2025Q3 公司营业收入实现25 亿元，同比增长60%；归母净利润实现1.92 亿元，同比增长67%；扣非净 利润实现1.88 亿元，同比增长71%。 事件评论 收入端来看，单三季度公司收入增长实现大幅提速，增长势能保持强劲。收入端来看，2025Q3 公司营 业收入增长60%，增速环比Q2 实现提速，预计得益于公司境外和境内市场持续发力，产品端NAS 以及 移动电源品类增长势能保持强劲。 盈利端，单三季度公司毛利率显著优化，费控表现较优，叠加收入端提速摊薄费用率，盈利能力持续提 升。2025Q3，公司归母净利润实现1.92 亿元，同比增长67%，扣非净利润实现1.88 亿元，同比增长 71%，单三季度公司盈利能力优化，具体拆分看：公司毛利率同比提升0.7 个百分点，预计得益于高毛 利率的海外占比提升，销售费用率同比提升0.4 个百分点，环比大幅下降1.5 个百分点，预计Q3 明星代 言相关的投入较少，公司整体营销投入管控较好，Q3 公司管理/研发费用率分别下降1.3、0.3 个百分 点，收入端大幅增长摊薄费用率，此外Q3 公司所得税额为4025 万元，同比增长2697 万元，预计受研发 费用加计抵扣政策阶段 ...

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨绿联科技（301606.SZ） [Table_Title] 绿联科技 2025Q3 点评：海外和新品拓展渐入佳 境，业绩增长强劲 报告要点 [Table_Summary] 2025Q3 公司收入和盈利端增长表现强劲，我们预计得益于：第一，海外市场的持续发力；第 二，核心品类 NAS 以及移动电源持续高增。当前时点，公司正处于渠道和区域延展的扩张期， 产品创新下梯队逐渐完善，综合来看品牌势能处于持续提速的阶段。 分析师及联系人 [Table_Author] 李锦 陈亮 秦意昂 SAC：S0490514080004 SAC：S0490517070017 SAC：S0490524110002 SFC：BUV258 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 绿联科技（301606.SZ） cjzqdt11111 [Table_Title 绿联科技 2025Q3 2] 点评：海外和新品拓展渐入 佳境，业绩增长强劲 [Table_Summ ...

Core Viewpoint - Ugreen Technology's stock price has experienced fluctuations, with a year-to-date increase of 71.29% but a recent decline of 9.23% over the last five trading days [1] Company Overview - Ugreen Technology, established on March 16, 2012, is located in Longhua District, Shenzhen, Guangdong Province, and specializes in the research, design, production, and sales of 3C consumer electronics [2] - The company's main business segments include charging products (37.01% of revenue), 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 September 30, 2025, Ugreen Technology reported a revenue of 6.364 billion yuan, a year-on-year increase of 47.80%, and a net profit attributable to shareholders of 467 million yuan, up 45.08% year-on-year [2] Stock Performance - As of November 11, Ugreen Technology's stock price was 63.72 yuan per share, with a market capitalization of 26.438 billion yuan [1] - The stock has seen a trading volume of 56.2285 million yuan and a turnover rate of 0.53% [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on January 9, where it recorded a net buy of -24.6681 million yuan [1] Shareholder Information - As of September 30, 2025, Ugreen Technology had 8,578 shareholders, a decrease of 10.42% from the previous period, with an average of 19,235 circulating shares per shareholder, an increase of 454.77% [2][3] - The top ten circulating shareholders include notable funds, with the largest increase in holdings seen in 富国中小盘精选混合A/B [3]

（编辑 姚尧） 证券日报网讯 11月10日晚间，绿联科技发布公告称，深圳市绿联科技股份有限公司（以下简称"公 司"）于2025年10月15日披露了《关于持股5%以上股东及其一致行动人减持股份预披露公告》。合计持 有公司54，924，033股（占公司总股本比例13.24%）的大股东深圳市绿联管理咨询合伙企业（有限合 伙）（以下简称"绿联管理"）及其一致行动人深圳市和顺四号管理咨询合伙企业（有限合伙）（以下简 称"和顺四号"）计划在该公告披露之日起15个交易日后的3个月内（即2025年11月6日至2026年2月5 日），以集中竞价方式或大宗交易方式合计减持公司股份数量不超过6，223，649股（即不超过公司总 股本比例1.50%）。公司于近日收到大股东绿联管理及其一致行动人和顺四号出具的《关于股份减持比 例触及1%整数倍的告知函》，获悉和顺四号截至2025年11月10日已通过集中竞价交易方式累计减持公 司股份1，351，113股，占公司总股本的0.33%。本次权益变动后，大股东绿联管理及其一致行动人和 顺四号合计持股比例由13.24%降至12.91%，触及1%的整数倍。 ...

证券代码：301606 证券简称：绿联科技 公告编号：2025-045 深圳市绿联科技股份有限公司 关于持股 5%以上股东及其一致行动人 减持股份触及 1%整数倍的公告 公司持股 5%以上股东深圳市绿联管理咨询合伙企业（有限合伙）及其一致 行动人深圳市和顺四号管理咨询合伙企业（有限合伙）保证向本公司提供的信 息内容真实、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董事会 2025 年 11 月 11 日 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 深圳市绿联科技股份有限公司（以下简称"公司"）于 2025 年 10 月 15 日 披露了《关于持股 5%以上股东及其一致行动人减持股份预披露公告》（公告编 号：2025-042）。合计持有公司 54,924,033 股（占公司总股本比例 13.24%）的 大股东深圳市绿联管理咨询合伙企业（有限合伙）（以下简称"绿联管理"）及 其一致行动人深圳市和顺四号管理咨询合伙企业（有限合伙）（以下简称"和顺 四号"）计划在该公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 11 月 6 日至 2026 ...

Investment Rating - The report highlights a positive investment outlook for the duty-free sector, particularly focusing on China Duty Free Group (中国中免) as a key investment opportunity [2][3]. Core Insights - The upcoming 2026 Spring Festival, which will be the longest in history, is expected to significantly boost the tourism market, with a surge in demand for long-distance and outbound travel [2]. - The initial effects of the new duty-free policy in Hainan are evident, with a reported duty-free shopping amount of 78.549 million yuan on the first day, marking a 6.1% increase compared to the previous day [2]. - The report emphasizes the importance of monitoring companies that are likely to exceed expectations in their Q3 reports, including Greenlink Technology (绿联科技) and Jiajiayue (家家悦) [2]. Summary by Relevant Sections Duty-Free Sector - The report indicates that the new duty-free policy has led to a notable increase in shopping activity, with 54,800 items sold and 12,700 visitors on the first day of implementation [2]. - China Duty Free Group is highlighted as a key focus for investment due to its strong market position [2]. Jewelry and Gold - The report notes significant price fluctuations in gold, with leading jewelry brands like Chow Tai Fook (周大福) and Lao Feng Xiang (老凤祥) raising prices substantially [2]. - Consumers are reportedly buying gold at lower prices, benefiting companies such as Cai Bai Co. (菜百股份) and China Gold (中国黄金) [2]. Retail and E-commerce - The report mentions a 13-fold increase in order volume for the top 300 brands on JD.com during the Double Eleven shopping festival [2]. - Companies like Focus Technology (焦点科技) and Anker Innovations (安克创新) are identified as key players in the e-commerce sector [2]. Education Sector - The report highlights the ongoing education reform and suggests focusing on companies like Xueda Education (学大教育) and Tianli International Holdings (天立国际控股) [2]. AI and Optical Technology - Continuous iterations in AI glasses technology are noted, with a focus on companies like Conant Optical (康耐特光学) [2].

截至发稿，绿联科技市值为280亿元。 每经头条（nbdtoutiao）——卢浮宫被盗文物竟无保险，国内48亿元艺术品保险市场也不乐观：险企称 定价太难，蛋糕看到吃不到 （记者 张明双） 每经AI快讯，绿联科技（SZ 301606，收盘价：67.45元）发布公告称，2025年11月3日至2025年11月7日 期间，绿联科技接受安信基金等投资者调研，公司董事会秘书兼财务负责人王立珍、证券事务代表申利 群参与接待，并回答了投资者提出的问题。 2025年1至6月份，绿联科技的营业收入构成为：消费电子业占比100.0%。 ...

Core Viewpoint - Ugreen Technology (301606) reported strong sales growth for its NAS products in the first three quarters, indicating a positive market position and competitive strength in the NAS category [1] Group 1: Sales Performance - The company achieved sales and volume double crowns in the NAS category across major platforms such as JD.com, Tmall, and Douyin during the 618 shopping festival [1] - The sales performance reflects the increasing market competitiveness of the company's NAS products [1] Group 2: Product Growth and Market Penetration - The penetration rate of the company's NAS products continues to grow, supported by the launch of new products and increased promotional efforts [1] - The company anticipates that the NAS product line will maintain rapid growth and further enhance its market penetration rate [1]

Group 1: Financial Performance - The company's overall gross margin for Q3 is 37.17%, an increase of 0.66% compared to the same period last year [1] - The sales of NAS products have shown good growth in the first three quarters, with a significant market presence during the 618 shopping festival, achieving sales and volume leadership on major platforms [1] Group 2: Product Quality and Safety - The company has established a comprehensive quality management system that covers the entire product lifecycle, emphasizing user safety and product quality as vital [2] - Strict quality control and continuous optimization mechanisms are in place to ensure high-quality and reliable products for consumers [2] Group 3: Organizational Development and Talent Acquisition - Significant progress has been made in organizational and talent development, enhancing the company's appeal to top graduates and specialized professionals [2] - The company employs a talent-centric strategy, which has become a key driver for sustainable growth [2] Group 4: Production and Supply Chain - The company has built a differentiated competitive advantage through independent research and development, implementing a dual-driven supply chain model of "outsourced finished product procurement + self-production" [2] - Currently, self-production accounts for over 20%, while outsourced production constitutes over 70% of the total production [2]

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The report emphasizes the long-term nature of overseas expansion, highlighting the increasing penetration rate of cross-border e-commerce in foreign trade and maintaining a positive outlook on leading companies with strong performance resilience and those with marginal performance improvements [3] - The report notes that the recent easing of tariffs and the ongoing strong growth trend in cross-border e-commerce are expected to enhance the ability of Chinese foreign trade enterprises to respond to external shocks and improve their global layout [7] Summary by Sections Cross-Border E-Commerce Performance - In the first three quarters of 2025, the cross-border e-commerce sector achieved revenue of 56.09 billion yuan, a year-on-year increase of 22.6%, with a three-year CAGR of 24.5%. The net profit attributable to shareholders was 3.59 billion yuan, up 20.2% year-on-year, with a three-year CAGR of 20.2% [7] - The revenue growth rate slightly slowed due to trade friction and increased competition, but the net profit growth rate showed significant improvement [7] - In Q3 2025, the sector's revenue grew by 14.3% year-on-year, and net profit increased by 29.6%, indicating operational resilience and improved cost management despite rising tariff costs [7] Market Outlook - The report anticipates strong performance during the upcoming Black Friday and Cyber Monday shopping events, with consumers showing early planning, trust, and value-seeking behaviors [7] - Online sales during the 2025 holiday shopping season in the U.S. are expected to reach $253.4 billion, a year-on-year increase of 5.3% [7] - The report highlights that cross-border e-commerce companies leverage China's efficient industrial clusters to export competitively priced products, with some transitioning from Amazon brands to multi-channel brands [7] Investment Recommendations - The report recommends focusing on resilient leading companies and those with improving performance in the cross-border e-commerce sector, with specific stock suggestions for both B2B and B2C segments [3]