Core Viewpoint - The report outlines the ongoing supervision and assessment of YingShi Innovation Technology Co., Ltd. by CITIC Securities during its initial public offering and listing on the Sci-Tech Innovation Board, emphasizing the company's compliance with regulations and the absence of significant issues during the review period [1][4][20]. Group 1: Continuous Supervision Overview - The sponsor has established a continuous supervision work system and a corresponding work plan, clarifying the requirements for on-site inspections [2]. - A sponsorship agreement has been signed between the sponsor and the company, detailing the rights and obligations during the supervision period [2]. - The sponsor conducted daily communications and on-site visits, including an inspection on July 22, 2025 [2]. Group 2: Financial Performance - The company's operating revenue for the reporting period was 367,065.93 million, representing a year-on-year increase of 51.17%, attributed to market expansion and new product launches [21]. - The net profit for the same period was 51,976.48 million, with a year-on-year increase of 0.25%, which is lower than the revenue growth due to increased R&D and marketing expenses [21]. Group 3: Industry Risks - The company faces technology risks, including product and technology development risks, as the smart imaging equipment industry requires constant innovation to maintain market position [5][6]. - The company is also exposed to operational risks, such as international trade friction and tariffs, which have increased since 2018, potentially impacting overseas sales [8][9]. - The company reported that 72.38% of its main business income came from overseas sales, highlighting the importance of international markets [9]. Group 4: Core Competitiveness - The company has a strong technological advantage, with a focus on R&D, having invested 56,167.98 million in R&D and holding 998 patents as of June 30, 2025 [23]. - The company boasts a high-quality, international R&D and management team, with a significant portion of its workforce (1,836 employees) dedicated to R&D [24][32]. - The company has established a comprehensive sales system, with over 70% of its revenue coming from international markets, indicating a robust global presence [30]. Group 5: Market Position and Brand Recognition - The company's brand "Insta360" has gained recognition for its innovative product design and technology, receiving multiple awards and accolades [28][29]. - The company has been recognized as one of the "Most Innovative Companies" and has been included in various prestigious lists, enhancing its market reputation [29]. Group 6: Research and Development Progress - The company has seen a significant increase in R&D personnel, with a growth rate of 78.08% compared to the previous year, reflecting its commitment to innovation [32]. - The company is currently testing a new drone product, which is still in the public testing phase and has not yet generated revenue [34].

Core Viewpoint - The article highlights the unique leadership style of Liu Jingkang, the founder of Insta360, emphasizing his unconventional approach to management and innovation, which has contributed to the company's rapid growth and competitive positioning in the market. Company Growth and Development - Insta360 has grown from a small team of six to over 3,000 employees in ten years, successfully listing on the Sci-Tech Innovation Board a month prior to the article's publication [3][40]. - The company has entered the action camera market in 2023, intensifying competition with DJI, which is rumored to launch a panoramic camera [4][5]. Leadership Style and Management - Liu Jingkang is described as spontaneous and unconventional, often making decisions without formal planning, which has led to a unique company culture [4][5]. - He prefers a flat organizational structure, with meetings that are brief and focused, allowing for quick decision-making [7][9]. - Liu's management style includes empowering middle managers and decentralizing decision-making, aiming to create a more agile organization [20][25]. Product Development and Innovation - The company has faced challenges in understanding user needs and market demands, particularly with its early panoramic camera models [14][16]. - The introduction of the ONE X series marked a significant shift towards developing action-oriented panoramic cameras, addressing user feedback and application scenarios [16][18]. - The success of the Ace Pro 2's street photography kit demonstrated the importance of accessory development in broadening the camera's appeal [21][23]. Organizational Structure and Culture - Insta360 has implemented a matrix organizational structure to enhance collaboration across different functions, allowing for independent product development [20][30]. - The company emphasizes the importance of user feedback and market research in product development, aiming to standardize processes and reduce reliance on individual decision-making [32][35]. Employee Development and Values - Liu Jingkang prioritizes employee development, viewing staff as the company's most valuable asset, and aims to create a culture that fosters growth and collaboration [40]. - The company's core values include user orientation, teamwork, and resilience, which are seen as essential for navigating the complexities of innovation and market demands [36].

Core Insights - The article discusses the potential of Insta360, a company with over 70% of its revenue coming from overseas markets, comparing it to other successful companies like Pop Mart and Stone Technology [2][10][21] - Insta360 has established itself as a leader in the panoramic camera market, with a global market share exceeding 60% and significant growth in revenue and profit [4][8][10] Group 1: Company Overview - Insta360 was founded in 2015 and has achieved a market capitalization of approximately 70 billion yuan after 10 years [8] - The company generated approximately 4.79 billion yuan in revenue from consumer-grade imaging devices in 2024, accounting for over 80% of total revenue [5][8] - Insta360's product line includes consumer-grade panoramic cameras, action cameras, handheld photography devices, professional VR cameras, and AI video conferencing equipment [4][8] Group 2: Financial Performance - In 2024, Insta360's total revenue reached approximately 5.53 billion yuan, a significant increase from 3.59 billion yuan in 2023 [5] - The company reported a profit of around 1 billion yuan in 2024, showcasing its profitability [8] - The revenue distribution in 2024 shows a balanced contribution from various regions: 23% from the US, 23% from Europe, 8% from Japan and South Korea, and 24% from China [19][21] Group 3: Market Position and Strategy - Insta360 has successfully penetrated overseas markets, with its products ranking among the top sellers on platforms like Amazon in the US, Germany, and Japan [16][21] - The company has developed a robust marketing team focused on content creation and social media engagement to enhance brand visibility [26] - Insta360's independent sales channels have generated significant revenue, surpassing Amazon's sales figures, and achieving a 39% repurchase rate among over 12 million consumers [19][21] Group 4: Competitive Landscape - The company faces increasing competition, particularly from DJI, which is entering the panoramic camera market with new products [30][32] - The competition is expected to intensify as both companies leverage their technological advancements and global distribution channels [30][34] - The outcome of this competition could significantly impact Insta360's market position and future revenue potential [35][36]