Core Viewpoint - The recent successful IPO of Insta360 marks a significant milestone in the imaging industry, highlighting the potential for growth in the smart imaging market driven by the rise of Vlog culture and consumer demand for innovative imaging solutions [1][2]. Company Overview - Insta360, founded in 2015, has rapidly grown to dominate the panoramic camera market with a 67.2% global market share as of 2023, surpassing established competitors like Ricoh [2][4]. - The company achieved remarkable revenue growth from 1.59 billion yuan in 2017 to 55.74 billion yuan in 2024, with a compound annual growth rate of 65.3% [4][6]. Market Dynamics - The rise of user-generated content platforms like YouTube has significantly influenced the demand for innovative imaging devices, leading to a shift from traditional cameras to more versatile options like Insta360's products [4][6]. - Insta360's international sales accounted for over 76% of its revenue in 2024, indicating a strong global presence despite challenges in the domestic market [6][7]. Competitive Landscape - The competitive environment is intensifying with the entry of major players like DJI and GoPro, both of which pose significant threats to Insta360's market position [8][9]. - DJI's upcoming launch of the Osmo 360 is expected to directly compete with Insta360's offerings, while GoPro has initiated legal actions against Insta360, indicating a fierce rivalry [9][10]. Product Development and Innovation - Insta360 has invested heavily in research and development, with a total expenditure of 1.48 billion yuan from 2022 to 2024, representing 13.16% of its cumulative revenue [10]. - The company is diversifying its product line by venturing into action cameras and exploring new markets such as VR real estate viewing and AI video conferencing [10][11]. Future Outlook - Despite its current success, Insta360 must continue to innovate and enhance its product offerings to maintain its competitive edge in a rapidly evolving market [11].

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 ...

关于品优/ PINYOU 11年的深耕影像行业，为国内外前装和后市场客户提供一站式解决方案。 深圳市品优创新技术有限公司成立于2014年，是一家致力于成为影像行业世界级的领先企业，品优一贯秉承务实、平等、真诚、互惠的原则，积极拓展国 内外前装和后装市场。 企业简介 核心优势/ Advantages " 三大能力助力客户成功" 1、技术实力 研发人员超40，并规划2026年突破60，2027年达到100余人； 品优自创建以来坚持以科技创新为主导，品质为企业生命，诚信经营的理念宗旨为广大客户服务。主要产品为汽车前装影视采集模组，行车记录仪模 组，警用执法仪镜头模组，运动DV模组，无人机视频模组以及多用途车载摄像头。 产品广泛应用于汽车前装、汽车后装、医疗器械、远程视频采集、行车记录仪、运动相机、安防系统、3D打印、人脸识别、指纹扫描等领域。 品优拥有自己的SMT生产车间、百级镜头模组生产车间、成品组装车间、老化室2个，可同时上架3000台机器。 月产能车载摄像头：600K/月 镜头模组：1KK/月 平均年约35岁，工作经验>5年以上占比70%，8-10年以上，占比20%。 专利：30余项专利证书，同年申请专利超3 ...

Group 1: Acquisition Overview - The company Yimai Sunshine (02522.HK) announced the acquisition of 70% equity in Guangzhou Gaomai Health Technology Co., Ltd. for a total consideration of 54 million yuan [1] - Following the acquisition, Gaomai Health will become a subsidiary of Yimai Sunshine, and its financial performance will be consolidated into Yimai Sunshine's financial statements [1] - This acquisition is expected to have a significant impact on the third-party medical imaging service industry and the overall healthcare market landscape [1] Group 2: Policy and Market Opportunities - The "One County, One Nuclear Medicine Department" policy aims to enhance the development of nuclear medicine in China, addressing long-standing issues such as insufficient supply of medical isotopes and lack of specialized talent [2] - The National Health Commission has set goals for comprehensive coverage of nuclear medicine departments in hospitals by 2025 and aims for self-supply of major medical isotopes by 2027 [2] - These policies provide strong support and development opportunities for related enterprises in the nuclear medicine sector [2] Group 3: Strategic Significance of the Acquisition - Gaomai Health specializes in nuclear medicine imaging technology and operational management services, which will enhance Yimai Sunshine's capabilities in nuclear medicine project development and management [4] - The acquisition allows Yimai Sunshine to accelerate the establishment of nuclear medicine projects in county-level areas, filling service gaps and improving grassroots healthcare levels [4] - The collaboration is expected to lead to innovative investment and operational models for hospital nuclear medicine projects [4] Group 4: Synergies and Innovations - The partnership will leverage both companies' strengths in radioactive drug development and medical imaging, promoting the application of new radioactive drugs in PET/CT services [5] - This collaboration aims to enhance diagnostic capabilities and provide reliable solutions for early screening and treatment of major diseases [5] - The companies will work together to promote third-party medical imaging services and expand their market presence both domestically and internationally [6] Group 5: Market Dynamics and Competition - The acquisition is seen as a "carrier-level" consolidation in the third-party medical imaging field, increasing market concentration and competitive pressure on smaller firms [7] - The competition will intensify in traditional medical imaging services, with key factors being service quality, pricing, and coverage [7] - Companies will need to innovate business models and enhance their overall strength to navigate the increasingly diverse competitive landscape [7] Group 6: Collaborative Innovation Trends - The acquisition is expected to drive a trend of collaborative innovation within the industry, as companies seek to enhance their competitive edge through partnerships [8] - There will be an increased focus on cooperation with research institutions to accelerate the development of new radioactive drugs [8] - The trend towards "Internet + medical imaging services" will further improve patient experience and service efficiency [8]

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 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3360 | -0.07 | -0.61 | -0.51 | | 深证综指 | 1969 | -0.6 | -2.03 | -1.6 | 风格指数 昨日表现 （％） 1 个月表现 （％） 6 个月表现 （％） 大盘指数 0.18 -1.54 -1.74 中盘指数 -0.6 -1.35 -6.63 小盘指数 -0.78 -1.92 -3.3 | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | --- | --- | --- | --- | | 保险Ⅱ | 2.55 | 2.88 | 4.11 | | 橡胶 | 1.7 | -2.45 | 1.37 | | 非金属材料 | 1.61 | 3.08 | 1.97 | | Ⅱ 电子化学品 | 1.61 | -0.46 | -4.62 | | Ⅱ 物流Ⅱ | 1.56 | 2.64 | 4.28 | | 行业跌幅 | 昨日跌 | 1 个月跌 | 6 个月跌 | | 油 ...

Core Insights - The article highlights the dynamic economic vitality of Bao'an, Shenzhen, illustrated by the opening of an IKEA store and the successful launch of a local company, Yingshi Innovation, on the STAR Market, showcasing Bao'an's unique connection to the global consumption chain [1][10]. Group 1: IKEA's Strategy - IKEA has shifted its traditional strategy by opening smaller stores in shopping centers closer to young consumers, exemplified by the 1,455 square meter store in the Daqianli Shopping Center, which features six lifestyle display areas and over 1,000 popular home goods [2][6]. - This approach reflects a deep understanding of Bao'an's unique consumer potential, targeting local young families [6]. Group 2: Demographics and Market Potential - Over the past decade, Bao'an's resident population has surged by over one million, creating a consumer market exceeding 5 million, with 50% of the population aged between 14 and 35, indicating strong demand for fashionable and quality home products [7]. - The proximity of the IKEA store to Shenzhen Bao'an International Airport, approximately 10 kilometers away, enhances efficient delivery and responsiveness to local consumer needs [7]. Group 3: Economic Growth and New Developments - Bao'an ranked second in Shenzhen for total retail sales last year, attracting 107 new stores of various types [10]. - Upcoming projects include the world's largest indoor snow center and the first Sam's Club in Bao'an, indicating a shift from traditional retail to experience-driven consumption [10][12]. Group 4: Yingshi Innovation's Success - Yingshi Innovation's X5 panoramic camera saw a 285% increase on its first day of trading, reflecting global capital's recognition of "Bao'an technology" [14]. - The company's successful overseas crowdfunding and sales strategies have positioned it as a leader in the global market, with 23 products holding the number one market share globally by the end of 2024 [14][16]. Group 5: Innovation Ecosystem - The article emphasizes the importance of an innovation ecosystem in Bao'an, which is fostering a continuous connection with the world through a model of "importing technology and exporting solutions" [20][22]. - Bao'an is developing into a benchmark city for open scenarios, adding over 100 new open scenarios annually, which accelerates local enterprise growth and attracts global innovation elements [20][22].

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% ...

Core Viewpoint - The market for pull-apart film paper, previously considered obsolete, has seen a resurgence in popularity driven by celebrity influence, leading to a dramatic increase in prices for these once-discontinued products [1] Market Dynamics - Most of the pull-apart film paper currently available for sale consists of inventory products that have been discontinued [1] - The price of Fuji FP-100C color film paper, which was around 70 yuan per box (10 sheets) before discontinuation, has skyrocketed to an average transaction price of 2598 yuan on second-hand trading platforms like Xianyu as of June 19, 2025, representing an increase of over 37 times its original price [1]