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 ...

移动充电类：市场CAGR 达10%，产品形态仍有创新。移动充电市场的增速不慢，一是换新周期更短， 二是以苹果为代表的品牌正在经历功率升级/不附赠充电器，三是在产品形态和使用场景上仍有创新， 例如移动充、多合一、自带线、桌面充、组合充等。目前行业整体规模已达2155 亿元，分品类看，1） 移动电源：2024 年全球规模约1500 亿元，中国占比10%左右，后续全球仍有望保持10%的复合增速； 2）充电器：2024 年全球规模达到629 亿元，未来有望继续保持9.8%的复合增速，其中无线充和大功率 充电器目前是增长较快的细分市场。相比友商，公司在海外市场以及线下市场仍有渠道增量，同时在价 格带方面也有望进一步补齐。 绿联科技：新兴消费电子企业，研发与创新打造核心增长引擎内容。公司自2012 年成立以来，依 托"UGREEN"品牌实现国内外全球化布局，构建涵盖充电、传输、音视频、存储、移动周边五大产品体 系。2025H1，公司充电类产品收入达14.27 亿元，同比增长44%，存储类产品收入达10.28亿元，同比增 长29%，其中NAS 私有云新品表现亮眼，成为新增长引擎，后续有望拉动全品类实现增长。公司通过 持续研 ...

Core Viewpoint - Ugreen Technology has submitted its main board listing application to the Hong Kong Stock Exchange, aiming to access both A-share and H-share markets within a year and a half of its previous listing on the Shenzhen Stock Exchange [2] Group 1: Financial Performance - In the first nine months of 2025, Ugreen reported a revenue of 6.361 billion yuan and a net profit of 467 million yuan, surpassing the total performance of 2024 within just three quarters [2] - The projected net profit for the entire year of 2025 is expected to reach between 653 million and 733 million yuan [2] - Ugreen's overseas revenue accounted for 59.6% of its total revenue in the first three quarters of 2025, indicating significant international market penetration [5] Group 2: Business Growth and Strategy - Ugreen's growth story is rooted in its differentiation strategy, offering high-quality products at lower prices compared to original brands, which has allowed it to thrive in a competitive market [3][5] - The company has expanded its product line from cables to chargers, power banks, and NAS private cloud solutions, achieving a tenfold revenue increase from 2 billion yuan in 2015 to 20 billion yuan in 2017 [5] - Ugreen has achieved global leadership in the consumer electronics market for certain product categories, including being the top player in the NAS segment by shipment volume [5] Group 3: Financial Concerns - Ugreen's gross margin has declined from approximately 50% in 2019 to 36.5% in the first three quarters of 2025, indicating weakening pricing power in a competitive market [6] - The company's operating cash flow plummeted by 98.69%, from 450 million yuan in the previous year to less than 6 million yuan in the first nine months of 2025, raising concerns about its financial health [10] Group 4: Capital Market Reactions - There has been a notable trend of capital withdrawal, with major shareholders, including Hillhouse Capital, reducing their stake from 8.44% to about 5%, resulting in a cash-out of nearly 900 million yuan [11] - Internal management also engaged in significant sell-offs shortly after the lock-up period ended, indicating a lack of confidence in the company's future growth prospects [11] Group 5: Competitive Landscape - Ugreen's market share in its product categories is relatively low, with only 1.5% in the broad expansion category and 1.2% in charging products, highlighting the competitive nature of the market [13] - The company faces intense competition from established players like Anker and emerging giants such as Huawei and Xiaomi, which complicates its growth trajectory [13]

Group 1 - The core viewpoint of the article highlights the rapid growth of cross-border e-commerce in Shenzhen, with online transaction volume expected to exceed 1 trillion RMB by 2025, driven by favorable policies and a surge in IPOs among major players [1] - UGREEN Technology, a prominent cross-border e-commerce company, plans to issue overseas listed shares (H-shares) and apply for a listing on the Hong Kong Stock Exchange, following its successful listing on the Shenzhen Stock Exchange [1][6] - The company's stock price has surged, with a market capitalization exceeding 26 billion RMB as of the latest trading day [1] Group 2 - UGREEN Technology reported a revenue of 6.36 billion RMB for the first three quarters of 2025, representing a year-on-year growth of 47.80%, and a net profit of 466.83 million RMB, up 45.08% [3][4] - The growth is significantly driven by overseas markets, with foreign revenue accounting for 59.53% of total revenue in the first half of 2025, including 1.33 billion RMB from the Amazon platform alone [4] - The company's strategic intent for the Hong Kong listing is to enhance its global brand image and competitiveness, building on its previous successful fundraising of approximately 880 million RMB from its Shenzhen listing [6] Group 3 - Shenzhen is recognized as a major hub for cross-border e-commerce, with a strong cluster of leading sellers, including UGREEN Technology, contributing to significant growth in revenue and profits [14] - The evolution of Shenzhen's cross-border e-commerce is marked by a transition from "product export" to "brand export" and now to "ecosystem export," supported by government policies encouraging independent brand development [16][17] - Recent data indicates that 21 Shenzhen enterprises have received over 32 million RMB in central funding rewards, reflecting the city's commitment to advancing its cross-border e-commerce sector [17]

Group 1 - The core viewpoint of the articles highlights that Ugreen Technology (301606) has gained recognition in 2025 for its focus on quality, experience, and system capabilities in the consumer electronics industry, reflecting its achievements in brand building and comprehensive capability enhancement [1][2][3] - Ugreen has received multiple awards and honors, indicating the company's long-term investment in product innovation, technology research and development, and corporate governance [1][2] - The company has been continuously iterating its core product categories, including transmission, charging, audio-video, storage, and mobile peripherals, while increasing investment in new product directions like NAS private cloud [1][2] Group 2 - Ugreen's sustained improvement in technical capabilities is supported by a systematic quality management and research and development mechanism, which includes multi-layer verification and testing processes during product development [2] - The brand has established communication connections with a broader user base and industry partners through various forms of engagement, such as international exhibitions and industry exchange activities, enhancing brand recognition [2] - The recognition received by Ugreen in 2025 reflects its comprehensive performance in product innovation, design capability, and corporate responsibility, showcasing the company's ongoing commitment to research investment and quality systems [2][3] Group 3 - The consumer electronics industry is shifting towards a long-term value-oriented development stage, with competition focusing on system capabilities and user trust accumulation rather than just performance metrics [3] - Ugreen's continuous investment in technology, products, and brand development allows it to maintain a clear growth path in a complex market environment [3] - The company's practices in 2025 demonstrate its ongoing exploration in product capabilities and brand building, laying a solid foundation for long-term growth based on technology and quality [3]

Core Insights - The article highlights the success story of Ugreen Technology, which has transformed from a data cable manufacturer to a publicly listed company with a market capitalization nearing 18.9 billion yuan, achieving a revenue of 4.803 billion yuan and a net profit of 388 million yuan in 2023 [2][29] Group 1: Company Background - Ugreen was founded in 2012 by Zhang Qingsen, who recognized the vulnerabilities of the OEM model prevalent in the Pearl River Delta, where manufacturers earned minimal profits while brand owners profited significantly [4] - The company initially adopted a dual strategy of continuing OEM orders for cash flow while developing its own brand, "uGreen" [4][6] Group 2: Key Growth Drivers - The first pivotal moment for Ugreen was the collective awakening of OEM companies in the Pearl River Delta, leading them to explore their own brands, which allowed Ugreen to use OEM profits as startup capital for its brand [6] - The second key moment was the global e-commerce boom in 2014, prompting Ugreen to expand its global footprint by entering platforms like Tmall, JD.com, Amazon, and AliExpress [6][8] Group 3: Financial Performance - In 2023, Ugreen's overseas revenue reached 2.42 billion yuan, accounting for 50.39% of total revenue, and in 2024, it further increased to 3.544 billion yuan, representing a year-on-year growth of 46.46% and 57.47% of total revenue [8] Group 4: Competitive Advantages - Ugreen's strategy focuses on solving user pain points rather than inventing new technologies, allowing it to create user-friendly products that meet market demands [10] - The company has invested significantly in R&D, with expenses reaching 304 million yuan in 2024, a 40.87% increase year-on-year, and has accumulated 1,821 patents, including 22 high-value invention patents [14] Group 5: Business Model and User Engagement - Ugreen employs a "growth flywheel" model, where cost reduction through scale leads to competitive pricing, user feedback informs product improvements, and trust fosters repeat purchases [16][18] - The company boasts a user repurchase rate of 32%, significantly higher than the industry average, indicating strong customer loyalty and the potential for expanding product categories [18] Group 6: Challenges Ahead - Ugreen faces challenges such as managing a vast product line with over ten thousand SKUs, which complicates inventory management and after-sales support [20] - The company is heavily reliant on e-commerce platforms for sales, which poses risks if platform rules change, prompting Ugreen to explore offline channels while balancing costs [22] - Transitioning from a focus on cost-effectiveness to brand premiumization is crucial for Ugreen's future growth, especially as it expands into new product lines like NAS devices [24] Group 7: Industry Insights - The article emphasizes that solving user problems is a significant competitive advantage in the chaotic consumer electronics accessories market, where compatibility and safety are paramount [26] - Ugreen's approach demonstrates that small manufacturers can grow into recognized brands by focusing on user needs, achieving scale, and maintaining efficiency [26] - The company's journey serves as a model for Chinese manufacturers, illustrating that with the right direction and persistent effort, it is possible to transition from "Made in China" to "Brand from China" [29]