New Stock News | Ugreen Group Limited (301606.SZ) is sprinting towards A+H, specializing in a wide range of technology consumer electronics products.

According to the disclosure by the Hong Kong Stock Exchange on February 2, Ugreen Group Limited (301606.SZ), a limited company based in Shenzhen, has submitted its application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. Company Introduction According to the prospectus, Ugreen Group Limited is a technology consumer electronics brand enterprise, covering a wide range of daily application scenarios such as home, travel, office, and entertainment, with four major product categories: innovative charging products, smart office products, smart audio-visual products, and smart storage products. According to data from Frost & Sullivan, by 2025, the company ranks first globally in the pan-expansion technology consumer electronics market by shipment volume. Specifically, in terms of retail sales in 2025, the company ranks second in the global charging product market. At the same time, in terms of shipment volume and retail sales in 2025, the company is the largest consumer-grade Network-attached Storage (NAS) brand globally, with market shares of 20.6% and 17.5%, respectively. The company's business is rooted in the Chinese market and as of September 30, 2025, it covers more than 180 countries and regions globally. In 2023, 2024, and for the nine months ending September 30, 2025, the overseas markets contributed to 50.4%, 57.5%, and 59.6% of the company's revenue respectively. Innovative Charging Products The company's innovative charging product category mainly includes chargers and power banks, which are the cornerstone of the company's product ecosystem. According to Frost & Sullivan data, the company ranks second globally in the charging product market by retail sales in 2025. For the nine months ending September 30, 2025, the revenue from innovative charging products reached RMB 2.954 billion, a year-on-year growth of 44.7%. Smart Office Products The company provides a comprehensive portfolio of smart office products, including docking stations, multi-screen displays, and professional keyboard and mouse solutions. According to Frost & Sullivan data, the company ranks first in the Chinese docking station market by retail sales in 2025. Smart Audio-Visual Products The company is dedicated to providing users with rich and convenient audio-visual solutions, covering a variety of high-definition audio and video acquisition, connection, and transmission devices, as well as headphones and acoustic products. Smart Storage Products The smart storage product category mainly consists of NAS product lines, which are the company's new growth engine. The company's smart storage product revenue has maintained rapid growth, with revenue from NAS products reaching RMB 545 million for the nine months ending September 30, 2025, a year-on-year growth of 315.0%. Financial Information Revenue In the fiscal years of 2023, 2024, and for the nine months ending September 30, 2025, the company achieved revenues of approximately RMB 4.801 billion, RMB 6.166 billion, and RMB 6.361 billion respectively. Profit The company recorded profits of approximately RMB 394 million, RMB 460 million, and RMB 467 million for the fiscal years of 2023, 2024, and for the nine months ending September 30, 2025 respectively. Gross Margin The company's gross margins were 36.9%, 36.8%, and 36.5% for the fiscal years of 2023, 2024, and for the nine months ending September 30, 2025 respectively. Industry Overview The technology consumer electronics market can be divided into end-use products and pan-expansion products according to product form. End-use technology consumer electronics market revolves around personal and smart life devices, with representative products such as smartphones and computers. These products provide professional, deep, and strong core functions to meet users' digital needs. Pan-expansion technology consumer electronics products aim to better facilitate interconnectivity among terminal products and cover charging, audio-visual, connection and transmission, and storage products. Market Analysis of Pan-Expansion Technology Consumer Electronics The global pan-expansion technology consumer electronics market continues to grow steadily. The overall market size increased from $35.38 billion in 2020 to $54.80 billion in 2024, with a compound annual growth rate of 11.6% during this period. Looking ahead, with the commercialization of consumer-grade artificial intelligence applications accelerating, new generations of intelligent terminals such as AI smartphones and AI personal computers are leading a new wave of device iterations. As a key carrier for the implementation 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 crucial growth point in this cycle of terminal upgrades. It is estimated that the market size will reach $102.59 billion by 2029, with a compound annual growth rate of 13.4% from 2024 to 2029. The growth of charging products in the broad market mainly stems from the increase in mobile power usage scenarios, the widespread adoption of fast charging technology, and the upgrade demand brought about by the battery life anxiety of terminals. The market size rapidly expanded from $22.11 billion in 2020 to $36.18 billion in 2024, with a compound annual growth rate of 13.1%; it is expected to reach $69.89 billion by 2029, with a compound annual growth rate of 14.1% from 2024 to 2029. The audio-visual expansion product market is expected to experience faster growth in the future, driven by the rapid development of emerging audio-visual expansion functional products such as wireless screen casting and the continuous growth in demand for audio-visual sharing among intelligent terminals. The compound annual growth rate from 2024 to 2029 is projected to reach 13.5%; by 2029, the market size is expected to rise to $4.89 billion. With the widespread adoption of 5G, the expansion of the Internet of Things (IoT) devices, and the rapid growth in demand for high-definition streaming content transmission, the market size of connection and transmission products increased from $6.47 billion in 2020 to $9.89 billion in 2024, with a compound annual growth rate of 11.2%; it is expected to rise to $18.99 billion by 2029, with a compound annual growth rate of 13.9% from 2024 to 2029, driven further by AIoT and low-latency applications. Driven by factors such as the continuous accumulation of personal and office data, and the deepening penetration of mobile office and content creation scenarios, the market size of storage products increased from $4.64 billion in 2020 to $6.13 billion in 2024, with a compound annual growth rate of 7.2%; it is expected to reach $8.81 billion by 2029, with a compound annual growth rate of 7.5% from 2024 to 2029. Competition in the Pan-Expansion Technology Consumer Electronics Market As of December 31, 2025, the top five companies in the global pan-expansion technology consumer electronics market had a total annual shipment volume of approximately 512 million units and a total annual retail sales of approximately $31.85 billion. The company ranked first globally in terms of annual shipment volume and second globally in terms of annual retail sales. As of December 31, 2025, the top five companies in the global pan-expansion technology consumer electronics market had a total annual retail sales of approximately $24.46 billion from charging products. The company ranked second globally in terms of annual retail sales. As of December 31, 2025, the top five companies in the global pan-expansion technology consumer electronics market had a total annual retail sales of approximately $6.94 billion from connection and transmission products. The company ranked first globally in terms of annual retail sales. Board of Directors Information The company's board of directors consists of nine directors, including six executive directors and three independent non-executive directors. Directors serve a term of 3 years, and can be re-elected, but the cumulative term of independent non-executive directors shall not exceed 6 years. Ownership Structure As of January 26, 2026, Mr. Zhang is the controlling shareholder of the company, directly holding approximately 45.27% of the company's share capital. Intermediary Team Sole Sponsor: Huatai Financial Holdings (Hong Kong) Limited Company Legal Advisor: For Hong Kong and US law: Clifford Chance; For Chinese law and Chinese data compliance: JunHe LLP; For Hong Kong business operations: Lee Wai Bun & Co.; For Japanese law: Nishimura & Asahi (Gaikokuho Kyodo Jigyo); For US business operations: Cross-Border Counselor LLP; For German law: PELTZER SUHREN Rechtsanwlte GbR Sole Sponsor's Legal Advisor: For Hong Kong law: Morgan, Lewis & Bockius LLP; For Chinese law: King & Wood Mallesons Auditors and Reporting Accountants: Grant Thornton Hong Kong Limited Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch Internal Control Consultant: Rongcheng Consulting Co., Ltd. (Beijing)