2025 年 10 月，大疆一场覆盖 Pocket 3 系列、运动相机、无人机等多款产品的限时促销，将"最高直降 900 元"标签推至公众眼前，也把 "刚买 就降价"的错愕与无奈抛给了无数消费者。 社交媒体上，"大冤种" 的自嘲与维权声浪迅速将大疆推上热搜，线上线下渠道的售后标准差异更引发热议。 只是，这场掀起波澜的降价，对大疆而言，或许本就是一步没得选的棋 。 01 刚买一天，就要降价了 2025 年 10 月 5 日的杭州山姆会员店里，孟涛手里攥着刚买的大疆 Pocket 3 相机套装，价格为 3519 元，心里还盘算着给姐姐送礼物时的惊 喜。 孟涛 没太在意这场购物的特殊流程，付款是在大疆展区旁的专用 POS 机完成，付完款后工作人员坚持要现场拆封激活，说不这样就不能带离门 店，还拿着手机拍下了拆封过程。 孟涛本不想激活新机，但想着能顺利取货也就遵从了，毕竟山姆" 7 天无忧退货"的政策让他觉得多了层保障。 来源 | 大疆官方商城 购买当天，曾有其他顾客向山姆工作人员询问 "产品是否会降价"，得到的答复是："不会降价，从未降过。" 这份保障在第二天就碎了。 10 月 6 日，孟涛看到电商平台的公告： P ...

Summary of Conference Call on Insta360 and the Action Camera Industry Company and Industry Overview - The conference call focuses on **Insta360**, a key player in the **action camera market**, particularly known for its **X series** and **G series** cameras, which have established a significant market presence through high-end strategies and international expansion [1][2]. Core Insights and Arguments - **Market Positioning**: Insta360 has successfully positioned itself in the high-end segment of the action camera market, avoiding competition in the low-end market. This strategy, combined with overseas market expansion, has been crucial for the company's growth [1][3]. - **Product Innovation**: The company emphasizes continuous innovation, particularly in applying panoramic cameras to sports and addressing user needs through feedback and interviews. This approach ensures that product features align with user expectations [1][4]. - **Algorithm Development**: Insta360 has developed a strong algorithmic capability based on Ambarella chip architecture, which has created a technological barrier against competitors. The company has solved traditional stitching algorithm issues, enabling real-time stitching and enhancing user experience [1][5]. - **Competitive Landscape**: Despite competition from DJI, Insta360 maintains a competitive edge through ongoing user pain point resolution and technological innovation. Although DJI's brand strength and pricing may capture some market share, Insta360's product quality and diversified product line remain advantages [1][6][10]. Key Product Developments - **X5 Camera Performance**: The new X5 model has exceeded sales expectations due to hardware upgrades and algorithm optimizations, particularly in low-light performance. However, there is still room for improvement in shooting specifications, algorithm optimization, and device weight [1][17]. - **AI Integration**: The company has introduced an AI highlight assistant feature, which is still in its early stages but has significant future potential for enhancing user video creation efficiency [3][20]. Market Trends and Projections - **Market Growth**: The action camera market is projected to reach annual sales of **50 million units** within the next five to ten years, with current penetration rates around **5%-6%**. There is potential for penetration to exceed **10%**, but this will take time [3][20]. - **User Demographics**: The primary user groups for action cameras include sports users and Vlog users, with future development likely focusing on products tailored for Vlog users and specific sports applications [16]. Competitive Strategies - **Response to Competitors**: Insta360 plans to maintain its leading position by addressing existing market issues and enhancing user experience. Competitors can only imitate and optimize existing technologies while navigating patent challenges [6][7]. - **Market Expansion**: Both Insta360 and DJI are expected to grow the overall market, with DJI's entry into the panoramic camera space potentially increasing awareness and sales of action cameras [10][11][12]. Financial Metrics - **Profit Margins**: Insta360's gross margin currently ranges between **50% and 60%**, with no specific profit margin targets disclosed [13]. Additional Considerations - **Product Differentiation**: Insta360's strategy includes launching innovative products that cater to specific user needs, contrasting with DJI's more traditional approach [14][15]. - **Ecosystem Advantages**: DJI's diverse product ecosystem, including cloud storage and editing features, provides it with a competitive edge in the market [23]. This summary encapsulates the key points discussed during the conference call, highlighting Insta360's strategic positioning, product innovations, market trends, and competitive landscape within the action camera industry.