证券研究报告|行业研究周报 [Table_Date] 2025 年 12 月 07 日 [Table_Title] 周专题：全球首款全景无人机影石影翎 A1 正 式上市 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题：全球首款全景无人机影翎 A1 正式上市 12 月 4 日晚，全球首款全景无人机影翎 Antigravity AI 正 式上市。 产品简介：1）售价：目前 3 种套装可选，全景飞行标准套 装 6799 元、探索套装 7999 元、长续航套装 8499 元，套装均 标配 A1 无人机、Vision 飞行眼镜与 Grip 体感遥控器；2） 基本参数：整机重量 249g，多数国家或地区可随心起飞，采 用 8K 全景拍摄，可拆换镜头设计；标准电池续航时间 24min，配备长续航电池可达 39min；采用 OmniLink 360 全 景图传技术，FCC 标准最远可达 10 公里图传，在中国大陆执 行的 SRRC 标准下，最远距离达 8 公里。 主要功能：1）飞行眼镜：Vision 飞行眼镜搭载 Pancake 光 学系统和 1 英寸 Micro-OLED 显示屏，单 ...

Core Insights - Liu Jingkang, born in 1991, founded Insta360, which has become a leading company in the panoramic camera market with a market share exceeding 60% [1][11] - The company has successfully outperformed traditional giants like GoPro, showcasing significant growth and innovation in the tech industry [1][11] Company Background - Liu Jingkang gained attention as a university student for his technical skills, notably hacking a phone number, which laid the groundwork for his future entrepreneurial endeavors [3] - His passion for technology began in elementary school, leading to early achievements in programming and competitions [3][5] Entrepreneurial Journey - Liu started his first entrepreneurial attempt in 2013 with a live streaming project, which provided valuable experience despite low initial salaries [5] - The pivotal moment came in 2014 when he was inspired by Google’s VR glasses, prompting him to raise 300,000 yuan to start Insta360 [5][6] Product Development and Innovation - The company launched its first product, Insta360 Nano, in 2016, which featured innovative design and competitive pricing, significantly undercutting similar products [6][9] - Subsequent innovations included FlowState stabilization technology in 2017 and 5K quality enhancements in 2018, further establishing the brand's reputation [6][9] Financial Performance - Insta360's revenue surpassed 1 billion yuan in 2021, and by the first three quarters of 2025, revenue exceeded 6 billion yuan with profits over 1 billion yuan [9][11] - The company went public in June 2025, with an initial stock price of 47.37 yuan, which surged 285% on the first day, leading to a market capitalization exceeding 700 billion yuan [11] Competitive Landscape - Insta360 competes with DJI in the panoramic camera market, with both companies offering products at competitive prices but differing in performance and ecosystem [13] - The presence of strong competitors like DJI serves as both a challenge and a motivation for Insta360 to innovate and expand its market reach [13] Future Outlook - The company aims to continue its growth trajectory by exploring new markets and overcoming the limitations of the panoramic camera segment [13] - With a strong foundation in innovation and market demand, Insta360's future prospects appear promising [14]

Core Insights - Yingstone Innovation Technology Co., Ltd. has officially launched its consumer drone brand "Yingling Antigravity," introducing the world's first "panoramic drone," which is expected to revolutionize the consumer aerial photography market [1] Group 1: Product Features - The first "panoramic drone" can capture 8K panoramic videos and weighs less than 249g, with the product form set to be revealed in August [1] - The drone aims to provide flying enjoyment and photography capabilities for ordinary users, enhancing the richness and appeal of captured images while significantly reducing the difficulty in composition, camera movement, and control experience [1] Group 2: Market Positioning - The brand's ultimate goal is to create a new category and market for drones, focusing on user-centered design and collaboration with users to co-create products and innovative experiences [1] - Public testing recruitment for the product will begin in August, indicating a proactive approach to engaging potential users and gathering feedback [1]