USC(SH:688403) 盐财经·2025-12-29 10:00Core Viewpoint - The article discusses the intense competition between DJI and Insta360, highlighting their contrasting technological philosophies and strategies in the consumer electronics market, particularly in the drone and camera sectors [5][12][25]. Group 1: Competitive Landscape - DJI holds over 70% of the global consumer drone market, establishing a strong technical barrier through vertical integration [8]. - Insta360, on the other hand, has carved out a niche in the panoramic camera market, surpassing GoPro to become the global leader in action cameras [10]. - The competition has escalated from product pricing wars to supply chain "choose one" strategies, forcing suppliers to align with either company [5][29]. Group 2: Product Strategies - DJI launched its first panoramic action camera, Osmo 360, at a price of 2999 yuan, undercutting Insta360's flagship product by 800 yuan [15]. - Insta360's upcoming product, the Antigravity A1, aims to differentiate itself with features like panoramic shooting and VR compatibility, positioning it as a revolutionary solution in the market [16][17]. - Both companies are engaging in aggressive pricing strategies, with Insta360 reducing prices on its products to counter DJI's market entry [20]. Group 3: Financial Performance - Insta360 reported a significant increase in sales expenses, reaching 1.13 billion yuan in the first three quarters of 2025, a 102.6% increase year-over-year, which outpaced revenue growth [20][21]. - The company's total revenue for the first three quarters of 2025 was approximately 6.61 billion yuan, compared to 3.95 billion yuan in the same period of 2024 [21]. - DJI has also initiated price cuts on several products, including the Osmo Pocket 3, to maintain competitive pressure on Insta360 [20]. Group 4: Supply Chain Dynamics - Insta360's CEO, Liu Jingkang, revealed that many core suppliers faced "exclusivity" pressures from DJI, complicating their operational decisions [27][29]. - The supply chain is critical for hardware products, and DJI's established network provides it with a significant advantage in cost control and technological development [30][33]. - Liu Jingkang expressed concerns about the rising costs of innovation due to supply chain restrictions imposed by DJI [32]. Group 5: Future Outlook - The competition between DJI and Insta360 is seen as beneficial for the industry, driving technological advancements and exploring new directions for integration [36]. - The article suggests that both companies may coexist with their distinct narrative styles, potentially leading to a new hybrid form in the future [37]. - The ongoing rivalry reflects the broader challenges in the consumer electronics sector, where companies must navigate market pressures while innovating [40].