--- title: "The capital story of Anker Innovations lacks focus, as energy storage is unclear and categories are hard to discern" type: "News" locale: "en" url: "https://longbridge.com/en/news/285503616.md" description: "Anker Innovations faces challenges in the capital market ahead of its listing on the Hong Kong Stock Exchange, failing to clearly articulate its energy storage business and product expansion strategy. During the 2025 performance briefing, investors raised 35 questions, mainly focusing on energy storage and category expansion. Although it was mentioned that the energy storage business is expected to generate revenue exceeding 4.5 billion yuan, the company failed to provide specific segmented data, leading to dissatisfaction in the market regarding its transparency. Anker Innovations' charging and energy storage business is the core of its revenue growth, but the report did not clearly distinguish the contributions of each segment" datetime: "2026-05-07T05:44:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285503616.md) - [en](https://longbridge.com/en/news/285503616.md) - [zh-HK](https://longbridge.com/zh-HK/news/285503616.md) --- # The capital story of Anker Innovations lacks focus, as energy storage is unclear and categories are hard to discern **Anker Innovations, which is seeking a listing on the Hong Kong stock market, is at a moment when it needs to clearly articulate its story to the capital market, yet it has presented a "vague" answer sheet, which is not a good start.** **In response to investors' inquiries, Anker Innovations answered everything but failed to clarify anything.** On April 22, Anker Innovations held a performance briefing for the year 2025, during which investors raised a total of 35 questions covering various aspects such as strategy and capital operations, financial performance, product categories, and risk compliance. In this Q&A record, there were 12 questions related to energy storage and 7 related to category expansion, with these two areas accounting for more than half of the questions, including several follow-up inquiries on single issues. This is not investors nitpicking; the market is voting through questions. The basic situation of energy storage and the "shallow sea strategy" are Anker Innovations' two most important cards, yet they have not made the market see the underlying colors clearly. **Energy storage was questioned 4 times** **Anker Innovations did not provide** **a clear answer** First, regarding energy storage, data shows that Anker Innovations' energy storage business revenue will exceed 4.5 billion yuan in 2025. This figure was mentioned 4 times during the performance briefing, with 4 investors asking about it from different angles: What percentage of the 4.5 billion yuan comes from balcony energy storage? What is the growth rate in Europe? How much do portable energy storage and balcony solar storage each contribute? Anker Innovations' response was, "The company's annual report mainly discloses according to three core industry directions: charging storage, smart innovation, and smart audio-visual." In fact, the charging storage business is the core engine of Anker Innovations' revenue growth and is also the core narrative for its listing in Hong Kong. "Global leader in balcony photovoltaic storage" is repeatedly mentioned in its prospectus. Since it is the main character, why does Anker Innovations hide it within the larger charging storage segment? Investors' follow-up questions also indicate the market's dissatisfaction with the transparency of its energy storage business breakdown. Combining the annual report and the investor activity minutes, the answer becomes clear. Anker Innovations' charging storage business is subdivided into four parts: mobile charging, portable mobile storage, balcony photovoltaic storage, and household storage solutions, with the latter three making up Anker Innovations' energy storage business. By 2025, the revenue share of its charging storage business will be 50.47%, while the total revenue share of the energy storage business will be 14.7%, and the revenue share of the portable energy storage sector will be 13.1%. Based on this calculation, the combined revenue share of Anker Innovations' balcony photovoltaic storage and household storage solutions is only 1.6%. Regarding growth rates, one investor directly asked, "The growth of the European energy storage business has already slowed down in 2025; what is the main reason?" Anker Innovations' response was, "We have not disclosed the specific growth rate of the European energy storage business separately." "The balcony storage business primarily targeting Europe is small in scale and has also seen a slowdown in growth rate, and Anker Innovations' concealment may be due to the business development not meeting expectations "Industry analysts told Aotou Finance. A company eager to go public in Hong Kong, using the energy storage growth story to support its valuation, choosing not to disclose its core business data is itself the most worthy signal to scrutinize. **Category Expansion Wobble** **The term "Shallow Sea"** **Becoming increasingly difficult to justify** Looking at the categories, Anker Innovations has previously used the "Shallow Sea Strategy" to explain its expansion logic. Under Anker Innovations' definition, a single sales scale of $80 billion falls under "Shallow Sea." Under this strategy, Anker Innovations expanded to a maximum of 27 categories. At that time, there were voices questioning whether this strategy would disperse the company's resources, as Anker Innovations had no technical accumulation in some of these areas and could not reuse technology. The approach of blindly expanding categories was deemed overly aggressive. Anker Innovations realized this and began shutting down 10 projects, including lawn mowers and 3D printers, starting in 2022. Founder Yang Meng stated, "When we still have bottlenecks to break through, it shows that we are struggling on a large scale." In the past two years, Anker Innovations has begun to waver again. The lawn mower business was re-initiated last year, and when asked about the shipment volume for 2025 and the target for 2026, Anker Innovations' response was, "We are still in the early stages of layout." In other words, Anker Innovations' previous technical and channel accumulation in this field has not played a significant role, and returning to the track means starting from scratch. In the 3D printer field, it has completely exited but has shifted to the UV printer field. Aotou Finance learned that Anker Innovations' eufyMake UV Printer E1 was launched on the Kickstarter crowdfunding platform last April, ranking first in all categories with a crowdfunding amount of $46 million. "Although the crowdfunding amount is high, the related products have not yet been mass-produced and launched, which has not been validated by the market. There are significant differences between UV printing and 3D printing in terms of technology and application scenarios, which means that the R&D and product experience accumulated by Anker Innovations in the 3D printing field cannot be applied to UV printing products at all," the aforementioned industry analyst told Aotou Finance. Anker Innovations is moving in and out of multiple categories, and the final destination is unknown. Some investors have sharply questioned, "Is the company's current focus on lawn mowers, which require high R&D investment and have high hardware thresholds, a change in the 'Shallow Sea Strategy'?" Anker's response is, "Shallow Sea refers to subcategories with a market scale of less than $80 billion, and lawn mowers belong to this market." In fact, this definition is so broad that it can encompass almost any category, as long as the market scale does not exceed the limit, anything can be "Shallow Sea," and a strategic framework that can encompass anything is essentially equivalent to having no framework. **Two Ambiguous Directions** **The Same Question** Looking solely at the opacity of energy storage information can be understood as a need for commercial data protection during the IPO stage; looking solely at the ambiguity and wavering of category expansion can be understood as a strategic choice for multiple categories by Anker. Putting the two together provides another layer of interpretation "The story of energy storage growth has not started smoothly. Anker Innovations needs new product categories to boost market confidence. Expanding categories can not only discover new growth curves but also, to some extent, divert market attention from its energy storage business," an industry observer analyzed to AoTou Finance. "However, this logic does not apply to the Hong Kong stock market, which relies more on the clarity of the main narrative. If it is a charging and energy storage company, issues such as the growth ceiling and gross margin bottom line of related businesses need to be clarified; if it is a multi-category platform, the synergy of various businesses and the technology reuse rate of each product also need to be clarified." Anker Innovations has not provided clear answers to either of these questions. An investor directly asked the most fundamental question of the entire presentation: "In the next three years, which 'more certain' directions does the company plan to focus its resources on?" Anker Innovations' response covered four directions: "Focusing on three core industry directions: charging and energy storage, smart innovation, and smart audio-visual, while continuously increasing investment in GaN fast charging, full-stack energy storage technology systems, acoustic algorithms, and imaging display technology." Is it still considered focused when concentrating on four directions: charging, energy storage, audio, and imaging? Anker Innovations, which has just surpassed 30 billion yuan in revenue and is seeking a listing on the Hong Kong stock market, is at a time when the capital market needs to clarify its story the most, yet it has presented a "vague" answer sheet, which is not a good start. Disclaimer: This article is for knowledge sharing only and aims to convey more information! 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