 1.54 billion yuan, up 37.7%, but the net profit attributable to shareholders fell by 35.2% to 50 million yuan [2] - The company is expected to continue its growth driven by cross-border e-commerce and overseas warehouse operations, with projected net profits for 2025-2027 at 363 million, 439 million, and 525 million yuan respectively [2] Financial Performance - In 2024, the company's gross margin was 29.1%, down 7.4 percentage points, and the net profit margin was 5.9%, down 10.3 percentage points [3] - For Q1 2025, the gross margin was 25.9%, a decrease of 5.4 percentage points, with a net profit margin of 3.4%, down 3.8 percentage points [3] - The decline in profitability is attributed to several factors, including reduced non-recurring income from overseas warehouse sales and increased R&D expenditures [3] Business Segments - The overseas warehouse business generated 2.42 billion yuan in revenue in 2024, a significant increase of 154.8%, with a gross margin of 10.4% [4] - The cross-border e-commerce segment achieved revenue of 2.03 billion yuan, a 14.3% increase, with independent site revenue growing by 22.0% to 820 million yuan [4] - The company has established a diversified sales model covering various channels, with production capacity for linear drive lifting systems reaching 2.5 million sets annually [4] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025-2027 are 7.226 billion, 8.976 billion, and 10.773 billion yuan, respectively, with corresponding net profits of 363 million, 439 million, and 525 million yuan [5] - The projected EPS for 2025-2027 is 1.06, 1.29, and 1.54 yuan, with current P/E ratios of 12.6, 10.4, and 8.7 times [5] - The company’s total market capitalization is approximately 4.584 billion yuan, with a current stock price of 13.43 yuan [6]

Core Viewpoint - The report highlights that Lege Co., Ltd. (乐歌股份) has experienced significant growth in its overseas warehouse business, although its profitability is temporarily under pressure. The company maintains a "buy" rating despite the challenges faced in the cross-border e-commerce sector [2]. Financial Performance - In 2024, the company achieved a revenue of 5.67 billion yuan, representing a year-on-year increase of 45.3%. However, the net profit attributable to shareholders was 340 million yuan, down 47.0% [2]. - For Q1 2025, the company reported a revenue of 1.54 billion yuan, an increase of 37.7%, with a net profit of 50 million yuan, down 35.2% [2]. - The profit forecasts for 2025-2027 have been adjusted downwards due to increased competition and trade friction, with expected net profits of 363 million yuan, 439 million yuan, and 525 million yuan respectively [2]. Profitability Analysis - The company's gross margin for 2024 was 29.1%, a decrease of 7.4 percentage points, while the net profit margin fell to 5.9%, down 10.3 percentage points [3]. - In Q1 2025, the gross margin was 25.9%, a decline of 5.4 percentage points, with a net profit margin of 3.4%, down 3.8 percentage points [3]. - The decline in profitability is attributed to several factors, including reduced non-recurring gains from overseas warehouse sales, increased R&D investments, and high shipping costs impacting cross-border e-commerce profits [3]. Business Segment Performance - The overseas warehouse business generated revenue of 2.42 billion yuan in 2024, a remarkable increase of 154.8%, with a gross margin of 10.4% [4]. - The cross-border e-commerce segment achieved revenue of 2.03 billion yuan, up 14.3%, with independent site revenue growing by 22.0% to 820 million yuan [4]. - The company has established a diversified sales model covering various channels, and its production capacity for linear drive lift systems has reached 2.5 million sets annually, leading the global market [4]. Market Outlook - The company is optimistic about future growth driven by increasing e-commerce penetration in the U.S. and strengthening brand power of Chinese cross-border e-commerce [4]. - The dual growth engines of cross-border e-commerce and overseas warehouses are expected to continue driving overall revenue growth [4].

对应PE 分别为14/11/8 倍，维持"增持"评级。 事件：公司发布2025 年一季度报告。1Q2025 公司营收15.44 亿元，同比+37.69%；归母净利0.52 亿元， 同比-35.17%；扣非归母净利0.26 亿元，同比-37.52%。 投资建议：公司持续布局海外仓建设&提升库容利用率，预计随着公司海外仓网络规模化扩张，单位成 本下降有望推动利润率改善。我们预计公司2025-2027 年实现营业收入71.76/82.39/91.91 亿元，归母净 利润3.50/4.48/5.84 亿元。 海外仓营收稳健增长。1Q2025 公司收入同比+37.69%主要系公司海外仓业务的稳健发展带动营收增 加。跨境电商销售收入呈现"前低后高"的模式，预计下半年随着销售节奏的加快，海外仓收入有望创新 高。 Q1 毛利率下降，费用管控成效显著。1Q2025 公司毛利率25.93%，同比-5.36pct，我们预计主要系新租 赁准则导致的租金前置影响，叠加美国关税政策导致公司智能家居品类订单交付延迟所致；净利率 3.35%，同比-3.77pct；公司控费效果较显著，1Q2025 费用率23.09%，同比-3.35pct。 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,544,316,196.98, representing a 37.69% increase compared to ¥1,121,581,641.35 in the same period last year[5] - Net profit attributable to shareholders decreased by 35.17% to ¥51,766,253.73 from ¥79,851,037.11 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥25,798,246.30, down 37.52% from ¥41,290,861.35 in the previous year[5] - Basic and diluted earnings per share fell by 42.31% to ¥0.15 from ¥0.26 year-on-year[5] - Total operating revenue for the current period reached ¥1,544,316,196.98, a significant increase from ¥1,121,581,641.35 in the previous period, representing a growth of approximately 37.8%[22] - Net profit for the current period was ¥51,766,664.22, down from ¥79,849,924.79 in the previous period, indicating a decline of approximately 35.2%[23] - The total comprehensive income for the period was CNY 41,744,594.57, a decrease from CNY 70,213,926.19 in the previous period, reflecting a decline of approximately 40.6%[24] Cash Flow - The net cash flow from operating activities was ¥85,706,845.32, a decline of 28.98% compared to ¥120,679,899.40 in the same period last year[5] - Cash inflow from operating activities was CNY 1,820,110,075.73, an increase of 52.7% compared to CNY 1,191,767,488.54 in the previous period[26] - Net cash flow from operating activities was CNY 85,706,845.32, down 28.9% from CNY 120,679,899.40 in the previous period[26] - Cash inflow from investment activities totaled CNY 1,706,607,613.37, significantly higher than CNY 143,891,810.87 in the previous period[27] - Net cash flow from investment activities was negative at CNY -365,559,306.07, worsening from CNY -180,579,863.13 in the previous period[27] - Cash inflow from financing activities was CNY 1,307,529,747.93, compared to CNY 1,213,557,174.30 in the previous period, indicating an increase of about 7.7%[27] - Net cash flow from financing activities decreased to CNY 129,628,075.46 from CNY 202,457,769.62 in the previous period, a decline of approximately 36%[27] - The ending cash and cash equivalents balance was CNY 2,131,172,724.05, down from CNY 1,485,395,027.59 in the previous period[27] Assets and Liabilities - The company's total assets increased by 0.65% to ¥10,216,968,010.58 from ¥10,151,453,810.91 at the end of the previous year[5] - Current liabilities totaled ¥2,443,573,414.98, a decrease from ¥2,542,465,511.78, representing a decline of approximately 3.9%[20] - Non-current liabilities increased to ¥4,077,107,720.41 from ¥3,955,583,312.23, reflecting an increase of about 3.1%[20] - The company's cash and cash equivalents decreased to ¥4,010,497,286.53 from ¥4,143,121,550.29, a decline of approximately 3.2%[20] - The company’s financial assets decreased slightly, with trading financial assets at RMB 65,409,582.18 compared to RMB 66,449,502.41 previously[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 21,578[11] - The top shareholder, Ningbo Lijing Electronics Group Co., Ltd., holds 19.39% of the shares, amounting to 66,189,378 shares[11] - The top ten shareholders control a combined 46.54% of the company's shares, with significant influence from related parties[12] - The company has a total of 12,954,806 restricted shares, with 942,721 shares released during the current period[15] - The company’s major shareholder, Lijing Electronics, intends to enhance its stake in the company, reflecting confidence in the company's long-term value[16] Research and Development - The company reported a significant increase in R&D expenses, which rose by 76.55% to ¥58,749,276.60 from ¥33,276,369.70 year-on-year, reflecting a focus on business growth[9] - Research and development expenses rose to ¥58,749,276.60 from ¥33,276,369.70, marking an increase of about 76.5%[22] Inventory and Receivables - Accounts receivable decreased to RMB 452,985,802.81 from RMB 499,734,648.54, indicating a reduction of about 9.4%[18] - Inventory increased to RMB 624,477,053.22 from RMB 567,025,034.31, reflecting a growth of approximately 10.1%[18] - The company’s prepayments increased to RMB 96,680,074.42 from RMB 91,334,053.86, showing a rise of about 5.0%[18] - The company’s other receivables decreased to RMB 159,084,916.84 from RMB 172,536,391.34, indicating a decline of approximately 7.5%[18] Other Financial Metrics - The company reported a decrease in cash and cash equivalents, with a balance of RMB 2,387,728,839.09 as of March 31, 2025, down from RMB 2,540,489,654.96 at the beginning of the period, representing a decline of approximately 6.0%[18] - The company reported a decrease in other comprehensive income, with a net amount of -¥10,022,069.65 compared to -¥9,635,998.60 in the previous period[23] - Long-term borrowings increased to ¥1,091,961,937.11 from ¥901,550,000.00, indicating a growth of approximately 21.1%[20] Audit Information - The company did not undergo an audit for the first quarter report[28]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company reported a revenue of 5.67 billion (+45.33%) and a net profit of 336 million (-46.99%) for 2024, with Q4 revenue at 1.695 billion (+39.38%) and net profit at 70 million (-39.71%) [1][4]. - The cross-border e-commerce business showed strong growth, with revenue reaching 2.42 billion (+154.8%) in 2024, and the company expanded its overseas warehouse presence to 21 locations [2][4]. - The overall gross margin decreased to 29.1% (-7.4 percentage points) and net margin to 5.9% (-10.3 percentage points) due to increased operational costs and investments in new business models [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 56.70 billion, with a significant increase of 45.33% compared to the previous year. However, the net profit saw a decline of 46.99% to 3.36 billion [1][5]. - The gross margin for 2024 was reported at 29.1%, down from the previous year, while the net profit margin was 5.9% [3][5]. Business Segments - The overseas warehouse business generated 24.2 billion in revenue, marking a growth of 154.8%. The company has established 21 overseas warehouses with a total area of 662,000 square meters [2][4]. - The independent e-commerce platform performed well, contributing 8.2 billion (+22.0%) to the total cross-border e-commerce revenue of 20.3 billion (+14.3%) [2][4]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 360 million, 448 million, and 535 million respectively, reflecting a growth of 7%, 24%, and 19% year-on-year [4][5]. - The current stock price corresponds to a price-to-earnings ratio of 14, 11, and 9 for the years 2025, 2026, and 2027 respectively [4][5].

Core Viewpoint - Lege Co., Ltd. reported a significant decline in net profit despite a substantial increase in revenue, indicating challenges in profitability amidst rising costs and operational changes [2][3][4]. Revenue and Profitability - In 2024, Lege Co., Ltd. achieved a revenue of 5.67 billion yuan, a year-on-year increase of 45.33%, while the net profit attributable to shareholders fell by 46.99% to 336 million yuan [2]. - The company's ergonomic chair products generated 2.86 billion yuan in revenue, accounting for 50.42% of total revenue, while logistics services contributed 2.423 billion yuan, representing a 154.76% increase [2]. Overseas Operations - Over 90% of Lege's revenue comes from overseas markets, with international revenue reaching 5.179 billion yuan, up 43.95% year-on-year [3]. - The company operates 21 overseas warehouses, with 16-17 located in the United States, which are crucial for its logistics strategy [11][12]. Cost and Margin Analysis - Operating costs increased to 4.018 billion yuan, a rise of 62.24% year-on-year, impacting overall profitability [4]. - The gross margin for ergonomic products decreased to 42.27%, down 0.38 percentage points, while logistics services saw a more significant drop to 10.37%, down 2.32 percentage points [5]. Research and Development Investment - Lege Co., Ltd. increased its R&D expenditure to 194 million yuan, a 33.83% rise, with the number of R&D personnel growing by 42.86% to 1,080 [6]. - The company is focusing on enhancing its R&D capabilities, which has contributed to the decline in net profit [6]. Warehouse Strategy - The company is transitioning from smaller warehouses to larger ones, a process referred to as "small warehouse to large warehouse," which has affected non-recurring income from warehouse sales [7][8]. - Lege has invested in industrial logistics land to support future self-built warehouses, aiming to reduce costs and improve profitability [8]. Project Delays - The Ellabell overseas warehouse project in Georgia has faced delays, with only 22.88 million yuan invested out of a total planned investment of 399 million yuan, leading to an extension of the project timeline [10]. - The delays are attributed to lengthy planning and approval processes, as well as prioritization of funds for business expansion [10]. Impact of Tariff Policies - The recent "reciprocal tariffs" have raised concerns about their impact on Lege's operations, particularly for smaller cross-border e-commerce businesses [11][14]. - However, the company believes that larger clients will continue to ship products to maintain their market positions, mitigating potential negative effects [14].