莆田老板代工数据线起家，年入超60亿冲刺港股IPO

Core Viewpoint - The article discusses the growth trajectory and market strategies of Luguan Technology, highlighting its transition from OEM manufacturing to establishing its own brand in the competitive 3C digital accessory market. The company is now diversifying its product offerings and preparing for an IPO in Hong Kong, while facing challenges from established competitors in the tech ecosystem. Group 1: Company Growth and Financial Performance - Luguan Technology was founded by Zhang Qingsen in 2007, initially focusing on OEM data cables before shifting to domestic e-commerce with its own brand, offering products at lower prices with better quality than competitors [1] - The company's revenue for the first three quarters of 2023, 2024, and 2025 is approximately 4.801 billion, 6.166 billion, and 6.361 billion yuan, with net profits of 394 million, 460 million, and 467 million yuan respectively [1] - In 2024, Luguan Technology successfully went public on the A-share Growth Enterprise Market, with a market capitalization of 26.9 billion yuan as of February 10 [1] Group 2: Product Diversification and Market Strategy - Luguan Technology is expanding its product categories beyond charging accessories to include smart office products, smart audio-visual products, and smart storage products, indicating a shift towards a more diversified revenue stream [3] - The company’s revenue is still heavily reliant on accessory products, with charging creative products accounting for 46.4%, smart office products 26.2%, smart audio-visual products 16.0%, and smart storage products 11.4% in the first nine months of 2025 [6] - Luguan has established a global strategy, with revenue from overseas markets growing faster than domestic markets, achieving a revenue split of 40.4% from China and 59.6% from overseas by the end of Q3 2025 [6] Group 3: Competitive Landscape and Market Position - Despite being a leading player in the industry, Luguan Technology holds only a 1.5% market share in the general expansion technology consumer electronics market, indicating a highly fragmented industry with low concentration [7] - The company faces significant competition from major tech firms like Huawei, Xiaomi, and Lenovo, which integrate NAS products into their ecosystems, emphasizing seamless collaboration with their devices [12] - Luguan's NAS products have seen substantial growth, with revenue reaching 328 million yuan in 2023 and projected to exceed last year's total by Q3 2025, benefiting from the increasing penetration of NAS in consumer markets [11]