Official definition · 官方定义
“The Gross Margin Ratio, also known as the gross profit margin ratio, is a profitability ratio that compares the gross margin of a company to its revenue.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
Gross margin is revenue minus the direct cost of the goods sold, divided by revenue. It shows how much is left to pay for everything else — sales, research, interest and taxes.
毛利率等于「营收减去直接成本」除以营收。它显示每卖出一元能剩下多少，用来支付销售、研发、利息和税。
Gross margin tells you what kind of business you are looking at. A software company at 80% has room for heavy sales spending; a grocer at 25% survives on volume and discipline. When gross margin falls, either input costs rose or the company cut prices to keep volume — and those two have very different implications for the next few quarters.
毛利率告诉你这是一门什么生意。软件公司 80%，养得起庞大的销售团队；超市 25%，只能靠周转和纪律活着。
毛利率下滑时，要么是投入成本涨了，要么是降价保量——这两种情况对接下来几个季度的含义完全不同。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 66.8% | Pricier coats, fewer shoppers 毛利率 · 第 4 张术语卡 | It rose to 66.8%, because prices went up. 66.8% 的意思是：卖 100 加元的大衣，扣掉原料与生产，还剩 66.8 加元，用来付房租、工资和广告。毛利率上升通常来自三处：提价、原料变便宜、或者卖更贵的产品。加拿大鹅说这一季三处都有，还加上运费与关税下降。但毛利率只算商品成本，不算开店与营销——所以它升了，公司照样可能亏损。 |
| 47.9% | Apple's best year ever comes with a memory bill that will not stop growing 毛利率 · 第 1 张术语卡 | Apple's 47.9% becomes 45–46% in the guide. That two-to-three point gap is the whole story: the price of the phone barely moved, the cost of what goes inside it did. 毛利率是硬件公司最灵敏的温度计：分子是售价，分母是零部件成本，两边一变它立刻反应。读财报时要先剔掉一次性项目再比环比，否则会把会计噪声当成经营恶化。苹果 2026 财年全年毛利率 48.8%，6 月季度 50.1%，9 月季度 47.9%，12 月指引 45%–46%——一条很清楚的下行线。 |
| 54.4% | Toshiba just announced a $400 million factory plan. Seagate lost billions in market value. 毛利率 · 第 5 张术语卡 | Why it matters here ▸ Western Digital's gross margin reached 54.4% on higher price per terabyte. That is the number new supply attacks first. 硬件行业毛利率的高低，往往由「供需紧不紧」而非「技术强不强」决定。同一条产线，在行业过剩时毛利率可能只有 20% 出头，在缺货周期里能冲到 50% 以上。看周期股要盯毛利率的趋势，而不只是绝对水平。 |
| — | Micron's record quarter shows how AI is squeezing the world's memory supply 毛利率 · 第 6 张术语卡 | Micron's adjusted gross margin reached 87 per cent, but it guided to 86.3 per cent for the current quarter — below what analysts expected. 毛利率大幅跳升通常来自两件事：售价涨、成本没涨。美光第四财季 GAAP 毛利率从去年同期的 44.7% 升到 86.8%，主要就是内存涨价带来的。反过来，公司一旦说毛利率会回落，市场就会紧张。 |
| 54.0% | H&M: operating profit jumps 23% as cost control pays off 毛利率 · 第 3 张术语卡 | It rose to 54.0% from 52.9%. For a clothing retailer, this line shows whether it is buying better or marking down less — before paying for staff, rents and stores. 毛利润 = 净销售额 − 销货成本（cost of goods sold）。服装零售的销货成本主要是采购与生产，因此毛利率改善通常只有两个来源：买得便宜（采购议价、供应链效率）或打折少（少清库存）。
本季毛利率上升约 1.1 个百分点，其中约 1.6 个百分点是关税的一次性顺风 —— 换句话说，剔除它，毛利率其实略有压力。 |
High gross margin means profitable
It says nothing about overhead. A 90% margin can still lose money.
Gross margin is comparable across industries
It is not. Asset intensity changes the baseline.
COGS includes marketing
It does not. Selling and admin costs sit below the gross line.
· gross margin of 42%
· margin compressed
· cost of goods sold
· mix shift
· input costs
gross margin of 42% 毛利率 42%；margin compressed 利润率压缩；cost of goods sold 销货成本；mix shift 结构变化；input costs 投入成本。
· gross vs operating margin
· margin vs markup
gross margin 是毛利率，operating margin 是营业利润率；margin 除以收入，markup 除以成本。
Gross margin narrowed X points to Y%, as input costs rose faster than prices.
财报句：投入成本涨得比售价快，毛利率收窄 X 个百分点至 Y%——narrowed ... to 是收窄的固定搭配。
“It rose to 66.8%, because prices went up.”
“Apple's 47.9% becomes 45–46% in the guide. That two-to-three point gap is the whole story: the price of the p…”
“Why it matters here ▸ Western Digital's gross margin reached 54.4% on higher price per terabyte. That is the…”
“Micron's adjusted gross margin reached 87 per cent, but it guided to 86.3 per cent for the current quarter —…”
“It rose to 54.0% from 52.9%. For a clothing retailer, this line shows whether it is buying better or marking…”