当消费电子行业进入 "存量竞争" 的深水区,品牌价值的比拼早已超越单一产品参数的较量。2025 年,绿 联科技（301606）接连斩获 "中国制造 消费者信赖品牌"、弗若斯特沙利文 "消费级 NAS 产品全国销量 第一" 认证、SGS 双认证等多项权威荣誉,这些认可并非孤立的奖项叠加,而是从产品力到品牌力持续进 阶的具象印证,勾勒出中国科技品牌绿联以长期主义夯实行业地位的成长路径。 以弗若斯特沙利文颁发的 "消费级 NAS 产品全国销量第一" 市场地位声明来看,不难读懂中国科技品牌 绿联提升的核心逻辑。在数字化浪潮下,个人与家庭对数据存储的需求从 "有地方存" 升级为 "安全存、 高效用",NAS 私有云从专业领域走向大众市场。绿联精准捕捉这一需求变化,构建起从入门到旗舰的完 善 NAS 产品矩阵,既以高性价比机型降低用户使用门槛,也以专业级设备满足中小企业与创作团队的核心 需求。 这份市场认可的背后,是绿联对技术创新与品质坚守的双重投入。作为国家级高新技术企业,绿联科技全 球专利数已突破 1800 项,在充电、传输、音视频、存储等领域构建起坚实的技术壁垒。以 NAS 产品为 例,全系搭载自研 UGOS Pr ...

Core Viewpoint - Luguan Technology's stock price has shown a slight decline recently, with a current trading price of 62.20 yuan per share and a market capitalization of 25.807 billion yuan, despite a year-to-date increase of 5.89% in stock price [1]. Group 1: Financial Performance - For the period from January to September 2025, Luguan Technology achieved a revenue of 6.364 billion yuan, representing a year-on-year growth of 47.80% [2]. - The net profit attributable to shareholders for the same period was 467 million yuan, reflecting a year-on-year increase of 45.08% [2]. - The company has distributed a total of 373 million yuan in dividends since its A-share listing [3]. Group 2: Shareholder and Market Activity - As of January 9, 2025, the number of shareholders for Luguan Technology increased to 10,600, marking a rise of 13.62% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 11.98% to 15,520 shares [2]. - Major shareholders include Fuguo Small and Medium Cap Selected Mixed A/B, which increased its holdings by 1.3456 million shares, and Hong Kong Central Clearing Limited, which raised its stake by 661,000 shares [3]. Group 3: Business Overview - Luguan Technology, established on March 16, 2012, is located in Longhua District, Shenzhen, and specializes in the research, design, production, and sales of 3C consumer electronics [1]. - The company's main business segments include charging products (37.01% of revenue), transmission products (26.64%), audio and video products (16.34%), storage products (10.75%), mobile peripheral products (7.88%), and others [1]. Group 4: Industry Classification - Luguan Technology is classified under the electronic industry, specifically in the consumer electronics sector, and is associated with concepts such as pre-profit growth, new stocks, wireless charging, wireless headphones, and fast charging [2].

Investment Rating - The report maintains a "Buy" rating for the consumer discretionary sector, highlighting structural investment opportunities [5][10]. Core Insights - The report indicates that in December, the total retail sales of consumer goods increased by 0.9% year-on-year to 4.5 trillion yuan, with a month-on-month decline of 0.4 percentage points, primarily due to high base effects from durable goods like automobiles and home appliances [7][9]. - The report emphasizes the importance of the new round of trade-in policies for 2026, which focus on core home appliance categories and expand into new categories like smart glasses and products for the elderly, supporting demand in these segments [7]. - The report suggests that consumer sentiment remains strong, particularly in sectors like emotional consumption, technology consumption, and undervalued high-dividend stocks, recommending a focus on domestic brands and global brand expansion [10]. Summary by Sections Retail Sales Performance - In December, retail sales of food and beverages grew by 2.2% and 0.7% respectively, with urban and rural retail sales increasing by 0.7% and 1.7% year-on-year [8]. - Online retail sales of physical goods in December increased by 0.8% year-on-year, with a total annual growth of 5.2%, accounting for 26.1% of total retail sales [8]. Consumer Categories - The report notes a structural differentiation in consumer categories, with home appliances, building materials, and furniture experiencing declines of 18.7%, 11.8%, and 2.2% respectively due to high base effects and trade-in policy impacts [9]. - Conversely, communication equipment saw a significant increase of 20.9% year-on-year, while emotional and self-care products like sports and entertainment goods and cosmetics grew by 9.0% and 8.8% respectively [9]. Investment Recommendations - The report identifies four main investment themes: 1. Rise of domestic brands and global brand expansion, recommending companies like Pop Mart, Shangmei, and Anta Sports [10]. 2. Technology consumption empowered by AI, recommending companies like Midea Group and Haier Smart Home [10]. 3. Emotional consumption, recommending companies like Gu Ming and Yum China [10]. 4. Undervalued high-dividend blue-chip leaders, recommending companies like Li Ning and Shenzhou International [10]. Company-Specific Insights - For Smoore International (6969 HK), the report forecasts a revenue of 10.21 billion yuan for Q1-3 2025, with a year-on-year growth of 21.8%, and maintains a "Buy" rating with a target price of 27.00 HKD [48]. - For Juzhibio (2367 HK), the report highlights the approval of a new collagen product, projecting significant sales potential and maintaining a "Buy" rating with a target price of 85.00 HKD [49]. - For Pop Mart (9992 HK), the report notes a revenue increase of 245-250% in Q3 2025, driven by strong performance in both domestic and international markets, maintaining a "Buy" rating with an updated target price of 410 HKD [51].

Core Viewpoint - Luguan Technology (301606.SZ), a leading player in cross-border consumer electronics, has announced a significant capital plan to initiate a Hong Kong IPO, aiming for a dual listing ("A+H") after just over a year of being listed on the A-share market. The company is projected to achieve a net profit of over 650 million yuan in 2025, with a year-on-year growth exceeding 40%, making it a focal point in the capital market. However, concerns arise from core shareholders cashing out 900 million yuan and a decline in gross margin from 50% to 37.05% [1][4]. Financial Performance - In 2024, the company's revenue reached 6.17 billion yuan, with expectations to exceed 9 billion yuan in 2025, indicating a doubling of revenue over three years. The net profit is projected to rise from 462 million yuan in 2024 to between 653 million and 733 million yuan in 2025, with a potential year-on-year increase of nearly 60%. The fourth quarter could see a peak net profit growth of 89% [2]. Growth Drivers - Two main growth engines are identified: 1. The explosive growth of new business lines, particularly NAS storage products, which generated 415 million yuan in revenue in the first half of 2025, marking a 125% year-on-year increase and positioning the company as the top seller in China's consumer NAS market [2]. 2. Deep penetration into overseas markets, with foreign revenue reaching 2.295 billion yuan in the first half of 2025, accounting for 59.53% of total revenue and growing by 51.39% year-on-year. Notably, the Amazon platform contributed 1.327 billion yuan, with products sold in over 130 countries and regions [2]. Margin Concerns - Despite impressive growth figures, the company faces significant challenges, particularly with a gross margin that has dropped to 37.05% in the first three quarters of 2025, down from nearly 50% in 2019. The gross margin in overseas markets has seen a decline of 24 percentage points. This decline is attributed to a "light asset + platform dependency" model, where over 70% of production is outsourced, and operating service fees from platforms like Amazon have increased at a compound annual growth rate of nearly 30% [3]. Strategic Challenges - The company's strategic shift from accessories to an ecosystem faces hurdles, particularly with NAS products, which have a gross margin of only 27.68%, significantly below the overall company average. Quality control issues, such as overheating and connectivity problems, have also been reported [3]. IPO Strategy - In light of the mixed performance and challenges, Luguan Technology is pursuing a Hong Kong IPO to raise funds for research, brand building, and channel expansion, aiming to transition from "scale expansion" to "deep operation" and mitigate single market risks. The timing coincides with a surge in A-share companies seeking listings in Hong Kong, making the "A+H" model a strategic choice for resource integration among cross-border enterprises [4]. Market Sentiment - The market is particularly focused on the balance between growth and profitability, especially in light of the 900 million yuan shareholder cash-out and the ongoing decline in gross margin. The company’s ability to stabilize market confidence remains uncertain, as it navigates the complexities of its global expansion and profitability model [4].

Core Viewpoint - Luguang Technology (301606.SZ), a leading player in the cross-border consumer electronics sector, has initiated a Hong Kong IPO after just over a year of being listed on the A-share market, aiming for a dual listing to enhance its capital structure and global presence [2][9]. Financial Performance - The company reported a revenue of 6.17 billion yuan in 2024, with projections to exceed 9 billion yuan in 2025, indicating a doubling of revenue over three years [5]. - The net profit attributable to shareholders is expected to rise from 462 million yuan in 2024 to between 653 million and 733 million yuan in 2025, reflecting a year-on-year growth rate of nearly 60% [5]. - The fourth quarter of 2025 may see a peak net profit growth rate of 89% [5]. Growth Drivers - Two main growth engines are identified: the explosive growth of new business lines, particularly NAS storage products, which saw a 125% year-on-year revenue increase to 415 million yuan in the first half of 2025, and significant penetration into overseas markets, with foreign revenue reaching 2.295 billion yuan, accounting for 59.53% of total revenue, and a year-on-year growth of 51.39% [6][8]. Margin Concerns - Despite strong revenue growth, the company's gross margin has significantly declined from nearly 50% in 2019 to 37.05% in the first three quarters of 2025, with a notable drop in overseas market margins by 24 percentage points [8]. - The reliance on external production and platform dependencies has led to a compounded annual growth rate of operating costs at 30.29%, outpacing revenue growth [8]. Shareholder Actions - A major external shareholder, Hillhouse Capital, has reduced its stake significantly, cashing out approximately 900 million yuan, which raises concerns about shareholder confidence amid the company's capital expansion plans [8][9]. Strategic Initiatives - The company plans to use the funds raised from the Hong Kong IPO for research and development, brand building, and channel expansion, aiming to transition from scale expansion to deep operational efficiency [9]. - The dual listing strategy is seen as a response to the growing trend of A-share companies seeking to list in Hong Kong, providing a pathway for resource integration and risk diversification [9].

为了让技术优势更易感知,HDMI LA 在展台设置了游戏体验区。参观者通过 HDMI 2.2 原型线连接超高 清显示屏与游戏主机,在 12K 分辨率下体验高速竞技游戏 —— 画面无拖影、操作无延迟的流畅表现,搭 配 12-bit 色深呈现的细腻色彩过渡,让技术提升变得可触可感。此外,现场还展示了专业影像制作场 景:4K/8K 高码率视频素材通过 HDMI 2.2 线缆实时传输、同步剪辑,无卡顿的传输效率赢得了专业从业 者的认可。这些场景化呈现,清晰勾勒出 HDMI 2.2 在消费级与专业级市场的广泛应用前景。 值得关注的是,展会现场对 HDMI 年度产品进行了展示,中国科技品牌绿联展示了其自研的 HDMI 2.2 原 型线,该产品遵循 HDMI 2.2 技术规范,在带宽承载、信号稳定性与兼容性上均达到行业领先水平,展现了 中国品牌对前沿技术的快速响应能力。 绿联科技（301606）长期深耕传输领域,此次紧跟 HDMI 2.2 技术迭代,既是对超高清市场需求的精准洞 察,也延续了企业 "以用户为中心" 的价值观。 在2026年国际消费电子展(CES 2026)上,HDMI LA(HDMI 协会)的展台成为超高清 ...

格隆汇1月14日丨绿联科技(301606.SZ)公布，公司近日收到大股东珠海锡恒投资合伙企业（有限合伙） 出具的《股份变动告知函》，获悉珠海锡恒投资合伙企业（有限合伙）截至2026年1月13日已通过集中 竞价交易方式累计减持公司股份402.33万股，占公司总股本的0.97%。本次权益变动后，大股东珠海锡 恒投资合伙企业（有限合伙）合计持股比例由6.94%减少至5.97%，本次变动触及1%的整数倍。 ...

格隆汇1月14日丨绿联科技(301606.SZ)公布，公司近日收到大股东珠海锡恒投资合伙企业（有限合伙） 出具的《股份变动告知函》，获悉珠海锡恒投资合伙企业（有限合伙）截至2026年1月13日已通过集中 竞价交易方式累计减持公司股份402.33万股，占公司总股本的0.97%。本次权益变动后，大股东珠海锡 恒投资合伙企业（有限合伙）合计持股比例由6.94%减少至5.97%，本次变动触及1%的整数倍。 ...

证券代码：301606 证券简称：绿联科技 公告编号：2026-003 深圳市绿联科技股份有限公司 关于持股 5%以上股东减持股份触及 1%整数倍的公告 公司持股 5%以上股东珠海锡恒投资合伙企业（有限合伙）保证向本公司提 供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 深圳市绿联科技股份有限公司（以下简称"公司"）于 2025 年 12 月 2 日披 露了《关于持股 5%以上股东减持股份预披露公告》（公告编号：2025-046）。 持有本公司股份 28,779,695 股（占本公司总股本比例 6.94%）的大股东珠海锡 恒投资合伙企业（有限合伙）计划在该公告披露之日起 15 个交易日后的 3 个月 内（即 2025 年 12 月 24 日至 2026 年 3 月 23 日），以集中竞价方式或大宗交易 方式合计减持本公司股份数量不超过 8,298,196 股（即不超过本公司总股本比例 2.00%）。 公司近日收到大股东珠海锡恒投资合伙企业（有限合伙）出具的《股份变动 告知函》，获悉珠海锡恒投资合伙企业（有限合伙）截至 2 ...

证券日报网讯1月13日，绿联科技（301606）在互动平台回答投资者提问时表示，公司与多家具备合法 资质的银行等金融机构保持正常的业务合作关系，相关信息以公司公开披露内容为准。 ...