Anker's recently released 2025 annual report is filled with joy, but also hides some worries.

In 2025, Anker achieved great success across Amazon, its independent websites, and offline channels. Among them, revenue on Amazon reached 15.96 billion yuan, while the combined revenue of its independent websites (Anker, eufy, Soundcore, etc.) also reached 3.13 billion yuan.

Anker's total revenue and net profit attributable to the parent company did not disappoint, both hitting record highs: for the first time in 2025, annual revenue exceeded 30 billion yuan, with a net profit attributable to the parent company of about 2.545 billion yuan.

This marks the fifth consecutive year Anker has achieved double-digit growth in revenue and profit since its listing in 2020, with its overall performance nearly tripling since its initial public offering.

However, beneath these "shiny" figures lies immense pressure on Anker.

The usually stable Anker experienced a "cliff-like" drop in operating cash flow, falling by 82.5% year-on-year, with continuous asset losses.

Throughout 2025, Anker faced numerous setbacks, including recalls of power banks, inventory backlogs, rising compliance pressures, and increased revenue without a corresponding increase in cash.

Anker is not a company with a wide moat but a heavy-asset enterprise fighting in a red ocean with very low error tolerance.

What happened to Anker in 2025? Where did Anker's money go?

01. Anker's lifeline is tied to Amazon and the North American market

In 2025, Anker's online and offline revenues continued to grow rapidly as usual.

Among them, online channels such as Amazon and independent websites brought in 21.43 billion yuan in revenue, accounting for 70.22% of total revenue, while offline channels such as Walmart, Best Buy, Target, Costco, and self-operated stores also generated 9.09 billion yuan.

Amazon continues to lead the way, contributing 52.29% of Anker's total revenue. In recent years, Anker has been actively expanding other e-commerce and offline channels to reduce dependence on Amazon, but it seems difficult to fall below 50%.

Anker's dependence on Amazon decreased slightly compared to 2024 (54.4%).

Anker's products showed a "polarized" sales performance on Amazon's US site. Main brands like Anker, Soundcore, and eufy had monthly sales ranging from "tens of millions to over 100 million dollars," while brands like Anker Work and Nebula had sales of only a few hundred thousand dollars. (This data is estimated and may include some follow-up sales and brand authorization; actual sales may fluctuate due to factors such as new product launches and promotional rhythms.)

Independent websites are Anker's second-largest revenue channel.

Anker's revenue from independent websites has grown explosively since 2024, jumping from 1.24 billion in 2023 to 2.5 billion, and reaching 3.13 billion in 2025.

This is because Anker's brand recognition in the European and American markets has gradually increased, attracting a group of consumers to purchase directly from independent websites and generating a certain frequency of repurchases. At the same time, Anker is willing to invest heavily in advertising on its independent websites.

In the last three months (January-March 2026), the total number of visits to Anker's seven independent websites exceeded 41 million, with the main brand Anker receiving over 13 million visits.

Of course, maintaining high traffic for multiple Anker brands also requires substantial advertising investment. For example, paid search traffic for independent websites of brands like eufy (smart home), Anker SOLIX (energy storage power), and Nebula (smart projector) accounted for 27%-33%, comparable to direct visits and natural search traffic.

This means that although independent websites are Anker's "second growth curve," at the current stage, Anker still needs to invest more in advertising to gain traffic and scale of revenue.

In terms of category revenue share, charging and energy storage products are far ahead, contributing half of Anker's revenue, with sales reaching 15.4 billion yuan.

However, the biggest increment for Anker comes from smart innovation products, with annual revenue of about 8.27 billion yuan, a year-on-year increase of 30.53%, becoming the fastest-growing category among Anker's three main businesses.

Looking at market distribution, Amazon's stronghold, the North American market, is Anker's most important market. By the end of 2025, Anker's revenue in the North American market reached 14.13 billion yuan, accounting for 46.31%; revenue in the European market grew by 43.48%.

Half of Anker's business is in North America. In recent years, there has been continuous uncertainty in US tariff policies, further intensifying trade frictions. At the same time, due to the recall of power banks, Anker faces class-action lawsuits in North America. This means that Anker will face increased difficulties in entering the North American market, rising tariffs and logistics costs, which may adversely affect its export business and operating performance.

02. Where did Anker's money go?

Although Anker submitted a "revenue and profit increase" report card, its internal situation is tight, and cash flow has significantly shrunk.

In 2025, both its revenue and net profit increased by about 20%, but the net cash flow generated from operating activities was only 481 million yuan, a sharp drop of 82.5% from 2.745 billion yuan in 2024, and by the end of the third quarter of 2025, its net cash flow was even -865 million yuan.

Where did this disappearing cash flow go? Most of it was tied up in inventory. By the end of 2025, Anker's inventory amount was 4.997 billion yuan, a 54.54% increase from the beginning of the year.

Anker had to stock up on so much inventory due to frequent fluctuations in the global trade environment and unstable tariff policies. Anker chose to stock up in advance and ship goods to overseas warehouses, reducing the risk of stockouts but also locking up cash flow. If sales fall short of expectations or policies change suddenly, this nearly 5 billion yuan of inventory may depreciate significantly, turning from a "guarantee" into an unbearable "burden" for Anker.

In addition, another part of Anker's money has been lost. This is because Anker is experiencing a significant depreciation of a large number of products.

In 2025, Anker provided for an asset impairment loss of 365 million yuan, a year-on-year increase of more than 146%, mainly due to inventory depreciation. This is related to Anker's "power bank recall incident."

In 2025, due to the risk of self-ignition in some power banks, Anker recalled about 2.38 million units globally and provided for a "product quality assurance liability" of 104 million yuan, an increase of more than 84% from the previous year. Such expenses will continue to erode Anker's cash flow.

At the same time, Anker's sales expenses on online channels are another "cash-devouring beast" consuming its cash flow.

In 2025, Anker's sales expenses on platforms such as Amazon, including platform fees and promotion expenses, reached 6.827 billion yuan, a year-on-year increase of 22.5%. At the same time, some of Anker's independent websites are in a "burning money for traffic" phase, with paid search ratios as high as 27%-33% for independent websites like eufy and Anker SOLIX.

In addition, Anker's cash flow pressure is also related to its investment in energy storage and AI recording tracks. This is directly reflected in Anker's R&D expenses, which reached 2.893 billion yuan in 2025, a year-on-year increase of 37.2%.

In recent years, Anker has grown rapidly in the energy storage track. In 2024, its revenue from the energy storage category was about 3 billion yuan, accounting for 13.1% of the industry, nearly six times the size in 2021. Around this sector, Anker continued to increase investment in 2025, planning to allocate 248 million yuan of the 1.1 billion yuan raised at the beginning of the year to the energy storage category.

However, the energy storage track is already crowded, with established players like Huabao New Energy and Zhenghao Technology, which have built certain product and channel moats over the years. Anker has to challenge a series of strong competitors in this track.

Anker once expanded across borders under the drive of Yang Meng's "shallow sea strategy," continuously expanding into household energy storage, floor cleaners, 3D printing, electric bicycles, and other directions.

This strategy put Anker at odds with competitors like Stone Technology, Zhenghao, and Ecovacs, leading to a prolonged battle line, dispersed funds, and ultimately losing strategic focus. Eventually, Anker had to cut 27 product lines to 17.

Anker's "money" and "people" need to be more focused, concentrating on doing things, otherwise, even in old tracks like charging, there may still be vicious incidents like "power bank recalls" due to poor supply chain management. (Article by Lanhai Yiguan)

Note: Some data are based on surveys and research of certain samples; website visit data and sales data may fluctuate in different periods and are for reference only.

Article Source: Lanhai Yiguan (WeChat Official Account)
Author: Lanhai Yiguan
Original Link: https://mp.weixin.qq.com/s/DbviqFomLetvwhrOVAL9Cw