Anker's trump card can no longer be hidden

Returning to the energy storage track in 2022, Anker Innovations bet on the field of home energy. In the past two years, the company's energy storage business has developed extremely rapidly, with revenue increasing sixfold, and revenue in the first three quarters of 2024 reaching 2 billion yuan. Today's "large power bank" has become another trump card of the company!

Energy storage business revenue increased sixfold in two years

As the leading cross-border company, Anker Innovations not only has a wide audience and high visibility for its small-sized charging products, but the company’s “large-sized power banks” - energy storage products have also achieved remarkable results in the past two years.

Anker Innovations focuses on three business areas: charging energy storage, smart innovation, and smart audio and video. The company divides charging products into three levels: small, medium, and large. Small charging refers to charging mobile phones and other digital peripheral products; medium charging refers to mobile devices, air conditioners, TVs and other home appliances in the home; and large charging includes home energy storage, photovoltaics, and car charging piles.

In Anker Innovations' plan, mid-sized and large charging products are one of the key areas for actively improving brand marketing, and the energy storage category is also positioned as a strategic category for future development.

Looking at the public revenue data, charging and energy storage products account for half of the company's revenue.

In the first three quarters of 2024, the company's total revenue was 16.449 billion yuan, and its net profit attributable to the parent company was 1.472 billion yuan. In the third quarter, the company's revenue was 6.80 billion yuan, and its net profit was 599 million yuan. The revenue and profit in the third quarter achieved good growth. On the one hand, it was due to the record-breaking sales volume of Amazon Prime members on the big promotion day; on the other hand, it also benefited from the company's focus on developing core businesses, continuously launching innovative products, and improving product competitiveness. New tracks such as consumer-grade energy storage also continued to contribute to revenue growth.

Anker Innovations specifically mentioned the contribution of its consumer energy storage business. In the first half of 2024, the revenue of charging energy storage products was 4.975 billion yuan, a year-on-year increase of 42.81%, accounting for 51.56% of the total revenue, the highest share of revenue among the three core categories.

The revenue from charging energy storage products not only performed well in absolute terms, but its growth rate also far exceeded the growth rate of the company's overall revenue.

In 2022, Anker Innovations released three energy storage products worldwide, with annual revenue of 500 million yuan. Xiong Kang, head of Anker Innovations' charging and energy storage business unit, also joined the company this year. He had previously worked at Huawei for many years.

Xiong Kang mentioned in a recent interview that the company's energy storage business has grown well in the past two years, with revenue increasing more than sixfold in two years. Revenue in the first three quarters of 2024 was 2 billion yuan, an increase of about three times compared to last year.

In 2023, Anker Innovations' revenue was 17.51 ​​billion yuan and its net profit was 1.615 billion yuan. The revenue of charging energy storage products was 8.603 billion yuan, a year-on-year increase of 25.12%, and the operating profit of this type of products was 3.635 billion yuan.

Increase investment and focus on energy storage

As early as 2015, Anker Innovations tried to enter the energy storage business and launched its first mobile energy storage product. However, the product did not sell well at the time and the company failed to persist.

Since 2019, the trend of portable energy storage and household energy storage has exploded, especially in 2022. The global energy crisis has caused a surge in traditional energy prices. The market demand for energy storage products has increased significantly due to their advantages in emergency power supply, electricity savings and environmental protection.

In 2022, Huabao New Energy, a big seller in the energy storage industry, achieved revenue of 3.2 billion yuan, and Zhenghao Innovation's revenue was as high as 5.9 billion yuan.

The explosion of peers not only means a hot market, but also fierce competition. In 2022, Anker Innovation resolutely returned to the energy storage track, this time targeting household energy storage. Household energy storage products began to generate revenue in the first quarter of 2023, with revenues of 104.6067 million yuan and 64.4544 million yuan in 2023 and the first half of 2024, respectively.

From 2022 to the present, the company's energy storage business has entered the fast lane, with new products launched every year.

In 2022 , Anker Innovations launched a new energy storage product, Anker PowerHouse 767 , which can be used for emergency charging of electric vehicles after being equipped with an adapter. In addition, another energy storage product, Anker PowerHouse 767, is suitable for outdoor camping and other scenarios, with high portability and versatility.

In 2023, Anker Innovations also launched a number of new energy storage products, including the Anker 548 mobile power bank with ultra-large capacity and the Anker SOLIX X1 home energy storage system, an energy storage product for smart homes.

In 2024 , Anker Innovations launched new energy storage products including the AnkerPrime 250W 27650mAh power bank, the Anker MagGo Qi2 magnetic power bank, and the Anker SOLIX F1500 outdoor power bank .

The continuous launch of new products demonstrates the company 's innovation and technological strength in the field of energy storage products, further enriches its product line , and lays the foundation for its continued progress in the energy storage track, showing a rapid development momentum .

In 2022, Anker Innovations' reorganized energy storage team had only about 10 people, but by the fourth quarter of 2024, it had nearly 500 people.

After a period of business expansion, Anker Innovations refocused on its core business - charging energy storage products in 2024, which is intuitively reflected in the company's capital investment.

At the end of August 2024, Anker Innovations publicly stated that the book balance of approximately 1.251 billion yuan of other non-current assets in the semi-annual report was prepayment for the purchase of long-term assets. The specific purpose was to purchase a building in Shenzhen for office and project construction, and to increase portable and household storage products.

In September, Anker Innovations released an updated version of the fundraising prospectus for the issuance of non-directional convertible bonds, intending to raise no more than 1.105 billion yuan, of which 200 million yuan would be used for the research and development and industrialization projects of portable and household storage products.

Build a good brand, not make quick money

As early as 2022, Anker Innovations decided to fight a long-term battle in the energy storage field, not to make quick money, but to create truly competitive products, combine brand and channel advantages, and win in the fierce competition.

At that time, the head of Anker Innovations’ Charging and Energy Storage Division believed that: “Among domestic household solar storage equipment manufacturers, few truly realize the importance of brand and user experience, which is exactly what Anker Innovations excels at.”

When it comes to energy storage products, Anker Innovations is already a leading brand in the charging field. The team hopes to use quality and experience to let users know about this new product category and become a benchmark in the industry in terms of battery life, number of charge and discharge cycles, safety and other performance.

The company has invested a large amount of money and manpower to start the research and development of household energy storage products, using its customer insight and product strength in consumer electronics, combined with technology in the photovoltaic power supply field, to meet customers' ultimate experience needs for this "large household appliance."

Finally, Anker Innovations delivered a brilliant performance in its energy storage business in two years. The company’s future growth in this business is certain.

The energy storage industry is developing rapidly. Affected by the stability of power supply, emergency backup power supply has gradually become an important backup product in family life. The global household energy storage market is growing overall. It is estimated that the global installed capacity on the user side will reach 47.6GWh in 2026, with an average annual compound growth rate of 98%. This growth trend is expected to continue in the long term.

As the development of new energy vehicles drives the gradual maturity of battery technology, the portable energy storage industry is also developing rapidly. Data shows that the global portable energy storage market is expected to reach 88.23 billion yuan in 2026.

As consumers' demand for portable energy storage and household energy storage continues to increase, Anker Innovations is expected to continue to maintain its leading position in the market and further expand its market share. The company's continued increase in R&D investment and market expansion efforts will only further consolidate its leadership in the field of charging energy storage.

Anker Innovations

Energy storage track