国君传媒|iOS生态政策或有变化,看好应用与游戏生态发展

Investment Rating - The report suggests a positive outlook for the industry, particularly for quality content developers and third-party app stores, contingent on potential adjustments to the domestic iOS ecosystem policies [1][2]. Core Insights - The domestic iOS ecosystem may face regulatory changes, which could significantly impact the trillion-dollar market. The economic scale of China's App Store ecosystem has grown by 129% from 2019 to 2023, reaching 3.76 trillion [2]. - The high commission rates for Apple developers in China compared to other regions may lead to potential adjustments, as seen in Europe and Japan, where efforts are underway to lower standard commission rates [3]. Summary by Sections - Market Growth: The App Store ecosystem in China has expanded significantly, with digital goods and in-app advertising markets reaching approximately 145 billion and 185 billion, respectively [2]. - Apple's Market Share: Apple holds a 15.5% share of the smartphone market in China, with a higher revenue share in certain applications or games, indicating strong consumer purchasing power [2]. - Commission Structure: Current commission rates in China are 30% or 15%, while other regions are moving towards lower rates, with the EU aiming for 17% and developers in the US and South Korea having the option to bypass Apple's in-app purchase system [3].