Portable power bank maker Anker Innovations Technology Co. Ltd. (300866.SZ; 00668.HK) on Sunday reported its revenue rose 29.1% year-on-year to 16.61 billion yuan ($2.47 billion) in the six months through June, while its profit rose 45.9% to 1.7 billion yuan.
The company attributed the revenue growth primarily to enhanced brand recognition and its continued expansion across both online and offline channels. Its gross profit increased 41.9% to 7.83 billion yuan, while its gross margin rose to 47.2% from 42.9%, mainly driven by higher margins for smart charging and power storage products and smart audio and video products. The increase also owed partly to refunds related to a portion of IEEPA tariffs paid in prior years.
The company’s revenue rose across all three of its major businesses. Its smart charging and power storage revenue increased 31% to 8.93 billion yuan, smart home and innovation revenue grew 28.8% to 4.19 billion yuan, while smart audio and video revenue rose 24.5% to 3.48 billion yuan.
Anker’s shares opened higher on Monday and traded at HK$123.5 by the midday break, up 4.11%. The stock is up 24.3% from the offer price from its Hong Kong listing in July.
By Lee Shih Ta
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