以下文章来源于经济观察报 ，作者陈月芹 经济观察报 . 经济观察报是专注于财经新闻与经济分析的全国性综合财经类媒体，创办于2001年。聚焦商道、商技和 商机，以锐度、悦度、广度、深度的报道形成了权威的媒体公信力和影响力。 来源 丨经济观察报 （ eeo-com-cn ） 作者 丨陈月芹 图源 丨图虫创意 2025年7月9日，影石Insta360正满十岁。 十年时间，影石从最初六七人的小团队发展到今天超3000人的规模。一个月前，影石成功在科创板 上市。 多名员工用"随性"形容影石创始人刘靖康。 按照MBTI（性格测试）的分类，"J人"喜欢条理清晰的 计划，"P人"倾向于随心而动，刘靖康的MBTI应该是PPPP。 上市当天，刘靖康想穿蜡笔小新的T恤上台敲钟，被交易所"婉拒"；不想用常规的小锤敲锣，就用X5 相机砸出哐哐响；6月21日，刘靖康出席母校南京大学毕业典礼并发言，人是自己去的，发言稿是自 己熬夜写的，助理和对外传播相关部门是看了小红书才知道的…… 频频整活引起关注后，有网友好奇这是不是公司层面的策划，影石员工只能"扶额"回应："没有人策 划得了他。" 影石自2023年入局运动相机以来，就和大疆展开正面竞 ...

多名员工用"随性"形容影石创始人刘靖康。按照MBTI（性格 测试）的分类，"J人"喜欢条理清晰的计划，"P人"倾向于随 心而动，刘靖康的MBTI应该是PPPP。 作者： 陈月芹 封图：图虫创意 2025年7月9日，影石Insta360正满十岁。 十年时间，影石从最初六七人的小团队发展到今天超3000人的规模。一个月前，影石成功在科创 板上市。 多名员工用"随性"形容影石创始人刘靖康。 按照MBTI（性格测试）的分类，"J人"喜欢条理清晰 的计划，"P人"倾向于随心而动，刘靖康的MBTI应该是PPPP。 上市当天，刘靖康想穿蜡笔小新的T恤上台敲钟，被交易所"婉拒"；不想用常规的小锤敲锣，就用 X5相机砸出哐哐响；6月21日，刘靖康出席母校南京大学毕业典礼并发言，人是自己去的，发言稿 是自己熬夜写的，助理和对外传播相关部门是看了小红书才知道的…… 影石自2023年入局运动相机以来，就和大疆展开正面竞争；今年，竞争更是进入白热化阶段，坊 间传闻：大疆即将推出全景相机Osmo 360，而影石将发布无人机——在对方既有领导地位的细分 领域近身肉搏。 此时， 摆在刘靖康面前的，不仅是强悍对手的层层包围、出海过程中地缘政治 ...

经济观察报 记者 陈月芹 2025年7月9日，影石Insta360正满十岁。 十年时间，影石从最初六七人的小团队发展到今天超3000人的规模。一个月前，影石成功在科创板上市。 多名员工用"随性"形容影石创始人刘靖康。按照MBTI（性格测试）的分类，"J人"喜欢条理清晰的计划，"P人"倾向于随心而动，刘靖康的MBTI应该是 PPPP。 上市当天，刘靖康想穿蜡笔小新的T恤上台敲钟，被交易所"婉拒"；不想用常规的小锤敲锣，就用X5相机砸出哐哐响；6月21日，刘靖康出席母校南京大学 毕业典礼并发言，人是自己去的，发言稿是自己熬夜写的，助理和对外传播相关部门是看了小红书才知道的…… 频频整活引起关注后，有网友好奇这是不是公司层面的策划，影石员工只能"扶额"回应："没有人策划得了他。" 影石自2023年入局运动相机以来，就和大疆展开正面竞争；今年，竞争更是进入白热化阶段，坊间传闻：大疆即将推出全景相机Osmo 360，而影石将发布 无人机——在对方既有领导地位的细分领域近身肉搏。 此时，摆在刘靖康面前的，不仅是强悍对手的层层包围、出海过程中地缘政治的不确定性，还有内部组织管理如何跟上规模倍增的问题。 在很多公开场合，他都 ...

Core Viewpoint - The company aims to become a global leader in smart imaging solutions, focusing on the development and marketing of its brand "Insta360" through various channels worldwide [1][2] Group 1: Company Overview - The company specializes in panoramic and action cameras, selling products in over 60 countries through online and offline channels [1] - The revenue CAGR from 2019 to 2024 is projected at 56.81%, with significant contributions from the ONE X/GO/Ace series [1] - In 2024, the revenue distribution in major markets is expected to be 23.65% in China, 23.38% in the USA, 23.36% in Europe, and 7.76% in Japan and South Korea [1] Group 2: Industry Insights - The global handheld smart imaging device market is valued at 36.47 billion yuan, with an estimated penetration rate of 2% for action cameras among outdoor sports enthusiasts in China, indicating substantial market potential [1] - The company holds a significant first-mover advantage in the panoramic action camera sector and is expected to share the market with DJI in the action camera industry [1] Group 3: Competitive Advantages - The company leverages China's efficient consumer electronics supply chain for core component procurement and benefits from low-cost outsourcing within domestic electronic industry clusters [2] - The company possesses comprehensive capabilities in brand building, including product definition, technology R&D, social media marketing, and global channel deployment [2] - The core technology team consists of software experts focusing on panoramic, stabilization, and AI processing technologies, which are significantly ahead of competitors [2] Group 4: Growth Projections - The company is expected to continue capturing market share in the global action camera market while expanding into smart digital cameras, gimbals, wearable cameras, panoramic security cameras, and drones [2] - Projected net profits for the company from 2025 to 2027 are estimated at 1.249 billion, 1.627 billion, and 2.132 billion yuan, with relative valuations of 57.3x, 44.0x, and 33.6x PE respectively [2]

运动相机高端龙头，份额有待提升：1)Frost&Sullivan数据，2023年全球运动相机市场规模314亿元/4461 万台，2017~2023CAGR14.5%/21.2%，预计2027年市场规模514亿元/6907万台， 2023~2027CAGR13.0%/11.5%。2)运动相机和消费级全景相机都应用于户外运动视频记录，但要求更 低。该市场集中度很低，产品定价区间波动大。公司2023年全球运动相机排名第二 定位高端。2024年公司运动相机销量不超过110万台(按系列累加)，全市场销量占比不高，估计不足 3%。如需整合这一分散的市场，提升产业链效率，进入价格段更低的市场是必要的，除非放弃中低端 市场。3)GO系列穿戴式运动相机、Ace系列运动相机是主销产品，2024年销量42.4、26.6万台，收入分 别占总收入16.2%、10.4%，销售均价2124、2169元/台。GO3穿戴式运动相机作为拇指相机突破性地支 持4K超清分辨率，支持自然广角FOV，可减少画面边缘畸变，视频观感更真实自然。 中国银河（601881）证券股份有限公司杨策,刘立思,陆思源,何伟近期对影石创新进行研究并发布了研究 报告《户外 ...

Core Insights - Liu Jingkang, the youngest founder in the history of the Sci-Tech Innovation Board, celebrated a significant milestone in his entrepreneurial journey, which has spanned ten years and included both highs and lows [1] - The company, Insta360, has evolved from a startup to a significant player in the 360-degree imaging market, demonstrating resilience and innovation in product development and market strategy [1][30] Group 1: Early Life and Education - Liu Jingkang was born on July 27, 1991, in Zhongshan, Guangdong, and showed an early interest in computers, leading him to explore coding and website creation from a young age [2] - During his time at Nanjing University, he gained recognition for his innovative software projects, including a program that drew attention from major companies like Tencent [2][3] Group 2: Entrepreneurial Beginnings - Liu's entrepreneurial spirit was evident during his university years, where he developed various applications and ventured into the live streaming market with the "Famous School Live" app [12][13] - The transition to creating Insta360 was inspired by the realization of a gap in the 360-degree imaging market, particularly after witnessing advancements in virtual reality technology [18][25] Group 3: Funding and Growth - Insta360 received its first angel investment of $650,000 from IDG Capital in September 2014, marking the beginning of its funding journey [15][16] - The company has successfully completed multiple funding rounds, with significant investments totaling hundreds of millions, enabling it to scale operations and enhance product offerings [16][17] Group 4: Product Development and Market Strategy - The initial product, the Insta360 Nano, was designed to be a mobile accessory for 360-degree photography, which gained popularity but faced challenges in sustaining sales [19][20] - Liu's strategic pivot towards creating a full-fledged 360-degree action camera was driven by user demand and market trends, leading to the successful launch of products like Insta ONE and Insta X [27][28] Group 5: Marketing and Global Expansion - Insta360's marketing strategy combined brand promotion, content creation, and user engagement, significantly enhancing its visibility in international markets [29] - The company successfully launched its products in global retail outlets, including Apple stores, and collaborated with major brands to expand its reach [29] Group 6: IPO Journey and Future Outlook - After a lengthy wait, Insta360 achieved its IPO in October 2020, with revenues increasing fivefold from 2018 to 2020, despite facing challenges related to corporate governance and market competition [32][36] - The company aims to continue innovating and capturing market share in the competitive landscape of imaging technology, while maintaining a focus on long-term growth and value creation [38]

Core Viewpoint - The report highlights the rapid growth of Insta360's revenue and its strong market position in the consumer-grade panoramic camera sector, projecting significant future earnings growth [1][4]. Financial Performance - In Q1 2025, the company achieved revenue of 1.355 billion yuan, a 40.70% increase from 963 million yuan in Q1 2024. The net profit attributable to shareholders was 176 million yuan, a slight decrease of 2.5% from 181 million yuan in the same period [1]. - For the first half of 2025, the company forecasts revenue between 3.214 billion and 3.815 billion yuan, representing a year-on-year growth of 32.38% to 57.10%. The net profit, excluding non-recurring gains and losses, is expected to be between 469 million and 554 million yuan, with a change of approximately -4.64% to 12.63% compared to the previous year [1]. Product Segmentation - Consumer-grade products account for nearly 85% of the company's revenue, with the X series panoramic cameras contributing over 50%, the Go series at 16.3%, and the Ace series at 10.44% [2]. - The X series is known for its comprehensive panoramic shooting capabilities, while the Go and Ace series are designed for creators and live streaming, competing with products from GoPro and DJI [2][3]. Market Position - Insta360 holds a dominant position in the global consumer-grade panoramic camera market, with a market share of 67.2% in 2023, followed by Ricoh and GoPro at 12.4% and 9.2%, respectively. The market share is expected to rise to 81.7% in 2024 [4]. - The company offers a wide range of accessories tailored to various shooting scenarios, enhancing user experience [4]. Supply Chain - Key suppliers include Wenyet Technology and Hongjing Optoelectronics, with significant procurement amounts for integrated circuits (IC) and lens modules [5]. - The proportion of lens modules from Hongjing Optoelectronics increased from 39.95% in 2022 to 72.87% in 2023, and is projected to reach 74.08% in 2024. The share of ICs from Wenyet Technology rose from 51.33% in 2021 to 68.80% in 2024 [6]. Investment Outlook - The company is projected to achieve net profits of 1.308 billion, 1.640 billion, and 2.226 billion yuan for the years 2025 to 2027, with corresponding earnings per share (EPS) of 3.26, 4.09, and 5.55 yuan, leading to price-to-earnings (PE) ratios of 62.62, 49.94, and 36.79, respectively [7].

影石Insta360 创始人兼董事长 刘靖康 "你的底层不是战争，而是 YOLO（你只活一次）。" 文 丨 程曼祺 编辑 丨 宋玮 他设计和制造的相机，拍下过无数次雪场贴地回转、碧海人鱼共游，它们记录下赵朔的西行漫记，捕 捉了银河与地球的同框，随雄鹰俯瞰荒原，最近又被气流卷到 8500 米的高空，在零下 40 度里挺了 30 分钟，证明一名滑翔伞爱好者曾经来过。 可是他自己， 影石Insta360 的创始人刘靖康，却既不会滑雪、潜水，也没时间旅行。 从 24 岁到 34 岁，过去十年里，他把自己的绝大部分精力、热情、创造力与情绪，都投入了另一项极 限运动——创业。而且是在没有太多资源积累时，一毕业就创业。 当刘靖康这批 90 后开始集中创业的 2015 年-2020 年，没有什么东西是别人没做过的，没有什么需求 是前人未涉足的。像 70 后、80 后创业者那样做拓荒者的空间已所剩无几，刘靖康找到了一种属于后 来者的创业方式：不断进入需求已被证明的市场，挑战头部；赚到钱，更重要的是 "赚到能力"。 2023 年夏天我们与刘靖康的访谈中 ，他描述了这条路有多难： "我觉得这是地狱模式。因为进入一个红海垂类时，你吃 ...

影石Insta360 创始人兼董事长 刘靖康 "你的底层不是战争，而是 YOLO（你只活一次）。" 文 丨 程曼祺 编辑 丨 宋玮 他设计和制造的相机，拍下过无数次雪场贴地回转、碧海人鱼共游，它们记录下赵朔的西行漫记，捕 捉了银河与地球的同框，随雄鹰俯瞰荒原，最近又被气流卷到 8500 米的高空，在零下 40 度里挺了 30 分钟，证明一名滑翔伞爱好者曾经来过。 可是他自己， 影石Insta360 的创始人刘靖康，却既不会滑雪、潜水，也没时间旅行。 从 24 岁到 34 岁，过去十年里，他把自己的绝大部分精力、热情、创造力与情绪，都投入了另一项极 限运动——创业。而且是在没有太多资源积累时，一毕业就创业。 当刘靖康这批 90 后开始集中创业的 2015 年-2020 年，没有什么东西是别人没做过的，没有什么需求 是前人未涉足的。像 70 后、80 后创业者那样做拓荒者的空间已所剩无几，刘靖康找到了一种属于后 来者的创业方式：不断进入需求已被证明的市场，挑战头部；赚到钱，更重要的是 "赚到能力"。 2023 年夏天我们与刘靖康的访谈中 ，他描述了这条路有多难： "我觉得这是地狱模式。因为进入一个红海垂类时，你吃 ...

影石创新是科创板2025年第一家拿到批文的企业，也是2025年第7家科创板上市的企业。1991年出生 的刘靖康创始人走进上交所敲钟，从台下走到台上，用了16步，也走到了90后创业者的前列，给2014 年和2015年前后开始创业的90后正了名，他们不是玩票。 10年就能带领公司走上IPO舞台，而且净利润近10亿元的刘靖康是幸运的，在2014年开始的创业大潮 中，曾经的90后学生创业者很多已经不见踪影。成功完成第一步的年轻人屈指可数，比如深鉴科技联 合创始人姚颂（2017年深鉴科技3亿美金被收购），以及今年年初大火的独角兽公司宇树科技王兴 兴。更多人在路上…… 6月11日的凌晨，刘靖康还在酒店里忙碌，早上才匆匆看了一眼上市发言稿。前几天他也经常忙到凌 晨，给亲朋好友和投资人发的邀请微信，都是在凌晨3点发出。 6 月 11 日，影石创新（影石 Insta360 ，以下简称影石）登陆科创板，刘靖康也还是这身装扮。唯 一的不同是，脸上少了副眼镜，手里的话筒换成了 Insta360 X5 ，这是影石刚发布的最新全景相 机，刘靖康就是拿着这款产品敲的钟。 影石成立于2015 年，主要产品有运动相机、 VR 摄影机、全景运动 ...