Berkshire Hathaway Inc.To My Fellow Berkshire Shareholders,波克夏公司致波克夏全體股東：Warren Buffett is arguably the greatest investor of all time, with generations benefiting from his investment acumen. He has also been a remarkable CEO, executing his vision of building a great insurance business since the acquisition of National Indemnity in 1967, and deploying the float to make successful investments across major sectors of the economy, concentrating in the U.S. (To Warren’s great frustration, this letter begins with these observations – yet we all know they are true.)華倫·巴菲特堪稱有史以來最偉大的投資者，世世代代的人都受益於他的投資敏銳度。他同時也是一位卓越的首席執行長：1967年收購國民賠償保險公司後，他便踐行打造頂級保險業務的願景，運用保險浮存金在全美各核心經濟領域完成了一系列成功的投資。（華倫對這封信以這樣的評價開篇頗感無奈——但我們都知道，這些評價所言非虛。）In the past, Warren has spoken about how he draws inspiration from Ted Williams – the baseball Hall of Fame hitter who divided the strike zone into 77 segments and tried to swing only at pitches in a much smaller “happy zone,” resulting in a .344 career batting average and a historic .406 season in 1941. Similar discipline, patience, and judgment define Warren’s investing: determining preferred pitches, waiting for them, then swinging decisively. But he is more than an investing guru. Warren built Berkshire into an enduring enterprise with his business partner Charlie Munger. They combined world-class capital allocation with the vision and leadership to create a business fully equipped to transition from founder-led to one well-positioned for the next 60 years and beyond.巴菲特曾多次提及，他的投資靈感源自特德·威廉姆斯——這位棒球名人堂傳奇擊球手將好球區劃分為77個區域，只選擇在自己最擅長的“甜蜜區”揮棒，最終創下了0.344的職業生涯打擊率，並在1941年打出了0.406的傳奇單賽季打擊率。巴菲特的投資之道，正是秉持著同樣的紀律、耐心與判斷力：找準心儀的投資機會，耐心等待，而後果斷出手。但他遠不止是一位投資大師。巴菲特與商業夥伴查理·芒格攜手，將波克夏打造成了一家基業長青的企業。二人憑藉世界級的資本配置能力，輔以高瞻遠矚的視野與領導力，讓公司順利完成從創始人掌舵到面向未來60年乃至更長遠發展的轉型，穩居行業頭部。More than these achievements, what endures is how Berkshire treated its shareholders as true partners for 60 years. Warren has frequently expressed his respect and appreciation for Berkshire’s long-term shareholders, who represent one of the most remarkable owner bases of any publicly owned business. He invested alongside us, wrote with candor about both mistakes and successes, and welcomed us to Omaha each year for open, unfiltered discussion. His annual shareholder letters and direct interactions at Berkshire’s annual shareholder meetings are the clearest expression of Warren’s – and Berkshire’s – commitment to partnership with our shareholders.除了這些斐然成就，波克夏六十年來始終將股東視為真正的合作夥伴，這一理念才是公司最珍貴的傳承。巴菲特常對公司的長期股東表達敬意與感激，波克夏的股東群體，也是所有上市公司中最優秀的股東群體之一。他與我們並肩投資，在信中坦誠剖析公司的成敗得失，每年還邀請我們齊聚奧馬哈，開展開誠布公、毫無保留的交流。他撰寫的年度股東信，以及在波克夏年度股東大會上與股東的直接互動，最直觀地詮釋了巴菲特，也詮釋了波克夏對股東夥伴關係的堅守。We are fortunate to have Warren as Berkshire’s Chairman, in the office five days a week, and available to us as we underwrite insurance, operate our non-insurance businesses, and deploy capital including equity investments. Warren also continues as an owner of Berkshire (although his shares will all go to philanthropy over the 10 years or so following his passing).我們何其有幸，仍有巴菲特擔任波克夏董事長。他依舊每周五天到崗工作，在我們開展保險承保、營運非保險業務、進行股權投資等資本配置工作時，始終為我們提供指導。巴菲特也依舊是波克夏的股東（儘管在他離世後的約十年裡，其持有的全部股份將悉數捐贈用於慈善事業）。To invest in Berkshire has long been a vote of trust in our founder – a trust that now rests with Berkshire. Your capital is commingled with ours, but it does not belong to us. Our role is stewardship. That stewardship has shaped a culture and reinforced a set of values that are not the result of our success, but the reason for it.長期以來，投資波克夏，就是對我們創始人投下的信任一票——而今，這份信任已寄託於波克夏公司本身。你們的資本與我們的資本融合在一起，但這份資本並不歸我們所有，我們的職責是受託管理。這份受託管理的理念，塑造了公司的文化，凝聚了公司的核心價值觀；這些文化與價值觀，並非公司成功後的產物，而是公司取得成功的根源。I am honored by our Board’s decision to appoint me CEO of Berkshire and humbled to succeed Warren as I write my first annual letter to you. Warren is obviously a very hard act to follow.我為董事會任命我擔任波克夏首席執行長深感榮幸，也為接替巴菲特、寫下這封致股東的首封年度信心懷謙卑。顯然，巴菲特是一位難以企及的標竿。Stepping into any leadership role begins with understanding the organization – why it exists, how its culture shapes its people, and what values guide its decisions. While you will see similarities and differences between Warren, Charlie, and me, we share the view that Berkshire is shareholder-oriented to an unusual degree.接任任何領導職務，首要之事都是理解所在的組織：其創立的初衷、文化如何塑造團隊、那些價值觀指引著決策方向。你們會看到我與巴菲特、查理的相同與不同之處，但我們有著一個共識——波克夏對股東的重視程度，遠超絕大多數企業。My understanding of Berkshire in this way began in 1992, when I moved to Omaha to join CalEnergy, then unaffiliated with Berkshire. CalEnergy was partly owned by Peter Kiewit Sons’, and chaired by Walter Scott, Jr., who was also a Berkshire director. Walter had succeeded Peter Kiewit as the firm’s CEO and set a standard for leadership that mattered greatly to me.我對波克夏的這份理解，始於1992年。彼時我遷居奧馬哈，加入加州能源公司，彼時該公司與波克夏尚無關聯。加州能源公司由彼得·基維特父子公司部分持股，小沃爾特·斯科特擔任董事長，他同時也是波克夏的董事。沃爾特接替彼得·基維特出任公司首席執行長後，樹立了一套卓越的領導力準則，這對我影響至深。My specific roles at CalEnergy matter little today. What matters is that it was an extraordinary period of personal development. I felt fortunate to live in Omaha, a city that represented a form of capitalism grounded in fundamentals and advanced by values, anchored in businesses built to last, across industries such as insurance, construction, railroads, manufacturing, and – soon – energy.如今，我在加州能源公司具體擔任過那些職務已無關緊要，重要的是，那是我個人成長的黃金時期。我很慶幸能生活在奧馬哈這座城市，這裡的商業發展秉持價值導向、立足基本面，孕育出了一批橫跨保險、建築、鐵路、製造，以及後來的能源等行業的百年企業。I met Warren and Charlie after CalEnergy became MidAmerican Energy Holdings and was acquired by Berkshire. I admired how they worked together to build an enterprise that reflected their beliefs about business and life. Those beliefs fostered Berkshire’s culture and values that continue to guide the company today, enabling it to endure through market cycles, disruptions, and change. Our durability comes from knowing who we are and how we operate.加州能源公司更名為民用能源控股公司並被波克夏收購後，我得以結識巴菲特與查理。我由衷欽佩二人攜手創業的方式——他們將自己的商業與人生信念，深深融入企業的發展之中。這些信念孕育了波克夏的文化與價值觀，時至今日，仍指引著公司的發展，讓公司能穿越市場周期、抵禦行業衝擊、適應時代變革。我們之所以能基業長青，正因我們始終明晰自身的定位與經營之道。That deep understanding of the role our culture and values play in our success is shared by our unique shareholders – our partners in this enterprise. Through my engagement with you at annual meetings, I recognize how you want us to succeed together, and to do so in the right way.我們的股東群體獨一無二，他們是公司的事業夥伴，也同樣深刻理解文化與價值觀對公司成功的重要意義。在年度股東大會上與各位的交流中，我深切感受到，你們希望我們攜手共進，更希望我們以正確的方式取得成功。Berkshire’s culture and values form the basis of our operating framework, which shapes the strategy we pursue and the choices we make as we build Berkshire. As CEO, the framework governs how I lead every day.波克夏的文化與價值觀，構成了公司的營運框架核心；在建設波克夏的過程中，我們的發展戰略、每一個決策選擇，都由這一框架指引。作為首席執行長，這一框架也指引著我日常的所有管理工作。Our owners’ time horizon extends beyond the tenure of any individual CEO. I will not be your CEO for the next 60 years as simple arithmetic makes that – shall we say – an ambitious plan. However, 20 years from now, when I will have just a fraction of the tenure that Warren had, my intention is that you – or your descendants – will be proud that your company is even stronger.我們股東的投資視野，遠超任何一位首席執行長的任職期限。簡單算一算便知，我不可能擔任六十年的首席執行長，這麼說吧，這一設想未免過於宏大。但我希望，二十年後，即便我的任職時間遠不及巴菲特，你們——或是你們的後代——能為波克夏變得更加強大而感到自豪。企業文化與核心價值觀Culture and Foundational ValuesBerkshire’s success depends on our nearly 400,000 employees. Their commitment to applying our culture and values across Berkshire’s operating businesses – from See’s Candies to GEICO and everything in between – and in every circumstance is central to our progress. Our success also benefits from our Board’s leadership and ongoing alignment with our focus.企業文化與核心價值觀波克夏的成功，依託於公司近40萬名員工。從喜詩糖果到政府員工保險公司，公司旗下所有營運業務的員工，在任何情況下都堅守並踐行公司的文化與價值觀，這是公司穩步發展的核心。同時，董事會的領導，以及始終與公司發展重心保持高度一致，也為公司的成功保駕護航。Last month, I sent a letter to our employees to emphasize that Berkshire’s culture and values remain unchanged and will continue into perpetuity. It is important to share with you the full articulation of this statement that was provided to them, with additional observations (shown in regular type) about what they mean to me personally, based on my experience at Berkshire. While these values are listed individually, they are mutually reinforcing and inseparable.上個月，我致信全體員工，強調波克夏的文化與價值觀始終未變，並將永久傳承。我認為有必要將信中對企業文化與價值觀的完整闡釋分享給各位股東，同時結合我在波克夏的工作經歷，補充一些我個人的理解（以常規字型呈現）。儘管這些價值觀被逐一羅列，但它們彼此支撐、密不可分。BerkshireBerkshire is a unique conglomerate, intentionally designed to allocate capital rationally and efficiently. Insurance is our core, and we also hold substantial investments in businesses across many other sectors. Our approach underpins our goal to be exceptional stewards of our shareholders’ capital, maximizing the growth in Berkshire’s intrinsic value per share over the long term.We are committed to strengthening the great legacy built by Warren Buffett and his business partner Charlie Munger, ensuring it endures through our commitment to excellence.關於波克夏波克夏是一家獨具特色的綜合企業集團，其創立與發展的核心設計，便是實現資本的理性、高效配置。保險業務是我們的核心，同時我們也在眾多其他行業持有大量優質企業投資。這一經營理念，支撐著我們的核心目標——以卓越的水準受託管理股東資本，實現波克夏每股內在價值的長期最大化增長。我們矢志不渝地鞏固巴菲特與查理·芒格攜手鑄就的輝煌基業，以追求卓越的初心，讓這份基業代代相傳。Our CultureOur culture begins with a partnership attitude. Our shareholders are our partners whose trust we have earned and must work to keep. Their interests are at the center of our decision-making.我們的企業文化我們的企業文化，始於夥伴式的經營態度。股東是我們的合作夥伴，我們贏得了股東的信任，更需以行動守護這份信任。股東的利益，是我們所有決策的核心出發點。This attitude goes well beyond Berkshire’s corporate office in Omaha. It extends across our operating businesses, where employees embrace an ownership mindset, managing our shareholders’ assets as if they were their own. We think in decades, act with discipline, and uphold our commitments. Stewardship is embedded in how we operate, reinforcing that our culture is a system for generating long-term performance, not just a set of beliefs.這份理念，不僅根植於波克夏奧馬哈總部，更滲透到旗下所有營運業務中。公司員工秉持主人翁意識，像管理自己的資產一樣管理股東的資產。我們以數十年的維度思考問題，以鐵的紀律開展經營，以堅定的行動履行承諾。受託管理的理念，早已融入公司的日常營運；這也印證了，我們的企業文化並非只是一套理念，而是推動公司實現長期業績增長的運行體系。Charlie’s comment on May 1, 2021, that “Greg will keep the culture” will forever resonate with me. It was a reminder that our culture is our most treasured asset, a call to maintain what defines Berkshire, and a challenge to ensure our culture continues.2021年5月1日，查理曾說：“格雷格會守護好公司的文化。”這句話將永遠縈繞在我心中。它時刻提醒我，企業文化是公司最珍貴的資產；它是一份囑託，要求我堅守波克夏的立司之本；它也是一份挑戰，鞭策我讓公司的文化永續傳承。When I led Berkshire Hathaway Energy (BHE), Berkshire’s culture influenced how we operated. When capital was allocated or underlying risks were assessed, Warren’s questions consistently cut to the heart of the issue. Beyond that, we were entrusted with real autonomy to run the business, always focusing on our customers, and taking a long-term view. That owner’s mindset is expected from every Berkshire leader.在我執掌波克夏能源公司期間，波克夏的文化始終指引著公司的營運方向。在進行資本配置或評估潛在風險時，巴菲特的問題總能一針見血地直指核心。除此之外，公司賦予了我們充分的經營自主權，讓我們能始終以客戶為中心，立足長遠開展經營。這份主人翁意識，是波克夏每一位管理者都應具備的素養。Our Foundational ValuesThe foundational values that follow are statements of principle that we embrace fully and strive every day to achieve.我們的核心價值觀以下核心價值觀，是我們始終堅守的原則，也是我們日復一日努力踐行的目標。Decentralized ModelWe seek the best managers to run our operating businesses, who in turn lead talented teams. We operate a decentralized model with autonomy grounded in deserved trust. We minimize bureaucracy to provide our managers the independence to focus relentlessly on their business. In return, we expect accountability and integrity in performance. This autonomy attracts exceptional people to Berkshire.去中心化營運模式我們為旗下各營運業務甄選最優秀的管理者，由他們帶領精英團隊開展經營。我們實行去中心化的營運模式，基於充分的信任賦予管理者經營自主權，最大限度精簡官僚體系，讓管理者能全身心投入業務經營，擁有獨立的決策與營運空間。相應地，我們要求管理者對經營業績負責，秉持誠信開展工作。這份經營自主權，也吸引著眾多優秀人才加盟波克夏。As I transitioned to Vice Chairman – Non-Insurance Operations in 2018, the leaders of those operating businesses shared a similar question: will the decentralized model and their responsibilities change? I assured them I had lived the culture of autonomy paired with accountability and seen the results. Decisions are made faster, with better knowledge and greater conviction, when they are made by those who are closest to the business and have accountability for its outcomes. This will not change. Our CEOs will never have to navigate layers of bureaucracy or have short-term earnings expectations dictated to them, leading to long-term value destruction.2018年，我接任波克夏非保險業務副董事長時，旗下各非保險業務的管理者都提出了同一個問題：去中心化的營運模式會改變嗎？他們的職責會調整嗎？我向他們承諾，我親身踐行並見證了“自主經營與責任擔當相結合”這一文化的實踐成果，而這一模式絕不會改變。由最熟悉業務、對經營結果負責的人做決策，能讓決策更高效、更貼合實際、更堅定有力。波克夏的各業務首席執行長，永遠無需在層層官僚體系中周旋，也不會被短期盈利目標所裹挾——這類目標往往會摧毀公司的長期價值。Our decentralized approach is a competitive advantage, attracting managers who thrive on autonomy and deliver on accountability. Berkshire must have leaders that reflect its principles, and not principles that fit individuals.去中心化的營運模式，是我們的核心競爭優勢，它吸引著那些善於在自主經營中創造價值、勇於為經營結果擔當的管理者。波克夏需要的，是契合公司原則的領導者，而非為迎合個人而調整公司原則。IntegrityWe uphold Berkshire’s reputation for integrity, as demonstrated by alignment between how we think, what we say, and what we do. We make decisions that uphold our culture, communicate with candor and transparency, and deliver on our commitments. The result is a reputation that is earned, not claimed, through cumulative principled conduct. Every action reflects a deliberate effort to deepen the trust placed in Berkshire.誠信至上我們堅守波克夏的誠信聲譽，始終做到知行合一、言行一致。我們的所有決策，均以守護公司文化為前提；我們的溝通，坦誠透明；我們的承諾，必定兌現。這份聲譽，並非自封而來，而是由日復一日堅守原則的行動積澱而成。我們的每一個舉動，都是為了進一步加深股東與市場對波克夏的信任。For over 25 years, at each shareholder meeting we played a clip from Warren’s 1991 Salomon Brothers Congressional testimony: “Lose money for the firm, and I will be understanding; lose a shred of reputation for the firm, and I will be ruthless.” Our commitment to integrity has always been steadfast and uncompromising. We know integrity is not a quality you admire on a shelf; it is an active quality that must be earned, re-earned, and maintained daily.25年多來，在每一屆股東大會上，我們都會播放1991年巴菲特為所羅門兄弟公司出席國會聽證會時的發言片段：“如果為公司帶來虧損，我可以理解；但如果讓公司的聲譽蒙受一絲一毫的損害，我絕不姑息。”我們對誠信的堅守，始終堅定不移、不容妥協。我們深知，誠信並非陳列在櫥窗裡供人欣賞的品質，而是一種需要主動踐行、持續堅守、日日維護的品質。We will encounter business successes and setbacks. When we fail, we will say so. Doing the right thing also means rectifying our errors. A great example of both is BNSF’s resolution in 2025 of a longstanding dispute with the Swinomish Indian Tribal Community over crude oil shipments across Tribal lands. The BNSF decisions that sparked the dispute were made long ago, but the current BNSF leadership built a partnership rooted in communication, understanding, and respect. BNSF acknowledged its past mistakes and apologized, paving the way for mutually beneficial agreements that allow it to meet customer needs while operating safely on Tribal lands.企業經營，有順境亦有逆境，有成功亦有挫折。當我們遭遇失敗時，我們會坦誠承認。做正確的事，也意味著勇於糾正自己的錯誤。2025年，伯靈頓北方聖達菲鐵路公司與斯溫尼什印第安部落就穿越部落土地的原油運輸問題，解決了一場長期的糾紛，這便是踐行這一理念的絕佳範例。引發這場糾紛的決策，是伯靈頓北方聖達菲鐵路公司多年前做出的，但公司現任管理層以溝通、理解與尊重為基石，與部落建立了合作關係。公司坦誠承認過往的錯誤並致歉，為雙方達成互利協議鋪平了道路；如今，公司既能滿足客戶的運輸需求，也能在部落土地上開展安全的營運工作。Across our operating businesses, we make choices every day about how we conduct ourselves. We have hundreds of thousands of employees who are good people and act with integrity and do the right thing. But in any large organization a small minority will fail to meet our standards. We will not tolerate such behavior. When it occurs, we will act decisively and ruthlessly to address it.旗下所有業務的日常經營中，我們都在不斷做出關於行為準則的選擇。公司數十萬員工，大多正直善良、堅守誠信、行所當行。但在任何大型組織中，總會有少數人無法達到我們的準則要求。我們絕不容忍此類行為，一旦發現，必將採取果斷、堅決的措施予以處理。Protecting our integrity and reputation is a never-ending journey. You can rest assured that we will remain relentless in this effort.守護誠信與聲譽，是一場永無止境的修行。請各位股東放心，我們將始終全力以赴，矢志不渝。Financial StrengthWe maintain a fortress-like balance sheet, ensuring Berkshire’s foundation is never compromised. We preserve this financial strength by using debt sparingly and prudently. Our substantial liquidity enables us to meet our obligations even under the most adverse conditions and to respond swiftly when opportunities arise.穩健的財務實力我們始終保持堅如磐石的資產負債表，確保波克夏的發展根基永不被動搖。我們通過審慎、節制地舉債，維護公司的財務穩健。充足的流動性，讓我們即便在最不利的市場環境下，也能如期履行所有債務義務；同時，在投資機會出現時，我們能迅速抓住機遇。We are committed to maintaining exceptional financial strength. Our balance sheet is a strategic asset to be deployed at the right time. It allows us to act decisively, invest when others are tentative or fearful, and stand firm when financial storms roll through.我們矢志不渝地保持卓越的財務實力。公司的資產負債表，是一份待時而動的戰略資產。這份資產，讓我們能在市場中果斷出手——在他人猶豫觀望、心生畏懼時大膽投資，在金融風暴來襲時屹立不倒。We uphold Berkshire’s financial resilience and independence by holding limited levels of debt. We will remain an asset, not a risk, to America and the global financial system. Our cash and U.S. Treasury holdings now exceed $370 billion. While some of this capital is required to support our insurance operations and protect Berkshire against extreme scenarios, it also constitutes our dry powder.我們通過控制負債規模，保持波克夏的財務抗風險能力與經營獨立性。我們將始終是美國乃至全球金融體系的正向資產，而非潛在風險。目前，公司持有的現金及美國國債已超過3700億美元。其中一部分資金，是支撐保險業務營運、應對極端市場場景的必備資金，而其餘部分，則是我們的備用投資資金。There will undoubtedly be incremental opportunities to deploy our owners’ capital without compromising Berkshire’s resilience. My role is to ensure our liquidity levels and capital deployment remain intentional and deliberate. We will always aim for ownership of productive businesses over U.S. Treasuries.毫無疑問，未來仍會不斷出現新的投資機會，讓我們能在不損害公司抗風險能力的前提下，為股東配置資本。我的職責，便是確保公司的流動性水平與資本配置決策，始終經過深思熟慮、精準規劃。我們的核心目標，永遠是持有具備持續盈利能力的優質企業，而非單純持有美國國債。Capital DisciplineWe deploy our shareholders’ capital to opportunities that generate rewards commensurate with their risk. When we expand existing operations, acquire new operating businesses, invest in equity securities, and repurchase Berkshire stock, we evaluate each opportunity based on its potential to grow Berkshire’s intrinsic value per share over a time horizon measured in perpetuity.嚴守資本配置紀律我們將股東的資本，配置到風險與收益相匹配的投資機會中。無論是拓展現有業務、收購新的營運企業、進行股權投資，還是回購波克夏股票，我們都會以“能否推動波克夏每股內在價值實現長期永續增長”為核心標準，評估每一個投資機會。Berkshire’s capital allocation principles and strategy guide us in identifying opportunities:• Invest in businesses that we thoroughly understand, with durable advantages and long-term economic prospects;• Partner with high integrity leaders who understand their customers and act like owners;• Avoid businesses that undermine the fabric of society or could jeopardize Berkshire’s reputation;• Act quickly and concentrate our capital in a few high conviction ideas; and• Maintain discipline and let compounding unfold.波克夏的資本配置原則與戰略，指引著我們發掘優質投資機會，核心原則如下：1.投資於我們深度理解、具備持久競爭優勢、擁有良好長期經濟前景的企業；2.與誠信度高、深諳客戶需求、秉持主人翁意識的企業領導者合作；3.遠離那些損害社會公序良俗、可能危及波克夏聲譽的企業；4.果斷出手，將資本集中配置於少數我們高度看好的投資標的；5.始終堅守投資紀律，讓複利效應自然發揮作用。These criteria enable us to effectively and efficiently evaluate opportunities that come our way. Despite our substantial size, we take pride in a nimble culture where big investment opportunities can be confidentially shared with us, with a prompt response assured (and if we like it, no financing contingency attached). We quickly say “no” to those that do not align with our principles, and pursue those that do, knowing there will be many more of the former than the latter.這些標準，讓我們能高效、精準地評估每一個到來的投資機會。儘管波克夏規模龐大，但我們擁有靈活的企業文化，這是我們的驕傲。面對重大投資機會，合作方可與我們進行保密溝通，我們保證及時反饋；若我們看好該機會，將敲定無融資附加條件的合作。對於不符合我們原則的投資機會，我們會果斷拒絕；對於契合原則的，我們會全力推進。我們深知，前者的數量，遠多於後者。Many times in Berkshire’s history, some observers have suggested that our substantial cash position signals a retreat from investing. It does not. We continue to evaluate many opportunities and will remain patient and disciplined in pursuing the right ones for the benefit of our owners.波克夏的發展歷程中，曾多次有市場觀察者認為，公司持有大量現金，意味著我們放緩了投資步伐。事實並非如此。我們始終在持續評估各類投資機會，並將始終保持耐心與紀律，為了股東的利益，堅守並追尋真正優質的投資機會。In 2025, our approach resulted in Berkshire announcing the acquisition of two very different businesses: OxyChem and Bell Laboratories.2025年，秉持這一投資理念，波克夏宣佈收購兩家截然不同的企業：奧克西化工公司與貝爾實驗室。OxyChem is a well-run industrial chemicals business we first encountered through our investment in Occidental. The chlorine and caustic soda it produces serve essential markets, led by construction and core industrial uses. Management prioritizes efficient execution over volume, supported by an integrated asset base and access to low-cost raw materials. For Berkshire, this translates into cash flows from a compelling addition to our operating businesses.奧克西化工是一家營運出色的工業化工企業，我們最初通過投資西方石油公司瞭解到這家企業。公司生產的氯和燒鹼，廣泛應用於建築、核心工業等關鍵剛需市場。其管理層將高效營運置於規模擴張之上，依託一體化的資產佈局與低成本的原材料供應，實現了穩健經營。對波克夏而言，收購該公司，能為我們的營運業務類股增添優質資產，帶來穩定的現金流。Last year, Warren received a letter from Steve Levy, Bell Laboratories’ CEO, asking that we look at the family-owned business he manages for the daughters of founder Malcolm Stack. Steve’s letter was perfect. Bell Laboratories meets a persistent need: rodent control. In Steve’s words, it possesses “high operating margins, very good historical growth and future growth potential, easy to understand and always needed, and a strong management team.” In our words: a business with durable advantages and long-term economic prospects run by excellent managers. We only wish it had been ten times bigger.去年，巴菲特收到了貝爾實驗室首席執行長史蒂夫·利維的來信，信中希望我們關注這家由他為創始人馬爾科姆·斯塔克的女兒們管理的家族企業。史蒂夫的信，完美契合了我們的投資標準。貝爾實驗室專注於鼠類防治業務，滿足了市場的長期剛需。用史蒂夫的話來說，這家企業“擁有高營運利潤率，歷史增長表現優異，未來具備強勁增長潛力，業務模式簡單易懂且需求永續，還有一支優秀的管理團隊”。用我們的話總結：這是一家由卓越管理者執掌、具備持久競爭優勢、擁有良好長期經濟前景的企業。我們唯一的遺憾，是這家企業的規模沒能再大十倍。These investments now join Berkshire’s strong set of operating businesses. Some of them require little incremental investment and return excess cash to Berkshire; others present compelling investment opportunities that will compound over time.如今，這兩家企業已加入波克夏的優質營運業務矩陣。我們旗下的部分業務，無需大量新增投資，還能向公司返還富餘現金；另有部分業務，具備極具吸引力的投資機會，能在時間的積累中實現複利增長。Share repurchases are another important capital allocation option. We will buy back Berkshire shares when they trade below our estimate of intrinsic value, conservatively determined, ensuring that repurchases enhance per-share value for continuing owners. We may also purchase large blocks of shares directly from major holders when the opportunity presents itself. These purchases allow shareholders to own an incrementally larger piece of Berkshire’s businesses, without deploying any additional capital of their own.股票回購，是我們另一項重要的資本配置方式。當波克夏的股價低於我們經審慎測算的內在價值時，我們將進行股票回購，確保回購行為能提升繼續持有公司股票的股東的每股價值。若有機會，我們也會直接從主要股東手中大宗回購股票。這類回購行為，能讓股東在無需追加任何資本的情況下，持有波克夏旗下業務的股權比例小幅提升。Our approach to cash dividends continues to be that Berkshire will not pay dividends so long as more than one dollar of market value for shareholders is reasonably likely to be created by each dollar of retained earnings. On an annual basis, the Board reviews our policy.在現金分紅方面，我們的原則始終未變：只要每1美元的留存收益，有較大可能為股東創造超過1美元的市場價值，波克夏就不會進行現金分紅。董事會每年都會對這一政策進行審議。Our capital discipline guides us, whether we seek to purchase an entire business, a portion of equity in a publicly traded company, or our own shares. We maintain this approach regardless of the size of our cash and U.S. Treasury holdings. We will assess value carefully, act patiently, and hold for the long term – preferably forever.無論是收購整家企業、購買上市公司的部分股權，還是回購公司自身股票，我們都始終嚴守資本配置紀律。無論公司持有的現金及美國國債規模有多大，這一原則都不會改變。我們將始終審慎評估價值、耐心等待時機、長期持有標的——最好是永久持有。Risk ManagementWe identify risks and strive to manage the level of risk across our organization. Our approach is decentralized, suited to each operating business’s scale and complexity. We focus on risks that could threaten Berkshire’s reputation, financial strength, or ability to realize opportunities for the long term.風險管理我們全面識別各類風險，並致力於管控全公司的風險水平。我們採用去中心化的風險管理模式，根據各營運業務的規模與複雜程度，量身定製風險管理策略。我們重點關注那些可能危及波克夏聲譽、財務實力，或影響公司把握長期發展機會的風險。Risk management is central to Berkshire. The CEO is responsible for serving as Chief Risk Officer – there is no more important duty.風險管理，是波克夏的核心工作。公司首席執行長同時承擔首席風險官的職責——這是公司最重要的職責之一。An important part of fulfilling that responsibility is having the best on our team. When it comes to risk, Ajit wrote the playbook. His rigor in managing and pricing risk sets the standard in insurance. Any contract can be subject to legal challenge, and new coverages are particularly dangerous. We often set a price today for a cost that may not be known for many years. Pricing insurance risk correctly is essential, and we will walk away when the price is wrong. This approach is core to our insurance business, and Ajit is simply peerless at doing it.履行這一職責的關鍵，是打造一支頂尖的風險管理團隊。談及風險管理，阿吉特堪稱行業標竿，他制定了我們的風險管理準則。他在風險管控與風險定價方面的嚴謹態度，樹立了保險業的行業標準。保險合同可能面臨法律訴訟風險，新的保險險種則存在更高的潛在風險。我們常常需要在當下為未來多年後才可能顯現的成本定價，因此，精準的保險風險定價至關重要；若定價不合理，我們會果斷放棄該業務。這一理念，是我們保險業務的核心，而阿吉特在這方面的能力，舉世無雙。As a result, our insurance operations are a global powerhouse, able to accept risks others cannot, and pay claims without hesitation. Our unmatched financial strength allows us to retain underwriting risk and preserve the full economics for our owners, rather than dilute it through the purchase of reinsurance.正因如此，我們的保險業務成為了全球行業巨頭，有能力承接其他保險公司不敢承接的風險，也能在理賠時毫不猶豫、及時賠付。無與倫比的財務實力，讓我們能自主持有承保風險，將全部收益留給股東，而非通過購買再保險分散風險、稀釋收益。Of course, understanding and managing risk is also essential for our non-insurance businesses. Each must thoroughly assess its specific risks and plan for new risks before pursuing new or incremental opportunities.當然，理解並管控風險，對我們的非保險業務同樣至關重要。旗下每一項非保險業務，在拓展新業務或擴大經營規模前，都必須全面評估自身的特定風險，並對潛在的新風險做好規劃。Across all our businesses, our responsibility is to understand the risks and actively manage them.在波克夏的所有業務中，理解風險、主動管控風險，是我們的核心職責。Operational ExcellenceWe pursue operational excellence across our operating businesses. Our employees continuously strive to exceed customer expectations, improve efficiency to better compete and prepare for challenges to our operating models, and reinvest prudently in their operations. We recognize that performance fluctuates year to year, so we assess a business’s success not by short-term results but by its ability over the long term to maintain and strengthen its competitive position and improve its economic prospects.追求營運卓越我們在旗下所有營運業務中，始終追求營運卓越。公司員工持續努力，力求超越客戶期望；不斷提升營運效率，增強市場競爭力，同時應對營運模式面臨的各類挑戰；並審慎地將資金再投資於業務營運。我們深知，企業業績會隨年度變化而波動，因此，我們評估一項業務是否成功，並非看其短期業績，而是看其長期維持並強化競爭地位、改善經濟前景的能力。Operational excellence at Berkshire is not a program. It is the result of disciplined decision making across our businesses. That work starts with safety and carries through to how we serve customers, make products, and compete – every day.在波克夏，追求營運卓越並非一項階段性計畫，而是旗下所有業務始終堅守紀律、科學決策的必然結果。這份追求，從安全生產開始，貫穿於我們日常的客戶服務、產品生產、市場競爭的每一個環節。In February 2025, Precision Castparts’ response to a major fire at its Jenkintown, Pennsylvania facility showed Berkshire at its best. All employees on site were evacuated safely. The team then worked closely with first responders, providing site layouts and identifying potential hazards. In the aftermath, Precision Castparts supported the local volunteer fire department, assisted the city, and conducted extensive environmental testing that confirmed the area was safe.2025年2月，精密鑄件公司位於賓夕法尼亞州詹金敦的工廠發生重大火災，其應對處置充分展現了波克夏的卓越營運能力。事故發生後，現場所有員工均被安全疏散。隨後，公司團隊與應急救援人員緊密合作，提供工廠佈局圖，排查潛在危險。事故善後階段，精密鑄件公司為當地誌願消防部門提供支援，協助市政開展工作，並進行了全面的環境檢測，確認事故區域安全無虞。At the same time, the fire created a significant operational challenge. The facility produced more than 700 parts that were sole-sourced and critical to major aerospace customers. Mark Donegan, Precision Castparts’ CEO, and his team quickly redistributed production across U.S. and international sites, doing so without compromising safety, quality, or delivery standards. No customer experienced a production line stoppage. The episode reflected our model at work: decentralized leadership, clear accountability, and exceptional execution under pressure.此次火災，也給公司帶來了巨大的營運挑戰。該工廠生產700余種獨家供應的核心零部件，這些零部件是各大航空航天客戶的剛需產品。精密鑄件公司首席執行長馬克·多尼根及其團隊迅速採取行動，將生產任務分配至公司在美國及全球的其他生產基地，且在這一過程中，始終堅守安全、質量與交付標準。最終，沒有任何一位客戶的生產線因此次事故停工。這一事件，完美印證了我們的營運模式的有效性：去中心化的領導體系、清晰明確的責任劃分，以及承壓狀態下的卓越執行能力。The daily pursuit of excellence must be never-ending. By focusing on customers, efficiency, and continuous improvement, we create value over the long term.對卓越的追求，是一場日復一日、永無止境的征程。始終以客戶為中心、追求效率提升、堅持持續改進，我們才能為股東創造長期價值。Taken together, the foundational values listed above built Berkshire, and equip us to succeed in the decades ahead. While we have set them out explicitly this year, we will publish them as an attachment to future letters, with each letter discussing how we practiced those values across Berkshire.Their impact is also very evident in the operating performance of our businesses today.以上這些核心價值觀，共同鑄就了今日的波克夏，也讓我們擁有了在未來數十年持續成功的底氣。今年，我們首次將這些價值觀完整闡釋，未來的年度股東信中，我們將把其作為附件刊發，並在每封信中闡述波克夏在各業務中踐行這些價值觀的具體實踐。這些價值觀的影響力，也在如今公司各業務的經營業績中得到了充分體現。波克夏的經營業績Berkshire’s PerformanceBerkshire delivered operating earnings of $$44.5 billion in 2025, below$$47.4 billion in 2024 and above the $37.5 billion we have averaged over the past five years, a result that underscored the durability of our operating businesses, while also reflecting the fact that we have opportunities for further improvement.波克夏的經營業績2025年，波克夏實現營業利潤445億美元，低於2024年的474億美元，但高於過去五年375億美元的平均水平。這一業績充分印證了公司營運業務的穩健性，同時也表明，我們的業務仍有進一步提升的空間。Before diving into details, it is worth reiterating a Berkshire belief: our GAAP net earnings – with its sometimes-large annual swings from realized and unrealized investment gains and losses – must be assessed with caution. These gains and losses matter over the long run, but when evaluating Berkshire’s annual business performance, we believe operating earnings remains the best measure.在深入分析業績細節前，有必要重申波克夏的一個核心觀點：公司按照美國通用會計準則核算的淨利潤，會因已實現和未實現的投資損益出現較大年度波動，因此對該指標的解讀需保持謹慎。長期來看，這些投資損益具有重要意義，但在評估波克夏的年度經營業績時，我們認為營業利潤仍是最核心、最可靠的指標。Equally important is the cash our businesses generate. In 2025, Berkshire produced $$46 billion of net cash flows from operating activities, compared to a five-year average of more than$$40 billion, underscoring our ability to invest in opportunities across our businesses.公司業務創造的現金流，同樣是核心指標。2025年，波克夏實現經營活動淨現金流460億美元，遠超過去五年超400億美元的平均水平，這充分彰顯了我們在各業務中把握投資機會的資金實力。保險業務Insurance OperationsIn 2025, Berkshire’s insurance operations accomplished their fundamental goals: grow underwriting profits and float in a disciplined manner.保險業務2025年，波克夏的保險業務達成了核心經營目標：以紀律化的方式，實現承保利潤與保險浮存金的雙增長。We own an extraordinary group of insurance businesses, each managed with a long-term orientation. Their performance reflected both their inherent strengths and an industry that, after several years of needed adjustments to pricing and policy terms, in 2025 began to experience a deceleration or reversal of these trends, particularly in the latter half of the year. This likely means we will write less property and casualty business for a period of time.我們擁有一批頂尖的保險業務子公司，每家公司均秉持長期經營理念開展管理。2025年，保險業務的業績表現，既體現了各子公司的內在競爭力，也反映了行業的整體趨勢：保險業經過數年的定價與保單條款調整後，2025年這些調整趨勢開始放緩甚至逆轉，下半年尤為明顯。這意味著，未來一段時間，我們的財產意外險業務承保量可能會有所下降。Although the year began with significant wildfire-related losses in Los Angeles, the Atlantic hurricane season was unusually benign. For the first time in a decade, no hurricane made landfall in the U.S., our largest region of global exposure for our primary insurance and reinsurance businesses – a reminder that nature controls the winds, not Warren and certainly not me.儘管2025年初，洛杉磯的野火災害給我們帶來了不小的理賠損失，但大西洋颶風季卻異常平靜。十年來，首次沒有颶風在美國登陸——美國是我們主險與再保險業務全球最大的風險敞口地區。這也提醒我們，自然的力量不可控，既非巴菲特所能左右，更非我所能及。We produced a combined ratio of 87.1% across our property and casualty businesses in 2025, comparing favorably with our five-year average of 90.7%, ten-year average of 93.0% and twenty-year average of 92.2%, an exceptional underwriting result for an insurer of our scale. (Our retroactive reinsurance business, which does not receive regular premiums, is excluded from these figures.)2025年，我們的財產意外險業務綜合成本率為87.1%，遠優於過去五年90.7%、十年93.0%、二十年92.2%的平均水平。對於我們這樣規模的保險公司而言，這是一份卓越的承保業績。（註：我們的追溯再保險業務無常規保費收入，相關資料未納入上述核算。）No discussion of our insurance businesses would be complete without again acknowledging and appreciating Ajit. For nearly four decades, his judgment and discipline have shaped our ability to underwrite large and complex risks with care and precision. The organization and team he built understand both the limits and the opportunities inherent in very large risks, and his example continues to guide our teams. Their steadiness benefits us all.談及我們的保險業務，始終離不開對阿吉特的感謝與認可。近四十年來，他的精準判斷與鐵的紀律，讓我們擁有了審慎、精準承接大型複雜風險的能力。他打造的組織與團隊，深諳大型風險背後的邊界與機遇，而他的行事準則，也始終指引著我們的保險團隊。團隊的穩健營運，讓我們所有人都受益。GEICOGEICO has been a significant contributor to the group’s lower combined ratio. Over the past few years, GEICO has improved its cost structure, strengthened its underwriting discipline, and enhanced its ability to segment customers and the related pricing of risk. Industrywide rate increases from the end of 2022 through 2024 continued to positively impact performance in 2025. While these increases varied by product and jurisdiction, the pricing environment remained firm, and GEICO benefited accordingly.政府員工保險公司政府員工保險公司，是推動集團綜合成本率下降的重要力量。過去幾年，該公司持續最佳化成本結構，強化承保紀律，提升客戶分層與風險定價能力。2022年底至2024年的全行業保費上漲，在2025年繼續為公司業績帶來積極影響。儘管不同險種、不同地區的保費漲幅存在差異，但市場定價環境依舊堅挺，政府員工保險公司也因此持續受益。GEICO’s broad rate increases in recent years have restored margins but come at the cost of lower retention. Competitors’ rate reductions may extend that pressure into 2026. The GEICO team remains focused on pricing risks correctly for both existing and new customers. Restoring retention while maintaining underwriting discipline will take time.近年來，政府員工保險公司全面上調保費，雖恢復了盈利水平，卻也導致客戶留存率有所下降。競爭對手的保費下調，可能會讓這一壓力延續至2026年。目前，公司團隊始終專注於為新老客戶進行精準的風險定價。在堅守承保紀律的前提下恢復客戶留存率，需要一定的時間。Alongside retaining its customer base with a more nuanced pricing strategy, GEICO is investing in technology to improve efficiency and service, while preserving its position as the industry’s low-cost provider.除了通過更精細化的定價策略留存客戶，政府員工保險公司還在加大技術投入，提升營運效率與服務質量，同時堅守保險業低成本服務商的行業地位。Primary GroupAcross our other primary property and casualty businesses, demand entering 2025 was solid, and pricing in most commercial insurance business segments was adequate or improving. As the year progressed, additional capital entered the market, resulting in lower pricing or decelerating rate increases in several important lines. We have always prioritized underwriting discipline over volume, and as pricing became less attractive, our premium growth plateaued. We expect these primary insurance businesses to face continued headwinds in 2026, and potentially beyond.主險業務類股我們旗下其他財產意外險主險業務，2025年初市場需求堅挺，多數商業保險險種的定價合理甚至持續改善。但隨著年度推進，大量新增資本湧入保險市場，導致多個重要險種的定價下降或保費漲幅放緩。我們始終將承保紀律置於規模之上，因此在定價吸引力下降後，我們的保費增長陷入停滯。我們預計，2026年乃至更長遠，這些主險業務將持續面臨市場逆風。Reinsurance GroupOur reinsurance operations face similar dynamics. The reinsurance sector has attracted significant increases in available capital from both the traditional and alternative markets, which together with a more benign reinsured catastrophe loss burden in 2025 in most major regions has led to significant price declines in property reinsurance. In most casualty reinsurance segments, claims inflation continued to outpace pricing. As long as these phases of the cycle endure, we expect to write less reinsurance premium.再保險業務類股我們的再保險業務面臨著相似的市場趨勢。傳統與另類資本市場均向再保險行業注入了大量資本，加上2025年全球多數主要地區的再保險巨災理賠損失偏少，共同導致財產再保險定價大幅下降。在多數意外險再保險險種中，理賠成本通膨率仍高於定價漲幅。只要這一行業周期持續，我們的再保險保費承保量預計將有所下降。Our insurance team will remain patient because of Berkshire’s structural strengths:1.We have significant capital, enabling us to underwrite large and unusual risks.2.We give our insurance managers autonomy to run their businesses, without quarterly earnings targets or growth mandates that might otherwise distort their underwriting judgment.3.We insist on underwriting discipline as the most important ingredient in insurance success.4.We focus on the long term, resisting temporary industry enthusiasms and exuberances.依託波克夏的結構性優勢，我們的保險團隊將始終保持耐心：1.我們擁有雄厚的資本實力，有能力承接大型、特殊的風險業務；2.我們賦予保險業務管理者充分的經營自主權，不設定季度盈利目標或增長指標，避免其承保判斷受到干擾；3.我們堅信，承保紀律是保險業務取得成功的核心關鍵；4.我們始終立足長期經營，拒絕被行業短期的狂熱與繁榮裹挾。The environment ahead will reward insurers whose focus remains on growing underwriting profit sustainably, not volume; customer trust and loyalty, not temporary spikes in market share; and long-term resilience, not short-lived opportunism.未來的保險市場，將青睞那些始終堅守以下原則的保險公司：追求承保利潤的可持續增長，而非單純的規模擴張；重視客戶的信任與忠誠，而非市場份額的短期飆升；打造長期的抗風險能力，而非追逐短期的投機機會。At year-end, our insurance float – the capital we hold to pay future losses and, in the meantime, invest for Berkshire’s benefit – stood at $$176 billion. That amount increased from$$171 billion at the end of 2024 and from $88 billion at the end of 2015.2025年末，我們的保險浮存金規模達到1760億美元。保險浮存金是我們為支付未來理賠而持有的資金，在支付理賠前，可用於為波克夏進行投資。這一規模較2024年末的1710億美元、2015年末的880億美元均實現增長。Our insurance businesses’ ability to declare ordinary dividends to Berkshire is restricted by insurance statutes and regulations, permitting up to $$31 billion during 2025 without prior regulatory approval. The insurance businesses ultimately returned$$29 billion to Berkshire in the year, underscoring the continued strength of their capital base.受保險法規限制，我們的保險業務子公司向波克夏母公司分配普通股息的規模存在上限：2025年，無需監管機構事先批准的股息分配上限為310億美元。最終，2025年保險業務類股向母公司返還了290億美元，這充分印證了其資本基礎的持續穩健。非保險業務Non-Insurance OperationsOur non-insurance group is composed of strong businesses operating within the railroad, utilities and energy, manufacturing, service and retailing industries. It also includes Pilot and McLane.非保險業務我們的非保險業務類股，由一批營運穩健的優質企業組成，業務覆蓋鐵路、公用事業與能源、製造、服務及零售等行業，還包括派洛特旅行中心與麥克萊恩食品服務公司。Berkshire’s approach with its 51 non-insurance operating businesses is markedly different from most conglomerates. There are no layers of management and no allocated goals or targets set by Berkshire. Each business is accountable to its CEO, who is expected to pursue operational excellence relentlessly and close performance gaps. Capital allocation decisions for these businesses ultimately reside with me as Berkshire’s CEO and are based on each business’s opportunities and related risks. Most operate with no debt, and will remain that way.波克夏對旗下51家非保險營運企業的管理方式，與多數綜合企業集團截然不同。我們不設定層層管理架構，也不會為各業務制定統一的業績指標。每家企業均由其首席執行長負責，我們要求各首席執行長始終追求營運卓越，縮小業績差距。作為波克夏的首席執行長，我擁有這些業務的最終資本配置決策權，決策將基於各業務的發展機會與相關風險制定。旗下多數非保險業務均無負債經營，且這一狀態將持續保持。Across these businesses, we have made progress in the fundamentals that drive long-term value but also have a clear understanding of where we need to improve performance. Regardless of industry, our expectations are the same: managers who think like owners and rigorous execution – measured by results, not intentions.在這些業務類股中，我們在驅動長期價值增長的基本面層面取得了一定進展，同時也清晰地知道那些方面的業績仍有待提升。無論身處那個行業，我們的期望始終如一：管理者要秉持主人翁思維，工作要做到嚴謹執行——一切以結果為衡量標準，而非單純的意願。We are fortunate to have Adam Johnson now serving as president of our consumer products, service, and retailing businesses. Adam, who has lived the Berkshire culture for nearly 30 years (10 as CEO of NetJets), is now responsible for a group consisting of 32 companies. Adam and his team at NetJets think like owners and earned their reputation for operational excellence over the past decade. Their work transformed NetJets from a challenged business model into a successful enterprise that delivers value for Berkshire shareholders. That same approach – accountability and a focus on avoiding complacency – will guide how he works with the CEOs across his portfolio.我們很慶幸能由亞當·約翰遜執掌公司的消費品、服務及零售業務類股。亞當浸潤波克夏的企業文化近30年，其中有10年擔任利捷航空首席執行長，如今他要負責管理旗下32家公司。亞當及其利捷航空的團隊秉持主人翁思維，在過去十年間憑藉卓越的營運能力贏得了業界認可。他們的努力讓利捷航空從一度陷入困境的商業模式，轉型為能為波克夏股東創造價值的優質企業。這份秉持責任擔當、杜絕自滿懈怠的行事理念，也將指引他與所管轄的各公司首席執行長開展合作。BNSFAs one of the six major freight railroads in North America, BNSF is a key part of the transportation backbone of the U.S. economy. Berkshire acquired this iconic business in 2010 with an equity value of $$34.5 billion. In 2025, BNSF produced$$8.1 billion in net operating cash flows and returned $$4.4 billion of that cash to Berkshire through dividends. For context, its average annual dividend over the past five years was$$4.1 billion.伯靈頓北方聖達菲鐵路公司作為北美六大貨運鐵路公司之一，伯靈頓北方聖達菲鐵路公司是美國經濟交通命脈的核心組成部分。2010年，波克夏以345億美元的股權價值收購了這家標誌性企業。2025年，該公司創造了81億美元的經營淨現金流，並通過股息向波克夏返還了44億美元。作為參考，其過去五年的年均股息為41億美元。Safe operations, reliable service, and a competitive cost structure ultimately determine a railroad’s success – and accordingly how we assess management’s performance. BNSF has focused on improving each of these. Safety remains the top priority, and BNSF has been the industry leader for the past decade. In 2025, shipments spent less time idling at terminals and moved through the network faster than in nearly any year in the company’s history.安全的營運、可靠的服務以及具備競爭力的成本結構，是決定一家鐵路公司成敗的關鍵，這也是我們評估其管理團隊業績的核心標準。伯靈頓北方聖達菲鐵路公司始終聚焦於這三方面的最佳化提升。安全營運仍是公司的首要任務，過去十年間，該公司一直是鐵路行業的安全標竿。2025年，公司貨運列車在貨運站的閒置時間大幅縮短，路網通行效率創下公司歷史近年少有的新高。These gains matter, but they are not enough; more progress is needed to translate operational improvements into stronger financial results. We view operating margin (the inverse of the industry’s operating ratio) as the best measure of performance. In 2025, BNSF’s operating margin improved to 34.5% from 32.0% in 2024. It remained only modestly above its five-year average.這些進步固然可貴，但仍遠遠不夠；我們還需要取得更大進展，將營運層面的改善轉化為更亮眼的財務業績。我們將營業利潤率（為鐵路行業營運比率的反向指標）視為衡量公司業績的最佳標準。2025年，伯靈頓北方聖達菲鐵路公司的營業利潤率從2024年的32.0%提升至34.5%，但僅略高於其五年平均水平。The gap to the industry’s best remains too wide and closing it will require continued improvements in efficiency and service. Each one-percentage-point improvement in operating margin generates approximately $230 million of incremental operating cash flow for our owners. The team recognizes the significance of this opportunity, and we will be disappointed if we do not deliver a substantial improvement over the next few years.該公司與行業頭部企業的差距依然懸殊，要縮小這一差距，還需持續提升營運效率與服務質量。營業利潤率每提升1個百分點，就能為我們的股東創造約2.3億美元的新增經營現金流。公司管理團隊深知這一機遇的重要性，若未來幾年無法實現顯著的業績提升，我們將會深感失望。Alongside BNSF’s own improvements, there is also potential consolidation in the rail industry with the proposed Union Pacific–Norfolk Southern merger. Berkshire has been clear that it is not interested in acquiring one of the other Class I railroads, since the current economics would not work in our shareholders’ favor. BNSF’s focus on the proposed merger has been to ensure BNSF can continue to offer customers a compelling value proposition, including full and competitive access to Eastern rail markets.在伯靈頓北方聖達菲鐵路公司謀求自身發展的同時，鐵路行業也因聯合太平洋鐵路公司與諾福克南方鐵路公司的合併提議，迎來了行業整合的可能性。波克夏已明確表示，無意收購其他一級鐵路公司，因為當前的經濟考量並不符合股東的利益。針對這一合併提議，伯靈頓北方聖達菲鐵路公司的核心關注點是，確保自身能持續為客戶提供極具吸引力的服務價值，其中包括讓客戶能全面、有競爭力地進入美國東部鐵路市場。BHEBHE’s objective is straightforward: to deliver affordable and reliable energy service for its customers. That responsibility has grown as the industry enters a significant investment cycle, driven by rising electricity demand from artificial intelligence computing and by increasing wildfire risk, particularly in the Western U.S. Growth is welcome, but it will not come at the expense of affordability or reliability for households, small businesses, and industrial users.波克夏能源公司波克夏能源公司的目標十分明確：為客戶提供價格親民、穩定可靠的能源服務。隨著人工智慧算力帶來的電力需求激增，再加上美國西部野火風險不斷上升，能源行業進入了重大投資周期，公司的這份責任也隨之加重。我們樂見業務增長，但這種增長絕不能以犧牲普通家庭、小微企業和工業使用者的用能性價比與供電可靠性為代價。BHE is proud that it continues to offer meaningful value to customers in the markets it serves – averaging 24% below the national retail electric rate level, with all its markets priced at least in the double-digit range beneath that benchmark. Infrastructure built for hyperscalers and data centers must be paid for by those customers and reflect the risks tied to step-changes in long-term demand. BHE will pursue this incremental growth and invest our shareholders’ capital only when those risks and rewards are appropriately balanced.波克夏能源公司引以為傲的是，其為服務區域的客戶持續創造著實實在在的價值——公司的零售電價平均比全美零售電價低24%，所有服務區域的電價均比全國基準水平低兩位數。為超大規模雲端運算企業和資料中心建設的能源基礎設施，相關成本理應由這些客戶承擔，且定價需充分反映長期需求突變帶來的風險。只有當風險與收益達到合理平衡時，公司才會推進這類業務的增量增長，投入股東的資本。On wildfire risk, BHE has taken a leadership role, working with regulators, public officials, and the communities it serves. Its mitigation programs are among the most comprehensive in the industry. When a BHE utility is responsible for a wildfire, it has acknowledged that responsibility, including PacifiCorp’s settlements related primarily to the 2020 Labor Day fires. At the same time, PacifiCorp is not an insurer of last resort and should not be treated as a deep pocket. Where responsibility does not exist, it will continue to seek judicial relief. Accountability, paired with principled opposition to unwarranted liability, is essential to preserving the regulatory compact that governs utilities.在野火風險防控方面，波克夏能源公司始終發揮行業引領作用，與監管機構、政府官員及服務社區緊密合作。其野火防控方案在行業內堪稱最全面的方案之一。若旗下公用事業公司對野火的發生負有責任，公司會主動承擔，太平洋電力公司針對2020年勞動節野火的相關賠償和解就是典型例證。但與此同時，太平洋電力公司並非最後賠付保險人，也不應被當作“提款機”。在無需承擔責任的情況下，公司會通過司法途徑尋求救濟。既要勇於擔責，也要原則性地反對無端的責任索賠，這是維護公用事業行業監管契約的關鍵。BHE is rebalancing as the team positions it to move forward. In 2025, BHE produced $8.4 billion in net cash flows from operating activities, consistent with its five-year average, even as it absorbed these challenges. Our willingness to invest capital depends on the continued functioning of the regulatory compact through which utilities earn a reasonable return on invested capital. Near-term opportunities are significant, and BHE will pursue them selectively.目前，波克夏能源公司的管理團隊正為公司的未來發展佈局，推進業務再平衡。儘管面臨諸多挑戰，2025年公司仍創造了84億美元的經營淨現金流，與五年平均水平持平。我們是否願意投入資本，取決於公用事業行業監管契約能否持續有效運轉——畢竟這份契約是企業獲得合理投資回報的保障。公司近期面臨著諸多重大發展機遇，將會有選擇地把握。Manufacturing – Industrial ProductsThe macro environment in 2025 for our industrial products businesses was challenging, yet the businesses delivered earnings results that demonstrated underlying resilience. Operational execution was strong across the group, and specifically at Precision Castparts, Marmon, IMC, and Lubrizol, which positions all of them well to pursue incremental opportunities.製造業——工業產品類股2025年，我們工業產品業務類股面臨的宏觀環境充滿挑戰，但各企業交出的業績答卷，充分彰顯了其內在的抗風險能力。整個類股的營運執行表現亮眼，精密鑄件公司、馬蒙集團、IMC集團和路博潤公司的表現尤為突出，這也讓這些企業具備了把握增量發展機遇的良好條件。The Lubrizol team, led by Rebecca Liebert, was integral to the acquisition of OxyChem and its planned integration as a standalone operating business within Berkshire. Rebecca has assumed responsibility for OxyChem in addition to her role as CEO of Lubrizol, working in partnership with OxyChem CEO Wade Alleman and his leadership team.由麗貝卡·利伯特帶領的路博潤團隊，在奧克西化工的收購案中發揮了核心作用，同時也主導了奧克西化工作為波克夏旗下獨立營運業務的整合規劃。麗貝卡在繼續擔任路博潤首席執行長的同時，接手了奧克西化工的管理工作，並與奧克西化工首席執行長韋德·阿勒曼及其管理團隊攜手合作。Our largest industrial manufacturing business, Precision Castparts, spent much of the past decade navigating a difficult period for the aerospace industry. Aircraft production slowed materially, volumes declined, and a series of disruptions – most notably the pandemic, when air travel effectively stopped – put sustained pressure on earnings.作為我們旗下最大的工業製造企業，精密鑄件公司在過去十年的大部分時間裡，都在航空航天行業的寒冬中艱難前行。航空飛行器生產大幅放緩，產量持續下滑，再加上一系列外部衝擊——尤其是疫情期間航空出行近乎停滯，公司的盈利狀況長期承壓。The Precision Castparts team has now worked through the most challenging part of that period. Air travel has recovered, aircraft orders have resumed, and demand for the company’s components has normalized and is growing. The business has remained disciplined throughout, with management focused on translating a healthier industry backdrop into margins that better reflect its long-term potential. In 2025, Precision Castparts generated $$2.4 billion of net cash flows from operating activities, compared to an average of$$0.9 billion in 2021 and 2022 and $1.7 billion in 2015, the last full fiscal year before our acquisition.如今，精密鑄件公司的管理團隊已帶領企業走出了這段最艱難的時期。航空出行市場持續復甦，飛機訂單恢復增長，公司生產的零部件需求回歸正常並呈上升趨勢。自始至終，公司都堅守經營紀律，管理團隊正著力將行業回暖的利多，轉化為更能匹配公司長期發展潛力的利潤水平。2025年，精密鑄件公司創造了24億美元的經營淨現金流，而2021至2022年的年均經營淨現金流僅為9億美元，2015年（波克夏完成收購前的最後一個完整財年）為17億美元。Manufacturing – Building ProductsOur building products businesses span the U.S. housing and commercial building landscape, from the homes Clayton builds to the materials and finishes our other companies supply. As in any market, end-consumer preferences can evolve, and our businesses must adapt accordingly to meet those changing demands.製造業——建築產品類股我們的建築產品業務類股覆蓋了美國住宅和商業建築市場的全產業鏈，從克萊頓公司建造的住宅，到其他子公司供應的建築材料和裝飾飾面，一應俱全。與所有市場一樣，終端消費者的偏好會不斷變化，旗下企業必須順勢調整，以滿足這些變化的需求。Shaw has navigated a challenging period as consumers moved away from soft-surface flooring (carpets), and some of its difficulties were self-inflicted. As it expanded hard-surface production, execution slipped, affecting quality and service. Shaw is now rebuilding its manufacturing organization and restoring the operational discipline needed to regain customer confidence.肖氏公司正經歷一段艱難的轉型期，一方面是因為消費者的偏好從軟質地面材料（地毯）轉向其他品類，另一方面，部分困境也是公司自身造成的。在擴大硬質地面材料產能的過程中，公司的營運執行出現紕漏，影響了產品質量和服務水平。目前，肖氏公司正重新搭建生產組織架構，恢復嚴謹的營運紀律，以期贏回消費者的信任。Clayton leads the group in size. Its business model – centered on efficient manufacturing and construction of well-built homes, supported by integrated financing – has proven resilient through short-term shifts in the broader housing market. This approach enables Clayton to meet the ongoing need for quality, affordable housing nationwide.克萊頓公司是該類股的龍頭企業。其商業模式以高性價比建造優質住宅為核心，輔以一體化的金融服務支援，即便在房地產市場短期波動的情況下，也展現出了極強的抗風險能力。這一模式讓克萊頓公司能持續滿足全美各地對優質、平價住宅的市場需求。While activity in this building-products sector varies from year to year with broader construction trends, the long-term needs for housing and commercial buildings remain strong, positioning the group, which also includes Johns Manville and MiTek, well for the future. This durable demand underpins these operations, which are distinguished by disciplined and knowledgeable management, a strong focus on customers, and well-established operating models.儘管建築產品類股的業務活躍度會隨整體建築行業趨勢逐年變化，但美國住宅和商業建築的長期需求依舊旺盛，這讓包括約翰斯·曼維爾公司和米特克公司在內的整個類股擁有良好的發展前景。這種持久的市場需求為業務營運提供了堅實支撐，而類股內企業的核心優勢還在於：管理團隊兼具紀律性與專業素養、始終以客戶為中心、擁有成熟的營運模式。Manufacturing – Consumer Products; and Service and RetailingAs highlighted earlier in the letter, Adam is president of Berkshire’s consumer products, service, and retailing businesses. These businesses performed well overall in 2025, recognizing certain consumer segments faced a very challenging environment.製造業——消費品類股及服務與零售類股正如信中此前所提及的，亞當執掌波克夏的消費品、服務及零售業務類股。儘管部分消費群體面臨的市場環境極為艱難，但2025年該類股整體業績表現不俗。NetJets is the largest business in our service group. NetJets maintains a relentless focus on safety and exceptional service to reinforce its position as a premium offering. That foundation has enabled NetJets to attract many customers, and today it operates nearly 1,100 aircraft in over 150 countries around the world. It is a prized asset in a very tough industry.利捷航空是服務類股的核心企業。公司始終將安全營運和極致服務放在首位，穩固了其高端私人航空服務的市場地位。這一核心競爭力為公司吸引了大量客戶，如今，利捷航空的機隊規模近1100架飛機，業務覆蓋全球150多個國家和地區。在競爭異常激烈的私人航空行業，利捷航空是波克夏的寶貴資產。PilotPilot continues to strengthen its operations. As the largest operator of travel centers in North America, it competes on location, service, and reliability. Management has focused on execution at the store level – improving customer experience for both professional drivers and everyday travelers, investing in store upgrades, food offerings, and customer loyalty. Since 2023, Pilot has increased capital spending to modernize facilities and expand its electric vehicle charging network. These efforts are reflected in Pilot’s Pro Preference score – a third-party study of how often professional drivers choose Pilot over travel center competitors – which rose from 27% in 2022 to 35% in 2025, placing the business second in the industry. We should be #1 and we will not be pleased until that standard is achieved. We first invested in Pilot in 2017; however, our ability to manage it was contractually delayed until 2023. That mistake will not happen again.派洛特旅行中心派洛特旅行中心的營運能力持續提升。作為北美最大的旅行中心營運商，公司憑藉區位優勢、優質服務和可靠體驗參與市場競爭。管理團隊聚焦門店端的營運執行，持續最佳化職業卡車司機和普通旅客的消費體驗，投入資金升級門店設施、豐富餐飲品類、打造客戶忠誠度體系。2023年以來，公司加大資本投入，推進門店設施現代化改造，拓展電動汽車充電網路。這些努力也體現在了專業偏好度評分上——第三方調研顯示，職業卡車司機選擇派洛特旅行中心的比例，從2022年的27%提升至2025年的35%，公司躍居行業第二。但我們的目標是行業第一，不達目標，我們絕不滿足。波克夏首次投資派洛特旅行中心是在2017年，但受合同限制，直至2023年才獲得管理權。這樣的失誤，我們絕不會再犯。The underlying economics of the business are reflected in its cash generation. In 2025, Pilot delivered $1.7 billion of net cash flow from operating activities, an improvement from 2024. As operations continue to strengthen and capital needs normalize, we expect more cash to be returned to Berkshire.公司的經營基本面優勢，充分體現在現金流創造能力上。2025年，派洛特旅行中心創造了17億美元的經營淨現金流，較2024年實現增長。隨著公司營運能力持續提升，資本需求回歸正常水平，我們預計公司將向波克夏返還更多現金流。Equity InvestmentsWe apply the same fundamental value of capital discipline to Berkshire’s portfolio of equity securities as we do to our operating businesses. A large portion of our portfolio is concentrated in a small number of American companies such as Apple, American Express, Coca-Cola, and Moody’s – businesses we understand well, have a high regard for their leaders, and expect will compound over decades. This concentrated approach will continue, with limited activity in these holdings, though we may significantly adjust a holding if we see fundamental changes in its long-term economic prospects.股權投資我們對波克夏的股票投資組合，秉持著與營運業務相同的核心資本配置紀律。投資組合中的絕大部分資金，都集中配置在少數幾家美國優質企業，包括蘋果、美國運通、可口可樂和穆迪。這些企業都是我們深度瞭解的，我們高度認可其管理團隊的能力，且堅信它們能在未來數十年實現複利增長。我們將繼續堅持這種集中投資的策略，對這些核心持倉的調整會保持審慎；但如果某家企業的長期經濟前景發生根本性變化，我們也會對其持倉進行大幅調整。The same criteria apply to our investments in Japan, which we view as comparable to our major U.S. holdings in importance and long-term value creation opportunity.我們對日本企業的投資，也遵循同樣的選股標準。在我們看來，這些日本持倉的重要性和長期價值創造潛力，與美國核心持倉不相上下。Berkshire has borrowed in Japan an amount roughly equivalent to the yen invested (cost basis), at an average cost of 1.2%, with a weighted-average life of approximately 5.75 years.波克夏在日本進行了日元融資，融資金額與對日投資的成本價大致相當，融資平均成本為1.2%，加權平均期限約為5.75年。Taking these positions together, at year-end they totaled $$194 billion in market value, representing nearly two-thirds of our$$297.8 billion equity securities portfolio, providing combined dividends of $$2.5 billion and yielding 10% on their original cost basis of$$24.5 billion.截至2025年末，上述美國和日本核心持倉的總市值達1940億美元，佔公司2978億美元股票投資組合的近三分之二；這些持倉2025年合計貢獻股息25億美元，以245億美元的原始成本計算，股息收益率達10%。Separately, we have meaningful positions in a small number of other companies where our capital allocation has been more dynamic in recent periods, as relative values and opportunities change. In certain cases, the underlying business characteristics are such that, over time, these investments may become part of our core holdings.除此之外，我們還在少數幾家其他企業持有可觀倉位。隨著市場相對價值和投資機會的變化，近期我們對這部分持倉的資本配置調整更為靈活。若其中部分企業的基本面特質符合我們的長期投資標準，未來也可能成為我們的核心持倉。We also hold equity method investments, principally Kraft Heinz and Occidental. Our investment in Kraft Heinz has been disappointing. Even after considering the preferred equity component in our original Heinz investment, our return has been well short of adequate.我們同時還持有採用權益法核算的股權投資，主要包括卡夫亨氏和西方石油公司。其中，對卡夫亨氏的投資表現不盡如人意。即便將最初對亨氏投資中的優先股收益納入考量，這項投資的整體回報也遠未達到預期。At Berkshire, equity investments are fundamental to our capital allocation activities; responsibility ultimately resides with me as CEO. Ted Weschler manages about 6% of our investments, including a portion of the portfolio formerly overseen by Todd Combs. Ted’s impact extends beyond these investments, as he continues to play a broader role in assessing significant opportunities, providing valuable input on our businesses, and supporting Berkshire in various other ways.股權投資是波克夏資本配置的核心業務，最終由我作為首席執行長負責。泰德·韋施勒管理著公司約6%的投資組合，其中包括原由托德·康布斯負責的部分持倉。泰德的價值不僅體現在投資管理上，他還在重大投資機會評估、為公司業務發展提供寶貴建議等諸多方面，為波克夏提供全方位支援。Berkshire’s foundation is second to none. We have a remarkable operating framework (our culture and values) that shapes our strategy and guides how we lead – along with remarkable shareholders.波克夏的發展根基堅不可摧。我們擁有一套卓越的營運框架，即公司的文化與價值觀，它決定了我們的發展戰略，指引著我們的管理決策；同時，我們也擁有一群最優秀的股東。Insurance will continue to be our core. While its performance will ebb and flow with capital conditions in the industry – perhaps dramatically – that heart of Berkshire will only grow stronger over time, reflecting the structural advantages that define it.保險業務將始終是我們的核心業務。儘管其業績會隨行業資本狀況波動，甚至出現大幅起伏，但憑藉自身的結構性優勢，這一波克夏的核心業務會不斷發展壯大。Our non-insurance operations generate substantial operating earnings and recurring cash flows. A sustained focus on operational excellence will strengthen this group of businesses, positioning it to deliver even greater long-term value.我們的非保險業務類股創造著豐厚的營業利潤和穩定的持續性現金流。始終堅持追求營運卓越，將進一步夯實這一業務類股的發展基礎，使其能為股東創造更大的長期價值。Our investment portfolio – specifically, our equity investments – will evolve and grow as opportunities arise. This portfolio is an integral extension of our insurance operations and capital base. We will effectively and efficiently return capital to our owners through share repurchases when the value proposition is compelling.我們的投資組合，尤其是股票投資組合，將隨著市場機遇的出現不斷最佳化和壯大。這份投資組合是公司保險業務和資本基礎的有機延伸。當股票回購的價值邏輯足夠清晰時，我們會通過這一方式，高效地向股東返還資本。At Berkshire’s scale, the math of compounding works against us – a reality long understood and best acknowledged plainly. Our opportunity is improvement in per-share value over the long term, even when progress comes in smaller increments, with a constant focus on managing downside risk for our owners.站在波克夏如今的規模體量上，複利效應的發揮會受到客觀限制——這是我們早已認清的現實，也理應坦然承認。我們的發展機遇，在於實現公司每股價值的長期增長，即便這份增長是緩步前行；同時，我們會始終將股東的下行風險管控放在首位。The value we create at Berkshire stems from the judgment and leadership exercised every day across our operating businesses. We as shareholders are fortunate to have a Board that clearly understands and supports Berkshire, including our culture and values, and whose diverse skills, experience, and perspectives strengthen its stewardship of the company. Warren and Charlie built the framework for that alignment, and we continue to draw on Warren’s exceptional judgment as Chairman.波克夏創造的價值，源於旗下各營運業務的管理團隊日復一日的精準判斷和卓越領導。作為股東，我們很慶幸擁有一個充分理解並支援波克夏的董事會，董事們憑藉多元的專業能力、豐富的行業經驗和獨到的視角，讓公司的受託管理工作更為專業。巴菲特和查理搭建了公司上下同心同德的發展框架，如今，巴菲特仍以董事長的身份，為我們提供高瞻遠矚的判斷和指導。In December, we announced that our CFO, Marc Hamburg, will be retiring from Berkshire effective June 1, 2027, and will transition his Chief Financial Officer responsibilities a year prior on June 1, 2026. Chuck Chang will have an enormous pair of shoes to fill as his successor. Marc will help Chuck settle into his new role before fully enjoying his well-deserved retirement. Marc has been a treasured partner to me, and, as Warren has noted, “Marc has been indispensable to Berkshire and to me. His integrity and judgment are priceless. He has done more for this company than many of our shareholders will ever know.” I strongly echo Warren’s comments.去年12月，我們宣佈了公司首席財務官馬克·漢布格的退休計畫，其退休將於2027年6月1日正式生效，並在2026年6月1日提前交接首席財務官的相關職責。查克·張將接任這一職位，他肩上的擔子重任千鈞。馬克會在正式退休前，協助查克快速適應新崗位，而後安享他當之無愧的退休生活。馬克是我珍貴的事業夥伴，正如巴菲特所言：“馬克對波克夏和我而言，都是不可或缺的存在。他的誠信品格和精準判斷力是無價之寶，他為公司所做的貢獻，遠超許多股東的想像。”我對此深表認同。To further strengthen our management capabilities at the corporate office, we recently welcomed Mike O’Sullivan as Berkshire’s first General Counsel, where he will provide legal support while maintaining our culture.為進一步強化公司總部的管理能力，我們近期聘請邁克·奧沙利文擔任波克夏首位總法律顧問。他將在為公司提供專業法律支援的同時，守護好公司的企業文化。A central part of our partnership with our owners is to continue maintaining clear, candid communication with you. Berkshire will always communicate with all shareholders at the same time and through the same channels to give each of you the necessary information to assess Berkshire’s performance.與股東保持清晰、坦誠的溝通，是我們股東夥伴關係的核心所在。波克夏會始終通過統一管道、在同一時間向所有股東傳遞資訊，確保每位股東都能獲得評估公司業績所需的全部資訊。We concentrate on quality, not frequency. If a significant issue arises, you will hear from me, but it will not be through quarterly commentary, given our long-term horizon.我們的溝通注重質量，而非頻率。若公司出現重大事項，我會第一時間與各位溝通；但基於公司的長期發展視角，我們不會發佈季度業績評論。The next time we gather as owners will be in Omaha on May 2, 2026, for the annual meeting (our owners’ day, or what other companies might call an “investor day”). The format you know well will guide the day, centered on open communication and direct engagement, with your questions answered in the same unscripted manner during sessions moderated by Becky Quick. We also look forward to owners getting to know, over time, more of the Berkshire team.我們下一次的股東相聚，將於2026年5月2日在奧馬哈舉行的年度股東大會上（這是屬於我們股東的節日，其他企業或許會稱之為“投資者日”）。大會將沿用大家熟悉的形式，始終以開放溝通、直接交流為核心，在貝基·奎克主持的環節中，我們會以即興作答的方式回應各位的提問。我們也期待，股東們能逐步認識更多的波克夏團隊成員。This year’s program will include a CEO’s update on Berkshire, and two Q&A sessions – one with Ajit and me, and a second featuring Katie Farmer (BNSF), Adam Johnson (NetJets and president of consumer products, service, and retailing), and me, where Katie and Adam will discuss the challenges and opportunities they see in their respective businesses. In that way, we will be able to cover Berkshire’s insurance and non-insurance operations. While each session has a natural focus based on who is on stage with me, shareholders may ask me any question at any time. Further details are included in this Annual Report.本屆股東大會的議程包括：首席執行長對公司發展情況的最新匯報，以及兩場問答環節。第一場由阿吉特和我共同作答，第二場則由我與凱蒂·法默（伯靈頓北方聖達菲鐵路公司）、亞當·約翰遜（利捷航空及消費品、服務與零售業務類股總裁）一同參與，凱蒂和亞當會分享各自業務面臨的挑戰與機遇。通過這樣的安排，大會將全面覆蓋波克夏的保險和非保險業務。儘管每場問答環節會因同台嘉賓的不同而有不同的核心關注點，但股東們可隨時向我提出任何問題。更多大會細節，詳見本次年度報告。Our Board, the CEOs and managers at Berkshire, and I look forward to welcoming you to Omaha and to our continued partnership. Central to Berkshire’s extraordinary success is the relationship we maintain with you, our owners. I am honored by the responsibility of continuing to build our company and our partnership in the years ahead. We move forward with great intent and purpose.波克夏的董事會、各業務首席執行長及管理團隊，還有我本人，都熱切期待著在奧馬哈迎接各位的到來，也期待著與各位繼續攜手前行。波克夏能取得今日的非凡成就，核心在於我們與各位股東之間的緊密聯結。我為自己肩負的重任深感榮幸——在未來的歲月裡，繼續建設波克夏，深化我們的股東夥伴關係。我們將心懷堅定的信念與目標，穩步前行。Gregory E. AbelChief Executive OfficerFebruary 28, 2026格雷戈裡·E·埃布林首席執行長2026年2月28日 (浩海尋貝)
