Q3.公司对自身品牌的定位是怎样的？ 证券简称：绿联科技 证券代码：301606 深圳市绿联科技股份有限公司 投资者关系活动记录表 编号：2026-001 投资者关系活 动类别 ☑ 特定对象调研 ☐ 分析师会议 ☐ 媒体采访 ☐ 业绩说明会 ☐ 新闻发布会 ☐ 路演活动 ☑ 现场参观 ☐ 其他 参与单位名称 共计 49 家机构 113 人次，详见附件 时间 2026 年 2 月 25 日-2026 年 2 月 27 日 地点 深圳 形式 现场、电话会议 上市公司接待 人员姓名 董事会秘书兼财务负责人：王立珍 证券事务代表：申利群 投资者关系活 动主要内容介 绍 一、问答交流（同类问题已作汇总整理，近期已回复问题不再重复） Q1.请简要介绍公司的发展历程？ 答：2012 年，公司正式成立，入驻天猫、京东等国内主流电商平台， 开启品牌发展之路。2013 年至 2015 年，品牌展开全球化市场布局，入 驻亚马逊、速卖通等国际电商平台，业务覆盖全球多个国家和地区；同 时，构建线下经销网络，形成全渠道销售格局。2016 年至 2019 年，公 司在研发和设计方面实现迭代升级，建立起业内领先的供应链体系；产 品线不断丰富 ...

如果你问我，在这个时代最离不开的科技产品是什么？ 我可能会选择一个极度常见乃至普通的产品：数据线。 虽然看似是没太多技术含量，但你就说能不能离得开吧。。。 也许正因如此，有这么一家公司，靠卖数据线发家，市值 260 多亿，去年营收 61.66 亿，最近又去港交所上市了。 对，就是绿联。。。 世超研究了一下发现，绿联的发家史简直是活生生的商业爽文，运气十分邪门，每次都成功赌中风口，所以，今天再来跟大家聊聊。 2009 年，张清森在一家外贸公司做业务员，但奈何工资太低，老板也抠，日子过得难受。 积累了些客源后，他干脆辞职单干，跑去 " 中华电子第一街 " 华强北做外贸 OEM 代工了。 这在当时是华强北最常见的模式，工厂代工生产 （ 不涉及产品核心设计 ），国际用户拿到手贴上自己品牌去卖。货一出海，价格往往能翻好几倍，但这 跟代工厂没关系，国内这些工厂赚的，就只是最底层那薄薄一层加工费。 而且往往客户一句话都能让你心跳漏一拍。 2010 年，张清森按照计划为客户备好货后，收到客户邮件通知，要么降价一美元，要么就取消订单。尽管他们后来知道了，这是因为有人为了抢订单降 价竞争，为了避免这批货烂在仓库只能接受。 这也让 ...

几块钱包邮背后的商业逻辑：淘宝、拼多多不亏的秘密 打开淘宝、拼多多，五块九的发卡、九块九的数据线、十几块的家居好物，清一色标注"免费包邮"，难免让人疑惑：普通消费者寄一件快递就要10-20元， 商家卖这么便宜还包邮，难道真的不赔钱？其实，这绝非商家的"慈善行为"，而是一场由平台、商家、快递公司共同参与的精密商业游戏，背后藏着规模经 济、成本控制、流量运营的多重逻辑，低价都有其合理的商业支撑。 物流成本真相：规模之下的超低价合作 快递费并非凭空消失，而是在海量订单的支撑下，被压缩到了普通人难以想象的水平。淘宝、拼多多等头部电商平台，每天的订单量以数千万计，部分热门 商家单月发货量就能突破十万件，这种规模优势让他们拥有了与快递公司议价的绝对话语权。 普通消费者寄一件跨省快递，费用通常在10-15元，而大型电商商家通过签订长期大额合同，能将单件快递费压至2-5元，部分短途件甚至低至1元左右。快 递公司之所以愿意接受如此低的价格，核心在于"薄利多销"：海量订单能让运输、分拣、派送的单位成本大幅降低，一辆货车装满货物的运输成本，分摊到 每件商品上微乎其微。此外，电商订单多为标准化包裹，收件地址集中、分拣效率高，进一步降 ...

2026年2月2日，绿联科技正式向港交所递交招股书，拟登陆主板实现"A+H"两地上市，距其2024年7月A股创业板挂牌仅1年半，资本进程堪称极速。 这家由80后莆田籍企业家张清森2012年在深圳创立的企业，从淘宝小店卖数据线起家，凭借高品质高性价比突围，先后拿下苹果MFi、华为DFH认证，逐 步成长为全球消费电子配件龙头，张清森也以130亿元身家跻身2025年胡润百富榜。 2025年绿联科技业绩持续高增，前三季度营收63.64亿元、归母净利润4.67亿元，同比分别增47.8%、45.08%，全年归母净利润预计6.53亿至7.33亿元，同 比增41.26%至58.56%。 值得关注的是，截至2025年三季度末，绿联科技货币资金达11.34亿元，且无长短期借款。这种情况下加速港股上市，其核心诉求或许是借助港股平台深 化全球化布局，同时为早期资本提供退出渠道。 | 2052 ± 08 日 30 日 | | 单位:元 | | --- | --- | --- | | 项目 | 期末余额 | 期初会额 | | 流动资产: | | | | 货币资金 | 1,133,668,283.91 | 1,142,737,888.46 ...

Core Viewpoint - Shenzhen Lulian Technology Co., Ltd. has submitted an application to the Hong Kong Stock Exchange for a main board listing, aiming to become the first "A+H" dual-platform enterprise in China's 3C accessories industry [2] Group 1: Company Background and Growth - Founded by Zhang Qingsen in 2007, the company transitioned from a trading business to establishing its own brand, Lulian, in 2011, focusing on e-commerce during the rise of platforms like Taobao [5][6] - The company achieved significant revenue growth, with sales increasing from 200 million yuan in 2015 to 3.4 billion yuan in 2021, marking a 17-fold increase [6] - After listing on the Shenzhen Stock Exchange in July 2024, the company's market capitalization reached approximately 18.9 billion yuan, with a strong revenue growth of 47.8% year-on-year in the first three quarters of 2025 [8] Group 2: Financial Performance and Challenges - Despite strong revenue growth, the company's net cash flow from operating activities dropped by 98.7% year-on-year to 5.88 million yuan in the first three quarters of 2025, attributed to increased procurement and payroll costs [8] - The company faced scrutiny over its rapid move to establish an H-share platform, especially following significant share reductions by major shareholders, raising concerns about investor confidence [9] - The gross profit margin has declined from around 50% in 2019 to 36.5% in the first three quarters of 2025, indicating pressure from both high-end competition and low-cost market segments [14] Group 3: Industry Context and Regulatory Environment - The introduction of new regulations for 3C power banks in June 2025 led to the exit of several low-quality competitors, while Lulian managed to avoid major recalls by switching to reputable suppliers [10][12] - The company is positioned in a challenging "sandwich layer" within the 3C accessories market, competing against high-end brands and low-cost alternatives, which compresses its profit margins [14] - Lulian's reliance on third-party platforms for sales and external production for 78.22% of its manufacturing limits its bargaining power and increases operational costs [14][19] Group 4: Future Prospects and Strategic Moves - The company aims to strengthen its research and development, brand building, and sales channels through the funds raised from the Hong Kong listing, seeking a second growth curve [22] - International markets have become a core revenue driver, with overseas sales reaching 3.78 billion yuan in the first three quarters of 2025, accounting for 59.6% of total revenue [23] - The company's journey from a small vendor in Huaqiangbei to a global player illustrates its potential for growth, but it now faces the challenge of strengthening its market position and brand recognition [26]

Core Viewpoint - The company, Ugreen Technology, has successfully transitioned from OEM manufacturing to establishing its own brand in the competitive 3C digital accessory market, achieving significant revenue growth and preparing for an IPO in Hong Kong [1][3][6]. Group 1: Company Growth and Financial Performance - Ugreen Technology's revenue for the first three quarters of 2023, 2024, and 2025 is approximately CNY 4.801 billion, CNY 6.166 billion, and CNY 6.361 billion, with net profits of CNY 394 million, CNY 460 million, and CNY 467 million respectively [1]. - The company forecasts a net profit of CNY 653 million to CNY 733 million for the full year of 2025, representing a year-on-year growth of 41.26% to 58.56% [6]. - As of February 10, 2024, Ugreen's stock price reached CNY 64.7 per share, with a total market capitalization of CNY 26.9 billion [1]. Group 2: Product Diversification and Market Strategy - Ugreen has diversified its product offerings to include four main categories: charging creative products, smart office products, smart audio-visual products, and smart storage products [3]. - The revenue breakdown for the first nine months of 2025 shows that charging creative products account for 46.4%, smart office products for 26.2%, smart audio-visual products for 16.0%, and smart storage products for 11.4% [6]. - The company 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, Ugreen's market share in the broad category of technology consumer electronics is only 1.5%, indicating a highly fragmented market with low concentration [7]. - Ugreen's NAS (Network Attached Storage) products have gained traction, with a revenue of CNY 3.28 billion in 2023, a 77.36% increase year-on-year, and projected growth to CNY 7.26 billion in the first three quarters of 2025 [10]. - The company faces strong competition from major tech firms like Huawei, Xiaomi, and Lenovo, which integrate NAS into their smart ecosystems, posing challenges for Ugreen's market positioning [11].

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]

Core Viewpoint - Zhang Qingsen founded Ugreen Technology, transitioning from OEM data cables to establishing a self-branded e-commerce presence, leading to significant revenue growth and market expansion [2][4]. Group 1: Company Growth and Financial Performance - Ugreen Technology's revenue for the first three quarters of 2023, 2024, and 2025 reached approximately 4.801 billion RMB, 6.166 billion RMB, and 6.361 billion RMB, with net profits of 394 million RMB, 460 million RMB, and 467 million RMB respectively [2]. - The company successfully went public on the A-share Growth Enterprise Market, with a market capitalization of 27.301 billion RMB as of February 9, 2024 [3]. - For the full year of 2025, Ugreen expects a net profit of 653 million to 733 million RMB, representing a year-on-year growth of 41.26% to 58.56% [4]. Group 2: Product Diversification and Market Strategy - Ugreen has diversified its product offerings beyond charging accessories to include creative charging products, smart office products, smart audio-visual products, and smart storage products [4]. - In 2025, the revenue breakdown shows that creative charging products accounted for 46.4%, smart office products for 26.2%, smart audio-visual products for 16.0%, and smart storage products for 11.4% [4]. - The company 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 [8]. Group 3: Competitive Landscape and Challenges - Ugreen's market share in the consumer electronics accessory sector is only 1.5%, indicating a highly fragmented industry with low concentration [8]. - The company faces significant competition from major tech firms like Huawei, Xiaomi, and Lenovo, which integrate NAS products into their ecosystems [12]. - Ugreen's NAS products have gained traction after initial setbacks, with revenue from storage products reaching 328 million RMB in 2023 and expected to grow further in 2024 and 2025 [11].

Core Insights - The article narrates the entrepreneurial journey of Zhang Qingsen, who founded Ugreen Technology, highlighting its growth from a small online store in Huaqiangbei to a publicly listed company in the A-share market and its upcoming listing in Hong Kong [2][10][19] Company Development - Ugreen Technology was established in 2012 with an initial investment of 250,000 yuan, starting as a small online store focused on 3C electronic accessories [6][10] - The company capitalized on the booming smartphone market, expanding its product range from data cables to chargers and power banks, while maintaining high-quality standards [7][10] - By 2015, Ugreen's total revenue reached 200 million yuan, and by 2017, it surpassed 2 billion yuan, showcasing significant growth [9][10] Market Position - Ugreen has established itself as a leading brand in the 3C accessory market, with products sold in over 180 countries and regions, serving more than 300 million users globally [10] - The company is projected to become the global leader in the consumer electronics market by 2025, according to Frost & Sullivan [10] Financial Performance - In 2024, Ugreen reported a revenue of 6.17 billion yuan, nearly tripling from 2.045 billion yuan in 2019, demonstrating strong growth momentum [10] - The company anticipates a net profit of 653 million to 733 million yuan for 2025, reflecting a year-on-year growth of 41.26% to 58.56% [10] Industry Challenges and Opportunities - The implementation of new regulations in June 2025 for 3C power banks has led to a significant industry shake-up, with many low-quality competitors exiting the market, presenting both challenges and opportunities for Ugreen [15][16] - Ugreen has swiftly adapted to these changes by ensuring compliance with new standards and leveraging the market void left by competitors [16] Future Prospects - Ugreen has submitted its application for a listing on the Hong Kong Stock Exchange, aiming for a dual listing in both A-share and H-share markets, which would enhance its global presence and brand influence [18][19] - The company's journey from a small online store to a major player in the 3C accessory market serves as a model for other small enterprises in niche markets [20]

Core Viewpoint - Shenzhen Lulian Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, indicating strong financial performance and growth potential in the consumer electronics sector [1][2]. Financial Performance - The company projects net profits of approximately RMB 3.94 billion, RMB 4.6 billion, and RMB 4.67 billion for the first three quarters of 2023, 2024, and 2025 respectively [1][2]. - Revenue estimates for the same periods are around RMB 48.01 billion, RMB 61.66 billion, and RMB 63.61 billion, with gross margins of 36.9%, 36.8%, and 36.5% respectively [2][3]. - The company expects a significant increase in net profit for 2025, forecasting between RMB 6.53 billion and RMB 7.33 billion, representing a year-on-year growth of 41.26% to 58.56% [6]. Product Categories and Market Position - Lulian Technology is a leading player in the 3C consumer electronics accessories market, offering products across four main categories: charging products, smart office products, smart audio-visual products, and smart storage products [2]. - Charging products constitute a significant portion of the company's revenue, driven by their efficiency and convenience in meeting diverse user needs [2]. Dividend Policy - The company plans to distribute dividends of RMB 1.25 billion and RMB 2.49 billion to shareholders for the years 2024 and 2025 respectively [5]. Inventory and Supply Chain - As of December 31, 2023, the company's inventory was valued at approximately RMB 9.96 billion, with turnover days of 104.5 days [4]. - The company relies on a network of third-party manufacturing partners and electronic component distributors, with significant procurement from its top five suppliers [8]. International Sales and Customer Base - A growing portion of revenue is derived from international sales, accounting for 50.4%, 57.5%, and 59.6% of total revenue in 2023, 2024, and 2025 respectively [8]. - The company’s major customers include online retailers, offline distributors, and end-users, with the top five customers contributing approximately RMB 10.06 billion, RMB 10.98 billion, and RMB 11.21 billion to total revenue over the same periods [8].