“Shadow Stone Innovation’s revenue increased by 50% in the first half of the year, but net profit plummeted by 94%, turning from a profit to a loss for the first time.”
In the first half of 2026, Shadow Innovation achieved revenue of 5.517 billion yuan, a year-on-year increase of 50.29%. However, its net profit attributable to the parent company plummeted by 94.15% to 30.4073 million yuan, marking its first loss. According to the financial report, the decline in net profit was mainly due to rising costs of core raw materials and investments in new panoramic drone products. After DJI launched the Osmo 360 panoramic camera, the two companies entered a regular competitive phase. Shadow’s gross profit margin decreased by about 12% year-on-year to 38.33%, and its selling expenses increased by about 2.6% year-on-year. Due to DJI’s price wars and competition in distribution channels, Shadow’s market share in panoramic camera sales dropped from 91% in the first half to 53% in the second half. Additionally, the four subsidiaries involved in its panoramic drone business incurred a total loss of about 367 million yuan, and they faced increased competition from more players and lower technical barriers.
In the first half of 2026, Yingshi Innovation achieved revenue of 5.517 billion yuan, a year-on-year increase of 50.29%. However, its net profit attributable to the parent company plummeted by 94.15% to 30.4073 million yuan, marking the first time it turned from a profitable to a loss-making company. According to the financial report, the decline in net profit was mainly due to the rising costs of core raw materials and the phased investment in new panoramic drone products. With DJI’s launch of the Osmo 360 panoramic camera, the two companies entered a regular competitive phase. As a result, Yingshi’s gross profit margin dropped by approximately 12% to 38.33%, and the sales expense ratio increased by about 2.6% year-on-year. Under DJI’s price war and channel competition, Yingshi’s market share in panoramic camera sales decreased from 91% in the first half to 53% in the second half. Additionally, the four subsidiaries involved in Yingshi’s panoramic drone business incurred a total loss of approximately 367 million yuan, and they faced increased competition from more players and lower technical barriers.