Core Viewpoint - The domestic photography and videography equipment market is experiencing significant growth, with a reported over 80% year-on-year increase in transaction value in June, driven by diverse consumer demands from casual use to professional content creation [1][10]. Group 1: Market Trends - The sales of photography equipment have surged, particularly in the categories of action cameras and multifunctional cameras, which now occupy 50% of display space in stores, appealing to young users for social media content creation [3][6]. - The demand for professional photography equipment is evolving, with clients increasingly requesting ultra-high-definition photos and 4K videos, necessitating higher performance standards for equipment [8]. - The rise of short videos and live streaming has made video recording a necessity in the Chinese market, prompting camera manufacturers to enhance video capabilities in their products [13]. Group 2: International Manufacturers' Strategies - Japanese camera manufacturers are actively launching new products tailored to the personalized needs of Chinese consumers, recognizing the market's potential [12]. - The sales figures for Japanese camera manufacturers indicate that the Chinese market is the fastest-growing for their digital camera business, with a reported 28% year-on-year growth [19][17]. - Canon anticipates that the shipment volume of cameras in the Chinese market will be approximately three times that of the Japanese market this year [21]. Group 3: Domestic Manufacturers' Growth - Chinese domestic manufacturers are gaining recognition in the market, particularly in the segments of action cameras and camera accessories, with a notable increase in sales [23][30]. - The global market for handheld smart imaging devices is projected to approach 50 billion by 2025, with Shenzhen manufacturers capturing 70% of the global market share for panoramic cameras and drones [24]. - The demand for camera accessories has been robust, with action camera accessories experiencing over 100% year-on-year growth for three consecutive years [28].

招股书显示，公司部分产品已被美国加征关税，若未来贸易摩擦升级，可能对业绩造成重大冲击。2024年特朗普政府关税政策的不确定性进一步加剧了市 场对其外销稳定性的担忧。 （图源：招股说明书） 招股说明书显示，2021-2023年，思锐光学营业收入分别为 1.89亿元、 1.83亿元、2.62亿元，归属净利分别为1709.69万元、1888.3万元、3131.1万元。 尽管思锐光学2021-2023年营收从1.89亿元增至2.62亿元，扣非净利润从1,529.35万元提升至3,103.07万元，但2024年更新财务数据后出现"增收不增利"现 象，公司当年营业收入上涨30.08%的同时，扣非净利润仅为2,006.75万元，同比下滑35.33%。 北交所在首轮问询中重点聚焦公司2023年业绩高增长的合理性，要求量化分析外销收入的可持续性。其中，公司对主要客户影石创新的销售收入由2021年 的276.32万元骤增至2023年的2012.81万元，增速异常且占比显著提升，引发监管对其业务稳定性的担忧。 思锐光学产品主要销往美国、欧洲、日本、韩国等国家和地区。报告期各期，其境外销售收入分别为1.43亿元元、1.40亿元、1. ...