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].
绿联科技冲刺“A+H”股东缘何套现9亿