Lei Jianping reported on September 9
ShadowStone Innovation Technology Co., Ltd. (also known as "Insta360 Shadowstone") submitted a prospectus to the Sci-Tech Innovation Board today to prepare for listing on the Sci-Tech Innovation Board.
Insta360 ShadowStone intends to raise 460 million yuan this time, of which 195 million yuan is used for the construction project of intelligent imaging equipment production base and 268 million yuan is used for the construction project of ShadowStone Innovation Shenzhen R&D Center.
Annual revenue of 850 million
Insta360 Shadow Stone focuses on the research and development, production and sales of intelligent imaging equipment such as panoramic cameras and action cameras, and is a world-renowned intelligent imaging equipment provider based on panoramic technology, and has developed a technical system with panoramic technology, image stabilization technology, AI image processing technology, computational photography technology and so on as the core.
The intelligent imaging equipment products launched by Insta360 Shadow Stone have accelerated their integration with various industries, covering panoramic news live broadcasting, national defense and military, political and legal policing, panoramic streetscape maps, VR house viewing, panoramic video conferencing and other fields, empowering the industry by meeting multi-scenario applications.
At present, the main product types of Insta360 Shadow Stone include consumer-grade intelligent imaging equipment, professional-grade intelligent imaging equipment, accessories and other products.
According to the prospectus, Insta360 Shadow Stone's revenue in 2018, 2019 and 2020 was 258 million yuan, 588 million yuan and 850 million yuan, respectively; net profit was 18.287 million, 56.2805 million yuan and 120 million yuan, respectively.
The raw materials purchased by Insta360 Shadow Stone mainly include IC chips, lens modules, structural parts, etc., because direct materials account for a relatively high proportion of the company's main business costs, and product costs are greatly affected by fluctuations in raw material prices. In addition, as an important raw material of the company, the chip constitutes the core component of the company's products.
In each period of the reporting period, the chip procurement amount of Insta360 ShadowStone was 46.5074 million yuan, 120 million yuan and 120 million yuan respectively, accounting for 36.56%, 39.04% and 30.10% of the total raw material procurement, respectively. The company's core chips are mainly purchased from international brands such as Sony and Ambarco, and the replaceability is poor.
In each period of the reporting period, in the overseas sales revenue of Insta360 Shadow Stone was 190 million yuan, 408 million yuan and 568 million yuan respectively, accounting for 75.35%, 69.82% and 67.85% of the main business income, respectively.
From January to June 2021, insta360 ShadowStone,000,000 yuan, the company's operating income was 600 million yuan, an increase of 70.08% over the same period of the previous year; from January to June 2021, the company's net profit attributable to the shareholders of the parent company and the net profit attributable to the shareholders of the parent company after deducting non-recurring gains and losses were 123 million yuan and 117 million yuan, respectively, an increase of 119.86% and 92.22% compared with the same period of the previous year.
In the first three quarters of 2021, Insta360 Shadow Stone is expected to achieve operating income of 862 million yuan to 1.041 billion yuan, a change of about 44.95% to 75.05% over the same period of the previous year; it is expected to achieve a net profit of 173 million yuan to 207 million yuan, a change of about 92.29% to 130.08% over the same period of the previous year; and the net profit after deducting non-recurring gains and losses is 168 million yuan to 204 million yuan, a change of about 75.26% to 112.82% from the same period of the previous year.
Qiming Venture Capital and Xunlei are shareholders
Insta360 ShadowStone has successively received institutional investment from IDG Capital, Chuangbang Angel Fund, Qiming Venture Capital, Xunlei, Suning Group, McCofult Fund, LangmaFeng Venture Capital, Joaquin Capital and other institutions.
In April 2020, Insta360 ShadowStone announced the completion of a multi-million DOLLAR Series D financing round of investors citic securities, Kingstone Capital, China Merchants Eaton Fund, China Merchants China Fund, Cornerstone Capital and Profit Capital.
Before the IPO, Beijing Lanfeng held 29.9376%, EARN ACE held 13.3239%, QM101 held 9.4001%, Hong Kong Xunlei held 8.7327%, Lanfeng Management held 4.0667%, Huajin Tongda held 3.9909%, and Xiamen Fukai held 3.7003%;
Lanfeng Management holds 3.2534%, Etun Media holds 2.7125%, Lingyu Cornerstone holds 2.6670%, and China Securities Investment holds 2.5313%;
Jinshi Zhiyu holds 2.5312%, Wuhu Kuanghu holds 1.7737%, Langma No. 6 holds 1.6682%, Tianzheng Investment holds 1.6250%, and Langma No. 5 holds 1.5013%.
Liu Jingkang, male, born in July 1991, bachelor of software engineering from Nanjing University, founded the company in July 2015, successively served as executive director and manager, chairman and legal representative so far; on the 2017 Forbes Asia 30 under 30 elite list.
Liu Liang, male, born in March 1989, bachelor of finance from Nanjing Agricultural University. In 2011, he co-founded "Open Eat Bar", in 2014, he served as the partner and vice president of "Point Me Bar", and jointly created the unicorn enterprise "Point I Da" in the instant logistics industry, which has received more than 500 million US dollars of investment from Alibaba Group, Ant Financial, Cainiao Logistics and other enterprises; from 2016 to January 2020, he has served as the company's president and CEO; in October 2018, he served as the company's director; and since January 2020, he has served as the company's general manager.
As of June 30, 2021, Liu Jingkang, the actual controller of the Company, had 34.0043% of the voting rights at his disposal and indirectly held 27.5111% of the Company's shares.
After the IPO, Beijing Lanfeng held 26.8767%, EARN ACE held 11.9616%, Qiming's QM101 held 8.4390%, Hong Kong Xunlei held 7.8398%, Lanfeng Management held 3.6509%, Huajin Tongda held 3.5828%, and Xiamen Fukai held 3.3220%;
Lanfeng Management holds 2.9207%, Etun Media holds 2.4352%, Lingyu Cornerstone holds 2.3944%, and China Securities Investment holds 2.2725%;
Jinshi Zhiyu holds 2.2724%, Wuhu Kuanghu holds 1.5924%, Langma No. 6 holds 1.4976%, Tianzheng Investment holds 1.4589%, and Langma No. 5 holds 1.3478%.
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