证券代码：300729 证券简称：乐歌股份 乐歌人体工学科技股份有限公司 投资者调研接待记录表 编号：2018-019TZZ | --- | --- | --- | --- | |-------------------------|--------------------------------------------------------------------------------------------------------|----------|-----------------| | 投资者关系活动 \n类别 | ■特定对象调研□分析师会议 □媒体采访□业绩说明会 \n□新闻发布会□路演活动 \n■现场参观 \n□其他（请文字说明） | | | | 参与单位名称及 人员姓名 | 华创证券有限责任公司：郭庆龙、陈梦 | | | | | | | | | 时间 | 2018 年 11 月 14 日 15:30 至 17:00 | | | | 地点 | 宁波市鄞州区首南街道学士路 536 号金东大厦 | 楼 | | | 上市公司接待人 | 董事会秘书：傅凌志 | | | | 员姓名 | 证券事务代表： ...

证券代码：300729 证券简称：乐歌股份 乐歌人体工学科技股份有限公司 投资者调研接待记录表 编号：2018-020TZZ | --- | --- | --- | --- | --- | |----------------|-------------------------------|------------------------------------------------------------------|-------|----------| | | | | | | | | ■特定对象调研 | □分析师会议 | | | | 投资者关系活动 | □媒体采访 □新闻发布会 | □业绩说明会 □路演活动 | | | | 类别 | ■现场参观 □其他（请文字说明） | | | | | 参与单位名称及 | 博时基金管理有限公司：高晖 | | | | | 人员姓名 | 西部证券股份有限公司：金文曦 | | | | | 时间 | 2018 年 11 月 16 | 日 14:00 至 17:00 | | | | 地点 | 宁波市鄞州区首南街道学士路 | 536 号金东大厦 | 18 | 楼会议室 | | 上市 ...

Company Overview - Lege Ergonomics Technology Co., Ltd. focuses on linear drive and healthy office products, primarily offering ergonomic office furniture such as smart height-adjustable desks and fitness bikes [2][3] - The company has manufacturing bases in Binhai, Jiangshan, and Vietnam [2] Financial Performance - In 2018, the company achieved total revenue of approximately 945 million RMB, representing a year-on-year growth of about 26% [3] - Net profit was 58.32 million RMB, showing a decline compared to the previous year due to factors such as exchange rate decline, rising material costs, and increased sales and R&D expenses [3] Brand Strategy - The company adheres to a self-owned brand strategy, with self-owned brand sales accounting for over 50% of total sales [3] Market Challenges - Transitioning from OEM to self-owned brand business has faced challenges, including cultural differences, customer stability, product quality, intellectual property, and market expansion [3] Competitive Edge - The company invests heavily in product R&D and process innovation, aiming to provide superior user experiences through quality and craftsmanship [3] Future Plans - The company plans to increase investment in domestic and international markets and R&D to enhance market education and share [3] - The ergonomic health office industry is still in the market education phase, with significant growth potential expected in the next decade [4] Production and Export - The company’s U.S. export business accounts for approximately 40% of its overseas sales [4] - The Vietnam factory was established to support global operations and began trial operations at the end of 2016 [4]

Group 1: Company Overview - Lege Ergonomics Technology Co., Ltd. focuses on ergonomic products, including large screen brackets and health office workstations [2][3] - The company established a factory in Vietnam to support global operations and mitigate risks from international trade tensions [3][4] Group 2: Financial Performance - In the first half of 2018, the sales revenue from large screen brackets was approximately 150 million CNY [3] - The gross profit margin for large screen brackets declined due to high raw material costs and currency fluctuations, particularly the appreciation of the RMB against the USD [3] Group 3: Product Sales and Market Penetration - Health office workstations account for over 50% of total sales and are experiencing a year-on-year growth trend [3] - The penetration rate of ergonomic health office products in foreign markets is still low, with North America and Nordic countries showing higher acceptance and market maturity [3] Group 4: Competitive Landscape - Major competitors include Milestone, Ergotron, Humanscale, Varidesk, Linak, and Dewert, with some being publicly listed [4] - The company differentiates itself from domestic competitors like Jiechang Drive in business model, product structure, and market strategy [4] Group 5: Trade and Tariff Impact - The company currently manages a 10% tariff cost from the US, which is considered manageable; however, if tariffs increase to 25% or higher, the Vietnam manufacturing setup will provide a strategic advantage [4]

Group 1: Company Overview - Lege Ergonomics Technology Co., Ltd. is primarily engaged in the production of height-adjustable desks and related ergonomic products [2] - The company has a significant focus on R&D to maintain core technology and quality control [3] Group 2: Market Competition - Major competitors in the domestic market include Lege, Jiechang, and Kaidi, with international competitors like LINAK from Denmark and Ergotron from the USA [3] - The industry has a high technical barrier, requiring substantial R&D investment [3] Group 3: Product Pricing and Sales - Height-adjustable desks range in price from approximately 2,000 to over 4,000 RMB [3] - Over 50% of the company's product series consists of health office workstation products, which are on a growth trend [3] Group 4: Market Penetration and Trends - The current market penetration for health office products is low, with an estimated 300 million white-collar workers in China [4] - The market for ergonomic products is expected to grow significantly as consumer awareness and demand for healthy work environments increase [4] Group 5: Business Model - The company operates through three main divisions: international marketing, domestic marketing, and overseas brand operations, utilizing both online and offline channels [3] - The international marketing division primarily follows an ODM model, while domestic and overseas brands focus on expanding proprietary brands [3]

证券代码：300729 证券简称：乐歌股份 乐歌人体工学科技股份有限公司 投资者调研接待记录表 编号：2019-003TZZ | --- | --- | --- | --- | |-----------------------------|------------------------------------------------------------------|------------------------|--------------------------| | | | | | | | ■特定对象调研□分析师会议 | | | | 投资者关系活动 | □媒体采访□业绩说明会 | | | | 类别 | □新闻发布会□路演活动 | | | | | ■现场参观 | | | | | □其他（请文字说明） | | | | 参与单位名称及 | 招商证券：李宏鹏； 农银汇理基金管理有限公司：张龙； | | | | 人员姓名 | 海富通基金管理有限公司：郭湛。 | | | | 时间 | 2019 年 3 月 7 日 14:00 至 16:00 | | | | 地点 | 宁波市鄞州区首南街道学士路 536 | 号 ...

证券代码：300729 证券简称：乐歌股份 乐歌人体工学科技股份有限公司 投资者调研接待记录表 编号：2020-008TZZ | --- | --- | --- | |----------------|--------------------|--------------------------| | | | | | | ■ | 特定对象调研 □分析师会议 | | 投资者关系活动 | □ | 媒体采访 □业绩说明会 | | | □ | 新闻发布会 □路演活动 | | 类别 | □ 现场参观 | | | | ■其他：电话会议 | | | 参与单位名称及 | 乾元资本：周波 | | | 人员姓名 | 雷峰资本：张立强 | | | | 博雅投资：王万金 | | | | 玖兆投资：刘端岩 | | | | 金中华创投：杨晓琴 | | | | 约脉资本：刘成轩 | | | | 金世富盈：贾纯冶 | | | | 中央金创：赵红星 | | | --- | --- | |----------------|-------------------------------------------------------------- ...

Group 1: Company Performance Overview - In the first three quarters of 2020, the company's revenue increased by 138% year-on-year, with a compound growth rate of 58% quarter-on-quarter [3] - Revenue growth was primarily driven by linear drive products, which saw a year-on-year increase of 240%, contributing 67% to the revenue growth [3] - The cross-border e-commerce segment also contributed significantly, with a year-on-year growth of 151%, accounting for 73% of the revenue growth [3] Group 2: Cross-Border E-commerce Business - The cross-border e-commerce business consists of sales from Amazon and independent sites, with Amazon sales growing by 118% and independent site sales increasing by 406% from January to September [3] - The share of independent site sales in cross-border e-commerce sales was 13%, 21%, and 31% over the quarters [3] - The company aims to transition into a platform-based enterprise by leveraging nearly 10 years of cross-border e-commerce experience [3] Group 3: Production Capacity and Expansion - As of September 2020, the company's monthly production capacity reached 150,000 sets, with ongoing expansions at the Binhai and Vietnam factories to meet increasing sales orders [3][4] - The company has established a manufacturing base of 120,000 square meters in Ningbo and an additional 61,000 square meters in Ho Chi Minh City, Vietnam [4] Group 4: Research and Development - The company has a dedicated R&D team of over 600 people focusing on integrated electromechanical systems, embedded software and hardware, IoT, and 5G technology applications [4] - As of June 2020, the company holds 878 valid patents, including 55 invention patents, establishing a technological and patent barrier in the industry [4] Group 5: Overseas Warehouse Strategy - The company operates 17 overseas warehouses with a total area of 154,000 square meters, including 14 in the United States [5] - The rental yield of overseas warehouses is currently at 6%, providing significant cost advantages compared to leasing [5] - The company has been able to maintain high utilization rates of its warehouses due to the rapid growth of cross-border e-commerce [5] Group 6: Future Growth Drivers - Future growth is expected to come from three main areas: increased penetration of linear drive applications in health and smart home products, complementary 2C and 2B business models, and revenue from public warehouse services and independent site sales [5][6] - The company plans to establish 100 overseas warehouses in the next three years to enhance its logistics and sales capabilities [6]

证券代码：300729 证券简称：乐歌股份 乐歌人体工学科技股份有限公司 投资者调研接待记录表 编号：2021-002TZZ | --- | --- | --- | |-------------------------|---------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | ■特定对象调研 ...

证券代码：300729 证券简称：乐歌股份 编号：2021-004TZZ 乐歌人体工学科技股份有限公司 投资者调研接待记录表 | --- | --- | --- | |-----------------------|---------------------------------------------------------------------------|--------------------------------------------------------------| | 投资者关系活动 \n类别 | ■特定对象调研 \n□媒体采访 \n 新闻发布会 \n■现场参观 \n□其他（请文字说明） | □分析师会议 \n □业绩说明会 \n □路演活动 | | | 德邦证券 毕先磊 | | | 参与单位名称及 | 贤盛投资 马彦仁 | | | 人员姓名 | 东方证券 刘荫泽 | | | | 佳兆伟业 徐静 | | | 时间 | 2021 年 6 月 8 日 | 14:00 至 16:00 | | 地点 | 宁波市鄞州区首南街道学士路 | 536 号金东大厦 19 楼会议室 | | 上市公司接待 ...