2025年1至6月，集团合同销售额为人民币350.1亿元，销售总建筑面积261.4万平方米，销售单价为人民 币13393元/平方米。各区域销售额占比最高的是西部(28.1%)和长三角(26.5%)。已售未结算合同销售额 为人民币1059亿元，面积约854万平方米。 截至2025年6月30日，集团土地储备总面积为2840万平方米，权益面积为2113万平方米，平均成本为每 平方米人民币4207元。 下半年，集团将继续聚焦核心城市投资，灵活调整推盘节奏，聚焦去化，并提升产品力。集团将坚守高 质量发展战略，保持稳健财务管理，有序压降债务，调整存货结构，推动运营及服务业务增长，以正向 经营现金流实现可持续发展。 龙湖集团公布2025年上半年业绩。集团营业收入达人民币587.5亿元，同比增长25.4%。其中，地产开发 业务收入为人民币454.8亿元，同比增长34.7%；运营业务收入为人民币70.1亿元，同比增长2.5%；服务 业务收入为人民币62.6亿元。 公司拥有人应占溢利为人民币32.2亿元，剔除公平值变动影响后的核心溢利为人民币13.8亿元。核心溢 利主要由增长中的运营及服务业务贡献。每股基本盈利0.48元，核心每 ...

龙湖集团(00960)发布2025年中期业绩，收入587.50亿元(人民币，下同)，同比增长25.4%。公司拥有人 应占溢利为32.2亿元，剔除投资物业及其他衍生金融工具公平值变动影响后的公司拥有人应占核心溢利 为13.8亿元。其中，运营业务及服务业务核心溢利保持增长，为集团核心溢利的主要贡献来源。每股基 本盈利47.7分，拟派中期股息每股0.07元。 在"加快构建房地产发展新模式"的政策指引下，行业正从高速增长转向高质量发展。公司主动摒弃对杠 杆与规模的依赖，聚焦债务压降与正向现金流积累。上半年集团有息负债较去年底继续压降65亿元，平 均融资成本降至3.58%的历年低点，平均合同借贷年期延长至10.95年的历史高位，含资本性支出的经营 性现金流实现超20亿元净流入，为跨越周期提供坚实支撑。 于2025年6月30日，集团的土地储备合计2840万平方米，权益面积为2113万平方米。土地储备的平均成 本为每平方米人民币4207元。按地区分析，环渤海地区、西部地区、华中地区、长三角地区及华南地区 的土地储备分别占土地储备总面积的36.3%、28.0%、17.1%、11.3%及7.3%。 集团运营及服务业务贡献稳定， ...

2025年1至6月，集团合同销售额为人民币350.1亿元，销售总建筑面积261.4万平方米，销售单价为人民 币13,393元╱平方米。西部、长三角、环渤海、华南及华中片区合同销售额分别为人民币98.3亿元、人 民币92.9亿元、人民币82.2亿元、人民币42.1亿元及人民币34.6亿元，分别占集团合同销售额的28.1%、 26.5%、23.5%、12.0%及9.9%。于2025年6月30日，集团已售出但未结算的合同销售额为人民币1,059亿 元，面积约为854万平方米。 于2025年6月30日，集团的土地储备合计2,840万平方米，权益面积为2,113万平方米。土地储备的平均成 本为每平方米人民币4,207元。按地区分析，环渤海地区、西部地区、华中地区、长三角地区及华南地 区的土地储备分别占土地储备总面积的36.3%、28.0%、17.1%、11.3%及7.3%。 下半年集团将继续坚持在核心城市的投资布局，结合市场情况灵活铺排推盘节奏，聚焦存货去化，并以 客户为中心持续精进产品力。面对未来，集团将坚守高质量发展的核心战略，坚持稳健的财务管理策 略，有序压降债务规模，持续调整存货结构，推动运营及服务业务稳步增长 ...

苹果公司的盈利核心正在从硬件销售悄然转向服务业务。 据追风交易台消息，美国银行8月15日发布的一份研究报告，苹果公司正在经历一场意义深远的转变。报告预测，从2025财年起，服务业务将取代 iPhone，成为公司最大的毛利润贡献者。 报告估算，在2025财年，服务业务将贡献苹果年度毛利润的42%，而iPhone的贡献比例为41%。这是服务业务历史性的首次超越。 更重要的是，这一差距预计将持续扩大，到2027财年，服务业务的贡献将达到44%，而iPhone则降至39%。 这一转变的背后是两大驱动力： 美银表示，更快的收入增长，加上更高的毛利率，意味着服务业务应继续比产品业务对苹果年度同比毛利润金额增长做出更大贡献。 而鉴于服务业务更高的利润率和更低的周期性，其利润贡献的增加为苹果赢得了更高的估值倍数。美银认为，这是支撑其250美元目标价和"买 入"评级的关键逻辑。 1. 更高的利润率： 服务业务的盈利能力远超硬件。报告以2025财年第三季度的数据为例，服务业务的毛利率高达75.6%，而产品业务的毛利率 仅为34.5%。 2. 更快的增长速度： 美银模型预测，未来几年服务收入将以"低双位数"（约12%）的年增长率持 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's FY3Q25 revenue and profit exceeded expectations, driven by strong performance in iPhone, Mac, and services, marking the strongest quarterly revenue growth since FY1Q22 [1][5] - The guidance for FY4Q25 indicates mid-to-high single-digit year-over-year revenue growth, surpassing market expectations, despite anticipated tariff-related cost increases [5][10] - The company continues to face pressure from tariffs and potential regulatory risks, particularly concerning its agreement with Google [10] Revenue Performance - FY3Q25 revenue reached $94.04 billion, a 10% year-over-year increase, exceeding Bloomberg consensus estimates of $89.3 billion [1][6] - The iPhone segment generated $44.58 billion in revenue, a 13% year-over-year increase, significantly above expectations [6] - The Mac business saw revenue growth of 14.8% year-over-year, reaching $8.05 billion, driven by new product launches [7] Profitability Metrics - The gross margin for FY3Q25 was 46.5%, at the upper end of the previous guidance range, with net profit of $23.43 billion, reflecting a 9.3% year-over-year increase [1][5] - The company reported a basic EPS of $1.57, exceeding the consensus estimate of $1.43 [1] Segment Analysis - The services segment achieved revenue of $27.42 billion, a 13.3% year-over-year increase, maintaining a high gross margin of 75.6% [9] - Wearable devices and other products generated $7.4 billion in revenue, down 8.6% year-over-year, falling short of market expectations [8] - iPad revenue declined to $6.58 billion, an 8.1% year-over-year decrease, indicating weak demand [7] Future Outlook - The company expects to maintain a gross margin between 46% and 47% in the upcoming quarter, despite the anticipated $1.1 billion in tariff-related costs [5] - The report projects GAAP net profits for FY2025-2027 to be $110.4 billion, $112.8 billion, and $116.9 billion respectively, reflecting significant upward revisions [11][12]

北京时间8月1日，苹果公司在官网发布了截至6月28日的2025财年第三财季财报。这一季度苹果总营收达940.4亿美元，同比增长10%，刷新了六月份季度 纪录，创下自2021年12月以来最强劲的季度营收增长。净利润为234.34亿美元，同比增长9%，摊薄每股收益1.57美元，同比增长12%。 苹果公司CEO蒂姆·库克（Tim Cook）难掩兴奋地表示，"苹果今天自豪地公布六月份季度营收创纪录业绩，其中 iPhone、Mac 和服务营收均出现两位数增 长，且在全球所有地区均收获增长。"苹果CFO凯文·帕雷克（Kevan Parekh）则称，"得益于顾客极高的满意度和忠诚度，我们所有品类和所有区域市场的 活跃设备现有使用量再创历史纪录。" iPhone累计出货30亿台 按照产品划分，截至6月的这个季度，苹果的各大业务中，iPhone业务的强势增长对整体营收的拉动效果显著，该业务第三财季收入为445.82亿美元，较 上年同期的392.96亿美元增长13%，创下了第三财季新纪录。 在财报后的电话会议中，库克表示，iPhone在全球所有地区都出现了增长，特别是在印度、中东、南亚和巴西在内的新兴市场。与iPhone 15系 ...

Core Viewpoint - Apple Inc. reported its third-quarter earnings for fiscal year 2025, achieving total revenue of $94.04 billion, a 10% year-over-year increase, significantly surpassing market expectations of $89.53 billion [1][4]. Revenue Performance - Total revenue for the third quarter reached $94.04 billion, with a net profit of $23.43 billion, reflecting a 9% year-over-year increase [4][9]. - Hardware product lines, including iPhone, Mac, iPad, and wearables, contributed to the growth with net sales of $66.61 billion, up 8.2% year-over-year [4][9]. - iPhone sales alone generated $44.58 billion, marking a 13.5% increase compared to the previous year [4][9]. Regional Performance - Revenue from Greater China increased from $14.728 billion in the same quarter last year to $15.369 billion, a 4% year-over-year growth, marking the first positive growth in two years [3][8]. - The Americas segment reported revenue of $41.198 billion, up from $37.678 billion year-over-year, while Europe and Japan also saw increases in revenue [7]. Product Line Insights - The Mac segment saw revenue rise to $8.046 billion, a nearly 15% increase from $7.009 billion year-over-year, driven by the adoption of Apple’s self-developed chips [8]. - However, iPad and wearables experienced declines, with iPad sales down 8.1% to $6.58 billion and wearables, home, and accessories revenue down 8.6% to $7.4 billion [9]. Services and Costs - Services revenue reached $27.423 billion, a 13% year-over-year increase, exceeding analyst expectations [9]. - Total cost of sales for the third quarter was $50.318 billion, up 9% from $46.099 billion year-over-year, while total operating expenses rose to $15.516 billion from $14.326 billion [9]. Future Outlook - Apple is expected to face increased tariff costs, with an estimated $1.1 billion impact in the upcoming quarter due to ongoing trade tensions [10]. - The upcoming iPhone 17 series is anticipated to see price increases of approximately $50 across all models due to these tariff impacts [10]. - There are high expectations for Apple's future foldable iPhone, with projections of selling 10 to 15 million units by 2027, potentially generating $65 billion in revenue by 2029 [11].

Group 1: U.S. Stock Market Performance - On July 31, U.S. stock indices collectively declined, with the Nasdaq and S&P 500 reaching intraday all-time highs [1][4] - The Dow Jones index fell by 0.74% to 44,130.98 points, the Nasdaq index decreased by 0.03% to 21,122.45 points, and the S&P 500 index dropped by 0.37% to 6,339.39 points [4] - Major tech stocks showed mixed performance, with the "Big Seven" tech index rising by 1.31% [6] Group 2: Company Earnings Reports - Meta's stock surged by 11.25% following better-than-expected earnings [6][3] - Amazon reported Q2 revenue of $167.7 billion, a 13% year-over-year increase, and net profit of $18.16 billion, up 34.7% year-over-year, but its stock fell over 7% in after-hours trading [7][10] - Apple's Q2 revenue reached $94.036 billion, a 9.63% increase year-over-year, with net profit of $23.434 billion, up 9.26% year-over-year [10] Group 3: Commodity Market Trends - International gold demand reached 1,249 tons in Q2 2025, a 3% year-over-year increase, driven by strong investment demand [15] - Global gold jewelry demand decreased in volume but increased in value during the same period [15] - Oil prices saw a slight decline, with Brent crude down by 0.99% to $71.75 per barrel and WTI crude down by 0.91% to $69.36 per barrel [12][13]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price-to-earnings (P/E) ratio of 31, 26, and 23 for FY25, FY26, and FY27 respectively [5]. Core Insights - The company reported FY25Q2 revenue of $95.359 billion, a year-over-year increase of 5.08%, with a gross margin of 47.05% [2]. - Net profit for FY25Q2 reached $24.780 billion, reflecting a 4.84% year-over-year growth [2]. - The company anticipates low to mid-single-digit year-over-year revenue growth for FY25Q3, with a projected gross margin of 45.5% to 46.5%, including an additional cost of $0.9 billion due to tariffs [2][4]. Revenue Breakdown - Service business revenue grew by 11.64% year-over-year to $26.645 billion in FY25Q2, with paid subscriptions exceeding 1 billion [3]. - Hardware revenue, excluding wearables, increased by 2.73% year-over-year to $68.714 billion, with iPhone, iPad, and Mac revenues showing varied growth rates [3]. - The company plans to continue its dividend and share buyback strategy, investing approximately $29 billion in total, including $3.8 billion in dividends and $25 billion in share repurchases [3]. Future Projections - The company expects net profits of $96.938 billion, $113.113 billion, and $126.757 billion for FY25, FY26, and FY27 respectively, with corresponding P/E ratios of 31.38, 26.36, and 23.05 [9][10].