2025财年苹果大中华区营收下滑 管理层预计下一季度恢复增长

Core Insights - Apple reported Q4 FY2025 revenue of $102.466 billion, an 8% year-over-year increase, with net profit of $27.466 billion, up 86.4% [1] - For FY2025, total revenue reached $416.161 billion, a 6.4% increase, and net profit was $112.01 billion, up 19.5% [1] - The Greater China region saw a revenue decline of 3.6% in Q4, attributed to the delayed launch of the iPhone Air [1][2] Revenue Breakdown - Q4 revenue by region: Americas $44.192 billion (up 6%), Europe $28.703 billion (up 15.2%), Japan $6.636 billion (up 12%), Other Asia-Pacific $8.442 billion (up 14.3%), Greater China $14.493 billion (down 3.6%) [1] - For FY2025, revenue in Greater China was $64.377 billion, down 3.8%, while revenues in other regions grew: Americas $178.353 billion (up 6.8%), Europe $111.032 billion (up 9.6%), Japan $28.703 billion (up 14.6%), Other Asia-Pacific $33.696 billion (up 9.9%) [2] Product Performance - Q4 revenue from iPhone was $49.025 billion (up 6%), Mac $8.726 billion (up 12.7%), iPad $6.952 billion (up 0.03%), and wearables, home, and accessories $9.013 billion (down 0.3%) [3] - For FY2025, iPhone revenue reached $209.586 billion (up 4.2%), Mac $33.708 billion (up 12.4%), iPad $28.023 billion (up 5%), while wearables, home, and accessories revenue was $35.686 billion (down 3.6%) [3] - Services revenue in Q4 was $28.75 billion (up 15%), totaling $109.158 billion for FY2025 (up 13.5%) [3] Future Outlook - Management expects next quarter's revenue to grow by 10%-12%, with iPhone revenue anticipated to see double-digit growth and services revenue also expected to increase [4] - Projected gross margin for the next quarter is between 47%-48%, considering $1.4 billion in tariff-related costs [4] - Significant investments in AI are planned, with expected operating expenses between $18.1 billion and $18.5 billion for the next quarter [4]