Core Viewpoint - The company aims to become a global leader in smart imaging solutions, focusing on the development and marketing of its brand "Insta360" through various channels worldwide [1][2] Group 1: Company Overview - The company specializes in panoramic and action cameras, selling products in over 60 countries through online and offline channels [1] - The revenue CAGR from 2019 to 2024 is projected at 56.81%, with significant contributions from the ONE X/GO/Ace series [1] - In 2024, the revenue distribution in major markets is expected to be 23.65% in China, 23.38% in the USA, 23.36% in Europe, and 7.76% in Japan and South Korea [1] Group 2: Industry Insights - The global handheld smart imaging device market is valued at 36.47 billion yuan, with an estimated penetration rate of 2% for action cameras among outdoor sports enthusiasts in China, indicating substantial market potential [1] - The company holds a significant first-mover advantage in the panoramic action camera sector and is expected to share the market with DJI in the action camera industry [1] Group 3: Competitive Advantages - The company leverages China's efficient consumer electronics supply chain for core component procurement and benefits from low-cost outsourcing within domestic electronic industry clusters [2] - The company possesses comprehensive capabilities in brand building, including product definition, technology R&D, social media marketing, and global channel deployment [2] - The core technology team consists of software experts focusing on panoramic, stabilization, and AI processing technologies, which are significantly ahead of competitors [2] Group 4: Growth Projections - The company is expected to continue capturing market share in the global action camera market while expanding into smart digital cameras, gimbals, wearable cameras, panoramic security cameras, and drones [2] - Projected net profits for the company from 2025 to 2027 are estimated at 1.249 billion, 1.627 billion, and 2.132 billion yuan, with relative valuations of 57.3x, 44.0x, and 33.6x PE respectively [2]

当全球情绪经济规模突破5000亿美元，中国文创定制市场以年复合增长率超15%的态势蓬勃发展，影像 定制行业迎来破局者。专注于"个性化影像创作与即时服务"的创新型品牌——PHOTOMI·照片艺术商店 (下文简称"PHOTOMI")正式焕新亮相，以"艺术商店"级的空间体验与深度融合的OMO模式，强势切入 万亿级情感消费赛道。品牌将影像定制从功能服务升维至情感表达，致力于成为用户"生活美学的共创 者"。 「"艺术商店"空间体验，重构影像消费新场景」 区别于传统照相馆的刻板印象，PHOTOMI线下门店定位为"照片艺术商店"。设计团队以品牌标志性紫 色为视觉锚点，融合自然原木与高级灰主基调，营造沉稳而不失活力的艺术场域。空间核心创意源自油 画框的解构哲学——产品展示架以画框背板结构为原型，巧妙将艺术性与功能性结合。当定制照片书在 层叠的"画框"中陈列，每件作品都成为流动的生活叙事。 PHOTOMI门店覆盖核心商圈、社区及交通枢纽，旨在构建"10分钟服务圈"。门店提供"1v1创作支持"， 店员协助用户优化纪念册排版、企业礼品定制方案，降低操作门槛，提升服务温度。未来更将规划引入 自助打印终端，并定期举办"我的作品分享会" ...

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 云知声 港股｜挂牌上市 据IPO早知道消息，云知声智能科技股份有限公司（以下简称"云知声"）于2025年6月30日正式 以"9678"为股票代码在港交所主板挂牌上市，成为"港股AGI第一股"。 作为中国AGI技术的先行者，成立于2012年的云知声在以深度学习模型发布为标志的人工智能自然 语言处理取得突破后不久，即利用自己在交互式AI方面的研发专业知识和自成立以来获得的市场洞 察力，推出首个基于BERT的大语言模型UniCore，作为自己的中心技术平台云知大脑的初始核心算 法模型，并为广泛的垂直行业的客户赋能一系列AI解决方案。 2016年，云知声战略性地开始建立Atlas AI基础设施，其基于云知声的智算集群，高效地为机器学 习任务动态调度强大的算力，同时这也前沿AI模型的开发、优化和商业化提供重要支撑。目前，云 知声的智算集群拥有超过184 PFLOPS的计算能力，以及超过10PB的存储容量。在过去几年 UniCore的演进和优化的基础上，云知声于2023年推出了一个拥有600亿个参数的自有大语 ...

Core Insights - A panoramic camera produced in Shenzhen has sparked a buying frenzy in the U.S., showcasing the global appeal of Chinese smart imaging products [1][6] - Shenzhen is establishing a new track in the consumer-grade smart imaging industry, attracting foreign buyers to its electronic markets [3][4] - Shenzhen-made smart imaging devices, including panoramic cameras and drones, are now sold in over 200 countries, capturing approximately 70% of the global market share [6][29] Industry Developments - The popularity of these products is attributed to their innovative features, such as a selfie stick that can become "invisible" and the ability to capture immersive 360-degree images [1][7] - The devices are designed for various high-speed activities, providing stable footage in challenging environments like mountain trails and turbulent waters [14][22] - Shenzhen companies are moving beyond hardware competition to create an ecosystem that integrates "devices + software + content," enhancing their global influence in the smart imaging sector [15][29] Technological Innovations - Companies in Shenzhen are leveraging proprietary AI algorithms and advanced hardware to develop products that can automatically track and capture subjects in motion [17][19] - The smart imaging industry is witnessing breakthroughs in software and hardware, enabling features like 8K ultra-high-definition video and real-time 360-degree viewing experiences [19][24] - The rise of AI editing and cloud-based services is supporting the growth of the cultural creative industry, allowing non-professionals to produce and share content easily [27][29] Market Dynamics - Shenzhen's electronic market, particularly in Huaqiangbei, is a hub for innovation, where businesses can quickly prototype and customize consumer electronics [39][43] - The city has developed a comprehensive supply chain and manufacturing ecosystem, facilitating rapid product development and meeting diverse global demands [45][46] - Shenzhen's government is actively promoting the development of strategic emerging industries through substantial funding and support initiatives [45]

Group 1 - The core viewpoint of the article highlights the successful launch of the Ace Pro2 limited edition camera in collaboration with Marc Márquez, targeting the motorcycle riding community, and the impressive sales performance during the 618 shopping festival [2][3] - The Ace Pro2 camera features enhancements such as a custom UI for motorcycle riders, night scene capabilities, wind noise reduction, and a 157° wide-angle lens, which are expected to strengthen brand presence among the target demographic [2] - The company reported a total GMV of over 400 million yuan during the 618 period, representing a 160% year-on-year increase, with significant growth across major platforms like Tmall, JD, and Douyin [2] Group 2 - The company is positioned as a rare player in the smart imaging sector, benefiting from increasing market penetration and maintaining strong growth momentum due to its technological and branding advantages [3] - Profit forecasts for the company indicate expected net profits of 1.15 billion, 1.69 billion, and 2.43 billion yuan for the years 2025 to 2027, with corresponding PE ratios of 60.7X, 41.2X, and 28.6X, maintaining a "buy" rating [3]

[Table_StockAndRank] 影石创新(688775) 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | | | | | | 发布马克·马奎斯联名款 Ace Pro2 相机，加速骑行群体产品渗透。公司发 布与 8 冠王摩托车手马克·马奎斯联名的运动相机 Ace Pro2，机身镌刻"93" 铭文及标志性红色元素，限定礼盒包括收藏级签名照及全套骑行配件。针对 摩托骑行者用户额外升级"MM93"数据仪表盘 UI、定制关机动画，并突出 夜景、防风收音、157°广角镜头等功能。我们认为公司延续深度绑定垂类 代言人的营销打法，此次联名款发布能有效实现人群破圈，增强骑行人群中 的品牌势能。 618 总口径 GMV 同增 160%，维持强劲增长势能。公司 618 全周期 GMV 超 4 亿元，同增 160%，其中天猫/京东/抖音分别增长 136%/155%/248%， 并霸榜运动相机销售榜 TOP1。我们认为在公司新一轮推新周期中，创意产 品+高效营销均有助于维持公司增长势能，预计以 ONE X5 为代表的新机型 仍将保持优异销售表现。 智能影像稀缺标的，持续享受渗透率提升红利。公司 ...

每日晨报 2025年6月 30日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 1-5月份,全国规模以上工业企业利润总额同 比下降 1.1% www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观：货币宽松或超预期——货币政策委员会 2025 年第二季度例会解读。货 币政策展望:降息:当前的实际利率依然显著高于自然利率,仍需进一步调降, 预计下半年还会有 1-2 次降息,总计调降政策利率 20-30BP,从而引导 LPR 下行,并传导至贷款、存款利率的进一步下行。降准:预计下半年 50BP 的降 准仍有望落地。重启 PSL:PSL 有望重启扩张,成为央行为政策性银行提供长 期低成本资金的工具,配合政策性金融工具协同发力。结构性货币政策工具的 扩张:下半年聚焦科技、消费、外贸、楼市、股市,有望继续创设或优化现有 结构性货币政策工具。 宏观:利润开始承压,关注政策接续 -- 2025年 1-5 月工业企业利润分析。展 ● ...

世界上参数规模最大的通用型医学影像基座模型。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 杭州德适生物科技股份有限公司 （以下简称 " 德适生物 "）于2025年6月29 日正式向港交所递交招股说明书，拟主板挂牌上市，华泰国际担任独家保荐人。 成立于 2016年的 德适生物一直专注医学影像 AI行业 ，其 专有的 iMedImageTM具有跨模态预训 练架构，使单一统一模型能支持19种医学影像模态 ， 并覆盖超过 90%的临床医学影像场景，包括 生殖健康、血液系统恶性肿瘤 和 放射卫生 。 根据弗若斯特沙利文的资料，德适生物自主研发的 iMedImageTM是 世界上参数规模最大的通用型 医学影像基座模型 ，已成功实现商业化，而且被认定为世界上首个商业化跨模态医学影像基座模 型。 基于 i MedImageTM医学影像基座模型，德适生物 可 提供 "基座模型－智能医疗器械－试剂及耗 材－大模型服务"全流程端到端AI医学影像解决方案组合，满足从实验室到临床的全 周期 需求。根 据弗若斯特沙利文的资料，在获得国家药监局批准后，德适生物的核心产品 ...

Core Viewpoint - Hangzhou Deshi Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1][3]. Company Overview - Deshi Biotechnology focuses on the medical imaging AI industry, with its proprietary iMedImage model recognized as the world's largest general-purpose medical imaging base model and the first commercialized cross-modal medical imaging base model [3][5]. - The iMedImage model supports 19 types of medical imaging modalities and covers over 90% of clinical medical imaging scenarios, including reproductive health and hematological malignancies [3][5]. Product Development - The core product, AI AutoVision, is expected to be the world's first AI-driven system for chromosome karyotype analysis, with regulatory approval anticipated from the National Medical Products Administration (NMPA) [5]. - AI AutoVision has completed clinical trials and is set to receive expedited regulatory approval as a Class III innovative medical device [5]. Financial Performance - In the fiscal years 2023 and 2024, the company reported revenues of approximately RMB 52.84 million and RMB 70.35 million, respectively, with losses of RMB 56.12 million and RMB 43.38 million [5][6]. - The gross profit margin for 2023 was 71.0%, which decreased to 65.5% in 2024, indicating a shift in cost structure [6].

聚焦创投圈投融资最新情报。 近日，国内低空智能机器人领军企业星逻智能宣布完成超亿元B+轮融资，本轮由苏州港航集团领投，临港前沿投资联合领投。此次融资将重点用于新 能源机器人产品化以及城市低空经济应用，进一步巩固星逻智能在无人机AI与新能源智能运维领域的领先地位。 作为中国低空经济领域的开拓者，星逻智能自2017年成立以来始终专注于无人机赋能技术的研发与商业化落地。公司推出的中国首台无人机机库、首 台无人机光伏巡检无人化系统等创新产品，已覆盖了全球超700个新能源场站，超40个区县低空应用，产品已应用于欧洲、东南亚、日本等地。 此次B+轮融资是继2024年6月的亿元级B轮融资后的又一里程碑，标志着星逻智能在新能源智维与低空城市领域的战略布局进入产业化阶段。 近日，蓝芯算力（深圳）科技有限公司（简称"蓝芯算力"）分别完成Pre-A轮及Pre-A+轮融资，获数亿元投资，由深创投和南山战新投联合领投、联想 创投、高伟达、金沙江联合、投控东海、银杏谷资本等共同跟投。据了解，蓝芯算力的Pre-A++轮也接近尾声，仍有数亿元的投资。本次融资主要用于 蓝芯算力服务器芯片的流片与量产、新一代服务器产品研发投入等。 自成立以来， ...