Insta360 (688775)

Equity Research 23 August 2026 | 5:09PM HKT

Insta .SS): New Gimbal camera Luna Ultra launched; Dual cameras and triple AI chips for enhanced experiences; Buy

Insta360 launched the new gimbal camera Luna Ultra (priced at Rmb4,705, or Allen Chang | US$700) in Jun 2026 (Link), featuring (1) leading low light performance empowered Goldman Sachs (Asia) L.L.C. by enhanced AI computing power, (2) camera spec upgrade incl. telephoto lens and Verena Jeng Leica summicron lens with 1’’ 8k sensor, (3) AI technology (DeepTrack 5.0) to track | Goldman Sachs (Asia) L.L.C. and focus on the portrait, and (4) improving user experience to unlock more application scenarios and creativity. We remain constructive on Insta360’s leading Ting Song | Goldman Sachs (Asia) L.L.C. position in 360/ Action cameras, and the long-term growth driven by premium brand image, enhanced products to empower user experience, expanding products and rich accessory offerings.

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Exhibit 1: Insta360 Lunar Ultra suite Exhibit 2: Insta360 offers reliable AI tracking technology

Source: Company data Source: Company data

Exhibit 3: The flagship lens offer iconic Leica colors and filters for users

Specification upgrade of gimbal camera: The new Insta360 Luna Ultra is featured with the specification upgrade of the cameras, strong computing power of AI chips to support the night photography, and advanced sensors to ensure the precision and stability. Overall, we see the new features focus on enabling professional experiences with lower entry barrier and unlock more applications for end users.

n Flagship Leica Summicron lens: 1’’ 8k sensor with F1.8 aperture, which is able to provide 14 stops of dynamic range, supporting the deep contrast, vivid color and exceptional details in the 8K Dolby vision, meeting requirements of vlog users. n Pro-grade Telephoto lens: F2.0 aperture with up to 12x zoom; We see the new model is able to cover different types of facal length and support the smooth zoom control, also featuring 3-axis gimbal stabilization for steady experience. n Enhanced computing power for low-light portraits: The upgraded gimbal camera system is equipped with triple AI chips incl. dual dedicated imaging chips, which are able to deliver superior low-light performance for the night photography.