史上最强财报背后，苹果仍差临门一脚

Core Viewpoint - Apple's Q4 2025 financial report shows strong revenue growth but lacks AI expectations, leading to investor skepticism despite solid performance [4][5][6]. Financial Performance - Apple's revenue for Q4 2025 reached $102.47 billion, an 8% year-over-year increase, setting a record for the period [4]. - Net profit for the quarter was $27.47 billion, a significant 86% increase from $14.74 billion in the same quarter last year [4]. - Gross margin improved to 47.2%, up 1 percentage point from the previous year, exceeding market expectations of 46.6% [5][6]. Revenue Breakdown - iPhone sales generated $49.03 billion, a 6.1% increase year-over-year, but fell short of market expectations of $50.19 billion [7][8]. - Software services revenue grew by 15.1% to $28.8 billion, contributing 28% to total revenue and 45% to gross profit [6][7]. - Mac sales reached $8.73 billion, a 12.7% increase, surpassing market expectations [9]. Market Performance - North America saw a 6.1% revenue increase, while Europe experienced a 15.2% growth [10]. - Greater China was the only market to see a revenue decline, with sales dropping 3.6% to $14.49 billion [10][11]. - The decline in China was attributed to delays in the iPhone Air release, although this explanation is considered weak [12][13]. Capital Expenditure and AI Development - Capital expenditures rose to $12.7 billion, a 34.7% increase, indicating significant investment in AI cloud computing centers [14][15]. - Apple is developing a hybrid cloud computing model, integrating its own chips rather than solely relying on external AI chip suppliers [15][16]. - R&D spending increased by 14% to $7.77 billion, but concerns remain about the slow progress in AI development [17]. Future Outlook - Apple expects Q1 2026 revenue growth of 10%-12%, potentially marking the highest revenue quarter in its history [17]. - However, this growth is contingent on the iPhone 17's success and the timely rollout of AI upgrades, which are currently delayed [17].