Shenzhen’s well-known big seller is heading for IPO!

In recent years, with the increasing demand of consumers for immersive content, the panoramic camera market has experienced rapid development. This trend has not only promoted the overall progress of the industry, but also provided unprecedented development opportunities for many companies.

In this industry wave, Insta360 successfully stood out and began to sprint towards the capital market.

Insta360's IPO registration application on the Science and Technology Innovation Board has been approved

Recently, Insta360's IPO registration application for the Science and Technology Innovation Board was officially approved by the China Securities Regulatory Commission, becoming the first company to be approved for registration on the Science and Technology Innovation Board in 2025. This news marks a key step for Insta360 in its journey into the capital market.

In this IPO, Insta360 plans to raise 464 million yuan, mainly for the construction of a smart imaging equipment production base and a Shenzhen R&D center, aiming to further enhance the company's R&D and production capabilities to meet the growing market demand.

Looking back on Insta360's road to listing, it can be said to have gone through many twists and turns.

As early as July 2020, Insta360 submitted its application for listing and officially embarked on its journey into the capital market.

On October 28, 2020, the Shanghai Stock Exchange officially accepted Insta360's application for listing on the Science and Technology Innovation Board.

After a long review process, it was not until September 16, 2021 that Insta360 finally passed the review of the Science and Technology Innovation Board Listing Committee.

On January 28, 2022, Insta360's IPO entered the "submission registration" status. However, for a long time thereafter, Insta360's listing process stagnated.

Due to the disclosure of the shareholding information of shareholder Chen Bin (a former employee of the Shenzhen Stock Exchange), the company was repeatedly questioned by the China Securities Regulatory Commission, asking for an explanation of the background of the indirect shareholder Chen Bin's investment and whether there was any interest transfer. This issue once became a "stumbling block" for Insta360 on its road to listing.

On August 14, 2024, the company's founder Liu Jingkang published a long article on WeChat Moments, clarifying the relevant issues in detail. He pointed out that Chen Bin had the highest bid when he bought the shares, and there was no transfer of interests. At the same time, Liu Jingkang also emphasized that the relevant regulatory regulations were not issued until half a year after the company's IPO application, and the company had submitted a special inspection report in a timely manner after the regulations were issued.

On September 30, 2024, the Shanghai Stock Exchange announced that Insta360's financial information had expired and needed to be resubmitted. This undoubtedly added new variables to Insta360's listing process.

But Insta360 was not discouraged. On December 31, 2024, the company successfully completed the update of its financial information and restarted the registration process.

Now, Insta360 's IPO registration application has been officially approved by the China Securities Regulatory Commission.

I believe everyone is familiar with Insta360.

In 2015, Insta360's parent company, Insta360 Innovation Technology Co., Ltd., was established in Shenzhen. Insta360 focuses on the research, development, production and sales of smart imaging equipment such as panoramic cameras and sports cameras. Its smart imaging equipment products have covered panoramic news live broadcasts, sports events, political and legal police work, panoramic street view maps, VR house viewing, panoramic video conferencing and other fields.

As a leader in the global panoramic camera market, Insta360 has demonstrated strong market competitiveness, with a market share of over 60%. Its products are exported to more than 200 countries and regions around the world.

The success of Insta360 is not accidental. The company adopts a differentiated market strategy and builds a complete product matrix to meet the needs of different user groups. In the consumer market, the company has launched popular products such as the ONE series and the GO series. With their stylish appearance, excellent performance and affordable prices, they have successfully attracted the attention of a large number of user groups such as sports enthusiasts and travel experts. In the professional market, the Pro series products are widely used in film and television production, news live broadcast, virtual reality and other fields with their excellent quality and professional functions, and have won the favor of many professional users.

Insta360 has successfully stood out in the fierce market competition through continuous technological innovation and precise market positioning.

Its products not only have innovative panoramic shooting technology, support 360-degree panoramic shooting, and can capture images without blind spots, providing users with an immersive visual experience; they are also equipped with FlowState anti-shake technology, which can capture stable and smooth images even in intense sports scenes.

In addition, the product has built-in AI algorithms that support functions such as automatic editing, intelligent tracking, and automatic framing, which greatly simplifies the post-production process and lowers the user's operating threshold. Through the mobile app, users can also quickly edit and share content, meeting their needs for convenience.

In terms of software, Insta360 also performs well. Its supporting software (such as Insta360 App and Studio) is powerful and supports panoramic editing, AI editing, real-time preview and other functions. At the same time, the software also provides a wealth of creative templates and special effects to help users quickly create high-quality content. The addition of these software functions not only increases the added value of the product, but also further enhances the stickiness and loyalty of users.

In terms of marketing strategy, Insta360 has adopted a sales model that combines online and offline sales and established a global marketing network. In addition, the company actively cooperates with content creators to enhance brand influence and win wide acclaim in the market through the high-quality user-generated content they create. This strategy has not only significantly improved the brand's visibility and reputation, but also effectively promoted the continued growth of product sales.

In recent years, Innolux's performance has been outstanding.

From 2021 to 2023 and the first half of 2024, the revenue of Arashi Vision was RMB 1.33 billion, RMB 2.04 billion, RMB 3.64 billion and RMB 2.43 billion respectively; the net profit attributable to the parent company was RMB 266 million, RMB 407 million, RMB 830 million and RMB 518 million respectively . During this period, the company's main business revenue showed a steady growth trend, with a compound annual growth rate of 65.45% from 2021 to 2023, and the main business revenue growth in the first half of 2024 compared with the same period last year also reached 50.82%. At the same time, the gross profit margin of Arashi Vision Innovation maintained a leading position in the industry, with gross profit margins of 50.41%, 51.49%, 55.95% and 53.44% during the reporting period.

Behind this series of achievements is Insta360's continuous investment in technological innovation. The company has built a strong technical barrier with more than 800 patents, forming a technical system with panoramic technology, anti-shake technology, AI image processing technology, and computational photography technology as the core. These technological breakthroughs have not only enabled Insta360 to achieve a leap from "plane" to "space" in image capture, but also promoted the intelligent process of image capture and production, providing crucial basic technical support for VR panoramic image acquisition.

Insta360 still faces multiple risk factors

Although Insta360 holds a leading position in the global panoramic camera market, the company still faces many risk factors during the listing process and future development.

First, the company is facing an intellectual property lawsuit from its competitor GoPro. In March 2024, GoPro filed a 337 investigation application with the U.S. International Trade Commission, accusing Vision-related products and accessories of infringing its intellectual property rights. If the final ruling is unfavorable to Vision, it may seriously hinder its sales in the U.S. market and pose a severe test to its global business layout.

On the other hand, it should be noted that the intelligent imaging industry is updating and replacing at a very fast pace, and AI technology, optical imaging technology, etc. are constantly innovating and developing, which requires Yishi Innovation to continue to increase its R&D investment to ensure its leading position in technology. Once the company fails to keep up with the pace of technological development and launch new products and technologies that meet market demand in a timely manner, it may be overtaken by competitors and lose its market competitiveness.

In addition, the company's overseas sales account for a high proportion of its revenue, which makes it vulnerable to international trade frictions and changes in tariff policies. For example, if the US government imposes tariffs on goods imported from China, it may weaken the company's competitiveness in the US market.

Therefore, how to effectively deal with these risks in a complex and ever-changing market environment and continue to maintain competitive advantages has become a key issue that Shadow Stone must think about and work hard to solve in its future development. Shadow Stone's development path is full of opportunities, but also accompanied by many challenges.

IPO

Shenzhen big seller