Core Insights - The company reported a significant increase in revenue for 2024, with total revenue reaching 5.67 billion, a year-on-year growth of 45.3%, while net profit decreased by 47% to 336 million [1] - The decline in profit is attributed to several factors, including the transition from small to large warehouses, increased R&D and operational costs, and high shipping fees impacting cross-border e-commerce profitability [1] Group 1: Financial Performance - In Q4 2024, revenue was 1.695 billion, up 39.4% year-on-year, but net profit fell by 39.7% to 7 million [1] - The company's gross margin for 2024 was 29.1%, down 7.4 percentage points, and net profit margin was 5.9%, down 10.3 percentage points [4] - The company adjusted its profit forecast for 2025-2027, expecting net profits of 390 million, 460 million, and 530 million respectively [5] Group 2: Business Segments - The overseas warehouse business generated 2.423 billion in revenue for 2024, a remarkable growth of 154.76%, with a gross margin of 10.37% [2] - The cross-border e-commerce segment reported revenue of 2.026 billion, a year-on-year increase of 14.28%, with a strong focus on expanding product categories and enhancing brand presence [3] - The company has established itself as a leading player in the overseas warehouse sector, serving 1,175 outbound enterprises and handling over 11 million packages in 2024 [2] Group 3: Strategic Developments - The company is enhancing its competitive edge by building self-operated overseas warehouses, with the first one expected to be operational by the end of 2025 [2] - The company is focusing on developing new products and business models, with a significant increase in R&D investment to support innovation [1][3] - The independent sales channel has shown strong growth, with revenue from independent sites reaching 819 million, a 22.04% increase year-on-year [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is experiencing a dual-driven growth in its smart home and overseas warehouse businesses, achieving a revenue increase of 45.3% year-on-year in 2024, reaching 5.67 billion [1]. - Despite the revenue growth, the net profit attributable to the parent company decreased by 47% year-on-year to 336 million due to various factors including reduced non-recurring gains from previous overseas warehouse sales and increased R&D and operational costs [1][4]. - The overseas warehouse business saw significant growth, with revenue reaching 2.423 billion, a year-on-year increase of 154.76%, benefiting from the rising demand for cross-border e-commerce [2]. - The cross-border e-commerce segment also grew, generating 2.026 billion in revenue, a 14.28% increase, supported by the expansion of product categories and a focus on self-owned brands [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.695 billion, up 39.4% year-on-year, while the net profit attributable to the parent company was 70 million, down 39.7% [1]. - The overall revenue for 2024 was 5.67 billion, with a net profit of 336 million, reflecting a significant decline in profitability [1][5]. Business Segments - The overseas warehouse business is a key growth driver, with a revenue of 2.423 billion and a gross margin of 10.37%, despite a slight decrease in margin [2]. - The cross-border e-commerce segment generated 2.026 billion, with a focus on expanding product offerings and enhancing brand presence [3]. Cost and Profitability - The company's gross margin for 2024 was 29.1%, down 7.4 percentage points, primarily due to new warehouse ramp-up and high shipping costs [4]. - The report highlights a significant increase in operational costs due to the expansion of overseas warehouse operations and increased personnel for R&D and marketing [1][4]. Future Outlook - The company plans to enhance its competitive advantage by increasing the proportion of self-built overseas warehouses, which are expected to reduce operational costs [2]. - Profit forecasts for 2025 to 2027 indicate a gradual recovery in net profit, with estimates of 390 million, 460 million, and 530 million respectively [9].

Core Viewpoint - Lege Co., Ltd. reported significant revenue growth in 2024, but faced a substantial decline in net profit, raising market concerns about its financial health [1][6]. Revenue Performance - The total operating revenue reached 5.67 billion yuan, marking a year-on-year increase of 45.33% [1]. - Over the past five years, the company's revenue has shown a consistent upward trend, with 2024 being the highest recorded [2]. Profitability Analysis - The net profit attributable to shareholders was 336 million yuan, a sharp decline of 46.99% year-on-year [1]. - The non-recurring net profit was 200 million yuan, down 20.45% compared to the previous year [1][6]. - The decline in net profit is attributed to reduced non-recurring income, particularly from the sale of overseas warehouses [6]. Business Segment Performance - The main business includes smart home and smart office product sales, which have driven significant revenue growth [4]. - The company has expanded its product line, including height-adjustable desks and ergonomic chairs, which are well-received in the market [4]. - Despite revenue growth, the company faces increasing cost pressures due to higher R&D investments and operational costs associated with expanding overseas warehouse services [4][5]. Overseas Warehouse Business - The overseas warehouse logistics service has rapidly developed since 2020, benefiting from the growth of cross-border e-commerce [5]. - The company has served over 1,000 cross-border e-commerce sellers, contributing to its revenue growth [5]. - However, the rapid expansion of this segment has led to profit pressures due to high shipping costs and increased investments in warehouse infrastructure [5]. Future Challenges - The company must optimize its cost structure and improve operational efficiency to address rising cost pressures [6]. - There is a need to accelerate the release of warehouse capacity and enhance profitability in the overseas warehouse business [6]. - Continued investment in R&D is essential for launching innovative products to maintain market competitiveness [6].

Core Viewpoint - The company, Lege Co., Ltd., has reported its annual financial results, highlighting its main business segments, including smart home and office products, as well as cross-border logistics services, which have contributed to revenue growth. Company Overview - Lege Co., Ltd. focuses on smart home and office products, utilizing linear drive technology to enhance ergonomic design for health and comfort [4][6] - The company has expanded its product line to include height-adjustable desks, ergonomic chairs, electric sofas, and smart electric beds, catering to the growing demand for health-conscious and comfortable living and working environments [4][6][7] Financial Performance - The company has received a standard unqualified audit opinion from KPMG Huazhen [2] - The profit distribution plan approved by the board includes a cash dividend of 3 yuan per 10 shares, based on a total of 341,308,620 shares [3] - The company has not reported any need for retrospective adjustments or restatements of previous financial data [7] Business Segments - The smart home and office products segment has seen significant growth due to increased consumer demand for ergonomic solutions [4][6] - The cross-border logistics service segment has expanded rapidly since its inception in 2020, serving over 1,000 cross-border e-commerce sellers and benefiting from the growth of e-commerce penetration in the U.S. and China [7] Convertible Bonds - The company has successfully issued convertible bonds, with the latest adjustments to the conversion price reflecting changes in stock performance and incentive plans [12][14] - The current conversion price of the bonds has been adjusted to 33.23 yuan per share, effective from November 1, 2024 [14] - The company has reported no valid redemption requests for the convertible bonds during the recent redemption period [14]

乐歌人体工学科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了 第五届董事会第三十七次会议和第五届监事会第二十九次会议，审议通过了《关于作废 2023 年限制性股票激励计划部分已授予尚未归属的第二类限制性股票的议案》，同意根 据公司《2023 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"） 的有关规定，作废 2023 年限制性股票激励计划部分已授予尚未归属的第二类限制性股 票。现将有关事项说明如下： 一、本激励计划已履行的决策程序和信息披露情况 1、2023年6月16日，公司第五届董事会第十七次会议审议通过了《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》、《关于公司<2023 年限制性股票激 励计划实施考核管理办法>的议案》、《关于提请公司股东大会授权董事会办理 2023 年 限制性股票激励计划相关事宜的议案》，公司独立董事就本次股权激励计划是否合法合 规、是否有利于公司的持续发展及是否存在损害公司及全体股东利益的情形发表了独立 意见，并就股权激励计划向所有的股东征集委托投票权。 | 证券代码：300729 | 证券简称：乐歌股份 | 公告编 ...

| 证券代码：300729 | 证券简称：乐歌股份 公告编号：2025-021 | | --- | --- | | 债券代码：123072 | 债券简称：乐歌转债 | 2、本次第二类限制性股票拟归属数量：316,063 股，占公司总股本的 0.09%； 乐歌人体工学科技股份有限公司 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 关于 2021 年限制性股票激励计划预留授予部分第二个归属期条件成 乐歌人体工学科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第 五届董事会第三十七次会议和第五届监事会第二十九次会议，审议通过了《关于 2021 年限制性股票激励计划预留授予部分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 53 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 年限制性股票激励计划实施情况概要 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 ...

| 证券代码：300729 | 证券简称：乐歌股份 公告编号：2025-022 | | --- | --- | | 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 关于作废 2021 年限制性股票激励计划部分已授予尚未归属的 第二类限制性股票的公告 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。 乐歌人体工学科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第 五届董事会第三十七次会议和第五届监事会第二十九次会议，审议通过了《关于作废 2021 年限制性股票激励计划部分已授予尚未归属的第二类限制性股票的议案》，同意根 据公司《2021 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"） 的有关规定，作废 2021 年限制性股票激励计划部分已授予尚未归属的第二类限制性股 票。现将有关事项说明如下： 一、本激励计划已履行的决策程序和信息披露情况 1、2021 年 8 月 9 日，公司第四届董事会第三十一次会议审议通过了《关于公司 <2021 年限制性股票激励计划（草案）>及其摘要的议案》《 ...

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 使用闲置自有资金进行现金管理的核查意见 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"或"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》等法规和规范性文件要求，对乐歌股份使用闲 置自有资金进行现金管理的事项进行审慎核查，核查情况及具体核查意见如下： 在保证公司正常经营所需流动资金的情况下，为提高资金利用率，最大限度 地发挥闲置自有资金的持续增值作用，公司拟使用暂时闲置自有资金进行安全性 高、流动性好的现金管理，提高闲置自有资金的收益，为公司和股东谋取较好的 投资回报。 （二）投资品种 公司将按照相关规定严格控制风险，对投资产品进行严格评估筛选，选择银 行、证券公司或信托公司等金融机构发行的结构性存款、低风险理财产品、收益 凭证、国债逆回购、低风险资管产品等安全性高、流动性强、风险可控的产品进 行投资。 （三）投资额度 最高使用额度不超过 ...

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 继续开展外汇套期保值业务的核查意见 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"或"公司"）向特定对 象发行股票的持续督导机构，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》等法规和规范性文件要求，对乐歌股份继续 开展外汇套期保值业务的事项进行审慎核查，核查情况及具体核查意见如下： 一、开展外汇套期保值业务的目的 为有效规避外汇市场的风险，防范汇率大幅波动对公司造成不良影响，提高 外汇资金使用效率，合理降低财务费用，降低未来偿债汇率波动风险，公司及下 属子公司拟开展外汇套期保值业务。 二、外汇套期保值业务的基本情况 （一）主要涉及币种及业务品种 公司拟开展的外汇套期保值业务只限于从事与公司经营所使用的主要结算 货币相同的币种，主要外币币种包括但不限于美元、欧元和日元。 公司拟开展的外汇套期保值业务包括但不限于远期结售汇业务、外汇期权业 务及其他外汇衍生产品业务。 （二）业务 ...

2024 年度内部控制审计报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2512630 号 乐歌人体工学科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了乐歌 人体工学科技股份有限公司 (以下简称"贵公司") 2024 年 12 月 31 日的财务报告内部控制的 有效性。 乐歌人体工学科技股份有限公司 毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计 师事务所，是与毕马威国际有限公 ...