Investment Rating - Investment rating is maintained at "Buy" [3] Core Views - The company reported FY25Q3 revenue of $94 billion, a year-over-year increase of 9.6%, slightly above Bloomberg consensus expectations by 5.30% [6] - Operating profit reached $28.2 billion, up 11.2% year-over-year, exceeding Bloomberg consensus by 9.26% [6] - GAAP net profit was $23.4 billion, reflecting a 9.3% year-over-year increase, also above Bloomberg consensus by 9.31% [6] - Service revenue was $27.4 billion, up 13.3% year-over-year, surpassing Bloomberg expectations by 2.14% [6] - Product revenue was $66.6 billion, a year-over-year increase of 8.2%, exceeding Bloomberg expectations by 6.83% [6] - iPhone revenue was $44.6 billion, up 13.5% year-over-year, higher than Bloomberg expectations by 11.29% [6] - The Greater China region saw a revenue increase of 4.35% year-over-year, marking the first positive growth in two years, driven by national subsidy policies and promotional activities [6][7] - The company anticipates revenue growth of $416.5 billion, $438.1 billion, and $464.3 billion for FY2025, FY2026, and FY2027 respectively, with year-over-year growth rates of 6.5%, 5.2%, and 6.0% [9] Summary by Sections Financial Performance - FY25Q3 revenue was $94 billion, operating profit was $28.2 billion, and GAAP net profit was $23.4 billion, all exceeding expectations [6] - Service revenue reached $27.4 billion, while product revenue was $66.6 billion, with notable performance in iPhone and Mac sales [6][7] Regional Performance - The Greater China region achieved a revenue of $15.4 billion, marking a 4.35% increase year-over-year, attributed to national subsidies and promotional sales [6][7] - Other regions, including the US, Europe, Japan, and Asia-Pacific, also showed positive growth trends [6] Product Insights - Mac revenue increased by 15% year-over-year, driven by new M4 chip products [7] - iPad revenue declined by 8.1% year-over-year due to high base effects from the previous year [7] - Service business revenue reached a record high, with significant growth in Apple TV+ viewership and Apple Store revenue [7] Future Outlook - The company plans to launch the iPhone 17 series in September, with a focus on new product features [8] - Attention is drawn to the progress of Apple intelligence and the Google antitrust case, which may impact service revenue and overall profits [8][9]