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].

Core Insights - The launch of the Antigravity A1 marks a significant innovation in the drone industry, integrating 360° panoramic imaging, immersive flight perspectives, and intuitive body control into a single system, thus transforming the flying experience and content creation logic [1][13]. Group 1: Product Features - The A1 features Vision flight glasses with a lightweight design of only 340 grams, dual 1-inch Micro-OLED displays, and a continuous usage time of up to 150 minutes, providing a real-space experience rather than a screen-based view [3]. - The Grip controller allows for intuitive "point and fly" operation, supporting two modes of body control, enabling users to fly without needing to learn traditional joystick controls [3]. - The OmniLink 360 panoramic transmission system enables real-time synchronization of the user's view with the flight glasses, with a maximum transmission distance of 10 kilometers under FCC standards, enhancing the immersive flying experience [4]. Group 2: Imaging Capabilities - The A1 is equipped with a dual-lens panoramic imaging system based on a 1/1.28-inch sensor, capable of outputting 8K at 30fps, 5.2K at 60fps, or 4K at 100fps, allowing users to capture the entire environment in one flight without manual adjustments [6]. - FlowState stabilization technology ensures smooth video capture even in windy conditions, allowing for a more reliable recording experience [6]. Group 3: User Experience and Safety - Weighing only 249 grams, the A1 meets regulations for simplified flight in most regions, with a standard battery life of approximately 24 minutes, extendable to about 39 minutes with a long-lasting battery [7]. - The drone includes an intelligent obstacle avoidance system and a load detection system to ensure safe operation, even for first-time users [7]. Group 4: Interactive Features - The A1 enhances user engagement through features like flight path planning, allowing users to set and save routes for automatic flying, and a virtual cockpit function that adds interactive elements to the flight experience [9]. - The drone's intelligent motion control allows for complex camera movements to be executed easily, making professional-quality shots accessible to all users [10]. Group 5: Content Creation Ecosystem - The A1 supports a complete software ecosystem for content creation, including the Antigravity App and Antigravity Studio, enabling users to manage material transfer, intelligent cropping, color processing, and AI editing within a single system [11]. - This integrated approach allows users to produce high-quality content with lower costs, making the A1 not just a flying camera but a comprehensive creative platform [11]. Group 6: Industry Recognition - Since its debut, the A1 has received numerous accolades, including the CES 2026 Innovation Award and recognition from major publications, highlighting its transformative impact on aerial imaging and content creation [13].

Core Viewpoint - The company, Ying Shi Innovation Technology Co., Ltd., is set to release 2,298,431 shares of restricted stock for trading on December 11, 2025, following the expiration of a six-month lock-up period after its initial public offering (IPO) on June 11, 2025 [2][3][4]. Group 1: Stock Listing Details - The type of stock listing is for the first issuance of restricted shares, with a total of 2,298,431 shares being made available for trading [2]. - The total number of shares after the IPO is 401,000,000, with 370,498,431 shares (92.39%) being restricted and 30,501,569 shares (7.61%) being unrestricted [4]. - The restricted shares represent 0.57% of the company's total share capital [10]. Group 2: Lock-up Period and Compliance - The lock-up period for the restricted shares is six months from the date of the IPO, which will end on December 11, 2025 [10]. - All shareholders of the restricted shares have adhered to the lock-up commitments, with no violations reported that would affect the upcoming trading of these shares [7][8]. Group 3: Underwriter's Verification - The underwriter, CITIC Securities Co., Ltd., has confirmed that all shareholders of the restricted shares have complied with their respective commitments [8]. - The details regarding the number of shares and the timing of the release for trading are in accordance with relevant regulations [8][9].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 285.55 RMB and a fair value of 395.42 RMB [3]. Core Insights - The consumer drone market is expected to reach a trillion RMB scale by 2035, driven by the growth in outdoor tourism and the explosion of short video content creation [7][18]. - The company differentiates itself in the competitive drone market by focusing on "panoramic photography, immersive operation, and flexible creation," which enhances user experience and creativity [7][26]. - The company's future product line is expected to expand significantly, covering various applications and integrating advanced technologies [7][26]. - The projected growth rates for the company's net profit from 2025 to 2027 are 32.8%, 70.3%, and 45.3% respectively, justifying the "Buy" rating based on the scarcity of panoramic technology and market expansion potential [7][26]. Summary by Sections 1. Understanding Drone Market Growth Logic - The consumer drone market is expanding rapidly, with sales increasing from low millions to nearly ten million units between 2015 and 2020, driven by the need for aerial perspectives at affordable prices [12][13]. - The report outlines a framework for market growth, emphasizing the importance of addressing high-frequency pain points and providing clear product pricing and positioning [12][13]. 2. Panoramic Drone Application Scenarios - Panoramic drones are efficient content production tools that capture complete spatial images in one flight, significantly reducing operational costs and time [26][28]. - The report highlights various application scenarios, including public services, healthcare, logistics, and content creation, showcasing the versatility of panoramic drones [36][37]. 3. Core Technology Differentiation Analysis - The company's Antigravity A1 drone features innovative technology that allows for "fly first, frame later" functionality, integrating panoramic photography with AI capabilities [47][48]. - Key technological advantages include seamless collaboration between flight control and user interface, advanced obstacle avoidance, and the ability to produce high-quality panoramic images without the drone appearing in the frame [49][50]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve significant revenue growth, with expected revenues of 8.679 billion RMB in 2025 and 15.318 billion RMB in 2026, reflecting a growth rate of 55.7% and 76.5% respectively [2]. - The report suggests a PEG valuation of 1 for the company in 2026, supporting the fair value estimate of 395.42 RMB per share [7][26].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：688775 证券简称：影石创新 公告编号：2025-040 影石创新科技股份有限公司 关于首次公开发行网下配售限售股份上市流通的公告 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 2,298,431股。 本次股票上市流通总数为2,298,431股。 本次股票上市流通日期为2025 年 12 月 11 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会《关于同意影石创新科技股份有限公司首次公 开发行股票注册的批复》（证监许可〔2025〕356 号），并经上海证券交易所同意， 影石创新科技股份有限公司（以下简称"公司"或"影石创新"）首次公开发行人 民币普通股（A 股）41,000,000 股，并于 2025 年 6 月 11 日在上海证券交易所科创 板上市交易。公司首次公开发行股票完成后，总股本为 401,000,000 股，其中有限 售条件流通股 370,498,431 股，占公司总股本的 92.39%，无限售条件流通 ...

中信证券股份有限公司 关于影石创新科技股份有限公司 首次公开发行网下配售限售股份上市流通 的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为影石创 新科技股份有限公司（以下简称"影石创新"或"公司"）首次公开发行股票和 持续督导工作的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》等相关规定，就影石创新首次公开发行网下配售限售 股份上市流通的事项进行了核查，具体情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会《关于同意影石创新科技股份有限公司首次公 开发行股票注册的批复》（证监许可〔2025〕356 号），并经上海证券交易所同意， 影石创新首次公开发行人民币普通股（A 股）41,000,000 股，并于 2025 年 6 月 11 日在上海证券交易所科创板上市交易。公司首次公开发行股票完成后，总股 本为 401,000,000 股，其中有限售条件流通股 370,498,431 股，占公司总股本的 92.39%，无限售条件流通股 30,501,569 股，占公司总股本的 7.61%。 本次上市流通的限售股为公司首次公开发行网下配售限售股 ...

Group 1 - The core announcement is that Yingstone Innovation has scheduled the launch of its Yingling panoramic drone for December 4 at 19:30, with the product available for purchase at 20:00 [2] - The company has already provided pre-order links through platforms such as JD.com, Tmall, and offline specialty stores [2] - Specific details regarding pricing and product specifications have not yet been disclosed, and stakeholders are encouraged to monitor the company's updates for the latest information [2]

Core Viewpoint - The company is set to officially launch its first panoramic photography drone, the Yingling drone, on December 4 at 19:30, with sales starting at 20:00 [1] Group 1 - Investors have inquired about the release date and pricing of the Yingling drone, which has been in development for five years [1] - The company has announced that the drone will be available for pre-order through platforms such as JD.com, Tmall, and offline specialty stores [1] - Specific details regarding the price and product specifications have not yet been disclosed, and the company advises stakeholders to stay updated for further information [1]

Core Viewpoint - The company YingShi Innovation experienced a decline in stock price by 1.37% on December 1, with a trading volume of 546 million yuan, indicating fluctuations in market interest and investor sentiment [1]. Financing Summary - On December 1, YingShi Innovation had a financing buy-in amount of 95.236 million yuan, with a net financing purchase of 40.953 million yuan after repayments of 54.283 million yuan [1]. - The total financing and margin trading balance for YingShi Innovation reached 864 million yuan, accounting for 10.09% of its market capitalization [1]. - There were no short sales or repayments on December 1, with a short balance of 0 shares and a corresponding value of 0 yuan [1]. Company Overview - YingShi Innovation Technology Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on July 9, 2015, with its listing date set for June 11, 2025 [1]. - The company's main business involves the research, production, and sales of smart imaging devices, including panoramic cameras and action cameras [1]. - The revenue composition of YingShi Innovation includes 86.06% from consumer-grade smart imaging devices, 12.63% from accessories and other products, 1.01% from other sources, and 0.30% from professional-grade smart imaging devices [1]. Financial Performance - As of September 30, YingShi Innovation reported a revenue of 6.611 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 67.18% [2]. - The net profit attributable to the parent company was 792 million yuan, showing a year-on-year decrease of 5.95% [2]. - The number of shareholders increased to 23,100, a rise of 36.16%, while the average circulating shares per person decreased by 26.56% to 1,318 shares [2]. Institutional Holdings - As of September 30, 2025, several new institutional shareholders entered the top ten list, including Bosera Science and Technology Innovation Mixed Fund, holding 262,600 shares, and others like the Fortune Consumer Theme Mixed Fund and Fortune Value Creation Mixed Fund [2]. - Notably, several funds exited the top ten list, indicating shifts in institutional investment strategies [2].