Core Viewpoint - DJI is facing competition not just from drones but primarily from panoramic stitching technology, which is crucial for its new product development in the panoramic drone segment [1]. Group 1: DJI's New Product Development - DJI is secretly developing a panoramic drone product, with an engineering prototype already completed and software systems currently being tested, expected to launch by the end of the year [2]. - The new panoramic drone is likely a combination of the recently released Osmo 360 panoramic camera and previous DJI drones, potentially based on the mini series [2]. Group 2: Competitive Landscape - The release of DJI's panoramic drone will intensify competition with Yingshi, which has also entered the drone market with a dual-brand strategy, including a panoramic drone in collaboration with third parties and a self-developed flying camera targeting entry-level Vlog users [3]. - Following the launch of DJI's Osmo 360 panoramic camera, Yingshi quickly responded with promotional price cuts for its X5 series, indicating a fierce competition in the panoramic camera market [3]. Group 3: Future Market Dynamics - With the upcoming releases of DJI's Osmo Nano thumb camera and the panoramic drone, competition between DJI and Yingshi is expected to escalate further in the latter half of the year [4].