With a market capitalization exceeding 60 billion yuan, the A-share ChiNext leader in the mobile charging industry, Anker Innovations Technology Co.,Ltd. (300866.SZ), has submitted its listing application to the Hong Kong Stock Exchange for the second time, aiming to achieve a dual primary listing in both the A-share and H-share markets. It is understood that the company recently refiled its application for a main board listing in Hong Kong, with China International Capital Corporation, Goldman Sachs, and J.P. Morgan acting as joint sponsors. The company's product portfolio covers smart charging and energy storage, smart home, and smart audio-visual products. According to data from Frost & Sullivan, based on 2025 revenue, the company ranks first globally in the mobile charging product market with a 4.8% share, and is the third-largest portable energy storage company with a 10.8% market share.
Anker Innovations Technology Co.,Ltd. is an A-share listed company that debuted on the ChiNext board in August 2020. After its stock price experienced a prolonged downtrend post-2021, it bottomed out and began an upward trajectory in 2023. To date, the stock price has risen 1.9 times from its low and is up 73.4% from its IPO price, with a market cap exceeding 60 billion yuan. The company first submitted its application to the Hong Kong Stock Exchange in December 2025, and this second filing underscores its determination to achieve a dual A+H listing.
The company's financial performance is robust. From 2023 to 2025, revenue grew from 17.507 billion yuan to 30.514 billion yuan, representing a compound annual growth rate (CAGR) of 32.01%. Net profit attributable to shareholders increased from 1.615 billion yuan to 2.545 billion yuan, a CAGR of 25.53%. As of April 2026, the company held cash and cash equivalents of 2.573 billion yuan.
The company's proposed H-share listing has already received filing approval from the China Securities Regulatory Commission. It plans to issue no more than 68.51 million H-shares. Based on its A-share price, the total fundraising amount could reach approximately 8.9 billion yuan.
Balanced Growth from Three Segments Fuels High Performance and Rising ROE
Established in 2011, Anker Innovations Technology Co.,Ltd. primarily operates three global brands: Anker, eufy, and soundcore, along with two core sub-brands, Anker SOLIX and eufyMake. Its product range includes smart charging and energy storage, smart home, and smart audio-visual products. Driven by its global strategy, its products are sold in over 180 countries and regions, and it had accumulated over 200 million users worldwide by 2025.
The company has maintained double-digit growth. From 2023 to 2025, the revenue from its three main product lines—smart charging & energy storage, smart home, and smart audio-visual—achieved CAGRs of 33.8%, 35.0%, and 26.3%, respectively. Their revenue shares in 2025 were 50.5%, 27.1%, and 22.4%, demonstrating clear diversification. Geographically, key markets like North America and Europe maintained strong growth. In 2025, revenue contributions from North America, Europe, China, and the rest of the world were 46.3%, 26.7%, 3.4%, and 23.6%, respectively.
Anker Innovations Technology Co.,Ltd. exhibits solid operational efficiency. Operating cash flow remained positive from 2023 to 2025 at 1.43 billion yuan, 2.745 billion yuan, and 480 million yuan, respectively. The significant year-on-year decline in 2025 was mainly due to increases in inventory and receivables, with inventory increasing by 2 billion yuan. However, historically, cash flow has been sufficient to cover investment and financing needs, generating net cash inflow. During this period, cash and cash equivalents were 1.789 billion yuan, 2.328 billion yuan, and 3.067 billion yuan, respectively, standing at 2.573 billion yuan as of April 2026, primarily due to large purchases of finished goods inventory in anticipation of rising demand.
In terms of profitability, the gross margin showed an upward trend, increasing by 1.2 percentage points to 43.9% from 2023 to 2025. However, segment gross margins varied: the smart charging & energy storage segment's gross margin decreased by 1.5 percentage points to 39.8%, while the smart home segment's gross margin increased by 2.2 percentage points to 47.7%, and the smart audio-visual segment's gross margin rose by 5.2 percentage points to 48.4%. In 2025, the gross profit contributions from these three segments were 45.82%, 29.44%, and 24.68%, respectively.
However, the expense ratio has increased. The company's three core expense ratios (selling, administrative, and R&D) rose by 1.9 percentage points to 36% from 2023 to 2025. In 2025, these ratios were 9.5%, 22.4%, and 4.1%, respectively. This led to a slight decline in the net profit margin attributable to shareholders, which was 9.2%, 8.6%, and 8.3% during the period. Nonetheless, driven by financial leverage, the return on equity (ROE) continued to climb, reaching 19.79%, 24.18%, and 24.43% over the same period.
Core Business Sees Volume and Price Growth; High R&D Investment Bolsters Competitiveness
The sustained strong performance of Anker Innovations Technology Co.,Ltd. is attributed to balanced growth across its three business segments, with its core businesses holding leadership positions in their respective industries. The company boasts a rich product matrix. Its smart charging & energy storage segment covers the full range of Anker-branded charging devices and accessories, as well as Anker SOLIX-branded consumer energy storage products, including charging products, power banks, chargers, accessories, and energy storage series like balcony photovoltaic and residential energy storage. The smart home segment includes eufy-branded home security and cleaning devices, along with eufyMake creative printing solutions, categorized into series like S, E, and C. The smart audio-visual segment comprises soundcore-branded headphones and speakers, and Nebula projector series products.
Both the smart charging & energy storage and smart home core businesses achieved growth in both volume and average selling price (ASP). From 2023 to 2025, the CAGRs for sales volume and ASP were 22.6% and 9.13% for charging/energy storage, and 24.82% and 8.12% for smart home, respectively. The smart audio-visual segment saw "volume increase with price decrease," with sales volume growing 94.57% while ASP fell 18% over the period, but the volume increase outweighed the price decline. Driven by these three segments, overall volume and price maintained an upward trend, propelling robust performance growth.
Notably, Anker Innovations Technology Co.,Ltd. maintains significant R&D investment to preserve its product leadership. From 2023 to 2025, R&D expenses were 1.414 billion yuan, 2.108 billion yuan, and 2.893 billion yuan, with R&D expense ratios of 8.1%, 8.5%, and 9.5%, respectively. By the end of 2025, the company held 3,026 granted patents globally, along with 1,862 registered trademarks and 87 software copyrights. The company has developed technologies like GaNPrime™ 2.0, energy storage technology, smart home technology, and audio-visual technology, giving it an industry-leading edge. For instance, in 2018, it pioneered gallium nitride (GaN) chargers globally, being the first to apply this material, traditionally used in aerospace, to consumer charging. In 2025, it launched the world's first consumer-grade 3D texture UV printer for home use.
According to Frost & Sullivan, based on revenue from 2020 to 2024, the company ranks second globally in the mobile charging product market and is the world's largest independent mobile charging brand.
Benefiting from Industry Growth but Facing Inventory Devaluation Risks
From an industry perspective, the three sectors in which Anker Innovations Technology Co.,Ltd. operates are all experiencing stable growth. According to Frost & Sullivan data, based on revenue, the global consumer energy storage market size was 0.23 trillion yuan in 2025, the global smart home market was 1.12 trillion yuan, and the global smart audio-visual device market was 1.3 trillion yuan. Their respective CAGRs over the past five years were 86.7%, 12.2%, and 3.8%, with projected market sizes reaching 0.56 trillion yuan, 1.92 trillion yuan, and 1.61 trillion yuan by 2030. Consumer energy storage is undoubtedly the company's most promising market, with residential energy storage and balcony photovoltaic storage showing CAGR doubling over the past five years. By 2030, residential energy storage, portable energy storage, and balcony photovoltaic storage are projected to account for 82.34%, 11.44%, and 6.23% of the market, respectively. Based on 2025 revenue, the company is the third-largest portable energy storage company with a 10.2% market share.
Anker Innovations Technology Co.,Ltd. has a global market presence, fully benefiting from industry growth. The company has established over 50 offices in 28 countries and regions, including the US, Japan, the UK, and the UAE, continuously advancing a flexible global supply chain layout and partnering with over 20 production collaborators worldwide.
Regarding sales channels, the company has an omnichannel network encompassing both online and offline channels. Online sales are primarily via Amazon, while offline channels include distributors and retailers. In 2025, revenue contributions from these three channels were 52.3%, 18.8%, and 11%, respectively. This omnichannel advantage provides opportunities for global market expansion. Furthermore, the company has ample cash flow, with a current cash-to-interest-bearing debt ratio exceeding 2.9 times as of April 2026.
For this Hong Kong listing, the company stated that the funds raised will be used to drive product innovation, R&D and talent recruitment, enhance brand influence and consumer loyalty, strengthen its direct-to-consumer global market strategy, optimize supply chain management, and support its global expansion plans.
In summary, Anker Innovations Technology Co.,Ltd. demonstrates strong performance with both revenue and profit growth. Its "three business segments + multi-channel + global market" strategy continues to drive high growth. The rapidly expanding consumer energy storage industry holds the potential to become its largest core growth driver, further boosting ROE. The company shows strong determination for its H-share listing, and having refiled with CSRC approval, achieving a dual A+H listing as a segment leader appears almost certain. However, risks remain, such as the large purchase of finished goods inventory in the first four months of 2026, which could lead to inventory devaluation provisions and impact profits if prices fall. The company's overseas revenue heavily relies on North America and Europe, particularly the US, where tariff policies could significantly affect demand. The market tends to favor industry leaders. The company's A-share P/E ratio is around 23x, which is not high relative to its sector. If priced in line with its A-shares, the offering could present an attractive opportunity.
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