12月8日，21世纪经济报道记者获悉，影石创新(688775.SH)创始人刘靖康发表内部信称，澄清影翎全景无人机"销量遇冷"消息不实。 此前4日，由影石Insta360与第三方共同孵化的无人机品牌影翎Antigravity，正式发售全球首款全景无人机影翎A1，搭配飞行眼镜和体感遥控器，叠加国补 后售价6499元起。 根据该信内容，A1在中国区48小时销售额突破3000万元，海外市场正进行认证即将上市。他表示，"该成绩可对标友商成熟机型"，为公司开辟全新增长 曲线。作为参照，集团手持影像业务线前三季度日均销售额是2400多万元。 SFC 他表示，公司无悔5年前投身于这个品类的开创，并持续投入为行业做贡献，目前已规划并投入了数个全景无人机相关的迭代项目。 刘靖康坦言，影石还有很多其它挑战，例如传统无人机遥控器成本仅占飞机的1/4，但是VR眼镜的行业平均成本比无人机还高，而且影石用了很高端的芯 片和两块一英寸MicroOLED屏，这是影石短期定价比传统无人机更贵的核心原因。 截至12月9日10:20，影石创新股价报260.4元/股，市值1044亿元。 此外，据其透露，公司切换二供，重建了自主供应链。目前影石超70% ...

记者丨雷若馨 编辑丨孙超逸 12月8日，21世纪经济报道记者获悉，影石创新（688775.SH）创始人刘靖康发表内部信称，澄清影翎全景无人机"销量遇冷" 消息不实。 此前4日，由影石Insta360与第三方共同孵化的无人机品牌影翎Antigravity，正式发售全球首款全景无人机影翎A1，搭配飞行眼镜和体感遥控 器，叠加国补后售价6499元起。 此外，据其透露，公司切换二供，重建了自主供应链。目前影石超70%收入来自原创细分品类。同时，刘靖康也表示，激烈竞争推动了市场扩 容。 他表示，公司无悔5年前投身于这个品类的开创，并持续投入为行业做贡献，目前已规划并投入了数个全景无人机相关的迭代项目。 刘靖康坦言， 影石 还有很多其它挑战，例如传统无人机遥控器成本仅占飞机的1/4，但是VR眼镜的行业平均成本比无人机还高，而且 影石 用 了很高端的芯片和两块一英寸MicroOLED屏，这是 影石 短期定价比传统无人机更贵的核心原因。 根据该信内容，A1在中国区48小时销售额突破3000万元，海外市场正进行认证即将上市。他表示，"该成绩可对标友商成熟机型"，为公司开 辟全新增长曲线。作为参照，集团手持影像业务线前三季度日均 ...

Core Viewpoint - The low-altitude economy sector has outperformed the broader market during the period from November 24 to December 7, with significant increases in relevant indices [1][2]. Market Performance - The Wind Low Altitude Economy Index rose by 5.46%, outperforming the Shanghai Composite Index by 3.69 percentage points and the CSI 300 Index by 2.52 percentage points, but underperformed the ChiNext Index by 1.02 percentage points [2]. - The National General Aviation Index increased by 6.40%, surpassing the Shanghai Composite Index by 4.63 percentage points and the CSI 300 Index by 3.46 percentage points, while slightly underperforming the ChiNext Index by 0.08 percentage points [1][2]. National Level Developments - The Central Air Traffic Control Office has officially released the "Functional Requirements for National and Provincial Low Altitude Flight Comprehensive Supervision Service Platforms (Version 1.0)" and "Information Interaction Specifications (Version 1.0)", aimed at enhancing the regulation of low-altitude management systems [2]. - The Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued a plan to enhance the adaptability of supply and demand for consumer goods, supporting the construction of aviation flight camps in suitable areas [2]. Regional Initiatives - The Chongqing Municipal Government has issued policies to promote high-quality development of the low-altitude economy, aiming to create a distinctive low-altitude economic innovation city [3]. - Liaoning's 14th Five-Year Plan suggests expanding applications of low-altitude operations in logistics, tourism, and governance [3]. - The Zhejiang Provincial Development and Reform Commission is soliciting opinions on policies to promote high-quality economic development, emphasizing the advancement of civil aviation and low-altitude economy [3]. Company Developments - Wofei Changkong and Hualong Aviation have signed a subscription agreement for 50 AE200 aircraft, marking a significant step towards the commercialization of the "eVTOL + business jet" model [4]. - Zero Gravity Aircraft Industry has made a strategic investment in Xiangyuan General Aviation, aiming to bridge the gap between manufacturing and operational capabilities in the low-altitude economy [4]. - The establishment of the Changsha Low Altitude Industry Development Company with a registered capital of 200 million yuan focuses on general aviation services and public air transport [4]. Investment Initiatives - The Ningbo Transportation Investment Yunzhi Low Altitude Economy Industry Fund has been established with a total scale of 1 billion yuan, focusing on key areas such as intelligent communication and navigation within the low-altitude safety industry chain [5]. Investment Recommendations - The national 14th Five-Year Plan emphasizes accelerating the development of the aerospace and low-altitude economy sectors, with various local governments implementing supportive policies [6]. - Key application scenarios include low-altitude logistics and tourism, with leading eVTOL manufacturers securing orders and expanding overseas [6]. - Relevant companies in the sector include those involved in power/energy systems, complete aircraft manufacturing, air traffic control, and operational maintenance [6].

（原标题：影石全景无人机2天卖3000万 刘靖康称竞争推动市场扩容） 21世纪经济报道记者 雷若馨 深圳报道 12月8日，21世纪经济报道记者获悉，影石创新（688775.SH）创始人刘靖康发表内部信称，澄清影翎 全景无人机"销量遇冷" 消息不实。 刘靖康在该内部信中表示，全景无人机之于传统无人机，如同汽车之于马车。它是最符合人类直觉的消 费级无人机：通过全景镜头和手柄的体感操控，手指即方向，目光即焦点，无需复杂运镜；配合VR眼 镜，就能像鸟在天空飞翔一样，去感受整个空间、整个世界。对影石来说，进入无人机领域是延续"帮 助人们更好地记录与分享生活"的使命、洞察行业本质、寻找非共识机会的结果。 他表示，我们无悔5年前投身于这个品类的开创，并持续投入为行业做贡献，目前已规划并投入了数个 全景无人机相关的迭代项目。"解决无人解决的问题，发明、改变、创造新的市场，是影石的核心竞争 力，也是我们的使命，也是公司存在的价值。 目前，公司超过70%的收入来自我们原创的细分品类。" 刘靖康坦言，我们还有很多其它挑战，例如传统无人机遥控器成本仅占飞机的1/4，但是VR眼镜的行业 平均成本比无人机还高，而且我们用了很高端的芯片和 ...

Core Viewpoint - The founder of Yingstone Innovation, Liu Jingkang, clarified that the reports of poor sales for the Yingling panoramic drone are inaccurate, highlighting a strong sales performance in the Chinese market with sales exceeding 30 million yuan in 48 hours [1] Group 1 - The company achieved sales of over 30 million yuan in just 48 hours in the Chinese market [1] - The overseas market is undergoing certification and is expected to launch soon [1] - The sales performance can be compared to that of competitors' mature models, indicating potential for a new growth trajectory for the company [1]

Core Viewpoint - Next week, a total of 38 stocks will be unlocked, with a combined market value of 39.63 billion yuan based on the latest closing prices [2]. Group 1: Stock Unlocking Details - Ningbo Yiyang will have 1.06 billion shares listed for circulation, primarily from the original shareholders' restricted shares, with an unlocking market value of 9.71 billion yuan [3]. - EVE Energy ranks second in unlocking market value, with 125 million shares to be unlocked, mainly from the placement of shares to targeted investors, totaling 8.62 billion yuan [3]. - In contrast, Longxun Co., Xinghao Pharmaceutical, and Yinlong Co. have relatively low unlocking pressure, with unlocking market values of less than 10 million yuan each [4]. Group 2: Unlocking Proportions - The stocks with the highest unlocking ratios include Ningbo Yiyang, Oke Technology, and Jingpin Special Equipment, all exceeding 50% [5]. Group 3: Institutional Attention - Eight stocks facing unlocking have garnered significant institutional attention, with over 30 institutions conducting research since the fourth quarter [7]. - Among these, Juhe Materials has a market value of 1.056 billion yuan facing unlocking, and has received research from 161 institutions. The company specializes in the research, production, and sales of fluorochemical products [8]. - Huadong Medicine has received research from 132 institutions and has begun exporting some of its pharmaceutical products internationally, while also expanding its medical aesthetics business globally [9]. Group 4: Stock Performance - Among the 38 stocks facing unlocking, the average stock price has decreased by 0.14% since December [8]. - Changying Tong has the highest price increase, with a cumulative rise of 9.94% in December, while Sanfu Xinke has the largest decline, with a cumulative drop of 12.37% [8].

Investment Rating - The report gives a "Buy" rating for the company for the first time, considering the scarcity of smart imaging brands and the growth potential of its business [1][7]. Core Insights - The report highlights the company's position as a leading brand in smart imaging, expanding from handheld devices to the drone market, and emphasizes its innovative products and technological leadership [1][6][7]. - The company is expected to grow its revenue significantly, with projections of 9.6 billion, 14.65 billion, and 19.6 billion for 2025, 2026, and 2027 respectively, alongside net profits of 1.03 billion, 1.81 billion, and 2.72 billion [7][8]. Summary by Sections Company Overview - The company, established in 2015, has become a leader in the panoramic camera market and is expanding its product lines to include action cameras, wearable cameras, gimbals, and drones, while also starting to develop software services [6][12]. - The revenue distribution in 2024 is expected to be 85.9% from consumer devices, 0.4% from professional devices, and 12.9% from accessories, with significant contributions from regions like China, the US, Europe, and Japan [12][13]. Handheld Imaging Devices - The company is recognized as the leader in the panoramic camera segment, continuously enriching its product line and driving market expansion alongside competitors like DJI [16][33]. - The report indicates that the market for handheld imaging devices could reach hundreds of billions, driven by increasing outdoor activities and social media sharing [18][39]. Drone Market - The drone market is projected to grow significantly, with the company entering this space by leveraging its expertise in panoramic imaging to differentiate itself from competitors like DJI [7][33]. - The report notes that the company has developed proprietary technologies in flight control, obstacle avoidance, and image transmission, which are critical for drone functionality [7][33]. Financial Projections - The company is expected to see substantial revenue growth, with a compound annual growth rate (CAGR) of 66.2% from 2017 to 2024, driven by the success of its panoramic cameras and the introduction of new product lines [13][39]. - The financial outlook includes projected revenues of 9.6 billion in 2025, with a net profit of 1.03 billion, reflecting a strong growth trajectory [8][39]. Software Services - The introduction of cloud services in 2025 is expected to enhance user engagement and provide significant profit potential in the long term [56]. - The software business is anticipated to grow rapidly, benefiting from the integration with existing hardware products and the company's advancements in AI technology [56].

Core Viewpoint - The company, Yingshi Innovation, is a leading brand in the panoramic camera market, expanding into action cameras, wearable cameras, gimbals, and drones, while also starting to develop software services. The report highlights the potential for growth in various markets, projecting a shift from the tens of billions in the panoramic camera market to hundreds of billions in action cameras and drones. The company is rated positively due to its unique positioning, product innovation, and long-term growth potential [2][3][6]. Group 1: Company Overview - Yingshi Innovation, established in 2015, has grown from a panoramic camera manufacturer to a leader in the industry, expanding its product line to include action cameras, wearable cameras, gimbals, and drones, while also launching cloud services [3][10]. - The company’s revenue structure in 2024 is projected to be 85.9% from consumer devices, 0.4% from professional devices, and 12.9% from accessories, with the consumer devices segment including ONE X (panoramic camera), GO (wearable camera), and Ace (action camera) [3][10]. - The company employs a mixed sales strategy of online and offline channels, with 52% of revenue coming from offline sales, primarily from markets in China, the US, Europe, and Japan [3][10]. Group 2: Market Dynamics - The handheld imaging device market is rapidly evolving, with the potential to reach hundreds of billions as outdoor activities and social media sharing increase. The market for action cameras alone is expected to grow significantly [4][14][25]. - Yingshi holds a dominant position in the panoramic camera market, with a market share of 70-80%, while competitors like Ricoh and GoPro are losing ground [21][22]. - The company is leveraging its proprietary stitching and editing technologies to maintain its leadership position in the panoramic camera segment, which is expected to continue expanding [16][22]. Group 3: Product Innovation - Yingshi's action cameras, launched in 2023, combine advanced hardware with software and AI capabilities, allowing for superior image quality and creative functionalities [24][26]. - The company is also focusing on lightweight wearable cameras and gimbals, which cater to everyday users and enhance the recording experience in casual settings [27][28]. - The introduction of cloud services in 2025 aims to enhance user engagement and provide additional revenue streams, with subscription models offering various storage options [30]. Group 4: Drone Market - The global drone market is projected to grow from $7.1 billion in 2023 to $12.2 billion by 2030, with Yingshi entering this space by offering a unique panoramic drone that differentiates itself from traditional models [5][34][36]. - Yingshi's first drone, launched in December 2023, emphasizes user-friendly controls and immersive experiences, targeting the consumer market with competitive pricing [36][37]. - The company has invested heavily in R&D for drone technology, holding numerous patents and focusing on key areas such as flight control, obstacle avoidance, and image transmission [35][36].

21世纪经济报道记者雷若馨深圳报道 12月4日晚，由影石Insta360 与第三方共同孵化的无人机品牌影翎Antigravity，正式发售全球首款全景无 人机影翎A1，并将发布会搬上1500米高空。 据悉，影翎A1用全景无人机搭配飞行眼镜和体感遥控器，叠加国补后售价6499元起。此前，影石创始 人刘靖康曾表示，"我们今天最大的不幸是赛道上有个大疆，但最大的幸运也是赛道上有个大疆。""五 年前决定做无人机时，就预想过会刺激友商做全景相机"抄家。 在发布会上，影翎Antigravity发言人强调，影翎A1的意义并不在于补充已有选择，而在于为飞行打开另 一种可能。 作为全景相机龙头，影石创新自宣布全景无人机以来，市场便对其"全景+无人机"的组合关注颇高。21 记者了解到，影翎A1是首款将360°全景影像、沉浸式飞行视角与体感操控整合于同一系统的无人机。 另一值得关注的，是影翎A1的重量。据了解，影翎A1整机重量仅249克，满足全球大多数地区的免登记 或简化飞行规范。同时，影翎A1加入了负载检测系统，可实时识别外接重量或不正当改装，确保飞行 只用于体验与创作。 此外，软件生态一直是影石创新强调的优势所在。据了解，在影 ...

Core Viewpoint - The launch of the Antigravity A1, the world's first 8K panoramic drone by Yingstone Innovation, signifies a competitive escalation between Yingstone and DJI in the panoramic camera and drone markets [1][3]. Group 1: Product Launch and Features - Yingstone Innovation held a launch event for its first product, the Antigravity A1, which is the world's first 8K panoramic drone [1]. - The Antigravity A1 is available in three configurations: standard version, standard endurance with three batteries, and long endurance with three batteries, with the standard package priced at 6,799 yuan [1]. - The drone weighs 249 grams, complying with simplified flight regulations in most regions, and has a standard battery life of approximately 24 minutes, extendable to about 39 minutes with a long endurance battery [1]. Group 2: Competitive Landscape - The competition between Yingstone and DJI has intensified this year, with both companies actively engaging in product line confrontations [3]. - In November, a dispute over an exclusive agreement led to the removal of a sign at a Yingstone authorized experience store, highlighting the rivalry in ground channels [3]. - DJI initiated a large-scale price reduction campaign in October, marking the first price drop for its Osmo Pocket 3 since its launch, prompting Yingstone to respond with a 100 yuan voucher for customers who purchased DJI products during a specific period [3]. Group 3: Pricing Strategies - Currently, DJI's first panoramic camera, the Osmo 360, is priced around 2,700 yuan, which is over 200 yuan cheaper than Yingstone's flagship panoramic camera, the Insta 360 X5 [4]. - In response to DJI's pricing strategy, Yingstone is countering with the launch of its 8K panoramic drone, while reports suggest DJI is planning to integrate the Osmo 360 with its drones to create a new panoramic drone product expected to be released by the end of the year [4]. Group 4: Company Perspectives - Yingstone's CEO, Liu Jingkang, acknowledges the competitive pressure from DJI, stating that while it poses challenges, it also drives innovation within the industry [5]. - Liu expressed that the decision to enter the drone market five years ago was made with the anticipation of stimulating competitors to enhance their panoramic camera offerings [5].