出品｜虎嗅ESG组 作者｜陈玉立 头图｜AI生成 本文是#ESG进步观察#系列第137篇文章 本次观察关键词：可持续商业 充电宝行业这次算是爆雷了。 6月以来，安克创新、罗马仕等知名品牌相继宣布召回超过120万台充电宝，其中充电宝龙头罗马仕 三款型号（PAC20-272、PAC20-392、PLT20A-152）召回量就达49万台。 关于为什么要召回，公告中提到的原因包括"电芯原材料缺陷""隔膜绝缘失效"等，这背后直指电芯安 全隐患，即隔膜失效引发的胀气与热失控。 贸易商出货的CD品隔膜受制于成本等条件不可能做洁净车间控湿车间的，也会进一步增加隔膜的风 险。" 在爆雷后，不少网友在社交媒体反映，没有3C认证的充电宝不被允许带上飞机。6月26日下午，中国 民航局正式发文：自6月28日起禁止旅客携带没有3C标识以及被召回的充电宝乘坐境内航班。 安全隐患因何存在？ 在安克创新的召回公告中，明确写有这样一段话：某供应商部分批次的行业通用电芯，存在未经批准 的材料变更，这可能导致极少数产品在长期循环使用后隔膜绝缘失效，进而引发过热。 虎嗅咨询隔膜行业专家获悉，隔膜是锂电池中位于正负极之间的微孔薄膜，其核心作用是防止正负 ...

Group 1 - The recent recall of over a million power banks by well-known brands such as Anker Innovations and Romoss highlights significant safety hazards, including overheating and potential fire risks [1][2] - Anker Innovations attributed the quality issues to a supplier's unauthorized change of raw materials, indicating a breakdown in quality control within the industry [1][2] - The competitive landscape in the power bank market has led to a focus on price reduction rather than quality enhancement, resulting in substandard components entering production lines [2] Group 2 - The recall of defective power banks is seen as a first step in addressing deeper issues within the industry, emphasizing the need to shift from price competition to quality competition [2] - The suspension of 3C certification for multiple models from brands like Romoss and Anker Innovations serves as both a setback and an opportunity for these companies to rebuild trust and prioritize safety [2] - The "involution" or unhealthy competition observed in the power bank sector is a warning for other industries, suggesting that a lack of competitive integrity can harm long-term industry interests [3]

Core Viewpoint - The mobile power bank safety crisis has escalated rapidly, leading to significant regulatory changes and recalls in the industry, highlighting the failure of existing survival rules in the market [3][26]. Group 1: Crisis Overview - On June 26, the Civil Aviation Administration of China issued a notice tightening safety controls on power banks, prohibiting the transport of non-3C certified products on domestic flights starting June 28 [3]. - The crisis was foreshadowed by incidents involving a specific brand's power bank, which was linked to a fire on an international flight in March 2025 [3][4]. Group 2: Recall Actions - Romoss Technology Co., Ltd. announced a recall of approximately 490,000 units, while Anker Innovations recalled over 1.8 million units in both the Chinese and American markets due to issues with battery cells and raw materials [4][5]. - Other major brands like Ugreen, Baseus, and Xiaomi also faced suspensions of 3C certifications for their related products [5]. Group 3: Root Causes - The crisis roots lie in pricing pressures, with a significant drop in retail prices of power banks from around RMB 129-149 in 2021 to as low as RMB 69 by the end of 2024 [7]. - The cost of a reliable battery cell is approximately RMB 40-50, while the total material cost for a power bank is at least RMB 50-60, excluding R&D and marketing expenses [7][8]. - Manufacturers are increasingly opting for lower-grade battery cells (B-grade) to cut costs, which compromises safety and reliability [8][9]. Group 4: Supplier Issues - The crisis was exacerbated by suppliers using substandard materials, with Anker admitting to unauthorized changes in raw materials that could lead to overheating and fire risks [10][11]. - The supplier Amprius was identified as a key player in the crisis, with multiple brands using their battery cells, which have now had their certifications suspended [12][22]. Group 5: Industry Trends - The defect rate of power banks has been rising, with non-compliance rates increasing from 19.8% in 2020 to 44.4% in 2023 [15]. - The nature of defects has shifted to directly threaten personal safety, with reports of power banks catching fire during testing [16][17]. Group 6: Market Impact - The crisis has led to significant disruptions in sales channels, with major retailers removing affected products from their platforms [19]. - Logistics companies have halted the collection of recalled products due to safety concerns, complicating the recall process [20][21]. Group 7: Regulatory Changes - New regulations require that product samples for certification be taken from production sites rather than submitted by companies, increasing scrutiny on product quality [24]. - This shift is expected to change how companies select suppliers, emphasizing the importance of quality over cost [24]. Group 8: Industry Reflection - The crisis serves as a warning to the industry about the dangers of excessive price competition and the neglect of product safety, which ultimately harms brand reputation and consumer trust [25][26].

Core Viewpoint - The power bank industry is facing a significant crisis due to safety recalls, with major brands like Anker and Romoss recalling over 1.2 million units due to battery cell safety issues [1][6]. Group 1: Recall Reasons and Safety Concerns - The recalls were prompted by defects in battery cell materials and insulation failures, which pose serious safety risks such as overheating and potential explosions [2][3]. - A specific supplier's unauthorized material changes in battery cells have been identified as a contributing factor to these safety issues, highlighting the critical role of the separator in preventing short circuits [3][4]. Group 2: Industry Practices and Supply Chain Issues - The power bank industry often relies on low-cost battery cells and substandard separators, leading to compromised safety and quality [4][7]. - The trend of cost-cutting has resulted in a significant decline in product safety, with non-compliance rates for power banks increasing from 19.8% in 2020 to 44.4% in 2023 [7]. Group 3: Regulatory Changes and Market Impact - New regulations from the Chinese government require 3C certification for lithium-ion batteries and power banks, effective from August 2023, which may further impact manufacturers [5]. - The recalls have led to logistical challenges, with many courier services refusing to ship power banks, leaving consumers in a difficult position [8]. Group 4: Corporate Responsibility and Future Outlook - Companies like Anker have acknowledged the need for improved supply chain management and quality control in their ESG reports, emphasizing the importance of product safety and sustainable practices [9][12]. - The recent events may lead to a temporary decline in power bank sales, necessitating a balance between cost, safety, and regulatory compliance to regain consumer trust [12].

Group 1 - The company held its 29th meeting of the third board of directors on June 27, 2025, with all 9 directors present, confirming the legality and validity of the meeting [1] - The board approved the proposal for the election of the fourth board of non-independent directors, with candidates including Yang Meng, Zhao Dongping, Zhu Fanghao, Xiong Kang, and Lian Meng [2][3] - The term for the fourth board of directors will last three years from the date of election at the second extraordinary general meeting of shareholders in 2025 [3] Group 2 - The board also approved the proposal for the election of independent directors, nominating Li Congliang, Yi Xuan, and Han Xi as candidates [2][3] - The remuneration plan for the fourth board of directors was discussed, with non-independent directors receiving an annual allowance of 60,000 yuan and independent directors receiving 84,000 yuan [5] Group 3 - The company plans to abolish the supervisory board, transferring its powers to the audit committee of the board, and will revise the articles of association accordingly [6] - The board approved the proposal to purchase liability insurance for the company and its directors and senior management, with a total insurance limit of 50 million yuan per year and a premium not exceeding 500,000 yuan [8] Group 4 - A three-year shareholder dividend return plan for 2025-2027 was proposed to enhance shareholder return mechanisms [9] - The board proposed to reappoint KPMG Huazhen as the financial and internal control audit institution for the year 2025 [9] Group 5 - The company plans to use up to 1 billion yuan of temporarily idle raised funds for cash management, focusing on safe and liquid financial products [10] - The board approved adjustments to the grant prices of restricted stock incentive plans for 2022, 2023, and 2024 [11] Group 6 - The board approved the vesting of restricted stocks for 249 individuals under the 2022 incentive plan, totaling 1,441,268 shares, and for 144 individuals under the 2023 plan, totaling 1,188,652 shares [12][13] - The board also approved the cancellation of unvested restricted stocks for individuals who have left the company [14] Group 7 - The company plans to hold its second extraordinary general meeting of shareholders on July 16, 2025, to review the relevant matters [15]

Core Viewpoint - Anker Innovation Technology Co., Ltd. has announced the achievement of the first vesting conditions for its 2024 restricted stock incentive plan, allowing 281 eligible participants to apply for the vesting of 2,007,706 shares, representing 0.3777% of the company's total share capital [1][22]. Summary by Sections Incentive Plan Overview - The 2024 restricted stock incentive plan allows for the initial grant of 4,201,903 shares to 305 participants, with a vesting price set at 38.52 RMB per share [1][10]. - The plan is valid for a maximum of 60 months from the date of the initial grant [1]. Vesting Arrangement - The vesting of the restricted stock will occur in stages, starting 12 months after the grant date, with specific conditions that must be met [2][3]. - The first vesting period is from the first trading day after 12 months to the last trading day within 24 months [2][18]. Performance Assessment Requirements - The performance targets for the first vesting period require a minimum revenue growth rate of 10% for 2024, based on 2023 revenue figures [5][15]. - For the second vesting period, a minimum revenue growth rate of 20% is required for 2025 [6][17]. Approval Process - The incentive plan has undergone necessary approvals, including verification by the supervisory board and public disclosure of the eligible participants [9][11]. - The supervisory board confirmed that the 281 eligible participants meet the legal and regulatory requirements [22]. Impact on Financials - The company will adjust the expected number of vested shares and related costs according to accounting standards, but the vesting is not expected to have a significant impact on financial results [23][24].

Core Viewpoint - The legal opinion letter from Haiwen & Partners outlines the achievements of the vesting conditions for the incentive plans of Anker Innovations Technology Co., Ltd. for the years 2022, 2023, and 2024, including the cancellation of certain restricted stocks and adjustments to grant prices [1][5][21]. Group 1: Vesting Conditions Achievements - The vesting period for the 2022 incentive plan is from July 12, 2025, to July 11, 2026, with a vesting ratio of 1/3 of the total restricted stocks granted [9][12]. - The 2022 incentive plan's third vesting condition has been achieved, allowing for the vesting of 1.441268 million shares to 249 eligible participants [12][23]. - The 2023 incentive plan's second vesting period is from July 25, 2025, to July 24, 2026, with a vesting ratio of 1/2 of the total restricted stocks granted [13][15]. - The 2023 incentive plan's second vesting condition has been achieved, allowing for the vesting of 1.188652 million shares to 144 eligible participants [15][23]. - The 2024 incentive plan's first vesting period is from July 16, 2025, to July 15, 2026, with a vesting ratio of 1/2 of the total restricted stocks granted [17][20]. - The 2024 incentive plan's first vesting condition has been achieved, allowing for the vesting of 2.007706 million shares to 281 eligible participants [20][23]. Group 2: Cancellations and Price Adjustments - A total of 186,639 shares of restricted stock will be canceled due to 175 participants from the 2022 plan, 49 from the 2023 plan, and 24 from the 2024 plan, who no longer meet eligibility criteria due to leaving the company [21][22]. - The grant price for the 2022 incentive plan has been adjusted from 27.71 CNY to 26.21 CNY per share [21][22]. - The grant price for the 2023 incentive plan has been adjusted from 40.46 CNY to 38.96 CNY per share [22]. - The grant price for the 2024 incentive plan has been adjusted from 40.02 CNY to 38.52 CNY per share [22].

Investment Rating - The report recommends a "Buy" rating for the highlighted stocks in the consumer sector, indicating a positive outlook for their performance in the coming years [8][12][13][14][18][19][20]. Core Insights - The report identifies nine key advantageous industries within the consumer sector, including agriculture, retail, social services, automotive, textiles and apparel, light industry, food, home appliances, and pharmaceuticals, with specific stock recommendations for each [4][8]. - The report emphasizes the potential for growth in the consumer sector, driven by factors such as market recovery, digital transformation, and international expansion strategies [11][12][13][14][17][20]. Summary by Relevant Categories Agriculture - Recommended stock: Muyuan Foods (牧原股份) with a projected net profit of 20.1 billion, 20.3 billion, and 34.1 billion for 2025-2027, respectively [11]. Retail - Recommended stock: Maogeping (毛戈平) with expected adjusted net profits of 1.17 billion, 1.50 billion, and 1.86 billion for 2025-2027, respectively [12]. Social Services - Recommended stock: Xiaocaiyuan (小菜园) with projected net profits of 703 million, 837 million, and 1.01 billion for 2025-2027, respectively [13]. Automotive - Recommended stock: Yutong Bus (宇通客车) with expected net profits of 4.82 billion, 5.60 billion, and 6.23 billion for 2025-2027, respectively [14]. Textiles and Apparel - Recommended stock: HLA (海澜之家) with projected net profits of 4.6 billion, 5.0 billion, and 5.8 billion for 2025-2027, respectively [14]. Light Industry - Recommended stock: Pop Mart (泡泡玛特) with expected net profits of 330 million, 610 million, and 850 million for 2025-2027, respectively [17]. Food - Recommended stock: Kweichow Moutai (会稽山) with projected earnings per share (EPS) of 0.48, 0.58, and 0.67 for 2025-2027, respectively [18]. Home Appliances - Recommended stock: Anker Innovations (安克创新) with expected net profits of 2.506 billion, 3.052 billion, and 3.689 billion for 2025-2027, respectively [19]. Pharmaceuticals - Recommended stock: Innovent Biologics (信达生物) focusing on innovative drug development with significant potential in oncology and autoimmune diseases [20].

Core Viewpoint - The recent safety issues surrounding power banks have led to significant recalls and regulatory changes, highlighting the importance of battery cell quality and supplier oversight in the industry [1][20][27]. Group 1: Recalls and Incidents - Anker Innovations and Romoss have collectively recalled approximately 2.3 million power banks due to safety concerns, with prior incidents of product explosions reported [3][6]. - The recalls were prompted by warnings from universities regarding the potential explosion risks of specific models, particularly a 20,000mAh Romoss power bank [3][20]. - Anker's recalls in Japan involved around 100,000 units, with the company acknowledging that the reasons for the recalls were different from previous incidents [7][8]. Group 2: Supplier Issues - The recalls are linked to Amprius (Wuxi) Co., Ltd., which has been accused of using substandard materials in battery cells, leading to safety risks [1][9][19]. - Amprius's U.S. headquarters has distanced itself from the Wuxi operation, claiming it has been independent since 2022 [12][13]. - Other brands such as Ugreen and Xiaomi have also been implicated, with Ugreen stating that their products used different batches of Amprius cells that do not pose risks [16][19]. Group 3: Regulatory Changes - The Civil Aviation Administration of China has implemented new regulations prohibiting the transport of power banks without proper 3C certification, following a rise in incidents involving power bank fires [20][24]. - The new regulations are a response to 15 reported fire incidents this year, nearly double the number from the previous year [24][25]. - The 3C certification process requires battery cells to undergo rigorous testing, and any changes in suppliers or materials must be reported and approved [27][26]. Group 4: Industry Implications - The power bank industry is characterized by low profit margins, with typical prices for popular models remaining around 100 to 200 yuan [28]. - The enforcement of stricter regulations is expected to phase out non-compliant products and promote a healthier market environment [28]. - Experts suggest that the recent events will lead to increased regulatory scrutiny and a push for better compliance and self-supervision among manufacturers [28].

证券代码：300866 证券简称：安克创新 公告编号：2025-064 关于作废 2022 年、2023 年及 2024 年限制性股票激励计划部分 已授予尚未归属的限制性股票的公告 安克创新科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 安克创新科技股份有限公司（以下简称"公司"或"安克创新"）于 2025 年 6 月 27 日召开第三届董事会第二十九次会议和第三届监事会第二十七次会议， 审议通过了《关于作废 2022 年、2023 年及 2024 年限制性股票激励计划部分已 授予尚未归属的限制性股票的议案》，根据公司《2022 年限制性股票激励计划 （草案）》（以下简称"《2022 年激励计划》"）《2023 年限制性股票激励计 划（草案）》（以下简称"《2023 年激励计划》"）《2024 年限制性股票激励 计划（草案）》（以下简称"《2024 年激励计划》"）的规定和公司 2022 年第 三次临时股东大会、2023 年第二次临时股东大会、2024 年第三次临时股东大会 的授权，现将具体有关事项说明如下： 一、各期激励计划已履行的决策程序 ...