受益于“国补” 苹果大中华区营收反弹

Core Viewpoint - Apple's revenue in Greater China rebounded due to domestic consumer electronics subsidy policies, reversing previous declines [1][2] Group 1: Financial Performance - For Q3 FY2025, Apple reported total revenue of $94.04 billion, the highest in recent years, with a year-over-year growth of 10% [1] - Net profit for the quarter was $24.43 billion, translating to earnings per share of $1.57 [1] - iPhone revenue reached $44.58 billion, up 13% year-over-year, while Mac revenue was $8.05 billion, reflecting a nearly 15% increase [1] - Service revenue, including iCloud and App Store, was $27.42 billion, growing 13% year-over-year [1] Group 2: Regional Performance - Revenue from Greater China was $15.37 billion, a 4% increase year-over-year, reversing declines of 2% and 11% in the previous two quarters [2] - CEO Tim Cook noted that consumer subsidies in certain regions of China significantly boosted product sales [2] Group 3: Challenges and Costs - iPad revenue fell to $6.58 billion, down 8% year-over-year, and wearables revenue decreased by 8.6% to $7.4 billion [2] - Apple incurred approximately $800 million in tariff expenses for Q3 and anticipates $1.1 billion in tariff costs for the upcoming quarter [2] - Cook indicated that about 1% of revenue growth was attributed to consumers purchasing products in anticipation of tariff increases [2] Group 4: AI Strategy - Cook emphasized the importance of artificial intelligence, stating it is one of the most impactful technologies of the generation [3] - Apple is integrating AI across all devices and platforms, with over 20 smart features already launched [3] - The company aims to enhance personalization and privacy in its AI offerings, with improvements to Siri expected next year [3] Group 5: Market Context - According to IDC, global smartphone shipments grew by 1.0% year-over-year in Q2 2025, reaching 295.2 million units [3] - Despite market growth, demand remains pressured by tariff fluctuations and macroeconomic challenges [3] - Samsung led the market with a 19.7% share, while Apple held a 15.7% share, ranking second in shipments [3]