以下文章来源于盐财经 ，作者辰夕 在保时捷近百年的历史中，没有哪个年份像现在这样令人心惊。 利润暴跌99%、市值腰斩、经销商抗议、品牌折价，这家曾被称为"豪车界印钞机"的公司，正以肉眼 可见的速度从神坛跌落。 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 来源丨 盐财经 （ nfc-yancaijing ） 作者丨 辰夕 编辑丨 江江 图源丨Midjourney 2025年10月24日，德国保时捷发布的季度财报震动了整个汽车行业。数据显示，今年前三季度，保 时捷销售收入为268.6亿欧元，同比下降6%；经营利润仅4000万欧元，较去年同期的40.35亿欧元 暴跌99%。第三季度甚至出现9.66亿欧元的经营亏损，而去年同期盈利9.74亿欧元。 | Porsche AG Group | Q1-Q3 2025 | Q1-Q3 2024 | Change | | --- | --- | --- | --- | | Sales revenue | €26.86 billion | €28.56 Mrd. € | -6.0% | | Operating profit | €40 million | €4, ...

Core Viewpoint - Porsche is experiencing a significant decline in financial performance, with a 99% drop in operating profit and a 6% decrease in sales revenue, marking a dramatic fall from its previous status as a leading luxury car brand [2][12][13]. Financial Performance - In the first three quarters of 2025, Porsche reported sales revenue of €26.86 billion, down 6% from €28.56 billion in the same period of 2024 [4]. - The operating profit plummeted to €40 million from €4.035 billion, a staggering 99% decrease [4][13]. - The company faced a loss of €966 million in the third quarter, contrasting with a profit of €974 million in the same quarter last year [2][12]. Market Position and Historical Context - Porsche was once a darling of the European capital market, achieving a valuation of €75 billion during its IPO in September 2022, but has since seen its market value halved [4][5]. - The brand's market presence in China, previously its largest single market, has significantly declined, with sales dropping 26% in the first three quarters of 2025 [17][20]. Strategic Challenges - The company is facing multiple pressures, including the shift towards electric vehicles, changing market dynamics, and evolving consumer preferences, which have led to a reassessment of its growth strategies [8][25]. - Porsche has postponed the launch of certain electric models and extended the lifecycle of several fuel and hybrid models, indicating a strategic pivot back to internal combustion engines [25][32]. Competitive Landscape - The luxury car market is becoming increasingly competitive, particularly in China, where domestic brands are aggressively capturing market share [31]. - Porsche's traditional luxury positioning is being challenged by new entrants offering similar features at lower prices, leading to a loss of pricing power among German luxury brands [31][32]. Organizational Changes - Porsche is undergoing significant internal restructuring, including a leadership change with the appointment of Michael Leiters as the new CEO, effective January 1, 2026 [39]. - The company plans to reduce its dealer network in China and focus on enhancing local market engagement through a new R&D center [37][40]. Future Outlook - The CFO has indicated that 2025 is expected to be a low point for the company, with recovery anticipated in 2026 [8][40]. - Porsche aims to enhance its long-term resilience and profitability through strategic adjustments, including a focus on consumer understanding and product personalization [32][34].