作者｜ 闰然 编辑｜ 江江 视觉 | 顾芗 2025年12月，一则来自影石创新创始人刘靖康朋友圈的截图在硬科技圈广泛流传。他转发了一篇题为 《大疆与影石的供应链之战》的报道，直接将这两家同处深圳的消费电子巨头的 暗战 摆上台面。 影石创新创始人刘靖康朋友圈的截图 这位以"听按键音破译周鸿祎手机号"闻名业界的年轻CEO，用这篇报道揭开了一场隐秘战事的一角：在 影像和无人机精密制造的产业链条上，供应商们不得不站队，做了大疆的生意，就不能做影石的。 目前，大疆官方虽无正面回应，但一位大疆研发中层员工在对媒体的采访中，意味深长地说：有些供应 链是大疆花了数年时间，投入资源从零开始培养起来的。 从C端的产品价格战、营销战，到B端的供应链"二选一"， 一场覆盖全产业链的战争已然打响。 而在这背后，大疆与影石的竞争，是它们正在用截然不同的技术哲学，争夺定义下一代视觉叙事的权 力。 互偷老家 如今，大疆与影石作为深圳"双雄"的暗战，纷争四起。但事实上，将时针拨回几个月前，也就是2025年 7月之前，大疆与影石还尚且属于"你守你的无人机王座，我占我的全景相机山头"，互不越界，各自风 光。 大疆，早就是消费级无人机领域的"绝对霸 ...

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 Viewpoint - The launch of the "影翎A1" drone by影石创新 has faced significant criticism regarding its sales performance, with rumors suggesting poor sales figures and rapid resale on second-hand platforms. However, the company's founder, Liu Jingkang, has countered these claims, asserting strong initial sales and positioning the product as a new growth avenue for the company [1][3]. Group 1: Product Launch and Market Response - The影翎A1, marketed as the world's first 8K panoramic drone, was launched with a price of 6,799 yuan after subsidies, and it weighs 249 grams, allowing for simplified flight regulations in many regions [3][4]. - Initial sales figures reported by Liu indicate that the影翎A1 generated over 30 million yuan in sales within 48 hours in China, with additional markets undergoing certification [1][3]. - Despite the positive sales figures, the product faced immediate resale on second-hand platforms at discounts ranging from 400 to 1,000 yuan, leading to a 6.01% drop in影石's stock price on the day following the launch [3][4]. Group 2: Competitive Landscape -影石 and DJI are engaged in fierce competition, with影石 having dominated the global consumer panoramic camera market for six consecutive years, while DJI holds over 70% of the global consumer drone market [2][6]. - Both companies have begun to encroach on each other's core markets, with DJI launching new products targeting影石's successful lines, while影石 introduced the影翎A1 to compete in the drone sector [7]. Group 3: Financial Performance and Investment -影石 reported a revenue of 6.611 billion yuan for the first three quarters of the year, a year-on-year increase of 67.18%, but the net profit attributable to shareholders decreased by 5.95% to 792 million yuan [8]. - The company has significantly increased its investment in research and development, with R&D expenditures reaching 1.085 billion yuan in the first three quarters, a 127.02% increase year-on-year [8]. - Despite the pressure from competition and the need for substantial investment,影石's stock has seen a remarkable increase of over 440% since its IPO, although it has dropped more than 30% from its peak in September [8].

Core Viewpoint - The launch of the "影翎A1" drone by影石创新 has faced significant criticism regarding its sales performance, with claims of low sales and rapid resale on second-hand platforms, prompting a strong response from the company's founder, Liu Jingkang [1][4]. Group 1: Product Launch and Sales Performance - The影翎A1, the world's first 8K panoramic drone, was officially released on December 4, with a standard price of 6,799 yuan after subsidies [3]. - Within 48 hours of its launch in China, the影翎A1 reportedly generated over 30 million yuan in sales [1][2]. - Despite initial sales figures, there were rumors of only a few hundred units sold, leading to concerns about the product's market acceptance [1][4]. Group 2: Competitive Landscape -影石 and DJI are engaged in fierce competition, with影石 aiming to penetrate DJI's stronghold in the consumer drone market [2][6]. - DJI holds over 70% of the global consumer drone market, while影石 has been the leader in the consumer panoramic camera market for six consecutive years [2][6]. - Both companies have recently launched products targeting each other's core markets, leading to a price war [7]. Group 3: Financial Performance and Investment -影石 reported a revenue of 6.611 billion yuan for the first three quarters of the year, a year-on-year increase of 67.18%, but a net profit decline of 5.95% to 792 million yuan [8]. - The company has significantly increased its R&D investment, reaching 1.085 billion yuan in the first three quarters, a 127.02% increase year-on-year [8]. - Despite the pressure from competition,影石's stock price has seen a significant increase of over 440% since its IPO, although it has dropped more than 30% from its peak in September [9].

Core Viewpoint - The launch of the world's first panoramic drone, "Yingling A1," by Ying Shi Innovation has faced criticism regarding its sales performance, prompting the founder to clarify the situation and assert the product's potential for growth [1][2]. Sales Performance - The "Yingling A1" generated over 30 million yuan in sales within 48 hours in China, with ongoing certification processes for multiple overseas markets [1][2]. - Despite initial sales success, rumors of low sales figures and price drops on second-hand platforms emerged shortly after the launch, leading to a 6.01% drop in the company's stock price [4][8]. Competitive Landscape - Ying Shi Innovation has faced aggressive competition from DJI, which dominates the consumer drone market with over 70% market share. Both companies have begun encroaching on each other's core product lines [2][7]. - The competition has intensified, with DJI launching new products targeting Ying Shi's successful lines, while Ying Shi has introduced the "Yingling A1" to challenge DJI's dominance in the drone market [7]. Product Features and Market Positioning - The "Yingling A1" is marketed as an 8K panoramic drone, offering unique features such as immersive flying experiences and the ability to capture 360-degree images, distinguishing it from traditional drones [5][6]. - The pricing strategy places the "Yingling A1" in the professional drone category, although some users have noted that its performance may not align with its high-end positioning [5][6]. Financial Performance - Ying Shi Innovation reported a revenue of 6.611 billion yuan for the first three quarters of the year, a 67.18% increase year-on-year, but net profit decreased by 5.95% to 792 million yuan [8]. - The company has significantly increased its R&D investment, reaching 1.085 billion yuan in the first three quarters, a 127.02% increase, indicating a focus on innovation to compete with DJI [8].

自今年8月首次预告亮相，在等待近4个月后，12月4日，影石首款全景无人机影翎Antigravity A1终于发售，限时国补价6499元起。 从影石Insta 360创始人刘靖康在社交平台上透露的内容来看，这款新品并非临时起意，而是一场从5年前就已启动的长期投入。他称"这是趟无悔的旅 程"，"因为在消费电子行业解决了以前没有人解决过的需求，在科技史上留下了小小的痕迹。" 截至12月5日中午，这台影翎A1已经在淘宝平台销量超400台。 A1的发布，也意味着影石第一次把最擅长的"全景能力"从手持设备带向空中，在一个已有市场"霸主"的市场里，撕开了一条新的技术路径。 P te Intelligence 无人机开始从"看见天空"到"置身天空" 系统方面，搭载了全新OmniLink 360全景图传系统，影翎A1实现了飞行视角的实时同步，将用户目光所及的画面稳定传输至 Vision飞行眼镜中。用户可通过 头部动作自由查看四周景色，画面视角将实时响应而变化，但飞行方向依然保持稳定，带来更接近本能的沉浸飞行体验。 相比传统无人机在飞行过程中需要同时操控飞行方向与云台角度、依赖实时构图完成画面捕捉，A1所采用的全景拍摄方式则将" ...

今年以来，两家公司在全景相机、无人机等多条产品线展开激烈交锋。11月，发生在长沙的影石授权体验店门头招牌因排他性协议被拆除事件，引出了疑似 两家地面渠道之争的舆论发酵。 今年10月，大疆启动大规模降价促销活动，明星产品Osmo Pocket 3自上市以来首次降价，引发业内广泛关注。面对大疆的降价攻势，影石创始人刘靖康在 微博致歉并向特定时段购买大疆产品的消费者发放100元无门槛代金券。此前7月大疆推出Osmo 360时，影石也迅速将旗下同类产品降价500元应对。 红星资本局12月4日消息，今日晚间，影石创新（688775.SH）召开了影翎全景无人机空中发布会，发布了影翎首款产品Antigravity A1。 据介绍，这是全球首款8K全景无人机。即日起正式开售，提供标准版、标准续航三电版与长续航三电版三种组合，其中标准套装国补售价为6799元。 影翎A1整机重量249克，满足全球大多数地区的免登记或简化飞行规范，标配电池续航约24分钟，搭配长续航电池可延长至约39分钟。 此次影石抢先一步发售无人机产品，也意味着影石和大疆将在全景相机、无人机两大赛道同时开战。 资料图 图据视觉中国 红星资本局注意到，目前在电商平 ...

Core Insights - A significant number of public and private fund managers visited DJI in mid-November for research, despite DJI stating no financing or IPO plans, focusing instead on the upcoming Avata 360 drone, which is seen as a competitor to Insta360's Antigravity A1 [1] - The competition between DJI and Insta360 has intensified, with both companies engaging in price wars during the Double 11 shopping festival, leading to significant price reductions on their products [1][4][8] Market Share Discrepancies - A report from Jiuyan Consulting indicated that as of Q3 2025, Insta360 held a 49% market share while DJI had 43%, contrasting sharply with a later report from S&P Global that claimed Insta360's share was 75% and DJI's was only 17.1% [2] - The conflicting data has raised questions about the true market landscape, especially since the S&P report was taken down twice after its release, indicating potential issues with data accuracy [2][3] Sales Performance - DJI reported a Q3 shipment of 290,000 panoramic cameras with a revenue of 860 million yuan, aligning with Jiuyan's report that estimated DJI's market share at 43% of a total market revenue of 2 billion yuan [3] - Insta360's financial report for the first three quarters showed a revenue of 6.611 billion yuan, a year-on-year increase of 67.18%, but a net profit decline of 5.95% [8][9] Competitive Pricing Strategies - During the Double 11 sales, DJI's Osmo 360 was priced at 2,197 yuan, while Insta360's X5 was priced at 2,656 yuan, highlighting a price difference of approximately 559 yuan [6][8] - Both companies have significantly reduced their prices compared to their launch prices, indicating a highly competitive market environment [8] Internal Challenges - Reports of internal issues at Insta360 surfaced, including allegations of unpaid virtual stock dividends to former employees, raising concerns about the company's management practices [12][13] - DJI is also facing talent retention challenges, with former employees indicating dissatisfaction with management and compensation, suggesting potential risks to its workforce stability [14]

Core Viewpoint - A significant number of public and private fund managers are conducting research on DJI, focusing on the upcoming Avata 360 panoramic drone, amidst intense competition with Insta360's Antigravity A1. DJI has stated it has no financing or IPO plans [1][2]. Group 1: Market Competition - The competition between DJI and Insta360 has intensified, with both companies engaging in price wars during the Double 11 shopping festival, with DJI's products being priced approximately 400-500 yuan lower than Insta360's comparable products [2][5]. - During the Double 11 event, DJI's Osmo 360 was priced at 2,197 yuan, while Insta360's X5 was priced at 2,656 yuan, leading to a price difference of 559 yuan [5][8]. - Both companies have significantly reduced their product prices compared to their launch prices, indicating a fierce market competition [8]. Group 2: Market Share Discrepancies - A report from Jiuqian Consulting indicated that as of Q3 2025, Insta360 held a 49% market share in the global panoramic camera market, while DJI followed closely with 43% [3]. - In contrast, a report from Frost & Sullivan claimed that Insta360's market share was as high as 75%, with DJI only at 17.1%, raising questions about the accuracy of these reports [3]. - The discrepancies in market share data have led to confusion in the industry, with DJI reporting a Q3 shipment of 290,000 units and sales revenue of 860 million yuan, aligning with Jiuqian's report [3][10]. Group 3: Financial Performance - Insta360 reported a revenue of 6.611 billion yuan for the first three quarters, a year-on-year increase of 67.18%, but a net profit decline of 5.95% [8][9]. - In Q3 alone, Insta360's revenue reached 2.940 billion yuan, a significant year-on-year growth of 92.64%, but the net profit decreased by 15.9% [8][9]. - The company attributed its profit decline to investments in chip customization and algorithm optimization, which are seen as long-term growth strategies [9]. Group 4: Internal Challenges - Reports of internal issues at Insta360 have emerged, including allegations of unpaid virtual stock dividends to former employees, highlighting potential management problems [10][11]. - DJI is also facing talent retention challenges, with former employees indicating dissatisfaction with the company's management practices and compensation structures [12].

Core Viewpoint - DJI is expanding into multiple consumer electronics and smart hardware sectors, including panoramic cameras, robotic vacuum cleaners, and 3D printing, while preparing to launch a new panoramic drone, DJI Avata 360 [1][9]. Group 1: DJI's Market Activities - DJI invited numerous investment institutions to its Shenzhen headquarters for a closed-door event to test the yet-to-be-released DJI Avata 360 panoramic drone [1][2]. - Despite the invitation, DJI stated it has no financing or IPO plans, which raised questions among investors about the purpose of the event [1][6]. - The event included a product demonstration and a presentation covering product comparisons, industry competition, and market insights [2][4]. Group 2: Product Features and Market Position - The DJI Avata 360 is based on the Avata 2 model, designed to be more user-friendly than traditional DIY racing drones, but still presents a learning curve for novice users [4][6]. - DJI's strategy appears to be a defensive move in response to competitors, with the potential for lower production costs by integrating panoramic capabilities into existing drone models [6][9]. - DJI holds a dominant position in the global consumer drone market, with a market share consistently above 70%, but the market is transitioning from growth to saturation [9][10]. Group 3: Competitive Landscape - The entry of DJI into the panoramic drone market is seen as a direct response to competitors like YingShi Innovation, which is also developing a panoramic drone [6][9]. - Investors believe that while DJI has advantages in drone technology, YingShi may have an edge in software capabilities crucial for panoramic imaging [11][12]. - The competition between DJI and YingShi is expected to foster market growth, with both companies aiming to innovate and expand their product offerings [11][12].