以下文章来源于真故研究室 ，作者尹凯 来源丨真故研究室（ID： zhengulab ） 作者丨 尹凯 编辑丨 龚正 图源丨Midjourney 曾经高攀不起，如今爱搭不理。价格不菲的 3D 打印机、运动相机、无人机，就这样悄然沦为了"落 灰三件套"。年轻人对待这些电子消费品的态度，仿佛是追到女神的渣男，热情来得快，去得更快， 没多久便意兴阑珊。 比起"落灰三件套"提供的短暂情绪价值，这些物件在二手市场贬值的速度，似乎更让年轻人感到肉 痛。 原价 2300元 左右的拓竹 P1 系列打印机在闲鱼上已经跌到 1900 元左右，备注是：全新，未使用。 Insta360 Ace Pro 运动相机，原价 1900 多元，如今闲鱼 9.5 成新的， 1400 多元也能拿下，直降 500 元。 真故研究室 . 真问题，更商业 落灰三件套告诉众生一个道理：情绪消费，只能管你 3 天开心。 年轻人落灰三件套 北京市民王先生，因家里 5 岁儿子已开始在社区公园，与朋友们"比你家有没有 3D 打印玩具"，被 迫割肉，花 900 元买了一台二手拓竹 A1 系列 3D 打印机。 原卖家也是于今年 7 月花 2400 多元买的新货，此次在 ...

Core Viewpoint - The article discusses a dispute involving a "exclusive agreement" that led to the demolition of a store sign for an Insta360 experience store in Hunan Photography City, highlighting potential anti-competitive practices and legal implications [1][12]. Group 1: Background of the Dispute - Zhang, a businessman with over 20 years in the photography equipment industry, was forced to remove the sign of his newly renovated Insta360 store due to an exclusive agreement between the management of Hunan Photography City and a DJI distributor [2][5]. - The exclusive agreement prohibits the entry of competing brands, specifically naming Insta360 as a strong competitor to DJI products [5][12]. Group 2: Legal Implications - Legal experts suggest that the exclusive agreement may violate anti-monopoly laws, as it restricts competition by preventing third-party brands from entering the market [12]. - The agreement's lack of public disclosure and its specific targeting of certain brands could be seen as undermining fair market competition and consumer choice [12]. Group 3: Market Context - The competitive landscape between DJI and Insta360 has intensified, with Insta360 holding a significant market share in the panoramic camera sector, while DJI has recently entered this market with aggressive pricing strategies [13]. - According to a report, Insta360 has maintained a global market share of over 85% in the panoramic camera segment for eight consecutive years, while DJI has captured approximately 17.1% of the global market share in Q3 [13].

Core Viewpoint - The recent earnings call of Insta360 highlighted the impact of DJI's price competition on the panoramic camera market and the company's strategies to maintain its market share amidst this challenge [1][2]. Market Competition - DJI's entry into the panoramic camera market has led to a significant drop in Insta360's market share from 85%-92% to 49%, while DJI captured 43% of the market [2]. - Contrarily, a report from Sullivan indicates that Insta360 still holds a 75% global market share, suggesting discrepancies in market data [2]. - DJI's aggressive pricing strategy has allowed it to secure 37.1% of the Chinese market and 17.1% globally [2]. Financial Performance - Insta360 reported a revenue of 29.4 billion yuan for Q3, reflecting a year-on-year growth of 92.64%, but the net profit decreased by 15.9% to 2.72 billion yuan [7][10]. - The decline in net profit is attributed to increased R&D investments, marketing strategies, and product diversification efforts [7][10]. - The company's net profit margin fell from 22.8% to 13.0% over the past year, indicating a slowdown in profitability growth [7]. Strategic Initiatives - Insta360 plans to launch two drone brands, including its own and a collaborative brand named Antigravity, to tap into unmet market demands [11]. - The company aims to enhance its core capabilities while entering competitive markets, indicating a strategic approach to growth despite current challenges [8][11]. - The anticipated launch of the Antigravity drone is expected in Q4 2025, subject to various market conditions [11]. Industry Dynamics - The competitive landscape between Insta360 and DJI is intensifying, with both companies making significant moves into each other's core markets [3][11]. - The ongoing price war and product launches are seen as pivotal moments that could reshape the industry dynamics in the coming years [11].

Core Viewpoint - The company Insta360 (影石创新) addressed market concerns regarding the impact of DJI's price war and the controversy over its market share in the panoramic camera sector, emphasizing its unique hardware and software advantages as key factors for consumer choice, while reporting a 90% revenue increase in Q3 2025 [2][3]. Group 1: Company Performance - In Q3 2025, Insta360 reported revenue of 29.40 billion yuan, a year-on-year increase of 92.64%, with cumulative revenue for the first three quarters reaching 66.11 billion yuan, up 67.18% year-on-year [3]. - The company achieved a global market share of 75% in Q3, with a domestic market share exceeding 60% [4]. - Insta360's innovative products and user experience led to strong sales performance during the Double Eleven shopping festival, outperforming competitors in key categories [3]. Group 2: Competitive Landscape - DJI has initiated an unprecedented price war in the panoramic camera market, leveraging its pricing strategy to gain market share, which has raised concerns about potential profit sacrifices [3]. - DJI's Osmo 360 camera quickly captured approximately 17.1% of the global market share and 37.1% of the domestic market share within a short period [4]. - The competition between Insta360 and DJI is seen as a catalyst for market vitality, with opportunities for differentiation in innovation, user experience, and content ecosystem [5]. Group 3: Market Dynamics - The entry of DJI into the panoramic camera market has prompted a restructuring of the industry landscape, with significant shifts in market shares [4]. - Insta360's CEO acknowledged the anticipated competition from DJI when the company decided to enter the drone market five years ago, indicating a strategic awareness of market dynamics [4].

Core Viewpoint - The article discusses the competitive dynamics between DJI and Insta360, highlighting the aggressive strategies employed by Insta360 to capture market share in the drone and panoramic camera sectors, despite facing challenges in profitability due to high R&D investments [5][6][12]. Financial Performance - Insta360 reported a 92.64% year-on-year increase in revenue for Q3 2025, reaching 2.94 billion yuan, while net profit attributable to shareholders fell by 15.9% to 272 million yuan [5][6]. - The company's R&D expenditure surged by 164.81% year-on-year to 524 million yuan, nearly double the net profit for the same period [6][13]. Product Strategy - Insta360 is actively expanding its product lineup, having launched several new products this year, including the X5 panoramic camera and the GO Ultra pocket camera [10][11]. - The company is focusing on diversifying its business, with the drone segment being a core area of development, planning to launch the "Yingling Antigravity" panoramic drone brand [12][18]. Competitive Landscape - The entry of DJI into the panoramic camera market has intensified competition, prompting Insta360 to lower prices on its products to maintain market share [14]. - Insta360's CEO, Liu Jingkang, acknowledges the challenges posed by DJI but remains optimistic about the potential for growth in the drone market [21][22]. Company Culture and Vision - The company promotes a culture of innovation and creativity, with a strong emphasis on R&D and a belief in creating rather than merely surviving [19]. - Liu Jingkang's management style and vision are pivotal in driving the company's aggressive market strategies and long-term growth ambitions [19][22].

Core Insights - DJI has significantly reduced prices on various products, including the Mini 4 PRO drone, which saw a price drop of 1,478 yuan, amidst competition with Insta360 [1][2] - The competition between DJI and Insta360 represents a strategic battle between two leading tech companies in China, both facing growth challenges as their respective markets approach saturation [1][14] Group 1: Market Dynamics - DJI holds over 70% of the global drone market and has increased its market share to 85% by 2020, while Insta360 has dominated the panoramic camera market with a 67.2% share since 2019 [1][4] - The price competition is intensified as DJI aims to enter the action camera market, while Insta360 is venturing into the drone sector, challenging DJI's core business [10][12] Group 2: Competitive Strategies - DJI's strategy includes expanding its product line to include action cameras, with the Osmo 360 being a direct competitor to Insta360's X5, which led to price adjustments from both companies [7][8] - Insta360's entry into the drone market with the Antigravity A1 aims to leverage its existing technology and market presence, while DJI's focus on action cameras is seen as a move to diversify its revenue streams [9][10] Group 3: Growth Challenges - Both companies are facing growth limitations; DJI's revenue from consumer drones is projected to plateau at around 200 billion yuan, while the global panoramic camera market is relatively small, valued at 50.3 billion yuan in 2023 [14][16] - The saturation of the drone market and the limited growth potential in the panoramic camera sector are prompting both companies to seek new growth avenues by encroaching on each other's markets [14][17]

Core Viewpoint - DJI's recent price cuts on its products, particularly the OSMO Pocket 3, have led to significant consumer backlash, with many users feeling "betrayed" after purchasing at full price shortly before the discounts were announced [2][6]. Group 1: Price Cuts and Consumer Reaction - DJI announced substantial price reductions for several products ahead of the "Double 11" shopping festival, including a 700 yuan cut for the Pocket 3 and up to 1478 yuan for the Mini 4 PRO drone [1][2]. - Consumers who purchased products shortly before the price cuts have expressed dissatisfaction, leading to discussions about potential returns and consumer rights [2][5]. - The price cuts are seen as a necessary strategy for DJI to remain competitive in a rapidly changing market, despite the risk of alienating existing customers [2][10]. Group 2: Market Dynamics and Competition - The handheld smart imaging device market is projected to grow significantly, with a market size of 364.7 billion yuan in 2023 and an expected annual growth rate of 12.9% through 2027 [11][12]. - DJI faces increasing competition from both traditional rivals like Insta360, which has a dominant market share in the panoramic camera segment, and new entrants from smartphone manufacturers like OPPO and Xiaomi [7][9]. - The competitive landscape is shifting, with DJI's market share declining from 19.1% to 13.2% as competitors gain ground, highlighting the need for strategic pricing and promotional activities [12][13]. Group 3: Strategic Implications - DJI's price cuts may be a tactical response to both consumer demand and competitive pressures, as the company prepares for the potential launch of new products like the Pocket 4 [6][10]. - The company must balance short-term sales strategies with long-term brand loyalty and market positioning, as the industry undergoes significant changes in technology and consumer preferences [12][13]. - Effective communication and compensation strategies for consumers who feel "betrayed" by the price cuts are essential to mitigate negative sentiment and maintain brand reputation [5][6].

Core Insights - DJI's panoramic drone has been spotted in leaked images, indicating it is in the production phase [2] - The drone features a design similar to the Avata series, with a full propeller guard for impact resistance and enhanced safety for close-range shooting [4] - It is equipped with a multi-camera vision obstacle avoidance system and may include laser radar [4] - The drone utilizes a panoramic lens with a rotatable gimbal, resembling the DJI Osmo 360 camera, and is expected to support 1-inch panoramic imaging and 8K high frame rate shooting [6] - Compatibility with DJI's O4 transmission system is anticipated, allowing for operation with both racing joysticks and standard remote controllers [6] - If the leaked images are accurate, the drone is expected to deliver exceptional flying and shooting experiences, potentially revolutionizing consumer drone performance [8]

Core Viewpoint - The company, YingShi Innovation, recently announced the public testing of its panoramic drone, Antigravity A1, which has led to a significant increase in its stock price and market capitalization following a celebratory event for employees [2][4]. Company Overview - YingShi Innovation is a smart imaging company that primarily produces panoramic drones and action cameras. The company went public on the Sci-Tech Innovation Board in June and entered the drone market in late July [4]. - The Antigravity A1 drone features a dual panoramic lens design and 360° image stitching technology, capable of capturing 8K panoramic videos. It is expected to be released in January next year [4]. Market Position - In the global consumer panoramic camera market, YingShi Innovation holds a 67.2% market share, with competitors like Ricoh and GoPro at 12.4% and 9.2%, respectively. The overall market size for panoramic cameras is projected to be 5.03 billion yuan in 2023 [6]. - The company aims to address existing pain points in the consumer drone market, such as limited shooting angles and high operational thresholds, by introducing new products [6]. Competitive Landscape - The competition in the industry is intensifying, particularly with DJI entering the panoramic camera market. YingShi Innovation's founder, Liu Jingkang, acknowledged the competitive dynamics and expressed respect for DJI while indicating that their entry could stimulate innovation [7][8]. - DJI's newly launched panoramic camera is priced starting at 2,999 yuan, prompting YingShi Innovation to implement discounts on its products, with reductions of up to 46% on certain models [8].

Company Overview - YingShi Innovation is a smart imaging company that primarily produces panoramic drones and action cameras. The company went public on the Sci-Tech Innovation Board in June 2023 and announced its entry into the drone market at the end of July 2023 [3]. Product Launch and Market Reaction - On August 14, 2023, YingShi Innovation announced the public testing of its panoramic drone, the YingLing Antigravity A1, which features a dual panoramic lens design and 360° image stitching technology capable of capturing 8K panoramic videos. The product is expected to be released in January 2024 [3][5]. - Following the announcement, YingShi Innovation's stock price surged, reaching a peak increase of 20% during trading, ultimately closing at a 19.07% increase, with a share price of 222.69 yuan and a market capitalization of 89.3 billion yuan [2]. Market Position and Competition - In the global panoramic camera market, which is valued at 5.03 billion yuan in 2023, YingShi Innovation holds a dominant market share of 67.2%, while competitors like Ricoh and GoPro account for 12.4% and 9.2%, respectively [5]. - The company aims to address existing pain points in the consumer drone market, such as limited shooting angles and high operational barriers, by introducing new options for users [5]. Competitive Landscape - The competitive landscape is intensifying, with DJI, a major player in the consumer drone market, also entering the panoramic camera segment. DJI recently launched its first panoramic camera, the Osmo 360, which utilizes its existing technology in aerial and ground imaging [6][7]. - In response to DJI's market entry, YingShi Innovation has implemented promotional pricing strategies, offering discounts of up to 46% on its panoramic cameras [8].