TMTPOST -- For much of its five-year public tenure, Anker Innovations has maintained a quiet, almost aloof profile. Its chairman, Yang Meng, and board secretary rarely appeared in the media, preferring to let the company’s steadily rising performance speak for itself.
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But in late September, Yang broke with tradition, giving a rare interview in the wake of multiple challenges, including a U.S. regulatory probe and ongoing product recalls—a signal of heightened scrutiny as Anker prepares for a Hong Kong listing.
The U.S. House Select Committee on the Chinese Communist Party accused Anker Innovations of “unfair pricing” and “illegal tax evasion”, requesting a formal investigation. Unlike prior U.S. probes of Chinese firms, which often centered on “national security,” this inquiry strikes at the core business model of Anker, targeting its cross-border e-commerce operations and supply chain practices.
Compounding the pressure, Anker has been grappling with large-scale power bank recalls since June and delivery delays for its consumer-grade 3D texture UV printers. Analysts say these events highlight cracks in the company’s three pillars of growth: cross-border e-commerce, the “smile curve” OEM model, and its so-called “Shallow Sea Strategy.”
Anker’s ascent is emblematic of China’s new wave of internet-driven tech companies. Founded in 2011 by Yang Meng, a former Google engineer, Anker capitalized on the “shallow sea” market—segments of electronics that were overlooked by major brands but had consistent demand. Starting with laptop batteries, chargers, and data cables, Anker leveraged the cross-border e-commerce boom, primarily via Amazon, to build a loyal global customer base.
By August 2020, Anker went public on the Shenzhen Growth Enterprise Market. By 2024, it had reached 24.71 billion yuan in revenue with 2.114 billion yuan in profit, marking a remarkable rise from a modest startup to a major player in consumer electronics. In H1 2025, the company posted 12.867 billion yuan in revenue, up 33.36% year-on-year, and 1.167 billion yuan in profit, a 33.80% increase. Plans are underway for a Hong Kong IPO, aimed at tapping broader capital markets.
Anker’s growth strategy was clear: deep integration with overseas e-commerce, outsourcing manufacturing to maximize efficiency via the “smile curve,” and diversifying into niche markets under the Shallow Sea Strategy. By focusing on R&D and branding while outsourcing production, the company achieved high returns on capital and rapid product expansion into areas such as audio and smart home devices.
Cross-border e-commerce enabled Anker to compete internationally with relatively low costs, but the model now exposes vulnerabilities. The U.S. investigation underscores Anker’s heavy reliance on North America and Amazon. In H1 2025, overseas revenue accounted for 96.49% of total revenue, with North America contributing 44.30%. Nearly half of total revenue came from Amazon, underscoring the company’s dependence on a single platform and market.
This dual reliance is a double-edged sword: it powered rapid growth but leaves Anker exposed to geopolitical and regulatory risks. Other Chinese companies, like Transsion in Africa and vivo in India, have diversified their markets more aggressively. For Anker, policy changes or trade frictions in North America could have outsized consequences.
If U.S. regulatory scrutiny represents a long-term risk, the ongoing power bank recalls are an immediate crisis. Since June, Anker has recalled 2.352 million units across the U.S. and China due to fire hazards, potentially costing 432 million to 557 million yuan in refunds.
The problem highlights weaknesses inherent in Anker’s “smile curve” OEM model, which focuses on R&D and marketing while outsourcing manufacturing. While cost-efficient, this structure reduces supply chain control, making it difficult to monitor production in real time. Anker has admitted it failed to promptly identify battery cell material issues and lacks the capability for detailed analysis of faulty cells.
This is not an isolated incident. In the past two years, Anker has faced four large-scale recalls, affecting power banks and Soundcore Bluetooth speakers. The recurring quality issues risk eroding the brand’s reputation, which has long been built on reliability and trust.
The company’s new 3D texture UV printer E1 has also experienced delays due to quality issues, with 5%-10% of units showing liquid leakage in the metering compartment, potentially damaging electronics and causing maintenance problems.
Anker’s “Shallow Sea Strategy” aimed to avoid capital-intensive, highly competitive markets like smartphones and EVs, instead focusing on smaller niche segments. While this strategy drove expansion into 27 product lines by 2022, only a few achieved significant market traction, leading to the closure of 10 product teams.
Despite significant investment, Anker has yet to develop a new blockbuster product capable of rivaling its core charging business. In H1 2025, charging and energy storage still accounted for 52.97% of total revenue, cementing its status as a “power bank leader.”
Looking forward, Anker is exploring embodied intelligence, with a three-step strategy: 2D perception, 3D mobility, and 3D interaction, moving from basic robots to humanoid robotics. This shift represents a move into “deep water,” requiring long R&D cycles, heavy capital, and complex technical know-how, a stark contrast to the Shallow Sea Strategy.
The U.S. investigation, recalls, and ambitious robotics plans collectively serve as a stress test for Anker, illustrating that Chinese tech companies can no longer rely solely on market dividends, asset-light models, and incremental category expansion.
For Anker, now preparing for a Hong Kong IPO, the challenges are immediate: reducing dependence on a single market, strengthening supply chain quality control, and deciding whether to pursue deep-water innovation. How the company navigates these challenges will determine whether it can continue its growth trajectory or face a plateau.
Anker Innovations’ story underscores a broader lesson: for Chinese firms operating globally, past strategies that delivered rapid success may not be sufficient in a more complex, high-stakes environment, where regulatory scrutiny, supply chain resilience, and innovation capability are as critical as revenue growth.
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