苹果高管解读Q4财报：iPhone17系列在中国反响很好

Core Insights - Apple reported total net revenue of $102.466 billion for Q4 FY2025, an 8% increase from $94.930 billion in the same period last year, with net profit rising 86% to $27.466 billion from $14.736 billion [1] - Revenue in Greater China for Q4 was $14.493 billion, a 4% decline from $15.033 billion year-over-year [1] Financial Performance - The company achieved a gross margin of 47.2%, aligning with previous expectations of 47% to 48% [3] - Service revenue reached a record high of $28.8 billion for the quarter, with full-year revenue exceeding $100 billion, marking a 14% year-over-year increase [5] Product Success - The iPhone 17 series is considered the strongest product lineup ever, with significant consumer response attributed to its features and design [2] - The upgrade cycle for existing iPhone users reached a record high during the September quarter, indicating strong demand [6] Market Dynamics - The Chinese market showed signs of vitality, with increased foot traffic in stores and positive reception for the iPhone 17 series, leading to expectations of revenue recovery in the upcoming quarter [4][8] - Supply constraints for certain iPhone 17 models have impacted sales, but demand remains strong [9] Cost Management - The company is actively managing rising component costs through a skilled global procurement team, maintaining a focus on cost reduction [3] - The introduction of new products has slightly increased cost structures, but the overall product mix is favorable enough to offset these impacts [7]