（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘您好，关注到《中小学生午休课桌椅通用技术要 求》国家标准将于2026年2月实施。请问公司是否关注到此标准？是否有计划利用自身在线性驱动和人 体工学方面的技术积累，研发和布局符合该标准的午休课桌椅产品？公司如何看待这一新标准带来的市 场空间？ 乐歌股份（300729.SZ）9月18日在投资者互动平台表示，目前公司暂时没有相关产品开发计划，公司将 密切关注行业动态。 ...

Core Viewpoint - The article highlights the success of Beisiqi, a Chinese company specializing in ergonomic home and office products, which has achieved over $500 million in sales in 2024 and competes effectively with established overseas brands [5][16]. Group 1: Company Background and Growth - Beisiqi was founded by engineer Lv Yaqi, who focused on product optimization during the early days of cross-border e-commerce, rather than quick profits from white-label products [6][11]. - The company launched an ergonomic TV mount in 2017, which quickly became a best-seller on Amazon, achieving monthly revenues of up to $800,000 [7][11]. - Beisiqi has expanded its product line from TV mounts to monitor stands and height-adjustable desks, achieving category leadership on Amazon [13][15]. Group 2: Market Insights and Strategy - The global office furniture market is projected to reach $57.51 billion in 2024, with significant growth expected in the U.S. market, driven by demand for ergonomic and modern office solutions [18]. - Beisiqi aims to address unmet user needs in seemingly mature categories by offering innovative designs and smart features, such as voice-controlled TV mounts [9][19]. - The company has received investments from IDG Capital and Anker Innovations, which have accelerated its global expansion and product development [16]. Group 3: Future Directions and Innovations - Beisiqi is focusing on creating smart ergonomic products that enhance user experience, with plans to integrate AI and voice control into its offerings [22]. - The company targets a 20% market demand for smart features in the future, which is expected to contribute significantly to industry profits [22]. - Beisiqi's growth strategy includes continuous double-digit growth, product smartification, high-end differentiation, and deepening offline channels [22].

Core Viewpoint - Jinggong Technology is advancing its exoskeleton robot project, aiming to become a leading provider of high-end specialized equipment and new materials, with a focus on intelligent manufacturing and sustainable development [1][2] Group 1: Company Overview - Jinggong Technology has over 50 years of experience in equipment manufacturing and is committed to leading high-end specialized equipment technology and promoting industrial upgrades [1] - The company focuses on carbon fiber and advanced composite materials, driving innovation in various industries including aerospace, green low-carbon recycling, and intelligent machinery [1] Group 2: Exoskeleton Robot Development - The second generation of the exoskeleton robot, based on the first generation single-joint design, has completed testing and is moving towards mass production [1] - Future development plans include multi-joint exoskeleton assistive robots, aiming for a diverse range of products and industrialization [1] Group 3: Product Features and Target Audience - The AI exoskeleton robot is designed ergonomically to simulate human hip joints, utilizing a smart motor system to enhance movement efficiency while reducing joint load [2] - The product integrates multi-modal sensors and AI algorithms for real-time analysis of user actions, facilitating seamless transitions in various activities [2] - Target user groups include the elderly for joint health management, sports enthusiasts for reduced knee load during activities, rehabilitation patients for accelerated recovery, and professionals needing muscle support to lower occupational strain [2]

Core Viewpoint - The article emphasizes the increasing prevalence of lumbar spine issues in China, particularly among younger populations, and promotes the ergonomic lumbar support product from the company Miqiao as a solution to alleviate discomfort during long drives [5][6][10]. Group 1: Industry Context - The lumbar spine problem population in China has exceeded 200 million, with a trend of younger individuals being affected [5]. - Research indicates that lumbar support can significantly reduce the average intervertebral joint force by 8% and muscle load by 15% compared to seats without lumbar support [6]. Group 2: Product Features - Miqiao's ergonomic lumbar support features a combination of memory foam and air sacs, allowing for dynamic adjustment to provide optimal support [21][25]. - The product is designed to distribute pressure evenly, reducing the occurrence of back pain and sciatica [18]. - The lumbar support is adjustable, catering to various body types and ensuring comfort during prolonged sitting [48][60]. Group 3: Company Background - Miqiao is recognized as a leader in the ergonomic office product sector in China, with a research center located in Germany [12]. - The company has a development team comprising experts from China, Germany, and the Netherlands, focusing on ergonomic product design for 16 years [10]. - Major companies like Tencent, Liepin, and Google have collectively purchased Miqiao's products, indicating strong market validation [14]. Group 4: Pricing and Availability - The lumbar support is offered at a promotional price of 129 yuan, making it an accessible option for consumers [45][87]. - The product is available in multiple colors, including Phantom Gray, Nordic Gray, and Sky Blue, suitable for various settings such as school, work, and travel [39][48].

Core Insights - The learning desk market is experiencing intense competition driven by technological innovation and user experience optimization, with a focus on quality, design, and smart features for children's health and learning needs by 2025 [1] Brand Summaries - **博士有成 (Boshi Youcheng)**: Established in 2004, this brand focuses on children's health with a modern industrial park of nearly 80,000 square meters and over 1,000 service outlets across 300 cities, serving over 5 million families. It has pioneered ergonomic designs and introduced AI technology into learning desks, enhancing safety and convenience [2] - **护童 (Totguard)**: Launched the "易升" system in 2008 to address the issue of children's growth outpacing desk height adjustments, allowing for easy height adjustments to match children's growth [4] - **摩尔 (MOLL)**: A German brand founded in 1925, known for its minimalist design and precision craftsmanship. It revolutionized children's desks with adjustable height and tiltable surfaces, catering to various activities and growth stages [6] - **爱果乐 (igrow)**: Focuses on children aged 3-14, creating a product ecosystem around health that includes learning, sleeping, and exercise. Its desks feature a minimalist design to enhance focus and ergonomic details for comfort [8] - **乐歌 (Loctek)**: Founded in 2002 and listed in 2017, this company specializes in smart height-adjustable desks, promoting a "sit-stand" approach to learning, which helps maintain children's vitality [10] - **光明园迪 (Guangming Yuandi)**: Entered the children's furniture market in 2002, emphasizing health and safety through eco-friendly materials and a commitment to high-quality learning desks [12] - **大将作 (Kid2youth)**: A Taiwanese brand with 25 years of experience, known for high-quality furniture and its E6 electric growth desk set, which combines ergonomic design with electric height adjustment [14] - **康朴乐 (COMF-PRO)**: Established in 1984, this brand adheres to high European standards in materials, offering desks that support quick height adjustments and ergonomic chair designs for children's safety and flexibility [16] - **2平米 (2 Ping Mi)**: A brand under Hangzhou Ruid Design Company, focusing on original designs that promote good learning habits, recognized for its ergonomic standards and leading sales in high-end wooden desks [18] - **黑白调 (Hbada)**: A health-focused home brand with 16 years of experience in ergonomic research, known for its innovative designs that enhance comfort and efficiency in learning environments [20] Industry Trends - The top ten brands are collectively driving technological upgrades and experiential innovations in the learning desk industry, emphasizing smart exploration, growth adaptability, material safety, and scene integration to support children's healthy learning [22]

Core Viewpoint - The company reported a 29.6% increase in revenue to 3.145 billion yuan for 1H25, but a 19.5% decline in net profit attributable to shareholders to 129 million yuan, slightly below expectations due to increased last-mile delivery costs and challenges in the overseas warehouse business [1] Revenue Performance - Revenue for 1H25 increased by 29.6% to 3.145 billion yuan, with a quarterly breakdown showing a 37.7% increase in Q1 and a 22.6% increase in Q2 [1] - The overseas warehouse segment saw a significant revenue increase of 84.3% to 1.57 billion yuan, accounting for 49.9% of total revenue, driven by higher e-commerce penetration in the U.S. and the expansion of domestic cross-border enterprises [2] - The ergonomic product line generated 1.38 billion yuan in revenue, a 3.5% increase, with sales of ergonomic chairs, electric sofas, and electric beds doubling [2] Profitability and Margins - The gross margin for 1H25 decreased by 5.7 percentage points to 25.7%, influenced by the revenue structure shift towards overseas warehouses [3] - The gross margins for ergonomic products and overseas warehouses were 41.5% and 9.7%, respectively, with the latter experiencing a decline of 5.3 percentage points [3] - The net profit margin and adjusted net profit margin fell to 4.1% and 2.5%, respectively, due to high management expenses and the impact of new warehouse operations [3] Future Outlook - The ergonomic business is expected to grow steadily due to strong brand presence overseas and the introduction of new product categories [3] - The profitability of overseas warehouses is anticipated to improve as demand for cross-border e-commerce remains strong and operational efficiencies are realized [3] Earnings Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 26% and 11% to 300 million yuan and 430 million yuan, respectively [4] - The current price corresponds to 17 and 12 times the projected P/E ratios for 2025 and 2026, with an 18% upside potential based on the maintained target price [4]

Company Overview - Shenzhen Xihao Intelligent Home Furnishing Co., Ltd. is a leading ergonomic chair company established in 2011, headquartered in Shenzhen, with a supply chain based in Foshan. The company has achieved annual growth rates of 30%-50% since 2017 and expects to surpass 2 billion in sales this year [1][6][14]. Sales and Market Position - Xihao's projected sales for 2024 are nearly 1.6 billion, with products sold in 85 countries and regions, achieving annual sales of over 1.5 million units [1][12]. - The company aims to maintain over 30% annual growth for the next decade, with a target of doubling its scale in three years and quadrupling it in five years [1][14]. Product Development and Innovation - The ergonomic chair market is experiencing a significant increase in demand, with a projected 43% year-on-year growth in the online market for ergonomic chairs in 2024, driven by a rising number of lumbar disease patients in China [8][10]. - Xihao invests 13%-16% of its profits into research and development, with over 100 R&D staff making up 20% of the company's non-manufacturing workforce [10][16]. Market Challenges and Strategies - The company faced challenges in 2014 due to market homogenization, leading to a significant drop in product prices and inventory issues. Xihao responded by focusing on core business areas and investing in technological innovation [7][11]. - Xihao successfully entered the overseas market in 2018, selling its M18 ergonomic chair on Amazon at a competitive price of around $200, which led to rapid sales growth [11][12]. Future Market Potential - The current domestic ergonomic chair market is estimated at 400-500 billion, while the global market exceeds 2 trillion. With the potential for every household to own an ergonomic chair, the market could grow to 4-5 trillion [14][15]. - Xihao's vision includes making ergonomic chairs a universal product, with plans for three phases of market penetration: one chair per household, one chair per person, and ultimately two chairs per person [14][15].

Core Insights - The article highlights the success of Guangming Yuandi in the children's study desk market, which has maintained a 30% higher price than competitors while being the top seller in the mid-to-high-end segment for five consecutive years. This phenomenon is attributed to a shift in parenting perspectives towards health and scientific management of children's growth, moving from basic functionality to value-based considerations [1] Product Safety and Standards - Guangming Yuandi emphasizes material safety by using E0 grade solid wood particle board, with formaldehyde release as low as 0.012mg/L, significantly below the national E1 standard limit of 0.15mg/L. The use of UV varnish on the desktop ensures durability, maintaining the original wood texture even after over 10,000 wear tests. This commitment to safety addresses parents' concerns about hidden health risks [2] Growth Adaptation System - The company has developed a growth adaptation system supported by over 500 patents, incorporating ergonomic designs that provide elbow support and adjustable desktop angles from 0° to 40°. This system is designed to accommodate children's growth from ages 3 to 18, promoting healthy sitting postures and reducing spinal pressure through scientifically backed design [3] Service Model Transformation - Guangming Yuandi has transitioned from merely selling products to offering a comprehensive growth management service. With over 1,600 stores nationwide, the company provides an immersive shopping experience and dedicated installation services, creating a closed-loop system of "product + service." Parents are willing to pay a 30% premium for a long-term health management solution that supports their children's educational journey [4]

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Lekai Ergonomic Technology Co., Ltd. at A+ with a stable outlook, reflecting the company's competitive advantages and financial performance despite certain risks [1][3]. Company Overview - Lekai Ergonomic Technology Co., Ltd. specializes in the research, production, and sales of smart home and office products, with a focus on ergonomic solutions [3][6]. - The company has a comprehensive value chain model, maintaining competitive advantages in product development and online marketing [3][6]. Financial Performance - The company reported a significant increase in total operating revenue, with a year-on-year growth of 45.33% in 2024, driven by rising demand for ergonomic products and rapid growth in its overseas warehouse business [6][18]. - The total profit for 2024 was 3.95 billion yuan, reflecting a decrease of 50.41% compared to the previous year, primarily due to reduced gains from overseas warehouse disposals [18][19]. - As of the end of 2024, the company's total assets reached 101.51 billion yuan, with total liabilities of 50.88 billion yuan, indicating a debt burden that has increased by 75.87% year-on-year [5][6]. Market Environment - The global smart home market is projected to grow, with China's market expected to reach approximately 784.8 billion yuan in 2024, indicating a stable growth trajectory for the industry [11][12]. - The ergonomic product segment is experiencing increased penetration in the domestic market, driven by rising consumer demand and awareness [11][12]. Risks and Challenges - The company faces risks related to currency fluctuations, particularly as 91.33% of its overseas sales are denominated in USD, exposing it to exchange rate volatility [6][18]. - Increased operational costs due to rising expenses, which accounted for 24.05% of total revenue in 2024, are eroding profit margins [6][18]. - The company has significant capital expenditure pressures, with ongoing investments in overseas warehouse projects requiring substantial funding [6][18]. Competitive Position - Lekai Ergonomic Technology Co., Ltd. is recognized as one of the early entrants in the ergonomic furniture manufacturing sector in China, with a strong focus on innovation and design [15][16]. - The company has established a robust research and development framework, holding 1,287 valid patents, including 153 invention patents, which supports its competitive edge in product development [15][16]. Future Outlook - The expansion of the public overseas warehouse business is expected to enhance the company's profitability and operational efficiency [4][6]. - Potential factors that could lead to an upgrade in the company's rating include significant improvements in capital strength and a substantial increase in market demand for ergonomic products [4][6].

Core Insights - The 618 sales event showcased significant growth for the company, with a 92% year-on-year increase in sales on JD.com and a 338% increase on Douyin, establishing the brand as a leader in the ergonomic chair industry [1][7] - The flagship product, the Black and White E3 chair, saw a 186% increase in sales on JD.com and a 294.8% increase on Douyin, highlighting its popularity and high customer satisfaction [1] - The Black and White P2Pro chair experienced a 196% increase in sales on JD.com and a 392.7% increase on Douyin, reinforcing its position as a cost-effective option in the ergonomic chair market [1] - The Black and White X7 chair, launched only a year ago, has quickly become the top choice in the 4K price segment for smart ergonomic chairs, thanks to its innovative back support technology [1] Market Position - The company has achieved multiple industry firsts during the 618 event, including top sales in various price segments: the 5000 yuan segment, the 2000 yuan segment in terms of growth, and the 1000 yuan segment [4] - With over 10 million users served globally and partnerships in more than 30 countries, the company has consistently ranked first in industry sales [7] - The company has received numerous certifications from professional organizations, further solidifying its reputation as a leading brand in the ergonomic chair market [7] Industry Trends - The global ergonomic chair market is experiencing continuous expansion, driven by increasing consumer focus on health and comfort, as well as advancements in product design and technology [9] - The company is enhancing its global market presence by developing both online sales systems and offline experiences, despite facing intense competition [9] - The brand is committed to innovation and differentiation in product design, aiming to improve the health of users who spend long hours sitting [9]