Is Insta360, a giant with a market value of hundreds of billions, eyeing "her" wallet?
Under the pressure of profitability and market competition, Insta360's new product, the X4 air, has begun to deliberately target female users. Is this a good solution to the problem?
When two consulting firms release two completely different market share reports for the same market, it also indicates that the battle between Insta360 and DJI over panoramic cameras has spread from technology and price to the public opinion arena.
On October 27th, Jiqian Consulting released a report on panoramic cameras, stating that after the release of DJI's Osmo, its market share in the panoramic camera market had reached 43%, and the company's overall market share in the action camera market was close to 70%. Subsequently, at the third - quarter earnings conference, in response to questions about the change in market share, Insta360's senior management said, "We cannot guarantee the authenticity of the market share data in third - party reports."
Almost at the same time, data released by Sullivan, an internationally renowned consulting firm, showed that Insta360's consumer - grade panoramic cameras had ranked first in global market share for eight consecutive years, with a market share of over 85% from Q1 to Q3 in 2025, and its market share in the action camera market also exceeded that of DJI.
Behind this public opinion war over data is a direct confrontation between the two companies in terms of products and the market.
As a key company in the field of intelligent imaging, Insta360's stock price has been rising steadily since its listing this year, and its market value has exceeded 100 billion. However, competition with the "giant" DJI has become increasingly fierce. In July, DJI launched the panoramic action camera Osmo 360, with parameters comparable to Insta360's X5 but at a lower price; in August, Insta360 officially announced the public beta of a panoramic drone, actively attacking DJI's territory.
The intense competition with DJI in terms of products and prices has also affected Insta360's financial reports to some extent. In the third - quarter report recently released, Insta360 saw an increase in revenue but not in profit.
Facing such pressure, Insta360 urgently needs to find a way out of the dilemma. Just one day after the data controversy intensified, on October 28th, Insta360 broke its previous stable rhythm of releasing one flagship product per year. Just six months after the launch of the X5, it quickly launched a new panoramic camera, the X4 air.
Interestingly, from the positioning of this product, it can be seen that Insta360 intends to expand its user base, especially among female consumers, in the hope of creating a super hit.
From the aspects of weight, function, appearance, etc., the new X4 air clearly shows a tendency to embrace "her users". Is this a good solution to the pressure of profitability and market competition? What other problems does Insta360 need to solve on this path?
Is Insta360 Turning Towards "Her"?
"The most suitable panoramic camera for women" and "The first panoramic camera for beginners" are often used as advertising slogans for Insta360's newly released X4 air on social media, and more emphasis is placed on travel and vlog shooting in terms of usage scenarios.
This tendency is reflected not only in the promotional copy but also in the parameter changes of the panoramic camera.
Compared with the flagship Insta360 X5, the X4 air is lighter and more compact. When the X5 was newly released, some girls on Xiaohongshu cited "it's too tiring to hold in hand" as the reason for not buying it. In order to meet the continuously upgrading configuration requirements, Insta360's previous generations of products have indeed become heavier. However, the X4 air reverses this trend, reducing the weight by 50g compared with the previous model. It weighs 165g, the same as the newly released and lightweight iPhone air.
Many usage scenarios of panoramic cameras require the use of selfie sticks, and the product is far from the hand, so the burden of use is greater than the weight of the device itself. Wang Buzhi, who is considering purchasing a panoramic camera, said, "I tried it out in an offline store, and the actual effect of weight reduction is more significant." In addition to weight, the X4 air has also reduced its length to about 11cm, making it more compact than the previous generation.
From OneX to X4 air
In terms of function, the X4 air has removed the "bullet time" and added a portrait mode.
"Bullet time" refers to the slow - motion surround video captured using panoramic, high - frame - rate, and algorithms. It was an important selling point of Insta360's panoramic cameras in the early days and once caused a viral spread on TikTok. However, compared with this "cool function", the X4 air focuses more on the beauty effect of portrait shooting, which also meets the needs of female users.
"Bullet time and planet mode may seem cool to boys, but I'm not interested," said Xiao Mao, a white - collar worker in a large company who loves outdoor sports. What she wants is a camera that is waterproof and reliable and can shoot vlogs.
The cost - performance ratio of the new product is high. With the same maximum 8K 30 - frame shooting resolution as the flagship X5, the new camera was launched at a price of only 2,399 yuan, bringing the price back to the OneX era overnight. After the Double 11 promotion, the price is even lower. Liu Jingkang, the chairman of Insta360, proudly claimed on his WeChat Moments that "through engineering and cost reduction, Insta360 has brought 8K panoramic shooting to the price range of 1,999 yuan."
However, the X4 air is equipped with a smaller sensor, which means giving up on making a "perfect product". The sensor of the X4 air has been reduced from 1/1.28 inches in the X5 to 1/1.8 inches, and the size of the sensor determines the night - shooting effect. This means that the X4 air will inevitably have noise in night shooting, and Insta360 has even cancelled the night mode that was available in previous models. This is why some photography enthusiasts jokingly call this generation of products "sunshine cameras" - they only guarantee the picture quality in sunlight. At the same time, the photo pixel of the new model has also been reduced from 72 million in the X5 to 29 million.
The sales of panoramic cameras and action cameras have always relied on professional outdoor photography groups mainly composed of men. Before the X4 air, the main theme of Insta360's product iterations was to continuously improve the configuration to meet their needs. The X4 air clearly hopes to enter users' daily lives, expanding usage scenarios and user groups.
What has made Insta360 suddenly change its direction? The answer lies in Insta360 itself and also in the footsteps of its competitors.
Under Pressure, Insta360 Eyes "Her" Wallet
Insta360's move stems from financial pressure.
In the first three quarters of 2025, the keyword in Insta360's financial report was an increase in revenue but not in profit. The company's cumulative revenue was 6.61 billion yuan, a year - on - year increase of 67.2%. Compared with the revenue data, the profit data showed some fluctuations: the company's net profit in the third quarter was 792 million yuan, a year - on - year decrease of 6.0%.
Looking at the single - quarter data, the year - on - year growth rate of revenue in the third quarter of 2025 narrowed. The net profit was 270 million yuan, a quarter - on - quarter decline of 20.83%.
Compared with a net profit margin of at least 17% in the past four years, the net profit margin in the first three quarters was only 12%.
The decline in profit is due to the decrease in gross profit margin and the increase in expenses caused by the large - scale opening of offline stores and drone R & D, which means that the company needs to find new profit opportunities.
The gross profit margin from sales decreased from 53.8% in the same period in 2024 to 49.6%, while the expenses doubled. The cumulative sales expenses in the first three quarters were 1.13 billion yuan, a year - on - year increase of 102.6%; the R & D expenses were 1.085 billion yuan, a year - on - year increase of 127.0%.
The decrease in gross profit margin can be explained by the rising cost of continuously improving product configurations. Regarding the doubling of R & D expenses, Insta360's senior management attributed it to the large investment in chip customization and "strategic projects" at the earnings conference, hinting that projects such as drones cost a lot. The increase in sales expenses can be seen from the speed of opening stores: about six months ago, Insta360 had about 120 direct - operated and exclusive stores, and now the number has increased to 195, a sharp increase of 50%.
Another part of the pressure comes from competitors. On July 31st, DJI launched its first panoramic camera, the Osmo360. Instead of Insta360's algorithm - based night - vision enhancement, DJI chose to configure a square - shaped sensor to overcome difficulties with brute force. This shape can increase the imaging area, improve image quality, and perform better in night shooting.
This is the first blow that DJI has struck against Insta360 in order to get rid of the reputation of the entire category as "sunshine cameras". The second blow comes from the old rival GoPro: the new - generation panoramic camera GoPro Max 2, launched on September 23rd, emphasizes "native 8K" without black pixel filling and AI - generated content.
From Insta360's own perspective, expanding its user base can make full use of its advantages over DJI and GoPro: the products emphasize cost - performance, lower the usage threshold for consumers, and optimize the user experience.
Looking at Insta360's development path, it was precisely because of its differentiation and avoidance of the direct confrontation with giants that it stood out.
Previously, Insta360 pioneered the combination of two independent categories, "panoramic cameras" and "action cameras". On the basis of the waterproof, anti - shake, and anti - drop features of traditional action cameras, it solved another pain point: by using double - curved lenses and double sensors, it can capture full - view images, enabling post - shooting composition. There is no need to consider camera movements, which is suitable for novice photographers who are not good at composition or high - speed scenarios where there is no time to adjust the lens. Secondly, in response to the problem that the curved lenses are easily damaged outdoors, Insta360 was the first panoramic camera manufacturer to adopt a "replaceable lens" design.
The "soft approach" of algorithms and software also makes the products more friendly to beginners. Insta360's AI image - processing technology includes automatic editing, automatic color adjustment, night - vision image quality enhancement, object tracking, and automatic shooting. Among them, the automatic shooting technology has no competing products yet. Automatic editing and color adjustment make Insta360's software simpler in post - processing, achieving the effect of "one - click photo generation".
"I use Insta360 more because its one - click photo generation and color adjustment are very convenient; DJI's post - processing software is not as user - friendly. There are too many parameters to adjust, which is too troublesome," said MrdT, a motorcycle enthusiast who owns both an Insta360 and a DJI camera. He believes that Insta360's products are more suitable for photography users who don't like post - processing.
In the battlefield surrounded by giants, the X4 air is a "response card" played by Insta360, trying to break out of the original competition framework and find new growth points through user segmentation and product differentiation.
Is "Her" a Good Solution?
New female users may not be a perfect and permanent solution.
Firstly, the positioning of "a vlog essential for girls" means competing with more products. For example, the Vivo X series, which emphasizes photography and selfie functions, the Honor Flip foldable phone, and the Xiaomi civi, which focuses on being lightweight. Compared with them, the advantages and disadvantages of panoramic cameras are obvious.
Panoramic cameras are waterproof, anti - shake, and anti - drop, have a larger shooting range, and do not require composition, but they are not yet a daily necessity like mobile phones. "I'm too busy with work now. My mobile phone is enough for daily shooting. When I really need to use a camera outdoors, I can rent one first and then consider buying one later," said Wang Buzhi after careful consideration. This is also the thought process of many people.
In addition, the shooting hardware of mobile phones is often more advanced. For example, the shooting sensor of the Vivo X300 is about 1/1.4 inches, which is more likely to produce better - quality night - shots.
Secondly, it is necessary to solve the brand image problem and make more improvements targeting women.
"I still can't associate the Insta360 brand with 'being suitable for girls to use', unlike Xiaomi," said Xiao Mao when talking about Insta360's plan to target female users. She recently bought a Xiaomi car and is also open to buying a Xiaomi phone.
Initially, Xiaomi was similar to Insta360. From the classic slogan "Designed for Fanciers" to emphasizing high - configuration and low - price, it was all about pleasing male users who cared more about mobile phone configurations. Since 2019, Xiaomi has gradually shifted its focus to female users and developed sub - brands such as the civi.
After entering the automotive industry, Xiaomi has become a model for marketing to women. From the inside out, the design of Xiaomi cars fully considers the needs of female car owners. For example, it has adjusted the in - car storage space, added a makeup mirror and sun - protection function, and offers nine color options for consumers to choose from.
In terms of publicity, on International Women's Day in 2025, Xiaomi released an advertising video with the theme of "Technology Has No Gender", depicting the daily work and outstanding contributions of the company's female engineers.
With these measures, the proportion of female car owners of Xiaomi cars is higher than that of its competitors. Lei Jun once revealed that nearly half of their buyers are women.
The need to expand the user base is imminent, and the business war of panoramic cameras has gradually evolved into a "bloodbath" among giants. Liu Jingkang described the competition between his Insta360 and DJI as "a small head hitting a giant head".
Panoramic cameras are destined to face long - term and fierce business competition, but the "involution" in the imaging industry may not be a zero - sum game, such as Insta360's exploration of new markets and new users this time. Insta360's senior management said at the earnings conference that the competition with DJI "is conducive to expanding the market". Liu Jingkang also said in an interview after the listing, "Our greatest misfortune today is that there is a DJI in our field, but our greatest fortune is also that there is a DJI in our field."
The tug - of - war between DJI and Insta360, although a war of attrition where one side's gain is the other's loss, is also a race to expand the market cake together.
(All names in this article are aliases at the request of the interviewees.)