保时捷营业利润暴跌99%，上市三年股价腰斩

Core Insights - Porsche's sales revenue for the first three quarters of 2025 was €26.86 billion, a 6% decrease year-on-year, while operating profit plummeted 99% to €40 million from €4.035 billion in the same period last year [1][2] - The operating return on sales dropped significantly to 0.2% from 14.1% year-on-year, indicating severe profitability challenges [1][2] - The company's stock price has fallen nearly 58% since its IPO, closing at €34.81, down from the initial price of €82.5 [2] Financial Performance - Sales revenue: €26.86 billion in Q1-Q3 2025 compared to €28.56 billion in Q1-Q3 2024 [2] - Operating profit: €40 million in Q1-Q3 2025 compared to €4,035 million in Q1-Q3 2024 [2] - Deliveries to customers decreased from 226,026 in Q1-Q3 2024 to 212,509 in Q1-Q3 2025 [2] Challenges and Strategic Adjustments - The significant drop in profit is attributed to multiple pressures, including special costs related to product strategy adjustments, challenging market conditions in China, one-time expenses related to battery activities, organizational change costs, and increased import tariffs in the U.S. [1][3] - Strategic adjustments have led to an additional cost of approximately €2.7 billion due to delays in electric vehicle launches and the termination of in-house battery production [3] - The Chinese market has seen a drastic decline in sales, with a 28% drop in 2024 and a further 26% decrease in the first three quarters of 2025 [3] Market Dynamics - The decline in Porsche's performance in China is attributed to rapid market changes and the inability to keep pace with consumer demand shifts, particularly in the electric vehicle segment [3] - The company’s electric vehicle sales accounted for only 27% of total deliveries in 2024, with the Taycan model experiencing a 49% drop in sales [3] - Competition from local luxury electric vehicle brands in China, such as Li Auto and Aito, has intensified, impacting Porsche's market share [3] Future Outlook - The U.S. tariff policy has resulted in an additional €300 million in expenses for Porsche, with an expected total loss of €700 million for the year [4] - Porsche's management acknowledges the current financial data reflects the impact of strategic adjustments, which are deemed necessary for long-term resilience and profitability [4] - A significant adjustment in the product matrix has been decided, including a revised timeline for electric platform development and the introduction of new internal combustion engine models [4]