Core Viewpoint - Apple has issued a directive to its authorized dealers prohibiting any business dealings with e-commerce platforms, impacting their sales strategies during the upcoming Double Eleven shopping festival [1][6]. Group 1: Sales Policy Changes - Apple has communicated to its authorized dealers that any violation of the new online sales prohibition will result in the immediate termination of their authorization and partnership [3]. - A compliance commitment letter has been shared with dealers, mandating that sales must only occur in designated offline locations and forbidding any form of online sales or disguised sales [6]. Group 2: Financial Performance - In the fourth quarter of fiscal year 2025, Apple reported a revenue increase of 8% year-over-year, reaching $102.466 billion, with a net profit of $27.466 billion, marking an 86% increase from the previous year [7]. - iPhone sales generated $49.025 billion, reflecting a 6.1% year-over-year growth, although it fell short of market expectations due to supply constraints and underestimated demand for the iPhone 17 [7]. Group 3: Market Performance by Region - Revenue growth was observed in North America (6.1%), Europe (15.2%), and Japan/Asia-Pacific, while Greater China was the only market to experience a revenue decline of 3.6%, totaling $14.493 billion [8]. Group 4: Online Promotions and Competitive Landscape - Despite the new sales restrictions, Apple has initiated promotional activities on e-commerce platforms, including discounts on the iPhone 17 Pro series [9]. - The introduction of national consumption subsidies for mobile phones under 6,000 yuan has intensified price competition, prompting Apple to adjust its pricing strategy to maintain market share against domestic brands [10].

Sales Performance - Global PC device sales in Q2 2025 increased by 6.5% year-on-year, reaching approximately 68 million units[5] - U.S. PC sales were about 19 million units, showing a slight growth of 0.1% year-on-year[5] - Apple performed best in Q2 with global shipments of approximately 6.2 million units, a year-on-year increase of 21.4%[5] - In the U.S., Apple sold about 2.8 million units, reflecting a year-on-year growth of 22.2%[5] Market Trends - Apple's Mac series outpaced the overall growth rate of laptops, with global and U.S. sales growth maintaining around 20% even when excluding U.S. sales[11] - Factors contributing to Apple's strong performance include an upcoming replacement cycle for PCs purchased during remote work/study periods and the 2025 student discount policy for MacBooks[12] Tariff Impact - The U.S. tariff policy could impose a 25% tariff on products from Japan and South Korea, with Taiwan's tariff situation remaining uncertain[3] - If tariffs are implemented, the cost of Mac series products could increase by at least 15% compared to the original 10% tariff[13] Risks - Potential risks include challenges in chip manufacturing processes and yield rates, uncertainty in tariff policies, and lower-than-expected PC device sales[4]

Group 1 - The PC industry has a mature global supply chain, with most manufacturers acting as assembly plants, utilizing components from various suppliers [1] - Achieving a competitive edge in the PC market requires self-research and development of core components like CPUs and GPUs, which is a significant challenge [3] - Apple's Mac series is highlighted as a leading example of self-developed components, including the M chip and MacOS, showcasing a high level of self-research [3] Group 2 - Huawei is expected to launch a fully domestically produced PC, likely featuring the HarmonyOS as a replacement for Windows, following the expiration of Windows licensing [5] - Huawei is preparing to use its self-developed Kirin series CPUs, which will integrate GPU and NPU, moving away from reliance on AMD and Intel [7] - Domestic suppliers can meet the requirements for memory and SSDs, with companies like Yangtze Memory Technologies and Changxin Memory Technologies providing fully localized components [8] Group 3 - Huawei has already introduced the high-performance flagship business laptop, the Huawei Qingyun L420x, which utilizes the self-developed Kirin 9000C SoC chip, demonstrating its capability for high self-research in core components [10] - The upcoming launch of the HarmonyOS PC version is anticipated to enhance the competitiveness of Huawei's fully domestic PCs, as there is significant market interest in this product [10]