Chinese media: iPhone Duo premiums plunge in China, leaving even a dealer with RMB 1 million in orders at risk of losses • Launch premiums for Apple’s first foldable phone, the iPhone Duo, are falling rapidly, exposing phone dealers who secured inventory in advance to potential losses. One dealer in Zhengzhou secured 50 units, expecting to earn RMB 2,000 per phone, or RMB 100,000 in total profit. However, prospective buyers repeatedly lowered their offers, leaving the dealer facing an estimated loss of RMB 25,000 at the latest prices. The dealer has since halted payment of the remaining balance and is splitting the order into smaller lots to find new buyers. • Individual consumers are also facing shrinking resale premiums. One consumer hoping to resell a phone at a RMB 6,000 markup was offered a premium of no more than RMB 3,000 by a secondhand dealer. Industry observers say foldable phone production is ramping up faster than expected, shortening the period during which initial premiums can hold and increasing the risk of losses for speculative dealers who have taken on excessive inventory. $AAPL