9月1日至5日，深圳市绿联科技股份有限公司接待了嘉实基金、兴全基金等32家机构共计89人次的调 研，活动形式包括现场和电话会议，地点位于深圳。公司董事会秘书兼财务负责人王立珍、证券事务代 表申利群参与接待。以下为本次调研的精彩要点： 线上平台收入占比明确 在上半年，绿联科技在国内主流电商平台的收入情况为：天猫营业收入达4.25亿元，占主营业务收入的 11.01%；京东营业收入为5.13亿元，占主营业务收入的13.30% 。 海外团队布局与规划清晰 为深入开拓海外市场，绿联科技已在中国香港、美国、德国等地布局。在人才建设方面，公司计划从外 部引进具有国际化视野、丰富企业管理经验的管理人才，以及市场营销能力突出的销售人才，确保人才 梯队与海外业务发展节奏相匹配。同时，公司将优化薪酬管理体系，提供有竞争力的薪酬待遇及其他福 利奖励，吸引并激励优秀人才。 渠道与海外发展历程回顾 2012年公司成立，入驻天猫、京东等国内主流电商平台开启品牌发展；2013 - 2015年，布局全球化市 场，入驻亚马逊等国际电商平台并构建线下经销网络；2016 - 2019年，研发设计迭代升级，建立领先供 应链体系；2020 - 2023 ...

Core Viewpoint - The company achieved a significant growth in revenue and net profit in H1 2025, driven by strong performance in storage and charging categories, and is optimistic about future product innovations and channel network development [1][2]. Financial Performance - In H1 2025, the company reported revenue of 3.86 billion yuan, a year-on-year increase of 40.6%, and a net profit attributable to shareholders of 275 million yuan, up 32.7%. The non-recurring net profit was 259 million yuan, reflecting a growth of 28.9% [2]. - The quarterly revenue growth rates for Q1 and Q2 were 42% and 39.4%, respectively, while net profit growth rates were 47.2% and 18.7%. The non-recurring profit growth rates were 44.5% and 13.8% [3]. - The gross margin for H1 was 37%, a decrease of 1.44 percentage points, with specific margins for various categories: charging (36.2%), transmission (40.1%), audio-video (40.8%), storage (27.7%), and mobile peripherals (35.6%) [3]. Product and Channel Development - The company launched several key products, including the energy-packed Pro series fast-charging power banks, a high-power 500W GaN desktop charger, and the HiTuneMax6 headphones featuring AI capabilities. Additionally, a new NAS private cloud model was introduced at an accessible price point [5]. - The company is expanding its channel presence internationally, having entered major retail chains such as Walmart, Costco, and Bestbuy in the US, as well as Media Markt in Europe and Bic Camera in Japan [5]. Segment Performance - In H1 2025, revenue by category showed strong growth: charging (1.43 billion yuan, +44.4%), transmission (1.03 billion yuan, +29%), audio-video (630 million yuan, +28.2%), storage (415 million yuan, +125%), and mobile peripherals (304 million yuan, +28.9%) [4]. - Revenue by channel indicated that Amazon generated 1.33 billion yuan (+42.2%), JD.com 513 million yuan (+20.2%), and Tmall 425 million yuan (+21.9%). Offline sales reached 1.01 billion yuan (+52.9%) [4]. - Geographically, domestic revenue was 1.56 billion yuan (+27.4%), while overseas revenue was 2.29 billion yuan (+51.4%) [4].