同大疆开打价格战，农业无人机行业「老二」冲击港股｜IPO观察

Core Viewpoint - The article discusses the growth and competitive landscape of the agricultural drone industry in China, highlighting the significant market share held by DJI and XAG Technology, as well as XAG's recent financial performance and IPO ambitions [4][10][12]. Industry Overview - The agricultural drone market in China is mature, with sales expected to reach nearly 3 billion yuan in 2024, making it the largest single market globally [4]. - The number of agricultural protection drones in China reached 251,000, with a treatment area of 2.67 billion acres, both showing nearly 25% growth year-on-year [4]. Company Analysis: XAG Technology - XAG Technology, founded in 2012, initially explored various drone applications before focusing on agricultural drones after identifying market demand for their flight control systems [8][9]. - In 2023, XAG's market share in agricultural drone subsidies was 15.8%, while DJI held 80.54% [9]. - XAG is nearing its IPO, having submitted a prospectus in September 2023, and has achieved profitability with a projected net profit of 70.4 million yuan in 2024 [10][12]. Financial Performance - XAG's revenue from agricultural drones has been increasing, with figures of 475 million yuan in 2022, 499 million yuan in 2023, and projected 935 million yuan in 2024 [20]. - The average selling price of XAG's agricultural drones has decreased from 46,000 yuan in 2022 to 37,458 yuan in the first half of 2025, reflecting a strategy of gaining market share through lower prices [21][22]. Competitive Landscape - The agricultural drone industry has seen a "arms race" between DJI and XAG, with both companies continuously improving their products' payload and endurance [25]. - XAG has established a loyal customer base through significant R&D investments, which have contributed to its competitive positioning against DJI [27]. - The overseas market presents a significant growth opportunity for XAG, with international revenue increasing from 146 million yuan in 2022 to 371 million yuan in 2024 [28]. Market Challenges - Despite the growth potential, XAG faces challenges in the competitive landscape, particularly from DJI, which dominates the overseas market with over 70% market share in regions like Japan and Southeast Asia [29][30]. - The agricultural sector's complexity and fragmentation in rural China pose additional challenges for XAG's expansion efforts [11].