Core Insights - The competition between DJI and Insta360 will revolve around products, channels, brands, and supply chains, with both companies entering each other's core business areas [1][4] - DJI has launched its first panoramic camera, Osmo 360, while Insta360 is preparing to release a panoramic drone, indicating a direct competition in the imaging tools market [1][3] Industry Trends - New imaging tools, including drones, action cameras, and panoramic cameras, are evolving from niche products for extreme sports enthusiasts to mainstream creative tools for the general public [5][7] - The market for consumer-grade handheld smart imaging devices has grown from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with a compound annual growth rate of 14.2% [8] Competitive Landscape - DJI's pricing strategy for Osmo 360 is aggressive, with the base model priced at 2,999 yuan, while Insta360 has reduced the price of its panoramic camera to 3,298 yuan [9][12] - Both companies are leveraging their respective strengths: DJI utilizes its ecosystem and supply chain advantages, while Insta360 focuses on continuous innovation and user-friendly experiences [12][13] Product Development - DJI and Insta360 are both committed to enhancing user experience through innovative features, with DJI emphasizing hardware compatibility and Insta360 focusing on software and user engagement [13][16] - The introduction of AI in imaging tools is seen as a significant opportunity for growth, with Insta360 exploring AI integration for enhanced user experience [8][17] Strategic Positioning - Both companies are seeking to expand their product lines and explore new growth opportunities, with DJI entering new markets such as robotic vacuum cleaners and Insta360 diversifying its product offerings [17] - The competition is characterized by a shared commitment to innovation and product quality, with both companies aiming to avoid significant weaknesses in their offerings [16][17]

（文/朱道义 编辑/张广凯） 2025年的中国科技圈，一场巨头"双向跨界"的商战大戏正不断升温。 7月31日晚间，DJI大疆创新（以下简称：大疆）正式推出了8K超旗舰画质全景相机——Osmo 360，产品定价2999元起，宣传语为"一寸见乾坤"。 Osmo 360 这不仅是大疆旗下首款360度全景相机，也意味着其正式踏入了影石创新（以下简称：影石）的领域腹地。8月1日凌晨，影石CEO刘靖康在微博上一边对大 疆表示"祝贺"，一边当场宣布自家新品降价500元。 而被"偷家"的相机巨头影石，觊觎大疆的无人机市场其实也已非一日。7月23日，影石官宣进军无人机市场，计划推出自有品牌及第三方合作无人机产品， 并在微博注册了官方账号"影翎Antigravity"，相关无人机产品也在外网曝光。7月24日，大疆迅速发起反击称新产品即将亮相。 大疆官网显示，截至2023年11月22日，大疆无人机占据全球无人机市场70%以上份额。弗若斯特沙利文数据显示，2023年，影石Insta 360全景相机占全球市 场的67.2%，同样是全球第一。 而往往，当行业的龙头企业向内找不到增量，就会选择向外"攻城略地"，科技圈同样如此。 2019年 ...

Core Viewpoint - The recent successful IPO of Insta360 marks a significant milestone in the imaging industry, highlighting the potential for growth in the smart imaging market driven by the rise of Vlog culture and consumer demand for innovative imaging solutions [1][2]. Company Overview - Insta360, founded in 2015, has rapidly grown to dominate the panoramic camera market with a 67.2% global market share as of 2023, surpassing established competitors like Ricoh [2][4]. - The company achieved remarkable revenue growth from 1.59 billion yuan in 2017 to 55.74 billion yuan in 2024, with a compound annual growth rate of 65.3% [4][6]. Market Dynamics - The rise of user-generated content platforms like YouTube has significantly influenced the demand for innovative imaging devices, leading to a shift from traditional cameras to more versatile options like Insta360's products [4][6]. - Insta360's international sales accounted for over 76% of its revenue in 2024, indicating a strong global presence despite challenges in the domestic market [6][7]. Competitive Landscape - The competitive environment is intensifying with the entry of major players like DJI and GoPro, both of which pose significant threats to Insta360's market position [8][9]. - DJI's upcoming launch of the Osmo 360 is expected to directly compete with Insta360's offerings, while GoPro has initiated legal actions against Insta360, indicating a fierce rivalry [9][10]. Product Development and Innovation - Insta360 has invested heavily in research and development, with a total expenditure of 1.48 billion yuan from 2022 to 2024, representing 13.16% of its cumulative revenue [10]. - The company is diversifying its product line by venturing into action cameras and exploring new markets such as VR real estate viewing and AI video conferencing [10][11]. Future Outlook - Despite its current success, Insta360 must continue to innovate and enhance its product offerings to maintain its competitive edge in a rapidly evolving market [11].