制空权，似乎正在从大疆身上滑落。 近日，影石创新推出全球首款全景无人机影翎Antigravity A1，上市48小时内销售额达约3000万元。 此前，影石以全景相机为核心业务，在2024年市场份额高达81.7%。 不过，截至1月4日，在京东无人机热卖榜TOP30中，影翎A1排名第27位，榜单大多被大疆产品霸占； 在天猫无人机热销榜中，TOP20中未见到影翎A1的身影。 根据行业估算，按七八千元客单价计算，实际销量约为3000至4000台。 尽管市场反馈存在争议，但该产品标志着影石正式进军无人机领域，并引发与大疆的全面竞争。 新创始人刘靖康在内部信中强调，影石早预判到进入无人机赛道将刺激大疆反制。 但随着大疆推出Osmo 360全景相机，影石份额迅速下滑至49%，大疆则占据约43%市场，行业格局由单 一主导转向双雄对峙。 为应对竞争，影石提前布局技术验证与用户教育。 2022年发布适配大疆Mavic Air 2和Air 2S的"瞳 Sphere"外挂式全景相机，实现算法拼接与飞行平台结 合。 此举既完成技术积累，也凸显传统无人机无法实现全景拍摄的局限性。 刘靖康称，全景无人机之于传统无人机如同汽车之于马车。 刘 ...

Core Viewpoint - The competition between YingShi Innovation and DJI has intensified as both companies enter each other's markets, leading to accusations of supply chain exclusivity and monopolistic behavior [1][2][3]. Group 1: Supply Chain Exclusivity Accusations - Liu Jingkang, the CEO of YingShi, accused DJI of implementing "supply chain exclusivity" to suppress competition, which sparked significant online debate [2][3]. - Industry insiders suggest that supply chain exclusivity is a common practice in the consumer electronics sector, often arising from competitive pressures rather than outright monopolistic behavior [2][12]. - The exclusivity claims are seen as a result of technological binding and resource allocation rather than a unilateral bullying tactic by DJI [4][12]. Group 2: Market Dynamics and Competition - YingShi's new drone, "YingLing," faced significant pressure from DJI, which has a dominant market position in the drone sector [4][17]. - The global market for panoramic cameras is projected to grow from 3.2 billion yuan in 2020 to 5.85 billion yuan by 2024, but growth rates are slowing, raising concerns for YingShi's future performance [17][21]. - DJI's entry into the panoramic camera market has led to a dramatic drop in YingShi's market share from over 90% to 49% [21]. Group 3: Financial Performance and Market Response - YingShi's third-quarter net profit decreased by 15.9% year-on-year, indicating financial pressure as competition intensifies [22][23]. - The company's stock price reflects high expectations, with a price-to-earnings ratio of 101.66, necessitating a successful expansion into the drone market to justify its valuation [18][19]. - Initial sales figures for the "YingLing" drone indicate a slow market response, with only 1,400 units sold in the first three days, raising concerns about its ability to drive revenue growth [20].

Core Viewpoint - The company, YingShi, faces controversy regarding the sales performance of its new product, the YingLing A1 drone, which has been claimed to be underperforming despite internal assertions of strong sales figures [1][3]. Sales Performance - YingShi's founder, Liu Jingkang, refuted claims of poor sales, stating that over 30 million yuan (approximately 4.5 million USD) worth of drones were sold in just 48 hours in China [1]. - Initial sales data from major e-commerce platforms indicated only about 1,500 units sold, generating around 10 million yuan (approximately 1.5 million USD) in revenue [3]. - As of December 10, the company had 458 physical stores across China, which are expected to be significant sales channels for the YingLing A1 [6]. Product Features - The YingLing A1 drone features a dual fisheye lens and AI stitching technology, allowing for 8K panoramic video capture, and is priced starting at 6,799 yuan (approximately 1,000 USD) [2]. - The drone's lightweight design (249 grams) is marketed as advantageous for international travel, avoiding strict regulations for heavier drones [7]. Market Competition - The company is in direct competition with DJI, which has also launched a panoramic drone, leading to a price war and heightened market tensions [10][11]. - Liu Jingkang highlighted external pressures from suppliers, suggesting that the company is facing unfair competitive practices, likely from DJI [10]. Consumer Reception - Despite some positive sales in physical stores, there are concerns regarding the drone's image quality, which has not met consumer expectations [9]. - Users have reported discomfort with the VR flight glasses and the overall usability of the product, leading to some units being resold at discounted prices [9]. Industry Dynamics - The competition between YingShi and DJI is reshaping the market, pushing both companies to innovate and potentially benefiting consumers through enhanced product offerings [12][13].

影石、大疆再度隔空交火？ 12月9日，观察者网从影石方面获悉，影石Insta360创始人兼CEO刘靖康近日发布内部信，回应了包括旗下无人机遇冷、经销商遭遇"排他协议"等热点话题。 他在信中称，在刚刚过去的周末，无人机子品牌影翎遭遇排山倒海的负面文章与讨论，其全球首款全景无人机影翎A1上市后，大量同质化内容渲染产品"销 量遇冷"，"甚至我们的用户和合作伙伴也遭到攻击"。 刘靖康反驳了有关其"销量遇冷"的传言。其透露，影翎仅中国区48小时就卖了3000多万元，且多个海外市场目前正在进行认证流程，很快也将上市。刘靖康 称，这一成绩验证了影石无人机的全球市场潜力，"可以对标友商一款主流成熟机型"，作为参照，集团手持影像业务线前三季度的日均销售额约为2400多万 元。 刘靖康还特别强调道，这一成绩，"是在某些行业巨头的格外'关注'下完成的"，而近期关于长沙经销商门店的"排他协议"新闻只是公司所面临挑战的冰山一 角。 刘靖康指控道，在其无人机上市前半年，公司的多家核心供应商突遭"排他"压力，包括光学镜头模组7家、结构件8家、屏幕3家、电池2家、芯片电子元器件 8家、其它6家。他表示，这并非影石第一次面对此类排他手段，公司 ...

Core Insights - The internal letter from Liu Jingkang, CEO of Insta360, addresses the negative publicity surrounding the launch of the company's first panoramic drone, the Yingling A1, and highlights its initial sales success despite claims of poor performance [3][4][5] Sales Performance - The Yingling A1 achieved over 30 million yuan in sales within 48 hours of its launch in China, indicating strong market potential [3][4] - The average daily sales for the company's handheld imaging business exceeded 24 million yuan in the first three quarters, showcasing the potential of the Yingling A1 to contribute to new growth [4][5] Competitive Landscape - The competition between DJI and Insta360 has intensified, particularly with the launch of the Yingling A1, as DJI has quickly organized research and development efforts in response [7][9] - DJI's established supply chain and cost advantages may pose a threat to Insta360's valuation if it engages in price competition in the panoramic drone market [7][9] Supply Chain Challenges - Insta360 faced external pressures from suppliers, with multiple key suppliers experiencing "exclusive" pressure around the time of the Yingling A1's launch [5][6] - The company has proactively developed a secondary supply chain to mitigate risks and maintain control over its supply chain structure [5][6] Industry Dynamics - The competition between DJI and Insta360 reflects a shift in the Shenzhen hardware industry from a "single leader" to a "multi-point competition" model, with both companies expanding their product lines and exploring new market segments [9][8] - The ongoing rivalry is expected to persist, with both companies likely to continue innovating and expanding their product offerings in the imaging and drone sectors [9][8]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：科技朋友圈 一场盛大的空中发布会，一款被寄予厚望的全景无人机，最终却在市场的冰冷现实面前遭遇了"自由落 体"。 12月4日，在一场被吊在1500米高空热气球上举行的发布会上，影石创新高调推出了其跨界之作——影 翎A1全景无人机。创始人刘靖康将其形容为"在技术史上留下痕迹"的产品，寄望以此开辟公司的第二 增长曲线。 然而，市场给出了截然不同的反应。发布会次日，影石创新的股价开盘即跳水，一度暴跌逾8%。电商 平台惨淡的销量数据与二手市场上大量低价抛售的崭新机器，共同为这场野心勃勃的跨界首秀，写下了 一个充满争议的开局。 对于从全景相机霸主之位登陆科创板的影石而言，踏入无人机这片万亿级别的海洋，是寻求更高市值想 象空间的必然选择。 但当后院起火、前路遇阻，这场以短期利润为代价的昂贵豪赌，是否还能换来一个光明的未来？ 高调亮相与冰冷现实 影翎A1的发布，充满了仪式感与颠覆性的想象。全球首款消费级全景无人机的名号、独特的体感遥控 与头戴眼镜体验，都试图向市场传递一个信息：影石带来的不是又一台普通的航拍机，而是一个全新的 视觉品类。 公司为其 ...

Core Viewpoint - The internal communication from Liu Jingkang, CEO of Insta360, highlights the challenges faced by the company following the launch of its first panoramic drone, the Yingling A1, including negative media coverage and supply chain pressures, while emphasizing strong initial sales performance in China [2][4][5]. Sales Performance - The Yingling A1 achieved over 30 million yuan in sales within 48 hours of its launch in China, indicating significant market potential against competitors' mainstream models [4][5]. - The company's average daily sales in the handheld imaging business exceeded 24 million yuan in the third quarter, showcasing the potential for growth with the new product line [5]. Competitive Landscape - The competition between DJI and Insta360 has intensified, particularly with the launch of the Yingling A1, as DJI has quickly organized research and development efforts in response [8]. - DJI's entry into the panoramic drone market could suppress Insta360's valuation due to its supply chain and cost advantages [8]. Supply Chain Challenges - Liu Jingkang noted that the company faced "exclusion" pressures from suppliers, with multiple key suppliers experiencing similar pressures around the time of the Yingling A1's launch [6]. - The company has proactively developed a secondary supply chain to mitigate risks and maintain control over its supply chain structure [6]. Market Dynamics - The intense price competition in the drone market is seen as a factor that could expand the overall market, despite the cost pressures faced by the company [7]. - The company aims to reduce costs through further research and development to provide lower price points for customers [7]. Industry Evolution - The competition between DJI and Insta360 reflects a shift in the Shenzhen hardware industry from a "single leader" model to a "multi-point competition" landscape, with both companies expanding their product lines and exploring new market segments [10].

Core Insights - DJI, traditionally low-profile and resistant to market interactions, has recently invited external parties to experience its upcoming panoramic drone, DJI Avata 360, indicating a strategic shift towards more engagement with the market [1][2] - Despite its repeated statements of "no financing, no IPO," DJI's recent activities suggest a proactive approach to counter competition and maintain its market position [2][3] Group 1: DJI's Strategic Moves - DJI has launched several new products this year, including the sweeping robot ROMO and has shown interest in investing in 3D printing companies, indicating a diversification of its business strategy [2][3] - The introduction of the DJI Avata 360 is perceived as a defensive move to showcase its technological advantages amidst slowing growth, aiming to reassure stakeholders of its profitability [13][26] - DJI's market share in consumer drones exceeds 70%, but it faces pressure to innovate and find new mass-market products as growth in the consumer drone market slows [26] Group 2: Competitive Landscape - Competitors like YingShi and TuoZhu are expanding beyond their original markets, indicating a shift in the competitive dynamics of the industry [4][5] - YingShi has entered the drone market with its brand "YingLing Antigravity," directly challenging DJI, while simultaneously expressing respect for DJI's founder, suggesting a complex competitive relationship [6][7][10] - TuoZhu, founded by former DJI engineers, is rapidly gaining traction in the 3D printing sector, with a valuation reportedly reaching 30 billion yuan, posing a significant challenge to DJI's interests [19][21] Group 3: Market Dynamics and Future Outlook - The competition is evolving from product-specific technological advancements to a broader ecosystem-based confrontation, where companies leverage their core competencies across multiple sectors [26] - DJI's entry into the sweeping robot market is expected to disrupt existing players like Chasing, as it applies its advanced drone technology to a new product category [22][23] - The strategic investments and product launches by DJI and its competitors reflect a broader trend of companies seeking to establish dominance in emerging markets while navigating the challenges of innovation and market saturation [26]

Core Viewpoint - DJI is actively responding to competitive pressures in the drone and consumer electronics markets, particularly following the launch of the first panoramic drone by Insta360, indicating a strong competitive awareness and strategic positioning in the industry [1][4]. Group 1: DJI's Product Development and Market Strategy - DJI recently invited multiple investment institutions to its Shenzhen headquarters for a closed-door research session on its upcoming panoramic drone, the DJI Avata 360, although the company later clarified that this was an internal product experience event, not an investor meeting [1]. - The company emphasized that claims regarding its market position, such as being the only profitable consumer drone company globally, are inaccurate and that it does not need to collaborate with other companies to expand its market presence [1]. - The launch of the Avata 360 is seen as a defensive move against Insta360's new product, which could significantly impact Insta360's valuation if DJI leverages its supply chain advantages for competitive pricing [1]. Group 2: Expansion into New Markets - Beyond drones, DJI has been expanding its footprint in the consumer electronics sector, launching products such as the Osmo 360 camera and a sweeping robot, while also investing in a 3D printing company [3]. - The investment in the 3D printing sector is viewed as a strategic move to capitalize on the growth potential of consumer-grade 3D printing technology, aligning with DJI's innovative vision [3][4]. - The competitive landscape is intensifying, with DJI's entry into 3D printing potentially posing a threat to its former employee's company,拓竹科技, which has established itself as a leader in the consumer-grade 3D printing market [3][4]. Group 3: Competitive Dynamics in the Industry - The competition between DJI, Insta360, and拓竹科技 reflects a broader trend in Shenzhen's hardware industry, transitioning from a single dominant player to a multi-competitive environment [5]. - As DJI continues to diversify its product offerings and invest in new technologies, Insta360 is exploring opportunities in drone and content ecosystems, while拓竹科技 is expanding its global market presence in 3D printing [5]. - Future competition is expected to focus more on supply chain efficiency, global channel capabilities, brand building, and organizational management rather than solely on product specifications and pricing [5].

Group 1 - The core viewpoint of the article highlights the competitive dynamics between YingShi Innovation and DJI, with both companies encroaching on each other's market territories, leading to a price war and concerns over market share decline [1][2][4] - YingShi has launched a new drone brand targeting the consumer market dominated by DJI, while DJI has introduced a panoramic camera to compete directly with YingShi's main products [2][4] - The competition has resulted in a significant impact on YingShi's profitability, with a decline in gross margin due to the price war initiated by DJI [1][9] Group 2 - In Q3 2025, YingShi's revenue reached 6.611 billion yuan, a year-on-year increase of 67.18%, but the net profit attributable to shareholders fell by 5.95% to 792 million yuan [7] - The company's gross margin for Q3 was 47.6%, down 6.7 percentage points year-on-year, attributed to the ongoing price competition in the industry [9] - Research and sales expenses have surged, with R&D expenses increasing by 127% to 1.085 billion yuan in the first three quarters of 2025, and sales expenses rising by 102.6% to 1.13 billion yuan [8] Group 3 - The market share data presents conflicting reports, with one report indicating YingShi's market share has dropped from 85%-92% to 49%, while another report claims it remains at 75% [5] - The discrepancy in market share data arises from different statistical methodologies used by the reporting agencies [5] - YingShi's entry into the drone market is seen as a necessary strategy to diversify its revenue streams and reduce reliance on its core panoramic camera business, which has limited growth potential [6] Group 4 - The company is currently in the testing phase for its drone products, which have not yet generated revenue, putting pressure on overall profitability [7] - Cash flow from operating activities has decreased by 4.89% to 930 million yuan in the first three quarters of 2025, influenced by increased inventory levels [10] - The company is expanding its sales channels through e-commerce platforms and offline sales, which has also contributed to rising sales expenses [8]