破局起点 绿联的故事要从21世纪初珠三角的"代工狂欢"说起。那时的珠三角，是全球电子配件的"世界工厂"，但 这种模式的脆弱性显而易见：一根出厂价8元的数据线，品牌方贴标后能卖50元，代工企业却只能分到 微薄利润；更要命的是，订单全看品牌方脸色。 绿联创始人张清森恰恰看透了代工模式的死穴，2012年绿联成立时，他没急着"allin"自有品牌，而是走 了一步"稳棋"，一边继续接代工订单维持现金流，一边悄悄打磨自有品牌"uGreen"。 这个时机很快就来了，两次行业转折，成了绿联破局的关键。 消费电子配件赛道，从来都是"用户头疼、企业难活"的典型，用户面对五花八门的接口、协议，选根数 据线都要查半天参数，怕不兼容、怕伤设备。 但偏偏有这么一家企业，从一根数据线起家，不仅让用户养成了"买配件先看它"的习惯，还在2024年7 月26日敲开了创业板的大门。 上市首日，绿联科技（股票代码：301606）的收盘价达45.55元/股，涨幅114.76%，总市值直逼189亿 元，2023年，它更是交出了48.03亿元营收、3.88亿元净利润的成绩单。 在消费电子配件的"双难困局"里，绿联到底找到了什么破局密码？它的成长路径，又能 ...

PITAKA表示，为了在保护性与灵敏度之间取得平衡，研发团队投入了近半年时间，其间历经数十次结 构调整与上万次测试。最终，团队成功地将电容传感器嵌入到芳纶纤维材料中，使整个PitaTap按键模 块的厚度控制在不到1毫米，在确保精准触控和滑动操作的同时，维持了品牌一贯的轻薄产品风格。 从用户体验来看，PitaTap按键的设计巧妙地补充了iPhone原生相机按键在触感反馈上的不足。它利用芳 纶纤维材料结合浮织工艺所形成的独特肌理感，为用户在拍照操作时提供了更清晰、细腻的物理感知。 同时，在结构设计上，该按键也填补了机身边框相机键位置的视觉空缺，使得手机壳与机身的线条过渡 更为自然流畅。 PITAKA此次获奖的PitaTap技术，通过解决电容触控与局部按压的兼容难题，为手机壳这一传统配件增 添了新的交互维度，将功能性与设计美学进行了有效结合。 凤凰网科技讯 9月22日，在近期举办的2025年德国柏林IFA展会上，配件品牌PITAKA凭借一项名为 PitaTap的自研技术，获得了SlashGear与BGR两家国际科技媒体颁发的创新奖项。该技术的核心是一款 专为iPhone相机控制按键（Camera Control B ...

凤凰网科技讯 9月10日，在苹果发布全新iPhone 17系列（包含iPhone Air、iPhone 17、iPhone 17 Pro和 iPhone 17 Pro Max）的同一时间，高端配件品牌PITAKA也同步推出了专为新机打造的芳纶纤维手机壳 系列。此次PITAKA带来了芳纶编织壳、芳纶防摔壳和芳纶全包壳三大产品线，再设计与防护功能全面 升级。 PITAKA此次引入了全新的"浮光跃金"Moment纹路系列，包括清梦蓝和浮光金两种独特花色，为用户提 供了更多个性化选择。此外还提供了经典的黑灰、黑蓝纹路以及备受欢迎的日落月升、山与星河等产 品。 在防护性能方面，PITAKA根据不同用户需求进行了细致优化。芳纶编织壳在保持轻薄手感的同时，升 级了上下全包工艺，并针对iPhone Air、iPhone 17、iPhone 17 Pro和iPhone 17 Pro Max提供适配。对于追 求极致保护的用户，芳纶防摔壳通过了军工级防摔认证，内置弓形缓冲结构，主要适配iPhone 17 Pro和 iPhone 17 Pro Max。而芳纶全包壳则采用了PITAKA自研的高韧性虎鲸树脂Orca涂层，有效解决了芳纶 ...

Core Insights - UGREEN Technology (301606.SZ) reported strong financial performance for the first half of 2025, with revenue reaching 3.857 billion yuan, a year-on-year increase of 40.60%, and net profit of 275 million yuan, up 32.74% [1][2] Financial Performance - The company achieved a net profit of 275 million yuan and a non-GAAP net profit of 259 million yuan, reflecting year-on-year growth of 32.74% and 28.89% respectively [1][2] - Total revenue for the first half of 2025 was 3.857 billion yuan, with all business segments showing strong growth [1][2] Business Segments - Charging products emerged as the main growth driver, generating 1.427 billion yuan in revenue, a 44.39% increase, accounting for 37.01% of total revenue [2] - Other product categories, including transmission, audio-video, and mobile peripherals, also saw stable growth, with revenues of 1.028 billion yuan, 630 million yuan, and 304 million yuan, reflecting year-on-year increases of 29.00%, 28.22%, and 28.92% respectively [2] - Storage products experienced significant growth, with revenue reaching 415 million yuan, a remarkable increase of 125.13% [2] Sales Channels - Online sales accounted for 73.85% of total revenue, with Amazon contributing 1.327 billion yuan, a 42.24% increase, representing 34.43% of total revenue [3] R&D Investment - UGREEN Technology has invested a total of 877 million yuan in R&D from 2022 to the first half of 2025, with annual investments showing a consistent increase [4][5] - The company holds 1,821 domestic and international patents, with 298 new core technology patents added during the reporting period [5][6] Market Expansion - The company has expanded its international market presence, achieving 2.295 billion yuan in overseas revenue, a 51.39% increase, which now constitutes 59.53% of total revenue [4] - UGREEN Technology has successfully entered major retail channels in the U.S. and Europe, including Walmart and Costco [4] Stock Performance - Since the beginning of 2025, UGREEN Technology's stock price has increased by over 80%, closing at 67.5 yuan per share as of August 29 [6]

Core Insights - The company, Jiemite (300868), reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 291 million yuan, down 32.46% year-on-year, and a net loss of 9.90 million yuan, a decrease of 153.15% compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 141 million yuan, reflecting a 35.69% year-on-year decline [1] - The gross profit margin improved to 28.43%, an increase of 25.08% year-on-year, while the net profit margin fell to -4.02%, a decrease of 202.17% [1] - The total of selling, administrative, and financial expenses reached 83.24 million yuan, accounting for 28.62% of total revenue, which is a 92.3% increase year-on-year [1] - Earnings per share dropped to -0.08 yuan, a decline of 153.3% year-on-year, and operating cash flow per share was -0.01 yuan, down 109.34% [1] Debt and Cash Flow - The company’s interest-bearing debt increased by 33.42% year-on-year, reaching 351 million yuan, while cash and cash equivalents rose by 118.81% to 247.1 million yuan [1] - The average operating cash flow over the past three years has been negative, indicating potential liquidity issues [3] Business Model and Market Position - The company’s return on invested capital (ROIC) was 0.47% last year, indicating weak capital returns, with a historical median ROIC of 9.85% since its IPO [3] - The business model relies heavily on research and marketing, necessitating a deeper analysis of the underlying drivers of these areas [3] - The company has experienced two years of losses since its IPO, suggesting a fragile business model [3]

Core Insights - The overall revenue of the company decreased by 32.46% year-on-year to 291 million yuan, with a net profit of -9.90 million yuan, down 153.15% due to client business changes and international policy impacts [2] - Despite the overall decline, the company's proprietary brand business, "Juese," achieved a revenue of 74.03 million yuan, growing by 27.08% year-on-year, and its contribution to total revenue increased from 13.52% to 25.45% [2] - The gross margin of the proprietary brand business improved significantly, increasing by 12.74 percentage points to 64.03%, which positively impacted the overall gross margin of the company [2] Business Strategy - The company is focusing on long-term, high-quality development by enhancing its ODM/OEM business through a major client strategy and expanding into new markets and clients [3] - The core strategy for the proprietary brand business includes enhancing brand influence and optimizing sales margins, aiming for a dual integration of domestic experience and overseas localization [3] - The company plans to continue focusing on mobile smart terminal protective accessories, leveraging its industry experience and core advantages in supply chain management and market responsiveness to ensure steady business growth [3]

Group 1 - The core viewpoint of the article is that Jiemite (300868) reported a significant decline in both revenue and net profit for the first half of 2025, indicating financial challenges [1] Group 2 - In the first half of 2025, the company achieved an operating income of 291 million yuan, a year-on-year decrease of 32.46% [1] - The net profit for the same period was -9.90 million yuan, representing a year-on-year decline of 153.15% [1] - The basic earnings per share were -0.0792 yuan, and the weighted average return on equity (ROE) was -0.65% [1]

Group 1 - The company, Jiemite (300868.SZ), reported a revenue of 291 million yuan for the first half of 2025, representing a year-on-year decline of 32.46% [1] - The net profit attributable to shareholders of the listed company was -9.90 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -26.12 million yuan [1] - The basic earnings per share were -0.0792 yuan [1]

Core Viewpoint - The article discusses the evolving consumer behavior amidst economic pressures, highlighting a shift from impulsive spending to more intentional and selective purchasing decisions. Consumers are adapting to uncertainties and maintaining a sense of control over their spending choices [2][6][21]. Group 1: Consumer Pressure Index - The latest Consumer Pressure Index report from Kearney indicates that while economic pressures persist, they have not significantly increased in most regions [2][4]. - Inflation and housing costs are identified as the two main sources of anxiety for global consumers, with rising expenses in food and energy contributing to ongoing stress [4][5]. Group 2: Changing Consumer Behavior - Consumers are transitioning from a mindset of "buying everything" to "selectively choosing," reflecting a return to a sense of control over their purchases [7][8]. - The concept of "revenge spending" has evolved into a more restrained yet powerful form of consumer expression, where individuals make conscious choices to assert their preferences in a volatile market [8][21]. Group 3: Consumer Mindsets - Consumers can be categorized into three psychological states: "Enjoyment Tribe," "Scarcity Tribe," and "Neutral Tribe," each exhibiting different spending behaviors based on external circumstances [16][11]. - The article suggests that consumers are not merely reacting to pressure but are also seeking novelty and meaningful experiences in their purchases [17][19]. Group 4: Trends and Implications for Brands - The market is entering a phase of brand consolidation, where established brands may struggle if they do not adapt to changing consumer values that prioritize relevance over mere recognition [22][23]. - Brands that focus on delivering emotional value and joy, rather than amplifying consumer anxiety, are more likely to succeed in the current environment [21][26]. - The article highlights three emerging trends: the rise of selective purchasing, the importance of emotional engagement in branding, and the redefinition of everyday value through smarter consumption [22][25][26].

Investment Rating - The report indicates a positive investment outlook for the retractable charging cable industry, suggesting it is likely to gradually replace traditional chargers as the mainstream mobile charging device [3]. Core Insights - The retractable charging cable offers significant advantages in portability and multi-scenario applications, aligning with market trends in charging solutions [3]. - The industry is witnessing a shift towards higher power fast charging capabilities, with many products achieving 67W to 100W, driven by advancements in GaN technology [7][8]. - The market for retractable charging products is expected to grow significantly, with global sales projected to increase from 8.94 million units in 2021 to 13.37 million units in 2024, reflecting a compound annual growth rate (CAGR) of 14.36% [15]. Summary by Sections Product Comparison - Retractable chargers integrate the charging cable, making them more compact and suitable for travel compared to traditional chargers, which have separate cables that can increase volume by 50%-100% [2]. Market Trends - The retractable charging cable market is expanding beyond traditional desktop and home use to include automotive and outdoor applications, with cable lengths typically exceeding 60cm [4]. Fast Charging Technology - Many retractable chargers now support high-power fast charging, with examples like the 67W retractable charger capable of charging an iPhone 16 Pro to over 50% in 35 minutes [7]. - Future developments are expected to focus on even higher power outputs and smarter charging capabilities [8]. Industry Structure - The industry chain consists of upstream component suppliers, midstream manufacturers, and downstream retail channels, with a focus on technological innovation and cost-effectiveness driving competition [12][14]. Market Dynamics - The retractable charging product market is characterized by a high degree of competition, with major players like Baseus and Ugreen holding significant market shares, while smaller brands can leverage differentiation strategies to gain market presence [18][19].