特努斯首次以 CEO 身份主持财报电话会：苹果九月季度营收 1145 亿美元创纪录

大家好，感谢各位的参与。这是我首次以 Apple CEO 的身份与大家交流，深感荣幸。我很荣幸能够代表我们的团队以及他们每天所做的工作。今天，Apple 很高兴地报告营收 1145 亿美元，同比增长 12%，创下九月季度纪录。这些业绩帮助 Apple 实现了有史以来最好的财年营收和每股收益。

Hello, everyone, and thanks for joining us. It's a privilege to be with you for the first time as Apple CEO. I'm honored to represent our teams and the work they do every day. Today Apple is pleased to report $114.5 billion in revenue, up 12% from a year ago and a September quarter record. These results helped Apple achieve its best-ever fiscal year for revenue and EPS.

这是 Apple 令人振奋的时刻。我们刚刚完成了公司历史上产品发布最密集的时期之一。这是我们所有品类创新成果非凡的一段时间。全新 iPhone Duo 就是最好的证明之一，它是自初代以来最具变革性的 iPhone。我们也对 iPhone 18 Pro 和 18 Pro Max 感到无比兴奋，它们在摄像头、电池续航和性能方面实现了巨大飞跃——这些都是用户非常在意的特性。

This is an amazing time at Apple. We just completed one of the most prolific launch periods in our history. It's been a remarkable time for innovation across all of our categories. One of the greatest testaments to that is the all-new iPhone Duo, the most transformational iPhone since the original. We're also incredibly excited about iPhone 18 Pro and 18 Pro Max, which take massive leaps forward on camera, battery life, and performance—features that our users care deeply about.

与此同时，触控首次登陆 Mac，随全新 MacBook Pro 一同到来。我们还兴奋地发布了新款 iMac 和 14 英寸 MacBook Pro。全新 iPad mini 配备了惊艳的新款 OLED 显示屏，为 iPad 家族最小成员带来了超薄设计。Apple Watch 如今为用户提供了迄今最清晰的心脏健康窗口。我们推出了 AirPods 5，在开放式设计中实现了业界领先的主动降噪。我们还通过全新的 HomeView、Apple TV 4K 和 HomePod mini，为更智能的智能家居奠定了基础。

Meanwhile, touch has arrived on Mac for the first time with the all-new MacBook Pro. And we were excited to announce the new iMac and 14-inch MacBook Pro. The all-new iPad mini features a stunning new OLED display and brings a super thin design to the smallest member of the iPad family. Apple Watch now offers users the clearest window yet into their heart health. We introduced AirPods 5, which feature industry-leading active noise cancellation in an open-ear design. And we've laid the foundation for an even more intelligent smart home with the all-new HomeView, Apple TV 4K, and HomePod mini.

最重要的是，我们正在全线产品中解锁更强大的 AI 体验，包括全新的 Siri AI——一个能力非凡、深度个性化的助手，无缝集成于我们的各个平台。与我们打造的一切产品一样，Siri AI 内置了至关重要的隐私保护，任何人都无法访问用户数据，连 Apple 也不行。我们于九月面向美国英语用户推出了 Siri AI 测试版，并于十月扩展至法语、日语、韩语、葡萄牙语和西班牙语。

On top of it all, we're unlocking more powerful AI experiences across our lineup, including with the all-new Siri AI, a profoundly capable and deeply personal assistant seamlessly integrated across our platforms. And like everything we make, Siri AI is built with essential privacy protections so no one can access users' data, not even Apple. We launched Siri AI in beta for US English users in September and expanded to French, Japanese, Korean, Portuguese, and Spanish in October.

我们非常兴奋能够推出所有这些创新，而且我们还有更多计划要做的事情。我对 Apple 未来的机遇充满信心，从我们的产品路线图和广泛的服务，到健康、新兴市场、企业和教育等充满前景的领域。举个例子，我们最近与菲律宾教育部达成了 Mac 有史以来最大的教育交易。他们将向教师和员工部署 17 万台 MacBook Neo。这样的机会将更多用户带入我们的生态系统，并助力推动我们整体业务的增长。

We're really excited to have rolled all these innovations out, and there's still so much more we plan to do. I'm feeling great about the opportunities ahead for Apple, from our product roadmap and broad range of services to promising areas like health, emerging markets, enterprise, and education. As one example, we recently secured our biggest education deal ever for Mac, with the Department of Education in the Philippines. They're going to deploy 170,000 MacBook Neos to teachers and staff. Opportunities like this bring more users into our ecosystem and help fuel growth across our business.

Apple 是世界上最伟大的公司。我们汇聚了一支非凡的人才队伍——最优秀的工程师、设计师、开发者，以及从供应链到零售店等业务各个领域的专家。每一天，我们都在核心价值观和对“最好的技术应当让世界更美好”这一信念的指引下，将合适的人与最好的想法汇聚在一起，打造改变生活的产品和服务。

Apple is the greatest company in the world. We've assembled an extraordinary collection of talent—the best engineers, designers, developers, and experts in every corner of our business from our supply chain to our stores. Every day we bring the right people together with the best ideas to build products and services that change lives, guided by a foundational set of values and a belief that the best technology should make a better world.

我们通过打造强大、直观且符合 Apple 在质量、性能、设计和耐用性方面毫不妥协标准的产品来实现这一点。这就是用户热爱的 Apple 体验。凭借我们最新的产品阵容，人们比以往任何时候都更有理由升级或转向 Apple 产品。与此同时，Apple 服务放大了每一台设备的体验，帮助人们工作、娱乐、聆听、观看，并与周围的世界保持连接。

We do that by making products that are powerful and intuitive and meet Apple's uncompromising standards for quality, performance, design, and durability. That's the Apple experience customers love. And with our latest lineup, people have even more reasons than ever to upgrade or switch to an Apple product. At the same time, Apple services amplify the experience of every device, helping people work, play, listen, watch, and stay connected to the world around them.

我对我们服务业务的现状和未来走向感到欣喜，凭借超过 25 亿台活跃设备的使用基数，我期待扩展我们的产品与服务，改善全球用户的生活。

I'm delighted with where our services business is today and where it's going, and with an installed base of more than 2.5 billion active devices, I'm looking forward to expanding our offerings and improving the lives of users around the world.

我们也在 AI 领域看到了巨大机遇。Siri AI 标志着 Apple AI 的新篇章。它是一个完全重新构想的助手，强大、个性化、注重隐私，并与用户的日常生活深度相关。Siri AI 能捕捉与用户相关的信息，理解他们屏幕上的内容，并进行自然对话。这一切都是为了帮助他们完成日常事务。这就是我们一直想要的 Siri。我们对收到的评价和反馈感到非常自豪和满意，也很高兴越来越多的用户能够体验到它。

We see tremendous opportunity in AI as well. Siri AI marks a new chapter in AI at Apple. It is a completely re-imagined assistant that is powerful, personal, private, and deeply relevant to our users' daily lives. Siri AI picks up what's relevant to our users, understands what's on their screen, and holds a natural conversation. All to help them with the things they do every day. It's the Siri we've always wanted. We are very proud and pleased with the reviews and feedback we've received and we're so excited that more and more users are getting to experience it.

iPhone 仍然是我们机遇的核心，作为智能个人中枢。它始终与你相伴，理解你的个人上下文——从信息到照片、备忘录和应用——在你需要的时候提供强大的智能。然后是 Mac，它正迎来属于自己的 AI 时刻。Mac 是我加入 Apple 的原因，多年来，它开启了一个充满可能性的世界。在首款 Mac 问世 40 多年后，这个品类正迎来其最辉煌的时刻，我们最新产品线中的每一台 Mac 都是强大的 AI 平台。

iPhone remains at the center of our opportunity as the intelligent personal hub. It's always with you and understands your personal context from your messages to your photos, notes, and apps to deliver powerful intelligence right when you need it. Then there's Mac, which is having an AI moment all its own. Mac is what brought me to Apple, and through the years, it has opened a world of possibilities. More than 40 years after the first Mac, the category is having its biggest moment yet, with every Mac in our latest lineup a powerful platform for AI.

尤其是 Mac mini 和 Mac Studio，正在推动本地隐私 AI 的边界，让用户能够做到曾经被认为不可能的事情。从 Mac 到 iPhone 再到 iPad，我们很自豪我们的产品是业界最适合第一方和第三方 AI 应用的平台，我们对由此创造的机遇感到兴奋。

Mac mini and Mac Studio in particular are pushing the boundaries of local private AI, giving users the ability to do things once considered impossible. From Mac to iPhone to iPad, we are proud that our products are the best platforms in the industry for AI for both first-party and third-party applications, and we're excited about the opportunities that creates.

归根结底，我们在 Apple 所做的一切都是为了用户。每一项创新的成功，最好的衡量标准是它对人们生活的影响。这正是驱动我们不断打造伟大产品并将它们送到全球用户手中的动力。

Ultimately, everything we do at Apple is for our users. The success of every innovation is best measured by its impact on people's lives. And that's what drives us to keep building great products and to get them into the hands of people all around the world.

现在让我们深入了解本季度的业绩。正如我之前提到的，Apple 度过了一个出色的季度。除了公司总营收创下九月季度和财年纪录外，iPhone 也创下了九月季度营收纪录，为其有史以来最好的财年画上句号。服务业务在本季度创下历史新高，同样以有史以来最好的一年收官。

Now let's take a deeper dive into our results for the quarter. As I mentioned earlier, we had an excellent quarter at Apple. In addition to September quarter and fiscal year records in total company revenue, iPhone set a September quarter revenue record, capping its best fiscal year ever. Services achieved an all-time record during the quarter to close out our best year ever there too.

我们在追踪的绝大多数市场都实现了增长，在美洲、欧洲、大中华区和亚太其他地区均创下九月季度纪录。我们还在发达市场和新兴市场均创下九月季度营收纪录，并在印度创下历史新高。

We grew in the vast majority of markets we track, setting September quarter records in the Americas, Europe, Greater China, and the rest of Asia-Pacific. We also set September quarter revenue records in both developed and emerging markets, in addition to an all-time record in India.

来看我们的产品阵容，iPhone 在九月季度的营收为 576 亿美元，同比增长 17%，尽管面临供应限制和汇率逆风。我们在美国和大中华区实现了强劲的两位数增长，创下九月季度营收纪录。我们还在全球以及美国、中国大陆和印度创下了九月季度升级用户纪录，帮助我们在全球实现了有史以来最好的升级用户财年。

Turning to our lineup, iPhone revenue was $57.6 billion for the September quarter, up 17% from a year ago despite supply constraints and foreign exchange headwinds. We grew strong double digits in the U.S. and greater China to achieve September quarter revenue records. We also set a September quarter record for upgraders worldwide as well as in the U.S., China mainland, and India, helping to deliver our best fiscal year ever for upgraders globally.

在九月的发布会上，我们推出了全新的 iPhone Duo。从一开始，我们就清楚自己想要创造什么：一种可折叠形态，配备更大的显示屏，使用起来像 iPad 一样自然直观。我们将硬件和软件协同设计，使其毫无疑问是 iPhone，同时开启全新的使用方式。

At the launch in September, we introduced the all-new iPhone Duo. From the very beginning, we knew what we wanted to create: a foldable form factor with a larger display that feels as natural and intuitive as iPad. We designed the hardware and software together to make it unmistakably iPhone, while enabling entirely new ways to use it.

其成果是一系列非凡的创新，我们相信这些创新将重新定义折叠屏手机的可能性。我们为团队所打造的一切深感自豪。开发者正在快速适配这一全新形态，我们也很高兴看到越来越多的 App 针对 iPhone Duo 进行优化。评测者和消费者的早期反响令我们非常振奋，我们正努力尽快将 iPhone Duo 交付到用户手中。

The result is a series of remarkable innovations that we believe will redefine what a foldable phone can be. We're so proud of what our teams have built. Developers have been quickly adapting to this new form factor, and we're excited to see more and more apps optimized for iPhone Duo. We've been thrilled with the early response from reviewers and customers, and we are working hard to get iPhone Duo into customers' hands as quickly as we can.

iPhone 18 Pro 和 Pro Max 的反响同样令我们振奋。消费者喜爱它们的原因显而易见。我们最新的机型配备了大幅改进的相机系统，带来可变光圈和全新摄影风格等突破性升级。A20 Pro 与新一代均热板共同实现了 iPhone 史上最高的持续性能。iPhone 18 Pro Max 带来了 iPhone 史上最大的电池续航提升。A20 Pro 还搭载了全新的双 16 核神经网络引擎，加速端侧 AI 与计算摄影。

We have also been thrilled with the response to iPhone 18 Pro and Pro Max. It's easy to see why customers are embracing them. Our latest models feature a dramatically improved camera system with breakthrough upgrades like variable aperture and all-new photographic styles. The A20 Pro and next-generation vapor chamber together deliver the highest sustained performance in iPhone history. An iPhone 18 Pro Max delivers the biggest increase in battery life ever on an iPhone. A20 Pro also features a new dual 16-core neural engine accelerating on-device AI and computational photography.

转向 Mac，营收为 108 亿美元，尽管存在供应限制，仍同比增长 24%。在我们追踪的大多数市场中，我们都实现了两位数增长，新兴市场表现尤为强劲，创下了九月季度营收纪录。我们还创下了九月季度 Mac 新用户纪录。根据 IDC 的数据，我们在该季度以及整个财年都提升了全球市场份额，本财年 Mac 销量创下历史新高，这真正印证了这些出色产品的实力。

Turning to Mac, revenue was $10.8 billion, up 24% from a year ago despite supply constraints. We had double-digit growth in the majority of markets we track, and particularly strong performance in our emerging markets, where we set a September quarter revenue record. We also set a September quarter record for customers new to the Mac. According to IDC, we gained share globally during the quarter and for the full fiscal year, and we have never sold more Macs in a fiscal year than we did this time, which is a truly remarkable testament to these incredible products.

上周，我们推出了一种体验 Mac 的全新方式。搭载 ProLED XDR 的全新 MacBook Pro 首次将触控带到 Mac 上。它还拥有我们迄今出货过的最出色的专业笔记本电脑显示屏，以及全天候电池续航和最沉浸的笔记本电脑音频，这一切都融于更轻薄的设计之中。我们还将 M6 的强大性能带到了新款 14 英寸 MacBook Pro 和新款 iMac 上。最新一代 Apple Silicon 包含全球最快的 CPU 核心，可加速日常任务，此外还配备双 16 核神经网络引擎，驱动私密的端侧 AI 任务。

Last week, we introduced a whole new way for people to experience Mac. The all-new MacBook Pro with ProLED XDR brings touch to the Mac for the first time. It also boasts the best Pro laptop display we have ever shipped, plus all-day battery and our most immersive laptop audio, and it all comes together in a thinner and lighter design. We also brought the power of M6 to the new 14-inch MacBook Pro and the new iMac. This latest generation of Apple Silicon includes the world's fastest CPU core to speed up everyday tasks, in addition to a dual 16-core neural engine to drive private, on-device AI tasks.

接下来是 iPad，九月季度营收为 62 亿美元。上周，我们推出了全新的 iPad mini，配备惊艳的新款 OLED 显示屏、超薄设计以及 A20 Pro 的强大性能。随着最新成员的加入，我们的 iPad 产品线比以往任何时候都更强大、更多元。无论用户走到哪里，iPad 都能派上用场，比如在课堂上帮助学生以奇妙的方式探索世界，或在设计工作室中为艺术家和创意人士提供广阔的画布来挥洒创意。

Now turning to iPad, where revenue was $6.2 billion for the September quarter. Last week, we introduced the all-new iPad mini with an amazing new OLED display, super thin design, and the power of A20 Pro. With the newest edition, our iPad lineup is more capable and versatile than ever before. Anywhere our users go, there's a place for iPad, like a classroom where it helps students explore the world in amazing ways, or a design studio, giving artists and creatives an expansive canvas to explore their ideas.

可穿戴设备、家居与配件业务九月季度营收为 83 亿美元。Apple Watch 让佩戴手表这一简单举动成为呵护健康的强大方式。我们非常高兴推出全新的健康传感系统，帮助用户充分发挥健康追踪的价值。搭配 Apple 最强大的可穿戴芯片 S11，该健康传感系统在可穿戴设备中实现了最精准的心率传感。

In Wearables, Home, and Accessories, revenue was $8.3 billion for the September quarter. Apple Watch makes the simple act of wearing a watch a powerful way to help take care of your health. We were thrilled to introduce our all-new Health Sensing System to help our users get the most out of health tracking. Paired with the S11 chip, Apple's most powerful wearable chip, the health sensing system delivers the most accurate heart rate sensing in a wearable.

我们还高兴地发布了健康年龄和准备度等新功能，它们会告诉你何时该加把劲、何时该收一收，以及全新改版的健康 App。我们对音频智能（Audio Intelligence）也充满期待，它将在未来的软件更新中推出，帮助你记住那些原本可能错过的瞬间。

We were also happy to unveil new features like health age and readiness, which will tell you when to push forward or hold back, as well as the all-new Health app redesign. And we're excited for Audio Intelligence, which will be coming in a future software update and will help you remember moments you might otherwise miss.

Apple Watch Series 12 以精美轻盈的设计将这一切融为一体，而 Apple Watch Ultra 4 则更进一步，相比上一代拥有更长的电池续航，并具备运动手表中最为精准的端侧 GPS。与此同时，AirPods 5 以惊人的价格提供同类最佳的开放式主动降噪，同时提升了音质、电池续航和耐用性。

Apple Watch Series 12 brings it all together in a beautifully light design, while Apple Watch Ultra 4 goes further with longer battery life compared to the previous generation and the most accurate on-device GPS in a sports watch. Meanwhile, AirPods 5 offer best-in-class open-ear active noise cancellation at an incredible price while improving sound quality, battery life, and durability.

借助 iPhone 和 Apple Intelligence（包括 Siri AI），AirPods 让用户能够完成许多非凡之事，比如通过实时翻译与说另一种语言的人交流，或完全免提地获取基于广博世界知识的答案。

With iPhone and Apple Intelligence, including Siri AI, AirPods allow users to do remarkable things like connect with someone who's speaking another language with live translation, or get answers with broad world knowledge entirely hands-free.

就在几周前，我们推出了面向家居的全新一代硬件。其中包括 Apple HomeView，它被设计为家庭的核心，并对家中每个人都个性化，将娱乐、连接和家居管理汇聚于一处。我们与新款 Apple TV 4K（如今借助 Apple Intelligence 更加智能）、全新 HomePod Mini 以及 Apple Home Collection 一同发布了这些产品。Apple Home Collection 是一项新计划，通过与关键合作伙伴的深度协作，将 Apple Home 拓展到我们自有产品之外。一如既往，这一切都建立在 Apple 的隐私理念之上。

And just a few weeks ago, we introduced a whole new generation of hardware for the home. That includes Apple HomeView, which was designed to be central to the home and personal to everyone in it, bringing entertainment, connection, and home management together in one place. We announced this alongside the new Apple TV 4K, now smarter with Apple Intelligence, the all-new HomePod Mini, and Apple Home Collection, a new program that extends Apple Home beyond our own products through deep collaboration with key partners. All of it, as always, is built on Apple's approach to privacy.

现在来看服务业务。营收为 316 亿美元，同比增长 10%，创下历史新高。在我们追踪的大多数市场中，我们都实现了两位数增长，并在美洲和欧洲创下历史营收纪录，在亚太其他地区创下九月季度纪录。

Now, let's turn to services. Revenue was $31.6 billion, up 10% from a year ago and an all-time record. We saw double-digit growth in the majority of markets that we track, and we set all-time revenue records in the Americas and Europe, as well as a September quarter record in the rest of Asia-Pacific.

第 78 届黄金时段艾美奖对 Apple TV 而言是一个难忘之夜，我们的剧集获奖数量超过任何其他电视网。今夏热门剧集《寡妇湾》以 14 项获奖成为史上单年获奖最多的喜剧。我们对我们的节目内容非常兴奋，从粉丝喜爱的《流人》和《足球教练》，到即将上映的电影《成为人类》。迄今为止，Apple TV 的作品已获得超过 900 项奖项和逾 3,800 项提名。

The 78th Primetime Emmy Awards were a night to remember for Apple TV, with our shows earning more awards than any other network. Widow's Bay, the show of the summer, became the most awarded comedy ever in a single year with 14 wins. We're very excited about our programming, from fan favorites like Slow Horses and Ted Lasso to the upcoming film, "Being Human." To date, Apple TV productions have earned more than 900 wins and over 3,800 nominations.

转向 Apple Pay，我们最近与 Axis Bank 合作在印度上线，为全球最大市场之一带来无缝、安全、可靠的支付方式。如今，Apple Pay 已在超过 90 个市场可用，让全球消费者在每一笔交易中都享有安心保障。

Turning to Apple Pay, we recently launched in India with Axis Bank, bringing a seamless, safe, and secure way to pay in one of the biggest markets in the world. Today, Apple Pay is available in over 90 markets, giving customers around the world peace of mind built into every transaction.

Apple Music 的创立初衷是拉近艺术家与粉丝之间的距离，随着 Apple Music Hall 的开幕，我们拥有了一个美丽的新场馆，用于举办拉近彼此距离的亲密演出。为庆祝该场馆在伦敦开幕，我们举办了 Elton John 令人难忘的演出。

Apple Music was created to bring artists and fans closer together, and with the opening of Apple Music Hall, we have a beautiful new venue for intimate shows that bring them even closer. To celebrate the opening of the site in London, we hosted an unforgettable performance by Elton John.

人们喜爱 Apple 的产品与服务，是因为它们以无数方式让生活更轻松、更愉悦、更美好。他们也信赖 Apple 以负责任的方式创造技术，以正确而非省事的方式打造产品。这意味着在产品中使用更多再生材料，减少对地球的索取，并提升耐用性，让产品使用更长久。

People love Apple products and services for the countless ways they make life easier, more enjoyable, and just plain better. They also count on Apple to create technology responsibly, built the right way, not the easy way. That means building products with even more recycled content to take less from the earth, and with even better durability so they last longer.

这意味着开发智能功能，比如 Apple Watch 上的声音识别，提醒失聪或听障用户周围发生的事情。这意味着设计端侧处理等隐私保护机制，让个人数据保留在用户设备上。这也意味着推出新的儿童安全功能，让家长更容易管理孩子何时以及如何使用设备。我们还很高兴在美国进行越来越多的制造。

It means developing intelligent capabilities like sound recognition on Apple Watch to alert users who are deaf or hard of hearing to what's happening around them. It means designing privacy protections like on-device processing, so personal data stays on a user's device. And it means introducing new child safety features to make it easier for parents to manage when and how their kids can use their devices. We're also pleased to be doing more and more manufacturing in the United States.

通过我们的美国制造计划，我们正在加深与全美各地供应商的合作，包括钛生产商 Perryman——它现在为 iPhone Duo 供货——以及 Qnity Electronics，后者正在生产 iPhone 18 Pro 全新可变光圈系统背后的相机技术。我们最新款 iPhone 中近 100 个组件来自十几个州的美国公司。总体而言，Apple 在全美 50 个州拥有数千家供应商和合作伙伴，支撑着超过 45 万个美国就业岗位。这一切都属于我们为期四年、总额 6000 亿美元的对美国创新与先进制造的承诺。我为我们在本季度取得的成就感到自豪，也对未来充满期待。我们具备取得非凡成功所需的一切，而凭借这支团队、这一愿景、这一使命和这些价值观，我毫不怀疑我们一定能够做到。接下来，我把时间交给 Kevan。

Through our American Manufacturing Program, we're deepening partnerships with suppliers across the country, including Perryman, a titanium producer now supplying iPhone Duo, and Qnity Electronics, which is producing the camera technology behind iPhone 18 Pro's new variable aperture system. Nearly 100 components in our newest iPhones come from American companies in more than a dozen states. All told, Apple supports more than 450,000 American jobs with thousands of suppliers and partners across all 50 states. It's all part of our $600 billion four-year commitment to U.S. innovation and advanced manufacturing. I am proud of what we've accomplished this quarter and I'm excited for what's ahead. We have everything we need to be extraordinarily successful, and with this team, this vision, this mission, and these values, I have no doubt that we will. With that I'll hand it over to Kevan.

谢谢 John，大家下午好。这里简要介绍一下我们的关键财务指标。我们的营收为 1145 亿美元，同比增长 12%，创下九月季度营收纪录。这一强劲表现是在环比近两个百分点的外汇逆风以及 iPhone、Mac 和 iPad 供应受限的情况下实现的。产品营收为 829 亿美元，同比增长 12%，主要受 iPhone 和 Mac 的强劲两位数增长推动。我们超过 25 亿台活跃设备的装机量在所有主要产品类别和地理区域均再创历史新高。服务营收为 316 亿美元，同比增长 10%。我们在多个服务类别中表现强劲，视频、云服务、支付服务和广告均创历史纪录，音乐则创下九月季度纪录。

Thanks, John, and good afternoon everyone. Here's a quick rundown of our key financial metrics. Our revenue of $114.5 billion was up 12% year over year, a September quarter revenue record. This strong performance was despite sequential foreign-exchange headwinds of nearly two percentage points as well as supply constraints on iPhone, Mac, and iPad. Products revenue was $82.9 billion, up 12% year-over-year, driven by strong double-digit growth on iPhone and Mac. Our installed base of over 2.5 billion active devices has reached another all-time high across all major product categories and geographic segments. Services revenue was $31.6 billion, up 10% year-over-year. We saw strong performance in many services categories with all-time records in video, cloud services, payment services and advertising, and a September quarter record in music.

公司毛利率为 47.9%，产品毛利率为 37.2%。两者均包含关税退款带来的收益，在九月季度产生了约一个百分点的有利影响。若剔除六月和九月季度的关税退款，公司毛利率和产品毛利率环比均将下降约一个百分点，主要受内存成本上升推动。截至九月季度，我们已收到与已支付关税相关的绝大部分退款。服务毛利率为 76%，环比上升 40 个基点。运营费用为 192 亿美元，同比增长 21%，因我们持续在研发上投入。净利润为 307 亿美元，摊薄每股收益为 2.10 美元，同比增长 14%，其中包含关税退款带来的 0.05 美元有利影响。即使剔除关税退款收益，净利润和每股收益仍创下九月季度纪录。运营现金流也非常强劲，为 281 亿美元。

Company gross margin was 47.9% and products gross margin was 37.2%. These both included a benefit from tariff refunds, which had a favorable impact of approximately one percentage point in the September quarter. When you remove the tariff refunds from both the June and September quarter, both company and products gross margin would be down about one point sequentially, primarily driven by higher memory costs. As of the September quarter, we have received the vast majority of the refunds related to tariffs paid. Services gross margin was 76%, up 40 basis points sequentially. Operating expenses came in at $19.2 billion, up 21% year-over-year, as we continue to make investments in R&D. Net income was $30.7 billion, diluted earnings per share was $2.10, up 14% year-over-year, and included $0.05 of favorable impact from tariff refunds. Both net income and EPS set September quarter records, even when excluding the tariff-refund benefit. Operating cash flow was also very strong at $28.1 billion.

这一表现标志着我们迄今最好的财年，营收达 4788 亿美元，同比增长 15%，每股收益创财年纪录，为 8.98 美元，同比增长 20%。接下来，我将提供各营收类别的更多细节。

This performance marked our best fiscal year yet, with $478.8 billion in revenue, up 15% year-over-year, and a fiscal-year record for EPS of $8.98, up 20% year-over-year. Now, I'm going to provide some more details for each of our revenue categories.

iPhone 营收为 576 亿美元，同比增长 17%，尽管存在供应限制。在我们追踪的大多数市场均实现两位数增长，并在发达市场和新兴市场均创下九月季度营收纪录。正如 John 所提到的，公司整体创下纪录之年，iPhone 也在全球及每个地理区域创下史上最佳年度表现。iPhone 活跃装机量增至历史新高，iPhone 在全球及包括美国、中国大陆、印度和日本在内的多个市场创下升级用户纪录。根据 World Panel 近期的一项调查，iPhone 在美国、中国城市地区、印度、英国、德国、澳大利亚和日本均为最畅销机型。

iPhone revenue was $57.6 billion, up 17% year-over-year, despite supply constraints. We grew double digits in the majority of markets we track, and we also reached September quarter revenue records across both developed and emerging markets. As John mentioned, it was a record year for the total company, and we also had our best year ever for iPhone, both worldwide and in every geographic segment. The iPhone active installed base grew to an all-time high, and iPhone had a record year for upgraders globally and in several markets, including the U.S., China Mainland, India, and Japan. According to a recent survey from World Panel, iPhone was a top-selling model in the U.S., urban China, India, the UK, Germany, Australia, and Japan.

Mac 营收为 108 亿美元，同比增长 24%，尽管存在供应限制。这一表现由 MacBook Neo 和 MacBook Pro 的强劲表现推动。我们在发达市场和新兴市场均实现两位数增长，在印度和东南亚等市场创下历史纪录。新兴市场 Mac 表现持续强劲，推动 Mac 在该地区创下最佳财年，主要受升级用户和新购 Mac 用户创纪录推动。iPad 营收为 62 亿美元，同比下降 10%，主要受我此前提到的供应限制以及去年同期搭载 A16 芯片的 iPad 发布带来的持续艰难对比影响。iPad 装机量在本季度创下历史新高，超过一半购买 iPad 的客户为首次购买该产品。

Mac revenue was $10.8 billion, up 24% year-over-year despite supply constraints. This performance was driven by the strength of the MacBook Neo and MacBook Pro. We saw double-digit growth in both developed and emerging markets, with all-time records in markets like India and Southeast Asia. Emerging markets continued to see strong performance on Mac, resulting in Mac's best fiscal year there, driven by record upgraders and customers new to the Mac. iPad revenue was $6.2 billion, down 10% year-over-year, driven by the supply constraints I mentioned earlier, as well as a continued difficult compare against the launch of the A16-powered iPad in the prior year. The iPad installed base reached an all-time high during the quarter, and over half of the customers who purchased an iPad were new to the product.

可穿戴设备、家居及配件营收为 83 亿美元，同比下降 8%，因我们面临去年同期 Watch SE3 和 AirPods Pro 3 发布带来的艰难对比。可穿戴设备装机量创下历史新高，本季度购买 Apple Watch 的客户中超过一半为首次购买该产品。服务营收创下 316 亿美元的历史纪录，同比增长 10%，尽管面临超过 1.5 个百分点的环比外汇逆风。在我们追踪的大多数市场均创下历史营收纪录，包括拉丁美洲和印度等几个新兴市场。我们对服务业务的长期未来持乐观态度。凭借超过 25 亿台活跃设备的庞大装机量，我们拥有极其强大的增长机会基础。

Wearables, Home and Accessories revenue was $8.3 billion, down 8% year over year, as we faced a difficult compare against the launch of the Watch SE3 and the AirPods Pro 3 in the prior year. The Wearables installed base reached a new all-time high, and over half of customers who bought an Apple Watch in the quarter were new to the product. Services revenue set an all-time record of $31.6 billion, up 10% year-over-year despite over 1.5 points of sequential FX headwinds. We set all-time revenue records in the majority of markets we track, including several emerging markets like Latin America and India. We are optimistic about the long-term future of our services business. With our large installed base of over 2.5 billion active devices, we have an incredibly strong foundation for growth opportunities.

我们的服务继续吸引更多客户，本季度交易账户和付费账户均创下历史新高。我们还有超过 15 亿付费订阅，本季度实现两位数增长，创下历史新高。我们持续改进和扩展服务产品，从目前已在超过 100 个国家和地区将 Apple TV 和 Apple Arcade 纳入 iCloud Plus 套餐，到 Apple Maps 广告现已在美国和加拿大上线，这将为本地商家提供触达客户的新方式，同时尊重用户隐私。

Our services continue to attract more customers, and both transacting and paid accounts reached new all-time highs in the quarter. We also have over 1.5 billion paid subscriptions, which grew double digits during the quarter, reaching an all-time high. And we continue to improve and expand our services offerings, from iCloud Plus plans that now include Apple TV and Apple Arcade in more than 100 countries and regions, to ads in Apple Maps, now live in the U.S. and Canada, which will give local businesses a new way to reach customers while respecting our users' privacy.

现在来看企业业务，各组织继续扩大其 Apple 设备部署，以转型运营并提升生产力。Duke Health 使用 Apple Vision Pro 完成了首例髋关节镜手术，使用的是 Stryker 经 FDA 授权的应用。美国航空正向乘务员部署超过 37,000 台 iPhone 17 设备，用于通过轻触支付进行机上购买，此外还为飞行员和机械师部署了 25,000 台 iPad。越来越多的公司在日益广泛的使用场景中选择 Mac，包括用于端侧 AI。例如，Gap Inc. 完全在 Mac Mini 上运行 AI，用于数百家门店的防损，从而消除了云端 token 成本。世界领先的拍卖行佳士得正在 Mac Studio 上运行本地模型，以改进定价估算等核心生产力工作流。

Turning now to enterprise, organizations are continuing to expand their fleets of Apple devices to transform operations and drive productivity. Duke Health performed the first surgical procedure using Apple Vision Pro for hip arthroscopy with an FDA-authorized app from Stryker. American Airlines is deploying over 37,000 iPhone 17 devices to flight attendants for in-flight purchases with tap-to-pay, in addition to 25,000 iPads for pilots and mechanics. And more companies are choosing Mac across a growing range of use cases, including for on-device AI. For example, Gap Inc. is running AI entirely on Mac Mini for loss prevention across hundreds of stores, eliminating cloud token costs. Christie's, a world-leading auction house, is running local models on Mac Studio to improve core productivity workflows such as pricing estimates.

接下来看我们的现金状况和资本回报计划。本季度末，我们拥有 1370 亿美元现金及有价证券，总债务为 800 亿美元。本季度，我们向股东返还了 280 亿美元，其中包括 39 亿美元股息及等价物，以及 240 亿美元股票回购。

Let's turn to our cash position and capital return program. We ended the quarter with $137 billion in cash and marketable securities and $80 billion in total debt. During the quarter, we returned $28 billion to shareholders. This included $3.9 billion in dividends and equivalents and $24 billion in share repurchases.

展望十二月季度，我想回顾一下我们的展望，其中包含 Suhasani 提到的那类前瞻性信息。重要的是，我们提供的指引假设全球关税税率、政策及其执行情况在本电话会议时点保持不变，且全球宏观经济前景不会较今日恶化。我们预计十二月季度公司总营收将同比增长 7% 至 10%，这反映了我们对供应受限情况的最佳判断。我们预计这将是公司历史上营收最高的季度。我们预计十二月季度服务营收将同比增长 8% 至 9%。这一展望考虑了主要由第三方授权和外汇带来的环比不利因素。我们预计毛利率将在 45% 至 46% 之间。这主要包含内存成本上升的影响，以及与 Siri AI 产能爬坡相关的一些成本。我们预计运营费用将在 204 亿美元至 208 亿美元之间。我们预计其他收支（OI&E）约为 3 亿美元，不包括少数股权投资按市值计价可能带来的任何影响。我们的税率预计约为 17%。最后，今天我们的董事会宣布派发每股普通股 0.27 美元的现金股息，将于 2026 年 11 月 16 日支付给截至 2026 年 11 月 12 日登记在册的股东。接下来，我把时间交还给 John。

As we move ahead into the December quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasani referred to. Importantly, the color we're providing assumes that global tariff rates, policies, and their application remain in effect as of this call, and the global macroeconomic outlook does not worsen from today. We expect our December quarter total company revenue to grow between 7% and 10% year-over-year, which reflects our best view of constrained supply. We expect this to be the best quarter for revenue in the history of the company. We expect Services revenue to grow between 8 and 9 percent year-over-year in the December quarter. This contemplates sequential headwinds primarily driven by third-party licensing and foreign exchange. We expect gross margin to be between 45 percent and 46 percent. This includes primarily the impact of higher memory costs, as well as some costs related to the ramp of Siri AI. We expect operating expenses to be between $20.4 billion and $20.8 billion. We expect OI&E to be around $300 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 $0.27 per share of common stock payable on November 16, 2026 to shareholders of record as of November 12, 2026. With that, I’ll hand it back to John.

谢谢 Kevan。在进入提问环节之前，我想介绍 Sabih Khan，Apple 的首席运营官。很多人通过他在全球运营和供应链方面的工作认识 Sabih，他领导了 Apple 的许多重要职能，包括制造、AppleCare、环保工作以及全球供应商合作。Sabih 和他的团队是我们能够以他人无法企及的规模和品质构建和交付产品的原因。我已邀请 Sabih 与 Kevan 和我一起参加这些电话会议，来回答大家的问题。

Thanks, Kevan. Before we get into questions, I’d like to introduce Sabih Khan, Apple’s Chief Operating Officer. Many of you know Sabih from his work with worldwide operations and supply chain, leading many important functions at Apple, including manufacturing, AppleCare, environmental efforts, and supplier partnerships around the world. Sabih and his team are the reason we’re able to build and deliver products at a scale and of a caliber unlike anyone else out there. I’ve asked Sabih to join Kevan and me on these calls as we take your questions.

关于 iPhone 18，标准版没有出现在 9 月的产品阵容中。我想知道您能否分享一些原因，是因为供应限制和组件相关的问题导致了这一决定，还是与 Duo 的发布有关，任何信息都会有帮助。

On the iPhone 18, the standard model was left out of the September lineup. I was just wondering if you could share some of the reasons why, whether there were some supply constraints and component-related things that led to that decision, or if it had to do with the launch of the Duo, any color there would be helpful.

好的，谢谢 Michael。你看，我们非常高兴在今年 9 月早些时候推出了 iPhone Duo 和 18 Pro，并且我们有 iPhone 17、iPhone Air 和 17e 继续充实这个极其强大的假日产品阵容。所以，显然我们不对未来路线图发表任何评论，但我们对目前的状况感到兴奋。

Yeah, thanks, Michael. Look, we were thrilled to introduce the iPhone Duo and 18 Pro earlier this year in September, and we have iPhone 17, iPhone Air, and 17e continuing to kind of round out this incredibly strong lineup for the holidays. So, obviously, we don’t make any comments about Future Roadmap, but we’re excited about where we’re at.

我的第二个问题是关于 iCloud+。鉴于它与家庭安全的关联以及 Apple Intelligence 的潜在变现机会，它似乎正在成为一个更具战略性的产品。所以我想知道，您在 iCloud+ 上看到了什么，特别是在 iPhone 上增加存储选项的成本上升以及公司进军家庭产品的情况下，附加率方面是否有任何有利因素？

And then my second question is just around iCloud+. It seems like it’s becoming a more strategic product, just given the tie-in with home security, as well as the potential monetization opportunity for Apple intelligence. So I was just wondering, what are you seeing on iCloud Plus, are there any tailwinds in terms of attach rates, just particularly given the rising cost for increased storage options on iPhone and the company’s push into home products?

我认为，在 9 月季度，我们的云服务收入创下了历史新高。你提到了 iCloud+。这是我们非常兴奋的事情。我们的 iCloud+ 计划现在在超过 100 个国家和地区包含 Apple TV 和 Apple Arcade，我们认为我们真的可以触达新的潜在订阅者。然后，正如你提到的，我们认为 Apple Intelligence 有很好的机会。依赖服务器端模型的功能将会有一些使用限制，包括 Siri AI 和智能照片编辑等，因此任何需要更大容量的用户将来都可以购买扩展访问权限。所以，就像你说的，最初 iCloud 层级主要是关于存储，但我们一直在增加更多的能力和功能。

I think we just, in the September quarter, had an all-time record for our cloud services for revenue. And you mentioned iCloud+. This is something we’re very excited about. We have these iCloud+ plans that now include Apple TV and Apple Arcade in more than 100 countries and regions where we think we can really reach new potential subscribers. And then, as you mentioned, we think there’s good opportunities on Apple Intelligence. There are going to be some usage limits on features that rely on server-side models, which include Siri AI and intelligent photo editing, some other things like that, and so anyone who needs greater capacity will be able to purchase expanded access in the future. So, kind of to your point, in the beginning, iCloud tiers were largely about storage, but we’ve been adding more capabilities and features to it.

John，恭喜你在这里的第一个季度。那么，随着 AI 世界从聊天机器人演变为消费者智能体，Apple 似乎有越来越多的机会。似乎也存在风险，John，我很想听听你对 Apple 和 Siri AI 在这个消费者智能体式 AI 格局中想要扮演什么角色的看法，以及你如何看待其中一些智能体试图侵蚀你服务业务的潜在风险。

John, congrats on your first quarter here. So as the world of AI evolves from chatbots to consumer agents, it seems like there are growing opportunities for Apple. It also seems like there are risks, and John, I’d just love to get your perspective on what role you want Apple and Siri AI to play in kind of this consumer agentic AI landscape, and just how you look at any potential risks of some of these agents trying to encroach on your services business.

你看，首先，我们非常兴奋地推出 Siri AI 以及最新一代的 Apple Intelligence 功能。Siri 长期以来一直受到用户的欢迎，每天有超过 25 亿次请求，而有了 Siri AI，我们真正拥有了我们一直想要的那种 Siri。它今天主要是基于请求的，但正如我们在 WWDC 上谈到的，它构建在现代编排器驱动的架构上，这为我们提供了真正的空间来随着时间的推移扩展其能力。至于智能体能力，我们认为这些是对用户很有前景的工具。我们只是想确保用户知道他们授予了什么访问权限。我们希望确保以保护安全和隐私的方式做到这一点。所以我们正在 Siri AI 上非常努力地推进这一点，但我们也感到非常鼓舞的是，我们认为 Apple 设备是使用所有形式 AI 的最佳场所。

Look, first and foremost, we’re incredibly excited to launch Siri AI alongside the latest generation of Apple intelligence features. Siri has long been popular with our users with more than two and a half billion requests every day, and with Siri AI, we really have the kind of the Siri that we always wanted. It’s primarily request-based today, but as we talked about at WWDC, it’s built on a modern orchestrator-driven architecture that gives us real room to expand its capabilities over time. As far as agentic capabilities, we think these are promising tools for users. We just want to make sure that users are aware of what they’re giving access to. We want to make sure this is done in a way that protects security and privacy. So we’re pushing really hard on that with Siri AI, but we’re also really encouraged by the fact that Apple devices, we think, are the best places to use all forms of AI.

如果我们退后一步看，我们应该如何思考服务增长的可持久性？我意识到 9 月季度是 10%。在 12 月季度我们略低于这个水平，因为搜索等某些事物在演变，监管变化影响 App Store 变现，是否有我们应该期待的新服务，你认为这些新服务可以成为更可观的抵消因素，以减轻这些历史上重要的收入流的一些压力？

If we take a big step back, how should we think about the durability of services growth? I realize that was 10% in the September quarter. We’re a little bit below that in the December quarter, as certain things like search evolve and regulatory changes impact App Store monetization, are there new services that we should be looking towards that you believe can become a more sizable offset to maybe take some pressure off these historically important revenue streams?

我先谈谈我们在 9 月季度讨论的内容，服务业务同比增长 10%，我们将其与 6 月季度进行比较。外汇是同比增速环比变化的主要驱动因素。我们在 9 月继续看到许多服务类别的强劲表现，视频、云服务、支付服务和广告（包括我们的第一方 Apple 广告）均创下历史新高，音乐在 9 月季度也创下纪录。但我认为重要的是也要退一步，看看过去几个季度我们服务业务的进展。我认为这是一个重要的背景。所以我们在上次电话会议中谈到，我们预计外汇将是 3 月到 9 月季度同比增速变化的最大驱动因素。这最终成为一个约 4 个百分点的重大逆风，我们预计进入 12 月季度，服务业务还将面临约另外半个百分点的环比逆风。我们还看到一些影响 App Store 表现的因素，在 9 月季度，App Store 的表现与去年同期相似，我们拥有创纪录的付费订阅数量，App Store 上第三方应用的订阅实现了两位数增长。同时，我们确实看到移动游戏方面的一些逆风，我们之前已经谈过，并预计这些逆风将持续到 12 月季度。请记住，我们还在某些国家对 App Store 业务模式进行了一些改变，在美国，我们继续在影响外链交易的法院裁决下运营。展望未来，我们预计 12 月季度服务业务增长将在 8% 到 9% 之间，正如我在准备好的发言中提到的，这一展望包含了我们对环比逆风的最佳估计，主要来自第三方许可和我刚才提到的额外半个百分点的外汇影响，接下来我将交给 John 谈谈一些前瞻性观点。

Let me start by just talking through kind of what we talked about during September quarter, services grew by 10% year over year and we look at that relative to the June quarter. Foreign exchange was the main driver of that change in year-on-year growth rate sequentially. We continued to see strong performance in September in many of our service categories, all-time records in video, cloud services, payment services and advertising, including our first party Apple ads, and September quarter record in music. But I think it’s important to kind of step back also and look at the progression of what we’ve seen in our services business over the last several quarters. I think it’s an important backdrop. So we spoke about in the last call, we expected foreign exchange to be the largest driver of the change in the year on year growth rate from the March to September quarter. This ended up being a significant headwind of about four percentage points, and we expect additional sequential headwind of about another half of a percentage point for the services business as we go into the December quarter. We’ve also seen some factors that impacted the performance of the App Store and during the September quarter the performance on the App Store was similar to the prior year and we had a record number of paid subscriptions with double-digit growth for third-party apps on the App Store. At the same time we did see some headwinds in mobile gaming that we’ve talked about before and expect to see those continue into the December quarter. And keep in mind we’ve also made some changes to the App Store business model in certain countries, and in the U.S., we continue to operate under a court ruling impacting link-out transactions. As we move ahead, we expect services growth to be between 8% to 9%, as I mentioned in the prepared remarks, in the December quarter, and this outlook contemplates our best estimates on sequential headwinds primarily from third-party licensing and the additional half percentage point in foreign exchange I just mentioned, and I’ll turn it over to John to talk about some perspectives as we look ahead.

是的，谢谢。我想补充一点，Eric。我认为从根本上说，我们对服务业务的长期机会感觉非常好。我们看到超过 25 亿活跃设备的安装基数持续增长，这基本上是未来增长的基础，因为更多客户能够体验我们的产品和服务。一个例子是，在 9 月季度，App Store 的每周平均访客数量达到近 10 亿的创纪录水平，我们看到至少支付一项服务的用户数量增长，达到历史最高水平。另一个很好的例子是，在印度，我们最近与 Axis Bank 合作推出了 Apple Pay，将无缝、安全、可靠的支付方式带到了世界上最大的市场之一。最重要的是，正如我们谈到的，我们认为智能将是另一个机会。所以总的来说，我们对长期的发展方向感觉非常好。

Yeah, thanks. I guess I’d like to add to that, Eric. I think fundamentally we feel really good about the long-term opportunity that we have in our services business. We see continued growth in the install base of over 2.5 billion active devices, which is fundamentally the foundation for future growth as more customers are able to experience our products and services. An example of this, during the September quarter, App Store saw a record number of nearly a billion average weekly visitors, and we saw growth in the number of users who were paying for at least one service, reaching an all-time high. Another good example of this, in India, we recently launched Apple Pay with Axis Bank, bringing the seamless, safe, secure way to pay to one of the biggest markets in the world. And then on top of all this, as we talked about, we think intelligence is going to be another opportunity as well. So overall, we’re feeling really good about where we’re headed in the long term.

非常感谢，我也祝贺 John 首次参加财报电话会议。John，你在开场评论中将 iPhone 描述为智能个人中心，随着个人 AI 智能体变得更加突出，你认为主要客户关系有可能从设备转移到智能体吗？而且，鉴于 Apple 在芯片、硬件和软件方面的整合，你认为将个人上下文和屏幕感知等结合到一个可能超越回答问题的智能体中，最大的机会在哪里？你认为 Siri 目前在将这些部分整合在一起方面进展如何？

Thanks a lot and congrats on my end as well John on your first earnings call here. John, you sort of described the iPhone as an intelligent personal hub in your opening comments and as personal AI agents become more prominent do you see the potential for the primary customer relationship to shift from the device to the agent over time, and really, given Apple’s integration of silicon, hardware, and software, where do you see the greatest opportunity to combine things like personal context and on-screen awareness into an agent that can perhaps move beyond answering questions? And how far along do you think Siri is in bringing those pieces together right now?

正如我之前所说，我们在公告中也提到，我们确实将 iPhone 视为智能个人中心。想想看，你的很多个人数据都在 iPhone 上，无论是联系人、通信、健康数据、财务数据，所有这些，Siri 可以利用这些数据，以非常安全和私密的方式帮助你访问，其他人无法访问，甚至 Apple 也无法访问，所以我们认为这是一个核心的差异化优势，我们对此感到兴奋，并将继续推进。所以我认为这是一个我们感觉非常非常好的领域。

As I said before, and we said in our announcement, we really do think of the iPhone as the intelligent personal hub. And if you think about it, so much of your personal data is on your iPhone, whether it’s your contacts, your communications, health data, financial data, all of that, and Siri can tap into that and help you access it in a way that’s very secure and private, and that nobody else has access to, even Apple doesn’t have access to it, and so we think that is a core kind of differentiator that we’re excited about, and we’re going to continue to push on that. And so I think this is an area that we feel really, really good about.

Kevan，我想知道你是否能花点时间谈谈 12 月季度的毛利率。我认为如果排除所有关税退款，你开始暗示毛利率环比至少下降约 140 个基点。你能区分一下这其中有多少可能是商品内存通胀、多少是组合变化，以及你提到的 Siri AI RAM 成本吗？你能谈谈在考虑环比毛利率时不同的变动因素吗？那会很有帮助。

Kevan, the December quarter gross margin, I’m wondering if you’d spend a bit of time on that. I think if I exclude all the tariff refunds, you started implying gross margin would be down about 140 basis points, sequentially at least. Can you separate how much of this is maybe commodity memory inflation versus mix versus, you called up Siri AI RAM costs as well. Can you just talk about what the different moving parts are as you think about the sequential gross margins? That would be helpful.

好的，听起来不错。让我试着为你解答。正如你提到的，对于 12 月季度，我们谈到了 45% 到 46% 的毛利率展望。如你所说，当去除 9 月关税退款的好处后，该区间的中点环比下降幅度与你提到的相当。我们预计大部分下降将由更高的内存成本驱动，我将把话筒交给 John，让他给你一个视角，然后我来回答你问题的其余部分。

Yeah, that sounds good. Let me try to address that for you. So as you alluded for the December quarter, we talked about a gross margin outlook of between 45% and 46%. As you said, when you remove the benefit of the tariff refunds in September, the midpart of the range is a decline sequentially in the magnitude you mentioned. We expect most of that decline to be driven by higher memory costs, and I’ll give John kind of the mic here to give you a perspective on that, and then I’ll take the balance of your question.

好的，让我给你一个关于内存的总体看法。我们现在看到的内存定价是前所未有的，正如我们在 9 月季度早些时候所说，我们确实看到内存成本比 6 月季度更高，这部分被结转库存的好处和某些非内存组件成本降低所抵消。现在，对于 12 月季度，我们预计内存成本甚至更高，部分被几个因素抵消。所以，正如我们所说，我们在 6 月底调整了许多产品的价格，包括 Mac 和 iPad，在 9 月调整了 iPhone 的价格，这些价格上涨提供了一些抵消。我们还预计 12 月季度将从结转库存中看到一些好处，以及某些非内存组件成本降低。展望 12 月季度之后，我们看到内存采购定价继续上涨。正如我们之前所说，我们确实相信随着时间的推移，内存结转库存的好处将逐渐减少。我还想补充一点。在我们努力改善供应的过程中，我们的制造采购义务从 6 月到 9 月季度增加了 330 亿美元，你将在明天发布的年度文件中看到这一点。现在回到 Kevan 回答其他部分。

Yeah, let me give you an overall view on memory. What we’re seeing with memory pricing right now is unprecedented, and as we said earlier in the September quarter, we did see higher memory costs as compared to the June quarter, which were partly offset by the benefit of carry-in inventory and lower costs on certain non-memory components. Now, for the December quarter, we expect even higher memory costs, partly offset by a few factors. So, as we said, we changed the price on many of our products, including Mac and iPad at the end of June, and iPhone in September, and these price increases provided some offset. We also expect to see some benefit from carry-in inventory in the December quarter as well, as well as lower costs on certain non-memory components. And looking beyond the December quarter, we see the pricing for memory purchases continuing to increase. As we said before, we do believe we will see a decreasing benefit from the carry-in inventory on memory over time. And there is one more thing I wanted to add. As we work to improve supply, our manufacturing purchase obligations have increased by $33 billion from June to the September quarter, which you’ll see in our annual filing when it comes out tomorrow. Now back to Kevan for the other parts of it.

是的，Amit，你提到了 Siri AI。因此，随着我们继续向更多客户推出 Siri AI，相关的云成本将通过服务销售成本确认，并且与我们一直以来对 Maps、Siri 和 iCloud 的会计处理方式一致，对于我们所销售的包含这些捆绑服务的设备，我们会递延一部分收入，并在设备的生命周期内确认。因此，截至 12 月季度的硬件递延收入将反映 Siri AI 的加入。这两项都将对毛利率产生影响。但一如既往，我们着眼于继续进行必要的投资以支持业务，我们也看到 AI 可以通过多种方式随着时间的推移为收入增长做出贡献。因此，在产品方面，我们认为 AI 为客户提供了令人信服的理由来升级和转换，以获得最新功能，我们也认为在第三方应用和合作伙伴关系以及第一方机会方面存在机会，正如 John 早些时候强调的，通过扩大对 Siri AI 和 Apple intelligence 功能的服务器端功能的访问。

Yeah, Amit, you mentioned Siri AI. So as we continue to roll out Siri AI to more customers, the associated cloud costs will be recognized through services cost of sales and consistent with how we’ve always accounted for Maps, Siri and iCloud for the devices we sell that include these bundled services, we defer a portion of the revenue and recognize it over the life of the device. So our hardware deferrals as of the December quarter will reflect the addition of Siri AI. Both of these items will have an impact to the gross margin. But as always, we look to continue to make the investments necessary to support the business, and we also see a wide range of ways that AI can contribute to revenue growth over time. So on the product side, we feel AI offers a compelling reason for customers to upgrade and switch in order to get the latest capabilities, and we also feel there’s opportunities across third-party apps and partnerships, as well as first-party opportunities, as John highlighted earlier, with the expanded access to server-side features of Siri AI and Apple intelligence features as well.

嘿，John。我的第一个问题，我想问一下你们的现金中性政策。在之前的一次电话会议上，你们说不再关注这一点，那不再是政策。在您的领导下，这是什么意思？您是指可能会净负债来回购股票或进行一些并购，还是相反，再次囤积现金？欢迎对此发表看法。

Hey, John. My first question, I wanted to ask you about your cash-neutral policy. On one of the previous calls, you guys said that you weren’t going to focus on that anymore and that that was no longer the policy. Under your leadership, what do you mean by that? Do you mean like you may go to net debt to buy back stock or do some M&A or go the opposite way and hoard some cash again? Thoughts on that would be welcome.

嘿，Ben，我是 Kevan。让我来回答这个问题。如前所述，我们确实谈到过我们不再将净现金中性作为目标。我想正如我们在上次电话会议上解释的那样，上次我们谈到这一点时，事实是我们认为独立评估我们的现金和债务状况是有意义的，确保我们能够优化这一点并给予我们适当的灵活性。我们仍然致力于我们的资本配置理念，即我们将投资于业务所需的一切，并将多余现金返还给股东，因此我们继续保持这一纪律，我们确实认为取消净现金中性为我们提供了优化的灵活性，以便我们能够为公司做出正确的投资。

Hey, Ben, it’s Kevan. Let me take that one. As noted, we did talk about the fact that we were no longer using net cash neutral as a target. I think as we explained on the last call, the last time we talked about that, the fact is that we think it makes sense to evaluate our cash and debt position independently and making sure we can optimize that and giving us the right flexibility. We remain committed to our capital allocation philosophy, which is we’re going to invest everything we need to invest in our business and return excess cash to shareholders, and so we continue to maintain that discipline, and we do think this removal of net cash neutral gives us flexibility to optimize so we can make the right investments for the company.

然后我想问一下服务业务。我明白你们一次只指引一个季度，但从 8% 到 9% 的增长率来看，当你们考虑长期时，我想知道你们是否愿意说认为它能否从那里加速，以及 AI 是否能帮助你们推出我们尚未想到的新服务，从而提升那里的增长率。

And then I wanted to ask about services. I realize you only guide one quarter at a time, but from the 8% to 9%, when you think long-term, I was wondering if you’re willing to say you think whether it can accelerate from there and whether AI could help you launch new services we haven’t thought of yet that are accretive to the growth rate there.

是的，Ben，关于这一点，我想你听到 John 谈到了许多长期属性，这些确实让我们对服务业务的长期机会感到乐观。再次，我们谈到了超过 25 亿活跃设备的安装基数。我们显然看到 9 月季度 App Store 的每周访问量创下纪录。我们还继续看到至少支付一项服务的用户增长，交易账户和付费账户均达到历史新高。我们对新兴市场感到兴奋。我们谈到了在印度推出 Apple Pay，但我们在新兴市场的服务业务继续看到良好势头，实现了两位数增长，因此，当我们着眼于更长时间跨度时，我们继续对所有不同要素感到非常乐观。而且我认为，正如 John 提到的，我们正在继续改进现有和新服务的功能和覆盖范围。例子是 iCloud 计划扩展到包括 Apple TV 和 Arcade，显然触及了许多新的潜在订阅者。AppleCare One Family 是另一个例子，因此我们继续寻找机会发展我们的服务业务。

Yeah, I think, Ben, on that one, I think you heard John talk about a lot of the long-term attributes that really give us optimism about the long-term opportunity in our services business. Again, we talked about things like the installed base of over 2.5 billion active devices. We obviously saw a record number of weekly visitors in the App Store in September quarter. We also continue to see growth in users who are paying for at least a service, reaching an all-time high in both transacting and paid accounts. We’re excited about emerging markets. We talked about the launch of Apple Pay in India, but we continue to see good momentum in emerging markets in our services business where we had double-digit growth, and so we continue to feel really bullish about all the different elements as we look at the longer arc of time. And I think, as John mentioned, we are continuing to improve the features and reach of existing and new services as well. The example was the expansion of iCloud plans to include Apple TV and Arcade, obviously reaching a lot of new potential subscribers. AppleCare One Family is another example of that, and so we continue to look for opportunities to grow our services business.

John，很高兴您作为 CEO 参加电话会议。感谢您对内存的评论。显然，你们现在在内存方面的竞争比历史上更激烈，来自资本雄厚的公司引用长期协议。所以我的问题是，苹果是否在改变采购内存的方式？你们如何看待内存随时间的进展？如果它继续成为逆风，定价是否也会保持动态，可能走高？

John, great to have you on the call as CEO. I appreciate the comments on memory. Clearly, you’re now competing for memory moreso versus historically from pretty well-capitalized companies who are citing long-term agreements. So my question is, is Apple changing anything in the way that you are procuring memory? How do you think about the progression of memory over time? And if it continues to be a headwind, is pricing also going to remain dynamic potentially move higher?

下午好，Wamsi。我是 Sabih。让我来回答这个问题。因此，我们与许多供应商合作了几十年，我们深深珍视他们多年来的合作伙伴关系。我们知道没有他们，我们的产品根本不可能实现，我们期待继续合作。我们一直在努力改善供应，正如 John 早些时候所说，我们的制造采购义务从 6 月季度到 9 月季度增加了 330 亿美元。

Good afternoon, Wamsi. This is Sabih. Let me take that one. So we have worked with many of our suppliers for decades, and we deeply value their partnership over the years. We know our products would simply not be possible without them, and we look forward to continuing our work together. We’re always working hard to improve supply, and as John said earlier, our manufacturing purchase obligations have increased by $33 billion from the June to the September quarter.

Wamsi，也许我在这里补充一下，因为你问了关于定价以及我们如何管理的问题。所以看，我们正试图通过一系列行动来管理这一点。你刚才谈到我们继续在非内存组件上追求更低的成本。John 提到我们有结转库存的一些好处，我们确实不情愿地决定改变许多产品的定价，从 6 月时间段的 iPad 和 Mac 开始，然后是最近 9 月的 iPhone。我认为我们在做所有这些时，我们评估单位的收入和利润率，我们在评估短期和长期考虑时确实深思熟虑，我相信我们平衡得很好。

And Wamsi, maybe I’ll add here because you asked the question about pricing and how we’re managing it. So look, we’re trying to manage this with a number of actions. You were just talking about the fact we’re continuing to pursue lower cost in non-memory components. John mentioned the fact that we have some benefit of carry-in inventory and we did reluctantly make the decision to change pricing on a number of our products, starting with the iPad and Mac in the June timeframe and then iPhone more recently in September. I think what we try to do, in doing all that, we evaluate the unit’s revenue and margin and we’re really being thoughtful and deliberate at evaluating kind of the short term and long term considerations and I believe we’re balancing this well.

我想我的后续问题是关于 Siri AI。在推出初期，您能否让我们了解与 Siri AI 相关的 token 消耗在设备上、私有云计算和 GCP 之间的分布？您是否开始看到使用加速？如果它在全球范围内真的加速很快，是否会改变您对计算支出的展望？

And I guess my follow up is on Siri AI. In the early days of launching this, can you give us some sense of how the token consumption associated with Siri AI is being done on device versus private cloud compute versus GCP? And have you started to see any acceleration of usage? And if it does accelerate really fast globally, would it change your outlook on what you need to spend for compute?

因此，我们确实设想 Siri AI 的查询部分在设备上管理，部分在我们概述的私有云计算环境中管理，这种组合仍处于非常早期阶段，因此很难准确预测这些成本的组合会是什么样子。显然，在设备上，它非常非常高效，没有实际成本，但在服务器端，我们会有一些推理成本，这正是我提到的 Siri AI 相关成本的联系，这些成本将通过服务销售成本确认。但我认为，再次，我们最近才推出它并向更多用户提供，因此在理解这些成本组合以及我们在计算方面可能有的任何进一步需求方面，仍处于非常早期阶段。

So we do envision Siri AI to have queries that kind of are managed on device and also in the Private Cloud Compute environment that we’ve outlined, the mix of that is still very early days, and so it’s hard to predict exactly what the mix of those costs are gonna look like. Obviously on device, it’s very, very efficient, no real costs associated with that, but on the server side, we would have some inference costs, and that’s really the connection of the Siri AI-related costs that I mentioned that would be recognized through services cost of sales. But I think, again, we’ve just recently launched it and made it available to more users, and so in very early stages of understanding the kind of mix of those costs, as well as any further requirements we might have on the compute side.

John、Sabih，很高兴有机会和你们交流，Kevan 也是。也许关于 Duo，我想问一下你们对 Duo 发布的看法或经验教训，以及你们在那方面看到的需求，还有你们目前面临的、为了满足那方面需求可能需要解决的供应链相关问题。如果有更多可见性，以及你们何时能在两者上达到供需平衡，也会很有帮助？

John, Sabih, good to get a chance to talk to you guys, and Kevan, same there. Maybe on the Duo, can I just ask in terms of maybe your thoughts in terms of or learnings from the launch of the Duo and the demand that you’ve seen on that front, and what are the sort of supply chain-related issues that you’re facing right now that you probably need to iron out if you’re trying to meet demand on that front. Any more visibility there, and when you reach supply-demand balance on the two as well will be helpful?

嗨，Samik，我是 Sabih。让我从这个问题开始。我们对 iPhone Duo 的初步反响感到非常兴奋。iPhone Duo 目前供应受限。产能爬坡进展顺利，我们正在努力尽快将这款革命性新产品送到客户手中。但目前真的很难预测供需何时会平衡。

Hi Samik, this is Sabih. Let me start with that question. So, we’re thrilled with the initial response on the iPhone Duo. iPhone Duo is constrained as of today. The ramp is going well, and we’re working hard to get this revolutionary new product into the hands of our customers as quickly as possible. But at this time, it’s really hard to predict when supply and demand will be in balance.

您提到供应链限制影响了九月季度并延续到十二月，但有没有办法帮助我们思考这些限制对公司整体是在改善，还是在影响收入的程度上有所增加，以及您是否愿意量化九月和十二月的影响？

You have mentioned supply chain constraints impacting September quarter and going into December, but any way to sort of help us think about whether those are getting better overall for the company, are those increasing in terms of magnitude relative to sort of the impact on revenue, and if you are willing to sort of to quantify those impacts for September and December?

是的，让我从这个问题开始。我是 Sabih。所以在九月季度，我们经历了 iPhone、Mac 和 iPad 的供应限制，这是由高需求驱动的，正如我们之前所说，我们看到供应链的灵活性低于正常水平。第四季度的限制主要是由我们 SOC 所采用的先进制程节点的可用性驱动的，但随着我们将更多产品线过渡到最新的 2nm 技术节点，我们在先进节点上的限制正在缓解。对于十二月季度，我们预计 Mac 和 iPad 会受到限制，主要是由内存驱动的，因为需求高于我们的预期。

Yeah, let me start with that. This is Sabih. So during the September quarter, we experienced supply constraints on iPhone, Mac and iPad, and this was driven by the high levels of demand, and as we’ve said before, we’re seeing less flexibility in the supply chain than normal. The Q4 constraints were primarily driven by the availability of the advanced nodes our SOCs are produced on, but as we have transitioned more of our lineup to the latest 2nm technology nodes, our constraints on advanced nodes are easing. And for the December quarter, we expect constraints on Mac and iPad, primarily driven by memory, as demand has been higher than what we expected.

我理解内存价格上涨，Kevan，看起来大概是 1 到 1.5 或 2 个百分点，A 这是真的吗？Sabih，我想问一下，内存是否存在可用性问题？你们是否与内存供应商签订长期协议，以便即使定价未来仍可能是个问题，可用性也不是问题？

I understand the memory price inflation, Kevan, it seems like it’s probably like one to one and a half or two percentage points, A is that true, and Sabih, just wondering, is there an availability issue with memory? Are you signing LTAs with memory suppliers so that availability is not an issue even though pricing could still be an issue down the road?

正如我们之前所说，我们正在继续努力改善供应，你会看到我们的制造采购义务从六月季度到九月季度增加了 330 亿美元。

So as we said earlier we are continuing to work to improve supply, and you’ll see that our manufacturing purchase obligations have increased by $33 billion from the June to the September quarter.

明白了。Kevan，对未来的利润率影响有什么评论吗？

Got it. Any comments on the margin impact to think about going forward, Kevan?

所以当我们看从六月季度到九月季度的利润率变化，并剔除六月季度和九月季度的关税影响时，我们看到利润率环比变化约 1 个百分点，这完全是由内存影响驱动的。现在，我们确实有一些抵消因素，因为内存的总影响更大，但我们有一些 John 之前谈到的抵消因素，由结转库存的收益驱动，一些非内存成本的抵消，以及一些定价的好处，所以，正如我们所说，我们预计内存成本在十二月季度将继续对我们构成挑战，我们的指引目前已经考虑到了这一点。如果你看中值，我们预计十二月季度的大部分环比下降将由更高的内存成本驱动。

So when we look at the margin change from the June quarter to the September quarter, and you remove the impact of the tariffs from both the June quarter and September quarter, we saw about a one-point sequential change in margin, and that was driven entirely by memory impacts. Now, we did have some offsets because the gross memory impact was larger than that, but we had some offsets that John talked about earlier driven by the benefit of carry-in inventory, some offsets from non-memory costs, as well as some of the benefits of pricing, and so, as we talked about, we expect the memory costs to continue to be a challenge for us as we look in the December quarter, and our guide contemplates that right now. If you look at the midpoint, most of the sequential decline we’re expecting for the December quarter we expect to be driven by higher memory costs.

看起来消费者 AI 智能体领域竞争日益激烈，有几个基于应用的选项。我只是想知道，当你看 Siri 内置到操作系统平台中的智能体能力，其 AI 智能体被限制在应用架构内，你如何看待其演变？

It seems like consumer AI agent space is seeing increasing competition with several app-based options. I’m just wondering, when you look at the agency capability of Siri built into the OS platform with its AI agents that are confined within an app architecture, how do you see that evolving?

正如我之前所说，Siri 目前主要是基于请求的，正如我们之前所谈，它建立在现代编排器驱动的架构上，所以我们看到随时间扩展其能力的机会。我们认为从根本上对我们最重要的是，我们为人们提供这些私密且安全的能力，我们真正专注于保护人们的数据。

As I said before, Siri right now is primarily request-based, and as we talked about before, it is built on a modern orchestrator-driven architecture, so we see opportunity to expand its capabilities over time. We think fundamentally what’s most important to us is that we’re giving people these capabilities that are private and secure, and we’re really focused on protecting people’s data.

如果我解读一下关于供应链、组件可用性的评论，以及你们对十二月季度的展望，你们能帮助我们理解产品线中数量与价格的差异或增量吗？因为看起来你们在 iPhone 和 Mac 业务上看到了两位数增长，而且我想业内都知道 PC/Mac 生态系统一直存在相当强的价格通胀，你们也提到你们不情愿地提了价。那么你们能帮助我们理解那个市场的驱动动态吗？

If I kind of unpack the comments around supply chain, about availability of components, and your outlook for the December quarter, can you help us understand sort of the difference or maybe the delta of quantity versus price across the product lineup? Because it certainly looks like you’re looking at double digit growth across the iPhone and the Mac business, and we all know, I think, in the industry that there’s been pretty strong price inflation across the PC/Mac ecosystem, and you guys mentioned that you’ve reluctantly taken price as well. So can you help us understand kind of what’s the driving dynamics in that market?

在展望时，我们通常不提供那种程度的细节或色彩，除了再次说明，我们确实指引了同比增长 7% 到 10%，再次提醒，这是建立在去年十二月季度收入增长 16% 的非凡表现之上的，所以我们不提供那种细节，但我想说，现在真正解读价格弹性还为时过早。iPad 和 Mac 自我们做出调整以来一直受限，而且我们最近刚刚调整了 iPhone 的价格，所以在这个阶段真正评估任何弹性影响还为时过早。

We don’t normally provide that level of detail or color as we look at the outlook, other than to say, again, we did guide to the 7% to 10% year on year, and again, just as a reminder, that is on top of a phenomenal December quarter last year, where revenue grew 16%, and so we don’t provide the level of detail, but I would say it’s early to really read price elasticity at this point in time. The iPad and Mac were constrained since we had made those adjustments, and again, we just recently just adjusted the price on iPhone, so it’s really early to really assess any elasticity impact at this stage.

也许作为后续，回到投资周期，无论是智能体还是 Siri 相关的。看起来你们刚经历了一年非常激进的研发投资，为未来业务提供资金并增长业务。如果我仅思考关于 27 财年第一季度的评论，听起来支出确实有所放缓。你们能否谈谈一些驱动这种放缓和运营线项目支出的利弊因素？

Maybe just as a follow-up going back to the investment cycle, whether it’s agentic, Siri-related. It looks like you’re coming off of a year of very aggressive investments in R&D to fund the business going forward and to grow the business. If I just think about kind of the commentary on Q1 of fiscal 27, it certainly sounds like that spending is moderating a little bit. Can you maybe walk through some of the puts and takes in terms of what’s driving that moderation and spend across the operating line items.

再次，我们在这里不详细拆分我们的展望，但我要重申，对于十二月季度，我们确实预计运营支出同比增长 11% 到 13%，这是由研发，特别是 AI 的持续增加投资驱动的。正如你提到的，这个增长率从我们 26 财年的增长水平下降。但正如我们之前所说，我们继续显著增加我们在 AI 的整体投资，同时继续投资于产品路线图，我们的十二月指引继续反映了这一点。

Again, here, we don’t break out detail on our outlook, but I would reiterate the fact that for the December quarter, we do expect OpEx to grow between 11 and 13% year over year, which is driven by increased and continued investment in R&D, in particular AI. This growth rate is coming down, as you alluded, from the levels of growth we had in FY26. But as we’ve said before, we continue to significantly increase our overall investments in AI while continuing to invest in the product roadmap, and our December guide is a continued reflection of that.

我们相信我们正在支出实现路线图所需的资金。

We feel confident that we’re spending what we need to spend to achieve our roadmap.

你们最新的 MacBook Pro 加入了更多 iOS 特性，比如 Touch 和灵动岛，当然还有 Siri AI。我们是否应该预期 macOS 和 iOS 的功能会进一步紧密联动，甚至在某一点上指向单一统一的操作系统，无论是为了简化还是为了降低成本？

Your latest MacBook Pros included more iOS features like Touch and Dynamic Island as well as, obviously, Siri AI. Should we anticipate further close linking of macOS and iOS features, maybe even pointing at some point to a single unified OS, either for simplicity or to reduce costs?

你看，我们对 Mac 和 iPad 都非常自豪。我认为这些年来大家看到的是，我们非常享受把功能和能力带到整个生态系统的能力，并打造出真正有吸引力的跨设备功能，比如 iPhone、Mac 和 iPad 之间的接力。所以我们在设计产品时，考虑的是如何把每一款产品都做到最好。如果你看看我们上周刚发布的 MacBook Pro，我们向前迈出了一大步。这些 MacBook Pro 在各方面都优于前代产品，我们对此非常自豪。因此，我们目前没有计划任何根本性的不同变化，而且无论如何我们也不会谈论这些。

Look, we are very proud of both the Mac and the iPad, and I think what you've seen over the years is we've really enjoyed the ability to bring features and capabilities across the ecosystem and create really compelling features that span things between handoff between iPhone and Mac and iPad, and so when we design the product, we're looking at how can we make the best version of each and every product, and if you look at what we just did last week with the MacBook Pro, we took a huge leap forward. These MacBook Pros are better in every way than the ones that came before them, and we're really proud of that, and so we don't have any fundamentally different changes that we're planning right now, nor would we talk about it anyway.

好的，谢谢。然后我们看到中国区销售连续两年下滑，而今年苹果在 FY26 显然实现了非常健康的 28% 增长。您能否谈谈您认为这一复苏归因于什么，以及您认为大中华区能否维持这种较高的增长水平——它现在确实在区域上引领公司？

Okay, thanks, and then we saw two years of declines in China sales and then this year, Apple obviously grew very healthy 28% in FY26. Can you talk through to what you attribute that recovery and whether you think Greater China can sustain these sort of elevated levels of growth which are really leading the company regionally now?

让我就中国给你一些细节。我们对大中华区的表现非常满意。9 月季度营收增长 21%，创下季度纪录。这一表现主要由 iPhone 驱动——我们创下了 9 月季度纪录——以及 Mac，我们看到了非常强劲的两位数增长。退一步看，大中华区全年增长 28%。Tim 和 Sabih 刚在中国与客户、开发者和合作伙伴会面，看到客户对我们最新产品阵容（包括 iPhone Duo）的反应，真是太好了。我们的活跃设备安装基数达到了历史新高，中国大陆的 iPhone 升级用户也创下了纪录。根据 WorldPanel 的调查，iPhone 机型是中国城市地区销量前三的智能手机，我们认为我们在 iPhone 和 Mac 上都获得了份额。还有几件非常有说服力的事：在 Mac 上，升级用户和新购用户都创下了纪录年；根据 CounterPoint，MacBook Air 和 MacBook Neo 是 9 月季度销量前两名的笔记本电脑型号，Mac Mini 是销量最高的台式机型号。所以我想回答你的问题，我们认为成功来自拥有真正出色的产品。

Let me give you some color on China. We were very pleased with the performance in greater China. Revenue was up 21% during the September quarter, which was a quarterly record. The performance was primarily driven by iPhone, where we set a September quarter record, and by Mac, where we saw very strong double-digit growth, and taking a step back, greater China was up 28% for the full year. Tim and Sabih were just in China meeting with customers and developers and partners, and it has been wonderful to see the customer reaction to our latest lineup of products, including iPhone Duo. Our installed base of active devices has reached an all-time high, and we had a record year for iPhone upgraders in mainland China. According to a survey from WorldPanel, iPhone models were the top three selling smartphones in urban China, and we think we gained share on iPhone and Mac. A couple other really compelling things: On Mac, we had a record year for both upgraders and customers new to the product, and according to CounterPoint, MacBook Air and MacBook Neo were the top two selling laptop models and Mac Mini was the top selling desktop model in the September quarter. So I guess to answer your question, we think the success comes from having really great products.

John，我对设备价格上涨背景下你的想法很感兴趣。你如何看待可负担性计划的环境，以及以旧换新、补贴和其他选项对销量的重要性，苹果能做什么来鼓励更多这类计划，而不必完全自己出资？

John, I'm interested in your thoughts with higher device prices. How you think about the environment around affordability programs and the importance to volumes with respect to trade-ins, subsidies, and other options, and what Apple can do to encourage more of that independently of funding it yourself.

是的，你看，我们在打造产品、然后定价时，始终专注于打造世界上最好的产品和服务，并为客户带来非凡的价值。显然，正如我们谈到的，这些内存价格是前所未有的，所以这给我们的价格带来了压力。但看到产品的成功真是太好了，我们一直在投资 Apple Upgrade Program 等项目，这是帮助提升可负担性的好方法，所以这些可负担性计划绝对是一个重要因素。

Yeah, look, when we're building products and then when we're pricing them, we're always focused on building the best products and services in the world and delivering incredible value to our customers. Obviously, as we talked about, these memory prices are unprecedented, and so that has put pressure on our prices. But it's been great to see the success of the products, and we have been investing in programs like the Apple Upgrade Program, which is a great way to help affordability, and so, these affordability programs are definitely an important factor.

当你看供需平衡的水平时，能否谈谈你认为目前处于什么位置？不一定是现在的位置，而是你希望它达到的位置，以及你如何看待在整个产品组合中实现这一目标的机会？

When you look at the level of supply-demand balance, could you speak to where you see that at? Not necessarily where it is but where you'd like it to be and how you're thinking about the opportunity to get there across the portfolio?

所以对于 12 月季度，我们预计 Mac 和 iPad 会出现供应限制，这主要是由内存驱动的，因为需求高于我们的预期。而在 12 月季度之后，我们不提供展望。

So for the December quarter, we expect constraints on Mac and iPad, and it's primarily driven by memory, and that's because the demand has been higher than what we expected. And beyond December quarter, we're not providing an outlook.