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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [6][14]. Core Insights - The company reported a revenue of 5.67 billion RMB for 2024, reflecting a year-on-year growth of 45.33%, while the net profit attributable to shareholders decreased by 47% to 336 million RMB [2]. - The cross-border e-commerce segment showed strong performance, with revenue reaching 2.03 billion RMB, a growth of 14.28%. The independent site revenue grew by 22.04% to 819 million RMB, indicating a shift towards higher consumer spending on customized products [3]. - The overseas warehouse business experienced significant growth, with revenue increasing by 154.76% to 2.42 billion RMB. The company expanded its operations to the UK, Canada, and Germany, increasing its warehouse area by 128.63% [4]. - The company is positioned as a leading player in the cross-border e-commerce sector, benefiting from the rising penetration of its product categories and the expansion of its overseas warehouse capabilities [5]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 5.67 billion RMB, a 45.33% increase year-on-year, while the net profit attributable to shareholders was 336 million RMB, down 47% [2]. Operational Analysis - The cross-border e-commerce segment generated 2.03 billion RMB in revenue, with independent site sales growing significantly. The average spending per buyer on independent sites was nearly double that on platforms like Amazon [3]. - The overseas warehouse segment reported a revenue of 2.42 billion RMB, with a substantial increase in operational capacity and service to over 1,175 foreign trade enterprises [4]. Profit Forecast and Valuation - The company is expected to continue its growth trajectory, with projected net profits of 385 million RMB, 435 million RMB, and 522 million RMB for 2025, 2026, and 2027, respectively. The current price-to-earnings ratios are estimated at 13, 11, and 9 times for the same years [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [6]. Core Insights - The company reported a revenue of 5.67 billion RMB for 2024, reflecting a year-on-year growth of 45.33%, while the net profit attributable to shareholders decreased by 46.99% to 336 million RMB [2][11]. - The cross-border e-commerce segment showed strong performance, with revenue from independent sites reaching 2.03 billion RMB, a growth of 14.28%, and the company's own brand sales accounting for 73.84% of main business revenue [3]. - The overseas warehouse business experienced rapid growth, with revenue increasing by 154.76% to 2.42 billion RMB, and the company now operates 21 self-owned overseas warehouses with a total area of 662,100 square meters [4]. - The company is positioned as a leading player in the cross-border e-commerce sector, benefiting from category penetration and the expansion of its overseas warehouse operations [5]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 5.67 billion RMB, up 45.33% year-on-year, with a net profit of 336 million RMB, down 46.99% [2][11]. Operational Analysis - The cross-border e-commerce segment generated 2.03 billion RMB in revenue, with independent site sales growing by 22.04% to 819 million RMB [3]. - The overseas warehouse segment reported a revenue of 2.42 billion RMB, marking a 154.76% increase, and the company processed over 11 million packages in 2024 [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 385 million RMB in 2025, 435 million RMB in 2026, and 522 million RMB in 2027, with corresponding P/E ratios of 13, 11, and 9 [6].

跨境电商品类持续扩张，表现亮眼。公司智能家居、健康办公产品品类不断丰富，在保持升降桌主打产 品优势的同时，利用线性驱动核心技术以及品牌、渠道协同优势，实现销售收入稳中有升。公司跨境电 商模式下，新品开拓卓有成效，且性价比不断提升，高中低不同价格带满足更多用户需求，2024 年跨 境电商销售收入20.26 亿元，同比增长14.28%，电动沙发、人体工学椅等新品类逐渐起量。 本报告导读： 公司业绩符合预期，自营海外仓的规模效应有望逐步显现。 投资要点： 调整盈利预期 ，维持"增持"评级。公司业绩低于我们的预期，考虑外贸环境的不确定性，我们下调公 司2025-2026 年盈利预期，并新增2027 年盈利预期，预计公司2025-2027 年EPS 为1.15/1.29/1.61元 （2025-2026 年原1.68/1.95 元），参考行业估值水平，考虑公司前瞻布局自建海外仓的成本优势赋予的 估值溢价，给予公司2025 年16xPE，下调目标价至18.44 元，维持"增持"评级。 海外仓业务保持高增长。2024 年公司海外仓实现营收24.23 亿元，同比增长154.76%，毛利率10.37%， 同比降低2.32pct ...

Core Viewpoint - Lege Co., Ltd. reported a significant increase in total revenue for 2024, reaching 5.67 billion yuan, a year-on-year growth of 45.33%, but experienced a decline in net profit by 46.99% due to reduced non-recurring gains from overseas warehouse sales and increased R&D and operational costs [1][2][3] Financial Performance - Total revenue for 2024 was 5.67 billion yuan, with a year-on-year increase of 45.33% [1] - Net profit attributable to shareholders was 336 million yuan, down 46.99% year-on-year [1] - Non-recurring net profit was 200 million yuan, a decrease of 20.45% compared to the previous year [1] - Revenue from overseas warehouse business reached 2.42 billion yuan, a remarkable growth of 154.76%, accounting for 42.73% of total revenue [1][3] Business Segments - The ergonomic product line generated 2.86 billion yuan, making up 50.42% of total revenue, with a growth of 9.49% year-on-year [3] - The overseas warehouse business has become a new growth engine, with its revenue share increasing from 15.28% in 2022 to 42.73% in 2024 [3][4] Operational Insights - The company expanded its self-operated overseas warehouses from 12 to 21, increasing total operational area from 289,600 square meters to 662,100 square meters, a growth of 128.63% year-on-year [3] - The overall utilization rate of overseas warehouses is currently between 60% to 70%, with new warehouses at 40% to 50% utilization [5] Market Trends - The growth in overseas warehouse demand is driven by the increasing penetration of e-commerce in the U.S. and the trend of Chinese cross-border brands expanding internationally [4] - The government has emphasized the importance of promoting cross-border e-commerce and optimizing overseas warehouse layouts in its work reports [4] Challenges and Strategic Outlook - The overseas warehouse business faces short-term cost pressures, with a gross margin of only 10.37%, down 2.32 percentage points from the previous year, significantly lower than the 43% margin from the smart home business [2][6] - The company plans to cautiously control the pace of warehouse expansion and improve operational efficiency to enhance profitability [7] - Long-term, the company has secured approximately 5,000 acres of land near key U.S. ports for self-built warehouses, with the first expected to be operational by the end of 2025 [7]

Core Viewpoint - The company reported a revenue of 5.67 billion yuan for 2024, a year-on-year increase of 45.3%, while the net profit attributable to shareholders decreased by 47% to 340 million yuan, primarily due to a significant decline in non-recurring income from the sale of overseas warehouses, with overall performance in line with expectations [1] Group 1: Financial Performance - In 2024, the company's revenue growth by quarter was 40.8% in Q1, 48.1% in Q2, 53.7% in Q3, and 39.4% in Q4 [1] - The net profit attributable to shareholders showed a decline in the first three quarters, with a year-on-year increase of 100.1% in Q1, 6.5% in Q2, and declines of 53.7% in Q3 and 38.6% in Q4 [1] - The company's gross profit margin for 2024 was 29.1%, a decrease of 7.4 percentage points, with specific margins of 42.3% for ergonomic products and 10.4% for overseas warehouses [3] Group 2: Business Segments - The overseas warehouse segment achieved a revenue of 2.42 billion yuan, a year-on-year increase of 154.8%, driven by increased e-commerce penetration in the U.S. and accelerated overseas expansion of domestic cross-border brands [2] - The ergonomic segment generated a revenue of 2.86 billion yuan, a year-on-year increase of 10.1%, with cross-border e-commerce revenue growing by 14.3% to 2.03 billion yuan [2] Group 3: Operational Insights - The company has established manufacturing bases in Ningbo, Guangxi, and Vietnam, enhancing its ability to handle global orders amid uncertain trade environments [4] - By the end of 2024, the self-operated overseas warehouse area reached 662,100 square meters, which is expected to boost order growth and improve profit margins due to enhanced bargaining power in last-mile delivery [4] Group 4: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 down by 17% and 10% to 410 million yuan and 480 million yuan, respectively, with the current stock price corresponding to 12 and 10 times P/E for those years [5] - The company maintains an outperform rating and a target price of 18 yuan, indicating a potential upside of 23% based on a 15 and 13 times P/E for 2025 and 2026 [5]

Group 1: Guobo Electronics - Guobo Electronics has improved its gross margin through cost control and product structure adjustments, despite revenue fluctuations due to macroeconomic factors [1] - The company reported a normal increase in inventory as part of production reserves, with stable prices for mainstream products and good capacity utilization [1] - Guobo is actively participating in key projects and is expanding into satellite and low-altitude fields, with RF chips already applied in drone products to meet the demands of next-generation mobile communication technologies [1] Group 2: Lege Co., Ltd. - In 2024, Lege Co., Ltd. faced a challenging environment with a revenue growth of 45.33% but a net profit decline of 46.99%, primarily due to reduced non-recurring income and increased R&D investment [2] - The company has expanded its overseas warehouse operations to 662,100 square meters, serving 1,175 enterprises and shipping over 11 million items, with a capacity utilization rate of 60%-70% [2] - Lege plans to maintain steady progress in 2025, focusing on smart home and overseas warehouse dual main businesses while enhancing brand building and talent optimization [2] Group 3: Baike Biotech - Baike Biotech experienced significant declines in performance in 2024 and the first quarter of 2025, with decreases of 32.64% and 39.96% respectively, mainly due to the impact on shingles vaccine sales [3] - The company aims to enhance market awareness of the shingles vaccine and solidify its position in the chickenpox vaccine market while expanding into international markets [3] - Baike anticipates an increase in R&D investment and sales expense ratios in 2025, followed by a gradual decrease [3] Group 4: Mona Lisa - Mona Lisa is facing multiple challenges in 2024 due to changes in trade environments and real estate adjustments, leading to a 16.34% decline in sales volume and revenue [4] - The company has seen a 20.72% decrease in operating costs, primarily due to lower direct material and fuel costs, and has implemented cost reduction and efficiency measures [4] - Looking ahead to 2025, the industry faces challenges from weakened demand, but urbanization and stock housing renovations present new opportunities [4]

Group 1: Overall Business Performance - In 2024, the company achieved a revenue of 5.67 billion CNY, a year-on-year increase of 45.33% [2] - Net profit attributable to shareholders was 336 million CNY, a decline of 46.99% compared to the previous year [2] - The decrease in net profit was primarily due to a significant drop in non-recurring gains from the sale of overseas warehouses [2][3] Group 2: Overseas Warehouse Operations - The number of self-operated overseas warehouses increased from 12 to 21, with total operational area expanding by 128.63% to 662,100 square meters by the end of 2024 [4] - The company served 1,175 outbound enterprises, with over 11 million packages shipped [4] - Current warehouse utilization is between 60%-70%, with new warehouses at 40%-50% utilization expected to rise [5] Group 3: New Product Development and Profitability - New products, including ergonomic chairs and electric sofas, accounted for over 10% of cross-border e-commerce revenue in 2024 [6] - The company aims to increase the sales proportion of new products to 15%-20% in the future [6] - New products have similar gross margins to traditional products, but higher marketing costs reduce net profit [6] Group 4: Impact of Trade Tariffs - Some customers are hesitant to ship due to concerns over tariffs, while larger sellers continue to ship to maintain platform rankings [7] - The company has raised prices and is utilizing factories in Vietnam to mitigate the impact of a 10% tariff [7] Group 5: Future Outlook - The company aims to maintain steady growth in 2025, focusing on smart home and overseas warehouse sectors [7] - Plans include enhancing product offerings in smart home and health office categories, and strengthening brand development [7]