Anker Innovations Technology Co., Ltd. has long been a benchmark for Chinese consumer electronics companies expanding overseas.
On Amazon's U.S. website, Anker's 25,000mAh laptop power bank is priced at $95.99 (approximately RMB 679), while similar-capacity power banks on Taobao in China typically retail below RMB 400. The profitability of "earning dollars" clearly outshines the cutthroat competition in the domestic market.
In 2024, Anker reported revenues of RMB 24.71 billion and net profits of RMB 2.211 billion, with year-on-year growth exceeding 40% and 30%, respectively. However, a turning point emerged in mid-2025 when product recalls due to safety incidents in certain power bank models slowed growth. Q3 2025 revenue reached RMB 8.152 billion, reflecting only 19.88% YoY growth—a return to 2022 levels.
To counter weakening performance, Anker is doubling down on financing. After issuing RMB 1.1 billion in convertible bonds in November, the company filed for a Hong Kong IPO, aiming for dual "A+H" listings. Its strategy includes expanding into new smart product categories and building a global direct sales network through flagship stores and experience centers—a move to reduce reliance on Amazon, which contributed over 50% of revenue in the past three years.
**Global Expansion** North America and Europe accounted for RMB 9.505 billion and RMB 5.645 billion, respectively, in the first three quarters of 2025, collectively representing 70% of Anker’s revenue. The company capitalized on the smartphone accessory boom by leveraging China’s supply chain to launch branded power banks on Amazon, becoming a category leader in North America, Europe, and Japan by 2014. Founder Yang Meng acknowledged Amazon’s pivotal role in Anker’s global brand-building.
Despite maintaining a 43.3% gross margin (just 4 percentage points below Apple’s) and ranking as the world’s second-largest mobile charging brand, Anker faces risks from its Amazon dependence. The rise of rivals like Temu has pressured Amazon’s e-commerce dominance, exemplified by a reported (though denied) "choose one" ultimatum between Amazon and Temu platforms in late 2024.
**Diversification Push** The IPO aims to fund alternative channels, including social commerce, offline retail, and proprietary websites. Anker opened its first North American store, "Anker Powers tm:rw," in Times Square in September 2025. Yet, overseas brick-and-mortar expansion risks squeezing margins—a challenge typically shouldered by higher-ticket items like smartphones (e.g., Xiaomi’s 10,000-store overseas target).
Beyond its Anker charging brand, the company is developing premium smart home products under the eufy brand, such as a $329.99 smart lock and $239.99 robot vacuum, to offset channel costs.
**Strategic Shifts** Anker’s "shallow seas" strategy targets niche markets under $80 billion, like creative printers and drones, to avoid head-on competition with giants. However, recent moves into home service robots—a contested space with Google’s Mobile ALOHA and Haier’s KUAVO—signal deeper market ambitions. As Anker ventures beyond peripherals, its transition from "shallow" to "deep waters" may invite fiercer clashes with industry titans.
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