<p>保时捷股份公司 (GER: <strong>PAH3</strong>) 正面临一条坎坷的道路，因为它在应对充满挑战的市场环境，特别是中国需求减弱，这对其 2024 财年的盈利能力产生了重大影响。这家奢侈汽车制造商透露，其营业利润大幅下降 22.6%，从去年的 72.8 亿欧元降至 56.4 亿欧元。</p>
<p>这一收入下滑并非小幅波动；它反映出收入从去年的 405.3 亿欧元轻微下降至 400.8 亿欧元。此外，保时捷报告其营业销售回报率下降，从令人钦佩的 18% 滑落至更为温和的 14.1%。这一下降归因于多种因素，包括中国市场疲软、全球电动化进程的挫折以及持续的供应链问题。</p>
<p>尽管面临这些挫折，保时捷在全球五个地区中仍实现了四个地区的创纪录销售，总交付量达到 310,718 辆。然而，这仍比 2023 年的 320,221 辆下降了 3%。其中，Cayenne 车型表现突出，销售了 102,889 辆，同时 Macan 和标志性的 911 车型也表现强劲。该汽车制造商还看到向电动化的转变，完全电动和插电式混合动力车型占总交付量的 27%。预计到 2025 年，这一数字将增长至 33% 至 35% 之间。</p>
<p>为了应对这一充满挑战的经济环境，保时捷已启动一项战略举措，计划裁减员工，作为更广泛的节省成本计划的一部分。公司计划到 2029 年通过自然流失、人口变化和自愿退休选项减少约 1,900 个职位。此外，还将通过让固定期限合同到期的方式裁减另外 2,000 个职位。</p>
<p>保时捷也没有闲着；它正在振兴其车型阵容，最近升级了五大主要系列：Cayenne、Panamera、Taycan、911 以及即将推出的全电动 Macan。这项工作得到了 8 亿欧元的巨额投资支持，旨在扩大其产品范围，并保持内燃机、混合动力和电动动力系统之间的微妙平衡。</p>
<p>该品牌雄心勃勃的 “通往 20 的计划” 旨在提高成本效率，以应对持续的市场困难。尽管保时捷仍然以 20% 的营业销售回报率为长期目标，但预计到 2025 年，这一比例将降至更为现实的 10% 至 12% 之间，主要是由于与重组相关的成本上升和持续的供应链挑战。</p>
<p>展望未来，保时捷预计 2025 年的收入将在 390 亿欧元至 400 亿欧元之间。然而，这些估计带有谨慎的态度，因为该汽车制造商承认经济不确定性增加、中国竞争加剧以及地缘政治紧张局势可能对其产生影响，尤其是在美国政策可能发生变化的背景下。</p>
<p>公司还决定将股息维持在去年的水平，提议派发 21 亿欧元，相当于每普通股 2.30 欧元和每优先股 2.31 欧元。这表明，尽管市场动态带来了诸多挑战，保时捷仍然致力于回报股东，同时调整其策略以应对即将到来的挑战。</p>

保时捷(ADR)

<p>保时捷股份公司面临重大挑战，包括 2024 年营业利润下降 22.6%，降至 56.4 亿欧元，这主要归因于中国需求下降和供应链问题。尽管在四个地区创下了销售纪录，但总交付量下降了 3%。该公司计划到 2029 年裁减 1,900 个职位，并通过合同到期再裁减 2,000 个职位。保时捷正在投资 8 亿欧元以改进其车型阵容，并目标实现长期营业销售回报率 20%，尽管预计到 2025 年将降至 10-12%。股息维持在 21 亿欧元，反映出在市场不确定性中对股东的承诺</p>

<p>Porsche AG (GER: <strong>PAH3</strong>) is facing a bumpy road as it navigates a challenging market landscape, particularly due to waning demand in China, which has significantly impacted its profitability for the 2024 financial year. The luxury automaker revealed a steep drop of 22.6% in its operating profit, which fell to €5.64 billion from the prior year's figure of €7.28 billion.</p>
<div class="lb-trans"><p>保时捷股份公司 (GER: <strong>PAH3</strong>) 正面临一条坎坷的道路，因为它在应对充满挑战的市场环境，特别是中国需求减弱，这对其 2024 财年的盈利能力产生了重大影响。这家奢侈汽车制造商透露，其营业利润大幅下降 22.6%，从去年的 72.8 亿欧元降至 56.4 亿欧元。</p>
</div><p>This revenue downturn isn't just a minor blip; it reflects a slight decline to €40.08 billion from €40.53 billion in the previous year. Moreover, Porsche reported a decrease in its operating return on sales, slipping from an admirable 18% to a more modest 14.1%. This decline has been attributed to a myriad of factors, including a sluggish Chinese market, setbacks in the global electrification of vehicles, and ongoing supply chain struggles.</p>
<div class="lb-trans"><p>这一收入下滑并非小幅波动；它反映出收入从去年的 405.3 亿欧元轻微下降至 400.8 亿欧元。此外，保时捷报告其营业销售回报率下降，从令人钦佩的 18% 滑落至更为温和的 14.1%。这一下降归因于多种因素，包括中国市场疲软、全球电动化进程的挫折以及持续的供应链问题。</p>
</div><p>Despite these setbacks, Porsche still achieved record sales figures across four out of five global regions, delivering 310,718 vehicles in total. Yet, this was still a 3% decrease from the 2023 sales of 320,221. Leading the charge was the Cayenne, with a robust 102,889 units sold, along with strong performances from the Macan and the iconic 911. The automaker is also seeing a shift towards electrification, with fully electric and plug-in hybrid models making up 27% of total deliveries. This figure is expected to grow to between 33% and 35% by 2025.</p>
<div class="lb-trans"><p>尽管面临这些挫折，保时捷在全球五个地区中仍实现了四个地区的创纪录销售，总交付量达到 310,718 辆。然而，这仍比 2023 年的 320,221 辆下降了 3%。其中，Cayenne 车型表现突出，销售了 102,889 辆，同时 Macan 和标志性的 911 车型也表现强劲。该汽车制造商还看到向电动化的转变，完全电动和插电式混合动力车型占总交付量的 27%。预计到 2025 年，这一数字将增长至 33% 至 35% 之间。</p>
</div><p>In response to this challenging economic environment, Porsche has initiated a strategic move to trim its workforce as part of a broader cost-saving initiative. The company plans to reduce approximately 1,900 jobs by 2029 primarily through natural attrition, demographic changes, and voluntary retirement options. Additionally, another 2,000 positions will be eliminated by allowing fixed-term contracts to lapse.</p>
<div class="lb-trans"><p>为了应对这一充满挑战的经济环境，保时捷已启动一项战略举措，计划裁减员工，作为更广泛的节省成本计划的一部分。公司计划到 2029 年通过自然流失、人口变化和自愿退休选项减少约 1,900 个职位。此外，还将通过让固定期限合同到期的方式裁减另外 2,000 个职位。</p>
</div><p>Porsche is also not sitting idle; it’s revitalizing its model lineup, recently upgrading five major lines: the Cayenne, Panamera, Taycan, 911, and the forthcoming all-electric Macan. This endeavor is being supported by a hefty investment of €800 million aimed at expanding their product range and keeping a delicate balance of combustion, hybrid, and electric powertrains.</p>
<div class="lb-trans"><p>保时捷也没有闲着；它正在振兴其车型阵容，最近升级了五大主要系列：Cayenne、Panamera、Taycan、911 以及即将推出的全电动 Macan。这项工作得到了 8 亿欧元的巨额投资支持，旨在扩大其产品范围，并保持内燃机、混合动力和电动动力系统之间的微妙平衡。</p>
</div><p>The brand's ambitious 'Road to 20 initiative' aims to bolster cost efficiency in response to the persistent market difficulties. Although Porsche is still targeting an operating return on sales of 20% in the long term, it anticipates that this will dip to a more realistic range of 10% to 12% in 2025, largely due to rising costs associated with restructuring and persistent supply chain challenges.</p>
<div class="lb-trans"><p>该品牌雄心勃勃的 “通往 20 的计划” 旨在提高成本效率，以应对持续的市场困难。尽管保时捷仍然以 20% 的营业销售回报率为长期目标，但预计到 2025 年，这一比例将降至更为现实的 10% 至 12% 之间，主要是由于与重组相关的成本上升和持续的供应链挑战。</p>
</div><p>Looking ahead, Porsche is projecting revenue between €39 billion and €40 billion for 2025. However, these estimates come with an air of caution, as the automaker acknowledges the potential impact of increasing economic uncertainty, intensified competition in China, and geopolitical tensions, especially in light of possible shifts in U.S. policy.</p>
<div class="lb-trans"><p>展望未来，保时捷预计 2025 年的收入将在 390 亿欧元至 400 亿欧元之间。然而，这些估计带有谨慎的态度，因为该汽车制造商承认经济不确定性增加、中国竞争加剧以及地缘政治紧张局势可能对其产生影响，尤其是在美国政策可能发生变化的背景下。</p>
</div><p>The company has also decided to maintain its dividend at last year's level, proposing a payout of €2.1 billion—equivalent to €2.30 per ordinary share and €2.31 per preference share. This suggests that despite the hurdles posed by market dynamics, Porsche remains committed to rewarding its shareholders as it adjusts its strategies to tackle upcoming challenges.</p>
<div class="lb-trans"><p>公司还决定将股息维持在去年的水平，提议派发 21 亿欧元，相当于每普通股 2.30 欧元和每优先股 2.31 欧元。这表明，尽管市场动态带来了诸多挑战，保时捷仍然致力于回报股东，同时调整其策略以应对即将到来的挑战。</p>
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保时捷面临挑战：利润下降、裁员以及战略转变