影石创新前三季度营收93.36亿元，净利下滑93.96%

亿邦动力 2026-10-30 11:54

亿邦动力 2026/10/30 11:54

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影石创新前三季度呈现“增收不增利”。

1.营收93.36亿元，同比增长42.73%，几乎追平2025年全年97.41亿元；第三季度营收39.19亿元，同比增长33.30%。增长来自持续开拓市场、推出新品和线上线下销售扩大。

2.净利润4783.55万元，同比下滑93.96%；第三季度归母净利润1742.82万元，同比下降93.59%。原因是主动加大战略研发和市场开拓、存储元器件涨价、影像行业竞争加剧及毛利率下降，全景无人机仍处市场教育期也拖累利润。

3.研发投入16.75亿元，同比增长54.29%，占营收17.75%；销售费用16.17亿元，管理费用3.81亿元。公司增加核心元器件战略储备及新品备货，存货71.54亿元，较去年底增约145%，经营现金流净额-42.64亿元。

品牌商可关注影石的品牌增长逻辑与投入取舍。

1.营收增长依靠持续开拓市场、不断推出新品，以及线上线下销售持续扩大，说明品牌渠道和新品节奏仍是增长抓手。

2.研发投入16.75亿元，同比增长54.29%，占营收17.75%，费用主要用于研发项目、人员薪酬和研发领料，体现品牌对产品研发的强投入。

3.利润受存储元器件涨价、影像行业竞争加剧和毛利率下降影响；全景无人机作为新品类仍处市场教育期，阶段性投入拖累整体利润。

4.公司主动增加核心元器件战略储备和新品备货，存货升至71.54亿元，较去年底增约145%，提示品牌需平衡备货、供应链安全与现金流压力。

卖家可从影石财报看到增长机会与风险提示。

1.机会侧：前三季度营收93.36亿元，同比增长42.73%，几乎追平2025年全年；第三季度营收39.19亿元，同比增长33.30%，动力来自开拓市场、推新品和线上线下销售扩大。全景无人机是新品类拓展，虽处市场教育期，但代表新赛道机会。

2.风险侧：净利润4783.55万元，同比下滑93.96%；存储元器件涨价、影像行业竞争加剧使毛利率下降，新品类阶段性投入也拖累利润。存货71.54亿元，较去年底增约145%，经营现金流净额-42.64亿元，需警惕库存和现金流压力。

3.可学习点：主动增加核心元器件战略储备及新品备货，以保障供应链稳定与安全。

工厂可关注产品研发、备货与供应链变化。

1.产品侧：影石持续推出新品，并拓展全景无人机新品类；该品类仍处市场教育期，尚未形成规模效应，说明新品类生产与设计需求处在爬坡阶段。

2.研发侧：前三季度研发投入16.75亿元，同比增长54.29%，占营收17.75%，增加原因包括研发项目、研发人员薪酬及研发领料增加，反映产品开发和物料投入加大。

3.供应链侧：面对存储元器件成本上涨，公司主动增加核心元器件战略储备及新品备货，以保障供应链稳定与安全；截至三季度末存货71.54亿元，较去年底增长约145%。

4.经营侧：营收93.36亿元，同比增长42.73%，线上线下销售扩大；但净利润下滑93.96%，经营现金流净额-42.64亿元，提示工厂配套需关注成本、库存和回款节奏。

服务商可关注行业趋势与客户痛点。

1.趋势：影石前三季度营收93.36亿元，同比增长42.73%，几乎追平2025年全年，增长来自市场开拓、新品推出和线上线下销售扩大；研发投入16.75亿元，同比增长54.29%，占营收17.75%。

2.痛点：净利润4783.55万元，同比下滑93.96%；存储元器件涨价、影像行业竞争加剧导致毛利率下降，公司主动加大战略研发和市场开拓又推高费用。全景无人机作为新品类仍处市场教育期，阶段性投入拖累利润。

3.应对：公司主动增加核心元器件战略储备及新品备货，保障供应链稳定与安全；但存货71.54亿元，较去年底增约145%，经营现金流净额-42.64亿元，显示库存与现金流管理是服务方案可切入的痛点。

平台商可关注销售渠道、品类培育和风险规避。

1.渠道侧：影石营收增长得益于持续开拓市场、不断推出新品，以及线上线下销售持续扩大，说明线上线下一体化销售对平台运营有参考价值。

2.品类侧：全景无人机作为新品类拓展，仍处市场教育期，尚未形成规模效应；平台招商和运营可关注新品类教育、投入节奏与规模化成败。

3.风险侧：存储元器件涨价、影像行业竞争加剧使毛利率下降；公司主动加大研发和市场开拓，前三季度净利润4783.55万元，同比下滑93.96%。

4.供应链侧：公司增加核心元器件战略储备及新品备货，存货71.54亿元，较去年底增约145%，经营现金流净额-42.64亿元，提示平台商需关注商家库存、现金流和供应链稳定性。

研究者可关注增收不增利背后的产业新动向。

1.增长与利润背离：前三季度营收93.36亿元，同比增长42.73%，几乎追平2025年全年97.41亿元；归母净利润4783.55万元，同比下滑93.96%。第三季度营收39.19亿元，同比增长33.30%，归母净利润1742.82万元，同比下降93.59%。

2.投入结构：研发投入16.75亿元，同比增长54.29%，占营收17.75%，同比增加1.33%；销售费用16.17亿元，管理费用3.81亿元，均较上年同期上升。

3.新品类与成本：全景无人机处于市场教育期，尚未形成规模效应，阶段性投入拖累利润；存储元器件涨价、影像行业竞争加剧使毛利率下降。

4.运营信号：公司主动增加核心元器件战略储备及新品备货，存货71.54亿元，较去年底增约145%，经营现金流净额-42.64亿元，可作为研究供应链策略与现金流压力的案例。

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In the first three quarters, Insta360 reported revenue growth without profit growth.

1. Revenue reached RMB 9.336 billion, up 42.73% year on year and almost matching full-year 2025 revenue of RMB 9.741 billion; Q3 revenue was RMB 3.919 billion, up 33.30% year on year. Growth came from continued market expansion, new product launches, and expanded online and offline sales.

2. Net profit was RMB 47.8355 million, down 93.96% year on year; Q3 net profit attributable to the parent company was RMB 17.4282 million, down 93.59% year on year. The decline was due to proactive increases in strategic R&D and market expansion, rising memory component prices, intensifying competition in the imaging industry, and lower gross margin; the panoramic drone category, still in its market education phase, also weighed on profit.

3. R&D investment was RMB 1.675 billion, up 54.29% year on year and accounting for 17.75% of revenue; selling expenses were RMB 1.617 billion and G&A expenses were RMB 381 million. The company increased strategic reserves of core components and stocked up on new products; inventory reached RMB 7.154 billion, up about 145% from the end of last year, while net operating cash flow was negative RMB 4.264 billion.

Brands can focus on Insta360's brand growth logic and investment trade-offs.

1. Revenue growth relied on continued market expansion, continuous new product launches, and sustained expansion of online and offline sales, indicating that brand channels and product launch cadence remain growth levers.

2. R&D investment was RMB 1.675 billion, up 54.29% year on year and accounting for 17.75% of revenue. Expenses were mainly for R&D projects, personnel compensation, and R&D materials, reflecting the brand's strong investment in product development.

3. Profit was affected by rising memory component prices, intensifying competition in the imaging industry, and lower gross margin; the panoramic drone, as a new category, is still in its market education phase, and staged investment dragged on overall profit.

4. The company proactively increased strategic reserves of core components and new product stocking, pushing inventory to RMB 7.154 billion, up about 145% from the end of last year. This signals that brands need to balance inventory, supply chain security, and cash flow pressure.

Sellers can see growth opportunities and risk signals in Insta360's financial report.

1. Opportunities: first-three-quarter revenue was RMB 9.336 billion, up 42.73% year on year and almost matching full-year 2025 revenue; Q3 revenue was RMB 3.919 billion, up 33.30% year on year, driven by market expansion, new product launches, and expanded online and offline sales. The panoramic drone is a new category expansion; although still in its market education phase, it represents an opportunity in a new track.

2. Risks: net profit was RMB 47.8355 million, down 93.96% year on year; rising memory component prices and intensifying competition in the imaging industry lowered gross margin, while staged investment in new categories also dragged on profit. Inventory was RMB 7.154 billion, up about 145% from the end of last year, and net operating cash flow was negative RMB 4.264 billion, requiring vigilance against inventory and cash flow pressure.

3. Takeaways: proactively increase strategic reserves of core components and new product stocking to safeguard supply chain stability and security.

Factories can focus on product R&D, inventory stocking, and supply chain changes.

1. Products: Insta360 continues to launch new products and expand into the new panoramic drone category; this category is still in its market education phase and has not yet achieved scale, indicating that production and design demand for the new category is in a ramp-up stage.

2. R&D: first-three-quarter R&D investment was RMB 1.675 billion, up 54.29% year on year and accounting for 17.75% of revenue. The increase came from R&D projects, R&D staff compensation, and higher R&D material consumption, reflecting greater product development and material input.

3. Supply chain: amid rising memory component costs, the company proactively increased strategic reserves of core components and new product stocking to safeguard supply chain stability and security; by the end of Q3, inventory stood at RMB 7.154 billion, up about 145% from the end of last year.

4. Operations: revenue was RMB 9.336 billion, up 42.73% year on year, with expanded online and offline sales; however, net profit fell 93.96% and net operating cash flow was negative RMB 4.264 billion, suggesting that factory suppliers need to monitor costs, inventory, and payment collection cadence.

Service providers can focus on industry trends and customer pain points.

1. Trends: Insta360's first-three-quarter revenue was RMB 9.336 billion, up 42.73% year on year and almost matching full-year 2025 revenue, with growth from market expansion, new product launches, and expanded online and offline sales; R&D investment was RMB 1.675 billion, up 54.29% year on year and accounting for 17.75% of revenue.

2. Pain points: net profit was RMB 47.8355 million, down 93.96% year on year; rising memory component prices and intensifying competition in the imaging industry led to lower gross margin, while the company's proactive increases in strategic R&D and market expansion also pushed up expenses. The panoramic drone, as a new category, remains in its market education phase, and staged investment dragged on profit.

3. Response: the company proactively increased strategic reserves of core components and new product stocking to safeguard supply chain stability and security; however, inventory reached RMB 7.154 billion, up about 145% from the end of last year, and net operating cash flow was negative RMB 4.264 billion, indicating that inventory and cash flow management are pain points that service solutions can address.

Marketplace sellers can focus on sales channels, category cultivation, and risk avoidance.

1. Channels: Insta360's revenue growth benefited from continued market expansion, continuous new product launches, and sustained expansion of online and offline sales, indicating that integrated online-offline sales has reference value for platform operations.

2. Categories: the panoramic drone is a new category expansion and is still in its market education phase, without scale effects yet; platform merchant recruitment and operations can monitor new category education, investment cadence, and the success of scaling.

3. Risks: rising memory component prices and intensifying competition in the imaging industry lowered gross margin; the company proactively increased R&D and market expansion, and first-three-quarter net profit was RMB 47.8355 million, down 93.96% year on year.

4. Supply chain: the company increased strategic reserves of core components and new product stocking, with inventory at RMB 7.154 billion, up about 145% from the end of last year, and net operating cash flow at negative RMB 4.264 billion, suggesting that marketplace sellers need to watch merchants' inventory, cash flow, and supply chain stability.

Researchers can focus on the new industry dynamics behind revenue growth without profit growth.

1. Growth-profit divergence: first-three-quarter revenue was RMB 9.336 billion, up 42.73% year on year and almost matching full-year 2025 revenue of RMB 9.741 billion; net profit attributable to the parent company was RMB 47.8355 million, down 93.96% year on year. Q3 revenue was RMB 3.919 billion, up 33.30% year on year, and net profit attributable to the parent company was RMB 17.4282 million, down 93.59% year on year.

2. Investment structure: R&D investment was RMB 1.675 billion, up 54.29% year on year and accounting for 17.75% of revenue, up 1.33 percentage points year on year; selling expenses were RMB 1.617 billion and G&A expenses were RMB 381 million, both up from the same period last year.

3. New categories and costs: the panoramic drone is in its market education phase and has not yet achieved scale effects, with staged investment dragging on profit; rising memory component prices and intensifying competition in the imaging industry lowered gross margin.

4. Operational signals: the company proactively increased strategic reserves of core components and new product stocking; inventory was RMB 7.154 billion, up about 145% from the end of last year; net operating cash flow was negative RMB 4.264 billion. This can serve as a case for studying supply chain strategy and cash flow pressure.

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【亿邦原创】日前，影石创新发布了2026年第三季度报告。财报显示，公司前三季度营业收入达到93.36亿元，同比增长42.73%几乎追平2025年全年（97.41亿元）；归属于上市公司股东的净利润为4783.55万元，同比下滑93.96%。第三季度，公司营收为39.19亿元，同比增长33.30%，归母净利润为1742.82万元，同比下降93.59%。

财报解释，营收增长主要得益于持续开拓市场、不断推出新品，以及线上线下销售的持续扩大。利润下滑则主要是公司主动加大战略研发投入及市场开拓，相关费用有所增加，同时，存储元器件涨价、影像行业市场竞争加剧，公司毛利率有所下降所致。

此外，新业务的拓展也影响到了公司利润。财报指出，全景无人机作为公司新品类拓展，依然处于市场教育期，在尚未形成规模效应的情况下，该业务板块的阶段性投入对公司整体利润产生了负向影响。

从具体支出来看，前三季度影石的研发、销售和管理费用均在上涨。研发投入合计达16.75亿元，同比增长54.29%；研发投入占营业收入的比例达到了17.75%，同比增加了1.33%。财报指出，增加的原因主要是研发项目、研发人员薪酬及研发领料增加。此外，销售费用达到16.17亿元，上年同期为11.30亿元，管理费用达到3.81亿元，上年同期为2.33亿元。

面对存储元器件成本上涨，影石主动采取了前瞻性的采购策略，增加了核心元器件的战略储备及新品备货，以确保供应链稳定与安全。公司存货余额增幅明显，截至三季度末公司存货达到71.54亿元，较去年底增长约145%；而前三季度经营活动现金流量净额则降至-42.64亿元。

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