Asia Pacific Equity Research 07 August 2025 J P M O R G A N Apple Supply Chain Revise up on iPhone EMS build plan We increase our 2H25 iPhone EMS build plan estimates. We believe the upward revision is driven mainly by two factors. First is the removal of tariff concerns. Second is our belief that China will allow eSIM (a digital SIM card) for iPhone Slim/Air, which might help demand in China. We are not bearish on shipments in the long term, as we believe Apple will launch more iPhone models with new form ...