影石刘靖康，拒绝失败者叙事

Core Viewpoint - The release of the Yingling A1 drone by Yingshi has faced significant criticism and skepticism regarding its sales performance, leading to a notable decline in the company's stock price following the launch [1][2][4]. Group 1: Product Launch and Market Response - Yingshi launched the Yingling A1, the world's first 8K panoramic drone, with a starting price of 7,999 yuan, which can be reduced to 6,799 yuan with government subsidies [1]. - Following the launch, Yingshi's stock price fell over 6% the next day, accumulating a decline of more than 8% by December 9, attributed to concerns over disappointing sales figures [1][2]. - In the first three days post-launch, the Yingling sold over 1,500 units, generating approximately 10 million yuan in revenue, which is significantly below the company's annual sales target of 300,000 units [6][9]. Group 2: Competitive Landscape - The ongoing competition between Yingshi and DJI has intensified, particularly with DJI's recent entry into the panoramic camera market and aggressive pricing strategies [2][10]. - Yingshi's internal communications suggest that the company is facing external pressures from industry giants, with claims of supply chain disruptions and negative media coverage impacting their sales [2][8]. - Despite the challenges, Yingshi reported that the Yingling sold over 500 units in its first week, outperforming DJI's Neo 2 model, which sold only 100 units [2]. Group 3: Financial Performance and Strategic Direction - Yingshi's revenue from consumer imaging products was 3.159 billion yuan in the first half of the year, accounting for 86.06% of total revenue, with panoramic cameras being the main product line [8]. - The company has invested heavily in research and development, with R&D expenses reaching 524 million yuan in Q3, a year-on-year increase of 164.81%, representing 17.81% of total revenue [11]. - Yingshi's management emphasizes the importance of these investments for long-term growth, despite a reported decline in net profit of 5.95% year-on-year [11].