Company Overview - YingShi Innovation (688775.SH) is a global leader in panoramic cameras, expanding its product line to include action cameras, gimbals, and wearable cameras, while also possessing flight control technology reserves and recently launching software services [2][9] - The company aims to become a world-class smart imaging brand, focusing on helping people better record and share their lives [9][10] - In 2024, the company's revenue reached 5.57 billion, with a CAGR of 66.2% from 2017 to 2024, and a net profit of 990 million, with a CAGR of 106.6% during the same period [2][14] Industry Analysis - The smart imaging device market is rapidly expanding, driven by advancements in digital technology, panoramic technology, and AI, with the global panoramic camera market expected to grow from 5 billion in 2023 to 7.9 billion by 2027, at a CAGR of 11.8% [3][8] - The action camera market is projected to grow from 31.4 billion in 2023 to 51.4 billion by 2027, at a CAGR of 13.1% [3][8] - Major players in the smart imaging device market include YingShi, DJI, and GoPro, with YingShi holding over 60% market share in the panoramic camera segment in 2023 [3][8] Product and Technology Innovation - The company emphasizes product and technology innovation as core development goals, continuously launching innovative products such as the "invisible selfie stick" [4][10] - The product line includes consumer-grade smart imaging devices, professional-grade VR panoramic cameras, and various accessories, with consumer-grade devices accounting for 85.9% of revenue in 2024 [10][11] - The company maintains a research and development investment ratio of over 10%, led by a team with strong technical backgrounds, resulting in numerous patents and industry-leading technologies [4][28] Sales and Market Expansion - YingShi employs a hybrid sales model combining online and offline channels, with 52% of revenue coming from offline sales in 2024, primarily from markets in mainland China, the US, Europe, and Japan [11][12] - The company has established a global sales network covering over 9,000 retail stores and 90 airports worldwide, with more than 75% of revenue generated from overseas sales [11][12] Fundraising Projects - The company initially aimed to raise 463 million but ultimately raised 1.938 billion, with plans to invest in the construction of a smart imaging device production base and a research and development center in Shenzhen [5][9] Investment Outlook - YingShi is positioned as a leader in the panoramic camera market, with a promising future as it expands its product lines and enhances its software services, making it a company to watch post-IPO [5][9]

保荐人（联席主承销商）：中信证券股份有限公司 联席主承销商：高盛（中国）证券有限责任公司 联席主承销商：中国国际金融股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，影石创新科技股份有限公司（以下简称"影石 创新"、"公司"、"本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 6 月 11 日在上海证券交易所科创板上市，上市公告书全文和首次公开发行股 票的招股说明书在上海证券交易所网站（http://www.sse.com.cn/）和符合中国证 监会规定条件网站（上海证券报：https://www.cnstock.com；中国证券报： https://www.cs.com.cn/ ；证券日报： http://www.zqrb.cn ；证券时报： https://www.stcn.com ； 经 济 参 考 报 ： http://www.jjckb.cn ； 中 国 日 报 ： https://cn.chinadaily.com.cn；金融时报：https://www ...

股票简称：影石创新 股票代码：688775 影石创新科技股份有限公司 Arashi Vision Inc. （住所：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） 首次公开发行股票科创板上市公告书 保荐人（联席主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 联席主承销商 北京英蓝国际金融中心十八层 国贸大厦 2 座 27 层及 28 层 北京市西城区金融大街 7 号 北京市朝阳区建国门外大街 1 号 二〇二五年六月十日 影石创新科技股份有限公司 上市公告书 特别提示 影石创新科技股份有限公司（以下简称"影石创新"、"本公司"、"发行 人"、"公司"）股票将于 2025 年 6 月 11 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 影石创新科技股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书 ...

科技股份有用 影石创新科技股份有限公司 (草案) 章程 (首次公开发行并在科创板上市后适用) 二〇二四年五月 | . | | | --- | --- | | œ | 3 | | . | 1 | | 中一书 文回 | | --- | | 策一音 经营总会和求用 - | | 地一书 即心 | | 笛一书 股份发行 - | | "一书 股份炒减和回购 | | 竺二书 昭俗姓)。 一般 - | | 管加音 卧龙和服车会 | | 股东 = 第一节 | | 股东会的一般规定 第二节 | | 股车合的召集 - 第三节 | | 昨年令的程案三通知 第四节 | | 股东会的召开 第五节 | | 股东会的表决和决议 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………22 第六节 | | 第工音 美寓스 | | 董事 第一节 | | 蓄車令 第二节 | | 油立董事 第三市 | | 蓄事会专门委员会 第四节 | | 董事会秘书 第五节 | | 第六章 总经围 ...

Financial Performance - Revenue for the reporting period was 2,041.13 million RMB, 3,636.39 million RMB, and 5,574.13 million RMB, with net profits of 380.93 million RMB, 791.17 million RMB, and 945.67 million RMB after deducting non-recurring gains and losses[21] - The company reported a revenue increase of 15% year-over-year for the latest fiscal year[35] - The company's total revenue for the fiscal year 2024 reached ¥553,020.87 million, a significant increase from ¥359,203.95 million in 2023, representing a growth of 53.9%[106] - The company reported a user growth of 25% in the last quarter, reaching a total of 50 million active users[35] - The net profit attributable to the parent company for Q1 2025 was 176.35 million yuan, a slight decrease of 2.50% year-on-year[66] - The company's revenue for the reporting periods was 204,113.36 million, 363,639.23 million, and 557,412.56 million, with net profits of 40,733.40 million, 82,957.51 million, and 99,474.91 million respectively, indicating a strong growth trajectory[141] Market Expansion and Strategy - The company intends to expand its global market presence and enhance brand influence, leveraging capital market resources to accelerate international business development[12] - The company aims to enhance its global market promotion and sales channel construction, focusing on the Asia-Pacific, North America, and Europe regions to increase brand penetration and influence[23] - The company aims to expand its market presence through strategic partnerships and investments in technology development[34] - The company has established a comprehensive sales network across over 60 countries, selling products through both online and offline channels[21] - The company aims to enhance its market presence in both domestic and international markets, focusing on regions such as the U.S., Japan, Germany, and Spain[129] Research and Development - The company aims to enhance R&D investment in core technology areas such as image capture, image processing, and AI algorithms to maintain its leading position in the smart imaging technology sector[11] - The company will continue to innovate in technology and product planning, focusing on core technologies such as panoramic technology, anti-shake technology, and AI technology[22] - The company is focusing on developing new product lines and upgrading key technologies, resulting in increased R&D expenses for the first half of 2025 compared to the previous year[72] - The company’s core technology system includes panoramic technology, anti-shake technology, and AI imaging processing technology, which are pivotal for its product offerings[102] - The company’s R&D investment accounted for 13.16% of its operating revenue over the last three years, significantly exceeding the 5% threshold[120] Governance and Management - The company plans to optimize its governance structure and improve management efficiency through the listing process[14] - The company has a low actual controller shareholding of 34.00%, which may lead to governance risks and decision-making inefficiencies[53] - The actual controller and major shareholders have made commitments regarding share lock-up periods in case of significant profit declines post-IPO[76] - The company has established a profit distribution policy post-IPO to enhance transparency and operational feasibility for shareholder returns[75] Investment and Financing - The company plans to raise approximately 463.78 million RMB through the issuance of 41 million shares, accounting for 10.22% of the total share capital post-issuance[19] - The company plans to invest ¥46,377.53 million from the proceeds of this issuance into two key projects: the smart imaging equipment production base and the Shenzhen R&D center[125] - The strategic placement plans include participation from large enterprises with strategic cooperation relationships[83] - The total investment amount for the management plans, Zhongjin Yingshi 1 and 2, will not exceed 13,700.40 million RMB, representing 10.00% of the public offering size, which is 4.10 million shares[87] Product Development - The company is focusing on the development of new products and technologies to drive future growth[34] - New product offerings include advanced visual algorithms and wearable imaging devices, expected to contribute significantly to revenue growth[35] - The company has launched the fifth-generation product X5, featuring a 1/1.28-inch sensor and AI triple-chip, enhancing 8K panoramic video quality and introducing a new night recording mode[107] - The introduction of AI algorithms in the ONE RS enhances dynamic range and night scene performance, improving overall image quality[108] Risks and Challenges - The company faces risks from international trade tensions, including a 10% tariff imposed on imports from China, which could adversely affect business operations[45] - The company faces risks of performance fluctuations due to industry competition, international conditions, and management factors, with a potential risk of over 50% decline in operating profit in extreme cases[58] - The company is currently involved in a 337 investigation by GoPro, which could lead to significant legal and operational repercussions if the outcome is unfavorable[43] - The company is exposed to risks from international trade tensions, with potential tariffs impacting its business operations and sales growth[137] Employee Engagement and Talent Development - The company will focus on attracting and cultivating high-end talent to build an innovative team, ensuring sustainable development[13] - The company is investing in its talent pool, with a significant number of core employees in managerial and technical positions, which is crucial for innovation and operational efficiency[92] - The consistent subscription amount across all core employees suggests a unified confidence in the company's growth strategy and future performance[90] - The hiring of senior industry research managers and sales directors suggests a strategic push towards market expansion and enhanced competitive positioning[91]