Polyrocks(SH:688669) Feng Huang Wang Cai Jing·2025-10-31 02:08Core Viewpoint - A business war ignited by social media comments is unfolding between two tech giants in Shenzhen, with Liu Jingkang of YingShi Innovation and Wang Tao of DJI at the forefront of this confrontation [1][5]. Group 1: Market Dynamics - DJI has captured 43% of the global panoramic camera market within three months of launching its first product, posing a significant threat to YingShi [3][10]. - DJI's market share in the action camera sector has reached 66%, surpassing GoPro to become the global leader [9][10]. - The competition has intensified as both companies have shifted from a non-aggression stance to a full-scale market battle, with price wars and public disputes becoming common [5][15]. Group 2: Financial Performance - YingShi reported a revenue of 29.40 billion yuan for Q3 2025, a year-on-year increase of 92.64%, but its net profit fell by 15.90%, indicating a "growth without profit" situation [13]. - For the first three quarters of 2025, YingShi's cumulative revenue reached 66.11 billion yuan, up 67.18% year-on-year, while net profit declined by 5.95% [13]. - In contrast, DJI's revenue is projected to be around 800 billion yuan in 2024, significantly larger than YingShi's expected revenue of 55.74 billion yuan, highlighting the scale disparity between the two companies [20]. Group 3: Strategic Responses - Liu Jingkang's comments about DJI's "monopoly" may be a strategic move to shift focus from YingShi's financial struggles and create a favorable narrative for its expansion plans [14]. - DJI's aggressive pricing strategy aims to deter competitors by making the market less profitable, while YingShi seeks to leverage marketing tactics to gain traction in the public discourse [7][19]. - Both companies are expanding into new markets, with DJI launching a vacuum robot and YingShi increasing its R&D investment, indicating a mutual recognition of the need for growth beyond their current segments [22]. Group 4: Industry Implications - The ongoing rivalry reflects a broader trend in the tech industry, where intense competition may lead to either collaborative growth or a zero-sum game scenario [23]. - The rapid technological advancements and high product substitutability in the consumer electronics sector make it challenging for any single company to achieve true monopoly status [9][19].