大中华区收入再降3.6%，苹果靠什么预期下季恢复增长？

Core Insights - Apple's Q4 FY2025 revenue reached $102.47 billion, marking a 7.94% year-over-year increase and setting a new record for the fourth quarter [1] - Net profit for the quarter was $27.47 billion, a significant increase of 86.39% year-over-year, with a gross margin of 47.18% [1] - For FY2025, total revenue was $416.16 billion, up 6.43% year-over-year, with net profit at $112.01 billion, reflecting a 19.50% increase [1] Regional Performance - Revenue growth was observed in most global markets, with the Americas, Europe, Japan, and other Asia-Pacific regions reporting revenues of $44.19 billion, $28.70 billion, $6.64 billion, and $8.44 billion respectively, showing year-over-year growth of 6.07%, 15.16%, 11.98%, and 14.34% [3] - However, revenue in Greater China declined to $14.49 billion, down 3.59% year-over-year, continuing a trend of revenue decline since Q3 2023 [3][4] - For FY2025, revenue in Greater China was $64.38 billion, a decrease of 3.85% year-over-year, contrasting with growth in other regions [3] Product Performance - iPhone revenue for Q4 was $49.03 billion, a 6.06% increase, primarily driven by the iPhone 16 series, with supply constraints noted for the newly launched iPhone 17 series [6] - Mac revenue reached $8.73 billion, up 12.68%, driven by MacBook Air sales, while iPad revenue was relatively flat at $6.95 billion, showing a slight increase of 0.03% [6] - Wearables, home, and accessories saw a revenue decline to $9.01 billion, down 0.32%, attributed to high revenue baselines from previous product launches [6] Services Growth - Service revenue hit a record high of $28.75 billion, growing 15.13% year-over-year, driven by a large user base and engagement [7] - For FY2025, service revenue totaled $109.16 billion, marking a 13.51% increase and the first time surpassing $100 billion [7] Future Outlook - The company anticipates a 10% to 12% year-over-year revenue growth for the next quarter, with iPhone revenue expected to see double-digit growth [8] - Gross margin is projected to be between 47% and 48%, including approximately $1.4 billion in tariff-related costs [8] - Increased investment in AI is planned, with operational expenses expected to rise to between $18.1 billion and $18.5 billion, primarily driven by R&D [8]