伯克希尔哈撒韦-A 2025年度报告

2025ANNUALREPORT TABLE OF CONTENTS CEO’s Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1Berkshire’s Performance vs. the S&P 500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19Form 10-K –Business Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . K-1Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .K-24Cybersecurity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .K-28Description of Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .K-29Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .K-31Management’s Discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .K-34Management’s Report on Internal Control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .K-63Independent Auditor’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .K-64Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .K-66Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .K-71Appendices –Shareholder Event and Meeting Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1Operating Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-2Stock Transfer Agent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-3Directors and Officers of the Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Inside Back Cover Berkshire Hathaway Inc. To My Fellow Berkshire Shareholders, Warren Buffett is arguably the greatest investor of all time, with generations benefiting from hisinvestment acumen. He has also been a remarkable CEO, executing his vision of building a greatinsurance business since the acquisition of National Indemnity in 1967, and deploying the float tomake successful investments across major sectors of the economy, concentrating in the U.S. (ToWarren’s great frustration, this letter begins with these observations – yet we all know they aretrue.) In the past, Warren has spoken about how he draws inspiration from Ted Williams – the baseballHall of Fame hitter who divided the strike zone into 77 segments and tried to swing only at pitchesin a much smaller “happy zone,” resulting in a .344 career batting average and a historic .406season in 1941. Similar discipline, patience, and judgment define Warren’s investing: determiningpreferred pitches, waiting for them, then swinging decisively. But he is more than an investingguru. 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 businessfully equipped to transition from founder-led to one well-positioned for the next 60 years andbeyond. More than these achievements, what endures is how Berkshire treated its shareholders as truepartners for 60 years. Warren has frequently expressed his respect and appreciation for Berkshire’slong-term shareholders, who represent one of the most remarkable owner bases of any publiclyowned 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 shareholderlettersand direct interactions at Berkshire’s annual shareholder meetings are the clearestexpression of Warren’s – and Berkshire’s – commitment to partnership with our shareholders. We are fortunate to have Warren as Berkshire’s Chairman, in the office five days a week, andavailable to us as we underwrite insurance, operate our non-insurance businesses, and deploycapital including equity investments. Warren also continues as an owner of Berkshire (although hisshares will all go to philanthropy over the 10 years or so following his passing). To invest in Berkshire has long been a vote of trust in our founder – a trust that now rests withBerkshire. Your capital is commingled with ours, but it does not belong to us. Our role isstewardship. That stewardship has shaped a culture and reinforced a set of values that are not there