旗舰画质、极致便携与生态协同， 被大疆第一次放进同一台全景相机里。 继无人机、手持影像之后，大疆将业务触角延伸到全景影像。 但需求正在发生变化。旅行、户外运动的记录正从平面走向沉浸式，越来越多用户希望用一台设备覆盖更多场景——既能滑雪时拍第一视角，又能在城市夜 景或旅行风光中捕捉完整空间感。 尤其是大疆无人机和Osmo Action运动相机的用户，对大疆全景影像的期待正在积累。 数据的走势印证了这种潜在需求。Frost&Sullivan的数据显示，2023年全球全景相机市场规模约为50亿元，预计到2027年将增长至78.5亿元，年均复合增速 超过11%，远高于传统运动相机的整体增速。 "我们从用户的反馈里看到一种趋势，大家希望画面能更自由，但不想因为多一台设备而增加复杂度。"大疆产品经理告诉36氪。同时，大疆的切入逻辑也在 逐步成型：户外影像的产品矩阵已经铺好了无人机航拍、运动相机、云台稳定器，还缺少一块全景影像的拼图。 大疆用一台Osmo 360尝试回答一个问题：当1英寸影像进入全景相机，会发生什么？ 迟到但锋利 在全景影像这一小众品类中，画质、体验和生态三重短板长期让它难以跨入主流。 市面上多数全景相机仍 ...

Core Viewpoint - The smart imaging device market is gearing up for a significant competition between two leading Chinese high-tech companies, DJI and Insta360, with their movements closely watched by the market [1]. Group 1: Company Developments - DJI announced the launch of its first 360-degree panoramic camera, Osmo 360, set for July 31, with the slogan "A Inch Sees the Universe" [2]. - DJI has completed its full-category layout in the smart imaging market, covering aerial drones, action cameras, handheld cameras, and panoramic cameras [3]. - Insta360, after four years of preparation, successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 11, with a market capitalization of approximately 65.6 billion yuan [6]. Group 2: Market Competition - DJI and Insta360 have a history of competition, with DJI entering the action camera market after GoPro faced challenges, while Insta360 focused on panoramic cameras [9]. - In 2023, Insta360 launched its first action camera, Ace Pro, indicating its expansion into the action camera market [9]. - DJI's Osmo 360 is equipped with a 1-inch CMOS sensor, supporting up to 8K/30fps panoramic video, which theoretically offers better image quality than Insta360's flagship product [11]. Group 3: Market Size and Trends - The global consumer drone market was approximately $4.85 billion in 2023, with DJI holding around 70% market share [21]. - The global handheld smart imaging device market was about 31.5 billion yuan in 2023, with action cameras accounting for over 85% and panoramic cameras for 25% [21]. - The traditional camera market is dominated by Canon, Nikon, and Sony, with stable market conditions persisting for nearly a decade [20]. Group 4: Financial Performance - Insta360 reported revenue of 1.355 billion yuan in Q1 2025, a year-on-year increase of 40.7%, but its net profit decreased by 2.5% [26]. - Analysts predict a compound annual growth rate of 11.8% for the global panoramic camera market from 2023 to 2027, with Insta360 expected to achieve over 30% revenue growth in the next two years [31]. Group 5: Future Outlook - Insta360's entry into the drone market may lead to increased R&D investments, potentially impacting short-term financial performance [27]. - The success of Insta360 in the drone market will depend on its ability to address unmet needs and improve user experience through patented technologies [29]. - DJI is also diversifying its product offerings, with plans to release a sweeping robot, ROMO, on August 6, further exploring cross-application of its technology [32].

Core Insights - The article highlights the rise of Insta360, a Chinese company, which is set to launch its IPO on the STAR Market, becoming the first camera brand to enter the A-share market after nearly five years of preparation [2][3] - Insta360 has achieved a remarkable compound annual growth rate (CAGR) of 65% over the past three years, with its core product, the panoramic camera, holding a global market share of 67% in 2023, significantly up from 47% in 2021 [4] - The company is positioned to generate revenues of 5.6 billion yuan and a net profit of 1 billion yuan in 2024, contrasting sharply with GoPro, which is facing significant losses [4][19] Company Overview - Insta360 was founded only ten years ago and has quickly established itself as a competitor to GoPro, which has been the market leader in action cameras for years [15][18] - The company has effectively leveraged the rise of social media and streaming platforms to capture market share in a declining traditional camera market [4][7] - Insta360's innovative product design, such as the Nano panoramic camera, has addressed consumer pain points by enabling easy connectivity and sharing [16] Competitive Landscape - The article discusses the historical dominance of Japanese brands like Nikon and Canon in the camera industry, which has been disrupted by the rise of smartphones and companies like GoPro [7][8] - GoPro's strategic missteps, including its attempt to pivot towards becoming a software company, have left it vulnerable to competition from Insta360 and other emerging brands [21][23] - The article notes that GoPro's market value has plummeted by over 90% since its IPO, while Insta360 is on a growth trajectory [20][42] Market Trends - The rise of short video platforms like TikTok has created a favorable environment for Insta360, allowing it to capitalize on the demand for user-generated content [28][30] - Insta360's latest flagship product, the X5 panoramic camera, boasts superior specifications compared to GoPro's offerings, indicating a shift in competitive dynamics [32][34] - The company has adopted a free model for its AI editing software, contrasting with GoPro's subscription-based approach, which has implications for user engagement and revenue generation [35][36] Industry Dynamics - The article emphasizes the importance of the Guangdong-Hong Kong-Macau Greater Bay Area in supporting Insta360's growth through a robust supply chain [42][44] - The efficiency of Insta360's supply chain, primarily based in Shenzhen, has contributed to its higher profit margins compared to GoPro, which relies on outsourced manufacturing [43] - The competition between Insta360 and GoPro is framed as a broader contest between the innovation ecosystems of China and Silicon Valley [46][47]