New Stock Preview | Anker Innovations Technology: 14-year veteran of smart hardware goes to Hong Kong, "A+H" layout to seize the AI hardware wave.

Intelligent hardware technology industry 14-year "veteran" - Anker Innovations Technology Co., Ltd. (referred to as Anker Innovations Technology), starts a new journey with the "A+H" dual capital platform. According to the Hong Kong Stock Exchange, Anker Innovations Technology (300866.SZ) submitted an application for listing on the main board on December 2nd, with CICC, Goldman Sachs, and JPMorgan serving as joint sponsors. Leading in intelligent charging and energy storage, building a global product and competitive barrier. The prospectus shows that Anker Innovations Technology was established in China in 2011, headquartered in the Changsha National High-tech Zone. In 2020, the company successfully listed on the Growth Enterprise Market of the Shenzhen Stock Exchange. After more than ten years of development, Anker Innovations Technology has become a creator of innovative products in the global intelligent hardware technology industry. The company's products cover three major product lines - intelligent charging and energy storage, smart home, innovation and intelligent audio-visual. The company's products cover mobile charging, consumer energy storage, smart security, smart cleaning, creative printing, smart audio, and smart projection, forming a full-scenario intelligent hardware matrix covering personal consumption, home scenes, and outdoor use. The intelligent charging and energy storage business, as the core pillar, accounted for 51.3% of revenue in 2024. Products include portable power sources, balcony photovoltaic energy storage, household energy storage, etc. The SOLIXF3800Plus portable power source supports capacity expansion from 3.84kWh to 53.8kWh, and the Solarbank3E2700Pro balcony photovoltaic energy storage device achieves plug-and-play usability. The smart home and innovation business is growing rapidly, with revenue reaching 5.5 billion yuan in the first nine months of 2025, a year-on-year increase of 36.2%. Products such as the 4KNVR camera S4Max under the eufy brand and the palm vein recognition door lock S3Max are favored by the market. The smart audio-visual business is centered on the soundcore and Nebula brands, with products like the Liberty5 noise-cancelling headphones and X1Pro4K laser projector forming differentiation advantages. Revenue in the first nine months of 2025 reached 46 billion yuan, a year-on-year increase of 20.2%. In terms of sales channels, as of September 30, 2025, Anker Innovations Technology products have been sold to more than 180 countries and regions worldwide, serving over 200 million users. Overseas market revenue accounts for over 96%. In the first three quarters of 2025, North America contributed 45.2% of revenue, with the European market share rising to 26.9%. The channel network coordinated by Wuxi Online Offline Communication Information Technology Co., Ltd. is an important support for Anker Innovations Technology's business. The company primarily collaborates with global leading third-party e-commerce platforms such as Amazon, Rakuten, JD.com, and Shopee online, with online revenue accounting for 71.2% in 2024. In addition, the official DTC website's revenue ratio increased from 4.8% in 2022 to 10% in the first nine months of 2025. The company also collaborates deeply with global retail giants like Walmart and Best Buy offline, with 608 distributors as of the third quarter of 2025. In the backdrop of intensifying competition in the global intelligent hardware market, Anker Innovations Technology has built competitive barriers with its core advantages in technological innovation, global layout, and brand accumulation. Technological innovation is the core engine of the company's development, with the establishment of the "2023 Laboratory" focusing on fundamental technology research and development, pioneering key technologies such as gallium nitride charging and local data storage. As of September 30, 2025, the company has 2,747 global authorized patents, with a compound annual growth rate of research and development expenses reaching 39.7% from 2022 to 2024, and research and development expenses accounting for 9.3% in the first nine months of 2025. In terms of business model, Anker Innovations Technology adopts a "no factory model" focusing on research and development, design, and brand operation. The company currently operates three global brands - Anker, eufy, and soundcore, along with two core sub-brands AnkerSOLIX and eufyMake, occupying leading positions in multiple niche areas. Among them, mobile charging products are ranked second globally, and the independent brand ranks first globally. Balcony photovoltaic energy storage brand ranks first globally, laying a foundation for product premium and market expansion. The industry has broad prospects, and financial performance is stable. The intelligent hardware industry in which Anker Innovations Technology operates is maintaining steady growth. With the deep integration of IoT, AI technology, and hardware products, the trend of smart devices and scenario applications continues to deepen, and the market size is steadily expanding. According to Frost & Sullivan data, the global intelligent hardware market was approximately $1.2 trillion in 2024, with a compound annual growth rate of 5.9% expected from 2024 to 2029. Among them, the "shallow market" (a sub-category with a scale of less than $800 billion) that Anker Innovations Technology focuses on had a scale of $340 billion in 2024 and is expected to have a compound annual growth rate as high as 11.5% from 2024 to 2029, becoming a core driving force for industry growth. It is expected that major sub-sectors will continue to grow. The global mobile charging market is expected to reach 215.5 billion yuan in 2024, with a compound annual growth rate of 10% from 2024 to 2029; the global consumer energy storage market is expected to reach 201.4 billion yuan in 2024, with a compound annual growth rate of 23.6% from 2024 to 2029; the global smart home market is expected to reach 1.0443 trillion yuan in 2024, with a compound annual growth rate of 11.1% from 2024 to 2029; the global smart audio-visual market is expected to reach 1.2447 trillion yuan in 2024, with a compound annual growth rate of 5.3% from 2024 to 2029, as spatial audio, 4K projection, and other technologies become more widely adopted, structural opportunities are highlighted. The continuous expansion of the industry provides Anker Innovations Technology with ample space for growth, and the company itself has achieved steady growth with its operational capabilities. From 2022 to 2024, the companys revenue increased from 14.25 billion yuan to 24.71 billion yuan, with a compound annual growth rate of 31.7%; gross profit increased from 5.4 billion yuan to 10.6 billion yuan during the same period, with a compound annual growth rate of 40.4%; gross profit margin increased from 37.9% to 43.1%; net profit increased from 1.19 billion yuan to 2.21 billion yuan during the same period, with a compound annual growth rate of 42.9%, significantly higher than the revenue growth rate, reflecting the improvement of scale effect and profit efficiency. In the first nine months of 2025, the company achieved revenue of 210.2 billion yuan and net profit of 19.7 billion yuan, with year-on-year increases of 27.8% and 28.8% respectively; gross profit margin remained stable at 43.3%. In addition, the company attaches importance to shareholder returns, with dividend payout ratios reaching 42.7%, 50.3%, and 52.8% from 2022 to 2024 respectively. Raising funds to strengthen core business, opportunities and risks coexist. Leveraging industry dividends and its own advantages, the net proceeds from Anker Innovations Technology's Hong Kong listing this time will mainly be used in six directions: product iteration and innovation, research and development and talent introduction, brand and user operations, construction of global direct sales channels, supply chain upgrades, and supplementary operating capital. Among them, product iteration and innovation is a key focus area, with the company continuously optimizing its core product lines of intelligent charging and energy storage, smart home, and smart audio-visual, while also focusing on the development of new emerging categories to enrich the full-scenario intelligent hardware matrix. In terms of research and development and talent introduction, the company will increase investment in fundamental technology, establish a research and development center, and recruit professionals in fields such as charging technology and the Internet of Things to strengthen the iteration and implementation of core technologies such as GaNPrime fast charging and InfiniPower energy storage. By raising funds in the Hong Kong stock market, the company will further solidify the financial foundation for its global expansion, enhance research and development innovation and channel expansion capabilities, consolidate its leading position in niche markets, and inject new momentum into the deep integration of AI technology and hardware products and the expansion of emerging markets. It is worth noting that the company's development still faces certain risks and challenges. In terms of industry competition, the intelligent hardware market has many participants and fast technological iterations. Failure to maintain continuous innovation capabilities may lead to the risk of market share erosion. In terms of channel dependence, the company has a high proportion of online revenue, and changes in policies and commission adjustments on third-party e-commerce platforms may affect operations. Regarding compliance risks, the company's business covers multiple countries and regions globally and must comply with regulatory requirements in different legal jurisdictions regarding product quality, data privacy, taxation, and trade policies. International trade frictions and tariff changes may also bring uncertainty. Overall, as a leading company in the global intelligent hardware field, Anker Innovations Technology has strong core competitiveness based on its deep technological accumulation, perfect global layout, and stable financial performance. The submission of the Hong Kong listing application this time to build an "A+H" dual capital platform is expected to further enhance the company's financing capabilities and international influence, injecting new energy into business expansion and technological innovation. In the industry trend of rapid development of AI hardware, if the company can continue to leverage its strengths, address potential risks, it may achieve both performance and valuation growth, providing long-term returns for investors.