据彭博社、华尔街日报等媒体报道，北京时间10月31日，苹果公司发布了截至9月27日的2025财年第四季度财报。 财报显示，苹果第四财季总营收为1024.66亿美元，创同期历史纪录，较上年同期的949.30亿美元增长8%；净利润达274.66亿美元，较上年同期的147.36亿美 元大幅增长86%；每股摊薄收益为1.85美元，较上年同期的0.97美元增长91%。 第四季度财报发布后，苹果美股盘后上涨2.35%，市值飙升超900亿美元。 在同日举行的财报电话会议上，苹果CEO蒂姆·库克表示，"iPhone和服务业务的营收都创下了历史新高。"他还预计，下一季度营收将同比增长10%至12%， iPhone的销售额也将实现两位数增长，有望"创下公司历史和iPhone历史的最佳纪录"。 分析普遍认为，苹果公司的显著增长得益于其核心产品iPhone的销售势头强劲，仅iPhone一项业务就为其贡献了接近一半的营收。具体来看，第四财季 iPhone营收同比增长6.1%，达到490亿美元，但仍略低于分析师预期的501亿美元。 包含AirPods、Apple Watch、Apple TV机顶盒和HomePod智能音箱在内的"可穿戴设 ...

The scariest thing just happened to me. I broke my brand new iPhone. I dropped it on the street on the way to work.iPhone 17 Pro Max is now cracked. I didn't even do anything special. I didn't throw it.I was just a butter fingers and it fell out of my pocket onto the sidewalk. So, I thought, what better episode than to take you with me as I learn one more thing. How to fix my new iPhone at the Apple Store with Apple Care.The drop on the sidewalk didn't just crack the glass. It dented and scratched the soft ...

Core Insights - Apple reported Q4 FY2025 revenue of $102.466 billion, an 8% year-over-year increase, with net profit reaching $27.466 billion, up 86.4% [2] - CEO Tim Cook highlighted record revenue from both iPhone and services, projecting a 10% to 12% revenue growth for Q1 FY2026, with iPhone sales expected to achieve double-digit growth [2][3] - Despite overall growth, revenue from Greater China declined by 3.6% to $14.493 billion, marking it as the only region with a revenue drop [2][5] Business Segment Summary - iPhone revenue for Q4 FY2025 was $49.025 billion, a 6% increase from $46.222 billion in the same quarter last year [3][4] - Supply constraints were noted for several iPhone models due to strong demand, with Apple working to fulfill all orders [3] - Other hardware revenues included Mac at $8.726 billion (up 12.7%), iPad at $6.952 billion (up 0.03%), and wearables, home, and accessories at $9.013 billion (down 0.3%) [4] Regional Performance - Revenue growth was observed in the Americas ($44.192 billion, up 6%), Europe ($28.703 billion, up 15.2%), Japan ($6.636 billion, up 12%), and other Asia-Pacific markets ($8.442 billion, up 14.3%) [5] - The decline in Greater China revenue is attributed to supply constraints and increased competition, with Apple facing challenges from local brands [5][7] - Cook mentioned that subsidies in China positively impacted sales, although many Apple products exceed the subsidy price range [5] Market Dynamics - The Chinese smartphone market saw a 3% year-over-year decline, with increased competition among top brands [7] - Apple ranked third in the Chinese market with a shipment of 10.1 million units, while local brands like Vivo and Huawei led the market [7] - Apple is working on introducing Apple Intelligence in China, aiming to enhance user experience with new features [7]

苹果今天发布2025财年第四财季及全年财报：总净营收为1024.66亿美元，与上年同期的949.30亿美元相 比增长8%；净利润为274.66亿美元，与上年同期的147.36亿美元相比增长86%。苹果公司第四财季大中 华区营收为144.93亿美元，与上年同期的150.33亿美元相比下降4%（注：苹果财年与自然年不同步， 2024年10月至2025年9月为2025财年）。 详见： 苹果公司第四财季营收1024.66亿美元 净利润同比增长86% 财报发布后，苹果管理层召开电话会议，苹果首席执行官蒂姆·库克（Tim Cook）、首席财务官凯文·帕 瑞克（Kevan Parekh）参加会议并回答了分析师提问。 以下为本次电话会议分析师问答环节主要内容： 摩根士丹利分析师Erik Woodring：蒂姆，能否请您与我们详细分享一下，为什么您认为iPhone 17现阶 段已经取得了成功？在管理层看来，iPhone 17成功的背后是由于用户基数增长、换机周期更新，还是 因为手机其他特定的功能或特性？与以往的换机周期相比，iPhone 17有哪些真正吸引消费者的地方？ 蒂姆·库克：我认为17系列的成功完全归功于产品本身。iP ...

服务收入近三年持续创单季新高，三季度同比增长加快至15%；三季度iPhone销售增逾6%，增速较上季放缓过半，大中华区销售下滑3.6%，而分析师 预期增超9%，关税产生成本11亿美元符合公司预期，较前季高近四成。CEO库克称，四季度将是苹果业绩最佳季，营收料增10%-12%，大中华区将恢 复增长，iPhone17反响强烈超乎预期。营收指引创至少四年增速新高。CFO称，四季度iPhone销售也将增10%-12%。苹果盘后先跌后涨，一度涨超 5%。 财报公布后，收涨约0.6%的苹果股价盘后先转跌，一度跌3%，后拉升转涨，在强劲增长的业绩指引带动下，盘后涨幅曾超过5%。 虽然上季iPhone业绩不佳，但苹果CEO库克对9月发布的iPhone 17系列满怀信心，称新系列iPhone获得了强劲的市场反响、"超乎预期"。 库克说，苹果预计，本季iPhone销售将实现两位数的同比增速，本季将是苹果业绩最好的一个季度，单季营收料将增长10%-12%。从财务数据看，这 一指引意味着，营收增速将创至少四年来新高。苹果首席财务官（CFO）Luca Maestri称，iPhone本季将也有10%-12%的收入增速。 同时苹果确认，特 ...

Key Points - The rumor regarding Midea being fined 5 million by JD.com has been confirmed as false, indicating possible platform manipulation [4] - Xiaomi has made significant organizational adjustments, with Lei Jun leading a new automotive department and Chen Kai taking over Xiaomi Home [8][9] - The 2025 Q3 earnings report for Xiaomi is anticipated to show a profit of 722 million yuan for its electric vehicle segment, with another institution predicting a profit of 1 billion yuan [9] - Zhong Shanshan has regained the title of China's richest person with a wealth increase of 190 billion yuan, while Lei Jun's wealth surged by 196 billion yuan due to Xiaomi's automotive growth [11] - Meta's AI department has undergone major layoffs, with around 600 employees affected, attributed to the underperformance of the Llama4 model against Chinese competitors [30][31] - Apple's service revenue is projected to exceed 100 billion USD for the first time in fiscal year 2025, driven by strong growth in services like iCloud and Apple Pay [31][32] - The European new car market saw a 10.7% year-on-year increase in September, with BYD's sales skyrocketing by 398%, while Tesla's market share declined [36] - Tesla's Full Self-Driving (FSD) subscription rate is only 12%, with related revenue down compared to the previous year, highlighting challenges in customer adoption [37]

Core Viewpoint - The Chinese market is poised to become the largest contributor to Apple's "Apple Tax" as the company faces regulatory challenges globally, while other regions like the US and EU have begun to implement lower or zero commission rates for third-party payments [2][5][12]. Group 1: Apple's Financial Performance - Apple's total revenue for the third fiscal quarter of 2025 reached $94.04 billion, marking the strongest quarterly revenue growth since December 2021 [2]. - The services segment, which includes iCloud, Apple Music, and the App Store, generated $27.42 billion, a 13% year-over-year increase, significantly exceeding market expectations [2]. - Although services account for only 25.6% of total revenue, they contribute 41% to gross margin, with a gross margin of 75.5%, far surpassing the hardware business's 37% [2]. Group 2: Regulatory Challenges - Apple's "Apple Tax," a commission on digital goods and services sold through the App Store, is facing global scrutiny, with antitrust lawsuits initiated by the US Department of Justice and regulatory actions in over 15 countries [3][4]. - The company has begun to lower its commission rates in the US and EU, moving towards a model with zero or low commissions for third-party payments [4][6]. - In 2025, the EU fined Apple €500 million for restricting developers from directing users to third-party payment options, marking a significant regulatory setback [6]. Group 3: Market Dynamics in China - In 2024, China's App Store ecosystem is projected to generate $23 billion in sales of digital goods and services, making it the second-largest market globally, following the US [5][12]. - The estimated "Apple Tax" contribution from China in 2024 is $6.44 billion, second only to the US's $14.8 billion, indicating a growing financial burden on Chinese developers [14]. - The "Apple Tax" in China represents 10% of Apple's revenue in the region, compared to 8.8% in the US and 4.6% in Europe, highlighting China's relatively higher tax burden [14]. Group 4: Future Projections - By 2025, the "Apple Tax" from China is expected to reach $7.2 billion, with projections of $8.1 billion in 2026 and $9 billion in 2027, indicating a steady increase in contributions [17]. - If current trends continue, China could surpass the US and Europe in "Apple Tax" contributions by 2026, driven by a higher tax rate and significant market size [17]. Group 5: Legal Actions and Consumer Sentiment - Chinese consumers and small developers have begun to challenge Apple's practices, with ongoing antitrust lawsuits aimed at the company's App Store policies [17][18]. - A notable case involved a consumer lawsuit against Apple, which was initially dismissed but is currently under appeal, reflecting growing discontent with the "Apple Tax" [18][19].

Core Insights - The iPhone 17 series has seen overwhelming pre-order demand, with over 8 million reservations within the first hour and record-breaking sales on platforms like JD.com [1] - JD.com has emerged as the preferred purchasing channel for over 80% of consumers, attributed to its ample supply, good service experience, and comprehensive discounts [1] - A significant investment of 1 billion yuan has been made by JD.com to enhance the trade-in program for the iPhone 17 series, offering up to 2,100 yuan in trade-in subsidies and various other discounts [1] Consumer Preferences - The "2025 iPhone New Product Consumer Research Report" indicates that the top factors influencing channel choice are product authenticity and official authorization (69.30%), followed by after-sales service (43.70%), discounts and pricing (42.15%), and channel reputation (33.65%) [3] - Among consumers choosing JD.com, 55.96% prioritize product authenticity and official authorization, while 44.62% value after-sales service as a key advantage [4] Market Dynamics - The strong sales performance of the iPhone 17 series reflects its ongoing market appeal and highlights a more rational decision-making process among domestic consumers when purchasing high-end digital products [5] - Key factors influencing channel selection include product authenticity, stable supply, comprehensive service, and tangible discounts, with JD.com leveraging its systematic supply chain and precise subsidy strategies to gain consumer preference [5]

Group 1 - The iPhone 17 series is set to launch, with 68.9% of consumers preferring to purchase directly and 31.3% opting for trade-in options to reduce costs [1] - The demand for upgrading phones is stable, with 35% of respondents changing their phones every 1-2 years, and only 12% waiting over three years [2] - The main drivers for upgrading to the iPhone 17 include the pursuit of the latest technology (46%) and attractive trade-in subsidies (33%) [5] Group 2 - When choosing trade-in channels, 54.2% prioritize the final price, while 49.4% value transparent old device valuations [5] - JD.com stands out as the preferred platform for trade-ins, with 70.6% of users voting it as offering the highest valuations and subsidies [7] - JD.com offers a maximum trade-in subsidy of 2100 yuan for the iPhone 17, along with various discounts on related services, making it an attractive option for consumers [7]

调研结果显示，消费者的换机需求趋于稳定且周期较短。35%的受访者平均每1-2年就会更换一次手 机，另有7%的用户甚至在一年内就会进行换新。相比之下，仅有12%的用户会选择三年以上才更换手 机。这种普遍存在的"旧机仍新、适时换代"现象，使得大量被"淘汰"的旧机仍然保持着良好的性能和成 色，从而让以旧换新成为消费者换机时的理想选择之一。 iPhone 17系列新品正式开售在即，消费者会以怎样的方式、在何种渠道购买iPhone新机备受关注。最新 发布的《2025年iPhone新品消费调研报告》显示，有68.9%的用户倾向于直接购买iPhone新机，而31.3% 的用户会通过"以旧换新"的方式购买，可见，通过以旧换新降低购机成本已成为不少人买入iPhone的重 要选项。 换机需求稳定，1-2年为主流周期 在最终到手价这一最核心的需求上，京东表现突出。调研显示，京东以70.6%的用户投票率被票选 为"旧机估值最高、补贴优惠最多"的渠道，另外，75.4%的受访者认为京东平台"使用体验最流畅，操作 最简单"。综合来看，80.2%的人表示，使用"以旧换新"购买新机，会优先选择京东。 据了解，本次iPhone 17上新，京东平 ...