Apple(US:AAPL) Sou Hu Cai Jing·2025-11-05 04:07Core Viewpoint - Apple has issued a directive to its offline authorized dealers in China, prohibiting them from engaging with any online sales channels, particularly during the upcoming Double Eleven shopping festival, indicating a tightening control over online sales [1][4][5]. Group 1: Policy Changes - Apple has mandated that all offline authorized dealers must not collaborate with any e-commerce platforms, forbidding product display, promotion, or sales on online platforms, including services like "one-piece delivery" and "hourly delivery" [1][6]. - A compliance letter sent to authorized dealers states that any violations, such as online sales or cross-regional sales, will be considered serious breaches, leading to the cancellation of authorization and financial liabilities for the dealers [1][5]. Group 2: Impact on Dealers and Consumers - The new regulations have caught many dealers off guard, as they were previously in place but are now being strictly enforced to prevent disruption of the pricing system [5][6]. - The restrictions will limit the purchasing channels for consumers, making it harder to find authorized dealer products on various e-commerce platforms, potentially leading to fewer discount opportunities [5][12]. - The tightening of online sales channels will particularly impact the booming instant retail business, as consumers will no longer be able to access rapid delivery services from authorized dealers [6][7]. Group 3: Legal and Market Context - The restrictions imposed on authorized dealers may infringe upon their rights to choose sales channels and trading partners, potentially violating antitrust and unfair competition laws [7]. - Apple has faced similar legal challenges in markets outside China, such as a €194 million fine in Spain for restricting third-party sellers on Amazon [7]. - Despite limiting authorized dealers' online sales, Apple is actively participating in the Double Eleven promotions through its official channels, indicating a strategy to dominate online sales [9][11]. Group 4: Financial Performance - Apple's recent financial report for Q4 of fiscal year 2025 shows that revenue from the Greater China region was $14.493 billion, a year-on-year decline of 3.6%, marking it as the only region with a revenue drop [11]. - The overall revenue for the Greater China region for the fiscal year 2025 was $64.377 billion, down 3.85% year-on-year, suggesting a need for Apple to stabilize its market performance through these channel restrictions [11].