Insta360 announced the launch of the world's first panoramic drone "Ying Ling Antigravity," supporting 8K panoramic video recording with a body weight of less than 249g. Almost simultaneously, DJI officially announced its panoramic camera "Osmo 360."

Just two months after its IPO, Insta360, founded by post-90s entrepreneur Liu Jingkang, has joined the 100 billion yuan market capitalization club. On August 18, Insta360 hit the daily limit up within 12 minutes of market opening, with its stock price reaching 269.30 yuan per share and total market cap hitting 108 billion yuan. This marks its second consecutive 20% daily limit up.

Platform data shows that Insta360 has seen net inflows of 276 million yuan from major funds over the past five days. Calculated from the IPO issue price of 47.27 yuan, the stock price has surged nearly 470% in two months.

**Insta360 and DJI Explore Each Other's Territory**

Recently, a video of Insta360 founder Liu Jingkang distributing cash to employees sparked heated online discussions. According to internal sources, on August 14 at 9 PM, Insta360's panoramic drone brand "Ying Ling Antigravity" announced the start of public testing and released promotional videos. The company organized team-building activities to thank the R&D team for continuous overtime work, including snacks, drinks, and games. During the event, Liu Jingkang participated in interactions by distributing cash red envelopes from his personal salary. "The original intention was to consider that the team is mainly composed of young people, hoping to liven up the atmosphere through this method, but the leaked video clips caused controversy and misunderstanding."

On August 15, Insta360's stock price hit the daily limit in the afternoon. That evening, Insta360 issued an announcement apologizing for the incident, stating that management deeply recognized the potential impact on the public and company brand image, had comprehensively reviewed internal management behavior regulation gaps, immediately strengthened relevant regulations, and conducted education for employees and management to ensure all personnel's words and actions meet the public image requirements of listed companies.

However, this did not cool market enthusiasm at all, as Insta360 hit another daily limit on August 18. That day, Insta360 issued an abnormal stock movement announcement, stating that the company's production and operations are normal with no significant changes, the panoramic drone product is still in public testing phase with production issues still being resolved, has not been officially launched, has not generated actual revenue, and is expected not to have a significant impact on 2025 business performance.

According to public information, Insta360 was founded in 2015 as a well-known intelligent imaging brand based on panoramic technology. It initially started with VR and panoramic cameras, entered the action camera market in 2017, and currently operates consumer-grade and professional-grade product lines covering 360-degree panoramic cameras, action cameras, phone stabilizers, and video conferencing cameras.

In fact, this round of capital market enthusiasm originated from Insta360's cross-industry entry into the drone market. On July 23, Insta360 announced the launch of the world's first panoramic drone "Ying Ling Antigravity," supporting 8K panoramic video recording with a body weight of less than 249g. Coincidentally, DJI almost simultaneously announced its panoramic camera product "Osmo 360."

According to Frost & Sullivan reports, Insta360 held a 67.2% revenue share in the global consumer-grade panoramic camera market in 2023, ranking first globally for six consecutive years. Meanwhile, DJI has maintained over 70% global market share in consumer drones for many years. The mutual exploration of "territories" by these two star companies has led to soaring market attention.

Since August, Insta360 has also attracted widespread attention for its "lottery giving away competitor products" activity. After DJI's panoramic camera launch, some reviews indicated the product had lens fogging issues. On August 2, Liu Jingkang responded on social media, saying "DJI's fogging is just an isolated case, please feel free to purchase," while launching a lottery activity with prizes including one Insta360 latest panoramic camera X5 and one DJI Osmo 360, stating "welcome everyone to compare and review." As of publication, the lottery activity has been forwarded 45,000 times.

**First Half Revenue Expected to Increase Up to 57.10%**

Behind the high attention is Insta360's rapid business performance growth in recent years. According to the prospectus, from 2022 to 2024, Insta360's operating revenue increased from 2.041 billion yuan to 5.574 billion yuan, with a three-year compound growth rate of 65.25%. In the first quarter of 2025, Insta360's revenue was 1.355 billion yuan, up 40.7% year-on-year. Consumer-grade panoramic cameras contributed 85% of its revenue, with over 70% of income coming from Hong Kong, Macao, Taiwan, and overseas markets.

However, despite rapid revenue growth, Insta360's net profit has declined recently. In the first quarter of 2025, Insta360's non-GAAP net profit was 160 million yuan, down 4.79% year-on-year. At the end of May, it forecasted that net profit for the first half of 2025 would decrease by 4.64% to 12.63% year-on-year, forming a sharp contrast with the expected revenue growth of 32.38% to 57.10%.

"This is mainly due to increased R&D and sales investment," Insta360 explained, stating it is currently in a "high-intensity investment cycle" - existing products need iteration, and new tracks also require investment in R&D. By the end of 2024, Insta360 had 8 projects under development involving optical imaging, artificial intelligence, mechanical automation and other fields, with short-term high R&D expense ratios being "results within strategic planning."

Insta360 stated it will continue to innovate according to market demand and combined with technological accumulation, achieve iterative upgrades of various product lines, expand the range of intelligent imaging products, and create new intelligent imaging robot products that integrate professional panoramic technology, AI technology, mechanical control technology, visual perception technology, and flight control technology.

Huaan Securities analyst Chen Yaobo believes that Insta360's drone launch will broaden its addressable market and open up medium to long-term development space. Guosen Securities also stated that Insta360's new format products are beneficial for simultaneously expanding consumer groups in both drone and panoramic camera fields and promoting healthy industry competition.

Data shows that as of August 18, Insta360 has received positive ratings from 15 institutions. According to the prospectus, Insta360's IPO raised net proceeds of 1.748 billion yuan, planned for intelligent imaging equipment production base construction projects and Insta360 Shenzhen R&D center construction projects. Insta360 indicated to reporters that relevant progress will be disclosed at appropriate times.

Additionally, it's worth noting that the patent dispute between Insta360 and veteran American action camera company GoPro has not completely ended. In March 2024, GoPro filed a "337 investigation" with the US International Trade Commission (ITC), alleging that Insta360's US subsidiary was involved in 6 patent infringements, including anti-shake algorithms, aspect ratio conversion, horizontal correction, distortion correction, and action camera design patents.

On July 12, 2025, Insta360 announced it had received the ITC preliminary ruling results: determining that 5 of the patent claims raised by GoPro were invalid, and the remaining 1 no longer constituted infringement after Insta360 submitted new design solutions. However, uncertainty remains regarding the final judgment results of this litigation. As a countermeasure, Insta360 has also filed patent infringement lawsuits against GoPro-related entities domestically.