绿联科技公告，2025年上半年营业收入38.57亿元，同比增长40.60%。净利润2.75亿元，同比增长 32.74%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Investment Rating - The report maintains a "Buy" rating for several companies including UGREEN Technology, YingShi Network, Kid King, TCL Electronics, ZhaoChi Co., Stone Technology, and Ecovacs, while Bull Group is rated as "Hold" [7][8]. Core Insights - The "AI+" initiative is expected to drive significant changes in the technology and consumer sectors, particularly in smart hardware and infrastructure, following the release of a government policy aimed at promoting AI applications [1][2]. - The report identifies two main investment themes: "AI+ Hardware" focusing on sectors like AI glasses, vacuum cleaners, panoramic cameras, NAS, and 3C accessories, and "AI+ Infrastructure" emphasizing the growth in computing power investments driven by increasing AI demand [1][4]. Summary by Sections AI+ Hardware - The report highlights five key areas for potential growth: AI glasses, vacuum cleaners, security systems, panoramic cameras, and NAS, with a clear demand and pain points that AI technology can address [3]. - Recommended companies in this sector include YingShi Network, UGREEN Technology, TCL Electronics, Stone Technology, Ecovacs, and Bull Group, with additional attention on Anker Innovations and Yingshi Innovations [3]. AI+ Infrastructure - The report notes that the growth in AI demand will stimulate investments in computing power infrastructure, with projections indicating a 43% increase in China's smart computing capacity by 2025 compared to 2024 [4]. - Recommended companies in this area include ZhaoChi Co. and a focus on Yitian Intelligent [4]. Company-Specific Insights - **UGREEN Technology**: Expected revenue growth of 28.5% in 2024 and 42% in Q1 2025, driven by strong domestic and overseas market performance [9]. - **YingShi Network**: Reported a revenue of 2.827 billion yuan in H1 2025, a year-on-year increase of 9.45%, with strong performance in smart camera and IoT cloud platform segments [10]. - **Kid King**: Achieved a revenue of 4.91 billion yuan in H1 2025, up 8.6% year-on-year, with a significant profit increase of 79.4% [12]. - **TCL Electronics**: Reported a revenue of 54.777 billion HKD in H1 2025, a 20.4% increase, with a net profit growth of 67.8% [14]. - **ZhaoChi Co.**: Despite a revenue decline of 10.89% in H1 2025, the company is focusing on transforming its business model and expanding into new markets [15]. - **Stone Technology**: Achieved a revenue of 7.903 billion yuan in H1 2025, a 79% increase, with expectations for continued growth in overseas markets [15]. - **Ecovacs**: Reported a revenue of 8.676 billion yuan in H1 2025, a 24.4% increase, with strong performance in product structure and operational efficiency [15]. - **Bull Group**: Achieved a revenue of 16.831 billion yuan in 2024, a 7.24% increase, with a focus on optimizing business operations for steady growth [15].

绿联科技（301606.SZ）8月27日在投资者互动平台表示，公司NAS产品高度重视AI技术的应用，将其视 为重塑用户体验的关键。其AI应用以本地化部署、隐私安全和高效率为核心，致力于将"人工智能+存 储"深度融合，将AI从概念转化为用户日常可感可用的功能。目前，NAS私有云存储产品已实现多项AI 功能：包括图片智能识别聚类（如人脸、宠物、风景等相册）、按AI识别创建条件相册、通过文字描 述搜索图片、搜索图片中的文字、识别相似照片进行去重、敏感照片自动模糊预览，以及支持用户自定 义学习模型以建立个性化识物模型。此外，公司耳机模块已有两款产品（S8开放式耳机和max6头戴式 耳机）搭载了相关AI大模型，具备AI实时对话翻译等功能，进一步拓展了AI技术的应用场景。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司在AI应用方面有何布局？例如使用AI大模 型丰富产品的功能，例如使用AI大模型的多模态功能在处理图片、音频、视频方面有何应用或者推出 agent产品？ （文章来源：每日经济新闻） ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - Ugreen Technology is a leading player in the cross-border digital accessories market, with strong growth potential driven by NAS product launches and overseas expansion [8]. - The company's overseas revenue is expected to grow by 46% in 2024, accounting for 57% of total revenue, indicating a significant shift towards international markets [8]. - The NAS product line is projected to become a crucial growth driver, with the global consumer NAS market expected to reach $6.1 billion in 2024 and grow at an annual rate of 12.1% from 2025 to 2030 [8][78]. Summary by Sections Company Overview - Ugreen Technology focuses on five main product categories: charging, transmission, audio-video, storage, and mobile peripherals, with NAS products expected to accelerate growth [14]. - The company has established its own brand "Ugreen" and has seen overseas revenue increase significantly since its international expansion began in 2014 [8][14]. Financial Analysis - The company is projected to achieve total revenue of 6.17 billion yuan in 2024, with a compound annual growth rate (CAGR) of 21.42% from 2021 to 2024 [23]. - The net profit attributable to shareholders is expected to reach 462.28 million yuan in 2024, reflecting a year-on-year growth of 19.29% [1][23]. Channel Structure - Overseas revenue has become a major growth driver, increasing from 46% of total revenue in 2021 to 57% in 2024 [44]. - The company relies heavily on platforms like Amazon for its overseas sales, which accounted for 65% of international revenue in 2023 [58]. NAS Products - NAS is anticipated to become a significant growth curve for the company, with the market demand expected to rise due to increasing digitalization and data security needs [67]. - The company plans to introduce AI capabilities in its NAS products, enhancing their appeal and functionality [77]. Investment Forecast - The report forecasts net profits of 637.62 million yuan in 2025, 835.80 million yuan in 2026, and 1,038.22 million yuan in 2027, with corresponding year-on-year growth rates of 37.93%, 31.08%, and 24.22% respectively [1][8].

Core Insights - Ugreen Technology is a leading cross-border digital accessories company, with significant growth potential driven by NAS products and overseas expansion [1][2] - The company's overseas business has been growing rapidly, with a projected 46% increase in overseas revenue for 2024, accounting for 57% of total revenue [1][2] - Ugreen retains its own brand "Ugreen" in overseas markets, which enhances brand recognition and contributes to higher profit margins [2] Product Segmentation - Charging products are a key growth driver, with projected revenue of 2.35 billion yuan in 2024, representing a 51% year-on-year increase and accounting for 38% of total revenue [3] - Transmission, audio, storage, and mobile peripheral products are foundational, collectively contributing to 62% of revenue with growth rates between 12% and 21% [3] Market Opportunities - The NAS market is expected to see significant demand, with a projected global market size of $6.1 billion in 2024 and an annual growth rate of 12.1% from 2025 to 2030 [2] - Ugreen aims to capture market share in the NAS segment by offering cost-effective and user-friendly products, expanding into overseas markets for higher profit margins [2] Financial Projections - Ugreen's net profit is expected to grow to 640 million yuan, 840 million yuan, and 1.04 billion yuan from 2025 to 2027, reflecting year-on-year growth rates of 38%, 31%, and 24% respectively [3]

股东珠海锡恒投资合伙企业（有限合伙）保证向深圳市绿联科技股份有限 公司提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 真实性、准确性和完整性依法承担法律责任。 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。 重要内容提示： 证券代码：301606 证券简称：绿联科技 公告编号：2025-028 深圳市绿联科技股份有限公司 关于股东询价转让结果报告书暨持股5%以上股东权益变动 触及1%整数倍的提示性公告 科技"或"公司"）5%以上股份的股东珠海锡恒投资合伙企业（有限合伙）（以 下简称"出让方""信息披露义务人"）。本次权益变动后，出让方及拥有权益的 股份占公司总股本的比例由8.44%下降至6.94%，其权益变动触及1%的整数倍。 本次权益变动不会导致绿联科技控股股东及实际控制人发生变化，不会对绿联科技 公司治理结构及持续经营产生重大影响。 宗交易方式进行，不触及要约收购。受让方通过询价转让受让的股份，在受让后6 个月内不得转让。 让的价格为59.99元/股，交易金额373,356,583.53元。 一、出让方情况 （一）出让方基本情况 出让方珠海锡恒投资合伙企业（有限合伙） ...

华泰联合证券有限责任公司 关于深圳市绿联科技股份有限公司股东 向特定机构投资者询价转让股份的核查报告 深圳证券交易所： 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"组织券商"） 受委托担任珠海锡恒投资合伙企业（有限合伙）（以下简称"出让方"）以向 特定机构投资者询价转让（以下简称"询价转让"）方式减持所持有的深圳市 绿联科技股份有限公司（以下简称"公司"或"绿联科技"）首次公开发行前 已发行股份的组织券商。 经核查，华泰联合证券就本次询价转让的出让方、受让方是否符合《深圳 证券交易所上市公司自律监管指引第16号——创业板上市公司股东询价和配售 方式转让股份（2025年修订）》（以下简称"《指引第16号》"）要求，本次 询价转让的询价、转让过程与结果是否公平、公正，是否符合《指引第16号》 的规定作出如下报告说明。 本次拟询价转让股数上限为6,223,647股，最终实际转让股数为6,223,647股， 受让方获配后，本次询价转让情况如下： | 序号 | 股东名称 | 转让股份数量 | 占总股本 | 占所持股份 | 转让股份来源 | | --- | --- | --- | --- | --- | --- ...

证券代码：301606 证券简称：绿联科技 公告编号：2025-028 深圳市绿联科技股份有限公司 关于股东询价转让结果报告书暨持股5%以上股东权益变动 触及1%整数倍的提示性公告 1、本次权益变动主体为持有深圳市绿联科技股份有限公司（以下简称"绿联 科技"或"公司"）5%以上股份的股东珠海锡恒投资合伙企业（有限合伙）（以 下简称"出让方""信息披露义务人"）。本次权益变动后，出让方及拥有权益的 股份占公司总股本的比例由8.44%下降至6.94%，其权益变动触及1%的整数倍。 2、出让方不属于公司控股股东、实际控制人、董事、监事及高级管理人员， 本次权益变动不会导致绿联科技控股股东及实际控制人发生变化，不会对绿联科技 公司治理结构及持续经营产生重大影响。 3、本次权益变动为非公开转让的询价转让方式，不会通过集中竞价交易或大 宗交易方式进行，不触及要约收购。受让方通过询价转让受让的股份，在受让后6 个月内不得转让。 4、出让方通过询价转让股份数量6,223,647股，占公司总股本的1.50%；询价转 让的价格为59.99元/股，交易金额373,356,583.53元。 5、截至本公告披露日，上述询价转让已实施完 ...

天眼查商业履历信息显示，深圳市绿联科技股份有限公司，成立于2012年，位于深圳市，是一家以从事 零售业为主的企业。企业注册资本41490.9806万人民币，实缴资本25000万人民币。公司法定代表人为 何梦新。 通过天眼查大数据分析，深圳市绿联科技股份有限公司共对外投资了9家企业，参与招投标项目1511 次，知识产权方面有商标信息212条，专利信息1404条，此外企业还拥有行政许可21个。 金融界消息 截至2025年8月19日收盘，绿联科技（301606）报收于66.66元，下跌3.11%，换手率 1.73%，成交量3.79万手，成交金额2.54亿元。 资金流向方面，今日主力资金净流出1868.00万元，占比成交额7.35%。其中，超大单净流出730.64万 元、占成交额2.87%，大单净流出1137.36万元、占成交额4.47%，中单净流出流出498.01万元、占成交 额1.96%，小单净流入2366.01万元、占成交额9.31%。 绿联科技最新一期业绩显示，截至2025一季报，公司营业总收入18.24亿元、同比增长41.99%，归属净 利润1.50亿元，同比增长47.18%，扣非净利润1.43亿元，同比增 ...

每经AI快讯，8月18日，绿联科技（301606）(301606.SZ)公告称，根据2025年8月18日询价申购情况， 初步确定的本次询价转让价格为59.99元/股。本次询价转让收到有效报价单共14份，涵盖基金管理公 司、证券公司、私募基金管理人等专业机构投资者。本次询价转让拟转让股份已获全额认购，初步确定 受让方为9名机构投资者，拟受让股份总数为6,223,647股。 ...