Core Insights - Berkshire Hathaway reported a significant decline in net earnings for Q2 2025, with net income dropping 59% year-over-year to $12.37 billion from $30.35 billion [1][2] - The company's revenue for Q2 2025 was $92.515 billion, slightly down from $93.653 billion in the same period last year [1] Financial Performance - Total costs and expenses for the quarter were $79.384 billion, compared to $79.625 billion in the previous year [2] - Earnings before income taxes and equity method earnings fell to $19.495 billion from $37.885 billion year-over-year [2] - The average equivalent Class A shares outstanding increased slightly to 1,438,223, while Class B shares outstanding rose to 2,157,335,139 [2] Investment Strategy - Berkshire Hathaway has net sold stocks for the 11th consecutive quarter and did not repurchase any shares in the first half of 2025, despite a more than 10% decline in stock prices from historical highs [3] - The top five holdings as of the end of Q2 were American Express, Apple, Bank of America, Coca-Cola, and Chevron [3] - A $3.8 billion impairment was recorded on Kraft Heinz shares, reducing the book value to $8.4 billion, with the stock price down 62% since the merger in 2015 [3] Market and Economic Outlook - The company expressed concerns regarding the potential impact of the Trump administration's tariff policies on its operations and investments, highlighting significant uncertainty in international trade and its effects on future performance [5] - Warren Buffett announced plans to retire by the end of the year, recommending Greg Abel as his successor, which has led to a 12% decline in Class A shares since the announcement [5]

【导读】巴菲特发布第二季度的公司财报 中国基金报记者 泰勒 大家好，一起来关注一下股神巴菲特旗下公司—— 伯克希尔哈撒韦 发布的最新财报。 | | Second Quarter | | | --- | --- | --- | | | 2025 | 2024 | | Insurance-underwriting | $ 1,992 | $ 2,263 | | Insurance-investment income . | 3,367 | 3,320 | | BNSF . | 1,466 | 1,227 | | Berkshire Hathaway Energy Company . | 702 | ୧રર | | Manufacturing, service and retailing | 3,601 | 3,380 | | Other * | 32 | 753 | | Operating earnings | $11,160 | $11,598 | | | | Second Ouarter | | | | LILST 21X INTORIUS | | | --- | --- | --- | --- | --- ...