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].