Investment Rating - The report does not provide a specific investment rating for the company due to the volatility of the stock price following its IPO [2]. Core Viewpoints - The company, Insta360, is a global leader in the smart imaging device market, particularly in the panoramic camera segment, holding a 67% market share in 2023 [1][11]. - The company has demonstrated strong revenue growth, with a compound annual growth rate (CAGR) of 66% from 2017 to 2024, reaching revenues of 5.57 billion yuan in 2024 [1][73]. - The company is expected to benefit from high demand in the panoramic camera segment, with projected revenues of 8.5 billion yuan in 2025, 12.4 billion yuan in 2026, and 17.5 billion yuan in 2027, reflecting growth rates of 52%, 45%, and 42% respectively [2][3]. Summary by Sections 1. Company Overview - Insta360 was established in 2015 and focuses on the research, production, and sales of smart imaging devices, contributing approximately 87% of its revenue from consumer-grade products in 2024 [1][11]. - The company's main products include panoramic action cameras (ONE X series, ONE R series) and non-panoramic action cameras (Ace series, GO series) [1][11]. 2. Market Position - The company has successfully broken the monopoly of Western and Japanese brands in the action camera market, achieving the second-largest market share globally [1][11]. - The company's panoramic action cameras generated approximately 3 billion yuan in revenue in 2024, accounting for about 54% of its main business [1][11]. 3. Financial Performance - The company’s net profit is projected to grow from 1.2 billion yuan in 2025 to 2.6 billion yuan in 2027, with growth rates of 21%, 50%, and 43% respectively [2][3]. - The net profit margin for 2024 is estimated at 17.8% [1][73]. 4. Product Development and Innovation - The company emphasizes continuous product iteration and upgrades, focusing on both hardware and software improvements [1][66]. - The company has developed proprietary technologies in panoramic image capture, stabilization, AI image processing, and modular waterproof camera design, holding around 900 patents as of December 2024 [41][57]. 5. Competitive Analysis - Insta360's products are noted for their strong performance in terms of price, resolution, battery life, and smoothness compared to competitors [53][56]. - The company’s flagship products, such as the ONE X series, have advanced specifications, including video capabilities of up to 8K at 30fps [53][56]. 6. Future Prospects - The company is actively working on new projects, including cloud-based video management and editing technologies, which are expected to enhance its product offerings and market position [72][73].

Company Overview - YingShi Innovation, a leading company in the panoramic camera industry, went public with an initial offering price of 47.27 CNY per share and closed at 177.00 CNY, marking a first-day increase of 271.48% [1] - The company has maintained the largest market share in the global panoramic camera market for six consecutive years, achieving a market share of 67.2% in 2023 [1][2] - YingShi Innovation's revenue surged from 2.041 billion CNY in 2022 to 5.574 billion CNY in 2024, with a compound annual growth rate (CAGR) of 65.25% over the past three years [2] Industry Insights - The global retail market for panoramic cameras is projected to grow from 2.51 billion CNY in 2017 to 7.85 billion CNY by 2027, with a CAGR exceeding 10% [1] - The innovative 360-degree shooting capability of panoramic cameras has sparked a travel trend on social media platforms, particularly highlighted by the launch of the Insta360 X5 camera, which saw significant consumer demand [2] - In 2023, 47 new stocks were listed, with an average first-day increase of nearly 300%, indicating a strong market for new public offerings [3]

6 月 11 日 ， 影 石 创 新 正 式 登 陆 科 创 板 ， 首 日 开 盘 即 暴 涨 285%，总市值突破700亿元，19.38亿元募资额登顶2025年 科创板，以技术硬实力叩开资本市场新大门。 作者： 王海言 封图：图片资料室 6月11日，A股正式迎来"智能影像第一股"。影石创新科技股份有限公司(下称"影石创新"股票代码688775.SH)正式登陆上海证券交易所科创板。 上 市首日开盘价为 182 元 /股，较发行价上涨 285 %，总市值突破 700 亿元，成为科创板又一家备受瞩目的明星企业。值得一提的是，此次影石创新 科创板上市募资 19.38亿元，为2025年以来上交所（主板+科创板）整体募资额排名第三，在科创板 名列前茅 。 上市敲锣仪式 在上市仪式现场， 公司创始人、 90后创业者刘靖康 一改传统，身穿简约文化衫，手持 Insta360全景相机敲响上市锣声， 以科技产品替代传统棒槌 完成 上市 敲 锣仪式。这场别开生面的仪式凸显了影石创新 "Think Bold始于敢想"的企业基因，更生动 诠释了其产品 "航天级"标准的品质标杆。 影石创始人刘靖康手持全景相机敲响上市锣声 技术驱动业绩 ...

风靡互联网的全景相机，上市了。 6月11日，影石创新（688775.SH，下文简称"影石"）在上交所科创板成功上市。公司上市首日较开盘价47.27元高开285.02%报182元/股，总市值约730亿 元。 这头独角兽自2020年启动IPO起，历时5年，终于得偿所愿。 正如刘靖康过去曾表示，影石Insta360的发展离不开政府的政策扶持，也和深圳的人才优势、产业集聚、开放文化等大环境息息相关，"非常感谢深圳市政 府一直以来给我们的鼓励和支持。未来我们将继续以'帮助人们更好地记录和分享生活'为使命，以新影像行业为基石，矢志创新、不断突破，围绕'成为世 界一流的智能影像品牌'的愿景而奋发努力。" 90后技术大咖，收获一个百亿IPO 执掌这个百亿IPO的90后刘靖康，也顺理成章拿下人生第一个IPO。 这是一位极具传奇色彩的"90后"创业者。出生于广东中山的刘靖康，自小便对电脑技术充满兴趣。高中时期，他凭借出色的技术能力在全国中小学生电脑 制作大赛中获奖，后来高考也顺利进入南京大学软件学院就读软件工程专业。 大学期间，刘靖康便以一系列大胆而富有创意的技术"整活"成为校园风云人物，是早期"校园极客"一员，同时也是小有名气 ...

Market Overview - The Sci-Tech Innovation 50 Index opened lower on June 11, reaching a closing value of 980.93 points, with a decline of 0.20% and a trading range of 1.00% [1] - The total trading volume for the day was approximately 21.33 billion yuan [1] Stock Performance - A total of 326 stocks on the Sci-Tech Innovation Board experienced gains, while high-priced stocks mostly declined and low-priced stocks performed better [2] - Excluding newly listed N Yingshi, the average decline for 587 stocks on the Sci-Tech Innovation Board was 0.28%, with an average turnover rate of 2.01% and a total trading volume of 79.47 billion yuan [3] Notable Stock Movements - N Yingshi officially listed on the Sci-Tech Innovation Board, with a total issuance of 41 million shares at a price of 47.27 yuan per share, resulting in a fundraising amount of 1.938 billion yuan [2] - N Yingshi's stock opened with a significant increase of 285.02%, closing with a rise of 274.4%, and a total trading volume of 21.29 million shares, with a turnover rate of 69.80% [2] - Among other stocks, Jiuri New Materials led with a gain of 15.05%, while Xinyu Ren experienced the largest decline at 9.68% [4] Trading Volume and Turnover Rates - Excluding N Yingshi, Haiguang Information had the highest trading volume at 4.37 billion yuan, while Qinchuan Wulian had the lowest at 6.82 million yuan [4] - The highest turnover rate, excluding N Yingshi, was 27.55% for Xinyu Ren, while Longteng Optoelectronics had the lowest at 0.13% [4]

Group 1 - The core viewpoint of the article highlights the successful IPO of YingShi Innovation Technology Co., Ltd., which became the first "smart imaging" stock on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising 1.938 billion yuan [1] - On its first trading day, the stock opened with a surge of over 285%, reaching a price of 178.00 yuan per share, which is a 276.56% increase from the issue price, resulting in a market capitalization of 71.378 billion yuan [1] - YingShi Innovation is recognized globally as a leading smart imaging equipment manufacturer, focusing on the development of panoramic and action cameras, with its brand "Insta360" achieving a 67.2% global market share in panoramic cameras in 2023, expected to rise to 81.7% in 2024 [1] Group 2 - The company has made significant investments in research and development, with a total of 1.48 billion yuan allocated from 2022 to 2024, and a workforce where 57.68% are R&D personnel, holding 900 authorized patents [1] - Financially, the company has demonstrated strong growth, with a compound annual growth rate (CAGR) of 65.25% in revenue from 2022 to 2024, and a revenue of 1.355 billion yuan in the first quarter of this year, reflecting a year-on-year increase of 40.7% [1] - YingShi Innovation has a robust global presence, with products available in over 200 countries and regions, and a social media following exceeding 5 million internationally [1] Group 3 - The company has attracted investments from notable firms such as IDG Capital and Qiming Venture Partners, with strategic investors including Temasek participating in the IPO [1] - IDG Capital has supported the company for over 10 years, while Qiming and cornerstone investors are optimistic about the future development of Liu Jingkang and the company [1] - Qiming Venture Partners believes that YingShi Innovation's success is attributed to its user-centric approach, differentiated competition, and global expansion, with significant potential in the integration of imaging and AI technologies [1]

中国经济网北京6月11日讯 今日，影石创新科技股份有限公司(股票简称：影石创新，股票代码： 688775.SH)在上交所科创板上市。该股开盘报182.00元，截至收盘报177.00元，涨幅274.44%，成交额 37.39亿元，振幅48.40%，换手率69.80%，总市值709.77亿元。 影石创新专注于全景相机、运动相机等智能影像设备的研发、生产和销售，是以全景技术为基点的 全球知名智能影像设备提供商，发展形成了由全景技术、防抖技术、AI影像处理技术、计算摄影技术 等为核心的技术体系。 本次发行前，北京岚锋创视网络科技有限公司直接持有公司29.9376%的股份，系公司控股股东。 岚沣管理咨询(深圳)合伙企业(有限合伙)直接持有公司4.0667%的股份，其与北京岚锋同为刘靖康控制的 企业，系公司控股股东一致行动人。 本次发行前，刘靖康通过持有北京岚锋、岚沣管理间接控制公司29.9376%、4.0667%的股份，合计 可支配公司34.0043%的表决权，通过北京岚锋、岚沣管理、澜烽管理、岚烽管理、厦门富凯、汇智同 裕、深圳麦高间接持有公司29.8891%的股份，系公司实际控制人。本次发行前，刘靖康配偶、一致行 ...

Group 1 - The core viewpoint of the article highlights the successful listing of YingShi Innovation on the Shanghai Stock Exchange's Sci-Tech Innovation Board, achieving a market capitalization exceeding 70 billion yuan and raising 1.938 billion yuan in funds [2][5] - YingShi Innovation's founder, Liu Jingkang, is recognized as the first '90s founder on the Sci-Tech Innovation Board, with a strong background in technology innovation and a focus on product development rather than market trends [2][3] - The company has established itself as a leader in the panoramic camera market, achieving a global market share of 67.2% as of 2023, with a compound annual growth rate of 65.25% over the past three years [4] Group 2 - YingShi Innovation's product line includes various camera types, such as panoramic cameras and professional-grade VR cameras, with a rapid product iteration cycle [4] - The company has significantly invested in research and development, with a total R&D expenditure of 1.48 billion yuan over the past three years, representing 13.16% of total revenue [3] - The majority of YingShi Innovation's revenue comes from overseas markets, with international sales accounting for approximately 79.43% to 76.35% of total revenue from 2022 to 2024 [4]

科创板第一位90后创始人来了。 6月11日，影石创新（688775.SH）正式登陆上海证券交易所科创板。上市首日开盘价为182元/股，较发 行价上涨285%，总市值突破700亿元。截至今日收盘，影石创新涨274.44%，市值709.77亿元。 | UY.SU 11:50 | IS.UU | | | | --- | --- | --- | --- | | 分时量 ▼ (2 量: 1197 现手: 1 | 22352 *** 买4 176.96 190 | | | | | | 买5 176.95 22 | | | | 11176 | 大单 176.93 *20 | | | | | 明细 ▲ | | | | | 15:07 177 00 | - | 数据来源：同花顺 此次影石创新科创板上市募资19.38亿元，为2025年以来科创板募资规模排名第一的企业。 超七成收入来自海外 影石创新2015年成立，扎根于智能影像领域，是全景相机、运动相机领域"双料冠军"，凭借开创性的技 术，迅速成为全球最受欢迎的智能影像品牌之一。在全景相机领域已连续六年霸榜全球第一，市占率达 到67.2%，2024年上半年营收超越美国老牌厂商Go ...

Core Viewpoint - The article discusses the successful journey of Insta360, a leading company in the panoramic camera sector, highlighting its innovative approach and market strategies that led to its recent listing on the STAR Market with a market value of 73.2 billion yuan [1]. Group 1: Company Background and Evolution - Insta360 was founded by Liu Jingkang, who initially aimed to create a mobile live-streaming app before pivoting to hardware development [3][7]. - The company's first product, Nano, gained popularity at CES 2016, but faced a decline, prompting a reevaluation of product-market fit and user needs [3][13]. - The philosophy of "finding a nail before making a hammer" guided the company's product development, focusing on validated market needs [3][12]. Group 2: Market Position and Competition - In the first half of 2024, Insta360 surpassed GoPro to become the global leader in the action camera category [2]. - The company capitalized on the miniaturization of smartphone technology and the resources from the AI 1.0 era to enhance its product offerings [3][21]. Group 3: Product Development and Market Fit - The transition from a niche product to a broader market involved identifying existing user pain points and leveraging social media insights to redefine product applications [13][14]. - Insta360's strategy included observing user behavior and iterating on product features based on actual usage rather than assumptions [16][18]. Group 4: Future Directions and Industry Insights - Liu Jingkang expressed a vision for exploring vertical applications of technology beyond sports, emphasizing the importance of understanding customer needs in the AI hardware landscape [4][24]. - The company believes that smartphone manufacturers will play a more significant role in the AI hardware space than internet companies due to their access to personal data and operational capabilities [4][30].