运动相机高端龙头，份额有待提升：1)Frost&Sullivan数据，2023年全球运动相机市场规模314亿元/4461 万台，2017~2023CAGR14.5%/21.2%，预计2027年市场规模514亿元/6907万台， 2023~2027CAGR13.0%/11.5%。2)运动相机和消费级全景相机都应用于户外运动视频记录，但要求更 低。该市场集中度很低，产品定价区间波动大。公司2023年全球运动相机排名第二 定位高端。2024年公司运动相机销量不超过110万台(按系列累加)，全市场销量占比不高，估计不足 3%。如需整合这一分散的市场，提升产业链效率，进入价格段更低的市场是必要的，除非放弃中低端 市场。3)GO系列穿戴式运动相机、Ace系列运动相机是主销产品，2024年销量42.4、26.6万台，收入分 别占总收入16.2%、10.4%，销售均价2124、2169元/台。GO3穿戴式运动相机作为拇指相机突破性地支 持4K超清分辨率，支持自然广角FOV，可减少画面边缘畸变，视频观感更真实自然。 中国银河（601881）证券股份有限公司杨策,刘立思,陆思源,何伟近期对影石创新进行研究并发布了研究 报告《户外 ...

Core Insights - Liu Jingkang, the youngest founder in the history of the Sci-Tech Innovation Board, celebrated a significant milestone in his entrepreneurial journey, which has spanned ten years and included both highs and lows [1] - The company, Insta360, has evolved from a startup to a significant player in the 360-degree imaging market, demonstrating resilience and innovation in product development and market strategy [1][30] Group 1: Early Life and Education - Liu Jingkang was born on July 27, 1991, in Zhongshan, Guangdong, and showed an early interest in computers, leading him to explore coding and website creation from a young age [2] - During his time at Nanjing University, he gained recognition for his innovative software projects, including a program that drew attention from major companies like Tencent [2][3] Group 2: Entrepreneurial Beginnings - Liu's entrepreneurial spirit was evident during his university years, where he developed various applications and ventured into the live streaming market with the "Famous School Live" app [12][13] - The transition to creating Insta360 was inspired by the realization of a gap in the 360-degree imaging market, particularly after witnessing advancements in virtual reality technology [18][25] Group 3: Funding and Growth - Insta360 received its first angel investment of $650,000 from IDG Capital in September 2014, marking the beginning of its funding journey [15][16] - The company has successfully completed multiple funding rounds, with significant investments totaling hundreds of millions, enabling it to scale operations and enhance product offerings [16][17] Group 4: Product Development and Market Strategy - The initial product, the Insta360 Nano, was designed to be a mobile accessory for 360-degree photography, which gained popularity but faced challenges in sustaining sales [19][20] - Liu's strategic pivot towards creating a full-fledged 360-degree action camera was driven by user demand and market trends, leading to the successful launch of products like Insta ONE and Insta X [27][28] Group 5: Marketing and Global Expansion - Insta360's marketing strategy combined brand promotion, content creation, and user engagement, significantly enhancing its visibility in international markets [29] - The company successfully launched its products in global retail outlets, including Apple stores, and collaborated with major brands to expand its reach [29] Group 6: IPO Journey and Future Outlook - After a lengthy wait, Insta360 achieved its IPO in October 2020, with revenues increasing fivefold from 2018 to 2020, despite facing challenges related to corporate governance and market competition [32][36] - The company aims to continue innovating and capturing market share in the competitive landscape of imaging technology, while maintaining a focus on long-term growth and value creation [38]

编辑 | 虞尔湖 出品 | 潮起网「于见专栏」 时光易逝，红颜易老。近几百年来，人们一直想尽各种办法来记录生活，定格时间。从早期的胶片摄影到如今的数码 视频，影像产品越来越丰富，市场更是一片繁荣。近期影像赛道最大的新闻无疑是相机新贵影石创新（下称影石）终 于敲开了资本市场大门。 6月11日，影石成功登陆上交所，成为科创板"智能影像第一股"。上市当天股价涨幅超274%，市值突破700亿元。沉闷 许久的A股市场罕见地迎来了一场狂欢，这也是对影石未来发展的一种肯定。 毕竟随着全民Vlog的开启，影像设备市场可能会进入影石时代。作为全景相机赛道的领头羊，影石确实让全球见识了 中国科技的力量，不过俗话说生意就是一场马拉松，影石在相机领域只能算是刚刚开跑。 长跑四年终见成果 前一阵子，撕拉片身价暴涨，几十块钱一盒的富士撕拉片相纸被炒到千元以上，即使这样在二手市场富士相纸还一盒 难求。撕拉片再次爆火表明年轻人对于老式影像的仪式感依然情有独钟。 2020年4月获得中信证券、中信金石、招商资本、基石资本等多家机构1.45亿元的D轮融资后，同年10月影石正式提交 IPO申请，冲击科创板。 经过多次问询和上市委审，2021年9月影 ...

Group 1: Market Overview - The A-share market has shown an "orderly progress" this year, with an increase in IPO activity and a normalization of the delisting mechanism [2][6] - As of June 24, 50 companies have successfully listed, raising approximately 37 billion yuan, indicating growth compared to the same period last year [2][4] - 13 companies have been delisted this year, a significant decrease from 53 in the previous year, reflecting a stricter enforcement of delisting regulations [5][6] Group 2: IPO Activity - Companies such as Haiyang Technology, Yingshi Innovation, and Huazhi Jie have recently entered the A-share market, contributing to the active IPO landscape [3][4] - Haiyang Technology, which focuses on nylon 6 products, and Yingshi Innovation, specializing in smart imaging devices, are among the notable IPOs, with Yingshi raising 1.938 billion yuan for its projects [3][4] - The revenue projections for Yingshi Innovation from 2022 to 2024 are 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan, respectively [3] Group 3: Delisting Mechanism - The delisting process has become more routine, with 150 companies receiving ST or *ST warnings this year, indicating a focus on corporate governance and compliance [6][7] - Companies like *ST Jiyuan and Zhonghang Chanyin have faced delisting due to poor performance and non-compliance, highlighting the market's shift towards eliminating "zombie companies" [5][6] - The regulatory environment is evolving, with a push for stricter delisting standards and improved investor protection mechanisms [9] Group 4: Long-term Implications - The orderly progress in the market is expected to optimize resource allocation, directing funds to growth-oriented companies and enhancing support for the real economy [6] - The quality of listed companies is anticipated to improve as low-efficiency firms are eliminated, compelling remaining companies to strengthen compliance and core competitiveness [6] - A cleaner market ecosystem will likely enhance investor confidence and market vitality, supported by a more market-oriented and legal framework [6]

新股探寻（影石创新、思看科技、汉朔科技、泰禾股 份）20250624 摘要 影石创新全景相机全球领先，市占率达 67.2%，线上线下销售均衡，线 下与苹果深度绑定。2023 年全球手持智能影像设备市场规模达 364.7 亿人民币，年增速 14.3%，全景相机市场 50.3 亿人民币，未来全景与 运动相机融合及新兴领域应用将扩大市场。 思康科技是工业级 3D 激光扫描仪龙头，国内市场占有率第一，全球第 二，与比亚迪、宝马等合作。2022-2024 年营收分别为 2.1 亿、2.7 亿、 3.3 亿元，年均增速 20%-30%，归母净利润分别为 0.8 亿、1.1 亿、 1.2 亿元，毛利率和净利润率较高，一季度收入和净利润增长均超 20%。 汉朔科技是全球第三大电子价签供应商，国内市占率约 12%，产品覆盖 50 多国，服务超 400 家客户。预计 2028 年全球电子价签市场规模达 350 亿元人民币。欧美市场渗透率高，受益于人工成本上升、通货膨胀 及商店竞争，公司与泡泡玛特合作提升市场关注度。 汉朔科技 2022-2024 年营收从 28 亿增至 44.9 亿元，年均增速超 20%，归母净利润分别为 2.1 ...

智能影像设备龙头，技术为基品牌为翼 [Table_CoverStock] —影石创新(688775)公司首次覆盖报告 [Table_ReportDate] 2025 年 06 月 23 日 [Table_CoverAuthor] 姜文镪 新消费行业首席分析师 S1500524120004 S1500525030005 jiangwenqiang@cindasc.com gongyizhi@cindasc.com 龚轶之 新消费行业分析师 [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 影石创新(688775) 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 智能影像设备龙头，技术为基品牌为翼 [Table_ReportDate] 2025 年 06 月 23 日 本期内容提要: | [Table_Profit 重要财务指标 ] | 2023A | 2024A | 202 ...

6月的深圳宝安，两个事件 紧紧系住了宝安与世界的脉搏 ✅19日，宜家深圳宝安商场在大仟里购物中心开门迎客，熙攘的人群见证着国际品牌对这片土地的青睐； ✅11日，本土企业影石创新登陆科创板，其全景相机在海外掀起抢购热潮，让世界看到"宝安智造"的硬核实力。 一"进"一"出"之间 展现的不仅是区域经济的蓬勃活力 更是宝安在全球消费链中独特的连接方式 这里既是国际巨头锚定中国市场的支点 也是中国智造驶向世界的母港 近年来，宜家打破传统布局策略，放弃只做大店的固有模式，将门店开进离年轻人更近的商场，打造轻小而精致的消费空间。 宜家宝安店便是这一策略的生动实践。扎根地铁1号线坪洲站旁的大仟里购物中心L2层，虽仅有1455平方米，却精心打造了6个生活场景展间，甄选1000 余款热卖小件家居商品，精准锚定本地年轻人群和有孩家庭。 宜家宝安店（图源深圳宜家） 这种布局 是国际品牌对宝安独特消费潜力的深刻洞察 还体现在其极具成长性的消费商业生态中 ✅去年，宝安区社消零总额总量位居全市第二，全年共引进各类各级首店107家。 ✅今年内，全球最大室内超雪中心、深圳首座大悦城综合体、宝安首座山姆会员店等将相继开业。 前海冰雪世界效果图 ...

据亿欧数据统计，昨日（2025年6月20日）共披露22起投融资事件，涉及15家国内企业，7家国外企业， 融资总额约141.89亿元。 数量TOP1为企业服务领域，金额TOP1为智能科技领域。 1.浙江泰德医药完成1000万美元Pre-IPO融资，投资方为微光创投、石药集团，该公司总部位于中国浙 江省，是一家医药研发商； 2.联影智能完成10亿人民币A轮融资，投资方为张家港产业资本、上海联和投资、苏创投、上国投资 产、光谷产投、杭州保览、均为创投、易方达资管、盛石资本、国发创投、清松资本、联影医疗，本轮 融资金额在本年度所有A轮融资中排名前1%。联影智能总部位于中国上海市，是一家高端医疗影像设 备研发生产商； 3.北检检测完成1000万人民币A轮融资，该公司总部位于中国山东省，是一家生物安全与动物实验室。 国外医疗健康领域共有2家企业获投，融资总额约0.64亿元。 1.SerImmune完成800万美元A轮融资，投资方为PTX Capital、Blackbird BioVentures、Propel Baltimore Fund、Illumina Ventures，本轮融资金额在本年度所有A轮融资中排名前50% ...

思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 | 首届全球医美科技大会 即将召开： 2025年7月17日，第二届全球医疗科技大会 2025年9月3-5日，第三届全球手术机器人大会 2025年6月， 瑞士神经影像设备开发公司 Positrigo 宣布 ，旗下NeuroLF脑部PET系统 继2024年获得美国FDA 和欧盟CE双重认证后，已完成一轮新融资 （具体金额与投资方未公开），旨在加速其在欧美市场的商业化部 署。 Positrigo AG 是一家总部位于 瑞士苏黎世 的医疗影像设备公司，成立于2018年，专注于开发 专用于脑部疾病 诊断的紧凑型PET成像系统 。公司最初由苏黎世联邦理工学院（ETH Zurich）的研究人员孵化而来，聚焦神 经退行性疾病早期诊断中的影像技术瓶颈，尤其是在阿尔茨海默病等疾病领域。 Positrigo的融资案例亦映射出脑科学器械赛道的资本回暖。2025年1月，Klotho Neurosciences亦完成针对阿尔茨 海默病的早期设备融资；美国及欧洲市场正成为神经成像创新集中试点区。 该事件不仅标志着Positrigo向全球神经功能影像领域迈出 ...

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-06-18 股票投资评级 增持 |维持 个股表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -13% -8% -3% 2% 7% 12% 17% 22% 27% 32% 37% 中集环科 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 16.02 | | | --- | --- | --- | | 总股本/流通股本（亿股）6.00 | / 0.90 | | | 总市值/流通市值（亿元）96 | / 14 | | | 52 周内最高/最低价 | 18.80 / 13.82 | | | 资产负债率(%) | 13.7% | | | 市盈率 | 31.41 | | | WIN | | SCORE | | 第一大股东 | INVESTMENTS | | | LIMITED | | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Em ...