Insta360, the Chinese rival of GoPro, recorded a 90 per cent jump in third-quarter revenue from a year earlier, as China's leading maker of 360-degree and action cameras prepares to square off against drone giant DJI by the end of 2025. Shenzhen-based Insta360 said its revenue in the September quarter grew 92.64 per cent to 2.94 billion yuan (US$413 million), according to the company's filing to the Shanghai Stock Exchange on Monday. Net income for the period shrank 15.9 per cent to 271.9 million yuan, whi ...

Summary of the Conference Call on China Consumer Appliances Sector Industry Overview - The report focuses on the **China Consumer Appliances Sector**, specifically the competition between **Insta360** (Arashi) and **DJI** in the panoramic and action camera market [2][3]. Key Points Rising Competition - **Intensifying competition** has been noted between Insta360 and DJI, with both companies launching similar products [2][7]. - DJI introduced the **Osmo 360** and **Osmo Nano** in Q3 2025, directly competing with Insta360's ONEX and Go series [2]. - Insta360 launched the **Antigravity A1** panoramic camera drone, challenging DJI's market position [2]. Pricing Pressure - Both companies have reduced prices globally due to competition, with DJI lowering the price of its **Pocket 3** action camera by **Rmb700** (20% discount) and Insta360 reducing the price of the **X5** by approximately **Rmb400** (12% discount) [2][9]. - Price cuts in China are more significant (20-30% off) compared to other markets like Japan, the UK, and Germany (9%-20% off) [9]. Market Growth - Despite the competition, there is **strong volume growth** in the action/panoramic camera segment, indicating that competition is expanding the market rather than merely redistributing market share [3][12]. - App downloads related to action/panoramic cameras have surged, with Insta360 experiencing a **78% YoY growth** in app downloads in Q3 2025, suggesting a potential upside in revenue [4][23]. Revenue Projections - The correlation between app downloads and revenue growth for Arashi is strong, indicating that high app download growth may lead to strong sales in Q3 2025 [4][23]. - Revenue growth estimates for Arashi are projected at **60% YoY** for top line and **7% YoY** for bottom line [4]. Investment Outlook - Arashi is viewed as a **Buy** due to its potential for global expansion and high growth visibility over the next 2-3 years [5]. - The competition is expected to enhance consumer education and make products more affordable, although it may pressure margins [5][29]. Risks - Key risks include slower-than-expected demand, margin pressure from price competition, and potential foreign exchange losses [29][30]. Conclusion - The competitive landscape between Insta360 and DJI is intensifying, leading to significant price reductions and increased consumer engagement in the action camera market. The outlook for Arashi remains positive, with strong growth potential despite the risks associated with competition and market dynamics.

Core Insights - DJI has strategically launched the Osmo Nano camera, directly competing with Insta360's GO Ultra, with a price difference of less than 1,000 yuan, interpreted as a counterattack ahead of the National Day holiday [1][2] - The competition between domestic imaging manufacturers has evolved from a single product rivalry to a mutual encroachment into each other's core markets, impacting both the capital market and supply chain [1][3] Product Launch and Market Response - The release of Osmo Nano on September 23 is timed to coincide with the peak travel season and government subsidy policies, making it a hot topic among consumers [2] - Consumers are actively comparing the two products in stores, with many expressing concerns about the long-term usability of the cameras, indicating a potential challenge for manufacturers in maintaining customer engagement [2][5] Competitive Dynamics - The competition has shifted from traditional categories to direct product comparisons, with Insta360's recent entry into the drone market through the Antigravity A1, which aims to differentiate itself through software and scene-based innovations [3][4] - DJI's recent product launches, including the Osmo 360 and Osmo Nano, are seen as a response to Insta360's advancements, indicating a strategic clash between hardware and software-focused approaches [4] Market Trends and Implications - The demand for consumer-grade imaging products is rapidly increasing, driven by trends in short videos and travel documentation, making it a critical battleground for manufacturers [5] - The competitive actions of both companies have led to positive reactions in the capital market, with stock prices of related suppliers experiencing significant increases [5][6] Supply Chain Impact - Companies supplying components to both DJI and Insta360, such as Lianchuang Electronics and Hongjing Optoelectronics, have seen their stock prices rise significantly, reflecting the benefits of the competitive landscape [5][6] - However, challenges remain, particularly regarding the high "dust-collecting" rate of wearable cameras and drones, which may lead to longer repurchase cycles and necessitate the development of subscription services and software ecosystems to enhance product value [6]

Group 1: IFA 2025 Overview - The IFA 2025 opened on September 5 in Berlin, Germany, with the theme "Smart Living, Sustainable Future," focusing on AI, IoT, and green technology [1] - Approximately 764 Chinese companies participated, including industry leaders like Hisense, JD.com, and Anker Innovations, showcasing new products and China's technological advancements [1] Group 2: RGB-Mini LED Technology - 2025 is referred to as the "RGB-Mini LED Year" for the TV industry, with major competition centered around display technology advancements [2] - Hisense launched the world's first 116-inch RGB-Mini LED TV at CES and showcased it at IFA, while Samsung and Sony also presented their RGB-Mini LED products [2][3] - Hisense's breakthroughs in RGB-Mini LED technology position Chinese companies ahead in the next-generation display technology competition [3] Group 3: Smart Cleaning Appliances - Smart cleaning appliances are rapidly evolving, with products like robotic vacuums and window-cleaning robots gaining international attention at IFA 2025 [4] - Ecovacs introduced its flagship product, the Deebot X11 series, emphasizing advancements in automation and smart cleaning solutions [4] - Companies are focusing on creating interconnected ecosystems for smart cleaning appliances to meet diverse household cleaning needs [4][5] Group 4: Comprehensive Smart Home Ecosystems - Companies like TCL are integrating AI into various home appliances, including air conditioners and washing machines, aiming to create a complete smart home ecosystem [6] - The trend indicates a shift towards building comprehensive product ecosystems that enhance the smart living experience [6] Group 5: Imaging Products and Drones - The imaging sector at IFA 2025 saw significant developments, with DJI and Insta360 entering each other's markets with new products [7][8] - Insta360 launched the Antigravity A1, an 8K panoramic drone, while DJI introduced the Osmo 360, a panoramic camera designed for high-quality outdoor content creation [7][8] - IFA serves as a crucial platform for Chinese companies to expand their presence in the European market and enhance their international influence [8]

What's that in my eye. It's video from a drone like none I've ever tried. I'm flying straight forward, but I can look around cuz this drone is a 360° camera with omnidirectional filming.Want to check out some birds. I wasn't even watching them that day, but now I can rotate and zoom to show you the whole flock. Again, I'm just flying forward, but we can follow them with our eye, look at their perches, watch them fly as we pass, or check out these sharp rocks below.And this isn't DJI. Today, I'm toying with ...