苹果高管解读Q1财报：iPhone大中华区收入创纪录

Core Insights - Apple reported record financial metrics for Q1 FY2026, with total revenue of $143.76 billion, a 16% year-over-year increase, net income of $42.10 billion, a 15.9% increase, and diluted earnings per share of $2.84, an 18.3% rise, all exceeding market expectations [1] Financial Performance - Total revenue reached $143.76 billion, up 16% year-over-year [1] - Net income was $42.10 billion, reflecting a 15.9% increase [1] - Diluted earnings per share stood at $2.84, an 18.3% increase [1] Supply Chain and Product Demand - Apple faced supply constraints, particularly in memory supply, impacting the ability to meet strong demand for the latest iPhone series, which saw a 23% growth [2][3] - The company is working to increase supply to meet high user demand, with channel inventory at low levels [2] Market Performance in China - Revenue in Greater China grew by 38%, driven primarily by iPhone sales, achieving record income levels for the region [3][4] - Strong consumer response to the iPhone 17 series contributed to increased foot traffic in stores [3][4] User Base and Product Adoption - The installed user base in Greater China reached historical highs, with significant upgrades from existing users and strong growth in users switching from other brands [4] - First-time buyers accounted for a majority of purchases for Mac, iPad, and Apple Watch, indicating positive market reception [5] AI Strategy and Future Opportunities - Apple is integrating AI features into user experiences, aiming to create significant user value and open new opportunities for products and services [6][10] - The collaboration with Google is expected to enhance Apple's AI capabilities, although specific details on revenue sharing remain undisclosed [10] Gross Margin Insights - The gross margin for Q1 was 48.2%, slightly above previous guidance, attributed to a favorable product mix and strong iPhone sales [11] - The service business also contributed to gross margin growth, maintaining double-digit growth [11]