商贸零售行业跟踪周报 2025 年双十一数据复盘：综合电商平台稳 健增长，即时零售表现亮眼 增持（维持） [Table_Tag] [周观点（注：文中 Table_Summary]"本周"指的 11 月 10 日至 11 月 16 日） 本周行情回顾 2025 年 11 月 18 日 证券分析师 吴劲草 证券研究报告·行业跟踪周报·商贸零售 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 2025-11-04 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 ◼ 2025 年双十一时间继续延长，全网 GMV 稳健增长。根据星图数据， 2025 年双十一全网电商销售总额约为 16,950 亿元，同 ...

科技出海 1、滴滴自动驾驶宣布出海，首站落户中东阿布扎比 11 月 13 日下午消息，滴滴自动驾驶宣布与阿布扎比投资办公室（ADIO）达成战略合作。滴滴自动驾 驶加入阿布扎比智能和自动驾驶汽车产业集群 SAVI，双方将在自动驾驶技术创新应用、AI 人才培养、 生态建设等领域开放合作，共同支持阿布扎比建设领先的智慧出行和可持续交通生态，并逐步将合作拓 展至更广泛的中东地区。 阿布扎比 SAVI 产业集群，由阿布扎比经济发展部和阿布扎比投资办公室主导 发起，是中东和北非地区的智能交通枢纽。SAVI 产业集群旨在推进海、陆、空自动驾驶技术创新和商 业化，加速构建智慧城市。ADIO 预计，到 2045 年 SAVI 产业集群将为阿布扎比贡献 440 亿迪拉姆 GDP，创造 4 万个就业岗位。 2、文远知行将在阿布扎比开展纯无人Robotaxi商业化运营 11月10日，文远知行宣布正式获得阿联酋联邦政府批准，将在阿布扎比开展纯无人Robotaxi商业化运 营。这是美国以外全球首张城市级L4自动驾驶商业化牌照。自2021年起，文远知行与TXAI便在阿布扎 比合作开展Robotaxi公开运营。成为中美以外规模最大的Robo ...

Core Viewpoint - Anker Innovations' stock has experienced a decline of 2.02% on November 17, with a current price of 105.52 CNY per share, reflecting a total market capitalization of 56.575 billion CNY. The company has seen a year-to-date stock price increase of 10.56%, but has faced recent declines over various time frames [1]. Financial Performance - For the period from January to September 2025, Anker Innovations reported a revenue of 21.019 billion CNY, representing a year-on-year growth of 27.79%. The net profit attributable to shareholders was 1.933 billion CNY, marking a 31.34% increase compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 3.443 billion CNY, with 2.792 billion CNY distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, Anker Innovations had 22,800 shareholders, an increase of 25.71% from the previous period. The average number of circulating shares per person decreased by 19.47% to 13,245 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 43.4388 million shares, which is a decrease of 4.005 million shares from the previous period. The seventh-largest shareholder is E Fund's ChiNext ETF, holding 4.6066 million shares, down by 0.6826 million shares [3]. Business Overview - Anker Innovations is primarily engaged in the research, design, and sales of consumer electronics, focusing on self-owned brands of mobile device peripherals and smart hardware products. The revenue breakdown is as follows: charging and energy storage products (52.97%), smart innovation products (25.27%), and smart audio-visual products (21.75%) [1].

前言 跨境电商"老大哥"安克创新最近有点让人看不懂。 一边是2025年4次大规模产品召回，现金流亏得底朝天；一边却突然提前启动港股IPO，比市场传言早 了整整一年。 这波操作到底是背水一战，还是另有图谋？ 召回4次+现金流告急 2025年对安克创新来说，绝对是质量"渡劫年"。 咱们先看看这波召回有多猛：6月中国市场召回71.29万件充电宝，同期美国召回115.8万件。 9月美国再召48万个移动电源；10月日本直接召回52.22万台产品，光这波日本召回的货值就高达1.1亿 元。 四次召回的核心问题全是"起火隐患"，源头直指某批次锂电池组件。 说句实在话，频繁的安全问题已经不是小事了。 媒体测算，要是全按全额退款算，安克创新得面临亿元级别的损失。 这事儿也直接反映在财报上：上半年计提1.3亿元质量保证，还有2.38亿元存货跌价准备。 更让人揪心的是现金流。 2025年前三季度，公司经营活动产生的现金流量净额直接干到-8.65亿元，同比下滑152.38%。 与此同时，存货却从32.34亿元飙升到61.47亿元，增幅超90%。 一边是钱收不回来，一边是货堆在仓库，压力可想而知。 一位私募基金人士说得很直接："这频繁召 ...

Group 1 - "Andao Pharmaceutical" completed over 400 million RMB in Series C financing, with funds primarily allocated for clinical research of AND017 and AND019 globally, as well as IND research for small molecule drugs and ADC drugs [3] - Dealism raised 15 million USD in angel round financing led by Hillhouse Ventures, focusing on creating personalized sales experiences using advanced AI technology [4] - Leyunmeng Technology secured 8 million RMB in angel round financing to enhance product development and expand its "Five-Minute Happy Life Circle" business model [5] Group 2 - Huatu Youxue completed 10 million RMB in angel round financing, aimed at course development and market expansion in the vocational skills training sector [6] - Xinye NEAVES announced 30 million RMB in angel round financing to optimize product development and supply chain systems [7] - Pang Donglai's sales exceeded 20 billion RMB, marking a 3 billion RMB increase from the previous year, despite plans to control sales growth [8] Group 3 - Laifen has entered the floor cleaning machine market, with leadership from a former DJI executive, indicating a strategic expansion into home cleaning products [9] - Whoop Inc. is considering an IPO within the next two years while exploring new health tracking features [10] - Anker Innovations plans to issue overseas shares and apply for a listing on the Hong Kong Stock Exchange [12] Group 4 - Xicha has reintroduced a DIY cup sticker feature, generating significant user engagement on social media [13] - Shanshayou Song launched a fragrance line, marking its first independent product offering in the fragrance market [14] - Kudi Coffee collaborated with "Detective Conan" for a nationwide promotional event, featuring themed products and limited-time offers [15] Group 5 - A survey revealed that 97% of respondents could not distinguish between AI-generated music and human-created music, raising concerns about copyright issues [16] - The "Nai Pi Zi+" product line has sparked a creative trend in the dairy industry, with 29,500 related companies currently operating in China [17] - The Chinese film market is projected to surpass 50 billion RMB in total box office revenue this year, driven by several major film releases [18] Group 6 - Japan plans to increase visa fees for foreign tourists for the first time in over 40 years, with the current fees significantly lower than those in the US and Europe [19] - JPMorgan Private Bank predicts that gold prices may exceed 5,000 USD per ounce by the end of 2026, driven by central bank purchases from emerging markets [21] - Japan's labor shortage is projected to result in an economic loss of approximately 1,040 billion USD in 2024, highlighting the impact of an aging population [22]

公开资料显示，安克创新是一家成立于2011年的智能硬件设备公司，公司于2020年8月24日在深圳证券交易所上市，注册地址和办公地址均为湖南省长沙。安克创新最早以"Anker"品牌切入市 安克创新是典型的跨境电商企业，其境外收入占比长期维持在95%以上，2022—2024年连续三年超过96%。 转自：中国经营报 中经记者 陈佳岚 广州报道 近期，消费电子巨头安克创新（300866.SZ）的赴港二次上市计划终于得到官方确认。 11月12日，安克创新发布公告称，公司于2025年11月10日召开第四届董事会第六次会议，审议通过了关于公司发行H股股票并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上 安克创新称，此举旨在进一步推进全球化战略布局，提升公司综合竞争力。 《中国经营报》记者注意到，安克创新进一步推进全球化战略布局背后，是其境外收入占比已经超过96%，毛利率达45.54%，而境内市场却失守的现状；同时根据其2025年半年报，公司境内业 对于下一步全球业务扩展的具体考量，记者联系采访安可创新方面，截至发稿，其未向记者作出回应。中国城市专家智库委员会常务副秘书长、浙江大学城市学院副教授林先平指出，安克 ...

制图:陈欣(豆包AI) 11月11日晚间，安克创新发布公告称，公司拟在境外发行H股并申请在香港联交所主板挂牌上市，以进 一步推进全球化战略布局、提升综合竞争力。 该事项尚需提交股东大会审议，并取得相关政府及监管机构的备案、批准和核准。目前，上市具体细节 尚未最终确定，实施存在重大不确定性。 安克创新于2020年8月24日在深交所上市，主营业务为自有品牌移动设备周边及智能硬件产品的研发、 设计与销售。 缘何在此时赴港上市，与现金流承压是否有关?产品质量管控有无其他供应链保障举措?截至发稿前，南 都记者暂未收到安克创新回复。 营利双增 但经营现金流降152.38% 今年前三季度，公司实现营收210.19亿元，同比增长27.79%；归母净利润达19.33亿元，同比增长 31.34%。 第三季度单季，营收达81.52亿元，同比增长19.88%，为2023年一季度以来最低增速；归母净利润达 7.66亿元，同比增长27.76%；扣非净利润达5.21亿元，同比小幅下降2.92%。 值得注意的是，尽管营利双增，公司经营现金流却由去年同期的16.51亿元转为净流出8.65亿元，降幅达 152.38%。 主要因为两个方面，其一为 ...

Group 1 - The report indicates that going global has become a "second growth curve" for Chinese companies, driven by pressures in the domestic market and rising external tariff barriers [8][19]. - The "Going Global TOP 100 Index" shows that the average return of these companies in 2024 is 32.65%, significantly higher than other main board stocks by 10 percentage points [9][31]. - The structure of companies going global has shifted from traditional industries to technology-intensive sectors like consumer electronics, which now account for 13% of the TOP 100 [10][41]. Group 2 - Chinese companies are climbing the value chain along the "rabbit ear curve," extending towards R&D design and high-end manufacturing, as well as branding and services [11][45]. - The strategic shift from "product export" to "capacity export" is evident, although direct foreign investment remains significantly lower than goods exports [12][19]. - Geopolitical risks are identified as the primary challenge for companies, including sanctions and local regulatory requirements [13][19]. Group 3 - Hong Kong is positioned as a "bridgehead" for companies going global, serving as a crucial financing platform and a connection between the mainland and global markets [15][19]. - Successful case studies include companies like Anker Innovations, TCL, and Weichai Power, which have leveraged localization, technology acquisitions, and full industry chain layouts [19][48]. - The report emphasizes the importance of "soft capabilities" such as understanding regulations, compliance governance, localization, and ecological collaboration for successful international expansion [19][48]. Group 4 - The report highlights that 90.6% of industries have higher gross profit margins overseas compared to domestic markets, with significant differences in sectors like computer equipment and logistics [22][24]. - The performance of companies that expand overseas is often linked to their high return on invested capital (ROIC) in domestic markets, indicating a selection effect where only the best companies venture abroad [26][30]. - The report notes that the growth in overseas revenue has become a key driver for performance, accounting for 38.2% of the growth in mid-year earnings for 2025 [25][30]. Group 5 - The report identifies a significant trend of consumer electronics companies expanding globally, with a notable rise in their representation in the TOP 100 list compared to traditional industries [41][45]. - Companies like Lenovo and Luxshare Precision are highlighted for their technological advancements and their roles as key suppliers in the global market [45][47]. - The report concludes that Chinese consumer electronics firms are transitioning from "Made in China" to "Created in China" and "Brand from China," enhancing their global presence [45][46].

第三季度单季，营收达81.52亿元，同比增长19.88%，为2023年一季度以来最低增速；归母净利润达7.66亿元，同比增长27.76%；扣非净利润达5.21亿元， 同比小幅下降2.92%。 值得注意的是，尽管营利双增，公司经营现金流却由去年同期的16.51亿元转为净流出8.65亿元，降幅达152.38%。 本文自南都·湾财社。 采写 | 南都·湾财社记者 陈盈珊 11月11日晚间，安克创新发布公告称，公司拟在境外发行H股并申请在香港联交所主板挂牌上市，以进一步推进全球化战略布局、提升综合竞争力。 该事项尚需提交股东大会审议，并取得相关政府及监管机构的备案、批准和核准。目前，上市具体细节尚未最终确定，实施存在重大不确定性。 安克创新于2020年8月24日在深交所上市，主营业务为自有品牌移动设备周边及智能硬件产品的研发、设计与销售。 缘何在此时赴港上市，与现金流承压是否有关？产品质量管控有无其他供应链保障举措？截至发稿前，南都湾财社暂未收到安克创新回复。 业绩增长稳健 现金流承压 今年前三季度，公司实现营收210.19亿元，同比增长27.79%；归母净利润达19.33亿元，同比增长31.34%。 主要因为两个方 ...

11月11日晚，曾被特朗普带火磁吸充电宝的安克创新（300866.SZ）公告将奔赴港股IPO。这一时间节点 早于此前市场传言的2026年。 此前，有市场消息称，中国电子产品制造商、"充电宝一哥"安克创新正在考虑最早于明年在香港上市， 公司已委任中金公司、高盛和摩根大通负责相关上市事宜，计划集资5亿美元。 在11月11日的公告中，安克创新表示，拟聘请毕马威会计师事务所作为港股上市的审计机构，但未披露 保荐机构和计划募资金额。 安克创新由80后的湖南人阳萌于2011年创立，专注于智能配件和智能硬件的设计、研发和销售，是亚马 逊最大的销售商之一。安克创新的产品涵盖移动电源、智能设备等，产品主要在亚马逊、Ebay、天猫 和京东等电子商务平台售卖，也与沃尔玛、百思买等商超开展线下零售合作。 作为国内最早通过跨境电商渠道推广自主品牌的企业之一，安克创新已成为驰名国际的中国电子产品制 造商。 安克创新在最新公告中表示，公司将充分考虑现有股东的利益和境内外资本市场的情况，在股东会决议 有效期内（即经公司股东会审议通过之日起24个月或同意延长的其他期限）选择适当的时机和发行窗口 完成本次发行上市。 值得注意的是，美国总统特朗普 ...