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 ...

近期，影石创新的法务部在社交媒体表示，公司疑似遭到了"黑水军"、"黑公关"的攻击，目前公安机关 已正式立案。 12月22日，影石创新表示，其首款全景无人机影翎 Antigravity A1上市两周内，网络上涌现了超过2500 条虚假恶意内容，包括伪造消费者差评诋毁产品质量、造谣销量遇冷等内容。对此，影石法务部发起全 网悬赏，公开征集"黑公关"相关线索，若线索被公安机关采纳，奖励1万元至10万元不等。 次日，影石法务部就相关信息补充道，征集启动以后，已收到大量网友举报，多条线索已完成核查固 证。影石方面公布的信息显示，有人在平台上以"品牌种草"名义招募"水军"，要求发布涉及影石产 品"负面评价内容"，单条稿费200至2000元，已有超1000人报名。此外，还有网友在社交媒体上反馈 称，其账号疑似遭盗用并发布了涉及影石的恶评等等。 23日晚间，影石创始人兼CEO刘靖康在社交媒体发声："高调的人光明正大地阴阳，低调的人在隐秘的 角落里捅刀子，karma is a bitch. Franklin Marvolo Riddle."。 其贴文中的后半句话如何理解众说纷纭，但"karma is a bitch"意为"善恶终 ...

近期，影石创新的法务部在社交媒体表示，公司疑似遭到了"黑水军"、"黑公关"的攻击，目前公安机关已正式立案。 12月22日，影石创新表示，其首款全景无人机影翎 Antigravity A1上市两周内，网络上涌现了超过2500条虚假恶意内容，包括伪造消费者差评诋毁产品质 量、造谣销量遇冷等内容。对此，影石法务部发起全网悬赏，公开征集"黑公关"相关线索，若线索被公安机关采纳，奖励1万元至10万元不等。 次日，影石法务部就相关信息补充道，征集启动以后，已收到大量网友举报，多条线索已完成核查固证。影石方面公布的信息显示，有人在平台上以"品牌 种草"名义招募"水军"，要求发布涉及影石产品"负面评价内容"，单条稿费200至2000元，已有超1000人报名。此外，还有网友在社交媒体上反馈称，其账号 疑似遭盗用并发布了涉及影石的恶评等等。 23日晚间，影石创始人兼CEO刘靖康在社交媒体发声："高调的人光明正大地阴阳，低调的人在隐秘的角落里捅刀子，karma is a bitch. Franklin Marvolo Riddle."。 其贴文中的后半句话如何理解众说纷纭，但"karma is a bitch"意为"善恶终有报"， ...

Core Viewpoint - The release of the Yingling A1 drone by Yingshi has faced significant criticism and skepticism regarding its sales performance, leading to a notable decline in the company's stock price following the launch [1][2][4]. Group 1: Product Launch and Market Response - Yingshi launched the Yingling A1, the world's first 8K panoramic drone, with a starting price of 7,999 yuan, which can be reduced to 6,799 yuan with government subsidies [1]. - Following the launch, Yingshi's stock price fell over 6% the next day, accumulating a decline of more than 8% by December 9, attributed to concerns over disappointing sales figures [1][2]. - In the first three days post-launch, the Yingling sold over 1,500 units, generating approximately 10 million yuan in revenue, which is significantly below the company's annual sales target of 300,000 units [6][9]. Group 2: Competitive Landscape - The ongoing competition between Yingshi and DJI has intensified, particularly with DJI's recent entry into the panoramic camera market and aggressive pricing strategies [2][10]. - Yingshi's internal communications suggest that the company is facing external pressures from industry giants, with claims of supply chain disruptions and negative media coverage impacting their sales [2][8]. - Despite the challenges, Yingshi reported that the Yingling sold over 500 units in its first week, outperforming DJI's Neo 2 model, which sold only 100 units [2]. Group 3: Financial Performance and Strategic Direction - Yingshi's revenue from consumer imaging products was 3.159 billion yuan in the first half of the year, accounting for 86.06% of total revenue, with panoramic cameras being the main product line [8]. - The company has invested heavily in research and development, with R&D expenses reaching 524 million yuan in Q3, a year-on-year increase of 164.81%, representing 17.81% of total revenue [11]. - Yingshi's management emphasizes the importance of these investments for long-term growth, despite a reported decline in net profit of 5.95% year-on-year [11].

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]

Core Viewpoint - The company YingShi Innovation (688775.SH) addressed market concerns regarding the impact of DJI's price competition and the controversy over market share in the panoramic camera sector during its earnings briefing on November 4. Financial Performance - In the first three quarters of the year, YingShi Innovation achieved revenue of 6.611 billion yuan, a year-on-year increase of 67.18%. However, the net profit attributable to shareholders was 792 million yuan, a decrease of 5.95% year-on-year. The company attributed the revenue growth to market expansion, new product launches, and increased online and offline sales, while the decline in profit was due to higher R&D expenses from increased investment in chip customization and strategic projects [1][2]. Market Competition - DJI launched the Osmo 360 panoramic camera at a price 800 yuan lower than YingShi's X5 model, and the Osmo Nano at a price 900 yuan lower than YingShi's GO Ultra after national subsidies. This significant price difference has led to widespread market discussions about DJI's aggressive pricing strategy [1][2]. - Industry insiders noted that DJI's price cuts are unprecedented, effectively using a price-for-market strategy to gain a foothold in the panoramic camera market, albeit at the cost of profit margins [1]. Market Share Discrepancies - Two recent market share reports have shown conflicting results: one from Jiuqian Zhongtai indicated that YingShi's market share plummeted from 85%-92% to 49%, while DJI captured 43%. Conversely, a report from Sullivan maintained that YingShi still held a 75% global market share, with DJI at 37.1% in China and 17.1% globally [3][4]. - YingShi Innovation expressed skepticism about the accuracy and authority of some third-party data, urging investors to be cautious [3]. Product Development and Future Plans - YingShi Innovation is set to launch its panoramic drones, including its own brand and a co-developed brand called YingLing Antigravity. The public testing phase for the Antigravity drone is nearing completion, with a tentative launch expected in the fourth quarter of 2025, subject to various factors [5][6]. - The company is also working on new products, including a next-generation action camera, an integrated panoramic camera, wearable cameras, and handheld Vlog cameras, with a typical development cycle of six months to a year [6].

Core Viewpoint - The article discusses the impact of DJI's price competition on the panoramic camera market and the market share controversy surrounding YingShi Innovation, highlighting the company's revenue growth despite challenges from competitors [1][2]. Financial Performance - YingShi Innovation reported a revenue of 6.611 billion yuan for the first three quarters of the year, representing a year-on-year increase of 67.18%. However, the net profit attributable to shareholders was 792 million yuan, a decrease of 5.95% year-on-year [1]. - The company attributes the revenue growth to market expansion, new product launches, and increased sales channels, while the decline in net profit is due to higher R&D expenses from custom chip investments and increased salaries for R&D personnel [1]. Market Competition - DJI launched the Osmo 360 panoramic camera at a price 800 yuan lower than YingShi's X5 model, and the Osmo Nano at a price 900 yuan lower than YingShi's GO Ultra, significantly impacting the market dynamics [1]. - Industry insiders noted that DJI's price reduction is unprecedented, effectively capturing market share at the expense of profit margins [1]. Market Share Controversy - Reports from Jiucheng Zhongtai indicate that YingShi's market share plummeted from 85%-92% to 49% in Q3 2025, while DJI captured 43% of the market [4]. - Conversely, a report from Sullivan suggests that YingShi still holds a 75% market share globally, with DJI taking 37.1% in China and 17.1% globally [4]. - YingShi expressed skepticism about the accuracy and completeness of some third-party data, urging investors to be cautious [4]. Product Development and Future Outlook - YingShi is set to launch two drone brands, including its own and a collaborative brand called YingLing Antigravity, with the latter expected to enter the market in Q4 2025 [5]. - The company is also working on new products, including a new generation of action cameras and wearable cameras, with a typical development cycle of six months to a year [6].

Core Viewpoint - The company, YingShi Innovation, reported significant revenue growth in the first three quarters of the year, but faced a decline in net profit due to increased R&D expenses and strategic investments, particularly in response to competitive pricing pressures from DJI in the panoramic camera market [2][3]. Financial Performance - YingShi Innovation achieved revenue of 6.611 billion yuan, a year-on-year increase of 67.18% [2] - The net profit attributable to shareholders was 792 million yuan, a year-on-year decrease of 5.95% [2] - The increase in revenue was attributed to market expansion, new product launches, and enhanced online and offline sales [2] Market Competition - DJI launched the Osmo 360 panoramic camera at a price 800 yuan lower than YingShi's X5, and the Osmo Nano at a price 900 yuan lower than YingShi's GO Ultra [2] - The price competition initiated by DJI has significantly impacted the panoramic camera market, leading to a rapid market share shift [2][3] - Industry experts noted that DJI's pricing strategy is unprecedented and has effectively captured market share, albeit at the cost of profit margins [2] Market Share Discrepancies - Reports from Jiuqian Zhongtai indicated that YingShi's market share plummeted from 85%-92% to 49%, while DJI captured 43% of the market [4] - Conversely, a report from Sullivan suggested that YingShi maintained a 75% market share globally, with DJI holding 37.1% in China and 17.1% globally [4] Data Accuracy Concerns - YingShi Innovation expressed concerns regarding the accuracy and reliability of third-party market share data, urging investors to be cautious [5] - The data from Jiuqian Zhongtai was based on estimations influenced by historical sales and e-commerce trends, which may lead to discrepancies [5] - Sullivan's report underwent revisions and was temporarily taken offline for data verification [5] New Product Developments - YingShi Innovation is set to launch new drone brands, including its own and a collaboration with a third party, Antigravity [6] - The Antigravity panoramic drone is expected to enter the market in the fourth quarter of 2025, subject to supply chain and market conditions [6] - The company is also working on new products, including a next-generation action camera and a wearable camera [6]

Core Viewpoint - The entry of DJI into the panoramic camera market with its Osmo 360 has significantly altered the competitive landscape, leading to a sharp decline in the market share of the previous leader, Insta360, while DJI quickly gained a substantial share [1][8]. Market Share Dynamics - According to a report from Jiuxian Zhongtai, by Q3 2025, Insta360's market share plummeted from 85%-92% to 49%, while DJI captured 43% of the market [1]. - Another report from Sullivan indicates that by Q3 2025, Insta360 is projected to hold a 75% global market share, with DJI at 37.1% in China and 17.1% globally, surpassing GoPro [5]. Financial Performance - Despite the competitive pressure, Insta360 reported a revenue of 2.94 billion yuan in Q3, a year-on-year increase of 92.64%, attributed to market expansion and new product launches [4]. - In contrast, DJI's revenue for 2024 is projected to be 80 billion yuan, significantly outpacing Insta360's expected revenue of 5.574 billion yuan [13]. Competitive Strategies - DJI has adopted a price-competitive strategy, launching products like the Osmo 360 at lower prices than Insta360's offerings, which has intensified competition in the market [10]. - Both companies are actively innovating and releasing new products to maintain their market positions, with DJI recently launching the Neo2 drone, which directly competes with HoverAir's offerings [10][16]. Industry Growth Projections - The global handheld smart imaging device market is expected to grow at a compound annual growth rate (CAGR) of 15.9% from 2020 to 2030, reaching a market size of 79.93 billion yuan by 2030 [11]. Research and Development Investments - Insta360 has significantly increased its R&D investment, exceeding 1 billion yuan in the first three quarters of the year, which is more than its total net profit for the previous year [14].