Core Viewpoint - The company, Ugreen Technology (301606), reported significant growth in its first quarter of 2025, with a notable increase in revenue and net profit, driven by strong demand in its core product categories and strategic expansion in overseas markets [13]. Financial Performance - In Q1 2025, the company's main revenue reached 1.824 billion yuan, a year-on-year increase of 41.99% - The net profit attributable to shareholders was 150 million yuan, up 47.18% year-on-year - The net profit excluding non-recurring items was 143 million yuan, reflecting a 44.5% increase year-on-year - The gross profit margin stood at 38.01% [13] Product and Market Expansion - The company has seen rapid growth in its NS and mobile power businesses, particularly due to increased shipments in December of the previous year, leading to higher cash flow for inventory procurement [2] - Ugreen has expanded its product offerings to include new energy-related products such as car chargers and air pumps, which are expected to enhance overseas sales [3] - The company is focusing on expanding its market presence in the Americas and Europe, while also exploring opportunities in emerging markets [4] Cost Management and Pricing Strategy - Shipping costs, which account for approximately 2% of the company's main business costs, have not significantly impacted profitability despite recent increases [5] - The company maintains a diversified pricing strategy to manage the impact of tariffs, particularly in the U.S. market, where it plans to adjust prices to maintain profit margins [7][9] Talent Acquisition and Retention - Ugreen employs a dual strategy of internal development and external recruitment to enhance its talent pool, focusing on attracting individuals with international experience and industry expertise [12] Future Outlook - The charging product category is projected to continue its growth trajectory, with revenue in this segment reaching 2.349 billion yuan in 2024, a 50.87% increase year-on-year, accounting for 38.08% of total revenue [11] - The company aims to strengthen its product innovation and cost structure optimization to maintain competitiveness in overseas markets [8]

Financial Performance - In 2024, the company achieved a revenue of CNY 6.17 billion, a year-on-year increase of 28.46% [1] - The net profit attributable to shareholders was CNY 462 million, up 19.29% year-on-year [1] - R&D investment reached CNY 304 million, a growth of 40.87% compared to the previous year [1] - The revenue growth rate exceeded the net profit growth rate primarily due to an additional CNY 21.34 million in share-based payment expenses [1] Revenue Breakdown - Charging products saw a revenue increase of 50.87% [2] - Transmission products grew by 21.30%, audio-video products by 11.64%, storage products by 19.29%, and mobile peripherals by 16.21% [2] - Domestic revenue accounted for 42.53% of total revenue, growing by 10.11%, while overseas revenue made up 57.47%, increasing by 46.46% [2] Geographic Performance - The Asia (excluding mainland China) region contributed 20.68% of total revenue, with a growth of 50.07% [2] - Europe contributed 19.16% of revenue, up 45.80%, and the Americas contributed 15.7%, growing by 39.92% [2] - Other regions contributed 1.93% of revenue, with a significant increase of 75.93% [2] Sales Channels - Online sales represented approximately 75% of total revenue, primarily through platforms like Amazon, JD.com, and Tmall [2] - Offline sales accounted for about 25% of total revenue [2] Q1 2025 Performance - In Q1 2025, the company reported revenue of CNY 1.82 billion, a year-on-year increase of 41.99% [2] - The net profit attributable to shareholders for Q1 2025 was CNY 150 million, up 47.18% year-on-year [2] Inventory and Supply Chain - Inventory increased due to rapid growth in NAS and mobile power businesses, necessitating early procurement payments [4] - The company is expanding its product offerings in the new energy sector, including car-mounted charging pumps and lithium iron phosphate batteries [4] Market Strategy - The company is focusing on enhancing its market penetration in emerging markets, particularly in Asia (non-mainland) and Europe [6] - Despite rising shipping costs, the impact on business and profitability has been minimal, as shipping costs account for about 2% of the main business costs [6] Profitability - In 2024, the gross margin for domestic business was 28.30%, while for overseas business it was 44.11% [8] - The company is actively working on product innovation and cost optimization to maintain competitiveness in overseas markets [8] Talent Management - The company employs a dual strategy of internal development and external recruitment to attract and retain talent [9] - A competitive compensation system is in place to incentivize and retain skilled employees [9]

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue of 1.824 billion yuan, a year-on-year increase of 42.0%, and a net profit attributable to the parent company of 150 million yuan, up 47.2% year-on-year. This growth is attributed to the successful implementation of a globalization strategy and the positive sales impact of new product launches [1][2]. Revenue Growth and Product Matrix - Q1 2025 revenue growth accelerated to 42.0%, an increase of 13.5 percentage points compared to Q4 2024, primarily driven by new product introductions. The company enhanced its product matrix through increased R&D investment, launching new products such as high-power GaN fast chargers, second-generation NAS cloud storage products, and TWS headphones [2][3]. - At the CES event in January 2025, the company showcased new products including AI NAS and Nexode 500W GaN chargers, which are expected to contribute significantly to revenue growth in the current year [2]. Profitability and Financial Metrics - In Q1 2025, the company's gross profit margin was 38.0%, a decrease of 1.6 percentage points year-on-year, mainly due to a higher proportion of lower-margin storage products and increased shipping costs. The net profit margin increased by 0.3 percentage points year-on-year to 8.2% [3]. - The company reported financial expenses of -7.813 million yuan in Q1 2025, compared to -0.512 million yuan in Q1 2024, primarily due to foreign exchange gains from currency fluctuations [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 672 million yuan, 859 million yuan, and 1.081 billion yuan for 2025-2027, with corresponding EPS of 1.62, 2.07, and 2.60 yuan. The acceleration of the globalization strategy and the expansion of product categories are expected to enhance revenue and profit growth [4]. - As of April 28, the average PE ratio for comparable companies in 2025 is projected to be 29 times. The company is assigned a target PE of 40 times for 2025, corresponding to a target price of 64.80 yuan, maintaining a "buy" rating [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 64.80 RMB [7][8]. Core Views - The company reported a revenue of 1.824 billion RMB in Q1 2025, representing a year-on-year increase of 42.0%, and a net profit of 150 million RMB, up 47.2% year-on-year. This growth is attributed to the successful implementation of its globalization strategy and the positive sales performance of new products [1][2]. - The company is expected to continue expanding its product matrix and penetrating non-US markets, particularly in Europe and Southeast Asia, which will contribute to sustained revenue growth. The NAS storage segment is anticipated to enter a new phase of significant growth [1][4]. Summary by Sections Revenue Growth - In Q1 2025, the company's revenue growth accelerated to 42.0%, an increase of 13.5 percentage points compared to Q4 2024, primarily driven by new product launches. The company has enhanced its product offerings through increased R&D investment, introducing high-wattage GaN fast charging products, second-generation NAS cloud storage products, and TWS earphones [2][3]. Profitability - The gross profit margin for Q1 2025 was 38.0%, a decrease of 1.6 percentage points year-on-year, mainly due to a higher proportion of lower-margin storage products and increased shipping costs. The net profit margin improved by 0.3 percentage points year-on-year to 8.2% [3][4]. Financial Forecast and Valuation - The company maintains its profit forecasts, expecting net profits of 672 million RMB, 859 million RMB, and 1.081 billion RMB for 2025, 2026, and 2027, respectively. The estimated EPS for these years is projected to be 1.62 RMB, 2.07 RMB, and 2.60 RMB. The company is expected to enjoy a valuation premium due to its accelerating globalization strategy and product expansion [4][6].

Group 1: Market Trends and Investment Opportunities - The report indicates a shift in foreign capital from net outflows to net inflows, with passive allocation foreign capital being the main contributor to this trend [1][2][3] - The construction industry is experiencing weak supply and demand, with a notable decline in real estate transaction volumes, particularly in new homes [2][3] - The FPSO market is expected to see a rise in both volume and price due to improved economic viability in deep-sea oil and gas development, with projected spending reaching $159.4 billion in 2025, a 28% year-on-year increase [7] Group 2: Company Performance and Financial Results - Huazhong Technology reported a total bond scale of 27.3 billion yuan and $700 million, with a focus on off-market repayment due to risk exposure [3] - The report highlights that Weilan Meishi has established a strong brand presence in the spicy snack sector, with a target price of HKD 19.96 based on a 32x PE ratio for 2025 [9] - Xinbao Co. achieved a revenue of 16.82 billion yuan in 2024, a 14.84% increase year-on-year, with a strong performance in Q1 2025 driven by export demand [10] Group 3: Sector-Specific Insights - The energy sector is witnessing increased investment demand for grid upgrades following a large-scale power outage in Spain, Portugal, and southern France, which may benefit companies like Siyi Electric and China West Electric [4] - The report notes that the steel industry is under pressure, with Baosteel's revenue declining by 6.6% in 2024, but the company is expected to benefit from supply-side optimization [22] - The report emphasizes that the semiconductor industry is facing challenges, with Zhuoshengwei's revenue dropping by 36.47% in Q1 2025, but there is potential for recovery with new product launches [20]

Group 1 - The core viewpoint of the article highlights the impressive financial performance of Shenzhen Ugreen Technology Co., Ltd. in Q1 2025, with a revenue of 1.824 billion yuan, representing a year-on-year growth of 41.99%, and a net profit of 150 million yuan, up 47.18% year-on-year [2] - The company has accumulated a total of 1,628 domestic and international patents by the end of 2024, which supports product upgrades and innovation [2] - Ugreen Technology is focusing on five major product series, enhancing R&D in areas such as NAS private cloud storage, acoustic headphones, and charging technology, while integrating AI technology to meet evolving market demands [2] Group 2 - In the storage segment, the company launched the world's first AINAS product series iDX, featuring a built-in large language model and Intel Core Ultra processor, which supports advanced functions like image search and intelligent file management [2] - In the charging segment, Ugreen Technology continues to lead trends in fast charging, introducing various innovative products in 2024, including mobile power banks, new power strips, GaN chargers, and multi-functional wireless chargers [2] - The company has deepened its localized operations in overseas markets, establishing subsidiaries in key markets such as the US, Germany, and Japan, which enhances its brand influence and drives rapid growth in distribution channels [3] Group 3 - According to Huatai Securities, Ugreen Technology is expected to enter a new upward business cycle due to accelerated penetration in Europe and Southeast Asia, along with the expansion of NAS storage categories [3] - The company aims to continue focusing on user needs and seizing opportunities in the AI era, using technological innovation as a driving force to create valuable tech solutions for global consumers [3]

Core Insights - In Q1 2025, the company reported a revenue of 1.824 billion yuan, representing a year-on-year growth of 41.99%, and a net profit attributable to shareholders of 150 million yuan, up 47.18%, indicating a strong start to the year [1] - The company's innovation capabilities have been a key driver of its performance, with a total of 1,628 patents obtained by the end of 2024, supporting product upgrades and technological advancements [1] - The company is actively integrating AI technology into its product lines, particularly in NAS private cloud storage, audio technology, and charging solutions, to meet evolving market demands [1] Storage Segment - The company launched the world's first AINAS product, the iDX series, featuring a built-in large language model and Intel Core Ultra processor, which supports advanced functionalities like image search and intelligent file management [1] Charging Segment - The company continues to lead the fast-charging industry by introducing various innovative products in 2024, including mobile power banks, new power strips, GaN chargers, multi-functional wireless chargers, and high-power car chargers, enhancing product practicality and versatility [2] Audio-Video Segment - The company has optimized product performance in the audio-video category, releasing several new models that enhance user experience and loyalty, with plans to launch AI-enabled smart headphones in 2025 to expand its smart wearable ecosystem [2] Market Expansion - The company has deepened its localized operations in overseas markets, establishing subsidiaries in key regions such as the US, Germany, and Japan, which has strengthened its brand influence and accelerated growth in distribution channels [2] - Significant progress has been made in Europe and the Americas, with a focus on emerging markets in Southeast Asia, Latin America, and the Middle East, earning recognition as a top global expansion brand [2] Future Outlook - According to Huatai Securities, the company is expected to enter a new upward business cycle driven by its accelerated penetration in non-US markets and expansion in NAS storage categories [3]

证券代码：301606 证券简称：绿联科技 公告编号：2025-014 深圳市绿联科技股份有限公司 第二届监事会第六次会议决议公告 本公司及监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。 一、监事会会议召开情况 深圳市绿联科技股份有限公司(以下简称"公司")第二届监事会第六次会 议于 2025 年 4 月 28 日在公司会议室以现场方式召开。会议通知于 2025 年 4 月 22 日以电子邮件方式送达各监事。会议应出席监事 3 人，实际出席监事 3 人。 会议由公司监事会主席雷淑斌先生主持，本次会议的召开符合相关法律法规和 《公司章程》的规定。 二、监事会会议审议情况 1、审议并通过《关于<2025 年第一季度报告>的议案》 公司 2025 年第一季度报告的编制和审议程序符合法律、行政法规、中国证 监会和深圳证券交易所的有关规定，报告内容真实、准确、完整地反映了公司的 实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决情况：3 票同意、0 票反对、0 票弃权。 三、备查文件 1、公司第二届监事会第六次会议决议。 特此公告。 深圳市绿联科技股份有限公司监事会 ...

深圳市绿联科技股份有限公司 第二届董事会第六次会议决议公告 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。 证券代码：301606 证券简称：绿联科技 公告编号：2025-013 具体内容详见公司同日披露在巨潮资讯网（www.cninfo.com.cn）的《2025 年第一季度报告》。 表决结果：9 票同意、0 票反对、0 票弃权。 三、备查文件 1、公司第二届董事会第六次会议决议； 2、公司第二届董事会审计委员会第五次会议决议。 一、董事会会议召开情况 深圳市绿联科技股份有限公司(以下简称"公司")第二届董事会第六次会 议于 2025 年 4 月 28 日在公司会议室以现场和通讯表决相结合的方式召开。会议 通知于 2025 年 4 月 22 日以电子邮件方式送达各董事。会议应出席董事 9 人，实 际出席董事 9 人（其中独立董事高海军先生、赖晓凡先生、文广先生以通讯表决 方式审议表决）。会议由公司董事长张清森先生主持，公司监事、高级管理人员 列席会议。本次会议的召开符合相关法律法规和《公司章程》的规定。 二、董事会会议审议情况 1、审议并通过《关于<2025 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,823,808,518.29, representing a 41.99% increase compared to ¥1,284,435,195.37 in the same period last year[5] - Net profit attributable to shareholders was ¥150,271,413.35, up 47.18% from ¥102,097,456.05 year-over-year[5] - Basic earnings per share increased by 32.48% to ¥0.3622 from ¥0.2734 in the previous year[5] - Net profit for the current period was ¥148,536,889.11, representing a 47% increase compared to ¥100,958,289.42 in the previous period[23] - Earnings per share (EPS) increased to ¥0.3622 from ¥0.2734, reflecting a growth of 32.5%[24] - The total comprehensive income for the current period was ¥148,536,889.11, compared to ¥100,958,289.42 in the previous period[24] Cash Flow and Liquidity - The net cash flow from operating activities was -¥31,868,345.19, a decrease of 127.25% compared to ¥116,949,069.04 in Q1 2024[10] - Cash flow from operating activities showed a net outflow of ¥31,868,345.19, a significant decline from a net inflow of ¥116,949,069.04 in the previous period[25] - Total cash and cash equivalents at the end of the period amounted to $1.08 billion, down from $780.49 million year-over-year[26] - The net increase in cash and cash equivalents was -$60.43 million, compared to -$211.83 million in the previous period, showing a significant reduction in cash outflow[26] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥4,050,936,344.46, a 4.01% increase from ¥3,894,941,425.75 at the end of the previous year[5] - The company's total liabilities were CNY 967.39 million, down from CNY 970.10 million, showing a decrease of approximately 0.2%[20] - Current liabilities decreased slightly to CNY 830.81 million from CNY 861.95 million, a reduction of about 3.6%[20] - Non-current assets increased to CNY 605.68 million from CNY 541.33 million, reflecting a growth of about 11.9%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 10,660[12] - Zhang Qingsen holds 45.27% of shares, totaling 187,832,050 shares[12] - Chen Junling holds 17.36% of shares, totaling 72,023,350 shares[12] - Shenzhen Luguan Management Consulting Partnership holds 12.82% of shares, totaling 53,200,000 shares[12] - Zhuhai Hillhouse Xiheng Equity Investment Partnership holds 8.44% of shares, totaling 35,003,342 shares[12] - The number of shares with limited sale conditions for Zhang Qingsen remains at 187,832,050, with a release date set for 2027[15] Income and Expenses - Operating costs amounted to ¥1,637,804,216.61, up 42% from ¥1,155,925,365.63, with operating costs specifically rising from ¥775,579,592.88 to ¥1,130,641,896.58[22] - Research and development expenses rose to ¥80,504,845.56, up from ¥64,756,081.47, indicating a focus on innovation[22] - The company reported a significant increase in other income, totaling ¥4,162,147.33, driven by tax deductions and government subsidies[9] - Investment income surged by 257.28% to ¥2,165,637.08, attributed to returns from financial products[9] - The company reported an investment income of ¥2,165,637.08, compared to ¥606,150.84 in the previous period, marking a substantial increase[23] Future Plans - The company is preparing for its initial public offering (IPO) scheduled for July 2025, with strategic placements and lock-up periods for various stakeholders[17]