Good News on Listing | Frost & Sullivan Congratulates Yingshi Innovation on Successful Listing on the Sci-tech Innovation Board of the Shanghai Stock Exchange (688775.SH)

Yingshi Innovation Technology Co., Ltd. (hereinafter referred to as 'Yingshi Innovation') successfully went public on June 11, 2025. The A-share offering opened at an issue price of 47.27 yuan per share, with a total issuance of 41 million shares and a total raised capital of 1.938 billion yuan.

• The company possesses strong independent R&D and design capabilities, deeply exploring user needs with advanced technological advantages, fully extending product functions, providing consumers with technologically advanced and superior products, and offering efficient intelligent imaging solutions for the industry.

   

• The company leverages its core strengths in innovative technology application capabilities and advanced product definition to design and develop innovative products with advanced functions and excellent quality, and has established a good market reputation;

   

• In 2023, the company's market share in the global consumer-grade panoramic camera segment accounted for 67.2%, ranking first in the industry;

   

• In 2023, the company ranked second in the global sports camera market share, only behind GoPro.

Frost & Sullivan has long been monitoring the global and Chinese consumer electronics industries, publishing a large number of research reports that are widely cited in the prospectuses of leading listed companies in the industry, helping clients accelerate growth.

With the continuous development of information technologies such as computer network technology and intelligent control technology, the concept of intelligence has begun to gradually penetrate into the imaging equipment industry. The intelligent imaging equipment industry, represented by devices such as action cameras, aerial drones, and panoramic cameras, has begun to develop rapidly. Since 2017, multiple brands such as Insta360, Samsung, and Nikon have launched panoramic cameras, driving the rapid development of the panoramic camera market. The global market size of handheld intelligent imaging equipment has grown from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with a compound annual growth rate of 14.3%. Today, consumer-grade handheld intelligent imaging equipment has initially opened up the market, and it is expected that the industry will enter a period of rapid growth.

With the increase in the number of outdoor sports enthusiasts and the popularization of social network video sharing, people's willingness to shoot videos has continuously strengthened, thereby driving the growth of the sports camera market size. The global sports camera market size grew rapidly from 13.93 billion yuan in 2017 to 31.44 billion yuan in 2023, with a compound growth rate of 14.5%. The global sports camera shipments increased from 14.105 million units in 2017 to 44.61 million units in 2023, with a compound growth rate of 21.2%.

Panoramic technology first appeared in the 1990s, with a few high-end digital cameras generating panoramic images by continuously shooting narrow-angle images and later stitching them together using post-processing software, but there were no dedicated devices for capturing panoramic images. In 2015, Ricoh of Japan released the first 360° panoramic camera, officially kicking off the panoramic camera market. The global panoramic camera market size was 2.51 billion yuan in 2017, and it grew to 5.03 billion yuan by 2023, with a compound growth rate of 12.3%. It is expected to reach 78.5 billion yuan by 2027. As panoramic cameras continue to penetrate professional fields such as outdoor sports, telemedicine, and smart cities, the market size for panoramic cameras will further expand in the future.

Currently, the leading player in the sports camera market is GoPro from the United States. Other major manufacturers and brands include RICOH, DJI, AKASO, SJCAM, etc., with a relatively fragmented overall market. In 2023, the top three brand manufacturers in the global sports camera market were GoPro, RICOH, and DJI. As an established sports camera manufacturer, GoPro's sales tend to be stable. New entrants such as RICOH have rapidly seized the market with their innovative strength and R&D technology, leading to rapid growth in sales.

In the field of panoramic cameras, in recent years, as industry technology has continuously matured, the market competition pattern has shifted from multiple participants to a concentration of leading enterprises. Domestic companies such as ImageStone Innovation have gradually seized market share in the panoramic camera industry by leveraging their advantages in image processing technology. Currently, the leading global consumer-grade panoramic camera companies include ImageStone Innovation from China, Ricoh from Japan, and GoPro from the United States. The professional VR panoramic camera market is mainly dominated by ImageStone Innovation and Shenzhen SeeSee Technology Co., Ltd.

In 2023, the top three global consumer-grade panoramic camera market shares were held by RICOH, Ricoh Japan, and GoPro, with market shares of 67.2%, 12.4%, and 9.2%, respectively.