影石创新科技股份有限公司 2025 年第三季度报告 证券代码：688775 证券简称：影石创新 影石创新科技股份有限公司 2025 年第三季度报告 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。 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是√否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 2,940,277,480.22 | 92.64 | 6,610,936,746 ...

影石创新公告，第三季度营收为29.4亿元，同比增长92.64%；净利润为2.72亿元，下降15.90%。前三季 度营收为66.11亿元，同比增长67.18%；净利润为7.92亿元，同比下降5.95%。 ...

转自：智通财经 【影石创新：前三季度净利润同比下降5.95% 预计影翎Antigravity全景无人机产品第四季度试售】《科 创板日报》27日讯，影石创新(688775.SH)公告称，第三季度实现营业收入29.40亿元，同比增长 92.64%；归属于上市公司股东的净利润为2.72亿元，同比下降15.90%。前三季度实现营业收入66.11亿 元，同比增长67.18%；归属于上市公司股东的净利润为7.92亿元，同比下降5.95%。业绩变动主要系公 司持续开拓市场、推出新品、扩大线上线下销售带动收入大幅增长，但因加大芯片定制、战略项目投入 及研发人员薪酬增加，导致研发费用显著上升。公司计划推出两个无人机品牌，包括公司自有无人机品 牌和与第三方共同孵化的影翎Antigravity全景无人机品牌。初步预计影翎Antigravity全景无人机产品有 望于2025年第四季度实现部分区域市场的试售。 ...

影石创新公告，2025年第三季度营收为29.4亿元，同比增长92.64%；净利润为2.72亿元，同比下降 15.90%。前三季度营收为66.11亿元，同比增长67.18%；净利润为7.92亿元，同比下降5.95%。 ...

Core Points - On October 24, the programmer's day, the company Insta360 rewarded its employees with 21 gold keycaps, including a gold space key weighing 35.02 grams, valued at nearly 40,000 yuan [1] - The event has been held for four consecutive years, with a total of 55 gold keycaps distributed, including various keys like "C", "V", "Ctrl", "Shift", "Enter", and space [1][3] - The company emphasizes the importance of its R&D personnel, who make up 57.68% of its workforce, as the core of product innovation [3] Employee Recognition - The gold keycaps serve as a tribute to the R&D staff, symbolizing that every keystroke turns "stone into gold" and every line of code is "worth a thousand gold" [3] - In addition to the gold keycaps, all R&D personnel received health-related gifts for the holiday [3] Company Culture and Philosophy - Insta360 has been referred to as the "gold factory" due to its frequent distribution of gold benefits, including "golden blind boxes" and gold coins for significant life events like marriage and childbirth [4][6] - The founder, Liu Jingkang, stated that the distribution of gold is not merely about its monetary value but reflects stability, akin to the foundational role of talent in a tech company [7] Recent Controversies - The company faced scrutiny after a video of Liu Jingkang distributing cash to employees went viral, leading to an apology and a review of internal management practices [7] - Additionally, the company apologized for contributing to a price drop in DJI products and offered vouchers to customers who purchased during a specific period [8] Company Performance - Liu Jingkang, born in 1991, founded Insta360 in 2015, and the company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in June 2021 [13] - The stock price increased significantly, with a first-day opening price of 182 yuan per share, up 285% from the issue price, and a current price of 279.83 yuan, representing a 492% increase, with a total market capitalization of 112.2 billion yuan [13]

Core Viewpoint - The company has approved a capital increase and loan to its wholly-owned subsidiary, Zhuhai Yingshi, to support the implementation of a fundraising project, with a total of 99 million RMB allocated for this purpose [1]. Group 1: Capital Increase and Loan Details - The company will use 90 million RMB of raised funds to increase the capital of its subsidiary, Zhuhai Yingshi [1]. - Additionally, the company will provide a loan of up to 105.43 million RMB to Zhuhai Yingshi for the same project [1]. Group 2: Business Registration Changes - Zhuhai Yingshi has completed the business registration change, with a new registered capital of 100 million RMB [1]. - The company was established on December 30, 2019, and operates as a limited liability company [1]. - The business scope includes manufacturing and sales of computer hardware and software, camera equipment, jewelry, and various other products [1].

证券日报网讯10月24日晚间，影石创新发布公告称，公司于2025年7月10日召开第二届董事会第十四次 会议和第二届监事会第十次会议，审议通过了《关于使用部分募集资金向全资子公司增资及提供借款以 实施募投项目的议案》，同意公司使用募集资金9，000.00万元向"智能影像设备生产基地建设项目"的 实施主体全资子公司影石创新科技(珠海)有限公司(简称"珠海影石")进行增资，同时，公司向珠海影石 使用募集资金提供不超过10，543.30万元的借款以实施募投项目。近日，珠海影石已完成工商变更登记 手续。 ...

证券代码：688775 证券简称：影石创新 公告编号：2025-035 影石创新科技股份有限公司 关于全资子公司变更注册资本暨完成工商变更登记的公告 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。 影石创新科技股份有限公司（以下简称"公司"）于 2025 年 7 月 10 日召开 第二届董事会第十四次会议和第二届监事会第十次会议，审议通过了《关于使用 部分募集资金向全资子公司增资及提供借款以实施募投项目的议案》，同意公司 使用募集资金 9,000.00 万元向"智能影像设备生产基地建设项目"的实施主体全 资子公司影石创新科技（珠海）有限公司（以下简称"珠海影石"）进行增资， 同时，公司向珠海影石使用募集资金提供不超过 10,543.30 万元的借款以实施募 投项目。近日，珠海影石已完成工商变更登记手续，具体变更情况如下： 二、变更后的工商登记信息 类型：有限责任公司（自然人投资或控股的法人独资） 注册资本：10,000 万元人民币 成立日期：2019 年 12 月 30 日 法定代表人：李兆琪 住所：珠海市高新区新沙二路 ...

Summary of the Conference Call on China Consumer Appliances Sector Industry Overview - The report focuses on the **China Consumer Appliances Sector**, specifically the competition between **Insta360** (Arashi) and **DJI** in the panoramic and action camera market [2][3]. Key Points Rising Competition - **Intensifying competition** has been noted between Insta360 and DJI, with both companies launching similar products [2][7]. - DJI introduced the **Osmo 360** and **Osmo Nano** in Q3 2025, directly competing with Insta360's ONEX and Go series [2]. - Insta360 launched the **Antigravity A1** panoramic camera drone, challenging DJI's market position [2]. Pricing Pressure - Both companies have reduced prices globally due to competition, with DJI lowering the price of its **Pocket 3** action camera by **Rmb700** (20% discount) and Insta360 reducing the price of the **X5** by approximately **Rmb400** (12% discount) [2][9]. - Price cuts in China are more significant (20-30% off) compared to other markets like Japan, the UK, and Germany (9%-20% off) [9]. Market Growth - Despite the competition, there is **strong volume growth** in the action/panoramic camera segment, indicating that competition is expanding the market rather than merely redistributing market share [3][12]. - App downloads related to action/panoramic cameras have surged, with Insta360 experiencing a **78% YoY growth** in app downloads in Q3 2025, suggesting a potential upside in revenue [4][23]. Revenue Projections - The correlation between app downloads and revenue growth for Arashi is strong, indicating that high app download growth may lead to strong sales in Q3 2025 [4][23]. - Revenue growth estimates for Arashi are projected at **60% YoY** for top line and **7% YoY** for bottom line [4]. Investment Outlook - Arashi is viewed as a **Buy** due to its potential for global expansion and high growth visibility over the next 2-3 years [5]. - The competition is expected to enhance consumer education and make products more affordable, although it may pressure margins [5][29]. Risks - Key risks include slower-than-expected demand, margin pressure from price competition, and potential foreign exchange losses [29][30]. Conclusion - The competitive landscape between Insta360 and DJI is intensifying, leading to significant price reductions and increased consumer engagement in the action camera market. The outlook for Arashi remains positive, with strong growth potential despite the risks associated with competition and market dynamics.

Core Insights - YingShi Innovation's stock increased by 1.41% on October 20, with a trading volume of 360 million yuan [1] - The company reported a net financing outflow of 13.53 million yuan on the same day, with a total financing and securities balance of 747 million yuan [1] Financing Summary - On October 20, YingShi Innovation had a financing buy-in of 35.84 million yuan, with a current financing balance of 747 million yuan, representing 8.96% of its market capitalization [1] - The company had no short selling activity on October 20, with zero shares sold or repaid [1] Business Performance - As of June 30, YingShi Innovation had 17,000 shareholders, a decrease of 27.52% from the previous period, while the average circulating shares per person increased by 37.96% to 1,795 shares [2] - For the first half of 2025, the company achieved a revenue of 3.671 billion yuan, a year-on-year increase of 51.17%, and a net profit attributable to shareholders of 520 million yuan, a slight increase of 0.25% [2] Shareholder Composition - As of June 30, 2025, the top circulating shareholders included several new institutional investors, with the largest being Bosera Huixing Return Mixed Fund, holding 612,400 shares [2] - Other notable new shareholders include Morgan Emerging Power Mixed Fund and several others, indicating a shift in the shareholder base [2]