iPhone热销叠加中国市场回暖，苹果三季报创三年来最快季度增速

Core Insights - Apple reported a total revenue of $94.036 billion for Q3 FY2025, marking a 10% year-over-year increase, the strongest quarterly growth since December 2021, and significantly exceeding market expectations of $89.53 billion [1] - Net profit reached $23.43 billion, up 9% year-over-year, with earnings per share at $1.57, also surpassing the expected $1.43 [1] - Strong recovery in iPhone sales and sustained growth in services, along with supply chain adjustments and policy benefits, contributed to Apple's better-than-expected performance [1] Revenue Breakdown - iPhone revenue for Q3 reached $44.58 billion, a 13% increase year-over-year, significantly outperforming the expected $40.22 billion, driven by strong market performance of the iPhone 16 series [1][2] - The Greater China market showed a 4.4% year-over-year revenue growth to $15.37 billion, reversing a two-quarter decline, with the iPhone 16 Pro series being the best-selling model during the "618" shopping festival [2] - Revenue from Mac products was $8.046 billion, a nearly 15% increase from $7.009 billion year-over-year, marking the fastest growth across all product lines [2] - iPad revenue declined by 8% to $6.58 billion, while wearables revenue fell by 8.6% to $7.4 billion [2] - Services revenue for Q3 was $27.42 billion, a 13% increase year-over-year, driven by an increase in iCloud subscribers and double-digit growth in App Store revenue, exceeding analyst expectations of $26.8 billion [2] Cost and Expenses - Total sales cost for Q3 was $50.318 billion, up 9% from $46.099 billion year-over-year [2] - Total operating expenses for Q3 were $15.516 billion, an increase from $14.326 billion year-over-year [2] Dividend Announcement - The board announced a cash dividend of $0.26 per share to be distributed on August 14, 2025, to shareholders on record as of the close of business on August 11, 2025 [4] Market Outlook - Analysts remain optimistic about Apple's long-term prospects, with Goldman Sachs maintaining a "Buy" rating and a target price of $251, citing the dual drivers of service business and hardware innovation as key to sustained growth [4]