Comparative Analysis Report on R&D Investment Between Insta360 and DJI

Based on collected public data and market information, the following is a detailed comparative analysis of technical R&D investment between Insta360 and DJI:

Indicator	Data	Time Node	Source
Cumulative R&D investment in the past three years	1.48 billion yuan	2022-2024	[1][5]
R&D investment in H1 2025	562 million yuan	Jan-Jun 2025	[2]
YoY growth of R&D investment	100.35%	H1 2025	[2]
R&D investment as a percentage of revenue	15.30%	H1 2025	[2]
Cumulative revenue proportion in the past three years	13.16%	2022-2024	[1][5]

Indicator	Data	Time Node	Source
Revenue scale	About 80 billion yuan	2024	[6]
Revenue scale	About50 billion yuan	2023	[4]
Planned total R&D investment over7 years	About30 billion yuan	2024-2030	[6]
Annual average R&D investment	About5 billion yuan	Estimated	[6]

: In terms of absolute scale, DJI’s R&D investment is far higher than Insta360’s. According to market news, DJI plans to invest about30 billion yuan in R&D from2024 to2030, with an annual average R&D investment of about5 billion yuan [6]. Insta360’s R&D investment in H12025 was562 million yuan [2], and the full-year estimate is about1.1-1.2 billion yuan, which is about4-5 times less than DJI’s.

Insta360’s R&D investment as a percentage of operating revenue remains at a high level:

• H12025:15.30%, an increase of3.75 percentage points compared to the same period last year [2]
• Average level over the past three years:13.16% [1][5]

Although DJI has not disclosed specific details of R&D expenses, estimates can be made based on public information:

• Calculated based on2024 revenue of about80 billion yuan, if R&D investment is about5 billion yuan, the R&D intensity is about6.25%
• Estimated based on2023 revenue of about50 billion yuan, assuming the R&D investment intensity is comparable to DJI’s historical level, it is expected to be in the range of8%-12%

: Insta360’s R&D intensity (13-15%) is significantly higher than DJI’s estimated R&D intensity (6-12%). This indicates that as a relatively small enterprise, Insta360 is catching up to the industry-leading position through a higher proportion of R&D investment, reflecting a strong technology innovation-driven strategy.

Indicator	Data	Remarks
Number of R&D personnel	1,836 people	H12025 [2]
Proportion of R&D personnel	56.75%	As a percentage of total company employees [2]
Educational background composition	17 PhDs,575 masters,1,058 bachelors	High proportion of highly educated talents [2]
Age structure	49.78% are aged between30-39	Young and middle-aged employees are the backbone [2]

Indicator	Data	Remarks
Total number of employees	14,000 people	[3]
Proportion of R&D personnel	About45%	[4]
Core R&D strength	Comes from Hong Kong University of Science and Technology, Harbin Institute of Technology Shenzhen Campus, etc.	Recommended by founder’s mentor Professor Li Zexiang [4]

: Insta360’s proportion of R&D personnel (56.75%) is higher than DJI’s (about45%) [2][4]. This reflects the differences in talent strategies between the two companies:

• As a growing enterprise, Insta360 allocates more than half of its employees to R&D positions, reflecting a technology-prioritized development strategy
• Although DJI’s proportion of R&D personnel is relatively low, the absolute number is larger, and it has a more mature talent training and introduction system

Indicator	Data	Time Node
Domestic and foreign authorized patents	998 items	June2025 [2]
Invention patents	222 items	Accounting for 22.2% [2]
Utility model patents	378 items	[2]
Design patents	398 items	[2]
As of the end of2024	900 authorized patents, 189 invention patents	[5]

Indicator	Data	Time Node
Cumulative number of patent applications	Over8,600	2023 [4]
Core hardware patents	More than4,000	[6]
23 core technology fields including flight control systems and machine vision	Patent matrix	[4]

: DJI’s patent reserves are far more than Insta360’s:

• DJI has accumulated over8,600 patent applications [4], while Insta360 has 998 items [2]
• In terms of core hardware (motors, ESCs, etc.), DJI has more than4,000 patents [6]
• Insta360’s patents are mainly concentrated in image technology fields such as panoramic image stitching, AI image processing, and anti-shake algorithms [5]

Technology Field	Technology Name	Technology Level
Panoramic technology	Panoramic image acquisition and stitching technology	Supports11K2D/10K3D acquisition, multi-channel exposure synchronization error <1ms (industry-leading) [5]
Anti-shake technology	FlowState anti-shake technology	Iconic technology, effectively eliminates motion blur [1]
AI technology	AI image processing technology	Applied to intelligent editing, AI highlight capture, gesture control, etc. [1][2]
Computational photography	Multi-lens fusion technology	1-inch panoramic image system, native8K panoramic video [6]

Technology Field	Technology Name	Technology Level
Flight control system	Autonomous flight control system	Core technology fully self-developed [4][6]
Machine vision	Intelligent sensing and obstacle avoidance	AI vision system enables autonomous obstacle avoidance and target tracking [4]
Core hardware	Motors, ESCs, image transmission chips	Full-stack self-developed, free from dependence on Qualcomm and Texas Instruments [6]
LiDAR	Zenmuse L3 LiDAR	Price is only1/10 of similar overseas products [6]

Comparison Dimension	Insta360	DJI	Difference Analysis
R&D investment scale	Annual average about1.1-1.2 billion yuan	Annual average about5 billion yuan	DJI is 4-5 times that of Insta360
R&D intensity	13-15%	About8-12%	Insta360 has higher R&D intensity
Proportion of R&D personnel	56.75%	About45%	Insta360 focuses more on R&D talents
Number of patents	998 items	Over8,600 items	DJI has richer patent reserves
Technical route	Image algorithms, AI processing	Flight control systems, core hardware	Differentiated technical layout
Revenue scale	Relatively small (not disclosed)	80 billion yuan (2024)	DJI is larger in scale

1. Significant gap in investment scale
   : DJI’s annual average R&D investment is about5 billion yuan, which is 4-5 times that of Insta360, matching DJI’s industry-leading position and wider product line.

2. Higher R&D intensity of Insta360
   : Insta360 invests13-15% of its revenue in R&D, which is higher than DJI’s estimated 8-12%, reflecting the follower’s strategy of gaining competitive advantage through high-intensity R&D.

3. Different focuses in talent allocation
   : More than56% of Insta360’s employees are engaged in R&D, while DJI’s is about45%, but DJI has a more mature talent training system and a larger absolute number of R&D teams.

4. Differences in patent layout
   : DJI has deep accumulation in core hardware (flight control, motors, ESCs), while Insta360 has formed characteristics in software algorithm fields such as panoramic image processing and AI algorithms.

5. Degree of independent technical research
   : DJI has achieved full-stack independent research from core chips and algorithms to complete machines [6], while Insta360 has established a complete technical system in panoramic technology and intelligent image innovation [2].

The differences in R&D investment between the two companies reflect their different development stages and market positioning: as an emerging image equipment manufacturer, Insta360 is quickly establishing technical barriers through high-intensity R&D investment; DJI, relying on its industry-leading position, is conducting technical layout and deep cultivation in a wider range of fields.

[1] Insta360 Company Research Report (https://www.kimi.com/share/zh/d19v3e8nnlr1nd3psl70)

[2] Insta360 Innovation Technology Co., Ltd. 2025 Semi-Annual Report (http://notice.10jqka.com.cn/api/pdf/35cb6d550db868d.pdf)

[3] DJI - Wikipedia (https://zh.wikipedia.org/wiki/大疆创新)

[4] Mastering One Leading Company a Day: DJI - Sina Finance (https://finance.sina.com.cn/jjxw/2025-05-15/doc-inewruvx9458643.shtml)

[5] Leading Panoramic Intelligent Image Equipment Company, Growth Driven by Technology Escort + Product Innovation (https://pdf.dfcfw.com/pdf/H3_AP202506271698620029_1.pdf)

[6] The Lowest-Profile DJI, Seizing the Fiercest Market - The Paper (https://m.thepaper.cn/newsDetail_forward_31988330)