安克创新(300866)：各业务线维持高增 全球市场快速铺开

Core Insights - The company achieved revenue of 12.867 billion yuan in the first half of 2025, representing a year-on-year increase of 33.4%, with a net profit attributable to shareholders of 1.167 billion yuan, up 33.8% year-on-year [1] - The company maintains high growth across all business lines, driven by the continuous launch of new products and an increase in global penetration [2] - The company’s three main business directions are smart electricity, smart audio-visual, and smart home automation, contributing 53%, 25%, and 22% to total revenue respectively [2] - The company’s overseas revenue reached 12.42 billion yuan, a year-on-year increase of 33.9%, with the European market showing the fastest growth [3] - The company’s online channel revenue grew by 29% year-on-year, while offline channel revenue increased by 44% [3] Revenue Breakdown - Smart electricity revenue was 6.8 billion yuan, up 37% year-on-year, with the F3800Plus product winning an award for best mobile energy storage in North America [2] - Innovative products generated 3.3 billion yuan in revenue, a 38% increase year-on-year, with the eufyMakeE1 3D texture UV printer breaking crowdfunding records [2] - Smart audio-visual revenue reached 2.8 billion yuan, a 21% increase year-on-year, with new headphones launched to meet diverse user needs [2] Market Performance - Domestic revenue was 450 million yuan, up 19.5% year-on-year, while overseas revenue showed significant growth, particularly in Europe, North America, and other markets [3] - The company’s independent site revenue grew by 43% year-on-year, indicating increasing brand recognition among users [3] - The company focuses on multiple niche markets rather than monopolistic development, leveraging core capabilities to expand its product ecosystem [3] Future Outlook - The company forecasts net profit attributable to shareholders to reach 2.7 billion yuan in 2025 and 3.3 billion yuan in 2026, maintaining a "buy" investment rating [3]