Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - Apple's FY25Q3 financial report exceeded expectations, with revenue of $94.04 billion, a year-on-year increase of 10%, and net profit of $23.43 billion, a year-on-year increase of 9%. The gross margin for the quarter was 46.5%, a decrease of 0.6 percentage points, primarily due to increased tariff-related costs [2][6] - For FY2025Q4, Apple expects revenue growth in the mid-to-high single digits and a gross margin of 46%-47%, which includes an impact of $1.1 billion from tariff-related costs. Operating expenses are projected to be between $15.6 billion and $15.8 billion [2][6] Summary by Sections Revenue Breakdown - In FY25Q3, Apple's revenue by product segment was as follows: iPhone revenue was $44.582 billion, up 13.5%, accounting for 47.4% of total revenue; Mac revenue was $8.046 billion, up 14.8%, accounting for 8.6%; iPad revenue was $6.581 billion, down 8%, accounting for 7.0%; accessory revenue (including AirPods, Watch, etc.) was $7.404 billion, down 8.6%, accounting for 7.9%; and services revenue was $27.423 billion, up 13%, accounting for 29.2% [8] Regional Revenue Breakdown - Revenue by region in FY25Q3 was as follows: Americas revenue was $41.198 billion, up 9.3%, accounting for 43.8%; Europe revenue was $24.014 billion, up 9.7%, accounting for 25.5%; China revenue was $15.369 billion, up 4.4%, accounting for 16.3%; Japan revenue was $5.782 billion, up 13.4%, accounting for 6.1%; and Asia-Pacific (excluding China and Japan) revenue was $7.673 billion, up 20.1%, accounting for 8.2% [8] Cost Impact from Tariffs - The cost impact from tariffs in FY25Q3 was $800 million, with an expected impact of $1.1 billion in FY25Q4. Apple has absorbed tariff costs to avoid passing them on to consumers, resulting in a decline in gross margin, but the end-user prices have not seen widespread increases, and supply chain procurement prices remain stable [8] AI Strategy and Growth Opportunities - The report indicates that Apple's revenue and AI strategy announcements exceeded expectations, alleviating previous market concerns about Apple's lag in AI development. The company emphasized its commitment to increasing investments in AI and is open to accelerating its AI roadmap through acquisitions. In 2025, Apple completed seven acquisitions, which are expected to enhance its hardware growth in the global market and provide accelerated growth opportunities for the Apple supply chain [8]

Core Viewpoint - The current market conditions present a valuable opportunity for investment, particularly in the context of recent employment data revisions and the resilience of major tech companies in the U.S. stock market [1][5]. Group 1: Employment Data and Market Reaction - The U.S. non-farm payroll data was significantly revised downwards, with a total reduction of 258,000 jobs for May and June, and July's new jobs falling to 73,000, marking a nine-month low [1]. - This downward revision has led to a sharp market reaction, with the Nasdaq dropping 2.24% in response, and the probability of a rate cut in September skyrocketing from 40% to 90% [1]. - Despite these negative indicators, the long-term bullish trend of the U.S. stock market remains intact [1]. Group 2: Historical Market Trends - Over the past 50 years, the U.S. stock market has experienced nine significant downturns, with the largest being a 57.7% drop in 2008 [3]. - Following major declines, the market has historically rebounded to reach new all-time highs, as evidenced by the S&P 500 recovering to a new high just two months after a 21% drop earlier this year [3]. - Similar patterns of rapid decline followed by recovery have occurred in 1998, 2020, and this year, with each recovery leading to extended bull markets [3]. Group 3: Performance of Major Tech Companies - Recent earnings reports from major tech companies such as Apple, Amazon, Meta, and Google demonstrate strong profitability and resilience [5]. - Apple reported record service revenue of $27.4 billion, while Amazon's AWS generated $30.9 billion in cloud revenue, reflecting a 17.5% increase [5]. - Meta's profits surged by 36% due to increased advertising efficiency, and Google’s cloud revenue grew by 32%, with profits doubling [5]. - Collectively, these companies have invested $311 billion in AI infrastructure, indicating a shift from concept to a profit-generating engine [5][7]. Group 4: Investment Trends in ETFs - The Nasdaq 100 ETF has seen significant inflows, with over 2.2 million shares added since the beginning of the year, indicating strong institutional interest in tracking major AI companies [7]. - This ETF provides exposure to leading AI firms, covering the entire value chain from chip computing to cloud services, capitalizing on the AI boom [7].

Group 1 - Alibaba's former chairman Zhang Yong has been appointed as a new member of the Hong Kong Stock Exchange's China Business Advisory Committee, increasing the committee's membership to nine [6] - The committee was established in 2021 and is chaired by Zhang Jianchen, the non-executive director of the Hong Kong Stock Exchange [6][7] Group 2 - Wumart has announced the latest batch of "Fat Transformation" stores, involving seven locations across Beijing, East China, and Tianjin, set to open between August 8 and September 12 [8] - The transformation will focus on multiple dimensions including product offerings, pricing, and store environment, aiming to align closely with the Fat Donglai concept [8] Group 3 - Starbucks is reportedly screening investors for its China business, with Tencent and JD.com among the twelve companies advancing to the second round [10] - The collaboration aims to enhance brand development rather than merely seeking financing, with a target to increase store count from 7,800 to 20,000 [10] Group 4 - Meituan is preparing a new instant retail project called "Campus Mini Warehouse," targeting university campuses with small warehouses for high-frequency items [11] - The project will adopt a platform model, recruiting partners for warehouse and delivery services, prioritizing those with campus experience [11] Group 5 - The Green Tea Group expects a profit of approximately 230 million to 237 million yuan for the first half of 2025, a year-on-year increase of about 32% to 36% [22] - Adjusted net profit is anticipated to be around 247 million to 254 million yuan, reflecting a growth of 38% to 42% compared to the previous year [22] Group 6 - Unilever reported a 3.8% increase in underlying sales growth for Q2, exceeding expectations, with a slight decline in sales in the Chinese market [25] - The company is undergoing multiple transformations, including the planned spin-off of its ice cream business in November [25] Group 7 - Apple reported a net profit of $23.43 billion for Q3 2025, a 9% year-on-year increase, with revenue reaching $94.04 billion, up 9.6% [27] - iPhone revenue grew by 13% to $44.58 billion, and service revenue also increased by 13% to $27.42 billion, both exceeding market expectations [27]

Core Viewpoint - Apple reported its third fiscal quarter results for 2025, showing significant revenue growth and strong performance across various product categories and regions [1][4]. Financial Performance - The total revenue for Apple's third fiscal quarter was $94.036 billion, a 10% year-over-year increase, marking the largest growth since December 2021 [1]. - Net profit reached $23.434 billion, reflecting a 9% increase compared to the previous year [1]. - Product revenue was $66.613 billion, up 8% from $61.564 billion year-over-year, while service revenue was $27.423 billion, a 13% increase from $24.213 billion [1]. Product Revenue Breakdown - iPhone revenue was $44.58 billion, exceeding market expectations of $40.22 billion [4]. - Mac revenue increased by 15% to $8.046 billion from $7.009 billion year-over-year [4]. - iPad revenue decreased by 8% to $6.581 billion from $7.162 billion year-over-year [4]. - Revenue from wearables, home, and accessories fell by 9% to $7.404 billion from $8.097 billion year-over-year [4]. Regional Performance - Revenue from the Americas was $41.198 billion, a 9% increase from $37.678 billion year-over-year [4]. - European revenue grew by 10% to $24.014 billion from $21.884 billion year-over-year [4]. - Greater China revenue increased by 4% to $15.369 billion from $14.728 billion year-over-year [4]. - Japan's revenue rose by 13% to $5.782 billion from $5.097 billion year-over-year [4]. - Revenue from other Asia-Pacific regions surged by 20% to $7.673 billion from $6.390 billion year-over-year [4]. CEO Insights - CEO Tim Cook highlighted double-digit growth in iPhone, Mac, and services, with growth observed across all global regions [4]. - Cook noted that consumer subsidy policies in certain regions of China positively impacted product sales [5]. - The cumulative sales of iPhones surpassed 3 billion units during the third fiscal quarter [5].

北京时间8月1日，苹果公司发布了截至6月28日的2025财年第三季度财报。财报显示，该公司第三财季总营收为940.36亿美元，较上年同期的857.77亿美元增 长10%，创下自2021年12月以来的最大涨幅；净利润为234.34亿美元，较上年同期的214.48亿美元增长9%。 | | | Three Months Ended | | | Nine Months E | | --- | --- | --- | --- | --- | --- | | | June 28, 2025 | | June 29, 2024 | | June 28. 2025 | | Net sales: | | | | | | | Products | લ્ક | 66,613 ਫੇ | 61,564 | ക | 233,287 દ | | Services | | 27,423 | 24,213 | | 80,408 | | Total net sales (1) | | 94,036 | 85,777 | | 313,695 | | Cost of sales: | | | | | | | Products | | 43,620 ...

公司方面，其表示核心标的包括：蓝思科技、领益智造、欣旺达、鹏鼎控股等。 *免责声明：文章内容仅供参考，不构成投资建议 隔夜苹果发布财报，营收碾压预期，同比增近10%，毛利率回落至46.5%仍位于指引区间高端，本季指 引46%-47%；二季度iPhone销售增逾13%，和Mac销售额较分析师预期高至少10%，iPad销售下滑8%， 服务收入再创新高、增13%。 苹果CEO库克称，苹果在华业务得到"国补"的帮助。同时苹果将"大幅增加"人工智能（AI）的投资， 并"对加速我们发展路线图的并购持开放态度"。 浙商证券表示，今年下半年，苹果有望推出首款真正意义上的AI智能手机，外观亦将迎来全面更新， 在多重创新的推动下，iPhone有望迎来新一轮换机周期，明年推出的首款折叠屏，更是有望将这轮果链 的持续创新升级推向高潮，未来两年果链核心供应商的产品ASP有望实现量价齐升。 *风险提示：股市有风险，入市需谨慎 ...

苹果公司总收入增长10%，这是自2021年12月以来最大的季度收入增幅。苹果CEO库克表示，苹果将"大幅增加"其人工智能（AI）投资，公司"对加速我们 发展路线图的并购持开放态度"。苹果在中国市场也取得了成功，销售额同比增长4%，达到153.7亿美元。库克表示，中国对部分设备提供的补贴帮助了苹 果在该地区的发展。 | = | | 苹果 分时 多日 日K 周K 月K 季K 年K 1分 3分 5分 10分 15分 11年:日K ▼ 显示▼ ◎ □▽ □▽ □▽ □▽ [ △] VS FID □ | | | | 报价 | | --- | --- | --- | --- | --- | --- | --- | | | 中 。 ▽ ▽ ▽ ▽ ▽ ▽ ▽ · ( ▽ A a ■ ∠ ○ | | | | 50 10 | AAPL | | 盘后总额 31.39亿 | 盘后总量 1497.33万 最高价 217.000 | 最低价 207.400 | | 母后分时 ▼ 习 ⊙ ⊙ | | 207 .! | | 215.088 | | | | | 3.62% | 212.960 | | 214.551 | | | | | 3. ...

本文源自：金融界AI电报 苹果第三财季营收940.4亿美元，同比增长9.6%，创下自2021年12月以来的最大涨幅，市场预期893亿美 元。其中，iPhone收入445.8亿美元，同比增长13%，苹果CEO蒂姆·库克(Tim Cook)在电话会议上透露， 公司在第三财季卖出了第30亿部iPhone；Mac收入80.5亿美元，同比增长15%；服务收入274.2亿美元， 同比增长13%。分地区看，大中华营收153.7亿美元，同比增长4%，结束了前两个季度的下滑。公司第 三财季净利润234.3亿美元，同比增长9%；第三财季每股收益1.57美元，上年同期1.40美元，预估1.43美 元。苹果季末持有1330亿美元现金及现金等价物。苹果公司董事会宣布，将向公司普通股股东派发每股 0.26美元的现金股息。 ...