Investment Rating - The report maintains a "Buy" rating for the company YingShi Innovation [12] Core Viewpoints - The report emphasizes the importance of cross-industry collaboration between YingShi and DJI, highlighting the shared technological foundations and the pursuit of incremental growth opportunities [4][10] - Both companies are expected to capture additional market share in the handheld smart imaging and drone sectors, with new product lines and software subscriptions likely to contribute to revenue growth [10] Summary by Sections Cross-Industry Exploration - The launch of DJI's OSMO 360 panoramic camera and YingShi's Antigravity A1 8K panoramic drone marks a significant cross-industry move, driven by the commonality in core technologies such as image processing and stabilization algorithms [7][21] - YingShi is projected to hold an 82% share of the global consumer panoramic camera market by 2024, while DJI has a 76% share of the global drone market as of 2023 [7][28] Differentiation and Competitive Strategy - YingShi focuses on leveraging its algorithm capabilities and user demand insights for differentiated competition, while DJI capitalizes on its established hardware and supply chain advantages to maintain cost leadership [8][37] - The report notes that YingShi's Ace Pro 2, equipped with AI dual chips, leads in night scene shooting and noise reduction, contributing to a significant revenue increase in 2024 [43][50] Growth Potential - The report outlines optimistic growth scenarios for both companies, with projections for the global handheld smart imaging device market reaching 88.5 million units by 2027 and the global consumer drone market potentially reaching $13.7 billion by 2030 [9][10] - YingShi's revenue from handheld smart imaging devices could reach between 22.9 billion to 53.1 billion yuan depending on market conditions, while its drone revenue could range from 7.7 billion to 19.2 billion yuan [9][10] Investment Recommendations - The report concludes that the cross-industry strategies of both companies are likely to yield significant growth, with ample opportunities to capture market share from competitors [10][26]

Core Viewpoint - On September 18, YingShi Innovation experienced a 5.11% increase in stock price with a trading volume of 1.799 billion yuan, indicating strong market interest and activity [1]. Financing Summary - On the same day, YingShi Innovation had a financing buy-in of 238 million yuan, with a financing repayment of 216 million yuan, resulting in a net financing purchase of approximately 2.2 million yuan. The total financing and securities balance reached 919 million yuan, accounting for 9.19% of the circulating market value [1][2]. Company Overview - YingShi Innovation Technology Co., Ltd., established on July 9, 2015, and listed on June 11, 2025, is located in Bao'an District, Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of smart imaging devices, including panoramic and action cameras. The revenue composition is as follows: 86.06% from consumer-grade smart imaging devices, 12.63% from accessories and other products, 1.01% from other sources, and 0.30% from professional-grade smart imaging devices [2]. Financial Performance - For the first half of 2025, YingShi Innovation reported a revenue of 3.671 billion yuan, reflecting a year-on-year growth of 51.17%. The net profit attributable to shareholders was 520 million yuan, showing a slight increase of 0.25% year-on-year. As of June 30, 2025, the number of shareholders was 17,000, a decrease of 27.52%, while the average circulating shares per person increased by 37.96% to 1,795 shares [2]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of YingShi Innovation included several new institutional investors. The largest shareholder was Bosera Huixing Return One-Year Holding Period Mixed Fund, holding 612,400 shares. Other notable shareholders included Morgan Emerging Power Mixed Fund A and Morgan Vision Two-Year Holding Period Mixed Fund, among others, indicating a growing interest from institutional investors [3].

Core Viewpoint - The report outlines the ongoing supervision and assessment of YingShi Innovation Technology Co., Ltd. by CITIC Securities during its initial public offering and listing on the Sci-Tech Innovation Board, emphasizing the company's compliance with regulations and the absence of significant issues during the review period [1][4][20]. Group 1: Continuous Supervision Overview - The sponsor has established a continuous supervision work system and a corresponding work plan, clarifying the requirements for on-site inspections [2]. - A sponsorship agreement has been signed between the sponsor and the company, detailing the rights and obligations during the supervision period [2]. - The sponsor conducted daily communications and on-site visits, including an inspection on July 22, 2025 [2]. Group 2: Financial Performance - The company's operating revenue for the reporting period was 367,065.93 million, representing a year-on-year increase of 51.17%, attributed to market expansion and new product launches [21]. - The net profit for the same period was 51,976.48 million, with a year-on-year increase of 0.25%, which is lower than the revenue growth due to increased R&D and marketing expenses [21]. Group 3: Industry Risks - The company faces technology risks, including product and technology development risks, as the smart imaging equipment industry requires constant innovation to maintain market position [5][6]. - The company is also exposed to operational risks, such as international trade friction and tariffs, which have increased since 2018, potentially impacting overseas sales [8][9]. - The company reported that 72.38% of its main business income came from overseas sales, highlighting the importance of international markets [9]. Group 4: Core Competitiveness - The company has a strong technological advantage, with a focus on R&D, having invested 56,167.98 million in R&D and holding 998 patents as of June 30, 2025 [23]. - The company boasts a high-quality, international R&D and management team, with a significant portion of its workforce (1,836 employees) dedicated to R&D [24][32]. - The company has established a comprehensive sales system, with over 70% of its revenue coming from international markets, indicating a robust global presence [30]. Group 5: Market Position and Brand Recognition - The company's brand "Insta360" has gained recognition for its innovative product design and technology, receiving multiple awards and accolades [28][29]. - The company has been recognized as one of the "Most Innovative Companies" and has been included in various prestigious lists, enhancing its market reputation [29]. Group 6: Research and Development Progress - The company has seen a significant increase in R&D personnel, with a growth rate of 78.08% compared to the previous year, reflecting its commitment to innovation [32]. - The company is currently testing a new drone product, which is still in the public testing phase and has not yet generated revenue [34].

Core Viewpoint - YingShi Innovation has shown significant growth in revenue and a stable market presence, with a notable increase in institutional holdings and a decrease in shareholder numbers, indicating a shift in investor sentiment [1][2]. Group 1: Financial Performance - As of June 30, YingShi Innovation reported a revenue of 3.671 billion yuan, representing a year-on-year growth of 51.17% [2]. - The net profit attributable to shareholders for the same period was 520 million yuan, showing a modest increase of 0.25% year-on-year [2]. Group 2: Shareholder and Market Activity - The number of shareholders decreased by 27.52% to 17,000, while the average number of circulating shares per person increased by 37.96% to 1,795 shares [2]. - On September 10, the stock price increased by 3.20%, with a trading volume of 1.024 billion yuan, and the net financing buy was -23.92 million yuan, indicating a net outflow in financing [1]. Group 3: Institutional Holdings - As of June 30, the top ten circulating shareholders included several new institutional investors, with the largest being Bosera Huixing Return Mixed Fund, holding 612,400 shares [2]. - Other notable new institutional shareholders include Morgan Emerging Power Mixed A and Morgan Vision Two-Year Holding Mixed, indicating growing institutional interest in the company [2]. Group 4: Business Overview - YingShi Innovation, established on July 9, 2015, specializes in the research, production, and sales of smart imaging devices, including panoramic and action cameras [1]. - The company's revenue composition is primarily from consumer-grade smart imaging devices (86.06%), followed by accessories and other products (12.63%) [1].

Core Viewpoint - YingShi Innovation experienced a decline of 1.45% on September 5, with a trading volume of 1.723 billion yuan, indicating market volatility and investor sentiment towards the company [1]. Group 1: Financial Performance - As of June 30, YingShi Innovation reported a revenue of 3.671 billion yuan for the first half of 2025, representing a year-on-year growth of 51.17% [2]. - The net profit attributable to shareholders for the same period was 520 million yuan, showing a slight increase of 0.25% year-on-year [2]. Group 2: Shareholder and Market Activity - The number of shareholders for YingShi Innovation decreased by 27.52% to 17,000 as of June 30, while the average number of circulating shares per shareholder increased by 37.96% to 1,795 shares [2]. - On September 5, the company had a net financing purchase of 57.86 million yuan, with a total financing balance of 1.041 billion yuan, accounting for 10.09% of its market capitalization [1]. Group 3: Business Overview - YingShi Innovation, established on July 9, 2015, specializes in the research, production, and sales of smart imaging devices, including panoramic and action cameras [1]. - The company's revenue composition includes 86.06% from consumer-grade smart imaging devices, 12.63% from accessories and other products, 1.01% from other sources, and 0.30% from professional-grade smart imaging devices [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a revenue of 3.671 billion yuan in the first half of 2025, representing a year-on-year growth of 51.17%. The net profit attributable to shareholders was 520 million yuan, with a slight increase of 0.25% [2][4] - In Q2 alone, the company reported a revenue of 2.316 billion yuan, a year-on-year increase of 58.05%, and a net profit of 343 million yuan, up 1.73% [2][4] - The company continues to expand its market presence and product lines, contributing to sustained high revenue growth [9] Summary by Sections Financial Performance - For the first half of 2025, the company reported a gross margin of 51.22%, a decrease of 2.22 percentage points year-on-year. The gross margins for different product categories were 49.87% for consumer-grade smart imaging devices, 62.08% for professional-grade devices, and 59.09% for accessories [9] - The company’s sales, management, R&D, and financial expense ratios for the first half of 2025 were 17.10%, 3.63%, 15.30%, and 0.06%, respectively, with significant increases in sales and R&D expenses [9] Market and Product Development - The company has a diversified product portfolio, with consumer-grade smart imaging devices accounting for 86.06% of revenue. The company is also actively investing in R&D, with a focus on innovative products such as smart wireless audio devices and smart flying robots [9] - The company has established a strong brand recognition and is expanding its sales channels both online and offline, positioning itself as a leader in the global panoramic camera and action camera markets [9] Future Outlook - The company is expected to benefit from the ongoing growth in the panoramic and action camera sectors, with projected net profits of 1.161 billion yuan, 1.838 billion yuan, and 2.700 billion yuan for 2025, 2026, and 2027, respectively [9]

Core Viewpoint - YingShi Innovation has shown a mixed performance in financing activities and stockholder dynamics, with significant growth in revenue but modest profit increase [1][2]. Group 1: Financing Activities - On September 4, YingShi Innovation's stock price increased by 0.32%, with a trading volume of 2.068 billion yuan [1]. - The financing buy-in amount on the same day was 252 million yuan, while the financing repayment was 288 million yuan, resulting in a net financing outflow of 35.8764 million yuan [1]. - As of September 4, the total financing and securities lending balance for YingShi Innovation was 983 million yuan, which represents 9.39% of its circulating market value [1]. Group 2: Company Performance - For the first half of 2025, YingShi Innovation reported a revenue of 3.671 billion yuan, reflecting a year-on-year growth of 51.17% [2]. - The net profit attributable to shareholders for the same period was 520 million yuan, showing a slight increase of 0.25% year-on-year [2]. - The company’s main business revenue composition includes 86.06% from consumer-grade smart imaging devices, 12.63% from accessories and other products, 1.01% from other sources, and 0.30% from professional-grade smart imaging devices [1]. Group 3: Shareholder Dynamics - As of June 30, 2025, the number of shareholders for YingShi Innovation was 17,000, a decrease of 27.52% compared to the previous period [2]. - The average number of circulating shares per shareholder increased by 37.96% to 1,795 shares [2]. - Notably, several new institutional shareholders have emerged, with the top shareholder being Bosera Huixing Return Mixed Fund, holding 612,400 shares [2].

Company Overview - YingShi Innovation Technology Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on July 9, 2015. The company went public on June 11, 2025. Its main business involves the research, production, and sales of smart imaging devices, including panoramic cameras and action cameras [1]. Financial Performance - As of September 5, YingShi Innovation's stock price decreased by 5.39%, trading at 324.49 CNY per share, with a total transaction volume of 4.51 billion CNY and a turnover rate of 4.45%. The company's total market capitalization is 130.12 billion CNY [1]. Revenue Composition - The revenue composition of YingShi Innovation is as follows: 86.06% from consumer-grade smart imaging devices, 12.63% from accessories and other products, 1.01% from other supplementary products, and 0.30% from professional-grade smart imaging devices [1]. Shareholder Information - Among the top ten circulating shareholders of YingShi Innovation, a fund under the Fortune Fund ranks as a new entrant. The Fortune Emerging Industry Stock A/B (001048) holds 361,800 shares, accounting for 1.19% of the circulating shares. The estimated floating loss today is approximately 6.6931 million CNY [2]. Fund Performance - The Fortune Emerging Industry Stock A/B (001048) was established on March 12, 2015, with a latest scale of 3.137 billion CNY. Year-to-date, it has achieved a return of 46.3%, ranking 201 out of 4222 in its category. Over the past year, it has returned 121.08%, ranking 43 out of 3795, and since inception, it has returned 226.1% [2]. Fund Management - The fund manager of Fortune Emerging Industry Stock A/B is Sun Quan, who has been in the position for 3 years and 191 days. The total asset size of the fund is 7.75 billion CNY, with the best fund return during his tenure being 81.83% and the worst being 30.16% [3].

Investment Rating - The report indicates a positive investment outlook for the smart imaging devices industry, highlighting significant growth potential in the coming years [5][29]. Core Insights - The global smart imaging devices market is projected to grow at a compound annual growth rate (CAGR) of 18.9% from 2020 to 2024, reaching a market size of 62.651 billion yuan by 2024, before slowing to 5.8% growth from 2025 to 2029, with an expected market size of 98.62 billion yuan by 2029 [5][29][31]. - China remains a core market, with a shipment volume share of 17.4% in 2024, while the Asia-Pacific region (excluding China) is expected to see a recovery in growth, accounting for 15.0% [5][18]. - The industry is characterized by a highly concentrated competitive landscape, with the top three companies (CR3) holding a combined market share of 78.9% in 2024, indicating strong market control by leading players [7][36]. Market Overview - Smart imaging devices include handheld devices (such as panoramic cameras and action cameras) and non-handheld devices (such as drones and photography gimbals), with over 80% domestic market share in consumer-grade panoramic cameras held by Chinese brands [4][5]. - The global market for smart imaging devices is expected to experience a shift from explosive growth to stable growth as the market matures, with increased competition and market saturation impacting new user acquisition [31][36]. Industry Chain Analysis - The smart imaging devices industry chain consists of upstream (raw materials and core components suppliers), midstream (brand manufacturers), and downstream (application scenario customers) segments [6][9]. - Key components in the upstream segment include CMOS image sensors, optical lenses, DSP chips, and lithium batteries, with CMOS sensors accounting for 52% of costs [6][10]. Competitive Landscape - The leading companies in the smart imaging devices market include Insta360, DJI, and GoPro, with Insta360 experiencing significant market share growth from 28.4% in 2023 to 35.6% in 2024 [7][36]. - GoPro's market share decreased from 38.2% to 30.1%, while DJI's share fell from 19.1% to 13.2% during the same period [7][36]. Regional Insights - The global shipment volume of smart imaging devices has shown fluctuations, with China maintaining a high volume, while the U.S., Japan, and Europe have seen declines due to inflation and market saturation [18][29]. - The outdoor sports camera market is expanding, with shipments expected to rise from 18.07 million units in 2020 to 50 million units by 2024, driven by the growing number of outdoor enthusiasts [28].

Core Insights - The company reported a revenue of 3.671 billion yuan for the first half of 2025, marking a year-on-year growth of 51.17%, while the net profit attributable to shareholders was 520 million yuan, showing a slight increase of 0.25% [1] - The smart imaging equipment industry continues to thrive, driven by outdoor sports trends and the popularity of Vlog video sharing, with the company holding a significant 67.2% global market share in the panoramic camera segment [1] - The company has entered the drone market, launching a new category of products called panoramic drones, which are expected to meet unmet demand and create new market opportunities [1] Revenue Growth and Strategic Investments - The company's net profit growth is lower than revenue growth due to strategic investments for future development, including new project incubation, core technology R&D, and brand value enhancement [2] - R&D expenses reached 560 million yuan in the first half of 2025, a 100.35% increase year-on-year, with an R&D expense ratio of 15.30%, up 3.75 percentage points [2] - The company launched several new products, including ONE X5 and Flow 2/Pro, contributing to revenue growth, and has a robust pipeline of innovative projects across various smart imaging categories [2] Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are estimated at 8.704 billion, 11.225 billion, and 14.492 billion yuan, respectively, with year-on-year growth rates of 56.2%, 29.0%, and 29.1% [3] - The forecasted net profit attributable to shareholders for the same years is 1.095 billion, 1.567 billion, and 2.105 billion yuan, with corresponding price-to-earnings ratios of 118, 82, and 61 times [3]