Core Viewpoint - The article highlights the historic listing of Insta360, a company founded by a post-90s entrepreneur, Liu Jingkang, on the Sci-Tech Innovation Board, marking a significant milestone in the capital market [1][2]. Company Overview - Insta360 was founded in 2015 and is recognized as a global leader in smart imaging technology, initially focusing on VR and panoramic cameras before expanding into action cameras and other imaging products [8]. - The company has two product lines: consumer-grade and professional-grade, covering 360-degree panoramic cameras, action cameras, smartphone stabilizers, and video conferencing cameras [8]. Financial Performance - On its first trading day, Insta360 opened at 182 CNY, peaking at 187.99 CNY, with a closing price of 177 CNY, resulting in a market capitalization of 71 billion CNY [2]. - The company's revenue and net profit from 2022 to 2024 are projected to be 20.41 billion CNY, 36.36 billion CNY, and 55.74 billion CNY, with net profits of 4.07 billion CNY, 8.3 billion CNY, and 9.95 billion CNY respectively [12]. - In 2023, Insta360 achieved a sales figure of 3.14 billion CNY, capturing 67.2% of the global panoramic camera market, maintaining its position as the market leader for six consecutive years [11]. Investment Journey - The company began its capital journey in 2020, receiving guidance from CITIC Securities and submitting its IPO application in October of the same year [4][6]. - Liu Jingkang, the founder, received angel investment from IDG Capital shortly after graduating in 2014, which played a crucial role in the company's early development [10][13]. - Insta360 has completed eight rounds of investment, with notable investors including IDG Capital, Qiming Venture Partners, and CITIC Securities [13]. Market Position - By 2018, Insta360 became the largest brand in global panoramic camera shipments, achieving a market share of 41% by 2021, with competitors like Ricoh and GoPro trailing behind [11]. - The company’s revenue reached 258 million CNY in 2018, marking a significant growth trajectory [10].