证券代码：301606 证券简称：绿联科技 公告编号：2025-025 深圳市绿联科技股份有限公司 3、本次解除限售股份上市流通日期为 2025 年 7 月 28 日（星期一）（因 2025 年 7 月 26 日为非交易日，故顺延至下一交易日）。 4、本次解除股份限售的股东请勿在解限期间办理转托管、质押式回购等会 导致托管单元发生变更的业务，否则可能导致相应股东解除限售失败。 一、首次公开发行前已发行股份和上市后股份变动概况 经中国证券监督管理委员会《关于同意深圳市绿联科技股份有限公司首次公 开发行股票注册的批复》（证监许可〔2024〕402 号）同意注册，并经深圳证券 交易所同意，公司首次公开发行人民币普通股（A 股）股票 41,500,000 股，并于 2024 年 7 月 26 日在深圳证券交易所创业板上市。首次公开发行股票前，公司总 股本为 373,409,806 股，首次公开发行股票完成后，公司总股本为 414,909,806 战略配售股份上市流通提示性公告 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。 特别提示： 1、本次上市流通的限售股份为深圳 ...

核查意见 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 限售股份上市流通事项的核查意见 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 2 号——创业板上市公司规范运作》及《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，对绿联科技限售股份持有 人持有的限售股份将上市流通情况进行了认真、审慎的核查，并发表本核查意见， 具体情况如下： 一、公司首次公开发行股票并上市及之后的股本变化情况 经中国证券监督管理委员会《关于同意深圳市绿联科技股份有限公司首次公 开发行股票注册的批复》（证监许可〔2024〕402 号）同意注册，并经深圳证券交 易所同意，公司首次公开发行人民币普通股（A 股）股票 41,500,000 股，并于 2024 年 7 月 26 日在深圳证券交易所创业板上市。首次公开发行股票前，公司总 股本为373,409,8 ...

Core Viewpoint - The charging treasure market is facing significant turmoil due to safety concerns, leading to recalls and regulatory actions, with Ugreen Technology caught in the controversy over product safety and consumer complaints [1][5]. Group 1: Market and Regulatory Actions - Major brands like Romoss and Anker have recalled large quantities of charging treasures due to issues with Ampre's faulty battery cells [1]. - The Civil Aviation Administration of China has prohibited passengers from carrying charging treasures without clear 3C certification or those that have been recalled, effective June 28 [1]. Group 2: Ugreen Technology's Response - Ugreen Technology, a leading brand in the charging treasure market, did not participate in the recall but claims all its products on sale have obtained CCC certification [2]. - The company launched a "trade-in" program for customers who purchased non-compliant charging treasures, offering up to 500 yuan in subsidies for exchanges [2]. - However, the implementation of the trade-in program faces challenges, particularly in the logistics of returning old products [2][5]. Group 3: Consumer Complaints and Quality Issues - Ugreen has received 1,436 complaints on Black Cat Complaints, primarily concerning product quality, after-sales service, and misleading advertising [1][3]. - The company has a high reliance on outsourced production, with over 70% of its revenue coming from this model, which has led to quality control issues [4]. - Ugreen has faced regulatory penalties in the past for product quality violations, indicating ongoing concerns about its manufacturing practices [4]. Group 4: Brand Image and Trust Issues - The current crisis reflects deeper challenges within Ugreen's outsourcing model, as consumer trust is eroded by quality issues and ineffective customer service [5]. - The volume of complaints highlights a collective skepticism regarding Ugreen's commitment to quality and compliance with safety standards [5].

Group 1: Stock Performance and Risks - *ST Guandao (839680) experienced a significant price increase, with a cumulative rise of over 250% in six days, reaching a peak price of 9.42 yuan and a daily increase of 29.66% on July 16 [1][3] - The stock is classified as a high-risk delisting stock due to previous financial fraud revelations, with warnings issued about the potential for mandatory delisting [3] Group 2: Regulatory Actions - On July 15, the Beijing Stock Exchange imposed self-regulatory measures on two accounts involved in trading *ST Guandao, restricting their trading activities for one month due to abnormal trading behaviors that misled other investors [3] Group 3: Charging Industry Developments - The Ministry of Industry and Information Technology is soliciting opinions on the revision of the "Mobile Power Safety Technical Specifications," which will establish stricter technical standards for mobile power sources, including power banks [8][9] - The domestic power bank market is projected to reach approximately 10.46 billion USD (about 74.7 billion yuan) by July 2025, accounting for over 30% of the global market [9] Group 4: Company Performance in Charging Sector - Anker Innovations (300866) is expected to achieve revenue of 12.667 billion yuan in its charging and energy storage business in 2024, representing a year-on-year growth of 47.23% [10] - Ugreen Technology (301606) reported that charging-related products accounted for 38.08% of its total revenue in 2024 [10] - Companies like Anker Innovations and Ugreen Technology have shown strong stock performance, with year-to-date increases exceeding 26% [11]

Core Insights - Ugreen Technology has built a billion-dollar revenue empire through consumer electronics accessories but faces significant challenges due to supply chain issues, technological hollowing, and channel imbalances [1] Group 1: Supply Chain Issues - Ugreen relies on over 75% external production, creating a fragile foundation that exposes the company to multiple risks [2] - The recent incident involving Ampre's material changes highlighted Ugreen's lack of technical oversight and inability to monitor supplier changes, leading to a crisis of trust [2] - Quality control issues are prevalent, with over 770 complaints on platforms citing problems like overheating chargers and broken data cables, indicating a reliance on low-cost materials [2] - The gross margin has declined from 49.74% in 2019 to 37% due to rising raw material costs and shipping prices, exacerbated by the reliance on external production [2] Group 2: Innovation Challenges - Ugreen's R&D investment remains low at 4.9%, limiting its ability to innovate and build a strong technological foundation [3] - The company has been criticized for its high number of utility patents without significant advancements in core technologies like chips and algorithms [3] - The pursuit of new markets has led to fragmented resources, with increased competition in both charging and storage products, further complicating Ugreen's growth strategy [3] Group 3: Strategic Recommendations - To overcome its challenges, Ugreen needs to enhance supply chain transparency and establish its own safety laboratories to mitigate risks [4] - Increasing R&D investment is crucial for creating a technological moat, particularly in advanced fields like GaN fast charging and solid-state batteries [4] - Ugreen should shift its focus from being a mere participant in e-commerce to becoming a standard setter in the industry, thereby reducing reliance on traffic-driven sales [4]

Core Viewpoint - The recent safety issues surrounding power banks have led to significant recalls and regulatory changes, highlighting the importance of battery cell quality and supplier oversight in the industry [1][20][27]. Group 1: Recalls and Incidents - Anker Innovations and Romoss have collectively recalled approximately 2.3 million power banks due to safety concerns, with prior incidents of product explosions reported [3][6]. - The recalls were prompted by warnings from universities regarding the potential explosion risks of specific models, particularly a 20,000mAh Romoss power bank [3][20]. - Anker's recalls in Japan involved around 100,000 units, with the company acknowledging that the reasons for the recalls were different from previous incidents [7][8]. Group 2: Supplier Issues - The recalls are linked to Amprius (Wuxi) Co., Ltd., which has been accused of using substandard materials in battery cells, leading to safety risks [1][9][19]. - Amprius's U.S. headquarters has distanced itself from the Wuxi operation, claiming it has been independent since 2022 [12][13]. - Other brands such as Ugreen and Xiaomi have also been implicated, with Ugreen stating that their products used different batches of Amprius cells that do not pose risks [16][19]. Group 3: Regulatory Changes - The Civil Aviation Administration of China has implemented new regulations prohibiting the transport of power banks without proper 3C certification, following a rise in incidents involving power bank fires [20][24]. - The new regulations are a response to 15 reported fire incidents this year, nearly double the number from the previous year [24][25]. - The 3C certification process requires battery cells to undergo rigorous testing, and any changes in suppliers or materials must be reported and approved [27][26]. Group 4: Industry Implications - The power bank industry is characterized by low profit margins, with typical prices for popular models remaining around 100 to 200 yuan [28]. - The enforcement of stricter regulations is expected to phase out non-compliant products and promote a healthier market environment [28]. - Experts suggest that the recent events will lead to increased regulatory scrutiny and a push for better compliance and self-supervision among manufacturers [28].

Group 1 - The core viewpoint of the report is that Ugreen Technology (301606) is positioned for growth in the charging and NAS storage markets, leading to a "buy" rating [1][2] - Ugreen started with 3C accessories and is expanding into high-potential NAS private cloud storage, with significant growth expected as brand awareness increases and product offerings expand [2][4] - The company is entering major US retail channels, which is expected to enhance its market presence and drive revenue growth [2][3] Group 2 - The charging category is experiencing positive industry dynamics, with Ugreen expected to achieve high growth through continuous product innovation and channel expansion [3] - The NAS private cloud storage segment is gaining traction, with Ugreen's innovative product iterations expected to enhance user experience and increase market share [4] - The forecasted net profits for Ugreen are projected to be 659 million, 846 million, and 1.063 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.59, 2.04, and 2.56 yuan [2]

Core Viewpoint - The Civil Aviation Administration of China has issued an emergency notice prohibiting passengers from carrying non-compliant power banks on domestic flights due to safety risks associated with lithium battery products [1][2]. Summary by Sections Emergency Notice - The notice, effective from June 28, highlights the increase in incidents of power banks catching fire or smoking on flights, prompting stricter regulations [2]. Incident Reports - A fire incident on a flight from Hangzhou to Hong Kong was attributed to a power bank overheating, specifically a Romoss brand with a capacity of 20,000 mAh, which met the airline's carry-on standards [3]. - Following this, Romoss and Anker Innovation announced recalls of over 1.2 million units due to safety risks associated with their products [3][8]. Supplier Issues - Anker Innovation confirmed that the problematic battery cells were supplied by Amperex Technology Limited (ATL), and they have ceased collaboration with the previous supplier, Amperes (Wuxi) Co., Ltd. [12]. - The recall involved multiple models from Romoss and Anker, with Romoss recalling specific models due to potential fire risks from battery materials [3][8]. Market Impact - The market for power banks in China was valued at approximately $1.046 billion in 2022, accounting for 30.48% of the global market, and is projected to reach $1.087 billion by 2029 [15]. - The suspension of 3C certification for several brands, including Romoss and Anker, has raised concerns about product safety and compliance [13][14]. Regulatory and Quality Control - Industry experts suggest that existing safety standards may be insufficient, and there is a need for stricter quality control measures and compliance with consumer protection laws [14][15]. - Anker Innovation plans to enhance product safety through better battery design, rigorous testing, and improved monitoring of the production process [16].

Core Viewpoint - The article highlights the significant achievements of Shenzhen Ugreen Technology Co., Ltd. in the field of Environmental, Social, and Governance (ESG) practices, emphasizing its AA rating in the 2025 Huazheng Index ESG rating, placing it at the top among 148 peers, reflecting both past accomplishments and future expectations for sustainable development [1][3]. Group 1: Environmental Initiatives - Ugreen Technology prioritizes the use of environmentally friendly and recyclable materials in product manufacturing, such as TPE for USB cables and halogen-free PC materials for charging products, aiming to minimize environmental impact from the source [6]. - The company has developed "multi-port power efficient conversion technology" to optimize energy loss and conversion efficiency during the charging process, contributing to energy-saving and environmental goals [6]. Group 2: Social Responsibility - Ugreen Technology places a strong emphasis on employee care and social responsibility, creating a harmonious ecosystem that benefits both employees and the community [8]. - The company encourages employees to practice environmental protection in their daily lives and actively engages in public welfare initiatives to contribute to community development [8]. Group 3: Governance Practices - Ugreen Technology focuses on compliance and transparency in corporate governance, adhering to laws and regulations in all operational regions, and establishing a robust internal control and risk management system [10]. - The company has implemented a three-tier ESG governance structure and formed seven ESG execution working groups to integrate responsibility into its corporate DNA, enhancing transparency through ESG report disclosures [11]. Group 4: Future Outlook - Ugreen Technology is committed to the national "14th Five-Year" strategic plan, emphasizing "digital intelligence empowerment and green leadership," and aims to optimize resource allocation and establish risk warning mechanisms [13]. - The company plans to increase investments in green energy and low-carbon technologies, fostering innovation in product development to provide more environmentally friendly and intelligent solutions for global consumers [13].

Group 1: Brand Positioning and Mission - The company positions "UGREEN" as its core brand, aiming to become a globally influential brand in the tech consumer electronics sector [1] - The mission focuses on creating value for users, enhancing employee happiness, and contributing to social development [1] - The vision is to build a valuable and warm global brand through continuous optimization and effective organizational structure [1] Group 2: Revenue Growth by Product Category - In 2024, the charging category achieved a revenue growth of 50.87% year-on-year [2] - Other categories showed the following growth rates: transmission at 21.30%, audio-video at 11.64%, storage at 19.29%, and mobile peripherals at 16.21% [2] - In Q1 2025, both charging and storage categories continued to show strong growth [2] Group 3: Product Features and System - The NAS products utilize the self-developed ugos pro operating system, which is consistent for both domestic and international versions [2] - The system includes an application center for users to download applications tailored to their needs, with localized differences for various countries [2] - The ugos pro system is designed to provide a user-friendly experience, aligning with personal and family user habits, and offers fast and smooth data transmission [2] Group 4: Disclosure of Major Information - The investor communication activity did not involve the disclosure of any major information [2]