Group 1 - The core viewpoint of the article highlights the successful IPO of YingShi Innovation Technology Co., Ltd., which became the first "smart imaging" stock on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising 1.938 billion yuan [1] - On its first trading day, the stock opened with a surge of over 285%, reaching a price of 178.00 yuan per share, which is a 276.56% increase from the issue price, resulting in a market capitalization of 71.378 billion yuan [1] - YingShi Innovation is recognized globally as a leading smart imaging equipment manufacturer, focusing on the development of panoramic and action cameras, with its brand "Insta360" achieving a 67.2% global market share in panoramic cameras in 2023, expected to rise to 81.7% in 2024 [1] Group 2 - The company has made significant investments in research and development, with a total of 1.48 billion yuan allocated from 2022 to 2024, and a workforce where 57.68% are R&D personnel, holding 900 authorized patents [1] - Financially, the company has demonstrated strong growth, with a compound annual growth rate (CAGR) of 65.25% in revenue from 2022 to 2024, and a revenue of 1.355 billion yuan in the first quarter of this year, reflecting a year-on-year increase of 40.7% [1] - YingShi Innovation has a robust global presence, with products available in over 200 countries and regions, and a social media following exceeding 5 million internationally [1] Group 3 - The company has attracted investments from notable firms such as IDG Capital and Qiming Venture Partners, with strategic investors including Temasek participating in the IPO [1] - IDG Capital has supported the company for over 10 years, while Qiming and cornerstone investors are optimistic about the future development of Liu Jingkang and the company [1] - Qiming Venture Partners believes that YingShi Innovation's success is attributed to its user-centric approach, differentiated competition, and global expansion, with significant potential in the integration of imaging and AI technologies [1]

中国经济网北京6月11日讯 今日，影石创新科技股份有限公司(股票简称：影石创新，股票代码： 688775.SH)在上交所科创板上市。该股开盘报182.00元，截至收盘报177.00元，涨幅274.44%，成交额 37.39亿元，振幅48.40%，换手率69.80%，总市值709.77亿元。 影石创新专注于全景相机、运动相机等智能影像设备的研发、生产和销售，是以全景技术为基点的 全球知名智能影像设备提供商，发展形成了由全景技术、防抖技术、AI影像处理技术、计算摄影技术 等为核心的技术体系。 本次发行前，北京岚锋创视网络科技有限公司直接持有公司29.9376%的股份，系公司控股股东。 岚沣管理咨询(深圳)合伙企业(有限合伙)直接持有公司4.0667%的股份，其与北京岚锋同为刘靖康控制的 企业，系公司控股股东一致行动人。 本次发行前，刘靖康通过持有北京岚锋、岚沣管理间接控制公司29.9376%、4.0667%的股份，合计 可支配公司34.0043%的表决权，通过北京岚锋、岚沣管理、澜烽管理、岚烽管理、厦门富凯、汇智同 裕、深圳麦高间接持有公司29.8891%的股份，系公司实际控制人。本次发行前，刘靖康配偶、一致行 ...

Group 1 - The core viewpoint of the article highlights the successful listing of YingShi Innovation on the Shanghai Stock Exchange's Sci-Tech Innovation Board, achieving a market capitalization exceeding 70 billion yuan and raising 1.938 billion yuan in funds [2][5] - YingShi Innovation's founder, Liu Jingkang, is recognized as the first '90s founder on the Sci-Tech Innovation Board, with a strong background in technology innovation and a focus on product development rather than market trends [2][3] - The company has established itself as a leader in the panoramic camera market, achieving a global market share of 67.2% as of 2023, with a compound annual growth rate of 65.25% over the past three years [4] Group 2 - YingShi Innovation's product line includes various camera types, such as panoramic cameras and professional-grade VR cameras, with a rapid product iteration cycle [4] - The company has significantly invested in research and development, with a total R&D expenditure of 1.48 billion yuan over the past three years, representing 13.16% of total revenue [3] - The majority of YingShi Innovation's revenue comes from overseas markets, with international sales accounting for approximately 79.43% to 76.35% of total revenue from 2022 to 2024 [4]

产品端，影石创新具备极强的产品洞察及产品定义能力，深度挖掘客户需求，软硬件配合提供领先完整的解决 方案，是该公司未来最核心的竞争壁垒和"护城河"。技术端，软硬件全景技术+AI功能+产品快速迭代，推出 差异化功能，包括全景技术、防抖技术、AI影像处理技术等。渠道端，销售网络已覆盖全球一万多家零售门 店和90多座海内外机场，2024年线上线下销售比例分别为48%、52%，同比增长57%、51%。 又一只"人气股"上市！ 今天，影石创新（688775）登陆A股科创板，发行价47.27元/股。开盘之后，最多涨近300%，最高价达到 187.99元，个人投资者中一签新股最多可以赚到7万元。截至下午2:30，影石创新涨幅仍维持在260%之上，换 手率超65%。 那么，为何影石创新如此火爆？细心的投资者会发现，此前，在社交平台（小红书、抖音等）上，可以经常刷 到很多排队买相机的场景，其中一些现象级的爆款就来自影石创新。 资料显示，影石创新成立于2015年，其 专注于全景相机、运动相机等智能影像设备的研发、生产与销售，发展形成了由全景技术、防抖技术、AI影 像处理技术、计算摄影技术等为核心的技术体系。像影石创新这样的龙头企业 ...

Group 1 - The core viewpoint of the news is that YingShi Innovation successfully completed its IPO on the Sci-Tech Innovation Board after a five-year journey, with its stock price surging 285% on the first day of trading, reaching a market capitalization of over 70 billion yuan [1] - YingShi Innovation specializes in providing 360-degree panoramic camera solutions and has developed a strong technological framework centered around panoramic technology, anti-shake technology, AI image processing technology, and computational photography technology [1] - According to Frost & Sullivan, the global handheld smart imaging device market is expected to grow from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, and is projected to exceed 59.2 billion yuan by 2027 [1] Group 2 - In 2023, YingShi Innovation held a 67.2% market share in the consumer-grade panoramic camera sector, maintaining its position as the global leader for six consecutive years [1] - In the action camera market, YingShi Innovation has entered the top three, competing closely with GoPro and DJI, and has surpassed GoPro in sales in the first half of 2024, becoming the global leader [1] - The founder of YingShi Innovation, Liu Jingkang, expressed a mission to help people better record and share their lives, which has been a driving force behind the company's establishment and growth [2]

Market Overview - The A-share market showed overall strength on June 11, with various sectors experiencing gains [1][4] - The non-bank financial sector led the market, with an intraday increase approaching 3% [4] - The non-ferrous metals sector also performed well, with an overall increase exceeding 2% [2][4] Sector Performance - The non-bank financial sector saw significant gains, with stocks like Xinda Securities and Dongfang Securities leading the rise [4] - The non-ferrous metals sector experienced a notable surge, with stocks such as Zhongke Magnetic Materials hitting the daily limit [4] - Other sectors like automotive, agriculture, and electric equipment also showed strong performance [5] New Stock Listing - A new stock, Yingshi Innovation, was listed today, with its price soaring to a peak of 187.99 yuan per share, marking an increase of nearly 300% [9] - The maximum profit for a single subscription of Yingshi Innovation could reach 70,400 yuan based on the peak price [9][8] - Yingshi Innovation specializes in smart imaging devices, focusing on panoramic and action cameras, and has a strong global sales network [10][11] Company Performance - Dekang Agriculture and Animal Husbandry saw a significant rise, with intraday gains exceeding 15% following a previous day's increase of over 8% [12] - In May 2025, Dekang sold approximately 869,400 pigs, generating sales revenue of about 1.7 billion yuan [13] - The average selling price for Dekang's commodity pigs in May was 14.64 yuan per kilogram, reflecting a 1.15% decrease from April [13][14]

Group 1: Market Overview - The A-share market showed overall strength in the morning, with the non-bank financial sector leading the gains, reaching a peak increase of nearly 3% [4] - The non-ferrous metal sector also led the market, with an overall increase exceeding 2%, and notable stocks like Zhongke Magnetic Materials and Huayang New Materials hitting the daily limit [5][6] Group 2: New Stock Listing - A new stock, Yingshi Innovation, was listed today, experiencing a significant price surge, with the highest price reaching 187.99 yuan per share, marking an increase of nearly 300% [11] - The maximum profit for a single subscription of Yingshi Innovation could reach 70,400 yuan based on the peak price [10][11] Group 3: Industry Specifics - The rare earth permanent magnet concept sector rose sharply, with a gain exceeding 3%, and multiple related stocks hitting the daily limit [8] - The pork concept sector also showed volatility, with Zhenghong Technology hitting the daily limit and other companies like Shennong Group and Muyuan Foods following suit [9] Group 4: Hong Kong Market - The Hong Kong stock market saw slight increases, with the Hang Seng Index fluctuating above 24,000 points [16][17] - Dekang Agriculture and Animal Husbandry experienced a significant rise, with an increase exceeding 15%, following a previous day's close of over 8% [19]

Core Viewpoint - The article highlights the successful IPO of Yingshi Innovation Technology Co., Ltd. (影石创新), which has become the "first stock of smart imaging" in A-shares, emphasizing its dominance in the global panoramic camera market, where it holds an 67.2% market share in 2023 and is projected to increase to 81.7% in 2024 [2][11]. Group 1: Company Overview - Yingshi Innovation was founded in 2015 and specializes in the research, production, and sales of smart imaging devices, including panoramic and action cameras [10]. - The company has achieved significant global presence, with products sold in over 200 countries and regions, and partnerships with major retailers like Apple Store and Best Buy [17][19]. Group 2: Financial Performance - The company raised 1.938 billion yuan in its IPO, ranking first in the Sci-Tech Innovation Board for fundraising this year [3]. - Revenue from 2022 to 2024 is projected to grow from 2.041 billion yuan to 5.574 billion yuan, with a compound annual growth rate (CAGR) of 65.25% [15]. - In Q1 of this year, Yingshi Innovation reported a revenue of 1.355 billion yuan, reflecting a year-on-year growth of 40.7% [16]. Group 3: Product Innovation - Yingshi Innovation has invested approximately 1.5 billion yuan in R&D over the past three years, with a focus on innovative product features such as AI image technology and stabilization technology [9][13]. - The company has developed several groundbreaking products, including the first mobile plug-and-play panoramic camera and modular action cameras [13]. Group 4: Market Strategy - The company employs a user-centric approach, simplifying complex technologies to enhance user experience [28]. - Yingshi Innovation focuses on differentiated competition by identifying niche market needs that larger competitors have not fully addressed [29]. - The global strategy and high-margin approach allow the company to avoid domestic price competition and ensure sufficient R&D funding [30]. Group 5: Future Outlook - The company aims to become a world-class smart imaging brand, leveraging advanced panoramic technology and AI to capture more market share in the action camera sector [21]. - The global handheld smart imaging device market is expected to grow significantly, providing further opportunities for Yingshi Innovation [21].

启明创投坚信硬科技才是真正能带来产业变革的方向，同时也对年轻创业者充满信任。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 影石创新科技股份有限公司（以下简称 "影石创新"）于 2025年 6月 11日 正 式以 "688775" 为股票代码 在科创板挂牌上市 。 成立于 2015年的影石创新 致力于成为 "世界一流的智能影像公司" ，正通过 「 Insta360影石」 品牌、 以全景影像技术革新全球市场 。 启明创投陪伴 影石创新走过 10年 见证 刘靖康 一路的 自我提升与飞跃 叶冠泰回忆称， 彼时 启明创投决定投资影石创新时，主要关注了两大维度 —— 一方面是刘靖康 （注： 影石创新创始人兼董事长 ） 本人卓越的原创产品思维和技术能力，另一方面则是 启明创投 坚信 360度智能摄像领域具备巨大的市场潜力。 " 当时刘靖康虽然只有 24岁，仍在南京大学就读本科，但他已有过创业经历，并在校园里小有名 气。他第一次与我们见面时，带来了一个用3D打印和GoPro拼接而成的简单模型以及他自主开发的 拼接软件。虽然视频效果还较为原始，但已充分展示出 ...

Core Viewpoint - YingShi Innovation Technology Co., Ltd. has officially listed on the Sci-Tech Innovation Board with the stock code "688775" on June 11, 2025, marking a significant milestone for the company and its early investors [2]. Investment and Growth - Founded by Liu Jingkang, a "post-90s" entrepreneur, 10 years ago, YingShi Innovation has become one of the most popular smart imaging brands globally, leading the panoramic camera market for six consecutive years with a market share of 67.2% [3]. - The company has attracted investments from notable institutions such as IDG Capital, Qiming Venture Partners, and others, and has introduced strategic investors like Temasek, Tencent, and Luxshare Precision in its IPO [4][5]. Long-term Support from IDG Capital - IDG Capital was the first angel investor in YingShi Innovation and has been its largest institutional shareholder prior to the IPO, demonstrating a long-term commitment to the company [5][6]. - The initial investment from IDG Capital occurred when Liu Jingkang was still a student, with the company having only six team members and no clear commercialization path at that time [8]. - IDG Capital's investment philosophy emphasizes the importance of supporting young entrepreneurs and recognizing their innovative potential, which has proven successful in the case of YingShi Innovation [8][10]. Industry Impact and Future Outlook - YingShi Innovation's successful IPO is seen as a validation of IDG Capital's foresight and the value of long-term investment strategies [6]. - The company has achieved significant milestones, including the launch of a landmark consumer product in 2018 that led to substantial profitability, reinforcing confidence among early investors [10]. - IDG Capital has also invested in other consumer technology leaders, such as Ecovacs and Anker Innovations, showcasing its strategy of nurturing Chinese consumer technology companies [13][14]. Emerging Trends in Consumer Technology - IDG Capital continues to focus on consumer technology investments, aiming to help companies integrate hardware manufacturing with software innovation, transitioning from "Made in China" to "Innovated in China" [15]. - The rise of a new generation of entrepreneurs with global perspectives and innovative capabilities is highlighted as a key trend, particularly in the context of accelerating AI technology [15].