Group 1 - The company, YingShi Innovation, announced an incentive plan on September 24, granting a total of 695 individuals restricted stock options, which represents approximately 0.35% of the company's total share capital of 401 million shares [1] - The total number of restricted shares to be granted is about 1.3871 million shares, with a grant price set at 148.92 yuan per share, valid for a maximum of 48 months [1] - For the first half of 2025, the revenue composition of YingShi Innovation is as follows: consumer-grade panoramic cameras account for 86.06%, accessories and others 12.63%, other businesses 1.01%, and professional-grade panoramic cameras 0.3% [1] Group 2 - As of the report, YingShi Innovation has a market capitalization of 120.4 billion yuan [2]

影石创新科技股份有限公司 证券代码：688775 证券简称：影石创新 公告编号：2025-024 第二届董事会第十六次会议决议公告 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。 一、董事会会议召开情况 影石创新科技股份有限公司（以下简称"公司"）第二届董事会第十六次会 议于 2025 年 9 月 24 日下午 16:00 以通讯方式召开。本次会议通知于 2025 年 9 月 19 日以电子邮件形式送达全体董事。 本次会议由董事长刘靖康先生主持，会议应参加表决的董事 9 名，实际参加 表决的董事 9 名。本次会议的召集、召开程序符合《中华人民共和国公司法》（以 下简称"《公司法》"）等法律法规以及《影石创新科技股份有限公司章程》（以 下简称"《公司章程》"）的相关规定，会议决议合法、有效。 二、董事会会议审议情况 （一） 审议通过《关于公司<2025 年限制性股票激励计划（草案）>及其摘 要的议案》 为进一步完善公司法人治理结构，建立、健全公司长效激励约束机制，吸引 和留住优秀人才，充分调动公司员工的积极性，有效地将股东利 ...

影石创新科技股份有限公司 董事会薪酬与考核委员会 （3）上市后最近 36 个月内出现过未按法律法规、公司章程、公开承诺进行 利润分配的情形； （4）法律法规规定不得实行股权激励的； （5）中国证监会认定的其他情形。公司具备实施股权激励计划的主体资格。 2、公司本次限制性股票激励计划所确定的首次授予激励对象不存在下列情 形： 关于公司 2025 年限制性股票激励计划（草案） 的核查意见 影石创新科技股份有限公司（以下简称"公司"）董事会薪酬与考核委员会 依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理 办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相关法律、法 规、规章及规范性文件和《影石创新科技股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，对公司《2025 年限制性股票激励计划（草案）》（以下简 称"《激励计划（草案）》"）进行了核查，发表核查意见如下： 1、公司不存在《管理办法》等法律、法规、 ...

证券代码：688775 证券简称：影石创新 公告编号：2025-025 影石创新科技股份有限公司 2025 年限制性股票激励计划（草案）摘要公告 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。 重要内容提示： 股权激励的权益总数及涉及的标的股票总数：2025 年限制性股票激励计 划（以下简称"本激励计划"或"本计划"）拟授予的限制性股票数量合计 138.7146 万股，约占本激励计划草案公告时公司股本总额 40,100 万股的 0.35%。其中首次授予 115.5955 万股，约占本激励计划草案公告日公司股本总额 40,100 万股的 0.29%，首次授予部分约占本次授予权益总额的 83.33%；预留授 予 23.1191 万股，约占本激励计划草案公告日公司股本总额 40,100 万股的 0.06%，预留授予部分约占本次授予权益总额的 16.67%。 一、股权激励计划目的 为进一步完善公司法人治理结构，建立、健全公司长效激励约束机制，吸 引和留住优秀人才，充分调动公司员工的积极性，有效地将股东利益、公司利 益和员工个人利益 ...

格隆汇9月24日丨影石创新(688775.SH)公布2025年限制性股票激励计划，本激励计划拟授予的限制性股 票数量合计138.7146万股，约占本激励计划草案公告时公司股本总额的0.35%。其中首次授予115.5955 万股，约占本激励计划草案公告日公司股本总额的0.29%，首次授予部分约占本次授予权益总额的 83.33%；预留授予23.1191万股，约占本激励计划草案公告日公司股本总额的0.06%，预留授予部分约占 本次授予权益总额的16.67%。 ...

Core Viewpoint - The global television panel shipment reached 22.3 million units in August 2025, showing a year-on-year increase of 7.6% and a month-on-month increase of 4.9%, indicating a recovery in inventory demand as brands prepare for the upcoming promotional season [1][2]. Group 1: Market Trends - The upcoming promotional season in overseas markets is expected to drive positive signals in panel procurement, with brands actively stocking up for events like Black Friday and Christmas [1]. - The global MiniLED television penetration rate is projected to reach 6.6% by 2025, with Chinese brands leading the push for MiniLED technology while Korean companies focus on OLED [2][3]. Group 2: Competitive Landscape - Chinese brands are significantly increasing their global market share in the television sector, with Hisense's share rising from 6.2% in 2016 to 14.4% in 2025, and TCL's share increasing from 5.8% to 14.8% during the same period [2]. - Samsung's TV business is undergoing a comprehensive review for the first time since 2015 due to competitive pressure from Chinese brands leveraging MiniLED technology [2]. Group 3: Technological Advancements - Chinese companies are leading the upgrade in MiniLED technology, with Hisense launching the RGB MiniLED TV UX series and TCL introducing the world's first SOD MiniLED flagship product, X11L [3]. - The shift in technological leadership marks a significant change, with Japanese and Korean companies now following the advancements made by Chinese firms in the MiniLED space [3]. Group 4: Retail Performance - Retail sales of televisions in China have begun to decline due to the reduction of government subsidies, with online retail sales growth dropping to -34.7% and -30.5% in the first two weeks of September [4]. - The decline in retail performance is attributed to the high year-on-year comparison and the impact of subsidy reductions starting from September 2024 [4].

Investment Rating - The report maintains a "Buy" rating for the company YingShi Innovation [12] Core Viewpoints - The report emphasizes the importance of cross-industry collaboration between YingShi and DJI, highlighting the shared technological foundations and the pursuit of incremental growth opportunities [4][10] - Both companies are expected to capture additional market share in the handheld smart imaging and drone sectors, with new product lines and software subscriptions likely to contribute to revenue growth [10] Summary by Sections Cross-Industry Exploration - The launch of DJI's OSMO 360 panoramic camera and YingShi's Antigravity A1 8K panoramic drone marks a significant cross-industry move, driven by the commonality in core technologies such as image processing and stabilization algorithms [7][21] - YingShi is projected to hold an 82% share of the global consumer panoramic camera market by 2024, while DJI has a 76% share of the global drone market as of 2023 [7][28] Differentiation and Competitive Strategy - YingShi focuses on leveraging its algorithm capabilities and user demand insights for differentiated competition, while DJI capitalizes on its established hardware and supply chain advantages to maintain cost leadership [8][37] - The report notes that YingShi's Ace Pro 2, equipped with AI dual chips, leads in night scene shooting and noise reduction, contributing to a significant revenue increase in 2024 [43][50] Growth Potential - The report outlines optimistic growth scenarios for both companies, with projections for the global handheld smart imaging device market reaching 88.5 million units by 2027 and the global consumer drone market potentially reaching $13.7 billion by 2030 [9][10] - YingShi's revenue from handheld smart imaging devices could reach between 22.9 billion to 53.1 billion yuan depending on market conditions, while its drone revenue could range from 7.7 billion to 19.2 billion yuan [9][10] Investment Recommendations - The report concludes that the cross-industry strategies of both companies are likely to yield significant growth, with ample opportunities to capture market share from competitors [10][26]

Core Viewpoint - On September 18, YingShi Innovation experienced a 5.11% increase in stock price with a trading volume of 1.799 billion yuan, indicating strong market interest and activity [1]. Financing Summary - On the same day, YingShi Innovation had a financing buy-in of 238 million yuan, with a financing repayment of 216 million yuan, resulting in a net financing purchase of approximately 2.2 million yuan. The total financing and securities balance reached 919 million yuan, accounting for 9.19% of the circulating market value [1][2]. Company Overview - YingShi Innovation Technology Co., Ltd., established on July 9, 2015, and listed on June 11, 2025, is located in Bao'an District, Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of smart imaging devices, including panoramic and action cameras. The revenue composition is as follows: 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 [2]. Financial Performance - For the first half of 2025, YingShi Innovation reported a revenue of 3.671 billion yuan, reflecting a year-on-year growth of 51.17%. The net profit attributable to shareholders was 520 million yuan, showing a slight increase of 0.25% year-on-year. As of June 30, 2025, the number of shareholders was 17,000, a decrease of 27.52%, while the average circulating shares per person increased by 37.96% to 1,795 shares [2]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of YingShi Innovation included several new institutional investors. The largest shareholder was Bosera Huixing Return One-Year Holding Period Mixed Fund, holding 612,400 shares. Other notable shareholders included Morgan Emerging Power Mixed Fund A and Morgan Vision Two-Year Holding Period Mixed Fund, among others, indicating a growing interest from institutional investors [3].

中信证券股份有限公司 关于影石创新科技股份有限公司 2025 年半年度持续督导跟踪报告 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"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人。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，中信证券履行持续 督导职责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 7 月 22 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司与控股股东、实际控制人及其 ...

Core Insights - DJI dominates the consumer drone market with a 70% market share, establishing an unassailable industry position [1] - YingShi Innovation has launched a public test for its panoramic drone "Yingyi A1" near DJI's headquarters, investing 200,000 cash to challenge DJI [1] - YingShi has achieved over 80% global market share in allowing ordinary users to capture professional panoramic images, but its revenue is only one-tenth of DJI's [1] - The competition indicates that challengers can aspire to become leaders in the market despite significant hurdles [1]