Core Viewpoint - YingShi Innovation Technology Co., Ltd. has initiated its IPO process, aiming to raise 464 million yuan, with significant investments planned for production base construction and R&D center enhancement focused on AI imaging processing and stabilization technology [1] Financial Performance - YingShi Innovation achieved a revenue of 5.574 billion yuan in 2024, marking a year-on-year growth of 53.29%, with a three-year compound annual growth rate of 65.25% [2] - The net profit attributable to shareholders reached 999.5 million yuan, up 19.91% year-on-year, while the non-recurring net profit was 946 million yuan, reflecting a 19.53% increase [2] - The company holds a global market share of 81.7% in the panoramic camera sector and has surpassed GoPro to become the leader in the action camera market [2] - International revenue accounted for 76.52% of total income, primarily from the U.S. (22.92%), Europe (24.23%), and Japan/South Korea (7.66%) [2] R&D and Competitive Position - The company has invested 1.48 billion yuan in R&D from 2022 to 2024, with a team of over 1,000, of which 57.68% are technical personnel [3] - Despite significant R&D investments, the R&D expense ratio of 11.55% is below the industry average of 17.30%, raising concerns about long-term technological competitiveness [3] - The company heavily relies on consumer-grade products, which constitute over 85% of its offerings, while the professional-grade product segment is growing slowly, indicating a lack of diversification [3] Risks and Challenges - YingShi faces legal challenges, including a 337 investigation initiated by GoPro for alleged intellectual property infringement, which could lead to a U.S. market ban and substantial penalties if the company loses the case [4] - The company is also affected by the 10% tariff imposed by the U.S. in 2025, which may pressure overseas revenue growth [4] - There are discrepancies in financial disclosures, including differences in data with suppliers and delays in updating independent director information, highlighting potential issues with transparency [4]

5月21日晚，影石创新披露招股意向书，公司启动发行，将于5月30日申购。至此，这家成立仅10年的智 能影像设备公司，历经5年IPO长跑，终于迈入科创板上市最后阶段。 影石创新的成功密码来源技术驱动以及全球化两大关键词。首先，影石创新凭借隐形自拍杆、AI剪辑 （FlashCut）、子弹时间等创新功能，打破了欧美品牌垄断。其研发投入逐年加码，2022-2024年累计达 14.8亿元，研发团队超千人，占员工总数57.68%，专利数突破900项。 据此次披露的业绩显示，影石创新2024年营收55.74亿元、同比增长53.29%，近三年复合增长率达 65.25%，净利润9.95亿元，毛利率稳定在50%以上。 影石创新的背后有着一个励志的创业故事。2014年，创始人刘靖康在南京大学软件工程系读大四，当时 市面上全景相机寥寥无几，让他萌生了研发便携式全景相机的想法。2014年，创始人刘靖康在南京大学 读大四时获得IDG资本和创业邦天使基金100万美元天使投资。2015年7月，他与几个同学一起在深圳创 立了影石创新。此后，公司陆续获得启明创投、迅雷网络、苏宁易购、招商局中国基金等投资机构的融 资。2020年4月，公司宣布已完 ...

Group 1 - The core viewpoint of the news is that Insta360, a company specializing in panoramic imaging technology, has successfully launched its IPO process and is positioned to leverage its strong market presence and technological advancements to continue leading in the global smart imaging sector [1][4]. Group 2 - Insta360 was founded in 2015 and has rapidly become a leading smart imaging brand globally, holding the largest market share in panoramic cameras for six consecutive years, with an expected market share of 81.7% in 2024 [2]. - The company has successfully launched several popular products in the action camera segment, including the Ace Pro2 and GO 3S, which are well-received by outdoor enthusiasts [2]. - Insta360's products are sold in over 200 countries and regions, with millions of hardware users and nearly 8 million followers on major social media platforms, showcasing its strong brand presence [2]. - The company has significantly increased its R&D investment from 256 million yuan in 2022 to 776 million yuan in 2024, totaling 1.48 billion yuan over three years, with R&D expenses accounting for 13.16% of revenue [3]. - As of the end of 2024, Insta360 holds 900 authorized patents, including 189 invention patents, and has a R&D team comprising over 1,000 members, representing 57.68% of its workforce [3]. - The company's revenue surged from 2.041 billion yuan in 2022 to 5.574 billion yuan in 2024, with a compound annual growth rate of 65.25%, and a net profit increase from 407 million yuan to 995 million yuan during the same period [4]. - The global market for handheld smart imaging devices is projected to grow from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, and is expected to exceed 59.2 billion yuan by 2027, indicating a favorable market environment for Insta360 [4].

Group 1 - The company plans to publicly issue 41 million shares, accounting for 10.22% of the total share capital after issuance [1] - Employees' stock management plan will participate in strategic allocation of up to 10% of the public offering, totaling 4.1 million shares, with a subscription amount not exceeding 137 million yuan [1] - Zhongcai Investment will participate in the strategic allocation with an initial investment ratio of 5%, equating to 2.05 million shares [1] Group 2 - The company has focused on the research, production, and sales of smart imaging devices such as panoramic cameras and action cameras since its establishment [1] - The company expects net profits attributable to shareholders for 2022, 2023, and 2024 to be 407 million yuan, 830 million yuan, and 995 million yuan respectively [2] - For the first half of 2025, the company anticipates revenue between 3.214 billion yuan and 3.815 billion yuan, representing a year-on-year change of approximately 32.38% to 57.10% [2] Group 3 - The funds raised from this issuance, after deducting issuance costs, will be invested in the construction of a smart imaging device production base and a research and development center in Shenzhen, totaling approximately 464 million yuan [2] - The smart imaging device production base construction project is expected to be completed and put into use in 2025, while the Shenzhen R&D center project has not yet commenced [2] - The company's products are marketed globally under the brand "Insta360," utilizing both online and offline sales channels [1]

Group 1: Market Overview - The three major stock indices experienced narrow fluctuations, with the North Stock 50 Index showing relative strength, while the Shanghai Composite Index fell by 0.05% to 3286.65 points, and the Shenzhen Component Index also dropped by 0.05% to 9849.8 points [1] - The total trading volume in the Shanghai, Shenzhen, and North Stock markets was 10,419 billion, a decrease of 350 billion from the previous day [1] - Sectors such as electricity and insurance declined, while home furnishings, automotive, chemicals, healthcare, agriculture, food and beverage, home appliances, and semiconductors saw gains [1] Group 2: Investment Opportunities in Smart Connected Vehicles - The Ministry of Industry and Information Technology (MIIT) has released key points for automotive standardization by 2025, emphasizing the need to strengthen standards for driving assistance and autonomous driving [2] - CITIC Securities anticipates that companies in the industry chain will focus on improving product maturity and safety, with main manufacturers expected to refine hardware and software architectures [2] - Investment recommendations include leading manufacturers in smart driving development, top suppliers of laser radar, and companies providing testing and simulation services for smart connected vehicles [2] Group 3: Smart Imaging Devices Market - The market for handheld smart imaging devices is projected to reach 36.47 billion in 2023, with a compound annual growth rate (CAGR) of approximately 12.9% from 2023 to 2027, potentially reaching 59.2 billion by 2027 [3] - The panoramic camera market is expected to reach 5 billion, with applications expanding beyond daily life and sports to include video conferencing and robotics [3] - The global market for action cameras is expected to exceed 30 billion in 2023, driven by the rise of outdoor sports [3] Group 4: Vitamin D3 Price Outlook - The price of feed-grade Vitamin D3 is at a historical low, leading to production cuts and supply reductions among some manufacturers [5] - Demand for Vitamin D3 is steadily increasing, with manufacturers reducing output since the beginning of 2024, resulting in historically low inventory levels [5] - Recent price increases have been observed, with significant adjustments in quotes from manufacturers, indicating potential for further price rises [5] Group 5: Consumption Policy and Tax Refunds - The National Taxation Administration has revised the management measures for tax refunds for outbound tourists, simplifying processes and expanding coverage to more small and medium-sized businesses [6] - CITIC Securities estimates that the potential market for tax refunds could reach nearly 100 billion, which may further stimulate consumption and expand domestic demand [6] - Key sectors to watch include traditional retail companies with strong operational capabilities and those involved in consumer infrastructure and travel services [6] Group 6: Electricity Market Developments - The National Development and Reform Commission and the National Energy Administration have announced plans to accelerate the construction of a national electricity spot market, aiming for full coverage by the end of 2025 [8] - Specific timelines have been set for the transition to formal operations in various provinces, with a focus on continuous settlement operations [8] Group 7: Digital Economy Infrastructure - The National Development and Reform Commission is promoting the construction of a national integrated computing network to optimize resource allocation and support the development of the digital economy [9] Group 8: Livestock Production Adjustments - The Ministry of Agriculture and Rural Affairs has issued a plan to adjust and optimize pig production capacity, focusing on monitoring and guiding the market [10]

姜娅｜中信证券 消费产业首席分析师 S1010510120056 消费｜离境退税细则落地，推广提速提振内需 今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完 善。近日国家税务总局发布离境退税管理办法修订细则，三方面推动前期离境退 税"即买即退"推广政策落地：①备案流程简化、时间缩短、资质放款，退税商店扩容 覆盖更广阔中小商家；②提额度+降起退点拓宽价格带场景，优质国货商品有望受 益；③进一步提升退税便利度。根据我们测算，乐观假设下离境退税市场潜在空间近 千亿级别，有望进一步提振消费扩大内需。建议密切关注政策效果显现，潜在受益板 块包括：传统零售板块中经营能力强、调改转型领先企业、消费基础设施和相关运营 商、出行服务提供商、景区目的地。 风险因素：关税政策调整；经济增速下行超预期；入境游客数量增长不及预期；入境 游客消费能力弱于预期；政策落地效果不及预期等。 刘春彤｜中信证券 联席首席A股策略师 S1010520080003 亮马组合｜自下而上，发掘高确定性机会（202505） 亮马组合是基于策略聚焦观点和行业研究精选推荐，遴选出的月度金股组合。本篇报 告为2025年第5期，更新中信证 ...

文 ｜ 徐涛 梁楠 智能影像设备聚焦"便携+智能"属性，2 0 2 3年全景/运动相机全球空间近4 0 0亿，且乘风短视频、户外运动等发展浪潮，2 0 2 3 - 2 年有望以1 0%~1 5%的复合增速持续扩容。格局角度看，近年来本土厂商立足突出的产品力、持续迭代的产品矩阵已跻身全球市 场前三。供应链角度，光学+DSP/SOC为智能影像设备核心元件，成本占比超5成，同时AI等软件算法重要性持续提升。看好本 土智能影像设备产业发展，建议关注全景运动相机龙头，以及光学镜头&模组供应商。 ▍ 行业概览：智能影像设备聚焦"便携+智能"，全景/运动相机2 0 2 3年全球空间近4 0 0亿。 智能影像设备是集成计算处理能力的便携影像设备，包括全景相机、运动相机、航拍无人机、可穿戴摄影设备等，相较于传统 影像设备而言在产品形态&外观（更小巧精美等）、拍摄灵活性（更便携等）以及后期处理便捷性（快速剪辑&编辑等）等多 维度均有显著提升。2 0 1 5年前后VR浪潮到来，2 0 1 9年前后短视频平台兴起，2 0 2 2年前后户外运动需求快速成长，智能影像设 备市场受益时代浪潮而迅速增长。 ▍ 竞争格局：本土厂商已跻身全球市 ...

美国当地时间4月22日，海外科技爱好者在纽约中央车站外排起长队，抢购一款能拍摄360度影像、自拍 杆可自动"隐形"的中国相机。据影石Insta360海外官方社交媒体发布的信息，引发抢购的是其最新发售 的旗舰款全景相机Insta360 X5。 作为来自深圳的科技企业，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，其迅速成为全球最受欢迎的智能影像品牌之一。据弗若斯特沙利文 报告，影石在全景相机的市场份额连续六年全球第一，2024年预计达到惊人的81.7%。这意味着全球每 售出10台全景相机，就有8台来自影石。 新品发布引发中美抢购潮 "以往我们新品发布都是选择线上举行，这次是首度在海外以线下快闪店的形式，同步发布。"影石创新 相关负责人告诉记者，没想到美国消费者会这么热情，排队抢购的热潮实在意料之外。 4月22日，影石创新最新发布的Insta360 X5全景相机，在纽约中央车站现场发布，掀起"排队抢购潮"。 现场的视频显示，队伍排到了数百米开外，活动上午9点开始，但凌晨5点车站外就排满想要第一批体验 的用户，有人甚至凌晨3点已经到场排队。 Insta360 ...

2月27日，中国证监会公告显示，影石创新科技股份有限公司（影石Insta360）科创板IPO注册获正式批复，成为2025年科创板第一家注册通过企业。 这家成立仅十年、由90后掌舵的深圳企业，以全景相机全球市占率67.2%、年营收近40亿元的业绩，在GoPro等国际巨头的围堵中杀出血路。其获得发行批复，恰逢 证监会《关于资本市场做好金融"五篇大文章"的实施意见》落地实施，政策东风与硬核科创实力的共振，正为中国民营科技企业全球化突围写下生动注脚。 图源：影石官网 影石创新也是全球化最成功的中国硬科技企业之一。据公开报道，影石创新已连续两年营收翻倍增长，2023年营收接近40亿元。其旗下的20余款产品覆盖大众日常 记录、户外运动、旅游出行、影像创作、视频会议等多种影像场景，畅销全球200多个国家和地区，拥有数百万硬件用户。 在国家战略导向下，影石创新通过"自主创新-全球布局"双轮驱动模式，研发人员占比近半数，构建起核心技术壁垒与产业竞争优势，其搭载于近地轨道卫星的全景 相机，成功完成极端环境下的太空拍摄验证；基于人工智能的实时全景影像优化算法，更推动手持影像设备进入AI拍摄新时代，展现民营企业以创新驱动发展的硬 核 ...