<p><strong>苹果</strong>(AAPL 0.07%) 曾经是世界上最有价值的公司。它曾是科技股的无可争议的风向标。它曾是中国市场上主导的智能手机制造商。它曾是你可以依靠的名字，为你的投资组合带来超额回报。</p>
<p>这些都不再是真的。尽管苹果仍然是 “七大巨头” 股票之一，市值达到 3.2 万亿美元，但它并不是近年来的增长驱动力。到 2025 年，苹果股价下跌了 14%，远低于整体市场。在七大巨头中，只有 <strong>特斯拉</strong> 的表现更糟。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3ea59bc509650d8699418a8c2d27b52b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="541" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3ea59bc509650d8699418a8c2d27b52b.png"/></p>
<p>AAPL 数据来源于 YCharts</p>
<p>苹果需要什么才能扭转局面？在过去一个月，苹果股价上涨了 6%，给投资者带来了一些对 2025 年下半年的希望。苹果股东应该对苹果在中国市场份额下降深感担忧，这是我在 2025 年剩余时间内关注的最重要指标，因为这对苹果最大的收入来源至关重要，而苹果在这个市场上显示出脆弱性。尽管这并不是唯一的担忧领域。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMzYvZ2V0dHlpbWFnZXMtMTE5NTU3NDc2Ni5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMzYvZ2V0dHlpbWFnZXMtMTE5NTU3NDc2Ni5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>中国智能手机对苹果构成了问题</h2>
<p>苹果于 2010 年进入中国智能手机市场，并逐渐增加其市场份额，2022 年和 2023 年年收入超过 700 亿美元。由于美国制裁限制了中国竞争对手华为使用美国技术，苹果在中国拥有巨大的优势，其智能手机在市场上是最先进的。但这种情况在 2023 年下半年开始发生变化，华为推出了配备本土芯片的新款 5G 手机，这让业内分析师感到意外。</p>
<p>中国还有国家补贴计划，使智能手机更实惠，但这些补贴仅适用于价格低于 6000 元人民币（838 美元）的手机，这低于苹果的价格区间。</p>
<p>根据 Counterpoint Research 的数据，苹果在中国的市场份额从 2023 年第四季度的 21% 下降到 2025 年第一季度的 15%，而华为和小米的市场份额均为 19%。这一趋势在第二季度持续，尽管其他地区的销售增长，苹果在大中华区的销售同比下降了 2%。</p>
<p>| 地区 | 2025 财年第二季度销售
(截至 2025 年 3 月 29 日) | 2024 财年第二季度销售</p>
<table>
<thead>
<tr>
<th>(截至 2024 年 3 月 30 日)</th>
<th>增长（下降）百分比</th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>美洲</td>
<td>403 亿美元</td>
<td>378 亿美元</td>
<td>8%</td>
</tr>
<tr>
<td>欧洲</td>
<td>244 亿美元</td>
<td>211 亿美元</td>
<td>1%</td>
</tr>
<tr>
<td>大中华区</td>
<td>160 亿美元</td>
<td>164 亿美元</td>
<td>(2%)</td>
</tr>
<tr>
<td>日本</td>
<td>73 亿美元</td>
<td>62 亿美元</td>
<td>17%</td>
</tr>
<tr>
<td>其他亚太地区</td>
<td>73 亿美元</td>
<td>67 亿美元</td>
<td>8%</td>
</tr>
<tr>
<td><strong>总计</strong></td>
<td><strong>953 亿美元</strong></td>
<td><strong>907 亿美元</strong></td>
<td><strong>5%</strong></td>
</tr>
</tbody>
</table>
<p>数据来源：苹果。</p>
<p>因此，苹果在中国的弱势对公司的收入增长产生了重大影响。</p>
<h2>苹果盈利，但增长乏力</h2>
<p>当苹果公司处于增长状态时，它是一只受欢迎的成长股。但自 2023 年以来，其收入和盈利增长已停滞不前。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/112d10c4bd0fecd0a1d5142b2d7c3d40.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/112d10c4bd0fecd0a1d5142b2d7c3d40.png"/></p>
<p>AAPL 年度收入数据来源于 YCharts</p>
<p>该公司仍然从其盈利丰厚的服务部门获得强劲的收入增长，该部门包括 App Store、Apple Music、iCloud 服务、Apple Pay 和 Apple Card。</p>
<p>| 部门 | 2025 财年第二季度
(截至 2025 年 3 月 29 日) | 2024 财年第二季度</p>
<table>
<thead>
<tr>
<th>(截至 2024 年 3 月 30 日)</th>
<th>增长（下降）百分比</th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>iPhone</td>
<td>488.4 亿美元</td>
<td>459.6 亿美元</td>
<td>6.2%</td>
</tr>
<tr>
<td>Mac</td>
<td>79.4 亿美元</td>
<td>74.5 亿美元</td>
<td>6.6%</td>
</tr>
<tr>
<td>iPad</td>
<td>64 亿美元</td>
<td>55.5 亿美元</td>
<td>15.3%</td>
</tr>
<tr>
<td>可穿戴设备、家居和配件</td>
<td>75.2 亿美元</td>
<td>79.1 亿美元</td>
<td>(4.9%)</td>
</tr>
<tr>
<td>服务</td>
<td>266.4 亿美元</td>
<td>238.6 亿美元</td>
<td>11.6%</td>
</tr>
<tr>
<td><strong>总计</strong></td>
<td><strong>953 亿美元</strong></td>
<td><strong>907 亿美元</strong></td>
<td><strong>5%</strong></td>
</tr>
</tbody>
</table>
<p>数据来源：苹果。</p>
<p>服务部门是投资苹果的最佳选择之一，因为该公司在服务方面不需要投入与开发新款 iPhone 相同类型的研发。希望在 App Store 发布新应用或通过苹果提供音乐的公司只需支付一部分费用。</p>
<p>苹果的 iPhone 发布曾备受关注，因为在其全盛时期，该公司对智能手机进行了革命性的改变。App Store 的推出、Siri 助手的发布、触摸屏、前后摄像头和面部识别等功能鼓励人们将旧款 iPhone 换成最新型号。但如今的 iPhone 并没有同样的技术进步，因此人们似乎更愿意长时间保留 iPhone。</p>
<p>考虑到苹果在 iPhone 销售中占据了绝大部分收入，这显然是个问题。</p>
<h2>关税是一个巨大担忧</h2>
<p>苹果大部分产品在中国生产，而中国正与美国处于一场看似没有尽头的贸易战中。事实上，特朗普总统威胁如果苹果不将 iPhone 生产转移到美国，将对其征收 25% 的关税。苹果正在将部分生产转移到越南和印度，但这是一个漫长的过程，并不能使苹果免受大部分关税威胁。</p>
<p>苹果在贸易战的两端都处于脆弱状态。在中国，由于是美国公司而受到惩罚，并与那些生产低成本产品并利用政府补贴的公司争夺市场份额。在美国，它面临着更高的制造和运输成本的威胁，这将削弱公司的利润率，或者迫使其将成本转嫁给消费者。</p>
<h2>展望 2025 年剩余时间</h2>
<p>苹果将在 7 月 31 日公布其财政第三季度的财报。投资者应该关注大中华区的销售是否继续下滑，以及这将如何影响苹果的整体收入和利润增长。苹果不会亏损——它仍然稳定地产生利润并支付小额股息——但尽管其市盈率接近 28 倍，苹果已不再是过去那样的增长巨头。直到苹果解决其在中国的问题或创造新的收入来源，投资者不应期待该股票能跑赢市场。</p>

苹果

2 倍做多 AAPL ETF - GraniteShares

苹果每日 1 倍做空 ETF - Direxion

苹果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>苹果公司的股票（AAPL）在 2025 年下跌了 14%，引发了投资者的担忧，特别是关于其在中国市场份额的下降，从 21% 降至 15%。尽管最近股价上涨了 6%，但自 2023 年以来，苹果的收入增长已停滞，服务部门的贡献显著。该公司面临来自华为和小米等本地竞争对手的挑战，其 iPhone 销售增长受到技术进步不足的制约。投资者应密切关注苹果在中国的表现，因为这对其收入来源至关重要</p>

<p><strong>Apple</strong>(AAPL 0.07%) used to be the most valuable company in the world. It used to be the undisputed bellwether of technology stocks. It used to be the dominant smartphone maker in the all-important China market. And it used to be the one name that you could count on to deliver outsize returns for your investment portfolio.</p>
<div class="lb-trans"><p><strong>苹果</strong>(AAPL 0.07%) 曾经是世界上最有价值的公司。它曾是科技股的无可争议的风向标。它曾是中国市场上主导的智能手机制造商。它曾是你可以依靠的名字，为你的投资组合带来超额回报。</p>
</div><p>None of that is true any longer. And while Apple is still one of the &#34;Magnificent Seven&#34; stocks and has a market capitalization of $3.2 trillion, it's not the growth driver of recent years. Apple is down 14% so far in 2025, far below the greater market. Among its Magnificent Seven peers, only <strong>Tesla</strong> is having a worse year.</p>
<div class="lb-trans"><p>这些都不再是真的。尽管苹果仍然是 “七大巨头” 股票之一，市值达到 3.2 万亿美元，但它并不是近年来的增长驱动力。到 2025 年，苹果股价下跌了 14%，远低于整体市场。在七大巨头中，只有 <strong>特斯拉</strong> 的表现更糟。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3ea59bc509650d8699418a8c2d27b52b.png" alt="" original-src="https://media.ycharts.com/charts/3ea59bc509650d8699418a8c2d27b52b.png"/></p>
<p>AAPL data by YCharts</p>
<div class="lb-trans"><p>AAPL 数据来源于 YCharts</p>
</div><p>What will it take for Apple to turn things around? The stock is up 6% in the last month, giving investors some hope for the second half of 2025. Apple shareholders should be deeply concerned about Apple's falling market share in China, and that's the most important metric I'm watching for the rest of 2025, as it's critical to Apple's largest revenue stream and a market where Apple is showing vulnerability. Though it's not the only area of concern.</p>
<div class="lb-trans"><p>苹果需要什么才能扭转局面？在过去一个月，苹果股价上涨了 6%，给投资者带来了一些对 2025 年下半年的希望。苹果股东应该对苹果在中国市场份额下降深感担忧，这是我在 2025 年剩余时间内关注的最重要指标，因为这对苹果最大的收入来源至关重要，而苹果在这个市场上显示出脆弱性。尽管这并不是唯一的担忧领域。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMzYvZ2V0dHlpbWFnZXMtMTE5NTU3NDc2Ni5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825136%2Fgettyimages-1195574766.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Chinese smartphones are becoming a problem for Apple</h2>
<div class="lb-trans"><h2>中国智能手机对苹果构成了问题</h2>
</div><p>Apple entered the Chinese smartphone market in 2010 and gradually increased its market share, topping $70 billion a year in 2022 and 2023. Apple had a huge advantage in China as U.S. sanctions restricted a Chinese competitor, Huawei, from American technology, and Apple's smartphones were the most advanced in the market. But that began to change in the second half of 2023 as Huawei launched new 5G phones with locally made chips, much to the surprise of even analysts who cover the industry.</p>
<div class="lb-trans"><p>苹果于 2010 年进入中国智能手机市场，并逐渐增加其市场份额，2022 年和 2023 年年收入超过 700 亿美元。由于美国制裁限制了中国竞争对手华为使用美国技术，苹果在中国拥有巨大的优势，其智能手机在市场上是最先进的。但这种情况在 2023 年下半年开始发生变化，华为推出了配备本土芯片的新款 5G 手机，这让业内分析师感到意外。</p>
</div><p>There are also national subsidy programs in China that make smartphones more affordable, but they are only for phones priced below 6,000 renminbi ($838), which is below Apple's price point.</p>
<div class="lb-trans"><p>中国还有国家补贴计划，使智能手机更实惠，但这些补贴仅适用于价格低于 6000 元人民币（838 美元）的手机，这低于苹果的价格区间。</p>
</div><p>Apple's market share in China fell from 21% in the fourth quarter of 2023 to 15% in the first quarter of 2025, while both Huawei and Xiaomi have market shares of 19%, according to Counterpoint Research. That trend continued into the second quarter, as Apple sales in Greater China dropped 2% on a year-over-year basis, even as sales in other geographic areas rose.</p>
<div class="lb-trans"><p>根据 Counterpoint Research 的数据，苹果在中国的市场份额从 2023 年第四季度的 21% 下降到 2025 年第一季度的 15%，而华为和小米的市场份额均为 19%。这一趋势在第二季度持续，尽管其他地区的销售增长，苹果在大中华区的销售同比下降了 2%。</p>
</div><table>
<thead>
<tr>
<th>Region</th>
<th>Fiscal Q2 2025 Sales <br/>(ending March 29, 2025)</th>
<th>Fiscal Q2 2024 Sales <br/>(ending March 30, 2024)</th>
<th>Percent gain (loss)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Americas</td>
<td>$40.3 billion</td>
<td>$37.8 billion</td>
<td>8%</td>
</tr>
<tr>
<td>Europe</td>
<td>$24.4 billion</td>
<td>$21.1 billion</td>
<td>1%</td>
</tr>
<tr>
<td>Greater China</td>
<td>$16 billion</td>
<td>$16.4 billion</td>
<td>(2%)</td>
</tr>
<tr>
<td>Japan</td>
<td>$7.3 billion</td>
<td>$6.2 billion</td>
<td>17%</td>
</tr>
<tr>
<td>Other Asia-Pacific</td>
<td>$7.3 billion</td>
<td>$6.7 billion</td>
<td>8%</td>
</tr>
<tr>
<td><strong>Totals</strong></td>
<td><strong>$95.3 billion</strong></td>
<td><strong>$90.7 billion</strong></td>
<td><strong>5%</strong></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><p>| 地区 | 2025 财年第二季度销售
(截至 2025 年 3 月 29 日) | 2024 财年第二季度销售</p>
<table>
<thead>
<tr>
<th>(截至 2024 年 3 月 30 日)</th>
<th>增长（下降）百分比</th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>美洲</td>
<td>403 亿美元</td>
<td>378 亿美元</td>
<td>8%</td>
</tr>
<tr>
<td>欧洲</td>
<td>244 亿美元</td>
<td>211 亿美元</td>
<td>1%</td>
</tr>
<tr>
<td>大中华区</td>
<td>160 亿美元</td>
<td>164 亿美元</td>
<td>(2%)</td>
</tr>
<tr>
<td>日本</td>
<td>73 亿美元</td>
<td>62 亿美元</td>
<td>17%</td>
</tr>
<tr>
<td>其他亚太地区</td>
<td>73 亿美元</td>
<td>67 亿美元</td>
<td>8%</td>
</tr>
<tr>
<td><strong>总计</strong></td>
<td><strong>953 亿美元</strong></td>
<td><strong>907 亿美元</strong></td>
<td><strong>5%</strong></td>
</tr>
</tbody>
</table>
</div><p>Data source: Apple.</p>
<div class="lb-trans"><p>数据来源：苹果。</p>
</div><p>So, Apple's weakness in China is having a significant impact on the company's revenue growth.</p>
<div class="lb-trans"><p>因此，苹果在中国的弱势对公司的收入增长产生了重大影响。</p>
</div><h2>Apple is profitable, but growth is weak</h2>
<div class="lb-trans"><h2>苹果盈利，但增长乏力</h2>
</div><p>Apple was a popular growth stock when the company was, well, growing. But its revenue and earnings growth has flatlined since 2023.</p>
<div class="lb-trans"><p>当苹果公司处于增长状态时，它是一只受欢迎的成长股。但自 2023 年以来，其收入和盈利增长已停滞不前。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/112d10c4bd0fecd0a1d5142b2d7c3d40.png" alt="" original-src="https://media.ycharts.com/charts/112d10c4bd0fecd0a1d5142b2d7c3d40.png"/></p>
<p>AAPL Revenue (Annual) data by YCharts</p>
<div class="lb-trans"><p>AAPL 年度收入数据来源于 YCharts</p>
</div><p>The company is still getting strong revenue growth from its lucrative Services segment, which includes the App store, Apple Music, its iCloud services, Apple Pay and Apple Card.</p>
<div class="lb-trans"><p>该公司仍然从其盈利丰厚的服务部门获得强劲的收入增长，该部门包括 App Store、Apple Music、iCloud 服务、Apple Pay 和 Apple Card。</p>
</div><table>
<thead>
<tr>
<th>Segment</th>
<th>Fiscal Q2 2025 <br/>(ending March 29, 2025)</th>
<th>Fiscal Q2 2024 <br/>(ending March 30, 2024)</th>
<th>Percent gain (loss)</th>
</tr>
</thead>
<tbody>
<tr>
<td>iPhone</td>
<td>$48.84 billion</td>
<td>$45.96 billion</td>
<td>6.2%</td>
</tr>
<tr>
<td>Mac</td>
<td>$7.94 billion</td>
<td>$7.45 billion</td>
<td>6.6%</td>
</tr>
<tr>
<td>iPad</td>
<td>$6.4 billion</td>
<td>$5.55 billion</td>
<td>15.3%</td>
</tr>
<tr>
<td>Wearables, Home, and Accessories</td>
<td>$7.52 billion</td>
<td>$7.91 billion</td>
<td>(4.9%)</td>
</tr>
<tr>
<td>Services</td>
<td>$26.64 billion</td>
<td>$23.86 billion</td>
<td>11.6%</td>
</tr>
<tr>
<td><strong>Totals</strong></td>
<td><strong>$95.3 billion</strong></td>
<td><strong>$90.7 billion</strong></td>
<td><strong>5%</strong></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><p>| 部门 | 2025 财年第二季度
(截至 2025 年 3 月 29 日) | 2024 财年第二季度</p>
<table>
<thead>
<tr>
<th>(截至 2024 年 3 月 30 日)</th>
<th>增长（下降）百分比</th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>iPhone</td>
<td>488.4 亿美元</td>
<td>459.6 亿美元</td>
<td>6.2%</td>
</tr>
<tr>
<td>Mac</td>
<td>79.4 亿美元</td>
<td>74.5 亿美元</td>
<td>6.6%</td>
</tr>
<tr>
<td>iPad</td>
<td>64 亿美元</td>
<td>55.5 亿美元</td>
<td>15.3%</td>
</tr>
<tr>
<td>可穿戴设备、家居和配件</td>
<td>75.2 亿美元</td>
<td>79.1 亿美元</td>
<td>(4.9%)</td>
</tr>
<tr>
<td>服务</td>
<td>266.4 亿美元</td>
<td>238.6 亿美元</td>
<td>11.6%</td>
</tr>
<tr>
<td><strong>总计</strong></td>
<td><strong>953 亿美元</strong></td>
<td><strong>907 亿美元</strong></td>
<td><strong>5%</strong></td>
</tr>
</tbody>
</table>
</div><p>Data source: Apple.</p>
<div class="lb-trans"><p>数据来源：苹果。</p>
</div><p>The Services segment is one of the best things about investing in Apple because the company doesn't have to invest the same type of research and development into Services as it does in creating new advancements to the iPhone. Companies that want to post a new application in the App Store of make music available through Apple simply pay it a cut.</p>
<div class="lb-trans"><p>服务部门是投资苹果的最佳选择之一，因为该公司在服务方面不需要投入与开发新款 iPhone 相同类型的研发。希望在 App Store 发布新应用或通过苹果提供音乐的公司只需支付一部分费用。</p>
</div><p>Apple's iPhone releases used to be closely watched because the company, in its heyday, made some revolutionary changes to smartphones. Things like the introduction to the App store, the launch of the Siri assistant, touchscreens, forward- and rear-facing cameras, and facial recognition encouraged people to trade in their iPhones for the latest model. But today's iPhones don't have the same kind of technological advancement, so people seem much more willing to hold on to iPhones for a longer period of time.</p>
<div class="lb-trans"><p>苹果的 iPhone 发布曾备受关注，因为在其全盛时期，该公司对智能手机进行了革命性的改变。App Store 的推出、Siri 助手的发布、触摸屏、前后摄像头和面部识别等功能鼓励人们将旧款 iPhone 换成最新型号。但如今的 iPhone 并没有同样的技术进步，因此人们似乎更愿意长时间保留 iPhone。</p>
</div><p>Considering that Apple makes the lion's share of its money on iPhone sales, that is a problem.</p>
<div class="lb-trans"><p>考虑到苹果在 iPhone 销售中占据了绝大部分收入，这显然是个问题。</p>
</div><h2>Tariffs are a huge concern</h2>
<div class="lb-trans"><h2>关税是一个巨大担忧</h2>
</div><p>Apple makes most of its products in China, which is locked in a trade war with the United States that doesn't appear to be ending anytime soon. In fact, President Donald Trump has threatened Apple with a 25% tariff if the company doesn't move its iPhone production to the U.S. Apple is in the process of moving some of its production to Vietnam and India, but that's a long process and it doesn't shield Apple from the bulk of the tariff threat.</p>
<div class="lb-trans"><p>苹果大部分产品在中国生产，而中国正与美国处于一场看似没有尽头的贸易战中。事实上，特朗普总统威胁如果苹果不将 iPhone 生产转移到美国，将对其征收 25% 的关税。苹果正在将部分生产转移到越南和印度，但这是一个漫长的过程，并不能使苹果免受大部分关税威胁。</p>
</div><p>Apple is vulnerable on both ends of the trade war. In China, it's penalized for being a U.S. company and is battling for market share against companies that are making lower-cost products and taking advantage of government subsidies. In the U.S., its facing the specter of higher manufacturing and shipping costs, both which would either cut into the company's profit margins or force it to pass on costs to customers.</p>
<div class="lb-trans"><p>苹果在贸易战的两端都处于脆弱状态。在中国，由于是美国公司而受到惩罚，并与那些生产低成本产品并利用政府补贴的公司争夺市场份额。在美国，它面临着更高的制造和运输成本的威胁，这将削弱公司的利润率，或者迫使其将成本转嫁给消费者。</p>
</div><h2>Looking ahead for the rest of 2025</h2>
<div class="lb-trans"><h2>展望 2025 年剩余时间</h2>
</div><p>Apple reports its fiscal third-quarter earnings on July 31. Investors should be watching if sales in Greater China continue to decline and how that affects Apple's overall revenue and income growth. Apple won't be losing money -- it still churns out profits and a small dividend like clockwork -- but it's no longer the growth giant that it was in the past despite trading at nearly 28 times forward earnings. Until Apple solves its China problem or creates a new source of revenue, investors shouldn't expect the stock to outperform the market.</p>
<div class="lb-trans"><p>苹果将在 7 月 31 日公布其财政第三季度的财报。投资者应该关注大中华区的销售是否继续下滑，以及这将如何影响苹果的整体收入和利润增长。苹果不会亏损——它仍然稳定地产生利润并支付小额股息——但尽管其市盈率接近 28 倍，苹果已不再是过去那样的增长巨头。直到苹果解决其在中国的问题或创造新的收入来源，投资者不应期待该股票能跑赢市场。</p>
</div>

The Most Important Thing for Apple Stock (AAPL) Investors to Watch in 2025

- 苹果在中国市场的份额从 2023 年第四季度的 21% 降至 2025 年第一季度的 15%。  
- 由于中国市场的疲软，苹果的整体收入增长受到显著影响。  
- 投资者需关注苹果在中国的销售持续下滑及其对收入的影响。  

2025 年苹果股票（AAPL）投资者最需要关注的事项