美国东部时间2026年2月20日，全球领先的民用无人机及智能影像制造商大疆创新（DJI），正式向美国 第九巡回上诉法院提交诉状，挑战美国联邦通信委员会（FCC）2025年12月23日将大疆及产品列入"受 管制清单"（Covered List）的不当决定。此举旨在维护企业合法权益、保护依赖大疆产品却受到禁令影 响的美国消费者及广大农业行业用户利益。 根据美国《安全可信通信网络法案》以及2022年11月25日FCC发布的关于该法案的新规，被列入上述清 单的外国无人机企业，将无法获得FCC的批准，在美国销售新的无人机型号。而获取FCC的授权证书是 通信产品或服务进入美国市场的必要条件。 对此，美方表示，出台该禁令是为了"防范 2026 年世界杯、2028 年洛杉矶奥运会等重大国际赛事期 间，无人机可能被犯罪分子、境外敌对势力利用带来的安全威胁"。 据了解，此次禁令的出台，源于美国国会2024年12月通过的国防授权法案，该法案要求美方在一年内对 大疆、道通智能等企业开展安全审查，若认定存在安全风险，便禁止其新型无人机在美国销售，审查的 最终截止日期为2025年12月23日。 FCC称，此次禁令并非针对特定企业，而是覆 ...

此前，大疆于2024年10月18日及2025年10月14日，就被列入美国国防部"中国军事企业清单"（CMC List）对美国国防部提起上诉。 值得注意的是，去年底FCC禁令一经公布，立即引发美国消费市场和农业行业用户的强烈反应和"囤货 潮"，二手交易平台上相关设备价格飙升200%。一家美国大型无人机经销商透露，单周大疆产品销售额 同比增长超8倍。大量美国的影视创作者、农业科技人员及应急救援人员也通过社交媒体发声，谴责政 府剥夺其赖以生存的生产工具。 据悉，大疆创新在全球民用无人机市场长期保持在70%以上市场份额，在美国消费、商用、政府等无人 机市场占有约70%至90%的绝对份额。美国州和地方1800多个执法机构中，超过80%使用大疆产品。截 至2025年第三季度，大疆运动相机系列也以66%的全球市场份额超越美国品牌GoPro，成为全球运动相 机市场第一；在全景相机领域凭借单一产品在25年发布后迅速拿下全球43%的市场份额。 美国东部时间2026年2月20日，全球领先的民用无人机及智能影像制造商大疆创新（DJI），正式向美国 第九巡回上诉法院提交诉状，挑战美国联邦通信委员会（FCC）2025年12月23日将大疆 ...

【环球时报-环球网报道 记者 樊巍】《环球时报》记者2月24日获悉，美国东部时间2026年2月20日，大 疆创新正式向美国第九巡回上诉法院提起上诉，挑战美国联邦通信委员会（FCC）2025年12月23日将大 疆及产品列入"受管制清单"的不当决定。大疆创新方面今天（24日）在回应《环球时报》记者问询时表 示，此举旨在维护大疆创新的合法权益、保护依赖大疆产品却受到禁令影响的美国消费者及广大农业行 业用户利益。 值得一提的是，去年底FCC禁令一经公布，立即引发美国消费市场和农业行业用户的强烈反应和"囤货 潮"。大量美国的影视创作者、农业科技人员及应急救援人员通过社交媒体发声，"抱怨"政府剥夺其赖 以生存的生产工具。《华尔街日报》的一篇报道则称，许多无人机操控员囤积大疆无人机和零部件，并 向他们所在区的国会议员和白宫发出"最后的信件"，表示他们没有"西方的替代品"，且其与中国制造无 人机有关的生计可能受到严重影响。其中，亚利桑那州一家无人机操控员协会的联合创始人格雷格·雷 维迪奥还向《华尔街日报》表示，"人们选择大疆无人机，不是因为它是中国产的，而是因为其价格实 惠且性能优异。" 据了解，大疆创新在全球民用无人机市场 ...

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call discusses DJI's new product, the Action 6 sports camera, and its competitive positioning in the global and Chinese sports camera markets. [1][2][4] Core Insights and Arguments - **Product Innovation**: The DJI Action 6 features a square CMOS sensor and variable aperture, enhancing shooting flexibility and image quality. It also includes advanced stabilization technology (Rock 3.0) and excellent waterproof capabilities, which strengthen its market competitiveness. [1][4] - **Pricing Strategy**: The starting price of the Action 6 is 2,998 yuan, which is approximately 400 yuan more than its predecessor, the ARK5 Pro. Despite the price increase, the significant upgrades in hardware and features maintain its competitive value. [1][5] - **Market Position**: In the global sports camera market for 2024, GoPro leads with a 35% market share, followed closely by DJI at 33% and Insta360 at 19%. It is anticipated that DJI will surpass GoPro to become the market leader by 2025. [1][6][9] - **Sales Forecast**: DJI is expected to sell approximately 186,000 units of the Action 6 in 2024, with an estimated total of 220,000 units for the entire year of 2025. [1][8] Additional Important Content - **Chinese Market Dynamics**: In the Chinese sports camera market, DJI holds the top position with a market share of about 40%, while Insta360 and GoPro rank second and third, respectively. This market structure is expected to remain stable through 2025. [1][7] - **Entry into 360 Camera Market**: DJI entered the 360 camera market in July 2025, quickly capturing 37%-38% of the global market share, ranking second after Insta360. In China, its market share reached 42%. [3][10] - **Strategic Response to Competition**: DJI's entry into the 360 camera market is a strategic move in response to Insta360's success and its own plans to launch a 360 drone by the end of 2025. [11][12] - **Impact of Competitors**: The entry of Insta360 into the drone market poses a competitive threat to DJI, prompting DJI to accelerate its product launches to maintain its market position. [13]

Core Insights - The competition between the two leading companies in the smart imaging sector, YingShi and DJI, has intensified, with conflicting market share reports causing confusion in the market [1][4][5]. Market Share Data - According to Frost & Sullivan, YingShi holds a dominant 75% market share in the global consumer panoramic camera market as of Q3 2025, while DJI follows with 17.1% [1]. - Conversely, Jiuqian Zhongtai reported YingShi's market share at 49%, with DJI's share rising to 43% within three months [1]. Company Responses - YingShi has questioned the accuracy and authority of the third-party data, emphasizing its unique software and hardware advantages as key factors for user choice, despite aggressive price competition from DJI [2][4]. - YingShi reported a 90% revenue increase in Q3, reaching 2.94 billion yuan, indicating that competition has stimulated market demand rather than causing internal strife [2][3]. Competitive Dynamics - The price war initiated by DJI has not negatively impacted YingShi's performance, as evidenced by its continued market leadership and strong sales during promotional events [5][7]. - Both companies have seen significant growth in app downloads and active users, particularly in the competitive Chinese market, with YingShi's app downloads increasing by 78% year-on-year [8]. Innovation and Product Development - YingShi's success is attributed to continuous product innovation, such as the development of the "invisible selfie stick" and advancements in low-light performance with the Ace Pro 2 [10][11]. - The company has also focused on maintaining a lightweight design for its new products, achieving a weight of only 165g for the X4 Air while enhancing image quality [11][12]. Financial Outlook - YingShi's revenue for the first three quarters of 2025 reached 6.611 billion yuan, with projections suggesting it could reach 10 billion yuan by the end of 2025, comparable to DJI's growth in 2016 [12]. - The company's R&D investment has increased by over 160% year-on-year in Q3 2025, positioning it for long-term growth and innovation [12].

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]