Core Viewpoint - The final ruling of the US 337 investigation concluded in favor of the company, with the US International Trade Commission (ITC) determining that all six patent infringement claims made by GoPro were unfounded, allowing the company to continue its operations in the US without restrictions [1][4]. Financial Performance - The company reported a revenue of 9.858 billion yuan for 2025, marking a significant year-on-year increase of 76.85%, achieving a historical high [2][3][6]. - The company has maintained its position as the global market leader in the panoramic camera sector for eight consecutive years, with a market share exceeding 85% [6]. Market Dynamics - The 337 investigation, initiated under the US Tariff Act of 1930, is a procedure for the ITC to review whether imported products infringe on intellectual property rights. The investigation against the company was characterized as a "saturation-style" patent attack, indicating competitive market motives beyond standard patent protection [4]. - During the investigation period, the company experienced robust business growth, launching several new products, including the AI smartphone stabilizer Flow 2 Pro and the panoramic sports camera X5, contributing to its market expansion [6]. Competitive Landscape - The company has seen its market share rise alongside DJI, while GoPro has faced significant challenges, with its market value plummeting by 98% to just $254 million by 2025, and its global market share dropping from over 75% to below 20% [8].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688775 证券简称：影石创新 公告编号：2026-006 影石创新科技股份有限公司 关于美国国际贸易委员会对公司开展337调查的 最终裁决结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 影石创新科技股份有限公司（以下简称"公司"）此前获悉美国GoPro, Inc.公司（美国纳斯达克上市公 司，股票代码：GPRO，以下简称"GoPro"）于2024年3月29日（美国时间）根据《美国1930年关税法》 第337节规定向美国国际贸易委员会（United States International Trade Commission，以下简称"ITC"）提 出调查申请（以下简称"337调查"），主张公司及公司美国子公司Arashi Vision (U.S.) LLC相关产品及配 件、照相系统侵犯其在美知识产权，具体内容详见公司于上海证券交易所网站 （https://www.sse.com.cn）披露的《影石创新科技股份有限公司首次公开发行股票并在科创板上市招股 ...

在调查期间，影石创新业务保持强劲增长。根据公司2025年度业绩快报，全年实现营业总收入98.58亿 元，同比大增76.85%。公司已连续八年稳居全球全景相机市场份额第一，全球市占率超过85%。 业绩增长得益于影石创新持续开拓市场和加大研发投入。2025年，影石创新相继推出AI手机稳定器 Flow 2 Pro、全景运动相机X5、拇指相机GO Ultra、影翎全景无人机A1等多款新品。研发方面，影石创 新持续加码投入，2025年研发投入达16.49亿元，重点投向芯片定制及战略项目等核心领域。 （编辑 郭之宸） 2025年7月12日，影石创新披露了《关于美国国际贸易委员会对公司开展337调查的进展公告》（公告编 号：2025-010），公司于2025年7月11日（北京时间）获悉ITC行政法官初步裁决结果，公司仅部分出口 美国产品落入1件GoPro主张的外观专利保护范围，公司就该部分产品提出的新外观设计方案均已由ITC 认定未对该件专利构成权利侵犯；其余5件GoPro主张的发明专利所涉及的其他指控产品，ITC确认公司 产品不构成侵权或GoPro主张的专利权利要求无效。 影石创新2026年2月26日（美国时间）获悉的I ...

2月27日下午，影石创新发布公告，宣布美国国际贸易委员会（ITC）发起的337调查中最终裁决结果， GoPro六项专利指控全部化解。 影石创新提示，GoPro有权在ITC最终裁决生效之日起60天内向美国联邦巡回法院提出上诉；同时，其 有权向加州中区法院申请重新启动相关诉讼程序。 来源 深圳商报综合 编辑 石展溥校审谭录岗 本次终裁结果与初裁结果相比，在初裁结果认定第10529052号发明专利所涉及的部分指控产品构成侵权 但专利权利要求无效的情况下，终裁结果认定该发明专利所涉及的全部指控产品既不构成侵权且该专利 权利要求无效。另初裁结果认定第10958840号发明专利所涉及的指控产品不构成侵权，终裁结果进一步 补充了该项专利所涉及的指控产品的不侵权情况。初裁结果的其他认定结论均予以维持。 至此，公司涉及的337调查已终结，本次337调查未对公司生产、经营造成实质性影响。公司将持续不受 限制地在美国进口和销售现有产品。 影石创新表示，在此次337调查过程中，公司的专项工作组制定了充分的抗辩应对措施以及风险应对策 略。除在应诉过程中进行积极抗辩外，公司准备了新的外观设计方案，并获得ITC确认新设计方案不构 成侵权。 ...

新浪科技讯 2月27日下午消息，影石创新发布公告，美国337调查终裁落定：美国国际贸易委员会 （ITC）维持初裁，判定GoPro六项指控均不成立。 影石在公告中表示："本次337调查未对公司生产、经营造成实质性影响。公司将持续不受限制地在美国 进口和销售现有产品。" 影石在公告中表示："本次337调查未对公司生产、经营造成实质性影响。公司将持续不受限制地在美国 进口和销售现有产品。" 资料显示，337调查源于《美国1930年关税法》第337条款，是ITC审查进口产品是否侵犯知识产权的贸 易救济程序。一旦认定侵权，ITC可发布排除令，禁止侵权产品进入美国市场。因其审理节奏快、制裁 力度大，337调查长期被视为中国企业出海的主要法律壁垒之一。 根据ITC终裁，GoPro指控的六项专利争议中，五项被裁定为不构成侵权或相关专利权无效；针对剩余 一项外观专利，影石提出的新设计方案也获ITC确认不构成侵权。 影石创始人刘靖康曾表示"感受到了强烈的恶意"。他透露，公司为此支付的应诉成本超过1000万美 金，"很多公司不一定打得起这样的官司"。但他同时强调，"我们从来没想过要干死谁"，影石市场表现 优于GoPro，是产品定义 ...

Limited-edition GoPro collaboration and the standard ProArt PX13 bring AI-accelerated creation, 3K OLED precision and a convertible studio-ready design to creatorsKEY POINTS GoPro-inspired design: Exclusive Nano Black finish and matching sleeve, built for GoPro creators on the move, and packaged in a premium collector-style boxSeamless GoPro workflow: StoryCube app with built-in GoPro Cloud and 360° video support enables automated syncing and AI-powered sortingAI power, no slowdowns: Powered by AMD Ryzen™ A ...

此前，大疆于2024年10月18日及2025年10月14日，就被列入美国国防部"中国军事企业清单"（CMC List）对美国国防部提起上诉。 值得注意的是，去年底FCC禁令一经公布，立即引发美国消费市场和农业行业用户的强烈反应和"囤货 潮"，二手交易平台上相关设备价格飙升200%。一家美国大型无人机经销商透露，单周大疆产品销售额 同比增长超8倍。大量美国的影视创作者、农业科技人员及应急救援人员也通过社交媒体发声，谴责政 府剥夺其赖以生存的生产工具。 据悉，大疆创新在全球民用无人机市场长期保持在70%以上市场份额，在美国消费、商用、政府等无人 机市场占有约70%至90%的绝对份额。美国州和地方1800多个执法机构中，超过80%使用大疆产品。截 至2025年第三季度，大疆运动相机系列也以66%的全球市场份额超越美国品牌GoPro，成为全球运动相 机市场第一；在全景相机领域凭借单一产品在25年发布后迅速拿下全球43%的市场份额。 美国东部时间2026年2月20日，全球领先的民用无人机及智能影像制造商大疆创新（DJI），正式向美国 第九巡回上诉法院提交诉状，挑战美国联邦通信委员会（FCC）2025年12月23日将大疆 ...

Political Impact - The ruling against IEEPA undermines Trump's core political asset of tariff policy, potentially diminishing his negotiating power and influence[6] - Without alternative legal pathways to reinstate tariffs, Trump may be perceived as a "lame duck"[7] Economic Impact - Estimated cumulative tariffs collected under IEEPA could reach approximately $170 billion by February 20, 2026, with reduced tariff revenue and potential refunds likely to increase the fiscal deficit[7] - The market initially reacted positively, with the S&P 500 rising about 0.6% and the Nasdaq increasing approximately 1% following the ruling, indicating expectations of improved inflation and corporate earnings[24] Diplomatic Impact - The ruling may weaken the credibility of trade frameworks that rely on tariffs, leading trade partners to reassess their commitments until a new legal basis is established[7] - Countries with existing agreements may slow down their implementation processes, particularly those without clear execution frameworks[21] Policy Response - The Trump administration plans to utilize Section 122 tariffs as a transitional measure, imposing a 15% global tariff effective February 24, 2026, for a maximum of 150 days[8] - The USTR is expected to expedite Section 301 investigations to establish a sustainable tariff system before the expiration of the 122 tariffs[9] Market Outlook - The market is likely to experience a "marginal easing—then tightening" path, benefiting from initial tariff cancellation expectations but facing pressure as alternative tariff measures are implemented[4] - The effective tariff rate on China is projected to remain around 30%, despite a nominal decrease due to the shift from IEEPA to Section 122 tariffs[26] Risk Factors - Potential chaos if U.S. trade partners refuse to acknowledge the outcomes of interim trade negotiations[5] - The pace of tax refunds exceeding expectations could lead to a short-term spike in the fiscal deficit, impacting U.S. debt and dollar valuation[36] - If new tariff proposals are implemented more swiftly than anticipated, it could counteract the positive effects of the Supreme Court ruling[36]

Leadership Changes - Yeti appointed Scott Bomar as CFO, effective February 23, succeeding Mike McMullen, who will transition to an advisory role until May 31 [2] - Atlassian hired James Chuong as finance chief, effective March 30, succeeding Joe Binz, who is retiring [3] - Gemini Space Station experienced a leadership shakeup with CFO Dan Chen and other executives leaving the company, effective February 17 [4] - GoPro promoted Brian Tratt to CFO, succeeding Brian McGee, who will remain as president and COO [5] Executive Backgrounds - Scott Bomar previously held senior finance roles at Home Depot and Deluxe, with over 16 years at Home Depot [2] - James Chuong has a background in finance leadership at LinkedIn and experience as an investment banker at J.P. Morgan, Citigroup, and Bank of America Securities [3] - Danijela Stojanovic, the new interim CFO at Gemini, has been the chief accounting officer since May 2025 and held leadership roles at Blue Apron Holdings [4] - Brian Tratt has been with GoPro since 2012, previously serving as vice president of finance and assistant controller [5]

Core Insights - Insta360 is projected to achieve record revenue in 2025, with Q4 showing the fastest growth in nearly 10 quarters, and a revenue growth rate of 92.64% in Q3 2025 [1] - The company plans to significantly increase the number of new products in 2026, including the launch of its first handheld gimbal camera named "Luna," which focuses on innovative technology to address industry pain points [1] - Insta360 has been active in product iteration and market expansion, with successful consumer products like Ace Pro 2 and GO Ultra, and a new AI microphone Wave for B2B applications [1] Product Showcase - At CES, Insta360 showcased its full range of imaging products, including the X5, GO Ultra, Ace Pro 2, and Flow 2 Pro, and introduced the world's first 8K panoramic drone, Antigravity A1, which won the CES 2026 Best Innovation Award [2] - The company reported impressive sales performance during major shopping festivals, with a GMV of over 170 million yuan during Double 12, a 308% year-on-year increase, and a GMV of over 600 million yuan during Double 11, a 233% increase [2] Market Position - According to a report by Huajing Industry Research Institute, Insta360's market share increased from 28.4% in 2023 to 35.6% in 2024, making it the fastest-growing leading company in the smart imaging device market [3] - In the Chinese consumer panoramic camera market, Insta360 holds a dominant market share of 86.5%, attributed to its technological advantages, brand influence, pricing strategy, and extensive sales channels [3]