Core Viewpoint - Zhuhai Xiheng Investment Partnership plans to reduce its stake in Ugreen Technology by up to 8.2982 million shares, representing 2.00% of the total share capital, within a three-month period starting from December 24, 2025 [1] Group 1: Shareholder Information - Zhuhai Xiheng Investment Partnership currently holds 28.7797 million shares, accounting for 6.94% of the company's total share capital [1] - The reduction in shares is attributed to investment reasons, with shares sourced from those issued prior to the company's initial public offering [1] Group 2: Reduction Plan Details - The planned reduction will occur through centralized bidding or block trading methods [1] - The selling price will be determined based on market conditions [1] - This reduction plan will not lead to a change in the company's control or significantly impact its governance structure and ongoing operations [1]

Group 1 - The major shareholder Zhuhai Xiheng Investment Partnership plans to reduce its stake in the company by up to approximately 8.3 million shares, which represents about 6.94% of the total share capital [1] - The reduction will occur within three months after a 15 trading day period following the announcement [1] Group 2 - The news highlights a situation where a stock, Xiangyang Bearing, experienced a surge in price following a request from investors for the main force to push the stock limit up, raising concerns about potential market manipulation [1]

Core Viewpoint - Zhuhai Xiheng Investment Partnership, a shareholder holding more than 5% of Ugreen Technology (301606.SZ), plans to reduce its stake by up to 8.2982 million shares, representing 2.00% of the company's total share capital, for investment reasons [1] Summary by Relevant Sections - **Shareholder Reduction Plan** - The reduction will occur through centralized bidding or block trading [1] - The reduction period is set from 15 trading days after the announcement, lasting for three months, specifically from December 24, 2025, to March 23, 2026 [1]

Core Viewpoint - Zhuhai Xiheng Investment Partnership, a shareholder holding 6.94% of Ugreen Technology, plans to reduce its stake by up to 8.2982 million shares, representing 2.00% of the company's total share capital, from December 24, 2025, to March 23, 2026, for investment reasons [1] Summary by Category - **Shareholder Action** - Zhuhai Xiheng Investment Partnership intends to reduce its holdings through centralized bidding or block trading [1] - The total number of shares to be reduced is up to 8.2982 million [1] - **Impact on Company** - The reduction will account for 2.00% of Ugreen Technology's total share capital [1] - **Timeline** - The planned reduction period is from December 24, 2025, to March 23, 2026 [1]

证券代码：301606 证券简称：绿联科技 公告编号：2025-046 深圳市绿联科技股份有限公司 （一）股东减持计划 公司持股 5%以上股东珠海锡恒投资合伙企业（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。 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。 特别提示： 持有本公司股份 28,779,695 股（占本公司总股本比例 6.94%）的大股东珠 海锡恒投资合伙企业（有限合伙）计划在本公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 12 月 24 日至 2026 年 3 月 23 日），以集中竞价方式或大宗 交易方式合计减持本公司股份数量不超过 8,298,196 股（即不超过本公司总股本 比例 2.00%）。 深圳市绿联科技股份有限公司（以下简称"公司"）近日收到公司持股 5% 以上股东珠海锡恒投资合伙企业（有限合伙）的通知，其计划以集中竞价或大宗 交易方式减持本公司股份合计不超过 8,298,196 股（即不超过本公司总股本比例 2.00%）。现将有关情况公告如下： | 一、减持主体的基本情况 | | --- | ...

Core Viewpoint - The company positions its storage business as a key development area and a core category for continuous innovation, successfully establishing a second growth curve [1] Group 1: Business Strategy - The company's NAS product line now comprehensively covers a range of devices from entry-level to high-end [1] - The company is accelerating the deep integration of AI technology with hardware [1] Group 2: Product Features and Market Position - The products feature AI intelligence, user-friendly design, strong scalability, and compatibility, catering to diverse user needs [1] - The company has gradually established a good market reputation and first-mover advantage, securing a leading position in the market [1] Group 3: Future Plans - The company plans to optimize capacity planning based on market demand to ensure stable product delivery [1]

Group 1 - The core viewpoint of the article is that Ugreen Technology (SZ 301606) has announced an investor research meeting scheduled for November 28, 2025, where the company's board secretary and financial head, Wang Lizhen, will participate and address investor inquiries [1] - For the first half of 2025, Ugreen Technology's revenue composition is entirely from the consumer electronics sector, accounting for 100.0% [1] - As of the report's release, Ugreen Technology has a market capitalization of 26 billion yuan [1]

Group 1: Company Overview and Product Positioning - The company positions its NAS products as a core category for development and innovation, successfully establishing a second growth curve [1] - The NAS product line covers a range from entry-level to high-end devices, integrating AI technology for enhanced user experience [1] - The company aims to optimize production capacity based on market demand to ensure stable product delivery [1] Group 2: Target Audience and User Profiles - Current NAS product users include personal users, enterprise users, and tech enthusiasts, with no significant changes in user demographics [2] - Personal users focus on convenience, data security, and smart management, primarily for home entertainment and data backup [2] - Enterprise users are mainly small and medium-sized businesses, emphasizing large storage capacity, reliability, and data security compliance [2] - Tech enthusiasts seek high performance and compatibility for DIY projects and technical research [2] Group 3: Talent Management and Incentives - The company continuously optimizes its compensation management system to offer competitive salaries and additional benefits to attract and retain talent [2] Group 4: International Market Expansion - The company has successfully entered major overseas retail channels, including Walmart, Costco, and BestBuy in the U.S., and MediaMarkt in Europe [2] - Localized service subsidiaries have been established in key markets like the U.S., Germany, and Japan to meet diverse consumer needs and enhance brand penetration [2] Group 5: Investor Relations Activity - The investor relations activity did not involve any major information that needs to be disclosed [2]

Core Insights - The stock price of Ugreen Technology increased by 2.11% on November 25, reaching 59.98 CNY per share, with a market capitalization of 24.886 billion CNY [1] - Ugreen Technology's stock has risen 61.24% year-to-date, but has seen declines of 2.94% over the last five trading days, 14.25% over the last 20 days, and 11.83% over the last 60 days [1] - The company reported a revenue of 6.364 billion CNY for the first nine months of 2025, a year-on-year increase of 47.80%, and a net profit of 467 million CNY, up 45.08% year-on-year [2] Company Overview - Ugreen Technology, established on March 16, 2012, is located in Longhua District, Shenzhen, Guangdong Province, and specializes in the R&D, 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 peripherals (7.88%), and others (1.33%) [2] 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] - The top ten circulating shareholders include notable funds such as the Fortune Small and Medium Cap Selected Mixed Fund, which increased its holdings by 1.3456 million shares [3]

Core Insights - The Chinese safety hammer industry is experiencing steady growth driven by increased public awareness, regulatory support, and rising demand for emergency response tools, with a projected market size of 2.662 billion yuan in 2024, up 24% year-on-year [1][10] - The industry is supported by mandatory regulations requiring all public transport vehicles to be equipped with safety hammers, ensuring continuous demand [1][10] - The market is expanding into the civilian sector as more households prioritize safety tools for home and travel [1][10] Industry Overview - Safety hammers, also known as life hammers, are essential emergency tools designed to break glass in vehicles during emergencies, featuring a compact design and multiple functionalities [4][5] - The industry supply chain includes raw materials like stainless steel and engineering plastics, with the core manufacturing process transforming these materials into finished products [6] Market Dynamics - The number of motor vehicles in China is expected to grow from 327 million in 2018 to 453 million by 2024, increasing the demand for safety hammers [8] - Traffic accidents remain a significant concern, with 254,738 incidents reported in 2023, highlighting the importance of emergency tools like safety hammers [8][9] Competitive Landscape - International brands such as Resqme and Lifehammer dominate the high-end market, while domestic companies like Baseus and Ugreen leverage local advantages to capture market share [12] - Baseus, established in 2011, focuses on innovative design and technology in its safety hammer products, while Ugreen, listed in 2024, emphasizes smart solutions across various consumer electronics [12][13] Industry Trends - There is a growing demand for customized safety hammers tailored to specific user scenarios, such as vehicle compatibility and public transport requirements [13] - Multi-functional safety hammers are becoming mainstream, integrating features like LED lighting and emergency signaling, with high-end models incorporating IoT technology for enhanced functionality [14] - Chinese companies are increasingly expanding into international markets, particularly in the Asia-Pacific region, while enhancing product quality to compete in high-end markets [15]