Core Insights - YingShi Innovation has initiated its IPO process, with the subscription date set for May 30, marking the final stage of its long journey to the Sci-Tech Innovation Board after five years [1] - The company reported a projected revenue of 5.574 billion yuan for 2024, reflecting a year-on-year growth of 53.29%, and a net profit of 999.5 million yuan with a stable gross margin above 50% [1] - The company has achieved a market share of 67.2% in the consumer-grade panoramic camera sector, ranking first globally for six consecutive years [2] Company Background - Founded in 2015 by Liu Jingkang and his classmates, YingShi Innovation received initial angel investment of 1 million USD from IDG Capital and Chuangyebang [1] - The company has attracted funding from various investors, including Qiming Venture Partners and Suning.com, and completed a multi-million dollar D round of financing in April 2020 [1] Market Position - The global handheld smart imaging device market is projected to grow from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with expectations to exceed 59.2 billion yuan by 2027 [2] - YingShi Innovation has entered the top three in the action camera market, competing with GoPro and DJI, and has surpassed GoPro in sales in the first half of 2024 [2] Innovation and R&D - The company's success is attributed to technology-driven innovation, with significant R&D investments totaling 1.48 billion yuan from 2022 to 2024, and a dedicated R&D team comprising 57.68% of its workforce [2] - YingShi Innovation has developed over 900 patents, introducing features like the invisible selfie stick and AI editing [2] International Expansion - The company has a presence in over 200 countries, with overseas revenue accounting for 76.52% of total revenue in 2024, primarily from the US, Europe, Japan, and South Korea [3] - However, there are concerns regarding over-reliance on international markets, particularly the US, which contributes nearly a quarter of its revenue [3] Competitive Landscape - Domestic competition from DJI, particularly in the action camera segment, poses a challenge, with DJI's Osmo Action camera capturing over 15% market share in 2024 [3] - GoPro maintains a dominant position in the Americas, holding a 32.1% share of the global action camera market in 2023, significantly higher than YingShi Innovation [3] Future Outlook - The story of YingShi Innovation reflects the challenges and opportunities for Chinese tech startups in global markets, highlighting the need for a balance between innovation and risk management [4] - The outcome of its IPO journey may serve as a reference for other Chinese hard-tech companies in navigating capital support and building sustainable global competitiveness [4]