Author: Huataishi from Pencil News

Shenzhen Bao'an is poised to witness a groundbreaking IPO: Insta360 Technology Co., Ltd. (hereinafter referred to as Insta360), whose registration for the STAR Market has been officially approved, marking it as the first company to clear this hurdle in 2025.

Insta360's core business revolves around the development of panoramic cameras, action cameras, and other innovative products. Its extensive product line caters to both consumer-grade and professional-grade markets, primarily serving domains such as outdoor sports, news live broadcasts, and VR content creation.

Data highlights that Insta360 has held the top spot globally in the panoramic camera market for six consecutive years, with a commanding market share of 67.2%. In the action camera market, it has disrupted the monopoly of European, American, and Japanese brands, consistently ranking among the top two players.

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Liu Jingkang, the visionary founder of Insta360, hails from Zhongshan City, Guangdong Province, born in 1991. During his studies in software engineering at Nanjing University, he exhibited remarkable technical prowess, garnering attention for hacking the mobile phone number of 360's founder, Zhou Hongyi, and developing a "face recognition attendance program".

In 2013, Liu Jingkang ventured into the live streaming industry, establishing "Elite University Live" in Nanjing, which focused on video live streaming from prestigious universities like Tsinghua University, Shanghai Jiao Tong University, and Nanjing University.

A pivotal experience redirected Liu Jingkang's entrepreneurial journey. In 2014, he experienced Google's Cardboard glasses and a mesmerizing 360-degree panoramic video shot over Australia, revealing a market gap - traditional action cameras fell short of meeting the demand for 360-degree panoramic shooting.

A year later, the 25-year-old Liu Jingkang assembled a team of 15 individuals to establish Insta360 (initially named "Lanfeng Chuangshi") in Shenzhen. Initially targeting the VR boom, the company swiftly identified the panoramic camera sector as its niche.

In its second year, the team introduced its maiden product, Nano, weighing a mere 70g. This innovative device featured instant shooting and real-time stitching, marking a significant milestone in Insta360's rapid development trajectory.

Since then, Insta360 has collaborated with renowned brands like Leica, Google, and Apple. After entering the global Apple Store in 2018, it has launched 11 products, solidifying its position as the sole panoramic camera and action camera brand in the Apple Store.

In 2020, the company officially adopted its current name, Insta360 Technology Co., Ltd.

Today, Insta360 boasts five major office hubs worldwide, with a sales network spanning over 60 countries. Online, it comprehensively covers mainstream e-commerce platforms, while offline, it has forged strategic partnerships with retailers such as Best Buy. Its products are available in over 200 countries and regions, boasting millions of hardware users.

The company's workforce now exceeds 2,000 individuals, with nearly half dedicated to R&D, and an average age of just 28.5 years.

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Insta360's flagship products are the Insta360 series of smart imaging devices, encompassing consumer-grade panoramic cameras (like X4, X3), action cameras (such as GO3), and professional-grade VR cameras (like TITAN).

These products leverage advanced technologies like panoramic shooting and AI image processing to cater to users' imaging needs across diverse scenarios.

The Insta360 series emphasizes 360-degree, no-dead-angle shooting, empowering users to freely select their preferred viewing angle post-shooting, eliminating the need for real-time framing adjustments.

For instance, while skiing, users can effortlessly capture complete movements without holding the camera, thanks to AI automatic tracking and anti-shake technology. In news live broadcasts, the device generates immersive VR images, allowing viewers to switch angles independently for an unparalleled viewing experience.

In terms of applications, the Insta360 series spans three key areas: mass consumption, professional scenarios, and industry solutions.

In mass consumption, it is widely used for outdoor sports and travel Vlog shooting. In professional settings, at the 2024 Paris Olympics, over 30 national delegations utilized the X4 panoramic camera to capture the opening ceremony. Its "invisible selfie stick" and AI automatic editing features enabled athletes to produce high-quality videos without compositional distractions.

Additionally, the Insta360 series featured in CCTV's Spring Festival Gala VR live broadcasts and NASA space experiments. In industry solutions, it finds applications in VR house viewings, remote engineering monitoring, and more.

Regarding revenue structure, consumer-grade products (such as the X series and GO series) contribute over 70% of the company's total revenue.

Taking 2023 as an example, Insta360's total revenue approached RMB 4 billion, with the overseas market accounting for 80%. The flagship ONE X series alone contributed 59.22% of revenue in that year.

Last year, Insta360 launched the GO3S, weighing a mere 39 grams. Upon its release, it swiftly became a favorite among Vlog creators, propelling Insta360 to the top two globally in the action camera market, posing a direct challenge to the traditional giant GoPro.

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In terms of clientele, Insta360 primarily serves online e-commerce platforms and offline channel clients.

With regard to online platforms, it has signed substantial sales contracts with Tmall, JD.com, Amazon, among others, with contract terms spanning 2023 to 2024 and transaction amounts exceeding RMB 30 million.

For offline channels, it has inked framework agreements with JD.com, ASI Computer Technologies, Inc., Inspired Motion Tech, and others.

In terms of market performance, Insta360 not only maintains its top spot globally in the panoramic camera market for six consecutive years, with a market share of 67.2%, but also surpassed the well-established American brand GoPro in revenue in the first half of 2024. In the action camera market, it has successfully broken the monopoly, consistently ranking among the top two players.

From a financial standpoint, from 2021 to the first half of 2024, its revenue was RMB 1.328 billion, RMB 2.041 billion, RMB 3.636 billion, and RMB 2.428 billion, respectively, showcasing a compound annual growth rate of 65.46% over the past three years.

Data reveals that among STAR Market companies in 2023, Insta360's revenue scale ranked among the top 10% for the same period.

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Unlike its peers, Insta360 embarked on its overseas expansion journey early on.

In 2017, it attached cameras to eagles, allowing viewers to vividly see the eagle's head and the surrounding 360° panoramic scenery. This narrative approach, seamlessly integrating product features with creative content, transcended cultural and language barriers, fostering emotional resonance with users.

In terms of content ecosystem construction, Insta360 has pioneered a unique dual-wheel drive model. On one hand, it independently produces imaginative PGC content; on the other hand, it established the "Think Bold. Challenge Fund" to incentivize global users to participate in content creation.

Through this strategy, the brand has amassed over 5 million followers on overseas social media platforms.

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From a technical perspective, the rapid advancements in AI and chip technology have significantly bolstered the computing power of smart hardware devices, facilitating the transition of panoramic cameras from niche outdoor enthusiasts to the mass consumer market.

Regarding market demand, taking the global count of outdoor sports enthusiasts as an example, data indicates a compound annual growth rate of 19.4% from 2017 to 2023, reaching 1.22 billion in 2023 and projected to increase to 1.77 billion by 2027.

These enthusiasts harbor a strong demand for smart imaging devices that can capture thrilling sports moments with excellent anti-shake performance.

The smart imaging device sector, to which Insta360 belongs, has experienced rapid growth and technological breakthroughs over the past five years.

The global market size of handheld smart imaging devices has surged from RMB 16.43 billion in 2017 to RMB 36.47 billion in 2023, with a compound annual growth rate of 14.3%, and is anticipated to exceed RMB 59.2 billion by 2027.

The content of this article is for reference purposes only and does not constitute investment advice. This article also draws upon relevant content from Shenzhen Commercial Daily, China Fund News, Gelonghui New Stocks, and Zhitong Finance, to whom we extend our gratitude. Images are sourced from the company's official website.