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 ...

Core Viewpoint - As of August 19, 2025, Ugreen Technology (301606) reported a closing price of 66.66 yuan, reflecting a decline of 3.11% with a turnover rate of 1.73% and a trading volume of 37,900 hands, amounting to a transaction value of 254 million yuan [1] Financial Performance - For the first quarter of 2025, Ugreen Technology achieved total operating revenue of 1.824 billion yuan, representing a year-on-year growth of 41.99% - The net profit attributable to shareholders was 150 million yuan, an increase of 47.18% year-on-year - The net profit after deducting non-recurring gains and losses was 143 million yuan, up by 44.50% year-on-year - The current ratio stood at 4.147, the quick ratio at 2.638, and the debt-to-asset ratio at 23.88% [1] Company Overview - Ugreen Technology Co., Ltd. was established in 2012 and is located in Shenzhen, primarily engaged in the retail industry - The company has a registered capital of 4,149.09806 million yuan and a paid-in capital of 250 million yuan - The legal representative of the company is He Mengxin [1] Investment and Intellectual Property - Ugreen Technology has made investments in 9 companies and participated in 1,511 bidding projects - The company holds 212 trademark registrations and 1,404 patents, along with 21 administrative licenses [2]

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。 ...

证券代码：301606 证券简称：绿联科技 公告编号：2025-027 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： 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； 本次询价转让为非公开转让，不会通过集中竞价或大宗交易方式进行。 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。 一、本次询价转让初步定价 （一）经向机构投资者询价后，初步确定的转让价格为 59.99 元/股。 深圳市绿联科技股份有限公司董事会 2025 年 8 月 18 日 （二）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。 （三）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。 二、风险提示 （一）本次询价转让受让方及受让股数仅为初步结果，询 ...

绿联科技本次发行的发行费用总额为10,797.89万元（发行费用均为不含增值税金额），其中承销及保荐费用7,350.00万元。 | | | | | | 持股 5%以上的股东或前 10名股东持股情况(不含通过转融通出借股份) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 报告期 | 报告期 | 持有有 | 持有无 | | 质押、标记或冻结情况 | | | 股东名 | 股东性 | 持股比 | | 内增减 | 限售条 | 限售条 | | | | | 称 | 质 | 例 | 末持股 | 变动情 | 件的股 | 件的股 | 股份状态 | 数量 | | | | | | 数量 | 况 | 份数量 | 份数量 | | | | | 张清森 | 境内自 | 45.27% | 187,832 | 0 | 187,832 | 0 | 不适用 | | 0 | | | 然人 | | .050 | | .050 | | | | | | 陈俊灵 | 境内自 | 17.36% | 72,023, | 0 | 72,023, | 0 ...

Group 1: Charging Business - The core growth sources for the company are its charging and NAS businesses [1] - Compared to Anker Innovations, the company has significant growth potential in the small charging category, with a doubling space [1] - The company is expanding its product categories and enhancing its brand through youth-oriented marketing and innovative design [1] Group 2: NAS Business - The company has become the number one in online market share for C-end products and is actively expanding overseas [2] - The NAS industry is characterized by high investment barriers, making extreme competition unlikely in the short term [2] - The company is expected to achieve a CAGR of over 100% in its NAS business over the next three years, reaching 2.5 billion yuan by 2027 [2] Group 3: Financial Projections - Revenue projections for the company are 8.1 billion, 10.4 billion, and 13 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32%, 27%, and 26% [3] - Net profit estimates for the same years are 700 million, 900 million, and 1.2 billion yuan, with year-on-year growth rates of 42%, 35%, and 33% [3] - The company is given a "buy" rating based on its financial outlook and valuation comparisons [3]