千亿攻防战：从刘靖康朋友圈看影石与大疆的生死竞速

Core Insights - The interaction between Liu Jingkang, chairman of Yingshi Innovation, and Wang Tao, chairman of DJI, highlights the competitive dynamics in the consumer electronics market, particularly in the drone and panoramic camera sectors [1][3] Group 1: Competitive Landscape - DJI launched its first panoramic camera, Osmo 360, at a price point 800 yuan lower than Yingshi's flagship product, X5, directly targeting Yingshi's core market [3] - Yingshi responded by announcing its own panoramic drone, Yingshi Antigravity A1, aiming to penetrate DJI's drone market [3] - In October, DJI significantly reduced prices on several popular products, which was perceived as a strategy to suppress competition, while Yingshi countered with promotional offers to affected customers [3] Group 2: Financial Performance - Yingshi reported Q3 2025 revenue of 2.94 billion yuan, a year-on-year increase of 92.64%, but net profit attributable to shareholders decreased by 15.90% due to increased R&D expenses [4] - R&D expenses surged by 164.81% year-on-year, with a significant portion allocated to the panoramic drone project [4] Group 3: Market Position and Strategy - Yingshi holds a 67.2% market share in the global panoramic camera market, maintaining its position as the leader for six consecutive years, despite the niche nature of the market [4] - The global panoramic camera market reached 5.03 billion yuan in 2023, with a projected growth to 7.85 billion yuan by 2027, while the drone market is expected to reach 402.5 billion yuan by 2030 [4] - DJI commands over 70% of the consumer drone market and has quickly gained market share in the panoramic camera sector, capturing 49% of the Chinese e-commerce market and 43% globally with the Osmo 360 [4] Group 4: Industry Dynamics - Liu Jingkang acknowledged the competitive pressure from DJI when Yingshi decided to enter the drone market, indicating a strategic awareness of industry dynamics [5] - He described DJI as a formidable competitor, emphasizing the importance of competing with strong players in the industry [5]