In the first year of listing, "revenue increased but profit did not," Yingstone Innovation's 2025 revenue is close to 10 billion yuan, with a net profit down 3%

On the evening of February 13th, YingStone Innovation (688775.SH), known as the “Number One Stock in Intelligent Imaging” in A-shares, released its 2025 performance brief, revealing its operational results for its first year as a listed company.

The data shows that the company achieved a total revenue of 9.858 billion yuan for the year, a significant increase of 76.85% year-over-year, setting a new record; however, net profit attributable to the parent company was approximately 964 million yuan, down 3.08% year-over-year, and net profit after non-recurring items was about 882 million yuan, down 6.74% year-over-year, showing a clear “increased revenue but not increased profit” trend, and the performance fell short of previous institutional expectations.

The announcement states that the revenue growth was mainly due to market expansion, new product launches, and channel collaboration, while the decline in net profit was affected by increased R&D investment and fluctuations in raw material prices. The decline in weighted average return on net assets was caused by IPO financing leading to an increase in net assets.

In addition to revenue and net profit, as of the end of 2025, YingStone Innovation’s total assets increased by 120.75% year-over-year to approximately 11.083 billion yuan; owners’ equity attributable to the parent increased by 83.91% to about 5.85 billion yuan; and total share capital grew by 11.39% to 401 million shares.

Furthermore, in 2025, YingStone Innovation’s R&D investment reached 1.649 billion yuan, surpassing the total of the three years from 2022 to 2024, mainly used for core areas such as custom chip development and strategic projects.

According to Wind data, 19 institutions’ consensus forecast for its net profit attributable to the parent in 2025 was approximately 1.119 billion yuan, but the company’s actual disclosed net profit of 964 million yuan not only fell below the median forecast but also marked its first decline since publicly disclosing financial data.

Affected by the performance, the company’s stock price has been volatile since reaching a high of 377.77 yuan per share in September 2025. As of the close on February 13th, the stock closed at 224.7 yuan per share, a decline of 35.76% from the high, with a total market value of 90.105 billion yuan.

Public information shows that YingStone Innovation was founded in 2015 and listed on the STAR Market of the Shanghai Stock Exchange in June 2025. Since its inception, the company has focused on the research, development, production, and sales of panoramic cameras, action cameras, and other intelligent imaging devices.

Just before the performance brief was released, YingStone Innovation attracted widespread attention due to a “lavish” annual meeting.

On February 11th, at the annual meeting held in Shenzhen, the company distributed five sets of million-yuan-grade properties in the Greater Bay Area, one Porsche, and five customizable luxury cars, along with over 3,600 prizes including 36g custom gold notes and iPhone 17 Pro. It is reported that all five property winners were ordinary employees born in the 1990s, with an average age of less than 32. In addition to the raffle, the company’s year-end bonus total for 2025 increased by 100% compared to the previous year, and it launched the “Summer Rain Incentive” plan, distributing project bonuses totaling nearly 30 million yuan outside of regular salaries, covering over 70% of employees.

In response, YingStone CEO Liu Jingkang stated on social media, “Many times, motivating high-end talent relies on a sense of achievement, honor, or shared values, but direct material incentives are also very important.”

At the annual meeting, he announced that Q4 2025 was YingStone’s highest revenue quarter in history and the fastest-growing quarter in the past 10 quarters. He also revealed that the dual-camera cloud gimbal camera will be named “Luna” and is scheduled for release in the first half of 2026.