苹果上季业绩超预期！关税刺激提前消费，上季营收增速三年半最高，“国补”助在华收入两年来首次“转正”

Core Viewpoint - Apple's Q2 revenue significantly exceeded expectations, with a year-on-year growth of nearly 10%, marking the highest growth rate in three and a half years, despite challenges such as U.S. tariffs and competition in the Chinese market [1][23]. Financial Data Summary - Revenue: Q2 net sales reached $94.04 billion, a year-on-year increase of 9.6%, surpassing analyst expectations of $89.3 billion [7]. - EPS: Q2 diluted earnings per share (EPS) was $1.57, up 12.1% year-on-year, exceeding the expected $1.43 [7]. - Net Profit: Q2 net profit was $23.43 billion, a year-on-year increase of nearly 9.3% [8]. - Gross Margin: Q2 gross margin was 46.5%, down from 47.1% in Q1, but still at the high end of the guidance range [10][25]. Segment Performance Summary - iPhone: Q2 net sales reached $44.58 billion, a year-on-year increase of nearly 13.5%, significantly higher than the expected $40.06 billion [12]. - Mac: Q2 net sales were $8.05 billion, up 14.8% year-on-year, exceeding analyst expectations [13]. - iPad: Q2 net sales were $6.58 billion, down 8.1% year-on-year, falling short of expectations [14]. - Services: Q2 net sales reached $27.42 billion, a year-on-year increase of nearly 13.3%, continuing a trend of record revenue [15]. Market Performance Summary - Americas: Q2 net sales were $41.2 billion, a year-on-year increase of 9.3% [18]. - Europe: Q2 net sales reached $24.01 billion, up 9.7% year-on-year [19]. - Greater China: Q2 net sales were $15.37 billion, a year-on-year increase of 4.35%, marking the first positive growth in two years [20][31]. - Japan: Q2 net sales were $5.78 billion, down 11.5% year-on-year [21]. - Other Asia-Pacific: Q2 net sales were $5.63 billion, down nearly 8.5% year-on-year [22]. Strategic Insights - Apple plans to significantly increase investments in artificial intelligence (AI) and is open to acquisitions to accelerate its development roadmap [2]. - The company benefited from government subsidies in China, which helped improve its performance in the region [2][32]. - Despite the challenges posed by tariffs, Apple expects revenue growth in the upcoming quarter to be in the mid-high single digits, exceeding analyst expectations [26].