USC(SH:688403) 3 6 Ke·2025-11-19 01:41Core Viewpoint - A significant number of public and private fund managers are conducting research on DJI, focusing on the upcoming Avata 360 panoramic drone, amidst intense competition with Insta360's Antigravity A1. DJI has stated it has no financing or IPO plans [1][2]. Group 1: Market Competition - The competition between DJI and Insta360 has intensified, with both companies engaging in price wars during the Double 11 shopping festival, with DJI's products being priced approximately 400-500 yuan lower than Insta360's comparable products [2][5]. - During the Double 11 event, DJI's Osmo 360 was priced at 2,197 yuan, while Insta360's X5 was priced at 2,656 yuan, leading to a price difference of 559 yuan [5][8]. - Both companies have significantly reduced their product prices compared to their launch prices, indicating a fierce market competition [8]. Group 2: Market Share Discrepancies - A report from Jiuqian Consulting indicated that as of Q3 2025, Insta360 held a 49% market share in the global panoramic camera market, while DJI followed closely with 43% [3]. - In contrast, a report from Frost & Sullivan claimed that Insta360's market share was as high as 75%, with DJI only at 17.1%, raising questions about the accuracy of these reports [3]. - The discrepancies in market share data have led to confusion in the industry, with DJI reporting a Q3 shipment of 290,000 units and sales revenue of 860 million yuan, aligning with Jiuqian's report [3][10]. Group 3: Financial Performance - Insta360 reported a revenue of 6.611 billion yuan for the first three quarters, a year-on-year increase of 67.18%, but a net profit decline of 5.95% [8][9]. - In Q3 alone, Insta360's revenue reached 2.940 billion yuan, a significant year-on-year growth of 92.64%, but the net profit decreased by 15.9% [8][9]. - The company attributed its profit decline to investments in chip customization and algorithm optimization, which are seen as long-term growth strategies [9]. Group 4: Internal Challenges - Reports of internal issues at Insta360 have emerged, including allegations of unpaid virtual stock dividends to former employees, highlighting potential management problems [10][11]. - DJI is also facing talent retention challenges, with former employees indicating dissatisfaction with the company's management practices and compensation structures [12].