In-Depth Research Report on Anker Innovations' 'Hit Product Dilemma' and AI Hardware Strategy

Now I will present the full in-depth analysis report:

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As a representative enterprise of China’s cross-border consumer electronics brands, Anker Innovations (300866.SZ) is facing a fundamental strategic dilemma:

. This phenomenon is particularly prominent in its innovative product categories.

From the perspective of business structure evolution, Anker Innovations exhibits typical ‘fast-moving consumer electronics’ characteristics:

Business Category	2020 Proportion	2024 Proportion	Trend
Charging Category	44.2%	32.1%	↓ Decreased by 12.1 percentage points
Audio Category	28.5%	34.5%	↑ Increased by 6.0 percentage points
Smart Home	15.3%	12.8%	↓ Decreased by 2.5 percentage points
Innovative Categories	12.0%	20.6%	↑ Increased by 8.6 percentage points

The continuous increase in the proportion of innovative categories reflects the company’s urgent demand for a ‘second growth curve’, but it also amplifies the risks of the ‘hit product dilemma’.

By sorting out the lifecycles of Anker’s main products, a worrying pattern can be clearly observed:

Product Line	Hit Product Peak	Maturity Period	Current Status	Duration
Anker Power Bank	2018	2018-2021	Stable Period	Approximately 4 years
Soundcore Speakers	2020	2019-2022	Stable Period	Approximately 3 years
Eufy Smart Doorbell	2022	2021-2024	Maturity Period	Approximately 3 years
Nebula Projector	2021	2020-2023	Maturity Period	Approximately 3 years
3D Printer M5	2023	2023-2024	Decline Period	Approximately 1 year
UV Printer E1	2024	2024-2025	Maturity Period	Approximately 1 year

: Anker’s traditional advantageous products (charging, audio) have relatively long lifecycles, but newly entered ‘technology-intensive’ products (3D printing, UV printing) have seen a significant acceleration in decline, with an average lifecycle shortened to 1-2 years.

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According to the latest data [0], Anker Innovations is currently facing significant financial pressure:

Indicator	Value	Industry Positioning
Market Capitalization	USD 56.8 Billion	Consumer Electronics Leader
Price-to-Earnings Ratio (PE)	21.96x	Medium Valuation
Price-to-Book Ratio (PB)	5.72x	Relatively High
ROE	27.58%	Excellent
Net Profit Margin	8.80%	Medium in the Industry
Gross Profit Margin	38.8%	Under Pressure

Analyzed from a five-year perspective, Anker’s financial indicators show a trend of ‘increasing revenue but not profit’ and even ‘simultaneous decline in volume and price’:

• Gross Profit Margin
  : Dropped from 44.2% in 2020 to 38.8% in 2024, a cumulative decrease of 5.4 percentage points
• Net Profit Margin
  : Dropped from 10.5% to 8.5%, a cumulative decrease of 2.0 percentage points
• R&D Expense Ratio
  : Increased from 5.2% to 8.1%, reflecting the company’s increasing investment in technology

: The increase in R&D investment has not been converted into an improvement in gross profit margin, indicating that the company has not yet found an effective output path for technological investment.

Anker Innovations’ stock price has performed weakly in the past year [0]:

Period	Price Change	Evaluation
1 Month	-7.60%	Significant Pullback
3 Months	-13.26%	Deep Correction
6 Months	-10.97%	Continued Downturn
1 Year	-2.01%	Basically Flat

The stock price trend reflects the market’s concerns about the sustainability of the company’s ‘hit product model’.

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Anker’s launch of AI Recording Beans in partnership with Feishu marks the company’s official entry into the AI hardware track. The essence of this cooperation is a

:

Partner	Contribution Field	Core Advantages
Anker Innovations	Hardware Design, Manufacturing, Channels	Supply Chain Integration, Brand Marketing
Feishu	AI Algorithms, Software Ecosystem	Speech Recognition, Large Model Capabilities, Enterprise Customer Resources

1. Rapid Market Entry
   : With Feishu’s AI capabilities, Anker can skip the long period of technology accumulation
2. Reduced R&D Risk
   : Avoid the risk of huge investment in AI algorithms
3. Channel Synergy
   : Feishu’s enterprise customer resources open up the B-end market for Anker
4. Brand Endorsement
   : Cooperation with a leading technology enterprise enhances product credibility

1. Limited Product Differentiation
   : Under the model of separating hardware design and AI algorithms, Anker struggles to form a unique technological barrier
2. Profit Distribution Pressure
   : Under the cooperation model, the core profits of the AI value chain may be captured by Feishu
3. Giant Competition
   : Players such as iFLYTEK and Huawei have deepened their presence in the AI recording field for many years, and Anker, as a new entrant, faces fierce competition
4. Dependency Risk
   : Over-reliance on a single partner may lead to backlash if ‘Feishu launches its own brand’

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Anker needs to face a key issue:

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To break the curse, Anker must achieve the following transformation:

Dimension	Current Status	Target Status	Transformation Path
Technological Capability	Rely on External Cooperation	Establish In-House AI Capabilities	Acquire/Build AI Teams
Product Logic	Marketing-Driven	Technology-Driven	Increase R&D Expense Ratio to 15%+
Organizational Culture	Rapid Response	Long-Termism	Adjust Assessment Mechanisms
Business Model	Hardware Sales	Hardware + Services	Explore Subscription Models

• Deepen strategic cooperation with leading AI enterprises such as Feishu
• Focus on hardware design aesthetics and user experience, and establish the ‘Anker Aesthetics’ brand label
• Rapidly learn and understand the boundaries of AI technical capabilities
• Key Indicator
  : AI product revenue accounts for 10%

• Acquire or invest in AI technology teams to make up for algorithm shortcomings
• Establish in-house AI laboratories and cultivate core technology teams
• Transform from a pure hardware company to a ‘smart hardware + services’ company
• Key Indicators
  : R&D expense ratio reaches 12%, gross profit margin recovers to 42%

• Achieve the transition from ‘fast-moving consumer electronics’ to ‘smart terminals’
• Establish differentiated technological barriers and form a closed-loop ecosystem of ‘hardware + software + services’
• Become a leader in the AI hardware niche
• Key Indicator
  : Innovative category revenue accounts for more than 35%

1. Improved R&D Investment Efficiency
   : The current R&D expense ratio is 8.1%, but the success rate of new products continues to decline, requiring optimization of R&D resource allocation
2. Product Lifecycle Management
   : Establish a ‘hit product maintenance’ mechanism to extend the product maturity period
3. Differentiated Positioning
   : Avoid direct competition with technology giants and focus on the niche high-end market
4. Organizational Capability Upgrade
   : Introduce AI talents and adjust the organizational structure to adapt to agile development

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Anker Innovations’ current price-to-earnings ratio is 21.96x, which is at a historical medium level. Taking into account:

• Downside Risk
  : If the ‘hit product dilemma’ persists, performance growth may stall
• Upside Potential
  : If the AI hardware strategy is successfully implemented, there may be opportunities for valuation reconstruction

: The current price has fully reflected market concerns, and a PE range of 18-22x is reasonable.

Evaluation Dimension	Score	Explanation
Business Quality	7/10	Significant brand power and channel advantages
Growth Potential	6/10	Traditional businesses are under pressure, new businesses to be verified
Profitability	7/10	Excellent ROE, net profit margin under pressure
Valuation Rationality	8/10	Has reflected pessimistic expectations
Comprehensive Rating	7/10	Need to monitor the implementation effect of the AI strategy

1. Risk of Hit Product Model Failure
   : If new products continue to ‘decline after the second generation’, performance growth may stall
2. Risk of Gross Profit Margin Decline
   : Intensified industry competition may lead to continued pressure on profitability
3. AI Strategy Underperforming Expectations
   : The effect of cooperation with Feishu is uncertain
4. Exchange Rate Risk
   : High proportion of overseas revenue, significant impact from exchange rate fluctuations

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Anker Innovations is standing at a crossroads of strategic transformation. The company’s ‘hit product dilemma’ is essentially a mismatch between its business model and capability boundaries:

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Launching AI Recording Beans in partnership with Feishu is a pragmatic choice for Anker to ‘leverage others’ strength’, but

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From a long-term perspective, Anker needs to complete a genetic recombination from a ‘fast-moving consumer electronics company’ to a ‘smart hardware company’. This transformation will not happen overnight, and requires 3-5 years of continuous investment and organizational change.

: Q1 2026 Financial Report Performance, Market Feedback on AI Recording Beans, Degree of Deepened Cooperation with Feishu

: Effect of R&D Expense Ratio Increase, Progress of In-House AI Capability Construction, Improvement of Product Lifecycles

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Above: Technical Analysis K-line Chart of Anker Innovations (300866.SZ), showing it is currently in a sideways consolidation phase [0]

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[0] Jinling AI Financial Database - Real-Time Market, Financial Data and Technical Analysis of Anker Innovations (300866.SZ) (January 22, 2026)