电动车时代，保时捷的中国城池正在松动

Core Viewpoint - Porsche's global deliveries in the first half of 2025 decreased by 6% year-on-year, primarily driven by a significant slowdown in the Chinese market, where sales fell by 28% [1][2]. Group 1: Sales Performance - Porsche's global delivery volume reached 146,391 units in the first half of 2025, marking a 6% decline compared to the previous year [1]. - The Chinese market, which had previously supported Porsche's growth, saw a dramatic 28% drop in sales, significantly impacting overall performance [2]. - In contrast, North America experienced a 10% increase in sales, becoming a key growth area for the company [3]. Group 2: Market Dynamics - The Chinese market is undergoing a transformation from high-end consumption to a reassessment of product value, leading to increased competition from local electric vehicle brands [2]. - Economic uncertainties have caused some loyal Porsche customers to delay purchasing decisions or shift towards more feature-rich domestic brands within the same budget [2]. Group 3: Product Strategy - Porsche's electric vehicle, the Taycan, has not met sales expectations in China, prompting significant price reductions of nearly 20% for some versions to stimulate demand [3]. - Despite challenges, Porsche's management remains optimistic about the Taycan, emphasizing its technological capabilities and driving performance [3]. - The company is accelerating its electrification strategy, with electric and plug-in hybrid models accounting for 36% of global deliveries in the first half of 2025, a 14.5% increase year-on-year [4]. Group 4: Competitive Landscape - Porsche faces significant competition in the Chinese market from leading electric vehicle manufacturers like BYD, Geely, and others, particularly in terms of smart features and user engagement [4]. - The traditional brand's high-end status is no longer a decisive factor in sales, as the market increasingly values technological capabilities and overall system performance [4].