Consumer Electronics - China: What’s new in Consumer Electronics #1: Anker new products, Arashi, 3D printer IPO

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Consumer Electronics - China: What’s new in Consumer Electronics #1: Anker new products, Arashi, 3D printer IPO

Anker

Why we see upside in the earbuds (e.~15% rev mix)

Share gain opportunity for vertical brands in TWS market

• The global TWS (True Wireless Stereo) market is currently ~US$40bn, with Anker

ranking ~No.6 and holding ~2% market share. The top 4 players are predominantly

smartphone brands, collectively accounting for >50% of the market.

• The remaining market is still highly fragmented, leaving meaningful share gain

opportunities for vertical brands like Anker Soundcore. As product differentiation

becomes increasingly driven by user experience rather than ecosystem lock-in,

independent brands are well-positioned to penetrate high-growth segments.

• We expect the earphone segment to deliver 30–40% revenue growth in 2026E,

driven by both market expansion and share gains.

A step change in call clarity, addressing category pain points

• The Liberty 5 Pro series, launched on May 22, has been certified by Guinness as the

world’s clearest earbuds for calls. This performance is enabled by the proprietary

Thus A1 neural-network AI audio chip, developed over a three-year period, which

delivers roughly 150 times the computational power of traditional Bluetooth chips.

Unlike conventional noise filtering approaches, the chip allows for direct voice

extraction and effectively isolates speech from complex environments such as

subways, offices and restaurants. This represents a step change in call clarity,

addressing one of the most important user pain points in the category.

• The higher-end Liberty 5 Pro Max further extends the product’s value proposition

beyond audio. It incorporates a 1.78-inch AMOLED touchscreen and integrates AI-