On April 26th, LeGou Shares released its annual report for 2025, achieving a total operating income of 6.715 billion yuan throughout the year, a year-on-year increase of 18.41%; however, the net profit attributable to shareholders of the listed company was 259 million yuan, a year-on-year decrease of 22.75%.

Cross-border e-commerce sales revenue reached 2.271 billion yuan, a year-on-year increase of 12.09%. Among them, Amazon channel revenue was 1.127 billion yuan, a year-on-year increase of only 4.09%; but the performance of independent stations was more eye-catching, in 2025, independent station sales revenue reached 931 million yuan, a year-on-year increase of 13.69%, more than three times the growth rate of Amazon, accounting for more than 40% of cross-border e-commerce revenue.

01

The rise of independent stations is strong, with a growth rate exceeding three times that of Amazon

LeGou operates a total of 12 independent stations, with the core site being FlexiSpot.com. In 2025, independent station sales revenue reached 931 million yuan, a year-on-year increase of 13.69%, far higher than Amazon channel's 4.09% growth rate. Independent station sales accounted for more than 40% of cross-border e-commerce revenue, and the traffic of US independent stations remained industry-leading.

"Over 20% of orders come from repeat purchases by old customers or recommendations from friends, and the word-of-mouth effect continues to ferment."

LeGou's overseas own brand FlexiSpot has been awarded the BrandZ China Globalization Brands Top 50 for two consecutive times, ranking first in the furniture category. Its core product, the height-adjustable desk, ranks first in sales on platforms such as Amazon, Home Depot, Walmart, Rakuten, and Yahoo.

02

Overseas warehouses surpass ergonomics for the first time, becoming the largest source of revenue

Looking at the product structure, the revenue of the public overseas warehouse business reached 3.31 billion yuan, a substantial year-on-year increase of 36.57%, and the proportion of operating income increased to 49.29%, surpassing ergonomics products for the first time to become the company's largest source of revenue; the gross margin of this business was 11.79%, an increase of 1.42 percentage points year-on-year.

Ergonomics series products achieved a total revenue of 2.973 billion yuan throughout the year, a year-on-year increase of 3.98%, accounting for 44.28% of operating income, which is the company's traditional basic business.

In 2025, the sales revenue of LeGou's own brand products accounted for 77.35% of the main business income (excluding overseas warehouse income), and the brand premium capability continued to stand out. LeGou has built a global manufacturing network, owning four major manufacturing bases in Ningbo Binhai, Ningbo Jiangshan, Vietnam, and Guangxi Beihai, and exports to the US market through its Vietnam factory, effectively hedging against tariffs and fluctuations in global trade policies.

Cross-border e-commerce revenue accounts for only about 30%, and LeGou, driven by independent stations + overseas warehouses, is tearing a gap in the competitive cross-border track with its differentiated approach.

Instead of blindly burning advertising to boost rankings, it is better to learn from LeGou - build up independent station private domains, distribute supply chain capacity, and build brand premium capabilities. After all, on this platform, those who can survive to the end are always those who abide by the rules, make good products, and build solid brands.

The information related to this article is for reference only and should not be used as a basis for investment decisions