Apple(US:AAPL) Zhi Tong Cai Jing·2025-06-19 03:02Core Insights - iPhone's global sales in April-May 2025 increased by 15% year-on-year, achieving the highest market share since the pandemic [1] - The U.S. and China are the primary growth drivers for Apple, marking the end of a three-year decline during this sales season [1] - China saw a significant recovery, with Apple regaining the top market share in May after facing intense competition [1] Group 1: Market Performance - The strong performance in the U.S. and China is supported by double-digit growth in high-end markets like Japan, India, and the Middle East [6] - The demand for iPhones in China indicates that factors like Agentic AI are not yet critical in influencing consumer purchases [10] - Japan is experiencing a surge in iPhone demand, particularly for the new iPhone 16e, which appeals to local consumer preferences [11] Group 2: Future Outlook - The upcoming trends in June will be crucial, particularly regarding U.S. consumer behavior related to tariff concerns and China's government subsidy policies [10] - India is positioned as a significant growth market for Apple, with increasing demand for high-end smartphones and a focus on the iOS ecosystem [12] - Apple's accessories and services are expected to be key drivers for long-term sales growth in India [12]