In the field of Shanshi Innovation Smart code panoramic video, overseas sales revenue accounts for 70%. When will the registration procedures be suspended twice?

Picture source: Oriental IC

Recently, the shadow stone innovation moves that resume the registration procedure have been frequently. At the time of Insta360 Shadow Stone and Leica's new one -inch one -inch panoramic camera, Kuaishou and Insta360 Shadow Stone announced that it has reached in -depth cooperation in the panoramic video field.

However, from the road of innovation in Yingshi, it can be described as twists and turns. It was temporarily reviewed for the first time. Although the second time was "exempt", the listing progress has not been updated. Strangely, Chen Jinyao, who was one of the three co -founders, did not appear in the prospectus.

In addition, Yingshi Innovation's products accounted for a high cost of direct materials in the main business costs, and product costs were greatly affected by the fluctuation of raw materials, and the main sales revenue was also abroad.

At present, the panoramic camera market has a small capacity and fierce competition in the industry. How much space does it have to grow in the Gopro and DJI competition?

Kuaishou announced cooperation with Insta360 Yingshi, and the field of panoramic video

At the end of June, Kuaishou and Insta360 Yingshi announced a series of in -depth cooperation in the panoramic video field. According to reports, the two parties will work hard to polish and improve the shooting and playback technology of panoramic images, and are committed to bringing users a clearer, smooth and interesting audiovisual experience to create a feast of sensory interaction.

According to reports, users use Insta360 Shadow Stone camera to shoot panoramic videos or perform panoramic live broadcasts, which can release the panoramic work one -click release and push the live broadcast to the fast hand.

It is worth noting that when it was announced to cooperate with Kuaishou, it was also on the occasion of the new one -inch panoramic camera of Insta360 Shadow Stone and Leica.

In recent years, with the advantages of small, easy to carry, anti -shake and waterproofing, have become many live video, short video bloggers' shooting options, and have also been applied to the field of variety shows, documentaries or live broadcasts of TV stations.

Many people in the industry told reporters that in recent years, the development of the live broadcast field has been in full swing. Insta360 Yingshi's consumer -grade products have been widely used in the live broadcast field. Promote the growth of product sales.

In this regard, the relevant person in Yingshi Innovation said, "Its products have always had the function of VR panoramic live broadcast, and it is just a push of panoramic videos."

The first meeting was temporarily reviewed. When will the post -90s startup companies be listed?

Liu Jingkang, the founder of Yingshi Innovation, was previously a 2010 student of Nanjing University Software College. In July 2012, he used the photos of 7,000 classmates to make the "standard face" of various colleges of Nanjing University, which caused the Internet to watch. To this end, netizens said that Liu Jingkang is "Standard Brother". The founder of the post -90s dialed the key sound of Zhou Hongyi only through the reporter's key and CEO Zhou Hongyi's mobile phone through a reporter, and he decippped Zhou Hongyi's mobile phone number.

After graduating, Liu Jingkang chose to start a business. In 2015, Yingshi Innovation was established, and from the establishment to the submission of the prospectus. The company only took five years. During this period, Yingshi Innovation continued to be favored by the capital market.

Tianyancha APP shows that Yingshi Innovation has completed eight rounds of financing so far, investors include IDG Capital, Qiming Venture Capital, CITIC Securities Investment, etc. In the last round of financing, it was tens of millions of dollars in financing in April 2020. Investors include CITIC Securities Investment, Goldstone Investment, China Merchants Capital, Profit Capital, etc.

In July 2021, the first start of Yingshi Innovation will be suspended. Announcement of the results of the Shanghai Stock Exchange's review meeting showed that Yingshi Innovation needs to further implement and explain the company's governance risks and low employee social security payments.

Subsequently, Yingshi Innovation stated in the reply letter that the members of the board of directors were reduced to 9, including 3 independent directors; and since August 2021, the total employee salary was based on the full staff to pay social insurance costs.

In September 2021, Yingshi Innovation was a second meeting. According to the information disclosed by the Shanghai Stock Exchange, this time the Shanghai Municipal Party Committee inquired about the question. Not common.

Subsequently, the process of Yingshi Innovation was not further advanced, and the financial information recorded twice due to the issuance of the listing of the listing application documents has been suspended from the issuance of the registration process.

The co -founder of "disappearing"

The reporter found that when the predecessor Lanfeng, the innovation of Yingshi, three co -founders -Liu Jingkang, Chen Jinyao and Chen Yongqiang. When the 2017 Forbes China 30 under 30 years of age was released, the three co -foundes were on the list.

In Yingshi Innovation in 2018 and previous publicity, Chen Jinyao also appeared many times with the founder and CMO of Insta360. However, it is worth noting that in recent years, Chen Jinyao's name has appeared in Xingshi. The prospectus of Yingshi Innovation is also not mentioned to Chen Jinyao.

After searching, the reporter found that news from Jiangsu.com showed that in July 2021, Chen Jinyao established Yingzhi Technology in Yangzhou and jointly established a laboratory with Yangzhou Public Security.以全景镜头软硬件为基础，紧密围绕全景视频拼接技术，实时防抖技术，打造全景AI智能算法、人脸识别系统等，提供全景信息采集硬件（如全景音视频采集仪、全景监控等）、 AI+face recognition technology, unlimited anti -shake algorithm and other comprehensive services and integrated platform carriers. Tianyancha information shows that the company's company's company is Nanjing Yingzhi Technology Co., Ltd., but according to equity penetration information, the company seems to have nothing to do with Yingshi innovation. The major shareholders and actual control are Chen Jinyao's individual, holding the shareholding ratio as high as reaching as high 80%.

So is Chen Jinyao who is still working in Yingshi?

The Blue Whale TMT reporter learned from a person familiar with the matter that Chen Jinyao had left Yingshi to innovate his own business three years ago, but the reason for the specific departure is unknown.

Costs are greatly affected by fluctuations in raw materials, and overseas sales revenue accounts for 70%

Since its establishment, Yingshi Innovation has been focusing on the research and development, production and sales of smart imaging equipment such as panoramic cameras and sports cameras.

The raw materials purchased by the company mainly include IC chips, lens modules, structural components, etc. Because the direct materials account for a relatively high cost of the main business, their product costs are greatly affected by the fluctuation of raw material prices.

As an important raw material for the company, the chip constitutes the core part of the product. During the reporting period, the company's chip procurement amount was 46.57 million yuan, 120 million yuan, 123 million yuan, and 76.827 million yuan, respectively, accounting for 36.56%, 39.04%, 30.1%, and 28.64%of the total raw material procurement.

According to Yingshi Innovation Prospectus, its core chips are mainly to purchase international brands such as Sony and Anta, and they can be replaced poorly. In the future, if relevant foreign suppliers are suspended due to special trade reasons or global chip shortages, they will stop exporting chips or The increase in supply cycle will adversely affect production and operation.

On the other hand, the reporter noticed that the main sales revenue of Yingshi Innovation was abroad. Each period of the reporting period (2018, 2019, 2020, and the first half of 2021), the company's overseas sales revenue was 194 million yuan, 408 million yuan, 568 million yuan, and 413 million yuan, respectively, accounting for the main business income ratio, respectively It is 75.35%, 69.82%, 67.85%, and 69.58%.

The innovation of Yingshi, since 2019, various factors and epidemic influence have increased the uncertainty of overseas business development. In addition, in subsequent overseas market competition, it does not rule out major changes in factors such as international market product design concepts and technological development; if the international market business is not smooth or failed to meet expectations in the future, it will affect the company's international market business development.

Sales are not as comparable to those of peers, and the panoramic camera market has a small capacity

The prospectus shows that Yingshi Innovation is positioned as a smart imaging equipment provider, and the development has formed a technical system with panoramic technology, anti -shake technology, AI image processing technology, and calculating photography technology. The company's main products include consumer -level smart imaging equipment, professional -level smart imaging equipment, accessories and other products. Consumer -level intelligent image equipment includes consumer -level panoramic cameras and sports cameras. Professional smart imaging equipment includes professional -grade VR panoramic cameras.

The products of Yingshi Innovation are mainly consumer -level smart imaging equipment. In the first half of 2021, the business revenue accounted for more than 80%.

In the prospectus, Yingshi Innovation listed GoPro, Japanese Ricoh and DJI as comparable companies. According to Greenlight Insights data, the global market share of the "Insta360 Shadow Stone" brand panoramic camera in 2020 ranked first.

However, it is worth noting that according to the data of the JD.com business platform, the top three of the total transaction amount index of the sports camera category in the first half of 2020, Yingshi Innovation significantly lags behind GOPRO and DJI. In terms of revenue, Yingshi Innovation cannot be compared with GOPRO and Japan's Ricoh.

With the continuous development of information technology such as computer network technology and intelligent control technology, the concept of intelligence has gradually penetrated into the image equipment industry. The smart imaging equipment industry represented by sports cameras, aerial drones, panoramic cameras and other devices began to start rapid develop.

However, it is worth noting that according to GreenLight Insights data, the global panoramic camera market in 2020 reached US $ 593 million, and it is expected to increase to US $ 1.201 billion in 2025, with a compound growth rate of 15.16%. In other words, the market size of the industry is currently less than 1 billion.

Yingshi Innovation admits in the prospectus that the current panoramic camera market has a small capacity. If the market capacity growth of the industry is limited in the future and its failure to expand the rich product line and product application scenarios, business growth will be restricted. At present, the industry's market competition is mainly concentrated in the stock brand manufacturers. If the company cannot consolidate the market position through continuous research and development and innovation, there will be risk of losing market share and decline in continuous profitability due to intensified market competition.

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