计算机行业点评报告：苹果（AAPL.O）：服务业务驱动营收稳健增长，全球市场表现分化凸显韧性

Investment Rating - The report maintains a "Buy" recommendation for the industry, indicating a positive outlook for future performance [12]. Core Insights - The report highlights that the company achieved a revenue of $94.036 billion in Q3 2025, representing a 10% year-over-year growth, driven significantly by the service business which grew by 13% [5][10]. - The service business has become a key growth driver, with a gross margin of 75.6%, contributing to the overall profitability of the company [9][10]. - The company continues to invest in research and development, with R&D expenses reaching $8.866 billion, an 11% increase from the previous year, which supports future product innovation [8][10]. Revenue and Profit Performance - Total revenue for the third quarter reached $94.036 billion, up from $85.777 billion a year earlier, marking a 10% increase [5]. - Net profit for the quarter was $23.434 billion, with diluted earnings per share at $1.57, reflecting a 9% increase year-over-year [5][10]. - The gross margin for the company was reported at 46.5%, slightly up from 46.3% in the same quarter last year [5]. Product Line and Market Performance - The iPhone business generated $44.582 billion in revenue, a 13% increase, primarily driven by strong sales of Pro models [5]. - The Mac business saw revenue of $8.046 billion, growing by 15%, with both notebook and desktop sales contributing to this growth [5]. - The Greater China region experienced a 4% year-over-year revenue growth, while the Asia-Pacific region was the fastest-growing market with a revenue increase of 20% [5][7]. R&D Innovation and Future Strategy - The company is focusing on continuous R&D investment to drive future product and technology innovation, with a significant increase in R&D spending [8]. - New operating system platforms, including iOS 26 and macOS Tahoe 26, were announced, showcasing the company's commitment to technological advancement [8]. Service Business and Ecosystem - The service business reached a record revenue of $27.423 billion, with a gross margin of 75.6%, significantly higher than product business margins [9]. - Key contributors to service revenue growth include advertising, App Store, and cloud services [9].