Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][10]. Core Insights - UGREEN Technology is a rapidly expanding player in the global consumer electronics sector, with a strong focus on various product categories including charging, transmission, audio-video, storage, and mobile peripherals. The company has experienced significant revenue and profit growth, with a projected revenue of 91.21 billion yuan in 2025, reflecting a year-on-year growth of 47.8% [5][10]. - The charging category remains the largest revenue contributor, while the storage category, particularly NAS products, is expected to become a significant growth driver. The NAS market is experiencing rapid expansion due to increasing data storage needs, with UGREEN capturing over 40% of the domestic online NAS market share [7][19]. Summary by Relevant Sections Company Overview - UGREEN Technology was established in 2012 and has strategically expanded its presence in both domestic and international markets through various channels. The company has diversified its product offerings to cover multiple categories in consumer electronics [5][18]. Financial Performance - For the first three quarters of 2025, UGREEN reported revenues of 63.64 billion yuan, a year-on-year increase of 47.8%, and a net profit of 4.67 billion yuan, up 45.1% [5][23]. - The company is projected to achieve total revenues of 91.21 billion yuan in 2025, with net profits expected to reach 6.87 billion yuan, indicating strong growth potential [10][19]. Product Categories - **Charging Products**: This category generated 23.49 billion yuan in revenue in 2024, accounting for 38.08% of total revenue. The growth is driven by the increasing demand for charging solutions as smartphone manufacturers discontinue the inclusion of chargers with devices [42][43]. - **Storage Products (NAS)**: The NAS segment is anticipated to grow significantly, with a projected revenue increase of 150% in 2025. The domestic online NAS sales reached 11.03 billion yuan in 2025, marking a 26% year-on-year growth [7][19]. - **Transmission Products**: This category achieved revenues of 17.52 billion yuan in 2024, with a compound annual growth rate (CAGR) of 19% from 2019 to 2024. The demand for transmission products is expected to rise due to advancements in network technology and increased electronic device usage [67][71]. Market Expansion - UGREEN's overseas revenue reached 35.44 billion yuan in 2024, accounting for 57.5% of total revenue, with significant growth in Asia, Europe, and the Americas. The company has established a balanced presence across multiple regions [28][31]. - The online sales channel contributed 75.1% of total revenue in 2024, with platforms like Amazon and local e-commerce sites being key drivers of growth [31][34]. Competitive Positioning - UGREEN is positioned favorably against competitors like Anker, with a more diversified revenue stream across different regions, reducing geopolitical risks. The company is also focusing on enhancing its brand presence and customer loyalty through strategic partnerships and product innovation [35][37].

Core Viewpoint - Shenzhen Ugreen Technology Co., Ltd. is accelerating its move towards the capital market by submitting a prospectus for a dual listing on the Hong Kong Stock Exchange, aiming to transition from a high-cost consumer electronics brand to a global technology consumer platform [2][3]. Group 1: Company Performance and Growth - Since its listing on the Shenzhen Stock Exchange in July 2024, Ugreen's stock price has increased by nearly 73%, with a total market capitalization exceeding 28 billion yuan [2]. - In the first three quarters of 2025, Ugreen's revenue and net profit have both surpassed the total figures for the entire year of 2024, with overseas revenue accounting for nearly 60% of total income [2][9]. - The company's revenue grew from 4.801 billion yuan in 2023 to 6.361 billion yuan in the first three quarters of 2025, while net profit increased from 394 million yuan to 467 million yuan during the same period [9]. Group 2: Product and Market Strategy - Ugreen has evolved from a typical 3C accessory vendor to a global player, expanding its product matrix to include four major categories: charging solutions, smart office products, smart audio-visual, and smart storage [3]. - The smart storage segment has seen over 300% revenue growth year-on-year in the first three quarters of 2025, positioning Ugreen as the largest consumer-grade NAS brand globally, with market shares of 20.6% in shipment volume and 17.5% in retail value [4]. - Ugreen's strategy focuses on building an ecosystem around "connection" and "data," transitioning NAS products from backend devices to integral parts of user experience [5]. Group 3: Globalization and Localization - Ugreen's overseas revenue share reached 59.6% in the first three quarters of 2025, significantly higher than most domestic consumer electronics brands, achieved through a proactive localization strategy [7]. - The company has established localized subsidiaries in key markets such as Hong Kong, North America, Europe, Southeast Asia, and the UAE, creating a "1+N" global service system [7]. - Ugreen's growth relies on replicating organizational capabilities rather than solely depending on e-commerce platforms, allowing for a balanced development between online and offline channels [7][8]. Group 4: Financial Challenges and Market Perception - Despite high revenue growth, Ugreen's gross margin has declined to 37.05%, down from nearly 50% in earlier years, due to rising production costs and reliance on third-party platforms [10]. - The NAS business, while growing, has a gross margin of only 27.68% in the first half of 2025, indicating challenges in profitability during its scaling phase [10]. - Market sentiment is mixed, with significant reductions in holdings by major investors like Hillhouse Capital, raising concerns about Ugreen's long-term value [11][12].

Investment Rating - The report maintains a positive investment rating for the cross-border e-commerce industry [11]. Core Insights - Cross-border e-commerce is characterized by high customer unit prices and high markup rates, but it has a longer midstream chain, leading to significant fluctuations in profitability [22]. - The industry is currently in a recovery phase, with a projected revenue growth of 26% in 2024 and 15% in Q1-Q3 of 2025, while non-recurring net profits are expected to decline by 46% and grow by 1% respectively [3][7]. - The report emphasizes the cyclical nature of profitability in the industry, with leading sellers gaining a relative advantage [8]. Summary by Sections Introduction: Exploring the Operating Cycle of Cross-Border E-Commerce - Cross-border e-commerce involves pre-stocking goods in overseas warehouses and includes complex logistics processes such as customs clearance and last-mile delivery, making it more intricate than traditional consumer goods [3][7]. Review: Strong Profitability Cycles and Head Seller Advantages - Historical analysis shows that the penetration rate of overseas e-commerce and the share of Chinese sellers are increasing, establishing a high growth baseline for the industry [8]. - The industry is transitioning from a phase dominated by e-commerce dividends to one focused on quality and compliance, with leading sellers outperforming overall industry growth [8]. Current Situation: Negative Impacts Easing, Industry Bottoming Out - The industry is currently in a recovery phase, driven by orderly supply chain transitions and tax reforms in China's e-commerce sector, which enhance competitive dynamics among leading sellers [9]. - Inventory levels among top sellers have reached historical lows, indicating that the inventory destocking phase is nearing its end, and shipping costs still have room to decline [9]. Investment Recommendations: Lightening the Load, Performance Inflection Point Expected - The report suggests that the cross-border e-commerce industry is expected to experience a performance inflection point in 2026, with revenue and profitability on an upward trajectory [10]. - Recommended companies include Anker Innovations and Ugreen Technology, which are leveraging channel and operational advantages to build brand recognition among overseas consumers [10].

Group 1 - Core viewpoint: Companies are announcing significant financial updates, including profit changes, new product approvals, and share repurchase plans [1][2][3][4][5][6][15] Group 2 - Company: Chip导科技 reported a revenue of 394 million yuan for 2025, a year-on-year increase of 11.52%, but a net profit of 106 million yuan, down 4.91% [1] - Company: 亿帆医药's subsidiary received a drug registration certificate for Vitamin K1 injection, which is used for treating vitamin K deficiency [2] - Company: 勤上股份 announced the termination of its share repurchase plan to stabilize stock prices [3] - Company: 极米科技 plans to repurchase shares worth between 50 million and 100 million yuan for employee stock ownership plans [4] - Company: 凌云光 intends to change the purpose of repurchased shares to cancellation, reducing total share capital from 461 million to 457 million shares [5] - Company: 苏州科达's general manager resigned, and the chairman will take over the role to ensure management continuity [6] - Company: 银轮股份 identified 徐铮铮 as a co-actual controller, following a retrospective recognition [7] - Company: 西南证券 received approval to issue bonds up to 14 billion yuan [8] - Company: 上港集团 expects a 1.3% year-on-year increase in container throughput for January [10] - Company: 宁波富达 plans to distribute a cash dividend of 0.7 yuan per 10 shares, totaling 101 million yuan [11] - Company: 协和电子 is investing 5 million yuan in a venture capital fund to enhance its understanding of high-tech industries [12] - Company: 乐鑫科技's controlling shareholder proposed a share repurchase plan of 50 million to 100 million yuan [13] - Company: 奥瑞德's subsidiary plans to invest approximately 145 million yuan in computing power equipment [14] - Company: 上汽集团 reported a 23.94% year-on-year increase in vehicle sales for January [15] - Company: 道恩股份 plans to acquire a foreign company's plastic business for 15.737 million USD [16] - Company: 红相股份 intends to transfer 100% equity of 南通瀚蓝 for 120 million yuan [17] - Company: 长龄液压 announced a tender offer to acquire 12% of its shares at 35.82 yuan per share [19] - Company: 润都股份 faces uncertainty regarding the approval of its innovative drug [20] - Company: *ST东易's asset injection plans face significant uncertainty [21] - Company: 棒杰股份 is undergoing a restructuring process that could improve its financial structure [22] - Company: 绿联科技 has submitted an application for H-share listing in Hong Kong [23] - Company: ST泉为 is facing a creditor's application for restructuring [24] - Company: 海思科's shareholders plan to reduce their holdings by up to 0.89% [25] - Company: 钧崴电子's shareholder plans to reduce holdings by up to 3% [26]

Group 1 - Ugreen Technology has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. The company is a consumer electronics brand focusing on charging, smart office, smart audio-visual, and smart storage products, aiming to become the global leader in the tech consumer electronics market by shipment volume by 2025 [1] - JD Group's European online retail platform, Joybuy, is set to launch in March 2023, leveraging JD's supply chain and logistics capabilities to achieve same-day and next-day delivery in multiple cities across the UK during its trial operation [2] - China Merchants Shekou's contract sales for the year ending December 31, 2025, amounted to approximately RMB 32.308 billion, reflecting a significant year-on-year decrease of 23.91%. The average selling price was approximately RMB 24,918 per square meter [3] Group 2 - Citi has initiated coverage on Lin Qingxuan with an "Outperform" rating, highlighting the company's expansion into the high-end anti-aging and skin-tightening market, which is expected to grow at a compound annual growth rate of 18.9% from 2024 to 2029. The firm forecasts Lin Qingxuan's sales and adjusted net profit to grow at compound annual rates of 42% and 49%, respectively, from 2025 to 2027, with a target price of HKD 128.5 [4]

格隆汇2月2日丨绿联科技(301606.SZ)公布，公司已于2026年2月2日向香港联合交易所有限公司（简 称"香港联交所"）递交了发行境外上市外资股（H股）股票并在香港联交所主板挂牌上市的申请，并于 同日在香港联交所网站刊登了本次发行上市的申请资料。本次发行上市的相关申请资料为公司按照香港 证券及期货事务监察委员会（简称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所 载资料可能会适时作出更新及修订。 ...

Company Overview - Shenzhen Ugreen Technology Co., Ltd. (UGREEN) has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1] - UGREEN is a technology consumer electronics brand that covers four main product categories: charging creative products, smart office products, smart audio-visual products, and smart storage products [4] - By 2025, UGREEN is projected to rank first globally in the market for general expansion technology consumer electronics by shipment volume, and second in the global charging products market by retail sales [4] Financial Performance - UGREEN's revenue for the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, is approximately RMB 48.01 billion, RMB 61.66 billion, and RMB 63.61 billion, respectively [10] - The company recorded net profits of approximately RMB 3.94 billion, RMB 4.6 billion, and RMB 4.67 billion for the same periods [11] - The gross profit margins for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, are 36.9%, 36.8%, and 36.5%, respectively [13] Product Categories - The charging creative products category, which includes chargers and power banks, generated revenue of RMB 29.54 billion in the nine months ending September 30, 2025, reflecting a year-on-year growth of 44.7% [6] - UGREEN's smart storage products, primarily its NAS product line, achieved revenue of RMB 5.45 billion in the same period, marking a significant year-on-year growth of 315.0% [9] Market Position - UGREEN holds a 20.6% market share in shipment volume and a 17.5% market share in retail sales for consumer-grade NAS products globally by 2025 [4] - The global general expansion technology consumer electronics market is expected to grow from USD 35.38 billion in 2020 to USD 54.80 billion in 2024, with a compound annual growth rate (CAGR) of 11.6% [17] - The charging products market is projected to expand from USD 22.11 billion in 2020 to USD 36.18 billion in 2024, with a CAGR of 13.1% [17] Competitive Landscape - As of December 31, 2025, UGREEN ranks first globally in shipment volume and second in retail sales in the general expansion technology consumer electronics market [22] - In the charging products segment, UGREEN ranks second globally by retail sales, with a total of RMB 37 billion [23]

绿联科技公告称，2026年2月2日已向香港联交所递交发行境外上市外资股（H股）并在主板挂牌上市申 请，同日在香港联交所网站刊登申请资料。资料为草拟版本，可能更新修订。认购对象仅限境外及境内 合格投资者，公司不在境内平台刊登资料，提供香港联交所查询链接。发行上市需获相关监管机构批准 等，存在不确定性，公司将及时披露进展。 ...

绿联科技（301606）(301606.SZ)发布公告，公司已于2026年2月2日向香港联交所递交了发行境外上市 外资股(H股)股票并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行上 市的申请资料。本次发行上市的相关申请资料为公司按照香港证监会及香港联交所的要求编制和刊发， 为草拟版本，其所载资料可能会适时作出更新及修订。 ...

证券代码：301606 证券简称：绿联科技 公告编号：2026-005 深圳市绿联科技股份有限公司 关于向香港联合交易所有限公司递交 H 股发行上市的申请并 刊发申请资料的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市绿联科技股份有限公司（以下简称"公司"）已于 2026 年 2 月 2 日向 香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外资 股（H 股）股票并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的 申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。本次发行上 市的相关申请资料为公司按照香港证券及期货事务监察委员会（以下简称"香港 证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适 时作出更新及修订。 鉴于本次发行上市的认购对象仅限于符合相关条件的境外投资者及依据中 国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证 券交易所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料，但为使 境内投资者及时了解该等申请资料披露的本次发行上市以及公司的其他相关信 息 ...