Key Points Industry/Company Involved - **Company**: LeGe Electric Appliance Co., Ltd. (LeGe) - **Industry**: Smart Home Products, E-commerce, Overseas Warehouse Core Views and Arguments - **Performance in 2024**: - Net profit decreased by 50% due to high non-recurring income in 2023 and challenges in cross-border e-commerce, such as intense competition, increased marketing expenses, and rising sea freight costs. - Adjusted net profit decreased by about 20% after excluding non-recurring income. - The sale of a major warehouse in 2023 generated approximately 120 million yuan in income, while the sale of smaller warehouses in 2024 is expected to be lower. - The expansion of overseas warehouses in 2024 exceeded expectations, but the utilization rate was only about 70%. In 2025, the focus will be on utilizing existing capacity and cautiously controlling expansion, which is expected to improve profit margins. - B2B distribution business is in its early stages and contributes little to current profits, but the company is optimistic about its long-term potential to expand sales channels and boost performance. - The impact of the US-China trade war on LeGe is yet to be fully assessed, but the company has transferred some production capacity to Vietnam to mitigate potential risks. - In 2025, LeGe expects cross-border e-commerce business profitability to recover, mainly due to lower sea freight costs and the launch of new products. Overseas warehouse business will rely on improving utilization rates and fine management to enhance profit margins. - The company is actively responding to industry competition by raising prices, improving management, and investing in automation and information technology to enhance profitability. The focus will be on profit rather than scale expansion, and customer selection strategies will be adjusted based on market conditions. - **Cross-border E-commerce Impact**: - Intense competition, increased marketing expenses, and rising sea freight costs have put pressure on profits. - The rapid expansion of overseas warehouses in 2024, with a new warehouse area of over 400,000 square meters, increased costs significantly. - New warehouses are unprofitable until utilization rates reach 50% or higher, impacting profit margins. - **B2B Distribution Business**: - The business model connects suppliers (factories) and end customers (including live-streaming e-commerce and distributors) through a platform. - Currently in its early stages, with limited output and profitability. - The company is optimistic about its long-term potential to expand sales channels and boost performance. - **US-China Trade War**: - The impact of the trade war on LeGe is yet to be fully assessed. - The company has transferred some production capacity to Vietnam to mitigate potential risks. - There is a trend of transferring production capacity of cross-border e-commerce customers to overseas regions. - **2025 Outlook**: - LeGe expects cross-border e-commerce business profitability to recover in 2025, mainly due to lower sea freight costs and the launch of new products. - Overseas warehouse business will rely on improving utilization rates and fine management to enhance profit margins. - The company will focus on profit rather than scale expansion and adjust customer selection strategies based on market conditions. - **Industry Trends**: - The US-China trade war will eventually lead to a new balance point in the industry, with some companies exiting the market and improving the profitability of remaining companies. - Industry competition will promote the elimination of the weak and the survival of the strong, improving overall efficiency and profitability. Other Important Points - **Overseas Warehouse Development**: - The expansion of overseas warehouses in 2024 exceeded expectations, but the utilization rate was only about 70%. - In 2025, the focus will be on utilizing existing capacity and cautiously controlling expansion. - The profit margin is expected to improve in 2025. - **B2B Distribution Business**: - The business is in its early stages and contributes little to current profits. - The company is optimistic about its long-term potential to expand sales channels and boost performance. - **US-China Trade War**: - The impact of the trade war on LeGe is yet to be fully assessed. - The company has transferred some production capacity to Vietnam to mitigate potential risks. - **Industry Trends**: - The US-China trade war will eventually lead to a new balance point in the industry, with some companies exiting the market and improving the profitability of remaining companies. - Industry competition will promote the elimination of the weak and the survival of the strong, improving overall efficiency and profitability.

Profit Decline - Net profit attributable to shareholders is expected to be between 300 million and 340 million yuan, a decrease of 52.66%-46.35% compared to the same period last year[3] - Non-recurring net profit is expected to be between 180 million and 210 million yuan, a decrease of 28.56%-16.65% compared to the same period last year[3] - The decline in net profit is mainly due to a significant decrease in non-recurring income from the sale of overseas warehouses[5] - Increased investment in new product R&D, marketing, and IT personnel has contributed to the decline in net profit[5] Overseas Operations - Overseas warehouse operating area has significantly increased, with new accounting lease standards and longer installation processes affecting capacity release[6] - High shipping costs have impacted the profitability of cross-border e-commerce business[6]

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2025-001 | | --- | --- | --- | | 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 2024 年第四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 33.23 元/股。 3、截至 2024 年第四季度末，公司剩余可转债票面总金额为 141,839,800.00 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 2024 年第四季度可转换公司债券（以下 简称"乐歌转债"）转股及公司总股本变化情况公告如下： 一、可转换公司债券发行上市情况 1、发行上市基本情况 经中国证券监督管理委员会"证监许可[2020]195 ...

| 证券代码：300729 | 证券简称：乐歌股份 | 公告编号：2024-113 | | --- | --- | --- | | 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 关于签订募集资金四方监管协议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、募集资金基本情况 （一）2021 年向特定对象发行股票募集资金情况 根据乐歌人体工学科技股份有限公司（以下简称"公司"）2021 年 1 月 12 日第四 届董事会第二十二次会议、2021 年 1 月 28 日 2021 年第一次临时股东大会决议、2021 年 4 月 21 日第四届董事会第二十六次会议、2021 年 8 月 9 日第四届董事会第三十一次会 议，并经中国证券监督管理委员会证监许可[2021]2380 号文同意注册，本公司向特定投 资者发行人民币普通股（A 股）38,716,814 股，每股发行价 18.08 元，募集资金总额为 人民币 699,999,997.12 元，扣除总发行费用人民币 9,758,223.37 元（不含增值税）， 募集资金 ...

您拨报完毕后主持人可直接开始发言大家好我是信达消费的姜肖非常感谢大家今天早晨来参加热格的这样一个新唐交流我们今天也是邀请到公司董秘于总跟大家做一个分享公司整体在业务的这样一个 结构上来看应该说从海外仓从跨境电商整个这样一个服务端的属性其实占比在逐步提高整个公司的这种应该说产业链的配套能力其实也在强化代工这一端还是依然实现了一个比较稳健的这样一个增长态势我们今天也是邀请到余总跟大家做一个应该说一路包括是对于明年这样一个大概性情况的一个展望麻烦余总先对于我们近期的几个板块的情况先看看能不能帮我们做一个趋势性的分享感谢 好的 各位投资者上午好现在因为也12月份四季度的可能也没有这么快这个数据有所出来那么大概的一个情况是这样子的就是说在海外仓这一块那么整一个的营收的增长还是一如既往的在超预期 我们看到市场端大量的跨境电商出海导致海外仓的需求一直在超预期那么我们今年本来年初预计的话是开仓是10到15万平米左右但实际上到目前为止其实我们已经开仓在去年29万平米全球29万平米的基础上增加到了70万平米 那也是因为开仓的这个幅度比较大新开仓都会有一个新开的仓库都会有一个叫爬坡器啊那所以也影响了我们今年的海外仓的一个经历率啊去 ...

| 证券代码：300729 | 证券简称：乐歌股份 公告编号：2024-112 | | --- | --- | | 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 类型：股份有限公司（港澳台投资、上市） 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(除 依法须经批准的项目外，凭营业执照依法自主开展经营活动)。 注册资本：叁亿肆 ...

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。 乐歌人体工学科技股份有限公司（以下简称"公司"）于 2022 年 5 月 31 日 召开了第五届董事会第二次会议和第五届监事会第二次会议，于 2022 年 6 月 21 日召开了 2022 年第一次临时股东大会，审议通过了《关于<乐歌人体工学科技股 份有限公司第二期员工持股计划（草案）>及其摘要的议案》《关于<乐歌人体工 学科技股份有限公司第二期员工持股计划管理办法>的议案》等相关议案，同意 公司实施第二期员工持股计划并授权董事会办理相关事宜。公司代"乐歌人体工 学科技股份有限公司第二期员工持股计划"与信托计划受托人陕西省国际信托股 份有限公司签署了《陕国投·乐歌股份第二期员工持股集合资金信托计划信托合 同》（以下简称"信托合同"），信托合同对信托计划的基本情况、期限和规模、 当事人的权利与义务等进行了详细的说明和约定，具体内容详见公司于中国证监 会指定的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn）上披露的相关 公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及深圳 证券 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook based on its fundamentals and valuation expectations [2][148]. Core Insights - The company is a leading player in the smart home sector, focusing on linear drive technology for health-oriented office and smart home products. It operates both domestic and international brands, "Lege" and "Flexispot" respectively [2][16]. - The company has expanded its operations to include public overseas warehouse services, enhancing its logistics capabilities for large items in cross-border e-commerce, with 19 public overseas warehouses globally [2][16]. - In Q3 2024, the company achieved revenue of 39.75 billion yuan, a year-on-year increase of 48.03%, although net profit attributable to the parent company decreased by 8.64% due to rising costs [2][24]. - The linear drive market is projected to exceed 5 billion USD by 2024, driven by increasing demand for health office products and smart home applications [2][35][37]. - The company has a robust production capacity of over 2 million units annually, positioning it as a global leader in the linear drive sector [2][81]. Summary by Sections Company Overview - The company was established in 2002 and listed on the Shenzhen Stock Exchange in 2017. It specializes in health-oriented office and smart home products, with a focus on linear drive technology [2][16]. - The ownership structure is concentrated among the founding couple, ensuring stable control and a strong incentive alignment through stock options and employee stock ownership plans [2][18][22]. Financial Analysis - Revenue has grown significantly from 978 million yuan in 2019 to 3.902 billion yuan in 2023, with a CAGR of 59.85%. The growth is attributed to the rise in e-commerce penetration and health consumption trends [2][24]. - The company’s net profit increased from 63.4 million yuan in 2019 to 634 million yuan in 2023, with a CAGR of 112.18% [2][26]. - The company’s gross margin has fluctuated, with a recovery noted in 2023 due to improved operational efficiencies [2][33]. Linear Drive Sector - The linear drive industry is rapidly growing, with applications in health office products, smart homes, and medical devices. The market is expected to grow significantly, driven by increasing health awareness [2][35][39]. - The company has established a comprehensive value chain, from R&D to sales, enhancing its competitive edge in the linear drive market [2][62][75]. Overseas Warehouse Operations - The cross-border e-commerce logistics sector is expected to exceed 3.6 trillion yuan by 2025, with the company benefiting from its established overseas warehouse network [2][100]. - The company has over 10 years of experience in overseas warehouse operations, focusing on large item logistics, which enhances its market position [2][118]. - The company has strategically acquired land for warehouse development, ensuring a sustainable supply of logistics resources [2][131]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are 55.48 billion yuan, 65.79 billion yuan, and 76.79 billion yuan, with expected growth rates of 42%, 19%, and 17% respectively [2][148]. - The company’s PE ratios for 2024-2026 are projected to be 14, 12, and 10, which are below the average of comparable companies, indicating a valuation advantage [2][148].

乐歌人体工学科技股份有限公司（以下简称"公司"）根据《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 15 号— —可转换公司债券》等法律法规的有关规定以及《乐歌人体工学科技股份有限公 司向不特定对象发行可转换公司债券募集说明书》的约定，于 2024 年 12 月 2 日、 2024 年 12 月 3 日、2024 年 12 月 4 日、2024 年 12 月 5 日、2024 年 12 月 6 日、 2024 年 12 月 9 日在指定的信息披露媒体《上海证券报》《证券时报》和巨潮资 讯网（www.cninfo.com.cn）上分别披露了《关于乐歌转债回售的公告》（公告编 号：2024-098）、《关于乐歌转债回售的第一次提示性公告》（公告编号：2024- 100）、《关于乐歌转债回售的第二次提示性公告》（公告编号：2024-104）、《关 于乐歌转债回售的第三次提示性公告》（告编号：2024-105）、《关于乐歌转债 回售的第四次提示性公告》（公告编号：2024-106）、《关于乐歌转债回售的第 五次提示性公告》（公告编号：2024-107）、《关于乐歌转债回售的第六次提示 ...

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。 特别提示： | 证券代码：300729 | 证券简称：乐歌股份 公告编号：2024-108 | | --- | --- | | 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"回售的第六次提示性公告 1、回售价格：100.412 元/张（含息税） 2、回售条件满足日：2024 年 11 月 29 日 3、回售申报期：2024 年 12 月 3 日至 2024 年 12 月 9 日 4、发行人资金到账日：2024 年 12 月 12 日 5、回售款划拨日：2024 年 12 月 13 日 6、投资者回售款到账日：2024 年 12 月 16 日 7、回售期内暂停转股 8、本次回售不具有强制性 9、风险提示：投资者选择回售等同于以 100.412 元/张(含当期利息)卖出持 有的"乐歌转债"。截至目前，"乐歌转债"的收盘价格高于本次回售价格，投 资者选择回售可能会带来损失，敬请投资者注意风险。 "乐歌转债"目前正处于最后两个计息年度，且公司股票自 2024 年 10 ...