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].