尽管汽车销量再次大幅下滑，保时捷的盈利能力依然保持住了，这得益于市场对911跑车及高价位衍生车型的需求，帮助缓冲了中国市场低迷和工厂产能利用率下降带来的冲击。
AG’s profitability held up despite another sharp decline in vehicle sales, as demand for 911 sports cars and high-priced derivatives helped cushion the slump in China and weaker factory utilization.
汽车部门前九个月的营业利润率为6.9%，而去年同期为0.2%；集团营业利润则从去年同期的0.4亿欧元回升至17.4亿欧元（19.4亿美元）。营收为253亿欧元，去年同期为269亿欧元。
The automotive division posted a 6.9% operating margin for the first nine months, compared with 0.2% a year ago, while group operating profit recovered to €1.74 billion ($1.94 billion) from €0.04 billion a year earlier. Revenue was €25.3 billion, versus a €26.9 billion a year earlier.
保时捷维持了全年业绩预期，即营收350亿至360亿欧元，集团营业利润率5.5%至7.5%。维持这一展望释放出对第四季度的信心，而分析师目前的营收预期仅略高于该区间下限。
Porsche retained its full-year forecasts for revenue of €35 billion to €36 billion and a group operating margin of 5.5% to 7.5%. Maintaining the outlook signals confidence in the fourth quarter, with analysts’ revenue estimates currently sitting just above the bottom of the range.
首席执行官迈克尔·莱特斯正着手修复一套建立在三大支柱之上的盈利模式：强劲的中国需求、高工厂产能利用率，以及源源不断的高利润新车型。如今这三大支柱同时走弱，加之美国关税以及保时捷在电动汽车上代价高昂的反复转向，使得这家由大众汽车集团持有多数股权的公司在昔日增长引擎萎缩之际，仍不得不大举投入。
Chief Executive Officer Michael Leiters is working to repair a profit formula built on strong Chinese demand, high factory utilization and a steady flow of lucrative new models. All three have weakened at once, while US tariffs and Porsche’s costly reversals on electric vehicles have left the company, majority owned by Volkswagen AG, spending heavily just as its former growth engine contracts.
911仍是保时捷最有力的防线。在整体业务萎缩的情况下，这款跑车的交付量反而上升，买家也继续青睐价格高昂的GTS、Turbo和GT版本。这一产品结构有助于抵消中国市场的疲软以及燃油版Macan和718停产留下的缺口，但无法完全弥补为远高于当前水平的销量而设计的工厂和研发体系。
The 911 remains Porsche’s strongest defense. Deliveries of the sports car rose even as the wider business shrank, and buyers continued to favor expensive GTS, Turbo and GT versions. That mix is helping offset China and gaps left by the combustion-engine Macan and 718, but it cannot fully compensate for plants and development operations designed for much higher volumes.
莱特斯的首要任务是让保时捷在更艰难的时代“瘦身”。公司计划裁减9000多个岗位，将管理层级削减40%，并把实现盈亏平衡所需的年销量降至约20万辆。他还在削减研发支出，将资源集中到数量更少、盈利能力更强的项目上。
Leiters’s first task is to shrink Porsche for a tougher era. The company plans to eliminate more than 9,000 positions, cut management ranks by 40% and lower the annual volume needed to break even to about 200,000 vehicles. He is also reducing development spending and concentrating resources on fewer, more profitable projects.
保时捷打算在那之后才果断进一步进军更高端市场。该战略包括将其最独家的跑车价格提高约20%，扩大定制化和赛道导向的产品阵容，并推出定位高于911的车型。本季度提供了早期证据，显示保时捷能否在削减成本阶段保住足够的利润和现金，为这一更为雄心勃勃的“第二幕”提供资金。
Only then does Porsche intend to push decisively further upmarket. The strategy includes increasing prices of its most exclusive sports cars by about 20%, expanding bespoke and track-focused offerings and introducing models above the 911. The quarter offers early evidence of whether Porsche can preserve enough profit and cash during the cost-cutting phase to finance that more ambitious second act.