记者丨雷若馨 编辑丨孙超逸 张嘉钰 在美国被巨头告了两年，这家深圳公司反而卖了近100亿元。 2月27日，历时近两年的影石创新（688775.SH）涉美"337调查"案迎来终局。 ITC 最终裁决结果显示，GoPro主张的6件专利中，5件发明专利不构成侵权或权利要求无效；仅1件外观 专利涉及部分上一代产品，但已不再出口美国，当前产品均采用新设计方案且被认定不侵权。影石创新 公告称，本次调查未对公司经营造成实质性影响，产品可不受限制在美国销售。 而就在春节前，这家来自深圳的智能影像设备商刚刚发布上市后首份业绩预告：全年营业收入98.58亿 元，同比增长76.85%，创历史新高。 "斩首行动"突袭 2024年3月，GoPro向ITC递交了一份不同寻常的"337调查"申请。其特殊之处在于，它的被告名单上只 有一家公司：来自中国深圳的影石创新。 "337调查"并不罕见，但通常起诉方会一口气将多家竞争对手送上被告席。而GoPro选择"外科手术式打 击"，只针对影石创新一家，且一口气指控其六项核心专利，涵盖防抖算法、畸变校正、外观设计。 成立24年、上市12年的GoPro，为何对一家成立不足十年的后起之秀如此忌惮？ 市场 ...

Core Viewpoint - The journey towards a high-value global supply chain emphasizes the importance of stability and long-term planning over rapid advancement, which is more challenging and crucial for success [1]. Company Overview - The energy storage industry is facing significant challenges, particularly for Haicheng Energy Storage, which is attempting to go public on the Hong Kong Stock Exchange amid various commercial disputes [2][3]. - Haicheng's former executive, Feng Dengke, has been taken into custody for allegedly infringing on trade secrets, adding pressure to the company's IPO plans [2]. - A lawsuit initiated by CATL against Haicheng for unfair competition, with claims exceeding 100 million yuan, is set to be heard on August 12, further complicating the company's situation [2]. Client Dependency and Financial Impact - Haicheng's largest U.S. client, Powin, is reportedly facing bankruptcy, which could significantly impact Haicheng's revenue, as Powin was expected to contribute 2.239 billion yuan in 2024, accounting for 17.3% of Haicheng's revenue [2][3]. - The company's reliance on a single major client has been criticized as a strategic misstep, revealing weaknesses in client selection and risk management [2]. Legal and Operational Challenges - Haicheng has issued a statement addressing rumors regarding its business operations, asserting that its partnership with Powin has not yet reached a scale of delivery and that there are no outstanding debts between the two [3][7]. - The company has also defended its technology against claims of similarity to competitors, asserting that its 587Ah battery cell is a unique product developed independently [8]. Financial Health and Debt Concerns - Haicheng's financial statements reveal alarming trends, with trade receivables skyrocketing from 223 million yuan in 2022 to 8.315 billion yuan in 2024, representing 69.48% of its revenue [14]. - The accounts receivable turnover days have increased dramatically from 11.8 days in 2022 to 185.7 days in 2024, indicating severe cash flow issues [14]. - The company's debt burden is concerning, with bank and other borrowings reaching 9.983 billion yuan and a debt-to-asset ratio of 73.1%, significantly above industry standards [14]. Market and Competitive Landscape - Haicheng's growth has been heavily reliant on a few high-risk clients, with the top five clients contributing 68.7% of its revenue [15]. - The company faces additional challenges due to the recent U.S. legislation impacting renewable energy subsidies, which could delay projects and increase financial risks [15][16]. Future Outlook - The combination of ongoing lawsuits, questions about core technology, high debt levels, and aggressive production strategies has created a precarious situation for Haicheng as it approaches its IPO [21]. - The company must urgently restructure its business model, solidify its technological independence, diversify its client base, and improve cash flow to maintain its market position [21].