智通财经记者 | 陆柯言 2025年末，多个社交平台上就出现了安克创新"裁员30%"的传闻，原因是季度末位淘汰。而如此大幅的裁员比例，也引发了跨境电商行业地震。 安克创新方面对智通财经回应称："这是公司基于战略升级和效率提升做的正常人员调整，网传30%比例严重不属实。"不过，公司并没有公布具体的调整比 例。 一位安克员工对智通财经表示，裁员属实，但30%实属夸张，更多偏向业务线整合。其中，涉及员工多为外包，以及部分绩效较低的正职员工，同时提供了 内部转岗机会。目前，安克创新员工规模在5000人上下。 安克此次裁员传闻，发生在公司即将二次上市的关口。12月2日，安克创新正式向港交所提交上市申请，由于公司此前已在深交所创业板上市，这也将构成 公司第二次公开上市（A＋H股模式）。安克创新表示，此次香港IPO是为推进全球化战略布局、提升公司综合竞争力。目前，公司海外营收占比超过 96%，其中北美是核心市场。 2025年，安克经历了多事之秋。今年6月，由于头部电芯供应商产品存在高度安全隐患，多家充电宝厂商都经历了史上最大规模的召回事件，充电宝行业也 面临前所未有的信任危机。美国消费者产品安全委员会（CPSC）发布公告称 ...

文 I 下海fallsea，作者 I 胡不知 2025年12月26日，脉脉上一条匿名爆料打破了跨境电商行业的平静："安克创新大规模裁员，比例接近 30%，已有员工完成离职手续签署"。消息一出，迅速在行业内引发震动。尽管安克创新官方第一时间 出面否认"情况不属实"，但市场的疑虑并未消散——就在爆料前两周，这家被视为"中国消费电子出海 标杆"的企业刚刚向港交所递交上市申请，试图通过"A+H"双平台融资破局；而其三季度财报早已显露 疲态：营收增速滑落至19.88%，为2023年一季度以来最低，扣非净利润更是六季度首次同比下滑 2.92%，经营活动现金流净额骤降至-8.65亿元，同比暴跌152.38%。 从2011年成立时的跨境小卖家，到2024年营收突破247亿元的行业巨头，安克创新用十余年时间书写了 中国消费电子出海的"造富神话"。其创始人阳萌提出的"浅海战略"，即避开巨头垄断的核心品类，聚焦 中小细分市场做饱和攻击，一度成为跨境电商行业的教科书式案例。但如今，裁员传闻、利润下滑、产 品召回、战略摇摆等一系列问题集中爆发，让这家明星企业陷入了前所未有的困境。 安克创新的困境绝非个例。2025年以来，跨境电商行业迎 ...

Core Viewpoint - Anker Innovations is accelerating its "A+H" dual capital platform strategy by submitting an IPO application to the Hong Kong Stock Exchange, aiming to address financial pressures and reposition itself for the next decade of growth [5][23]. Financial Performance - Anker Innovations' revenue is projected to grow from 14.25 billion yuan in 2022 to 24.71 billion yuan in 2024, with a compound annual growth rate (CAGR) of 31.7% [5][16]. - Net profit is expected to increase from 1.14 billion yuan in 2022 to 2.11 billion yuan in 2024, with a CAGR of 36.6%, indicating improved profitability [16]. - For the first three quarters of 2025, revenue and net profit grew by 29.79% and 28.76% year-on-year, respectively, continuing the growth momentum [16]. Business Model and Strategy - Anker Innovations has transitioned from a single-category champion in charging products to a diversified technology company with a multi-brand ecosystem, including Anker, eufy, and soundcore [12][14]. - The company employs a "shallow sea strategy," focusing on less competitive categories like smart home devices and entertainment, while avoiding the fiercely competitive smartphone and computer markets [13]. R&D and Talent Culture - The company has significantly increased its R&D investment, with R&D expenses rising from 1.08 billion yuan in 2022 to 2.11 billion yuan in 2024, and R&D personnel constituting 52.78% of total employees [14]. - Anker Innovations is recognized for its employee-centric culture, with substantial bonuses and a high percentage of employees earning over one million yuan annually [14]. Market Challenges - Anker Innovations faces challenges such as product recalls, inventory surges, and heavy reliance on the North American market and Amazon platform, which add uncertainty to its growth narrative [7][20]. - The company has experienced multiple product recalls due to safety issues, which could lead to significant financial losses and damage to brand reputation [18][20]. Supply Chain and Financial Health - As of Q3 2025, Anker Innovations' total liabilities reached 99.13 billion yuan, with a debt-to-asset ratio of 49.52%, indicating increasing financial pressure [23]. - The company's inventory value surged from 3.23 billion yuan at the end of 2024 to 6.15 billion yuan, raising concerns about cash flow and potential write-down risks [20][21]. IPO and Future Outlook - The IPO aims to alleviate cash flow issues and optimize the balance sheet by raising funds for working capital and repaying high-interest debt [23]. - Anker Innovations plans to address supply chain weaknesses, cultivate new growth areas, and reduce dependence on the North American market through its IPO and strategic initiatives [25].

| Goldman 高盛 摩根大通 | | --- | | J.P.Morgan CICC中等公司 | 图片来源：安克创新官网 作为曾经的"移动电源领域领军者"，安克创新近年来接连遭遇核心产品召回、海外关税政策冲击、现金流承压等多重挑战。 就在市场对其品控能力、抗风险韧性的质疑声持续发酵之际，安克创新抛出上市计划。然而，资本市场的审视目光向来严苛：一边是品控修复工作尚未完 成、现金流压力亟待缓解的基本面，一边是赴港融资的迫切诉求——投资者是否愿意为这家仍处"阵痛期"的出海企业注入资本？ | [编纂]的[编纂]數目 : [編纂]股H股(視乎[编纂] | | | --- | --- | | 行使情況而定） | | | [编纂]股份數目 . . | [编纂]股H股(可予重新分配) | | [编纂]股份數目 .. | [编纂]股H股(可予重新分配及 | | 視乎[编纂]行使情况而定) | | | 最高[編纂] : | 每股H股[编纂]港元,另加1.0%經 | | 紀佣金、0.0027％證監會交易徵費、 | | | 0.00015%曾財局交易徵費及 | | | 0.00565%香港聯交所交易費(須於 | | | [編纂 ...

文 | 万 芙 12月2日，"充电宝第一股"安克创新正式向港交所递交了主板上市申请，拟实现"A+H"双重上市格局。 据不完全统计，这场召回风暴已导致安克创新直接回收成本预计在4.32亿至5.57亿元之间。同时，公司已在2025年半年报中计提1.3亿元的产品质量保证 金，并记入2.38亿元存货跌价准备。 对于这家由前谷歌工程师阳萌创立、市值近600亿元的消费电子出海巨头而言，赴港IPO本该是一场提升全球化形象的资本盛宴。然而，安克创新此刻的 冲刺，难掩其在快速扩张下的中年焦虑。 站在港交所门前的安克创新，正面临着一连串拷问：外部，全球范围内史无前例的大规模产品召回危机、即将落地的"史上最严"安全新规及未消弭的海外 诉讼与调查风险。内部，则面临着经营现金流转负、存货余额激增以及高负债率等一系列财务指标的恶化。 这家曾以高品质和极致创新闻名的公司，在创始人阳萌"要做消费电子界宝洁"的愿景下，正用"快公司"的打法，挑战"慢行业"的复杂性，将自身推向了一 个系统性风险集中爆发的转折点。 港股融资，与其说是扩张的加速器，不如说是应对危机的资金缓冲垫。 危机四伏：召回风暴、监管新规与品牌信任危机 过去一年半，安克创新深陷大 ...

安克创新一直是中国消费电子企业出海的标杆之一。 在美国亚马逊的官网上，安克创新旗下2.5万mAh的笔记本电脑移动电源定价达到95.99美元，折合人民 币为679元；而在国内的淘宝上，同类容量的笔记本电脑移动电源定价基本在400元以内。 "赚美金"的日子确实比在国内"卷生卷死"要来的强。 2024年，安克创新的收入、净利润分别达到247.1亿元、22.11亿元，同比增速分别超过4成、3成。 但拐点正在悄然来临。 2025年6月开始，由于部分型号充电宝产品出现安全事故，安克创新不得不在中国、美国等多个国家选 择召回产品。 大批量的充电宝召回后，安克创新业绩增速开始放缓，2025年第三季度收入为81.52亿元，仅同比增长 了19.88%，回到了2022年同期的增速水平。 2014年，安克创新成为亚马逊北美、欧洲、日本等市场移动充电品类销量冠军，直至现在亚马逊仍是其 最主要的销售渠道。 过去三年亚马逊为安克创新贡献了超5成的收入。 面对逐渐走弱的业绩，安克创新打出的牌是继续融资。 继今年11月发行11亿元规模的可转债后，安克创新向港交所递交了IPO招股书，计划"A+H"两地上市。 一方面，安克创新计划继续开发新品类， ...

Core Viewpoint - Anker Innovations, once a leader in the portable charger market, is facing a significant trust crisis due to multiple product recalls and cash flow issues, prompting the company to consider a dual listing on the Hong Kong Stock Exchange to raise funds amidst ongoing quality control challenges [1][3][10]. Group 1: Product Recalls and Financial Impact - Anker has experienced a rare wave of product recalls, with over 2.38 million units affected, leading to direct recovery costs estimated between 432 million to 557 million yuan [2][3]. - The company recalled 1.15 million portable chargers in June and 480,000 in September in the U.S., followed by a large-scale recall in Japan [1][2]. - The recalls have resulted in both economic and reputational losses, causing a trust crisis among consumers who previously valued "Anker quality" [3][4]. Group 2: Business Model and Strategic Challenges - Anker's business model, which emphasizes "light manufacturing" and relies heavily on outsourcing production, has exposed vulnerabilities in quality control and supply chain management [9][10]. - The company's "shallow sea strategy," aimed at rapid market penetration across various consumer electronics segments, has led to overextension without establishing strong technical barriers [10][13]. - Despite significant revenue growth, Anker's reliance on its core charging products remains high, with 52.97% of sales in the first half of 2025 coming from charging and storage products [14][21]. Group 3: Financial Performance and Market Position - Anker reported a revenue of 21.02 billion yuan for the first three quarters of 2025, a 27.79% increase year-on-year, but with a notable slowdown in growth [16][18]. - The company's operating cash flow turned negative at -865 million yuan, a drastic decline from a positive cash flow of 1.65 billion yuan in the previous year [18][19]. - Anker's overseas revenue dependency exceeds 96%, indicating a vulnerability to international market fluctuations and trade policies [24][26]. Group 4: Future Directions and Strategic Shifts - Anker is exploring new product categories, including robotics and AI, as part of a long-term strategic shift, but this contrasts sharply with its previous rapid expansion approach [28][29]. - The company faces a critical juncture, needing to transition from a fast-paced, cost-driven model to one that emphasizes technology, brand strength, and sustainable governance [29][30].

Core Viewpoint - Anker Innovations is facing significant challenges, including a product quality crisis and a reliance on overseas markets, as it prepares for a dual listing in Hong Kong while navigating a series of recalls and financial pressures [2][20][26]. Group 1: Company Overview - Anker Innovations, founded in 2011, has successfully expanded from a single product focus to a brand matrix, leveraging e-commerce platforms like Amazon to sell various electronic accessories [6][12]. - The company gained notoriety for its generous employee compensation, with a reported 8 billion yuan allocated for bonuses in 2024, leading to its reputation as a desirable employer [10][11]. Group 2: Product Quality Crisis - Anker is currently embroiled in a major product recall, with over 238 million units recalled globally since 2025 due to safety concerns, particularly regarding battery risks [5][15][18]. - The recall incidents have highlighted significant weaknesses in Anker's supply chain management and quality control processes, raising concerns about its operational capabilities [18][19]. Group 3: Financial Performance - Despite the ongoing challenges, Anker reported a revenue of 21.02 billion yuan and a net profit of 1.93 billion yuan for the first three quarters of 2025, reflecting year-on-year growth of 27.79% and 31.34%, respectively [20][21]. - However, the company experienced a drastic decline in cash flow, with a net cash flow from operating activities of -864.87 million yuan, a 152.38% decrease compared to the previous year [23][24]. Group 4: Market Position and Future Outlook - Anker's heavy reliance on overseas markets, with over 96% of its revenue coming from international sales, poses structural risks, especially in light of changing global trade conditions [23][26]. - The upcoming IPO in Hong Kong is seen as a strategic move to diversify funding sources and mitigate trade risks, although the effectiveness of this strategy remains uncertain [26][27].

Core Viewpoint - Anker Innovations reported a third-quarter revenue of 8.152 billion yuan, marking a year-on-year growth of 19.88%, which is the first time in two years that the growth rate has fallen below 30% [1] Financial Performance - The net profit attributable to the parent company reached 766 million yuan, a year-on-year increase of 27.76%, while the net profit excluding non-recurring items was 521 million yuan, a decrease of 2.92% compared to the previous year [2] - Research and development expenses for the third quarter amounted to 751 million yuan, reflecting a year-on-year increase of 24.72%, while sales expenses rose to 1.872 billion yuan, up 25.13% year-on-year [3] Strategic Insights - The company's diversification strategy, referred to as the "Shallow Sea Strategy," focuses on smaller-scale product categories, avoiding complex categories like smartphones and electric vehicles [2][6] - The "Shallow Sea" concept is defined as product categories with sales scales below 50 billion USD, with R&D investments around 100 million USD or less [7] Market Position and Challenges - Anker's market capitalization is nearing 60 billion yuan, and despite external market volatility, the company has achieved double-digit growth in revenue and profit [2] - The company has increased its inventory significantly, with a year-on-year growth rate exceeding 90%, attributed to increased business volume and proactive stocking due to seasonal demand and tariffs [5] Product Development - Anker has launched multiple new products across its three core categories: charging and energy storage, smart innovation, and smart audio-visual [5] - The company has introduced new products such as high-power chargers, portable power banks, and various smart home devices, expanding its product diversity [5] Recent Developments - Anker's eufyMake launched a consumer-grade 3D texture UV printer, which raised over 46.76 million USD on Kickstarter, setting a record for the platform [7] - However, quality control issues were identified prior to shipment, with 5%-10% of units experiencing potential leakage problems [8][9]

Core Insights - Anker Innovations is projected to achieve nearly 6 billion yuan in revenue from its energy storage business ("Zhongda Charge") in 2025, representing a year-on-year growth of nearly 100% [1] - The company has seen significant growth in its energy storage segment, with revenue surpassing 3 billion yuan in 2024, a year-on-year increase of 184% [1] - Anker's energy storage business is becoming a second growth curve for the company, which originally started with power banks and charging accessories [1] Revenue and Market Position - If Anker meets its revenue target of 6 billion yuan for this year, its energy storage business will be close in scale to its competitor, Zhenghao Innovation, which is expected to generate nearly 8 billion yuan in revenue in 2024 [2] - Anker's energy storage business has been restructured and expanded under the leadership of Xiong Kang since 2022, allowing it to enter major markets like North America, Japan, and Germany [4][5] Competitive Landscape - Anker has shifted its focus from competing in portable energy storage to leading in the "balcony photovoltaic" segment, which has emerged as a new growth area [7] - The company launched its Anker SOLIX brand in June 2023, integrating solar panels with energy storage systems to create user-friendly products [7] - Anker's rapid rise in the balcony photovoltaic market has put pressure on Zhenghao Innovation, which has struggled to keep pace [10][11] Product Development and Innovation - Anker has released multiple iterations of its solar energy storage products, including the Solarbank 2 Pro and Solarbank 3 Pro, enhancing their capabilities and maintaining a competitive edge [9] - The company has successfully identified and capitalized on market opportunities, particularly in response to the European energy crisis, which has increased demand for energy storage solutions [5][7] Strategic Direction - Anker is transitioning from a cross-border e-commerce model to a long-term product-oriented company, aiming to reduce reliance on platforms like Amazon [18][21] - The company's "Shallow Sea Strategy" focuses on innovation and channel advantages in multiple billion-dollar niche markets, with energy storage being a key component of this strategy [16][17] - Despite recent successes, Anker's transformation is still ongoing, with challenges remaining in fully establishing itself as a product company [21]