Group 1 - The China Securities Regulatory Commission (CSRC) issued supplementary material requirements for 10 companies, including Anker Innovations, which is required to clarify its overseas operations and related matters [1] - Anker Innovations has submitted its application to the Hong Kong Stock Exchange for a main board listing, with China International Capital Corporation, Goldman Sachs, and JPMorgan as joint sponsors [1] - The CSRC requests Anker Innovations to provide detailed information regarding its business scope, specifically in geographic remote sensing information services and socio-economic consulting services, including whether it has obtained necessary qualifications and licenses [2] Group 2 - Anker Innovations operates under the brand Anker and has expanded its product portfolio to include smart charging, energy storage, smart home, and innovative audio products, with three global brands: Anker, eufy, and soundcore, along with two core sub-brands: Anker SOLIX and eufyMake [2] - The company holds a leading global market share in several key segments, including mobile charging, energy storage, smart home security, and wireless headphones [3] - According to Frost & Sullivan, Anker Innovations has maintained the second position globally in mobile charging products by retail sales since 2020, with a projected market share of 5.0% in 2024 [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested Anker Innovations (300866) to provide supplementary materials regarding its overseas operations as part of its application for listing on the Hong Kong Stock Exchange, with specific inquiries about its business scope and fundraising plans [1][2]. Group 1: Regulatory Requirements - The CSRC has asked Anker Innovations to clarify the operational status of its subsidiaries, particularly regarding its services in geographic remote sensing and socio-economic consulting, including necessary licenses and compliance with foreign investment restrictions [2]. - Anker Innovations is required to detail its overall overseas operations, the specific use of raised funds, and the proportion of domestic versus overseas investment, including any plans to repatriate funds to China [2]. Group 2: Company Overview - Anker Innovations operates under the brand Anker and has expanded its product portfolio to include smart charging, energy storage, smart home, and innovative audio products, with three global brands: Anker, eufy, and soundcore, along with two core sub-brands: Anker SOLIX and eufyMake [2]. - The company holds a leading global market share in several key segments, including mobile charging, energy storage, smart home security, and wireless headphones, ranking second globally in mobile charging products by retail sales since 2020, with a projected market share of 5.0% in 2024 [3].

Core Viewpoint - Anker Innovations Technology Co., Ltd. has submitted its application for a dual listing on the Hong Kong Stock Exchange after five years of being listed on the A-share market, aiming to raise funds for product iteration, diversification, R&D, talent acquisition, and brand enhancement [1] Financial Performance - Anker's revenue has increased by 1.64 times over the past five years, growing from 9.353 billion yuan in 2020 to 24.71 billion yuan in 2024, while net profit rose from 856 million yuan in 2020 to 2.114 billion yuan in 2024 [3][4] - In Q3 2025, the company reported revenue of 8.15 billion yuan, a year-on-year increase of 19.9%, and a net profit of 770 million yuan, up 27.8% year-on-year [4] Revenue Breakdown - The company has three main product lines: smart charging and energy storage (51% of revenue), smart home and innovation (26%), and smart audio-visual products (23%) for the year 2024 [1] - In 2024, Anker's overseas market revenue accounted for 96.4% of total revenue, with 48.1% from North America, 23% from Europe, and 25.3% from other global regions [5] Market Position - Anker is the second-largest player in the global mobile charging market by retail sales since 2020 and the largest independent mobile charging brand in North America, with a projected market share of 5% in 2024 [1]

Core Viewpoint - Anker Innovations has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for product innovation, market strategy enhancement, and supply chain management improvements [1][3]. Group 1: IPO Details - Anker Innovations filed its IPO application on December 2, 2025, with CICC, Goldman Sachs, and JPMorgan as joint sponsors [1]. - The funds raised will be used for product iteration, R&D, global market strategies, supply chain upgrades, brand influence enhancement, and working capital [1]. Group 2: Financial Performance - The company reported steady revenue and net profit growth, with revenues reaching 24.71 billion yuan and net profits at 2.21 billion yuan in 2024 [5]. - However, in the first three quarters of 2025, the company experienced a significant cash outflow of -865 million yuan, attributed to aggressive inventory accumulation in anticipation of future sales [5]. Group 3: Inventory and Cash Flow Concerns - Anker Innovations' inventory surged over 90% from 32.33 billion yuan at the end of 2024 to 61.47 billion yuan by the end of Q3 2025, with inventory turnover days increasing to 107.8 days [5]. - The company’s net debt ratio rose to 7.7% by Q3 2025, with bank loans nearly doubling from 8.81 billion yuan at the end of 2023 to 17.25 billion yuan [5]. Group 4: Market Position and Product Lines - Anker Innovations operates major global brands including Anker, eufy, and soundcore, holding a 5% market share in the global mobile charging products market as of 2024 [3]. - The majority of the company's revenue comes from overseas markets, particularly North America, which accounted for 50.9%, 47.9%, 48.1%, and 45.2% of total revenue during the reporting periods [4]. Group 5: R&D and Marketing Expenditure - Despite claiming a focus on "extreme innovation," Anker's R&D spending has been less than half of its sales and distribution expenses in recent years [1][7]. - The company has a strong reliance on third-party manufacturing partners, which has led to quality control issues and product recalls [7].

本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本公 司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請 僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定，招股章程的文本將於發售期內向公眾 人士刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文件中 的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不引起本公司、本公司的聯席保薦人、整 體協調人、顧問或承銷團成員在香港或任何其他司法權區必須進行發售活動的責任。本公司最終會 否進行發售仍屬未知之數； (c) 本文件或其補充、修訂或更換附頁的內容可能會亦可能不會在最後正式的上市文件內全部或部分轉 載； (d) 本文件並非最終的上市文件，本公司可能不時根據《香港聯合交易所有限公司證券上市規則》作出 更新或修訂； (e) 本文件並不構成向任何司法權區的公眾人士提呈出售任何證券的招股章程、發售通函、通知、通 告、小冊子或廣告，亦非邀請公眾人士提出認購或購買任何證券的要約，且不旨在邀請公眾人士提 出 ...