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].

丨证券研究报告丨 [Table_Author] 陈亮 李锦 杨洋 SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 联合研究丨公司点评丨影石创新（688775.SH） [Table_Title] 收入延续高速增长，销售&研发坚定投入 报告要点 [Table_Summary] 公司发布 2025 年半年报：2025 年上半年公司实现营收 36.71 亿元，同比增长 51.17%，实现 归母净利润 5.20 亿元，同比增长 0.25%，实现扣非归母净利润 4.92 亿元，同比增长 0.06%； 其中单二季度公司实现营业收入 23.16 亿元，同比增长 58.05%，实现归母净利润 3.43 亿元， 同比增长 1.73%，实现扣非归母净利润 3.31 亿元，同比增长 2.60%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 影石创新（688775.SH） cjzqdt11111 [Table_Title2] 收入延续高速 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [5][6]. Core Insights - The company achieved a revenue of 3.671 billion RMB in H1 2025, representing a year-over-year growth of 51.17%, while the net profit attributable to the parent company was 520 million RMB, a slight increase of 0.25% year-over-year [1][5]. - The company is strategically increasing its investment in research and development, with R&D expenses reaching 562 million RMB, up 100.35% year-over-year, and a sales expense of 628 million RMB, up 75.46% year-over-year, to enhance its competitive edge [2][5]. - The introduction of new products, such as the ONE X5 and Ace Pro 2, is driving revenue growth, particularly in the consumer imaging equipment segment, which saw a 53.76% year-over-year increase [3][5]. Summary by Sections Financial Performance - In H1 2025, the company reported a total revenue of 3.671 billion RMB, with a significant contribution from consumer imaging devices, which accounted for 86.06% of total revenue [10]. - The company’s gross margin for consumer imaging devices was 49.87%, reflecting a slight decline compared to the previous year [3][10]. Product Development - The company is launching the "Yingling" panoramic drone, aiming to capture a share of the drone market, which is currently dominated by DJI [4][5]. - The focus on AI technology and new product categories is expected to open new growth avenues for the company [5]. Market Dynamics - Revenue growth was particularly strong in the domestic market, with a year-over-year increase of 77.54% in mainland China, and 55.22% in the US [3][10]. - The company is facing increased competition, which has impacted gross margins across various regions [3][10].

Core Viewpoint - YingShi Innovation experienced a significant stock price increase of 18.84% on August 28, with a trading volume of 3.067 billion yuan, indicating strong market interest and activity [1] Financing Summary - On August 28, YingShi Innovation had a financing buy amount of 366 million yuan, with a financing repayment of 368 million yuan, resulting in a net financing outflow of 1.42 million yuan [1] - As of August 28, the total financing and securities lending balance for YingShi Innovation was 993 million yuan, which represents 9.25% of its circulating market value [1] - There were no shares sold or repaid in the securities lending segment on August 28, with a remaining balance of 0 shares and 0 yuan [1] Business Performance Summary - As of June 30, YingShi Innovation had 17,000 shareholders, a decrease of 27.52% from the previous period, while the average circulating shares per person increased by 37.96% to 1,795 shares [2] - 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%, and a net profit attributable to shareholders of 520 million yuan, which is 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 supplementary items, and 0.30% from professional-grade smart imaging devices [1][2] Shareholder Composition Summary - As of June 30, 2025, the top ten circulating shareholders of YingShi Innovation included several new institutional investors, with the largest being Bosera Huixing Return Mixed Fund, holding 612,400 shares [2] - Other notable new shareholders include Morgan Emerging Power Mixed Fund and Morgan Vision Two-Year Holding Mixed Fund, holding 606,700 shares and 365,800 shares respectively [2]

Core Insights - Semiconductor companies, including SMIC and Zhongwei, reported strong revenue growth in their recent financial results, indicating a robust demand in the semiconductor industry [4][5]. - Gree Electric Appliances demonstrated resilience with stable net profits despite a slight decline in overall revenue, focusing on innovation and diversification of its product offerings [11][12]. - Yingstone Innovation achieved significant revenue growth driven by market expansion and new product launches, while also increasing its R&D investments to enhance competitiveness [18][19]. Semiconductor Industry - SMIC reported a revenue of 32.348 billion yuan for the first half of 2025, a year-on-year increase of 23.1%, with a net profit of 2.301 billion yuan, up 39.8% [4]. - Zhongwei's revenue reached 4.961 billion yuan, reflecting a growth of approximately 43.88%, with a net profit of 706 million yuan, up 36.62% [4][5]. - Zhongwei's wafer foundry business revenue was 30.353 billion yuan, a 25.9% increase year-on-year, driven by higher sales volume and average selling prices [4][5]. - Yingstone's semiconductor revenue grew by 27.17%, with a significant increase in orders, indicating a transition from a technology breakthrough phase to a volume production phase [9][10]. Gree Electric Appliances - Gree's revenue for the first half of 2025 was 97.325 billion yuan, a decrease of 2.46%, while net profit was 14.412 billion yuan, an increase of 1.95% [11][12]. - The company aims to reduce reliance on its air conditioning business, with consumer appliances accounting for 78.03% of revenue, down 5.09% year-on-year, while industrial products and green energy saw over 15% growth [13][14]. - Gree's R&D investment reached 3.892 billion yuan, a 7.05% increase, reinforcing its technological edge in the industry [15][16]. Yingstone Innovation - Yingstone reported a revenue of 3.671 billion yuan, a 51.17% increase, with a net profit of 520 million yuan, up 0.25% [18]. - The company significantly increased its R&D spending to 561 million yuan, doubling year-on-year, which accounted for 15.30% of its revenue [19]. - Yingstone plans to expand its product offerings into the drone market, leveraging its strengths in panoramic imaging technology [21].