绿联科技正式递表冲刺港股IPO 境外营收占比60%加速全球化布局

Core Viewpoint - Ugreen Technology (301606.SZ) has made significant progress towards its IPO in Hong Kong by submitting an application to the Hong Kong Stock Exchange for listing H-shares, aiming to enhance its global strategy and brand image [1][2]. Financial Performance - In the first half of 2025, Ugreen's domestic revenue reached 1.56 billion yuan, a year-on-year increase of 27.39%, accounting for 40.44% of total revenue. Meanwhile, overseas revenue was 2.294 billion yuan, up 51.39% year-on-year, representing 59.53% of total revenue [3]. - The gross profit margin for overseas business stood at 43.49%, significantly higher than the domestic margin of 27.45% [3]. - Ugreen's net profit attributable to shareholders has shown consistent growth over the past four years, with projections for 2025 indicating a net profit of 653 million to 733 million yuan, reflecting a year-on-year growth of 41.26% to 58.56% [5]. Product Segmentation - Ugreen's product lines include charging, transmission, audio-video, storage, and mobile peripheral categories. In the first half of 2025, charging products generated 1.427 billion yuan in revenue, a 44.39% increase, while transmission products brought in 1.028 billion yuan, up 29.00% [6]. - The NAS (Network Attached Storage) segment has become a strategic focus for Ugreen, with revenue from NAS products reaching 415 million yuan in the first half of 2025, a remarkable increase of 125.13%, making it a key growth driver [7]. Market Expansion - Ugreen has been actively expanding its overseas market presence, establishing partnerships with major retailers such as Walmart, Costco, and Best Buy in the U.S., and Media Markt in Europe [2]. - The company has set up localized service subsidiaries in key markets like the U.S., Germany, and Japan to better capture local consumer preferences [2].