Core Viewpoint - The company, YingShi Innovation, has successfully completed its initial public offering (IPO) on the Sci-Tech Innovation Board, raising significant interest from the capital market with a subscription multiple of approximately 4220.7 times, indicating strong investor confidence in its growth potential [1][2]. Group 1: IPO and Market Interest - YingShi Innovation issued 41 million new shares at a price of 47.27 yuan per share, with strategic investors including notable firms like CITIC Securities and Temasek [1]. - The company is set to be the first enterprise registered on the Sci-Tech Innovation Board by 2025, with plans to list in mid-June [1]. - The high subscription rate reflects the capital market's enthusiasm for the company's innovative capabilities and market position [1]. Group 2: Business and Market Position - YingShi Innovation has maintained a leading position in the global panoramic camera market, achieving a market share of 67.2% in 2023, significantly surpassing GoPro's 9.2% [4]. - The company has a diverse product matrix, including consumer and professional-grade cameras, and has successfully disrupted the market previously dominated by established brands [3][4]. - The company’s overseas revenue accounted for over 75% of total revenue last year, showcasing its strong global presence [1][2]. Group 3: Financial Performance and Growth - YingShi Innovation's revenue has shown a compound annual growth rate (CAGR) of 65.25% over the past three years, with revenues of 20.41 billion yuan in 2022, 36.36 billion yuan in 2023, and projected 55.74 billion yuan in 2024 [8]. - The net profit for the same period has also increased, from 4.07 billion yuan in 2022 to 9.95 billion yuan in 2024, indicating robust financial health [8]. - The company has maintained a high gross margin, with figures of 51.49%, 55.95%, and 52.20% over the last three years [8]. Group 4: Research and Development - YingShi Innovation has invested 1.48 billion yuan in R&D from 2022 to 2024, with a focus on enhancing its technological capabilities in panoramic imaging and stabilization technologies [4][5]. - The company plans to use the funds raised from the IPO to further develop its R&D center and production facilities, aiming to strengthen its technological barriers [5][6]. - The R&D expense ratio has increased by 3.21 percentage points year-on-year in the first quarter of this year, reflecting the company's commitment to innovation [5]. Group 5: Future Prospects and Market Expansion - The global market for handheld smart imaging devices is projected to grow from 36.47 billion yuan in 2023 to nearly 60 billion yuan by 2027, providing a favorable environment for YingShi Innovation's expansion [9]. - The company plans to enhance its market presence in various regions, including the U.S., Japan, and Europe, while also targeting new markets in Spain, France, and Italy [9]. - The integration of AI technologies into its product offerings is expected to drive further innovation and market growth, with a significant portion of its products already utilizing AI capabilities [10][11].

Core Insights - The report highlights the growth potential of the smart imaging market, particularly in consumer and professional segments, driven by the rise of outdoor activities and the increasing demand for content creation through platforms like Vlog and live streaming [2][11] - The global handheld smart imaging device market is projected to grow from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with a CAGR of 14.3%, while the global drone market is expected to see a significant increase in shipments [3][11] - The report emphasizes the competitive landscape, noting that "Insta360" holds a 67.2% market share in the global panoramic camera market, ranking first, while it ranks second in the action camera segment [10][11] Market Performance - The report provides a detailed analysis of various indices, with the Shanghai Composite Index closing at 3384 points, showing a 0.23% increase over one day and a 3.2% increase over five days [1] - The report also notes the performance of different industry sectors, highlighting that the components sector saw a daily increase of 5.15% and a one-month increase of 12.29% [1] Investment Recommendations - The report suggests that investors should proactively identify products exposed to micro-cap stocks and consider balanced funds with larger market capitalizations to hedge against potential risks in the micro-cap environment [5][10] - It forecasts revenue for the company "影石创新" (Insta360) to reach 7.8 billion yuan in 2025, with net profits projected at 1.1 billion yuan, indicating strong growth potential [10][11]

Core Viewpoint - The article discusses the upcoming IPO of Insta360's parent company, Yingshi Innovation, highlighting its strong market position and growth potential, while also addressing concerns about future profitability and market limitations [3][4][6]. Group 1: Company Overview - Yingshi Innovation, established in 2015, is a leading global smart imaging device company focusing on panoramic technology, with a product matrix that includes consumer-grade and professional-grade imaging devices [8]. - The company's brand "Insta360" holds a 67.2% global market share in the panoramic camera segment and ranks second in the action camera market as of 2023 [8][10]. - Yingshi Innovation's revenue from consumer-grade imaging devices has consistently accounted for over 80% of total revenue, reaching approximately 87% in recent years [11]. Group 2: Financial Performance - From 2022 to Q1 2025, Yingshi Innovation's revenue grew from 2.041 billion to 1.355 billion yuan, with a CAGR of 57.67% [10]. - The company's net profit showed strong growth, with a CAGR of 56% from 2022 to 2024, although Q1 2025 saw a decline in profit growth [10][15]. - The gross margin for Yingshi Innovation was reported at 51.49% in 2022, increasing to 55.95% in 2023, indicating a strong profitability profile compared to industry peers [15][16]. Group 3: Market Dynamics - The global market for handheld smart imaging devices is projected to grow at a CAGR of 14.3% from 2017 to 2023, with the panoramic camera market expected to reach 7.85 billion yuan by 2027 [26]. - Despite Yingshi Innovation's leading position, the overall market size for panoramic and action cameras is limited, which may constrain future growth [26][27]. - The company faces increasing competition from major players like DJI, which could impact its market share and growth sustainability [27][29]. Group 4: Strategic Challenges - Yingshi Innovation's focus on existing product lines may limit its ability to explore new growth opportunities, as indicated by its plans to concentrate on panoramic and action cameras without clear expansion strategies [29]. - The company relies heavily on overseas markets, with over 70% of its revenue coming from international sales, making it vulnerable to geopolitical risks and trade disputes [30]. - Key raw materials, such as IC chips and lens modules, are sourced from international suppliers, which could lead to cost pressures if trade tensions affect supply chains [30][31]. Group 5: Valuation Insights - Yingshi Innovation's valuation is compared to Anker Innovations, with a potential market capitalization of around 25 billion yuan based on projected earnings [34][35]. - The company is expected to experience a strong market response upon its IPO due to its growth potential and favorable valuation metrics [35][36].

Investment Rating - The report assigns a target valuation of 36.6 billion yuan to the company based on its earnings forecasts and comparable company analysis [6]. Core Viewpoints - The company, Yingshi Innovation, is a leader in panoramic camera technology and has a significant market share in the global smart imaging device market, with a 67.2% share in the panoramic camera segment and ranking second in the action camera market [6][42]. - The smart imaging device market is experiencing growth driven by differentiated consumer demands, with products like action cameras and drones becoming increasingly popular for both professional and everyday use [6][15]. - The company is expected to achieve substantial revenue growth, with projected revenues of 7.76 billion yuan in 2025, increasing to 14.41 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 36.6% [2][6]. Summary by Sections 1. Smart Imaging Devices: From Extreme Sports to Everyday Use - The decline of traditional digital cameras has led to the rise of smart imaging devices, which cater to diverse consumer needs and are more adaptable to various shooting scenarios [11][15]. - The global market for handheld smart imaging devices has grown from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with a CAGR of 14.3% [19][23]. 2. Yingshi Innovation's Vision: Becoming a World-Class Smart Imaging Brand - The company aims to leverage its panoramic technology to establish a competitive advantage in the smart imaging market [71]. - Yingshi Innovation has a diverse product lineup, including consumer-grade and professional-grade smart imaging devices, with continuous upgrades planned for its product lines [71][75]. 3. Profit Forecast and Valuation - The company is projected to generate revenues of 7.76 billion yuan in 2025, 10.55 billion yuan in 2026, and 14.41 billion yuan in 2027, with net profits of 1.14 billion yuan, 1.64 billion yuan, and 2.65 billion yuan respectively [2][6]. - The report indicates that the company's IPO price corresponds to a price-to-earnings (PE) ratio of 17x for 2025 and 12x for 2026, suggesting a favorable valuation compared to peers [6].

Group 1: Hand Return Group - Hand Return Group plans to list on the Hong Kong Stock Exchange on May 30, 2025, with the stock code "2621" [3] - The IPO will issue a total of 24,358,400 shares, with a subscription rate of 990 times for the Hong Kong public offering and 1.13 times for the international offering [3] - The company aims to provide insurance service solutions through its online platform, with three main platforms: Xiao Yusan, Kachaba, and Niu Bao 100 [3] - Hand Return Group is the second-largest online insurance intermediary in China, holding a 7.3% market share in long-term life insurance premiums as of 2023 [4] - The company has distributed over 1,900 products since its establishment, including more than 280 customized products [4] - Financial data shows revenues of 806 million, 1.634 billion, and 1.387 billion CNY from 2022 to 2024, with adjusted net profits of 75 million, 253 million, and 242 million CNY respectively [5] Group 2: Yingshi Innovation - Yingshi Innovation plans to open subscriptions on May 30, 2025, and is expected to list on the Sci-Tech Innovation Board in mid-June [7] - The company will issue 41 million new shares, with 20% allocated for strategic placement [7] - Yingshi Innovation specializes in smart imaging devices, focusing on panoramic and action cameras, with a global market share of 67.2% in panoramic cameras as of 2023 [8] Group 3: Lin Qingxuan - Lin Qingxuan submitted its prospectus to the Hong Kong Stock Exchange on May 29, 2025, aiming for a main board listing [10] - The brand ranks first among domestic high-end skincare brands in China by retail sales as of 2024 [11] - Financial data indicates revenues of 691 million, 805 million, and 1.21 billion CNY from 2022 to 2024, with a compound annual growth rate of 32.5% [11] Group 4: Yushi Technology - Yushi Technology submitted its prospectus on May 28, 2025, planning to list on the Hong Kong Stock Exchange [14] - The company is the largest supplier of L4-level autonomous driving solutions for airport and factory scenarios in Greater China as of 2024 [15] - Financial data shows revenues of 66 million, 161 million, and 266 million CNY from 2022 to 2024, with a compound annual growth rate of 101.3% [15] Group 5: Yisiwei Computing - Yisiwei Computing submitted its prospectus on May 30, 2025, aiming for a main board listing [19] - The company is a leading provider of RISC-V solutions in China, with over 100 system-level solutions commercialized as of 2024 [20] - Financial data indicates revenues of 2 billion, 1.752 billion, and 2.025 billion CNY from 2022 to 2024 [20] Group 6: Xian Gong Intelligent - Xian Gong Intelligent submitted its prospectus on May 27, 2025, planning to list on the Hong Kong Stock Exchange [22] - The company ranks first in global robot controller sales for two consecutive years, with a market share of 23.6% in 2024 [22] - Financial data shows revenues of 184 million, 249 million, and 339 million CNY from 2022 to 2024, with a compound annual growth rate of 35.7% [23] Group 7: Tuopu CNC - Tuopu CNC submitted its prospectus on May 26, 2025, aiming for a main board listing [27] - The company is the top supplier of five-axis CNC machine tools in China's aerospace market, with an 11.6% market share as of 2024 [29] - Financial data indicates revenues of 136 million, 335 million, and 531 million CNY from 2022 to 2024, with a compound annual growth rate of 97.9% [29] Group 8: Xiantong Pharmaceutical - Xiantong Pharmaceutical submitted its prospectus on May 26, 2025, planning to list on the Hong Kong Stock Exchange [32] - The company is the first in China to obtain approval for innovative radioactive drugs, focusing on oncology and neurodegenerative diseases [32] Group 9: Ledong Robotics - Ledong Robotics submitted its prospectus on May 30, 2025, aiming for a main board listing [35] - The company has a customer retention rate of approximately 90% in 2024, with a compound annual growth rate of about 41.4% in revenues from 2022 to 2024 [36] Group 10: Saintong Special Medical - Saintong Special Medical submitted its prospectus on May 30, 2025, planning to list on the Hong Kong Stock Exchange [38] - The company ranks first among domestic special medical food brands in China, with a market share of 6.3% as of 2024 [39] - Financial data shows revenues of 491 million, 654 million, and 834 million CNY from 2022 to 2024, with a compound annual growth rate of 30.3% [39] Group 11: Jushuitan - Jushuitan updated its prospectus on May 22, 2025, continuing its listing process on the Hong Kong Stock Exchange [41] - The company is the largest e-commerce SaaS ERP provider in China, holding a 24.4% market share as of 2024 [42] - Financial data indicates revenues of 523 million, 697 million, and 910 million CNY from 2022 to 2024, with a compound annual growth rate of 31.9% [42]

Group 1: Company Overview - Insta360, a leading domestic action camera brand, is set to launch its IPO on the STAR Market, aiming to raise 464 million yuan for the construction of a smart imaging equipment production base and a research center in Shenzhen [1][2] - The IPO price is set at 47.27 yuan per share, with an online issuance scale of 6.56 million shares and a price-to-earnings ratio of 20.04 times [1] Group 2: Financial Performance - Insta360's revenue is projected to grow significantly from 20.41 billion yuan in 2022 to 55.74 billion yuan in 2024, achieving a compound annual growth rate of 65% [2] - Net profits are expected to rise from 4.07 billion yuan in 2022 to 9.95 billion yuan in 2024 [2] - Approximately 80% of Insta360's revenue comes from overseas markets, with international sales projected at 15.96 billion yuan, 29.03 billion yuan, and 42.23 billion yuan for the years 2022 to 2024, respectively [2] Group 3: Market Position - Insta360 holds a 67.2% market share in the consumer-grade panoramic camera sector, ranking first globally for six consecutive years [2] - In the broader action camera market, Insta360 has entered the top three, competing closely with GoPro and DJI, and has surpassed GoPro in sales in the first half of 2024 [2] Group 4: Industry Trends - The consumer electronics industry is witnessing rapid growth driven by technological innovations, with a notable focus on AI glasses expected to see significant product launches in 2025 [3][4] - The global sales of AI glasses are anticipated to exceed 5.5 million units in 2025, marking a 135% year-on-year increase [3] - Domestic manufacturers are actively releasing new AI glasses products to capture market opportunities, indicating a competitive landscape [3] Group 5: Market Sentiment - Recent performance of indices such as the Xinhua Manufacturing Overseas 50 and Xinhua TMT Overseas 50 reflects positive market sentiment, with some stocks experiencing notable gains due to revenue growth and industry optimism [4][5]

Core Viewpoint - Insta360 has officially initiated the IPO process for its listing on the Sci-Tech Innovation Board, with a planned issuance of 41 million shares at a price of 47.27 yuan per share, aiming to raise approximately 1.938 billion yuan and achieve a market valuation of around 17 billion yuan [1][3]. Company Overview - Insta360 specializes in smart imaging devices, starting with consumer-grade panoramic cameras and expanding into professional VR panoramic cameras and action cameras, providing solutions for various industries such as live broadcasting, virtual real estate tours, and video conferencing [3]. - The company has consistently increased its R&D investment in optical imaging, artificial intelligence, and automation, launching innovative products across different series [3]. Financial Performance - The company has shown steady revenue growth, with projected revenues of 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan for the years 2022, 2023, and 2024 respectively, and net profits of 407 million yuan, 830 million yuan, and 995 million yuan for the same years [4]. - In Q1 2025, the company reported a 40.7% year-on-year increase in revenue to 1.355 billion yuan, but net profit decreased by 2.5% to 176 million yuan due to increased R&D and marketing expenditures [6]. Shareholder Structure - Prior to the IPO, the actual controller Liu Jingkang held 34.0043% of the voting rights and indirectly owned 29.8891% of the shares. Post-IPO, Beijing Lanfeng will hold 26.8767%, making it the second-largest shareholder, while IDG's EARN ACE will hold 11.9616% [7][9]. Strategic Placement - Several prominent investment institutions participated in the strategic placement, with total subscriptions amounting to 388 million yuan, indicating strong market confidence in Insta360's future development [2][3].

Company Overview - YingShi Innovation has initiated its public offering, with a total share capital of 360 million shares before the issuance and plans to issue 41 million shares, accounting for 10.22% of the post-issue total share capital [1] - The company focuses on the research, production, and sales of smart imaging devices such as panoramic cameras and action cameras [1] IPO Details - The subscription code for the public offering is 787775, with a subscription price set at 47.27 yuan per share and an issuance price-to-earnings ratio of 20.04 times [1] - The maximum subscription limit for a single account is 6,500 shares, requiring a minimum market value of 65,000 yuan in the Shanghai stock market for top-tier subscriptions [1] - The online issuance quantity is 6.56 million shares, with the total issuance quantity being 41 million shares [1] - The announcement of the winning numbers and payment date is scheduled for June 4, 2025 [1] Fundraising Allocation - The company plans to allocate 195.43 million yuan for the construction of a smart imaging device production base [1] - An additional 268.34 million yuan is designated for the establishment of a research and development center in Shenzhen [1] Financial Performance - Total assets for 2024 are reported at 502,081.23 million yuan, a significant increase from 304,651.82 million yuan in 2023 and 198,008.31 million yuan in 2022 [2] - Net assets have risen to 318,107.45 million yuan in 2024 from 218,580.99 million yuan in 2023 and 136,961.29 million yuan in 2022 [2] - Operating revenue for 2024 is 557,412.56 million yuan, up from 363,639.23 million yuan in 2023 and 204,113.36 million yuan in 2022 [2] - The net profit attributable to shareholders of the parent company for 2024 is 99,474.91 million yuan, compared to 82,957.51 million yuan in 2023 and 40,733.40 million yuan in 2022 [2] - Basic earnings per share for 2024 stand at 2.76 yuan, an increase from 2.30 yuan in 2023 and 1.13 yuan in 2022 [2] Research and Development - Research and development expenses for 2024 amount to 77,658.91 million yuan, compared to 44,768.03 million yuan in 2023 and 25,601.32 million yuan in 2022 [3] - The ratio of research and development expenses to operating revenue is 13.93% for 2024, up from 12.31% in 2023 and 12.54% in 2022 [3]

Core Viewpoint - The article highlights the rapid growth and market leadership of YingShi Innovation in the global smart imaging device sector, particularly in 360° panoramic and action cameras, showcasing its strong financial performance and innovative technology [2][3][10]. Group 1: Company Overview - YingShi Innovation is set to go public on the Sci-Tech Innovation Board with an issue price of 47.27 yuan, aiming to raise 1.938 billion yuan, reflecting strong market confidence in its future [2]. - The company has achieved a global market share of 67.2% in panoramic cameras and ranks second in the action camera market as of 2023 [3][10]. Group 2: Financial Performance - YingShi Innovation's issuance price-to-earnings ratio is significantly lower than the average of 35.50 for the Sci-Tech Innovation Board and 38.21 for its industry, indicating ample investment space [3]. - The company's revenue has grown from 159 million yuan in 2017 to 5.574 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 66% [34][38]. Group 3: Product Development and Innovation - The company has invested 1.74 billion yuan in research and development over the past five years, with R&D expenses consistently exceeding 12% of revenue [26]. - YingShi Innovation has developed key technologies such as panoramic image capture and stitching, which have been pivotal in its product offerings [30]. Group 4: Market Trends and Future Growth - The global action camera market has seen a significant increase, with a market size growing from 140 million USD in 2011 to 7.18 billion USD in 2022, reflecting a CAGR of 43.04% [34]. - The demand for smart imaging devices is expected to accelerate in various sectors, including live broadcasting, military, and real estate, further driving growth for YingShi Innovation [35].

新浪科技讯 5月29日上午消息，今日，影石创新首次公开发行股票并在科创板上市网上投资者交流会召 开，谈及AI技术对于影石创新发展的影响，影石创新董事长刘靖康认为，目前在AI技术的帮助下，智 能影像设备已经可以实现场景识别、人像识别、色彩优化等效果。 他表示，通过AI的深度学习功能，可以实现对智能影像设备中的相片或视频进行针对性的优化。AI算 法通过海量的数据进行深度学习和训练，了解用户偏好画面的构成、色彩分布以及成像风格，从而为用 户摄影带来更多观感更佳的作品。目前在AI技术的帮助下，智能影像设备已经可以实现场景识别、人 像识别、色彩优化等效果。公司自主研发的AI影像处理技术，包括AI剪辑技术、AI调色技术、AI追踪 技术、AI全景自动拍摄技术、AI低光视频画质增强技术均已运用在产品中，能够显著提升智能影像设 备的性能和使用体验。 此外，刘靖康还提到，截至2024年12月31日，公司拥有9家境内全资子公司、7家境外全资子（孙）公 司、3家分公司、2家参股公司，其中重要子公司5家（最近一年总资产、净资产、营业收入或净利润任 一指标占公司合并口径相应指标5%以上的控股子公司为"重要子公司"），无对公司有重大影响的 ...