Anker Innovations:

1. Underwritten by CICC, Goldman Sachs, and JP Morgan, with CICC as the stabilizing agent. The public offering was 47,000 lots, cornerstone investors took 49.9%, with Schroders, UBS, Value Partners, Jane Street, and Greenwoods participating. The overall lineup is quite strong.

2. The company started with power banks and is the world's largest mobile charging brand. In 2018, it pioneered gallium nitride chargers. Since 2016, it has been expanding into smart home and smart audio/video businesses, which now account for 50% of revenue, becoming the second growth curve.

3. The company's performance is very impressive, with revenue and profits growing consistently. It's very clear from the two charts I'm posting.

4. However, there are clear issues with cash flow. CFO in 2025 was only 480 million, down 82.5% year-on-year.

The main problem lies in inventory. In 2025, the company's inventory was 5 billion, up 54.8% year-on-year, far exceeding the 23.5% revenue growth rate.

We know that a significant increase in inventory isn't necessarily bad; sometimes it's forward stocking due to a surge in orders on hand. But this company clearly isn't in that situation. First, look at the aging: inventory with an aging of over 6 months in 2025 was 270 million, up 358% year-on-year.

Second, look at impairment: the company recognized 360 million in inventory impairment in 2025, about 3 times that of 2024. This shows the 2025 inventory increase wasn't forward stocking but simply unsold goods piling up.

The reason, I believe, is that the company's revenue surged 41.1% in 2024. Based on this growth rate, the company misjudged the 2025 growth rate, significantly increased production, leading to inventory pile-up. These stagnant inventories may have limited short-term impact on profits, but quickly showed up in working capital and cash flow data.

5. The company focuses on mid-to-high-end mobile charging products, with an average price as high as 164.7 yuan, rising continuously over the past three years. (I see many power banks on JD for four or five hundred yuan each; I wouldn't buy them anyway.) It mainly exports overseas, with mainland China revenue accounting for less than 4%.

6. The issue price is HKD 99.3. The discount was originally decent, but after two consecutive days of big drops (it recovered a bit today), the current A-share price is 108 yuan, a 20% discount.

The company's discount can be compared to two A+H companies: Hisense Home Appliances has a 20.6% discount, Haier Smart Home has an 11.1% discount.

I believe that, based on the company's reliance on Amazon/overseas channels, tariff disruptions, recall incidents, inventory, and cash flow pressure, although the overall performance is good, the upside may be relatively limited. The reasonable discount is estimated to be between 15-20%, and we still need to see the A-share performance in the next two days. IPO Rating: ★★★~★★★★ (Final strategy and rating posted on Xingqiu)

Review:

Didn't apply for the first batch, Hua Jian. Mainly focused on Haiqing Zhiyuan and Xingyuan Caizhi. Their first-day gains/losses were: Haiqing Zhiyuan +270.83%, Xingyuan Caizhi +22.49%, Hua Jian Weilai -56.89%. The reasons are already shown in the chart above.

As for Xingyuan, although I only got one lot, I bought A-shares in advance and sold them all the day before yesterday. Very comfortable. Xingyuan is really a good guy, only starting to correct after listing, as if afraid we wouldn't make money.

The second batch was a 50/50 split, as shown in the chart. I personally don't like Xian Gong; it's too expensive. My grey market order speed was slow, I exited flat, losing on fees.

This main player is quite ruthless. The grey market kept breaking issue price to create emotional pressure. On the first day, it let the stabilizing agent take shares first, then pulled up after collecting enough. When it pulled up and you wanted to follow? Immediately smashed it down, not letting anyone make money.

As for Maike Yiyao, it met expectations, doubled and entered the market.$ANKER(00668.HK)