潍柴动力(02338)今日盘中股价大幅下跌10.7%，市场反应强烈。
消息面上，公司于前一交易日盘后发布了2025年年度业绩报告。报告显示，公司全年实现营业收入2318.09亿元，同比增长7.47%，但归属于上市公司股东的净利润为109.31亿元，同比减少4.15%。更令市场担忧的是，2025年第四季度单季归母净利润同比大幅下降31.62%，显示盈利能力在年末显著恶化。
业绩“增收不增利”的背后存在多重压力。一方面，公司控股子公司凯傲集团（KION GROUP AG）因其效率计划本期计提相关支出12.76亿元，直接影响公司净利润3.93亿元。另一方面，公司持续高强度的研发投入（全年近96亿元）在短期内对利润形成拖累。此外，公司资产负债表上高达257.82亿元的巨额商誉，虽本期未计提减值，但在复杂的经济环境下，其潜在的减值风险始终是悬在市场头顶的“达摩克利斯之剑”，加剧了投资者对公司财务稳健性的忧虑。
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