Core Viewpoint - Apple is increasingly distancing itself from China, focusing on maximizing profits while reducing reliance on Chinese suppliers and manufacturing, amidst a backdrop of escalating trade tensions between the US and China [1][68]. Group 1: Apple's Market Position - Apple generated $64.6 billion in revenue from the Chinese market last year, making it one of the largest foreign companies operating in China [3][4]. - Despite its significant revenue from China, Apple's share of components sourced from Chinese suppliers has dwindled to just 2% [7][20]. - In the first quarter of this year, Apple saw its market share in China shrink, with Huawei surpassing it to become the market leader [9][46]. Group 2: Supply Chain Dynamics - Apple employs a "wolf-raising" strategy, squeezing profits from existing suppliers while nurturing secondary suppliers to prevent any single supplier from becoming too powerful [6][23]. - The company has shifted low-value manufacturing to developing countries, maintaining high profit margins by controlling design and marketing [12][18]. - In 2024, Apple captured 18% of global smartphone shipments, commanding nearly half of the market size and 80% of industry profits [13][18]. Group 3: Production Shifts - Apple plans to increase its manufacturing presence in India, aiming for 25% of its production to occur there by 2025 [26][32]. - The number of Apple factories in Vietnam has risen from 15 in 2018 to 35 currently, indicating a significant shift in production strategy [29]. - The share of iPhone production in India has increased from 1% to 14% over four years, while China's share has decreased from 98% to 85% [38]. Group 4: Financial Performance and Challenges - Apple's net profit margin reached 24% in the 2024 fiscal year, while the average net profit margin for 22 listed Chinese suppliers is only 4% [18]. - The decline in Apple's reliance on Chinese manufacturing has led to significant economic impacts in regions like Zhengzhou, where mobile phone exports dropped by 49.1% in the first half of 2024 [40][41]. - Companies like Luxshare Precision and OFILM have begun diversifying their business models to reduce dependence on Apple, with Luxshare expanding into automotive components [50][52]. Group 5: Competitive Landscape - Huawei has rebounded strongly, capturing 19.4% of the Chinese market in the first quarter, while Apple's market share has declined by 7.7% [46]. - The shift in consumer preferences towards domestic brands like Xiaomi and Huawei is contributing to a decline in Apple's market dominance in China [61][62]. - Apple faces increasing competition not only from domestic brands but also from its own supply chain partners, who are diversifying their client bases [50][58].

时隔不到半年，"果链"龙头企业领益智造（002600）计划收购江苏科达斯特恩汽车科技股份有限公司 （以下简称"江苏科达"）66.46%股权，以此进军汽车饰件行业的事项取得了新的进展。 日前，领益智造披露收购江苏科达的相关草案，根据公告，领益智造拟向8名交易对方发行可转债及支 付现金收购江苏科达66.46%股权，交易价格3.32亿元。同时，拟向不超过35名特定对象发行股份募集配 套资金，金额合计不超过2.07亿元。上述交易尚需监管部门批准。 根据公开信息，江苏科达是一家专注于汽车饰件总成产品的研发、设计、生产和销售的企业，是奇瑞汽 车、上汽集团（600104）、比亚迪（002594）、理想汽车、江淮汽车（600418）等多家知名整车厂商的 Tier1（一级）供应商，主要配套车型包括"智界S7"、"艾瑞泽8"、"星纪元 ES"、"奇瑞 iCarV23"、"荣威 D7"、"捷途X70"、"腾势 D9"、"比亚迪夏"、"比亚迪海豹"、"理想 L7/L8/L9"等。 从江苏科达近年来的业绩来看，公司在2023年度、2024年度分别实现营收8.15亿元、8.99亿元；对应的 归母净利润分别为2531.99万元、4097. ...