Apple cut prices shortly after the launch of the iPhone 14 series.

(Reuters file photo)

[Financial Channel/Comprehensive Report] Apple (Apple)'s latest mobile phone model, the iPhone 14, has launched a price reduction promotion in China, with a discount of at least 700 yuan (approximately NT$3,086).

Apple is cutting prices on new models months after they launch, meaning demand for high-end devices is dwindling.

Chinese e-commerce company JD.com, telecommunications company China Mobile and other communication equipment retailers have announced that they will cut the price of the iPhone 14 Pro series by 800 yuan (approximately NT$3,527) within 11 days. The Chinese media "China Securities Journal" also reported that Shenzhen's The retailer will also cut the price of the same model phone by 700 yuan (about 3086 NT dollars).

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The price cuts, which come at the end of the Lunar New Year season, signal a slump in global demand for smartphones as Apple is counting on a recovery in the Chinese market.

Analysts at U.S. investment bank Jefferies said the discount was larger than our January estimate of 3% to 4%, which we viewed as a sign of weaker demand.

Apple announced last year's Q4 financial report last week that revenue fell by 5.5% annually, the first quarterly revenue decline since 2019, and the largest decline since 2016.

The Apple industry chain is overly dependent on China, resulting in interruption of production and sluggish demand across the country.

Despite this, the company's chief executive Tim Cook (Tim Cook) is still optimistic that the Chinese market will rebound due to China's recent announcement that it will lift its strict zero-clearing policy.

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