Core Insights - The competition between DJI and Insta360 has become prominent, with conflicting market share data reported by different research institutions [1][3] - DJI claims a 49% market share in China's e-commerce panoramic camera market, while Insta360 asserts a 75% global market share according to a different report [1][4] - The discrepancies in data highlight the ongoing battle for market dominance between the two companies [3][4] Market Share and Sales Data - According to the report by Jiuxian Zhongtai, DJI's panoramic camera sales volume in Q3 was approximately 290,000 units, generating sales of 860 million yuan, while Insta360 sold around 360,000 units for 980 million yuan [5][11] - The contrasting figures from Frost & Sullivan suggest that by Q3 2025, DJI's global market share would be 17.1%, while Insta360's would be over 75% [1][11] Financial Performance and Strategy - Insta360's revenue for Q3 2025 was reported at 2.94 billion yuan, a year-on-year increase of 92.64%, but its net profit decreased by 15.9% to 272 million yuan [15] - The company has significantly increased its sales expenses, with a 102.5% year-on-year rise, reflecting a strategic shift to broaden its market reach beyond core user groups [13][15] - R&D investment for Insta360 reached 524 million yuan in Q3, a 164.81% increase, indicating a focus on developing new technologies [14][15] Competitive Landscape - The competition extends beyond just sales figures, encompassing R&D capabilities, marketing strategies, and overall market positioning [16] - Both companies are vying for dominance in the emerging markets of panoramic cameras and drones, with DJI's rapid entry into the panoramic camera space putting pressure on Insta360 [13][16] - The outcome of this competition will ultimately depend on consumer preferences and market responses [16]