Core Viewpoint - AAPL stock is considered stable due to strong operating performance and financial health, despite its high valuation [1] Overview - Apple has a market capitalization of $3.7 trillion and offers a range of products including smartphones, computers, tablets, wearables, and digital services [5] - The company has experienced moderate growth, with a 1.8% average annual growth rate over the last three years and a revenue increase from $386 billion to $409 billion in the past 12 months [6][7] Growth - Quarterly revenues grew by 9.6% to $94 billion in the most recent quarter, up from $86 billion a year earlier [7] - The latest iPhone 17 series has seen stronger than expected demand, indicating a potentially positive outlook for future growth [3] Profitability - AAPL's operating income over the last 12 months was $130 billion, resulting in an operating margin of 31.9% [11] - The company achieved a net income of nearly $99 billion, implying a net margin of approximately 24.3% [11] Financial Stability - AAPL's cash flow margin stands at 26.6%, producing nearly $109 billion in operating cash flow during the same period [11] - The company has a Debt-to-Equity Ratio of 2.7%, with total debt at $102 billion and cash (including cash equivalents) of $55 billion [11] Downturn Resilience - AAPL has shown resilience during economic downturns, recovering fully from significant declines in stock price during past crises [12] - The stock decreased by 31.3% from a peak of $182.01 on January 3, 2022, but regained its pre-crisis peak by June 12, 2023 [12]

Core Points - Apple has updated its list of obsolete products, including the iPhone 11 Pro Max and all models of the Apple Watch Series 3 [1][4] - A product is classified as obsolete if it has not been sold for over five years since Apple ceased its sales [4] - The inclusion of the iPhone 11 Pro Max in the obsolete list suggests that Apple continues to distribute the iPhone 11 Pro to some third-party retailers for a longer period [4] - Despite being classified as obsolete, the iPhone 11 Pro Max remains compatible with the iOS 26 system, which has surprised many users [4] - The Apple Watch Series 3, launched in September 2017, was popular due to its affordable price and decent performance, remaining on sale for five years until September 2022 [4]

Core Viewpoint - The article discusses the potential launch of eSIM technology in the Chinese market, particularly with the upcoming iPhone 17 series, indicating a shift towards a SIM-free future for Apple devices in China [3][10]. Group 1: eSIM Development in China - China Unicom has shown the most proactive approach among the three major telecom operators in China regarding eSIM technology, having launched various eSIM services since 2017 [6]. - The Ministry of Industry and Information Technology (MIIT) has provided policy support for the development of eSIM technology, approving trials for wearable devices and IoT applications [6]. - After a two-year suspension, the three major operators are planning to fully restart eSIM services by the second half of 2025, with indications that mobile eSIM functionality may soon be available [8]. Group 2: Apple and eSIM Technology - Apple has been pushing for the evolution of SIM card technology since it applied for eSIM patents in 2011, and has progressively integrated eSIM into its devices, starting with the iPhone XS in 2018 [3]. - The iPhone 17 series is expected to be the first to launch eSIM technology in the Chinese market, with the iPhone 17 Air model likely to be the first to support it, while other models may retain physical SIM card slots [10]. - China Unicom has released a white paper on eSIM technology specifications, confirming that eSIM services will be officially launched soon [11]. Group 3: Market Implications - The introduction of eSIM technology in the iPhone 17 series could signify a broader trend towards eSIM adoption in the Chinese smartphone market, with other brands like Huawei and OPPO also planning to release eSIM-compatible devices [10]. - The current lack of notifications from other operators regarding eSIM support suggests that collaboration with Apple will be essential for the successful rollout of eSIM services [10].