汽车巨头，营业利润大降！

Core Viewpoint - Volkswagen Group reported a significant decline in operating profit for the first half of 2025, leading to a downward revision of its annual performance outlook [1][5]. Financial Performance - In the first half of 2025, Volkswagen's sales revenue was €158.4 billion, slightly down from €158.8 billion in the same period last year [1]. - The operating profit for the first half of 2025 was €6.7 billion, a decrease of approximately 33% from €10 billion in the previous year [1]. - The net profit after tax fell over 38% year-on-year to €4.477 billion [1]. Impact Factors - The increase in U.S. import tariffs resulted in a loss of €1.3 billion (approximately ¥10.9 billion) for the company [3]. - Expenses related to the restructuring of software departments and compliance with carbon emission regulations also negatively impacted performance [3]. Revised Outlook - Volkswagen has lowered its full-year 2025 revenue forecast, now expecting it to remain flat compared to the previous year, down from an earlier estimate of a maximum 5% increase [5]. - The company highlighted significant uncertainties regarding U.S. government tariff policies, alongside challenges such as geopolitical tensions, intensified competition, and fluctuations in commodity and foreign exchange markets [5].