Summary of Ugreen Technology Conference Call Company Overview - **Company**: Ugreen Technology - **Industry**: Technology, specifically in storage solutions and consumer electronics Key Points Product Launch and Features - Ugreen is set to launch AI NAS, integrating local large models and AI agent "Yulia," enhancing information security without cloud connectivity, aimed for release in March 2026 and sales starting in May 2026 [2][6] - AI NAS will include features such as personal assistant capabilities, file organization, and AI photo album functions, with future plans to evolve into a smart home control center [2][4][11] Financial Projections - The storage segment, including both regular NAS and AI NAS, is expected to grow rapidly, with projected revenues of approximately 200 million RMB in 2024, 1 billion RMB in 2025, and potentially doubling in 2026 [2][7] - The introduction of AI NAS is anticipated to improve overall gross margins, contributing to profitability by 2026 [2][7] Market Dynamics - Ugreen has adjusted NAS product prices in response to rising storage costs, maintaining gross margins unaffected by these increases [2][8] - The demand for NAS remains stable despite hard drive price hikes, as the target market consists mainly of essential users who are less price-sensitive [2][8][9] Competitive Landscape - Ugreen's small charging business is experiencing significant growth in the US, with a market growth rate exceeding 50%, and is now present in major retail channels like Best Buy [2][13][16] - The upcoming national standards in 2026 are expected to eliminate low-quality brands, benefiting Ugreen's market share in the domestic market [2][17][18] Future Outlook - Ugreen's overall profit is projected to reach 1 billion RMB or more by 2026, supported by strong growth in both small charging and NAS businesses [2][19] - The company is positioned for substantial growth in both domestic and international markets, with a reasonable valuation of 40 times earnings, suggesting a market cap potential of 40 billion RMB [2][19] Additional Insights - Ugreen's AI NAS will allow users to interact via voice or text, executing various tasks while ensuring privacy protection [5][11] - The company aims to enhance its local model capabilities and integrate with more smart hardware for comprehensive home security solutions [12][19]

证券代码：301606 证券简称：绿联科技 公告编号：2026-004 一、股东减持情况 深圳市绿联科技股份有限公司 关于持股 5%以上股东及其一致行动人 减持股份触及 1%整数倍暨减持计划实施完成的公告 公司持股 5%以上股东深圳市绿联管理咨询合伙企业（有限合伙）及其一致 行动人深圳市和顺四号管理咨询合伙企业（有限合伙）保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 深圳市绿联科技股份有限公司（以下简称"公司"）于 2025 年 10 月 15 日 披露了《关于持股 5%以上股东及其一致行动人减持股份预披露公告》（公告编 号：2025-042）。合计持有公司 54,924,033 股（占公司总股本比例 13.24%）的 大股东深圳市绿联管理咨询合伙企业（有限合伙）（以下简称"绿联管理"）及 其一致行动人深圳市和顺四号管理咨询合伙企业（有限合伙）（以下简称"和顺 四号"）计划在该公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 11 月 6 日至 2026 年 2 月 5 日），以集中竞价 ...

1月28日，绿联科技大宗交易成交11.6万股，成交额772.22万元，占当日总成交额的0.7%，成交价66.57 元，较市场收盘价76.52元折价13%。 ...

Group 1 - The consumer electronics sector experienced a decline of 0.84% on January 28, with Suzhou Tianmai leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Notable gainers in the consumer electronics sector included Tonglian Precision, which rose by 10.58% to a closing price of 57.69, and Kechuan Technology, which increased by 9.99% to 62.07 [1] Group 2 - Suzhou Tianmai saw a significant decline of 7.92%, closing at 179.53, with a trading volume of 32,000 shares and a turnover of 590 million [2] - Other notable decliners included Beilong Precision, down 5.28% to 50.28, and ST Boda, down 4.99% to 4.19 [2] - The consumer electronics sector experienced a net outflow of 3.729 billion in main funds, while retail investors saw a net inflow of 3.309 billion [2][3] Group 3 - Major inflows were observed in stocks like Gongfu Lian, which had a net inflow of 309 million, and Yidong Electronics with a net inflow of 207 million [3] - Conversely, stocks like Xiechuang Data and Feirongda experienced significant net outflows of 109 million and 40.47 million, respectively [3] - The overall market sentiment indicated a mixed response, with retail investors showing a preference for certain stocks despite the overall sector decline [3]

绿联科技 20260127 摘要 绿联科技推出 AI NAS，内置本地化大模型，强调数据安全，区别于传统 NAS 依赖外部云服务 API 接口的模式。该产品将于 3 月预售，5 月正式 上市，标志着绿联正式进军 AI 应用领域。 AI NAS 具备文件整理、语音录入、AI 相册等功能，通过个人助手"优 雅"实现提问、翻译、总结等应用。未来迭代方向包括家庭智能控制中 心，连接摄像头、门铃等设备，并增加图片编辑、视频生成等深层次 AI 功能。 绿联智能安防产品，如智能摄像头，结合 AI NAS 实现本地化存储和交 互提示，具备动物识别、哭声识别等功能，提供全面的家庭安全解决方 案。未来将与 AI NAS 深度结合，成为家庭数据存储中心及 AI 服务端。 绿联 AI 业务开发包括重复照片识别、全局搜索、语音备忘录和智能对话 应用。全局搜索支持标签识别、语义理解和语音搜索，智能指令可快速 执行任务，知识库则用于存储专业文档，提供基于私有数据的权威答案。 绿联在美国市场的小充业务增速显著，受益于成功进入 Best Buy 等线 下渠道。虽然市占率较低，但增长迅速，产品定位偏高端，价格带较高， 且美国消费者对小型电子配件 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 96.40 [1]. Core Insights - The company, Ugreen Technology, is expanding its AI+NAS ecosystem, positioning NAS as a central hub for home data, and has launched the SynCare smart security series [1][6]. - The company expects a net profit attributable to shareholders for 2025 to be between RMB 653 million and RMB 733 million, aligning with expectations [1]. - The company is accelerating its penetration into overseas markets while continuously investing in the AI+NAS ecosystem, which is expected to drive growth [1][6]. Financial Performance and Forecast - For the fiscal year 2024, the company anticipates revenue of RMB 6,170 million, with a year-on-year growth of 28.46%. The net profit attributable to shareholders is projected to be RMB 462.28 million, reflecting a growth of 19.29% [5]. - The company forecasts significant revenue growth in the coming years, with expected revenues of RMB 9,236 million in 2025 and RMB 12,500 million in 2026, representing growth rates of 49.70% and 35.34%, respectively [5]. - The expected net profit for 2026 is RMB 1,000 million, with a year-on-year growth of 41.64% [5]. Product Development and Market Strategy - Ugreen has announced the pre-sale of its AI NAS products, which will be available on Kickstarter in March, showcasing advanced features such as Intel CPUs and AI capabilities [7]. - The SynCare series, which includes smart security products, was showcased at CES 2026, indicating the company's commitment to building a comprehensive smart ecosystem [8]. - The company has reported impressive sales growth in its mobile power and NAS categories, with year-on-year increases of 127% and 227%, respectively, in 2025 [6]. Valuation and Market Position - The company is expected to enjoy a valuation premium due to its overseas market penetration and product category expansion, with a projected PE ratio of 40 times for 2026 [9]. - The target price of RMB 96.40 is based on a 40 times PE ratio, reflecting confidence in the company's growth trajectory and market strategy [9].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 96.40 [1]. Core Insights - The company, Ugreen Technology, is expanding its AI+NAS ecosystem, positioning NAS as a central hub for home data while launching the SynCare smart security series [1][6]. - The company expects a net profit attributable to shareholders for 2025 to be between RMB 653 million and RMB 733 million, aligning with expectations [1][6]. - Ugreen's revenue is projected to grow significantly, driven by strong performance in NAS and mobile power products, with sales on e-commerce platforms increasing by 127% and 227% respectively [6]. Financial Projections - Revenue forecasts for the company are as follows: - 2024: RMB 6,170 million (up 28.46%) - 2025: RMB 9,236 million (up 49.70%) - 2026: RMB 12,500 million (up 35.34%) - 2027: RMB 15,611 million (up 24.89%) [5]. - Net profit attributable to shareholders is expected to be: - 2024: RMB 462.28 million (up 19.29%) - 2025: RMB 706.14 million (up 52.75%) - 2026: RMB 1,000 million (up 41.64%) - 2027: RMB 1,346 million (up 34.57%) [5]. - The company’s EPS is projected to be: - 2024: RMB 1.11 - 2025: RMB 1.70 - 2026: RMB 2.41 - 2027: RMB 3.24 [5]. Product Launches and Innovations - Ugreen announced the pre-sale of its AI NAS products, which will be available on Kickstarter in March, featuring advanced specifications and AI capabilities [7]. - The SynCare series was showcased at CES 2026, including various smart security products that integrate with NAS for enhanced home security [8]. Valuation and Market Position - The company is expected to enjoy a valuation premium, with a target PE of 40 times for 2026, leading to a target price of RMB 96.40 [9]. - The company’s market capitalization is approximately RMB 29,044 million, with a closing price of RMB 70.00 as of January 27 [2].

Summary of Key Points Core Viewpoint - Ugreen Technology experienced a significant stock price increase of 11.77% on January 27, closing at 70.00 yuan, with a total of 39 block trades amounting to 1.44 billion yuan in transaction value [1][11]. Trading Activity - The first block trade occurred at a price of 60.00 yuan for 78,000 shares, totaling 4.68 million yuan, with a discount rate of -14.29% [1]. - Subsequent trades consistently occurred at the same price of 60.00 yuan, with varying volumes and transaction amounts, all reflecting a discount rate of -14.29% [2][3][4][5][6][7][8][9][10]. - The largest single transaction was for 217,000 shares, amounting to 13.02 million yuan, also at the price of 60.00 yuan [10]. Market Performance - Over the past three months, Ugreen Technology has recorded a total of 39 block trades, with a cumulative transaction value of 1.44 billion yuan [11]. - In the last five trading days, the stock has risen by 11.46%, with a net inflow of 49.45 million yuan from major investors [11].

证券之星消息，1月27日消费电子板块较上一交易日上涨1.56%，绿联科技领涨。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。消费电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301606 | 绿联科技 | 70.00 | 11.77% | 7.84万 | 5.36亿 | | 603052 | 可川科技 | 56.43 | 10.00% | 8.25万 | 4.447 | | 300857 | 协创数据 | 231.68 | 9.13% | 20.18万 | 45.92亿 | | 301626 | 苏州天脉 | 194.98 | 7.01% | - 3.36万 | 6.44亿 | | 301326 | 捷邦科技 | 117.79 | 6.79% | 4.19万 | 4.91亿 | | 603629 | 利通电子 | 34.65 | 6.19% | 63.05万 | 21.83亿 | | 300812 | 易天股份 | ...

Group 1 - The core point of the article is that Ugreen Technology reported a total of 10,521 shareholders as of January 20, 2026 [2]