根据财报，第二财季甲骨文营收160.58亿美元，同比增长14%，不及市场预期的162.1亿美元；净利润 61.35亿美元，去年同期为31.5亿美元，同比增长95%。 GAAP每股收益增长91%至2.10美元，非GAAP每股收益增长54%至2.26美元。 | | | | | | | % Increase | | --- | --- | --- | --- | --- | --- | --- | | | | Three Months Ended November 30. | | | % Increase | (Decrease) | | | | % of | | % of | (Decrease) | in Constant | | | 2025 | Revenues | 2024 | Revenues | in US S | Currency (1) | | REVENUES | | | | | | | | Cloud | 5 7,977 | 50 % | 5 5,937 | 42 % | 34 % | 33 % | | Software | 5,877 | 36 % | 6,064 | 44 % | (3 % ...

12月10日（以下均指当地时间）盘后，甲骨文（ORCL.US）披露了最新季财报，多项指标未能令市场 投资者满意。 值得注意的是，在12月10日盘后遭遇下跌的不仅仅是甲骨文，英伟达（NVDA.US）、谷歌 （GOOGL.US）、博通（AVGO.US）、台积电（TSM.US）等大型科技股在盘后普遍走跌。 业绩表现究竟如何？ 甲骨文披露了2026财年第二财季财报（截至2025年11月30日），当季总营收达到161亿美元，以美元计 同比增长14%，以固定汇率计同比增长13%，低于分析师预期。 作为AI转型核心的云业务表现同样不及预期，IaaS与SaaS合计季度营收为80亿美元，以美元计同比增长 34%，以固定汇率计同比增长33%，略低于80.4亿美元的预期目标。其中，云基础设施（IaaS）季度营 收为41亿美元，以美元计同比增长68%，以固定汇率计同比增长66%，虽保持高增速仍未能满足市场期 待。而云应用（SaaS）季度营收为39亿美元，以美元计同比增长11%，以固定汇率计同比增长11%。 此外，第二财季，软件业务的营收为59亿美元，以美元计同比下降3%，以固定汇率计同比下降5%；硬 件业务的季度营收为8亿美元，服务 ...

Core Viewpoint - Cisco (CSCO.US) is set to announce its Q1 FY2026 earnings on November 12, with Wall Street expecting a revenue increase of 6.8% year-over-year to $14.78 billion and an EPS growth of 7.7% to $0.87 [1][2] Group 1: Financial Expectations - Revenue from the networking segment is anticipated to grow by 8.7% to $7.34 billion, while the services segment is expected to see a 2% increase to $3.8 billion [1] - Cisco's stock has risen nearly 40% over the past 12 months, attributed to better-than-expected sales, stable gross margins, and the market excitement surrounding artificial intelligence (AI) [1] Group 2: Market Sentiment and Valuation - Investors are focused on whether Cisco can maintain its growth momentum, despite the attractive AI narrative, as the company is not a high-growth tech firm and its stock performance is significantly influenced by overall market cycles [1] - Cisco's current price-to-earnings ratio is close to 30, which is considered high and aligns with the cyclical adjustments in the S&P 500 index [1] Group 3: Capital Expenditure Trends - The upcoming earnings report will indicate whether Cisco can capitalize on the significant increase in capital expenditures from large-scale customers over the past year, with plans to further expand budgets in 2026 [2] - For the Q1 FY2026 earnings, Cisco needs to either exceed expectations in the networking business or show a notable recovery in its remaining performance obligations (RPO) for the stock price to react positively [2]

Core Viewpoint - Cisco (CSCO.US) is set to announce its Q1 FY2026 earnings on November 12, with Wall Street expecting a revenue increase of 6.8% year-over-year to $14.78 billion and an EPS growth of 7.7% to $0.87 [1][2] Group 1: Financial Performance Expectations - Cisco's network business is projected to grow by 8.7% to $7.34 billion, while the service business is expected to increase by 2% to $3.8 billion [1] - The stock has seen a nearly 40% increase over the past 12 months, attributed to better-than-expected sales, stable gross margins, and the AI market trend [1] Group 2: Market Sentiment and Valuation - Investors are focused on whether Cisco can maintain its growth momentum, despite the company not being a high-growth tech firm and its stock price being influenced by overall market cycles [1] - Cisco's current P/E ratio is close to 30, indicating a high valuation that aligns with the cyclical adjustments of the S&P 500 [1] Group 3: Capital Expenditure Trends - The upcoming earnings report will be crucial for Cisco to demonstrate its ability to capitalize on the significant increase in capital expenditures from large-scale customers, which are expected to expand their budgets in 2026 [2] - For a positive stock reaction, Cisco needs to either exceed expectations in its network business or show a notable recovery in its remaining performance obligations (RPO) [2]

Core Insights - Apple reported better-than-expected Q4 FY2025 results, with revenue growth of 7.9% year-over-year to $102.5 billion, surpassing the average estimate of $102.2 billion [1] - Earnings per share increased to $1.85, exceeding the average forecast of $1.77 [1] - The company anticipates significant sales growth during the holiday season following the launch of new iPhone models, reinforcing investor confidence in its flagship products [1][3] Financial Performance - Q4 net profit was $27.46 billion, up from $14.29 billion year-over-year, impacted by one-time tax expenses [1] - Gross margin stood at 47.2%, above the analyst expectation of 46.4% [1] - Revenue from services grew 15% to $28.8 billion, outperforming the analyst estimate of $28.2 billion [9] Product Segments - iPhone revenue increased by 6.1% to $49 billion, slightly below the analyst forecast of $49.3 billion, attributed to supply constraints [6] - Mac revenue rose 13% to $8.73 billion, exceeding the average estimate of $8.6 billion [11] - Wearables, home, and accessories revenue decreased by less than 1% to $9.01 billion, with analysts expecting a more significant decline [11] Market Outlook - CEO Tim Cook expressed confidence in recovering growth in the Greater China region, despite a 3.6% revenue decline to $14.5 billion in Q4 [3] - CFO Kevan Parekh projected Q1 revenue growth of 10% to 12%, significantly above the analyst average of 6% [3] - Analysts expect Q1 sales to reach $132.31 billion, with earnings per share of $2.53, indicating strong performance expectations [3] Competitive Landscape - Apple faces increasing competition from local smartphone manufacturers in China and challenges in developing AI capabilities [3][8] - The company is working on significant updates to its virtual assistant Siri, with a major update expected next year [8] - Despite a slower stock price increase compared to competitors, Apple remains focused on leveraging AI opportunities within its ecosystem [8] Supply Chain and Costs - Tariffs increased costs by $1.1 billion in Q4, with expectations of $1.4 billion in the upcoming quarter [5] - Supply constraints have affected the availability of iPhone 17 models, leading to strong initial demand but limited revenue growth [6]

Core Insights - Apple's Q3 revenue increased by 7.9% year-over-year, reaching $102.47 billion, exceeding analyst expectations and setting a record for the same period [1] - The services segment continued to show strong momentum, with revenue growing by 15.1% year-over-year to $28.75 billion, becoming a key pillar of performance growth [1] - iPhone sales revenue grew by 6.1% year-over-year, although the growth rate significantly slowed compared to the previous quarter [1] - Revenue from Greater China declined by 3.6% year-over-year, failing to meet analyst growth expectations [1] - Apple expects Q4 revenue to grow by 10% to 12% year-over-year [1] - CEO Tim Cook expressed confidence in the newly released iPhone 17 series, stating that market response has been "beyond expectations," and anticipates double-digit growth in iPhone sales for the current quarter [1]

Core Insights - The company reported a revenue of RMB 587.5 billion for the first half of 2025, representing a year-on-year growth of 25.4% [1] - The real estate development segment generated revenue of RMB 454.8 billion, up 34.7% year-on-year, while the operational business revenue was RMB 70.1 billion, growing by 2.5% [1] - The profit attributable to shareholders was RMB 32.2 billion, with a core profit of RMB 13.8 billion after excluding fair value changes, primarily driven by growth in operational and service businesses [1] - The company declared an interim dividend of RMB 0.07 per share [1] Financial Performance - As of June 30, 2025, total borrowings amounted to RMB 1,698.0 billion, a decrease of RMB 65.3 billion from the end of the previous year [1] - Cash on hand was reported at RMB 446.7 billion [1] - Contract sales for the first half of 2025 reached RMB 350.1 billion, with a total sold area of 2.614 million square meters and an average selling price of RMB 13,393 per square meter [1] Market Position - The highest sales contribution came from the Western region (28.1%) and the Yangtze River Delta (26.5%) [1] - The company has unrecognized contract sales of RMB 1,059 billion, covering an area of approximately 8.54 million square meters [1] - As of June 30, 2025, total land reserves were 28.4 million square meters, with an equity area of 21.13 million square meters and an average cost of RMB 4,207 per square meter [1] Strategic Focus - In the second half of the year, the company will continue to focus on core city investments, adjust the pace of project launches flexibly, and enhance product quality [2] - The company aims to adhere to a high-quality development strategy, maintain prudent financial management, systematically reduce debt, adjust inventory structure, and promote growth in operational and service businesses to achieve sustainable development through positive operating cash flow [2]

Group 1 - The company reported a revenue of 58.75 billion RMB for the first half of 2025, representing a year-on-year growth of 25.4% [1] - The attributable profit to shareholders was 3.22 billion RMB, with a core profit of 1.38 billion RMB after excluding fair value changes of investment properties and other derivative financial instruments [1] - The basic earnings per share were 0.477 RMB, and an interim dividend of 0.07 RMB per share was proposed [1] Group 2 - The real estate development business generated a revenue of 45.48 billion RMB, up 34.7% year-on-year, while the operational business revenue was 7.01 billion RMB, growing by 2.5% [1] - The company delivered over 100 projects and nearly 40,000 quality housing units across 36 cities, fulfilling its delivery commitments [1] - As of June 30, 2025, the company's total land reserves amounted to 28.4 million square meters, with an average cost of 4,207 RMB per square meter [1] Group 3 - The company's operational and service businesses showed stable contributions, enhancing sustainable profitability and cash flow [2] - The industry is transitioning from high-speed growth to high-quality development under the policy guidance of "accelerating the construction of a new model for real estate development" [2] - The company reduced interest-bearing debt by 6.5 billion RMB compared to the end of the previous year, achieving a record low average financing cost of 3.58% [2]

Core Insights - Longfor Group reported a revenue of RMB 58.75 billion for the first half of 2025, representing a year-on-year increase of 25.4% [1] - The company's attributable profit to shareholders was RMB 3.22 billion, with a core profit of RMB 1.38 billion after excluding fair value changes of investment properties and other financial instruments [1] Revenue Breakdown - Real estate development revenue reached RMB 45.48 billion, up 34.7% year-on-year [1] - Operating business revenue was RMB 7.01 billion, showing a growth of 2.5% [1] - Service business revenue slightly increased to RMB 6.26 billion [1] - Combined revenue from operating and service businesses was RMB 13.27 billion, a 1.3% increase, accounting for 22.6% of total revenue [1] Profitability Metrics - Basic earnings per share attributable to shareholders were RMB 0.48, while core basic earnings per share were RMB 0.21 after adjustments [1] - The board declared an interim dividend of RMB 0.07 per share [1] Financial Position - As of June 30, 2025, total borrowings amounted to RMB 169.8 billion, a decrease of RMB 6.53 billion from the end of the previous year [2] - Cash on hand was RMB 44.67 billion, with total equity attributable to shareholders at RMB 165.07 billion [2] - The net debt-to-equity ratio stood at 51.2%, with an average financing cost of 3.58% and an average loan term of 10.95 years [2] Sales Performance - Contract sales for the first half of 2025 totaled RMB 35.01 billion, with a total saleable area of 2.614 million square meters and an average selling price of RMB 13,393 per square meter [2] - Sales in various regions included RMB 9.83 billion in the West, RMB 9.29 billion in the Yangtze River Delta, RMB 8.22 billion in the Bohai Rim, RMB 4.21 billion in South China, and RMB 3.46 billion in Central China, representing 28.1%, 26.5%, 23.5%, 12.0%, and 9.9% of total contract sales respectively [2] Land Reserves - As of June 30, 2025, total land reserves were 28.4 million square meters, with an equity area of 21.13 million square meters and an average cost of RMB 4,207 per square meter [3] - Land reserves by region included 36.3% in the Bohai Rim, 28.0% in the West, 17.1% in Central China, 11.3% in the Yangtze River Delta, and 7.3% in South China [3] Strategic Outlook - The company plans to maintain its investment focus in core cities while adapting the pace of project launches based on market conditions [3] - The strategy emphasizes inventory reduction, customer-centric product enhancement, and a commitment to high-quality development and prudent financial management [3]

Core Insights - Apple is undergoing a significant transformation, with its services business projected to surpass iPhone as the largest contributor to gross profit starting in fiscal year 2025 [1][2]. Group 1: Financial Projections - In fiscal year 2025, the services segment is expected to contribute 42% of Apple's annual gross profit, while iPhone's contribution will be 41%, marking the first time services surpass iPhone [2]. - By fiscal year 2027, the services contribution is anticipated to rise to 44%, while iPhone's share is expected to decline to 39% [2]. Group 2: Growth Drivers - The growth of the services business is driven by faster revenue growth and higher gross margins compared to product sales, leading to a greater contribution to year-over-year gross profit [3]. - The services business boasts a gross margin of 75.6% in Q3 of fiscal year 2025, significantly higher than the 34.5% margin for product sales [8]. Group 3: Profit Quality and Valuation - The transition from cyclical iPhone sales to more stable and predictable service revenue enhances Apple's cash flow and profit elasticity, supporting a higher valuation multiple [9]. - The overall gross margin is expected to approach 50% due to the optimization of the business mix, with a larger share of profits coming from the stable, high-margin services segment [9]. - Bank of America maintains a "buy" rating on Apple with a target price of $250, based on the anticipated growth and profitability of the services business [6][9].