数据"打架"，市场迷惑。 对此，影石在11月4日的业绩发布会上回应称部分第三方流传数据的准确性、完整性及权威性无法验证，提醒投资者注意风险，同时指出友商激进的价格 竞争客观推动了市场扩容，而影石差异化的软硬件优势仍是用户核心选择依据，并在三季度营收实现90%增幅。 影石业绩的强势增长从侧面印证了，竞争非但没有造成内耗，反而激活了市场需求。 全球的全景智能影像设备市场已彻底进入"中国时间"。 近期，两家第三方机构所出具的手持影像设备市占率的数据报告引发了市场关注，让智能影像赛道"双雄争霸"的剧本变得更加扑朔迷离。 10月31日，弗若斯特沙利文发布的一份《全球智能手持影像设备市场发展白皮书》（下称"白皮书"）显示，2025年第三季度，影石以75%的绝对优势位居 全球消费级全景相机市场的第一名，紧随其后的大疆市占率则为17.1%。 然而，数日前久谦中台给出的却是另一个版本：同期影石的市占率降至49%。大疆则如同"爽剧"一般不到3个月市占提升到43%。 "失灵"的价格战 2025年，中国智能影像赛道最受关注的事件莫过于影石与大疆的对决。 先是在今年7月，影石宣布进军无人机，紧随其后的大疆发布了旗下首款全景相机，二者业 ...

Core Viewpoint - The recent stock price movement of Insta360 (影石创新) is closely related to the latest developments in its drone business, particularly the launch of the consumer drone brand Antigravity [1] Company Overview - Insta360, founded in 2015 and headquartered in Shenzhen, specializes in portable action cameras, holding nearly 70% market share in the panoramic camera sector and has been the global leader for six consecutive years [2] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in June, achieving a market capitalization of 710 billion yuan on its first trading day [2] Drone Business Development - Insta360's entry into the drone market was a decision made five years ago, driven by the company's mission, unmet customer demand, and the potential for business growth [1][5] - The company plans to launch two drone brands, including its own and a third-party collaboration, while actively evaluating investment opportunities in the drone industry [1] - The Antigravity drone, set to begin public testing in August, features 8K panoramic video capabilities and weighs less than 249 grams [1] Market Trends - The global drone market is experiencing rapid growth, projected to reach $36.41 billion in 2024 and grow to $125.91 billion by 2032, with a compound annual growth rate (CAGR) of 17.3% [2] - In China, the civil drone market is expected to grow from 43.51 billion yuan in 2019 to 110.85 billion yuan in 2024, with a forecast of 248.93 billion yuan by 2029 [3] Competitive Landscape - DJI dominates the drone market, holding a 90% share of the U.S. commercial drone market and over 80% globally, while Insta360's move into drones may provoke DJI's entry into the panoramic camera space [3][5] - The competitive dynamics are intensifying as both companies seek to expand into each other's core markets [5]