Sun Wukong did not completely defeat Red Boy. The latter became the Good Fortune Boy, while Sun Wukong continued to escort Tang Monk on his quest for scriptures. In reality, DJI is also destined to be unable to completely defeat Insta360. Frank Wang's journey for scriptures will encounter more 'demons.'

In interviews, DJI founder Frank Wang has more than once compared himself to Sun Wukong.

When discussing Insta360 founder Liu Jingkang, Wang likened him to another character from Journey to the West—'Red Boy.'

In Journey to the West, Red Boy is one of the few 'demons' who gives Sun Wukong a run for his money. Assigning such a role to Liu Jingkang can be seen as Wang's great respect for his competitor.

With its newly released Pocket 4, DJI has upgraded the configuration to 4K/240 frames, expanded storage to 107GB, and increased export speed to 800MB/s. Yet, the price has been reduced by 500 yuan.

From lawsuits to business warfare, Wang, the 'Sun Wukong,' faces Liu, the 'Red Boy,' with full-intensity confrontation.

Part.

01

"Samadhi True Fire"

In 2025, Insta360's revenue reached 9.86 billion yuan, a significant year-on-year increase of 77%.

According to LatePost, DJI's sales exceeded 80 billion yuan, with profits surpassing 20 billion yuan.

In terms of scale, Insta360 and DJI are not yet in the same league. Just as Sun Wukong has 72 transformations and the Somersault Cloud, while Red Boy only possesses the 'Samadhi True Fire.'

Before Insta360, DJI never lacked challengers.

As early as 2015, Rapoo formed a joint venture with Zero Tech Intelligence Control, attempting to take on DJI head-on with a price war. Zero Tech claimed to possess core technologies such as flight control, gimbal, and camera systems globally. However, the outcome was that Rapoo terminated its drone business.

Internet giant Xiaomi also sparked a wave of enthusiasm. In 2016, Xiaomi launched a low-cost drone priced at 2,999 yuan. However, the launch did not go smoothly, with a 'drone crash' during the press conference leading to poor sales. Subsequently, Xiaomi disbanded the team.

Yuneec was also on the 'death note' list. In August 2015, Yuneec received a $60 million investment from Intel and subsequently launched the Typhoon H480 drone. The following year, DJI filed a lawsuit in the United States, accusing Yuneec of infringing on two patents: 'target tracking' and 'replaceable gimbal.' Yuneec's ultimate fate was to default on supplier payments and lay off 50%-70% of its staff.

In its early days, DJI was invincible, so much so that a decade ago, Frank Wang remarked in an interview, 'The world is incredibly stupid.'

After years of 'questing for scriptures,' Wang has finally encountered the 'Red Boy' obstacle in the form of Insta360.

Unlike other competitors, Liu Jingkang was not initially a direct competitor to DJI.

In 2014, Liu stumbled upon a 360° video shot by multiple cameras and processed with complex software.

Subsequently, he conceived a new idea—to produce a panoramic camera that would allow users to capture and view footage instantly. This marked the beginning of Insta360's dream.

In 2015, Insta360 was founded. The early entrepreneurial journey was not smooth. Later, Liu and his team relocated the company to Shenzhen.

Shenzhen's mature supply chain advantages deeply benefited Insta360. 'Even PCB prototyping could be ordered in the morning and picked up in the afternoon.' 'Thousands of raw materials that would have required nationwide sourcing could basically be met within a two-hour drive in Shenzhen.'

In 2017, Insta360 Innovation created a stir on the internet with a panoramic video from an 'eagle's perspective.'

In 2018, Liu Jingkang secured a partnership with Apple. The Insta360 ONE was launched in Apple Stores worldwide, marking a new phase of growth for Insta360.

In the global panoramic camera market in 2024, Insta360 held an 81.7% market share, maintaining an absolute leading position. As of 2025, Insta360 has topped the global panoramic camera market share rankings for eight consecutive years. In the panoramic camera sector, Insta360 has established its own 'Flaming Cloud Cave.'

On Weibo, Liu Jingkang changed his profile picture to Eren Yeager, the protagonist of Attack on Titan. From Insta360's perspective, DJI is the giant outside the wall. As he gradually grows, Liu is destined to step outside the wall and face the giant.

At this point, DJI's sense of crisis also deepened.

Part.

02

Price Wars, Supply Chain Battles, and Legal Disputes

Frank Wang, who had not given a media interview for a decade, finally reappeared in the public eye in April 2026.

During the interview, the 46-year-old Wang discussed topics such as personal transformation, company management, and industry competition.

However, the unavoidable and most publicized topic remained the competition with Insta360.

The two companies have been clashing for over half a year, from supply chains to distribution channels, from product lines to patent portfolios.

If traced back further, the two sides had already begun localized skirmishes. In 2023, Insta360 launched the Flow smartphone stabilizer, a minor competition with DJI's gimbals. Subsequently, Insta360 released the Ace action camera, overlapping with DJI's Action 4. DJI also released the Pocket series, competing with Insta360's Go series.

However, these did not yet involve core business competition.

In October 2024, DJI's Osmo 360 FCC test documents were exposed, revealing an 8K panoramic camera. Rumors about DJI's foray into panoramic cameras had been swirling.

Insta360 chose to advance into DJI's core drone business.

Last July, Insta360 announced its entry into the consumer drone market, launching the 'Yingling Antigravity' brand incubated with a third party.

Subsequently, DJI officially released the Osmo 360, directly competing with Insta360's flagship X series at a nearly 300 yuan lower price.

Liu Jingkang quickly responded by announcing a 500 yuan price cut for the X5.

Thus, a price war erupted. That year, the Pocket 3 saw its first price reduction since launch, with a maximum direct reduction of 900 yuan; the Action 4 action camera was reduced by 1,129 yuan; the latest Pocket 4 was launched at a 500 yuan lower price... DJI went all out.

Simultaneously with the price war were supply chain battles and legal disputes.

By the end of last year, Liu Jingkang released a thousand-word internal letter, directly accusing DJI's supply chain of 'exclusivity.' He stated that up to 33 core suppliers had suddenly faced 'exclusivity' pressure. Insta360 had to urgently switch to backup suppliers and Large scale reconstruction (massively restructure) its supply chain system.

Meanwhile, according to media reports, supply chain manufacturers partnered with Insta360 also indicated their inability to supply DJI.

On March 23 this year, DJI filed six patent ownership dispute lawsuits against Insta360 at the Shenzhen Intermediate People's Court, marking DJI's first such lawsuit in China.

On March 24, Yuan Yue, Insta360's China region head, further stated that multiple DJI products fell within the scope of Insta360's 28 patent protections, covering hardware structures, software methods, control methods, and other fields.

Sun Wukong and Red Boy have entered a phase of deep confrontation.

Part.

03

Between the Lines

Late last year, a Bilibili Up main (content creator) named 'Magical Ayu' uploaded a video. He mentioned owing 1.8 million yuan for video production, which Insta360 had proactively helped him repay.

This Up main had moved his living room to 2,000 meters above ground; hand-built a small aircraft that flew to 40,000 meters to overlook the Earth; and created a 'meteor flight wing' to jump from the edge of the atmosphere. He was an extremely 'unconventional' video creator.

Liu Jingkang's decision to help repay the debt was driven by sentimentality, seeing his younger self in the creator. From a branding perspective, it was a successful brand image-building move.

His public image gradually evolved toward labels such as maverick, daring, and challenging authority.

As the first post-90s founder listed on the STAR Market, Liu Jingkang has always been enthusiastic about expressing himself, maintaining a high-intensity output from Weibo to Moments.

After the Osmo 360's release, he posted on Weibo in the early morning to 'congratulate' DJI and announce 'readiness for battle.'

After being sued by DJI, he promptly responded on social media, discussing technical details that might involve the patents. He even stated, 'If DJI wants this feature, I can give it to you.'

Unlike the traditional style of speaking less and doing more, Liu's use of social media put the habitually silent DJI on the defensive in terms of public opinion. Almost all output came from Insta360, while DJI was portrayed as relying on patent monopolies to squeeze out competitors.

In the interview, although Wang did not comment much on Liu, his attitude was evident between the lines.

Regarding the term 'war' used by outsiders, Wang stated that he preferred to change 'war' to 'competition.' The rules of the game in a commercial society are survival of the fittest. In every industry DJI enters, it hopes to strive to be the best and achieve first place.

'We look forward to a healthy competitive business environment and a higher level of tacit understanding (tacit understanding) among entrepreneurs regarding rules, rather than constantly creating topics for publicity in the media,' Wang said.

Facing competition from Insta360, Wang believed that even if Insta360 captured 10% of the consumer drone market, DJI would not consider it a loss. 'This is just a competition. We just need to do it in a proper way.'

The phrase 'proper way' carried a certain undertone.

What Wang intended to express might be the patent disputes arising from Insta360's competition, but of course, it was not limited to patents.

Part.

04

Beyond Insta360

In the drone market, DJI is an insurmountable mountain.

Why would Insta360 provoke DJI? Liu Jingkang once stated in a Moments post: 'The top runner in a marathon is a top athlete; you'll also run faster. Would you rather lie down in the beginner's village or choose a Devil Coach (demon coach)?'

Beyond the passionate rhetoric, Insta360 cannot simply create drones out of thin air in the drone R&D field, especially in technologies such as flight control and image transmission.

According to Caijing, Insta360 has been frequently 'poaching' personnel from DJI's drone division in recent years, including Niu Wei, the current head of R&D for Yingling drones.

This can be cross-verified by Wang's remarks. 'I remember Insta360's annual meeting last year thanked DJI for training their talent... We will take measures to prevent large-scale turnover. We will also protect our intellectual property through legal means.'

The current dispute also revolves around these issues. Informed sources revealed that among the six disputed patents in DJI's lawsuit, two contain key details.

In the application documents submitted by Insta360 in China, some inventors were recorded as 'requesting anonymity,' while in the corresponding PCT international applications, the inventors' real names were listed—exactly the R&D personnel who had left DJI.

As for why the inventors were hidden, Liu Jingkang explained that it was to delay the exposure of technical personnel lists and avoid being targeted by headhunters, not to deliberately evade ownership.

However, this does not mean Insta360 can simply brush it off. Currently, the lawsuit is still ongoing, which may pose a significant obstacle to Insta360's foray into the drone market.

Wang's attitude toward the legal battle was more composed. 'Let's wait for the court's normal evidence-gathering and investigation procedures. This is common in competition among tech companies.'

But in reality, while legal battles may be common, this marks DJI's first domestic lawsuit, which can be seen as a 'kill the chicken to scare the monkey' move in the consumer drone market.

According to media reports, in the past, 'DJI-affiliated' companies have been continuously poaching DJI personnel. The technological fortress DJI built with its vast patent portfolio is loosening. Although its market share remains above 70%, it is a far cry from the peak of 85%.

DJI itself is also facing growth fatigue. As early as his last interview, Wang had stated that the drone market was approaching saturation. Therefore, in 2019, DJI had already launched its action camera series, followed by agricultural drones, imaging equipment, programming robots, and more.

Now, DJI has even launched a robot vacuum cleaner, extending its reach into the smart home appliance sector.

Chinese commercial giants each have their own moats, but generally, they are all entering a difficult phase of seeking growth. Entering each other's spheres of influence and engaging in direct clashes is inevitable. DJI is venturing into the arenas of Roborock and Dreame, while OPPO, Vivo, and Insta360 are encroaching on DJI's moat. Defending their own cities while attacking others is the norm at this stage.

DJI's series of combined moves have had some effect, with Insta360's total profit for 2025 declining by 17%. However, Insta360, which has grown from panoramic cameras, cannot be easily defeated, with its annual revenue increasing by 77%.

Returning to Journey to the West, Sun Wukong did not completely defeat Red Boy. The latter became the Good Fortune Boy, while Sun Wukong continued to escort Tang Monk on his quest for scriptures. In reality, DJI is also destined to be unable to completely defeat Insta360. Frank Wang's journey for scriptures will encounter more 'demons.'