Core Viewpoint - The article highlights the remarkable journey of Liu Jingkang, the founder of Yingshi Innovation, who became the first post-90s entrepreneur to lead a company with a market capitalization exceeding 120 billion yuan after its IPO on the STAR Market in China. The company's stock price surged significantly, reflecting strong investor confidence and the potential of the technology sector in China [4][10][20]. Company Overview - Yingshi Innovation's market capitalization reached 120 billion yuan, with its stock price increasing by approximately 530% from the initial offering price of 47.27 yuan per share within two months of its listing [6][11]. - The company launched its first global product, the Antigravity A1 panoramic drone, which contributed to the stock price surge [10][12]. Founder Background - Liu Jingkang, born in 1991, transitioned from a university student to the head of a billion-dollar company in just ten years, showcasing the rapid growth of young entrepreneurs in China's tech landscape [8][9]. - Liu's entrepreneurial journey began in 2015 after graduating from Nanjing University, where he initially focused on VR and panoramic camera technology [11][12]. Investment Landscape - Early investors, including IDG Capital and Qiming Venture Partners, have seen substantial returns from their investments in Yingshi Innovation, with IDG Capital holding nearly 12% of the company post-IPO, valued at over 14.4 billion yuan [15][18]. - The article emphasizes the importance of backing young entrepreneurs, as they often bring innovative ideas and a fresh perspective to the market [21][25]. Industry Trends - The emergence of young founders in the tech industry is noted, with many leveraging technological advancements to create impactful products. This trend is seen as a shift from previous generations that focused more on sales and business operations [25][27]. - The article also mentions other notable young entrepreneurs in the tech sector, indicating a broader movement of innovation and entrepreneurship among the post-90s generation in China [23][24].

Core Viewpoint - YingShi Innovation (688775.SH) officially listed on A-shares on June 11, 2025, becoming the "first stock in smart imaging," with an opening price of 182 CNY per share, a 285% increase from the issue price, and a total market capitalization exceeding 70 billion CNY [1][3]. Group 1: Company Overview - YingShi Innovation was founded in July 2015 by Liu Jingkang, who is also the chairman and the first "post-90s" chairman on the Sci-Tech Innovation Board [4][7]. - The company has completed 8 rounds of investment, with major investors including IDG Capital, Qiming Venture Partners, and CITIC Securities [7]. - As of December 31, 2024, the company had 2,370 employees, with a significant portion (55.44%) aged between 18-29 [7][9]. Group 2: Financial Performance - On its first trading day, YingShi Innovation's stock price reached a high of 187.99 CNY, with a trading volume of 21.29 million shares and a total transaction value of 3.739 billion CNY [3]. - The company raised 1.938 billion CNY through its IPO, ranking third in total fundraising on the Shanghai Stock Exchange in 2025 [3]. - The company reported a revenue per employee of 2.352 million CNY and a profit per employee of 419,700 CNY for 2024 [10]. Group 3: Market Position - YingShi Innovation's market capitalization reached 71 billion CNY by the end of its first trading day, indicating strong investor interest and market confidence [1][3]. - The company's price-to-earnings (PE) ratio (TTM) is 71.68, with an estimated PE ratio of 59.44 [3].

Core Viewpoint - The rise of the post-90s generation in China's technology innovation landscape is exemplified by the successful IPO of YingShi Innovation, marking a significant milestone in the industry [1][3][15]. Company Overview - YingShi Innovation, known as the "first stock of smart imaging," went public with an IPO price of 47.27 yuan per share, raising 1.938 billion yuan and achieving a market capitalization exceeding 70 billion yuan at opening, with a surge of 285% [1][2]. - The company has maintained a leading position in the global panoramic camera market, holding a market share of 67.2% in 2023, and has shown impressive revenue growth with a compound annual growth rate of 65.25% from 2022 to 2024 [7][8]. Founder Background - Liu Jingkang, the 34-year-old founder, has a background in software engineering and has been a technology enthusiast since childhood. He co-founded YingShi Innovation after recognizing the potential in the panoramic camera industry [2][3][4]. - The company was established in 2015, and Liu led the team through challenging early stages, emphasizing the importance of product quality and innovation [4][5]. Product Development - YingShi Innovation's product line includes various models of panoramic cameras, professional VR cameras, and action cameras, with a rapid product iteration cycle [7]. - The company successfully launched its first consumer-grade panoramic camera, Nano, in 2016, which quickly gained popularity in the market [5][6]. Financial Performance - The company's financials show significant growth, with projected revenues of 20.41 billion yuan in 2022, 36.36 billion yuan in 2023, and 55.74 billion yuan in 2024 [7][8]. - YingShi's overseas sales have also been substantial, contributing to 79.43% of revenue in 2022, 80.83% in 2023, and 76.35% in 2024, indicating a strong international market presence [9]. Investment Journey - The company has attracted significant investment from notable firms such as IDG Capital and Qiming Venture Partners, with IDG holding over 13% of shares prior to the IPO [10][13]. - The investment journey began in 2015, with early funding rounds that helped transition the company from software to hardware, a pivotal move for its growth [12]. Industry Significance - The IPO of YingShi Innovation is seen as a rare and valuable event in the A-share market, symbolizing the emergence of a new generation of entrepreneurs in China's tech sector [13][14]. - The article highlights a broader trend of young founders in China, who are increasingly focused on technology and innovation, contrasting with previous generations that emphasized sales and business operations [19][20].