TMTPOST -- A viral video of a founder tossing out bonus cash is rarely enough to move capital markets. But in mid-August, when Insta360 founder Liu Jingkang handed out thick stacks of banknotes to employees, the spectacle spread across Chinese social media like wildfire.
The market response was just as explosive. The next trading day, Insta360 shares hit the 20% daily limit, pushing its market value past 100 billion yuan ($13.7 billion).
Yet what really vaulted the action-camera maker onto the hundred-billion stage wasn’t the cash giveaway, but its most audacious bet yet: the public beta launch of its first drone, the Antigravity A1, putting it head-to-head with longtime industry leader DJI Innovations.
That single move crystallized a broader shift: three of China’s most prominent consumer electronics brands—DJI, Insta360, and Dreame—are no longer content to dominate their home turf. Each is pushing into the other’s territory, creating a rare three-way battle across the skies, the lens, and the living room floor.
DJI: The Elder Statesman of the Skies
Founded in 2006 in a cramped Shenzhen warehouse, DJI has grown into the undisputed king of consumer drones. Its founder, Frank Wang, started with just 200,000 RMB in seed capital, but by 2008, DJI had already introduced a flight-control system that allowed helicopters to hover automatically.
By the mid-2010s, DJI drones were household names worldwide. Today, the company commands more than 70% of the global consumer drone market. In 2024, it reported 80 billion RMB in revenue and 12 billion RMB in net profit, making it one of China’s most profitable hardware exporters.
But success has its limits. The global consumer drone market is showing signs of maturity, with growth forecast to slow to single digits by 2025. DJI also faces geopolitical scrutiny in the U.S. and Europe, where regulators have raised security concerns over Chinese-made hardware.
Against that backdrop, DJI has been diversifying. It first dipped into action cameras in 2019 with the Osmo Action, and this July it unveiled the Osmo 360, directly challenging Insta360’s flagship X5 panoramic camera. Earlier in August, DJI pushed into robot vacuums, a bold move into a sector crowded with established Chinese rivals like Ecovacs, Roborock, and Dreame.
Insta360: The Challenger With a Lens
If DJI defined the drone era, Insta360 helped define the panoramic camera market.
Founder Liu Jingkang, a self-taught coder known for hacking stunts in his school years, was inspired after seeing a 360-degree video of Australia in 2014. Convinced panoramic cameras could be made consumer-friendly, he launched Insta360 in 2015.
The company’s first hit, the Insta360 Nano, attached to an iPhone and offered instant panoramic capture. By 2023, Insta360 controlled 67.2% of the global panoramic camera market and was second only to GoPro in action cameras.
The company listed on Shanghai’s STAR Market in June, and its revenue hit 5.57 billion RMB in 2024, with net profit of 990 million RMB. While still only a fraction of DJI’s size, Insta360 has grown into a global brand with a loyal base of creators.
But growth is slowing. After triple-digit profit gains in 2023, net income fell 2.5% in the first quarter of 2025. Analysts say Insta360’s IPO was as much about raising capital for R&D as it was about defending its valuation.
Its bet on drones is a natural extension. Patents show Insta360 has been preparing since 2025, and the Antigravity A1 drone could open a market worth hundreds of billions of yuan. But it’s also a high-risk gamble—taking on DJI on its home turf.
Dreame: From Motors to Market Disruption
Unlike DJI or Insta360, Dreame Technology began with something less glamorous: vacuum motors.
Founder Yu Hao, a Tsinghua graduate, set out to build the fastest digital motor. By 2017, Dreame was an OEM supplier for Xiaomi’s home appliances. Within two years, it launched its own brand, matching Dyson’s motor technology and quickly scaling into one of the world’s top five robotic vacuum makers.
In 2024, Dreame’s revenue hit 15 billion RMB, comfortably surpassing Insta360, though still far behind DJI. Its products, including the X50 Pro robot vacuum, compete in the premium segment alongside Ecovacs and Roborock.
But growth has come with pressure. IDC data shows the robot vacuum industry shipped over 20 million units in 2024, yet profits are thinning. Ecovacs’ net income has plunged more than 60% since 2022, and Roborock’s fell even as revenue climbed.
That helps explain Dreame’s next frontier. On August 20, it announced plans to enter the drone business, while an affiliated company, Photon Leap, is preparing to launch a sports camera later this year. Both moves pit it directly against DJI and Insta360.
Why the Turf Wars?
On the surface, drones, panoramic cameras, and robot vacuums don’t have much in common. But industry experts argue that their core technologies—perception, positioning, imaging, and control—overlap significantly.
