两个月前苹果输掉了与Epic Games的官司，被迫调整美区App Store，除了不再对应用外部的购买行为征 收27%抽成，还被禁止限制开发者引导用户进行应用外购买。被迫做出这些直击"苹果税"软肋的改变， 显然是苹果方面不希望看到的，因此他们也一直在寻求推翻判决中的惩罚性反导向禁令。 据路透社日前公布的相关法庭文件显示，苹果另辟蹊径，并没有选择直接解决问题，而是瞄准了做出这 一判罚的法院。他们认为在此次诉讼中，仅涉及苹果和Epic Games两家公司，但法院却做出了覆盖所有 美国开发者的决定，这一禁令由于超出了法庭的权限，所以应该被推翻。 有趣的是，在大西洋另一端的欧洲，苹果对于反垄断执法机构的处罚决定却是全盘接受。同样是来自路 透社的消息表明，苹果上月对欧盟地区App Store规则及抽成协议进行了重大调整，预计将在未来几周 内获得监管机构的批准，将使得其免于因违反《数字市场法案》（DMA）而面临每日高达5000万欧元 的罚款。 此前在今年4月，欧盟反垄断执法机构对苹果开出了5亿欧元的罚单，理由是其通过商业及技术手段阻止 应用开发者引导用户至App Store以外的渠道完成价格更低的相同交易，此举违反了D ...

Core Points - Apple is appealing a €500 million fine imposed by the European Commission, asserting that the penalty is unprecedented and exceeds legal requirements [1][2] - The dispute centers around Apple's "App Store tax," which charges developers a commission of 15%-30% on in-app purchases, contributing over $100 billion annually to Apple's revenue [1][2] - The European Commission has been actively investigating tech giants for market monopolization, with Apple facing multiple fines and lawsuits globally [2][3] Group 1 - Apple has filed an appeal against the European Commission's ruling, claiming it dictates how the company operates its App Store and imposes confusing terms on developers and users [1][3] - The ongoing legal battles could set a precedent for other countries to investigate Apple's practices, potentially undermining the App Store's foundation [3][4] - The appeal process may allow Apple to delay the payment of fines, as litigation can take several years [4][19] Group 2 - The European Commission has previously fined Apple €1.84 billion for monopolistic behavior in the streaming music sector, which Apple has yet to pay [5][8] - The Digital Markets Act (DMA) has intensified scrutiny on tech giants, with Apple being one of the first companies fined under this new regulation [9][12] - The DMA allows for fines up to 10% of a company's global revenue for violations, with potential increases for repeated offenses [9][12] Group 3 - Apple's App Store policies have faced criticism since 2015, when Spotify first lodged a complaint against Apple's high commission rates [6][8] - The European Commission's actions against Apple are seen as a benchmark for other countries, influencing ongoing investigations in places like Brazil and Turkey [18][30] - Apple's service revenue, which includes the App Store, has become a significant growth driver, with a gross margin exceeding 70% [27][29]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **Chinese gaming industry**, highlighting significant policy changes and market dynamics that are expected to enhance growth certainty in the sector [1][4][6]. Core Insights and Arguments - **Policy Changes**: The introduction of local approval for game licenses is expected to accelerate supply-side growth, with recent months showing record highs in license approvals [4][6]. - **AI Impact**: AI technology has significantly increased the frequency of game version updates, with the number of updates quadrupling in 2024. However, only about 10% of new games are launched, leading to increased concentration among top-tier games [7]. - **Market Dynamics**: The gaming industry is shifting from short-term hits to long-cycle projects, which allows for more sustainable performance from new releases. Companies with competitive advantages in channels and long-term development are recommended for investment [3][21]. - **Product Lifecycles**: Rule-based and strategy games, such as MOBA and SLG, have longer lifecycles due to their unique characteristics, which help maintain user engagement and reduce inflation risks [5][8]. - **E-sports Dominance**: Tencent holds a dominant position in the e-sports sector, with a weighted half-life of 71 months, significantly higher than its competitors [9]. Additional Important Content - **Resilience of Casual Games**: Casual competitive games like "Peacekeeper Elite" and "Happy Elimination" show strong anti-deflation capabilities, maintaining growth despite market pressures [10]. - **Market Share Trends**: China's mobile gaming market accounts for about one-third of the global market, with a notable increase in share from 22% in 2018 to 28% in 2024. There is a growing trend of Chinese companies expanding into overseas markets [14]. - **Apple's Antitrust Investigation**: The ongoing antitrust investigation into Apple could lead to significant changes in channel fees, potentially increasing industry net profit margins by 40% to 66% depending on the outcome [2][18][19]. - **Upcoming Projects**: Key projects expected to launch in the summer include titles from various companies, with anticipated revenues of 500 to 600 million yuan [23]. Conclusion - The Chinese gaming industry is poised for growth due to favorable policy changes, technological advancements, and a shift towards long-term product strategies. Companies that can leverage these trends, particularly in e-sports and casual gaming, are likely to thrive in the evolving market landscape [1][3][21].

Core Viewpoint - Apple is facing unprecedented pressure in 2025 due to potential changes in its App Store commission structure, with a proposed reduction from 30% to 20%, which may extend beyond the EU borders [1] Group 1: Changes in Commission Structure - A new draft for App Store terms in the EU suggests a significant reduction in standard commission rates, which could impact Apple's revenue model [1][11] - Apple has introduced a complex commission system for developers, categorizing them into two main tiers with different fee structures [3][7] - Developers can choose to distribute apps through the App Store while using either Apple's in-app purchase (IAP) system or third-party payment methods, with varying fees applied [3][5][6] Group 2: Developer and Consumer Impact - The new commission structure creates a disparity between first-tier and second-tier developers, with an 8% difference in store service fees, raising concerns about the fairness of the system [8][9] - Many developers view Apple's new policies as detrimental, leading to increased costs for consumers and limiting developers' ability to use alternative payment methods [9][15] - Apple's high commission rates have historically forced developers to pass costs onto consumers, resulting in higher prices for iOS users compared to Android users [13][15] Group 3: Regulatory Challenges - Apple has faced multiple regulatory actions in the EU, including fines for not complying with the Digital Markets Act, which mandates lower commission rates and allows external payment options [11][12] - The company has been involved in ongoing legal battles regarding its commission practices, with significant fines imposed for perceived anti-competitive behavior [12][19] - The future of Apple's commission structure remains uncertain as it navigates regulatory pressures and developer demands for more equitable practices [19][20]

Group 1 - The core argument revolves around the "Apple Tax," with Apple defending its commission structure as reasonable for maintaining the App Store ecosystem, while app developers and users argue that the 30% fee is excessive for merely providing a download platform [1][3] - Over the years, there has been ongoing contention between Apple and various stakeholders regarding the "Apple Tax," leading to legal battles and concessions from Apple, such as lowering commission rates and allowing third-party payment options in certain regions [3][5] - Recently, Apple commissioned a report claiming that the App Store facilitated $1.3 trillion in transactions in 2024, with only 10.11% ($131 billion) attributed to digital goods, which is the only segment subject to Apple's commission [5][7] Group 2 - Of the $1.3 trillion in transactions, 78.3% ($1.01 trillion) were for physical goods, for which Apple does not collect a commission, and $150 billion was from in-app advertising revenue, which developers retain entirely [7][9] - Apple's report aims to argue that its commission is minimal, suggesting that it only takes a small fraction (around $200 billion) from the total transactions, which is less than 2% [7][9] - The report implies that Apple's contribution to the overall transaction volume is overstated, as the transactions would likely occur regardless of Apple's involvement, indicating a potential self-serving narrative in the report [9]

Core Viewpoint - Huawei's HarmonyOS PC restricts sideloading, allowing only app installations from its official app store, aiming to create a secure and monitored software environment [1][5][14] Group 1: Security and Software Quality - The restriction on sideloading is intended to prevent malware and unwanted software, providing a safer experience for users who may not be tech-savvy [5][7] - Applications available on Huawei's app store undergo official review, theoretically ensuring quality and compliance with standards [5][7] - The unified software experience is optimized for HarmonyOS, potentially reducing crashes and improving performance [7] Group 2: Developer and User Considerations - While the strict management of the app ecosystem can enhance security, it may limit user choices and lead to higher costs for software, raising concerns about affordability [7][9] - There is a potential risk of introducing a "tax" similar to Apple's model, which could deter users if software becomes expensive and limited [9][14] - To attract developers, Huawei should consider a transparent and friendly approach regarding fees, especially in the initial stages of the platform [11][14] Group 3: Market Positioning - Huawei's strategy mirrors Apple's closed ecosystem, but to effectively compete with Windows, it must balance security with affordability and openness [14] - The success of HarmonyOS PC will depend on its ability to offer a rich, user-friendly experience without becoming an expensive "premium cage" [14]

Core Insights - Apple's recent report indicates that the App Store ecosystem is projected to generate $1.3 trillion in revenue and sales in 2024, with over 90% of this revenue going directly to developers without paying any commission to Apple [1][3]. App Store Revenue Structure and "Apple Tax" Controversy - The commission Apple collects is limited primarily to digital goods and services, which account for $131 billion, approximately 10.11% of the total revenue [3]. - Physical goods and services represent the largest share at $1.01 trillion, making up 78.3% of the total [3]. - In-app advertising revenue is reported at $150 billion, constituting 11.58% of the total [3]. - Apple's commission policy employs a tiered structure, where developers earning over $1 million pay a 30% commission, while small and medium developers pay a reduced rate of 15% [3]. - In China, the App Store ecosystem's sales reached 3.76 trillion yuan in 2023, with the commissionable digital goods and services making up only 3.85% [3]. - More than half of the Chinese developers paying commissions qualify for the 15% reduced rate, and large game developers often have an effective commission rate below 20% [3]. Global Regulatory Pressure and Policy Adjustment Trends - The "Apple Tax" faces unprecedented regulatory challenges globally, with 18 countries and regions initiating over 20 regulatory actions, including investigations, legislation, and lawsuits [4]. - The European Union has taken significant steps, imposing a €1.84 billion fine on Apple in March 2024 due to its dominant position in the music streaming market, leading to adjustments in commission rates [4]. - The U.S. courts have ruled against Apple's restrictions on developers directing users to external purchase links [4]. - Japan plans to implement new tax regulations in April 2025, requiring Apple to collect a 10% consumption tax on transactions for non-Japanese developers [4]. - Other countries, including Azerbaijan, Peru, and Slovakia, are also adjusting tax policies that will affect developers' actual earnings [4]. Implications of Regulatory Actions - Regulatory bodies believe that limiting the "Apple Tax" will enhance fairness in the digital market and promote competition [5]. - While lowering fees and reducing restrictions on third-party payments may impact Apple's profitability, it is expected to foster innovation and provide users with more choices, benefiting developers [5]. - Apple maintains that the App Store offers essential channels, ecosystems, and tools for developers to launch products, attract users, and generate profits, justifying its commission structure [5].

Core Viewpoint - A federal appeals court upheld a ruling requiring Apple Inc. (AAPL.US) to allow "link payment" support in its App Store, which may lead to a 2% to 3% decline in earnings per share, although the revenue impact may not be as significant as feared [1][2]. Group 1: Financial Impact - Evercore ISI estimates that Apple's App Store generates approximately $21 billion in annual sales, with a potential risk of $7 billion in revenue from U.S. developers due to the ruling [2]. - If the entire $7 billion were to disappear, it would imply a 6% reduction in earnings per share, but the actual impact is expected to be lower [2]. - Morgan Stanley's survey indicated that 28% of respondents are "very likely" to bypass the App Store payment process, which could risk 2% of Apple's earnings per share [2]. Group 2: Market Response - In May, Apple's App Store total revenue grew by 13%, with a 10% increase in the U.S. market, suggesting that developers may not immediately leave the Apple ecosystem [1]. - The gaming segment accounts for 65% of U.S. App Store revenue, with many purchases being one-time transactions, indicating that a shift to other payment platforms could result in higher fees than Apple's current 27% cut [2]. Group 3: Developer Perspective - Apple emphasizes that over 90% of transactions through its App Store in 2024 will not incur any commission for developers, highlighting the platform's value to developers [3].

Core Viewpoint - The report highlights the significant economic impact of the App Store, generating $1.3 trillion in developer revenue in 2024, with over 90% of this revenue going to developers without paying any commission to Apple [1][2]. Group 1: App Store Economic Impact - The App Store ecosystem has created new business opportunities and growth potential for developers globally [1]. - Over the past five years, the revenue and sales facilitated by the App Store have more than doubled in regions like the US, China, and Europe [2]. - The App Store attracts over 813 million visits weekly, providing a global platform for developers [2]. Group 2: Controversy Surrounding "Apple Tax" - "Apple Tax" refers to the 15%-30% commission Apple charges on digital content sales through the App Store, which has faced significant scrutiny and regulatory actions in 18 countries [1][4]. - Developers argue that "Apple Tax" increases operational costs, particularly affecting small teams and individual developers [1]. - The current commission rates in China are among the highest globally, with standard rates of 30% for large enterprises and 15% for small developers [3]. Group 3: Legal Challenges and Changes - A recent US court ruling prohibits Apple from charging commissions on purchases made through external channels, allowing developers to direct users to alternative payment methods [6][8]. - This ruling is a result of a long-standing antitrust lawsuit initiated by Epic Games, which claims Apple maintains a monopoly in the app distribution market [7]. - The ruling could weaken Apple's control over its App Store ecosystem, providing developers and users with more choices [8]. Group 4: Regulatory Actions and Global Response - The European Union has also taken action against Apple, imposing a €500 million fine for restricting developers from directing users to third-party payment options [9]. - Apple's service revenue, including App Store fees, has been increasing, with a reported $26.34 billion in service revenue for Q1 2025, reflecting a 14% year-over-year growth [9].

Core Points - The U.S. Northern District Court of California ruled against Apple in the Epic Games lawsuit, stating that Apple violated a 2021 order prohibiting anti-competitive pricing practices, requiring Apple to stop restricting developer and user communications and not charge commissions on external purchases [1][3] - Following the ruling, the U.S. App Store opened up to third-party payment options, allowing developers to add buttons and links to direct users to external payment channels without additional authorization [1][3] - The ongoing legal battle, which began in August 2020, has significant implications for developers and the App Store's business model, with a more open App Store era on the horizon [3][4] Legal Background - The dispute began when Apple removed the popular game Fortnite from the App Store after Epic Games introduced a direct purchase option to bypass Apple's 30% commission [4][8] - Epic Games accused Apple of monopolistic practices that harm developers, estimating that Apple's App Store profits reached nearly 80%, which they claimed created an unfair competitive advantage [7][8] - In the initial ruling in September 2021, the court sided with Apple on most counts but found that Apple's restrictions on directing users to external payment options violated California law [8] Recent Developments - The court's recent ruling indicates a crack in the "Apple tax," but it did not mandate a reduction in the 30% commission rate, which Epic Games had hoped to change [8][9] - Apple has been found to intentionally defy the court's orders regarding the anti-steering provisions, leading to a new, stricter injunction against the company [9][10] - Epic Games views the latest ruling as a significant victory, allowing them to reapply for Fortnite's return to the App Store after its removal in 2020 [9][10] Global Context - The "Apple tax" has faced scrutiny globally, with various countries and regions challenging Apple's App Store rules [10][11] - The European Union is actively legislating against platform monopolies through the Digital Markets Act, which will require Apple to allow third-party app stores and payment systems [10][11] - In South Korea, legislation has already been passed to allow third-party payment systems, with Apple complying but still imposing a reduced commission of 26% [13][14] Implications for Developers - The ongoing legal battles and regulatory changes may lead to a more favorable environment for developers, as the traditional 30% commission model faces increasing scrutiny [15][20] - Developers in China have expressed mixed feelings about the "Apple tax," with some viewing the 30% fee as reasonable compared to historical rates in the industry [19][20] - The evolving landscape suggests that rules governing app distribution and payment processing are not fixed and may continue to change as developers advocate for more equitable practices [20][21]