受益“国补”，苹果在华收入两年来首次“转正”

Core Viewpoint - Apple reported strong financial results for Q2 of FY2025, overcoming challenges such as U.S. tariffs, intense competition in the Chinese market, and risks of falling behind in the AI race, achieving the highest growth rate in three and a half years [1] Financial Performance - Total revenue for Q2 reached $94.04 billion, a year-over-year increase of 9.6%, surpassing analyst expectations of $89.3 billion, and up from a 5.1% growth in Q1 [3] - Diluted earnings per share (EPS) for Q2 was $1.57, up 12.1% year-over-year, exceeding the expected $1.43, compared to a 7.8% increase in Q1 [3] - Net profit for Q2 was $23.43 billion, reflecting a nearly 9.3% year-over-year increase, compared to a 4.8% increase in Q1 [4] - Operating expenses for Q2 were $15.52 billion, up 8.3% year-over-year, compared to a 6.3% increase in Q1 [5] - Gross margin for Q2 was 46.5%, slightly down from 47.1% in Q1, with gross profit of $43.72 billion, a 10.2% year-over-year increase [5] Segment Performance - Total product sales, including phones, computers, and wearables, reached $66.61 billion, a year-over-year increase of 8.2%, exceeding the expected $62.36 billion, and up from a 2.7% increase in Q1 [7] - iPhone sales were $44.58 billion, up nearly 13.5% year-over-year, surpassing the expected $40.06 billion, compared to a 1.9% increase in Q1 [8] - Mac sales reached $8.05 billion, a 14.8% year-over-year increase, exceeding the expected $7.3 billion, compared to a 6.7% increase in Q1 [9] - iPad sales were $6.58 billion, down 8.1% year-over-year, below the expected $7.07 billion, compared to a 15% increase in Q1 [10] - Wearables, home, and accessories sales were $7.4 billion, down nearly 8.6% year-over-year, below the expected $7.78 billion, and down 4.9% in Q1 [10] - Services revenue was $27.42 billion, a year-over-year increase of nearly 13.3%, compared to a 12% increase in Q1 [11] Market Performance - In the Americas, Q2 sales were $41.2 billion, a year-over-year increase of 9.3%, compared to an 8.2% increase in Q1 [12] - In Europe, Q2 sales reached $24.01 billion, up 9.7% year-over-year, compared to a 1.4% increase in Q1 [13] - In Japan, Q2 sales were $5.78 billion, down 11.5% year-over-year, compared to a 16.5% increase in Q1 [14] - Other Asia-Pacific sales were $5.63 billion, down nearly 8.5% year-over-year, compared to an 8.4% increase in Q1 [15]