Core Viewpoint - The company, Lege Co., Ltd. (300729.SZ), is focusing on its core business and has achieved a dual-driven growth model through overseas warehouse operations and smart home business, leading to steady revenue growth despite profit fluctuations, with a long-term goal of sustainable development [1]. Group 1 - The company has successfully implemented a dual-driven strategy combining overseas warehouse operations and smart home business, resulting in steady revenue growth [1]. - Although profits have experienced fluctuations, the overall trend is positive, indicating a focus on long-term sustainability [1]. - The company acknowledges the concerns raised by investors regarding its stock performance and the profitability of its overseas warehouse operations [3]. Group 2 - Investors have expressed concerns about the company's long-term stock performance, which has underperformed compared to the industry and broader market indices [3]. - There are worries that the significant investments in overseas warehouses have not translated into profits, raising questions about the strategic direction away from the core smart home business [3]. - The company is urged by investors to reconsider its business development direction and return focus to the smart manufacturing sector to enhance investment value [3].

Core Viewpoint - The company, Lekai Co., Ltd. (300729.SZ), anticipates that by the end of 2025, all overseas warehouses operated will be leased, with self-built warehouses expected to be delivered by the end of 2025 and operational starting in 2026 [2] Group 1 - The company responded to investor inquiries regarding the expected ratio of owned versus leased warehouses by the end of 2025 [2] - The company indicated that tariff adjustments could lower product costs and benefit overseas warehouse clients in the U.S. for cross-border e-commerce, which will take time to reflect in operations [2] - The construction of self-owned warehouses is expected to continue until approximately the end of 2025 [2]

Core Points - Lege Ergonomics Technology Co., Ltd. has completed the issuance of "25 Lege Shares MTN001 (Sci-Tech Bond)" on November 5, raising funds of 250 million yuan [2] - The bond is the first phase of the company's 2025 Sci-Tech Innovation Bonds, with a term of 546 days, a coupon rate of 2.59%, and a face value of 100 yuan [2] - The company aims to issue a total of up to 800 million yuan in medium-term notes to optimize its debt structure and enhance financial flexibility [2] Financial Details - The bond's issuance date is November 5, 2025, and the maturity date is May 5, 2027 [2] - The bond was managed and underwritten by Zheshang Bank Co., Ltd. [2] - The company received a registration notice from the China Interbank Market Dealers Association, valid for two years [2] Strategic Intent - The issuance of the Sci-Tech Innovation Bond is intended to support the company's long-term development strategy and broaden financing channels [2] - The company aims to acquire funding at a lower cost and enhance operational resilience and growth potential [2] - The initiative is expected to have no adverse impact on daily operations or shareholder interests, maintaining business independence [2]

Core Viewpoint - The successful issuance of the first phase of technology innovation bonds by Lege Co., Ltd. marks a significant milestone in the domestic smart home and public overseas warehouse sector, showcasing the company's strong market position and innovative financing strategies [1][2] Group 1: Bond Issuance Details - Lege Co., Ltd. issued a technology innovation bond with a registered amount of 800 million yuan and an issuance scale of 250 million yuan, with a maturity of 546 days and a coupon rate of 2.59% [1] - The bond is rated AAA and is the first technology innovation bond issued by a furniture manufacturing enterprise in the entire market, as well as the first for a privately listed company on the Growth Enterprise Market in Zhejiang Province [1] Group 2: Use of Proceeds - The funds raised from the bond issuance will be used entirely to repay the company's maturing debts, thereby reducing the overall cost of capital and supporting the company's high-quality development [1] Group 3: Market Recognition and Future Plans - The successful bond issuance is seen as a recognition of the company's stable operations and sustainable development strategy, following previous financing activities including convertible bonds and stock issuances [2] - The company plans to continue expanding its financing channels to enhance its competitiveness and influence in the capital market, laying a solid foundation for long-term development [2]

Core Points - Lege Co., Ltd. successfully issued its first phase of technology innovation bonds, marking a significant milestone in the domestic smart home and public overseas warehouse sector [1][2] - The bond has a registered amount of 800 million yuan, with an issuance scale of 250 million yuan, a term of 546 days, an AAA rating, and a coupon rate of 2.59% [1] - This issuance is the first technology innovation bond in the entire market for the furniture manufacturing industry and the first for a private enterprise listed on the Growth Enterprise Market in Zhejiang Province [1] Financing and Future Strategy - The successful issuance of the technology innovation bond is a continuation of Lege's efficient financing practices, following various capital market activities since 2020 [2] - The company aims to continuously expand its financing channels and enhance its competitiveness and influence in the capital market to lay a solid foundation for long-term development [2] - The funds raised will be used entirely to repay the company's maturing debts, reducing overall funding costs and supporting high-quality development [1]

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-081 | | --- | --- | --- | | 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 年第一期科技创新债券发行结果公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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"）分别于 2025 年 7 月 31 日召开的第五届董事会第四十四次会议以及 2025 年 8 月 12 日召开的 2025 年 第一次临时股东会审议通过了《关于拟注册和发行中期票据的议案》，同意公司 发行总额不超过（含）等值人民币 8 亿元的中期票据债务融资产品。公司将根据 实际资金需求情况在注册额度及注册有效期内一次性或分期发行。具体内容详见 公司于 2025 年 7 月 31 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于拟注 册和发行中期票据的公告》（公告编号：2025-058）。 2025 年 9 月 26 日，公司收到中国银行间交易商协会出具的《接受注册通知 书》（中市协注〔202 ...

Core Viewpoint - Lege Technology Co., Ltd. has experienced a decline in stock price and significant changes in shareholder structure, while showing growth in revenue but a decrease in net profit [1][2]. Group 1: Stock Performance - On October 30, Lege's stock price fell by 2.04%, reaching 14.40 CNY per share, with a trading volume of 63.78 million CNY and a turnover rate of 1.37%, resulting in a total market capitalization of 4.919 billion CNY [1]. - Year-to-date, Lege's stock price has decreased by 7.57%, with a decline of 1.37% over the last five trading days, 5.01% over the last 20 days, and 1.37% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Lege achieved a revenue of 4.846 billion CNY, representing a year-on-year growth of 21.92%. However, the net profit attributable to shareholders decreased by 36.33% to 169 million CNY [2]. Group 3: Shareholder Structure - As of September 30, the number of shareholders for Lege was 20,800, a decrease of 7.44% from the previous period. The average number of circulating shares per person increased by 7.24% to 15,308 shares [2]. Group 4: Business Overview - Lege Technology Co., Ltd., established on March 26, 2002, and listed on December 1, 2017, focuses on linear drives, smart office solutions, and ergonomic products. The main revenue sources include warehousing and logistics services (49.89%) and ergonomic products (43.99%), with linear drives accounting for 32.34% of the revenue [1]. - The company operates within the light industry manufacturing sector, specifically in home goods, and is associated with concepts such as cross-border e-commerce, express delivery, smart logistics, new industrialization, and Xiaomi [1]. Group 5: Dividend Information - Since its A-share listing, Lege has distributed a total of 441 million CNY in dividends, with 311 million CNY distributed over the past three years [3].

Core Viewpoint - Lege Co., Ltd. (300729.SZ) confirmed that Ms. Jiang Yi has not reduced her shareholding, and her shareholding status was disclosed in the Q3 2025 report, indicating that while the number of restricted shares has changed due to the re-election of the new board, the total number of shares held remains unchanged [2] Group 1 - Ms. Jiang Yi's shareholding has not decreased [2] - The change in restricted share quantity is due to the re-election of the board [2] - The total number of shares held by Ms. Jiang Yi remains the same [2]

Core Viewpoint - Lege Technology Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable increase in revenue but a significant decrease in net profit year-on-year [2]. Financial Performance - As of September 30, 2023, Lege reported a revenue of 4.846 billion yuan, representing a year-on-year growth of 21.92% [2]. - The net profit attributable to shareholders for the same period was 169 million yuan, which reflects a year-on-year decrease of 36.33% [2]. - Cumulative cash dividends since the company's A-share listing amount to 441 million yuan, with 311 million yuan distributed over the past three years [3]. Stock Market Activity - On October 27, 2023, Lege's stock price rose by 2.01%, reaching 14.69 yuan per share, with a trading volume of 58.7732 million yuan and a turnover rate of 1.27% [1]. - The total market capitalization of Lege is 5.018 billion yuan [1]. - Year-to-date, the stock price has decreased by 5.71%, with a recent 5-day increase of 1.24% and a 20-day decline of 9.32% [1]. Shareholder Information - As of September 30, 2023, the number of shareholders is 20,800, which is a decrease of 7.44% from the previous period [2]. - The average number of circulating shares per shareholder is 15,308, an increase of 7.24% from the previous period [2]. Business Overview - Lege focuses on linear drives, smart office solutions, and ergonomic products, with its main revenue sources being warehouse logistics services (49.89%) and ergonomic products (43.99%), including linear drives (32.34%) [1]. - The company is categorized under the light industry manufacturing sector, specifically in home goods [1].

Group 1: Research Basic Information - The research object is Leguo Co., Ltd., belonging to the household light industry, and the reception time was on October 24, 2025. The listed company's reception staff included the board secretary Yu Haoying and the securities affairs representative Qu Qilong [16] Group 2: Detailed Research Institutions - The research institutions included fund management companies (Huaxia, Guangdong Zhengyuan Private Equity, Huisheng, etc.), asset management companies (Qingrong, Yangtze River Securities (Shanghai)), investment companies (Guangdong Yuancheng Private Securities Investment, Shenzhen Hunt Investment Capital), securities companies (Guoxin Securities, Tianfeng Securities, Shanghai Securities, etc.), insurance asset management companies (China Life, Pacific), and others (Development Research Center, Guangdong Hengjian) [17][18][19] Group 3: Main Content Overseas Warehouse - In Q3, the gross profit margin of the company's overseas warehouse business was basically flat quarter - on - quarter. The current average utilization rate of overseas warehouses exceeded 70%, and the profitability of new non - US warehouses in Germany, the UK, and Canada had been continuously improving. The company will continue to invest in automation and informatization to improve storage operation efficiency and cost control capabilities [24] - As of the end of September 2025, the company had 19 self - operated overseas warehouses globally, with a total area of 650,000 square meters. The revenue of the overseas warehouse segment maintained a high growth rate. In the first three quarters, it had served 1,932 overseas enterprises, and the parcel volume increased by over 100% year - on - year. In the future, with the commissioning of self - built warehouses, the scale effect will gradually appear, and the profit margin is expected to further increase [26] US Terminal Demand under Sino - US Tariff Disturbance - The uncertainty in the Sino - US trade environment remains high. For optional consumer goods and products in offline supermarket channels, tariff adjustments and cost increases have led to price hikes, affecting the sales volume of OEM customers and putting periodic pressure on the company's OEM business. However, cross - border e - commerce has maintained steady growth, with the core category of intelligent lifting desks stable and rising, and the revenue of electric sofas and ergonomic chairs increasing significantly. It is expected that with the Fed entering the interest - rate cut cycle, consumer confidence will be boosted [25] OEM Business Development Trend - Affected by tariff policy adjustments, the offline supermarket OEM business is facing certain pressure on price transmission and sales volume. The company expects this business to gradually recover after the industry demand stabilizes. Meanwhile, the company is actively expanding emerging markets in Asia, Africa, and Latin America through brand agency and cooperation models to disperse trade risks and cultivate new performance growth points [25][26] Cross - border E - commerce Business - During the reporting period, the company's cross - border e - commerce business maintained steady growth. The sales revenue of independent websites accounted for over 40% of the total cross - border e - commerce revenue, with a year - on - year increase of about 12%. Independent websites have significant advantages in new product promotion, scenario - based marketing, and brand building. The Amazon channel has intense industry competition and obvious price involution. The company will continue to strengthen brand differentiation positioning and product innovation capabilities [27]