中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为影石 创新科技股份有限公司（以下简称"影石创新"或"公司"）首次公开发行股票 和持续督导工作的保荐机构，根据《上市公司募集资金监管规则》《上海证券交 易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关规定，对公司本次使用募集资金置换预先投入募投项目 和已支付发行费用的自筹资金事项进行了核查，具体情况如下： 根据中国证券监督管理委员会出具的《关于同意影石创新科技股份有限公司 首次公开发行股票注册的批复》（证监许可〔2025〕356 号），并经上海证券交 易所同意，公司本次首次公开发行人民币普通股（A 股）股票（以下简称"本次 发行"）4,100.00 万股，发行价格为 47.27 元/股，募集资金总额为 193,807.00 万 元，扣除发行费用（不含增值税）后，募集资金净额为 174,776.61 万元，以上募 集资金已经容诚会计师事务所（特殊普通合伙）于 2025 年 6 月 6 日出具的《验 资报告》（容诚验字〔2025〕518Z0066 号）审验确认。 公司（含子公司）已根据相关法律法规、规范性文 ...

Core Insights - The competition between the companies is intense, with DJI being both a challenge and a motivator for Insta360, as highlighted by the founder's remarks on the dual nature of DJI's presence in the market [1] - Insta360 has established a strong market position in the consumer panoramic camera segment, holding a 67.2% market share, significantly ahead of competitors like Ricoh and GoPro [4] - The company is adjusting its distribution strategy to enhance its dealer system and optimize its CRM, indicating a proactive approach to competition [1][6] Company Overview - Insta360's product line includes a variety of imaging devices such as consumer and professional panoramic cameras, action cameras, and AI stabilizers, with consumer products contributing 86.59% of revenue in 2024 [2] - The ONE X series is the best-selling product line, showcasing the company's strength in the consumer market [2] Market Position - Insta360 leads the global panoramic camera market, selling 8 out of every 10 panoramic cameras worldwide, thanks to its advanced imaging technology and AI algorithms [4] - Despite its dominance in panoramic cameras, Insta360 faces strong competition from GoPro and DJI in the broader action camera market [5] Financial Performance - Insta360's revenue from the Ace series action cameras increased from 0.97 billion in 2023 to 2.76 billion in the first half of 2024, indicating strong growth [5] - The company’s revenue from non-panoramic action cameras is approximately 1.5 billion, ranking third in the market [5] Distribution Strategy - Insta360 employs a hybrid sales model combining online and offline channels, with a near 1:1 ratio in 2024, and a significant portion of sales coming from third-party e-commerce platforms [6][8] - The company collaborates with major retailers and uses a buyout sales model for most distributors, focusing on enhancing customer experience and trust [9] Marketing Strategy - Insta360 has developed a robust marketing strategy centered around KOLs and user-generated content, significantly increasing brand visibility and engagement [10][11] - The company has initiated various marketing campaigns and collaborations with influencers to enhance its brand image and reach [10] Competitive Landscape - DJI is seen as a formidable competitor, particularly in the action camera segment, with its upcoming Osmo 360 product directly competing with Insta360's offerings [14][18] - The competition has led to price wars, with DJI adopting a low-price strategy while maintaining high performance, which poses a challenge for Insta360 [19] Technological Development - Insta360's core competencies lie in its software ecosystem and advanced algorithms, which provide a competitive edge in the market [17][23] - The company is investing heavily in R&D, with over 12% of its revenue allocated to this area, and a significant portion of its workforce dedicated to research [23] Future Outlook - The market dynamics between Insta360 and DJI are expected to drive innovation and technological advancements in the imaging sector, benefiting the overall industry [26]

Core Insights - The "Titanium Praise" list is a monthly selection of outstanding works from the Titanium Media APP, based on article popularity, content quality, and editorial recommendations [1][8] Group 1: Top Works - **Top 1**: "China's Garbage, Not Enough to Burn" by Huashang Taolue discusses the transformation of China's waste management from a passive to an active role in waste incineration [2] - **Top 2**: "Why Yu Chengdong Says L3 Definition is Unreasonable" by Naodong Qiche emphasizes the need for detailed and evolving standards in the context of the autonomous driving revolution [3][10] - **Top 3**: "Liu Qiangdong is 'Copying' a Ctrip" by Morgan Research Institute analyzes the challenges JD.com faces in replicating Ctrip's success in the travel sector [3][12] - **Top 4**: "DJI and Yingshi, Reviving a Sunset Industry" by Yuanmeihui highlights the global success of companies in the imaging sector and their impact on ordinary consumers [3][14] - **Top 5**: "From Financial Reports, Where is the New Blue Ocean for Big Companies Going Abroad?" by Growth Factory identifies Brazil as a key market for Chinese companies like Meituan and Didi [3][16] - **Top 6**: "Mining Gold in Latin America, Earning 50,000 a Month is Just the Passing Line" by Biaowei Biaoli discusses the opportunities in Latin America for multinational companies and entrepreneurs [3][18] - **Top 7**: "Those Who Regret Buying New Energy Vehicles, What Are They Experiencing?" by New Energy Industry Observation explores the paradox of increasing sales and rising consumer regret in the electric vehicle market [3][18] - **Top 8**: "American Retailers, Eating Trump's 'Boomerang'" by BrandsFactory examines the challenges faced by small retailers in the U.S. due to supply chain issues exacerbated by tariffs [3][19] - **Top 9**: "618 Survey: Small Merchants Under the Carnival Tide" by Value Planet discusses the impact of price wars on small businesses during promotional events [3][20] - **Top 10**: "Wang Jianlin Still Has to Sell Wanda" by Mirror Studio reflects on the challenges facing Wanda Group and its founder in the current market environment [3][21]

影石创新在十年时间里迅速成为全球最受欢迎的智能影像品牌之一，背后离不开对技术和 市场趋势的精准把握。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 启明创投合伙人叶冠泰与影石创新创始人兼董事长刘靖康日前在启明创投两场 内部会议上系统地围绕产品线成长价值的判断、新品获得市场青睐的原因、 AI+智能时代的挑战与机 遇、消费电子创新企业的出海经验等展开讨论。 刘靖康强调，企业需要通过持续的技术创新来解决用户真正未被满足的需求，并将盈利投入下一轮研 发，形成创新驱动发展的良性循环。 他也分享了影石创新在产品开发方面的经验 ——选择已有市场 需求但存在痛点的领域，重点关注高毛利市场的技术突破机会。 刘靖康建议选择出海的创业企业坚 持高端产品定位，确保产品完全成熟再推向市场，并指出运营效率和专利的重要性。 叶冠泰分享了对智能影像行业发展的观察。 他指出，早在 10年前当业内多数企业仍处于跟风模仿阶 段时，影石创新就选择了原创产品的研发路线。 他强调，企业应当专注创新研发，通过持续打磨产 品来确保其真正满足用户需求。 研发真正满足需求的优质技术及产品 让原 ...

Core Insights - The rise of short videos and live streaming has made video shooting a necessity in the Chinese market, leading to a continuous increase in the consumption of photography and videography equipment [1] - In June, the transaction volume for related categories on e-commerce platforms grew by over 80% year-on-year [1] - A photography equipment retailer noted that after upgrading their store last March, the display area for action cameras and multifunctional cameras expanded to 50% [1] - Cameras priced between 2000 to 10000 yuan have become popular among young users for social media content creation due to their portability and multifunctionality, with some popular models even selling out [1]

多名员工用"随性"形容影石创始人刘靖康。按照MBTI（性格 测试）的分类，"J人"喜欢条理清晰的计划，"P人"倾向于随 心而动，刘靖康的MBTI应该是PPPP。 作者： 陈月芹 封图：图虫创意 2025年7月9日，影石Insta360正满十岁。 十年时间，影石从最初六七人的小团队发展到今天超3000人的规模。一个月前，影石成功在科创 板上市。 多名员工用"随性"形容影石创始人刘靖康。 按照MBTI（性格测试）的分类，"J人"喜欢条理清晰 的计划，"P人"倾向于随心而动，刘靖康的MBTI应该是PPPP。 上市当天，刘靖康想穿蜡笔小新的T恤上台敲钟，被交易所"婉拒"；不想用常规的小锤敲锣，就用 X5相机砸出哐哐响；6月21日，刘靖康出席母校南京大学毕业典礼并发言，人是自己去的，发言稿 是自己熬夜写的，助理和对外传播相关部门是看了小红书才知道的…… 影石自2023年入局运动相机以来，就和大疆展开正面竞争；今年，竞争更是进入白热化阶段，坊 间传闻：大疆即将推出全景相机Osmo 360，而影石将发布无人机——在对方既有领导地位的细分 领域近身肉搏。 此时， 摆在刘靖康面前的，不仅是强悍对手的层层包围、出海过程中地缘政治 ...

经济观察报 记者 陈月芹 2025年7月9日，影石Insta360正满十岁。 十年时间，影石从最初六七人的小团队发展到今天超3000人的规模。一个月前，影石成功在科创板上市。 多名员工用"随性"形容影石创始人刘靖康。按照MBTI（性格测试）的分类，"J人"喜欢条理清晰的计划，"P人"倾向于随心而动，刘靖康的MBTI应该是 PPPP。 上市当天，刘靖康想穿蜡笔小新的T恤上台敲钟，被交易所"婉拒"；不想用常规的小锤敲锣，就用X5相机砸出哐哐响；6月21日，刘靖康出席母校南京大学 毕业典礼并发言，人是自己去的，发言稿是自己熬夜写的，助理和对外传播相关部门是看了小红书才知道的…… 频频整活引起关注后，有网友好奇这是不是公司层面的策划，影石员工只能"扶额"回应："没有人策划得了他。" 影石自2023年入局运动相机以来，就和大疆展开正面竞争；今年，竞争更是进入白热化阶段，坊间传闻：大疆即将推出全景相机Osmo 360，而影石将发布 无人机——在对方既有领导地位的细分领域近身肉搏。 此时，摆在刘靖康面前的，不仅是强悍对手的层层包围、出海过程中地缘政治的不确定性，还有内部组织管理如何跟上规模倍增的问题。 在很多公开场合，他都 ...

Core Viewpoint - The successful listing of YingShi Innovation (688775.SH) on the Sci-Tech Innovation Board highlights its rapid growth as a leading smart imaging brand, driven by innovative panoramic imaging technology and a keen understanding of market trends [1][2]. Group 1: Product Development and Innovation - Continuous technological innovation is essential for addressing unmet user needs, with profits reinvested into R&D to create a virtuous cycle of innovation [3][6]. - The company focuses on original product development, having chosen this path over imitation, which has been crucial to its growth and market leadership [4][5]. - Identifying high-margin markets with existing demand but unresolved pain points is a key strategy for product development [3][8]. Group 2: Market Strategy and Consumer Insights - The company emphasizes understanding customer needs and addressing issues that competitors have overlooked, which is fundamental to its innovation strategy [5][6]. - The successful launch of the flagship product X5, a 360-degree camera, is attributed to its ability to solve previous product pain points and meet consumer expectations [10][11]. - The company aims to expand its target customer base and application scenarios as it resolves existing product issues, thereby increasing market penetration [12][9]. Group 3: AI and Future Opportunities - The integration of AI technology is seen as a significant opportunity for enhancing product capabilities, such as automatic shooting and editing, although it presents substantial engineering challenges [14][15]. - The company’s mission remains focused on helping people better record and share their lives, with a long-term vision of becoming a world-class smart imaging brand [13][12]. Group 4: Investment and Growth Strategy - The company advises startups to focus on high-end product development to ensure profitability and sustainable growth, rather than engaging in price wars [16][17]. - Emphasizing the importance of operational efficiency and patent registration is crucial for companies looking to expand globally [18][17]. - The partnership with Qiming Venture Partners has been instrumental in the company's growth, providing not only financial support but also valuable resources and insights [20][22].

来源：厦门日报 同安滨海 新城成为"两高两化"的典范新区、创新创业的科学之城、宜居宜业的浪漫湾区。 （通讯员 夏海滨 摄） 本报记者 林健华 通讯员 杨心亮 2002年6月，时任福建省委副书记、省长的习近平同志来厦门调研，创造性提出"提升本岛、跨岛发 展"重大战略，在重要发展节点为厦门擘画蓝图、引航定向。"其中首要的便是提升本岛与拓展海湾相结 合。"同安区常务副区长、滨海新城总指挥郭三温说，曾经生态问题严峻的环东海域，如今已是备受青 睐的环东浪漫线，同安滨海新城更成为"两高两化"的典范新区、创新创业的科学之城、宜居宜业的浪漫 湾区，基础设施建设以及教育、医疗等公共服务资源配置日益完善。 随着同安城市空间框架全面拉开，同安滨海新城、同翔高新城（同安片区）"两大新城"成型聚势，时尚 消费产业园、西湖等新兴片区接踵布局，古城历史文化街区全力打造。在这片热土上，新质生产力持续 涌动，厦门科学城核心区聚集超2000家企业，形成以科技服务、数字经济、总部经济为特色的新兴服务 业集聚区，厦门美图公司是其中的代表性企业。 "当下，AI技术正引发生产方式、商业模式和产业结构的深刻变革，而AI与产业融合的实践路径，就是 美图眼中 ...

Core Viewpoint - The company is facing significant challenges in its photovoltaic business, with a notable decline in revenue and profitability, particularly in solar cell backsheet products, which have seen a drastic drop in sales and margins due to increased market competition and price reductions [1][2][3]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 1.485 billion yuan, a nearly 30% decrease year-on-year, and a net loss attributable to shareholders of 62 million yuan, marking two consecutive years of losses [1][2]. - The revenue from solar cell backsheet products plummeted by 76%, with a gross margin dropping by 20 percentage points to -18.13% [1][2]. Inventory and Impairment - As of June 30, 2025, the company identified further impairment signs in its photovoltaic-related inventory, estimating a potential impairment amount not exceeding 3 million yuan, which will be disclosed in the 2025 semi-annual report [1][5]. - The ending inventory balance stood at 308 million yuan, with the provision for inventory impairment increasing from 5.18% at the beginning of the period to 5.58% at the end [1][5]. Market Trends and Competitive Landscape - The solar photovoltaic industry is experiencing a significant downturn, with a 40% drop in component bidding prices and a 33.9% decrease in export value for photovoltaic products [2][3]. - The market for solar cell backsheet products is shrinking, with the share of single-glass components using these products dropping from 60% to 15% [2][3]. Customer and Revenue Analysis - The company’s main customers in the photovoltaic sector have also reported significant declines in revenue and profits, impacting the company's sales [3][4]. - The company operates on a direct transaction model with photovoltaic module manufacturers, which has been adversely affected by the overall market conditions [3][4]. Cost Structure and Pricing - The cost structure for solar cell backsheet products shows that over 70% of costs are attributed to materials, with transportation costs increasing due to geographical factors, adding approximately 0.4 yuan per square meter compared to competitors [5][6]. - The average selling price of solar cell backsheet products has decreased by 20% year-on-year, further squeezing margins [5][6]. Strategic Adjustments - In response to the challenging market environment, the company is optimizing its product structure by ceasing production of unprofitable solar cell backsheet products and actively developing new products [5][6]. - The company is also expanding into new business areas, including high-performance separation membranes, aligning with national carbon neutrality goals [6][7].