第一次"跳楼"时，刘靖康浑身发抖到身边的同事需要扶住他。操纵这种无人机，要带上类VR眼镜，人眼与无人机同一视角，仿佛身临其境。如同鸟一 样，感受着一次飞行、一场下坠、一种失重，恐惧刺激出内啡肽，肾上腺素飙升下，他完成了一次极限运动。 有没有可能让普通人也能像鸟一样飞行？在"跳楼"中，刘靖康心中浮出一丝构想。 影石是一家探索视觉极限的公司，当全景运动相机已经能探索所有地面乃至水下运动场景时，飞向天空是必经之途。 影石其实在2022年尝试探索过天空场景，以配件的形式——瞳Sphere，这是个"汉堡包"式的全景相机配件，上下各一个镜头，卡扣在大疆机身上。瞳 Sphere的成功之处在于，它能够利用全景拼接算法，在画面中把无人机机身抹掉，让用户拍出没有飞机遮挡的 360° 画面。 瞳Sphere的不成功在于，其本身的重量挂载到无人机上后，会影响无人机的续航，在复杂的飞行环境下还有可能干扰图传信号，造成"炸机"事故。 瞳Sphere在B站视频的评论区里，有网友说："建议直接出能拍全景的无人机。" 影石孵化无人机业务始末。 文 ｜ 申兰 编辑 ｜ 杨轩 "跳楼"（Dive）——飞手控制穿越无人机从高大建筑物、悬崖或瀑布顶端 ...

"跳楼"（Dive）——飞手控制穿越无人机从高大建筑物、悬崖或瀑布顶端垂直俯冲而下——是穿越无人机飞行中最具 标志性、最刺激，也是视觉冲击力最强的动作之一。这也是影石创始人刘靖康学习穿越机后，最爱玩的动作。 第一次"跳楼"时，刘靖康浑身发抖到身边的同事需要扶住他。操纵这种无人机，要带上类VR眼镜，人眼与无人机同 一视角，仿佛身临其境。如同鸟一样，感受着一次飞行、一场下坠、一种失重，恐惧刺激出内啡肽，肾上腺素飙升 下，他完成了一次极限运动。 有没有可能让普通人也能像鸟一样飞行？在"跳楼"中，刘靖康心中浮出一丝构想。 影石是一家探索视觉极限的公司，当全景运动相机已经能探索所有地面乃至水下运动场景时，飞向天空是必经之途。 影石其实在2022年尝试探索过天空场景，以配件的形式——瞳Sphere，这是个"汉堡包"式的全景相机配件，上下各一 个镜头，卡扣在大疆机身上。瞳Sphere的成功之处在于，它能够利用全景拼接算法，在画面中把无人机机身抹掉，让 用户拍出没有飞机遮挡的 360° 画面。 瞳Sphere的不成功在于，其本身的重量挂载到无人机上后，会影响无人机的续航，在复杂的飞行环境下还有可能干扰 图传信号，造成"炸机" ...

Core Viewpoint - The company continues to demonstrate strong growth in the global smart imaging sector, with a significant increase in revenue and strategic investments in R&D, indicating a focus on long-term competitiveness despite a slight slowdown in profit growth [1][2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 3.671 billion yuan, a year-on-year increase of 51.17%, while net profit attributable to shareholders was 520 million yuan, a slight increase of 0.25% [1]. - The company's R&D expenses reached 562 million yuan, doubling compared to the previous year, reflecting a commitment to future growth [2][3]. - The operating cash flow remained positive, with a net cash flow of 241 million yuan in the first half of 2025, supporting ongoing R&D and market expansion [3]. Market Position and Growth Potential - Since its establishment in 2015, the company has seen revenue grow over 35 times, from 159 million yuan in 2017 to 5.574 billion yuan in 2024, showcasing its strong market presence [2]. - The company maintains a gross margin above 50%, outperforming many competitors, indicating strong pricing power and cost control [3]. Product Innovation and User Engagement - The company emphasizes a "software + hardware" approach, integrating proprietary software technologies with hardware to enhance user experience and product functionality [6][7]. - The introduction of new products, such as the Insta360 X5 panoramic camera and GO Ultra, has significantly boosted sales and market presence [7][8]. - The "user co-creation" model allows the company to tap into consumer insights, leading to innovative product features that resonate with users [9]. New Market Opportunities - The launch of the "影翎 Antigravity" drone brand aims to innovate in the drone market, featuring an 8K panoramic camera and simplified operation, targeting new consumer segments [11][12]. - The global aerial drone market is projected to grow from 7.1 billion USD in 2023 to 12.2 billion USD by 2030, presenting significant growth opportunities for the company [12]. Strategic Outlook - The company is positioned to transition from a dual-category to a tri-category growth strategy, with drones expected to become a new growth engine alongside panoramic and action cameras [12][13]. - The focus on high-intensity R&D and patent acquisition is expected to solidify the company's competitive edge in the high-end imaging market [13].

Core Viewpoint - The company has launched a new drone sub-brand "影翎Antigravity," introducing the world's first 8K drone product, aiming to penetrate the blue ocean market and potentially drive significant revenue growth [1][2]. Group 1: Product Launch and Features - The new brand "影翎Antigravity" aims to lead a "flying revolution" by enhancing user experience through immersive on-site experiences, simplified flight control, and panoramic photography [1]. - The first product is a panoramic drone equipped with an 8K camera, supporting real-time data transmission and adjustable shooting parameters [1][2]. - The company plans to initiate a public testing recruitment program in August, inviting users to co-create features [1]. Group 2: Market Potential and Competitive Landscape - The global aerial drone market reached $7.1 billion in 2023 and is projected to grow to $12.2 billion by 2030, with a compound annual growth rate (CAGR) of approximately 7.6% [2]. - DJI Innovation currently dominates the market with over 70% market share expected in 2024, but the company's innovation capabilities in image algorithms and AI editing may position it as a strong competitor [2]. - The company aims to leverage product innovation to unlock more usage scenarios, potentially leading to substantial revenue growth [2]. Group 3: Innovation and Product Matrix - The company is recognized as an innovation-driven smart imaging device firm, continuously innovating products and functions to meet user shooting demands [3]. - It has established a comprehensive product matrix that includes panoramic cameras, action cameras, and drones, benefiting from the industry's increasing penetration rate [3]. - The company is enhancing market marketing efforts to strengthen user loyalty and brand recognition, indicating significant product and brand barriers [3]. Group 4: Financial Projections - The company forecasts net profits attributable to shareholders of 1.15 billion, 1.69 billion, and 2.43 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 57.4X, 39.0X, and 27.1X [3].