Shenzhen Ugreen Technology Co., Ltd. has submitted an application to list on the Main Board of the Hong Kong Stock Exchange, with Huatai International acting as the sole sponsor. The company, which went public on the ChiNext board just a year and a half ago and recently navigated an industry-wide power bank trust crisis, is now demonstrating strong performance.

Established in 2012, Ugreen Technology started as a small Taobao shop in Huaqiangbei selling data cables before expanding into other consumer electronics. It has since grown into a globally top-ranked brand in its niche segment. Its product portfolio includes four main categories: Charging & Creative Products, Smart Office Products, Smart Audio-Visual Products, and Smart Storage Products, comprehensively covering daily scenarios such as home, travel, office, and entertainment.

According to data from consultancy Frost & Sullivan, Ugreen Technology ranked first globally by shipment volume in the broad extended tech consumer electronics market in 2025. It also held the second position globally in the charging products market and the top spot in the consumer-grade NAS (Network Attached Storage) market worldwide.

The company was listed on the Shenzhen Stock Exchange's ChiNext board on July 26, 2024. Financially, Ugreen has shown consistent revenue growth. Its revenue reached 4.801 billion yuan in 2023 and increased to 6.166 billion yuan in 2024, representing a year-on-year growth of 28.4%. Net profit for the same periods was 394 million yuan and 461 million yuan, respectively, with a 17% increase in 2024.

In the first three quarters of 2025, the company achieved revenue of 6.361 billion yuan, a 47.8% increase year-on-year, and a net profit of 467 million yuan, up 45.8% compared to the same period last year. Both revenue and net profit for the first nine months of 2025 have already surpassed the full-year figures for 2024.

Charging & Creative Products, primarily consisting of chargers and power banks, remained the company's largest business segment, contributing 46.4% of total revenue in the first three quarters of 2025.

The power bank industry faced a significant trust crisis in June 2025. Issues arose when brands Romoss and Anker used problematic battery cells from Amperex Technology, leading to safety concerns and shaking the industry. In response, the Civil Aviation Administration of China implemented new regulations effective June 28, explicitly prohibiting passengers from carrying power banks without a clear 3C certification mark, or those from recalled batches or models, on flights.

This incident led to stricter production standards and enhanced market supervision across the industry. Ugreen Technology, which had also previously used Amperex cells, acted swiftly by removing all affected products from sale and switching its primary battery cell suppliers to Lishen and EVE Energy. As a result, its Charging & Creative Products business was not adversely affected; instead, revenue from this segment grew by 44.7% year-on-year in the first three quarters of 2025.

Furthermore, Ugreen's Smart Storage business showed remarkable growth, particularly its NAS product line, which has become a new growth engine since its introduction in 2018. Revenue from NAS products surged by 315% in the first three quarters of 2025, reaching 545 million yuan.

The market responded positively to Ugreen's handling of the power bank crisis and the performance of its NAS products. From April 2025 to the present, the company's A-share price has surged by approximately 58.4%. As of the close on February 6, its market capitalization reached 26.3 billion yuan.

However, alongside the substantial rise in the company's stock price, major shareholders have been reducing their holdings. According to announcements, between November 6, 2025, and January 27, 2026, major shareholder Ugreen Management and its affiliated party Heshun No.4 (an employee持股 platform) sold a total of 6,223,646 shares, cashing out approximately 389 million yuan.

Prior to the Hong Kong IPO, founder and actual controller Zhang Qingsen directly holds a 45.27% stake and controls additional shares indirectly through an employee持股 platform, remaining the controlling shareholder. Additionally, Zhuhai Xiheng Investment Partnership, an entity under Hillhouse Capital, the largest external investor holding a 5.86% stake in Ugreen, also conducted密集减持 over the past four months.

The proceeds from the IPO are intended to strengthen R&D and product development, enhance brand building, deepen sales channel construction, improve market penetration, upgrade business process intelligence, and for general working capital purposes.

It is noteworthy that over half of Ugreen's revenue comes from overseas markets. During the reporting periods of 2023, 2024, and the first three quarters of 2025, overseas revenue accounted for 50.39%, 57.47%, and 59.6% of total revenue, respectively, showing a逐年提升 trend.

As of September 30, 2025, Ugreen's products are sold across six continents, reaching over 180 countries and regions, including China, Europe, North America, and other Asian nations. To date, the company has served more than 300 million customers globally and boasts over 30 million online brand followers and members.

Despite strong growth, the company's gross profit margin has shown a持续下降 trend. According to its ChiNext listing application, the gross profit margin was 49.74% in 2019, declining to 38.1% in 2020, 37.21% in 2021, and 37.12% in the first half of 2022. This represented a 12-percentage-point drop from 2019 to 2021.

During the recent reporting periods, the gross margin was 36.9% in 2023, 36.8% in 2024, and 36.5% in the first three quarters of 2025, indicating a slight decline of 0.4 percentage points over nearly three years, maintaining a generally stable but略降 trajectory.