Source: YuanSight

Time equates to money, and efficiency is paramount. One fortunate user who managed to secure the first batch of iPhone Duos went from successfully picking up and inspecting the device to selling it to a scalper for a 900-yuan markup in less than 30 seconds. Simultaneously, the scalper, having just acquired the new device, promptly resold it to a passerby eager for in-stock products, marking up the price by 1,600 yuan. Apple's latest foldable device continues to capitalize on its 'digital Moutai' allure, offering another opportunity for lucky buyers to enhance their financial standing.

01

Earning 2,000 Yuan per Device

The iPhone Duo officially hit the market on October 23, exclusively available for pre-order pickup with no in-store sales permitted. Despite this restriction, the initial sales arrangement did little to dampen the enthusiasm of dedicated 'Apple fans.'

Before 8 a.m., most stores in Tianhe Square, Guangzhou, were still closed, yet a lengthy queue had already formed outside the side entrance leading to the central Apple Store. Unlike past frenzies of overnight queuing for new releases, this group appeared notably composed. Most had come well-prepared, having secured 'in-store pickup' slots during the pre-sale period and arriving at their designated times to collect the first batch of iPhone Duos.

Screenshot from Xiaohongshu

During previous iPhone flagship launches, Apple Stores typically reserved a certain number of units for same-day purchases. Apple's reputation for hard-to-get products and high initial premiums also drew large crowds of scalpers setting up stalls outside Apple Stores, offering on-the-spot purchases at inflated prices.

In contrast, the initial sales scene for the iPhone Duo was more subdued. Users entered the store with their orders, picked up their devices, inspected them, and left—all in an orderly fashion. However, resale quotes revealed that despite lower-than-expected transaction prices, the iPhone Duo remained highly sought-after in the secondary market.

YuanSight visited multiple scalpers outside the Tianhe Square Apple Store and discovered that by midday on the launch day, the markup for the 256GB and 512GB versions of the iPhone Duo generally ranged from 900 to 1,200 yuan. For comparison, the initial markup for the iPhone 18 Pro series, which launched last month, was around 300 to 500 yuan.

Photo by YuanSight

Furthermore, on September 18 this year, when the iPhone 18 Pro went on sale, scenes of African resellers, colloquially known as 'black cows,' haggling with cash in hand went viral online. This time, for the iPhone Duo launch, these Guangzhou-based 'black cows' were still a prominent presence.

Photo by YuanSight

YuanSight observed that many users, dissatisfied with the low quotes from domestic scalpers, opted for the 'black cows,' who, despite the language barrier, offered more generous prices. For a 256GB iPhone Duo, the 'black cows' offered $2,600 (approximately 17,400 yuan) in cash, with a premium of around 1,400 yuan—higher than the quotes from domestic scalpers.

Photo by YuanSight

In the online secondary market, on the first day of pre-sales (October 16), premiums for the iPhone Duo on several second-hand platforms briefly soared above 6,000 yuan. Some media outlets reported that scalpers, optimistic about the iPhone Duo's prospects, had invested millions to stockpile large quantities. By the afternoon of October 23, data from the Dewu App indicated that the average online transaction price for the 256GB version had dropped from over 20,000 yuan on October 16 to around 17,000 yuan, with the markup narrowing from approximately 4,500 yuan to about 1,000 yuan.

Image source: Dewu

According to YuanSight's observations, influenced by the trend of fluctuating and rapidly cooling prices on the first day, both initial buyers and stockpiling scalpers began to expedite their sales. In offline channels, scalpers continuously lowered their purchase prices to below 1,000 yuan while reselling newly acquired devices at markups of around 1,600 to 1,800 yuan.

After Apple opened pre-orders for the iPhone Duo at 8 p.m. on October 16, the first batch of stock quickly sold out. Currently, the estimated delivery times for some orders on Apple's Chinese website have been extended to late January 2027.

Image source: Apple Store

02

Paying a Premium for Rarity

From a long-term perspective on genuine demand, whether the iPhone Duo can mark a turning point for the foldable smartphone market remains to be seen.

Based on recent online reviews of the initial launch, many users believe Apple has excelled in the 'physical aspects' of foldable smartphones. The hinge feels robust, with fold lines nearly imperceptible when the screen is on. Public information reveals that Apple utilized over a hundred components in the hinge, combined with laser polishing and nano-texture matte finishing to further minimize reflective fold lines. Testing agencies noted that after 11,500 folds, the hinge's smoothness showed no significant decline.

Image source: Film Storm

However, real-world usage uncovered several issues. The 254-gram weight makes it the 'heaviest iPhone ever,' with some reviewers noting a pronounced downward pull when closing it with one hand. The removal of Face ID in favor of side-mounted Touch ID and the absence of a dedicated telephoto lens (only wide and ultra-wide angles) were seen as steps backward.

In terms of software compatibility, most apps currently merely stretch to fit the screen without fully leveraging the 7.6-inch display. On October 22, 'iPhone Duo WeChat incompatibility' topped Weibo's trending list, sparking further discussion. WeChat responded that it was working on compatibility.

Numerous usage issues also highlight the profile of early adopters—more inclined to pay for the iPhone's novel form factor and rarity than ordinary consumers seeking a mature, ecosystem-compatible product.

An initial buyer told YuanSight that he was aware of the weight and app compatibility issues mentioned in reviews but added, 'This is the first-generation foldable iPhone. Unboxing it and posting on social media is more important than anything else.'

Meanwhile, production ramp-up and supply constraints further fueled the initial sales frenzy. Apple had previously cautioned that supply constraints for advanced chips were limiting the availability of iPhones, Macs, and iPads, while memory costs were on the rise. The iPhone Duo also faced manufacturing challenges in assembly, display, and hinge production, all of which hindered its short-term production ramp-up.

03

Apple Embarks on the Foldable Era

In April, Apple announced that John Ternus, its former senior hardware engineer and vice president, would succeed Tim Cook as CEO in September, with Cook assuming the role of executive chairman. Apple officially entered the post-Cook era.

Observers are keen to see whether, under Ternus's leadership, the iPhone Duo—Apple's inaugural foray into foldable devices—can ignite the next 'iPhone moment.'

Financial data reveals that in the third quarter of fiscal 2026, Apple reported $109.4 billion in total revenue and a 50.1% gross margin, with iPhone revenue reaching $54.3 billion, up 22% year-over-year. The active iPhone install base hit a record high that quarter.

Based on this, UBS believes initial demand for the iPhone Duo among existing Apple users will be robust, projecting over 5 million units sold in fiscal 2026. However, it also noted that the iPhone Duo's popularity might cannibalize demand for high-end models like the Pro Max.

In the short term, the iPhone Duo will serve as a high-priced, high-profile differentiated option in Apple's lineup. Long-term, foldable devices like the iPhone Duo could prolong user engagement within Apple's ecosystem, including the App Store, iCloud, and AI services, through their larger screens.

IDC market data shows that in the first quarter of this year, Huawei led China's foldable smartphone shipments, with Honor surging to second place with a 21% share. OPPO, Vivo, and Xiaomi ranked third to fifth. Driven by new form factors from mainstream manufacturers and Apple's entry with the iPhone Duo, global foldable smartphone shipments are expected to grow by approximately 12.6% in 2026.

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