安克创新(300866)：营收持续高增 盈利能力保持稳定

Core Viewpoint - The company reported strong revenue growth in the first half of 2025, driven by product innovation and expansion into new categories, with a positive outlook for future growth opportunities [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 12.867 billion yuan, a year-on-year increase of 33.36%, and a net profit attributable to shareholders of 1.167 billion yuan, up 33.80% year-on-year [1]. - Q2 2025 revenue reached 6.873 billion yuan, reflecting a year-on-year growth of 30.41% and a quarter-on-quarter increase of 14.68% [1]. - The gross profit margin for H1 2025 was 44.73%, a slight decrease of 0.45 percentage points year-on-year, while the net profit margin was 9.07%, an increase of 0.03 percentage points year-on-year [3]. Product and Channel Performance - Revenue from the charging storage category, smart innovation category, and smart audio-visual category in H1 2025 was 6.816 billion yuan, 3.251 billion yuan, and 2.798 billion yuan, respectively, with year-on-year growth rates of 37%, 38%, and 21% [2]. - Online and offline revenue for H1 2025 was 8.675 billion yuan and 4.192 billion yuan, respectively, with year-on-year increases of 29% and 44% [2]. R&D and Investment - The company increased its R&D expenditure, with a research and development expense ratio of 9.28% in H1 2025, up 0.99 percentage points year-on-year [3]. - Investment income from financial products and foreign exchange contracts contributed 155 million yuan to the profit, an increase of 117 million yuan year-on-year [3]. Future Outlook - The company plans to pursue a listing in Hong Kong to enhance its global strategy and brand image, which is expected to improve capital turnover efficiency and attract talent [4]. - Revenue forecasts have been adjusted upwards, with projected net profits for 2025-2027 increased by 11.08%, 7.05%, and 6.24%, respectively [5].