影石此前上市的时间十分微妙，叠加从去年开始的运动相机热潮，以及一周后的618购物节，在2月就通 过科创板上市注册的影石，正迎来这一赛道最好的上市契机。 影石创新 上市首日开盘价涨至发行价的385%，并且股价在618当天暴涨，随后有所回跌。由于影石最 主要的股价估值支点就是其insta运动相机系列的销售情况，所以股价跟随C端用户购买产品的情绪也十 分合理。 上市的东风显然来源于现在消费市场的变化：在去年在社交媒体上，一些带着大疆等相机品牌logo的摄 影画面开始在社交媒体上爆火，相关话题持续发酵，烘托出了这一市场更火热的现象，使得相关品类的 相机成为新消费的"新宠"。 只是新消费受潮流趋势影响，在影像潮流方面，除了手机卷像素清晰度，卷智能影像，卷live图功能； 在手机之外，具有vlog相机、微单、单反、徕卡、ccd、运动相机等噱头的相机也在不断掀起消费热 潮。而对比其他潮流电子品牌，影石创新会比其他运动相机品牌更先面临潮流 电子设备 的规模悖论。 另一方面，也有用户发现，观察产品二手市场的价格走向是提前预知其母公司股价走向的有效方式，在 这一观测维度下，insta360热销的品类二手价格跳水幅度较大，可以看出 ...

记者丨雷若馨 编辑丨孙超逸 2月12日，21世纪经济报道记者获悉，影石创新Insta360再次出圈，在成功上市后第一年年会上， 其一次性奖励优秀员工5套商品 房。 影石创新正在无人机与智能影像赛道同步"扩张"。该次年会也成为今年国内科技企业年会上的"最豪"奖品之一。 据悉，其获奖者均为"90后"员工。 该公司表示，希望借此激励回馈员工付出，同时帮助员工扎根于此。 同时，影石创始人刘靖康在现场称，2026年公司新品数量将远超去年，并公开首款手持云台相机的双摄外观。 2月12日，影石创新（688775.SH）股价收报221.69元，微涨0.83%；总市值889亿元。 送房送车送黄金 影石创新在激励员工的方式上，往往"不走寻常路"。 往年，该公司年会就曾送出金条和名车而出圈。过去连续八年累计共送出33辆车，总价值超1000万。 今年，其最高奖励首次升级为5套湾区商品房，以回馈员工的杰出贡献。 据悉， 今年获奖者均为90后，平均年龄不到32岁， 其中一位入职不到两年的年轻员工穿着cos装上台领奖。 影石年会活动负责人表示， 获奖员工可从两个环境优美、配套完善的高品质小区中自由选择。 该房产这不仅是物质激励，更希望助 ...

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].

Core Viewpoint - The launch of the Antigravity A1, the world's first 8K panoramic drone by Yingstone Innovation, signifies a competitive escalation between Yingstone and DJI in the panoramic camera and drone markets [1][3]. Group 1: Product Launch and Features - Yingstone Innovation held a launch event for its first product, the Antigravity A1, which is the world's first 8K panoramic drone [1]. - The Antigravity A1 is available in three configurations: standard version, standard endurance with three batteries, and long endurance with three batteries, with the standard package priced at 6,799 yuan [1]. - The drone weighs 249 grams, complying with simplified flight regulations in most regions, and has a standard battery life of approximately 24 minutes, extendable to about 39 minutes with a long endurance battery [1]. Group 2: Competitive Landscape - The competition between Yingstone and DJI has intensified this year, with both companies actively engaging in product line confrontations [3]. - In November, a dispute over an exclusive agreement led to the removal of a sign at a Yingstone authorized experience store, highlighting the rivalry in ground channels [3]. - DJI initiated a large-scale price reduction campaign in October, marking the first price drop for its Osmo Pocket 3 since its launch, prompting Yingstone to respond with a 100 yuan voucher for customers who purchased DJI products during a specific period [3]. Group 3: Pricing Strategies - Currently, DJI's first panoramic camera, the Osmo 360, is priced around 2,700 yuan, which is over 200 yuan cheaper than Yingstone's flagship panoramic camera, the Insta 360 X5 [4]. - In response to DJI's pricing strategy, Yingstone is countering with the launch of its 8K panoramic drone, while reports suggest DJI is planning to integrate the Osmo 360 with its drones to create a new panoramic drone product expected to be released by the end of the year [4]. Group 4: Company Perspectives - Yingstone's CEO, Liu Jingkang, acknowledges the competitive pressure from DJI, stating that while it poses challenges, it also drives innovation within the industry [5]. - Liu expressed that the decision to enter the drone market five years ago was made with the anticipation of stimulating competitors to enhance their panoramic camera offerings [5].

Core Insights - DJI and SkyPixel have launched the 11th annual SkyPixel Photo & Video Contest, inviting creators to submit their work under the theme "Frame the World" for a chance to win prizes totaling nearly $200,000 USD [1][10][11] Contest Overview - The contest encourages global creators to showcase their unique perspectives through aerial and handheld photography and videography, with submissions open from November 27, 2025, to March 10, 2026 [1][15] - This year's contest features expanded categories, including a new weekly award and the inclusion of panoramic perspectives using 360-degree cameras [4][10] Submission Categories - Submissions are divided into two main categories: Photography and Videography, with specific requirements for each [5][9] - Photography entries must be captured using a DJI camera drone, while videography can be categorized into Aerial Videography and Handheld Videography, each with distinct criteria [5][8] Judging and Prizes - The contest will be judged by renowned photographers and filmmakers, ensuring high standards for evaluation [10][13] - Winners will receive various prizes, including DJI products and cash awards, with grand prize winners also receiving a SkyPixel trophy and a Creator Contract [11][14] Community Engagement - SkyPixel has grown into a leading global community for aerial photography, boasting over 55 million registered users and a history of over 500,000 submissions from more than 140 countries [16]

Core Viewpoint - The global panoramic camera market is experiencing significant shifts in market share, with companies like影石 (Insta360) and 大疆 (DJI) competing fiercely, leading to a dynamic and competitive landscape in the smart imaging sector [5][6][7]. Market Dynamics - A report from 久谦咨询 indicates that 影石's market share dropped from 92% in Q2 to 49% in Q3, while 大疆 captured 43% of the market [5]. - Another report by 弗若斯特沙利文 shows 影石 and 大疆's market shares at 75% and 17.1% respectively, highlighting discrepancies in market data [6]. - The entry of 大疆 into the panoramic camera market with its Osmo 360 has significantly impacted 影石's dominance, showcasing the competitive nature of the industry [8]. Industry Trends - The rise of short video content globally has increased the demand for smart imaging devices, with 大疆's Osmo Pocket 3 achieving over 10 million units sold, generating revenue exceeding 300 billion [13]. - The current global user base for vlogs is estimated at 520 million, with outdoor sports consumers at 220 million, indicating a growing market for smart imaging devices [16]. Competitive Landscape - New entrants in the smart imaging sector are advised to avoid direct competition with established players like 大疆 and 影石, focusing instead on niche markets and differentiated product offerings [20]. - Companies like Looki and XbotGo are exploring unique use cases, such as AI-driven wearable cameras and solutions for sports event recording, respectively [23][24]. Technological Innovations - The integration of AI and advanced algorithms is becoming crucial for product differentiation in the smart imaging market, as seen with 光子跃迁's AI-enabled camera that responds to natural language commands [25]. - The industry is characterized by a low barrier to entry for basic imaging products, but achieving brand recognition and competitive pricing remains challenging [40][42]. Market Entry by Smartphone Manufacturers - Major smartphone manufacturers like OPPO and vivo are entering the smart imaging space, indicating a shift in focus towards handheld imaging devices [28][30]. - The competitive pressure from smartphone companies is seen as a defensive strategy to maintain market relevance in the face of declining smartphone sales [37]. Conclusion - The smart imaging market is poised for growth, with a penetration rate of only 6%, suggesting ample opportunities for innovation and competition [16][38]. - Companies entering this space must be prepared with sufficient resources and talent to navigate the competitive landscape effectively [45].

Core Insights - The competition for market share in the panoramic camera sector has intensified, with conflicting reports on the market shares of companies like Insta360 and DJI, highlighting the volatility of the market [1][2][6] - The entry of new players, including hardware companies and internet giants, into the smart imaging sector is reshaping the landscape, with significant investments and innovations being made [4][12][20] - The global user base for vlogging and outdoor activities presents a substantial opportunity for growth in smart imaging devices, with current penetration rates being low [6][18] Market Share Discrepancies - A report from Jiucheng Consulting indicated that Insta360's market share dropped from 92% to 49%, while DJI captured 43% in the third quarter [1] - Conversely, Frost & Sullivan reported that Insta360 held a 75% market share compared to DJI's 17.1%, suggesting significant discrepancies in market analysis [1][2] Competitive Landscape - The launch of DJI's Osmo360 has disrupted Insta360's dominance, showcasing strong market performance within just 90 days of release [2] - New entrants are focusing on niche markets and differentiated product offerings to avoid direct competition with established players like DJI and Insta360 [7][10] Emerging Trends - Companies like Looki and XbotGo are innovating by targeting specific user needs, such as AI-driven features and sports event recording, which are not directly competing with traditional action cameras [9][10][11] - The rise of smartphone manufacturers entering the smart imaging space is seen as a defensive move to protect their market share against emerging competitors [12][19] Industry Dynamics - The smart imaging market is characterized by low barriers to entry, with many startups able to develop products quickly due to a robust supply chain in regions like the Pearl River Delta [21][23] - However, achieving brand recognition and competitive pricing on a global scale remains a challenge for new entrants, as established companies like DJI and Insta360 have significant advantages in technology and market presence [23][25]

Core Viewpoint - A business war ignited by social media comments is unfolding between two tech giants in Shenzhen,影石创新 and 大疆, highlighting the competitive landscape in the consumer electronics sector [1][5]. Group 1: Market Dynamics - 大疆 captured 43% of the global market share in the panoramic camera sector within three months of launching its first product, indicating aggressive market penetration [3][9]. - The competition has intensified as both companies have shifted from a non-competing stance to a full-scale market battle, with影石 being the leader in panoramic cameras and 大疆 dominating the drone market [5][12]. - 大疆's price cuts on popular products have been interpreted as a strategy to eliminate competition, with significant price reductions on models like Osmo Pocket 3 and Action 4 [6][7]. Group 2: Financial Performance -影石 reported a revenue of 29.40 billion yuan in Q3 2025, a year-on-year increase of 92.64%, but its net profit declined by 15.90%, indicating a struggle with profitability despite revenue growth [10][11]. - For the first three quarters of 2025,影石's cumulative revenue reached 66.11 billion yuan, up 67.18% year-on-year, while net profit fell by 5.95% [10]. Group 3: Strategic Responses - 刘靖康's comments about 大疆's "monopoly" may serve to divert attention from影石's financial challenges and create a narrative for strategic expansion [11]. - Both companies are expanding into new markets, with 大疆 launching a robot vacuum and影石 increasing R&D investment, reflecting their need to grow beyond their current market positions [20][21]. - The competition is not just about products and pricing but has evolved into a battle for market influence and narrative control within the industry [21].