公司报告 | 首次覆盖报告 C 影石（688775） 证券研究报告 全景影像龙头，技术卡位占据优势 影石创新：全景影像龙头，致力成为全球一流品牌 公司是全球全景影像领域的龙头企业，成立于 2015 年，专注于全景相机、 运动相机等智能影像设备的研发与生产。公司凭借高学历研发团队和持续 的技术创新，在全球市场占据领先地位，2023 年全景相机全球市场占有率 高达 67.2%。其产品分为消费级、专业级和配件三大类，消费级设备是核 心收入来源（近三年占比在 85%左右，主要应用于消费记录、户外运动、 影视制作等领域。公司采用全球化布局，2022 年以来，境外收入占比超 70% 以上，并通过"技术创新+产品迭代+品牌全球化"战略，致力于成为世界 一流的智能影像品牌。 营收利润快速增长，进一步巩固竞争优势 公司营业收入和利润保持快速增长，2022-2024 年研发费用率维持在 12%-14%，体现其对技术投入的重视。消费级设备 2023 年销售额占比达 86%；公司销售模式以线上（第三方电商平台、自营商城）和线下（经销、 直营）结合为主，海外市场（尤其是北美、欧洲）贡献主要收入。未来， 公司计划通过产能扩张、研发中心建 ...

Core Viewpoint - The successful IPO of Insta360, a leading company in the smart imaging sector, reflects strong investor confidence in Chinese tech and consumer electronics companies, with the stock price surging nearly threefold on its debut, reaching a market capitalization of 70 billion yuan [1][2]. Company Performance - Insta360 issued approximately 10% of its shares, which is lower than many other companies, indicating a strategic approach to capital raising [2]. - The company has demonstrated solid financial performance in recent years, with product innovation and market share growth contributing to its positive reception among investors [2]. Market Trends - The global market for panoramic and action cameras has seen significant changes, with increasing usage in various scenarios, including travel and family events, leading to rapid market growth [5][6]. - The introduction of AI technology has enhanced the performance of action cameras, particularly in low-light conditions, and has improved video editing capabilities for users [6][7]. Competitive Landscape - The entry of DJI into the panoramic camera market is likened to the gaming industry, where differentiation and unique user experiences will be crucial for success, rather than just competing on similar features [8]. Global Trade Dynamics - The company maintains a diversified revenue structure across multiple regions, which helps mitigate risks associated with global trade tensions [9]. - The company emphasizes the importance of customer loyalty and product uniqueness to withstand potential price increases due to trade issues [9]. Product Reception - The recent launch of the Insta360 X5 in New York generated significant consumer interest, with long queues indicating strong demand, particularly from existing customers who have previously recognized the brand's value [10][11].

将投中网设为"星标⭐"，第一时间收获最新推送 这些新兴产业的年轻人，正在引领中国的创新。 来源丨 投中网 沄柏资本投资企业影石创新科技股份有限公司（ 688775.SH ，下文简称"影石创新"）于 2025 年 6 月 11 日在科创板正式挂牌上市，成为 A 股市场"智能影像第一股"。 此次 IPO 发行价 47.27 元 / 股 ，开盘大涨 285% 报 182 元 / 股 ，总市值 超 700 亿元 。影石创新科创板上市募资 19.38 亿元 ，为 2025 年以来上交所（主板 + 科创板）整体募资额排名第三，在科创板排名第一。 影石创新上市仪式现场，创始人刘靖康用 Insta360 全景相机代替传统敲槌，以创新形式完成敲锣 仪式。在奔腾的中国科技创新浪潮中， 90 后与 00 后群体开始站上科创板舞台，正式扛起中国科技 主力军的旗帜。刘靖康团队从科技极客视角实现到全球商业视野的跃迁，也是中国年轻一代创业者突 破性成长的典范。 影石创新是以全景技术为基点的全球知名智能影像设备领跑者，打造了业内知名的全景智能影像品牌 Insta360 ，并发展构建了由全景图像采集拼接技术、防抖技术、 AI 影像处理技术、计 ...

这些新兴产业的年轻人，正在引领中国的创新。 将投中网设为"星标⭐"，第一时间收获最新推送 来源丨 投中网 沄柏资本投资企业影石创新科技股份有限公司（ 688775.SH ，下文简称"影石创新"）于 2025 年 6 月 11 日在科创板正式挂牌上市，成为 A 股市场"智能影像第一股"。 此次 IPO 发行价 47.27 元 / 股 ，开盘大涨 285% 报 182 元 / 股 ，总市值 超 700 亿元 。影石创新科创板上市募资 19.38 亿元 ，为 2025 年以来上交所（主板 + 科创板）整体募资额排名第三，在科创板排名第一。 影石创新上市仪式现场，创始人刘靖康用 Insta360 全景相机代替传统敲槌，以创新形式完成敲锣 仪式。在奔腾的中国科技创新浪潮中， 90 后与 00 后群体开始站上科创板舞台，正式扛起中国科技 主力军的旗帜。刘靖康团队从科技极客视角实现到全球商业视野的跃迁，也是中国年轻一代创业者突 破性成长的典范。 影石创新是以全景技术为基点的全球知名智能影像设备领跑者，打造了业内知名的全景智能影像品牌 Insta360 ，并发展构建了由全景图像采集拼接技术、防抖技术、 AI 影像处理技术、计 ...

Core Viewpoint - Insta360, a subsidiary of影石创新, successfully listed on the Sci-Tech Innovation Board, marking a significant milestone as the first intelligent imaging stock globally, with a market capitalization exceeding 700 billion yuan on its debut day [1][5]. Group 1: Listing and Market Performance -影石创新's initial public offering (IPO) raised 1.938 billion yuan, the highest fundraising amount for a new stock on the Sci-Tech Innovation Board in 2023 [1][6]. - On the first trading day, the stock price surged by 274.44%, closing at 177 yuan per share, with a total market value of approximately 709.77 billion yuan [5]. - The stock experienced a decline of 3.82% on the second trading day, closing at 170.24 yuan per share, but still maintained a 260% increase over the two days [5]. Group 2: Financial Performance and Growth - In Q1 2025,影石创新 reported revenue of 1.355 billion yuan, a year-on-year increase of 40.7%, while net profit decreased by 2.5% to 176 million yuan [2][10]. - The company’s revenue growth has slowed down compared to previous years, with 2022 to 2024 revenues of 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan, reflecting growth rates of 53.66%, 78.16%, and 53.29% respectively [9]. - R&D and sales expenses have increased significantly, with R&D expenses reaching 777 million yuan in 2024, accounting for 14.81% of revenue, and sales expenses at 826 million yuan, representing 13.93% of revenue [2][10]. Group 3: Market Position and Strategy -影石创新 holds a dominant position in the global consumer panoramic camera market, with a market share of 67.2% as of 2023 [9]. - The company has been focusing on expanding its product lines and enhancing brand influence through increased marketing and R&D investments, which have contributed to the rise in expenses [10]. - A significant portion of影石创新's revenue comes from international markets, with overseas sales accounting for approximately 76.35% of total revenue in 2024 [11].

2019年，基石资本关于影石创新的投决会上，投委进行了激烈的讨论：全景相机这个品类，究竟是一个 昙花一现的"玩具"，还是有望成长为一个改变人们消费方式的新产业？作为基石资本的董事长，张维表 现出力挺的态度："从玩具走向全消费级就是大疆。" 对影石创新的信心来自于他多年来对企业家精神的执着。张维眼中的刘靖康"平静的外表下隐藏着爆发 力"，是新一代富有企业家精神的年轻创业者：胸怀抱负、目标高远、持续学习和永不停歇的自我迭 代。但就算如此看好影石创新的张维恐怕也没想到，6年后，深圳这家小小的消费电子公司将在全球舞 台上大放异彩。如今影石创新全景相机全球市占率达67.2%，连续六年稳居第一，2024年预计将提升至 81.7%——这意味着全球每售出10台全景相机，就有8台来自影石创新。 作为影石创新董事长，大学毕业就创业的刘靖康日常十分低调，是一个典型的"产品经理"，一件印有 Insta360 Logo的黑色T恤，一只时刻放着影石创新最新产品的双肩包，配上黑色运动裤运动鞋，成为他 出席各种活动的标配。在刘靖康看来，"更好地记录和分享生活"是底层刚需，全景相机整个市场仍然充 满机会，而抓住客户需求是关键。作为股东基石资本 ...

Core Insights - The consumer-grade smart imaging device market is expanding rapidly, with Yingshi Innovation Technology Co., Ltd. emerging as a leader in this field after its successful debut on the Sci-Tech Innovation Board, achieving an opening increase of over 285% and a market capitalization of nearly 73 billion yuan [1] Group 1: Innovation and Technology - Yingshi Innovation is driven by technological innovation, investing significantly in R&D with expenditures of 256 million yuan, 448 million yuan, and 777 million yuan from 2022 to 2024, representing 12.54%, 12.31%, and 13.93% of revenue respectively [2] - The company holds 900 authorized patents, including 189 invention patents and 348 utility model patents, showcasing its strong focus on proprietary technology [2] - Advanced technologies developed include panoramic image stitching and stabilization techniques, enhancing image quality and stability during dynamic shooting scenarios [2][3] Group 2: Financial Performance - Yingshi Innovation has demonstrated robust financial growth, with revenues of 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan from 2022 to 2024, alongside net profits of 407 million yuan, 830 million yuan, and 995 million yuan [4] - The company's gross margins are impressive, recorded at 51.49%, 55.95%, and 52.20% during the same period, significantly above industry averages [4] - Operating cash flow has shown a consistent upward trend, with net cash flows from operating activities of 454 million yuan, 762 million yuan, and 1.172 billion yuan from 2022 to 2024 [4] Group 3: Market Presence - Yingshi Innovation has established a comprehensive sales system, with over 70% of its main business revenue coming from international sales, particularly in high-consumption regions like the U.S., Japan, and Europe [5] - The brand "Insta360 Yingshi" holds a dominant position in the global panoramic camera market with a market share of 67.2% as of 2023, and ranks second in the global action camera market according to Frost & Sullivan [7] Group 4: Future Development - The company plans to use funds raised from its IPO for the construction of a smart imaging device production base and a research and development center in Shenzhen, aiming to enhance operational stability and market responsiveness [8] - The smart imaging device industry is expected to benefit from advancements in 5G, AI, and virtual reality technologies, positioning Yingshi Innovation to capitalize on these emerging opportunities for sustained growth [8]

Core Viewpoint - The listing of Ying Shi Innovation, in which Xunlei holds a stake, has led to a significant drop in Xunlei's stock price despite initial investor optimism about a potential revaluation of Xunlei's value due to this event [1] Group 1: Xunlei's Stock Performance - On June 11, Xunlei's stock fell by 22.82%, closing at $4.955 per share, with a total market capitalization of approximately 309 million USD (about 2.22 billion RMB) [1] - Prior to the drop, Xunlei's stock had risen over 11% in pre-market trading, reaching $7.16 per share before declining [1] - The market reaction indicates that investors were caught off guard by the stock's decline following the positive news of Ying Shi Innovation's IPO [1] Group 2: Ying Shi Innovation's IPO Details - Ying Shi Innovation was listed on the A-share Sci-Tech Innovation Board on June 11, with an initial offering price of 47.27 RMB per share, and saw its market value soar to over 70 billion RMB, peaking with a nearly 300% increase [1][2] - Xunlei held 31.4375 million shares of Ying Shi Innovation before the IPO, representing 8.7327% of the total shares, which decreased to 7.8398% post-IPO [2] - The market value of Xunlei's stake in Ying Shi Innovation is estimated at around 5.5 billion RMB, which is more than double Xunlei's total market capitalization [1] Group 3: Future Growth Projections for Ying Shi Innovation - Analysts from Huaxi Securities project that Ying Shi Innovation's net profit attributable to shareholders will grow significantly from 1.144 billion RMB in 2025 to 2.327 billion RMB in 2027, reflecting year-on-year growth rates of 14.96%, 41.19%, and 44.12% respectively [3] - The closing price of Ying Shi Innovation on June 11 was 177.00 RMB, corresponding to price-to-earnings ratios (PE) of 62.07x, 43.96x, and 30.50x for the projected years [3] - Analysts believe that Ying Shi Innovation's strong positioning in the smart imaging equipment sector will allow it to lead technological innovation and achieve high growth potential, justifying a premium valuation [3] Group 4: Xunlei's Investment Returns - Xunlei's investment in Ying Shi Innovation, made during the B round of financing in 2016, is expected to yield substantial returns, with estimated profits exceeding 5 billion RMB [3][4] - Ying Shi Innovation completed seven rounds of financing from 2015 to 2020, with Xunlei participating in the B round, acquiring an 18.92% stake for 14 million USD at a valuation of 74 million USD [3][4] Group 5: Recent Acquisitions and Financial Performance - Xunlei has recently completed the acquisition of Shanghai Kuanghui Network Technology Co., which operates the sports media and data platform Hupu, for a total cash consideration of 500 million RMB [5][6] - In the first quarter of 2025, Xunlei reported total revenue of 88.8 million USD, a year-on-year increase of 10.5%, with a gross profit of 44.1 million USD [6]

Core Viewpoint - The stock price of Chinese concept stock Xunlei plummeted nearly 23%, while its significant holding, Ying Shi Innovation, performed exceptionally well after its debut on the STAR Market, with a market capitalization close to 71 billion yuan [1] Group 1: Xunlei's Stock Performance - Xunlei's stock closed at a market value of $309 million, which is less than half of its holding in Ying Shi Innovation [1] - The stock price of Xunlei had previously seen a significant increase, rising over 10% before the sharp decline [1] Group 2: Ying Shi Innovation's Market Debut - Ying Shi Innovation opened at 182 yuan per share, a 285% increase from its issue price, and closed at 177 yuan, with a market capitalization nearing 71 billion yuan [1] - Xunlei holds 31.44 million shares of Ying Shi Innovation, representing a 7.84% stake, with a current holding value of approximately 5.565 billion yuan [1] Group 3: Financial Performance and Growth of Ying Shi Innovation - Ying Shi Innovation's revenue projections for 2022, 2023, and 2024 are 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan, respectively, with net profits of 407 million yuan, 830 million yuan, and 995 million yuan [1] - The company has completed multiple financing rounds totaling approximately 500 million yuan, with significant returns for investors, including IDG Capital, which has seen over 8 billion yuan in gains [1] Group 4: Xunlei's Financials - For 2024, Xunlei's total revenue is projected to be $324 million, a year-on-year decrease of 11.1%, with a net profit of $23.9 million, remaining flat compared to the previous year [1] - Xunlei's membership business reached a record high in the fourth quarter of the previous year, with a total user count of 6.38 million and a revenue increase of 9% year-on-year [1] - As of December 31, 2024, Xunlei held cash and equivalents amounting to $288 million [1]

昨天，发生了哪些财经大事？ 马斯克深夜后悔 据央视新闻6月11日报道，美东时间11日凌晨，特斯拉与SpaceX首席执行官埃隆·马斯克 在其社交媒体平台"X"上表示，他对上周发表的一些关于美国总统特朗普的帖子感到后悔， 称"内容说得太过了"。 马斯克和特朗普二人上周因共和党主导的预算案在社交媒体上公开交锋，特朗普称马斯 克"对总统职位极不尊重"。 此前，马斯克在"X"发文批评美国政府力推的大规模税收与支出法案，并攻击特朗普，还称 如果没有他，特朗普本会输掉2024年总统选举，他指责特朗普"忘恩负义"。 马斯克甚至转发与杰弗里·爱泼斯坦旧闻相关内容，随后删除。特朗普回应称有关爱泼斯坦 的指控是"陈年旧事"，并否认自己与其相关联。 科创板首位90后创始人敲钟 影石创新中签赚7万 科创板迎来首位90后创始人！6月11日，影石创新（688775.SH）正式登陆上海证券交易 所科创板。 敲钟现场的一幕令人印象深刻，34岁的创始人刘靖康，手持Insta360全景相机X5敲响了上 市锣声。"10年前，我们从南大学生宿舍走出来。"彼时刘靖康联手同学率队杀入国内尚处 空白的全景相机行业，如今旗下Insta360相机卖遍全球。 6 ...