Core Viewpoint - Lege Co., Ltd. reported a net profit attributable to shareholders of 130 million yuan for H1 2025, a year-on-year decrease of 19%, with Q2 net profit at 80 million yuan, down 4% year-on-year [1] Group 1: Financial Performance - The company achieved a net profit of 130 million yuan in H1 2025, reflecting a 19% decline compared to the previous year [1] - In Q2 2025, the net profit attributable to shareholders was 80 million yuan, showing a 4% decrease year-on-year [1] Group 2: Business Operations - The company experienced significant growth in overseas warehouse revenue, benefiting from increased e-commerce penetration in the U.S. and accelerated cross-border e-commerce from China [1] - Lege Co., Ltd. has solidified its leading position and good reputation in the large-item overseas warehouse sector [1] Group 3: Market Performance - The European market showed outstanding performance, with the utilization rate of the German warehouse exceeding 70%, achieving profitability [1] Group 4: Automation and Efficiency - The company introduced pre-sorting assembly lines, automatic labeling lines, and AGV handling in core warehouses on the East and West coasts of the U.S., significantly enhancing operational efficiency and sorting accuracy [1] - A deep collaboration with FedEx has been established to create local pickup SOPs, implement in-warehouse pre-sorting, and standardize "first gun" operations, addressing capacity bottlenecks and greatly improving last-mile delivery timeliness [1] Group 5: Profitability Outlook - The overseas warehouse business has consistently remained profitable, with economies of scale beginning to manifest [1] - The company has adjusted its profit forecast considering potential impacts from tariffs and maintains a "buy" rating [1]

Core Insights - Lege Co., Ltd. reported a net profit attributable to shareholders of 130 million yuan for H1 2025, a year-on-year decrease of 19%, with Q2 net profit at 80 million yuan, down 4% year-on-year [1] Group 1: Financial Performance - The company experienced a decline in net profit for the first half of 2025, with a significant drop compared to the previous year [1] - The second quarter showed a slight improvement in net profit decline, indicating some stabilization [1] Group 2: Business Operations - Lege Co., Ltd. saw substantial growth in overseas warehouse revenue, benefiting from increased e-commerce penetration in the U.S. and accelerated cross-border e-commerce from China [1] - The company maintains a leading position and strong reputation in the large-item overseas warehouse sector [1] Group 3: Market Performance - The European market performed exceptionally well, with the utilization rate of the German warehouse exceeding 70% and achieving profitability [1] Group 4: Automation and Efficiency - The company has introduced pre-sorting assembly lines, automatic labeling lines, and AGV handling in core warehouses on the East and West coasts of the U.S., significantly enhancing operational efficiency and sorting accuracy [1] - A deep collaboration with FedEx has been established to create local pickup SOPs, implement in-warehouse pre-sorting, and standardize "first gun" operations, addressing capacity bottlenecks and improving last-mile delivery efficiency [1] Group 5: Profitability Outlook - The overseas warehouse business remains consistently profitable, with economies of scale beginning to manifest [1] - Adjustments to profit forecasts have been made considering potential tariff impacts, while maintaining a "buy" rating for the stock [1]

公司于近日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 〔2025〕MTN943 号），交易商协会决定接受公司科技创新债券注册。主要内容如下： 一、公司本次注册基础品种为中期票据，注册金额为 8 亿元，注册额度自《接受注 册通知书》（中市协注〔2025〕MTN943 号）落款之日起 2 年内有效，由浙商银行股份 有限公司主承销。 二、公司在注册有效期内可分期发行科技创新债券，接受注册后如需备案发行，应 事前向交易商协会备案。公司应按照有权机构决议及相关管理要求，进行发行管理。发 行完成后，应通过交易商协会认可的途径披露发行结果。 | | | 乐歌人体工学科技股份有限公司 关于中期票据科技创新债券获准注册的公告 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。 乐歌人体工学科技股份有限公司（以下简称"公司"）于 2025 年 7 月 31 日召开的 第五届董事会第四十四次会议审议通过了 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等 值人民币 8 亿元的中期票 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Views - The company has experienced significant growth in its overseas warehouse business, with revenue from this segment increasing by 84% year-on-year [1][2] - The company's ergonomic product series generated revenue of 1.4 billion, a 3% increase year-on-year, while the gross margin improved by 1.3 percentage points to 41.46% [1] - The company has established itself as a leading player in the large-item overseas warehouse sector, benefiting from increased e-commerce penetration in the U.S. and accelerated cross-border e-commerce from China [1][3] Financial Performance - In the first half of 2025, the company achieved revenue of 3.14 billion, a 30% increase year-on-year, while net profit attributable to the parent company was 130 million, down 19% year-on-year [1] - The company's gross margin for logistics services was 9.7%, reflecting a decrease of 5 percentage points [1] - The company completed 14,960 TEU of destination port trucking and processed 28,964 TEU in its warehouses, with a total of 9.1 million packages shipped [3] Automation and Efficiency - The company has implemented automated sorting lines and AGV handling in its core warehouses, significantly enhancing operational efficiency and sorting accuracy [2] - The company upgraded its WMS system to include automated wave picking and visual monitoring, leading to refined management of operational processes [2] - The collaboration with FedEx has improved delivery efficiency and customer experience, contributing to the growth of the overseas warehouse business [2] Revenue Projections - The revenue forecast for 2025-2027 has been adjusted to 6.8 billion, 7.9 billion, and 9 billion respectively, with net profit projections of 310 million, 380 million, and 460 million [4][8]

Group 1 - The company announced that its Vice President, Pan Yunping, reduced her shareholding due to personal financial needs [1] - The reduction occurred between June 26, 2025, and September 25, 2025, involving the sale of 99,870 shares, which represents 0.03% of the company's total share capital [1] - After the reduction, Pan Yunping holds 666,731 shares, accounting for 0.20% of the company's total share capital [1]

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-074 | | --- | --- | --- | | 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 高级管理人员股份减持计划时间届满暨减持股份结果的公告 公司副总经理泮云萍女士保证向本公司提供的信息内容真实、准确、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公告内容与信息披露义务人提供的信息一致。 乐歌人体工学科技股份有限公司（以下简称"公司"）于 2025 年 6 月 4 日披露了 《关于公司董事兼高级管理人员减持股份预披露的公告》（公告编号：2025-042）。公 司副总经理泮云萍女士因自身资金需求，计划自减持计划披露之日起 15 个交易日后的 三个月内（即 2025 年 6 月 26 日至 2025 年 9 月 25 日），通过集中竞价方式减持公司股 份不超过 100,000 股（占公司总股本比例 0.03%）。 今日收到公司副总经理泮云萍女士出具的《关于股份减持计划实施完成的告知 函》。2025 年 6 月 26 日至 2025 年 9 月 25 日期间，泮 ...

Group 1 - The shipping sector experienced a decline of 1.52%, ranking among the top declines in concept sectors, with notable drops in stocks such as Nanjing Port and Ningbo Maritime [1][2] - Among the stocks in the shipping sector, 11 stocks saw price increases, with China National Foreign Trade rising by 7.44%, Lege Co. by 2.70%, and Rongfa Nuclear Power by 2.17% [1][4] - The shipping sector faced a net outflow of 9.67 billion yuan from major funds, with 54 stocks experiencing net outflows, and China Shipbuilding leading with a net outflow of 1.60 billion yuan [2][3] Group 2 - Major stocks with significant net outflows included China Shipbuilding (-0.85%), China Merchants Energy (-3.46%), and Junzheng Group (-1.14%) [2][3] - Conversely, stocks with notable net inflows included CIMC Group (86.19 million yuan), Shanghai Port Group (25.20 million yuan), and Tangshan Port (23.27 million yuan) [2][4] - The shipping sector's performance was characterized by a mix of declines and a few gains, indicating volatility within the market [1][2]

Group 1 - The company, Lega Co., announced the convening of its 41st meeting of the 5th Board of Directors on June 25, 2025, and the first temporary shareholders' meeting on August 12, 2025, to review the proposal regarding changes to the company's registered capital and amendments to the business registration [2] - The company has recently completed the relevant business registration changes and obtained a new business license [2]

关于使用部分暂时闲置募集资金进行现金管理的进展公告 | 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-072 | | --- | --- | --- | | 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 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"或"乐歌股份"）于2024年 11月8日召开第五届董事会第三十五次会议及第五届监事会第二十八次会议，审议通 过了《关于使用部分暂时闲置募集资金进行现金管理的议案》,同意公司在确保不影 响募集资金投资项目建设和正常生产经营的情况下，使用不超过人民币55,000.00万 元的暂时闲置募集资金进行现金管理，用于购买安全性高、流动性好、有保本约定的 理财产品。在该额度范围内，资金可循环滚动使用，使用期限自第五届董事会第三十 五次会议审议通过之日起十二个月内有效。公司董事会、监事会、保荐机构国泰君安 证券股份有限公司均发表了明确的同意意见，具体内容详见公司在巨潮资讯网 （http://www.cninfo.com ...

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-073 | | --- | --- | --- | | 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 关于完成工商变更登记并换发营业执照的公告 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。 法定代表人：项乐宏 经营范围：一般项目:技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；机械电气设备制造；家具零配件生产；家具制造；第一类医疗器 械生产；微特电机及组件制造；电子元器件与机电组件设备制造；家居用品制造； 体育用品及器材制造；电机及其控制系统研发；机械设备销售；技术进出口；进 出口代理；货物进出口；第一类医疗器械销售；第二类医疗器械销售；家具零配 件销售；微特电机及组件销售；电子元器件与机电组件设备销售；体育用品及器 材批发;体育用品及器材零售；办公用品销售；家居用品销售；软件销售；软件 开发；人工智能应用软件开发；人工智能理论与算法软件开发；人工智能基础软 件开发；信息咨询服务(不含许可类信息咨询服务)；网络与信息安全软件开发( ...