依托"跨境电商+产业带"，凭借对消费需求的敏锐捕捉、数字化工具的娴熟运用、供应链的极致优化以 及对用户体验的持续深耕，丹阳眼镜在国际市场话语权持续提升，目前丹阳年产镜片近8亿片，是全球 最大的镜片生产基地。今年前7个月，丹阳市眼镜及零件出口28.5 亿元，同比增长5.4%。 今年以来，江苏外贸企业紧盯新业态发展，加力拓展外贸新的增量空间，在政策红利持续释放、企业创 新加速突围的"双轮驱动"下，前7个月，江苏跨境电商进出口增长82.6%。 在镇江丹阳的这家跨境电商企业仓库里，拣货员快速穿梭于4000款眼镜的货架间，寻找对应款式，海外 消费者在企业搭建的独立站上选好镜框、上传验光数据，订单便实时跨越重洋抵达这里。 镇江丹阳市泽鹿光学科技有限公司拣货员吴胜辉说："这种是数量最多的眼镜架，基本可以说是爆款。" 每天超过5000份订单在这里完成分拣，上万副眼镜整装待发，通过空运奔向全球。与传统眼镜产品不 同，企业负责人介绍，他们的设计紧扣北美潮流，色彩大胆明快，每一季团队都会推出数百款新品，以 满足不同穿搭需求。这种"快时尚"策略，精准击中了海外年轻消费者追求个性的心理。前7个月企业出 口眼镜超100万副。 镇江丹阳市 ...

乐歌股份最新股价报14.81元，较前一交易日上涨0.22元。盘中最高触及14.85元，最低下探至14.66元， 成交量为68966手，成交金额达1.02亿元。 该公司主营业务为人体工学产品的研发、生产和销售，主要产品包括升降桌、升降台等办公健康设备。 乐歌股份总部位于宁波，产品远销海外多个国家和地区。 根据公告，乐歌股份将于8月12日召开2025年第一次临时股东大会。会议将审议包括变更注册资本、修 订公司章程、选举新一届董事会成员以及拟注册发行中期票据等多项议案。 从资金流向来看，8月11日主力资金净流出21.61万元，近五个交易日累计净流出1249.45万元。 风险提示：股市有风险，投资需谨慎。本文所载信息仅供参考，不构成投资建议。 ...

浙江杭州钱塘区的圣奥智造基地电商产品包装区，员工正打包一批升降桌。"最近订单回暖。"圣奥跨境 电商部门总监叶敬凡说。 圣奥是一家提供办公商用空间解决方案的企业。今年上半年，全球贸易形势复杂多变，公司跨境电商业 务受到冲击。"考虑到关税的不确定性，我们备货计划相对保守，在美库存不足，部分产品断货。"叶敬 凡说。 对于电商渠道，当时圣奥既没团队，又没经验。一开始，公司选择外包模式，将电商运营业务全权交给 第三方服务商打理，但服务商责任心不够，一年下来，好几个货柜的产品滞销在国外仓库。 探索不止。以往，圣奥更多采用自行备货、销售、配送等方式，订单和库存压力大。去年，圣奥尝试改 变模式，由合作的第三方电商平台作为采购方，直接向圣奥下单，平台承担发货、退货及库存风险，而 圣奥只要按订单批量供货至指定仓库。这不仅降低了库存风险，还节约了不少尾程物流配送成本。今 年，公司打算把这种模式运用到欧洲、日本等重点市场。 经历了上半年的业务回调，叶敬凡和团队对未来的发展路径更为清晰："我们要结合以往销售数据和未 来销售预期，利用大数据模型，自动化调整备货品类、发货数量，提高海外库存的周转效率，构建更敏 捷、更抗风险的跨境运营体系。 ...

Core Viewpoint - The company Saint-O is adapting its cross-border e-commerce strategy in response to changing global trade conditions, focusing on improving inventory management and leveraging government support to enhance operational efficiency [1][2][3]. Group 1: Business Strategy and Adaptation - Saint-O has experienced a rebound in order volume after initially facing challenges due to global trade complexities and inventory shortages in the U.S. market [1][2]. - The company has shifted its strategy to enhance responsiveness by seeking better suppliers and utilizing big data models to analyze market demand and predict order trends, thereby reducing inventory risks [1][3]. - The establishment of a cross-border e-commerce team in 2019 marked a significant turning point, leading to over 8 million yuan in sales that year [2]. Group 2: Government Support and Policy Environment - The local government has provided substantial support through training programs on international business management, tax compliance, and marketing, which has facilitated the company's cross-border operations [1][2]. - The implementation of the cross-border e-commerce comprehensive pilot zone 2.0 in Hangzhou has improved payment and settlement processes, further aiding the company's growth [1]. Group 3: Market Expansion and Operational Efficiency - Saint-O's cross-border e-commerce now accounts for one-third of its overseas business, with products available on major platforms like Amazon [3]. - The company has adopted a new model where third-party platforms place orders directly, reducing inventory pressure and logistics costs, which will be expanded to key markets in Europe and Japan [3]. - Future plans include using historical sales data and predictive analytics to optimize inventory turnover and create a more agile cross-border operation system [3].

Core Viewpoint - The company demonstrated robust revenue growth in 2024, with a notable increase in new customers, channels, and projects, while maintaining a strong performance in both domestic and international markets [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 4.749 billion, net profit attributable to shareholders of 296 million, and net profit excluding non-recurring items of 293 million, reflecting year-on-year changes of +34%, -1%, and +40% respectively [1]. - For Q4 2024, the company reported operating revenue of 1.359 billion, net profit attributable to shareholders of 71 million, and net profit excluding non-recurring items of 69 million, with year-on-year changes of +31%, -18%, and +391% respectively [1][2]. - In Q1 2025, the company achieved operating revenue of 1.010 billion, net profit attributable to shareholders of 58 million, and net profit excluding non-recurring items of 54 million, with year-on-year increases of 18%, 35%, and 26% respectively [1][4]. Revenue Breakdown - In 2024, the company’s revenue from external sales increased by 37%, while domestic sales grew by 26%. Revenue from proprietary brands rose by 31%, and non-proprietary brands increased by 35% [2]. - Online sales grew by 8%, while offline sales surged by 38%. The North American trade team contributed significantly to revenue growth, and domestic proprietary brands experienced rapid growth [2]. - Product-wise, revenue from office chairs, sofas, massage chairs, and height-adjustable desks increased by 34%, 20%, 1%, and 138% respectively, accounting for 72%, 14%, 5%, and 2% of total revenue [2]. Profitability Metrics - The gross profit margin for 2024 was 21.6%, a decrease of 1.2 percentage points, primarily due to intense competition in the sofa market and cross-border e-commerce [3]. - The company optimized its expense ratios, with total sales, management, and R&D expense ratios decreasing by 2.4 percentage points. The net profit margin attributable to shareholders decreased by 2.2 percentage points to 6.2% due to a high base effect from government subsidies in 2023 [3]. - In Q4 2024, the gross profit margin decreased by 3.4 percentage points, with variations in expense ratios across sales, management, R&D, and financial expenses [3]. Future Outlook - The revenue growth in Q1 2025 aligns with expectations, with a gross profit margin of 20.6%, down 1.5 percentage points due to a decline in the delivery volume of high-margin products [4]. - The company is focusing on global capacity and business expansion, aiming to enhance its competitive advantage through increased market share overseas and the growth of domestic proprietary brands [4]. - The company plans to actively address losses in specific segments and leverage its experience in the Vietnam base to cover all U.S. business needs, while also expanding into non-U.S. markets [4]. Dividend Policy - The company maintained a stable dividend policy, distributing 152 million in cash dividends for 2024, with a dividend payout ratio of 51.44% [5]. - A mid-term dividend plan for 2025 has been established, with expectations of a dividend yield exceeding 5.5% based on projected net profits [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's performance in 2024 is in line with expectations, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching 4.749 billion, 296 million, and 293 million yuan respectively, representing year-on-year growth of 34%, -1%, and 40% [2][6]. - In Q4 2024, the company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.359 billion, 71 million, and 69 million yuan, showing year-on-year growth of 31%, -18%, and 391% [2][6]. - For Q1 2025, the company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.010 billion, 58 million, and 54 million yuan, with year-on-year increases of 18%, 35%, and 26% [2][6]. Summary by Sections Financial Performance - The company expects steady revenue growth in 2024, with foreign sales and domestic sales increasing by 37% and 26% respectively. The revenue from self-owned brands and non-self-owned brands grew by 31% and 35% respectively [12]. - The company achieved a gross profit margin of 21.6% in 2024, a slight decrease of 1.2 percentage points year-on-year, primarily due to intense competition in the sofa market and cross-border e-commerce [12]. - The net profit margin attributable to the parent company decreased by 2.2 percentage points to 6.2% in 2024, influenced by a high base from government subsidies and compensation income in 2023 [12]. Globalization and Competitive Advantage - The company is enhancing its global capacity and customer base, with expectations for rapid growth in its Romanian base and standing out in overseas markets [12]. - The company is focusing on expanding its market share in the top ten GDP countries and key customers, while also promoting domestic self-owned brand sales through both online and offline channels [12]. Dividend Policy - The company maintains a stable dividend policy, distributing 152 million yuan in cash dividends in 2024, with a dividend payout ratio of 51.44%. A mid-term dividend plan for 2025 is also in place, aiming to increase the frequency of dividends [12].

Core Viewpoint - The company reported strong revenue growth for 2024, with a total revenue of 4.75 billion, reflecting a year-on-year increase of 34.2%, while net profit slightly decreased by 0.6% to 296 million [1] Revenue Performance - The company achieved 3.606 billion in overseas sales for 2024, a year-on-year increase of 36.8%, with a gross margin of 20.98%, down by 1.81 percentage points [2] - Domestic sales reached 1.122 billion in 2024, up 26% year-on-year, with a gross margin of 23.84%, an increase of 0.89 percentage points [4] Product Performance - In 2024, revenue from various product categories included 3.416 billion from office chairs, 645 million from sofas, and 910 million from height-adjustable desks, with significant growth in height-adjustable desks at 137.6% year-on-year [5] Cost and Profitability - The company's gross margin for 2024 was 21.64%, a decrease of 1.24 percentage points, influenced by currency fluctuations and declining margins in sofa products [6] - The adjusted net profit margin improved to 6.16% in 2024, an increase of 0.26 percentage points [6] Future Outlook - The company forecasts revenues of 5.7 billion, 6.74 billion, and 7.72 billion for 2025 to 2027, with corresponding net profits of 380 million, 480 million, and 580 million, indicating a positive growth trajectory [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company has demonstrated strong revenue growth, with a 34.2% year-on-year increase in revenue for 2024, reaching 4.75 billion yuan, while net profit slightly decreased by 0.6% to 300 million yuan [1][10]. - The company is focusing on high-quality development, aiming to achieve sales targets and expand its customer base, channels, and projects [1]. - The global capacity layout is expected to mitigate tariff impacts, with significant investments in production bases in Vietnam and Romania [3][4]. Revenue Breakdown - In 2024, the office chair segment generated 3.4 billion yuan, up 33.5% year-on-year, with a gross margin of 25% [2]. - Sofa revenue reached 650 million yuan, a 19.6% increase, with a gross margin of 9.1% [2]. - The height-adjustable desk segment saw a remarkable growth of 137.6%, generating 90 million yuan in revenue [2]. Operational Efficiency - The company's gross margin for 2024 was 21.6%, a decrease of 1.2 percentage points year-on-year, while the net profit margin was 6.2%, down 2.2 percentage points [3]. - The company is implementing advanced management systems to enhance operational efficiency and is focusing on local supply chain development [3]. Export and Domestic Sales Strategy - Export revenue for 2024 was 3.61 billion yuan, up 36.8% year-on-year, with a gross margin of 21% [4]. - Domestic sales reached 1.12 billion yuan, a 25.9% increase, with a gross margin of 23.8% [5]. - The company plans to strengthen brand building and product innovation to drive domestic sales growth [5]. Financial Forecast - The company expects net profits of 370 million yuan, 440 million yuan, and 510 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9X, 7X, and 6X [6][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.749 billion yuan in 2024, representing a year-on-year growth of 34.22%, while the net profit attributable to the parent company was 296 million yuan, a slight decline of 0.56% year-on-year. In Q4 2024, the revenue reached a historical high of 1.359 billion yuan, with a year-on-year increase of 30.94%, but the net profit decreased by 17.67% year-on-year. In Q1 2025, the revenue was 1.01 billion yuan, up 17.93% year-on-year, and the net profit increased by 34.81% year-on-year [3][4] Summary by Sections Financial Performance - In 2024, the company achieved revenues of 4.749 billion yuan, with a year-on-year growth of 34.22%. The net profit attributable to the parent company was 296 million yuan, down 0.56% year-on-year. The Q4 2024 revenue was 1.359 billion yuan, up 30.94% year-on-year, while the net profit was 71 million yuan, down 17.67% year-on-year. For Q1 2025, the revenue was 1.01 billion yuan, up 17.93% year-on-year, and the net profit was 58 million yuan, up 34.81% year-on-year [3][4] Sales Growth - The company experienced sustained high demand with new customers, channels, and projects accelerating. In 2024, the revenue from various product lines included office chairs (3.416 billion yuan), sofas (645 million yuan), massage chairs (240 million yuan), and others, showing significant year-on-year growth rates [4] Strategic Investments - The company is strategically investing in building its own brand and developing new businesses, which has temporarily impacted the net profit margin. The gross margin for 2024 was 21.64%, down 1.24 percentage points year-on-year. The net profit margin was 6.24%, down 2.18 percentage points year-on-year [5] International Expansion - The company has established two overseas production bases in Vietnam and Romania, enhancing its competitive advantage. The Vietnam base has been operational since 2018, while the Romania base began production in 2023, supporting the company's ability to meet global customer demands [6][7] Future Outlook - The company is transitioning from a primarily export-oriented model to a balanced approach of domestic and international sales, along with a focus on its own brand. Revenue projections for 2025-2027 are 5.625 billion yuan, 6.425 billion yuan, and 7.116 billion yuan, respectively, with corresponding net profits of 363 million yuan, 439 million yuan, and 518 million yuan [8][10]