Photo/Zhang Jian (NBD)

On October 23, 2023, the hashtag "#iPhone 15 Series Prices Plunge in China" topped Weibo search charts, leaving many early buyers of Apple's new phones feeling disappointed.

According to a report on October 23, with the upcoming Singles' Day shopping festival, many smartphone manufacturers have already started to offer discounts. Apple's iPhone 15 series, which was released just over a month ago, has also seen significant price reductions.

All four models in the iPhone 15 series have seen their prices fall to below the official retail prices. Even the more popular iPhone 15 Pro and iPhone 15 Pro Max have seen price cuts of up to 1,000 yuan.

As of October 23, on a major e-commerce platform, the iPhone 15 128GB is priced at 5,198 yuan, down from 5,999 yuan; the iPhone 15 Plus 128GB is priced at 6,148 yuan, down from 6,999 yuan; the iPhone 15 Pro 128GB is priced at 7,498 yuan, down from 7,999 yuan; and the iPhone 15 Pro Max 256GB is priced at 9,098 yuan, down from 9,999 yuan.

According to analysts at Bloomberg, the sales of Apple's latest iPhone 15 series in China have been less than ideal. Market research data shows that the iPhone 15 series' sales in China fell by 4.5% in the first 17 days after its release, compared to its predecessor.

According to data from Counterpoint, Apple's smartphone shipments in the third quarter of 2023 fell 9% year-on-year, with a market share of 16%, down from 17% in the same quarter last year.

On the one hand, Apple's iPhone 15 is struggling to sell in China and is being overtaken by Huawei. On the other hand, Apple CEO Tim Cook has made two trips to China this year.

On October 18, Cook posted a video on his personal Weibo account, showing him visiting the Apple Watch production line in China.

Cook's frequent visits to China show the importance of the Chinese market to Apple. Data shows that when Cook took over as CEO, the Chinese market accounted for only 2% of Apple's total revenue. Today, the Chinese market accounts for more than 20% of Apple's total revenue. In addition, China accounts for 48% of Apple's supply chain.

Ping An Securities said in a research report in June that the recent visits to China by tech giants such as Cook show that the US high-tech industry is increasingly reliant on China's entire supply chain and massive market. In the short term, this could create opportunities for a temporary easing of tensions between the US and China.