乐歌股份半年报：汇兑损失致净利下滑83.43%，独立站收入增速高于第三方平台

This article reveals key takeaways from the 2026 interim report of cross-border e-commerce company Loctek. Below is the core content:

1. Financial performance: The company posted RMB 3.179 billion in revenue in the first half of 2026, a slight year-on-year increase of 1.11%. Its net profit attributable to shareholders fell 83.43% year-on-year to RMB 21 million. The sharp decline was driven by RMB 77.84 million in foreign exchange losses; core business profit maintained positive growth once this one-off impact is excluded.

2. Business structure: The company’s growth is driven by two core pillars—smart home products and overseas warehouse services, each accounting for nearly half of total revenue. Its smart home portfolio covers all price tiers, with new ergonomic chairs contributing 25% of cross-border revenue. After operational optimizations, the overseas warehouse business saw improved gross margins, and the company’s first self-built warehouse has already been put into operation.

3. Expansion initiatives: Revenue from Loctek’s independent D2C site is growing faster than revenue from third-party platforms. It has taken a controlling stake in an esports-focused ergonomic products company to expand into new usage scenarios, and its second self-built overseas warehouse is scheduled for completion in 2027.

This article offers multi-dimensional actionable insights for cross-border brand owners, with key takeaways as follows:

1. Brand and channel building: Loctek has long pursued an original brand strategy, with proprietary brands accounting for more than 80% of core business revenue excluding overseas warehouse services. It has adopted a multi-channel layout, with its independent D2C site growing 20.48% year-on-year—outpacing growth on third-party platforms such as Amazon. This confirms that diversified channel strategy and early investment in independent sites can effectively hedge risks from over-reliance on third-party platforms.

2. Product R&D and pricing: While maintaining advantages in its core product lines, Loctek has expanded into new products with offerings spanning entry-level to premium price tiers to meet the needs of different consumer segments. It has also entered the niche esports segment through acquisition, expanding its portfolio from single-category products to multi-scenario solutions.

3. Risk reminder: Cross-border brands must pay close attention to foreign exchange fluctuation risk. In Loctek’s case, foreign exchange losses directly led to a sharp profit decline. In addition, offline channel expansion tends to generate strategic losses in the early stage, so brands need to plan capital reserves in advance.

This article shares key insights for cross-border sellers on risk management and opportunity capture, with core content as follows:

1. Risk reminder: Foreign exchange volatility is a top risk for cross-border sellers that requires proactive management. In Loctek’s case, increased foreign exchange losses of RMB 124 million directly drove an 83.43% drop in net profit attributable to shareholders. Sellers should implement foreign exchange risk control measures in advance to avoid sharp profit fluctuations.

2. Opportunity outlook: The ergonomic smart home segment is still seeing positive growth, with demand in the niche esports category growing particularly strongly. Growth of independent D2C sites far outpaces that of third-party platforms, so sellers can seize the opportunity to build out their independent site presence and expand into multi-scenario applications to unlock new growth.

3. Actionable takeaways: Loctek improved its gross margins by optimizing last-mile pricing and in-warehouse operations for its overseas warehouses, and further cut operational costs through self-built facilities. Sellers can leverage mature overseas warehouse services to optimize their own cost structures, while expanding product coverage across multiple price tiers to reach a broader consumer base.

This article provides multiple insights for export-focused manufacturing factories, with key takeaways as follows:

1. Product design and development direction: Market demand for ergonomic products has shifted from single categories to multi-scenario applications. Beyond traditional standing desks, demand for ergonomic chairs and esports-specific ergonomic products is growing rapidly. Factories should design products covering all price tiers to meet the needs of different consumer segments, and prepare for entry into fast-growing niche segments such as esports in advance.

2. New business opportunities: Demand for overseas warehouse services for large and medium-sized cross-border products is currently very strong. Loctek’s 21 self-operated overseas warehouses already serve more than 2,300 foreign trade companies, proving that overseas warehouse services represent a large untapped market. Capable factories can expand into this line of business, while small and medium-sized factories can partner with mature overseas warehouse service providers to reduce logistics costs.

3. Insights for e-commerce transformation: For factories building original brands for overseas markets, independent sites deliver stronger growth performance than third-party platforms. Factories should test diversified channel layouts to reduce operational risk.

This article helps cross-border service providers capture industry demand and development trends, with key takeaways as follows:

1. Industry trends: The branding trend in cross-border e-commerce is clearly evident, as a growing number of companies are building original brands and independent D2C sites maintain high growth. At the same time, market demand for overseas warehouses—especially for large and medium-sized products—is continuing to rise. A large number of small and medium-sized foreign trade enterprises have unmet demand for overseas warehouse services, leaving broad market space for service providers.

2. Core customer pain points: Key pain points for cross-border clients include profit erosion from foreign exchange fluctuations, high costs and low efficiency in overseas warehouse operations, and high upfront investment and high risk of losses in early-stage offline channel expansion. All of these represent unmet market needs.

3. Business development direction: Service providers can develop targeted solutions for these pain points. For example, they can launch foreign exchange risk management services for cross-border enterprises, and offer solutions for in-warehouse operation optimization and last-mile cost control for overseas warehouse clients to help improve gross margins and reduce operational costs. They can also develop supporting services to support brands’ offline expansion initiatives.

This article outlines cross-border sellers’ current needs and offers references for marketplace operators to adjust their operational strategies, with core content as follows:

1. Core merchant demand: Today’s cross-border brands are no longer satisfied with relying solely on third-party marketplaces, and are increasingly prioritizing independent D2C channels that they fully control. Meanwhile, merchants selling large and medium-sized products have strong demand for low-cost, high-efficiency overseas warehouse services, and are looking to optimize last-mile costs and inventory operation efficiency.

2. Current industry dynamics: Leading cross-border brands have already started building self-operated overseas warehouses and open these services to other foreign trade companies. This indicates that existing warehousing services provided by third-party marketplaces still cannot fully meet the needs of large and medium-sized product sellers, leaving a clear market gap.

3. Direction for platform optimization: Marketplace operators can adjust their merchant recruitment strategies accordingly, increasing recruitment of brands in growing segments such as ergonomic smart home products. They can also improve supporting systems for overseas warehousing and last-mile delivery to help merchants cut operational costs, and develop supporting services adapted for independent site operations to meet merchants’ demand for multi-channel layout and improve merchant retention.

As a leading cross-border enterprise, Loctek’s interim report offers high sample value for industry research, with key insights as follows:

1. New industry trends: Cross-border e-commerce is currently showing three major new characteristics: First, the branding trend is clear, with original brands accounting for more than 80% of revenue for leading players. Second, channels are diversifying, with independent sites growing notably faster than third-party platforms and becoming a key growth driver for branded brands. Third, business model innovation is accelerating: the dual-driven model of core product business plus overseas warehouse services is maturing, and leading players can export overseas warehouse services to third parties based on their own advantages.

2. Emerging industry challenges: New risks for cross-border enterprises are becoming more prominent, with foreign exchange fluctuations having an extremely large impact on corporate profits. In Loctek’s case, foreign exchange losses directly led to an more than 80% drop in net profit. In addition, cultivating offline channels for cross-border brands requires a long lead time and generates strategic losses in the early stage, placing high requirements on enterprises’ capital strength.

3. Summary of innovative business models: Leading enterprises have gradually optimized their cost structures through self-built overseas warehouses, and quickly entered new niche segments through acquisitions. These explorations have high research value for the entire cross-border e-commerce industry.