乐歌人体工学科技股份有限公司 第六届董事会第三次会议决议公告 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。 一、董事会会议召开情况 | 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-078 | | --- | --- | --- | | 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（以下简称"公司"）第六届董事会第三 次会议于 2025 年 10 月 23 日在宁波市鄞州区首南街道学士路 436 号乐歌大厦会 议室以现场结合通讯的方式召开。会议通知已于 2025 年 10 月 17 日通过邮件的 方式送达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人。 会议由董事长、总经理项乐宏主持，公司部分高管列席。会议召开符合有 关法律、法规、规章和《公司章程》的规定。 具体内容详见公司披露于巨潮资讯网（http://www.cninfo.com.cn）的《2025 年第三季度报告》（公告编号：2025-080)。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 （二）审议通过《关于调整 ...

Core Viewpoint - The company reported a revenue increase in Q3 but experienced a significant decline in net profit compared to the previous year [1] Financial Performance - Q3 revenue reached 1.702 billion yuan, representing a year-on-year growth of 9.93% [1] - Q3 net profit was 39.9728 million yuan, showing a year-on-year decline of 62.01% [1] - Revenue for the first three quarters totaled 4.846 billion yuan, with a year-on-year increase of 21.92% [1] - Net profit for the first three quarters was 169 million yuan, reflecting a year-on-year decrease of 36.33% [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥1,701,636,240.08, representing a year-on-year increase of 9.93%[6] - Net profit attributable to shareholders decreased by 62.01% to ¥39,972,759.71 in Q3 2025, while year-to-date net profit fell by 36.33% to ¥168,977,969.06[6] - Basic and diluted earnings per share for Q3 2025 were both ¥0.1171, down 65.28% compared to the same period last year[6] - Total operating revenue for the current period reached ¥4,846,208,619.06, an increase of 21.8% compared to ¥3,975,061,381.27 in the previous period[22] - Net profit for the current period was ¥168,976,571.77, a decrease of 36.4% from ¥265,412,477.25 in the previous period[23] - Basic and diluted earnings per share were CNY 0.4949, down from CNY 0.8504 in the previous period[24] Assets and Liabilities - The total assets as of September 30, 2025, amounted to ¥10,157,734,865.01, showing a slight increase of 0.06% from the end of the previous year[6] - Current assets decreased to ¥3,670,513,274.56 from ¥4,143,121,550.29, a decline of 11.4%[19] - Total liabilities decreased to ¥6,490,727,764.57 from ¥6,498,048,824.01, a reduction of 0.1%[20] - Long-term borrowings rose to ¥1,151,491,611.87 from ¥901,550,000.00, an increase of 27.7%[20] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥606,148,819.62, up 22.34% compared to the previous year[6] - Cash inflow from operating activities was CNY 5,715,539,992.67, compared to CNY 4,145,396,129.85 in the previous period, representing an increase of approximately 37.9%[25] - Net cash flow from operating activities was CNY 606,148,819.62, up from CNY 495,481,378.57, indicating a growth of about 22.4%[26] - Cash inflow from investment activities totaled CNY 5,374,538,101.37, compared to CNY 3,157,383,888.02 in the previous period, marking an increase of approximately 70%[26] - The net cash flow from investment activities was CNY -808,545,146.58, worsening from CNY -230,241,578.96 in the previous period[26] - Cash inflow from financing activities was CNY 3,688,050,306.80, slightly up from CNY 3,506,076,893.18 in the previous period[26] - The net cash flow from financing activities was CNY 85,897,722.56, down from CNY 399,465,408.55 in the previous period[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 20,769[13] - The largest shareholder, Ningbo Lijing Electronics Group Co., Ltd., holds 20.40% of shares, amounting to 69,704,758 shares, with 25,806,000 shares pledged[13] - The second-largest shareholder, Lijing (Hong Kong) International Co., Ltd., holds 14.58% of shares, totaling 49,801,028 shares[13] - The company plans to repurchase shares worth between RMB 50 million and RMB 100 million, having already completed the purchase of 3,515,380 shares, representing 1.03% of total shares, for RMB 50,482,019.38[16] - The company’s major shareholders control a combined 47.53% of the shares, indicating significant ownership concentration[13] Research and Development - Research and development expenses increased by 34.59% to ¥159,966,041.52 in the first three quarters of 2025, reflecting the company's commitment to growth[11] - Research and development expenses increased to ¥159,966,041.52, compared to ¥118,856,609.47, marking a rise of 34.6%[23] Other Financial Metrics - The company recorded a total of ¥6,705,697.07 in non-recurring gains and losses for the current period, down from ¥57,209,267.37 year-to-date[7] - The company’s weighted average return on equity for the year-to-date period was 4.68%, a decrease of 3.87% compared to the previous year[6] - The total comprehensive income for the period was CNY 110,545,122.11, a decrease from CNY 230,934,070.77 in the previous period[24] - The ending balance of cash and cash equivalents was CNY 2,182,996,635.99, compared to CNY 2,014,320,714.51 in the previous period[26] Share Restrictions - The number of restricted shares held by Xiang Lehong decreased from 12,119,554 to 11,286,221 after releasing 833,333 shares[14] - The total number of restricted shares held by Jiang Yi increased to 9,272,824 after releasing 2,318,206 shares[14] - The company has a total of 43,042,757 shares under management, with 24,076,054 shares currently restricted[15] - The company has no changes in the top 10 shareholders due to securities lending activities[14] Audit Information - The third quarter financial report was not audited[27]

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 调整 2025 年度日常关联交易预计金额的核查意见 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，对乐歌股份调整 2025 年度日常关联交易预计金额的事项进行了审慎核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易概述 1、乐歌股份于 2025 年 4 月 18 日、2025 年 5 月 12 日分别召开第五届董事 会第三十七次会议和 2024 年度股东会，审议通过了《关于 2025 年度日常关联交 易预计的议案》，公司（包括合并范围内的子公司，下同）拟定的 2025 年度日 常关联交易总额不超过 8,055.20 万元，2026 年 1-5 月预计日常关联交易总金额 不超过 4,030.50 万元。具体内容详见公司于 2025 年 4 月 2 ...

Core Viewpoint - The Shanghai Composite Index closed at 3916.23 points, above the annual line, with a slight increase of 0.10% on the day, and the total trading volume of A-shares reached 1,948.66 billion yuan [1][2] Group 1: Market Performance - As of the latest close, 19 A-shares have surpassed the annual line, indicating positive market sentiment [1] - The stocks with the largest deviation rates include Shenglong Co., Changshan Beiming, and Youlide, with deviation rates of 9.96%, 3.76%, and 2.52% respectively [1] - The total trading volume for A-shares today was 1,948.66 billion yuan, reflecting active market participation [1] Group 2: Individual Stock Highlights - Shenglong Co. (603178) saw a daily increase of 10.00% with a turnover rate of 9.13% and a latest price of 21.45 yuan, resulting in a deviation rate of 9.96% [1] - Changshan Beiming (000158) increased by 9.98% with a turnover rate of 9.68%, latest price at 24.57 yuan, and a deviation rate of 3.76% [1] - Youlide (688628) experienced a 4.23% increase, with a turnover rate of 2.91%, latest price of 36.22 yuan, and a deviation rate of 2.52% [1]

Market Overview - The Shanghai Composite Index is at 3916.86 points, above the annual line, with a change of 0.12% [1] - The total trading volume of A-shares is 909.4 billion yuan [1] Stocks Breaking Annual Line - A total of 20 A-shares have surpassed the annual line today, with notable stocks including: - Shenglong Co., Ltd. (603178) with a deviation rate of 9.96% - Lege Co., Ltd. (300729) with a deviation rate of 2.14% - Jinguang Co., Ltd. (300510) with a deviation rate of 1.75% [1] Deviation Rate Rankings - The following stocks have the highest deviation rates after breaking the annual line: - Shenglong Co., Ltd. (603178): Today's change of 10.00%, turnover rate of 4.72%, latest price at 21.45 yuan [1] - Lege Co., Ltd. (300729): Today's change of 4.01%, turnover rate of 4.10%, latest price at 15.58 yuan [1] - Jinguang Co., Ltd. (300510): Today's change of 2.00%, turnover rate of 5.62%, latest price at 4.60 yuan [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the annual line include: - Changjiang Electric Power (600900): Today's change of 0.36%, latest price at 28.03 yuan, deviation rate of 0.01% [2] - Beiqi Blue Valley (600733): Today's change of 3.05%, latest price at 8.11 yuan, deviation rate of 0.03% [2] - Hongcheng Environment (600461): Today's change of 0.22%, latest price at 9.10 yuan, deviation rate of 0.05% [2]

Investment Rating - The report maintains a positive outlook on the light industry and paper sector for Q3 2025, indicating a favorable investment rating [1]. Core Insights - The globalization of supply chains is accelerating changes in the packaging landscape, with leading companies increasing their market share and improving profitability [2]. - Q3 2025 is expected to see a divergence in performance among companies, influenced by supply chain advantages and growth potential [2]. - The report highlights specific companies with projected revenue and profit growth, indicating a robust performance in certain segments despite challenges in others [5][6]. Summary by Sections Packaging and Printing - Companies like Yutong Technology and Baosteel Packaging are expected to see slight revenue growth, while others like Meiyingsen may face revenue pressure but maintain profit growth [2][3]. - The overall packaging sector is benefiting from the global supply chain shift, with many companies reporting stable or improving profit margins [2][3]. Export Sector - Companies such as Jiangxin Home and Qianjiang Motorcycle are projected to experience significant revenue growth, with estimates of over 30% for Q3 2025 [6][7]. - The report notes that the export sector is showing resilience, with several companies adapting well to changing market conditions [6][7]. Two-Wheel and Motorcycle Sector - Companies like Aima Technology and Spring Wind Power are expected to report revenue growth of over 10% in Q3 2025, driven by seasonal demand and market adjustments [10][11]. - The sector is experiencing a mix of growth and challenges, with some companies facing declines due to regulatory changes [10][11]. Home Furnishing Sector - The report indicates that companies like Oppein Home and Kuka Home are facing revenue declines, while others like Joy Home are expected to show resilience with slight growth [12][14]. - The home furnishing market is under pressure from policy changes, but some segments are performing better than others [12][14]. Light Consumer Goods - Companies such as Dongkang Oral and Jeya are projected to see significant revenue and profit growth, with estimates indicating over 60% growth for Jeya in Q3 2025 [13][16]. - The light consumer goods sector is showing a positive trend, with several companies benefiting from strong demand and effective marketing strategies [13][16]. Paper Industry - The report anticipates a mixed performance in the paper sector, with some companies like Sun Paper expected to see profit declines due to price pressures, while others may experience stability [18][19]. - The paper industry is facing challenges from raw material price fluctuations, but certain segments are expected to maintain profitability [18][19].

Market Overview - The home goods sector increased by 0.07% on October 14, with Hao Tai Tai leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Top Performers - Hao Tai Tai (603848) closed at 22.13, up 9.99% with a trading volume of 104,800 shares and a turnover of 227 million yuan [1] - Sea Owl (002084) closed at 4.52, up 9.98% with a trading volume of 573,900 shares and a turnover of 252 million yuan [1] - Yu Ma Technology (300993) closed at 19.35, up 5.39% with a trading volume of 264,400 shares and a turnover of 506 million yuan [1] Underperformers - Jiangshan Oupai (603208) closed at 15.26, down 5.63% with a trading volume of 177,200 shares and a turnover of 283 million yuan [2] - Filinger (603226) closed at 45.08, down 4.09% with a trading volume of 161,500 shares and a turnover of 758 million yuan [2] - Qi Sheng Technology (603610) closed at 18.52, down 3.94% with a trading volume of 228,500 shares and a turnover of 433 million yuan [2] Capital Flow - The home goods sector experienced a net outflow of 26.59 million yuan from institutional investors and 53.19 million yuan from speculative funds, while retail investors saw a net inflow of 79.79 million yuan [2] - The capital flow for individual stocks in the home goods sector is detailed in the following table [3] Individual Stock Capital Flow - Sea Owl (002084) had a net inflow of 93.29 million yuan from institutional investors, but a net outflow of 36.74 million yuan from speculative funds and 56.54 million yuan from retail investors [3] - Hao Tai Tai (603848) saw a net inflow of 36.04 million yuan from institutional investors, with net outflows from both speculative and retail investors [3] - Yu Ma Technology (300993) had a net inflow of 29.99 million yuan from institutional investors, but a net outflow from retail investors [3]

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-077 | | --- | --- | --- | | 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 关于乐歌转债 2025 年付息的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示 1、"乐歌转债"（债券代码：123072）将于 2025 年 10 月 21 日支付第五年 利息，每 10 张"乐歌转债"（面值 1,000 元）利息为 35.00 元（含税）。 2、债权登记日：2025 年 10 月 20 日 3、除息日：2025 年 10 月 21 日 4、付息日：2025 年 10 月 21 日 5、本次付息期间及票面利率：计息期间为 2024 年 10 月 21 日至 2025 年 10 月 20 日，票面利率为 3.50%。 6、"乐歌转债"本次付息的债权登记日为 2025 年 10 月 20 日，截止至 2025 年 10 月 20 日下午深圳证券交易所收市后，在中国证券登记结算有限责任公司深 圳分公司（以下简称"中国结算 ...

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-076 | | --- | --- | --- | | 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 年第三季度可转换公司债券转股情况公告 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。 特别提示 1、"乐歌转债"（债券代码：123072）转股期为 2021 年 4 月 27 日至 2026 年 10 月 20 日；最新有效的转股价格为 32.91 元/股。 2、2025 年第三季度，共有 120 张"乐歌转债"完成转股（票面金额共计 12,000 元人民币），合计转成 363 股"乐歌股份"股票（股票代码：300729）。 3、截至 2025 年第三季度末，公司剩余可转债票面总金额为 141,806,800.00 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》的有关规定，乐歌人体工学科技股 份有限公司（以下简称"公司"）现将 2025 年第三季度可转换公司债 ...