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 Insights - The article discusses the competitive landscape of the smart imaging device market, particularly focusing on the rivalry between two major players,影石 (Insta360) and 大疆 (DJI) [1][6][8] - There are conflicting market share reports from different third-party agencies, leading to confusion in the market regarding the actual standings of these companies [2][8] - Despite the competitive pressure, 影石 has shown strong revenue growth, indicating that competition has stimulated market demand rather than causing internal strife [3][4][28] Market Share Discrepancies - A report by弗若斯特沙利文 indicates that by Q3 2025, 影石 holds a 75% market share in the global consumer panoramic camera market, while 大疆 has 17.1% [1] - Conversely, 久谦中台 reports that 影石's market share has dropped to 49%, with 大疆's share rising to 43% within three months [2][7] - 影石 has questioned the accuracy and authority of the third-party data, emphasizing its own competitive advantages and a 90% revenue increase in Q3 [3][9] Competitive Dynamics - The competition between 影石 and 大疆 has intensified, particularly with 大疆's aggressive pricing strategies impacting the market [9][12] - Despite the price wars, 影石's revenue for Q3 reached 29.4 billion yuan, marking a 92.64% year-on-year increase [9][28] - The ongoing rivalry has led to increased app downloads and user engagement for both companies, particularly in the Chinese market [13] Product Innovation and Market Position - 影石's product innovations, such as the "invisible selfie stick" and advanced night shooting capabilities, have differentiated it from competitors [21][22][26] - The company has invested significantly in R&D, with a 160% year-on-year increase in R&D spending in Q3 2025, positioning it for long-term growth [28] - 影石's revenue for the first three quarters of 2025 reached 66.11 billion yuan, with projections suggesting it could reach 100 billion yuan by the end of the year [28] Future Outlook - The market is closely watching whether 影石 can maintain its position as a dominant player in the smart imaging sector amidst rising competition [29]