净利润暴跌97%！ 保时捷中国销量同比下滑26%

Core Insights - Porsche's latest financial report indicates significant challenges in Q3 2025, with revenue of €26.9 billion, a 6% year-over-year decline, and a net profit of only €110 million, representing a staggering 97% drop in profitability [1][6] Group 1: Financial Performance - The company's revenue for Q3 2025 was €26.9 billion, down 6% compared to the previous year [1] - Net profit plummeted to €110 million, a 97% decrease year-over-year, indicating a severe decline in profitability [1][6] - The gross margin per vehicle fell to 13.2%, the lowest this year, and was surpassed by Tesla's 15.4%, down from Porsche's historical margin of over 18% [6] Group 2: Challenges and Strategic Adjustments - Management identified five main reasons for the profit decline: special costs from product strategy adjustments, challenges in the Chinese market, one-time expenses related to battery activities, organizational change costs, and increased import tariffs from the U.S. [6] - The total cost related to strategic restructuring is expected to reach approximately €3.1 billion, with tariffs alone accounting for about €700 million [6] - Porsche's sales in China dropped to 32,000 units, a 26% year-over-year decline, making it the worst-performing market due to increased electric vehicle penetration and fierce competition in the luxury fuel vehicle market [6] Group 3: Strategic Direction and Leadership Changes - Porsche has announced a shift from a "fully electric" strategy to a three-pronged approach that includes internal combustion engines, hybrids, and pure electric vehicles, accompanied by substantial restructuring costs [9] - Following this strategic adjustment, both Porsche and its parent company Volkswagen have lowered their profit expectations for 2025 [9] - The current CEO, Oliver Blume, will hand over leadership to Michael Leiters, who has a background in hybrid technology from Ferrari, adding uncertainty to Porsche's future development amid intensifying competition in the luxury car market and high costs of electrification [9]