30 October 2025 | 5:02PM EDT Equity Research Apple Inc. (AAPL): F4Q25 First Take: EPS beat on Services, F1Q26E outlook beats on iPhone Bottom line: AAPL should trader higher on the Services beat and better-than-expected F1Q26E revenue growth guidance of 10-12% yoy (v. GS/consensus of +9%/+6%) including double-digit iPhone revenue growth (v. GS/consensus of +10%/+7%). Although F4Q25 iPhone revenue growth of 6% yoy missed GS/consensus by 4%/2%, the beat in Services revenue and strong gross margins across both ...

30 October 2025 | 10:51PM HKT Equity Research Lingyi (002600.SZ): AI devices, foldable phone, and automotive components in expansion; 3Q25 GM beat, NI in line; Buy Lingyi reported 3Q25 net income in line with our estimate and the company's midpoint guidance, with GM improved to 19.2% in 3Q25 (vs. 15.0% in 2Q25, 17.2% in 3Q24). We expect to see sequential growth at 9% QoQ (or 19% YoY) to Rmb15.2bn in 4Q24, supported by scale ramp-up and rising demand from AI devices. We remain positive on Lingyi's long-term ...

DoNews10月31日消息，苹果公司北京时间 10 月 31 日发布了 2025 财年第 4 财季（截至 9 月 27 日）的 财务报告，营收达 1024.66 亿美元（现汇率约合 7278.24 亿元人民币），创下同期历史新高，高于去年 同期的 949.3 亿美元，同比增长 7.94%。 2025 财年第 4 财季中华区营收为 144.93 亿美元，相比较 2024 年同期的 150.33 亿美元，同比下降了 3.59%。 在盈利能力方面，公司每股收益为 1.85 美元，超过了分析师预期的 1.78 美元。 本季度的业绩仅部分反映了 iPhone 17 等新品的销售情况，其完整市场效应预计将在下一财季的报告中 全面体现。 Mac 业务表现稳健，营收从去年同期的 77.4 亿美元增至 87.3 亿美元。iPad 业务营收则基本持平，为 69.52 亿美元。 服务业务继续扮演增长引擎的角色，其营收表现尤为亮眼。该季度，服务业务收入达到 287.5 亿美元， 不仅远超去年同期的 249 亿美元，还创下了历史最高纪录。 "可穿戴设备、家居及配件"类别表现平稳，营收从去年同期的 90.4 亿美元微降至 90.1 亿 ...

Core Insights - Apple reported a strong September quarter with revenue of $102.47 billion, an 8% year-over-year increase, surpassing the consensus estimate of $102.26 billion [1] - Earnings per share reached $1.85, a 91% increase, exceeding the consensus estimate of $1.77 [1] - The stock price rose approximately 30% over the past three months, joining the $4 trillion market cap club [1] Financial Performance - Revenue for the fiscal 2025 fourth quarter was $102.47 billion, up 8% year-over-year [1] - Earnings per share increased by 91% to $1.85, or 13% when excluding a one-time charge from the previous year [1] - Apple's consolidated gross profit margin expanded by 70 basis points sequentially and nearly 100 basis points year-over-year [1] Product Highlights - iPhone sales grew 6% to $49.03 billion, despite supply constraints [1] - Mac sales increased 12.7% to $8.73 billion, driven by strong demand for MacBook Air [1] - Services revenue reached an all-time high of $28.75 billion, up 15% year-over-year [1] Regional Performance - Apple set September quarter records in all regions except Greater China, where sales were down due to supply constraints [1] - iPhone sales in India reached all-time highs, contributing to the overall growth [1] Outlook - December quarter revenue is expected to increase by 10% to 12% year-over-year, significantly above the 6% anticipated by analysts [1] - iPhone revenue is projected to grow at a double-digit rate year-over-year, indicating strong demand for the iPhone 17 [1] - Gross margin for the December quarter is expected to be between 47% and 48% [2] Capital Allocation - Apple ended the September quarter with $132 billion in cash and marketable securities, with net cash of $34 billion [2] - The company returned $24 billion to shareholders during the quarter, including $3.9 billion in dividends and $20 billion in share repurchases [2]

GoerTek (002241.SZ) 3Q25 Earnings Call Summary Company Overview - GoerTek is a manufacturer of acoustic components and accessory products for consumer electronics, including tablets, PCs, and smartphones. The company has established long-term partnerships with leading consumer-electronic brands due to its expertise in miniature acoustics components and execution strength [26][27]. Key Financial Highlights - **3Q25 Revenue**: Rmb30.6 billion, up 4% YoY and 44% QoQ, exceeding CitiE and BBGe estimates by 17% and 11% respectively [2][3]. - **Gross Margin (GM)**: Improved by 1.5 percentage points YoY to 12.8%, slightly below CitiE but above BBGe [2][3]. - **Operating Profit (OP)**: Rmb1.4 billion, a 10% increase YoY, in line with CitiE and beating BBGe by 12% [2][3]. - **Net Profit (NP)**: Rmb1.2 billion, up 5% YoY, exceeding CitiE by 6% but missing BBGe by 5% [2][3]. - **Gross Profit (GP)**: Increased by 18% YoY to Rmb3.9 billion, beating both CitiE and BBGe estimates [2][3]. Earnings Forecast and Target Price - **Revised EPS Estimates**: 2025-2027 EPS estimates increased by 1%, 6%, and 6% respectively, reflecting positive contributions from smart hardware and AI glasses [3][17]. - **New Target Price**: Increased to Rmb38.0 from Rmb34.0, based on a 28.2x P/E for 2026, indicating confidence in the emerging XR business [3][28]. Strategic Insights - GoerTek is expected to benefit from the iPhone MEMS microphone upgrade and the anticipated growth in AI smart glasses, particularly in the US and China [3][27]. - The smart hardware segment is projected to rebound in 2026/27, driven by AI smart glasses and VR/MR recovery [13][14]. Market Position and Risks - **Market Cap**: Rmb116.2 billion (approximately US$16.3 billion) [4]. - **Investment Rating**: Rated as "Buy" with an expected total return of 15.4%, including a 14.2% price return and a 1.3% dividend yield [4][27]. - **Risks**: Potential risks include lower-than-expected VR/AR penetration rates and increased competition leading to price pressures [29]. Conclusion - GoerTek's 3Q25 results indicate a stable performance with positive growth prospects driven by advancements in smart hardware and strategic partnerships. The upward revision of EPS estimates and target price reflects confidence in the company's future growth trajectory, particularly in the XR and AI segments [3][28].

Vi e w p o i n t | 26 Oct 2025 21:28:42 ET │ 11 pages China Technology & Communications Post 2Q25 US/EU Marketing Feedback CITI'S TAKE We met with 49 institutional investors in US/EU in the past two weeks. We saw increasing interest in China tech from LO investors. Investors agreed that more quality tech names listing on the H-share market would attract more attention and fund flows. Key discussion topics included AI supply chain beneficiaries and expectation including optical transceivers (future scale-up, ...

Apple painted a picture of a resilient U.S. consumer heading into the holidays in its Q4 earnings. On Thursday (Oct. 30), the company said iPhone demand drove a record September and guided to what it called its “best quarter ever,” with CFO Kevan Parekh saying Apple expects December‑quarter revenue to grow 10-12% year over year and iPhone to grow double digits. By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if appli ...

IT之家 10 月 31 日消息，科技媒体 Appleinsider 今天（10 月 31 日）发布博文，报道称在 2025 财年第 4 财季（截至 9 月 27 日）的电话会议上，苹果首席执行官蒂姆・库克（Tim Cook）透露，关税及相关成 本总计约为 11 亿美元（IT之家注：现汇率约合 78.13 亿元人民币）。 库克在电话会议中指出，在刚刚结束的第三季度（7~9 月），关税及相关成本总计约为 11 亿美元，与 公司此前的预测基本一致，已影响苹果的盈利能力。 然而，更大的挑战还在后面。苹果首席财务官 Kevan Parekh 预测，随着进入包含 iPhone 17 销售旺季的 假日季（第四季度），关税成本将进一步上涨。 自 2025 年 4 月关税政策生效以来，苹果在应对上已累计付出了巨大代价。从最初的 8 亿美元，到上一 季度的 11 亿美元，再到下一季度预估的 14 亿美元，苹果因关税政策预计将累计花费高达 33 亿美元 （现汇率约合 234.4 亿元人民币）。这笔巨额开支不仅包括直接缴纳的关税，也涵盖了为规避风险而进 行的全球供应链重组所产生的费用。 他表示："我们预计，12 月所在季度的关税及 ...

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Thursday, October 30, 2025Today was a mostly restful day on Wall Street, with major market indexes snoozing away a chance at new closing highs, which they had set in the early part of the week. We’re still up from early Monday, except for the small-cap Russell 2000, which has taken it on the chin over the past two sessions. The Dow came in -109 points lower at the bell, -0.23% (but was roughly +0.75% during intraday highs), while the S&P 500 and Nasdaq were down a more significant -0.99% and -1.57%, respect ...