Financial Performance - The net profit attributable to shareholders for the year was 335.89 million RMB, a decrease compared to the same period last year[5]. - The decline in profit was primarily due to a significant reduction in non-recurring gains from the sale of overseas warehouses and increased R&D and marketing expenses[5]. - The company's operating revenue for 2024 reached ¥5,670,453,707.45, representing a 45.33% increase compared to ¥3,901,707,615.76 in 2023[20]. - The net profit attributable to shareholders decreased by 46.99% to ¥335,893,765.29 in 2024 from ¥633,692,409.69 in 2023[20]. - The basic earnings per share fell by 48.28% to ¥1.0500 in 2024, down from ¥2.0300 in 2023[20]. - The total assets increased by 49.33% to ¥10,151,453,810.91 at the end of 2024, compared to ¥6,797,907,884.75 at the end of 2023[20]. - The company reported a cash flow from operating activities of ¥658,022,131.65 in 2024, a decrease of 19.70% from ¥819,500,926.26 in 2023[20]. - The weighted average return on equity decreased to 10.45% in 2024 from 23.15% in 2023[20]. Business Expansion and Product Development - The company launched new products including electric sofas, ergonomic chairs, and electric beds to enhance its smart home and health office offerings[29]. - The company is exploring new business models and increasing investment in new product development, leading to a substantial rise in R&D personnel[5]. - The company is expanding its cross-border e-commerce public overseas warehouse service project to support small and medium-sized foreign trade enterprises[29]. - The company has established four manufacturing bases in Ningbo, Vietnam, and Guangxi, achieving a leading capacity in linear drive production globally[38]. - The company has developed a comprehensive procurement system involving multiple departments to ensure the quality and cost-effectiveness of materials[43]. Market Trends and Projections - The global smart home market is projected to grow to approximately $154.4 billion in 2024, with a compound annual growth rate (CAGR) of 10.67% from 2024 to 2028[31]. - The global office furniture market is projected to reach $66.1 billion by 2024, with a CAGR of 5.30%, expected to grow to $99.3 billion by 2029[32]. - The global standing desk market was valued at $6.7 billion in 2022 and is anticipated to reach $11 billion by 2030, with a CAGR of approximately 7.2%[32]. - China's cross-border e-commerce imports and exports are expected to reach ¥2.63 trillion in 2024, representing a growth of 10.8% compared to previous years[33]. Operational Efficiency and Cost Management - The company has implemented automation and information technology in its warehouse operations, enhancing logistics efficiency and accuracy[76][77]. - The company has developed multiple patented technologies for logistics tools and information collection devices, aiming for high efficiency and quality in logistics operations[77]. - The company has reserved 5,000 acres of industrial logistics land in the U.S. at low cost, with self-built overseas warehouses expected to reduce operational costs to one-third to one-half of leasing costs[79][80]. - The company has effectively controlled procurement costs and reduced investment costs through market research and negotiations, resulting in savings on the funds raised for the "Smart Linear Drive Products 5G+ Intelligent Factory Renovation Project"[132]. Risks and Challenges - The company faces various risks, including international political and economic risks, operational performance fluctuations, and intensified industry competition[5]. - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments in its forward-looking statements[5]. - The company’s future plans and forecasts should be approached with caution due to inherent risks[5]. - The company faces risks from international political and economic environments, particularly regarding tariffs affecting its U.S. market, and plans to adapt its strategies accordingly[155]. Corporate Governance and Management - The company held four shareholder meetings during the reporting period, approving 18 proposals, ensuring compliance with governance standards[164]. - The board of directors consists of nine members, including three independent directors, ensuring compliance with legal and regulatory requirements[166]. - The supervisory board, comprising three members, effectively oversees the company's financial status and compliance with legal obligations[168]. - The company has established a transparent performance evaluation and incentive mechanism for senior management, aligning with its development needs[172]. Financial Management and Fundraising - The company raised a total of RMB 699,999,997.12 by issuing 38,716,814 shares at an issue price of RMB 18.08 per share, with a net amount of RMB 690,241,773.75 after deducting issuance costs[119]. - As of December 31, 2024, the company has an unutilized balance of RMB 12,941.66 million from the 2021 fundraising, with RMB 9,716.49 million allocated for cash management and RMB 3,225.17 million pending settlement for a project[122]. - The company plans to use RMB 4,324.97 million of the raised funds in 2024, including RMB 2,288.28 million for the overseas warehouse project in Georgia, USA[124]. - The company has reported a total of RMB 3,828.20 million used from the raised funds in 2024, with significant allocations to the smart home product factory project[121].

Group 1 - The A-share cross-border e-commerce sector continues to show strong momentum, with Jiuyi Co., Ltd. achieving a 20% limit-up for two consecutive trading days [1] - Xunxing Co., Ltd., Jinjiang Shipping, and Huamao Logistics also reached the daily limit, indicating robust market interest [1] - Other companies such as Suhao Hongye, Ruibeika, Qingdao Jinwang, Ruoyuchen, and Lege Co., Ltd. experienced significant gains, reflecting a broader positive trend in the sector [1]

Investment Rating - The report provides a positive investment outlook for various sectors, particularly recommending companies in the home furnishing, new tobacco, light consumer goods, and paper packaging industries [5][23][24][26]. Core Insights - The home furnishing sector is expected to stabilize with the introduction of consumer subsidies, leading to improved order intake for many companies [5][19]. - New tobacco products, particularly from Smoore International, are anticipated to benefit from market expansion despite tariff challenges [23]. - The paper packaging industry is facing high pulp inventory levels, which may slow down profit recovery, but consolidation efforts are expected to improve competition [24]. - The light consumer goods sector, especially in pet products, is likely to see accelerated domestic brand growth due to increased tariffs on imports [26]. Summary by Sections Home Furnishing Sector - Domestic sales are improving as consumer subsidies are rolled out, with expectations for further stimulus policies [5][19]. - Companies like Gujia Home and Sophia are highlighted for their strong market positions and growth potential [5][19]. - Export challenges due to increased tariffs are noted, but companies with strong domestic sales channels are expected to perform well [5][19]. New Tobacco - Smoore International is positioned to adapt to tariff impacts due to its production capabilities in Indonesia [23]. - The electronic cigarette market is expected to maintain consumer demand despite potential price increases from tariffs [23]. - The overall market for compliant brands is projected to expand, providing growth opportunities [23]. Paper Packaging - High pulp inventory levels are suppressing price increases, with a slow recovery in profitability expected [24][25]. - The acquisition of Zhongliang Packaging by Aorijin is expected to enhance competitive dynamics in the industry [24]. - The introduction of new consumer electronics subsidies is anticipated to benefit leading packaging companies [24]. Light Consumer Goods - The pet food market is expected to see a shift towards domestic brands as tariffs on imports increase [26]. - Companies like Guibao Pet are positioned to capture market share due to their competitive pricing and product quality [26]. - The AI glasses segment is highlighted for its growth potential, with recommendations to focus on key supply chain players [26].

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-005 | | --- | --- | --- | | 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 2025 年第一季度可转换公司债券转股情况公告 1、发行上市基本情况 经中国证券监督管理委员会"证监许可[2020]1957 号"文同意注册的批复， 公司于 2020 年 10 月 21 日向不特定对象发行了 142 万张可转换公司债券，每张 面值 100 元，发行总额 1.42 亿元。本次向不特定对象发行的可转债向公司在股 权登记日收市后登记在册的原股东优先配售，原股东优先配售后余额部分（含原 股东放弃优先配售部分）通过深交所交易系统网上向社会公众投资者发行，认购 金额不足 1.42 亿元的部分由主承销商余额包销。 经深交所同意，公司 1.42 亿元可转换公司债券于 2020 年 11 月 10 日起在深 交所挂牌交易，债券简称"乐歌转债"，债券代码"123072"。 2、转股价格调整情况 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。 特别提 ...

证券时报e公司讯，乐歌股份(300729)2月11日晚间公告，控股股东丽晶电子计划以自有资金与增持专项 贷款相结合的方式，6个月内通过集中竞价方式增持公司股份，本次增持金额不低于5000万元且不超过1 亿元。 ...

| 证券代码：300729 | 证券简称：乐歌股份 公告编号：2025-004 | | --- | --- | | 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 关于控股股东取得金融机构增持贷款暨增持公司股份计划的公告 公司控股股东宁波丽晶电子集团有限公司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。 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。 特别提示： 1、增持主体：控股股东宁波丽晶电子集团有限公司。 本次增持前，丽晶电子直接持有公司股票 66,189,378 股，占公司总股本的 19.39%， 实际控制人项乐宏先生及其配偶姜艺女士直接及间接合计控制公司15,882.22万股股票， 占公司总股本的 46.54%。 2、本次公告前 12 个月内，项乐宏先生于 2023 年 10 月 25 日披露了增持计划，2024 年 4 月 24 日增持计划期限届满结束，自增持计划公告之日至增持计划期限届满结束， 项乐宏先生通过集中竞价方式累计增持公司股份 3,086,643 股，占增持结束日公司总股 本 ...

公司报告 | 公司点评 乐歌股份（300729） 证券研究报告 海外仓逐步提高利润率 公司发布 2024 业绩预告 公司预计 2024 归母净利 3-3.4 亿元，同减 46-53%；扣非后归母 1.8-2.1 亿 元，同减 17-29%； 其中 24Q4 归母 0.35 亿-0.75 亿，同减 36%-70%；扣非后归母 0.40 亿-0.70 亿，同减 29%-60%； 2024 业绩减少系： 2025 年智能家居以及海外仓业务齐头并进 智能家居业务围绕健康办公、智能家居场景，扩新品、扩渠道，确保一定 的收入增长。海外仓业务，将通过合理利用现有仓库、提升海外仓的库容 使用率，加强精细化管理，提高海外仓利润率。 2024 年公司海外仓新开仓面积较多，同时行业整体处于大幅扩仓状态。主 要原因是美国线上消费旺盛，电商渗透率不断提升，海外仓需求增多。公 司 2024 年末海外仓库容率 70%左右，2025 年主要通过货架搭建等，释放 库容，提升库容利用率，视情况可能小幅扩仓。 公共海外仓竞争优势或逐步显现 自有货量与客户货量同步积累，增强规模化优势，以及跨境物流产业链上 下游议价能力。依托上市公司背景和良好口碑， ...

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年度持续督导定期现场检查报告 保荐机构名称：国泰君安证券股份有限公司 被保荐机构简称：乐歌股份 保荐代表人姓名：李豪 联系电话：021-38676666 保荐代表人姓名：张征宇 联系电话：021-38676666 现场检查人员姓名：张征宇、李豪 现场检查对应期间：2024年度 现场检查时间：2025年1月13日 一、现场检查事项 现场检查意见 是 否 不适用 （一）公司治理 现场检查手段：结合查阅资料、访谈等核查手段，核查公司三会文件、公司治理制 度等文件，并核查三会召开通知、记录、签名册等文件，对三会召集程序、出席 会议人员的资格、召集人资格、表决程序等事项进行核查。 1．公司章程和公司治理制度是否完备、合规 √ 2．公司章程和三会规则是否得到有效执行 √ 3．三会会议记录是否完整，时间、地点、出席人员 及会议内容等要件是否齐备，会议资料是否保存完整 √ 4．三会会议决议是否由出席会议的相关人员签名确认 √ 5．公司董监高是否按照有关法律、行政法规、部门 规章、规范性文件和本所相关业务规则履行职责 √ 6．公司董监高如发生重大变化，是否履行 ...

一、本次培训的基本情况 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年度持续督导培训工作报告 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13号——保荐业务》《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》等相关规定，国泰君安证 券股份有限公司（以下简称"国泰君安"或"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"）2021年创业板向特定对象发行股票、 2022年以简易程序向特定对象发行股票、2024年向特定对象发行股票的保荐机构，结 合乐歌股份的实际情况，按照拟定的培训计划，对乐歌股份的实际控制人、董事、监 事、高级管理人员及其他相关人员进行了现场培训，现将相关情况汇报如下： （一）培训人员 国泰君安指派乐歌股份项目持续督导保荐代表人李豪先生具体负责本次培训工作。 李豪先生为国泰君安的正式员工，具备证券执业资格，拥有丰富的投资银行从业经验。 （二）培训对象 本次培训的对象为乐歌股份实际控制人、董事、监事、高级管理人员及其他相关 人员。 （三）培训时间 本次培训的 ...

Key Points Industry/Company Involved - **Company**: LeGe Electric Appliance Co., Ltd. (LeGe) - **Industry**: Smart Home Products, E-commerce, Overseas Warehouse Core Views and Arguments - **Performance in 2024**: - Net profit decreased by 50% due to high non-recurring income in 2023 and challenges in cross-border e-commerce, such as intense competition, increased marketing expenses, and rising sea freight costs. - Adjusted net profit decreased by about 20% after excluding non-recurring income. - The sale of a major warehouse in 2023 generated approximately 120 million yuan in income, while the sale of smaller warehouses in 2024 is expected to be lower. - The expansion of overseas warehouses in 2024 exceeded expectations, but the utilization rate was only about 70%. In 2025, the focus will be on utilizing existing capacity and cautiously controlling expansion, which is expected to improve profit margins. - B2B distribution business is in its early stages and contributes little to current profits, but the company is optimistic about its long-term potential to expand sales channels and boost performance. - The impact of the US-China trade war on LeGe is yet to be fully assessed, but the company has transferred some production capacity to Vietnam to mitigate potential risks. - In 2025, LeGe expects cross-border e-commerce business profitability to recover, mainly due to lower sea freight costs and the launch of new products. Overseas warehouse business will rely on improving utilization rates and fine management to enhance profit margins. - The company is actively responding to industry competition by raising prices, improving management, and investing in automation and information technology to enhance profitability. The focus will be on profit rather than scale expansion, and customer selection strategies will be adjusted based on market conditions. - **Cross-border E-commerce Impact**: - Intense competition, increased marketing expenses, and rising sea freight costs have put pressure on profits. - The rapid expansion of overseas warehouses in 2024, with a new warehouse area of over 400,000 square meters, increased costs significantly. - New warehouses are unprofitable until utilization rates reach 50% or higher, impacting profit margins. - **B2B Distribution Business**: - The business model connects suppliers (factories) and end customers (including live-streaming e-commerce and distributors) through a platform. - Currently in its early stages, with limited output and profitability. - The company is optimistic about its long-term potential to expand sales channels and boost performance. - **US-China Trade War**: - The impact of the trade war on LeGe is yet to be fully assessed. - The company has transferred some production capacity to Vietnam to mitigate potential risks. - There is a trend of transferring production capacity of cross-border e-commerce customers to overseas regions. - **2025 Outlook**: - LeGe expects cross-border e-commerce business profitability to recover in 2025, mainly due to lower sea freight costs and the launch of new products. - Overseas warehouse business will rely on improving utilization rates and fine management to enhance profit margins. - The company will focus on profit rather than scale expansion and adjust customer selection strategies based on market conditions. - **Industry Trends**: - The US-China trade war will eventually lead to a new balance point in the industry, with some companies exiting the market and improving the profitability of remaining companies. - Industry competition will promote the elimination of the weak and the survival of the strong, improving overall efficiency and profitability. Other Important Points - **Overseas Warehouse Development**: - The expansion of overseas warehouses in 2024 exceeded expectations, but the utilization rate was only about 70%. - In 2025, the focus will be on utilizing existing capacity and cautiously controlling expansion. - The profit margin is expected to improve in 2025. - **B2B Distribution Business**: - The business is in its early stages and contributes little to current profits. - The company is optimistic about its long-term potential to expand sales channels and boost performance. - **US-China Trade War**: - The impact of the trade war on LeGe is yet to be fully assessed. - The company has transferred some production capacity to Vietnam to mitigate potential risks. - **Industry Trends**: - The US-China trade war will eventually lead to a new balance point in the industry, with some companies exiting the market and improving the profitability of remaining companies. - Industry competition will promote the elimination of the weak and the survival of the strong, improving overall efficiency and profitability.