伯克希尔二季度净利润同比下滑59%！巴菲特连续11季度净卖股票

Core Insights - Berkshire Hathaway's Q2 2025 financial report shows significant changes in key metrics, with revenue at $92.515 billion, slightly above market expectations but down from $93.653 billion year-over-year. Net profit fell 59% to $12.37 billion, exceeding market expectations of $10.703 billion [1][3]. Financial Performance - The operating profit for Q2 was $11.16 billion, a 3.8% decrease from $11.6 billion in the same period last year. The performance across business segments varied, with BNSF Railway showing strong growth, achieving operating income of $1.47 billion, up 19% year-over-year, reflecting a recovery in U.S. goods transportation demand [3]. - The energy sector also performed well, contributing an operating profit of $702 million, a 7.2% increase year-over-year. Manufacturing, service, and retail sectors reported operating profits of $3.6 billion, up 6.5% [3]. - The insurance underwriting business faced challenges, with underwriting profit at $2.5 billion impacted by approximately $1.2 billion in losses from Southern California wildfires. Insurance underwriting revenue decreased by 12% to $1.99 billion, while insurance investment income slightly increased by 1.4% to $3.37 billion. The float remained at $174 billion, providing low-cost investment capital [3]. Investment Strategy - The company maintained a cautious approach to stock investments, selling approximately $3 billion in stocks during Q2, marking the 11th consecutive quarter of net stock sales. No stock buybacks were conducted during this period [4]. - As of the end of Q2, the top five holdings included American Express, Apple, Bank of America, Coca-Cola, and Chevron, accounting for 67% of the fair value of the portfolio [4]. - Cash and cash equivalents stood at $344.1 billion, a slight decrease from $347 billion at the end of Q1, marking the first decline in cash reserves in three years, yet remaining near historical highs [4]. - The company recognized a $3.8 billion impairment loss on its investment in Kraft Heinz, attributing it to a continuous decline in fair value and current economic uncertainties. The book value of its Kraft Heinz holdings was reduced to $8.4 billion, with the company still holding a 27.4% stake [4].