伯克希尔Q2净利润暴跌59%，现金储备接近历史高位，警告关税将打击业绩

Core Insights - Berkshire Hathaway reported mixed results for Q2, with operating profit declining by 3.8% year-over-year to $11.16 billion, while net profit plummeted by 59% to $12.37 billion, largely due to changes in investment portfolio valuations [1][2] - The company warned that international trade policy tensions, particularly tariffs, pose a significant threat to its diversified business operations, potentially impacting future performance [1][2] - Cash reserves reached $344 billion, marking the first decline in three years, as the company adopted a more cautious stance in the stock market [1][10] Financial Performance - Q2 revenue was $92.515 billion, slightly above market expectations of $91.963 billion but down from $93.653 billion in the same period last year [2][3] - Investment income for Q2 was $4.97 billion, a significant drop from $18.75 billion year-over-year [2][5] - Earnings per share (EPS) for Q2 was $8,601, exceeding market expectations of $7,443 but down from $21,122 in the previous year [2][3] Business Segment Analysis - BNSF Railway reported a strong performance with operating income of $1.47 billion, up 19% year-over-year, reflecting improved demand for goods transportation [5][11] - Insurance underwriting showed mixed results, with underwriting profit of $2.5 billion impacted by $1.2 billion in losses from wildfires in Southern California [6][8] - The manufacturing, service, and retail sectors saw operating profit increase by 6.5% to $3.6 billion, although performance varied significantly across sub-sectors [11][12] Investment Portfolio Changes - The company experienced a significant decline in investment gains, reporting $6.4 billion in Q2 compared to $23.86 billion in the same period last year [9] - Berkshire recognized a $3.8 billion impairment loss on its investment in Kraft Heinz, attributing it to ongoing declines in fair value and economic uncertainties [9][10] - The company has been a net seller of stocks for 11 consecutive quarters, selling approximately $3 billion worth of stocks in Q2 [10] Trade Policy Impact - The company's consumer brands faced notable declines, with Fruit of the Loom's revenue down 11.7%, Garan down 10.1%, and Jazwares down 38.5%, attributed to uncertainties from international trade policies and tariffs [13]