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].

Core Viewpoint - The global technology consumer electronics market is transitioning from "single-function" to "full-scenario adaptation," driven by the rise of remote work, increased demand for personal data storage privacy, and the need for convenient charging solutions during travel. This shift presents new development opportunities and capital layout windows for leading companies in the sector [1]. Company Overview - Ugreen Technology, established in 2012, is a technology consumer electronics brand that covers various daily application scenarios through four main product categories: charging creative products, smart office products, smart audio-visual products, and smart storage products. The company operates in over 180 countries and regions, with a growing share of overseas market revenue, projected to reach 59.6% by the third quarter of 2025 [2][4]. Financial Performance - Ugreen's revenue for 2023 and 2024 is projected to be 4.801 billion yuan and 6.166 billion yuan, respectively, reflecting year-on-year growth of 25.3% and 28.4%. For the first three quarters of 2025, revenue is expected to reach 6.361 billion yuan, a 47.8% increase year-on-year. Net profit for the same periods is also on the rise, with 3.94 billion yuan in 2023 and 4.6 billion yuan in 2024, showing growth rates of 19.3% and 17% respectively [6][8]. Product Performance - Ugreen's four core product lines have shown stable growth since 2023. The charging creative products category, which includes chargers and power banks, generated 2.954 billion yuan in revenue for the first three quarters of 2025, marking a 44.7% year-on-year increase and accounting for 46.4% of total revenue. The smart storage products category has experienced the most significant growth, with a revenue increase of 166.9% year-on-year [7][8]. Market Trends - The global market for technology consumer electronics is expected to grow steadily, with the overall market size projected to increase from $35.38 billion in 2020 to $54.8 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.6%. By 2029, the market size is anticipated to reach $102.59 billion, with a CAGR of 13.4% from 2024 to 2029 [9][11]. Competitive Landscape - Leading brands with mature supply chains and R&D capabilities are expected to continue to dominate the market, squeezing out smaller white-label manufacturers. China's complete industrial chain system positions it as a global innovation center, capable of rapid market response and efficient mass production, which benefits companies like Ugreen [11][12]. Strategic Initiatives - Ugreen's upcoming listing on the Hong Kong Stock Exchange is a crucial step in its capital market strategy, allowing the company to leverage both A-share and H-share platforms for domestic and international growth. This dual approach aims to enhance brand recognition and attract global capital for R&D, branding, and overseas expansion [12].

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。 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。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2423年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民景于元 ...

Core Viewpoint - The global technology consumer electronics market is transitioning from "single function" to "full scene adaptation," driven by the rise of remote work, increased demand for personal data storage privacy, and the need for convenient charging solutions during travel. This shift presents new development opportunities and capital layout windows for leading companies in the sector [1]. Company Overview - Ugreen Technology, established in 2012, is a technology consumer electronics brand that covers various daily application scenarios through four main product categories: charging creative products, smart office products, smart audio-visual products, and smart storage products. The company operates in over 180 countries and regions, with a growing overseas market revenue share projected to reach 59.6% by the third quarter of 2025 [2][4]. Financial Performance - Ugreen's revenue for 2023 and 2024 is projected to be 4.801 billion yuan and 6.166 billion yuan, respectively, reflecting year-on-year growth rates of 25.3% and 28.4%. By the third quarter of 2025, revenue is expected to reach 6.361 billion yuan, with a year-on-year growth of 47.8%. Net profit for the same periods is forecasted to be 393.7 million yuan, 460.5 million yuan, and 466.8 million yuan, with growth rates of 19.3%, 17%, and 45.8% respectively [6][8]. Product Performance - The core product lines of Ugreen have shown stable growth since 2023. The charging creative products category, which includes chargers and power banks, generated 2.954 billion yuan in revenue in the first three quarters of 2025, accounting for 46.4% of total revenue and growing by 44.7% year-on-year. The smart storage products category exhibited the most significant growth, with revenue reaching 726 million yuan, a year-on-year increase of 166.9% [5][7]. Market Trends - The global market for technology consumer electronics is expected to grow steadily, with the overall market size projected to increase from $35.38 billion in 2020 to $54.8 billion in 2024, representing a compound annual growth rate (CAGR) of 11.6%. By 2029, the market size is anticipated to reach $102.59 billion, with a CAGR of 13.4% from 2024 to 2029 [9][11]. Competitive Landscape - Ugreen is positioned to benefit from a competitive landscape where leading brands with mature supply chains and R&D capabilities are squeezing out long-tail white-label manufacturers. The company leverages China's complete industrial chain, which allows for rapid market response and efficient production, thus enhancing its competitive edge in the global market [11][12]. Strategic Initiatives - Ugreen's upcoming listing on the Hong Kong Stock Exchange is a strategic move to enhance its capital market presence and support its global expansion. The dual listing on A-shares and H-shares will enable the company to deepen its domestic market presence while increasing international visibility and attracting global capital for R&D, branding, and overseas expansion [12].

Group 1: Market Overview - The current macroeconomic environment features strong expectations but weak realities, with market implied economic growth expectations potentially exceeding the past three years, while actual economic performance remains weak [2][11] - The basic perspective indicates a weak real economy, compounded by February typically being a production off-season [11] - Recent allocation trends show that 10-year bonds outperform 30-year bonds, government bonds outperform policy bank bonds, and credit bonds outperform interest rate bonds [11] Group 2: Bond Market Strategy - In February, the overall environment is favorable for the bond market due to a policy and economic data vacuum, production off-season, and strong initial allocation forces, although the weak asset structure of bonds has not reversed [11] - The 10-year government bond yield is expected to range between 1.75% and 1.9%, indicating a limited duration trading environment [11] - For the medium to long term, it is recommended to "take profits on rallies" for interest rate bonds and "increase allocation on dips" for credit bonds [11] Group 3: Credit Bond Market Insights - The credit bond carry trade strategy remains robust, but the safety cushion is shrinking, especially at the short end [9][15] - The overall credit spread is at a relatively low level, with some varieties still having room for improvement [12][15] - The demand for credit bonds is supported by the need for stable returns, with a focus on mid to short-term coupon assets [15] Group 4: Company Analysis - UGREEN Technology - UGREEN Technology is a rapidly expanding player in the global consumer electronics sector, with significant growth in revenue and profit, achieving a revenue of 6.364 billion yuan in Q1-Q3 2025, a year-on-year increase of 47.8% [16][19] - The charging category remains the largest segment, with a revenue of 1.427 billion yuan in H1 2025, growing by 44% due to increased consumer demand and regulatory changes [16][17] - The NAS product line is emerging as a second growth curve for UGREEN, with a market share exceeding 40% in the domestic online market for NAS sales [17][19] Group 5: Financial Projections for UGREEN - UGREEN is projected to achieve revenues of 9.121 billion, 12.109 billion, and 15.798 billion yuan from 2025 to 2027, with corresponding net profits of 0.687 billion, 0.915 billion, and 1.233 billion yuan [19] - The company is rated "Buy" based on strong growth potential, with a current market valuation indicating a 21% upside [19]

投资要点： 绿联科技是快速扩张的全球科技消费电子领域的新兴势力。绿联科技成立于2012 年，公司以UGREEN 品牌率先在国内各大主流电商平台进行布局，并于2013、2014 年分别拓展了国内线下经销网络及海外 线上市场，已深耕各主要国内外渠道十余年。目前公司产品主要涵盖充电类、传输类、音视频类、存储 类、移动周边类。受益于公司品类的快速扩张，以及市场需求的提升，公司收入、业绩保持高增长。 2025Q1-3 公司实现营收63.64 亿元，同比+47.8%，实现归母净利润4.67 亿元，同比+45.1%，增速均创 上市以来新高。 充电类等基本盘业务稳健增长。充电类是公司第一大品类，2025H1 充电类实现收入14.27 亿元，同比增 长44%。充电类需求增长来自于手机厂商逐步取消附赠充电器、以及消费者充电需求的提升，近年来充 电宝产品性能、功能持续升级，同样带来需求增长。2025 年以来，移动电源行业监管趋严，绿联作为 行业头部企业受益。2025H1 传输类产品实现收入10.28 亿元，同比增长29%，传输类产品需求增长。受 益于当前电子设备种类及数量的增加，以及消费电子产品应用场景的丰富，电子设备间的互联以及 ...

长江商报消息 ●长江商报记者 汪静 绿联科技（301606.SZ）向港股IPO再迈进一步。 2月2日晚间，绿联科技发布公告称，公司已于2026年2月2日向香港联合交易所递交了发行境外上市外资 股（H股）股票并在香港联交所主板挂牌上市的申请。 绿联科技是全球领先的消费电子品牌企业，销售渠道已覆盖全球多个主流市场。长江商报记者注意到， 2025年上半年，绿联科技境外营业收入达22.94亿元，同比增长51.39%，占总营业收入比例达59.53%。 公司境外业务毛利率高达43.49%，远超境内业务。 绿联科技是全球科技消费电子知名品牌企业，主要从事3C消费电子产品的研发、设计、生产及销售。 近年来，公司持续深耕海外市场。 2025年半年报中，绿联科技介绍，公司正在积极拓展和深化线下渠道，经销网络遍布全球，通过战略合 作大型商超、专业渠道及区域头部经销商，在境外，已成功进驻美国Walmart、Costco、Bestbuy、B＆ H、Micro Center，欧洲Media Markt，日本Bic Camera、Yodobashi Camera等知名零售巨头渠道体系。同 时，为深度渗透境外市场，绿联科技已在美国、德国、日 ...

Core Viewpoint - Luguan Technology, led by Zhang Qingsen, is seeking an IPO on the Hong Kong Stock Exchange to raise funds for product R&D and brand development, having established a strong presence in the 3C accessories market and overseas markets [2][12]. Company Overview - Founded in 2012 by Zhang Qingsen, Luguan Technology started as an online store and has grown to serve over 300 million global customers, primarily through its core products like chargers and data cables [2][12]. - The company has evolved from a simple accessory provider to a comprehensive consumer electronics brand, covering various scenarios including home, office, and entertainment [6][18]. Market Position - Luguan ranks second in the global charging products market by retail sales projected for 2025, with creative charging products generating RMB 29.5 billion in revenue for the first nine months of 2025, contributing nearly 50% of total revenue [4][16]. - The overall gross margin for charging cables remains stable at approximately 36.5%, with a net profit of RMB 467 million reported for the first nine months of 2025 [17]. Product Development - The company has made significant strides in the storage sector, launching a consumer-grade NAS brand, which has become a new growth engine, contributing RMB 545 million in revenue, a year-on-year increase of over three times [20]. - The flagship private cloud DXP product, priced from RMB 3,599, has received positive consumer feedback for its value proposition [18][20]. Financial Performance - For the fiscal year ending December 31, 2023, Luguan's revenue from creative charging products was RMB 2.076 billion, with a projected increase to RMB 2.958 billion in 2024 [17]. - The company's actual controller, Zhang Qingsen, holds 46.58% of the shares, corresponding to an asset value of RMB 13 billion [22]. Industry Outlook - The global consumer electronics market is expected to reach USD 1,046 billion by 2024, with stable growth anticipated, indicating potential for further expansion for Luguan in the home storage market [22].

上 市 公 司 公 司 研 究 / 公 司 深 度 2026 年 02 月 03 日 绿联科技 (301606) ——消费电子出海新势力，加力布局 NAS 产品打造第二成 长曲线（存储系列 6） 报告原因：首次覆盖 投资要点： 市场数据： 2026 年 02 月 02 日 收盘价（元） 69.56 一年内最高/最低（元） 83.50/29.83 市净率 9.2 股息率%（分红/股价） 0.86 流通 A 股市值（百万元） 15,235 上证指数/深证成指 4,015.75/13,824.35 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 7.57 | | 资产负债率% | 30.53 | | 总股本/流通 A 股（百万） | 415/219 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -100% 0% 100% 02-05 03-05 04-05 05-05 06-05 07-05 08-05 09-05 10-05 11-05 12-05 01-05 绿联科技 沪深 ...

Core Viewpoint - Shenzhen Ugreen Technology Co., Ltd. is accelerating its move towards the capital market by submitting a prospectus for a dual listing on the Hong Kong Stock Exchange, aiming to transition from a high-cost consumer electronics brand to a global technology consumer platform [2][3]. Group 1: Company Performance and Growth - Since its listing on the Shenzhen Stock Exchange in July 2024, Ugreen's stock price has increased by nearly 73%, with a total market capitalization exceeding 28 billion yuan [2]. - In the first three quarters of 2025, Ugreen's revenue and net profit have both surpassed the total figures for the entire year of 2024, with overseas revenue accounting for nearly 60% of total income [2][9]. - The company's revenue grew from 4.801 billion yuan in 2023 to 6.361 billion yuan in the first three quarters of 2025, while net profit increased from 394 million yuan to 467 million yuan during the same period [9]. Group 2: Product and Market Strategy - Ugreen has evolved from a typical 3C accessory vendor to a global player, expanding its product matrix to include four major categories: charging solutions, smart office products, smart audio-visual, and smart storage [3]. - The smart storage segment has seen over 300% revenue growth year-on-year in the first three quarters of 2025, positioning Ugreen as the largest consumer-grade NAS brand globally, with market shares of 20.6% in shipment volume and 17.5% in retail value [4]. - Ugreen's strategy focuses on building an ecosystem around "connection" and "data," transitioning NAS products from backend devices to integral parts of user experience [5]. Group 3: Globalization and Localization - Ugreen's overseas revenue share reached 59.6% in the first three quarters of 2025, significantly higher than most domestic consumer electronics brands, achieved through a proactive localization strategy [7]. - The company has established localized subsidiaries in key markets such as Hong Kong, North America, Europe, Southeast Asia, and the UAE, creating a "1+N" global service system [7]. - Ugreen's growth relies on replicating organizational capabilities rather than solely depending on e-commerce platforms, allowing for a balanced development between online and offline channels [7][8]. Group 4: Financial Challenges and Market Perception - Despite high revenue growth, Ugreen's gross margin has declined to 37.05%, down from nearly 50% in earlier years, due to rising production costs and reliance on third-party platforms [10]. - The NAS business, while growing, has a gross margin of only 27.68% in the first half of 2025, indicating challenges in profitability during its scaling phase [10]. - Market sentiment is mixed, with significant reductions in holdings by major investors like Hillhouse Capital, raising concerns about Ugreen's long-term value [11][12].