运动全景相机专家交流 20251113 摘要 大疆 Action 6 运动相机采用方形 CMOS 传感器和可变光圈，为行业首 创，提升了拍摄的灵活性和画质，并搭载洛克 3.0 超强增稳技术，具备 优异的防水能力和夜景模式，增强了市场竞争力。 大疆 Action 6 起售价 2,998 元，虽较前代产品略贵，但硬件和功能显 著升级，性价比依然突出。与 GoPro 和影石等竞争对手相比，大疆在提 供更多先进功能的同时，保持了价格竞争力，并通过不同套餐满足用户 需求。 2024 年全球运动相机市场，GoPro 以 35%份额领先，大疆以 33%紧 随其后，影石占 19%。预计 2025 年大疆有望超越 GoPro 成为市场第 一，前三名公司垄断了全球约 80%的市场份额。 2024 年中国运动相机市场，大疆排名第一，市场份额约为 40%，影石 和 GoPro 分列二三位。预计 2025 年市场格局保持不变，GoPro 虽产品 力下滑，但品牌知名度仍使其保持领先地位。 大疆 2024 年运动相机总销量约为 186 万台，主要为 Ark 系列。2025 年上半年已售出 108 万台，预计全年销量可达 220 万台左右， ...

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]