Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [3] Core Insights - The electronic industry is experiencing a new wave of performance growth driven by AI, with significant opportunities in semiconductor and consumer electronics sectors [5][6] - The report highlights the strong recovery in the semiconductor sector, particularly in analog and digital chips, with AI being a core growth driver [5][6] - Consumer electronics are also benefiting from AI, with companies like Anker Innovation and Ugreen achieving over 30% revenue growth [5][6] Semiconductor Sector Summary - **Analog Chips**: Revenue reached 24.405 billion yuan, up 13.12% year-on-year, with a net profit of 502 million yuan, up 280.49% [7] - **Digital Chips**: Revenue of 87.129 billion yuan, a 24.72% increase, with net profit of 9.050 billion yuan, up 35.32% [16] - **Power Semiconductors**: Net profit for Q2 reached 2.873 billion yuan, a 45.3% increase year-on-year, indicating a recovery phase [26] - **Semiconductor Manufacturing**: Revenue for H1 was 27.273 billion yuan, down 24.7% year-on-year, but showing signs of recovery in Q2 [34] - **Semiconductor Equipment**: The sector saw a 30.6% increase in revenue, totaling 41.509 billion yuan, with net profit of 6.631 billion yuan, up 19.8% [47] Consumer Electronics Summary - Companies like Anker Innovation and Ugreen reported over 30% growth in revenue and net profit, driven by brand strength and product innovation [5] - The demand for new consumer electronics products such as AR glasses and smart speakers is expected to drive further innovation and market recovery [5] PCB and Components Summary - PCB demand is surging due to AI-related capital expenditures, with companies like Shenzhen Circuit achieving significant order growth [5] - The MLCC market is also showing good growth, with companies expanding their product matrices to meet diverse market needs [5] Investment Recommendations - The report suggests focusing on companies involved in computing power-related sectors, including PCB, domestic computing power, IP licensing, and chip inductors [5] - Key companies to watch include Cambrian, Haiguang Information, and SMIC, among others [5]

Core Viewpoint - The article discusses the growth and competitive landscape of the home energy storage and portable energy storage markets, highlighting significant trends, forecasts, and the upcoming 2025 forum focused on battery technology and safety [3][4][6]. Home Energy Storage - In 2024, the global home energy storage shipment is projected to reach 27.8 GWh, marking a 19% year-on-year increase, with Chinese companies accounting for 75% of the shipments [3]. - The leading regions for home energy storage consumption include Europe, the USA, Ukraine, Japan, Australia, Africa, the Middle East, ASEAN, and Russia, with Europe being the largest and most mature market [3]. - The USA, Ukraine, Australia, South Africa, Nigeria, and Brazil are expected to see rapid growth in 2024 due to various factors, including declining electricity prices in Europe [3]. - SPIR forecasts that the global home energy storage market will reach 180 GWh by 2030, representing a 547% increase from 2024 [3]. - The top 10 companies in global home energy storage shipments include Huawei, BYD, Airo Energy, and others [3]. Portable Energy Storage - The global portable energy storage shipment is expected to reach 11 million units in 2024, reflecting a 90% year-on-year growth [4]. - The USA is identified as the largest and most mature market for portable energy storage, driven by outdoor activities and a developed RV market [4]. - Ukraine is projected to experience the fastest growth in 2024 due to energy shortages caused by the Russia-Ukraine conflict [4]. - By 2030, the global portable energy storage market is anticipated to reach 28 million units, a 156% increase from 2024, fueled by outdoor economy growth and emergency power needs [4]. - The top 10 companies in global portable energy storage shipments include EcoFlow, BLUETTI, Jackery, and others [5]. Industry Trends and Challenges - The article notes the emergence of new technologies and materials in battery development, such as fast charging, solid-state, sodium batteries, and full-tab designs, while also highlighting ongoing safety challenges [5]. - The upcoming forum will focus on high safety standards and collaborative innovation within the industry, gathering key stakeholders to discuss technical pain points and share innovative results [6][11]. Forum Details - The 2025 forum will take place on September 26, 2025, in Shenzhen, focusing on high safety and building a new ecosystem for home and portable energy storage [6][11]. - The agenda includes discussions on safety standards, battery technology trends, and market strategies for Southeast Asia and the Middle East [8][9].

Group 1 - The former Vice President of vivo, Jia Jingdong, has joined Anker Innovations as Chief Marketing Officer (CMO), which is expected to enhance the brand's potential and drive strategic innovation [2][3] - Anker Innovations, headquartered in Changsha, is a global smart hardware technology company that focuses on smart electricity, smart home automation, and smart audio-visual sectors, with products sold in 146 countries and regions, serving over 200 million users [3] - In 2024, Anker Innovations achieved a revenue of 24.71 billion yuan, representing a year-on-year growth of 41.14%, and a net profit of 2.11 billion yuan, with a year-on-year increase of 30.93% [3] Group 2 - Jia Jingdong's experience in brand strategy and product planning from his tenure at vivo is anticipated to bring new strategies to Anker Innovations, particularly in brand building and market promotion [5] - The hiring of Jia Jingdong reflects the competitive talent landscape in the consumer electronics industry, where companies are increasingly bringing in external talent to drive growth [5] - Anker Innovations is enhancing its offline direct sales system and market presence in China, leveraging Jia Jingdong's extensive experience in managing offline channels and dealer relationships [6]

本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 股票代码：300866 股票简称：安克创新 债券代码：123257 债券简称：安克转债 安克创新科技股份有限公司 向不特定对象发行可转换公司债券 第三次临时受托管理事务报告 （2025 年度） 债券受托管理人 二〇二五年九月 重要声明 本报告依据《公司债券发行与交易管理办法》《关于安克创新科技股份有限 公司向不特定对象发行可转换公司债券之债券受托管理协议》（以下简称"《受 托管理协议》"）《安克创新科技股份有限公司向不特定对象发行可转换公司债 券募集说明书》（以下简称"《募集说明书》"）等相关规定，由本次债券受托 管理人中国国际金融股份有限公司编制。中国国际金融股份有限公司（以下简称 "中金公司"）编制本报告的内容及信息均来源于安克创新科技股份有限公司提 供的资料或说明。 1 中国国际金融股份有限公司（以下简称"中金公司"）作为安克创新科技股 份有限公司（以下简称"安克创新"、"发 ...

中国国际金融股份有限公司 关于安克创新科技股份有限公司 2025 年半年度跟踪报告 2 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.购买、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括 对外投资、风险投资、委托理财、 | 无 | 不适用 | | 财务资助、套期保值等） | | | | 10.发行人或者其聘请的证券服 | 无 | 不适用 | | 务机构配合保荐工作的情况 | | | | 11.其他（包括经营环境、业务发 展、财务状况、管理状况、核心 | 无 | 不适用 | | 技术等方面的重大变化情况） | | | | 保荐人名称：中国国际金融股份有限公司 | 被保荐公司简称：安克创新 | | --- | --- | | 保荐代表人姓名：郭慧 | 联系电话：010-65051166 | | 保荐代表人姓名：胡健彬 | 联系电话：010-650511 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Insights - The company achieved a revenue of 12.867 billion yuan in H1 2025, representing a year-on-year growth of 33.36%. The net profit attributable to shareholders was 1.167 billion yuan, up 33.80% year-on-year [1][2]. - The company continues to expand its market presence and product offerings, with significant growth in its charging and storage products, smart innovation, and smart audio-visual categories [2]. - The company has successfully entered major retail chains in North America and is expanding its offline channels in Europe, Japan, Southeast Asia, and South America [2]. Financial Summary - In H1 2025, the company reported a gross margin of 44.73%, a slight decrease of 0.45 percentage points year-on-year, and a net profit margin of 9.06%, down 0.32 percentage points [2]. - The company’s revenue is projected to grow significantly, with estimates of 33.008 billion yuan for 2025, 42.145 billion yuan for 2026, and 52.073 billion yuan for 2027, reflecting growth rates of 33.58%, 27.68%, and 23.55% respectively [3][10]. - The earnings per share (EPS) are forecasted to be 5.09 yuan in 2025, 6.30 yuan in 2026, and 7.73 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 27X, 22X, and 18X [3][10].

5 September 2025 | 3:40PM CST Anker Innovations Technology (300866.SZ): Asia Leaders Conference 2025 — Key Takeaways: Product/region expansion to drive growth Bottom line: We hosted Anker's management at GS Asia Leaders Conference on Sep 4. Key takeaways include: 1) Outlook: Management see growth potential driven by a combination of product development and channel/region expansion. Management continued to highlight innovations and value creation to consumers with internal targets for GPM and emphasis on NPS ...

Summary of Key Points Core Viewpoint - In the past five trading days, a total of 337 companies were investigated by institutions, with significant interest in companies like Yihua, Lanke Technology, and Anker Innovation, indicating a trend of institutional focus on specific stocks [1]. Institutional Research Activity - 90.21% of the companies investigated had participation from securities firms, with 304 companies being researched by them. Fund companies followed with 255 companies, and private equity firms investigated 159 companies [1]. - Among the companies, 111 received attention from more than 20 institutions, with Yihua being the most researched at 236 institutions, followed by Lanke Technology at 231 institutions, and Anker Innovation at 209 institutions [1]. Fund Flow and Stock Performance - Out of the stocks investigated by more than 20 institutions, 18 saw net inflows in the past five days. Longi Green Energy had the highest net inflow of 207 million yuan, followed by Defang Nano and Bojie Shares with net inflows of 203 million yuan and 150 million yuan, respectively [1]. - In terms of stock performance, 30 of the investigated stocks increased in value, with Bojie Shares leading with a rise of 24.17%, followed by SanSheng Guojian at 17.11% and Yiqiao Shenzhou at 9.70%. Conversely, 81 stocks declined, with Tongyi Zhong, Sanhui Electric, and Lexin Technology experiencing the largest drops of 18.96%, 17.65%, and 17.49% respectively [2]. Detailed Company Insights - The following table summarizes key data for selected companies: - Yihua: 1 investigation, 236 institutions, closing price 27.72 yuan, change +1.91% [2] - Lanke Technology: 1 investigation, 231 institutions, closing price 108.41 yuan, change -11.79% [2] - Anker Innovation: 1 investigation, 209 institutions, closing price 137.19 yuan, change -2.17% [2] - Bojie Shares: 1 investigation, 22 institutions, closing price 59.60 yuan, change +24.17% [5] Sector Performance - The sectors represented among the investigated companies include machinery, electronics, media, pharmaceuticals, and more, indicating a diverse interest from institutions across various industries [1][2].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Insights - The company reported a revenue of 12.867 billion yuan for the first half of 2025, representing a year-on-year growth of 33.36%. The net profit attributable to shareholders was 1.167 billion yuan, also up by 33.80%. The non-GAAP net profit attributable to shareholders reached 961 million yuan, reflecting a growth of 25.55% [2][4]. - In the second quarter alone, the company achieved a revenue of 6.873 billion yuan, a year-on-year increase of 30.41%, with a net profit of 671 million yuan, up by 19.54% [2][4]. - The company plans to distribute a cash dividend of 7 yuan per 10 shares (tax included), which is expected to account for 32.16% of the half-year net profit attributable to shareholders [2][4]. Financial Performance - The company’s revenue growth was driven by its focus on three main product categories: charging and energy storage, smart innovation, and smart audio-visual products, which saw year-on-year revenue growth of 37.00%, 37.77%, and 21.20%, respectively [9]. - The gross margin for the first half of 2025 was 44.73%, a slight decrease of 0.45 percentage points year-on-year. The gross margins for the three product categories were 40.61%, 49.63%, and 49.06% respectively [9]. - The company’s net profit margin for the first half of 2025 was 9.07%, an increase of 0.03 percentage points year-on-year [9]. Regional and Channel Performance - Revenue growth in different regions was notable, with North America, Europe, and China showing year-on-year increases of 23.20%, 66.96%, and 25.96%, respectively [9]. - Online sales through platforms like Amazon and other third-party platforms grew by 27.51% and 21.42%, while the company’s independent site and offline sales saw increases of 42.64% and 43.64% respectively [9]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.506 billion yuan, 3.053 billion yuan, and 3.783 billion yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 29.35, 24.10, and 19.45 [9].

Core Insights - The consumer electronics industry is undergoing significant structural differentiation due to the rapid evolution of AI technology from "concept exploration" to "essential capability" [1] - Major players like Apple and Samsung are reshaping product experiences and driving premium pricing through integrated AI ecosystems, becoming the primary beneficiaries of this technological revolution [1] Company Performance - Anker Innovations reported revenue of 12.867 billion yuan for the first half of 2025, a year-on-year increase of 33.36%, and a net profit of 1.167 billion yuan, up 33.8% [2] - The company faces challenges such as market saturation, product homogenization, and tightening policies on overseas e-commerce platforms, which may limit its growth potential [2] Business Model and Strategy - Anker employs a light-asset model, focusing on product design and R&D while outsourcing production, which reduces fixed asset investment and operational risks, thereby enhancing profit margins [2] - The company has been proactive in exploring new categories since introducing its "Shallow Sea Strategy" in 2020, aiming to replicate success in emerging segments like audio devices and 3D printing [4] Market Position and Challenges - Anker's reliance on Amazon for nearly 50% of its revenue exposes it to risks associated with platform policy changes and commission adjustments [7] - The company has faced reputational challenges following a large-scale recall of power banks, which has impacted its financial performance and brand trust [7][8] Financial Strategy - Anker is planning a secondary listing in Hong Kong by early 2026 to alleviate funding needs and enhance brand recognition in emerging markets [3][6] - Despite cash flow pressures, the company continues to distribute high dividends, raising questions about its financial strategy and governance transparency [9] Product Development and Market Expansion - Anker has shut down several product teams, indicating difficulties in maintaining a competitive edge in saturated markets [5][11] - The company is shifting focus to the energy storage sector, which aligns with its existing charging technology and is experiencing growing demand in Europe [12] Valuation and Market Perception - Anker's current valuation of 27.7 times earnings is slightly above the industry average, but the company aims to transition from a "product company" to an "ecosystem platform" to unlock higher valuation potential [13][14] - The transition requires patience, additional funding, and effective storytelling to reshape market perceptions and achieve sustainable growth [14]