10月31日，全球权威机构沙利文最新白皮书显示，2025年全球及中国手持智能影像设备市场格局迎来调整。影石创新（688775.SH）在全景相机领域持续领 跑，全球市占率连续8年位居第一，2025年前三季度全球占比超85%。单看三季度，影石全球市占达75%，国内市占超60%，头部地位稳固；大疆于今年7月 首次切入全景相机赛道，凭借价格战快速突围，在三季度拿下约17.1%的全球份额，借助大幅降价等方式更是获得37.1%的国内市场。 截至2025年三季度，全景相机市场呈现"影石领跑、大疆追赶"格局。影石以85.8%的全球市场份额、87.5%的海外份额，近80%的国内份额断层式领先。其 中，单今年三季度影石全球占比达75%，大疆则以17.1%的份额成为第二大玩家，GoPro则仅占1.4%。报告提到"今年7月首次入局全景相机的大疆，通过差 异化价格策略在中国市场快速崛起，频繁的降价举措帮助其斩获约37.1%的中国市场份额。"对此，业内人士指出，作为新入局者，大疆以价换市的策略成 效显著，但这一快速破局的背后或伴随明显的利润牺牲。 运动相机赛道的竞争更为白热化。截至今年三季度，影石以37.1%的全球份额居首，大疆33.9 ...

本文来自微信公众号： 全天候科技 （ID：None） ，作者：黄昱，编辑：王小娟，题图来自：视觉 中国 10月初，科技圈上演了戏剧性的一幕：当行业巨头大疆因多款产品降价遭遇用户不满时，公开出 面"道歉"的，竟是其竞争对手——影石创新 （688775.SH） 的CEO刘靖康。 全天候科技 . 以下文章来源于全天候科技 ，作者全天候科技 为优质内容而生，帮助投资者理解科技。 据悉，今年以来，影石陆续发布了X5全景相机、GO Ultra口袋相机、Flow 2手机云台等新品。 银河证券分析师指出， 新品放量带动影石收入高增，同时也叠加公司上市带来的品牌曝光度提升。 影石高度重视研发投入和业务多元化布局，而无人机业务正是其当前多元化的核心。 这位90后创始人的"越界"之举，与其说是一场公关，不如说是一份战书。如今，这份战书的"军费"账 单，在影石创新6月上市后的首个完整季度财报中被彻底揭开。 影石创新 （下称"影石"） 最新披露的2025年第三季度报告，呈现了冰火两重天的极端反差：一边是 营业收入同比猛增92.64%，高达29.4亿元；另一边却是归母净利润同比下滑15.9%，仅为2.72亿元。 增收不增利的背后，是一场 ...

影石创新10月30日大宗交易平台出现一笔成交，成交量0.70万股，成交金额209.72万元，大宗交易成交 价为299.60元，相对今日收盘价折价2.51%。该笔交易的买方营业部为华福证券有限责任公司上海浦东 新区杨高南路证券营业部，卖方营业部为华泰证券股份有限公司广州天河城证券营业部。 证券时报·数据宝统计显示，影石创新今日收盘价为307.30元，上涨2.12%，日换手率为13.52%，成交额 为12.66亿元，全天主力资金净流入6962.64万元，近5日该股累计上涨11.34%，近5日资金合计净流入 1.52亿元。 据天眼查APP显示，影石创新科技股份有限公司成立于2015年07月09日，注册资本40100万人民币。 （数据宝） 10月30日影石创新大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 0.70 | 209.72 | 299.60 | -2.51 | 华福证券 ...

10月30日，影石创新大宗交易成交7000股，成交额209.72万元，占当日总成交额的0.17%，成交价299.6 元，较市场收盘价307.3元折价2.51%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | of and one one of the very 025-10-30 | 影石创新 | 688775 | 299.6 209.72 | 0.7 | 鎖證購 | 套管理餐类或者感 190 | ...

影石创新 3Q2025 业绩点评 影石创新(688775) 证券研究报告 消费电子 / 公司点评 / 2025.10.30 投资评级:增持(维持) | 基本数据 | 2025-10-29 | | --- | --- | | 收盘价(元) | 300.91 | | 流通股本(亿股) | 0.31 | | 每股净资产(元) | 14.28 | | 总股本(亿股) | 4.01 | 最近 12 月市场表现 -8% 13% 35% 56% 77% 99% 影石创新 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 黄梦龙 SAC 证书编号：S0160525070014 huangml@ctsec.com 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 邢瀚文 SAC 证书编号：S0160525050001 xinghw@ctsec.com 相关报告 1. 《影石创新 2025 年中报告总结》 2025-08-31 2. 《AI+内容助力全景影像市场开拓》 2025-08-07 3. 《A ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300136 | 信维通信 | 35.50 | 7.41% | 138.17万 | | 47.75 Z | | 603890 | 春秋电子 | 15.32 | 3.51% | 84.28万 | | 12.96 Z | | 300686 | 智动力 | 66'SI | 3.23% | 23.80万 | | 3.76亿 | | 301329 | 信音电子 | 21.03 | 3.14% | 9.66万 | | 2.03亿 | | 300322 | 硕贝德 | 24.90 | 2.85% | 58.40万 | | 14.34亿 | | 603629 | 利通电子 | 24.34 | 2.48% | 12.21万 | | 2.96亿 | | 920857 | 泓禧科技 | 31.16 | 2.43% | 3.78万 | | 1.15亿 | | 688775 | 影石创新 | 307.30 | 2.12% | 4.12万 | | 12.66亿 ...

Financial Performance - The company reported a revenue of 2.94 billion yuan for Q3 2025, representing a year-on-year growth of 92.64% [1] - Cumulative revenue for the first three quarters reached 6.611 billion yuan, with a year-on-year increase of 67.18% [1] - The net profit for Q3 was 272 million yuan, showing a decline of 15.9% year-on-year, primarily due to strategic R&D investments [5] Market Performance - The company achieved significant sales during the Double Eleven shopping festival, driven by product innovation and enhanced user experience in core categories like action cameras and panoramic cameras [1] - The opening of the first flagship store in Hong Kong on October 25 attracted considerable attention [1] - A new panoramic camera, X4 Air, is set to be launched on October 28, along with promotional activities expected to boost sales [1] Research and Development - R&D investment exceeded 1 billion yuan in the first three quarters of 2025, with Q3 investment at 524 million yuan, marking a year-on-year increase of 164.81% [5] - Investments focus on cutting-edge areas such as panoramic imaging technology, AI algorithms, and custom chips, reflecting a long-term strategic vision despite short-term profit impacts [5] Product Innovation - The company expanded its product line with new releases including the Ace Pro 2 "Glacier White" limited edition, Flow 2 smartphone gimbal, and panoramic camera GO Ultra [7] - An AI omnidirectional microphone, Wave, targeting enterprise clients has also been launched, enhancing the company's audio segment [7] - The company is nearing the public testing phase for the world's first panoramic drone, "Yingling Antigravity," expected to begin trial sales in Q4 2025 [7] Industry Position - The global smart imaging device market is highly concentrated, with a CR3 of 78.9% in 2024 [10] - The company's market share increased from 28.4% in 2023 to 35.6% in 2024, indicating a continuous expansion of its leading position in the industry [10]

Core Insights - The electronic industry has become the largest sector in the A-share market, with a total market value of 13.6 trillion yuan, surpassing the banking sector [1][2] - Shenzhen is a key hub for the electronic industry, housing 115 listed companies, including one with a market value exceeding one trillion yuan and five with values over 100 billion yuan [2][3] - The shift towards AI and advanced technologies is driving growth in the electronic sector, particularly in areas like semiconductors and consumer electronics [4][5] Industry Overview - As of October 28, 2025, the electronic industry's market value accounts for 12.8% of the total A-share market, while the banking sector represents 10.8% [1] - Shenzhen leads in the number of electronic companies, with significant players in various segments, including semiconductors, printed circuit boards (PCBs), and consumer electronics [1][6] - The electronic industry encompasses several sub-sectors, including semiconductors, PCBs, displays, optical components, and consumer electronics, with Shenzhen having a presence in all these areas [5][7] Company Highlights - Industrial Fulian (601138.SH) is the only company with a market value exceeding one trillion yuan, valued at approximately 1.604541 trillion yuan, and has seen a 65% increase in cloud computing revenue [3][4] - Luxshare Precision (002475.SZ) is expanding into the Nvidia supply chain, which may become a significant profit driver [4] - Other notable companies include: - Shenzhen South Circuit (002916.SZ) and Pengding Holdings (002938.SZ), both leading in the PCB sector and transitioning towards AI server markets [4][5] - Jiangbolong (301308.SZ) reported a 54.6% year-on-year revenue increase, reaching 6.539 billion yuan [5] - Yingshi Innovation (688775.SH) has seen a 67.18% increase in revenue, reaching 6.611 billion yuan [5] Regional Development - Shenzhen is undergoing a transformation from a manufacturing base to a center for electronic innovation and research, supported by policies and talent [7] - The city has implemented measures to strengthen its semiconductor and integrated circuit industry, with a focus on investment and development [6] - The semiconductor industry in Shenzhen is projected to grow to 256.4 billion yuan by 2024, reflecting a 26.8% year-on-year increase [6]

Core Viewpoint - The article highlights the competitive dynamics between the emerging company影石创新 (Insta360) and the industry giant大疆 (DJI), focusing on影石's aggressive strategy to expand its market presence despite facing challenges in profitability due to high R&D investments and competitive pricing pressures [2][9][10]. Financial Performance -影石's Q3 2025 report shows a significant revenue increase of 92.64% year-on-year, reaching 2.94 billion yuan, while net profit attributable to shareholders declined by 15.9% to 272 million yuan [2][4]. - The company's R&D expenditure surged by 164.81% year-on-year to 524 million yuan, nearly double the net profit for the same period [2][8]. Product Strategy -影石 has launched several new products this year, including the X5 panoramic camera and GO Ultra pocket camera, contributing to its revenue growth [5][6]. - The company is actively pursuing a diversification strategy, with a focus on the drone business as a core area of expansion [7][8]. Competitive Landscape - In response to影石's market moves, DJI launched the Osmo 360 panoramic camera at a lower price point, intensifying competition in the panoramic camera segment [9]. -影石's CEO, Liu Jingkang, acknowledged the competitive pressures but expressed optimism about the potential for market growth and the company's ability to adapt [9][10]. Market Positioning -影石's IPO marked a significant milestone, with its stock price soaring 285% on the first day, reflecting strong market interest and positioning as a leading player in the smart imaging sector [10][12]. - The company aims to leverage its unique corporate culture and innovative spirit to challenge established competitors like DJI in the drone market [13][14].

资料显示，影石创新科技股份有限公司位于广东省深圳市宝安区新安街道海旺社区兴业路1100号金利通 金融中心大厦2栋1101,1102,1103，成立日期2015年7月9日，上市日期2025年6月11日，公司主营业务涉 及全景相机、运动相机等智能影像设备的研发、生产和销售。主营业务收入构成为：消费级智能影像设 备86.06%，配件及其他产品12.63%，其他(补充)1.01%，专业级智能影像设备0.30%。 截至9月30日，影石创新股东户数2.31万，较上期增加36.16%；人均流通股1318股，较上期减少 26.56%。2025年1月-9月，影石创新实现营业收入66.11亿元，同比增长67.18%；归母净利润7.92亿元， 同比减少5.95%。 机构持仓方面，截止2025年9月30日，影石创新十大流通股东中，博时科创板三年定开混合（506005） 位居第五大流通股东，持股26.26万股，为新进股东。富国消费主题混合A（519915）位居第九大流通股 东，持股14.42万股，为新进股东。富国价值创造混合A（011099）位居第十大流通股东，持股13.92万 股，为新进股东。博时汇兴回报一年持有期混合（011056 ...