蘋果 (AAPL) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the Apple Q1 fiscal year 2025 earnings conference call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded.

下午好，歡迎參加蘋果2025財年第一季財報電話會議。我叫 Suhasini Chandramouli，是投資者關係總監。今天的通話正在錄音。

Speaking first today are Apple's CEO, Tim Cook; and he'll be followed by CFO, Kevan Parekh. After that, we'll open the call to questions from analysts.

今天首先發言的是蘋果執行長庫克；他的繼任者是財務長凱文·帕雷克 (Kevan Parekh)。之後，我們將開始回答分析師的提問。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation and future business outlook, including the potential impact of macroeconomic conditions on the company's business and results of operations. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast.

請注意，您在我們今天的討論中會聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營業費用、其他收入和支出、稅收、資本配置和未來業務前景的陳述，包括宏觀經濟狀況對公司業務和經營業績的潛在影響。這些聲明涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。

For more information, please refer to the risk factors discussed in Apple's most recently filed annual report on Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release. Apple assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

欲了解更多信息，請參閱蘋果最近向美國證券交易委員會提交的 10-K 表年度報告和 8-K 表中討論的風險因素，以及相關新聞稿。Apple 不承擔更新任何前瞻性陳述的義務，這些陳述僅代表其發布之日的觀點。

I'd now like to turn the call over to Tim for introductory remarks.

現在，我想將電話轉給提姆作介紹性發言。

Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call.

謝謝你，蘇哈西尼。大家下午好，感謝大家參加電話會議。

Before I talk about our results, I'd like to take a moment to acknowledge the devastating wildfires that impacted the Los Angeles area this month. From our retail teams to Apple TV+, Apple Music, Fitness+, Beats and more, LA is home to many of our team members. Our thoughts are with everyone who is beginning the road to recovery. For our part, we are contributing to the relief efforts and we will continue to support our teams and the local community.

在談論我們的結果之前，我想花點時間來了解本月襲擊洛杉磯地區的毀滅性野火。從我們的零售團隊到 Apple TV+、Apple Music、Fitness+、Beats 等，洛杉磯是我們許多團隊成員的家鄉。我們的思念與每一位開始復原之路的人們同在。就我們而言，我們正在為救援工作做出貢獻，我們將繼續支持我們的團隊和當地社區。

Now turning to the quarter. Today, Apple's reporting revenue of $124.3 billion for the December quarter, up 4% from a year ago and an all-time record. EPS also set an all-time record of $2.40, 10% higher year over year.

現在轉向本季。今天，蘋果報告12月季度營收為1243億美元，較去年同期成長4%，創下歷史新高。EPS 也創下了 2.40 美元的歷史新高，比去年同期成長了 10%。

We achieved all-time revenue records across the majority of the countries and regions we track, including the Americas, Europe, Japan, and the rest of Asia Pacific. We also continue to see momentum in emerging markets, setting all-time revenue records in a number of markets, including Latin America, the Middle East, and South Asia, among others.

我們在追蹤的大多數國家和地區都取得了歷史性的收入記錄，其中包括美洲、歐洲、日本和亞太地區其他地區。我們也看到新興市場持續呈現成長勢頭，在拉丁美洲、中東和南亞等多個市場創下了歷史收入記錄。

In services, we achieved an all-time revenue record. And in the past year, we've seen nearly $100 billion in revenue from our services business. I'm also pleased to announce that we reached a new record for our installed base with over 2.35 billion active devices.

在服務領域，我們的收入創下了歷史新高。去年，我們的服務業務收入接近 1,000 億美元。我還很高興地宣布，我們的安裝基數創下了新紀錄，活躍設備超過 23.5 億台。

In October, we released the first set of Apple Intelligence features in US English for iPhone, iPad, and Mac, and we rolled out more features and expanded to more countries in December. Now, users can discover the benefits of these new features in the things they do every day. They can use writing tools to help find just the right words, create fun and unique images with image Playground and Genmoji, handle daily tasks and seek out information with a more natural and conversational Siri, create movies of their memories with a simple prompt and touch up their photos with Clean Up.

10 月份，我們針對 iPhone、iPad 和 Mac 發布了第一套美式英語 Apple Intelligence 功能，並於 12 月推出了更多功能並擴展到更多國家。現在，用戶可以在日常所做的事情中發現這些新功能的好處。他們可以使用寫作工具來幫助找到合適的詞語，使用圖像遊樂場和 Genmoji 創建有趣而獨特的圖像，使用更自然、更具對話性的 Siri 處理日常任務​​和尋找訊息，使用簡單的提示創建記憶電影，並使用 Clean Up 修飾照片。

We introduced visual intelligence with camera control to help users instantly learn about their surroundings. Users can also seamlessly access ChatGPT across iOS, iPadOS, and macOS. And we were excited to recently begin our international expansion with Apple Intelligence now available in Australia, Canada, New Zealand, South Africa, and the UK.

我們引入了透過攝影機控制的視覺智能，幫助使用者即時了解周圍環境。用戶還可以跨 iOS、iPadOS 和 macOS 無縫存取 ChatGPT。我們很高興最近開始了我們的國際擴張，Apple Intelligence 目前已在澳洲、加拿大、紐西蘭、南非和英國推出。

We're working hard to take Apple Intelligence even further. In April, we're bringing Apple Intelligence to more languages, including French, German, Italian, Portuguese, Spanish, Japanese, Korean, and simplified Chinese, as well as localized English to Singapore and India. And we'll continue to roll out more features in the future, including an even more capable Siri.

我們正在努力讓 Apple Intelligence 進一步發展。4 月份，我們將把 Apple Intelligence 推廣到更多語言，包括法語、德語、義大利語、葡萄牙語、西班牙語、日語、韓語和簡體中文，以及新加坡和印度的在地化英語。未來我們將持續推出更多功能，包括功能更強大的 Siri。

Apple Intelligence builds on years of innovations we've made across hardware and software to transform how users experience our products. Apple Intelligence also empowers users by delivering personal context that's relevant to them. And importantly, Apple Intelligence is a breakthrough for privacy in AI with innovations like Private Cloud Compute, which extends the industry-leading security and privacy of Apple devices into the Cloud.

Apple Intelligence 基於我們多年來在硬體和軟體方面的創新，徹底改變了使用者體驗我們產品的方式。Apple Intelligence 還透過提供與用戶相關的個人背景資訊來增強用戶的能力。重要的是，Apple Intelligence 透過私有雲運算等創新實現了人工智慧隱私的突破，將 Apple 裝置業界領先的安全性和隱私性延伸到雲端。

Apple Intelligence opens up an exciting new frontier and is already elevating experiences across iPhone, iPad, and Mac. We're going to keep investing in innovation and in transformative tools that help users in their everyday lives.

Apple Intelligence 開啟了一個令人興奮的新領域，並且已經提升了 iPhone、iPad 和 Mac 的體驗。我們將繼續投資於創新和變革工具，以幫助用戶的日常生活。

Let me now turn to our results for the quarter, starting with iPhone. iPhone revenue came in at $69.1 billion, reaching all-time iPhone revenue records in dozens of markets and regions. Our iPhone 16 lineup takes the smartphone experience to the next level in so many ways, and Apple Intelligence is one of many reasons why customers are excited. With the A18-powered iPhone 16 and iPhone 16 Plus, users are getting a big boost in battery life and incredible camera experiences with camera control. Our amazingly powerful iPhone 16 Pro models go even further with larger-than-ever displays and a pro camera system, so advanced it can turn moments into masterpieces.

現在我來介紹本季的業績，先從 iPhone 開始。 iPhone 營收達到 691 億美元，在數十個市場和地區創下了 iPhone 營收的歷史新高。我們的 iPhone 16 系列在許多方面將智慧型手機體驗提升到一個新的水平，而 Apple Intelligence 是讓客戶興奮的眾多原因之一。借助搭載 A18 的 iPhone 16 和 iPhone 16 Plus，用戶的電池壽命得到了極大提升，並透過相機控制獲得了令人難以置信的相機體驗。我們強大的 iPhone 16 Pro 機型更進一步，配備比以往更大的顯示器和專業相機系統，如此先進，可以將瞬間變成傑作。

In Mac, revenue was $9 billion for the December quarter, 16% higher year over year, driven by significant excitement around the world for our latest Mac lineup. The Mac is more than just a powerful tool. It's a launchpad to enable users to bring their best ideas and boldest creations to life. And there are so many reasons to choose Mac, from the breathtaking performance of the M4 family of chips to the groundbreaking and growing capabilities of Apple Intelligence.

在 Mac 業務方面，12 月季度的營收為 90 億美元，比去年同期成長 16%，這得益於全球各地對我們最新 Mac 系列產品的熱烈追捧。Mac 不僅僅是一個強大的工具。它是一個啟動板，使用戶能夠將他們最好的想法和最大膽的創作變成現實。選擇 Mac 的理由有很多，從 M4 系列晶片的驚人性能到 Apple Intelligence 的突破性和不斷發展的功能。

Every product in the Mac lineup offers something extraordinary, whether that's the super portable MacBook Air, the powerhouse MacBook Pro, the world's best all-in-one iMac, or the small wonder that is the Mac Mini, which is not only stunningly capable but is our first carbon neutral Mac. All of this is enabled by the unparalleled power of Apple silicon.

Mac 系列中的每個產品都有著非凡之處，無論是超級便攜的 MacBook Air、性能強大的 MacBook Pro、全球最好的一體機 iMac，還是令人驚嘆的 Mac Mini（它不僅功能強大，而且是我們第一款碳中和的 Mac）。這一切都得益於 Apple 晶片無與倫比的強大功能。

iPad revenue was $8.1 billion, up 15% from a year ago, driven by strong interest for our latest products. We love hearing from customers who are discovering for the first time the versatility of iPad, from the ultra portable iPad Mini built from the ground up for Apple Intelligence to the powerful M4 iPad Pro in a stunningly thin and light design. iPad is there for users whenever they need it and wherever they go, and we are pleased to see so much excitement and enthusiasm for our lineup.

iPad 營收為 81 億美元，比去年同期成長 15%，這得益於市場對我們最新產品的強烈興趣。我們很高興聽到那些首次發現 iPad 多功能性的客戶的反饋，從專為 Apple Intelligence 打造的超便攜 iPad Mini，到具有令人驚嘆的輕薄設計的強大 M4 iPad Pro。無論用戶何時需要，無論他們去哪裡，iPad 都能為他們提供服務，我們很高興看到我們的產品線受到如此多的關注和熱情。

Wearables, Home, and Accessories revenue came in at $11.7 billion. With its most advanced display yet and a thinner, more comfortable design, the all-new Apple Watch Series 10 is the perfect companion to help users pursue their health and fitness goals this year. From the powerful Vitals app to more customizable Activity rings, users have an ever-increasing set of innovative health tools at their fingertips in Watch OS 11.

穿戴式裝置、家居和配件收入達到 117 億美元。全新 Apple Watch Series 10 擁有迄今為止最先進的顯示器和更薄、更舒適的設計，是幫助用戶今年實現健康和健身目標的完美伴侶。從強大的 Vitals 應用程式到更可自訂的活動環，使用者在 Watch OS 11 中可以輕鬆使用越來越多的創新健康工具。

Health innovation has long been a focus for us, and we're committed to continuing to advance this work because we know how much it matters to our users. We've introduced new hearing health features on AirPods Pro 2, and new sleep apnea notifications on Apple Watch are also helping users learn of a potentially serious condition that's thought to affect up to 1 billion people worldwide.

健康創新一直是我們關注的重點，我們致力於繼續推動這項工作，因為我們知道這對我們的用戶有多重要。我們在 AirPods Pro 2 上推出了新的聽力健康功能，Apple Watch 上新的睡眠呼吸中止通知功能也在幫助用戶了解可能影響全球多達 10 億人的潛在嚴重疾病。

During the quarter, we also brought Apple Vision Pro to even more countries, enabling more customers to discover the magic of spatial computing. Users are enjoying incredible immersive entertainment experiences and powerful new features and enhancements to Mac virtual display. Vision Pro is also supercharging the creative process and the incredibly talented Director, Jon M. Chu, recently shared how its extraordinary capabilities helped him bring the movie Wicked to life.

本季度，我們也將 Apple Vision Pro 帶到了更多國家，讓更多客戶發現空間運算的魔力。用戶正在享受令人難以置信的沉浸式娛樂體驗以及 Mac 虛擬顯示的強大新功能和增強功能。Vision Pro 也為創作過程提供了強大的動力，才華橫溢的導演 Jon M. Chu 最近分享了其非凡功能如何幫助他製作電影《魔法壞女巫》。

Turning to services. We set an all-time revenue record of $26.3 billion for the December quarter, growing 14% from a year ago. We set all-time records in the Americas, Europe and rest of Asia Pacific, and a December quarter record in Japan.

轉向服務。我們 12 月季度的營收創下了 263 億美元的歷史新高，比去年同期成長了 14%。我們在美洲、歐洲和亞太其他地區創下了歷史記錄，並在日本創下了 12 月季度的歷史記錄。

Five years since launch, Apple TV+ continues to be home to incredible storytelling that viewers love. There's nothing quite like the anticipation that comes when a fan favorite returns, and we were thrilled to debut the second season of Severance earlier this month. We have so much in store for our subscribers this year with new shows like The Studio and Your Friends & Neighbors. And we can't wait for the Premier Formula One, starring Brad Pitt, on June 27, and which will take viewers inside the sport in a truly unprecedented way.

自推出五年以來，Apple TV+ 一直是觀眾喜愛的精彩故事的來源。沒有什麼比粉絲們最喜歡的作品回歸時更讓人期待的了，我們很高興在本月初首播了《遣散》第二季。今年我們為訂閱用戶準備了許多新節目，像是《The Studio》和《Your Friends & Neighbors》。我們迫不及待地想觀看 6 月 27 日由布拉德皮特主演的頂級一級方程式賽車，它將以前所未有的方式帶領觀眾了解這項運動。

We're excited that Apple TV+ continues to draw tension and accolades. To date, Apple TV+ productions have earned more than 2,500 nominations and 538 wins.

我們很高興看到 Apple TV+ 繼續帶來關注和讚譽。迄今為止，Apple TV+ 作品已獲得超過 2,500 項提名和 538 項獲獎。

During the quarter, we were also excited to launch a new Find My service that can help our users when they lose their luggage. For the first time, if you put an air tag in your suitcase, you'll be able to share its location information with many major airlines so they can quickly track down your bags if they get lost.

在本季度，我們也很高興推出一項新的「查找」服務，該服務可以在用戶遺失行李時為他們提供協助。這是首次，如果你在行李箱中放置航空標籤，你將能夠與許多主要航空公司共享其位置信息，以便他們在行李丟失時能夠快速找到你的行李。

Turning to retail. Our teams went above and beyond to help customers find the perfect gift throughout the holiday season. We also celebrated openings of new stores in China, Spain, and the US. And we were excited to announce plans to connect with even more customers this year by adding a fifth store in the UAE and bringing our online store to Saudi Arabia this summer. We can't wait to welcome customers to the first of several flagship store locations in Saudi Arabia that we're opening beginning in 2026.

轉向零售。在整個節日期間，我們的團隊竭盡全力幫助顧客找到完美的禮物。我們也慶祝了中國、西班牙和美國新店的開幕。我們很高興地宣布，我們計劃今年在阿聯酋開設第五家門市，並於今年夏天將我們的網上商店引入沙烏地阿拉伯，以與更多客戶建立聯繫。我們迫不及待地歡迎顧客光臨我們將於 2026 年開始在沙烏地阿拉伯開設的多家旗艦店中的第一家。

I just had the chance to visit both countries last month and I had a great time meeting with customers and team members. There's an incredible energy and passion for technology in these growing markets.

上個月我剛剛有機會訪問了這兩個國家，並與客戶和團隊成員度過了愉快的時光。這些不斷成長的市場對科技有著令人難以置信的活力和熱情。

Every day I get deeply moving notes about the many ways our technology is enriching our users' lives. I recently got a note from a customer who put his watch on his father's rest when he feared something was wrong with him. The watch alerted them that the father was in AFib and they were able to get him to the hospital for potentially life-saving treatment.

每天我都會收到令人深感感動的筆記，關於我們的技術以多種方式豐富用戶的生活。我最近收到一位顧客的來信，當他擔心父親出現問題時，他就將自己的手錶放在了父親的安置處。手錶提醒他們父親患有心房顫動，他們可以將他送往醫院接受可能挽救生命的治療。

Another user put his new watch on for the first time and within 15 minutes was notified of a low heart rate that led to a necessary pacemaker. And there are so many touching notes around the profound impact of our new hearing health feature like a recent user who told me it had changed her life, allowing her to take part in conversations with their children and grandchildren. These are the kind of stories that remind us of how profoundly important our work is, and it drives us to innovate each and every day.

另一位用戶第一次戴上新手錶，15 分鐘內就收到心率過低的通知，需要使用心臟節律器。我們的新聽力健康功能帶來了許多深遠的影響，令人感動不已，例如一位最近的用戶告訴我，這項功能改變了她的生活，讓她能夠與自己的子孫進行對話。這些故事提醒我們，我們的工作有多重要，並激勵我們每天不斷創新。

At Apple, the future is full of promise and potential. We're always searching across a world of possibilities, finding those places where we can do the most good and putting all of our energy and ingenuity into making something special.

對蘋果來說，未來充滿希望和潛力。我們始終在充滿可能性的世界中探索，尋找那些我們可以做得最好的地方，並投入我們所有的精力和智慧去創造一些特別的事物。

With that, I'll turn it over to Kevan.

說完這些，我將把話題交給凱文 (Kevan)。

Thanks, Tim, and good afternoon, everyone. I'm going to cover the results for the first quarter of our fiscal year.

謝謝，提姆，大家下午好。我將介紹我們財年第一季的業績。

We are very pleased to report an all-time high for revenue, with December quarter revenue of $124.3 billion, up 4% year over year. We achieved all-time revenue records in the Americas, Europe, Japan, and rest of Asia Pacific, and grew in the vast majority of markets we track.

我們非常高興地報告營收創歷史新高，12 月季度營收為 1,243 億美元，年增 4%。我們在美洲、歐洲、日本和亞太其他地區都創下了歷史新高的收入記錄，並且在我們追蹤的絕大多數市場都實現了成長。

Products revenue was $98 billion, up 2% year over year, driven by growth from iPad and Mac. Thanks to our incredible customer satisfaction and strong loyalty, our installed base of active devices reached an all-time high across all products and geographic segments and is now over 2.35 billion active devices.

產品營收為 980 億美元，年增 2%，主要得益於 iPad 和 Mac 的成長。由於我們出色的客戶滿意度和強大的忠誠度，我們的活躍設備安裝基數在所有產品和地理區域都達到了歷史最高水平，現已超過 23.5 億台活躍設備。

Services revenue reached an all-time record of $26.3 billion, up 14% year over year. We grew in every geographic segment and achieved all-time records in both developed and emerging markets.

服務收入達到歷史最高水準的263億美元，年增14%。我們在每個地區都實現了成長，並在已開發市場和新興市場都創下了歷史新高。

Company gross margin was 46.9%, at the high end of our guidance range, and up 70 basis points sequentially, primarily driven by favorable mix. Products gross margin was 39.3%, up 300 basis points sequentially, primarily driven by favorable mix and leverage.

該公司毛利率為 46.9%，處於我們指導範圍的高位，比上一季增長 70 個基點，這主要得益於有利的產品組合。產品毛利率為 39.3%，較上一季上升 300 個基點，主要得益於有利的產品組合和槓桿率。

Services gross margin was 75%, up 100 basis points sequentially, primarily driven by mix.

服務毛利率為 75%，較上一季上升 100 個基點，主要受產品組合推動。

Operating expenses of $15.4 billion landed at the midpoint of our guidance range and up 7% year over year. This strong business performance resulted in all-time records for both net income at $36.3 billion and diluted earnings per share of $2.40, up 10% year over year.

營業費用為 154 億美元，處於我們預期範圍的中點，年增 7%。強勁的業務表現使其淨收入達到 363 億美元，每股攤薄收益達到 2.40 美元，年增 10%，創下歷史新高。

Operating cash flow was also strong at $29.9 billion, which included the impact of the $11.9 billion we paid during the quarter in connection with the state aid decision.

經營現金流也表現強勁，達到 299 億美元，其中包括我們在本季因國家援助決定而支付的 119 億美元的影響。

Now I'm going to provide some more details for each of our revenue categories. iPhone revenue was $69.1 billion, roughly flat to the prior year. We grew in the majority of markets we track and reached all-time revenue records in several developed markets, including Canada, Western Europe, and Japan, and in emerging markets like Latin America, the Middle East, and South Asia.

現在我將針對每個收入類別提供更多詳細資訊。 iPhone 營收為 691 億美元，與前一年基本持平。我們在大多數追蹤的市場中都實現了成長，並在加拿大、西歐和日本等多個已開發市場以及拉丁美洲、中東和南亞等新興市場創下了歷史收入記錄。

The iPhone active installed base grew to an all-time high in total and in every geographic segment. We also set an all-time record for upgraders. According to a recent survey from Kantar during the December quarter, iPhone was a top-selling model in the US, urban China, India, the UK, France, Australia, and Japan. We continue to see high levels of customer satisfaction in the US at 96% as measured by 451 Research.

iPhone 活躍安裝基數在總量和各個地理區域均創下歷史新高。我們也創下了升級者的歷史最高紀錄。根據 Kantar 在 12 月季度的最新調查，iPhone 是美國、中國城市、印度、英國、法國、澳洲和日本最暢銷的型號。根據 451 Research 的調查，我們持續看到美國客戶滿意度高企，達到 96%。

Mac generated $9 billion in revenue, up 16% year over year. We saw strength across our lineup, from the new Mac mini to the latest MacBook Air and MacBook Pro models. This incredible performance was broad-based with double-digit growth in every geographic segment. With our latest advances in Apple Silicon and our fastest neural engine ever, customers are able to take advantage of the full capabilities of AI and Mac.

Mac 營收達 90 億美元，年增 16%。從新款 Mac mini 到最新的 MacBook Air 和 MacBook Pro 機型，我們的整個產品線都展現出強勁實力。這一令人難以置信的表現是廣泛存在的，每個地理區域都實現了兩位數的成長。借助我們在 Apple Silicon 的最新進展和有史以來最快的神經引擎，客戶能夠充分利用 AI 和 Mac 的全部功能。

The Mac installed base reached an all-time high, and we saw double-digit growth for both upgraders and customers new to the Mac. Additionally, customer satisfaction in the US was recently measured at 94%.

Mac 的安裝基數達到了歷史最高水平，我們看到 Mac 的升級者和新客戶都實現了兩位數的成長。此外，最近測量的美國客戶滿意度為 94%。

iPad revenue was $8.1 billion, up 15% year over year, driven by the new iPad mini and latest iPad Air. The iPad installed base reached another all-time high and over half of the customers who purchased an iPad during the quarter were new to the product. Customer satisfaction was at 96% in the US based on the latest reports from 451 Research.

iPad 營收為 81 億美元，年增 15%，這得益於新款 iPad mini 和最新 iPad Air 的推動。iPad 的安裝基數再創歷史新高，本季購買 iPad 的客戶中有一半以上都是新購買者。根據 451 Research 的最新報告，美國客戶滿意度為 96%。

Wearables, Home, and Accessories revenue was $11.7 billion, down 2% year over year. Customers are excited about the new AirPods 4 and the latest hearing health features in AirPods Pro 2. On watch, although we face a difficult compare against the Watch Ultra 2 launched last year, the Apple Watch installed base reached a new all-time high with over half of customers purchasing an Apple Watch during the quarter being new to the product. Customer satisfaction for Watch in the US was reported at 94%.

穿戴式裝置、家居和配件收入為 117 億美元，年減 2%。顧客對新的 AirPods 4 和 AirPods Pro 2 中的最新聽力健康功能感到非常興奮。在手錶方面，雖然與去年推出的 Watch Ultra 2 相比，我們面臨困難，但 Apple Watch 的安裝基數達到了歷史新高，本季度購買 Apple Watch 的客戶中有超過一半都是新購買該產品的。據報道，美國顧客對 Watch 的滿意度為 94%。

Our services revenue reached an all-time high of $26.3 billion, up 14% year over year. Services continues to see strong momentum, and the growth of our installed base of active devices gives us great opportunities for the future. We also see increased customer engagement with our services offerings, both transacting and paid accounts reached new all-time highs with paid accounts growing double digits year over year.

我們的服務收入達到史上最高的263億美元，年增14%。服務業務持續呈現強勁勢頭，活躍設備安裝基數的成長為我們的未來帶來了巨大的機會。我們也看到客戶對我們服務的參與度不斷提高，交易帳戶和付費帳戶都達到了歷史新高，付費帳戶同比增長了兩位數。

Paid subscriptions also grew double digits. We have well over 1 billion paid subscriptions across the services on our platform. We remain focused on improving the breadth and quality of our Services offerings, from new games in Apple Arcade to exciting new programming on Fitness+ and the continued expansion of features like Tap to Pay now live in 20 markets.

付費訂閱量也實現了兩位數的成長。我們平台的所有服務的付費訂閱量已超過 10 億。我們將繼續專注於提高我們服務的廣度和質量，從 Apple Arcade 中的新遊戲到 Fitness+ 上令人興奮的新節目，以及 Tap to Pay 等功能的持續擴展，目前這些功能已在 20 個市場上線。

Turning to enterprise. We have seen businesses continue to expand their deployments of our products and services. Deutsche Bank launched its Mac Is Choice program for their developers and also issued the latest MacBook Air as a standard computer for their entire mortgage lending division. And we're excited to see leading enterprises such as SAP leverage Apple Intelligence in the US, with features like writing tools, summarize and priority notifications to enhance both their employee and customer experiences.

轉向企業。我們看到企業不斷擴大對我們產品和服務的部署。德意志銀行為其開發人員推出了「Mac Is Choice」計劃，並發布了最新款 MacBook Air 作為其整個抵押貸款部門的標準電腦。我們很高興看到 SAP 等領導者在美國利用 Apple Intelligence，其功能包括寫作工具、總結和優先通知等，以增強員工和客戶的體驗。

We also see strong demand in our emerging markets. For example, Zomato, a leading food ordering and delivery company in India, has deployed thousands of Macs across their workforce to foster innovation. And Vision Pro continues to see more use cases in enterprise with Cisco's new spatial meetings delivering a fully immersive video conferencing experience for remote collaboration and learning.

我們也看到新興市場的需求強勁。例如，印度領先的食品訂購和配送公司 Zomato 在其員工隊伍中部署了數千台 Mac 以促進創新。隨著思科新的空間會議為遠距協作和學習提供完全沉浸式的視訊會議體驗，Vision Pro 在企業中的使用案例也不斷增加。

Let me quickly summarize our cash position and capital return program. We ended the quarter with $141 billion in cash and marketable securities. We repaid $1 billion in maturing debt and decreased commercial paper by $8 billion, resulting in $97 billion in total debt. Therefore, net cash at the end of the quarter was $45 billion.

讓我快速總結一下我們的現金狀況和資本回報計劃。截至本季末，我們的現金和有價證券總額為 1,410 億美元。我們償還了 10 億美元的到期債務，並減少了 80 億美元的商業票據，導致總債務為 970 億美元。因此，本季末的淨現金為450億美元。

During the quarter, we returned over $30 billion to shareholders. This included $3.9 billion in dividends and equivalents and $23.3 billion through open market repurchases of 100 million Apple shares. As usual, we will provide an update to our capital return program when we report results for the March quarter.

本季度，我們向股東返還了超過 300 億美元。其中包括 39 億美元的股息和等價物，以及透過公開市場回購 1 億股蘋果股票的 233 億美元。像往常一樣，我們將在報告三月季度業績時更新我們的資本回報計劃。

As we move ahead into the March quarter, I'd like to review our outlook which includes the types of forward-looking information that Suhasini referred to at the beginning of the call. The color we're providing today assumes that the macroeconomic outlook doesn't worsen from what we're projecting today for the current quarter.

隨著我們進入三月季度，我想回顧一下我們的展望，其中包括 Suhasini 在電話會議開始時提到的前瞻性資訊。我們今天提供的情況假設宏觀經濟前景不會比我們今天對本季的預測更惡化。

As the dollar strengthened significantly, we expect foreign exchange to be a headwind and to have a negative impact on revenue of about 2.5 percentage points on a year-over-year basis. Despite that headwind, we expect our March quarter total company revenue to grow low to mid-single digits year-over-year.

由於美元大幅走強，我們預計外匯將成為一個阻力，並對收入產生約 2.5 個百分點的負面影響。儘管面臨阻力，我們預計 3 月份季度公司總營收將較去年同期成長低至中個位數。

We expect services revenue to grow low-double digits year over year. When you remove the negative impact of the foreign exchange headwinds I described earlier, the year-over-year growth rate would be comparable to that of the December quarter.

我們預計服務收入將年增率低兩位數。如果消除我之前描述的外匯逆風帶來的負面影響，年成長率將與 12 月季度相當。

We expect gross margin to be between 46.5% and 47.5%. We expect operating expenses to be between $15.1 billion and $15.3 billion. We expect OI&E to be around negative $300 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16%.

我們預計毛利率在 46.5% 至 47.5% 之間。我們預計營運費用在 151 億美元至 153 億美元之間。我們預計 OI&E 約為負 3 億美元，不包括少數股權投資的市價調整帶來的潛在影響，我們的稅率約為 16%。

Finally, today, our Board of Directors has declared a cash dividend of $0.25 per share of common stock payable on February 13, 2025 to shareholders of record as of February 10, 2025.

最後，今天，我們的董事會宣布向截至 2025 年 2 月 10 日登記在冊的股東派發每股普通股 0.25 美元的現金股息，將於 2025 年 2 月 13 日支付。

With that, let's open the call to questions.

現在，我們開始提問。

Thank you, Kevan. We ask that you limit yourself to two questions. Operator, may we have the first question, please?

謝謝你，凱文。我們要求您只問兩個問題。接線員，我們可以問第一個問題嗎？

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Tim, in your prepared remarks, you had noted that iPhone 16 models are selling better in markets where Apple Intelligence is available. And I was just wondering if you could double-click on that comment a bit and share any other details you believe could better help us understand how Apple Intelligence is really impacting iPhone demand and/or what features you find that users are using those often already. And then I just have a quick follow-up.

提姆，在你準備好的發言中，你指出 iPhone 16 機型在提供 Apple Intelligence 的市場上銷量較好。我只是想知道您是否可以稍微點擊一下該評論並分享任何其他細節，您認為這些細節可以更好地幫助我們了解 Apple Intelligence 如何真正影響 iPhone 需求，以及/或您發現用戶經常使用哪些功能。然後我做一個快速的跟進。

Yes, Erik. It's Tim. We did see that the markets where we had rolled out Apple Intelligence, that the year-over-year performance on the iPhone 16 family was stronger than those where Apple Intelligence was not available.

是的，埃里克。是蒂姆。我們確實看到，在推出 Apple Intelligence 的市場中，iPhone 16 系列的年比表現強於沒有推出 Apple Intelligence 的市場。

In terms of the features that people are using, they're using all of the ones that I referenced in my opening comments, from writing tools to Image Playground and Genmoji to visual intelligence and more. And so we see all of those being used.

就人們正在使用的功能而言，他們使用了我在開場白中提到的所有功能，從寫作工具到 Image Playground、Genmoji 到視覺智慧等等。我們看到所有這些都被利用了。

Clean Up is another one that is popular and people love seeing that one demoed in the stores as well. We only had 2, 2.5 weeks or so during the December quarter of the second release of 18.2 and then only had the UK and the other English language countries for the 2.5 weeks. And so we've got just the early indications at the moment, but we were glad.

Clean Up 是另一個很受歡迎的產品，人們也喜歡看到它在商店中展示。在 18.2 版本第二次發布的 12 月季度，我們只有 2 到 2.5 週左右的時間，這 2.5 週只針對英國和其他英語國家。因此，我們目前只得到了早期跡象，但我們很高興。

That's really helpful. And then if we just touch on China, obviously, in the news fairly frequently. If we set aside China macro, which I understand is still challenging, can you maybe talk about the headwinds that Apple faces, whether that's shifting preferences for Western technology brands in favor of domestic vendors? Or is this just a function of not necessarily having Apple Intelligence available with the iPhone 16, which is not necessarily helping replacement cycles?

這真的很有幫助。如果我們只是談論中國，顯然，它經常出現在新聞中。如果我們拋開中國宏觀因素（我知道這仍然具有挑戰性），您能否談談蘋果所面臨的阻力，是否意味著人們的偏好從西方科技品牌轉向國內供應商？或者這只是因為 iPhone 16 不一定具備 Apple Intelligence 功能，因此不一定有助於延長更換週期？

Just maybe double-clicking on what you think and what you're hearing in China as it relates to the iPhone.

也許只需雙擊一下您在中國所想的以及所聽到的與 iPhone 相關的事情。

Yeah, sure. If you look at our Greater China revenue for the quarter, we were down 11% year over year. And over half of the decline that we experienced was driven by change in channel inventory from the beginning to the end of the quarter. And of course, on the Apple Intelligence side, we have not rolled out in China.

是的，當然。如果你看看我們本季大中華區的收入，你會發現比去年同期下降了 11%。我們經歷的下降中有一半以上是由於本季度初到末渠道庫存的變化造成的。當然，在 Apple Intelligence 方面，我們尚未在中國推出。

And as we just talked about, we did see better results in the markets that we had rolled out in than markets we hadn't rolled out in. And of course, it's the most competitive market in the world. And so all of those things are true.

正如我們剛才談到的，我們確實在已經進入的市場中看到了比尚未進入的市場更好的結果。當然，它是世界上競爭最激烈的市場。所有這些都是真的。

In terms of the macro situation, there was fiscal stimulus or subsidy announced in very recently in January that did not affect the December quarter. There were some provincial subsidies in the December quarter, but the national program was announced, I believe, on January 20. And it does cover the categories that we have products in, from smartphones to tablets and PCs and smart watches, up to a certain maximum price point. And so we do see fiscal stimulus occurring, and we'll be glad to talk about what that looks like on the next call.

從宏觀情勢來看，今年 1 月剛宣布了財政刺激或補貼措施，但並未影響 12 月季度。12 月季度有一些省級補貼，但我相信國家計劃是在 1 月 20 日宣布的。它確實涵蓋了我們的產品類別，從智慧型手機到平板電腦、個人電腦和智慧手錶，最高價格不超過某個點。因此，我們確實看到財政刺激措施正在發生，我們很樂意在下次電話會議上討論其情況。

Ben Reitzes, Melius.

本·賴澤斯（Ben Reitzes），Melius。

Tim, wanted to ask you, you knew this one was coming, but there's a perception that you're a big beneficiary of lower cost of compute. And I was wondering if you could give your worldly perspective here on the DeepSeek situation and if you are going to -- if anything has happened to change your views in terms of a tailwind to margins and your ability to execute even due to the potential for cost to come down due to that development and probably what was going to happen anyway.

提姆，想問你，你知道這個會發生，但人們認為你是計算成本降低的最大受益者。我想知道您是否可以從世俗的角度來看待 DeepSeek 的情況，以及是否發生了什麼事情改變了您對利潤率和執行能力的看法，即使由於這一發展可能導致成本下降，以及無論如何都可能發生的情況。

But I'd love your perspective on that, and then I have a quick follow-up.

但我很想聽聽你對此的看法，然後我會快速跟進。

Sure. In general, I think innovation that drives efficiency is a good thing. And that's what you see in that model. Our tight integration of silicon and software, I think, will continue to serve us very well. As you know, we do things on the device and we do things in the private cloud, and which mimics from an architectural point of view what happens on device.

當然。總的來說，我認為推動效率的創新是件好事。這就是您在該模型中看到的。我認為，矽片和軟體的緊密整合將繼續為我們提供良好的服務。如您所知，我們在設備上執行操作，我們在私有雲中執行操作，從架構的角度模擬設備上發生的事情。

And from a CapEx point of view, we've always taken a very prudent and deliberate approach to our expenditure, and we continue to leverage a hybrid model, which I think continues to serve us well.

從資本支出的角度來看，我們始終對支出採取非常審慎和慎重的態度，並且我們繼續利用混合模式，我認為這將繼續為我們提供良好的服務。

Great. All right. And then just with regard to the iPhone trajectory, do you feel like, I guess, you obviously don't talk about new products and stuff like that, but do you feel that there's a lot of room for form factor innovation in the future? Or do you feel that the current lineup kind of shows where you're going?

偉大的。好的。那麼就 iPhone 的發展軌跡而言，您是否覺得，我猜，您顯然不會談論新產品和類似的東西，但是您是否覺得未來外形創新的空間很大？還是你覺得目前的陣容已經顯示了你們的未來方向？

I guess without pulling punches, wondering if you thought, in terms of the phone innovation, if there's a lot more to come and you could see the kind of current market changing a bit over the next two to three years.

我不假思索地想問，您是否想過，在手機創新方面，是否還會有更多的創新，並且您是否會看到當前的市場在未來兩到三年內會發生一些變化。

I think, Ben, I think there's a lot more to come, and I could not feel more optimistic about our product pipeline. So I think there's a lot of innovation left on smartphone.

本，我認為未來還會有更多產品，我對我們的產品線感到非常樂觀。所以我認為智慧型手機領域還有很多創新空間。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I have two as well. First, it was encouraging to hear about the record for iPhone operators, which I think is something you haven't said for about a year now. I was wondering if you could talk a little bit about what you would attribute this upgrade strength to. Has Apple Intelligence played a role in helping upgrades in the markets that you've launched in?

我也有兩個。首先，聽到有關 iPhone 運營商的記錄是令人鼓舞的，我想這是您大約一年來沒有說過的事情。我想知道您是否可以稍微談談您認為這次升級的優勢在於什麼。Apple Intelligence 對你們進入的市場升級起到了什麼幫助作用？

Yes. Thank you for the question. If you look at iPhone, we did set an all-time record for upgraders. So we've never seen a higher level of upgraders before. The installed base hit a new all-time high as well.

是的。感謝您的提問。如果你看看 iPhone，我們確實創下了升級者的歷史最高紀錄。因此我們之前從未見過更高級別的升級者。安裝基數也創下了歷史新高。

And if you look at the 16 compared to the 15, from launch, which occurred, as you know, in September, so this is across now two quarters from September to the end of the December fiscal quarter, the 16 outperformed the 15.

如果您將 16 與 15 進行比較，從 9 月發布開始，那麼從 9 月到 12 月財政季度末的兩個季度來看，16 的表現優於 15。

And so I think you can conclude from that, that there are compelling reasons to upgrade. And in the markets where we had launched Apple Intelligence, they outperformed the markets that we did not. So lots of good color there.

因此我認為你可以由此得出結論：我們有令人信服的理由進行升級。在我們推出 Apple Intelligence 的市場中，他們的表現優於我們尚未推出的市場。那裡有很多好看的顏色。

Great. That's very clear. And then I had one about the iPad Pro and the thinner version. I was just wondering if you could talk about that thin form factor for the iPad Pro. How did it help iPad sales overall?

偉大的。這非常清楚。然後我又寫了一篇關於 iPad Pro 及其薄型版本的文章。我只是想知道您是否可以談談 iPad Pro 的薄型外形。它對 iPad 的整體銷售有何幫助？

And what is your kind of marketing consumer research tell you about how consumers value that thin product form factor?

您的行銷消費者研究如何告訴您消費者如何評價這種輕薄的產品外型？

It's a good question. iPad overall grew 15% for the quarter, and it was more driven by iPad Air and the entry-level iPad than it was the top-level iPad. But overall, we could not be more pleased with the iPad category growing 15%. It's a great achievement for the quarter. And probably what is most important is that over half of the sales in the December quarter went to customers who were new to the iPad.

這是個好問題。本季 iPad 整體銷量成長了 15%，這主要得益於 iPad Air 和入門級 iPad 的銷量，而非頂級 iPad 的銷量。但總體而言，我們對 iPad 類別 15% 的成長率感到非常高興。這對於本季來說是一個巨大的成就。或許最重要的是，12 月季度超過一半的銷售額來自新購買 iPad 的客戶。

So that tells us that there's a good amount of customers there to attract.

這告訴我們那裡有大量客戶可供吸引。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼 (Amit Daryanani)，Evercore。

Just maybe to start with, you're also seeing some very robust growth trends in emerging markets right now for Apple products. Can you just, at a high level, just talk of the durability of growth that you see in the emerging markets? And then do you think the summation of these emerging markets are starting to get big enough or perhaps starting to grow fast enough that you can actually offset some of the China headwinds you're going through?

首先，你或許也會看到蘋果產品在新興市場呈現非常強勁的成長趨勢。您能否從宏觀角度談談您所看到的新興市場的成長持久性？那麼，您是否認為這些新興市場的總和開始變得足夠大或開始成長得足夠快，以便您實際上可以抵消您所經歷的一些中國逆風？

We have great results in a number of emerging markets. And as you know from past calls, I'm particularly keen on India. India set a December quarter record during the quarter. And we're opening more stores there. We've announced that we're going to open four new stores there.

我們在許多新興市場都取得了巨大的業績。正如您從過去的通話中了解到的那樣，我對印度特別感興趣。印度在本季創下了 12 月季度的記錄。我們正在那裡開設更多商店。我們已經宣布將在那裡開設四家新店。

The iPhone was the top-selling model in India for the quarter. And it is the second largest smartphone market in the world and the third largest for PCs and tablets. And so there's a huge market. And we have very modest share in these markets.

iPhone 是本季印度最暢銷的機型。它是全球第二大智慧型手機市場、全球第三大個人電腦和平板電腦市場。因此，這是一個巨大的市場。我們在這些市場中所佔的份額非常小。

And so I think there's lots of upside there. And that's just one of the emerging markets.

所以我認為這裡有很多好處。這只是新興市場之一。

Tim, maybe I'll add, Amit, that in emerging markets, we're also seeing double-digit growth on the installed base both in total and for the iPhone as well. So that's also an encouraging sign.

提姆，阿米特，也許我應該補充一點，在新興市場，我們也看到整體安裝基數和 iPhone 的安裝基數都實現了兩位數的成長。這也是令人鼓舞的跡象。

Perfect. And then, I guess, just a question on gross margins for the March quarter. You folks are guiding gross margins flattish on a sequential basis. Typically, I think it tends to be guided up a little bit, 50 basis points or so sequentially. Can you just touch on like what are the offsets of the puts and takes you see here on gross margins?

完美的。然後，我想，我只想問三月季度的毛利率。你們指導的毛利率環比持平。通常情況下，我認為它會被引導稍微上調，連續上漲 50 個基點左右。您能否簡單談談這裡的看跌和看漲對毛利率的抵銷作用？

And Kevan, maybe you can just talk about is FX having an outsized impact on your margin profile as well in March.

凱文，也許您可以談談外匯是否對 3 月的利潤狀況產生了巨大影響。

Yes, Amit, let me take that one. As we mentioned in my remarks, we're guiding to 46.5% to 47.5%. So we think we're very pleased with that level of guidance.

是的，阿米特，讓我來接手這個。正如我在評論中提到的，我們預計這一比例將達到 46.5% 至 47.5%。因此我們認為我們對該水準的指導非常滿意。

As you mentioned, there's always puts and takes. We do think there's going to be some FX headwinds, which we talked about, that's going to affect our revenue growth as well. It'll have an impact here on the margin, a sequential impact on margins. But we think that's going to be offset by favorable costs and the relative mix of services.

正如你所提到的，事情總是有得有失。我們確實認為會出現一些外匯不利因素，正如我們所討論的那樣，這也會影響我們的收入成長。這將對利潤產生影響，並對利潤產生連續影響。但我們認為這將被優惠的成本和相對的服務組合所抵銷。

As you know, when we move from Q1 to Q2, especially on the product side, because Q1 is such a large quarter for our products business, we do have a loss of leverage. So there are some puts and takes. And I think we feel good about the range. We think it's a very, very strong guide for gross margin.

如您所知，當我們從第一季轉向第二季度時，特別是在產品方面，由於第一季是我們產品業務的一個重要季度，我們的槓桿率確實有所損失。因此，存在一些得失。我認為我們對這個範圍感到滿意。我們認為這對毛利率來說是一個非常非常強勁的指引。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Tim, I want to follow up on your comment about channel inventory in China. I was wondering if you could maybe address more broadly of channel inventory across your different product lines and regions. Do you feel they are elevated or out of range in any other regions? And given the clearing event that kind of happened in China, I guess, in the quarter, should we think of a more normal progression quarter-on-quarter into the March quarter in China in particular? And I have a follow-up.

提姆，我想跟進你關於中國渠道庫存的評論。我想知道您是否可以更廣泛地解決不同產品線和地區的通路庫存問題。您是否覺得它們在其他任何地區都處於較高水平或超出範圍？考慮到中國發生的清算事件，我想，在本季度，我們是否應該考慮在中國 3 月份季度環比增長更正常？我還有一個後續問題。

Yes. I don't want to project sales for the current quarter by region. But if you look at the channel inventory and look at iPhone in the aggregate, so on a worldwide basis, we're very comfortable with our channel inventory position.

是的。我不想按地區預測當前季度的銷售額。但如果你查看渠道庫存，並從總體上看 iPhone，那麼從全球範圍來看，我們對我們的渠道庫存狀況非常滿意。

In China, my point was that our channel inventory reduced from the beginning of the quarter to the end of the quarter, and that was over half of the reduction in the reported results. And so if you look, part of the reason for that is that our sales were a bit higher than we forecasted them to be toward the end of the quarter. And so we ended a little leaner than we had expected to.

在中國，我的觀點是，我們的通路庫存從本季初到本季末有所減少，這佔報告結果減少量的一半以上。如果你看一下，你會發現部分原因是我們的銷售額比我們預測的季度末銷售額略高。因此，我們最終的結果比預期的要略微精簡一些。

Okay. That's very clear. And then maybe as my follow-up, your Services growth has been very strong, and I know you kind of been navigating some pretty challenging regulatory burdens on the business globally. So how should investors think about maybe either a top line or margin headwind that, let's say, you are currently absorbing in your results that could potentially maybe reverse in a more balanced regulatory environment?

好的。這非常清楚。然後也許作為我的後續問題，您的服務成長一直非常強勁，我知道您在全球範圍內應對了一些相當具有挑戰性的監管負擔。那麼投資人該如何看待營收或利潤的不利因素呢？

Yes. So I think, one, I just wanted to kind of reiterate the fact that our services business had an all-time record for December quarter, up 14%. And that was one strength that we saw across all geographic segments and also was very broad-based across all of our services. So we have, as you know, a very broad Services portfolio. And so we do see good momentum across the board.

是的。所以我認為，首先，我只是想重申一個事實，即我們的服務業務在 12 月季度創下了歷史新高，成長了 14%。這是我們在所有地理區域都看到的優勢，也廣泛地體現在我們所有的服務中。如您所知，我們擁有非常廣泛的服務組合。因此我們確實看到了各方面的良好動力。

And as well, we continue to see increasing engagement across the customer base, across all of the service offerings, both transacting and paid accounts. We talked about reaching all-time highs. And we have over now 1 billion paid subscriptions across the services platform.

此外，我們也看到客戶群對所有服務產品（包括交易帳戶和付費帳戶）的參與度不斷提高。我們談論的是達到歷史最高水準。現在我們整個服務平台的付費訂閱用戶已經超過 10 億。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

I guess for the first one, I mean, you had a great quarter on Macs and iPads both. And I'm just curious, in terms of if you can help us think about the sustainability of this double-digit growth that you saw in both the product lines.

我想首先要說的是，你們本季在 Mac 和 iPad 方面都取得了出色的成績。我很好奇，您是否能幫助我們思考這兩條產品線所呈現的兩位數成長的可持續性？

And more interest also here, we are talking about Apple Intelligence sort of influencing volumes on iPhones, but any thoughts on sort of how -- what does that influence look like in terms of volumes for Macs, for example, where I think there's a lot of conversation on AI PCs, how you're thinking about the impact there? And I have a quick follow-up.

這裡還有更多令人感興趣的是，我們正在談論 Apple Intelligence 對 iPhone 銷量的影響，但您認為這種影響對 Mac 的銷量有何影響？我還有一個快速的跟進。

Yes. If you look at Mac, Mac was up 16%. And on iPad, we were up 15%. The Mac was driven by the very strong uptake on our new products during the quarter and the continued success of the MacBook Air. And so as you know, we've launched an M4-based MacBook Pro, an iMac and a Mac Mini during the quarter.

是的。如果你看一下 Mac，你會發現 Mac 漲了 16%。在 iPad 方面，我們的成長了 15%。Mac 業務的成長得益於本季我們新產品的強勁成長以及 MacBook Air 的持續成功。如您所知，我們在本季推出了基於 M4 的 MacBook Pro、iMac 和 Mac Mini。

We believe we've got the best AI PC out there for running workloads. The silicon in the Mac is, and it has been for several years now, designed by us and really designed for these workloads. And so I don't want to project at the category level for the future, but we're incredibly pleased with both the Mac and the iPad for the quarter.

我們相信，我們已經擁有了最適合運行工作負載的 AI PC。幾年來，Mac 中的矽片都是由我們設計的，而且真正是為這些工作負載而設計的。因此，我不想在類別層面對未來進行預測，但我們對本季的 Mac 和 iPad 的表現都非常滿意。

Okay. And Tim, I'm going to use your earlier discussion about India as a strong emerging market to sort of ask you about the supply chain planning there in terms of how much of the supply chain planning there that you're doing is more of a reflection of the growth expectations from that market relative to in terms of diversification of the supply chain. And how should we sort of think about that strategy in terms of that particular country?

好的。提姆，我將利用您之前關於印度作為一個強大的新興市場的討論來詢問您關於那裡的供應鏈規劃的問題，就您在那裡進行的供應鏈規劃而言，在多大程度上更多地反映了該市場相對於供應鏈多樣化的增長預期。那麼，從特定國家的角度來看，我們該如何思考這個策略呢？

Yes. If you look at the manufacturing we do there, we do manufacturing both for the domestic market, and we export. And so our business needs a certain economies of scale for it to make sense to manufacture in country. And so that really means that we're going to be both a use for the domestic market and an export market.

是的。如果你看看我們在那裡所做的製造，你會發現我們既為國內市場製造產品，也出口。因此，我們的業務需要一定的規模經濟，這樣在國內生產才有意義。所以這其實意味著我們既可以滿足國內市場的需求，又可以滿足出口市場的需求。

David Vogt, UBS.

瑞銀的戴維沃格特（David Vogt）。

So maybe, Tim, this is for you. I'm trying to think about your commentary around Apple Intelligence being sort of a momentum driver for the iPhone business. But when I think about your framework for the March quarter, if I kind of adjust for channel inventory over the last couple of years, feels like your iPhone revenue for the March quarter is going to be relatively similar to the quarter two years ago and even the quarter last year. So how do we square the momentum versus the iPhone business effectively really unchanged over the last couple of years?

所以也許，提姆，這是給你的。我試著思考你關於 Apple Intelligence 將成為 iPhone 商業動力驅動力的評論。但當我考慮你們三月季度的框架時，如果我根據過去幾年的通路庫存進行調整，感覺你們三月份季度的 iPhone 收入將與兩年前的季度，甚至去年的季度相對相似。那麼，我們如何平衡 iPhone 業務近幾年來的發展勢頭與實際上沒有改變的情況呢？

And then second, when I think about kind of the gross margin profile of the business, obviously, you've done a great job in taking gross margins up. Where do you think we sit in terms of, on the services side at least, where margins could go? It looks like the 75% margin has been incredibly successful quarter. But just trying to get a sense for where you think this number could go over the intermediate term.

其次，當我考慮業務的毛利率狀況時，顯然你們在提高毛利率方面做得很好。您認為至少就服務方面而言，我們的利潤率可以達到什麼水準？看起來 75% 的利潤率對於這個季度來說是一個非常成功的成績。但您只是想了解這個數字在中期內會達到什麼程度。

Yes. If you look at Apple Intelligence, what my point earlier was, that markets where we had rolled out Apple Intelligence during the Q1 period performed better on a year-over-year basis than markets where we had not. And so that gives us -- it's a positive indicator that we were pleased with.

是的。如果你看一下 Apple Intelligence，我之前的觀點是，我們在第一季推出 Apple Intelligence 的市場年比表現比我們尚未推出的市場好。所以這給了我們一個令我們滿意的正面指標。

There are many compelling reasons to upgrade. And the other thing I would say, that I think I mentioned earlier, is that if you look at it from a launch to the end of the December quarter, and so that goes back to September, the 16 family is outperforming the 15 family.

有許多令人信服的理由來促使升級。我想說的另一件事，我想我之前提到過，如果從發佈到 12 月季度末，也就是回到 9 月份，16 系列的表現優於 15 系列。

And so I think those are two good data points. Our next round of language rollouts will be in April. And so it will be in our Q3 quarter. And I'll let Kevan take the gross margin question.

所以我認為這是兩個很好的數據點。我們的下一輪語言推出將在四月進行。我們的第三季也將如此。我請凱文 (Kevan) 來回答毛利率問題。

So on the services gross margin, I think maybe just stepping back a second. Services business in general in aggregate is accretive to the overall company margin. And one of the things, as an important reminder, is we've got a very broad services portfolio. And those businesses have very different margin profiles.

因此，關於服務毛利率，我想也許我們只需稍微回顧一下。整體而言，服務業務可增加公司的整體利潤。需要提醒的是，其中一件事是，我們擁有非常廣泛的服務組合。這些企業的利潤狀況非常不同。

And so I think, one, it's because of the nature of those businesses and in part also because of the way we account for them. And so one of the big factors that drive the services gross margins and relative performance of those different businesses within the portfolio.

因此我認為，一方面，這是因為這些業務的性質，部分也是因為我們對它們的會計處理方式。因此，這是影響服務毛利率和投資組合內不同業務相對錶現的重大因素之一。

We also have the dynamic of some scale businesses like payment services, iCloud, that are actually growing. And there, when we add incremental users, those end up being accretive to margins as well. And so in general, what we saw in the December quarter was nice momentum across our entire Services business that allows us to deliver that 75% margin at the Services level. And I think our guidance takes into consideration what we think we're going to land from a company standpoint of 46.5% to 47.5%, which again, we think is a strong guide.

我們也擁有一些規模業務的動態，例如支付服務，iCloud，它們實際上正在成長。而且，當我們增加增量用戶時，利潤也會增加。總體而言，我們在 12 月季度看到的是整個服務業務的良好發展勢頭，這使我們能夠在服務層面實現 75% 的利潤率。我認為我們的指導考慮了我們認為從公司角度能夠達到的 46.5％ 到 47.5％ 的比例，我們再次認為這是一個強有力的指導。

Krish Sankar, TD Cowen.

克里什·桑卡爾（Krish Sankar），TD Cowen。

I also had two of them. One, the first one for Tim. You had very strong Mac growth, 16% year over year last quarter. Just wondering how much of that was driven by some of the Mac silicon innovation versus a replacement cycle for Macs.

我也有兩個。第一，是給提姆的。上個季度，Mac 的成長非常強勁，年成長 16%。只是想知道其中有多少是由 Mac 晶片創新和 Mac 的更換週期推動的。

I don't know the answer to your question precisely, but I think it is a combination of these products are so compelling, the M4-based products are so compelling, that it's driving both upgrades at the double-digit level and it's driving switchers at a double-digit level. And so we're seeing both come out, and I think it's just because of the compelling products.

我不知道你問題的具體答案，但我認為這些產品的組合非常引人注目，基於 M4 的產品非常引人注目，它既推動了兩位數的升級，也推動了兩位數的轉換器。因此我們看到兩款產品的問世，我認為這只是因為產品引人注目。

Got it. And then a follow-up for Kevan on the gross margin. I want to ask you on the product side. Last quarter, you had 39.3%, which is very strong, similar to a year-ago period. I'm kind of curious how much more levels do you have on the product side to improve the gross margin? Or do you think with some of the more new AI-related devices, there's more upside to gross margin from here on the product hardware side?

知道了。然後請 Kevan 就毛利率進行跟進。我想問您關於產品方面的問題。上個季度，你們的成長率達到了 39.3%，非常強勁，與去年同期相似。我有點好奇你們在產品方面有多少層次可以提高毛利率？或者您認為，隨著一些新型 AI 相關設備的出現，產品硬體方面的毛利率將有更大的上升空間？

Yes. Thanks, Krish, for the question. So on the product side, as you mentioned, we had pretty strong sequential improvement, 300 basis points, for the December quarter. That was really driven by, we talked about, favorable mix and leverage. As you know, in Q1, again, it's a launch quarter for many products, and so we tend to benefit from the leverage that we get from that higher volume.

是的。謝謝 Krish 提出這個問題。因此在產品方面，正如您所說，我們的 12 月季度環比增長相當強勁，增長了 300 個基點。這實際上是由我們所討論的有利的組合和槓桿所驅動的。如您所知，第一季是許多產品的發布季度，因此我們往往會從更高的銷售中獲得槓桿作用。

I would say, in general, our gross margin on products is driven by a number of factors. One of them is the various product launches that we have. Different products do have different margin profiles. And so that mix does make a difference.

我想說，總的來說，我們產品的毛利率是由多種因素決定的。其中之一就是我們推出的各種產品。不同產品確實有不同的利潤狀況。所以這種混合確實會產生影響。

And in particular, what we're seeing is, for example, many of our mix is across like phone, for example, we're seeing customers gravitate towards our Pro products because of things like affordability that allows our customers to get into our best products, which have favorable gross margins. So we're continuing to see that trend, that impacted us in the December quarter.

具體來說，我們看到，我們的許多產品組合都涉及手機領域，我們看到客戶傾向於購買我們的專業產品，因為價格實惠等因素使我們的客戶能夠購買到我們最好的產品，這些產品具有良好的毛利率。因此，我們繼續看到這種趨勢，這對我們 12 月季度產生了影響。

As well, I think we're in a favorable commodity environment from a cost standpoint. And so we're benefiting from that as well in the December quarter. And then that's going to be, as we talked about, we're going to have a foreign exchange headwind heading into the March quarter, but we figured that's contemplated in the guidance range that we gave, the 46.5% to 47.5%.

此外，我認為從成本角度來看我們處於有利的商品環境中。因此我們在 12 月季度也從中受益。然後，正如我們所討論的，我們將在 3 月季度面臨外匯逆風，但我們認為這已經考慮到了我們給出的指導範圍內，即 46.5% 至 47.5%。

Richard Kramer, Arete Research.

Arete Research 的 Richard Kramer。

My first question is for Tim. I'd like to ask about what might accelerate the pace of Apple Intelligence adoption. I guess do you see this simply as a question of time i.e., to launch more markets and languages or increase the percentage of installed base devices that can support it? Or is it a question of money, i.e., shifting R&D or marketing spend towards AI? And based on other prior Apple services, do you expect a sort of tipping point where adoption will go mainstream?

我的第一個問題是針對提姆的。我想問一下什麼可能會加速 Apple Intelligence 的採用步伐。我猜您是否認為這只是一個時間問題，即推出更多的市場和語言，或增加可以支援它的已安裝設備的比例？或者這是一個錢的問題，例如將研發或行銷支出轉向人工智慧？基於 Apple 之前提供的其他服務，您是否預期這項服務將出現一個轉捩點，成為主流？

I do believe it will go mainstream. I'm getting feedback from people using different features today. And this is -- keep in mind that on the iPhone side of our business, you either have to have an iPhone 15 Pro or iPhone 16 to use Apple Intelligence. And so as that base grows, I think the usage will continue to grow.

我確實相信它會成為主流。我今天收到了使用不同功能的人的回饋。請記住，在我們業務的 iPhone 方面，您必須擁有 iPhone 15 Pro 或 iPhone 16 才能使用 Apple Intelligence。因此，隨著基礎的擴大，我認為使用量也會持續成長。

And I think I know from my own personal experience, once you start using the features, you can't imagine not using them anymore. I know I get hundreds of e-mails a day and the summarization function is so important. So I think it's a combination of that. And of course, in April, we roll out a whole series of new languages that we had mentioned, and so the base grows further.

我認為從我的個人經驗來看，一旦你開始使用這些功能，你就無法想像不再使用它們。我知道我每天都會收到數百封電子郵件，所以摘要功能非常重要。所以我認為這是兩者的結合。當然，四月我們將推出先前提到的一系列新語言，因此基礎將進一步擴大。

Okay. And then, Kevan, one of Luca's legacies was really getting apple to record margin levels and also maintaining very consistent pricing across the product range. But taking the current high levels of profitability as fairly stable, what observations might you share about price sensitivity of users and whether having a wider range of pricing across the products might unlocks potentially further market share gains or boost overall product growth?

好的。然後，凱文 (Kevan)，盧卡 (Luca) 的遺產之一實際上是讓蘋果的利潤率達到創紀錄的水平，並且在整個產品系列中保持非常一致的定價。但考慮到目前的高獲利水準相當穩定，您對使用者的價格敏感度有何看法？

Yes, it's a good question. I think one, I don't think we're going to really depart from what served us pretty well to now. I mean we always take it into consideration, looking at short-term -- comparison between the short term and the long term. I think we've had a pretty disciplined pricing strategy, which would serve us pretty well. And I think we're going to continually kind of stick with that as far as I can tell.

是的，這是個好問題。我認為，首先，我認為我們不會真正背離迄今為止對我們有益的做法。我的意思是我們總是考慮到這一點，著眼於短期——比較短期和長期。我認為我們有一個非常嚴謹的定價策略，這對我們非常有利。據我所知，我認為我們將繼續堅持這一點。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik) 說：

How do you guys see the potential tariff impact to your product for consumer demand under Trump 2.0 you guys did find under Trump 1.0?

在川普 2.0 政策下，你們如何看待關稅對你們產品消費需求的潛在影響？

We are monitoring the situation and don't have anything more to add than that.

我們正在監視事態發展，除此之外沒有什麼可補充的。

Great. And Tim, as a follow-up, there is a lot of discussion on agentic AI, the use of agents. Do you guys see the upgraded series expected in April as something that will, let's say, be the killer application among the suite of features that you have announced in Apple Intelligence?

偉大的。提姆，作為後續，關於代理 AI，即代理的使用，有很多討論。你們是否認為預計在 4 月推出的升級系列將成為 Apple Intelligence 中宣布的一系列功能中的殺手級應用程式？

I think the killer feature is different for different people. But I think for most, they're going to find that they're going to use many of the features every day. And certainly, one of those is Siri, and that will be coming over the next several months.

我認為對不同的人來說，殺手鐧是不同的。但我認為對於大多數人來說，他們會發現他們每天都會使用許多功能。當然其中之一就是 Siri，它將在未來幾個月內推出。

Operator, could we please get the last question?

接線員，我們可以回答最後一個問題嗎？

Ben Bollin, Cleveland Research Company.

克利夫蘭研究公司的本‧博林 (Ben Bollin)

Tim, I'm interested in your thoughts and how you would have us think about the average useful life of these devices in the wild. And in particular, curious, if you look at the strength you saw in fiscal '21 and how that might support accelerated refresh opportunity into the future.

提姆，我對你的想法很感興趣，以及你如何讓我們看待這些設備在野外的平均使用壽命。特別令人好奇的是，如果你看看 21 財年所看到的實力，以及這將如何支持未來的加速更新機會。

Yes. Ben, I think it's different for different types of users. I mean you have very early adopter kind of users that are very quick to jump on the latest technology that upgrade very frequently. And then you have people that are on the entire opposite side of that barbell. And most people are between those two points.

是的。本，我認為對於不同類型的使用者來說情況是不同的。我的意思是，您擁有非常早期採用者類型的用戶，他們會非常迅速地掌握最新技術，升級非常頻繁。然後你會發現有人站在槓鈴的完全另一側。大多數人都處於這兩點之間。

And so I do think there were lots of units that are sold during the COVID period of time, and it's a huge opportunity for us as a company for more than one of the product categories.

因此，我確實認為在 COVID 期間銷售了大量產品，對於我們公司而言，這是一個涵蓋多個產品類別的巨大機會。

All right. Thanks, Ben. A replay of today's call will be available for two weeks on Apple Podcasts or as a webcast on apple.com/investor and via telephone. The number for the telephone replay is 866-583-1035. Please enter confirmation code 7398532 followed by the pound sign.

好的。謝謝，本。今天的電話會議重播將在 Apple Podcasts 上提供兩週，或透過 apple.com/investor 和電話以網路廣播的形式提供。電話回放號碼是866-583-1035。請輸入確認碼 7398532，然後輸入井號。

These replays will be available by approximately 5:00 PM at Pacific Time today.

這些重播將於今天太平洋時間下午 5 點左右提供。

Members of the press with additional questions can contact Josh Rosenstock at (408) 862-1142. And financial analysts can contact me, Suhasini Chandramouli, with additional questions at (408) 974-3123.

如有其他問題，媒體可致電 Josh Rosenstock，電話：(408) 862-1142。如有其他問題，財務分析師可以聯絡我 Suhasini Chandramouli，電話：(408) 974-3123。

Thanks again for joining us here today.

再次感謝您今天的參與。

Once again, this does conclude today's conference. We do appreciate your participation.

今天的會議再次到此結束。我們非常感謝您的參與。