蒂姆·库克，1960年11月1日出生于美国阿拉巴马州，现年65岁。他自2011年起接替公司创始人史蒂夫·乔布斯成为苹果CEO，至今已有14年时间。 报道还说，库克在苹果下一季财报发布之前、也就是明年1月底前应该不会卸任。据外媒推测，苹果现任硬件工程高级副总裁约翰·特努斯被视为最有可能 的库克继任者。 来 源 | 综合第一财经日报等 美国苹果公司首席执行官蒂姆·库克有可能最早于明年卸任，苹果公司目前正在加紧物色继任者，现任公司硬件工程高级副总裁特努斯，被普遍视为最有 可能的继任者。 截至目前，苹果公司尚未对此事作出回应。 美国彭博新闻社在上月初曾爆料，苹果公司CEO库克有可能将在未来1~2年内卸任CEO一职。本月14日，英国《金融时报》援引知情人士的话报道说，苹 果公司董事会和高层近期正在加紧为库克卸任CEO后的工作交接做准备。 2001年，特努斯加入苹果的产品设计团队，正值该公司历史上的一个关键时刻。乔布斯回归，iMac为公司注入了新的活力，苹果正准备推出将重新定义 整个行业的产品。作为产品设计团队中一名相对初级的成员，特努斯最初负责Mac的外部显示器。 到2013年，特努斯晋升为硬件工程副总裁，负责AirP ...

分析认为，第一大股东陈雍入主卓翼科技董事会后，必将加速公司智能制造业务与跨境电商的融合，助 力公司破解制造业务的增长瓶颈，快速打开全球化市场的增量空间。 卓翼科技（002369）(002369.SZ)近日披露了公司第七届董事会候选人名单。从新一届董事候选人可以 看出，公司正通过科学搭建董事会架构，汇聚跨领域专业力量，推动公司向"智能制造+资源整合"的方 向加速迈进。 卓翼科技新一届非独立董事团队的组建凸显了"专业互补、资源协同"的核心逻辑。第一大股东陈雍凭借 18年跨境外贸深耕经验与丰富渠道资源，可推动公司智能制造优势与跨境电商资源深度融合；元老级高 管李兴舫的留任，确保了公司战略与运营的稳定性，助力新团队快速衔接；金融复合背景的陈亮有助强 化卓翼科技资本运作能力，为公司对接更多资本市场资源；电子信息领域专家杞耀军则以专业技术积 淀，为研发创新与产业升级注入动力。 作为华为等头部品牌企业的合作伙伴，卓翼科技多年来积累了雄厚的制造实力。在产品端，其产品覆盖 了Wi-Fi7、5GCPE、智能穿戴、移动电源等多元产品线，恰好契合海外市场对智能终端的需求热潮。技 术层面，公司在5G/Wi-Fi7通信、工业机器人等领域 ...

每经编辑｜程鹏 据央视财经11月16日综合多家外媒报道，美国苹果公司首席执行官蒂姆·库克有可能最早于明年卸任，苹果公司目前正在加紧物色继任者，现任公司硬件 工程高级副总裁特努斯，被普遍视为最有可能的继任者。 截至目前，苹果公司尚未对此事作出回应。 据红星新闻，苹果似乎正有意把特努斯推到台前，公关团队也"将聚光灯对准他"。比如，今年9月，在苹果年度开发者大会上，把介绍号称"史上最薄 iPhone"的iPhone Air的任务交给了他。上个月iPhone 17系列开售时，库克在纽约第五大道的旗舰店迎接顾客时，特努斯在英国伦敦的旗舰店扮演了"库克 的角色"。 特努斯现年50岁，这与库克当年出任CEO时年龄相仿。他是个机械工程师，1997年毕业于宾夕法尼亚大学。在上学时，他不光学习好，还是个游泳健将。 一份1994年的校报提到，他曾在一场大学比赛中包揽了50米自由泳和200米个人混合泳两项冠军。特努斯还被评为宾夕法尼亚大学男子游泳队的"all-time letter winner"（即：代表校队参赛次数最多的荣誉运动员），代表校队参赛的次数创下了纪录。 毕业后，特努斯作为一名机械工程师加入了"虚拟研究系统"公司。虽然 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 37.59 billion yuan for the third quarter of 2024, representing a year-on-year growth of 19.25%. The net profit attributable to shareholders was 1.941 billion yuan, up 37.66% year-on-year, while the net profit after deducting non-recurring items was 1.503 billion yuan, an increase of 26.67% [5][6]. - In the third quarter alone, the company achieved a revenue of 13.965 billion yuan, a year-on-year increase of 12.91%, with a net profit of 1.012 billion yuan, reflecting a growth of 39.28% year-on-year. The net profit after non-recurring items was 897 million yuan, up 46.47% year-on-year [5][6]. - The company's gross margin improved to 16.61%, an increase of 0.74 percentage points year-on-year, with a gross margin of 19.20% in the third quarter, up 1.99 percentage points year-on-year and 4.19 percentage points quarter-on-quarter [12]. - The company is expanding its business across four key areas: robotics, AI glasses, foldable screens, and servers, with significant growth in AI-related products and automotive business [12]. Financial Performance - The company’s revenue is projected to reach 44.21 billion yuan in 2027, with a net profit attributable to shareholders expected to be 2.539 billion yuan in 2025 and 3.438 billion yuan in 2026 [16]. - The company has made a strategic acquisition of Zhejiang Xianglong for 2.404 billion yuan, which will enhance its automotive business and align with trends in electrification and intelligence in the automotive sector [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - The company achieved revenue of 53.663 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 16.08%. The net profit attributable to shareholders was 2.843 billion yuan, up 19.91% year-on-year, while the net profit excluding non-recurring items reached 2.703 billion yuan, growing by 28.72% year-on-year. In Q3 2025, the company reported a single-quarter revenue of 20.702 billion yuan, a year-on-year increase of 19.25%, and a net profit of 1.700 billion yuan, up 12.62% year-on-year. The gross margin for Q3 was 19.09%, down 2.34 percentage points year-on-year, and the net profit margin was 8.21%, down 0.49 percentage points year-on-year [2][7]. Summary by Relevant Sections Business Performance - The company has shown strong performance in the smartphone and computer sectors, benefiting from the significant sales increase of the iPhone 17, which has contributed to core revenue growth. The company is positioned as a leading player in the glass cover and metal frame segments, with expectations for continued growth as new products are launched [14]. Automotive Sector - The company is expanding into the smart automotive sector, introducing a range of products including wireless charging modules and vehicle communication modules. The integration of consumer electronics-grade glass processing technology into automotive applications is expected to enhance revenue and margins as production capabilities are developed [14]. Innovation and AI Integration - The company is leveraging its vertical integration capabilities across the smart terminal market, including AI glasses and smart retail solutions. Collaborations with leading companies in the field are yielding positive results, with expectations for increased orders as new smart terminal products emerge [14]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 5.070 billion yuan, 6.956 billion yuan, and 8.182 billion yuan for the years 2025, 2026, and 2027, respectively, maintaining a "Buy" rating [14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 68.1 billion yuan for the first three quarters of 2025, a year-over-year decrease of 2%, while the net profit attributable to the parent company was 2.6 billion yuan, an increase of 10% year-over-year [2][6] - In Q3 alone, the company achieved a revenue of 30.6 billion yuan, representing a year-over-year growth of 4% and a quarter-over-quarter increase of 44% [2][6] - The net profit for Q3 was 1.2 billion yuan, up 5% year-over-year and 23% quarter-over-quarter, with a non-recurring net profit of 1 billion yuan, reflecting a year-over-year increase of 20% and a quarter-over-quarter increase of 39% [2][6] Financial Performance - The gross margin for Q3 was 12.85%, and the net margin was 3.78% [12] - The company’s R&D investment for the first three quarters of 2025 was 4 billion yuan, accounting for 5.84% of its revenue, focusing on XR optics, AI glasses, and smart wearable devices [12] - The projected net profits for the years 2025 to 2027 are estimated to be 3.216 billion yuan, 4.263 billion yuan, and 5.161 billion yuan respectively [12]

Core Viewpoint - Apple Inc.'s CEO Tim Cook may resign as early as next year, with the company actively searching for his successor, likely hardware engineering senior vice president John Ternus [1][2] Group 1: Leadership Transition - Tim Cook, aged 65, has served as CEO since 2011, marking 14 years in the role [2] - John Ternus, aged 50, is considered the most likely successor, having joined Apple in 2001 and currently leading all hardware engineering teams [2] - The Apple board and senior management are reportedly preparing for Cook's transition, with expectations that he will not resign before the next quarterly earnings report at the end of January [1][2] Group 2: Organizational Changes - The potential leadership change may coincide with several other senior management departures or retirements, representing the largest personnel shift at Apple in over a decade [1] - Ternus's technical background aligns with Apple's strategic shift from focusing on ecosystem development to emphasizing hardware technology [2]

Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with operating income reaching 2.5 billion yuan, a year-on-year growth of 60%, and net profit attributable to shareholders at 192 million yuan, up 67% [1][2] - The strong performance is attributed to robust growth in both domestic and international markets, particularly in the NAS and mobile power product categories [2][3] Revenue Performance - In Q3 2025, the company's revenue growth accelerated significantly, driven by strong market performance in both overseas and domestic sectors [2] - The NAS and mobile power categories showed sustained growth momentum, contributing to the overall revenue increase [3] Profitability Analysis - The company's gross margin improved significantly in Q3 2025, with net profit attributable to shareholders reaching 192 million yuan, a 67% increase year-on-year, and non-recurring net profit at 188 million yuan, up 71% [1][2] - The gross margin increased by 0.7 percentage points, attributed to a higher proportion of overseas sales, while the sales expense ratio increased by 0.4 percentage points year-on-year but decreased by 1.5 percentage points quarter-on-quarter [2] - Management and R&D expense ratios decreased by 1.3 and 0.3 percentage points respectively, indicating effective cost control [2] Future Outlook - The company is expected to continue benefiting from ongoing expansion in channels and regions, with product innovation enhancing brand momentum [3] - Projections for net profit attributable to shareholders for 2025-2027 are 700 million, 1.04 billion, and 1.35 billion yuan respectively, indicating strong growth potential [3]

Core Insights - The company has established itself as a key supplier in the consumer electronics and new energy sectors, focusing on lightweight materials and functional components [5][10][20] - Revenue for Q3 2025 reached 2.278 billion yuan, marking a year-on-year growth of 28.59%, driven by increased demand for structural components in electronic products and new energy applications [14][17] - The company has a strong customer base, including major brands like Apple, Samsung, and Tesla, which enhances its market position and revenue stability [5][20] Revenue and Profitability - The company is projected to achieve revenues of 31.99 billion yuan, 46.53 billion yuan, and 55.73 billion yuan from 2025 to 2027, with corresponding net profits of 3.08 billion yuan, 4.55 billion yuan, and 5.78 billion yuan [32][33] - The compound annual growth rate (CAGR) for revenue from 2019 to 2024 is expected to be 24.24%, indicating robust growth despite recent economic challenges [13][14] - The gross margin for the consumer electronics segment has remained above 60%, with a notable increase to 66.38% in the first half of 2025, highlighting the segment's profitability [17][20] Strategic Initiatives - The company has made strategic acquisitions, such as the purchase of carbon fiber manufacturer Vistech, to enhance its capabilities in lightweight materials and strengthen its competitive edge [20][22] - The focus on large clients and the development of lightweight material technology platforms positions the company to capitalize on the growing demand for AI-enabled devices and new energy solutions [22][25] - The company is actively expanding its presence in the new energy sector, supplying components to leading firms like CATL and BYD, which broadens its market reach [5][10] Market Trends - The global edge AI market is expected to grow significantly, with a projected CAGR of 39.6% from 2025 to 2029, creating opportunities for companies involved in electronic device upgrades [22] - The demand for AI smartphones is anticipated to rise sharply, with expected shipments accounting for 54% of global smartphone sales by 2028, indicating a shift in consumer preferences [22][28] - The MR (Mixed Reality) market is also poised for growth, with projections suggesting that the VR industry in China could exceed 70 billion yuan by 2030, driven by technological advancements [29]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company has shown strong growth in both revenue and profit in Q3 2025, driven by continuous expansion in overseas markets and sustained high growth in core categories such as NAS and mobile power banks. The company is currently in a phase of channel and regional expansion, with product innovation enhancing its brand momentum [2][4][12] Summary by Sections Financial Performance - In Q3 2025, the company's operating revenue reached 2.5 billion yuan, a year-on-year increase of 60%. The net profit attributable to the parent company was 192 million yuan, up 67% year-on-year, while the net profit after deducting non-recurring items was 188 million yuan, reflecting a 71% increase year-on-year [4][12] - The gross profit margin improved significantly, with a year-on-year increase of 0.7 percentage points, attributed to a higher proportion of overseas sales, which typically have higher margins. The sales expense ratio increased by 0.4 percentage points year-on-year but decreased significantly by 1.5 percentage points quarter-on-quarter, indicating effective marketing cost control [12] Market Expansion - The company is in a period of channel and regional expansion, with product innovation enhancing its product lineup. The brand's momentum is accelerating, supported by investments in domestic brand upgrades and the ongoing expansion of e-commerce and offline channels overseas [12] - The NAS product category continues to lead consumer education, while the iteration of new charging products is accelerating, benefiting from the iPhone upgrades and compliance certifications for mobile power banks [12] Future Outlook - The company is expected to achieve net profits of 700 million yuan, 1.04 billion yuan, and 1.35 billion yuan for the years 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [12]