Investment Rating - The report maintains a "Buy" rating for the company [2][4][9]. Core Views - The company reported strong revenue growth of 44.6% year-on-year in H1 2024, reaching 2.427 billion RMB, while net profit attributable to shareholders decreased by 63.86% to 160 million RMB [2]. - The cross-border e-commerce segment showed promising performance, with revenue of 915 million RMB in H1 2024, a 20.36% increase, and the independent site ranking first among competitors in the U.S. [2][3]. - The overseas warehouse business experienced significant growth, with revenue increasing by 129.9% to 850 million RMB in H1 2024, supported by an expansion in warehouse capacity and improved operational efficiency [3]. Summary by Sections Revenue Performance - H1 2024 revenue reached 2.427 billion RMB, up 44.6% year-on-year, with Q2 revenue at 1.306 billion RMB, reflecting a 48.08% increase [2]. - The company's net profit attributable to shareholders was 160 million RMB, down 63.86% year-on-year, while the non-recurring net profit was 107 million RMB, up 29.95% [2]. Cross-Border E-Commerce - Revenue from cross-border e-commerce was 915 million RMB in H1 2024, a 20.36% increase, with Amazon and independent site revenues at 490 million RMB and 370 million RMB, respectively [2]. - The independent site accounted for 40% of cross-border e-commerce revenue, with new product categories contributing 8% to total revenue [2]. Overseas Warehouse Development - Revenue from overseas warehouses reached 850 million RMB, a 129.9% increase, with 17 self-operated warehouses covering 482,100 square meters, a 66.5% increase from the beginning of the year [3]. - The company processed over 4 million packages, a year-on-year increase of over 120%, and achieved a gross margin of 15% in the overseas warehouse segment [3]. Profitability and Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 460 million RMB, 510 million RMB, and 560 million RMB, respectively, with corresponding P/E ratios of 10, 9, and 8 [4][6].

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年半年度跟踪报告 | 保荐机构名称：国泰君安证券股份有限公司 | 被保荐公司简称：乐歌股份 | | --- | --- | | 保荐代表人姓名：何欢 | 联系电话： (021)38674630 | | 保荐代表人姓名： 张征宇 | 联系电话： (021)38676499 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2.督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集 | 是 | | 资 金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询 | | （2）公司募集资金项目进展是否与信息披露文 ...

乐歌人体工学科技股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 制人及其附属企业 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 浙江乐歌智能驱 | 子公司 | 其他应收款 | - | | | | - | 往来款、 | 非经营性往 | | | 动科技有限公司 | | | | | | | | 代垫款 | 来 | | | 广西乐歌智能家 | 子公司 | 其他应收款 | - | | | | - | 往来款 | 非经营性往 | | | 居有限公司 | | | | | | | | | 来 | | | 乐歌人体工学 （越南）有限公 | 子公司 | 其他应收款 | - | 249.30 | | - | 249.30 | 往来款 | 非经营性往 | | | | | | | | | | | | 来 | | | 司 | | | | | | | | | | | | 乐歌（宁波）国 | | | | | | | | | 非经营性往 | | | 际贸易有限责任 | ...

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2024-068 | | --- | --- | --- | | 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 2024 年半年度募集资金存放与使用情况的专项报告 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。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《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》及《深圳证券交易所上市公司自律监管指南第 2 号——公告格式》等相关规 定，乐歌人体工学科技股份有限公司（以下简称"公司"或"本公司"）就 2024 年半年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 (一)向特定对象发行股票募集资金情况 1、实际募集资金金额、资金到账时间 根据本公司 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、202 ...

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2024-070 | | --- | --- | --- | | 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 2021 年限制性股票激励计划第二个归属期条件成就的公告 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。 重要内容提示： 1、符合本次归属条件对象共计 150 人； 2、本次第二类限制性股票拟归属数量：162.7797 万股，占公司总股本的 0.52%； 3、归属股票来源：公司向激励对象定向发行的公司 A 股普通股股票。 4、归属价格：7.84 元/股 乐歌人体工学科技股份有限公司（以下简称"公司"）于 2024 年 7 月 31 日召开了第 五届董事会第三十二次会议和第五届监事会第二十五次会议，审议通过了《关于 2021 年限制性股票激励计划第二个归属期条件成就的议案》。公司 2021 年限制性股票激励 计划第二个归属期条件已成就，董事会同意公司为符合条件的 150 名激励对象办理归属 相关事宜。现将有关事项说明如下： 一、2021 年限 ...

Financial Performance - The company reported a revenue of 500 million RMB for the first half of 2024, representing a 15% increase compared to the same period in 2023[28]. - The company has set a revenue guidance of 1.1 billion RMB for the full year 2024, indicating a growth target of 10%[28]. - The company's operating revenue for the first half of 2024 reached ¥2,427,123,844.05, representing a 44.64% increase compared to ¥1,678,047,487.80 in the same period last year[35]. - Net profit attributable to shareholders was ¥160,197,365.47, a decrease of 63.86% from ¥443,224,212.86 year-on-year[35]. - The basic earnings per share decreased to ¥0.5124, down 63.86% from ¥1.4178 in the previous year[35]. - The company's smart home and overseas warehouse businesses drove revenue to 2.427 billion CNY, a year-on-year increase of 44.64%; net profit attributable to shareholders decreased by 63.86% to 160 million CNY due to significant non-operating income from the sale of overseas warehouses[87]. User Growth and Market Expansion - User data showed an increase in active users by 20% year-over-year, reaching 1.2 million users[28]. - The company is expanding its market presence in Southeast Asia, with plans to open two new distribution centers by the end of 2024[28]. - The company is exploring potential acquisitions in the ergonomic technology space to strengthen its market position[28]. Product Development and Innovation - New product launches included three ergonomic office products, which contributed to 30% of total sales in the first half of 2024[28]. - Research and development expenses increased by 25% to 50 million RMB, focusing on smart home technology innovations[28]. - The company announced a strategic partnership with a leading tech firm to enhance its product offerings in the smart home sector[28]. - The company is focusing on developing smart home and health office products, leveraging linear drive technology and IoT to meet increasing consumer demand for health-conscious solutions[47]. - The company launched new product categories, including electric sofas and ergonomic chairs, with new category sales accounting for approximately 8% of total revenue[88]. Logistics and E-commerce - The company is expanding its cross-border e-commerce public overseas warehouse service project to enhance its logistics capabilities[46]. - The company operates 17 self-owned overseas warehouses as of the report date, covering an area of 482,100 square meters[58]. - The company's overseas warehouse services have supported 778 foreign trade enterprises, enhancing its industry position[58]. - The company has established a comprehensive cross-border logistics service system, providing services such as first-leg sea transportation, warehousing, and supply chain finance, which has contributed to steady operational performance[86]. - The company has achieved a compound annual growth rate (CAGR) of 23.9% in B2C export e-commerce GMV from 2018 to 2023, projected to reach 7.2368 trillion CNY by 2028[55]. Financial Management and Investments - The company has effectively controlled procurement costs and reduced investment costs through market research and negotiations, saving a portion of the raised funds[142]. - The total amount of raised funds is CNY 983.86 million, with CNY 35.58% of the total funds having been repurposed[135]. - The company has a remaining balance of CNY 137.41 million in unutilized raised funds, with CNY 135 million allocated for cash management[138]. Environmental and Social Responsibility - The company has established a charity fund of 40 million yuan for various charitable projects, including education and medical assistance, and has distributed over 1.8 million yuan in scholarships and grants in the first half of 2024[171]. - The company has implemented environmental protection measures and obtained a pollution discharge permit valid until December 31, 2028[166]. - The company has reduced carbon dioxide emissions by 453.73 tons through the use of the photovoltaic power station[169]. Risks and Challenges - The management highlighted potential risks including supply chain disruptions and increased competition in the ergonomic products market[6]. - The company is facing risks including market demand changes, raw material price fluctuations, and increased competition, which may lead to performance volatility[153].

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2024-064 | | --- | --- | --- | | 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 第五届董事会第三十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 乐歌人体工学科技股份有限公司（以下简称"公司"）第五届董事会第三十二 次会议于 2024 年 7 月 31 日（星期三）在宁波市鄞州区首南街道学士路 536 号金 东大厦 19 楼会议室以现场结合通讯的方式召开。会议通知已于 2024 年 7 月 19 日通过邮件的方式送达各位董事。本次会议应出席董事9人，实际出席董事9人。 会议由董事长、总经理项乐宏主持，公司监事及部分高管列席。会议召开符 合有关法律、法规、规章和《公司章程》的规定。 二、董事会会议审议情况 经各位董事认真审议，会议形成了以下决议： （一）审议通过《关于<2024 年半年度报告>及其摘要的议案》 经审议，董事会一致认为：公司《2024 年半年度报告》及摘要的编制和审议 程 ...

| 证券代码：300729 | 证券简称：乐歌股份 公告编号：2024-065 | | --- | --- | | 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 第五届监事会第二十五次会议决议公告 本公司及监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。 一、监事会会议召开情况 乐歌人体工学科技股份有限公司（以下简称"公司"）第五届监事会第二十五 次会议于 2024 年 7 月 31 日（星期三）在宁波市鄞州区首南街道学士路 536 号金 东大厦 19 楼会议室以现场的方式召开。会议通知已于 2024 年 7 月 19 日通过邮 件的方式送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。 会议由监事会主席徐波先生主持。会议召开符合有关法律、法规、规章和 《公司章程》的规定。 二、监事会会议审议情况 经与会监事认真审议，形成以下决议： （一）审议通过《关于<2024 年半年度报告>及其摘要的议案》 经审议，监事会一致认为：公司《2024 年半年度报告》及摘要的编制和审议 程序符合法律、行政法规、中国证监会和深圳证券交易所的 ...

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 2021 年限制性股票激励计划第二个归属期 条件成就及作废部分已授予尚未归属的 第二类限制性股票 之 法律意见书 上海市北京西路 968 号嘉地中心 23-25 层 邮编：200041 23-25th Floor, Garden Square, No. 968 West Beijing Road, Shanghai 200041, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5243 3320 网址/Website: http://www.grandall.com.cn 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 2021 年限制性股票激励计划第二个归属期条件成就及作废 部分已授予尚未归属的第二类限制性股票之 法律意见书 致：乐歌人体工学科技股份有限公司 第一节 法律意见书引言 一、出具法律意见书的依据 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"乐歌股份"或"公司"）委托 ...

乐歌人体工学科技股份有限公司 监事会关于2021年限制性股票激励计划 本次激励计划首次授予名单中中，4名激励对象已离职，1名激励对象激励资 格取消。除上述5名激励对象不符合归属条件外，本次激励计划首次授予部分第 二个归属期拟归属的150名激励对象符合《公司法》《证券法》等法律、法规和 规范性文件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》 等法规和规范性文件规定的激励对象条件，符合本次激励计划规定的激励对象范 围，其作为2021年限制性股票激励计划首次授予部分激励对象的主体资格合法、 有效。 监事会同意公司为本次符合条件的150名激励对象办理162.7797万股限制性 股票的归属事宜，上述事项符合相关法律、法规及规范性文件所规定的条件，不 存在损害公司及股东利益的情形。 特此公告 乐歌人体工学科技股份有限公司监事会 2024年7月31日 首次授予部分第二个归属期归属名单的核查意见 乐歌人体工学科技股份有限公司（以下简称"公司"）监事会根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理 办 ...