Core Viewpoint - Yiwu, known as the "World Supermarket," is adapting to changes in international trade dynamics, particularly in response to the U.S. tariff policies, which have led to shifts in customer demographics and purchasing behaviors [2][12]. Group 1: Market Dynamics - Yiwu's small commodity market has over 1.15 million merchants and more than 2.1 million SKUs, attracting global buyers, especially from the Middle East and Africa, while U.S. customers have decreased [2][6]. - The implementation of the U.S. "reciprocal tariff" policy has prompted local merchants to seek new markets, with many reporting a shift from U.S. clients to those in South America and Europe [6][7]. - Merchants are actively adjusting their strategies, with some reporting increased orders from overseas customers on e-commerce platforms since the tariff announcement [9][13]. Group 2: Business Strategies - Merchants are focusing on diversifying their customer base and enhancing product value to mitigate the impact of tariffs, with strategies including price increases and optimizing production processes [13][14]. - The rise of cross-border e-commerce and live streaming has led to a significant shift in how Yiwu merchants engage with international customers, with many adopting social media marketing strategies [15][16]. - The demand for multilingual talent is increasing as businesses seek to better communicate with diverse international clients, prompting local educational institutions to adapt their training programs [17][19]. Group 3: Economic Impact - The U.S. tariff policy is expected to affect inventory levels in American retail, with reports indicating that major retailers like Walmart are adjusting their supply strategies in response to rising costs [8][12]. - The overall impact of tariffs on international shipping is significant, with projections indicating a 35% decrease in cargo volume arriving at the Port of Los Angeles compared to the previous year [14].

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].

Core Insights - The company reported a revenue of 1.544 billion yuan for Q1 2025, representing a year-on-year increase of 37.69%, while the net profit attributable to shareholders was 52 million yuan, a decrease of 35.17% year-on-year [1] - The growth in revenue was primarily driven by the robust development of the overseas warehouse business, with expectations for further growth in the second half of the year as sales accelerate [1] - The gross margin for Q1 2025 was 25.93%, down 5.36 percentage points year-on-year, attributed to new leasing standards and delays in order deliveries due to U.S. tariff policies [1] Revenue and Profitability - The company’s revenue for Q1 2025 was 1.544 billion yuan, up 37.69% year-on-year [1] - The net profit attributable to shareholders was 52 million yuan, down 35.17% year-on-year [1] - The non-recurring net profit was 26 million yuan, a decrease of 37.52% year-on-year [1] Cost Management and Cash Flow - The company achieved a net profit margin of 3.35%, down 3.77 percentage points year-on-year, while the expense ratio was 23.09%, a decrease of 3.35 percentage points year-on-year, indicating effective cost control [1] - Operating cash flow for Q1 2025 was 86 million yuan, down 28.98% year-on-year, primarily due to a 31.39% increase in current assets, including accounts receivable and inventory [2] Future Outlook - The company is focusing on expanding its overseas warehouse network and improving capacity utilization, which is expected to lead to a decrease in unit costs and an improvement in profit margins [2] - Projected revenues for 2025-2027 are 7.176 billion yuan, 8.239 billion yuan, and 9.191 billion yuan, with net profits of 350 million yuan, 448 million yuan, and 584 million yuan respectively [2] Valuation - The projected price-to-earnings (PE) ratios for the years 2025, 2026, and 2027 are 14, 11, and 8 times respectively, maintaining a "buy" rating [3]