Core Viewpoint - Insta360 has successfully completed its IPO on June 11, 2023, becoming the "first stock in smart imaging" with a first-day opening price of 182 CNY per share, a 285% increase from the issue price, and a total market capitalization exceeding 70 billion CNY [3]. Group 1: Company Overview - Insta360 raised 1.938 billion CNY during its IPO, ranking third in overall fundraising on the Shanghai Stock Exchange since 2025 and first in the Sci-Tech Innovation Board [3]. - The founder, Liu Jingkang, is a unique figure among A-share listed companies, being a 90s entrepreneur who started from scratch and achieved global success with a technology-driven company [3]. Group 2: Investment Journey - IDG Capital became the largest external shareholder before the IPO, holding over 13% of shares, with other major shareholders including Qiming Venture Partners and Xunlei [3]. - The investment story spans 12 years, with IDG's initial investment made when Liu was still a student with no income or team [4][5]. Group 3: Investment Philosophy - IDG's decision to invest in young entrepreneurs was a bold move, focusing on Liu's technical talent and product perception despite the high risks involved [6]. - The investment strategy emphasized "investing in people" while being aware of the uncertainties in technology and commercialization [6]. - IDG did not focus on valuation but was primarily concerned about funding sufficiency during the early stages of Insta360's hardware transition [7]. Group 4: Market Insights - IDG recognized the potential of Insta360's technology in emerging consumer scenarios like VR and action cameras, which contributed to its investment decision [6]. - The company achieved a significant breakthrough in 2018 with a milestone consumer product, generating revenue of 258 million CNY and a net profit of 18.287 million CNY [7]. Group 5: Future Directions - IDG is now shifting its focus to the next generation of entrepreneurs, particularly those from top institutions and universities, to capture innovative breakthroughs [10]. - The investment logic of IDG emphasizes a transition from being mere fund providers to nurturing ecosystems, highlighting the importance of young founders, technological innovation, and global market strategies [10].

Core Viewpoint - Lianyun Technology (688449.SH) has successfully listed on the Sci-Tech Innovation Board and reported a revenue growth of 11.19% year-on-year to 241 million yuan in Q1 2024, with a significant increase in R&D investment to 60.36%, raising concerns about its short-term profitability [1][2][4]. R&D Investment - The company's R&D expense ratio has historically ranged from 26.74% to 44.10%, with a Q1 2024 figure of 43.35%, while the 60.36% in Q1 2025 marks a significant deviation from this trend [2][7]. - The increase in R&D spending is attributed to substantial costs associated with product tape-out, with a year-on-year growth of 54.81% in Q1 2024 [2][4]. Financial Performance - Lianyun Technology's revenue from data storage control chips grew by 25.42% year-on-year to 920 million yuan in 2024, driven by successful market penetration in consumer electronics, enterprise, and industrial sectors [5][6]. - The AIoT business also showed strong growth, with revenue reaching 251 million yuan, reflecting a 73.61% year-on-year increase [6]. - The company maintains a low debt ratio of 18.05% compared to industry peers, enhancing its resilience against market fluctuations [9][10]. Technology and Market Development - The company achieved significant technological milestones in 2024, including the successful mass production of its first PCIe 5.0 control chip and advancements in UFS 3.1 control chips [5][6]. - Lianyun Technology's strategy focuses on deepening existing customer relationships while expanding into new markets, particularly in the IoT sector [6][10]. Strategic Balance - The company demonstrates a strategic balance between high R&D investment and financial health, positioning itself to withstand industry volatility while fostering sustainable growth [10].