游戏行业探寻系列报告（一）：关于针对“苹果税”反垄断调查的一种可能

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The essence of the "Apple Tax" reduction is to benefit upstream IP/research/distribution companies, with companies that have a high revenue share from Apple's iOS expected to be the main beneficiaries [23][24] - If the restrictions on downloading from third-party platforms on iOS are lifted, companies like Xindong (TapTap) could see an increase in user numbers and engagement, leading to growth in traffic business [25][28] Summary by Sections 1. Event Overview - The Chinese antitrust regulatory authority is investigating Apple's policies and app store fees, focusing on the 30% commission on in-app purchases and restrictions on external payment services [6][9] 2. "Apple Tax" Definition - "Apple Tax" refers to the 30% commission Apple takes from users when they purchase apps or in-app services through the App Store [10] 3. Regional Market Policies - The "Apple Tax" rate in China is the highest globally, with standard enterprises paying 30% and small enterprises 15% [11] 4. Channel Commission Rates - The report outlines various commission rates across platforms, noting that iOS and traditional Android channels generally have a 30% commission rate [13][14] 5. "Apple Tax" Elasticity Analysis - The report estimates that the mobile gaming market revenue in China for 2024 will be approximately 238.2 billion yuan, with potential reductions in the "Apple Tax" benefiting developers significantly [17][19] 6. Investment Analysis Recommendations - Continuous attention is recommended for gaming companies and platforms in light of the Apple antitrust investigation, with specific companies like Tencent, Xindong, and NetEase highlighted as potential beneficiaries [28]