安克创新：14年智能硬件老兵赴港，“A+H”布局卡位AI硬件浪潮

Core Viewpoint - Anker Innovations is embarking on a new journey with its "A+H" dual capital platform, having submitted its main board listing application to the Hong Kong Stock Exchange, with major underwriters including China International Capital Corporation, Goldman Sachs, and JPMorgan Chase [1] Group 1: Company Overview - Anker Innovations, founded in 2011 and headquartered in Changsha, China, has become a creator of innovative products in the global smart hardware technology industry, with a product range covering smart charging and energy storage, smart home, and innovative audio-visual products [2] - The company’s product matrix includes mobile charging, consumer-grade energy storage, smart security, smart cleaning, creative printing, smart audio, and smart projection, catering to personal, home, and outdoor scenarios [2] Group 2: Business Segments and Financial Performance - The smart charging and energy storage business is projected to account for 51.3% of revenue in 2024, with products like the SOLIX F3800 Plus portable power station and Solarbank 3 E2700 Pro balcony photovoltaic storage device [3] - Revenue from the smart home and innovative business reached 5.5 billion RMB in the first nine months of 2025, a year-on-year increase of 36.2%, driven by popular products under the eufy brand [3] - The smart audio-visual business, led by brands soundcore and Nebula, achieved 4.6 billion RMB in revenue in the first nine months of 2025, reflecting a 20.2% year-on-year growth [3] Group 3: Market Presence and Sales Channels - As of September 30, 2025, Anker Innovations has sold products to over 180 countries and regions, serving more than 200 million users, with over 96% of revenue coming from overseas markets [5] - North America contributed 45.2% of revenue, while Europe’s market share increased to 26.9% in the first three quarters of 2025 [5] - The company collaborates with leading e-commerce platforms like Amazon and JD.com, with online sales accounting for 71.2% of revenue in 2024 [5] Group 4: Competitive Advantages and Industry Outlook - Anker Innovations has established competitive barriers through technological innovation, global layout, and brand accumulation, with a focus on core technology research and development [7] - The company has 2,747 global authorized patents and a compound annual growth rate of 39.7% in R&D expenses from 2022 to 2024, with a R&D expense ratio of 9.3% in the first nine months of 2025 [7] - The global smart hardware market is projected to reach approximately $1.2 trillion in 2024, with a compound annual growth rate of 5.9% from 2024 to 2029, and the "shallow sea market" segment, which Anker focuses on, is expected to grow at a rate of 11.5% [9][11] Group 5: Financial Growth and Shareholder Returns - From 2022 to 2024, the company's revenue grew from 14.25 billion RMB to 24.71 billion RMB, with a compound annual growth rate of 31.7%, and net profit increased from 1.19 billion RMB to 2.21 billion RMB, reflecting a 42.9% growth rate [13] - The company maintained a stable gross margin of 43.3% in the first nine months of 2025, with a dividend payout ratio increasing from 42.7% in 2022 to 52.8% in 2024 [13] Group 6: Future Plans and Funding - The net proceeds from the Hong Kong listing will primarily be used for product iteration and innovation, R&D and talent acquisition, brand and user operations, global direct sales channel development, supply chain upgrades, and working capital [15] - The focus will be on optimizing core product lines in smart charging, smart home, and smart audio-visual sectors, while also developing emerging product categories [15]