Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a reasonable valuation range of 183.47 to 207.93 CNY per share [4][6]. Core Insights - The company, Yingshi Innovation, is a global leader in panoramic cameras and ranks among the top three in the action camera market, driven by technological advancements in smart imaging devices [1][12]. - The company has experienced rapid revenue growth, with a compound annual growth rate (CAGR) of 66.2% from 2017 to 2024, reaching 5.57 billion CNY in revenue and a net profit of 9.9 billion CNY in 2024, reflecting a CAGR of 106.5% [1][19]. - The smart portable imaging device industry is in an upward product cycle, with expected sales growth in China at a CAGR of 41% from 2024 to 2027, and overseas markets projected to grow at 35% during the same period [2][30]. Company Overview - Yingshi Innovation specializes in the research, production, and sales of smart imaging devices, including panoramic and action cameras, with over 86% of its revenue coming from consumer-grade cameras in 2024 [1][21]. - The company generates nearly 80% of its revenue from overseas markets, with significant contributions from North America, Europe, and other regions [22]. Competitive Advantages - The company has established strong competitive advantages through technological innovation, product development, and a comprehensive marketing system, including features like AI smart editing and advanced stabilization technology [3][19]. - Yingshi Innovation's market share in the global consumer panoramic camera market is 67.2%, and it ranks among the top three in the action camera sector [2][12]. Financial Performance - The company is expected to maintain robust growth, with projected net profits of 11.5 billion CNY, 16.5 billion CNY, and 23.4 billion CNY from 2025 to 2027, corresponding to earnings per share (EPS) of 2.87, 4.12, and 5.84 CNY [4][5]. - The company's revenue is primarily driven by consumer-grade imaging devices, which accounted for 86.6% of its main business revenue in 2024 [21][22]. Market Dynamics - The smart portable imaging device market is characterized by a concentration of major players, with Yingshi Innovation, DJI, and GoPro dominating the action camera segment [2][30]. - The industry is witnessing a shift towards higher sales volumes, with domestic sales expected to exceed 314 million units by 2024, driven by increasing demand from social media creators [32][39].

Core Insights - In the first half of 2025, 73 Chinese companies with VC/PE backgrounds successfully went public, achieving an IPO penetration rate of 55.73% for VC/PE institutions [5][14][23] - CICC led the IPO performance by participating in 7 companies, followed by Sequoia China with 6, and Huajin Capital and Junlian Capital with 5 each [5][6] - The total exit return for VC/PE institutions reached 105.76 billion yuan, with an average return multiple of 3.83 times [10][14] Group 1: IPO Performance Analysis - The advanced manufacturing sector had the highest number of IPOs at 16, while the electronic information sector generated the highest exit return of 27.39 billion yuan [10][13] - The Hong Kong Stock Exchange's main board recorded the highest exit return of 58.20 billion yuan [15][16] - In June 2025, the exit return peaked at 34.9 billion yuan, while April saw the highest average return multiple of 9.11 times [10][14] Group 2: Market Trends - The total number of IPOs in the first half of 2025 reached 131, with a total fundraising amount of 130.1 billion yuan, marking a year-on-year increase of 35.05% [25][27] - The Hong Kong Stock Exchange led in both IPO numbers and fundraising amounts, with 40 IPOs raising 86.73 billion yuan [27][29] - The North Exchange had the highest first-day price increase, with 25 companies experiencing a price surge of over 100% [32][33] Group 3: Sector and Regional Analysis - The energy and mining sector saw the highest fundraising amounts, while the consumer sector experienced a significant increase in IPO numbers, doubling compared to the previous year [63][64] - Zhejiang province led in the number of IPOs with 24, while Fujian province topped in fundraising with 33.69 billion yuan [69][72] - The consumer sector's IPO numbers increased by 11, while the medical health sector saw an increase of 9 [63][64] Group 4: Notable IPO Cases - Notable IPOs included Insta360, which achieved a first-day return of 853 times, and Circle, which saw a return of several dozen times on its first day [20][22] - The tea brand Bawang Chaji went public on NASDAQ, with XVC's investment yielding over 100 times return [20][22] - The top five IPOs by fundraising in the first half of 2025 included Ningde Times, Haitian Flavoring, and Heng Rui Medicine, with amounts exceeding 32.78 billion yuan, 9.26 billion yuan, and 9.08 billion yuan respectively [80][82]

Core Viewpoint - The company, YingShi Innovation, has shown a stable stock performance with a current market capitalization of 67.913 billion yuan, ranking 7th in the consumer electronics sector and 209th in the A-share market [1] Group 1: Market Performance - As of July 11, 2025, YingShi Innovation's stock closed at 169.36 yuan, a 0.56% increase from the previous week [1] - The stock reached a peak of 178.63 yuan on July 9 and a low of 166.66 yuan on July 7 [1] Group 2: Strategic Insights - During a recent institutional survey, the company emphasized its focus on user value creation and brand characteristics to maintain market uniqueness amid new competition [2] - The company adopts a strategy of experimentation and long-term investment, identifying both consensus and non-consensus opportunities [2] Group 3: Product and Market Position - The company has significant potential for hardware iteration and software development in its product offerings [3] - According to Frost & Sullivan, YingShi Innovation holds a 67.2% market share in the global consumer-grade panoramic camera market, ranking first worldwide [3] - The company's core business focuses on user value creation in the recording and sharing sectors, distinguishing between the two user needs [3] Group 4: Corporate Announcements - The company has passed six resolutions in its second supervisory board meeting, covering fundraising usage, payment methods, and cash management [4] - A temporary shareholders' meeting is scheduled for July 28, 2025, to discuss significant changes including capital structure and governance [4] - The company plans to establish a special account for managing excess fundraising, with an investment limit of up to 15.384 billion yuan from idle funds and 35 billion yuan from its own funds [4][6] - The company intends to use 209.324 million yuan of raised funds to replace pre-invested project funds and issuance costs [6] - The company is seeking to increase its comprehensive credit limit to 2 billion yuan and provide guarantees for subsidiaries totaling 1.3 billion yuan [6]

Group 1 - The core point of the article is that the U.S. International Trade Commission (ITC) ruled in favor of the company, stating that five out of six patent infringement claims made by GoPro were either not infringements or the patents were invalidated, and the remaining design patent was confirmed not to infringe [2][3] - The company has developed a comprehensive defense strategy and has prepared new design solutions that have been confirmed by the ITC as non-infringing [2] - The company has also initiated a patent infringement lawsuit against GoPro in China, indicating a proactive approach to protect its intellectual property rights [3] Group 2 - The company has rapidly grown to become one of the most popular smart imaging brands globally, holding the largest market share in the panoramic camera market for six consecutive years, with a market share exceeding 67% in 2023 [4] - The company is gradually surpassing GoPro in the action camera sector, highlighting its competitive position in the industry [4]

Core Viewpoint - The company is currently involved in a Section 337 investigation initiated by GoPro, Inc. regarding alleged patent infringements related to its products and accessories in the U.S. market [1][2]. Group 1: Investigation Details - GoPro filed the investigation on March 29, 2024, claiming that the company's products infringe on six U.S. intellectual property rights, including stabilization algorithms and design patents [1][2]. - The ITC's preliminary ruling indicated that only a portion of the company's exported products fell under one of GoPro's design patents, and the new design proposed by the company was confirmed not to infringe on that patent [2]. Group 2: Company's Response - The company has established a special task force and engaged a legal team specializing in Section 337 investigations to actively respond to the claims [2]. - The company has prepared new design solutions and has applied to the USPTO for an IPR procedure to invalidate GoPro's asserted patents, with some patents currently under review [2]. Group 3: Impact on the Company - The ongoing Section 337 investigation is an administrative review process and does not involve patent damage compensation, meaning it will not have a substantial impact on the company's current production and operations [3]. - A parallel lawsuit related to the same intellectual property claims was filed in the U.S. District Court for the Central District of California, which has been suspended pending the outcome of the ITC investigation [3].

一、初步裁决结果 2025 年 7 月 11 日（北京时间），公司获悉 ITC 行政法官初步裁决结果（以 下简称"ITC 初步裁决"），公司仅部分出口美国产品落入 1 件 GoPro 主张的外 观专利保护范围，公司就该部分产品提出的新外观设计方案均已由 ITC 认定未对 该件专利构成权利侵犯；其余5件GoPro主张的发明专利所涉及的其他指控产品， ITC 确认公司产品不构成侵权或 GoPro 主张的专利权利要求无效。 二、公司积极应对措施 在此次 337 调查过程中，公司的专项工作组制定了充分的抗辩应对措施以及 风险应对策略。除在应诉过程中进行积极抗辩外，公司准备了新的设计方案，并 获得 ITC 确认新设计方案不构成侵权。公司针对 GoPro 的涉案专利向 USPTO（"美 国专利商标局"）申请 IPR 程序，即要求 USPTO 确认 GoPro 所主张的涉案专利无 效并撤销其注册，部分专利目前仍在无效审查阶段。同时，公司对 GoPro 在中国 境内的相关主体提起了专利侵权诉讼。公司将通过多种法律途径积极维护自身合 法权益。 证券代码：688775 证券简称：影石创新 公告编号：2025-010 影石创新科技 ...

Summary of Key Points Core Viewpoint The company, Yingstone Innovation Technology Co., Ltd., plans to increase its comprehensive credit limit for 2025 by applying for an additional credit amount of up to 2 billion RMB, bringing the total credit limit to 4.5 billion RMB. The company will also provide guarantees for its subsidiaries, with a total guarantee amount not exceeding 1.3 billion RMB, to support their operational needs and business growth. Group 1: Credit and Guarantee Details - The company intends to apply for a total comprehensive credit limit of up to 2 billion RMB, in addition to the previously approved limit of 2.5 billion RMB, resulting in a total credit limit of 4.5 billion RMB [1][4][12] - The new credit limit will cover various types of financing, including working capital loans, commercial bills, project loans, bank guarantees, factoring, and letters of credit [4][5] - The company plans to provide guarantees for its subsidiaries, with a total guarantee amount not exceeding 1.3 billion RMB, specifically for Istone Innovation Limited, Insta360 Japan, INSTA360 GMBH, ARASHI VISION (U.S.) LLC, Shenzhen Qianhai Yingstone Innovation Technology Co., Ltd., Yingstone Innovation Technology (Zhuhai) Co., Ltd., and Shenzhen Yingstone Electronics Co., Ltd. [5][10][11] Group 2: Subsidiary Information - The subsidiaries receiving guarantees are all wholly owned by the company, ensuring that the company maintains control over them [11][12] - The financial health of the subsidiaries is generally stable, with no significant issues affecting their debt repayment capabilities [8][9][10] - The company has no overdue guarantees or guarantees involved in litigation, ensuring a low-risk profile for the proposed guarantees [13]

General Principles - The purpose of the fundraising management measures is to standardize the management and use of funds raised by the company, protect investors' rights, and comply with relevant laws and regulations [1][2] - The company must establish internal control systems for the storage, management, use, and supervision of raised funds, including approval authority and decision-making procedures [2][3] Fund Storage - The company must store raised funds in a dedicated account approved by the board of directors, ensuring that these funds are not mixed with other accounts [3][4] - A tripartite supervision agreement must be signed with the sponsor or independent financial advisor and the commercial bank within one month of the funds being in place [3][4] Fund Usage - Funds raised must be used according to the purposes stated in the prospectus and cannot be changed without proper procedures [5][6] - The company is required to conduct feasibility studies and re-evaluate projects if certain conditions arise, such as significant market changes or delays in project implementation [6][12] Project Changes - Any changes to the use of raised funds must be approved by the board of directors and disclosed to shareholders [12][13] - New projects must align with the company's main business and enhance its competitive and innovative capabilities [12][24] Fund Management and Supervision - The company must disclose the actual use of raised funds accurately and completely, and the board should monitor the management of these funds regularly [27][28] - Independent financial advisors are responsible for ongoing supervision and must report any irregularities [15][30] Use of Excess Funds - Excess funds can be used for permanent working capital and repaying bank loans, subject to shareholder approval [33][34] - The company must provide a clear plan for the use of excess funds, ensuring they are invested in main business projects [39][19]

General Principles - The rules are established to protect the legal rights of shareholders and clarify the responsibilities and powers of the shareholders' meeting in accordance with relevant laws and regulations [1][2] - The company must strictly follow legal and regulatory requirements when convening shareholders' meetings to ensure shareholders can exercise their rights [1][2] - The shareholders' meeting is the company's decision-making body and must operate within the scope defined by laws and the company's articles of association [1][3] Types of Meetings - The company shall hold an annual shareholders' meeting once a year within six months after the end of the previous fiscal year [2] - Temporary shareholders' meetings must be convened within two months of certain events, such as insufficient directors or significant losses [2][3] Meeting Convening - The board of directors is responsible for convening the shareholders' meeting within the stipulated time [6] - Independent directors can propose a temporary shareholders' meeting, and the board must respond within ten days [6][8] Proposals and Notifications - Proposals must fall within the powers of the shareholders' meeting and be clearly defined [13] - The company must notify shareholders of the meeting at least 20 days in advance for annual meetings and 15 days for temporary meetings [15][18] Voting and Resolutions - Voting at the shareholders' meeting is conducted by registered ballot, with ordinary resolutions requiring a simple majority and special resolutions requiring two-thirds majority [34][35] - Related shareholders must abstain from voting on transactions that involve them [38] Meeting Records - The company must maintain accurate records of the meeting, including details of attendees, proposals, and voting results [54][55] - Meeting records must be preserved for at least ten years [55] Amendments and Effectiveness - The rules become effective upon approval by the shareholders' meeting and can be amended similarly [56][57] - Any matters not covered by these rules will be governed by relevant national laws and the company's articles of association [58]

影石创新科技股份有限公司董事会秘书工作制度 影石创新科技股份有限公司 第一章 总则 第一条 为提高影石创新科技股份有限公司（下称"本公司"或"公司"）治 理水平，规范公司董事会秘书的选任、履职，根据《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》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《上海 证券交易所科创板上市公司自律监管指引第 1 号——规范运作》（以下简称"《规 范运作》"）和其他法律、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》"），制订本制度。 第二条 公司董事会秘书为公司高级管理人员，对公司和董事会负责，忠实、 勤勉地履行职责。 第三条 公司董事会秘书是公司与上海证券交易所之间的指定联络人。 第四条 公司设立由董事会秘书分管的工作部门。 第二章 聘 任 （一）《公司法》第一百七十八条规定的任何一种情形； （二）最近 3 年曾受中国证监会行政处罚，或者被中国证监会采取不得担任上 市公司董事、高级管理人员的市场禁入措施，期限尚未届满； 第五条 董事会秘书可由公司董事兼任。但如某一行为应由董事、董 ...