Core Viewpoint - Insta360, a leading domestic action camera company, has successfully obtained approval for its IPO on the Sci-Tech Innovation Board after a four-year process, showcasing significant growth in revenue and market share in the panoramic camera segment [4][10]. Group 1: Company Overview - Insta360 was founded in 2015 in Shenzhen and has become a dominant player in the panoramic camera market, holding a 67.2% global market share as of 2023 [5][6]. - The company has seen its revenue grow from 1.33 billion yuan in 2021 to 3.64 billion yuan in 2023, with a net profit margin increasing from 20% to 22.8% during the same period [4][10]. Group 2: Market Position and Competition - Insta360 is positioned as the number one in the panoramic camera market and second in the action camera market, competing with GoPro and DJI, which together hold over 90% of the action camera market [5][6]. - The company has reported a significant increase in sales, surpassing GoPro in the first half of 2024, indicating a shift in market leadership [5][10]. Group 3: Revenue Structure and Growth - As of 2024, approximately 76% of Insta360's revenue comes from overseas markets, with the U.S., Europe, and Japan being key regions [14][18]. - The company's revenue from panoramic cameras accounts for about 55.72%, while action cameras contribute approximately 25.73% [9][10]. Group 4: Financial Performance - Insta360's net profit has consistently increased, reaching 5.18 billion yuan in the first half of 2024, with a slight decrease in net profit margin to 21.35% [25][30]. - In contrast, GoPro has faced declining revenues, with a significant loss reported in 2024, highlighting the competitive pressure Insta360 is exerting on established players [25][30]. Group 5: Strategic Initiatives - Insta360 plans to allocate 70% of the 1 billion yuan raised from its IPO to research and development, focusing on advanced technologies like 8K panoramic capabilities [38][41]. - The company has adopted a multi-channel sales strategy, emphasizing online sales while gradually increasing its offline presence through direct retail stores [33][34]. Group 6: Challenges Ahead - Despite its success, Insta360 faces challenges from established competitors like GoPro and DJI, who are expanding their product lines to include panoramic features [41][44]. - The company is also exposed to risks associated with its high overseas revenue dependence, particularly in light of potential trade disputes and tariffs [44][45].

经历四年IPO长跑的"国产运动相机一哥"影石创新 （Insta360） ，终于要登陆科创板了。 以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 本文来自微信公众号： 定焦One ，作者：何欣欣，编辑：金玙璠，题图来自：定焦One 摄 今年2月27日，被滑雪爱好者捧红的影石创新，拿到了科创板上市的通行证。这家2015年成立于深圳 宝安的公司，靠着让普通人也能拍出"360无死角大片"的全景相机，在海外市场杀出一条血路： 2021～2023年，营收从13.3亿元猛增至36.4亿元，三年翻了两倍多，净利润率从20%提升至22.8%。 影石创新在招股书中引用了弗若斯特沙利文 （Frost & Sullivan） 的数据来证明自己的市场地位：全 景相机第一，运动相机第二。 根据Frost&Sullivan，2023年全球消费级全景相机市场份额前三位分别为影石创新、日本理光、 GoPro，市场占有率分别为67.2%、12.4%和9.2%。影石还特别提到，公司在全景相机市场连续6年全 球份额第一，相当于每卖10台全景相机，7台是影石家的。 而在市场规模更大 （2023年全景相机市场规模约50. ...

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