New Listing Forward Look | Ugreen Group Limited (301606.SZ): Market share exceeds 20%, leading global consumer-grade NAS aims for "A+H" listing.

The popularization of multi-screen collaboration for home office, the increase in demand for personal data storage privacy, and the high-frequency demand for convenient charging during travel are driving the global consumer electronics market to accelerate its transformation from "single function" to "full-scenario adaptation". Leading companies in segmented tracks are also ushering in new development opportunities and capital layout windows. Against this backdrop, Ugreen Group Limited, which has been deeply rooted in the consumer electronics field for more than ten years, officially submitted its listing application to the Hong Kong Stock Exchange on February 2nd, with Huatai International as the exclusive sponsor. According to the prospectus, the funds raised for this Hong Kong listing will focus on the company's long-term development, including research and development investment and product development, brand building, deepening of sales channels, upgrading of business processes for intelligence, and supplementing operational funds. Leading the global expansion of technology consumer electronics The prospectus shows that Ugreen Group Limited was established in 2012 as a technology consumer electronics brand enterprise, covering various daily application scenarios such as home, travel, office, entertainment, etc., with four major product categories including charging creative products, smart office products, smart audiovisual products, and smart storage products. The company's business footprint spans more than 180 countries and regions worldwide. According to the prospectus, the proportion of overseas market revenue has been increasing year by year, reaching 50.4%, 57.5%, and 59.6% in the first three quarters of 2023, 2024, and 2025 respectively. The company has established wholly-owned subsidiaries in Hong Kong, the United States, Germany, Japan, and other places, and formed localized sales and service teams to accurately meet local user needs and optimize product design and service experience. In terms of channel layout, Ugreen Group Limited has established a three-dimensional sales network of "online + offline" and "domestic + overseas". The online channels cover global mainstream e-commerce platforms such as Amazon, JD, and Tmall, achieving full coverage of online core markets worldwide; while offline channels are located in top retailers such as Walmart, Best Buy, and cover 73 countries and regions globally through a distributor network. According to Frost & Sullivan data, by 2025, the company ranks first globally in the market for pan-expansion technology consumer electronics products in terms of shipments. Specifically, in terms of retail sales in 2025, the company ranks second in the global charging product market. At the same time, by 2025 in terms of shipments and retail sales, the company is the world's largest consumer-level network-attached storage (NAS) brand, with market shares of 20.6% and 17.5% respectively. Ugreen Group Limited's four core product lines have shown stable growth since 2023. Among them, charging creative products, as the cornerstone category in the company's product matrix, mainly include chargers and portable power banks, achieving an income of 2.954 billion yuan in the first three quarters of 2025, a year-on-year increase of 44.7%, accounting for 46.4% of total revenue. Its products, with high compatibility and stability, continue to lead in sales on mainstream e-commerce platforms worldwide, consolidating the company's leading position in the global charging product market. Smart office products, with docking stations and multi-screen display solutions as core products, achieved an income of 1.666 billion yuan in the first three quarters of 2025, ranking first in the docking station market in China in terms of retail sales. Compared to the first two mature categories, the growth performance of smart storage products is the most prominent. For the first three quarters of 2025, the category's revenue reached 726 million yuan, a year-on-year increase of 166.9%, benefiting from the explosive growth in global data demand for personal and household storage needs. Business scale accelerates growth, profitability remains robust Ugreen Group Limited's remarkable product performance is also reflected in its robust financial data. The company's revenue was 4.801 billion yuan in 2023 and 6.166 billion yuan in 2024, year-on-year increases of 25.3% and 28.4% respectively. Revenue for the first three quarters of 2025 reached 6.361 billion yuan, a year-on-year increase of 47.8%. As for net profit, it was 394 million yuan in 2023, 460 million yuan in 2024, and 467 million yuan in the first three quarters of 2025, with year-on-year increases of 19.3%, 17%, and 45.8% respectively, showing continuous improvement in profitability. In terms of profitability stability, the company's performance is also impressive. From 2023 to the first three quarters of 2025, the gross profit margin remained stable at 36.5%-36.9%. This is partly due to the cost advantages brought by the company's scale procurement and the technical value-added of its products. The prospectus shows that from 2023 to the first three quarters of 2025, the company's cumulative research and development investment exceeded 800 million yuan, accounting for 4.5%-4.9% of revenue, with a total of 2,019 registered patents globally. The company's core technologies include GaN fast charging, AI noise reduction, UGOSPro operating system, etc., these research and development investments not only support the competitiveness of existing products but also reserve technological momentum for future layouts in smart life, AIoT, and other new fields. Pan-expansion technology consumer electronics market expected to maintain stable growth Looking at industry trends, Ugreen Group Limited's performance is expected to maintain stable growth in the future. According to Frost & Sullivan data, the global pan-expansion technology consumer electronics market continues to grow steadily. The overall size has increased from 353.8 billion US dollars in 2020 to 548.0 billion US dollars in 2024, with a compound annual growth rate of 11.6% during this period. Looking ahead, as consumer-level artificial intelligence applications commercialize rapidly, new generations of intelligent terminals such as AI smartphones and AI personal computers are leading a new wave of device iterations. As an important carrier of AI capabilities, pan-expansion technology consumer electronics products are expected to fully meet the market demand released by the popularization of intelligence, becoming a key growth point in this round of terminal upgrade cycles. It is estimated that by 2029, the market size will reach 102.59 billion US dollars, and the compound annual growth rate from 2024 to 2029 will reach 13.4%. Frost & Sullivan points out that in the face of high competition in the technology consumer electronics market and the challenge of rapid technological iteration, top brands with mature supply chains and R&D strength are squeezing the survival space of long-tail white-label manufacturers through economies of scale and brand barriers, while long-tail manufacturers constrained by weak brand power, low customer stickiness, and lack of R&D investment will struggle to establish themselves in core fields focusing on innovation and quality. From a global perspective, China has a leading complete industrial chain system, capable of quickly responding to market demands and achieving efficient production, with significant advantages in cost control and quality management. It can rely on a mature and efficient logistics network to support global fulfillment. In the wave of artificial intelligence-driven technological consumer electronics innovation, China's supply chain is at the forefront of global innovation, not only driving technological iteration and scenario integration, but also leading functional innovation and ecosystem construction in the field of pan-expansion products. These favorable factors provide a good growth environment for Ugreen Group Limited. However, potential risks should also be noted. First, the industry competition is intensifying, and if top manufacturers accelerate the launch of homogenized products, it may compress the company's profit margins. Second, global consumer electronics demand experiences cyclical fluctuations, and if overseas market demand falls short of expectations, it may have a certain impact on the company's global layout and revenue growth. Overall, Ugreen Group Limited's listing on the Hong Kong Stock Exchange is not only a key step in its capital market layout but also a necessary choice for globalization development. With a dual capital platform of A shares and H shares, the company can leverage A-share resources to deepen the domestic market and enhance international visibility through H shares to attract global capital, injecting momentum into research and development, brand building, and overseas expansion, further consolidating its leading position in segmented tracks. In the wave of the global consumer electronics transformation towards "intelligence, scenarioization, and globalization", Ugreen Group Limited, with a clear product strategy, mature global operational capabilities, stable financial performance, and continuous research and development investment, is advancing from a leading position in segmented tracks to a leading enterprise in the global consumer electronics industry, providing investors with a growth-oriented and certain choice for consumer electronics tracks layout.