蘋果 (AAPL) 2025 Q4 法說會逐字稿

Good afternoon and welcome to the Apple Q4 fiscal year 2025 earnings conference call. My name is Suhasani Chandramouli, Director of Investor Relations. Today's call is being recorded.

下午好，歡迎參加蘋果2025財年第四季財報電話會議。我是投資者關係總監蘇哈薩尼·錢德拉穆利。今天的通話將會被錄音。

Speaking first today is 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提姆庫克，接著是財務長凱文帕雷克。之後，我們將開放電話會議，接受分析師的提問。

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.

請注意，您今天在討論中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、營運費用、其他收入和支出、稅收、資本配置和未來業務展望的陳述。

These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast, including risks related to the potential impact to the company's business and results of operations from macroeconomic conditions, tariffs and other measures, and legal and regulatory proceedings.

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，包括與宏觀經濟狀況、關稅和其他措施以及法律和監管程序可能對公司業務和經營業績產生的影響相關的風險。

For more information, please refer to the risk factors discussed in Apple's most recently filed reports on Form 10-Q and Form 10-K and the Form 8-K filed with the SEC today along with the associated press release. Additional information will also be in our report on Form 10-K for the year ended September 27, 2025 to be filed tomorrow and in other reports and filings we make with the SEC.

有關更多信息，請參閱蘋果公司最近向美國證券交易委員會提交的 10-Q 表格、10-K 表格和 8-K 表格報告中討論的風險因素，以及今天提交的新聞稿。更多資訊也將在我們將於明天提交的截至 2025 年 9 月 27 日的年度 10-K 表格報告中，以及我們向美國證券交易委員會提交的其他報告和文件中提供。

Apple assumes no obligation to update any forward-looking statements which speak only as of the date they are made. Additionally, today's discussion will refer to certain non-GAAP financial measures. You can find a reconciliation of these measures in our fourth quarter earnings release, which is available on our Investor Relations website.

蘋果公司不承擔更新任何前瞻性聲明的義務，這些聲明僅代表其發布之日的情況。此外，今天的討論還將涉及某些非GAAP財務指標。您可以在我們的投資者關係網站上查閱我們第四季度收益報告中的這些措施的對比情況。

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

現在我把電話交給提姆，請他做開場白。

Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, Apple is proud to report $102.5 billion in revenue, up 8% from a year ago and a September quarter record. Services achieved an all-time revenue record of $28.8 billion growing 15% from a year ago. EPS came in at $1.85 setting a September quarter record.

謝謝你，蘇哈西尼。各位下午好，感謝各位參加本次電話會議。今天，蘋果公司很自豪地宣布，其營收達到 1,025 億美元，比去年同期成長 8%，創下 9 月季度營收紀錄。服務業務營收創歷史新高，達 288 億美元，比上年同期成長 15%。每股收益為 1.85 美元，創下 9 月季度紀錄。

We grew in the vast majority of markets we track and had September quarter revenue records in dozens of markets, including the US, Canada, Latin America, Western Europe, the Middle East, Japan, Korea, and South Asia. We also set a September quarter revenue record in emerging markets and an all-time revenue record in India.

我們在追蹤的絕大多數市場都實現了成長，並在數十個市場創下了 9 月季度收入紀錄，其中包括美國、加拿大、拉丁美洲、西歐、中東、日本、韓國和南亞。我們在新興市場創下了 9 月季度營收紀錄，在印度創下了歷史營收紀錄。

These results come at the close of an extraordinary year for Apple, in which we achieved an all-time revenue record of $416 billion for the fiscal year. We set all-time revenue records in emerging and developed markets. We set an all-time revenue record for iPhone, and in Services, we achieved all-time records across every geographic segment.

這些業績是在蘋果非凡的一年即將結束之際取得的，在這一財年中，我們實現了 4,160 億美元的歷史最高營收紀錄。我們在新興市場和已開發市場都創下了歷史營收紀錄。我們創下了 iPhone 的歷史收入紀錄，在服務業務方面，我們在每個地理區域都創下了歷史新高。

These results reflect the tremendous customer enthusiasm for Apple products and services, as well as our deep commitment to innovation. We are incredibly excited about the strength we're seeing across our products and services, and we expect the December quarter's revenue to be the best ever for the company and the best ever for iPhone.

這些結果反映了消費者對蘋果產品和服務的巨大熱情，以及我們對創新的堅定承諾。我們對公司產品和服務的強勁表現感到無比興奮，預計 12 月季度的營收將創下公司和 iPhone 有史以來的最高紀錄。

We are heading into the holiday season with a truly remarkable lineup that includes the biggest leap ever for iPhone, which has had a tremendous response from our users around the world. Our Apple Watch lineup is more capable than ever too, giving users ways to take charge of their health like never before through new features like hypertension notifications and SleepScore. And the next level sound quality and active noise cancellation of AirPods Pro 3 are hitting all the right notes for our users.

我們即將迎來假日季，並推出了一系列令人矚目的產品，其中包括 iPhone 有史以來最大的飛躍，這款產品受到了全球用戶的巨大反響。我們的 Apple Watch 產品線也比以往任何時候都更加強大，透過高血壓通知和睡眠評分等新功能，為使用者提供前所未有的方式來掌控自己的健康。AirPods Pro 3 的更高音質和主動降噪功能完全符合我們用戶的需求。

In October, we also broke new ground and power-efficient performance with the incomparably fast M5 chip packed with neural accelerators in each GPU core to supercharge AI workflows. iPad Pro combines game-changing features on iPadOS 26 with the power of M5 to create our most capable iPad ever.

10 月，我們憑藉速度無與倫比的 M5 晶片，在能源效率方面取得了突破性進展。該晶片的每個 GPU 核心都整合了神經網路加速器，可大幅提升 AI 工作流程。 iPad Pro 將 iPadOS 26 的顛覆性功能與 M5 晶片的強大性能相結合，打造出迄今為止功能最強大的 iPad。

At the same time, the M5 MacBook Pro raises the bar for what users can do with a laptop while the new M5 powered Apple Vision Pro opens up amazing possibilities on its infinite canvas. We also launched a beautiful new software design that creates a unified experience across all of our platforms for the very first time. The design is crafted with a new material called liquid glass that brings fluidity, vitality, and flexibility to our products.

同時，搭載 M5 處理器的 MacBook Pro 提高了用戶使用筆記型電腦所能完成的工作量，而新款搭載 M5 處理器的 Apple Vision Pro 則在其無限畫布上開啟了驚人的可能性。我們也推出了全新的精美軟體設計，首次實現了所有平台之間的統一使用者體驗。該設計採用了一種名為液態玻璃的新材料，為我們的產品帶來了流動性、活力和靈活性。

Along with the new design, we delivered powerful new features to enable users to do even more with their devices. That includes updates to the phone and messages apps and iOS 26 to help users stay connected, continuity enhancements and Mac to deliver an even more seamless experience across devices, and a powerful new windowing system that fundamentally transforms the user experience in iPadOS 26.

除了全新的設計，我們還提供了強大的新功能，使用戶能夠用他們的設備做更多的事情。這包括對電話和資訊應用程式以及 iOS 26 的更新，以幫助用戶保持聯繫；增強連續性功能和 Mac，以在設備間提供更無縫的體驗；以及強大的全新視窗系統，從根本上改變了 iPadOS 26 中的用戶體驗。

As we continue to expand our investment in AI, we're bringing intelligence to more of what people already love about our products and services, making every experience even more personal, capable, and effortless. At the heart of it all is Apple Silicon, and we were thrilled to launch new products powered by the A19 Pro chip and M5. These incredibly advanced chips make Apple products the very best place to experience the power of AI.

隨著我們不斷增加對人工智慧的投資，我們將智慧融入人們已經喜愛的產品和服務中，使每一次體驗都更加個人化、功能強大且輕鬆便捷。這一切的核心是蘋果晶片，我們很高興推出搭載 A19 Pro 晶片和 M5 處理器的新產品。這些極其先進的晶片使蘋果產品成為體驗人工智慧強大功能的最佳平台。

With Apple Intelligence, we've introduced dozens of new features that are powerful, intuitive, private, and deeply integrated into the things people do every day. Features like live translation, which help users communicate across languages in real time; and visual intelligence, which opens new ways to learn about and explore the world. We also introduced Workout Buddy, a new experience that uses AI to provide personalized, motivational insights based on a user's workout data and fitness history.

透過 Apple Intelligence，我們推出了數十項強大、直覺、私密且與人們日常生活深度整合的新功能。即時翻譯等功能可幫助使用者即時進行跨語言交流；視覺智慧則開啟了學習和探索世界的新途徑。我們還推出了 Workout Buddy，這是一項利用人工智慧技術，根據用戶的鍛鍊數據和健身歷史提供個人化激勵見解的新體驗。

And these joined so many others from cleanup and photos and new image creation tools to powerful writing tools. We're also seeing developers take advantage of our own device foundation models to create entirely new experiences for users around the world. We're also excited for a more personalized Siri. We're making good progress on it, and as we've shared, we expect to release it next year.

這些工具與許多其他工具一起，涵蓋了清理、照片處理、新的圖像創建工具以及強大的寫作工具等。我們也看到開發者利用我們自己的設備基礎模型，為世界各地的用戶創造全新的體驗。我們也期待Siri能更有個性。我們在這方面進展順利，正如我們之前透露的，我們預計明年發布。

Now, let's take a closer look at the September quarter results across our lineup, starting with iPhone. iPhone set a revenue record for the September quarter at $49 billion, up 6% from a year ago, with growth in the vast majority of markets we track, despite supply constraints we faced on several iPhone 16 and iPhone 17 models given strong demand.

現在，讓我們仔細看看我們全線產品在九月季度的業績，首先是iPhone。 iPhone在九月季度創下了490億美元的營收紀錄，年增6%，在我們追蹤的絕大多數市場都實現了成長，儘管由於強勁的需求，部分iPhone 16和iPhone 17機型面臨供應限制。

Redesigned from the inside out, and powered by the outstanding A19 Pro chip, the iPhone 17 Pro is by far the most powerful iPhone we've ever made, setting a whole new standard for the smartphone industry. The iPhone 17 Pro also offers our best camera system ever with an all-new 8x telephoto camera and looks stunning with bold new finishes like cosmic orange. The iPhone Air introduces an incredibly breakthrough design and with a bigger and brighter display with promotion, the iPhone 17 is a fantastic upgrade packed with features users will love.

iPhone 17 Pro 從內到外都進行了重新設計，並搭載了出色的 A19 Pro 晶片，是迄今為止我們製造的最強大的 iPhone，為智慧型手機行業樹立了全新的標準。iPhone 17 Pro 還配備了我們迄今為止最好的相機系統，搭載全新的 8 倍長焦鏡頭，並擁有令人驚豔的全新配色，例如宇宙橙。iPhone Air 採用了突破性的設計，而 iPhone 17 則配備了更大更亮的顯示屏，是一款功能強大的升級產品，用戶一定會喜歡它。

In Mac, we had a strong September quarter with revenue of $8.7 billion, up 13% year-over-year, driven by the strength of the MacBook Air. The MacBook Air enables users to get things done easily on the world's most popular laptop. Mac mini users are loving how much performance is packed into our smallest Mac ever made, while Mac Studio customers are pushing the envelope of what's possible with our most powerful Mac ever.

在 Mac 業務方面，我們 9 月的季度業績強勁，營收達 87 億美元，年增 13%，這主要得益於 MacBook Air 的強勁表​​現。MacBook Air 讓用戶能夠輕鬆地在世界上最受歡迎的筆記型電腦上完成各種任務。Mac mini 用戶對我們迄今為止最小的 Mac 所蘊含的強大性能讚不絕口，而 Mac Studio 用戶則在不斷探索我們迄今為止最強大的 Mac 所能達到的極限。

And the latest 14-inch MacBook Pro unlocks incredible speed and next-level performance with the all new M5 chip, which delivers 3.5x faster AI performance than M4.

最新款 14 吋 MacBook Pro 搭載全新 M5 晶片，速度驚人，效能更上一層樓，其 AI 效能比 M4 快 3.5 倍。

Turning to iPad, revenue was $7 billion for the September quarter. Last month, we released one of the most attention-grabbing software updates we've had in years with iPadOS 26, and we recently gave iPad users even more to love with the launch of the incredible M5 iPad Pro, which offers an incredible boost in AI performance. With an unmatched combination of power and versatility, the new iPad Pro makes every interaction delightful with its thin, light, and portable design.

再來看 iPad，9 月季度的營收為 70 億美元。上個月，我們發布了近年來最引人注目的軟體更新之一——iPadOS 26；最近，我們又推出了令人驚豔的 M5 iPad Pro，為 iPad 用戶帶來了更多驚喜，這款 iPad Pro 在人工智慧性能方面實現了巨大的提升。憑藉無與倫比的強大性能和多功能性，全新 iPad Pro 輕薄便攜，讓每一次互動都充滿樂趣。

In Wearables, Home, and Accessories, revenue was $9 billion. As I mentioned earlier, we were excited to unlock new possibilities for users with the launch of our newest Apple Watch lineup, making the world's most popular watch even better. That includes Apple Watch Ultra 3 with the largest display ever in an Apple Watch, improved battery life, and emergency SOS via satellite. Apple Watch Series 11 brings our users the most comprehensive set of health features yet. And Apple Watch SE3 delivers advanced capabilities at an incredible value.

穿戴式裝置、家居用品和配件的收入為 90 億美元。正如我之前提到的，我們很高興透過推出最新的 Apple Watch 系列產品，為用戶開啟新的可能性，讓世界上最受歡迎的手錶變得更好。其中包括 Apple Watch Ultra 3，它擁有 Apple Watch 有史以來最大的顯示器、更長的電池續航時間以及透過衛星實現的緊急 SOS 功能。Apple Watch Series 11 為使用者帶來了迄今為止最全面的健康功能。Apple Watch SE3 以令人難以置信的價格提供了先進的功能。

AI and advanced machine learning are at the core of powerful health features like heart rate monitoring, fall detection, crash detection, and more. With our latest Apple Watch line up, we were proud to introduce hypertension notifications developed using large scale machine learning models. Hypertension is one of the leading risk factors for heart attack and stroke, affecting more than one billion adults worldwide. And we expect to notify more than a million users of this life-threatening condition.

人工智慧和先進的機器學習是心率監測、跌倒偵測、碰撞偵測等強大健康功能的核心。我們很自豪地在最新的 Apple Watch 產品線中引入了使用大規模機器學習模型開發的高血壓通知功能。高血壓是心臟病和中風的主要危險因子之一，影響著全球超過十億成年人。我們預計將通知超過一百萬用戶這種危及生命的疾病。

We're also excited about SleepScore, a simple, intuitive way to help users better understand their sleep quality and discover ways to improve it. That's something I'm sure we can all benefit from.

我們也對 SleepScore 感到興奮，它是一種簡單直觀的方式，可以幫助用戶更好地了解自己的睡眠質量，並發現改善睡眠品質的方法。我相信我們所有人都能從中受益。

Meanwhile, AirPods Pro 3 have been a huge hit. You have to hear them to really understand just how remarkable they are. Users and reviewers alike are praising their incredible sound quality and improved fit. They feature the world's best in-ear active noise cancellation, removing up to 2 times as much noise as the previous generation. And with live translation powered by Apple Intelligence, AirPods deliver an incredibly new and exciting experience for users around the world.

同時，AirPods Pro 3 也取得了巨大的成功。你一定要親耳聆聽才能真正理解它們有多好。用戶和評論者都稱讚其出色的音質和改進的佩戴舒適度。它們擁有世界上最好的入耳式主動降噪功能，消除的噪音量是上一代產品的兩倍。透過 Apple Intelligence 提供的即時翻譯功能，AirPods 為世界各地的用戶帶來無比新穎且令人興奮的體驗。

Turning to Services. As I mentioned earlier, revenue was $28.8 billion for the September quarter, 15% higher year-over-year and an all-time record. We saw double-digit growth in both developed and emerging markets and set new all-time records across advertising, app store, cloud services, music, payment services, and video.

轉到服務部分。正如我之前提到的，9 月季度的營收為 288 億美元，年增 15%，創歷史新高。我們在已開發市場和新興市場都實現了兩位數的成長，並在廣告、應用程式商店、雲端服務、音樂、支付服務和影片等領域創下了新的歷史紀錄。

Apple TV celebrated a big night at this year's Emmy Awards with 22 wins. The studio led the night with 13 wins, the most of any comedy series in Emmy's history. Severance topped all dramas with 8 wins, adding to the accolades for this landmark series. Today, Apple TV productions have now earned over 600 wins and 2,800 nominations in total, driven by powerful original storytelling. And we're excited for audiences to discover new productions like Pluribus and to catch returning favorites like Slow Horses and the Morning Show.

Apple TV 在今年的艾美獎頒獎典禮上大獲全勝，共獲得 22 項大獎。工作室當晚以 13 項大獎領跑，是艾美獎史上喜劇類影集中獲獎最多的。《離別》以 8 項大獎領跑所有電視劇，為這部里程碑式的劇集再添殊榮。如今，Apple TV 的作品已累積獲得 600 多項獎項和 2800 項提名，這得益於其強大的原創故事講述能力。我們很高興觀眾們能夠發現像《Pluribus》這樣的新作品，並欣賞到像《Slow Horses》和《Morning Show》這樣的回歸佳作。

And soon, Apple TV will be the destination for F1 fans across the US on track day, thanks to a new partnership with Formula 1. F1 is one of the most exciting and fastest growing sports in the world, and starting next year, Apple TV will be the place for subscribers to follow every twist and turn of the new season. And in addition, F1 The Movie, one of the year's biggest blockbusters, will be coming to Apple TV on December 12.

不久之後，由於與一級方程式賽車的新合作關係，Apple TV 將成為全美 F1 車迷在賽道日的首選目的地。F1是世界上最令人興奮、發展最快的運動之一，從明年開始，Apple TV將成為訂閱用戶追蹤新賽季每個起伏的精彩瞬間的平台。此外，年度最熱門大片之一的《F1 電影版》將於 12 月 12 日登陸 Apple TV。

During the September quarter, we also marked the 10 year anniversary of Apple News. Apple News provides access to front page news from all around the world, putting hundreds of publications right at users' fingertips.

在九月的季度中，我們也慶祝了 Apple News 成立 10 週年。Apple News 提供來自世界各地的頭版新聞，讓用戶可以輕鬆獲得數百種出版物的內容。

Turning to retail. We're heading into our busiest time of year with our best ever lineup. In the last few months, we've opened new stores in emerging markets like India and the UAE and new locations in the US and China. I was also in Tokyo last month for the opening of the redesigned and reimagined Apple Ginza store and the energy among the crowd was truly remarkable. When it originally opened, it was our first store outside the United States, and so it was especially meaningful to come back to welcome customers to the beautiful new space.

轉向零售業。我們即將迎來一年中最繁忙的時期，並擁有史上最強陣容。在過去的幾個月裡，我們在印度和阿聯酋等新興市場開設了新店，並在美國和中國開設了新店。上個月我也去了東京，參加了重新設計和改造後的 Apple Ginza 店的開幕典禮，現場的氣氛真是令人嘆為觀止。這家店最初開業時是我們在美國以外的第一家門市，因此能夠回到這裡歡迎顧客來到這個美麗的新店，意義尤其重大。

Everywhere we operate and in everything we do, we strive to give the best to our users while living by our values, whether that's building new accessibility features into our most recent software releases or advancing our environmental work by using even more recycled materials in our latest lineup or providing free educational programming to train and support American businesses with our new Apple Manufacturing Academy in Detroit. And we're continuing to invest in innovation and user experiences that will transform our future.

無論我們在何處運營，無論我們做什麼，我們都努力為用戶提供最好的服務，同時秉持我們的價值觀，無論是將新的輔助功能添加到我們最新的軟體版本中，還是透過在最新產品系列中使用更多可回收材料來推進我們的環保工作，亦或是通過在底特律建立新的 Apple 製造學院來提供免費的教育課程，以培訓和支持美國企業。我們將繼續投資於創新和用戶體驗，這將改變我們的未來。

A great example is the work we're doing in the US where we're committed to invest $600 billion over the next four years with a focus on innovation and strategic areas like advanced manufacturing, silicon engineering, and artificial intelligence. These commitments build on our long-standing investments in America, while supporting more than 450,000 jobs with thousands of suppliers across all 50 states.

一個很好的例子就是我們在美國所做的工作，我們承諾在未來四年內投資 6000 億美元，重點是創新和先進製造、矽工程和人工智慧等戰略領域。這些承諾建立在我們長期以來對美國的投資之上，同時為遍布全美 50 個州的數千家供應商提供了超過 45 萬個就業機會。

We built a new factory in Houston for advanced AI servers, for example, which just started shipping its first products off the line and we're leading the creation of end-to-end silicon supply chain across the country. In recent months, I've connected with developers, innovators, artists, entrepreneurs, and so many others around the world, people passionate about innovation and all the things they can do with Apple products.

例如，我們在休士頓新建了一家生產先進人工智慧伺服器的工廠，該工廠剛開始交付第一批產品，我們正在引領全國端到端矽供應鏈的創建。近幾個月來，我與世界各地的開發者、創新者、藝術家、企業家以及其他許多人建立了聯繫，他們都對創新以及使用蘋果產品所能做的一切充滿熱情。

Each one is another reminder of why we do what we do. We're driven to empower people to do more of the things that matter most to them and enrich their lives along the way. As we head into the holiday season with our most powerful lineup ever, I couldn't be more excited for what's to come.

每一件事都再次提醒我們為什麼要做我們所做的事情。我們致力於幫助人們做更多對他們來說最重要的事情，並在這過程中豐富他們的生活。隨著我們以史上最強大的陣容進入假日季，我對即將到來的事情感到無比興奮。

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

接下來，我將把麥克風交給凱文。

Thanks, Tim, and good afternoon, everyone. Our revenue of $102.5 billion was up 8% year-over-year and is a new September quarter record. We set September quarter records in the Americas, Europe, Japan, and the rest of Asia Pacific and grew in the vast majority of markets we track.

謝謝你，提姆，大家下午好。我們營收達 1,025 億美元，年增 8%，創下 9 月季度新紀錄。我們在美洲、歐洲、日本和亞太其他地區均創下了 9 月季度的業績紀錄，並且在我們追蹤的絕大多數市場都實現了成長。

Products revenue was $73.7 billion, up 5% year-over-year, driven by growth across iPhone and Mac and reached the September quarter record. Thanks to our exceptional customer satisfaction and strong levels of loyalty, our install base of active devices has reached another all-time high across all product categories and geographic segments.

產品營收達 737 億美元，年增 5%，主要得益於 iPhone 和 Mac 的成長，並創下 9 月季度紀錄。由於我們卓越的客戶滿意度和強大的客戶忠誠度，我們所有產品類別和地理區域的活躍設備安裝量都達到了歷史新高。

Services revenue was $28.8 billion, up 15% year-over-year and an all-time record. The performance was broad based with double-digit growth in the vast majority of the markets we track and double-digit growth across most of our services categories.

服務收入達 288 億美元，年增 15%，創歷史新高。業績表現全面，我們追蹤的絕大多數市場都實現了兩位數成長，我們的大多數服務類別也實現了兩位數成長。

Company gross margin was 47.2% above the high end of our guidance range, and up 70 basis points sequentially, driven by favorable mix. This includes approximately $1.1 billion of tariff-related costs, which is in line with what we had estimated on our last call.

公司毛利率比我們預期範圍的上限高出 47.2%，環比成長 70 個基點，主要得益於有利的產品組合。這其中包括約 11 億美元的關稅相關成本，這與我們上次電話會議的估計一致。

Product's gross margin was 36.2%, up 170 basis points sequentially, driven by favorable mix. Service's gross margin was 75.3%, down 30 basis points sequentially. Operating expenses landed at $15.9 billion, up 11% year-over-year, driven by increased investment in R&D. These strong levels of business performance led to September quarter records for both net income and diluted earnings per share.

該產品的毛利率為 36.2%，季增 170 個基點，主要得益於有利的產品組合。服務業務的毛利率為 75.3%，季減 30 個基點。營運支出達 159 億美元，年增 11%，主要原因是研發投入增加。強勁的業務表現使得公司9月季度的淨利和稀釋後每股收益均創下歷史新高。

Net income was $27.5 billion and diluted earnings per share was $1.85, up 13% year-over-year on an adjusted basis, excluding the one-time charge we recognized during the fourth quarter of 2024. Operating cash flow was also a September quarter record at $29.7 billion.

淨收入為 275 億美元，稀釋後每股收益為 1.85 美元，經調整後年增 13%，不包括我們在 2024 年第四季確認的一次性費用。經營現金流在9月季度也創下歷史新高，達297億美元。

Now, I'm going to provide some more details for each of our revenue categories. iPhone revenue was $49 billion, up 6% year-over-year, driven by the iPhone 16 family. iPhone grew in the vast majority of the markets we track with September quarter records in many emerging markets, including Latin America, the Middle East, and South Asia, and an all-time record in India. The iPhone Active install base grew to an all-time high, and we set a September quarter record for upgraders.

接下來，我將詳細介紹我們各項收入類別。 iPhone 營收達 490 億美元，年增 6%，主要得益於 iPhone 16 系列的強勁表現。在我們追蹤的絕大多數市場，iPhone 都實現了成長，其中許多新興市場（包括拉丁美洲、中東和南亞）的 9 月季度業績均創下歷史新高，在印度更是創下歷史新高。iPhone Active 的安裝量達到了歷史新高，9 月的升級用戶數量也創下了季度紀錄。

According to the recent survey from World Panel, iPhone was a top selling model in the US, Urban China, the UK, France, Australia, and Japan. We continue to see very high levels of customer satisfaction in the US at 98% as measured by 451 research.

根據 World Panel 最近的一項調查，iPhone 在美國、中國城市地區、英國、法國、澳洲和日本都是最暢銷的機型。根據 451 研究公司的調查，我們繼續看到美國客戶滿意度非常高，達到 98%。

Mac revenue was $8.7 billion, up 13% year-over-year, driven by MacBook Air. We grew in every geographic segment with strong double-digit growth in emerging markets. The Mac install base reached another all-time high, with nearly half of customers who purchased the Mac being new to the product. And the latest customer satisfaction for Mac in the US was reported at 96%.

Mac 產品營收達 87 億美元，年增 13%，主要得益於 MacBook Air 的強勁表​​現。我們在所有地理市場都實現了成長，新興市場更是實現了強勁的兩位數成長。Mac 的安裝量再創新高，近一半的 Mac 用戶都是首次使用該產品。根據報道，Mac 在美國的最新客戶滿意度為 96%。

iPad revenue was $7 billion, flat year-over-year. Keep in mind, we faced a difficult compare against the full quarter impact of the iPad Air and iPad Pro launch from last year, offset by the better than expected performance on the iPad. The install base reached an all-time high with the September quarter record for upgraders and over half of the customers who purchased an iPad during the quarter were new to the product. Based on the latest reports from 451 Research, customer satisfaction was 98% in the US.

iPad 營收為 70 億美元，與前一年持平。需要注意的是，由於去年 iPad Air 和 iPad Pro 的發布對本季業績造成了巨大影響，我們面臨著較大的同比差異，但 iPad 的表現好於預期，抵消了部分影響。安裝量達到歷史最高水平，9 月季度的升級用戶數量創下紀錄，該季度購買 iPad 的客戶中超過一半是該產品的新用戶。根據 451 Research 的最新報告，美國客戶滿意度為 98%。

Wearables, Home, and Accessories revenue was $9 billion, flat year-over-year. This was driven by growth on Watch and AirPods, offset by accessories, which was impacted by strong performance in the year ago quarter, driven by the iPad launches. Both the Apple Watch and AirPods install bases reached new all-time highs. Over half of the customers purchasing an Apple Watch during the quarter were new to the product, and we also set a September record for upgraders on Apple Watch. And in the US, customer satisfaction was recently measured at 95%.

穿戴式裝置、家居和配件業務收入為 90 億美元，與去年持平。這主要得益於 Apple Watch 和 AirPods 的成長，但配件的成長被抵消，而配件的成長又受到去年同期 iPad 發布帶來的強勁表現的影響。Apple Watch 和 AirPods 的安裝量均創歷史新高。本季購買 Apple Watch 的客戶中，超過一半是首次購買該產品，而且我們在 9 月份 Apple Watch 的升級用戶數量也創下了紀錄。在美國，顧客滿意度最近測得為 95%。

Our Services revenue reached an all-time high of $28.8 billion, up 15% year-over-year. We achieved all-time revenue records in the Americas, Europe, Japan, and rest of Asia-Pacific, as well as the September quarter record in Greater China. The majority of categories saw a sequential acceleration and as Tim mentioned, we set many all-time revenue records, including payment services where we reached an all-time revenue record and saw a double-digit growth year over year on Apple Pay active users. This strong momentum in the September quarter drove our total fiscal year services revenue to surpass $100 billion, up 14% year-over-year and our best ever.

我們的服務收入達到歷史新高 288 億美元，年增 15%。我們在美洲、歐洲、日本和亞太其他地區均創下了歷史營收紀錄，並在大中華區創下了 9 月季度營收紀錄。大多數類別都實現了連續加速成長，正如蒂姆所提到的那樣，我們創造了許多歷史收入記錄，包括支付服務，我們達到了歷史收入記錄，並且 Apple Pay 活躍用戶數量實現了兩位數的同比增長。9 月季度強勁的成長勢頭推動我們本財年服務收入總額超過 1000 億美元，年增 14%，創歷史新高。

The growth of our install base of active devices continues to offer us great opportunities for the future. Customer engagement across our services offerings also continue to grow. Both transacting and paid accounts reached new all-time highs, and we continue to improve the quality and expand the reach of our services offerings.

我們活躍設備安裝基礎的成長持續為我們帶來巨大的未來機會。客戶對我們各項服務的參與度也持續成長。交易帳戶和付費帳戶均創歷史新高，我們將繼續提高服務品質並擴大服務範圍。

From additional markets for Apple Pay, now available in nearly 90 countries, to AppleCare One, a great new way to cover multiple Apple products in a single plan.

從 Apple Pay 的更多市場（現已覆蓋近 90 個國家/地區），到 AppleCare One（在單一計劃中涵蓋多種 Apple 產品的絕佳新方式）。

Turning to enterprise, we are seeing an adoption of Apple products accelerate across industries to improve productivity and drive innovation. The BMW Group has been deploying tens of thousands of iPhones, including the factory employees, to further strengthen its digital capabilities and advanced innovation at the company.

從企業角度來看，各行各業都在加速採用蘋果產品，以提高生產力並推動創新。寶馬集團已向包括工廠員工在內的數萬名員工部署了 iPhone，以進一步加強公司的數位化能力和先進創新。

Capital One has expanded its Mac Choice program by adding thousands more MacBook Airs across its workforce. In the Czech Republic, its largest bank, Ceska sporitelna, continues to invest in the Apple ecosystem with over 5,000 iPhones in addition to its existing thousands of iPads and Macs.

Capital One 擴大了其 Mac Choice 計劃，在其員工隊伍中增加了數千台 MacBook Air。在捷克共和國，該國最大的銀行 Ceska sporitelna 繼續投資蘋果生態系統，除了現有的數千台 iPad 和 Mac 之外，還擁有超過 5000 部 iPhone。

And Purdue University has launched a spatial computing hub built around Vision Pro, designed to help prepare students to lead the next wave of innovation in critical industries like semiconductor and pharmaceutical manufacturing.

普渡大學推出了以 Vision Pro 為核心的空間運算中心，旨在幫助學生做好準備，引領半導體和製藥等關鍵產業的下一波創新浪潮。

Let's turn to our cash position and capital return program. We ended the quarter with $132 billion in cash and marketable securities. We had $1.3 billion of debt maturities and decreased commercial paper by $1.9 billion, resulting in $99 billion in total debt. Therefore, at the end of the quarter, net cash was $34 billion.

讓我們來看看我們的現金狀況和資本回報計劃。本季末，我們持有現金及有價證券1320億美元。我們有 13 億美元的債務到期，商業票據減少了 19 億美元，導致總債務為 990 億美元。因此，截至該季末，淨現金為 340 億美元。

During the quarter, we returned $24 billion to shareholders. This included $3.9 billion in dividends and equivalents and $20 billion through open market repurchases of 89 million Apple shares.

本季度，我們向股東返還了 240 億美元。其中包括 39 億美元的股息及等價物，以及透過公開市場回購 8,900 萬股蘋果股票而獲得的 200 億美元。

Taking a step back, we are very pleased with our record fiscal year 2025 results. As Tim mentioned, total company revenue for the year was $416 billion with growth in iPhone, Mac, iPad, and Services and all-time records in the vast majority of markets we track. This revenue performance led to very strong full year operating results, with all-time records for net income and for diluted EPS, which grew double-digits year-over-year on an adjusted basis.

回顧過去，我們對2025財年創紀錄的業績非常滿意。正如提姆所提到的，該公司全年總收入為 4,160 億美元，iPhone、Mac、iPad 和服務業務均實現成長，在我們追蹤的絕大多數市場都創下了歷史新高。這項營收表現帶來了非常強勁的全年經營業績，淨收入和稀釋後每股收益均創歷史新高，經調整後同比增長兩位數。

As we move ahead into the December quarter, I'd like to review our outlook, which includes the types of forward-looking information Suhasini referred to. Importantly, the color we're providing assumes that the global tariff rates, policies, and application remain in effect as of this call, and the global macroeconomic outlook does not worsen from today.

隨著我們進入 12 月季度，我想回顧一下我們的展望，其中包括 Suhasini 提到的那些前瞻性資訊。重要的是，我們提供的顏色假設截至本次電話會議時，全球關稅稅率、政策和應用仍然有效，並且全球宏觀經濟前景不會比今天惡化。

We expect our December quarter total company revenue to grow by 10% to 12% year-over-year, which would be our best quarter ever. We expect iPhone revenue to grow double-digits year-over-year, which would be our best iPhone quarter ever. On Mac, keep in mind, we expect to face a very difficult compare against the M4 MacBook Pro, Mac mini, and iMac launches in the year ago quarter.

我們預計 12 月季度公司總收入將年增 10% 至 12%，這將是我們有史以來最好的季度。我們預計 iPhone 營收將年增兩位數，這將是我們有史以來 iPhone 業績最好的一個季度。在Mac方面，請記住，我們預計將面臨與去年同期發布的M4 MacBook Pro、Mac mini和iMac相比的非常嚴峻的挑戰。

We expect Services revenue to grow at a year-over-year rate similar to what we reported in the fiscal year 2025. We expect gross margin to be between 47% and 48%, which includes an estimated impact of $1.4 billion of tariff related costs. And as we've said before, we are significantly increasing our investments in AI while continuing to invest in our product roadmap. And so for the December quarter, we expect operating expenses to be between $18.1 billion and $18.5 billion.

我們預計服務收入將以與我們在 2025 財年報告的類似的同比增長率增長。我們預計毛利率將在 47% 至 48% 之間，其中包括預計 14 億美元的關稅相關成本的影響。正如我們之前所說，我們將大幅增加對人工智慧的投資，同時繼續投資我們的產品路線圖。因此，我們預計 12 月的營運支出將在 181 億美元至 185 億美元之間。

We expect OI&E to be around $150 million excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 17%. Finally, today our Board of Directors has declared a cash dividend of $0.26 per share of common stock payable on November 13, 2025 to shareholders of record as of November 10, 2025.

我們預計營業收入和支出約為 1.5 億美元，不包括少數股權投資按市值計價可能產生的任何影響，稅率約為 17%。最後，今天我們的董事會宣布派發每股普通股0.26美元的現金股息，將於2025年11月13日支付給截至2025年11月10日登記在冊的股東。

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

接下來，我們開始接受提問。

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

謝謝你，凱文。請您盡量只提兩個問題。接線生，請問第一個問題可以嗎？

Eric Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Congrats on the results. Tim, can you maybe share a bit more detail on why you think the iPhone 17 is having the degree of success that it is at this point? And really, the question is, do you believe this is -- the aged installed base replacement cycle kicking in? Or are there specific features or functionality you believe stand out this cycle versus past cycles that consumers are really looking for? And then just a quick follow-up.

恭喜取得好成績。提姆，你能否詳細說說你​​認為iPhone 17目前如此成功的原因？實際上，問題是，你是否認為這是舊設備更換週期開始啟動了？或者，您認為與以往的週期相比，本週期有哪些特定的功能或特性是消費者真正想要的？然後還有一個簡短的後續問題。

Eric, thanks for your comments. I think it's all about the product. The product lineup is incredibly strong, our strongest ever. The 17 Pro is the most pro phone we've ever done. It's incredible in the design things. The iPhone Air is -- feels so thin and so light in your hand, it feels like it's going to fly away. And then the 17 phone is an incredible value and takes several of the features that were reserved for Pro before and brings them down to the consumer lineup. So overall, strongest iPhone lineup ever, and it's resonating around the world.

艾瑞克，謝謝你的評論。我認為一切都取決於產品。產品陣容非常強大，是我們有史以來最強大的陣容。17 Pro 是我們迄今為止打造的最專業的手機。它的設計方面令人驚嘆。iPhone Air拿在手上感覺非常薄非常輕，感覺好像要飛走一樣。此外，17 系列手機性價比極高，它將先前只有 Pro 機型才具備的幾項功能帶到了消費者產品線。總而言之，這是有史以​​來最強大的 iPhone 產品線，並且在全球範圍內引起了共鳴。

Great. And maybe a follow-up for you, Kevan. Can you maybe just discuss your approach to managing component cost inflation during this time? You're obviously increasing the memory content in your devices quite substantially at the same time. Memory prices are going through some pretty significant inflation. So just how are you managing through this cycle?

偉大的。凱文，或許我該跟進一下。您能否談談您在此期間應對零件成本上漲的方法？顯然，你們同時也大幅增加了設備的記憶體容量。內存價格正經歷相當嚴重的通貨膨脹。那麼，你是如何度過這段時期的呢？

Erik, thanks for the question. Look, as you know, we've got a pretty incredible world-class procurement team as they're constantly finding ways to continue to drive cost opportunities. Right now, on the commodity side, I would say we're seeing a slight tailwind on memory in storage prices and nothing really to note there. And as we saw from our gross margin performance, we landed in a pretty good spot above the high end of the guidance range we provided at 47.2%. And as well, we're guiding at 47% to 48%.

艾瑞克，謝謝你的提問。如你所知，我們擁有一支非常優秀的、世界級的採購團隊，他們不斷尋找降低成本的方法。目前，就大宗商品而言，我認為儲存記憶體價格略有上漲，但並沒有什麼特別值得注意的地方。從我們的毛利率表現來看，我們最終的毛利率達到了 47.2%，高於我們給出的指導範圍的上限，處於相當不錯的水平。此外，我們的預期收益率為 47% 至 48%。

So I think we're managing costs pretty well. As you'll recall, when we talked about this time in the cycle, we just launched a bunch of new products. Those new products do have a slightly higher cost structure than the products they replace. But the team does a very good job of focusing our efforts on getting those costs down over time. And we feel pretty good about the performance we're seeing right now overall on material cost savings.

所以我覺得我們成本控制得相當不錯。你可能還記得，當我們談到這個週期中的這個階段時，我們剛剛推出了一系列新產品。這些新產品的成本結構確實比它們所取代的產品略高。但團隊在降低這些成本方面做得非常出色，隨著時間的推移，我們將專注於降低這些成本。我們對目前在材料成本節約方面所取得的整體表現感到非常滿意。

Operator, could we get the next question, please?

接線員，請問可以問下一個問題嗎？

Ben Reitzes, Melius Research.

本‧雷茨，梅利烏斯研究公司。

Tim, can you talk a little bit about iPhone in China specifically? How is that going to trend in the December quarter? And have you turned the corner there? And how do you think that trajectory is going? And then I have a quick follow-up.

提姆，你能具體談談iPhone在中國的市場狀況嗎？12月當季的趨勢會如何？你已經繞過那邊的​​轉角了嗎？你認為這一發展軌跡會如何？然後我還有一個簡短的後續問題。

Yes. Ben, I was just there. It's incredibly vibrant and dynamic. The store traffic is up significantly year-over-year. The iPhone 17 has been -- the family has been very well received there. We do believe that we'll return to growth in Q1, and that is largely based on the reception of the iPhone there. And so I couldn't be more pleased with how things are going there in the early going.

是的。本，我剛才也在那裡。它充滿活力，動感十足。門市客流量較去年同期顯著成長。iPhone 17 系列產品在當地非常受歡迎。我們相信第一季將恢復成長，這主要取決於iPhone在當地的市場反響。因此，我對目前進展非常滿意。

All right. That's great. And then services, great upside there, a little surprising, right? We were a little worried about that one only a few quarters ago. I was wondering if there were any tax payments in there or if the resolution that we saw with the antitrust ruling with one of your partners was a boost and if that played a role or if it was all really just organic outperformance with many of the things you mentioned?

好的。那太棒了。然後是服務業，這方面有很大的發展空間，有點出乎意料，對吧？就在幾個季度前，我們還對那件事有點擔心。我想知道這其中是否包含任何稅款支付，或者我們看到的與貴公司一位合夥人的反壟斷裁決是否起到了推動作用，或者這是否真的只是您提到的許多因素帶來的自然超額收益？

Ben, it's Kevan here. Let me try to answer that question. You're referring -- I just wanted to clarify, when you're referring to the antitrust piece, you're talking about the Google trial? Is that what you're referring to?

本，我是凱文。讓我試著回答這個問題。您指的是——我只是想確認一下，您提到的反壟斷部分，是指谷歌的審判嗎？你指的是這個嗎？

Yes. Yes, sir.

是的。是的，先生。

Okay. Yes, there was no tax-related impact. And what I would say is our strong performance for the quarter is really organically driven. And again, just to reiterate, we had an all-time revenue record here for the quarter at $28.8 billion. And as well, we surpassed $100 billion, so best year ever at 14% year-on-year. So really that was all organic growth.

好的。是的，沒有稅務方面的影響。我想說的是，我們本季的強勁業績完全是由自身業績驅動的。再次重申一下，本季我們的營收創歷史新高，達到 288 億美元。此外，我們的營收也突破了 1,000 億美元，年增 14%，創歷史新高。所以，這其實都是自然成長。

As Tim outlined and I outlined in the prepared remarks, we saw a majority of the categories have sequential acceleration, and we had many all-time revenue records. But nothing abnormal at all, really pretty much all organic growth.

正如蒂姆和我事先在演講稿中概述的那樣，我們看到大多數類別都出現了連續加速增長，並且我們創造了許多歷史收入記錄。但一切正常，基本上都是自然成長。

Operator, could we get the next question, please?

接線員，請問可以問下一個問題嗎？

Michael Ng.

吳明

I just have two as well. First, just to follow up on the last one. The Services revenue growth, I think, was the fastest across many categories and certainly the fastest in the last two years. I was just wondering if you could just unpack a little bit more of the drivers of the acceleration? Was there kind of cross-selling with the new iPhone launch? Was it just installed base growth? I know you've been doing a lot of bundling with Apple One and AppleCare One. So any thoughts on that would be very helpful. And then I just have a quick follow-up.

我也只有兩個。首先，我想就上一個問題做個補充。我認為，服務類收入的成長速度在許多類別中都是最快的，而且肯定是過去兩年中最快的。我只是想問一下，您能否再詳細解釋一下加速的驅動因素？新iPhone發佈時，是否存在某種交叉銷售？只是用戶基數成長嗎？我知道你們一直在做 Apple One 和 AppleCare One 的捆綁銷售。所以，如果您能分享這方面的想法，將會非常有幫助。然後我還有一個簡短的後續問題。

Michael, it's Kevan. Thanks for the question. Yes, let me build on the answer there. I think that the way we look at it is not one thing to point to that would have driven this higher performance. You're right that it is slightly higher than we've seen in the last few quarters. But as you know, our Services portfolio is very broad with a broad range of businesses, all that have different growth profiles and different performance characteristics. So those can vary in any given quarter.

麥可，我是凱文。謝謝你的提問。是的，讓我在此基礎上補充一些內容。我認為，從我們的角度來看，不能指出是某一單一因素導致了這種更高的績效。你說得對，這確實比過去幾季我們看到的略高一些。但如您所知，我們的服務組合非常廣泛，涵蓋眾多業務，所有這些業務都有不同的成長前景和不同的業績特徵。因此，這些數值在任何一個季度都可能有所不同。

I would say our strength, again, was very broad-based, both across categories and also geographically. So I wouldn't point to any particular factor that drove any kind of outperformance at all. We were just very pleased to see that result.

我認為，我們的優勢仍然非常廣泛，無論是在類別上還是在地域上。因此，我不會指出任何特定的因素導致了任何形式的優異表現。看到這個結果我們非常高興。

Great. And just on iPhone sell-through, I was wondering if you were seeing any notable shifts in trends between the sell-through coming from upgraders versus switchers? Is the US carrier competitive dynamic helping at all in terms of promotional activity? And any thoughts on channel inventory?

偉大的。就 iPhone 的銷售情況而言，我想知道您是否觀察到升級用戶和換機用戶的銷售趨勢有任何明顯的變化？美國航空公司之間的競爭動態對促銷活動有任何幫助嗎？關於通路庫存方面，您有什麼想法？

Okay. We did set a September quarter record for upgraders and so it was a great quarter from that point of view. It's really too early in the cycle on 17 to make any comments about upgraders or switchers. In terms of channel inventory, we ended the quarter toward the low end of the targeted range. Obviously, because we had constraints on several models of the 16 and 17.

好的。我們9月份的升級用戶數量創下了季度紀錄，所以從這個角度來看，這是一個非常棒的季度。現在對 17 號幣的周期還處於非常早期的階段，對升級者或轉換者發表任何評論都為時過早。就通路庫存而言，我們本季末的庫存量接近目標範圍的下限。顯然，因為我們對 16 和 17 的幾個模型有限制。

And for complete transparency and clarity, we're constrained today on several models of the iPhone 17. There's not a ramp issue. It's just we have very strong demand. And we're working very hard to fulfill all the orders that we have.

為了完全透明和清晰起見，我們今天只能介紹幾款 iPhone 17 機型。不存在坡道問題。只是我們的需求非常強勁。我們正在全力以赴完成所有訂單。

Operator, could we get the next question, please?

接線員，請問可以問下一個問題嗎？

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

I have two as well. I guess Kevan, maybe just start with gross margins. Can you just walk through the expectations for the December quarter? I think it implies up 30 basis points or so sequentially. Can you just talk about the puts and takes on gross margin given you do have very sizable operating leverage in the quarter? So just maybe what are the puts and takes around that would be really helpful.

我也有兩個。我想凱文，或許可以先從毛利率著手。您能簡要介紹一下您對12月份季度的預期嗎？我認為這意味著環比上漲約30個基點。鑑於本季度你們的經營槓桿非常大，能否談談毛利率的買賣情況？所以，或許可以問問大家，圍繞著這些方面有哪些值得關注的觀點和看法？這些觀點和看法會很有幫助。

Yes, sure. Amit, let me walk through the outlook. As we mentioned in our outlook, we are targeting a range of 47% to 48%. You take the midpoint of that range at 47.5%, you said it's roughly 25 basis points, 30 basis points higher. Really, there's a lot of puts and takes.

當然可以。阿米特，讓我來解釋一下前景。正如我們在展望中所提到的，我們的目標範圍是 47% 到 48%。你取該範圍的中點 47.5%，你說它大約高出 25 個基點，30 個基點。確實，這裡面有很多進退之爭。

As I talked about earlier, this is a quarter we launched a lot of new products. Those new products tend to have a higher cost structure than the products they replaced. So there's definitely an impact from the cost side of thing, but that was more than offset by a favorable mix, especially on the product side.

正如我之前提到的，本季我們推出了許多新產品。這些新產品的成本結構往往比它們所取代的產品更高。因此，成本方面肯定會產生影響，但有利的產品組合，尤其是產品方面，足以抵消這種影響。

As well as you outlined, we typically see higher leverage in this quarter. So I would say those are the two big drivers. And so the sequential increase is really going to be driven by favorable mix particularly from the product side.

正如您所指出的，我們通常會在這個季度看到更高的槓桿率。所以我認為這是兩大驅動因素。因此，環比成長實際上將主要由有利的產品組合驅動。

Got it. And then if I just go back to the China discussion for a minute, the performance in China, at least in September quarter was a bit muted. Could you just talk about what resulted in the weakness over there? And do you think it was a bit more of a pause given iPhone Air, for example, I don't think was available until a few weeks ago. So just somewhat what drove the weakness in September? And is the uptick of that expectation for December there just from the iPhone Air coming out? Or are there other factors as well?

知道了。再回到中國市場的討論，至少在9月的季度裡，中國市場的表現有些平淡。您能否談談導致那邊出現弱點的原因？你認為考慮到 iPhone Air 等產品直到幾週前才上市，這次的暫停時間是否更長？那麼，究竟是什麼因素導致了9月的疲軟呢？12 月的預期上升只是因為 iPhone Air 的發布嗎？或是有其他因素嗎？

Yes. The Greater China revenue was down 4% year-over-year in the September quarter. It was driven by iPhone. And if you look at the iPhone, the majority of the sequential year-over-year change was due to supply constraints that I mentioned earlier. And so it was basically supply constraints that drove the results. We're thrilled with what we're seeing right now with traffic being up significantly year-over-year and the reception of the 17 family. We expect to return to growth this quarter.

是的。大中華區9月季度營收年減4%。它是由iPhone驅動的。如果你看一下 iPhone，你會發現其同比變化的大部分原因是由於我之前提到的供應限制。因此，基本上是供應限制導致了這樣的結果。我們對目前的情況感到非常興奮，流量比去年同期大幅成長，17系列電影也受到了觀眾的歡迎。我們預計本季將恢復成長。

Operator, could we have the next question, please?

接線生，請問我們可以問下一個問題嗎？

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Tim, if I can follow up on your comments about the constrained supply in the quarter, just given the very strong demand for iPhones. Do you expect that as you can see your visibility across demand and supply, do you think that you will be exiting December at a point where you wouldn't be constrained anymore? Or do you still expect that there could be constraints as you exit the December quarter? And any way to quantify sort of what revenue could have been in this quarter without constraints?

提姆，鑑於iPhone需求非常強勁，我想就你之前提到的本季供應受限的問題再補充一點。鑑於您對供需情況的了解，您是否預計到 12 月底，您將不再受到任何限制？或者您仍然預計在12月季度末可能會出現一些限制？有沒有辦法量化一下，如果沒有這些限制，本季的營收可能會達到多少？

Yes. If you look at the supply constraints, today, we are constrained on several 17 models. We're not predicting when the supply/demand will balance. We're obviously working very hard to achieve that because we want to get as many of these products out to the customers as possible. But today, I'm not going to predict.

是的。如果從供應限制來看，目前我們有 17 種型號的供應受到限制。我們無法預測供需何時達到平衡。我們顯然正在努力實現這一目標，因為我們希望盡可能地將這些產品送到客戶手中。但今天，我不打算做預測。

Okay. And then as a follow-up, how do you talk about new records across a lot of categories and services? I didn't hear search explicitly called out. So maybe it's a little bit of a follow-up to Ben's question. But given that there are some concerns around search volumes decelerating at the expense of AI, how do you think about the broader sustainability of these very strong mid-teens growth rates for Services or an extended period of time, not just for next quarter where you're obviously guiding to 14%?

好的。那麼，作為後續問題，您如何談論各個類別和服務領域的新記錄？我沒有聽到有人明確提到搜索。所以，這或許算是對本的問題的補充。但考慮到人工智慧可能會以犧牲搜尋量為代價而放緩，您如何看待服務業務目前這種非常強勁的15%左右的增長率在更廣泛的範圍內的可持續性，或者說能否在更長的時間內保持這種增長率，而不僅僅是您顯然預計下個季度將達到14%的增長率？

This is Tim. The advertising category, which is a combination of third-party and first-party did set a record during the quarter.

這是蒂姆。包括第三方廣告和第一方廣告在內的廣告類別在本季創下了紀錄。

Okay. And sorry, just to be clear, both Apple's own internal advertising and within the licensing individually set records?

好的。還有，不好意思，我再確認一下，蘋果公司內部廣告和授權廣告分別創下紀錄了嗎？

Actually, I'm not saying that. I'm just saying that the combination of the two set of record. We don't -- I'm dodging the question intentionally because we don't split it at that level.

其實，我不是那個意思。我只是想說，這兩組記錄結合起來。我們不——我故意迴避這個問題，因為我們不會在那個層面上進行劃分。

Operator, could we get the next question, please?

接線員，請問可以問下一個問題嗎？

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Maybe for the first one, Tim, you talked about the strong momentum you're seeing in China, which is also driving your confidence for the December quarter. Any thoughts on the role that the smartphone subsidies in that region are playing in this momentum? And how do you think about sort of what portion of consumers are maybe using some of those subsidies, leveraging the subsidies at this point? Any more insights into that? And I have a follow-up.

提姆，或許在第一個問題中，你談到了你在中國看到的強勁勢頭，這也增強了你對 12 月季度的信心。您認為該地區的智慧型手機補貼在這一發展勢頭中發揮了怎樣的作用？那麼，您認為目前有多少消費者可能正在使用這些補貼，利用這些補貼呢？關於這一點，還有其他見解嗎？我還有一個後續問題。

Yes, the subsidies play a favorable role. The subsidies, as you know, are sort of across multiple categories from PCs to tablets, smart watches and smartphones. And however, it's important to note they only apply to certain price ranges. And so there's a maximum price, and there's several of our products that are -- that sell above that price and therefore, are not eligible for a subsidy. But it does have a favorable effect. And it's clearly and at least from our vantage point, driving some consumer demand.

是的，補貼發揮了積極作用。如您所知，這些補貼涵蓋多個類別，從個人電腦到平板電腦、智慧手錶和智慧型手機。但要注意的是，這些優惠僅適用於特定價格範圍。因此，價格有上限，而我們的一些產品售價高於這個上限，因此不符合補貼條件。但它確實有積極作用。很明顯，至少從我們的角度來看，這正在推動一些消費需求。

Okay. Got it. And a follow-up for Kevan here. On the OpEx increase going into the December quarter, a fairly sizable step-up. So if you could just dig into that number a bit more. What are sort of the components towards what you're spending? And then that increase year-over-year in OpEx does sort of exceed your revenue growth. So is that sort of what we should expect on a going forward basis as well where you probably need to invest a bit more in the near future?

好的。知道了。接下來請凱文回答一個問題。進入 12 月季度，營運支出將大幅增加。所以，如果你能再深入研究這個數字就好了。你的支出主要包括哪些部分？而且，營運支出年增幅確實超過了收入成長。那麼，未來我們是否也應該預期會出現這種情況，即在不久的將來可能需要增加一些投資？

Yes, Samik, thanks for that question. As we've been outlining and reiterated in our last call, we are increasing our investments in AI. We're also continuing to invest in our product road map. So the vast majority of the increase to our operating expenses are driven by R&D. While we continue to manage the company in a thoughtful and disciplined way, we're also managing the business for the long term and are super excited about all the opportunities that we see ahead.

是的，薩米克，謝謝你的提問。正如我們在上次電話會議中概述和重申的那樣，我們將增加對人工智慧的投資。我們也持續投資於我們的產品路線圖。因此，我們營運費用的成長絕大部分是由研發驅動的。在繼續以深思熟慮和嚴謹的方式管理公司的同時，我們也著眼於長遠發展，並對未來所有機會感到無比興奮。

As it relates to the question around OpEx and revenue growth, while OpEx has been growing at a faster rate than revenue, we have seen gross margin expansion. And so when we look at that on a combined basis, it does allow us to have healthy operating leverage, and our operating income growth has been generally outpacing revenue growth for the past several years.

至於營運支出和收入成長的問題，雖然營運支出成長速度快於收入成長速度，但我們看到毛利率有所成長。因此，從整體上看，這確實使我們能夠擁有健康的經營槓桿，而且在過去幾年裡，我們的營業收入成長總體上超過了收入成長。

Operator, could we get the next question, please?

接線員，請問可以問下一個問題嗎？

David Vogt, UBS.

David Vogt，瑞銀集團。

So maybe, Kevan, can I ask first. Can you help us understand sort of the tariff impact sequentially from the September quarter to the December quarter, particularly around iPhone supply constraints because I think I heard you say tariffs go from $1.1 billion to $1.4 billion, but the sequential uplift in iPhone revenue and presumably production given supply chain constraints is dramatically bigger? So you can help us understand how to think about the timing of those tariff headwinds as we move forward and sort of that correlation? And then I have a follow-up.

所以，凱文，我可以先問一下嗎？您能否幫助我們了解從 9 月季度到 12 月季度，關稅對 iPhone 供應限制的環比影響，特別是對 iPhone 供應限制的影響？因為我好像聽到您說關稅從 11 億美元增加到 14 億美元，但考慮到供應鏈限制，iPhone 收入和產量環比增長幅度要大得多？所以，您能否幫助我們理解，隨著我們不斷前進，我們應該如何看待這些關稅阻力出現的時機以及它們之間的相關性？然後我還有一個後續問題。

David, I'll take this one. You're right, it goes from $1.1 billion to a projection of $1.4 billion. And the $1.4 billion is based on sort of what we know right now and where the tariff rates and policies and so forth are. So it assumes a stable kind of environment for the quarter. It does comprehend the change that was just made, which we're very encouraged to see with the tariffs moving from 20% to 10% in China. And so that is factored in. And that is one of the reasons why it's not linear to volume, if you will. Does that make sense?

大衛，這個我來做。你說得對，金額從 11 億美元增加到預計的 14 億美元。而這 14 億美元是根據我們目前所了解的情況，以及關稅稅率和政策等因素估算出來的。因此，它假設本季環境穩定。它確實理解了剛剛發生的變化，我們非常高興地看到中國關稅從 20% 降至 10%。所以這一點也考慮進去了。這就是為什麼它與銷量並非線性關係的原因之一。這樣說得通嗎？

Got it. No, that's helpful. That's what I was asking if the change is reflected in that outlook. And then just as a follow-up, when you think about -- I think on the Macs, I know people aren't asking about it. You talked about the tough comp, but you're going into sort of a holiday season, I understand that.

知道了。不，這很有幫助。我問的就是這種改變是否體現在這種觀點上。然後，作為後續補充，當你思考的時候——我認為在 Mac 電腦上，我知道人們不會問這個問題。你提到了競爭激烈的比賽，但我理解你即將進入假期。

But when you think about the attached possibility for other products to the iPhone in the holiday season, how do we think about sort of where the consumers heads that and their wallet is at this point in the cycle and granted it is a tough comp, but is there an opportunity to see some maybe upside from an attach rate perspective given the strength in the iPhone portfolio?

但考慮到假期季節 iPhone 與其他產品的關聯性，我們該如何看待消費者在當前消費週期階段的消費傾向和錢包狀況呢？誠然，這是一個艱難的比較，但考慮到 iPhone 產品組合的強勁勢頭，從關聯率的角度來看，是否存在一些成長機會？

We always like to remind people that buy an iPhone, all the other things that we offer. And so you can bet that we're doing that. From a Mac point of view, the challenges that last year was sort of the mother of all Mac launches. All of these from Mac mini to iMac to all the Macbook Pros, all launched literally at the same time.

我們總是喜歡提醒人們，購買 iPhone，還可以享受我們提供的所有其他服務。所以你可以肯定，我們正在這樣做。從 Mac 的角度來看，去年的挑戰可以說是所有 Mac 產品發表之母。從 Mac mini 到 iMac 再到所有 Macbook Pro 系列產品，所有這些產品都是同時發布的。

And this year, that compares to launching the 14-inch MacBook Pro. And so there's a very difficult compare. Of course, in the long run, I'm very bullish on the Mac. And you can see that the Mac again last quarter outgrew the market. And so we feel really well about how Mac is positioned, but this certain quarter is an extremely difficult compare.

今年，這相當於發布了 14 吋 MacBook Pro。因此，這很難進行比較。當然，從長遠來看，我非常看好Mac。你可以看到，上個季度Mac再次超越了市場平均。因此，我們對Mac的市場定位感到非常滿意，但本季的業績比較難度非常高。

Yes. And Tim, I'll add to that, that we also have the DRAM upgrades last year for the Mac lineup also is another factor.

是的。提姆，我還要補充一點，去年我們在 Mac 產品線的 DRAM 升級也是一個因素。

Operator, could we get the next question, please?

接線員，請問可以問下一個問題嗎？

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

My first one is on the iPhone constraints. Is there a way to quantify how much this is you left on the table because of those constraints? And is the different iPhone manufacturing from two different regions contributing to the constraint? And then I have a follow-up for you.

我的第一篇文章是關於iPhone的限制。有沒有辦法量化由於這些限製而導致你錯失了多少機會？不同地區生產的 iPhone 是否有造成生產瓶頸的問題？然後我還有一個後續問題想問你。

To be clear, the constraint was not related to manufacturing capacity per se. It was that we called the number of iPhone 16s that we were going to make, and we're a bit short of where the demand really was. So we could have sold more. We're not publicly at least estimating the extent of that. And then on iPhone 17 family, the demand is very strong. And so we obviously came out of the Q4 time frame with lots of back orders.

需要明確的是，這項限制因素與生產能力本身無關。問題在於，我們預測的 iPhone 16s 產量與實際需求相比略有不足。所以我們本來可以賣更多。我們目前尚未公開估算其規模。此外，iPhone 17 系列的需求也非常強勁。因此，很顯然，我們在第四季末積壓了大量訂單。

Got it. And then a quick follow-up. Given like the prevalence of chatbots and now some of these AI-infused services, do you think that could change the consumer behavior on mobile app ecosystems or are you seeing any of that? And would that have any impact on your App Store?

知道了。然後是一個簡短的後續問題。鑑於聊天機器人和現在一些人工智慧服務的普及，您認為這會改變行動應用生態系統中的消費者行為嗎？或者您已經觀察到任何這種變化嗎？那會對你們的應用程式商店產生任何影響嗎？

I think there are opportunities on the App Store with artificial intelligence. And so I think as we have made our on-device models available for developers, and we've seen developers begin to adopt them and so I think as you -- as that proliferates, there's an opportunity for developers and for Apple to benefit from that from adding features to their apps and so forth.

我認為人工智慧在應用程式商店中蘊藏著機會。因此，我認為隨著我們向開發者提供設備端模型，並且我們看到開發者開始採用這些模型，我認為隨著這種模型的普及，開發者和蘋果都有機會從中受益，例如在他們的應用程式中添加功能等等。

Operator, could we get the next question, please?

接線員，請問可以問下一個問題嗎？

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

I have two as well. I guess the first question is when we look at the iPhone 17 demand, which you've repeatedly highlighted is very strong. I'm curious if there's been any discernible kind of change in the mix within the iPhone 17 categories between the Pro and the Pro Max versions relative to prior cycles?

我也有兩個。我想第一個問題是，當我們審視 iPhone 17 的需求時，您已經多次強調，其需求非常強勁。我很好奇，與之前的幾代產品相比，iPhone 17 系列的 Pro 和 Pro Max 版本在配置組合上是否有任何明顯的改變？

It's really too early to call the mix, to be honest. And we don't like to publicly disclose that because of -- for competitive reasons. But frankly, we don't really know what the mix will be yet because we have constraints on both sides of the ledger at the top and at the entry. And so we'll see what happens as we get more supply.

說實話，現在下結論還太早。我們不願公開披露這一點，因為——出於競爭原因。但坦白說，我們還不真正知道最終的組合會是什麼樣，因為我們在帳簿的兩端——頂部和底部——都受到了限制。所以，隨著供應量的增加，我們將拭​​目以待會發生什麼事。

Yes. And then as a quick follow-up. I'm curious, as we kind of work through kind of the AI narrative that continues to build. Is there -- could you provide any kind of updated thoughts around the build-out of Apple's private compute cloud and how we should think about that kind of -- as we look forward?

是的。然後，作為快速的後續。我很好奇，因為我們正在逐步建立人工智慧的敘事。您能否就蘋果私有運算雲的建構以及我們展望未來應該如何看待這類問題，提供一些最新的想法？

Yes. We're obviously using PCC, our Private Cloud Compute today for a number of queries for Siri, and we will continue to build it out. In fact, the manufacturing plant that makes the servers used for Apple Intelligence just started manufacturing in Houston a few weeks ago, and we've got a ramp plan there for use in our data centers and it's robust.

是的。我們目前顯然正在使用我們的私有雲運算平台 PCC 來處理 Siri 的許多查詢，並且我們將繼續對其進行擴展。事實上，為 Apple Intelligence 製造伺服器的工廠幾週前才在休士頓開始生產，我們已經制定了產能提升計劃，用於我們的資料中心，而且該計劃非常穩健。

Yes. Aaron, I'll add maybe there are two since you asked a question about private cloud compute that we -- in '25, we did have CapEx costs associated with building out our private cloud compute environment in our first-party data centers. So you would have seen that in some of the CapEx investment in the year.

是的。Aaron，我補充一下，因為你問了關於私有雲運算的問題，我們——在 2025 年，我們確實有與在我們自己的資料中心建立私有雲運算環境相關的資本支出成本。所以，您應該已經從今年的部分資本支出投資中看到了這一點。

Operator, can we get the next question, please?

接線生，請問下一個問題可以嗎？

Atif Malik, Citi.

阿提夫‧馬利克，花旗銀行。

Great execution. The first question is on iPhone Air. Does the consumer reception on iPhone Air gives you a feel on perhaps the foldable phone market? Or are the two form factors very different?

執行得非常出色。第一個問題是關於 iPhone Air 的。iPhone Air 的消費者反應是否讓你對可折疊手機市場有所了解？或者說，這兩種外形尺寸差異很大？

I'm not sure that that one is a proxy for the other. The thing that I would say is that where we don't get into the model kind of demand. At the aggregate level, we are thrilled with how iPhone has been received, and that's the reason that we're expecting double-digit growth in the current quarter.

我不確定這兩者之間是否存在對應關係。我想說的是，我們不會在需求模型上進行深入探討。總體而言，我們對 iPhone 的市場反應感到非常滿意，這也是我們預計本季將達到兩位數成長的原因。

Great. And Tim, as a follow-up, good to know that the personalized Siri is making good progress and on track for next year. Will you continue to use a three-pronged approach with your own foundation models and partner with other LLM providers and maybe potential M&A? Or is one strategy more emphasized over another?

偉大的。蒂姆，作為後續補充，很高興得知個性化 Siri 進展順利，預計在明年按計劃推出。您是否會繼續採用三管齊下的方法，結合您自己的基礎模型，並與其他LLM提供者合作，甚至進行潛在的併購？或者說，哪種策略比較重要？

We're obviously creating Apple Foundation models within Apple. We ship them on device and use them in the private cloud compute as well. And we've got several in development. And so we also, from a continually to surveil the market on M&A and are open to pursuing M&A if we think that it will advance our road map.

我們顯然是在蘋果公司內部創建蘋果基金會模型。我們將它們部署在設備上，並在私有雲運算中使用它們。我們還有好幾個專案正在開發中。因此，我們也會持續關注併購市場，如果我們認為併購能夠推動我們的發展路線圖，我們也願意進行併購。

Operator, can we get our last question, please?

接線員，我們可以問最後一個問題嗎？

Richard Kramer, Arete Research.

Richard Kramer，Arete Research。

Tim, we've often seen Apple be a fast follower with iPhone and new technology, whether large displays or 4G or 5G. But with all the hype now around AI, are you seeing evidence that AI capabilities or features are a material purchase consideration for consumers or the record sales levels you're reporting simply reflecting other factors like the retention of your iOS space?

提姆，我們經常看到蘋果在 iPhone 和新技術方面迅速跟進，無論是大螢幕、4G 還是 5G。但如今人工智慧如此火爆，您是否看到證據表明人工智慧功能或特性是消費者購買時的重要考慮因素，還是您所報告的創紀錄的銷售水平僅僅反映了其他因素，例如 iOS 市場份額的留存率？

I think that there are many factors that influence people's purchasing considerations. And so -- and we don't have a great in-depth survey yet on the current iPhone 17 because it's very new in the cycle, and we give it some time to formulate. But I would say that Apple Intelligence is a factor. And we're very bullish on it becoming a greater factor and so that's the way that we look at it.

我認為有很多因素會影響人們的購買決策。所以——我們目前還沒有對目前的 iPhone 17 進行深入調查，因為它是該系列中的新產品，我們需要一些時間來形成調查結果。但我認為蘋果公司的人工智慧也是一個因素。我們非常看好它成為一個更重要的因素，這就是我們看待這個問題的方式。

Okay. And then one for Kevan. In the wake of nearly every other large tech company massively increasing their CapEx in advance of AI demand and also mentioning that there's scarce capacity, do you anticipate Apple altering its sort of long-standing hybrid approach to your own and third-party data centers? And maybe can you talk a little bit about the role you see for Apple silicon with the new M5 series of chipsets?

好的。然後給凱文一個。鑑於幾乎所有其他大型科技公司都在人工智慧需求到來之前大幅增加資本支出，並且都提到容量稀缺，您是否認為蘋果會改變其長期以來採用的自有和第三方資料中心混合模式？您能否談談您認為蘋果自研晶片在新推出的 M5 系列晶片組中將扮演怎樣的角色？

Richard, thanks for the question. In general, I think as we've talked about before, we are expecting increases in our CapEx spending related to AI investments. For example, as I mentioned earlier, we did end up having investments this year to build out our private cloud compute environment. And we do believe this hybrid model has served us very well, and we continue to want to leverage it.

理查德，謝謝你的提問。總的來說，我認為正如我們之前討論過的，我們預計與人工智慧投資相關的資本支出將會增加。例如，正如我之前提到的，我們今年確實進行了投資，以建立我們的私有雲運算環境。我們確實認為這種混合模式對我們非常有效，我們將繼續利用這種模式。

And so I don't see us moving away from this hybrid model where we leverage both first-party capacity as well as leverage third-party capacity. We'll continue to want to build out private cloud compute, as Tim outlined, as we have more usage there over time. But I think in general, we want to continue to have this hybrid model.

因此，我認為我們不會放棄這種混合模式，即同時利用第一方能力和第三方能力。正如 Tim 所概述的那樣，隨著時間的推移，我們會繼續建立私有雲運算，因為我們對私有雲運算的使用量會越來越大。但我認為總體而言，我們希望繼續保持這種混合模式。

A replay of today's call will be available for two weeks on Apple podcast as a webcast on apple.com/investor and via telephone. The number for the telephone replay is (866) 583-1035. Please enter confirmation code 0689794 followed by the pound sign. These replays will be available by approximately 05:00 PM Pacific Time today.

今天的電話會議錄音將在蘋果播客上提供兩週的回放，也可以透過 apple.com/investor 上的網路直播和電話收聽。電話重播號碼是（866）583-1035。請輸入確認碼 0689794，然後輸入井號 (#)。這些回放影片將於今天太平洋時間下午 5 點左右上線。

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. Thanks again for joining us.

媒體成員如有其他疑問，可致電 (408) 862-1142 聯絡 Josh Rosenstock。金融分析師如有其他疑問，可致電 (408) 974-3123 聯絡我，Suhasini Chandramouli。再次感謝您的參與。

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

今天的會議到此結束。我們非常感謝您的參與。