According to a research report by Huatai Securities, the proliferation of outdoor sports, the explosion of social media content, and the advancement of VR/AR technology are propelling sports cameras and panoramic cameras into the limelight as essential tools for capturing and sharing dynamic moments and immersive experiences. These devices have transitioned from niche products for extreme sports enthusiasts to mainstream choices for outdoor sports aficionados and short video creators, embodying prominent 'new consumption' trends. As a result, the industry has embarked on a trajectory of rapid growth. Leading the charge are Insta360, GoPro, and DJI, which dominate the market. Looking ahead, personal imaging devices are poised to evolve into 'all-rounders', with industry competition shifting focus from hardware specifications to AI integration, software ecosystems, differentiated innovation capabilities, and other multidimensional aspects.