中国成唯一下滑市场！苹果再失守，谁蚕食了份额？

Core Insights - Apple's revenue in Greater China declined by 3.6% year-on-year in Q4 FY2025, making it the only market with a revenue drop globally [1][2][4] - CEO Tim Cook attributed the decline primarily to supply constraints affecting iPhone sales, which he noted were below actual demand [4][11] - Experts suggest that the revenue drop is due to both internal factors, such as limited product innovation and delayed product launches, and external pressures from local competitors like Huawei [5][6][11] Financial Performance - For Q4 FY2025, Apple's total net revenue was $102.47 billion, up 8% from $94.93 billion year-on-year, with net profit increasing by 86% to $27.47 billion [1][2] - Earnings per share rose to $1.85, exceeding Wall Street expectations and contributing to a post-earnings stock price increase of over 3% [1][2] Market Dynamics - The decline in Greater China revenue has been ongoing since Q3 FY2023, with the highest quarterly drop reaching 13% [2] - The competitive landscape in China's smartphone market has intensified, with local brands rapidly innovating in areas like foldable screens and fast charging, impacting Apple's market share [6][11] Product Challenges - The delayed launch of the iPhone Air, which only supports eSIM and faced regulatory hurdles, negatively impacted sales in Q4 FY2025 [7][10] - User feedback on the iPhone Air has been mixed, with concerns about its build quality and performance, leading to lower-than-expected demand [10] Competitive Landscape - Huawei's resurgence in the high-end market poses a significant threat to Apple's position, as it rebuilds brand loyalty and technological capabilities [11][12] - Other local brands like Xiaomi, OPPO, and vivo are also aggressively targeting Apple's high-end user base, emphasizing compatibility with Apple's ecosystem [12][14] Future Outlook - Despite current challenges, Apple maintains a strong brand influence and loyal customer base, with potential for recovery if it accelerates innovation and adapts pricing strategies [11][12] - The competitive dynamics in the high-end smartphone market are shifting, requiring Apple to respond proactively to maintain its market position [12][14]