Apple(US:AAPL) Huan Qiu Wang Zi Xun·2025-12-04 06:12Group 1 - The core revenue source for Apple, the App Store, is experiencing significant growth pressure, with the global year-on-year consumption growth rate dropping to 6% in November 2025, down from 9% in October and 12% in July, indicating a near halving of growth in just four months [1] - The slowdown in growth is widespread, affecting major markets such as the US, Japan, the UK, and Canada, which together account for 52% of total App Store consumption, all showing a decline in month-on-month growth [1] - The gaming segment, which contributes 44% of the App Store's total consumption, has shown a year-on-year decline of 2% in November, contrasting with a 3% growth in October, signaling a dangerous shift from growth to contraction for this core business [1] Group 2 - The direct cause of the App Store's growth slowdown is closely linked to the ongoing impact of the EU's Digital Markets Act (DMA), which will allow third-party app store installations in the EU starting March 2024, disrupting Apple's long-standing closed ecosystem [3] - New commercial terms introduced under the DMA will enable developers to choose lower revenue sharing rates, directly undermining Apple's revenue from the App Store and fundamentally eroding its growth momentum [3] - Despite the short-term weakness in the App Store, analysts from investment firms like Goldman Sachs remain optimistic about Apple's broader services segment, which includes strong performances from iCloud+, AppleCare+, Apple Music, and Apple Pay, providing crucial support for its service ecosystem [3]