研究报告 2025/07 www.leadleo.com 2025年中国智能影像设备：市场持续 扩张，中国品牌影响全球格局 Smart Imaging Devices Industry 中国のスマートイメージングデバイス産業 （精华版） 报告标签：智能影像设备、全景相机、运动相机 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性 文件（在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自 复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院 "或"头豹"的商号、商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何 第三方代表头豹研究院开展商业活动。 市场研读 | 2025/07 中国：智能影像设备 摘要 智能影像设备是具备计算处理能力的影像设备， 由传统影像设备结合计算机技术、数据处理技术、 传感器技术等演变而来，主要包括航拍无人机、 全景相机、运动相机等。其依靠计算处理能力、 传感器技术及智能算法实现影像捕捉、处理与 ...

The action cam maker is making use of millions of hours of video.Shares of GoPro (GPRO -6.93%) soared this week, up 28.1% as of 2:15 p.m. ET on Friday. The spike came as the S&P 500 and Nasdaq-100 indexes lost 0.1% and 0.4%, respectively.GoPro, best known for its compact action cameras, reported strong results from its new artificial intelligence (AI). In just two weeks, subscribers uploaded more than 125,000 hours of footage.GoPro launches AI pilot programGoPro recently launched a new pilot program that al ...

Core Insights - GoPro has launched an AI Training Licensing program that allows subscribers to monetize their cloud-based video content by contributing to AI model training, with over 125,000 hours of content submitted in just over two weeks [1][2][5] - Subscribers will receive 50% of the licensing revenue generated by GoPro from their content, indicating a potential new revenue stream for both the company and its users [2][4] Subscriber Engagement - The initial response to the AI Training Licensing program has been positive, with a significant opt-in rate from subscribers, suggesting strong engagement and interest in the initiative [5] - As of the last earnings call, GoPro had 2.45 million subscribers and over 13 million hours of content stored in the GoPro cloud, highlighting the scale of the potential content pool for the AI program [1] Market Demand - GoPro is actively engaging with several AI data licensees to meet the increasing demand for authentic video content to train AI models, indicating a strategic move to capitalize on the growing AI market [5]

The market might have been irrationally exuberant, given the action camera maker's recent performance.Investors sure liked what they saw when peering through the viewfinder of GoPro (GPRO 35.54%) stock on Monday. Absent of any proprietary, share price-moving news, the company seemed to benefit from what appeared to be the latest meme stock rally. With this considerable tailwind, GoPro shares closed the day almost 36% higher in price, numerous orders of magnitude better than the S&P 500's (^GSPC -0.43%) 0.4% ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report emphasizes the growth potential of the action camera market, driven by both replacement of existing products and the creation of new demand [7][13] - The company is positioned as a leader in the smart imaging device sector, benefiting from significant technological and brand advantages [7][41] - The analysis of GoPro's historical performance provides valuable lessons for understanding future market dynamics and competition [41][42] Summary by Sections Industry Overview - The action camera market is expected to see a compound annual growth rate (CAGR) of 14.7% in sales volume and 17.0% in market size from 2024 to 2030, potentially reaching 500.4 million units and a market size of approximately 137.7 billion yuan [7][36][37] - The global Vlog and outdoor sports communities are projected to reach approximately 850 million people by 2024, providing a substantial customer base for action cameras [32][36] Competitive Landscape - The report highlights the competitive landscape, noting that domestic brands are expected to dominate the market, with significant room for growth among leading companies [7][41] - GoPro's historical successes and failures serve as a case study for current market players, illustrating the importance of innovation and strategic decision-making [41][42] Financial Projections - The company is projected to achieve net profits of 10.6 billion yuan in 2025, 15.9 billion yuan in 2026, and 23.8 billion yuan in 2027, with year-on-year growth rates of 6.9%, 49.3%, and 49.9% respectively [6][7] - The report anticipates that the company's gross margin will stabilize around 51-52% over the forecast period [6] Investment Recommendations - The report maintains a "Buy" rating, citing the company's unique position in the smart imaging device market and its potential to capitalize on market expansion [7][41]

Core Insights - DJI and Insta360 are competing in each other's core product areas, creating new competitive pressures in the consumer imaging market [2] - DJI holds an 80% market share in the global consumer drone market, while Insta360 has a 67.2% share in the consumer 360 camera market [4][6] - Both companies have established themselves as leaders in their respective fields, leveraging unique technological advantages and rapid product iteration [5][7] Market Dynamics - DJI's dominance in the drone market is supported by its comprehensive ecosystem, patent portfolio, and brand strength [5] - Insta360 has rapidly ascended in the portable 360 camera market, outperforming traditional competitors like Ricoh and GoPro in technology and product updates [6][7] - The global action camera market is increasingly competitive, with GoPro's market share declining from over 50% five years ago to just above one-third [10][12] Competitive Landscape - GoPro has struggled to compete with DJI and Insta360, facing significant market share losses and operational challenges [12][18] - GoPro's attempts to diversify into drones and 360 cameras have largely failed, leading to a focus on its traditional action camera market [12][13] - Insta360's revenue grew by 53.3% year-over-year, reaching $780 million, while GoPro's revenue has been declining [17][18] Legal and Regulatory Challenges - GoPro has initiated multiple patent infringement lawsuits against Insta360, but recent rulings have favored Insta360, allowing it to maintain its position in the U.S. market [20][21] - DJI faces significant barriers in the U.S. market, including supply chain disruptions and potential exit due to regulatory challenges [22][28] - DJI's products have been largely unavailable in the U.S. market, leading to substantial revenue losses estimated at around $1 billion [28][29] Future Outlook - The U.S. market remains critical for both companies, with DJI's absence potentially costing it a significant portion of its revenue [28] - Insta360 is expected to continue its growth trajectory, potentially surpassing GoPro in market share [17][18] - The competitive landscape is likely to evolve further as both companies innovate and respond to market demands [7][10]

7月31日20:00，DJI Osmo 360（下简称"Osmo 360"）发布——大疆，终于向着由影石Insta360"一家独大"的全景相机市场发起进攻。 首发当晚，Osmo 360在一小时内官网售罄，目前滑雪、Vlog等多款套装显示缺货。也正是在大疆官宣的一天之后，Insta 360推出"88促销"，把旗下最新款 全景相机Insta360 X5的价格调低500元。 调价之后，两款对标产品的差价来到300元以内（不考虑叠加国补的情况）。尽管全景相机和传统意义上的性能相机不同，但新玩家的到来，让Insta360不 再是唯一的选择——参数、性能、软件，乃至配件的性价比，都会变成"大一级压死人"的竞争。比如，Osmo360主推的配置是一英寸传感器，在全景相机 品类刷新了性能上限（传感器越大，画质越好，弱光环境应对更出色）。 DJI Osmo360产品介绍页截图 大疆的全景相机新品，只是这场混战的开始。这篇文章，我们并不聚焦大疆推出的1.0版本能抢走多少原本观望入手影石产品的消费者，我们更关心，混 战开启之后，Insta360的底牌到底是什么。 1. 真正的高增长品牌，一定长在时代的共情点上 1.1 用独特内容实现 ...

Core Viewpoint - GoPro's recent quarterly earnings report revealed a significant decline in revenue, leading to a negative investor reaction despite some mixed results in the report [1][5]. Financial Performance - GoPro reported a revenue decrease of 18% year-over-year, totaling $153 million, primarily due to a 23% drop in action camera sales, which amounted to approximately 500,000 units sold [2]. - Subscription and service revenue remained stable at $26 million, contributing to the overall revenue [2]. - The adjusted net loss was $12 million, or $0.08 per share, which is a reduction from the $36 million loss in the same period last year [4]. Market Dynamics - The popularity of GoPro's action cameras has waned, largely due to the rise of smartphones that can perform similar functions, making it difficult for GoPro to justify its pricing [8][10]. - The market is now saturated with affordable smartphones that can serve as action cameras, reducing the demand for dedicated devices like GoPro's [9]. Strategic Initiatives - GoPro has attempted to diversify its revenue streams by establishing a subscription and service revenue model, which has remained steady [10]. - The company recently introduced an opt-in AI training program for U.S. subscribers, allowing them to share content for AI development, with the promise of sharing 50% of generated license fees [11]. Future Outlook - Despite efforts to innovate and generate new revenue sources, the outlook for GoPro remains bleak as the dedicated action camera market appears to be declining [12].

GoPro (GPRO) FY Conference Summary Industry Overview - The action camera market is estimated to be around 3 million units globally, with GoPro being the U.S. leader in this market [4][5] - The 360 camera market is approximately 2 million units globally, with GoPro recently regaining about 10% market share with the MAX camera [5][6] - An adjacent opportunity exists in the higher-end low light camera category for vloggers and prosumers, which is also around 2 million units [6][19] - GoPro is exploring technology-enabled motorcycle helmets, a market with a total addressable market (TAM) of approximately $3 billion globally [7][8] Growth Opportunities - GoPro aims to expand its total addressable market (TAM) through aggressive moves into the 360 space and entering the low light prosumer space next year [6][19] - The company is partnering with AGV, a renowned motorcycle helmet brand, to leverage their expertise and enhance product quality [8][17] - The company has a comprehensive product roadmap that extends beyond what has been publicly shared, indicating potential for future growth [9] Software and Subscription Services - Software is increasingly important across all camera categories, enhancing user experience and facilitating cloud-based editing and sharing [10][12] - The GoPro subscription service has been successful, with features like auto-offloading content to the cloud and seamless editing [10][13] - Retention rates for the subscription service have improved, with 80% of subscribers staying beyond three years [30] - The attach rate for subscriptions has increased from low 40s to 56%, driven by app enhancements and better user engagement [30][48] Competitive Landscape - The motorcycle helmet industry is competitive, but GoPro sees an opportunity to introduce technology that is currently lacking in the market [17][18] - The low light prosumer camera market is also competitive, but GoPro believes it can differentiate itself through unique offerings [18][19] Future Outlook - GoPro plans to launch new software experiences in 2026 that could drive subscriber growth independent of hardware sales [35] - The company is exploring AI model training opportunities, leveraging its cloud data for potential monetization [50][52] - The TAM for AI training is estimated at $1.3 billion, growing at about 20% [53] Capital Allocation - The priority for capital allocation will focus on revenue growth and profitability, with potential for debt repurchase before stock buybacks [56][57] Key Metrics - GoPro's subscription attach rate for the HERO camera is about 25%, with higher rates for flagship models [40][41] - The company has over 13 million hours of content in the cloud, which is valuable for AI training opportunities [52] Conclusion - GoPro is positioned for growth through product innovation, strategic partnerships, and an emphasis on software and subscription services, while navigating a competitive landscape in the action camera and related markets [6][19][35]

Key Takeaways GoPro, Inc. (GPRO) reported second-quarter 2025 non-GAAP loss per share of 8 cents, wider than the Zacks Consensus Estimate of a loss of 7 cents. This came within the company's forecast of non-GAAP adjusted loss of 7 cents per share (+/- 4 cents). The firm reported a loss of 24 cents per share in the year-ago quarter. Non-GAAP gross margin was 36% compared with 30.7% in the year-ago quarter. Non-GAAP operating loss totaled $8.5 million compared with an operating loss of $35.4 million in the pr ...