北京市海问律师事务所 关于安克创新科技股份有限公司 2024 年年度股东大会的 法律意见书 致：安克创新科技股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》《上市公司股东 大会规则》（以下统称"有关法律"）及《安克创新科技股份有限公司章程》（以 下称"公司章程"）的规定，北京市海问律师事务所（以下称"本所"）作为安克创 新科技股份有限公司（以下称"公司"）的特聘法律顾问，应公司的要求，指派钱 珍律师以及陈思汝律师（以下合称"本所律师"）出席公司于 2025 年 5 月 23 日召 开的安克创新科技股份有限公司 2024 年年度股东大会（以下称"本次会议"）， 对本次会议召开的合法性进行见证，并依法出具本法律意见书。 在本法律意见书中，本所律师仅对本次会议召集和召开的程序、出席本次会 议人员的资格及表决程序是否符合有关法律和公司章程的规定以及本次会议审 议议案的表决结果发表意见，并不对本次会议所审议的议案内容以及该等议案所 表述的事实或数据的真实性和准确性发表意见。本所律师假定公司提交给本所律 师的资料（包括但不限于有关人员的居民身份证、股票账户卡、授权委托书、营 业执照等）真实、完整，资料上 ...

证券代码：300866 证券简称：安克创新 公告编号：2025-032 安克创新科技股份有限公司 2024 年年度股东大会决议公告 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。 特别提示 1、 本次股东大会不存在否决议案的情形。 2、 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （二）中小股东出席的总体情况 参加本次股东大会现场会议和网络投票表决的中小股东及股东代理人共 224 人，代表有表决权的公司股份数合计为 52,124,123 股，占公司有表决权股份 总数 531,410,776 股的 9.8086%。其中：通过现场投票的股东共 24 人，代表有表 决权的公司股份626,736股，占公司有表决权股份总数531,410,776股的0.1179%； 通过网络投票的股东共200人，代表有表决权的公司股份数合计为51,497,387股， 占公司有表决权股份总数 531,410,776 股的 9.6907%。 1、 召开时间：2025 年 5 月 23 日（星期五）15:00 2、 召开地点：深圳市南山区沙河西路健兴科技大厦 B ...

证券代码：300866 证券简称：安克创新 公告编号：2025-031 安克创新科技股份有限公司 关于 2022 年限制性股票激励计划预留授予部分 第二个归属期归属结果暨股份上市的公告 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。 重要内容提示： 1、本次归属的预留授予部分限制性股票上市流通日：2025 年 5 月 26 日（星 期一）； 2、本次符合归属条件的预留授予部分激励对象人数：6 人； 1、股票来源：公司向激励对象定向发行的本公司人民币 A 股普通股股票。 3、本次归属的预留授予部分限制性股票数量：12.7423 万股（调整后），占 公司目前总股本的 0.0240%； 4、本次归属的预留授予部分限制性股票授予价格：27.71 元/股（调整后）； 5、本次归属的限制性股票除高管限售股外无其他限售安排，股票上市后即 可流通。 1 安克创新科技股份有限公司（以下简称"公司"）已于近日办理了 2022 年 限制性股票激励计划预留授予部分第二个归属期归属股份的登记工作，现将有关 事项公告如下： 年限制性股票激励计划（以下简称"本激励计划"）预留授予部分限制性 ...

Core Insights - Microsoft Build 2025 developer conference emphasizes the theme of "Open Agentic Web," aiming to establish AI agents as a new foundational infrastructure for the internet [2] - Microsoft Copilot transitions from a functional tool to a development paradigm, while Windows becomes a habitat for AI agents and Azure serves as the training, deployment, and interaction hub for these agents [2] - Anker Innovations showcases its soundcore audio brand at the conference, highlighting the integration of AI technology with consumer audio devices [2] Company Highlights - Anker Innovations' President Zhao Dongping expresses pride in participating in the Microsoft Build conference, focusing on redefining smart audio products and enhancing audio interaction experiences across cultures [2] - Microsoft China Vice President Liang Yan praises Anker Innovations as a model for Chinese tech companies in globalization, emphasizing the importance of innovative collaboration in enhancing user experiences [2]

Core Viewpoint - Anker Innovations is focusing on new product categories such as consumer-grade UV printers and robotic lawn mowers to drive growth beyond its traditional product lines, aiming to capture emerging market opportunities in these segments [4][6][26]. Group 1: Product Development and Market Strategy - Anker's sub-brand Eufy has launched a lawn mower and a UV printer, with the latter achieving over $20 million in crowdfunding within 12 hours, setting a record for tech crowdfunding [4][10]. - The EufyMake E1 UV printer is positioned as a user-friendly, affordable option for DIY enthusiasts, with a base price of $1,899 and a promotional price of $1,699, significantly lower than traditional industrial UV printers [10][11]. - Anker has previously faced challenges with product lines, leading to a strategic refocus on core categories like mobile power and audio, resulting in over 30% growth in revenue and net profit expected in 2024 [6][26]. Group 2: Competitive Landscape - The consumer-grade UV printing market is becoming competitive, with other companies like XTool and Procolored also targeting similar user demographics and applications, indicating a crowded market [17][18]. - Anker's entry into the robotic lawn mower market is seen as joining an already competitive field, with the company adopting a boundary-less approach to differentiate its products [20][21]. Group 3: Challenges and Opportunities - The robotic lawn mower market has low penetration in the U.S. at only 2%, indicating significant growth potential but also challenges in replacing traditional mowers [23][25]. - Anker's reliance on online sales (71.23% of revenue) poses a challenge for the lawn mower segment, which may require more offline support and training for consumers [25].

Core Viewpoint - HSBC forecasts a 3.8% year-on-year growth in A-share earnings for Q1 2025, led by the materials (+40.3%) and information technology (+24.7%) sectors, with a continued outperformance of growth style over the market [1][2] Investment Themes Artificial Intelligence (AI) - The penetration rate of AI is rising, with 68% of A-share companies mentioning "AI" in their 2024 annual reports, up from 43% in the first half of 2024 [3] - Market expectations indicate accelerated profit growth in the AI value chain for 2025, with infrastructure companies expected to grow faster than technology enablers and applicators [3] Globalization - Recent breakthroughs in US-China trade negotiations serve as a catalyst for globalization-themed stocks [4] - In 2024, overseas revenue accounted for 11.7% of total revenue for CSI 300 constituents, an increase of 1.4 percentage points year-on-year, with the information technology sector having the highest overseas revenue share at 31.4% [4] Cyclical Recovery - Cyclical industries are expected to see profit improvements, with overall earnings projected to grow by 18.8% in Q1 2025, compared to a decline of 17.9% in Q3 2024 [5] - Factors contributing to structural opportunities in cyclical industries include steady policy rollout, structural recovery in the real estate market, and attractive valuations [5] Recommended Stocks - Based on the three investment themes and bottom-up research, HSBC recommends the following 10 stocks with buy ratings: - AI Theme: Xiaomi Group-W (01810), Deepin Technology (300454.SZ), Zhangqu Technology (300315.SZ) [6] - Globalization Theme: HAPO (02142), Luxshare Precision (002475.SZ), Anker Innovations (300866.SZ), Giant Star Technology (002444.SZ) [6] - Cyclical Recovery Theme: Suzhou Bank (002966.SZ), Proya Cosmetics (603605.SH), SF Holding (002352.SZ) [6]

Group 1 - Anker Innovations showcased its AI technology integration with consumer audio devices at the Microsoft Build 2025 conference, highlighting the Aerofit 2 Bluetooth headphones that support real-time translation in 100 languages [1][2] - The Aerofit 2 headphones feature two translation modes: face-to-face translation and simultaneous interpretation, enhancing cross-cultural communication [1] - Anker Innovations has over 52 million users globally and ranks among the top three audio brands in wireless headphone shipments, with 741 authorized patents as of Q1 2025 [2][3] Group 2 - The company aims to redefine the boundaries of smart audio products through collaboration with Microsoft, focusing on enhancing user experience and integrating AI into everyday life [2] - Anker Innovations is transitioning towards becoming an "audio-visual smart ecosystem builder" and is committed to increasing R&D investments to expand the application of smart hardware [3]

Core Viewpoint - Anker Innovations is actively pursuing new opportunities in the consumer robotics and printing markets, particularly with the launch of its eufyMake E1 UV printer and eufy lawn mowers, aiming to capture emerging consumer segments and enhance its growth story beyond its traditional product lines [1][3][18]. Group 1: Product Launches and Innovations - Anker's eufy brand has launched its first lawn mower and a UV printer, with the eufyMake E1 achieving over $20 million in crowdfunding within 12 hours, setting a record for tech crowdfunding [1][2][4][6]. - The eufyMake E1 is positioned as the world's first personal 3D texture UV printer, priced at $1,899, with a promotional price of $1,699, making it accessible in overseas markets [6][8]. - The eufyMake E1 features significant technological advancements, including 3D texture printing capabilities and a self-cleaning system that reduces maintenance costs to one-tenth of traditional devices [7][8][9]. Group 2: Market Position and Strategy - Anker Innovations has previously faced challenges with its product lines, leading to a strategic refocus on core categories such as mobile power and audio, resulting in over 30% growth in revenue and net profit in 2024, projected to exceed 20 billion yuan [2][18]. - The company aims to leverage its established brand reputation in the cross-border e-commerce space to penetrate the competitive consumer-grade UV printing and lawn mower markets [2][3][18]. - The eufy lawn mowers, priced in the thousand-dollar range, are designed to compete in a crowded market, utilizing a visual obstacle avoidance system, which presents both technical challenges and market opportunities [13][14][15]. Group 3: Consumer Segmentation and Market Trends - The target audience for the eufyMake E1 includes DIY enthusiasts and small business users, a demographic with significant purchasing power, often referred to as "Makers" [11]. - The lawn mower market is characterized by a low penetration rate of robotic mowers in the U.S., indicating potential growth opportunities despite existing challenges in consumer adoption and channel distribution [16][17]. - Anker's reliance on online sales channels, which account for 71.23% of its revenue, poses challenges for the lawn mower segment that traditionally requires offline support and training [17].

Core Viewpoint - The article emphasizes the importance of efficiency over mere growth and scale in the current economic environment, advocating for a shift in focus towards efficiency as a primary metric for business success [3][4][10]. Group 1: Investment Philosophy - The founder of 嘉御资本, Wei Zhe, has led successful investments in various sectors, including new consumption, cross-border e-commerce, and technology, with a notable focus on efficiency as a key performance indicator [3][4]. - 嘉御资本 has invested in 14 leading companies in the overseas market, including Anker Innovations and Pop Mart, demonstrating a strong track record in identifying high-potential investments [3][4]. - The company plans to enter the medical sector, viewing it as an opportunity despite the current challenges in the industry, indicating a contrarian investment approach [3][4][27]. Group 2: Efficiency as a Key Metric - Wei Zhe argues that in the current "stock economy," efficiency should take precedence over growth and scale, as many companies fail not due to lack of funding but due to inefficiencies [9][10]. - The concept of "first efficiency indicators" is introduced, which should be personally monitored by founders, highlighting the critical role of efficiency in a company's DNA [11][12]. - The article discusses the need for companies to adapt to a new reality where efficiency is paramount, especially in a market where capital is becoming scarcer and more expensive [14][15]. Group 3: Insights on AIGC and Innovation - The emergence of AIGC (Artificial Intelligence Generated Content) is discussed, with a focus on the importance of affordability in technology adoption, as exemplified by DeepSeek's cost-effective solutions [16][17]. - Wei Zhe emphasizes that innovation should not come at the expense of efficiency, advocating for a balanced approach to technological advancements [16][17]. Group 4: Investment Success Stories - The article highlights the investment strategies behind successful companies like Anker Innovations and Pop Mart, focusing on their high product development success rates and global market aspirations [20][21][22]. - The efficiency in product development and market entry strategies of these companies is noted as a key factor in their success, showcasing the importance of strategic planning in investment decisions [20][21][22]. Group 5: Future Predictions - Wei Zhe shares three predictions regarding the future of technology and work, including a significant reduction in work hours due to AI advancements and a potential increase in human lifespan through medical innovations [33][34]. - The predictions reflect a belief in the transformative power of technology and its implications for business and society [33][34].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has launched the world's first consumer-grade 3D texture UV printer, eufyMake E1, which has shown impressive crowdfunding performance, raising over $23 million (approximately 170 million RMB) during its campaign. This product is expected to be a significant innovation for the company and could create a new growth curve [2][8] - The easing of tariffs between China and the US is expected to reduce the company's losses, allowing for a more stable pricing strategy and potentially lower prices for consumers in the future [3][8] Financial Projections - Total revenue is projected to grow from 17,507 million RMB in 2023 to 51,150 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 23.60% [1] - Net profit attributable to the parent company is expected to increase from 1,615 million RMB in 2023 to 4,127 million RMB in 2027, reflecting a CAGR of about 25.29% [1] - The earnings per share (EPS) is forecasted to rise from 3.04 RMB in 2023 to 7.77 RMB in 2027, indicating strong profitability growth [1] Market Data - The company's closing price is reported at 99.27 RMB, with a market capitalization of approximately 52,753.15 million RMB [6] - The price-to-earnings (P/E) ratio is projected to decrease from 32.67 in 2023 to 12.78 by 2027, suggesting an attractive valuation as earnings grow [1][6]