Core Viewpoint - The recent earnings season in Germany has highlighted the significant impact of U.S. tariffs on various industries, particularly automotive and industrial technology sectors, with executives frequently discussing the pressures and consequences of these tariffs [1][3]. Group 1: Company Impact - Siemens Healthineers reported a profit reduction of approximately 400 million euros due to tariffs in the fiscal year 2025, emphasizing the substantial burden of these costs [1]. - Porsche's sales profit for the first three quarters of the year dropped to 40 million euros, a 99% decrease from 4.035 billion euros in the same period last year, attributing this decline to tariff-related cost pressures [3]. - BMW's third-quarter earnings were negatively affected by U.S. tariffs, leading to a 1.75 percentage point decrease in the pre-tax profit margin for its automotive business, with a revised free cash flow expectation dropping from over 5 billion euros to over 2.5 billion euros for the year [3][4]. Group 2: Industry Trends - The German automotive industry is facing additional costs amounting to billions of euros annually due to U.S. tariff policies, which are contributing to a decline in exports and overall economic performance [3][4]. - The German economy showed zero growth in GDP for the third quarter, with a notable decline in exports, particularly to the U.S., where exports fell by 7.4% year-on-year from January to September [4]. - Over half of the surveyed German companies expressed uncertainty about their business prospects in the U.S. due to tariff policies, indicating a potential reduction in trade with the U.S. [4].

对于宝马集团的三季度财报，董事会成员瓦尔特·默特尔表示，美国加征关税已对公司业绩造成明显影 响，第三季度宝马汽车业务息税前利润率下降了1.75个百分点，预计全年将总共降低约1.5个百分点。默 特尔同时指出，关税因素也将拖累现金流表现，集团全年自由现金流预期从原先的逾50亿欧元下调至逾 25亿欧元。 新华财经柏林11月9日电（记者李函林）在近几周穿梭于德国柏林、埃兰根和慕尼黑的多场财报发布会 现场，"关税"无疑成为最常被提起的高频词。无论是汽车制造商还是工业技术巨头，高管在解读业绩时 都不可避免地谈到美国加征关税带来的压力与影响。 7月27日，欧盟委员会主席冯德莱恩与美国总统特朗普达成协议，美国自8月起对大多数欧盟产品征收 15%的关税。如今百日已过，德国舆论普遍批评这一协议，认为欧洲在谈判中让步过大，而德国作为欧 盟出口大国首当其冲。关税的后果，正逐步在企业财报中显现出来。 "在过去一年中，贸易关税对我们造成了显著影响。仅在2025财年，关税就使集团利润减少约4亿欧元。 这是一个相当大的数额……我想再次强调，4亿欧元的关税负担绝非小事。"11月5日，在这家全球顶尖 医疗设备制造商的财报发布会上，西门子医疗首席 ...