Summary of Instasize360 Conference Call Company Overview - Instasize360 is a consumer and professional imaging equipment company, leading in the panoramic camera sector with products like Go, Ace, Pro, and X series cameras. Approximately 80% of its revenue comes from overseas markets [2][7]. Financial Performance - Revenue is projected to grow from 2 billion to 5.5 billion from 2022 to 2024, with a compound annual growth rate (CAGR) exceeding 60%. Net profit is expected to rise from 400 million to around 1 billion, with a CAGR over 50%. Gross margin remains above 50%, and net profit fluctuates between 15% and 20% [2][8]. - In the first half of 2025, revenue continued to grow at 50%, but net profit declined due to increased investments in new products and channel expansion [9]. Incentive Plans - A restricted stock incentive plan for 2025 has been introduced, covering over 20% of employees, with performance targets set at 25%, 15%, and 10% year-on-year revenue growth. This plan aims to align the interests of core employees with the company's long-term growth strategy [2][10]. Research and Development - R&D expenses increased by 4 percentage points year-on-year to 14%, placing the company at the forefront of the industry. The focus is on developing a rich product line around "panorama + sports + AI" [2][11]. Market Dynamics - The global action camera shipment increased from 14 million units in 2017 to over 44 million units in 2023, while the panoramic camera market exceeded 2 million units. Domestic brands, led by Instasize, are expected to continue gaining market share [2][12]. New Product Innovations - Instasize360 is set to launch the Yingling A1 panoramic drone in January 2026, featuring 8K panoramic capabilities and combining functions of panoramic, aerial photography, and racing drones. This innovation is anticipated to drive growth in the drone market [4][13]. - The company plans to expand into more smart imaging device segments, including personal content creation, remote conferencing, and security [6][15]. Competitive Landscape - The global consumer drone market is projected to exceed 6 million units in shipments and 4 billion USD in sales by 2024. The market is dominated by aerial photography drones, with DJI holding about 80% of the market share. The introduction of panoramic drones is expected to stimulate growth in this segment [14][15]. Strategic Focus - Instasize360 is focusing on product iteration and market expansion, particularly in the action camera sector, which is undergoing significant innovation. The company aims to leverage cost reduction opportunities through supply chain localization and scale effects to enhance profitability [3][6].

Core Insights - The article emphasizes the complexity of the production process for aerospace components, highlighting the importance of forging and casting techniques as foundational methods in the industry [1][6]. Group 1: Key Technologies in Aerospace Components - Aerospace components rely on five core technologies: integral blade disk manufacturing, cutting technology, special processing technology, engine casing manufacturing technology, and thermal barrier coating technology [4][6]. - Integral blade disks are crucial for the structural innovation of next-generation engines, reducing weight and part count while improving reliability [6]. - Cutting technology is essential for manufacturing heavy components of aircraft engines, increasingly relying on difficult-to-machine materials like titanium and high-temperature alloys [6]. - Special processing technologies, such as high-energy beam processing, excel in machining complex geometries and difficult materials [6]. - Engine casing manufacturing involves various materials depending on the operational temperature, including resin-based composites and high-temperature alloys [6]. - Thermal barrier coating technology enhances the durability and thermal protection of critical engine components [6]. Group 2: Importance of Non-Destructive Testing and Heat Treatment - Non-destructive testing is vital in ensuring the quality of each manufacturing step in aerospace component production, preventing defects from propagating through the process [7]. - Heat treatment processes, including heating, holding, and cooling, are employed to alleviate internal stresses in metal components, significantly improving their mechanical properties [10]. Group 3: Future Trends in Aerospace Component Technology - The future of aerospace component technology is focused on multi-faceted innovation, with advancements in composite materials and manufacturing techniques aimed at efficiency and cost reduction [11]. - The use of resin-based composites is increasing, with significant weight reductions observed in various aircraft models [14]. - New manufacturing techniques for large, integral wall panels are becoming essential for enhancing structural efficiency and reducing costs [14]. - High-energy beam processing and special welding techniques are gaining traction in the industry, addressing challenges in machining and assembly [14].

Core Viewpoint - Investors are expressing interest in the timely release of the company's drone products, indicating a competitive pressure from established players like DJI [1] Company Progress - The company, YingShi Innovation, has responded to investor inquiries by stating that the development and launch of its related products are progressing in an orderly manner [1]

Core Viewpoint - The stock of Jiangsu Maxinlin Aerospace Technology Co., Ltd. experienced a decline of 5.22%, trading at 61.21 CNY per share, with a total market capitalization of 8.902 billion CNY as of September 23 [1] Company Overview - Jiangsu Maxinlin Aerospace Technology Co., Ltd. was established on March 15, 2010, and went public on May 13, 2021 [1] - The company specializes in aerospace components and tooling, as well as precision components for various civil industries [1] - The revenue composition of the company is 85.69% from product sales and 14.31% from service provision [1] Fund Holdings - Hongde Fund has a significant holding in Maxinlin, with its Hongde Quantitative Selected Mixed Fund (006336) holding 21,800 shares, representing 0.94% of the fund's net value, ranking as the tenth largest holding [2] - The fund has reported a floating loss of approximately 73,500 CNY as of the latest update [2] - The Hongde Quantitative Selected Mixed Fund was established on September 6, 2019, with a current size of 130 million CNY and has achieved a year-to-date return of 25.01% [2] - Over the past year, the fund has returned 57.77%, ranking 2,553 out of 7,995 in its category [2] - Since its inception, the fund has generated a return of 74.75% [2] Fund Manager Information - The fund manager of Hongde Quantitative Selected Mixed Fund is Zhang Tianyang, who has been in the position for 3 years and 240 days [2] - The total asset size managed by Zhang Tianyang is 147 million CNY, with the best fund return during his tenure being 42.89% and the worst being -38.09% [2]

Group 1: Company Developments - The company signed a 1.184 billion yuan contract for computing power services, further expanding its presence in the computing power sector [1] - The company established a subsidiary, Ruiying Zhikuan, to create an 8000P computing resource pool in collaboration with Suzhou State-owned Assets [1] - The computing power business is expected to become a core driver of the company's growth [1] Group 2: Strategic Partnerships - Ruiying Zhikuan successfully integrated its computing resources with the public computing service platform under the Suzhou Big Data Group, enhancing service efficiency and quality [2] - The partnership with Suzhou Computing Technology Co. provided technical support and resolved operational challenges in the computing service sector [2] - The collaboration is expected to inject new momentum into Ruiying Zhikuan's business growth and create more opportunities for the parent company, Maixinlin [2] Group 3: Market Environment and Support - Suzhou has prioritized enterprise listing as a key driver for high-quality economic development, integrating listing cultivation into various industry policies [4] - As of August this year, Suzhou added 11 new listed companies, with a total of 276 listed companies, ranking fifth nationwide [5] - The market capitalization of A-share listed companies in Suzhou increased from 17,243.49 billion yuan to 23,841.90 billion yuan, a growth of 38.3% from January 1 to September 10 [5]

Core Viewpoint - The aerospace ETF Tianhong (159241) has shown significant growth in both scale and share, indicating strong investor interest in the aerospace sector, particularly in companies involved in advanced technologies and military applications [3][4]. Group 1: ETF Performance - As of September 18, 2025, the aerospace ETF Tianhong (159241) increased by 1.23%, with a turnover of 8.78% and a transaction volume of 39.2827 million yuan [3]. - The ETF has seen a weekly scale growth of 2.4731 million yuan, ranking first among comparable funds, and a share increase of 5 million units [3]. - In the last three days, the ETF attracted a net inflow of 11.2857 million yuan [3]. Group 2: Sector Highlights - The aerospace ETF Tianhong (159241) closely tracks the National Aerospace and Aviation Industry Index, which includes sectors such as aerospace equipment, military electronics, and satellite internet, highlighting the high-tech barriers and strong R&D attributes of these industries [4]. - Hefei Xinghuo Space Technology Co., Ltd. recently completed a 55 million yuan angel round financing, with total financing nearing 100 million yuan, focusing on the development of China's first electric cycle liquid launch vehicle [5]. - The Chinese low-altitude economy market is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, with financial institutions actively investing in this emerging sector [5]. Group 3: Institutional Insights - Zhonghang Securities emphasizes that satellite internet can extend traditional internet services to broader areas, facilitating information integration and breaking down service barriers, thus creating new opportunities for industry development [6]. - The integration of satellite internet with low-altitude economy, vehicle networking, and other new fields can enhance communication and operational capabilities [6].

Market Performance - The aviation equipment sector rose by 0.87% on September 17, with *ST Guandian leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Notable gainers included: - *ST Guanqu with a closing price of 4.85, up 5.21% with a trading volume of 59,400 shares and a turnover of 28.69 million yuan [1] - Maxinlin at 61.80, up 4.29% with a trading volume of 54,500 shares and a turnover of 335 million yuan [1] - Guangqi Technology at 48.76, up 3.99% with a trading volume of 513,800 shares and a turnover of 2.487 billion yuan [1] - Other stocks with positive performance included Huayin Technology, Hangfa Technology, and Feilv Technology, all showing increases in their closing prices and trading volumes [1] Fund Flow Analysis - The aviation equipment sector experienced a net outflow of 217 million yuan from institutional investors, while retail investors saw a net inflow of 204 million yuan [2] - The top stocks by net inflow from retail investors included Guangqi Technology and Feilv Technology, indicating strong retail interest despite institutional outflows [3] Summary of Key Stocks - Guangqi Technology had a significant net inflow of 128 million yuan from institutional investors, while experiencing a net outflow of 10.16 million yuan from speculative funds [3] - Feilv Technology also saw a net inflow of 124 million yuan from institutional investors, with a notable outflow from retail investors [3] - Other stocks like Haita High-tech and Hangfa Technology showed mixed fund flows, with varying levels of institutional and retail interest [3]

Core Insights - DJI dominates the consumer drone market with a 70% market share, establishing an unassailable industry position [1] - YingShi Innovation has launched a public test for its panoramic drone "Yingyi A1" near DJI's headquarters, investing 200,000 cash to challenge DJI [1] - YingShi has achieved over 80% global market share in allowing ordinary users to capture professional panoramic images, but its revenue is only one-tenth of DJI's [1] - The competition indicates that challengers can aspire to become leaders in the market despite significant hurdles [1]

Group 1 - The core viewpoint highlights the positive performance of the aerospace industry index and its constituent stocks, with significant increases in stock prices for companies like Maxinlin (5.84%) and Guangqi Technology (4.24%) [1] - The upcoming 2025 Air Force Aviation Open Day and Changchun Air Show, scheduled from September 19 to 23, will showcase advanced military aircraft including the J-20 and J-16, indicating a strong focus on military aviation [1] - Dongfang Securities anticipates that China's investment in advanced equipment technology will continue to expand, particularly in areas such as artificial intelligence, new materials, and cybersecurity, which will drive innovation across the entire industry chain [1] Group 2 - The Aerospace ETF (159227) tracks the National Aerospace Index and has a high military content of 97.96%, focusing on the aerospace sector, including key players in fighter jets, transport aircraft, and missiles [2] - From August 28, 2024, to August 28, 2025, the National Aerospace Index achieved a return of 66.74%, outperforming other defense indices such as the CSI National Defense Index (57.95%) and the CSI Military Industry Index (60.26%) [2]

Group 1 - The core point of the article highlights the recent performance of Jiangsu Maxinlin Aerospace Technology Co., Ltd., which saw a stock price increase of 5.05%, reaching 61.40 CNY per share, with a trading volume of 332 million CNY and a turnover rate of 3.84%, resulting in a total market capitalization of 8.929 billion CNY [1] - Jiangsu Maxinlin was established on March 15, 2010, and went public on May 13, 2021. The company specializes in aerospace components and tooling, as well as precision components for various civil industries. The revenue composition is 85.69% from product sales and 14.31% from services [1] Group 2 - From the perspective of fund holdings, Hongde Fund has a significant position in Maxinlin, with its Hongde Quantitative Selected Mixed Fund (006336) holding 21,800 shares, accounting for 0.94% of the fund's net value, ranking as the tenth largest holding. The estimated floating profit today is approximately 64,300 CNY [2] - The Hongde Quantitative Selected Mixed Fund was established on September 6, 2019, with a current size of 130 million CNY. Year-to-date returns are 24.5%, ranking 3,476 out of 8,174 in its category; the one-year return is 58.49%, ranking 2,213 out of 7,981; and since inception, the return is 74.04% [2] - The fund manager, Zhang Tianyang, has been in position for 3 years and 229 days, with total assets under management of 147 million CNY. The best fund return during his tenure is 38.19%, while the worst is -38.09% [2]