Core Insights - A significant number of public and private fund managers visited DJI in mid-November for research, despite DJI stating no financing or IPO plans, focusing instead on the upcoming Avata 360 drone, which is seen as a competitor to Insta360's Antigravity A1 [1] - The competition between DJI and Insta360 has intensified, with both companies engaging in price wars during the Double 11 shopping festival, leading to significant price reductions on their products [1][4][8] Market Share Discrepancies - A report from Jiuyan Consulting indicated that as of Q3 2025, Insta360 held a 49% market share while DJI had 43%, contrasting sharply with a later report from S&P Global that claimed Insta360's share was 75% and DJI's was only 17.1% [2] - The conflicting data has raised questions about the true market landscape, especially since the S&P report was taken down twice after its release, indicating potential issues with data accuracy [2][3] Sales Performance - DJI reported a Q3 shipment of 290,000 panoramic cameras with a revenue of 860 million yuan, aligning with Jiuyan's report that estimated DJI's market share at 43% of a total market revenue of 2 billion yuan [3] - Insta360's financial report for the first three quarters showed a revenue of 6.611 billion yuan, a year-on-year increase of 67.18%, but a net profit decline of 5.95% [8][9] Competitive Pricing Strategies - During the Double 11 sales, DJI's Osmo 360 was priced at 2,197 yuan, while Insta360's X5 was priced at 2,656 yuan, highlighting a price difference of approximately 559 yuan [6][8] - Both companies have significantly reduced their prices compared to their launch prices, indicating a highly competitive market environment [8] Internal Challenges - Reports of internal issues at Insta360 surfaced, including allegations of unpaid virtual stock dividends to former employees, raising concerns about the company's management practices [12][13] - DJI is also facing talent retention challenges, with former employees indicating dissatisfaction with management and compensation, suggesting potential risks to its workforce stability [14]

Core Viewpoint - A significant number of public and private fund managers are conducting research on DJI, focusing on the upcoming Avata 360 panoramic drone, amidst intense competition with Insta360's Antigravity A1. DJI has stated it has no financing or IPO plans [1][2]. Group 1: Market Competition - The competition between DJI and Insta360 has intensified, with both companies engaging in price wars during the Double 11 shopping festival, with DJI's products being priced approximately 400-500 yuan lower than Insta360's comparable products [2][5]. - During the Double 11 event, DJI's Osmo 360 was priced at 2,197 yuan, while Insta360's X5 was priced at 2,656 yuan, leading to a price difference of 559 yuan [5][8]. - Both companies have significantly reduced their product prices compared to their launch prices, indicating a fierce market competition [8]. Group 2: Market Share Discrepancies - A report from Jiuqian Consulting indicated that as of Q3 2025, Insta360 held a 49% market share in the global panoramic camera market, while DJI followed closely with 43% [3]. - In contrast, a report from Frost & Sullivan claimed that Insta360's market share was as high as 75%, with DJI only at 17.1%, raising questions about the accuracy of these reports [3]. - The discrepancies in market share data have led to confusion in the industry, with DJI reporting a Q3 shipment of 290,000 units and sales revenue of 860 million yuan, aligning with Jiuqian's report [3][10]. Group 3: Financial Performance - Insta360 reported a revenue of 6.611 billion yuan for the first three quarters, a year-on-year increase of 67.18%, but a net profit decline of 5.95% [8][9]. - In Q3 alone, Insta360's revenue reached 2.940 billion yuan, a significant year-on-year growth of 92.64%, but the net profit decreased by 15.9% [8][9]. - The company attributed its profit decline to investments in chip customization and algorithm optimization, which are seen as long-term growth strategies [9]. Group 4: Internal Challenges - Reports of internal issues at Insta360 have emerged, including allegations of unpaid virtual stock dividends to former employees, highlighting potential management problems [10][11]. - DJI is also facing talent retention challenges, with former employees indicating dissatisfaction with the company's management practices and compensation structures [12].

Core Insights - A significant number of public and private fund managers visited DJI for research, focusing on the upcoming Avata 360 drone, amidst competitive tensions with Insta360's Antigravity A1 [2] - DJI has no current plans for financing or an IPO, while both companies are engaged in aggressive price competition during the Double 11 shopping festival [2][6] - Discrepancies in market share reports from different consulting firms have raised questions about the true competitive landscape between DJI and Insta360 [3][5] Market Competition - During the Double 11 sales event, DJI and Insta360 engaged in price cuts, with DJI's products being approximately 500 yuan cheaper than Insta360's comparable offerings [6][10] - For instance, DJI's Osmo 360 was priced at 2197 yuan, while Insta360's X5 was priced at 2656 yuan, leading to a price difference of 559 yuan [8] - Both companies have seen significant price reductions from their initial launch prices, indicating intense market competition [10] Financial Performance - Insta360 reported a revenue of 66.11 billion yuan for the first three quarters, a year-on-year increase of 67.18%, but its net profit decreased by 5.95% [10] - In Q3 alone, Insta360's revenue was 29.40 billion yuan, reflecting a substantial year-on-year growth of 92.64% [10] - Despite revenue growth, Insta360's net profit for Q3 fell by 15.9%, attributed to increased spending on chip customization and algorithm optimization [10] Internal Challenges - Both companies face internal issues, with reports of employee dissatisfaction at Insta360 regarding unpaid virtual stock dividends, highlighting potential management weaknesses [12][13] - DJI is also experiencing talent retention challenges, with former employees indicating a disconnect between management and staff, which could lead to further talent loss [14]