大疆“密会”百家投资机构：不提上市，调研新品，剑指影石

Core Insights - A significant number of public and private fund managers visited DJI for research, focusing on the upcoming Avata 360 drone, amidst competitive tensions with Insta360's Antigravity A1 [2] - DJI has no current plans for financing or an IPO, while both companies are engaged in aggressive price competition during the Double 11 shopping festival [2][6] - Discrepancies in market share reports from different consulting firms have raised questions about the true competitive landscape between DJI and Insta360 [3][5] Market Competition - During the Double 11 sales event, DJI and Insta360 engaged in price cuts, with DJI's products being approximately 500 yuan cheaper than Insta360's comparable offerings [6][10] - For instance, DJI's Osmo 360 was priced at 2197 yuan, while Insta360's X5 was priced at 2656 yuan, leading to a price difference of 559 yuan [8] - Both companies have seen significant price reductions from their initial launch prices, indicating intense market competition [10] Financial Performance - Insta360 reported a revenue of 66.11 billion yuan for the first three quarters, a year-on-year increase of 67.18%, but its net profit decreased by 5.95% [10] - In Q3 alone, Insta360's revenue was 29.40 billion yuan, reflecting a substantial year-on-year growth of 92.64% [10] - Despite revenue growth, Insta360's net profit for Q3 fell by 15.9%, attributed to increased spending on chip customization and algorithm optimization [10] Internal Challenges - Both companies face internal issues, with reports of employee dissatisfaction at Insta360 regarding unpaid virtual stock dividends, highlighting potential management weaknesses [12][13] - DJI is also experiencing talent retention challenges, with former employees indicating a disconnect between management and staff, which could lead to further talent loss [14]