Apple(US:AAPL) 中国基金报·2025-10-25 16:08Core Insights - The iPhone Air, launched on October 22 at a starting price of 7999 yuan, is the first phone in China to adopt eSIM technology. Initial pre-orders sold out within five minutes, but post-launch market performance has cooled significantly, with reports of excess inventory and price drops below official retail prices [1][3]. Sales Performance - Compared to the iPhone 17 series, the iPhone Air's launch was underwhelming, with reports indicating low consumer interest and concerns over battery life due to its thin design. The timing of the launch, coinciding with the upcoming Double Eleven shopping festival, has led to increased availability of lower-priced alternatives online [3][5]. - In the second-hand market, the iPhone Air has already seen price drops, with listings showing prices close to or even below the official retail price, contrasting sharply with the iPhone 17 series, which experienced significant price premiums upon release [3][5]. Supply Chain Impact - Analyst Ming-Chi Kuo has indicated that demand for the iPhone Air is below expectations, prompting suppliers to reduce production capacity by over 80% by Q1 2026. This shift suggests that existing Pro and standard models are adequately meeting high-end consumer demand, leaving little room for new market segments [5]. eSIM Technology - The iPhone Air's key feature is its reliance on eSIM technology, which eliminates the need for a physical SIM card. Users must visit a physical store to activate the eSIM, which has raised concerns among some consumers about the complexity of the process [6][7]. - eSIM technology, while new to smartphones, has been utilized in wearables and IoT devices for years. The adoption of eSIM in smartphones marks a significant shift in the Chinese mobile communications industry towards a "cardless era" [7]. Consumer Sentiment - Consumer feedback on the iPhone Air has been mixed, with some expressing frustration over the eSIM activation process and concerns about the device's battery life due to its ultra-thin design [8].