Apple Q4營收年增4%至1243億符合預期，毛利率46.9%，淨利年增7%至363億，EPS $2.4略優於預期。 $AAPL 預計25Q1 整體銷售成長低至中個位數%，服務收入約12%的雙位數速度成長。 @IEObserve 國際經濟觀察

IEObserve 國際經濟觀察 | United States America (US)

Create: 2025-01-31 Update: 2025-06-28 23:49:01

Apple Q4營收年增4%至1243億符合預期，毛利率46.9%，淨利年增7%至363億，EPS $2.4略優於預期。 $AAPL 預計25Q1 整體銷售成長低至中個位數%，服務收入約12%的雙位數速度成長。

#iPhone 銷售額年減0.8%至691億劣於預期的709億， #大中華市場衰退11%至185億劣於預期的215億。Apple Intelligence已在英語系國家推出，在有導入的市場銷售表現比其他地區好，今年4月會進一步拓展至簡中、日語和歐洲語系等市場。

🍎 iPhone：營收-0.8%至691億 < 預期697億
🍏 服務：營收年增加速至 +13.9%至 263億 > 預期 260億
🍏 Mac：營收+15.5%至89.8億 > 預期 79.9 億
🍏 iPad：營收+15.2% 至80.8億 > 預期 70.3億
🍎 穿戴設備與其他：營收-1.7%至117.4億 < 預期119億

#AI運算與DeepSeek發展
在DeepSeek開源大型語言模型引發市場關注的背景下，Apple CEO Tim Cook於財報會議中表示，推動效率的創新正是該模型所展現的方向。Apple目前採用設備端運算與私有雲混合模式的架構，透過晶片和軟體的整合來執行AI運算。

#中國市場現況分析
大中華區營收出現11%的年度下滑，其中超過半數源自通路庫存調整。中國市場目前尚未導入Apple Intelligence功能。中國政府於2024年1月20日推出全國性消費補貼計畫，涵蓋智慧型手機、平板電腦、PC與智慧手錶等產品類別，部分省份已在2024年第四季實施地方性補貼政策。

#新興市場發展
印度市場於本季創下營收新高，iPhone成為當地最暢銷機型。作為全球第二大智慧型手機市場與第三大PC及平板市場，印度顯示出重要的戰略地位。Apple計畫在印度增設4家直營店，同時考慮內需市場與出口需求進行供應鏈布局。

#服務業務發展
本季Apple服務業務營收達263億美元，年增14%，過去一年累積營收接近1000億美元。服務業務的付費帳戶與訂閱用戶數都呈現兩位數成長，訂閱用戶總數超過10億，服務業務毛利率達75%，季增100個基點。

IEObserve 國際經濟觀察

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