Apple-苹果（AAPL）：Q2财季业绩符合预期，经营呈现复杂态势

Investment Rating - The report does not provide a specific investment rating for the company [6] Core Insights - The company's Q2 fiscal performance met expectations with revenue of $95.4 billion, a year-over-year increase of 5.1%, slightly exceeding market expectations [2][3] - The iPhone business generated$ 46.8 billion in revenue, growing 1.9% year-over-year, with a 10.1% increase in shipment volume, although the average selling price decreased by 7.4% [2][3] - Software services revenue reached $26.6 billion, up 11.6% year-over-year, but the growth rate has slowed [2][3] - The company faces challenges including weak iPhone growth, declining wearable device sales, and increased costs due to tariffs, which may pressure future growth [3] Financial Summary - Revenue projections for the next quarter are expected to grow between 0-5%, indicating a lack of momentum [3] - Historical and projected financial data shows a fluctuating revenue trend with a projected revenue of$ 407.6 billion for 2025, reflecting a 4.2% year-over-year growth [4] - Gross margin is expected to improve gradually, reaching 47.3% by 2027 [4] Regional Performance - The Greater China region saw a revenue decline of 2.3%, attributed to increased competition and favorable subsidies for Android brands [2][3] - The Americas region accounted for 42.3% of total revenue, growing by 8.2%, while Europe experienced a slight increase of 1.3% [2]