国泰君安证券股份有限公司 关于乐歌人体工学科技股份有限公司 2024年度持续督导定期现场检查报告 保荐机构名称：国泰君安证券股份有限公司 被保荐机构简称：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：021-38676666 现场检查人员姓名：张征宇、李豪 现场检查对应期间：2024年度 现场检查时间：2025年1月13日 一、现场检查事项 现场检查意见 是 否 不适用 （一）公司治理 现场检查手段：结合查阅资料、访谈等核查手段，核查公司三会文件、公司治理制 度等文件，并核查三会召开通知、记录、签名册等文件，对三会召集程序、出席 会议人员的资格、召集人资格、表决程序等事项进行核查。 1．公司章程和公司治理制度是否完备、合规 √ 2．公司章程和三会规则是否得到有效执行 √ 3．三会会议记录是否完整，时间、地点、出席人员 及会议内容等要件是否齐备，会议资料是否保存完整 √ 4．三会会议决议是否由出席会议的相关人员签名确认 √ 5．公司董监高是否按照有关法律、行政法规、部门 规章、规范性文件和本所相关业务规则履行职责 √ 6．公司董监高如发生重大变化，是否履行 ...

一、本次培训的基本情况 国泰君安证券股份有限公司 关于乐歌人体工学科技股份有限公司 2024年度持续督导培训工作报告 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13号——保荐业务》《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》等相关规定，国泰君安证 券股份有限公司（以下简称"国泰君安"或"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"或"公司"）2021年创业板向特定对象发行股票、 2022年以简易程序向特定对象发行股票、2024年向特定对象发行股票的保荐机构，结 合乐歌股份的实际情况，按照拟定的培训计划，对乐歌股份的实际控制人、董事、监 事、高级管理人员及其他相关人员进行了现场培训，现将相关情况汇报如下： （一）培训人员 国泰君安指派乐歌股份项目持续督导保荐代表人李豪先生具体负责本次培训工作。 李豪先生为国泰君安的正式员工，具备证券执业资格，拥有丰富的投资银行从业经验。 （二）培训对象 本次培训的对象为乐歌股份实际控制人、董事、监事、高级管理人员及其他相关 人员。 （三）培训时间 本次培训的 ...

Key Points Industry/Company Involved - **Company**: LeGe Electric Appliance Co., Ltd. (LeGe) - **Industry**: Smart Home Products, E-commerce, Overseas Warehouse Core Views and Arguments - **Performance in 2024**: - Net profit decreased by 50% due to high non-recurring income in 2023 and challenges in cross-border e-commerce, such as intense competition, increased marketing expenses, and rising sea freight costs. - Adjusted net profit decreased by about 20% after excluding non-recurring income. - The sale of a major warehouse in 2023 generated approximately 120 million yuan in income, while the sale of smaller warehouses in 2024 is expected to be lower. - The expansion of overseas warehouses in 2024 exceeded expectations, but the utilization rate was only about 70%. In 2025, the focus will be on utilizing existing capacity and cautiously controlling expansion, which is expected to improve profit margins. - B2B distribution business is in its early stages and contributes little to current profits, but the company is optimistic about its long-term potential to expand sales channels and boost performance. - The impact of the US-China trade war on LeGe is yet to be fully assessed, but the company has transferred some production capacity to Vietnam to mitigate potential risks. - In 2025, LeGe expects cross-border e-commerce business profitability to recover, mainly due to lower sea freight costs and the launch of new products. Overseas warehouse business will rely on improving utilization rates and fine management to enhance profit margins. - The company is actively responding to industry competition by raising prices, improving management, and investing in automation and information technology to enhance profitability. The focus will be on profit rather than scale expansion, and customer selection strategies will be adjusted based on market conditions. - **Cross-border E-commerce Impact**: - Intense competition, increased marketing expenses, and rising sea freight costs have put pressure on profits. - The rapid expansion of overseas warehouses in 2024, with a new warehouse area of over 400,000 square meters, increased costs significantly. - New warehouses are unprofitable until utilization rates reach 50% or higher, impacting profit margins. - **B2B Distribution Business**: - The business model connects suppliers (factories) and end customers (including live-streaming e-commerce and distributors) through a platform. - Currently in its early stages, with limited output and profitability. - The company is optimistic about its long-term potential to expand sales channels and boost performance. - **US-China Trade War**: - The impact of the trade war on LeGe is yet to be fully assessed. - The company has transferred some production capacity to Vietnam to mitigate potential risks. - There is a trend of transferring production capacity of cross-border e-commerce customers to overseas regions. - **2025 Outlook**: - LeGe expects cross-border e-commerce business profitability to recover in 2025, mainly due to lower sea freight costs and the launch of new products. - Overseas warehouse business will rely on improving utilization rates and fine management to enhance profit margins. - The company will focus on profit rather than scale expansion and adjust customer selection strategies based on market conditions. - **Industry Trends**: - The US-China trade war will eventually lead to a new balance point in the industry, with some companies exiting the market and improving the profitability of remaining companies. - Industry competition will promote the elimination of the weak and the survival of the strong, improving overall efficiency and profitability. Other Important Points - **Overseas Warehouse Development**: - The expansion of overseas warehouses in 2024 exceeded expectations, but the utilization rate was only about 70%. - In 2025, the focus will be on utilizing existing capacity and cautiously controlling expansion. - The profit margin is expected to improve in 2025. - **B2B Distribution Business**: - The business is in its early stages and contributes little to current profits. - The company is optimistic about its long-term potential to expand sales channels and boost performance. - **US-China Trade War**: - The impact of the trade war on LeGe is yet to be fully assessed. - The company has transferred some production capacity to Vietnam to mitigate potential risks. - **Industry Trends**: - The US-China trade war will eventually lead to a new balance point in the industry, with some companies exiting the market and improving the profitability of remaining companies. - Industry competition will promote the elimination of the weak and the survival of the strong, improving overall efficiency and profitability.

Profit Decline - Net profit attributable to shareholders is expected to be between 300 million and 340 million yuan, a decrease of 52.66%-46.35% compared to the same period last year[3] - Non-recurring net profit is expected to be between 180 million and 210 million yuan, a decrease of 28.56%-16.65% compared to the same period last year[3] - The decline in net profit is mainly due to a significant decrease in non-recurring income from the sale of overseas warehouses[5] - Increased investment in new product R&D, marketing, and IT personnel has contributed to the decline in net profit[5] Overseas Operations - Overseas warehouse operating area has significantly increased, with new accounting lease standards and longer installation processes affecting capacity release[6] - High shipping costs have impacted the profitability of cross-border e-commerce business[6]

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-001 | | --- | --- | --- | | 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 年第四季度可转换公司债券转股情况公告 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、"乐歌转债"（债券代码：123072）转股期为 2021 年 4 月 27 日至 2026 年 10 月 20 日；最新有效的转股价格为 33.23 元/股。 3、截至 2024 年第四季度末，公司剩余可转债票面总金额为 141,839,800.00 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》的有关规定，乐歌人体工学科技股 份有限公司（以下简称"公司"）现将 2024 年第四季度可转换公司债券（以下 简称"乐歌转债"）转股及公司总股本变化情况公告如下： 一、可转换公司债券发行上市情况 1、发行上市基本情况 经中国证券监督管理委员会"证监许可[2020]195 ...

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2024-113 | | --- | --- | --- | | 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 关于签订募集资金四方监管协议的公告 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。 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 根据乐歌人体工学科技股份有限公司（以下简称"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会议、2021 年 8 月 9 日第四届董事会第三十一次会 议，并经中国证券监督管理委员会证监许可[2021]2380 号文同意注册，本公司向特定投 资者发行人民币普通股（A 股）38,716,814 股，每股发行价 18.08 元，募集资金总额为 人民币 699,999,997.12 元，扣除总发行费用人民币 9,758,223.37 元（不含增值税）， 募集资金 ...

Summary of Conference Call Company and Industry Overview - The discussion revolves around the company's performance in the cross-border e-commerce and overseas warehouse sectors, highlighting the gradual increase in service attributes and the strengthening of the company's supply chain capabilities [1][2]. Key Points and Arguments 1. **Overseas Warehouse Performance**: - Revenue growth in overseas warehouses continues to exceed expectations, with a significant increase in the number of warehouses opened [1]. - The utilization rate of overseas warehouses is expected to improve, with November showing record high revenues [4][10]. 2. **Operational Efficiency**: - The company anticipates a decrease in the efficiency rate for overseas warehouses from 6% last year to approximately 3-4% this year due to the ramp-up of new warehouses [2]. - Plans for next year include optimizing warehouse layouts to enhance capacity and efficiency [2]. 3. **Cross-Border E-Commerce**: - The overall growth in cross-border e-commerce is projected to be around 10-15%, despite intense competition and rising shipping costs impacting profitability [3][11]. - Shipping costs in Q3 were significantly higher than the previous year, affecting profits by tens of millions [3]. 4. **Domestic Sales Challenges**: - Domestic sales have seen a year-on-year decline of 20%, attributed to a challenging market environment [4][12]. - The company expects modest growth of 10-20% in domestic sales next year, primarily driven by e-commerce platforms [12]. 5. **Cost Management and Future Investments**: - The company is focusing on transitioning from smaller warehouses to larger ones, with plans to sell off smaller facilities for approximately $10-20 million [7]. - Future investments in self-built warehouses are expected to improve profit margins significantly, with construction costs estimated at under $100 per square foot [8]. 6. **Market Outlook**: - The company remains optimistic about the U.S. consumer market, expecting stable demand despite inflationary pressures [20]. - The impact of potential tariff increases on cross-border e-commerce is considered manageable, with shipping costs being a more significant concern [21]. 7. **Client Relationships and Supply Chain Dynamics**: - The company is not experiencing significant competition for orders, as many clients are still sourcing from China rather than shifting to other countries like Mexico or Vietnam due to cost considerations [15][17]. - The company continues to explore new client relationships while maintaining stable operations with existing clients [14][16]. Additional Important Insights - The company is actively negotiating new shipping contracts to manage costs better and is aware of the competitive landscape in the e-commerce sector [10][22]. - The overall sentiment regarding the future of cross-border e-commerce remains positive, with expectations of continued growth despite current challenges [19][20]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's current performance and future outlook in the cross-border e-commerce and logistics sectors.

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。 乐歌人体工学科技股份有限公司（以下简称"公司"）于 2022 年 5 月 31 日 召开了第五届董事会第二次会议和第五届监事会第二次会议，于 2022 年 6 月 21 日召开了 2022 年第一次临时股东大会，审议通过了《关于<乐歌人体工学科技股 份有限公司第二期员工持股计划（草案）>及其摘要的议案》《关于<乐歌人体工 学科技股份有限公司第二期员工持股计划管理办法>的议案》等相关议案，同意 公司实施第二期员工持股计划并授权董事会办理相关事宜。公司代"乐歌人体工 学科技股份有限公司第二期员工持股计划"与信托计划受托人陕西省国际信托股 份有限公司签署了《陕国投·乐歌股份第二期员工持股集合资金信托计划信托合 同》（以下简称"信托合同"），信托合同对信托计划的基本情况、期限和规模、 当事人的权利与义务等进行了详细的说明和约定，具体内容详见公司于中国证监 会指定的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn）上披露的相关 公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及深圳 证券 ...

| 证券代码：300729 | 证券简称：乐歌股份 公告编号：2024-112 | | --- | --- | | 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 关于完成工商变更登记并换发营业执照的公告 类型：股份有限公司（港澳台投资、上市） 法定代表人：项乐宏 经营范围：一般项目:技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；机械电气设备制造；家具零配件生产；家具制造；第一类医疗器 械生产；微特电机及组件制造；电子元器件与机电组件设备制造；家居用品制造； 体育用品及器材制造；电机及其控制系统研发；机械设备销售；技术进出口；进 出口代理；货物进出口；第一类医疗器械销售；第二类医疗器械销售；家具零配 件销售；微特电机及组件销售；电子元器件与机电组件设备销售；体育用品及器 材批发;体育用品及器材零售；办公用品销售；家居用品销售；软件销售；软件 开发；人工智能应用软件开发；人工智能理论与算法软件开发；人工智能基础软 件开发；信息咨询服务(不含许可类信息咨询服务)；网络与信息安全软件开发(除 依法须经批准的项目外，凭营业执照依法自主开展经营活动)。 注册资本：叁亿肆 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook based on its fundamentals and valuation expectations [2][148]. Core Insights - The company is a leading player in the smart home sector, focusing on linear drive technology for health-oriented office and smart home products. It operates both domestic and international brands, "Lege" and "Flexispot" respectively [2][16]. - The company has expanded its operations to include public overseas warehouse services, enhancing its logistics capabilities for large items in cross-border e-commerce, with 19 public overseas warehouses globally [2][16]. - In Q3 2024, the company achieved revenue of 39.75 billion yuan, a year-on-year increase of 48.03%, although net profit attributable to the parent company decreased by 8.64% due to rising costs [2][24]. - The linear drive market is projected to exceed 5 billion USD by 2024, driven by increasing demand for health office products and smart home applications [2][35][37]. - The company has a robust production capacity of over 2 million units annually, positioning it as a global leader in the linear drive sector [2][81]. Summary by Sections Company Overview - The company was established in 2002 and listed on the Shenzhen Stock Exchange in 2017. It specializes in health-oriented office and smart home products, with a focus on linear drive technology [2][16]. - The ownership structure is concentrated among the founding couple, ensuring stable control and a strong incentive alignment through stock options and employee stock ownership plans [2][18][22]. Financial Analysis - Revenue has grown significantly from 978 million yuan in 2019 to 3.902 billion yuan in 2023, with a CAGR of 59.85%. The growth is attributed to the rise in e-commerce penetration and health consumption trends [2][24]. - The company’s net profit increased from 63.4 million yuan in 2019 to 634 million yuan in 2023, with a CAGR of 112.18% [2][26]. - The company’s gross margin has fluctuated, with a recovery noted in 2023 due to improved operational efficiencies [2][33]. Linear Drive Sector - The linear drive industry is rapidly growing, with applications in health office products, smart homes, and medical devices. The market is expected to grow significantly, driven by increasing health awareness [2][35][39]. - The company has established a comprehensive value chain, from R&D to sales, enhancing its competitive edge in the linear drive market [2][62][75]. Overseas Warehouse Operations - The cross-border e-commerce logistics sector is expected to exceed 3.6 trillion yuan by 2025, with the company benefiting from its established overseas warehouse network [2][100]. - The company has over 10 years of experience in overseas warehouse operations, focusing on large item logistics, which enhances its market position [2][118]. - The company has strategically acquired land for warehouse development, ensuring a sustainable supply of logistics resources [2][131]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are 55.48 billion yuan, 65.79 billion yuan, and 76.79 billion yuan, with expected growth rates of 42%, 19%, and 17% respectively [2][148]. - The company’s PE ratios for 2024-2026 are projected to be 14, 12, and 10, which are below the average of comparable companies, indicating a valuation advantage [2][148].