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 开展外汇套期保值业务的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为深圳市绿联科技股份有限公司（以下简称"绿联科技"或"公司"）首次公开 发行股票并在创业板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 13 号——保荐业务》等有关规定，对绿联科技拟开展外汇套期保 值事项进行了核查，具体核查情况如下： 一、开展外汇套期保值业务的目的 随着公司海外业务的不断拓展，国际贸易业务采用外币结算，汇率波动对公 司经营业绩造成一定影响。为有效规避外汇市场风险，提升公司应对外汇波动风 险的能力，防范汇率大幅波动对公司造成的不良影响，更好地维护公司及全体股 东的利益，在不影响公司主营业务发展和资金使用安排的前提下，公司（含子公 司）拟与银行等金融机构开展外汇套期保值业务，主动应对外汇汇率波动风险， 增强公司财务稳健性。 二、开展外汇套期保值业务的基本情况 （一）交易金额 根据公司资产规模及业务需求情况，公司（含子公司）本次拟开展的外汇套 期保 ...

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 2025 年半年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：绿联科技 | | --- | --- | | 保荐代表人姓名：王天琦 | 联系电话：0755-82492010 | | 保荐代表人姓名：高博 | 联系电话：0755-82492010 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | / | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | / | | （1）是否督导公司建立健全规章制度（包括但不限 于防止关联方占用公司资源的制度、募集资金管理 | 是 | | 制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | / | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4 ...

Core Viewpoint - Ugreen Technology (301606.SZ) reported a significant increase in revenue and net profit for the first half of 2025, indicating strong business performance and growth potential [1] Financial Performance - The company achieved an operating income of 3.857 billion yuan, representing a year-on-year growth of 40.60% [1] - The net profit attributable to shareholders reached 275 million yuan, with a year-on-year increase of 32.74% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 259 million yuan, reflecting a year-on-year growth of 28.89% [1] - Basic earnings per share stood at 0.6620 yuan [1]

深圳市绿联科技股份有限公司 2025 年半年度报告全文 深圳市绿联科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 深圳市绿联科技股份有限公司 2025 年半年度报告全文 公司负责人何梦新、主管会计工作负责人王立珍及会计机构负责人(会计 主管人员)罗佳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性描述，不构成公司对投资者的实质承 诺，敬请广大投资者理性投资，并注意投资风险。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请 投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 7 | | 第三节 | 管理层讨论与分析 10 | | 第四节 | 公司治理、环境和社会 35 | | 第五节 | 重要事项 38 | | 第六节 | 股份变动及股东情况 42 | | 第七节 | ...

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） ...