伯克希尔(BRK.A.US)现金储备微降，Q2净利腰斩，卡夫亨氏成“雷区”

Group 1: Financial Performance - Berkshire Hathaway reported Q2 revenue of $92.515 billion, exceeding market expectations of $91.963 billion, but down 1.2% year-over-year from $93.65 billion [1] - Net income attributable to shareholders was $12.37 billion, a 59% decline compared to $30.35 billion in the same quarter last year [1] - Operating profit decreased by 3.8% to $11.16 billion, marking the largest decline since Q3 2020 [1] Group 2: Investment and Holdings - The company experienced an investment gain of $4.97 billion in Q2, recovering from a net investment loss of $5.038 billion in Q1 [3] - As of June 30, 67% of Berkshire's equity holdings were concentrated in five companies: American Express, Apple, Bank of America, Coca-Cola, and Chevron [3] - Berkshire's stake in Kraft Heinz suffered a loss of $3.76 billion, leading to a write-down of its book value to $8.4 billion [3] Group 3: Strategic Outlook - Berkshire expressed concerns regarding the potential impact of U.S. trade policies and tariffs on its operations, indicating significant uncertainty that could adversely affect future performance [2] - The company's cash and cash equivalents decreased to $334.1 billion from $347.68 billion in the previous quarter [2] - Following the announcement of Warren Buffett's retirement as CEO, Berkshire's A shares have dropped 12%, suggesting potential opportunities for stock buybacks in the future [2] Group 4: Industry Developments - Following a $72 billion merger between Union Pacific and Norfolk Southern, analysts speculate that Berkshire's BNSF Railway may consider its own merger opportunities [4] - The pressure to expand in a concentrated industry may lead BNSF to explore acquisition options, despite Buffett's historical reluctance to engage in bidding wars [4]