<p>这是我们对 <strong>苹果</strong>（AAPL 0.22%）财务报告的初步看法。</p>
<h2>关键指标</h2>
<table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第二季度</th>
<th>2025 年第二季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>908 亿美元</td>
<td>954 亿美元</td>
<td>5%</td>
<td>超出</td>
</tr>
<tr>
<td>每股收益</td>
<td>1.53 美元</td>
<td>1.65 美元</td>
<td>8%</td>
<td>超出</td>
</tr>
<tr>
<td>iPhone 收入</td>
<td>460 亿美元</td>
<td>468 亿美元</td>
<td>2%</td>
<td>不适用</td>
</tr>
<tr>
<td>服务收入</td>
<td>239 亿美元</td>
<td>266 亿美元</td>
<td>12%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
<h2>苹果在应对贸易问题上取得进展</h2>
<p>投资者在本季度关注的焦点是苹果如何应对持续的贸易战。答案是一个复杂的信息。</p>
<p>首先，好消息：苹果表示，在 6 月季度，运往美国的大多数设备将来自印度和越南，缓解了人们对中国相关关税将侵蚀 2025 年利润的担忧。但苹果也表示，中国的收入在其财年的第二季度下降了超过 2%，降至 160 亿美元，略低于分析师的预期。</p>
<p>总体而言，这个季度表现良好。苹果的收入增长了 5%，每股收益增长了 8%，超出了分析师的预期。整体 iPhone 销量略有上升，而服务收入同比增长了 12%。</p>
<p>苹果在本季度产生了 240 亿美元的经营现金流，并继续增加回馈股东的现金。公司宣布了一项新的 1000 亿美元股票回购计划，并表示将季度股息提高 4%，至每股 0.26 美元。</p>
<h2>立即市场反应</h2>
<p>在财报发布前，苹果股价年初至今下跌近 15%，而最新的业绩结果不足以扭转这一趋势。财报发布后，苹果股价在盘后交易中下跌了 2%，但在公司与投资者的电话会议之前。</p>
<h2>关注事项</h2>
<p>关于在中国以外采购 iPhone 的评论将令人松一口气，但投资者可能仍会对苹果未来的发展有疑问。如果由于持续的贸易紧张局势，美国品牌产品失宠，可能会加速向本土品牌的转变，这令人担忧，因为 iPhone 销售仍占整体收入的大约一半。</p>
<p>其他盈利中心也面临风险。苹果从 <strong>Alphabet</strong>（GOOG 1.14%）那里获得的丰厚业务收入，因其将谷歌设为 iPhone 的默认搜索引擎而获得的版权费，因反垄断问题而面临风险。</p>
<p>投资者可能急于听取苹果在如此多逆风下的前景，以及有关苹果产品更新和旨在刺激未来销售的人工智能增强的细节。</p>
<h2>有用资源</h2>
<ul>
<li>完整财报</li>
<li>投资者关系页面</li>
</ul>

苹果

<p>苹果 2025 年第二季度财报显示，收入为 954 亿美元，每股收益为 1.65 美元，均超出预期。尽管中国收入下降了 2%，降至 160 亿美元，苹果正在将生产转移到印度和越南，以减轻贸易战的影响。公司宣布了一项 1000 亿美元的股票回购计划，并将季度股息提高 4%，至每股 0.26 美元。然而，股价在盘后交易中下跌了 2%，反映出投资者对未来销售和市场动态的持续担忧，尤其是在贸易紧张和反垄断问题的背景下</p>

<p>Here's our initial take on <strong>Apple</strong>'s (AAPL 0.22%) financial report.</p>
<div class="lb-trans"><p>这是我们对 <strong>苹果</strong>（AAPL 0.22%）财务报告的初步看法。</p>
</div><h2>Key Metrics</h2>
<div class="lb-trans"><h2>关键指标</h2>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2024</th>
<th>Q2 2025</th>
<th>Change</th>
<th>vs. Expectations</th>
</tr>
</thead>
<tbody>
<tr>
<td>Revenue</td>
<td>$90.8 billion</td>
<td>$95.4 billion</td>
<td>5%</td>
<td>Beat</td>
</tr>
<tr>
<td>Earnings per share</td>
<td>$1.53</td>
<td>$1.65</td>
<td>8%</td>
<td>Beat</td>
</tr>
<tr>
<td>iPhone revenue</td>
<td>$46.0 billion</td>
<td>$46.8 billion</td>
<td>2%</td>
<td>n/a</td>
</tr>
<tr>
<td>Services revenue</td>
<td>$23.9 billion</td>
<td>$26.6 billion</td>
<td>12%</td>
<td>n/a</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第二季度</th>
<th>2025 年第二季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>908 亿美元</td>
<td>954 亿美元</td>
<td>5%</td>
<td>超出</td>
</tr>
<tr>
<td>每股收益</td>
<td>1.53 美元</td>
<td>1.65 美元</td>
<td>8%</td>
<td>超出</td>
</tr>
<tr>
<td>iPhone 收入</td>
<td>460 亿美元</td>
<td>468 亿美元</td>
<td>2%</td>
<td>不适用</td>
</tr>
<tr>
<td>服务收入</td>
<td>239 亿美元</td>
<td>266 亿美元</td>
<td>12%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
</div><h2>Apple Makes Progress Navigating Trade Issues</h2>
<div class="lb-trans"><h2>苹果在应对贸易问题上取得进展</h2>
</div><p>Investor focus coming into this quarter centered on how Apple is navigating ongoing trade wars. The answer was a mixed message.</p>
<div class="lb-trans"><p>投资者在本季度关注的焦点是苹果如何应对持续的贸易战。答案是一个复杂的信息。</p>
</div><p>First, the good news: Apple said a majority of its devices shipped into the U.S. in the June quarter will originate from India and Vietnam, alleviating concerns about how China-focused tariffs would eat into profits in 2025. But Apple also said that China revenue fell by more than 2% to $16 billion in its fiscal second quarter, falling slightly below analyst expectations.</p>
<div class="lb-trans"><p>首先，好消息：苹果表示，在 6 月季度，运往美国的大多数设备将来自印度和越南，缓解了人们对中国相关关税将侵蚀 2025 年利润的担忧。但苹果也表示，中国的收入在其财年的第二季度下降了超过 2%，降至 160 亿美元，略低于分析师的预期。</p>
</div><p>Overall, the quarter was solid. Apple grew revenue by 5% and earnings per share by 8%, topping analyst estimates. Overall iPhone sales were up slightly, while services revenue posted solid 12% year-over-year gains.</p>
<div class="lb-trans"><p>总体而言，这个季度表现良好。苹果的收入增长了 5%，每股收益增长了 8%，超出了分析师的预期。整体 iPhone 销量略有上升，而服务收入同比增长了 12%。</p>
</div><p>Apple generated $24 billion in operating cash flow in the quarter and continues to boost the cash it is returning to shareholders. The company announced a new $100 billion share-repurchase program and said it is boosting its quarterly dividend by 4% to $0.26 per share.</p>
<div class="lb-trans"><p>苹果在本季度产生了 240 亿美元的经营现金流，并继续增加回馈股东的现金。公司宣布了一项新的 1000 亿美元股票回购计划，并表示将季度股息提高 4%，至每股 0.26 美元。</p>
</div><h2>Immediate Market Reaction</h2>
<div class="lb-trans"><h2>立即市场反应</h2>
</div><p>Apple shares were down nearly 15% year to date heading into earnings, and the latest results were not enough to turn the momentum favorable. Apple shares were down 2% in after-market trading after the release of earnings but ahead of the company's call with investors.</p>
<div class="lb-trans"><p>在财报发布前，苹果股价年初至今下跌近 15%，而最新的业绩结果不足以扭转这一趋势。财报发布后，苹果股价在盘后交易中下跌了 2%，但在公司与投资者的电话会议之前。</p>
</div><h2>What to Watch</h2>
<div class="lb-trans"><h2>关注事项</h2>
</div><p>The comments on sourcing iPhones outside of China will come as a relief, but investors are likely to still have questions about what lies ahead for Apple. A shift toward local brands in China could accelerate if U.S.-branded products lose favor due to ongoing trade tensions, a potential worry given that iPhone sales still account for roughly half of overall revenue.</p>
<div class="lb-trans"><p>关于在中国以外采购 iPhone 的评论将令人松一口气，但投资者可能仍会对苹果未来的发展有疑问。如果由于持续的贸易紧张局势，美国品牌产品失宠，可能会加速向本土品牌的转变，这令人担忧，因为 iPhone 销售仍占整体收入的大约一半。</p>
</div><p>Other profit centers are also at risk. Apple's lucrative business getting royalties from <strong>Alphabet</strong>(GOOG 1.14%) in return for making Google the default search engine on the iPhone is at risk due to antitrust concerns.</p>
<div class="lb-trans"><p>其他盈利中心也面临风险。苹果从 <strong>Alphabet</strong>（GOOG 1.14%）那里获得的丰厚业务收入，因其将谷歌设为 iPhone 的默认搜索引擎而获得的版权费，因反垄断问题而面临风险。</p>
</div><p>Investors will likely be eager to hear Apple's outlook in the face of so many headwinds as well as details on Apple product refreshes and AI enhancements designed to stimulate future sales.</p>
<div class="lb-trans"><p>投资者可能急于听取苹果在如此多逆风下的前景，以及有关苹果产品更新和旨在刺激未来销售的人工智能增强的细节。</p>
</div><h2>Helpful Resources</h2>
<div class="lb-trans"><h2>有用资源</h2>
</div><ul>
<li>Full earnings report</li>
<li>Investor relations page</li>
</ul>
<div class="lb-trans"><ul>
<li>完整财报</li>
<li>投资者关系页面</li>
</ul>
</div>

Apple: Growth in a Difficult Environment

- 苹果 Q2 2025 财报显示收入 95.4 亿美元，超出预期 5%。  
- 中国收入下降 2%，至 160 亿美元，低于分析师预期。  
- 苹果宣布 1000 亿美元的股票回购计划，季度股息增至 0.26 美元。  

苹果：在艰难环境中的增长