Core Viewpoint - Luguang Technology (301606.SZ) is accelerating its global strategy by initiating a Hong Kong listing just a year and a half after its A-share debut, despite concerns over delayed project progress and significant cash-outs by related parties [2][5][20]. Financial Performance - The company reported revenues of 48.01 billion yuan, 61.66 billion yuan, and 63.61 billion yuan for the first three quarters of 2023, 2024, and 2025, respectively, with year-on-year growth rates of 19.3%, 28.4%, and 47.8% [2][15]. - Net profits for the same periods were 3.94 billion yuan, 4.61 billion yuan, and 4.67 billion yuan, showing year-on-year increases of 19.3%, 17.0%, and 45.8% [2][15]. - Charging creative products, particularly chargers and power banks, generated 29.54 billion yuan in revenue for the first three quarters of 2025, accounting for 46.4% of total revenue and growing by 44.7% year-on-year [2][15]. Business Segments - The smart storage business is emerging as a new growth driver, with NAS product revenues reaching 5.45 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 315.0% [3][16]. - The company ranks second in the global charging products market based on retail sales for 2025, according to a report by Frost & Sullivan [2][15]. Capital and Investment - Luguang Technology raised 7.72 billion yuan upon its A-share listing in July 2024, but as of June 2025, only 1.96 billion yuan had been invested, with significant delays in key projects [5][18]. - The largest project, aimed at enhancing R&D capabilities, has seen only 0.54% of its adjusted investment of 3.16 billion yuan utilized by mid-2025 [6][18]. - The company has a strong cash position, with 11.34 billion yuan in cash and a debt ratio of 30.53% as of September 2025 [19]. Market Position and Strategy - The company is pursuing a global strategy to enhance its international brand image and competitiveness, particularly in overseas markets where it aims to close the gap with industry leader Anker Innovations [9][22]. - In 2024, Anker Innovations reported revenues of 247.10 billion yuan, significantly outpacing Luguang Technology's 61.70 billion yuan [22][24]. - The overseas revenue share for Luguang Technology increased from 46.0% in 2021 to 59.5% in the first half of 2025, indicating a growing reliance on international markets [11][24]. Competitive Landscape - Both Luguang Technology and Anker Innovations show a high dependency on overseas markets, with Anker's overseas revenue constituting 96.4% of its total in 2024, compared to Luguang's 57.4% [11][24]. - The gross margin for overseas sales is significantly higher than for domestic sales, with Luguang's overseas gross margin remaining between 44% and 46% from 2021 to 2024, while domestic margins have declined [11][24].

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。 深圳市绿联科技股份有限公司（以下简称"公司"）于 2026 年 1 月 12 日召 开 2026 年第一次临时股东会，审议通过《关于补选公司第二届董事会独立董事 的议案》，同意选举梁伟峰先生为公司第二届董事会独立董事，任期自股东会审 议通过之日起至第二届董事会任期届满之日止。 证券代码：301606 证券简称：绿联科技 公告编号：2026-006 深圳市绿联科技股份有限公司 关于独立董事取得独立董事培训证明的公告 深圳市绿联科技股份有限公司董事会 2026 年 2 月 11 日 截至公司 2026 年第一次临时股东会通知公告之日，梁伟峰先生尚未取得独 立董事培训证明。根据相关规定，梁伟峰先生已书面承诺参加最近一次独立董事 培训并取得深圳证券交易所认可的独立董事培训证明。具体内容详见公司于 2025 年 12 月 27 日 、 2026 年 1 月 12 日 披 露 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的相关公告。 近日，公司收到梁伟峰先生的通知，获悉其已按照相关规定参加了深 ...

Core Insights - The core competitive strength in the consumer electronics industry has shifted from product comparison to a comprehensive competition involving technological innovation, quality assurance, and ecosystem building [1] Group 1: Brand Recognition and Achievements - In 2025, the Chinese technology brand Ugreen received multiple prestigious honors, including "2025 China Manufacturing - Consumer Trusted Brand" and "National Sales Leader in Consumer NAS Products" from Frost & Sullivan, highlighting its solid path of development and brand strength [1][6] - Ugreen became the first brand in the NAS industry to obtain dual certifications for ISO/IEC 27001 and ISO/IEC 27701, indicating its commitment to data security and privacy protection at international standards [4] Group 2: Technological Innovation and Product Development - Ugreen focuses on technological innovation as the core engine of brand development, continuously solidifying its technical foundation to meet diverse data storage needs in the digital age [3] - The company has developed a comprehensive product matrix in the NAS private cloud sector, offering a range of products from entry-level to flagship models, thus lowering user barriers and catering to both individual and enterprise needs [3] Group 3: Quality Control and Market Performance - Ugreen has established a full-process quality control loop, ensuring that its products are "easy to use, durable, and safe," which has led to its recognition as a trusted brand by millions of users [4] - The brand has consistently led sales on major platforms during key shopping events, such as Double Eleven and 618, confirming its market competitiveness in the smart storage sector [6] Group 4: Future Outlook and Strategic Focus - Ugreen aims to continue its focus on technological innovation and quality, while expanding product boundaries and application scenarios to meet evolving user demands [8] - The company is committed to long-termism, prioritizing user insights, technological investment, and quality refinement over short-term marketing tactics, facilitating its transition from a "digital product provider" to a "trusted technology brand" [6][8]

Group 1 - On February 9, 2024, Ugreen Technology's stock rose by 3.65%, with a trading volume of 313 million yuan. The margin trading data indicated a financing purchase amount of 18.12 million yuan and a financing repayment of 24.38 million yuan, resulting in a net financing buy of -6.26 million yuan. As of February 9, the total margin trading balance for Ugreen Technology was 111 million yuan [1] - The financing balance for Ugreen Technology on February 9 was 110 million yuan, accounting for 0.77% of the circulating market value. This financing balance is above the 90th percentile level over the past year, indicating a high level [1] - On the same day, Ugreen Technology had no shares repaid or sold in the securities lending market, with a remaining quantity of 8,900 shares and a securities lending balance of 585,600 yuan, also exceeding the 90th percentile level over the past year [1] Group 2 - Ugreen Technology, established on March 16, 2012, is located in Longhua District, Shenzhen, Guangdong Province. The company specializes in the research, design, production, and sales of 3C consumer electronics, providing comprehensive digital solutions. Its main product categories include charging products (37.01%), transmission products (26.64%), audio and video products (16.34%), storage products (10.75%), mobile peripheral products (7.88%), and others (1.33%) [2] - As of January 30, 2025, Ugreen Technology had 10,800 shareholders, an increase of 2.93% from the previous period, with an average of 15,236 circulating shares per person, a decrease of 2.84% [2] - For the period from January to September 2025, Ugreen Technology achieved a revenue of 6.364 billion yuan, representing a year-on-year growth of 47.80%, and a net profit attributable to shareholders of 467 million yuan, with a year-on-year increase of 45.08% [2] Group 3 - Ugreen Technology has distributed a total of 373 million yuan in dividends since its A-share listing [3] - As of September 30, 2025, among the top ten circulating shareholders of Ugreen Technology, the largest shareholder was the "Fuguo Small and Medium Cap Selected Mixed A/B" fund, holding 2.3574 million shares, an increase of 1.3456 million shares from the previous period. The "Hong Kong Central Clearing Limited" was the tenth largest shareholder, holding 2.0036 million shares, an increase of 660,000 shares [3] - Several funds, including "Fuguo Innovation Trend Stock A" and "Wanjia Growth Enterprise Board 2-Year Regular Open Mixed A," have exited the top ten circulating shareholders list [3]

Core Viewpoint - Ugreen Group Limited, a prominent player in the consumer electronics sector, has submitted its IPO application to the Hong Kong Stock Exchange, showcasing strong revenue and net profit growth over the past three years, but underlying financial risks are accumulating that could impact investor valuation and regulatory scrutiny [1] Financial Performance - The company reported a net profit of 460 million RMB for 2024, reflecting a year-on-year growth of 17% [1] - However, the net cash flow from operating activities drastically declined to only 5.9 million RMB in the first nine months of 2025, compared to 624 million RMB for the entire year of 2024, indicating a significant cash flow issue [1] Working Capital and Inventory Risks - Ugreen's inventory net value surged to 1.816 billion RMB, a 47% increase from the end of 2024, raising concerns about potential markdown risks due to rapid technological changes in the consumer electronics industry [1] - Trade receivables rose to 216 million RMB, a 108% increase compared to the end of 2024, suggesting possible leniency in credit policies or premature revenue recognition [2] Quality Assurance and Liability Risks - The company acknowledged inherent risks related to product defects and warranty claims, stating that existing provisions may not be sufficient to cover actual warranty claims, which could lead to substantial financial liabilities [3] - Ugreen plans to allocate part of the raised funds for enhancing sales channels and business intelligence upgrades, indicating a shift towards a heavier operational model that may increase cash flow pressure amid global economic uncertainties [3] Profitability Concerns - The overall gross margin remains stable at over 36%, but the fastest-growing product line, NAS products, has a gross margin of only 22.7%, significantly below the company average [3] - With nearly 60% of revenue generated from overseas, the company’s net profit is highly exposed to exchange rate fluctuations, as evidenced by foreign exchange gains accounting for 2.7% of net profit in the first nine months of 2025 [3] Investor Considerations - Potential investors will focus on Ugreen's ability to provide a clear and credible path for cash flow improvement and effective working capital management [4] - The company must strategically plan its product mix and pricing to balance growth and profitability, avoiding the pitfall of revenue growth without profit [4] - Ugreen's IPO comes at a time when global capital markets are increasingly scrutinizing the quality of profitability, making the identified financial risks critical for pricing and investor confidence [4]

Core Viewpoint - Luguang Technology has submitted an application for listing on the Hong Kong Stock Exchange, but the market reaction has been lukewarm, with the company's stock price declining by 13.2% over four consecutive trading days following the announcement [1][15]. Financial Performance - For the first three quarters of 2023-2025, Luguang Technology reported total revenues of 4.801 billion yuan, 6.166 billion yuan, and 6.361 billion yuan, with corresponding net profits of 394 million yuan, 460 million yuan, and 467 million yuan [1][15]. - The forecast for the full year of 2025 indicates a net profit range of 653 million to 733 million yuan, representing a year-on-year growth of 41.3% to 58.6% [1][15]. Revenue Growth Drivers - The company's overseas market revenue grew from 888 million yuan in 2019 to 3.544 billion yuan in 2024, with a compound annual growth rate of 25.9%, accounting for 57.5% of total revenue [2][16]. - The NAS (Network Attached Storage) business has also contributed significantly, with revenue from consumer-grade NAS products increasing from 92.79 million yuan to 391 million yuan from 2019 to 2024, achieving a compound annual growth rate of approximately 27.0% [2][16]. Market Share - In the first three quarters of 2025, revenue from smart storage products increased by 167% compared to the same period in 2024, with its contribution to total revenue surpassing 10% for the first time [3][17]. - Luguang Technology holds the largest market share in the consumer-grade NAS market, with shares of 20.6% and 17.5% in terms of shipment volume and sales, respectively [3][17]. Profitability Concerns - The reliance on e-commerce platforms, particularly Amazon, has led to increased service fees, which rose from 128 million yuan to 469 million yuan from 2019 to 2024, impacting profit margins [4][16]. - Sales expenses increased by 51.3% to 1.28 billion yuan in the first nine months of 2025, with the sales expense ratio reaching a record high of 20.1% [4][18]. Inventory and Cash Flow Issues - As of September 30, 2025, Luguang Technology's inventory value reached 1.816 billion yuan, a 47.1% increase from the end of 2024, representing 43.4% of current assets [6][20]. - The net cash flow from operating activities plummeted by 98.7% to 5.878 million yuan during the same period, raising concerns about liquidity [6][20]. Shareholder Activity - Major shareholders have been reducing their stakes, with over 1 billion yuan in shares sold in a short period, signaling potential concerns about the company's future performance [10][24]. - High-profile investors, including Hillhouse Capital, have engaged in significant share transfers, further indicating a lack of confidence among insiders [10][25].

Core Viewpoint - Shenzhen Ugreen Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, indicating strong financial performance and growth potential in the consumer electronics sector [1][2]. Financial Performance - The company projects net profits of approximately RMB 3.94 billion, RMB 4.6 billion, and RMB 4.67 billion for the years 2023, 2024, and the first three quarters of 2025, respectively [1][2]. - Revenue estimates for the same periods are around RMB 48.01 billion, RMB 61.66 billion, and RMB 63.61 billion, with gross margins of 36.9%, 36.8%, and 36.5% [2][3]. - For 2025, the company anticipates a net profit of between RMB 6.53 billion and RMB 7.33 billion, representing a year-on-year growth of 41.26% to 58.56% [4]. Product Categories - Ugreen Technology operates in four main product categories: charging products, smart office products, smart audio-visual products, and smart storage products, catering to various daily application scenarios [2]. - Charging products, including power banks and chargers, constitute a significant portion of the company's revenue due to their efficiency and convenience [2]. Dividend Distribution - The company plans to distribute dividends of RMB 1.25 billion and RMB 2.49 billion to shareholders for the years 2024 and 2025, respectively [1][4]. Market Presence - The company has seen an increase in overseas sales, with contributions of 50.4%, 57.5%, and 59.6% from international markets for the years 2023, 2024, and the first three quarters of 2025 [5]. - Major clients include online retailers, offline distributors, and end-users, with the top five customers contributing approximately RMB 10.06 billion, RMB 10.98 billion, and RMB 11.21 billion to total revenue for the respective years [5]. Supply Chain - The top five suppliers accounted for total procurement amounts of approximately RMB 6.52 billion, RMB 7.73 billion, and RMB 9.87 billion for the years 2023, 2024, and the first three quarters of 2025 [6].

Core Viewpoint - Shenzhen Lulian Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, indicating strong financial performance and growth potential in the consumer electronics sector [1][2]. Financial Performance - The company projects net profits of approximately RMB 3.94 billion, RMB 4.6 billion, and RMB 4.67 billion for the first three quarters of 2023, 2024, and 2025 respectively [1][2]. - Revenue estimates for the same periods are around RMB 48.01 billion, RMB 61.66 billion, and RMB 63.61 billion, with gross margins of 36.9%, 36.8%, and 36.5% respectively [2][3]. - The company expects a significant increase in net profit for 2025, forecasting between RMB 6.53 billion and RMB 7.33 billion, representing a year-on-year growth of 41.26% to 58.56% [6]. Product Categories and Market Position - Lulian Technology is a leading player in the 3C consumer electronics accessories market, offering products across four main categories: charging products, smart office products, smart audio-visual products, and smart storage products [2]. - Charging products constitute a significant portion of the company's revenue, driven by their efficiency and convenience in meeting diverse user needs [2]. Dividend Policy - The company plans to distribute dividends of RMB 1.25 billion and RMB 2.49 billion to shareholders for the years 2024 and 2025 respectively [5]. Inventory and Supply Chain - As of December 31, 2023, the company's inventory was valued at approximately RMB 9.96 billion, with turnover days of 104.5 days [4]. - The company relies on a network of third-party manufacturing partners and electronic component distributors, with significant procurement from its top five suppliers [8]. International Sales and Customer Base - A growing portion of revenue is derived from international sales, accounting for 50.4%, 57.5%, and 59.6% of total revenue in 2023, 2024, and 2025 respectively [8]. - The company’s major customers include online retailers, offline distributors, and end-users, with the top five customers contributing approximately RMB 10.06 billion, RMB 10.98 billion, and RMB 11.21 billion to total revenue over the same periods [8].

Core Viewpoint - Luguang Technology, after successfully listing on the A-share Growth Enterprise Market for a year and a half, is accelerating its entry into the global capital market by applying for a listing on the Hong Kong Stock Exchange [2][3]. Group 1: Financial Performance and Market Position - The company plans to use the funds raised from the IPO for enhancing R&D investment, product development, brand building, and improving sales channels [5]. - Since its A-share listing in July 2024, Luguang Technology's stock price has increased by over 213%, with a market capitalization exceeding 34 billion RMB [5]. - According to forecasts, Luguang Technology expects a net profit of 653 to 733 million RMB for the full year of 2025, representing a year-on-year growth of 41.26% to 58.56% [5]. - The company ranks first globally in the consumer electronics market for technology expansion products based on shipment volume in 2025 [5]. Group 2: Business Growth Drivers - Luguang Technology has expanded its product range to include charging products, smart office products, smart audio-visual products, and smart storage products, achieving annual revenue exceeding 6 billion RMB [6][7]. - The rapid growth in performance is attributed to global expansion, a diversified product matrix, brand strength, and product innovation [6]. - The charging products segment remains the cornerstone of the company's ecosystem, contributing 29.54 billion RMB in revenue for the first three quarters of 2025, accounting for 46.4% of total revenue [8]. Group 3: Market Challenges and Risks - Despite rapid growth, Luguang Technology faces challenges such as declining gross margins, with the gross margin dropping to 36.5% in the first three quarters of 2025 from nearly 50% in 2019 [12]. - The company relies heavily on third-party e-commerce platforms, with platform service fees reaching 490 million RMB in the first three quarters of 2025 [13]. - Inventory levels have surged, with a book value of 1.816 billion RMB as of September 30, 2025, representing 43.4% of current assets, raising concerns about market price declines and impairment risks [14]. Group 4: Shareholder Activity - Recent shareholder activities have raised market concerns, with significant share reductions by major shareholders, including a total of 6,223,646 shares sold between November 2025 and January 2026 [15]. - The largest external shareholder, Hillhouse Capital, has also reduced its stake significantly, leading to a decline in market confidence [15].

在此背景下，深耕消费电子领域十余年的绿联科技，于2月2日正式向港交所主板递交上市申请，由华泰 国际担任独家保荐人。据招股书披露，此次赴港上市的募资用途聚焦公司长期发展，拟将资金用于研发 投入及产品开发、品牌建设、销售渠道深化、业务流程智能化升级及营运资金补充。 居家办公多屏协同的普及、个人数据存储隐私需求的提升以及出行充电便捷性的高频诉求，推动全球科 技消费电子市场正从"单一功能"向"全场景适配"加速转型，细分赛道的龙头企业也随之迎来新的发展机 遇与资本布局窗口。 泛拓展类科技消费电子全球龙头 招股书显示，绿联科技成立于2012年，公司是一家科技消费电子品牌企业，依托充电创意产品、智能办 公产品、智能影音产品和智能存储产品四大产品类别，全方位覆盖家庭、出行、办公、娱乐等各类日常 应用场景。 公司业务足迹遍及全球180多个国家和地区。招股书数据显示，公司海外市场收入占比呈现逐年提升的 趋势，2023年、2024年及2025年前三季度分别为50.4%、57.5%、59.6%。公司在香港、美国、德国、日 本等地设立全资子公司，组建本地化销售与服务团队，精准对接当地用户需求，优化产品设计与服务体 验。 | | | 截 ...