樂歌股份：海外倉業務保持高速增長

公司發佈半年報

25Q2公司實現營收16億，同比+23%，歸母凈利0.8億，同比-4%，扣非歸母0.5億，同比-20%;

25H1公司實現營收31.4億，同比+30%，歸母凈利1.3億，同比-19%，扣非歸母0.8億，同比-27%。

25H1公司人體工學系列產品收入14億，同增3%，毛利率41.46%，同增1.3pct。 倉儲物流服務收入16億，同增84%，毛利率9.7%，同減5pct。

公司海外倉收入大幅增長。 在美國電商滲透率提升及中國跨境電商加速背景下，公司在中大件海外倉領域領先地位和良好口碑得到鞏固。 歐洲市場表現突出，德國倉庫利用率超過70%，已實現盈利。 同時，公司通過有序擴倉、優化庫容利用率與庫存周轉，並加大自動化與資訊化投入，推動運營效率顯著提升。

在自動化方面，公司在美東、美西核心倉引入預分揀流水線、自動貼標線及AGV搬運，大幅提升作業效率與分揀準確率。 在資訊化方面，公司對WMS系統進行升級，新增自動匯波、可視化監控與效率分析模組，實現作業流程的精細化管理。 25年上半年公司包裹發件量同比增長逾120%，達到910萬件。

此外，公司與FedEx深度合作，建立本地提貨SOP、推行倉內預分揀與“第一槍”作業標準，並通過幹線直送模式解決運力瓶頸，大幅改善尾程派送時效。 上述舉措有效提升了履約效率與客戶體驗，成為推動公司海外倉業務持續高速增長的主要驅動因素。

上半年，公司自主品牌產品收入佔主營業務收入（不含海外倉收入）比例為74.77%，同增5.84%。 其中，跨境電商收入10億元，同增9.16%; 獨立站銷售收入4.1億，同增11.2%，占跨境電商收入41%，穩中有升。

公共海外倉業務：規模經濟與生態協同，打造飛輪效應

25H1公司完成目的港拖車14,960 TEU，在庫內完成卸貨上架28,964TEU，發出商品910萬件中大件商品，全年預計突破2,000萬件。 公司已成為FedEx Ground全球TOP50客戶，美國市場已可實現90%以上訂單的次日達。

公司海外倉業務在倉庫耗材、倉庫叉車設備和貨架規模化採購、目的港拖車、卸櫃，以及尾程發貨數量規模上的優勢，使得公司獲得更好的議價能力和價格優勢，在當下大多數海外倉企業經營困難且行業競爭激烈趨於集中化的背景下，公司海外倉業務始終保持盈利，規模經濟特徵開始顯現。

Loctek entrenched its lead in the mass-scale global warehousing industry, with above 70% utilization in Germany leading Europe growth in H1. Penetration of US ecommerce is growing, while cross-border ecommerce in China is rising fast. We maintain our BUY call on the stock.

The gist: BUY

• 25H1E revenue up 30%, net profit down 19%; warehouse and logistics up 84%

• Operations: warehouse leader; ecommerce ups US penetration, China growth

• Public warehousing: scale economies score a profit in tough global market

25H1E revenue up 30%, net profit down 19%; warehousing and logistics grew 84%

25H1E: Loctek Ergonomic’s unaudited interim results for 2025 detail the following:

• Revenue was at RMB3.14bn, up 30% yoy.

• Net profit was RMB130m, down 19% yoy, with ex-nonrecurring net profit at RMB80m, down 27% yoy.

25Q2E: The second quarter results were as follows:

• Revenue of RMB1.6bn, up 23% yoy.

• Net profit of RMB80m, down 4% yoy; with ex-nonrecurring net profit at RMB50m, down 20% yoy.

H1 revenue streams:

• Ergonomic products generated RMB1.4bn revenue, up 3% yoy, on gross margin of 41.46%, 1.3ppt wider yoy.

• Warehousing and logistics services generated RMB1.6bn revenue, up 84% yoy, with gross margin at 9.7%, down 5ppt yoy.

Operations: warehousing leader; ecommerce ups US penetration, China growth

Loctek’s profile has risen in the large-scale international warehouse service sector as entrenches its leading position. In the related ecommerce business, the company continues to penetrate the US market, with its cross-border business in China rising fast.

Europe outperformed: The European market did exceptionally well to achieve profitability in H1, driven by warehouse utilization rates of above 70% in Germany. Operational efficiency also rose with the smooth ramp-up of warehousing capacities, better warehousing utilization, as well as inventory turnover, alongside increased investments into automation and IT systems.

Automation: The company introduced pre-sorting conveyor belts, automatic labeling systems, and automated guided vehicles (AGVs) to its main warehouses in eastern and western US, greatly raising operational efficiency and sorting accuracy.

Data system: The company upgraded its warehouse management system by adding modules with automatic batching, real-time monitoring, and efficiency analysis features to enable more precise management of operations. Shipment volumes in 25H1 grew more than 120% yoy to 9.1m packages.

FedEx tie-up: Loctek forged a close partnership with FedEx, implementing standardized local pickup procedures, pre-sorting operations within the warehouse, along with first-mile delivery standards. The company raised last-mile delivery efficiency through a direct-to-customer shipping model that addresses capacity bottlenecks.

These measures collectively raised order fulfillment efficiency and enhanced the customer experience, and have been the primary driver of rapid growth at the company’s global warehousing business.

H1 financials: Loctek branded solutions, excluding international warehousing, contributed 74.77% of total operating revenue in 25H1, up 5.84% yoy. Of this:

• Cross-border ecommerce contributed RMB1bn, up 9.16% yoy; and

• Loctek’s directly-operated ecommerce website generated RMB410m, up 11.2% yoy, representing 41% of total cross-border ecommerce revenue, a steady growth trend.

Public warehousing: scale economies score a profit in tough global market

Rising scale: Having handled 14,960 twenty-foot equivalent unit (TEU) container trucks at ports of discharge, unloaded and stored 28,964 TEU of goods at its warehouses, and shipped 9.1m medium-sized to large items, we estimate the company’s volume total for 2025E could amount to over 20m items. Now one of FedEx Ground’s top 50 global customers, Loctek provides next-day delivery for over 90% of orders for the US market.

Competitive advantages: Loctek’s global public warehouse service leverages advantages such as bulk purchases of warehouse consumables, forklift equipment, and shelving systems, while it also handles trucking, unloading, and final-mile delivery volumes from ports of discharge. These additional advantages amplify its bargaining power and competitive pricing. Loctek has managed to stay profitable in an increasingly competitive and concentrated global warehouse service market, while most other companies are struggling. We see this as a testament to its scale economies.

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