12月26日晚间，绿联科技发布公告显示，为深化公司的全球化战略布局，提升公司国际化品牌形象，并进一步提 升公司核心竞争力，公司拟发行境外上市股份（H股）并申请在香港联合交易所有限公司主板上市。 绿联科技深耕海外市场多年，2025年上半年，公司境外营业收入达22.94亿元，同比增长51.39%，占总营业收入比 例达59.53%。 业绩方面，2025年前三季度，绿联科技实现营业收入63.64亿元，同比增长47.80%；归母净利润4.67亿元，同比增 长45.08%。 长江商报记者发现，无论是营业收入还是归母净利润，绿联科技2025年前三季度表现均已超过2024年全年。而 且，按照当前业绩增幅，公司全年营业收入有望突破90亿元。 不仅如此，张清森目前持有绿联科技股份比例达46.7%，公司当前总市值247.45亿元，以此计算，其创业16年来个 人财富达到了116亿元。 长江商报消息 ●长江商报记者 黄聪 带着手头积攒的25万元资金，张清森从2009年起，在华强北以一根数据线起家，如今旗下公司绿联科技 （301606.SZ）正向港股冲刺。 90%以上收入来自自主设计产品 绿联科技是全球科技消费电子知名品牌企业，主要从事 ...

浪潮信息所属申万行业为：计算机-计算机设备-其他计算机设备。所属概念板块包括：IDC概念（数据 中心）、英伟达概念、电子发票、东数西算、云计算等。 截至12月10日，浪潮信息股东户数35.00万，较上期减少2.78%；人均流通股4190股，较上期增加 2.60%。2025年1月-9月，浪潮信息实现营业收入1206.69亿元，同比增长45.16%；归母净利润14.82亿 元，同比增长14.51%。 分红方面，浪潮信息A股上市后累计派现14.89亿元。近三年，累计派现6.46亿元。 机构持仓方面，截止2025年9月30日，浪潮信息十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3034.71万股，相比上期减少1647.13万股。华泰柏瑞沪深300ETF（510300）位居第三大流 通股东，持股1752.53万股，相比上期减少77.51万股。易方达沪深300ETF（510310）位居第四大流通股 东，持股1268.34万股，相比上期减少39.77万股。华夏沪深300ETF（510330）位居第五大流通股东，持 股946.42万股，相比上期减少12.93万股。易方达中证人工智能主题ETF（159819） ...

Core Insights - Shenzhen Ugreen Technology Co., Ltd. reported a revenue of 6.364 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 47.80%, with a net profit attributable to shareholders of 467 million yuan, up 45.08% [1] - In Q3 2025, the company achieved a revenue of 2.507 billion yuan, reflecting a year-on-year growth of 60.44%, and a net profit of 192 million yuan, which is a 67.32% increase, continuing the strong growth momentum from the first half of the year [1] Financial Performance - For the first half of 2025, Ugreen's charging business revenue grew by 44.39% year-on-year, while transmission, audio-video, and mobile peripheral businesses each saw revenue growth exceeding 25%. The storage business revenue surged by 125% year-on-year, becoming a key driver of overall performance [1] Product and Market Strategy - Ugreen is focusing on user scenario needs and technology implementation, enhancing its core competitiveness through rapid business expansion, brand strategy elevation, and continuous penetration into domestic and international channels [1] - The company is actively entering the smart storage sector with the launch of the AI NAS iDX series, which has garnered industry attention at the CES. This move aims to create a new digital storage model for individuals and families, enhancing data management experiences [2] Brand Development - Ugreen is accelerating its brand strategy upgrade by engaging with young consumers through diversified marketing and content co-creation. The company has invited globally recognized celebrities as brand ambassadors and collaborated with content platforms for targeted marketing [2] - The company is also establishing localized service subsidiaries in key overseas markets, creating a "global headquarters + regional center" service system to support future international business expansion [2] Future Outlook - Ugreen plans to continue its focus on user needs and market trends for technology research and development, aiming to launch innovative, high-performance, and high-value-added products. The company seeks to strengthen its collaborative advantages in products, brands, and channels, paving the way for a new growth cycle and sustainable high-quality development [2]

Core Insights - The company achieved a revenue of 80.192 billion yuan in the first half of 2025, representing a year-on-year growth of 90.05% [1][5] - Net profit attributable to shareholders reached 799 million yuan, up 34.87% year-on-year, while the net profit excluding non-recurring items grew by 61.1% [3][5] - The gross profit margin decreased to 4.51%, down 3.13 percentage points from the previous year [3][5] Revenue Breakdown - Server product revenue was 75.286 billion yuan, accounting for 93.88% of total revenue, with a gross margin of 4.32% [4][5] - Revenue from storage and switching products was 4.837 billion yuan, representing 6.03% of total revenue, with a gross margin of 7.59% [4][5] - Other products generated 69.612 million yuan, contributing 0.09% to total revenue, showing a decline of 42.45% year-on-year [2] Financial Performance - Operating cash flow was -55.76 billion yuan, a decline of 22.99% compared to -45.33 billion yuan in the previous year, primarily due to increased working capital requirements from business expansion [6] - The company’s total assets reached 107.007 billion yuan, a 50.23% increase from the previous year [1] - Short-term borrowings surged from 1.395 billion yuan at the beginning of the year to 12.397 billion yuan, reflecting increased funding needs due to server sales growth [5] Research and Development - R&D expenses amounted to 15.32 billion yuan, a year-on-year increase of 7.38%, indicating a continued commitment to technological innovation [4][6] - The company has accumulated over 17,000 valid patents globally, enhancing its competitive edge in the market [6]

Group 1: Company Operations and Capacity Utilization - The company's overall business operations are normal, with a comprehensive capacity utilization rate remaining relatively high. The PCB business benefits from sustained demand in computing power and automotive electronics, maintaining high capacity utilization [1] - The packaging substrate business has seen an improvement in capacity utilization compared to Q4 2024 and Q1 2025 due to a relative recovery in the storage sector [1] Group 2: PCB Business Applications and Market Focus - The PCB business focuses on high-end PCB product design, development, and manufacturing, primarily serving communication devices, data centers, automotive electronics, and industrial control sectors [1] - The demand for PCB products in high-speed communication networks, data center switches, AI accelerator cards, and storage devices has increased since 2024, driven by the urgent need for high-performance products [2] Group 3: Expansion Plans and Investments - The company has factories in Shenzhen, Wuxi, Nantong, and a new facility under construction in Thailand. It is enhancing existing factories through technological upgrades and is progressing with the Nantong Phase IV project to build an HDI technology platform [3] - The total investment for the Thailand factory is 1.274 billion RMB, aimed at developing high-layer and HDI PCB technologies to expand overseas market reach [4] Group 4: Packaging Substrate Business Development - The packaging substrate products cover a wide range, including module packaging substrates and storage packaging substrates, with demand improving in Q1 2025 compared to Q4 2024, primarily due to increased demand for storage products [5] - The FC-BGA packaging substrate has achieved mass production capabilities for products with 20 layers or fewer, with ongoing development for higher-layer products [6] Group 5: Raw Material Price Changes and Impact - Key raw materials include copper-clad laminates, prepregs, copper foil, gold salt, and inks. In Q1 2025, prices for some raw materials increased year-on-year due to commodity price fluctuations [7] Group 6: Technology and Industry Trends - The company is actively monitoring industry trends related to PTFE materials in high-frequency applications, having developed mature PCB products for communication and automotive sectors [7]