国补+iPhone17热销，苹果中国区营收飙升38%

Core Insights - Apple reported record-high financial metrics for Q1 of FY2026, with total revenue reaching $143.76 billion, a 16% increase from $124.3 billion year-over-year, significantly exceeding market expectations of $138.4 billion [1] - Net profit for the quarter was $42.10 billion, up 15.9% from $36.33 billion in the same period last year [1] - iPhone revenue was particularly strong at $85.27 billion, showing a substantial 23% year-over-year growth, accounting for 59.3% of total revenue [1] Revenue Breakdown - The services segment achieved a record revenue of $30.01 billion, a 14% increase year-over-year, with a gross margin of 76.5%, significantly higher than the hardware business's 39.4% gross margin [2] - Mac revenue was $8.39 billion, down 6.7% year-over-year, attributed to the short sales cycle of the new MacBook Pro launched in November 2025 [2] - Wearables, home, and accessories revenue was $11.49 billion, showing a slight decline of 2.2% due to increased market competition and production bottlenecks for VisionPro [2] - iPad revenue reached $8.60 billion, a 6.3% year-over-year increase, with half of the buyers being first-time purchasers, indicating strong appeal among new user demographics [2] Regional Performance - The Greater China region emerged as a growth highlight, with revenue of $25.53 billion, a remarkable 38% increase from $18.51 billion year-over-year, driven by strong sales of the iPhone 17 series and strategic channel optimizations [1] - Apple achieved its highest-ever number of upgrade users in the Chinese market, with double-digit growth in users switching from other platforms [1]