赛道Hyper | 苹果Q2财季业绩：穿越周期如何达成

Core Insights - Apple's Q2 FY2025 earnings report shows resilience in a challenging global consumer electronics market, with revenue of $95.4 billion, a 5% year-over-year increase, and a net profit of $24.78 billion, up 4.84% [1] - The report highlights Apple's growth strategy centered around a "high-end product matrix + service ecosystem" [1] - Despite strong performance, Apple anticipates low to mid-single-digit revenue growth for Q3 FY2025 due to tariff impacts, with projected gross margins between 45.5% and 46.5%, below analyst expectations [1] Revenue Breakdown - Revenue from Greater China was $16.002 billion, a decline of 2.26%, ending three consecutive quarters of growth; North America revenue was $40.315 billion, up 8.16% [2] - iPhone revenue reached $46.8 billion, a 2% increase, with a global market share of 19%, leading the market [4][3] - Service revenue grew by 12% to $26.6 billion, accounting for 28% of total revenue, with over 1 billion paid subscribers [5] Product Performance - iPhone maintained a 72% market share in the global high-end smartphone market (priced over $600) [4] - Mac revenue was $7.95 billion, up 7%, driven by M3 chip products; iPad revenue reached $6.4 billion, a 15% increase, marking the highest growth since 2022 [4] - Wearable devices and accessories saw a slight decline, with revenue of $7.5 billion, down 5% [4] Market Challenges - iPhone shipments declined by 8% year-over-year to 9.2 million units, with a market share of 13% in China, ranking fifth due to competition from local brands like Huawei and Xiaomi [2] - The global smartphone replacement cycle has extended to 42 months, impacting new user growth despite 68% of iPhone 15 series users being upgrades [7] Consumer Trends - Z Generation consumers are increasingly focused on "value consumption," with 43% prioritizing price-performance balance when purchasing electronics [8] - The shift in consumer behavior towards practicality and cost-effectiveness poses challenges for Apple's premium pricing strategy [8] Strategic Insights - Apple's strategy of high-end hardware and a robust service ecosystem demonstrates a business model that can withstand market fluctuations [9] - The company is shifting iPhone production to India to mitigate tariff pressures, with expectations to increase production capacity in the region [4] - The focus on technology innovation, ecosystem development, and localized strategies is essential for maintaining competitive advantage in a complex market environment [9]