德国跑车制造商保时捷表示，尽管营收和车辆交付量下滑，但得益于今年前九个月营业利润反弹，其对中国市场的风险敞口已大幅降低。
German sports carmaker Porsche said it has significantly reduced its exposure to China as operating profit rebounded in the first nine months of the year despite falling revenue and vehicle deliveries.
这家大众汽车旗下公司周二发布第三季度财报，宣布2026年前九个月营业利润为17.4亿欧元（约合19.4亿美元），而去年同期为4000万欧元，当时计提了约27亿欧元的战略重组成本。
The Volkswagen-owned company published its third-quarter earnings on Tuesday, announcing that operating profit was 1.74 billion euros ($1.94 billion) in the first nine months of 2026, compared with 40 million euros at the same time last year, when it booked around 2.7 billion euros in strategic restructuring costs.
与此同时，销售收入下降5.9%至252.8亿欧元，交付量持续下滑，下降16%至178,532辆。北美仍是保时捷按销量计算的最大销售市场。
Meanwhile, sales revenue fell 5.9% to 25.28 billion euros, while deliveries continued to decline, down 16% to 178,532. North America remained Porsche's largest sales region by volume.
中国历来是德国豪华车企的重要市场，但它们面临着来自国产品牌日益激烈的竞争，尤其是在电动汽车领域。
China has historically been an important market for German luxury automakers, but they have struggled with growing competition from domestic brands, particularly in electric vehicles.
在比亚迪、吉利和小米等品牌竞争加剧的背景下，保时捷在中国的销量近年大幅下滑。
Porsche's China sales have fallen sharply in recent years amid intensifying competition from brands such as BYD, Geely and Xiaomi.
“我们地理上均衡的销售版图继续为不同市场提供韧性，”保时捷首席财务官约亨·布雷克纳周二在财报电话会上表示。
"Our geographically balanced sales footprint continues to provide resilience across different markets," Jochen Breckner, Porsche's chief financial officer, said in the earnings webcast on Tuesday.
“正如你们所知，我们已大幅降低对中国的风险敞口。这使得我们的整体业务对这一充满挑战的市场环境的依赖程度降低。”保时捷股价最后报涨2.3%。
"As you know, we have significantly reduced our exposure to China. This makes our overall business less dependent on developments from this challenging market environment." Porsche shares were last seen trading 2.3% higher.
美国拒中国电动汽车于国门之外，英国敞开大门迎接——如今面临艰难抉择 保时捷还在作为更广泛重组一部分裁减数千个岗位，旨在降低成本并应对需求疲软。
America shut out Chinese EVs. Britain welcomed them — and now faces a difficult choice Porsche is also cutting thousands of jobs as part of a broader restructuring aimed at reducing costs and responding to weaker demand.
花旗：保时捷潜在利润超越德国豪华同行 花旗分析师周二在研报中表示，尽管面临包括中国在内的挑战，保时捷前九个月业绩符合预期。
Citi: Porsche's underlying profit outpaces German luxury peers Citi analysts said in a note Tuesday that Porsche's first-nine-month results were as expected, despite challenges including China.
分析师表示：“尽管面临极具挑战性的条件，包括交付量异常低迷、成本上升以及纯电动汽车交付量增加，保时捷的基础息税前利润（EBIT）依然表现出极强的韧性，并领先于德国高端同行。”
"Despite challenging conditions, including exceptionally low deliveries, higher costs, and higher battery electric vehicle deliveries, Porsche's underlying EBIT remains very resilient and ahead of German premium peers," the analysts said.
他们补充称，保时捷已制定计划，旨在重返双位数基础营业利润率，预计复苏将于2028年开始，净现金流预计将于2031年反弹至首次公开募股（IPO）水平之上。
They added that Porsche has laid out a plan to return to double-digit underlying operating profit margins, with recovery expected to start in 2028, and net cash flow expected to rebound to above its IPO levels by 2031.
分析师表示：“尽管2027财年仍将是谷底之年，但我们依然看到，从2028财年起，基础息税前利润和净现金将开启稳健、有支撑且可信的多年复苏——这与许多同行形成鲜明对比。”
"Whilst FY27 will remain a trough year, we still see a solid, well-supported and credible multi-year EBIT and net cash recovery starting financial year 2028 - unlike many peers," the analysts said.