Summary of the Conference Call for YingShi Innovation Company Overview - **Company**: YingShi Innovation - **Industry**: Smart Imaging Devices - **Key Products**: Insta360 ONE X series, Go series, S Pro series, modular cameras, and professional VR cameras [2][5][18] Financial Performance - **2024 Revenue**: 5.57 billion RMB, a 60% increase year-over-year - **2024 Profit**: 990 million RMB, a 106.6% increase year-over-year - **Revenue Forecast**: - 2025: 8 billion RMB - 2026: 10.8 billion RMB - 2027: 14 billion RMB - **Profit Forecast**: - 2025: 1.2 billion RMB - 2026: 1.7-1.8 billion RMB - 2027: 2.5 billion RMB [2][15] Market Position and Trends - **Market Share**: Over 60% in the global panoramic camera market - **Global Market Size**: - Panoramic camera market: 5 billion USD in 2023, expected to reach 7.9 billion USD by 2027 - Action camera market: Over 30 billion RMB in 2023, expected to maintain double-digit growth - Drone market: 50 billion RMB in 2023, projected to grow to over 100 billion RMB [2][8][30][32] Product and Technology Insights - **Core Product Contribution**: 86% of revenue from consumer-grade smart imaging products, with Insta360 ONE X series contributing over 50% [2][4] - **Software Capabilities**: Insta360 APP offers cloud storage, cloud services, and AI editing, addressing post-processing pain points [11][12] - **R&D Focus**: Increasing R&D expenditure and personnel ratio, with a strong emphasis on innovation [26][27] Sales and Distribution - **Sales Model**: Combination of online and offline sales, with online sales approaching 50% in 2024 - **Global Reach**: Revenue from overseas markets exceeds 75%, with distribution in over 50 countries [3][22] Competitive Landscape - **Key Competitors**: DJI (drones), GoPro (action cameras), and other emerging brands - **Market Dynamics**: Despite DJI's larger scale, YingShi Innovation is positioned to compete effectively through product expansion and innovation [16][33] Strategic Partnerships and Supply Chain - **Supply Chain Stability**: Collaborations with key suppliers like Luxshare Precision to address capacity bottlenecks and tariff issues [14][43] - **Strategic Allocations**: Attracting core employees and supply chain partners for future expansion [14][45] Future Growth Potential - **Growth Drivers**: Continuous product innovation, market expansion, and strong brand recognition in overseas markets [34][41] - **Profitability Outlook**: Expected to maintain high growth rates in both revenue and profit, particularly in professional-grade products [44] Conclusion YingShi Innovation is positioned as a leader in the smart imaging device market, with strong financial performance, a robust product lineup, and significant growth potential driven by innovation and market expansion strategies. The company is well-equipped to navigate competitive pressures and capitalize on emerging market opportunities.

Summary of the Conference Call on the Action Camera Industry Industry Overview - The global action camera market is projected to sell approximately 20 million units in 2024, with panoramic cameras accounting for about 2 million units. Xi'an Catering holds a dominant position in the panoramic camera market, with sales reaching 1.44-1.5 million units [1][2] - The wide-angle camera market is primarily led by GoPro, DJI, and Yingshi, with total sales between 6-7 million units [1][2] - The main user groups for action cameras are sports enthusiasts (over 80% market share) and Vlog creators, with the latter's penetration rate currently below 10% [1][8] Key Insights and Arguments - Future growth drivers for the action camera market include increasing demand from sports enthusiasts (cycling, skiing, etc.) and Vlog creators, particularly as Vlog user penetration has significant growth potential [1][5] - The competitive landscape is fragmented, with intense competition among GoPro, DJI, and Yingshi, while the panoramic camera segment has a higher technical barrier and fewer brands [1][15] - Key components in action cameras include SoC chips (30% cost), sensors (10%-15%), and lens modules (10%-15%). GoPro, DJI, and Yingshi have different chip selections, with Sony and OmniVision dominating the sensor market [3][16][17] Market Dynamics - The action camera market is expected to see a shift towards Vlog users, who represent a significant growth opportunity despite their current low penetration [9][10] - The performance of action cameras in stabilization technology is crucial for both sports and Vlog users, with current models achieving high resolutions (up to 8K) [7][11] - The market is characterized by a mix of high-end brands and low-end white-label products, with the latter catering to budget-conscious consumers [25] Challenges and Opportunities - Major challenges for Vlog users include the distortion caused by wide-angle lenses and the need for improved audio quality and image stabilization [13][12] - The action camera market is currently fragmented, but there is potential for consolidation as brands begin to overlap in product offerings [15] - The future of the action camera market may involve price competition, but significant technological advancements are still needed in areas like low-light performance and audio quality [32] Competitive Landscape - GoPro's competitive edge has diminished, with its technology being surpassed by competitors like Yingshi and DJI. GoPro's pricing strategy has also affected its market position [27] - Yingshi is expected to maintain a leading position in the panoramic camera market, while DJI and Yingshi are projected to split the wide-angle market evenly [28] - The entry of new competitors into the action camera space is limited due to the high technical requirements and existing brand loyalty [29] Future Directions - The action camera industry is likely to see further technological iterations, particularly in image quality, stabilization, and audio enhancements [32] - Companies like DJI and Yingshi may explore opportunities in the AI glasses market, leveraging their existing technology and supply chain advantages [33][34] - The Vlog camera segment is anticipated to grow significantly, with companies like DJI already achieving notable sales with products like the Pocket 3 [36]

Group 1 - The company plans to acquire an additional 2.832% equity stake in its subsidiary, Yanzhou Dongfang Electromechanical Co., Ltd., for a total of 3.977 million yuan, increasing its ownership from 50% to 52.832% [6][10][14] - The acquisition aims to enhance the company's control over the subsidiary, improve operational efficiency, and optimize resource allocation [6][14] - The financial data of Yanzhou Dongfang Electromechanical Co., Ltd. shows total assets of 391.7949 million yuan and net assets of 119.0279 million yuan as of March 31, 2025 [9][10] Group 2 - The company intends to renew its financial services agreement with Shandong Energy Group Financial Co., Ltd., expanding the services from only bill acceptance to include deposit services and comprehensive credit services [15][18] - This transaction is classified as a related party transaction but does not constitute a major asset restructuring [15][18] - The financial services agreement aims to lower financing costs and improve capital efficiency for the company and its subsidiaries [15][18] Group 3 - The company proposes to cancel its supervisory board and transfer its responsibilities to the audit committee of the board of directors, in compliance with the new Company Law effective from July 1, 2024 [20][21] - The company will revise its articles of association accordingly to reflect this change [20][21] - The proposed changes have already been approved by the company's board of directors and supervisory board [20][21]

新风光电子科技股份有限公司 2025 年第二次临时股东会 会 议 资 料 二零二五年六月 1 目 录 | 2025 年第二次临时股东会会议须知 3 | | --- | | 2025 年第二次临时股东会会议议程 5 | | 2025 年第二次临时股东会会议议案 7 | | 议案一：《关于收购控股子公司兖州东方机电有限公司少数股东股权的议案》 ... 7 | | 议案二：《关于与山东能源集团财务有限公司重新签订<金融服务协议>暨关联交易的 | | 议案》 12 | | 议案三：《关于取消监事会及修订<公司章程>的议案》 16 | | 议案四：《关于修订部分公司治理制度的议案》 17 | 2 新风光电子科技股份有限公司 2025 年第二次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会会议秩序和议事效率，保证股东会的 顺利召开，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 会规则》以及《新风光电子科技股份有限公司章程》《新风光电子科技股份有限公司 股东会议事规则》等相关规定，特制定新风光电子科技股份有限公司（以下简称"公 司"）本次股东会会议须知： 现场要求发言的股东及股东代理人，应 ...

证券代码：688663 证券简称：新风光 公告编号：2025-037 新风光电子科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2024 年 12 月 23 日，公司召开第四届董事会第四次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金以集中竞 价交易方式回购公司已发行的部分人民币普通股（A 股）股票，并将回购股份在未 来适宜时机全部用于股权激励。本次回购资金总额不低于人民币 3,000 万元（含）， 不超过人民币 6,000 万元（含），回购价格不超过人民币 29.62 元/股（含）。回购 期限为自公司董事会审议通过回购股份方案之日起 12 个月内。具体内容详见公司 分别于2024年12月24日、2025年1月9日在上海证券交易所网站（www.sse.com.cn） 披露的《新风光电子科技股份有限公司关于以集中竞价交易方式回购股份的方案》 （公告编号：2024-045）、《新风光电子科技股份有限公司关于以集中竞价交易方 式 ...

证券代码：688663 证券简称：新风光 公告编号：2025-031 新风光电子科技股份有限公司 关于与山东能源集团财务有限公司重新签订 《金融服务协议》暨关联交易的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 是否需要提交股东会审议：是 公司拟调整签订《金融服务协议》的主体和金融服务内容。签署主体由控股子公司兖州东方机电有限公 司（以下简称"东方机电"）调整为由母公司新风光电子科技股份有限公司直接签署；金融服务内容 由"仅限于提供票据承兑金融服务"调整为"存款服务、综合授信服务及其他金融服务"。控股子公司东方 机电仍按照原协议中约定的"财务公司为东方机电仅限于提供票据承兑金融服务"执行。公司及其控股子 公司与财务公司签订《金融服务协议》不涉及募集资金。 ● 本次关联交易均遵循协商一致、公平交易、互惠互利的原则，不存在损害本公司和全体股东利益的行 为，不会对关联人形成依赖。 ● 本次交易未构成重大资产重组，交易实施亦不存在重大法律障碍。 ● 本次关联交易尚需提交股东会审议。 一、关联交易概述 二、 ...

Group 1 - The audit report indicates that the financial statements of Yanzhou Dongfang Electromechanical Co., Ltd. fairly reflect its financial position as of December 31, 2024, and its operational results and cash flows for the year 2024 in accordance with accounting standards [2][5]. - The company was established on December 7, 1990, with a registered capital of 50 million RMB, and is located in Zoucheng City, Shandong Province [5][6]. - The main business of the company includes the research, design, manufacturing, and service of general explosion-proof electrical and automation products [5][6]. Group 2 - The company operates in the electrical machinery and equipment manufacturing industry, focusing on products such as mining explosion-proof electrical products, high and low voltage switchgear, and automation systems [5][6]. - The financial statements are prepared based on the going concern assumption, indicating that the company has the ability to continue its operations for at least 12 months from the reporting date [6][7]. - The company adheres to the accounting principles set forth by the Ministry of Finance and the China Securities Regulatory Commission, ensuring that its financial reporting is in compliance with relevant regulations [6][7].

证券代码：688663 证券简称：新风光 公告编号：2025-036 一、监事会会议召开情况 新风光电子科技股份有限公司(以下简称"公司")第四届监事会第七次会 议于 2025 年 5 月 30 日以通讯表决方式在公司会议室召开。会议通知于 2025 年 文先生主持，会议应出席监事 3 名，实际出席监事 3 名。本次会议的召集、召开 和表决程序均符合《中华人民共和国公司法》《新风光电子科技股份有限公司章 程》及相关法律法规的规定。 二、监事会会议审议情况 经与会监事认真讨论，审议通过如下议案： （一）审议通过《关于收购控股子公司兖州东方机电有限公司少数股东股 权的议案》 监事会认为：本次收购控股子公司东方机电自然人股权，有利于进一步增强 公司对子公司的控制力，提高运营和决策管理效率，降低管理成本与控制风险， 实现公司整体资源的优化配置。本次收购决策程序符合相关法律、法规和《公司 章程》的规定，定价依据具有合理性，不存在损害公司及中小股东的利益的情形， 不会对公司持续经营能力产生不利影响，不存在利益输送或侵占公司利益的情形。 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见公司同日披露于上海证券交易 ...

Group 1 - The company New Wind Light Electronic Technology Co., Ltd. will hold its second extraordinary general meeting of shareholders on June 17, 2025 [1] - The voting method for the meeting will combine on-site voting and online voting [1] - The meeting will take place at the company's office building in Shandong Province, starting at 14:30 [1] Group 2 - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 to 15:00 on the day of the meeting [1][4] - Shareholders must register to attend the meeting, with registration available on June 16, 2025 [6] - The meeting will discuss several proposals, including the acquisition of minority shareholder equity in a subsidiary and the signing of a financial services agreement with a related party [2][3]

兖州东方机电有限公司 2024年度财务报表 审计报告书 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 目 录 一、审计报告 二、审计报告附送 1. 资产负债表 2. 利润表 3. 现金流量表 4. 所有者权益变动表 5. 财务报表附注 三、审计报告附件 1. 中兴华会计师事务所（特殊普通合伙）营业执照复印件 2. 中兴华会计师事务所（特殊普通合伙）执业证书复印件 3. 注册会计师执业证书复印件 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地 址 （ l o c a t i o n ）： 北 京 市 丰 台 区 丽 泽 路 2 0 号 丽 泽 S O H O B 座 2 0 层 20/F,T ...