Recently, Anker Innovations released its semi-annual report. In the first half of the year, revenue reached CNY 16.605 billion, a year-on-year increase of 29.05%; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was CNY 1.439 billion, up 49.65% year-on-year. The higher growth rate of the deducted net profit compared to the net profit attributable to the parent indicates that the growth is not driven by non-recurring gains and losses.
However, the more compelling aspects of Anker's story lie beyond its financial statements.
In April 2025, this company, which started out with charging accessories, launched the E1 UV printer under its eufyMake brand. It raised over USD 1 million on Kickstarter within the first minute of going live, ultimately breaking the platform's all-category historical record with USD 46.76 million. In March this year, this product was officially launched at the domestic AWE exhibition, priced at CNY 13,999.
Why has a company that sells power banks achieved such remarkable results with a printer? This question gets closer to Anker's true profile than the revenue growth rate in its financial report itself.
The market's perception of Anker has long been confined to the label of a "consumer electronics accessories company." The charging category is indeed still Anker's largest source of revenue, contributing 53.8% of revenue in the first half of 2026. However, the remaining 46.2% of revenue comes from new categories such as energy storage, smart security, smart audio and video, and UV printing.
This structure implies that the framework of a "power bank company" is no longer sufficient to understand Anker.
In its latest report, Huachuang Securities placed Anker within the coordinate system of Procter & Gamble. This reference points to a core question:
Is Anker truly a hardware company driven by single hit products, or a consumer electronics platform with platformization capabilities that can continuously transfer its competitiveness across different categories?
1. The Charging Business Has Almost Nothing to Do with Smartphone Sales
The biggest misconception the market has about Anker's charging business is tying it to the smartphone cycle.
Intuitively, a decline in smartphone sales should lead to a slowdown in accessory growth. However, the data suggests the exact opposite. Over the past five years, Anker's charging business has actually grown at an average rate of about 22%, which is 7 percentage points higher than market expectations.
In 2025, the growth rate of smartphone shipments was negative, yet Anker's charging category still grew by over 12%. The market is accustomed to treating accessories as mere appendages to smartphones, but the data does not support this judgment.
The reason lies in the fundamental nature of charging accessories: their primary purpose is not to extend the life of a smartphone, but to keep electronic devices functioning normally. In 2023, the global per capita number of mobile electronic devices was 3.6; smartwatches, earphones, cameras, and laptops all need recharging. The more devices there are, the more rigid the charging demand becomes, which has no direct relationship with how many smartphones are sold.
In other words, the logic of volume growth does not rely on the smartphone replacement cycle. The theoretical lifespan of a power bank is over 5 years, but the actual replacement cycle is 1.5 years, for an exceptionally simple reason—they are easily lost.
In the statistics of lost and found items at Chengdu East Railway Station, power banks account for 22.8%, ranking first. The demand for repurchasing upon loss gives this category an independent growth rhythm.
The logic of price growth is even clearer. From 2020 to 2025, the average price of chargers rose from CNY 79.5 to CNY 125.6, representing a compound annual growth rate of 10%. The proportion of high-power, multi-port, and wireless products continues to increase. The revenue proportion of Anker's 7-series products has risen from 3% to 16%, with a long-term target of 30% to 40%.
This is not merely a parameter upgrade, but differentiation centered around device identification and battery protection. Anker's PowerIQ 5.0 identifies device models through a built-in protocol database and adjusts the output current and voltage according to the corresponding protocol, keeping the heat inside the charger rather than in the smartphone battery.
2. Divergence in Certainty of the Second Curve
The charging business provides a stable foundation, but Anker's growth story cannot rely solely on charging. In the first half of 2026, categories such as energy storage, smart security, and smart audio and video collectively contributed 46.2% of revenue, with energy storage showing the fastest growth. The issue is that the certainty among these new categories varies significantly and cannot be generalized.
Let's look at energy storage first. The explosive demand in this category is essentially not driven by technological breakthroughs, but rather by whether the product form can capture the opportunity once the policy window opens.
The driving force in the US market comes from an aging power grid, with 70% of transmission lines and transformers operating for over 35 years, compounded by frequent power outages caused by extreme weather. California's NEM 3.0 policy slashed the compensation for feeding excess solar power back to the grid from USD 0.3-0.4 per kWh to USD 0.05-0.08, a drop of approximately 75%.
This policy change cut off the old path of recouping costs by selling electricity, while simultaneously opening a new path of storing electricity for self-use. The increase in the energy storage deployment rate from just over 10% to 45% is the direct result of this logic.
However, the emergence of demand does not mean it can be met. The installation cycle for traditional residential energy storage is 2 to 8 weeks, requiring professional electricians to visit on-site. The process involves surveying, approval, scheduling, and grid connection, meaning users have to wait three to four months from signing the contract to actually using the electricity.
Anker's approach with the SOLIX E10 is to compress this engineering process into a consumer electronics delivery experience: a split modular design where users stack the batteries themselves, and a licensed electrician is only responsible for the final grid connection wiring, reducing the delivery cycle to 2.5 to 6.5 hours.
This is not a victory of product parameters, but a victory of product form. Traditional residential energy storage sells system integration, while Anker sells out-of-the-box usability. The former requires profit-sharing at every level among distributors, installers, and approval processes, whereas the latter cuts out the middlemen, reaching users directly with standardized hardware and online direct purchasing.
The logic in Europe is different, but the logic of the product form is consistent. Balcony energy storage in Germany addresses the three issues of slow, expensive, and difficult. Traditional residential energy storage takes 3 to 4 months to deliver, costs tens of thousands of dollars, and requires an electrician to visit on-site.
Balcony energy storage is plug-and-play, with costs reduced to around EUR 1,500, and users can mount it themselves. The prerequisite for this category to take off in Germany is that policies dismantled the institutional barriers, and products dismantled the installation barriers. Only after both barriers were removed was the demand released.
Anker's market share in the German balcony energy storage market is 55%. The Solarbank series iterates once a year, with capacity expanding from 1.6 kWh to 30 kWh. This share was not achieved through a first-mover advantage, but by matching the pace of policy liberalization with the speed of product iteration.
The Dutch market represents another type of window. With 3.31 million solar PV installations and an energy storage deployment rate of only 5%, the termination of the net metering policy in 2027 means that excess electricity can no longer offset electricity purchases and can only be settled at the supplier's buyback price.
This policy change will force existing PV households to recalculate: either accept lower returns from selling electricity or install energy storage to keep the electricity for themselves. Anker's Solarbank Max AC uses an AC coupling solution, which does not require replacing the original PV inverter and connects directly to the home's AC side, targeting exactly this existing user base with solar but no storage.
Looking at these three markets together, the certainty in energy storage stems from the same logic: policies create demand, and product forms determine who can capture it.
The US NEM 3.0, the legalization of balcony PV in Germany, and the termination of net metering in the Netherlands are all policy changes that have either been implemented or have clear timelines. Anker has introduced product forms in each market that match the local policy windows:
The E10 corresponds to the backup power demand in California, the Solarbank corresponds to the apartment scenario in Germany, and the Max AC corresponds to the retrofitting of existing systems in the Netherlands. The 55% share in Germany is a result, not a coincidence.
The certainty for UV printing is much lower. This category has long been confined to industrial-grade applications, with equipment often costing hundreds of thousands, and print head costs accounting for 40% of the hardware. Anker independently developed the print head control board, reducing the cost from CNY 4,000 to CNY 400, and compressing the overall machine volume to one-tenth of the industrial grade.
The eufyMake E1 raised USD 46.76 million on Kickstarter, breaking the platform's record. However, the success of the crowdfunding only proves the existence of demand; it does not prove that repurchases and after-sales service can sustain it. Referring to Bambu Lab's path in the 3D printing track, where revenue exceeded CNY 10 billion in 4 years with a net profit margin of 30%, Anker's neutral expectation for UV printing is to contribute CNY 7.8 billion in revenue by 2030.
The premise of this expectation is that Anker can establish the consumables ecosystem and support the after-sales system before competitors like Bambu Lab and xTool enter the market on a large scale.
3. What Are the Risks?
The policy dependence of the energy storage business is the most direct risk.
Subsidies under Australia's CHBP have already tapered off. The initial policy subsidy in July 2025 was about AUD 372/kWh, and by May 2026, the current policy dropped it to AUD 251.6/kWh, a decrease of 32%, with tiered reductions. Although policies for balcony energy storage in Europe have been relaxed, competitors like EcoFlow and Zendure continue to invest heavily. Anker's 55% share in Germany is highly likely to decline, and the neutral assumption in research reports has already been adjusted down to 40%.
Energy storage is an asset-heavy and channel-heavy business. The tapering of subsidies or the narrowing of electricity price spreads will directly compress demand elasticity.
The risk of UV printing lies in the uncertainty during the category introduction period. Crowdfunding users are mostly geeks and early adopters, and there is a gap between them and the scaled demand of the mass market.
For UV printers to become true consumer-grade products, they need to cross multiple thresholds such as consumable repurchases, operational simplification, and ecosystem building. Anker previously attempted this in the 3D printing field with AnkerMake, but subsequently adjusted its direction due to competition and iteration issues.
It is easy to go from 0 to 1 with a new category, but hard to go from 1 to 10. Bambu Lab's success is built on ultimate engineering capabilities and community operations. Whether Anker can replicate this in the UV printing track remains to be verified.
Organizational tension also needs attention. Anker once had nearly 30 product teams. The scattered category boundaries led to diluted resources and sluggish growth. It was only after proactively focusing on the three major directions of Anker, eufy, and Soundcore that its operational performance consistently exceeded expectations.
The expansion into energy storage and UV printing means the organization is once again facing the balancing act between focus and expansion. In the first half of 2026, the gross profit margin increased to 49.8%, a year-on-year increase of 5.1 percentage points. However, sales and R&D expenses climbed simultaneously, and the cost rigidity of multi-category operations cannot be ignored.
Regarding external variables, although Anker's revenue proportion in North America has dropped to 46%, the US market remains the core. In the first half of 2026, the revenue proportions for North America, Europe, China, and other regions were 46%, 27%, and 28% respectively. The regional structure continues to diversify, but changes in tariffs, shipping costs, and exchange rates could still have a cascading effect on the global business.
4. Epilogue
In September 2026, at the IFA exhibition in Berlin, Anker announced a bigger move: unifying its five sub-brands—Anker, eufy, soundcore, SOLIX, and eufyMake—under the single name "Anker."
At the same time, Anker launched Anker MindBase, a local AI hub, attempting to link categories such as charging, security, cleaning, and energy storage into a self-processing smart home ecosystem.
The significance of this move lies in its answer to the question posed in the introduction. Anker is no longer satisfied with just one product line or one sub-brand. It aims to consolidate scattered categories under a single platform, using unified brand perception and underlying technical architecture to support cross-category synergy.
This is structurally the same as the logic Procter & Gamble uses to cover different daily chemical categories with Tide, Pampers, and Head & Shoulders—leveraging organizational capabilities and brand assets to reduce the marginal cost of entering new categories.
Huachuang Securities places Anker in Procter & Gamble's coordinate system based on their similarities in organizational structure, product innovation philosophy, and hiring standards. The starting point of residual value also happens to be close to that of Procter & Gamble in 2000. Procter & Gamble has proven over a century that continuously increasing market share in fragmented categories can help traverse cycles.
However, the Procter & Gamble reference is only a long-term perspective. The current global market size of the categories Anker participates in is approximately CNY 1,142.9 billion. With a revenue of CNY 30.5 billion in 2025, its corresponding market share is only 2.7%. Even if the industry growth rate drops from 11.6% to 10.3%, as long as Anker increases its market share by an average of 32 bps annually, it can achieve a revenue compound growth rate of 21%.
This elasticity is far higher than that of Procter & Gamble or other mature consumer goods companies, primarily because Anker's global market share base is relatively low.
The certainty of market share growth comes from Anker's continuous expansion in its user base and market coverage. The number of purchasing users increased from 80 million in 2020 to 200 million in 2025, and the number of covered countries grew from 100 to 180. The revenue proportion in North America decreased from 53.7% to 46.3%, while Europe increased to 26.7%.
The diversification of the regional structure ensures that fluctuations in a single market can no longer easily shake the overall situation.
Big fish can be raised in small ponds, but the water level, climate, and ecology of the pond have never been static. Whether Anker can replicate Procter & Gamble's path depends on whether it can simultaneously fight the tough battles of increasing market share and controlling risks across multiple categories. Anker's mid-game battle has just begun.
Disclaimer: This article is written based on publicly available information or information provided by interviewees. However, NewSight Decoding and the author do not guarantee the completeness or accuracy of such information. Under no circumstances shall the information or opinions expressed in this article constitute investment advice for anyone.
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