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]

Group 1 - The company, Lege Co., stated that its overseas warehouse business and smart home business are in completely different industries with varying stages of development, leading to significant differences in gross margins [2] - The company's annual report disclosed overall gross margin and segment gross margins, indicating that the rapid revenue growth of the overseas warehouse business has been lowering the overall gross margin due to its increasing share in total revenue [2] - The company has been actively developing its overseas warehouse business, primarily based on its ecological synergy with the cross-border e-commerce business [2]

Core Viewpoint - 乐歌股份2025年中报显示营业总收入增长，但归母净利润下降，反映出公司在收入增长的同时面临盈利能力下降的挑战 [1] Financial Performance - 2025年中报营业总收入为31.45亿元，同比上升29.56% [1] - 归母净利润为1.29亿元，同比下降19.47% [1] - 第二季度营业总收入为16.0亿元，同比上升22.57% [1] - 第二季度归母净利润为7723.9万元，同比下降3.87% [1] - 毛利率为25.69%，同比减18.06% [1] - 净利率为4.1%，同比减37.85% [1] - 每股收益为0.38元，同比减26.31% [1] Accounts and Cash Flow - 应收账款占归母净利润的比率为124.32% [1] - 每股经营性现金流为0.77元，同比增50.71% [1] - 经营活动产生的现金流量净额变动幅度为64.53% [2] Business Operations - 海外仓业务在关税影响下仍实现收入同比增幅66% [3] - 截至6月末，乐歌海外仓累计服务客户1744家，上半年发件量910万件，同比增幅超120% [3] - 公司在自动化和信息化方面的持续投入将逐步体现运营优势和成本降低 [3] Investment and Capital - 公司去年的ROIC为5.63%，资本回报率一般 [4] - 有息资产负债率已达26.96% [4] - 应收账款/利润比已达124.32% [4]

Core Viewpoint - The company, Dongfang Jiasheng, has shown significant growth in its revenue and is actively expanding its logistics and supply chain services across various sectors, including international logistics and medical supply chains [1]. Group 1: Company Performance - Dongfang Jiasheng's latest stock price is 16.37 yuan, reflecting a 0.31% increase from the previous trading day [1]. - The company reported a year-on-year revenue growth of 35.23%, reaching 2.109 billion yuan for the first half of 2025 [1]. - The overseas warehouse business experienced a remarkable revenue increase of 329.56% [1]. - The medical segment's revenue grew by 16.96%, while the semiconductor logistics business also made progress [1]. Group 2: Business Operations - The company operates in the logistics industry and is involved in sectors such as biological vaccines and big data [1]. - As an integrated supply chain service provider, Dongfang Jiasheng's business includes international logistics, medical supply chains, and semiconductor logistics [1]. - The company is expanding its international logistics operations through innovative models like the "Yuexin Express" rail-air intermodal freight service [1]. Group 3: Market Activity - On August 18, the company experienced a net outflow of 29.1723 million yuan in principal funds, with a cumulative net outflow of 78.7948 million yuan over the past five days [1].

在资产结构方面，公司通过战略性调整优化资源配置，实现非经常性收益约人民币6100万元，此外，利 息收入同比增加约人民币1000万元，进一步优化了公司的盈利结构。 上述财务表现充分体现了公司在主营业务拓展、运营效率提升和资产结构优化等方面取得的显著成效， 为公司未来可持续发展奠定了良好基础。 乐舱物流(02490)发布公告，集团预期截至2025年6月30日止六个月将取得溢利介于约人民币1.10亿元至 1.40亿元，较截至2024年6月30日止六个月的溢利人民币1280万元增加759%至993%。 该期间溢利增加主要乃由于主营业务的持续增长以及资产结构的优化调整。 在主营业务方面，公司通过有效的成本管控及客户规模的扩大，推动海外仓业务利润显著提升;同时， 马达加斯加业务保持快速增长态势，船舶租赁业务亦贡献了可观的利润增长。从具体财务表现来看，主 营业务增长贡献利润约人民币1400万元，同时管理费用较上年同期减少约人民币1000万元，进一步增强 了主营业务盈利能力。 ...

在资产结构方面，公司通过战略性调整优化资源配置，实现非经常性收益约人民币6,100万元，此外， 利息收入同比增加约人民币1,000万元，进一步优化了公司的盈利结构。 上述财务表现充分体现了公司在主营业务拓展、运营效率提升和资产结构优化等方面取得的显著成效， 为公司未来可持续发展奠定了良好基础。 该期间溢利增加主要乃由于主营业务的持续增长以及资产结构的优化调整。 在主营业务方面，公司通过有效的成本管控及客户规模的扩大，推动海外仓业务利润显著提升；同时， 马达加斯加业务保持快速增长态势，船舶租赁业务亦贡献了可观的利润增长。从具体财务表现来看，主 营业务增长贡献利润约人民币1,400万元，同时管理费用较上年同期减少约人民币1,000万元，进一步增 强了主营业务盈利能力。 来源：格隆汇APP 格隆汇8月4日丨乐舱物流(02490.HK)公布，集团预期截至2025年6月30日止六个月将录得溢利介乎约人 民币1.10亿元至人民币1.40亿元，较截至2024年6月30日止六个月的溢利人民币1280万元增加759%至 993%。 ...

智通财经APP讯，乐舱物流(02490)发布公告，集团预期截至2025年6月30日止六个月将取得溢利介于约 人民币1.10亿元至1.40亿元，较截至2024年6月30日止六个月的溢利人民币1280万元增加759%至993%。 该期间溢利增加主要乃由于主营业务的持续增长以及资产结构的优化调整。 在主营业务方面，公司通过有效的成本管控及客户规模的扩大，推动海外仓业务利润显著提升;同时， 马达加斯加业务保持快速增长态势，船舶租赁业务亦贡献了可观的利润增长。从具体财务表现来看，主 营业务增长贡献利润约人民币1400万元，同时管理费用较上年同期减少约人民币1000万元，进一步增强 了主营业务盈利能力。 在资产结构方面，公司通过战略性调整优化资源配置，实现非经常性收益约人民币6100万元，此外，利 息收入同比增加约人民币1000万元，进一步优化了公司的盈利结构。 上述财务表现充分体现了公司在主营业务拓展、运营效率提升和资产结构优化等方面取得的显著成效， 为公司未来可持续发展奠定了良好基础。 ...