不过放心，这不是广告， 先提它是因为它的今年的操作实在是太秀了，而且秀的随处可以见—— Insta360今年直接在展区的几个核心通道上，放置了印有自己logo的免费黄色" 大麻袋 "。。。 乡亲们，一年一度的 CES 消费电子展览终于在拉斯维加斯落下帷幕了。 托尼其实早早地在当地时间1月4日晚间就 " 人在美国刚下飞机 " 赶往展会前线了。 拖到展会快结束了才跑出来跟大家唠这个事儿，一方面因为我们大美利坚现场的网速着实有点感人。。 另一方面也有点被来参展的中国厂商们干懵了。 国际展里全是中国厂商早就不是什么新闻了。但我们今年在现场的最大感受是这些中国厂商，从宣传策略到产品策略，都在往更加成熟、理性的方向发 展。 这里不得不先点名表扬一下我们的老朋友，影石Insta360。 差友们不要小瞧这招的杀伤力，贪便宜可以说是全世界人民的共同爱好了，基本上路过的参展人员都本着有便宜不占王八蛋的态度，随手就拿了一个。 于是事情开始一发不可收拾。 走在路上，展台边上，甚至厕所里，整个CES 展馆随处都能看到一个个的黄色色块。 相当于 Insta360 花了一批袋子的钱，收获了一个现象级的传播效果，也是能当成花小钱办大事的经典 ...

近日，绿联科技（301606）发布2025年度业绩预告，公司预计全年归属于上市公司股东的净利润区间为 6.53亿元至7.33亿元，较上年同期的4.62亿元增长41.26%至58.56%；扣除非经常性损益后的净利润为 6.23亿元至7.05亿元，同比增幅为41.08%至59.65%。 值得关注的是，因存在安全隐患，在2025年由市场监管总局督导推进的充电宝大规模召回事件中，绿联 科技未参与召回。据悉，此次召回涉及罗马仕、安克创新、小米等品牌共计135万余件产品，问题主要 指向电芯原料缺陷。绿联科技同期推出"充电宝以旧换新活动"，并明确表示换新产品通过国家3C强制 认证及民航高铁最新携带标准，之前消费者所购买的绿联充电宝均符合当时的法规与安全标准。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 绿联科技在公告中表示，本期业绩增长主要得益于多维度发展要素协同发力，叠加清晰的品牌战略与稳 健的经营理念支撑。公司通过精准捕捉市场需求、持续夯实核心竞争力、全面拓展市场布局并借力政策 利好，最终实现经营质量与效益的稳步提升。东吴证券研报指出，绿联科技在产品端和渠道端近期均有 亮眼表现，未来渠道和产品的持续发 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-07 周观：如何看待 2026 年 1 月的流动性情况？（2025 年第 50 期） 固收点评 20260103：绿色债券周度数据跟踪（20251229-20251231） 一级市场发行情况：本周（20251229-20251231）银行间市场及交易所市 场共新发行绿色债券 13 只，合计发行规模约 133.98 亿元，较上周减少 93.63 亿元。二级市场成交情况：本周（20251229-20251231）绿色债券周 成交额合计 490 亿元，较上周减少 155 亿元。 固收周报 20251228：周观：如何看待 2026 年 1 月的流动性情况？（2025 年第 50 期） [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观点评 20260106：每周宏观经济和资产配置研判—20260106 2026 一季度经济开门红的可能性略有提升 固收金工 [Table_FixedGain] 固收周报 20260104：公募基金销售新规正式稿落地，债市修复可期 2025 年末最后一周债券市场维持震荡偏弱，主要受年末机构行 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 653 million and 733 million RMB in 2025, representing a year-on-year growth of 41% to 59% [7] - The company has demonstrated strong performance in both product and channel development, with significant contributions from its NAS products and charging solutions [7] - The company's revenue for 2025 is projected to reach 9.183 billion RMB, reflecting a year-on-year increase of 48.85% [1][7] Financial Projections - Total revenue forecast for 2023A is 4.803 billion RMB, increasing to 6.170 billion RMB in 2024A, and reaching 9.183 billion RMB in 2025E [1] - Net profit attributable to shareholders is projected to grow from 387.52 million RMB in 2023A to 688.32 million RMB in 2025E, with a year-on-year growth rate of 48.90% [1] - The earnings per share (EPS) is expected to rise from 0.93 RMB in 2023A to 1.66 RMB in 2025E [1] Product and Channel Development - The company has launched the DH4300 Plus NAS product, which has gained traction in the market, particularly in Japan [7] - Revenue from storage products increased by 125% year-on-year in the first half of 2025, indicating strong demand [7] - The company has expanded its domestic and overseas channels, successfully entering major e-commerce platforms and retail chains in developed markets [7]

Group 1: Company Overview and Product Positioning - The company positions its NAS products as a core category for development and innovation, successfully establishing a second growth curve [1] - The NAS product line covers a range from entry-level to high-end devices, integrating AI technology for enhanced user experience [1] - The company aims to optimize production capacity based on market demand to ensure stable product delivery [1] Group 2: Target Audience and User Profiles - Current NAS product users include personal users, enterprise users, and tech enthusiasts, with no significant changes in user demographics [2] - Personal users focus on convenience, data security, and smart management, primarily for home entertainment and data backup [2] - Enterprise users are mainly small and medium-sized businesses, emphasizing large storage capacity, reliability, and data security compliance [2] - Tech enthusiasts seek high performance and compatibility for DIY projects and technical research [2] Group 3: Talent Management and Incentives - The company continuously optimizes its compensation management system to offer competitive salaries and additional benefits to attract and retain talent [2] Group 4: International Market Expansion - The company has successfully entered major overseas retail channels, including Walmart, Costco, and BestBuy in the U.S., and MediaMarkt in Europe [2] - Localized service subsidiaries have been established in key markets like the U.S., Germany, and Japan to meet diverse consumer needs and enhance brand penetration [2] Group 5: Investor Relations Activity - The investor relations activity did not involve any major information that needs to be disclosed [2]

Core Insights - The consumer electronics market is facing significant challenges due to a storage price surge that began in the second half of 2025, affecting all segments from upstream to downstream [1][2][3] - The price of storage components, such as DDR5 chips, has seen dramatic increases, with some prices doubling within a month, leading to inventory shortages for major smartphone manufacturers [2][6] - Companies are responding to rising costs by increasing product prices, with mid-range smartphones seeing price hikes of 200 to 300 yuan [3][7] Price Surge in Storage Components - The price of 1TB mechanical hard drives has risen from over 380 yuan to nearly 500 yuan, while 1TB solid-state drives have increased from over 500 yuan to 700 yuan [1] - The price of DDR5 16Gb chips surged from $7.68 to $15.5 within a month, marking a 102% increase [2] - Major manufacturers like Samsung and SK Hynix have paused quotes due to extreme price volatility [2] Impact on Smartphone Manufacturers - Major smartphone brands are experiencing inventory levels below two months, with some DRAM stocks lasting less than three weeks [2] - Companies are adjusting their pricing strategies to cope with increased storage costs, with OPPO and Honor raising prices for their new models [3][7] - Smaller smartphone brands may face significant challenges and potential market exit due to low margins and rising costs [6] Effects on PC and Home Storage Markets - The price of AI home storage products has increased by 20-30% compared to the previous year's Double Eleven shopping festival [4][5] - NAS products have also seen price increases, with some models rising from 2499 yuan to 3149 yuan [5] - The overall trend in the NAS market is expected to be upward due to rising component costs and increased demand for higher performance [5][8] Future Market Outlook - The storage price surge is anticipated to continue into 2026, with analysts warning of potential further adjustments to global smartphone shipment forecasts [7][9] - Despite current challenges, the NAS market is projected to grow significantly, with a compound annual growth rate exceeding 25% over the next five years [9] - The demand for storage is driven by the explosion of AI applications, which has led to a notable supply shortage [9]

Core Viewpoint - Ugreen Technology (301606) reported strong sales growth for its NAS products in the first three quarters, indicating a positive market position and competitive strength in the NAS category [1] Group 1: Sales Performance - The company achieved sales and volume double crowns in the NAS category across major platforms such as JD.com, Tmall, and Douyin during the 618 shopping festival [1] - The sales performance reflects the increasing market competitiveness of the company's NAS products [1] Group 2: Product Growth and Market Penetration - The penetration rate of the company's NAS products continues to grow, supported by the launch of new products and increased promotional efforts [1] - The company anticipates that the NAS product line will maintain rapid growth and further enhance its market penetration rate [1]

Group 1: Financial Performance - The company's overall gross margin for Q3 is 37.17%, an increase of 0.66% compared to the same period last year [1] - The sales of NAS products have shown good growth in the first three quarters, with a significant market presence during the 618 shopping festival, achieving sales and volume leadership on major platforms [1] Group 2: Product Quality and Safety - The company has established a comprehensive quality management system that covers the entire product lifecycle, emphasizing user safety and product quality as vital [2] - Strict quality control and continuous optimization mechanisms are in place to ensure high-quality and reliable products for consumers [2] Group 3: Organizational Development and Talent Acquisition - Significant progress has been made in organizational and talent development, enhancing the company's appeal to top graduates and specialized professionals [2] - The company employs a talent-centric strategy, which has become a key driver for sustainable growth [2] Group 4: Production and Supply Chain - The company has built a differentiated competitive advantage through independent research and development, implementing a dual-driven supply chain model of "outsourced finished product procurement + self-production" [2] - Currently, self-production accounts for over 20%, while outsourced production constitutes over 70% of the total production [2]

Core Viewpoint - Shenzhen Ugreen Technology Co., Ltd. has recently attracted significant institutional interest, with 93 investment institutions participating in a research event, discussing the company's performance and strategic initiatives [1][2]. Financial Performance - For the first three quarters of 2025, Ugreen Technology reported a revenue of 6.364 billion yuan, a year-on-year increase of 47.80%, and a net profit attributable to shareholders of 467 million yuan, up 45.08% [3]. - In Q3 alone, the company achieved a revenue of 2.507 billion yuan, representing a 60.44% increase compared to the same period last year, with a net profit of 192 million yuan, up 67.32% [3]. Business Growth Drivers - The main growth drivers identified were the charging and storage product lines, with new product launches enhancing the company's offerings [4]. - The NAS product line has expanded to cover a full range of entry-level to high-end models, catering to diverse user needs and driving growth [4]. Brand Strategy - The company has integrated the cost of hiring global brand ambassadors into its marketing budget, emphasizing that this is part of a broader brand upgrade strategy aimed at long-term sales growth [5]. International Expansion - Ugreen's overseas revenue reached 2.295 billion yuan in the first half of the year, marking a 51.39% year-on-year increase, with continued growth in Q3 [6]. - The company has established both online and offline channels in key markets, including partnerships with major retailers like Walmart and Costco [6]. NAS Product Outlook - The NAS market is projected to grow at a compound annual growth rate (CAGR) of 12.1% from 2025 to 2030, driven by increasing data storage needs [7]. - Ugreen's NAS products leverage AI technology, providing a competitive edge in the market [7]. Risk Management - The company has implemented measures to address potential risks in overseas markets, including a dynamic policy monitoring system and cost structure optimization to maintain high gross margins [8].

Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 6.364 billion, a year-on-year increase of 47.80% [1] - The net profit attributable to shareholders reached CNY 467 million, up 45.08% year-on-year [1] - In Q3 alone, revenue was CNY 2.507 billion, reflecting a growth of 60.44% compared to the same period last year [1] - The net profit for Q3 was CNY 192 million, a year-on-year increase of 67.32% [1] Product Performance - The company has seen strong growth in its charging and storage product lines, with new product launches contributing to steady revenue growth [2] - The NAS product line has experienced a significant year-on-year growth of 125.13% [4] - The global NAS market is projected to have a compound annual growth rate (CAGR) of 12.1% from 2025 to 2030 [5] Brand Strategy - The appointment of a global brand ambassador is part of the company's brand upgrade strategy, aimed at enhancing user recognition and driving long-term sales growth [2] - The marketing budget is planned and allocated scientifically to balance brand investment with profit performance [2] Overseas Expansion - In the first half of 2025, overseas revenue reached CNY 2.295 billion, a year-on-year increase of 51.39% [3] - The company has established a presence in major retail channels such as Walmart and Costco in the U.S. and Media Markt in Europe [3] - Localized subsidiaries have been set up in key markets like the U.S., Germany, and Japan to cater to regional consumer needs [3] Domestic Market Development - The company is enhancing its online and offline sales channels, focusing on platforms like JD.com and Tmall for online sales [4] - Offline strategies include hosting technical seminars and participating in industry exhibitions to boost brand recognition [4] - The company is expanding its instant retail business to integrate online and offline channels [4] Risk Management - The company maintains a robust overseas business despite fluctuating external environments, optimizing cost structures to sustain high gross margins [6] - A market alert mechanism is in place to adapt strategies in response to changes in overseas policies [6]