Core Viewpoint - The European Union is demanding major tech companies, including Apple, Google, Snapchat, and YouTube, to explain their measures for protecting children online, emphasizing the need for enhanced privacy, security, and safety [2][4]. Group 1: EU Actions and Regulations - The European Commission has initiated requests for information under the Digital Services Act (DSA) to assess the practices of Apple, Google, Snapchat, and YouTube regarding the protection of minors online [2][3]. - The EU is also investigating Meta's Facebook and Instagram, as well as TikTok, due to concerns about their platforms' addictive nature for children [4]. - Denmark, holding the rotating EU presidency, is advocating for collective action to safeguard minors, including a proposed ban on social media for children under 15 [5]. Group 2: Future Considerations - EU ministers are set to discuss age verification on social media and potential measures to enhance online safety for minors [6]. - A joint statement is expected to support EU chief Ursula von der Leyen's initiative to explore a potential EU-wide digital majority age, with plans to establish a panel of experts for further assessment [8].

Technology & Development - The industry emphasizes understanding the difference between progressive web apps and those distributed through app stores like Google Play or Apple Store [1] - The industry acknowledges Google's statement that noncustodial wallets are not within the Play Store's scope, but the distinction remains important [1]

Investment Rating - Investment rating is maintained at "Buy" [3] Core Views - The company reported FY25Q3 revenue of $94 billion, a year-over-year increase of 9.6%, slightly above Bloomberg consensus expectations by 5.30% [6] - Operating profit reached $28.2 billion, up 11.2% year-over-year, exceeding Bloomberg consensus by 9.26% [6] - GAAP net profit was $23.4 billion, reflecting a 9.3% year-over-year increase, also above Bloomberg consensus by 9.31% [6] - Service revenue was $27.4 billion, up 13.3% year-over-year, surpassing Bloomberg expectations by 2.14% [6] - Product revenue was $66.6 billion, a year-over-year increase of 8.2%, exceeding Bloomberg expectations by 6.83% [6] - iPhone revenue was $44.6 billion, up 13.5% year-over-year, higher than Bloomberg expectations by 11.29% [6] - The Greater China region saw a revenue increase of 4.35% year-over-year, marking the first positive growth in two years, driven by national subsidy policies and promotional activities [6][7] - The company anticipates revenue growth of $416.5 billion, $438.1 billion, and $464.3 billion for FY2025, FY2026, and FY2027 respectively, with year-over-year growth rates of 6.5%, 5.2%, and 6.0% [9] Summary by Sections Financial Performance - FY25Q3 revenue was $94 billion, operating profit was $28.2 billion, and GAAP net profit was $23.4 billion, all exceeding expectations [6] - Service revenue reached $27.4 billion, while product revenue was $66.6 billion, with notable performance in iPhone and Mac sales [6][7] Regional Performance - The Greater China region achieved a revenue of $15.4 billion, marking a 4.35% increase year-over-year, attributed to national subsidies and promotional sales [6][7] - Other regions, including the US, Europe, Japan, and Asia-Pacific, also showed positive growth trends [6] Product Insights - Mac revenue increased by 15% year-over-year, driven by new M4 chip products [7] - iPad revenue declined by 8.1% year-over-year due to high base effects from the previous year [7] - Service business revenue reached a record high, with significant growth in Apple TV+ viewership and Apple Store revenue [7] Future Outlook - The company plans to launch the iPhone 17 series in September, with a focus on new product features [8] - Attention is drawn to the progress of Apple intelligence and the Google antitrust case, which may impact service revenue and overall profits [8][9]

Group 1 - Shanghai police dismantled a criminal gang selling counterfeit Labubu toys, with a case amount exceeding 12 million yuan [1] - ByteDance donated 10 million yuan to support disaster relief efforts in severely affected areas, focusing on emergency supplies for children and the elderly [2] - China's import and export trade with Central and Eastern European countries reached a record high of 522.88 billion yuan in the first half of the year, a year-on-year increase of 6.8% [4] Group 2 - Hunan's import and export to the EU grew by nearly 30% in June, with Germany being the largest trading partner, showing a growth of 35.1% [6] - Shanghai's first aviation pre-clearance cargo station started trial operations, improving customs efficiency by approximately 30% and reducing logistics costs by 15% [7] - Apple announced the closure of its first direct store in China, located in Dalian, which will cease operations on August 9, 2025 [8] Group 3 - Zhongshi Technology stated that its thermal management solutions are versatile and applicable in the robotics field [9] - Microsoft introduced the Copilot mode in its Edge browser, enhancing user experience with AI features that predict user actions [10] - Huatai Securities expects the Federal Reserve to maintain its current interest rate during the July meeting, with future rate decisions dependent on economic data from July to August [11]

Core Points - Apple announced the closure of its first direct retail store in China, located in Dalian, which will officially cease operations on August 9, 2025 [1][3] - The Dalian store, which opened on October 24, 2015, was the first Apple retail store in Dalian and the second official retail location in Liaoning Province [1] - The closure has raised significant market attention, although Apple has not disclosed the specific reasons for shutting down the store or its future plans in the region [3]

Core Insights - Apple will close its first direct retail store in China, located in Dalian, on August 9, 2025, due to the departure of multiple retailers from the Dalian Century City shopping center [1][3] - The closure is linked to the operational issues of the shopping center, which has been involved in litigation since 2022, affecting its tenant stability [3] - Apple plans to open a new store in Shenzhen on August 16, 2025, which will be the third Apple retail store in the city [3] Financial Performance - In the first quarter of fiscal year 2025, Apple reported revenue of $95.359 billion, a year-on-year increase of 5.08%, and a net profit of $24.780 billion, up 4.84% [4] - Revenue from the Greater China region was $16.002 billion, reflecting a year-on-year decline of 2.26% compared to $16.372 billion in the same period last year [4]

Core Insights - Apple is set to close its first direct store in China, located in Dalian, on August 9, 2025, at 20:00 [1] - The reason for the store closure remains unclear according to customer service representatives [1] - After the closure, Apple will only have one remaining store in Dalian, located in the Hang Lung Plaza [1] Summary by Categories Store Closure - The Dalian Century City store will be the first Apple retail store in China to shut down [1] - The closure date is confirmed for August 9, 2025, at 20:00 [1] Customer Service Response - Customer service indicated that the reasons for the closure are not currently known [1] - There is no information on whether a new store will open nearby after the closure [1] Remaining Stores - Post-closure, Apple will have only one store left in Dalian, which is situated in Hang Lung Plaza [1]

Core Insights - Apple Stores in mainland China have started to support WeChat Pay as of May 21, 2023 [1] - Since February 7, 2018, Apple Stores have accepted Alipay, and in 2019, Apple Stores in Hong Kong and Macau began accepting AliPay HK [1] - Currently, Apple Stores in mainland China accept UnionPay cards, Alipay, WeChat Pay, as well as Visa, Mastercard, JCB, and American Express payment cards [1]