利润压力下，苹果“安卓化”

Core Viewpoint - Apple is introducing advertising content into its Maps application, signaling a strategic shift for the company, which has traditionally focused on privacy and user experience [1] Group 1: Service Revenue Trends - Apple's hardware sales growth has slowed due to market saturation, with iPhone sales peaking in 2015 and entering a plateau [2] - Since 2016, Apple has aggressively pursued a "service transformation" strategy, resulting in service revenue growing from $24.1 billion in 2016 to $85.1 billion in 2023, a more than 2.5 times increase over seven years, with a compound annual growth rate (CAGR) of approximately 19.3% [2][10] - Service revenue's share of total revenue has increased from 11.2% in 2016 to over 20% in recent years [3] Group 2: Profitability of Services - The profit margins for service businesses are significantly higher than for hardware products, with the App Store's gross margin exceeding 70%, compared to the iPhone's gross margin of about 35%-40% [4] - Although service revenue accounts for around 20% of total revenue, it contributes over 30% of operating profit, making it a core driver of Apple's profitability [4] Group 3: Challenges Facing Service Growth - Apple's service revenue growth is facing challenges, with a projected year-on-year growth rate of only 3.7% for the 2024 fiscal year [5] - Regulatory pressures, particularly regarding the App Store, are increasing, with the EU's Digital Markets Act requiring Apple to open third-party app stores and payment systems, threatening its core service revenue [6] - Competition in the streaming content market is intensifying, with Apple TV+ lagging behind competitors like Netflix and Disney+, and other services like iCloud and AppleCare facing limited market growth [6] Group 4: Advertising in Apple Maps - Apple Maps, with millions of active users, is seen as an underutilized asset with significant commercial potential, especially as it has not previously explored monetization through advertising [7] - The introduction of advertising in Apple Maps is viewed as a necessary step in response to growth pressures and regulatory challenges, marking a shift from a product-centric to a platform-oriented business model [8] - Users express concerns that the introduction of ads may compromise the user experience and the brand's long-standing commitment to privacy [9] Group 5: Future Projections - Despite the current challenges, Apple's service business is projected to exceed $100 billion in revenue for the first time in the 2025 fiscal year, with an expected revenue of $108.6 billion, representing a year-on-year growth of approximately 13% [10] - Apple has surpassed a market capitalization of $4 trillion and is actively seeking new growth avenues [11]