从无人机到全景相机，从手机到AI眼镜，过去一年，一场围绕技术、生态与用户的"战争"已然打响。 大疆于2025年7月刚发布全景相机Osmo 360，影石随即传出将推全景无人机的消息，两家企业在彼此的核心业务上，有了交集。再比如智能硬件领域，无 论是大厂还是手机厂商，都纷纷加入AI眼镜行业，企图分一杯羹。 当消费电子行业的边界日益模糊。曾经的"友商们"纷纷闯入对方腹地，这是市场见顶下的无奈内卷，还是技术融合前的阵痛？ 为何跨界和"内卷"成为主流 过去的一年，大疆和影石，这两家原本分属于不同赛道的巨头，毅然选择互相"飞入"对方领空。 2025年7月，长期以无人机为核心业务的大疆正式发布首款全景相机Osmo 360，定价2999元，比影石旗舰产品Insta 360 X5首发价格还要低800元。 面对攻势，影石在短短三个月后发布了Insta360 X4 Air，主打"全球最轻8K全景相机"，还在三季报中透露，基于全景影像技术的延伸，公司已布局无人机 赛道，计划推出两个无人机品牌，其中与第三方联合孵化的全景无人机"影翎Antigravity"公测已近尾声，有望于2025年第四季度实现部分区域市场试售。 影石明确表示，这将 ...

相机无人机行业更新 20251214 摘要 大疆 Onboard 30 预计 11 月底或 12 月初发布，具备 360 度全向避障、 贴地飞行模式、多种操控方式及 25 公里图传距离，悬停精度达 1 公分 以内，支持 6 级防风，兼容大疆眼镜与体感手柄，市场竞争力显著。 大疆全景相机 OMO 30 在 2025 年第三季度出货量达 29.5 万台，占据 39%的市场份额，表明其在全景影像能力方面与竞争对手的差距正在缩 小，市场表现强劲。 预计 2025 年大疆创新整体营收将达 945 亿元，无人机业务占比 55%，手持影像业务占 35%。消费级无人机预估出货量 420 万台， Mini 系列占比最大，约为 40%。 大疆消费级无人机市场中，Mini 系列销量最佳，占比 40%，平均售价 5,000-5,500 元；入门款占比 25%，平均售价 2,300 元；次高端 L4 系 列占比 20%，平均售价 8,000 元；高端马威克系列占比 10%-13%。 大疆认为未来无人机市场的增量空间在于新型产品形态创新（如全景无 人机）及无人机与第三方配件结合，并计划开发更多智能跟拍功能，以 满足娱乐和低空拍照需求。 ...

Core Viewpoint - The company, YingShi, faces controversy regarding the sales performance of its new product, the YingLing A1 drone, which has been claimed to be underperforming despite internal assertions of strong sales figures [1][3]. Sales Performance - YingShi's founder, Liu Jingkang, refuted claims of poor sales, stating that over 30 million yuan (approximately 4.5 million USD) worth of drones were sold in just 48 hours in China [1]. - Initial sales data from major e-commerce platforms indicated only about 1,500 units sold, generating around 10 million yuan (approximately 1.5 million USD) in revenue [3]. - As of December 10, the company had 458 physical stores across China, which are expected to be significant sales channels for the YingLing A1 [6]. Product Features - The YingLing A1 drone features a dual fisheye lens and AI stitching technology, allowing for 8K panoramic video capture, and is priced starting at 6,799 yuan (approximately 1,000 USD) [2]. - The drone's lightweight design (249 grams) is marketed as advantageous for international travel, avoiding strict regulations for heavier drones [7]. Market Competition - The company is in direct competition with DJI, which has also launched a panoramic drone, leading to a price war and heightened market tensions [10][11]. - Liu Jingkang highlighted external pressures from suppliers, suggesting that the company is facing unfair competitive practices, likely from DJI [10]. Consumer Reception - Despite some positive sales in physical stores, there are concerns regarding the drone's image quality, which has not met consumer expectations [9]. - Users have reported discomfort with the VR flight glasses and the overall usability of the product, leading to some units being resold at discounted prices [9]. Industry Dynamics - The competition between YingShi and DJI is reshaping the market, pushing both companies to innovate and potentially benefiting consumers through enhanced product offerings [12][13].

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].

影石、大疆再度隔空交火？ 12月9日，观察者网从影石方面获悉，影石Insta360创始人兼CEO刘靖康近日发布内部信，回应了包括旗下无人机遇冷、经销商遭遇"排他协议"等热点话题。 他在信中称，在刚刚过去的周末，无人机子品牌影翎遭遇排山倒海的负面文章与讨论，其全球首款全景无人机影翎A1上市后，大量同质化内容渲染产品"销 量遇冷"，"甚至我们的用户和合作伙伴也遭到攻击"。 刘靖康反驳了有关其"销量遇冷"的传言。其透露，影翎仅中国区48小时就卖了3000多万元，且多个海外市场目前正在进行认证流程，很快也将上市。刘靖康 称，这一成绩验证了影石无人机的全球市场潜力，"可以对标友商一款主流成熟机型"，作为参照，集团手持影像业务线前三季度的日均销售额约为2400多万 元。 刘靖康还特别强调道，这一成绩，"是在某些行业巨头的格外'关注'下完成的"，而近期关于长沙经销商门店的"排他协议"新闻只是公司所面临挑战的冰山一 角。 刘靖康指控道，在其无人机上市前半年，公司的多家核心供应商突遭"排他"压力，包括光学镜头模组7家、结构件8家、屏幕3家、电池2家、芯片电子元器件 8家、其它6家。他表示，这并非影石第一次面对此类排他手段，公司 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：科技朋友圈 一场盛大的空中发布会，一款被寄予厚望的全景无人机，最终却在市场的冰冷现实面前遭遇了"自由落 体"。 12月4日，在一场被吊在1500米高空热气球上举行的发布会上，影石创新高调推出了其跨界之作——影 翎A1全景无人机。创始人刘靖康将其形容为"在技术史上留下痕迹"的产品，寄望以此开辟公司的第二 增长曲线。 然而，市场给出了截然不同的反应。发布会次日，影石创新的股价开盘即跳水，一度暴跌逾8%。电商 平台惨淡的销量数据与二手市场上大量低价抛售的崭新机器，共同为这场野心勃勃的跨界首秀，写下了 一个充满争议的开局。 对于从全景相机霸主之位登陆科创板的影石而言，踏入无人机这片万亿级别的海洋，是寻求更高市值想 象空间的必然选择。 但当后院起火、前路遇阻，这场以短期利润为代价的昂贵豪赌，是否还能换来一个光明的未来？ 高调亮相与冰冷现实 影翎A1的发布，充满了仪式感与颠覆性的想象。全球首款消费级全景无人机的名号、独特的体感遥控 与头戴眼镜体验，都试图向市场传递一个信息：影石带来的不是又一台普通的航拍机，而是一个全新的 视觉品类。 公司为其 ...

D 5 "拓竹五年前刚刚注册就上了大疆的竞业清单，至今还在。"拓竹内部人士向南都湾财社记者透露，并证 实了陶冶朋友圈内容的真实性。而此次大疆投资3D打印公司，也被外界认为是对"3D打印独角兽"拓竹 科技的亮剑。 公开资料显示，拓竹科技成立于2020年，其用前沿的机器人技术彻底改写了桌面级3D打印的行业格 局：在短短5年时间内，便在全球消费级3D打印市场做到第一。 而拓竹与大疆之间的联系，还要从创业团队的背景说起。拓竹科技的核心创业团队来自大疆：创始人陶 冶曾任大疆Mavic大产品经理、消费级无人机负责人；CTO高修峰曾担任DJI系统工程部负责人；COO 刘怀宇曾负责DJI眼镜、FPV产品；控制算法负责人陈子寒曾负责DJI云台技术，被内部称为"控制天 才"；吴伟则是原DJI高级工程师。 陶冶在朋友圈长文中表示，大疆入局3D打印行业，是因为人才走向触了前老板的逆鳞。他援引大疆董 事长汪滔十年前的一句话——"不能让竞争对手找到空当挣到了钱，他们有了钱就会和你争夺人才，那 才是最大的麻烦"，并认为这一思路被延伸应用到了当前的竞争中。 陶冶分析认为，大疆早年对拓竹的态度相对宽松，一定程度上是出于"去拓竹总好过去影石，至 ...

Core Insights - The panoramic camera market is experiencing significant competition, highlighted by conflicting market share reports from different research firms [2][5] - DJI has achieved a 66% market share in the action camera sector and a 43% share in the panoramic camera market according to one report, while another report claims only a 17.1% share for DJI in the panoramic segment [2][5] - The discrepancies in data have raised questions about the reliability of third-party reports and the ongoing battle for industry influence [5][6] Market Dynamics - DJI's Osmo 360 and Osmo Nano have rapidly gained market traction, reflecting a long-term strategy of technological accumulation and iterative product development [7][9] - The company has transitioned from being a challenger to a market leader in the action camera space after six years of technological evolution [5][12] - The competitive landscape is shifting as companies not only compete on product features but also on setting industry standards and consumer perceptions [5][20] Product Development - The success of the Osmo 360 and Osmo Nano is attributed to DJI's methodical approach to product iteration and addressing user pain points over time [9][10] - DJI's innovative designs, such as the modular structure of the Osmo Action 2, have expanded the application scenarios for action cameras [10][12] - The introduction of a square CMOS sensor in the Osmo 360 has improved sensor efficiency and video quality, addressing traditional limitations in the panoramic camera market [16][18] Ecosystem Integration - DJI's product ecosystem supports seamless user experiences across different devices, enhancing usability and creative potential [13][15] - The company's ability to leverage its supply chain and manufacturing capabilities has created cost advantages, allowing for lower entry barriers for consumers [15][20] - The integration of technologies from different product lines, such as the upcoming Avata 360 drone, indicates a strategy of cross-dimensional innovation [18][20] Industry Implications - The evolving landscape of the imaging industry is characterized by a shift towards user-centric design and ecosystem-based competition [19][20] - DJI's approach exemplifies a long-term vision that prioritizes technological integration and user experience over short-term gains [20] - The company's journey reflects a broader trend of redefining industry norms and creating new market opportunities through innovation [20]

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 Viewpoint - DJI is aggressively expanding its market presence and not merely defending its position, demonstrating a strong strategic approach to eliminate competition and establish dominance in various sectors, including drones and cameras [3][6][9]. Group 1: Market Performance - DJI achieved a remarkable 43% market share in the panoramic camera sector within just three months, showcasing its rapid growth and competitive strength [5]. - The company's pricing strategy effectively sets a ceiling on industry prices, discouraging competitors from entering the market [10][11]. Group 2: Strategic Approach - DJI's strategy involves not just competing but making it seem futile for competitors to continue, thereby driving them out of the market [9][10]. - The company prioritizes long-term growth over short-term profits, investing heavily in research and development to maintain its technological edge [9][10]. Group 3: Technological Superiority - DJI's products have proven their reliability in extreme conditions, such as high-altitude operations on Mount Everest, which no other consumer-grade drone has achieved [13][16]. - The company has established a strong foothold in the agricultural drone market, with a market share exceeding 70%, demonstrating its capability to meet rigorous operational demands [16]. Group 4: Cross-Industry Expansion - DJI's transition into the action camera market leverages its existing technological advantages, allowing it to outperform established competitors [17][19]. - The company's expertise in drone technology translates into superior stabilization and image quality in its action cameras, making them the preferred choice for consumers [18][22]. Group 5: Company Culture and Mindset - DJI maintains a humble and hungry mindset, continuously striving for improvement and respecting its competitors, which is crucial for sustaining its competitive edge [24]. - The company's focus on self-improvement and innovation is a key factor in its ability to dominate the market and deter competition [24].