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]

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。 ...

基金密集调研跨境电商 今年以来，国内政策持续支持跨境电商行业的繁荣发展，鼓励出海公司在外贸业务扩展多元化路径，着 力在跨境电子商务B2B（企业对企业）方式相关环节的技术标准、业务流程、监管模式和信息化建设等 方面探索创新，这无疑成为公募基金布局跨境电商赛道的重大政策支持。 基金经理在跨境电商赛道看中了"卖铲子"的海外仓业务。 海外仓是指跨境电商企业建立在海外的仓储设施，在跨境贸易电子商务中，一个国家可将该国企业商品 通过大宗运输的形式运往目标市场国家，并在当地建立仓库、储存商品，然后再根据当地的销售订单， 直接从当地仓库进行商品的分拣、发货等操作，既具有减少单件包裹在运输、清关等方面的风险，同时 还具有低成本的物流和税收优势。 随着美国加征所谓"对等关税"以及小额包裹豁免取消等因素对商品出海的影响，具有成本优势的海外仓 因低风险、低成本的本地发货优势，成为基金经理布局跨境电商的核心对象。 长城基金、国联基金、汇添富基金重仓的焦点科技（002315）也在美国布局了海外仓业务。公司此前表 示，在美国洛杉矶搭建了一个近两万平方米的海外仓，并计划以此为支点在北美形成海外仓网络，满足 跨境卖家的多点配货需求。焦点科技海 ...