没有国补，谁买苹果

Core Viewpoint - Apple's recent product launch event showcased a total of 4 iPhones, 3 Apple Watches, and 1 AirPods, but the reception was mixed, indicating a struggle to innovate and maintain market leadership [4][7][10]. Product Launch and Market Response - The highlight of the launch was the ultra-thin iPhone Air, measuring only 5.6mm, and the AirPods Pro 3, which features real-time translation capabilities [7]. - Despite the launch, Apple's stock fell by 1.48% post-event, reflecting market skepticism about the company's innovation trajectory [7]. - Apple's plans to introduce foldable phones by 2026 suggest a shift towards catching up with competitors like Samsung, which has already established a foothold in the foldable market [8][10]. Financial Performance - In Q3 2025, Apple reported record net revenue of $94.036 billion, a 9.6% year-over-year increase, and net profit of $23.434 billion, up 9.3% [12][13]. - The growth was driven by strong sales in iPhones, Macs, and services, with notable performance in the Americas and Europe [13][14]. - The company experienced a 4% year-over-year revenue increase in Greater China, marking a turnaround after seven consecutive quarters of decline [14][29]. Challenges and External Factors - The introduction of tariffs under the "reciprocal tariff" policy has raised costs for Apple, with an estimated $800 million impact on gross margins, which are projected to rise to $1.1 billion in the next quarter [21][22]. - The tariff situation has led to a surge in consumer demand, as buyers rushed to purchase products before potential price increases [22][24]. - Apple's reliance on government subsidies in China has also played a role in its recent sales rebound, although the long-term sustainability of this growth is uncertain [28][29]. Market Position and Competitive Landscape - Despite recent gains, Apple faces intense competition in the Chinese market, where it has fallen to fifth place in terms of market share, trailing behind brands like Xiaomi and Huawei [31][38]. - The company's strategy of price adjustments and promotional activities has not fully mitigated the decline in market share, indicating ongoing challenges in maintaining its competitive edge [31][34]. Innovation and Future Outlook - Apple's historical reputation as an innovator is under scrutiny, with concerns that it is becoming just another smartphone manufacturer rather than a market leader [39][40]. - The company has been criticized for its slow response to emerging technologies, particularly in AI, where it has lagged behind competitors [41][47]. - The potential withdrawal of government subsidies could further challenge Apple's market position, raising questions about its ability to sustain consumer interest and sales momentum [39][40].