Investment Rating - The report maintains a positive investment rating for the cross-border e-commerce industry [11]. Core Insights - Cross-border e-commerce is characterized by high customer unit prices and high markup rates, but it has a longer midstream chain, leading to significant fluctuations in profitability [22]. - The industry is currently in a recovery phase, with a projected revenue growth of 26% in 2024 and 15% in Q1-Q3 of 2025, while non-recurring net profits are expected to decline by 46% and grow by 1% respectively [3][7]. - The report emphasizes the cyclical nature of profitability in the industry, with leading sellers gaining a relative advantage [8]. Summary by Sections Introduction: Exploring the Operating Cycle of Cross-Border E-Commerce - Cross-border e-commerce involves pre-stocking goods in overseas warehouses and includes complex logistics processes such as customs clearance and last-mile delivery, making it more intricate than traditional consumer goods [3][7]. Review: Strong Profitability Cycles and Head Seller Advantages - Historical analysis shows that the penetration rate of overseas e-commerce and the share of Chinese sellers are increasing, establishing a high growth baseline for the industry [8]. - The industry is transitioning from a phase dominated by e-commerce dividends to one focused on quality and compliance, with leading sellers outperforming overall industry growth [8]. Current Situation: Negative Impacts Easing, Industry Bottoming Out - The industry is currently in a recovery phase, driven by orderly supply chain transitions and tax reforms in China's e-commerce sector, which enhance competitive dynamics among leading sellers [9]. - Inventory levels among top sellers have reached historical lows, indicating that the inventory destocking phase is nearing its end, and shipping costs still have room to decline [9]. Investment Recommendations: Lightening the Load, Performance Inflection Point Expected - The report suggests that the cross-border e-commerce industry is expected to experience a performance inflection point in 2026, with revenue and profitability on an upward trajectory [10]. - Recommended companies include Anker Innovations and Ugreen Technology, which are leveraging channel and operational advantages to build brand recognition among overseas consumers [10].

Group 1 - Core viewpoint: Companies are announcing significant financial updates, including profit changes, new product approvals, and share repurchase plans [1][2][3][4][5][6][15] Group 2 - Company: Chip导科技 reported a revenue of 394 million yuan for 2025, a year-on-year increase of 11.52%, but a net profit of 106 million yuan, down 4.91% [1] - Company: 亿帆医药's subsidiary received a drug registration certificate for Vitamin K1 injection, which is used for treating vitamin K deficiency [2] - Company: 勤上股份 announced the termination of its share repurchase plan to stabilize stock prices [3] - Company: 极米科技 plans to repurchase shares worth between 50 million and 100 million yuan for employee stock ownership plans [4] - Company: 凌云光 intends to change the purpose of repurchased shares to cancellation, reducing total share capital from 461 million to 457 million shares [5] - Company: 苏州科达's general manager resigned, and the chairman will take over the role to ensure management continuity [6] - Company: 银轮股份 identified 徐铮铮 as a co-actual controller, following a retrospective recognition [7] - Company: 西南证券 received approval to issue bonds up to 14 billion yuan [8] - Company: 上港集团 expects a 1.3% year-on-year increase in container throughput for January [10] - Company: 宁波富达 plans to distribute a cash dividend of 0.7 yuan per 10 shares, totaling 101 million yuan [11] - Company: 协和电子 is investing 5 million yuan in a venture capital fund to enhance its understanding of high-tech industries [12] - Company: 乐鑫科技's controlling shareholder proposed a share repurchase plan of 50 million to 100 million yuan [13] - Company: 奥瑞德's subsidiary plans to invest approximately 145 million yuan in computing power equipment [14] - Company: 上汽集团 reported a 23.94% year-on-year increase in vehicle sales for January [15] - Company: 道恩股份 plans to acquire a foreign company's plastic business for 15.737 million USD [16] - Company: 红相股份 intends to transfer 100% equity of 南通瀚蓝 for 120 million yuan [17] - Company: 长龄液压 announced a tender offer to acquire 12% of its shares at 35.82 yuan per share [19] - Company: 润都股份 faces uncertainty regarding the approval of its innovative drug [20] - Company: *ST东易's asset injection plans face significant uncertainty [21] - Company: 棒杰股份 is undergoing a restructuring process that could improve its financial structure [22] - Company: 绿联科技 has submitted an application for H-share listing in Hong Kong [23] - Company: ST泉为 is facing a creditor's application for restructuring [24] - Company: 海思科's shareholders plan to reduce their holdings by up to 0.89% [25] - Company: 钧崴电子's shareholder plans to reduce holdings by up to 3% [26]

｜2026年2月3日星期二｜ NO.1 绿联科技递表港交所 据港交所2月2日消息，绿联科技（SZ301606）已向港交所主板递交上市申请，华泰国际为其独家保荐人。招股 书显示，绿联科技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。根据弗若斯特沙利文的资料，于 2025年，按出货量计，公司在泛拓展类科技消费电子产品市场位居全球第一。 点评：绿联科技赴港递表是其推进"A+H"资本布局的关键一步，此举契合消费电子出海趋势，也为其拓宽融资渠 道、提升国际品牌影响力筑牢资本基础。 NO.2 京东旗下欧洲线上零售平台Joybuy将于3月正式上线 据《科创板日报》2月2日报道，京东集团-SW（HK09618）旗下欧洲线上零售业务Joybuy将于今年3月正式上 线。据悉，试运营期间，依托于京东的供应链和物流能力，Joybuy已在英国多个城市实现当日和次日达。 点评：京东Joybuy以供应链物流优势实现英区极速配送，依托仓配基建的高效履约能力，为中国电商出海欧洲提 供了新范式。 NO.5 港股行情： | 指数名称 | 最 ...

格隆汇2月2日丨绿联科技(301606.SZ)公布，公司已于2026年2月2日向香港联合交易所有限公司（简 称"香港联交所"）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，并于 同日在香港联交所网站刊登了本次发行上市的申请资料。本次发行上市的相关申请资料为公司按照香港 证券及期货事务监察委员会（简称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所 载资料可能会适时作出更新及修订。 ...

Company Overview - Shenzhen Ugreen Technology Co., Ltd. (UGREEN) has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1] - UGREEN is a technology consumer electronics brand that covers four main product categories: charging creative products, smart office products, smart audio-visual products, and smart storage products [4] - By 2025, UGREEN is projected to rank first globally in the market for general expansion technology consumer electronics by shipment volume, and second in the global charging products market by retail sales [4] Financial Performance - UGREEN's revenue for the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, is approximately RMB 48.01 billion, RMB 61.66 billion, and RMB 63.61 billion, respectively [10] - The company recorded net profits of approximately RMB 3.94 billion, RMB 4.6 billion, and RMB 4.67 billion for the same periods [11] - The gross profit margins for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, are 36.9%, 36.8%, and 36.5%, respectively [13] Product Categories - The charging creative products category, which includes chargers and power banks, generated revenue of RMB 29.54 billion in the nine months ending September 30, 2025, reflecting a year-on-year growth of 44.7% [6] - UGREEN's smart storage products, primarily its NAS product line, achieved revenue of RMB 5.45 billion in the same period, marking a significant year-on-year growth of 315.0% [9] Market Position - UGREEN holds a 20.6% market share in shipment volume and a 17.5% market share in retail sales for consumer-grade NAS products globally by 2025 [4] - The global general expansion technology consumer electronics market is expected to grow from USD 35.38 billion in 2020 to USD 54.80 billion in 2024, with a compound annual growth rate (CAGR) of 11.6% [17] - The charging products market is projected to expand from USD 22.11 billion in 2020 to USD 36.18 billion in 2024, with a CAGR of 13.1% [17] Competitive Landscape - As of December 31, 2025, UGREEN ranks first globally in shipment volume and second in retail sales in the general expansion technology consumer electronics market [22] - In the charging products segment, UGREEN ranks second globally by retail sales, with a total of RMB 37 billion [23]

绿联科技公告称，2026年2月2日已向香港联交所递交发行境外上市外资股（H股）并在主板挂牌上市申 请，同日在香港联交所网站刊登申请资料。资料为草拟版本，可能更新修订。认购对象仅限境外及境内 合格投资者，公司不在境内平台刊登资料，提供香港联交所查询链接。发行上市需获相关监管机构批准 等，存在不确定性，公司将及时披露进展。 ...

绿联科技（301606）(301606.SZ)发布公告，公司已于2026年2月2日向香港联交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，并于同日在香港联交所网站刊登了本次发行上 市的申请资料。本次发行上市的相关申请资料为公司按照香港证监会及香港联交所的要求编制和刊发， 为草拟版本，其所载资料可能会适时作出更新及修订。 ...

证券代码：301606 证券简称：绿联科技 公告编号：2026-005 深圳市绿联科技股份有限公司 关于向香港联合交易所有限公司递交 H 股发行上市的申请并 刊发申请资料的公告 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。 深圳市绿联科技股份有限公司（以下简称"公司"）已于 2026 年 2 月 2 日向 香港联合交易所有限公司（以下简称"香港联交所"）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（以下简称"本次发行上市"）的 申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。本次发行上 市的相关申请资料为公司按照香港证券及期货事务监察委员会（以下简称"香港 证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适 时作出更新及修订。 鉴于本次发行上市的认购对象仅限于符合相关条件的境外投资者及依据中 国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证 券交易所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料，但为使 境内投资者及时了解该等申请资料披露的本次发行上市以及公司的其他相关信 息 ...

智通财经APP讯，绿联科技(301606.SZ)发布公告，公司已于2026年2月2日向香港联交所递交了发行境外 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，并于同日在香港联交所网站刊登了本次发 行上市的申请资料。本次发行上市的相关申请资料为公司按照香港证监会及香港联交所的要求编制和刊 发，为草拟版本，其所载资料可能会适时作出更新及修订。 ...

格隆汇2月2日丨绿联科技(301606.SZ)公布，公司已于2026年2月2日向香港联合交易所有限公司（简 称"香港联交所"）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，并于 同日在香港联交所网站刊登了本次发行上市的申请资料。本次发行上市的相关申请资料为公司按照香港 证券及期货事务监察委员会（简称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所 载资料可能会适时作出更新及修订。 ...