远川研究所·2025-11-18 13:05Core Viewpoint - The article discusses the recent agreement between Apple and Tencent regarding the WeChat Mini Programs, marking a significant development in the ongoing debate over the "Apple Tax" and its implications for both companies and the broader app ecosystem [5][12]. Group 1: Agreement Details - Apple and Tencent have reached an agreement where WeChat Mini Program developers will now be included in Apple's payment system, allowing iPhone users to make purchases within WeChat using Apple's payment interface [5]. - As part of the agreement, Apple will reduce its commission on regular apps from 30% to 15%, while Tencent has agreed to pay the "Apple Tax" on WeChat Mini Programs [5][12]. Group 2: Financial Implications - According to Sensor Tower, Apple's "Apple Tax" generated $22.34 billion (approximately 158.8 billion RMB) in revenue globally in 2023 [11]. - The report titled "Apple Ecosystem in China" indicated that Apple's App Store ecosystem generated sales of 3.763 trillion RMB in China in 2023, with digital goods and services accounting for less than 4% of that total [11]. - The estimated commission Apple collected in China exceeded 40 billion RMB, comparable to BYD's total profit for the previous year [11]. Group 3: Historical Context - The WeChat Mini Program was launched in January 2017, and Apple began targeting its payment features shortly after, leading to a public debate over user choice between WeChat and iPhone [11]. - The ongoing conflict over the "Apple Tax" has seen significant pushback from developers, with Epic Games notably challenging Apple's payment policies, resulting in a high-profile legal battle [12][14]. Group 4: Strategic Shift - Apple's hardware revenue has stagnated since Q1 2022, prompting a shift in focus towards software services as a key profit driver [15][19]. - The gross margin for software services has increased from 55% to 75% since 2016, highlighting the growing importance of this segment for Apple's profitability [23]. - The service business accounted for 42% of Apple's net profit in the most recent fiscal year, surpassing the iPhone's contribution of 41% [27]. Group 5: Regulatory Environment - Apple faces increasing regulatory scrutiny regarding its App Store practices, particularly from the European Union, which has mandated changes to its payment systems and reduced commission rates [12][14]. - The EU's Digital Markets Act has initiated investigations into Apple's App Store fees, with potential fines for non-compliance [12][14].