苹果在华营收两年来首次恢复增长，库克：感谢“国补”

Core Viewpoint - Apple's Q3 2025 financial results showed significant growth, with total revenue reaching $94.04 billion, a 10% year-over-year increase, marking the largest growth since December 2021 [1][3] Revenue Breakdown - iPhone revenue was $44.58 billion, up 13% year-over-year, surpassing the forecast of $40.06 billion [1] - Revenue from the Greater China region was $15.37 billion, a 4.4% increase year-over-year, ending two consecutive quarters of decline [1][3] - Mac revenue reached $8.05 billion, a 15% increase year-over-year [1] - iPad revenue was $6.58 billion, down 8% year-over-year [1] - Revenue from wearables and other hardware products was $7.4 billion, a decline of 8.6% year-over-year [1] - Service revenue, including iCloud and Apple Music, was $27.42 billion, up 13% year-over-year [1] Management Commentary - CEO Tim Cook attributed the strong performance to double-digit growth in iPhone, Mac, and services [3] - Cook acknowledged that discussions around tariffs led to an unusual purchasing pattern in April, particularly for iPhones and Macs, but stated that this contributed only 1% to the overall revenue growth [3] - Cook highlighted the popularity of the iPhone 16 compared to the previous iPhone 15, noting strong upgrade enthusiasm among existing iPhone users [3] Market and Competitive Landscape - Despite the positive quarterly results, concerns remain regarding Apple's lag in generative AI and smart assistant capabilities [5] - Apple's stock has declined approximately 15% this year, underperforming compared to other tech giants like Nvidia and Microsoft [5] - Cook mentioned that Apple is significantly increasing investments in AI and plans to release an upgraded version of Siri next year [6] Future Investments - Apple plans to invest $500 billion in the U.S. over the next four years, focusing on advanced manufacturing, silicon engineering, and AI [7] - However, reports indicate that key AI talent has been poached by Meta, which could hinder Apple's ambitions in the AI space [7]