炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年上半年，中国飞鹤营收、净利润双降，营收预计为91亿元-93亿元，同比下降7.87%-9.86%；净利 润为10亿元-12亿元，同比下跌37.17%-47.64%，创五年来中期业绩新低。 对于这份近5年来最差成绩单，中国飞鹤认为主要由于：（1）公司积极履行社会责任，向消费者提供生 育补贴，从而导致本公司收入有所下降；（2）为贯彻'鲜萃活性营养'战略，保持货架产品的新鲜度及 健康度，本集团降低了婴幼儿配方奶粉的渠道库存；（3）本集团收到的政府补助减少；及（4）本集团 对全脂奶粉产品进行减值计提。 出品：新浪财经上市公司研究院 作者：新消费主张/cici 虽未等来中国飞鹤中期成绩单，但却等来了公司业绩双降、近5年来最差的中期成绩盈利预警。2025年 上半年，中国飞鹤营收为91亿元-93亿元，同比下降7.87%-9.86%；净利润为10亿元-12亿元，同比下跌 37.17%-47.64%，创五年来中期业绩新低。 这份不算理想的成绩单背后的根本原因，或是由于公司过度依赖婴配粉，而婴幼儿奶粉销售承压，而公 司业务多元化也未见显著效果。其次 ...

Core Viewpoint - Apple is expected to face a decline in iPhone sales for two consecutive quarters, with a focus on AI developments being delayed [1] Financial Performance - For Q2 of fiscal year 2025, Apple reported revenue of $95.359 billion, a year-over-year increase of 5% [1] - Net profit for the same period was $24.780 billion, also reflecting a 5% year-over-year growth [1] - Revenue from Greater China was $16.002 billion, showing a year-over-year decline of 2% [1] Stockholder Returns - The board approved a 4% increase in quarterly dividends, resulting in a cash dividend of $0.26 per share to be distributed on May 15, 2025 [1] - A new stock repurchase plan was authorized, allowing for the buyback of up to $100 billion in common stock [1] Production and Supply Chain - Tim Cook indicated that most iPhones sold in the U.S. are expected to be produced in India by the end of the fiscal year [1] - Nearly all iPads, Macs, Apple Watches, and AirPods sold in the U.S. will be produced in Vietnam, while the majority of products outside the U.S. will continue to be manufactured in China [1] Cost Implications - The company anticipates a cost impact of approximately $900 million for the June quarter due to current global tariff policies [2] - There was no significant evidence of consumers advancing their purchasing behavior in response to tariff impacts during the March quarter [2]