According to the Huafu Securities Research Report, the profitability of Anke Innovation's main business continues to improve, and channel structure optimization and new category expansion drive long-term growth. In 2026Q3, revenue of 9.535 billion yuan was achieved, up 16.96% year on year; net profit to mother was 559 million yuan, down 27.04% year on year. The company's revenue side was affected by the short-term sales pace, but the increase after deducting non-profit was significantly higher than the increase in revenue, reflecting an increase in the profitability of the main business. Gross margin improvement and cost investment optimization form a synergy, and continuous investment in R&D consolidates technological advantages. Our own sales system has accelerated growth, and offline channels have become an important contributor to revenue growth. Household energy and smart hardware are advancing simultaneously, and the product matrix is expanding to high-value scenarios. Considering that the company received a refund of some of the IEEPA tariffs paid in the previous year this year, operating costs were reduced accordingly, the profit forecast for 2026 was raised, and the “buy” rating was maintained.

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