哈喽，大家好，小圆今天想跟大家聊聊中国品牌出海圈的一件大事，安克创新正式向港交所递表了，作 为2011年成立、靠充电宝在亚马逊闯出名堂的企业，它2020年登陆深圳创业板时就拿下"跨境电商第一 股"的称号。 如今再启港股IPO，中金、高盛这些头部投行保驾护航，显然不只是简单的资本操作，更像是为全球化 新阶段按下了加速键，这背后到底藏着怎样的战略考量，双重主要上市的选择又能给它带来什么？ 双重主要上市 很多人可能会问，已经在A股上市的安克，为啥非要跑到港股再上市？关键就在它选的双重主要上市模 式上，这和二次上市最大的区别是，港股和A股地位平等且独立，不是简单的附属品，对海外收入占比 常年超96%的安克来说，这种独立性太重要了。 当下全球贸易环境多变，北美作为它近半营收的来源地，关税政策调整频繁，而它对亚马逊平台的依赖 一度超过57%，平台规则变动就可能影响业绩，通过港股上市，安克相当于给全球化加了层安全垫，能 吸引东南亚、中东等新兴市场的投资者，拓宽资本来源。 降低对单一资本市场的依赖，香港作为国际金融中心的背书，能让海外合作伙伴和消费者更信任这个中 国品牌，毕竟在全球市场拼杀，品牌公信力就是竞争力，融资需求也很 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 1.756 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19%. However, the net profit attributable to shareholders decreased by 29% to 72 million yuan [4][7] - The decline in net profit is attributed to significant investments in new product molds and the initial costs associated with subsidiaries [7] - The company is expanding its product categories, particularly in air fryers and coffee machines, which are expected to contribute to revenue growth in the future [7] - The company has successfully established itself as a key supplier for several well-known domestic and international brands [7] Financial Data and Profit Forecast - For 2025, the company is projected to achieve a total revenue of 2.441 billion yuan, with a year-on-year growth rate of 18.6% [6] - The net profit attributable to shareholders is expected to be 153 million yuan in 2025, reflecting a growth of 9.9% [6] - The gross margin is forecasted to improve gradually as new products ramp up production, with an expected gross margin of 14.3% in 2025 [6][7] - The company plans to enhance its overseas production capacity, with ongoing developments in its Thailand facility [7]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1]. Core Insights - The company reported a revenue of 1.756 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19%. However, the net profit attributable to shareholders decreased by 29% to 72 million yuan, and the net profit after deducting non-recurring items fell by 33% to 66 million yuan [4][7]. - The decline in profit is attributed to significant investments in new product molds and the initial costs associated with the startup phase of subsidiaries. Despite this, the company is expanding its product categories, particularly in air fryers and coffee machines, which are expected to contribute to revenue growth in the future [7]. - The company has successfully established itself as a key supplier for several well-known domestic and international brands, enhancing its market position [7]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 2.441 billion yuan in 2025, with a year-on-year growth rate of 18.6%. The net profit attributable to shareholders is expected to be 153 million yuan, reflecting a growth of 9.9% [6][9]. - The gross margin is forecasted to improve gradually as new products ramp up production, with an estimated gross margin of 14.3% in 2025 [6]. - The company’s earnings per share (EPS) is projected to be 0.82 yuan in 2025, with a price-to-earnings (P/E) ratio of 24 times [6][9].