According to publicly available reports, smart imaging technology company Insta360 (also known as Insta360, hereinafter referred to as "Yingshi") saw explosive revenue growth last year, with revenue for 2023 approaching RMB 4 billion, an increase of nearly 100% year-on-year. In terms of product structure, the operating income of products between RMB 1 and 3 billion amounted to RMB 401 million, RMB 1.288 billion, and RMB 60 million, respectively.
In 2021, Yingshi's revenue exceeded RMB 1 billion, nearly 10 times that of 2017. In 2022, the revenue surpassed RMB 2 billion, and last year it grew to nearly RMB 4 billion, doubling for two consecutive years. Compared with other intelligent hardware companies in Shenzhen, DJI achieved revenue of RMB 9.78 billion after 10 years of establishment, and Anker Innovations Technology achieved revenue of RMB 9.353 billion after nine years of establishment. If Yingshi maintains its current revenue growth rate, it is expected to reach this level within two years and join the billion-dollar club after around 10 years of establishment.
Double revenue for two consecutive years, the new force in imaging technology takes the world by storm.
Yingshi's main business is intelligent imaging products such as panoramic cameras and sports cameras, established in Shenzhen in 2015. According to Frost & Sullivan data, Yingshi has been the global leader in the panoramic camera market for five consecutive years, with a market share exceeding 50%. It ranks second in the global sports camera market, with a market share close to that of traditional giant GoPro, forming a market pattern dominated by the two companies.
It is understood that by 2023, Yingshi's revenue in overseas markets accounted for about 80%, and its global layout continued to be stable. It mainly targets the European, American, Japanese, and Korean markets. The Korean market has grown rapidly, with shipments doubling last year. Yingshi has established a complete online and offline sales system. Its online channels include Yingshi's official store and well-known e-commerce platforms such as Amazon, Lazada, Tmall, and JD.com; offline, it has a sales network covering more than 60 countries worldwide. Since 2016, Yingshi has collaborated with Apple and is the first panoramic camera brand to be available in Apple Stores. Its X series, ONE R series, Ace Pro series, GO series, and Flow AI mobile phone stabilizer are the only panoramic camera and sports camera brands available in Apple Stores.
According to a Frost & Sullivan report, the global sports camera market is expected to grow to RMB 46 billion by 2026. Compared with Yingshi's rapid growth, traditional sports camera giant GoPro is gradually declining. GoPro's fiscal report for 2023 shows that the company's revenue last year was $1 billion, an increase of 8% year-on-year. However, the profit has turned into a loss, and it lost $53 million in 2023, a year-on-year decrease of 284%.
Expanding multiple product lines and accelerating the layout of AI imaging functions.
With the mission of helping people better record and share their lives, Yingshi is also actively expanding its product line, including not only panoramic cameras and sports cameras but also thumb cameras, video conference cameras, and AI mobile phone stabilizers, and other intelligent imaging products.
Among them, the Ace Pro series is jointly developed with Leica, equipped with a 5nm AI chip, and is Yingshi's first all-in-one wide-angle sports camera. The GO series thumb camera, pioneered by Yingshi, has been updated to the fourth generation GO 3S, with 4K ultra-high-definition picture quality, which can be worn anywhere to shoot Vlog blockbusters from a first-person and other unusual angles, completely freeing up hands for no-feel shooting. The Flow series mobile phone stabilizer is based on Yingshi's years of AI image technology. The new product will also integrate with Apple's DockKit protocol and directly call the iPhone's native camera, turning the phone into an AI photographer in seconds.
With the development of computer photography technology, in addition to high resolution, image stabilization, and portability, the second half of the sports camera market has also begun to focus on intelligence. Since 2018, Yingshi has invested in AI technology research and development, independently developing multiple AI imaging functions such as AI editing, automatic framing, and depth tracking. In recent years, the annual research and development budget has exceeded RMB 100 million, and the proportion of R&D personnel amounts to nearly 50%. Previously, one of the most influential business media in the United States, Fast Company, published a list of the world's most innovative companies in 2024, with Yingshi ranking among the top three in the consumer electronics field with innovative imaging technology and products.
The imaging field used to be a stage for Japanese and European and American brands. Yingshi has continuously expanded new product lines around outdoor sports, life recording, video conference, and mobile phone photography through panoramic cameras, selling well in more than 200 countries and regions, with millions of hardware users. It is a typical example of a domestic technology brand defeating foreign giants and rising strongly.