曾经的豪车“印钞机” 利润暴跌99% 上市三年股价腰斩

Core Viewpoint - Porsche has experienced a significant decline in financial performance, with a 6% drop in revenue and a staggering 99% decrease in operating profit for the first three quarters of 2025 compared to the previous year, marking a critical downturn for the company previously known as a "cash printing machine" in the luxury car market [1][2][3]. Financial Performance - Revenue for the first three quarters of 2025 was €26.86 billion, down from €28.56 billion in the same period of 2024, representing a 6% decline [2]. - Operating profit plummeted to €40 million from €4.035 billion year-on-year, a decrease of 99% [2]. - The operating return on sales fell to 0.2%, down from 14.1% in the previous year [2]. Sales and Deliveries - Total deliveries to customers decreased by 6% to 212,509 units in the first three quarters of 2025, compared to 226,026 units in 2024 [2][4]. - The most significant decline in sales was observed in the Chinese market, which saw a 26% drop to 32,195 units, while the German market experienced a 16% decrease to 22,492 units [3][4]. Reasons for Decline - The decline in operating profit is attributed to five main factors: special expenses related to product strategy adjustments, challenging market conditions in China, one-time costs associated with battery activities, organizational restructuring expenses, and increased import tariffs in the U.S. [3][5]. - Non-recurring losses included approximately €2.7 billion in special expenses due to strategic restructuring, with total costs related to this restructuring expected to reach around €3.1 billion for the fiscal year 2025 [4]. Strategic Adjustments - Porsche announced a significant shift in its electric vehicle strategy, slowing down the electrification process and planning to introduce more gasoline and hybrid models [5]. - The company plans to increase prices in the U.S. market to mitigate the impact of tariffs and has initiated a layoff plan to reduce its workforce by 1,900 employees by 2029 [6]. Leadership Changes - Porsche's CEO, Oliver Blume, will step down at the end of the year, with Michael Leiters set to take over the role starting January 1, 2026 [6]. - The CFO, Jochen Breckner, indicated that 2025 is expected to be a low point for the company, with significant improvements anticipated from 2026 onwards [6]. Stock Performance - As of October 24, Porsche's stock price was €34.81, reflecting a nearly 58% decline from its initial public offering price of €82.5 in 2022 [6].