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A "longest wait" IPO finally reached its conclusion.

Contributor | pen鋒

Source | Investment家（ID：touzijias）

1,582 days! Recently, a batch decision from the SEC marked the end of a long-standing "釘子戶" case for Insta360 (Insta360), as its IPO journey was officially concluded.

This outcome, while both surprising and expected, comes with its complexities. Insta360 had been awaiting approval since October 28, 2020, under the科創(chuàng)板 system, and saw its application for registration approved on February 27, 2025.

The company's journey was marked by hope upon hope. It successfully passed the review in September 2021, seeming to be on the brink of success. However, after submitting its registration in January 2022, it faced multiple inquiries and scrutiny, even briefly halting progress for over three years.

Last August, a screenshot from Insta360's founder,劉靖康, went viral on the創(chuàng)投圈. In a late-night message on his WeChat, he openly shared his confusion over the stalled IPO. At the time, two and a half years had passed since Insta360 had submitted its科創(chuàng)板 IPO registration, and its financial documents were overdue for review twice. Shareholder status had also been repeatedly questioned, with founder revealing that his wages were entirely used to repay interest on loans. Opinions differed widely in the industry.

During this time, Insta360 was labeled by the market as a "釘子戶" on the科創(chuàng)板, with even rumors circulating online suggesting the company might backtrack or modify its IPO plans.

It wasn't until recently that the SEC issued a batch decision, ending the long wait and finally allowing Insta360 to launch its IPO journey successfully. The company had become the first to pass the review in 2025 for a科創(chuàng)板 IPO, marking a historic achievement for the market.

The lengthy wait came to an end with a triumphant conclusion.

一

資本市場(chǎng)的“風(fēng)聲鶴唳”并非空穴來(lái)風(fēng)。

影石創(chuàng)新IPO受阻的導(dǎo)火索，是間接股東陳斌的特殊身份。這位曾在中國(guó)深交所以高級(jí)經(jīng)理身份工作，后被調(diào)至證監(jiān)會(huì)發(fā)行部擔(dān)任職務(wù)的"敏感人物"，并非等閑之輩。

他通過深圳麥高控股、廈門富凱等基金，以"非審核崗"身份間接持有影石創(chuàng)新約5%的股權(quán)。深圳麥高控股的控股股東是他本人，而廈門富凱的出資人中，他通過配偶王蓉控制的德樸投資持股達(dá)99%。這種復(fù)雜的股權(quán)布局，讓人不寒而栗。

影石創(chuàng)新在IPO申報(bào)至注冊(cè)的四輪問詢、兩次上市委審議期間，對(duì)陳斌的監(jiān)管背景、入股動(dòng)機(jī)、交易細(xì)節(jié)完全沒有涉及。直到2024年8月，劉靖康在朋友圈"自曝家丑"，市場(chǎng)才驚覺這位前監(jiān)管者早已"潛伏"三年。

2018年10月，陳斌通過深圳麥高和廈門富凱突擊入股影石創(chuàng)新，時(shí)機(jī)恰逢公司提交IPO申請(qǐng)前夕。當(dāng)時(shí)影石創(chuàng)新估值僅17億元，但到了2023年，其凈利潤(rùn)飆升至8.3億元，科創(chuàng)板估值更是突破了166億元。這種估值的暴漲，難免讓人產(chǎn)生質(zhì)疑。

更為詭異的是，陳斌的入股價(jià)格比深創(chuàng)投高出50%。這種"逆市場(chǎng)規(guī)律"的定價(jià)方式，也讓外界對(duì)交易的真相產(chǎn)生了懷疑。

劉靖康在2024年的一封公開信中透露，為清理陳斌股份，他每年需償還"七位數(shù)利息"，而陳斌套現(xiàn)股權(quán)的估值超1億元。這筆巨額資金的來(lái)源究竟是什么？招股書顯示，劉靖康在IPO前夜通過員工持股平臺(tái)以2950萬(wàn)元轉(zhuǎn)讓股權(quán)套現(xiàn)2300萬(wàn)元，理由竟然是"改善生活需求"。這種解釋，真是讓人哭笑不得。

影石創(chuàng)新創(chuàng)始人劉靖康雖多次澄清，強(qiáng)調(diào)陳斌并非審核崗人員，且入股時(shí)出價(jià)遠(yuǎn)超深創(chuàng)投50%，絕無(wú)利益輸送之嫌，還指出相關(guān)規(guī)定是在IPO申報(bào)后半年才出臺(tái)，公司在規(guī)定出臺(tái)后一兩個(gè)月就已提交專項(xiàng)核查報(bào)告。但這些解釋，在資本市場(chǎng)的"放大鏡"下，顯得力有未逮。

影石創(chuàng)新身處其中，不得不花費(fèi)大量的時(shí)間和精力和資源來(lái)應(yīng)對(duì)監(jiān)管問詢，這無(wú)疑大大延緩了其上市進(jìn)程，使其在資本市場(chǎng)的邊緣徘徊多年，成為眾人眼中的"釘子戶"。

2020年10月，影石創(chuàng)新的科創(chuàng)板IPO申請(qǐng)獲得受理。當(dāng)時(shí)，科創(chuàng)板剛滿一年，政策紅利如潮涌動(dòng)，資本 layer 熱衷于"硬科技"。然而，誰(shuí)也沒料到，這家營(yíng)收年增60%、全球市占率超50%的行業(yè)龍頭，卻成了"注冊(cè)環(huán)節(jié)滯留最久企業(yè)"。

在數(shù)年間，資本市場(chǎng)如同潮水，無(wú)數(shù)企業(yè)曾匆匆上陣卻又匆匆離去。

從校園傳奇到全球第一。

在科技界，影石創(chuàng)新（Insta360）的名字早已耳熟能詳。它的故事，始于創(chuàng)始人劉靖康的創(chuàng)業(yè) journey。

劉靖康，1991年出生的90后，自幼對(duì)技術(shù)充滿興趣。在南京大學(xué)軟件學(xué)院期間，他利用7000余張同學(xué)證件照，制作出各個(gè)學(xué)院的"標(biāo)準(zhǔn)臉"照片。

更早時(shí)，他通過分析記者與周鴻祎對(duì)話時(shí)的按鍵記錄，成功破解了對(duì)方的手機(jī)號(hào)碼。這種對(duì)技術(shù)的執(zhí)著，讓他在校園里贏得了"技術(shù)帝"的美譽(yù)。

2015畢業(yè)時(shí)，憑借團(tuán)隊(duì)開發(fā)的"名校直播"系統(tǒng)，他獲得了IDG Ventures的天使投資。真正改變中國(guó)影像行業(yè)命運(yùn)的，是他在2014年發(fā)現(xiàn)的那段360°視頻——傳統(tǒng)全景相機(jī)需要半小時(shí)拼接的痛點(diǎn)，成為了他創(chuàng)業(yè)的起點(diǎn)。

2015年初，第一代Insta360全景相機(jī)原型在南京誕生，同年7月，團(tuán)隊(duì)遷移至供應(yīng)鏈更成熟的深圳，同時(shí)積極拓展海外市場(chǎng)。事實(shí)證明，他的判斷是正確的。

影石創(chuàng)新的發(fā)展速度令人驚嘆，僅用一年時(shí)間推出的首款消費(fèi)級(jí)相機(jī)Nano，憑借70克的輕量化設(shè)計(jì)和"即拍即得"的使用體驗(yàn)，迅速成為市場(chǎng)關(guān)注的焦點(diǎn)。上市首月便狂賣約2萬(wàn)臺(tái)，成為現(xiàn)象級(jí)產(chǎn)品。

沃茲尼亞克曾稱贊其為"了不起的產(chǎn)品"，這不僅是中國(guó)影像行業(yè)的里程碑時(shí)刻，更是中國(guó)科技企業(yè)創(chuàng)新精神的生動(dòng)寫照。

此后，品牌持續(xù)突破創(chuàng)新，在"隱形自拍桿""子彈時(shí)間"等新功能的基礎(chǔ)上，不斷為用戶帶來(lái)更多驚喜。通過這一技術(shù)，讓全景相機(jī)成為抖音網(wǎng)紅創(chuàng)作的神器。

根據(jù)弗若斯特沙利文的數(shù)據(jù)，2022年，影石創(chuàng)新在全球全景相機(jī)市場(chǎng)的占有率已經(jīng)超過50%；到2023年，其在全球消費(fèi)級(jí)全景相機(jī)市場(chǎng)的銷售額占比更是高達(dá)67.2%，連續(xù)六年穩(wěn)居全球第一，相當(dāng)于每賣出三臺(tái)就有兩臺(tái)貼有Insta360標(biāo)簽。

這項(xiàng)創(chuàng)新不僅打破了歐美、日韓品牌在全景相機(jī)領(lǐng)域的長(zhǎng)期壟斷，還在全球運(yùn)動(dòng)相機(jī)市場(chǎng)取得了不俗的成績(jī)，成為與GoPro齊頭并進(jìn)的中國(guó)品牌，目前市占率穩(wěn)居全球前二。

在技術(shù)研發(fā)方面，影石創(chuàng)新同樣不遺余力。從2021年到2024年半年，累計(jì)研發(fā)投入達(dá)到11億元。截至2024年6月，公司已擁有800余項(xiàng)專利，多項(xiàng)技術(shù)入選中國(guó)專利獎(jiǎng)，形成了強(qiáng)大的技術(shù)壁壘。

現(xiàn)在，影石創(chuàng)新已在全球建立覆蓋200多個(gè)國(guó)家的銷售網(wǎng)絡(luò)，產(chǎn)品已入駐蘋果(Apple) Store和徠卡(Leica)旗艦店，成為唯一一家入駐蘋果的全景相機(jī)品牌，海外營(yíng)收占比超過80%，在歐美高端市場(chǎng)實(shí)現(xiàn)了"逆襲"。

短時(shí)間內(nèi)，這項(xiàng)最初源于校園的項(xiàng)目已超越商業(yè)范疇，成為重新定義人類記錄方式的"時(shí)空膠囊"。

僅用幾年時(shí)間，影石創(chuàng)新實(shí)現(xiàn)了從"校園傳奇"到全球第一的跨越。

[注：原文此處"三"應(yīng)為"十"，可能是編號(hào)錯(cuò)誤]

技術(shù)領(lǐng)先，但這并不意味著完全無(wú)憂。

有時(shí)，技術(shù)的勝利可能伴隨著更危險(xiǎn)的代價(jià)。當(dāng)它憑借全景相機(jī)技術(shù)在全球市場(chǎng)嶄露頭角時(shí)，一場(chǎng)來(lái)自行業(yè)巨頭的專利訴訟風(fēng)暴，已然悄然逼近。

In March 2024, the motion camera giant GoPro wielded its調(diào)查權(quán)，filed a lawsuit accusing影石創(chuàng)新 of infringing on six of its patents. This move came as a blow to影石創(chuàng)新, whose revenue was primarily generated from overseas markets. The lawsuit hit at its core, forcing it to halt its U.S. operations.

The suit also served as a precise blow to itsIPO plans.影石創(chuàng)新 had already filed itsIPO application over three years prior, but the 12- to 16-month調(diào)查 period had already missed its best funding window.

More devastatingly, GoPro's lawsuit alleged that its侵權(quán)產(chǎn)品清單 covered nearly all of影石創(chuàng)新's消費(fèi)級(jí)相機(jī) models. Even today, the調(diào)查 and trial are ongoing.

For影石創(chuàng)新, rising from the radar of its competitors has always been a challenge. GoPro's patent litigation is essentially a move to contain its expansion in the global market and maintain its dominance in the motion camera category.

In response,影石創(chuàng)新 decided to strike back. It not only sued GoPro for patent infringement but also claimed damages of 1.5 billion, effectively doubling down on its home ground.

This "patent battlefield tactics" mirrors the strategies employed by companies like華為 against思科 and大疆 against道通.

However,影石創(chuàng)新 faces other challenges as well. Despite being the first in the global market for wide-angle cameras, its reliance on upstream suppliers for core chips has become a bottleneck.

Even as it engaged in fierce patent battles with GoPro,影石創(chuàng)新 was also involved in nearly 10 IP disputes during itsIPO preparations and beyond. From copyright disputes over“Di嘉奧特曼” to false claims of commercial secrets, every case cost the company substantial resources.

As technology becomes the moat against competition, the legal battles are becoming more heated.

The biggest challenge for影石創(chuàng)新 after itsIPO was understanding the gap between short-term market fluctuations and long-term technical value. Can investors see through market volatility to see the true value of its technology? Can it weather the wave of AR/VR technology disruption with its67.2% market share? These questions are testing the depth of market understanding.

但意料之外的是，即便陷入了爭(zhēng)議，影石創(chuàng)新最終還是順利通過了會(huì)審。

不管怎樣，它用十年時(shí)間，從GoPro的1/40規(guī)模，逐步發(fā)展到全面超越，這正印證了中國(guó)制造的另一種可能——僅靠低價(jià)已經(jīng)不夠，更要有技術(shù)創(chuàng)新、品牌塑造和銷售渠道的三大途徑才能突破常規(guī)。

影石創(chuàng)新的IPO批文，不是故事的終點(diǎn)，而是新的戰(zhàn)斗的起點(diǎn)。

面對(duì)全景相機(jī)市場(chǎng)即將碰到天花板的瓶頸，影石必須找到新的增長(zhǎng)點(diǎn)；當(dāng)國(guó)際巨頭加大專利布局的升級(jí)，它就必須轉(zhuǎn)變角色，從"守夜人"轉(zhuǎn)變?yōu)?規(guī)則制定者"。