Aptiv PLC (APTV) 2025 Q2 法說會逐字稿

Please stand by. We're about to begin. Good day, and welcome to the Aptiv Q2 2025 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Betsy Frank, Vice President, Investor Relations. Please go ahead.

請稍候。我們就要開始了。大家好，歡迎參加 Aptiv 2025 年第二季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給投資人關係副總裁 Betsy Frank。請繼續。

Thank you, Jess. Good morning, and thank you for joining Aptiv's second-quarter 2025 earnings conference call. The press release and related tables, along with the slide presentation, can be found on the Investor Relations portion of our website at aptiv.com.

謝謝你，傑西。早安，感謝您參加 Aptiv 2025 年第二季財報電話會議。新聞稿和相關表格以及幻燈片簡報可以在我們網站 aptiv.com 的投資者關係部分找到。

Today's review of our financials exclude amortization, restructuring, and other special items and will address the continuing operations of Aptiv. The reconciliations between GAAP and non-GAAP measures are included at the back of the slide presentation and the earnings press release. Unless otherwise stated, all references to growth rates are on a year-over-year basis.

今天的財務審查不包括攤銷、重組和其他特殊項目，並將涉及 Aptiv 的持續經營。幻燈片簡報和收益新聞稿的背麵包含了 GAAP 和非 GAAP 指標之間的對帳。除非另有說明，否則所有成長率均以年比計算。

During today's call, we will be providing certain forward-looking information that reflects Aptiv's current view of future financial performance and may be materially different for reasons that we cite in our Form 10-K and other SEC filings.

在今天的電話會議中，我們將提供某些前瞻性信息，這些信息反映了 Aptiv 對未來財務業績的當前看法，並且可能由於我們在 10-K 表格和其他 SEC 文件中引用的原因而存在重大差異。

Joining us today will be Kevin Clark, Aptiv's Chair and Chief Executive Officer; and Varun Laroyia, Executive Vice President and Chief Financial Officer. Kevin will provide a strategic update on the business, and Varun will cover the financial results in more detail before we open the call to Q&A.

今天與我們一起出席的還有 Aptiv 董事長兼執行長 Kevin Clark 和執行副總裁兼財務長 Varun Laroyia。在我們開始問答環節之前，Kevin 將提供業務的策略更新，而 Varun 將更詳細地介紹財務結果。

With that, I'd like to turn the call over to Kevin.

說完這些，我想把電話轉給凱文。

Thanks, Betsy. Thanks, everyone, for joining us this morning. Starting on slide 3, we had a solid quarter, both operationally and financially. Our strong business foundation, coupled with strength in the underlying markets we serve enabled us to produce record second quarter results. Our unique capabilities from the center to the cloud provide our customers with flexibility and scalability while further strengthening our competitive moat. Our product portfolio is aligned to the accelerating trends of electrification, automation, and digitalization that are happening across multiple industries and is reflected in our new business bookings.

謝謝，貝琪。感謝大家今天早上加入我們。從第 3 張投影片開始，我們本季的營運和財務狀況均表現穩健。我們強大的業務基礎，加上我們所服務的基礎市場的實力，使我們在第二季度取得了創紀錄的業績。我們從中心到雲端的獨特功能為我們的客戶提供了靈活性和可擴展性，同時進一步增強了我們的競爭優勢。我們的產品組合與多個行業正在發生的電氣化、自動化和數位化加速趨勢一致，並反映在我們的新業務訂單中。

Over the last decade, we built a resilient business model that has enabled us to operate efficiently even in this dynamic environment. We leverage our global scale while executing in region, for region, close to our customers in the most important geographic markets around the world, and we're constantly working to increase the efficiency of our operations and further optimize our cost structure, which allows us to remain agile, respond quickly to changes and closely partner with our suppliers and customers to avoid any production disruptions.

在過去的十年中，我們建立了一個有彈性的商業模式，使我們能夠即使在這種動態的環境中高效運作。我們利用我們的全球規模，在區域內、針對區域地開展業務，貼近我們在全球最重要地理市場的客戶，並且我們不斷努力提高營運效率，進一步優化成本結構，這使我們能夠保持敏捷，快速響應變化，並與我們的供應商和客戶緊密合作，以避免任何生產中斷。

I'm proud to tell you that as a result of those efforts, we received the Volkswagen Group Award for Resilient Supply Chain during the quarter. The recognition reflects the real-time end-to-end visibility that we have across our global supply network that's enabled by the digital twin we have built over the last five years, giving us the ability to react quickly and keep our customers connected.

我很自豪地告訴大家，由於這些努力，我們在本季獲得了大眾集團彈性供應鏈獎。這項認可反映了我們在全球供應網路中擁有的即時端到端可視性，這得益於我們在過去五年中建立的數位孿生，使我們能夠快速做出反應並與客戶保持聯繫。

Lastly, with a focus on maximizing shareholder value, the spin-off of electrical distribution systems remains on track, and we look forward to sharing more information on our progress at the upcoming Investor Day in November.

最後，我們以最大化股東價值為重點，配電系統的分拆工作仍在按計劃進行，我們期待在 11 月即將到來的投資者日上分享更多有關我們進展的信息。

Moving to our results. Our second-quarter revenue growth of 2% reflects strength across multiple areas of our business and the benefit of stronger-than-expected vehicle production in the North American market. Operating income totaled $628 million, reflecting flow-through on volume growth and strong operating performance, more than offsetting the significant headwinds related to foreign exchange and commodity prices and when combined with the lower share count resulting from our recently completed accelerated share repurchase program, drove earnings per share.

轉向我們的結果。我們第二季的營收成長 2%，反映了我們多個業務領域的強勁表現以及北美市場汽車產量強於預期的好處。營業收入總計 6.28 億美元，反映了銷售成長和強勁的營運業績帶來的收益，足以抵銷與外匯和大宗商品價格相關的重大阻力，再加上我們最近完成的加速股票回購計畫導致的股票數量減少，推動了每股盈餘。

Lastly, we generated $510 million of operating cash flow, further strengthening our balance sheet and providing us with capital allocation flexibility. Varun will discuss each of these elements in more detail later.

最後，我們產生了 5.1 億美元的營運現金流，進一步增強了我們的資產負債表並為我們提供了資本配置彈性。Varun 稍後將更詳細地討論每個元素。

Moving to slide 4 to review our second-quarter new business bookings. Our portfolio of advanced technologies and industry-leading supply chain capabilities led to $5.4 billion of new business awards, positioning us for another year of strong bookings.

前往投影片 4 查看我們第二季的新業務預訂。我們的先進技術和行業領先的供應鏈能力組合為我們帶來了 54 億美元的新業務合同，為我們在新的一年取得強勁的訂單奠定了基礎。

We'll get into more detail on each of our segments shortly, but a few of the highlights include Advanced Safety and User Experience business awards totaled $1.8 billion, driven by active safety bookings of $1.2 billion. Customer awards in our Engineered Components Group reached $2.4 billion, ranging across our full portfolio of interconnect, high-speed cable assemblies, busbars and cable management products across a broad range of customers and end markets. And new business bookings in electrical distribution systems totaled $1.2 billion and included both low-voltage and high-voltage customer awards across each of our geographic regions.

我們很快就會詳細介紹每個部門，但其中一些亮點包括高級安全和用戶體驗業務獎項，總額達 18 億美元，由 12 億美元的主動安全預訂推動。我們的工程零件集團的客戶獎勵達到了 24 億美元，涵蓋了我們面向廣泛客戶和終端市場的全系列互連、高速電纜組件、母線和電纜管理產品。配電系統的新業務訂單總額達 12 億美元，包括我們各個地理區域的低壓和高壓客戶獎勵。

Let's move to the key developments in each of our business segments during the second quarter. Moving to slide 5 for an update on our Advanced Safety and User Experience segment, where revenues declined low-single-digits in the quarter, the result of mid-single-digit revenue growth in active safety and Wind River, offset by the ongoing roll-off of legacy user experience programs we've referenced previously and a recent slowdown in production schedules on selected Zeekr and NIO programs in China. We expect these to remain headwinds for the next few quarters.

讓我們來看看第二季我們各個業務部門的關鍵發展。轉到幻燈片 5，查看我們高級安全和用戶體驗部門的最新情況，該部門本季度的收入下降了低個位數，這是由於主動安全和 Wind River 的收入實現了中等個位數增長，但被我們之前提到的傳統用戶體驗項目的持續推出以及近期中國部分 Zeekr 和 NIO 項目生產計劃的放緩所抵消。我們預計這些因素在未來幾季仍將是阻力。

Looking ahead, we executed multiple strategic program launches across each of our product lines. The highlights include an ADAS system spanning multiple brands for a leading European OEM, enhancing the performance of their current ADAS solution and enabling them to meet the latest regulatory requirements, an in-cabin sensing solution across multiple brands with a leading European OEM, our first in-cabin sensing program with this customer, opening the door to other opportunities, and a user experience solution for one of the flagship platforms of a luxury European OEM.

展望未來，我們在每條產品線上實施了多項策略計畫。亮點包括為一家領先的歐洲 OEM 提供跨多個品牌的 ADAS 系統，增強其當前 ADAS 解決方案的性能並使其能夠滿足最新的監管要求；為一家領先的歐洲 OEM 提供跨多個品牌的座艙內感測解決方案；這是我們與該客戶合作的首個座內傳感計劃，為其他機會打開了一家機會的歐洲平台大門之一；

Moving to new business bookings, we continue to see momentum with our flexible and scalable Gen 6 ADAS platform as evidenced by two major awards. First, a leading North American OEM selected Aptiv for their next-gen ADAS solution that runs across a range of vehicles, supporting features which scale up to hands-free driving.

轉向新業務預訂，我們繼續看到靈活且可擴展的第六代 ADAS 平台的發展勢頭，兩個重大獎項就是明證。首先，一家領先的北美 OEM 選擇 Aptiv 作為其下一代 ADAS 解決方案，該解決方案適用於多種車輛，支援可擴展到免持駕駛的功能。

We're also awarded a full system ADAS program with Leapmotor, a Chinese EV OEM for the European market, which includes in our costs from Wind River running on a China-local SoC and an AI-powered vision stack from StradVision. These awards demonstrate how our global ADAS expertise, open-architected platforms, and global footprint makes us a partner of choice for a wide range of OEMs.

我們還與零跑車（一家面向歐洲市場的中國電動車原始設備製造商）合作，獲得了一個完整的系統 ADAS 項目，其中包括來自 Wind River 的在中國本地 SoC 上運行的軟體以及來自 StradVision 的 AI 驅動的視覺堆疊。這些獎項證明了我們的全球 ADAS 專業知識、開放式架構平台和全球影響力使我們成為眾多 OEM 的首選合作夥伴。

In user experience, we were awarded a next-generation digital cockpit program for a German luxury OEM, which incorporates Wind River Studio for over-the-air updates and life cycle management, providing enhanced connectivity and performance and personalization. Wind River also had a range of strategic customer awards across multiple end markets, which include Wind River Studio for Hyundai Mobis to power their software development and deployment and life cycle management for automotive applications. Wind River cloud platform for a multinational telecom company, and an edge platform solution and safety certification for a leading US aerospace and defense prime, and an edge platform for advanced medical imaging systems with a leading health care equipment provider.

在用戶體驗方面，我們贏得了德國豪華汽車原始設備製造商的下一代數位駕駛艙項目，該項目採用 Wind River Studio 進行無線更新和生命週期管理，提供增強的連接性、性能和個人化。Wind River 也在多個終端市場獲得了一系列策略客戶獎項，其中包括為現代摩比斯提供的 Wind River Studio，為其汽車應用的軟體開發和部署以及生命週期管理提供支援。為某跨國電信公司提供Wind River雲端平台，為某美國領先航空航太和國防公司提供邊緣平台解決方案和安全認證，為某領先醫療設備供應商提供先進醫學影像系統的邊緣平台。

At the same time, we expanded Wind River's edge AI ecosystem by establishing multiple strategic partnerships with AI players, including ZEDEDA, Nota AI, SiMa.ai, and DEEPX, which will help advance the deployment of AI across diverse edge applications industries.

同時，我們透過與 ZEDEDA、Nota AI、SiMa.ai 和 DEEPX 等多家 AI 企業建立策略合作夥伴關係，擴展了 Wind River 的邊緣 AI 生態系統，這將有助於推動 AI 在不同邊緣應用產業的部署。

Moving to slide 6 to review the highlights for our engineered components group, which delivered solid mid-single-digit revenue growth in the quarter. We launched several strategic programs and secured strong new business awards across our portfolio.

前往投影片 6，回顧我們工程零件集團的亮點，該集團在本季度實現了穩健的中等個位數收入成長。我們啟動了多項策略計劃，並在我們的投資組合中獲得了豐厚的新業務獎項。

Notable program launches include a high-voltage charging inlet on a luxury European OEM platform, enabling expanded charging access across multiple regions, low-voltage ECU connectors for a leading Chinese OEM's commercial vehicle program and an up-integrated high-voltage electrical center for a large Korean OEM for next-generation electrical and electronic architectures.

值得關注的項目包括：在歐洲豪華 OEM 平台上推出的高壓充電入口，可在多個地區擴展充電接入；為中國領先的 OEM 商用車項目推出的低壓 ECU 連接器；以及為韓國大型 OEM 推出的用於下一代電氣和電子架構的集成高壓電氣中心。

Moving to new business bookings, these awards underscore our role in advanced signal, power, and data distribution. During the quarter, we received high-speed cable assembly award to enable next-generation features, including L2++ hands-free driving for local Chinese OEMs such as BYD, Geely, and China; intercable Automotive's first busbar award for a new autonomous vehicle program with a leading US-based EV manufacturer; a high-voltage inlet award for a luxury European OEM; and an award for our Rapid Power Reserve, providing highly reliable redundant power for a variety of critical functions for Sirius with Huawei systems.

從新業務預訂來看，這些獎項凸顯了我們在先進訊號、電力和數據分發方面的作用。在本季度，我們獲得了高速電纜組件獎，以實現下一代功能，包括為比亞迪、吉利和中國等中國本土 OEM 廠商提供的 L2++ 免提駕駛；intercable Automotive 與一家領先的美國電動汽車製造商合作的新型自動駕駛汽車項目獲得了首個母線獎；為歐洲豪華 OEM 廠商提供了高壓廠商提供了首個母線獎；的各種關鍵功能提供高度可靠的冗餘電源。

Notable awards outside of the automotive sector includes an award in aerospace and defense with a leading manufacturer and operator of small satellites for use in low earth orbit and bookings for mission-critical applications from a leading US defense company.

汽車行業之外的值得注意的獎項包括與一家領先的低地球軌道小型衛星製造商和運營商簽訂的航空航天和國防合同，以及與一家領先的美國國防公司簽訂的任務關鍵型應用訂單。

Moving to slide 7 to review the second-quarter highlights for our Electrical Distribution Systems segment, which delivered solid mid-single-digit revenue growth. Beginning with new program launches, we gained incremental high-voltage content on a recent launch of a refreshed vehicle platform from a US-based global EV manufacturer. We also launched a high-voltage battery warning program for a leading Korean OEM that will be used across multiple electric vehicle programs for the Asia-Pacific market.

轉到幻燈片 7，回顧我們的配電系統部門第二季度的亮點，該部門實現了穩健的中等個位數收入成長。從新專案的啟動開始，我們從一家美國全球電動車製造商最近推出的更新汽車平台上獲得了增量高壓內容。我們還為韓國一家領先的 OEM 推出了高壓電池警告程序，該計劃將用於亞太市場的多個電動車項目。

Moving to new business awards, we continue to book programs in both high- and low-voltage architectures. We increased our share of wallet on current vehicle programs with local Chinese OEMs, including Leapmotor's new flagship SUV and a new extended range electric SUV from IM Motors, SAIC's EV brand. In India, we were awarded low-voltage harnesses for a next-gen platform with Tata and a significant low-voltage harness award on a top-10 European battery electric vehicle platform with a luxury European OEM.

對於新業務獎項，我們繼續預訂高壓和低壓架構的項目。我們增加了與中國本土汽車製造商合作的現有汽車項目的投資份額，包括零跑車的新款旗艦SUV，以及上汽集團旗下電動車品牌IM Motors的新款增程式電動SUV。在印度，我們與塔塔公司合作，獲得了下一代平台的低壓線束合同，並與一家歐洲豪華汽車製造商合作，獲得了歐洲十大電池電動汽車平台的低壓線束重要合約。

Turning to slide 8, I'd like to provide some context on our outlook before Varun takes you through our update in more detail. As intended, we're providing third quarter and updating our full-year 2025 financial guidance. Our first-half results benefited from stronger-than-forecasted vehicle production, likely reflecting some pull-forward of demand. And we capitalize on this market backdrop with strong manufacturing, engineering, and supply chain performance across each of our segments.

翻到第 8 張投影片，在 Varun 向您詳細介紹我們的更新內容之前，我想先介紹一下我們的展望。按照計劃，我們將提供第三季財務指導並更新 2025 年全年財務指導。我們的上半年業績受益於汽車產量強於預期，這可能反映了需求的提前。我們充分利用這一市場背景，在各個部門中都擁有強大的製造、工程和供應鏈表現。

Looking at the second half of the year, we remain in a period of uncertainty driven by evolving trade and regulatory policies and remain cautious that consumer demand could weaken in the back half of the year, which we've reflected in our updated guidance. Our team remains relentlessly focused on navigating the dynamic environment, serving our customers, and delivering strong financial results that enhance shareholder value.

展望下半年，我們仍處於受貿易和監管政策變化驅動的不確定時期，並且仍然謹慎地認為下半年消費者需求可能會減弱，這一點我們已在更新的指引中反映出來。我們的團隊始終堅持不懈地專注於應對動態環境、服務客戶以及提供強勁的財務表現以提升股東價值。

I'll now turn the call over to Varun to go through our second-quarter results and third-quarter and full-year 2025 guidance in more detail.

現在我將把電話交給 Varun，讓他更詳細地介紹我們的第二季業績以及第三季和 2025 年全年指引。

Thanks, Kevin, and good morning, everyone. Starting with our second-quarter financials on slide 9. Aptiv delivered record financial results, reflecting strong execution, continued progress on our operational efficiency programs and the benefit of our ASR completed in the quarter.

謝謝，凱文，大家早安。從第 9 張投影片開始介紹我們的第二季財務狀況。Aptiv 取得了創紀錄的財務業績，反映了強勁的執行力、營運效率計畫的持續進展以及本季完成的 ASR 的效益。

Revenues were a record $5.2 billion, up 2% on an adjusted basis. I'll talk more about our revenue performance on the next slide. Adjusted EBITDA and operating income both grew 4%, marking record levels on an absolute basis.

營收達到創紀錄的 52 億美元，調整後成長 2%。我將在下一張投影片中詳細討論我們的收入表現。調整後的 EBITDA 和營業收入均成長 4%，創下絕對值的最高水準。

Operating income margin expanded 10 basis points, primarily driven by the strong performance on our operating and cost structure initiatives, including our continued footprint rotation to best cost locations. These efforts were offset by the impact of FX and commodities, which were a 120-basis-point headwind on margin, largely driven by the Mexican peso, where we [land] in natural operating hedge.

營業利潤率擴大了 10 個基點，主要得益於我們營運和成本結構措施的強勁表現，包括我們持續將業務範圍轉移到最佳成本地點。但這些努力被外匯和大宗商品的影響所抵消，外匯和大宗商品對保證金造成了 120 個基點的阻力，主要是受墨西哥比索的影響，而我們在此進行了自然經營對沖。

Earnings per share was $2.12, an increase of 34%, reflecting the flow-through of higher operating income, benefits of share repurchases, net of higher interest expense, the restructuring of the Motional joint venture, and lower tax expense in the quarter, driven by the timing of certain discrete items. Operating cash flow was $510 million, and capital expenditures were $149 million.

每股收益為 2.12 美元，成長 34%，反映了更高的營業收入、股票回購的好處、扣除更高的利息支出、Motional 合資企業的重組以及本季度較低的稅收支出（受某些單獨項目時間的推動）。營運現金流為 5.1 億美元，資本支出為 1.49 億美元。

Turning to the next slide and looking more closely at second-quarter adjusted revenue growth on a regional basis. In North America, despite vehicle production being down year on year in the region, revenue grew 3%, driven by growth in both active safety and electrified programs. In Europe, revenue was down 1%, slightly better than vehicle production in the region driven by growth in commercial vehicles. And in China, revenue declined 1%, which reflects the unfavorable impact of customer mix in the AS/UX segment.

翻到下一張投影片，更仔細觀察第二季按地區調整後的營收成長。在北美，儘管該地區的汽車產量年減，但收入仍成長了 3%，這得益於主動安全和電氣化專案的成長。在歐洲，收入下降了 1%，但略好於該地區受商用車成長推動的汽車產量。而在中國，營收下降了 1%，反映了 AS/UX 領域客戶結構帶來的不利影響。

Moving to our segment performance on slide 11, and again, I'll refer to revenue growth on an adjusted basis. Starting with AS/UX. Revenue of approximately $1.5 billion was down 3%, primarily driven by the two factors Kevin mentioned previously. Partially offsetting these was a 6% growth in active safety revenue driven by strong volumes and take rates across major customers in North America and Europe.

轉到第 11 張投影片上的分部業績，我將再次提及調整後的營收成長。從 AS/UX 開始。約 15 億美元的營收下降了 3%，主要受 Kevin 先前提到的兩個因素影響。部分抵銷了這些影響的是主動安全收入成長 6%，這得益於北美和歐洲主要客戶的強勁銷售和接受率。

AS/UX adjusted operating income grew 5% with 90 basis points of margin expansion. A 150-basis-point headwind from FX and commodities was more than offset by our ongoing performance and cost savings initiatives and the lapping of a customer receivable issue in the second quarter of last year that was resolved in the third quarter. The associated settlement from a year ago will present a temporary headwind to margin next quarter.

AS/UX 調整後的營業收入成長 5%，利潤率擴大 90 個基點。儘管外匯和大宗商品為我們帶來了 150 個基點的不利影響，但我們持續的績效和成本節約計劃以及去年第二季度解決的客戶應收帳款問題已在第三季度得到解決，這些不利影響已被完全抵消。一年前的相關和解將對下個季度的利潤率造成暫時的阻力。

For ECG, revenue of $1.7 billion increased 5% and was driven by growth in Europe and continued traction with local China OEMs, which grew by more than 30%. ECG adjusted operating income declined 4%, while margin contracted by 160 basis points as flow-through from stronger volumes was more than offset by the impact of unfavorable FX, commodities, and labor inflation.

ECG 的營收為 17 億美元，成長了 5%，這得益於歐洲的成長以及中國本土 OEM 的持續推動，成長了 30% 以上。ECG 調整後的營業收入下降了 4%，而利潤率則收縮了 160 個基點，因為強勁的交易量帶來的流入被不利的外匯、大宗商品和勞動力通膨的影響所抵消。

And lastly, for our EDS business, revenue of $2.2 billion increased 5%. This was driven by strong volume growth in North America and Asia-Pacific, while commercial vehicle revenue grew by 17%. EDS adjusted operating income grew by 18% with 70 basis points of margin expansion, going to strong flow-through on volume growth, and execution on footprint optimization, which more than offset a 90-basis-point margin headwind related to FX.

最後，我們的 EDS 業務收入為 22 億美元，成長了 5%。這是由於北美和亞太地區銷售強勁成長所致，商用車收入成長了 17%。EDS 調整後的營業收入成長了 18%，利潤率增加了 70 個基點，這得益於銷售成長的強勁流通以及足跡優化的執行，這足以抵消與外匯相關的 90 個基點的利潤率逆風。

Now let's review our balance sheet on the next slide. We generated $510 million of operating cash flow in the second quarter with the change versus prior year owing to investments in working capital. Our cash flow, as measured on a last 12-month basis, remains very strong at well in excess of $2 billion. We ended the second quarter with over $1.4 billion of cash and approximately $4 billion in total liquidity. And as I discussed on our Q1 earnings call, we paid down $175 million on our pan-European factoring facility in early April.

現在讓我們回顧下一張投影片上的資產負債表。我們在第二季產生了 5.1 億美元的營運現金流，與去年同期相比有所變化，這歸因於對營運資本的投資。根據過去 12 個月的衡量，我們的現金流仍然非常強勁，遠遠超過 20 億美元。截至第二季末，我們擁有超過 14 億美元的現金和約 40 億美元的總流動資金。正如我在第一季財報電話會議上所討論的那樣，我們在 4 月初為泛歐保理業務償還了 1.75 億美元。

Year to date, we have paid down approximately $700 million of prepayable debt, well ahead of our original deleveraging schedule. With net leverage at 2 times, our balance sheet continues to provide us with flexibility to execute on our strategic initiatives while selectively pursuing growth opportunities.

今年迄今為止，我們已經償還了約 7 億美元的預付債務，遠遠超過了我們最初的去槓桿計畫。在淨槓桿率為 2 倍的情況下，我們的資產負債表繼續為我們提供靈活性，以執行我們的策略計劃，同時有選擇地尋求成長機會。

Turning now to our guidance, which we have updated for the full year and have established for the third quarter. Starting with revenue growth expectations on slide 13. We continue to forecast Aptiv weighted global vehicle production to be down 3% for the full year 2025, equating to approximately 92.5 million units. Relative to our original 2025 outlook, this reflects stronger volumes in China, offset by slightly weaker volumes in North America.

現在談談我們的指導，我們已經更新了全年的指導，並確定了第三季的指導。從第 13 張投影片上的營收成長預期開始。我們繼續預測 2025 年全年 Aptiv 加權全球汽車產量將下降 3%，相當於約 9,250 萬輛。相對於我們最初的 2025 年展望，這反映了中國銷量的強勁增長，但北美銷量略有下降。

Based on our vehicle production assumptions, we expect adjusted revenue growth at the midpoint of our guidance to be up 4% in North America, driven by content growth with key customers as well as growth in commercial vehicles; down 1% in Europe, slightly better than vehicle production in the region; and down 2% in China, which largely reflects our revenue mix between the local OEMs and multinational JVs.

根據我們的汽車產量假設，我們預計調整後的收入增長率在北美地區為 4%，這主要得益於關鍵客戶的內容增長以及商用車的增長；在歐洲地區將下降 1%，略好於該地區的汽車產量；在中國地區將下降 2%，這主要反映了我們在本地原始設備製造商和跨國合資企業之間的收入組合。

For the third quarter specifically, we forecast Aptiv weighted global vehicle production to be down 2% and adjusted revenue growth in North America to be up 9%, with strength across all end markets and partially reflective of an easier comparison from a year ago. Europe down 1%, driven largely by lower production in the region, and China down 4%, driven by customer mix across all segments.

具體到第三季度，我們預測 Aptiv 加權全球汽車產量將下降 2%，北美調整後營收成長將成長 9%，所有終端市場均表現強勁，部分反映出與去年同期相比更容易進行比較。歐洲下降 1%，主要原因是該地區產量下降，中國下降 4%，原因是所有部門的客戶結構不同。

Moving on to other components of our guidance. Our full-year revenue outlook of $20.15 billion at the midpoint continues to reflect a 2% adjusted growth rate with higher midpoint, a function of favorable FX. We expect low-single-digit adjusted growth at each of our three segments.

繼續討論我們指導的其他部分。我們對全年收入的預期為中位數 201.5 億美元，這繼續反映出 2% 的調整後成長率，且中位數較高，這是有利的外匯因素的結果。我們預期三個部門的調整後成長率均將達到低個位數。

Adjusted EBITDA and operating income are expected to be approximately $3.19 billion and $2.42 billion at the midpoint, up 3% and 2%, respectively, and unchanged from prior guidance. While FX is a benefit to our top line primarily owing to the euro, conversely, it is a headwind to our bottom line due to peso-related costs. Higher commodity prices are also a headwind, and these are being offset by stronger performance.

調整後的 EBITDA 和營業收入預計中位數約為 31.9 億美元和 24.2 億美元，分別成長 3% 和 2%，與先前的指引持平。雖然外匯對我們的收入有利，這主要歸功於歐元，但相反，由於與比索相關的成本，它對我們的利潤不利。大宗商品價格上漲也是一個不利因素，但業績的強勁成長抵消了這一不利因素的影響。

Adjusted earnings per share is estimated to be in the range of $7.30 and $7.60, up 19% at the midpoint. This is $0.15 higher than our prior range, reflecting a lower share count following the completion of our ASR program and favorable net interest expense as we have delevered ahead of schedule.

調整後的每股盈餘預計在 7.30 美元至 7.60 美元之間，中間值成長 19%。這比我們之前的範圍高出 0.15 美元，反映了我們完成 ASR 計劃後股票數量減少，以及由於我們提前去槓桿而產生的有利的淨利息支出。

Lastly, we expect operating cash flow of $2 billion, $100 million lower than our prior guidance, owing to accelerating actions associated with the EDS separation that were originally slated for early 2026 into 2025. And on capital expenditures, we expect these to be approximately 4% of revenue.

最後，我們預計營運現金流為 20 億美元，比我們先前的預期低 1 億美元，原因是原定於 2026 年初進行的 EDS 分離相關行動加速至 2025 年。在資本支出方面，我們預計其約佔收入的 4%。

For the third quarter, we expect revenue growth of 3% on an adjusted basis at the midpoint with operating income margin of 11.6% at the midpoint and adjusted EPS to be in the range of $1.60 and $1.80. While our full-year tax rate remains unchanged at 17.5%, owing to the timing of discrete items, the tax rate in the second half of the year will be higher than the first half.

我們預期第三季調整後營收成長中位數為3%，營業利潤率中位數為11.6%，調整後每股盈餘將在1.60美元至1.80美元之間。雖然全年稅率保持不變，仍為17.5%，但由於單一項目的時間安排，下半年的稅率將高於上半年。

Looking more broadly at the full year, we remain cautious that markets could weaken in the second half, and our guidance reflects this. Combined with revised FX and commodities assumptions, this bridges the delta in our second-half expectations relative to our original guidance provided in February, which we believe is prudent given the ongoing macroeconomic uncertainty.

從更廣泛的角度來看全年，我們仍然謹慎地認為下半年市場可能會走弱，我們的指導意見也反映了這一點。結合修訂後的外匯和大宗商品假設，這彌補了我們對下半年的預期與 2 月份提供的原始指引之間的差距，考慮到持續的宏觀經濟不確定性，我們認為這是謹慎的。

Our current guidance reflects our exposure to tariffs based on trade policy as it currently stands and does not include the impact of tariffs that have not yet been implemented, including the copper tariffs that were announced overnight. As we have previously discussed, our direct exposure to tariffs is minimal in large part because of a high compliance with USMCA and a low level of non-USMCA imports into the US. In the limited areas where we have exposure and cannot change sourcing going to the industry set up, we've been able to pass on the incremental costs.

我們目前的指導反映了我們根據當前貿易政策所面臨的關稅風險，並不包括尚未實施的關稅的影響，包括隔夜宣布的銅關稅。正如我們之前所討論的，我們直接受到的關稅影響很小，很大程度上是因為我們對 USMCA 的遵守程度很高，而且美國的非 USMCA 進口量很低。在我們接觸的有限領域，並且無法改變採購到既定的行業模式，我們能夠轉嫁增量成本。

With our resilient business model and relentless focus on optimizing performance, we remain confident in our ability to deliver strong execution regardless of the environment.

憑藉我們富有彈性的商業模式和對優化績效的不懈關注，無論環境如何，我們仍然有信心實現強勁的執行力。

With that, I'd now like to hand the call back to Kevin for his closing remarks.

說完這些，我現在想把發言權交還給凱文，請他作最後發言。

Thanks, Varun. I'll wrap up on slide 15 before we address any questions. We exceeded expectations in the second quarter, delivering record revenue, operating income, and earnings per share, and we remain well positioned to continue our strong operating performance through the balance of the year.

謝謝，瓦倫。在我們回答任何問題之前，我將在第 15 張投影片上結束演講。我們在第二季度的表現超出了預期，實現了創紀錄的收入、營業收入和每股收益，並且我們仍處於有利地位，可以在今年餘下時間裡繼續保持強勁的營運業績。

Our continued strong execution despite the macro uncertainty is a function of our resilient business model and our proactive efforts around our product portfolio and cost structure to position Aptiv to perform in all macro backdrops. We continue to see robust demand for our portfolio of industry-leading products across our full sensor-to-cloud technology stack, which is uniquely positioned to benefit from the continued transition towards a more electrified, automated, and digitalized future across multiple end markets and remain vigilant on positioning Aptiv for long-term success through proactive portfolio management with the forthcoming separation of EDS being a great example of our commitment to increasing value to our shareholders.

儘管宏觀環境存在不確定性，我們仍能保持強勁的執行力，這得益於我們富有彈性的商業模式，以及我們圍繞產品組合和成本結構的積極努力，使 Aptiv 能夠在所有宏觀背景下發揮作用。我們持續看到市場對我們涵蓋從感測器到雲端的完整技術堆疊的行業領先產品組合的強勁需求，該技術棧具有獨特的優勢，能夠從多個終端市場向更加電氣化、自動化和數位化的未來持續轉型中受益，並且我們將繼續透過積極主動的產品組合管理，為 Aptiv 的長期成功做好準備，即將分離的 EDS 就是我們致力於為股東增加價值的一個很好價值的例子。

Operator, let's now open the line for questions.

接線員，我們現在開始回答問題。

(Operator Instructions)

（操作員指示）

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great. Thank you. Good morning, everyone. Just first question on the degree of visibility you have at the moment for Q4 production. The guidance, I think, implies healthy decline year over year, but pretty strong outgrowth on your part. I'm just kind of curious how far visibility do you have right now in terms of the schedules themselves.

偉大的。謝謝。大家早安。第一個問題是關於您目前對第四季度生產的了解程度。我認為，該指導意味著逐年健康下降，但你們的成長相當強勁。我只是有點好奇，就時間表本身而言，您現在的了解程度如何。

Yeah. As we've talked about previously, we get schedules out through -- based on where we sit today, out through the end of the year. Obviously, the closer to where we are today, the stronger the schedules. So I'd say fairly firm EDI schedules typically ranging from two to four weeks out from where we sit today and then less firm as you go as you move beyond that.

是的。正如我們之前所討論的，我們會根據目前的狀況制定出到年底的時間表。顯然，我們越接近今天的進度，日程安排就越緊湊。因此，我認為 EDI 計劃相當固定，通常從我們現在的位置開始計算，為期兩週到四周，之後再計算，就會變得不那麼固定。

At this point in time, we've not seen any significant change in schedules relative to where we were a month ago. I think there's an element -- as we look at what actually will flow through from a production standpoint, given the dynamic market, given the strength that we saw in the second quarter, given our kind of discussions with OEMs and kind of a view that there was some element of pull forward and that OEMs, to some extent, manage the supply base through their demand signals, we took a relatively conservative outlook for the back half of the year, which we previously had when we initially gave guidance in February in the front half of the year, Itay.

目前，與一個月前相比，我們的日程安排沒有任何重大變化。我認為有一個因素——當我們從生產的角度看待實際會發生什麼時，考慮到動態的市場，考慮到我們在第二季度看到的強勁勢頭，考慮到我們與原始設備製造商的討論，以及認為存在一些提前因素，並且原始設備製造商在某種程度上通過其需求信號管理供應基礎，我們對下半年持相對保守的展望，就像我們之前在 2 月份一樣指引上半年。

So we get visibility. But just in light of the dynamics we've decided to be somewhat conservative or believe it's prudent to be conservative.

因此我們獲得了可見性。但僅從動態來看，我們決定採取某種程度的保守態度，或認為採取保守態度是明智之舉。

That's very helpful. Thanks, Kevin. And as a follow-up, the changing US emission standards, some automakers are expressing intent to shift their mix to larger vehicles and take an opportunity. And I'm curious whether that does present any content opportunities for you on that presumable mix shift that may happen next year.

這非常有幫助。謝謝，凱文。隨著美國排放標準的變化，一些汽車製造商表示有意轉向更大的車輛並抓住機會。我很好奇，這是否會為您在明年可能發生的混合轉變中提供任何內容機會。

You're talking about movement from EVs to ICE vehicles?

您說的是從電動車到內燃機汽車的轉變嗎？

Or more like larger vehicles within ICE, more SUVs, kind of larger vehicles given emission --

或者更像內燃機車中的大型車輛，更多的是SUV，考慮到排放量，這類車輛更大--

Yeah. So to be transparent, we've already seen some of that this year. We saw some of that in the second quarter. So our outlook for growth in the EV that we originally had at the beginning of the year, we'll certainly end up below our original outlook. That has been more than offset with both production schedules as well as content, so absolute production schedules as well as content certainly on large trucks in North America. So we've, in fact, offset that headwind from a slowdown of EV adoption in North America.

是的。坦白說，我們今年已經看到了一些這樣的情況。我們在第二季看到了一些這樣的情況。因此，我們對年初時的企業價值成長的預期最終肯定會低於我們最初的預期。這已經被生產計劃和內容所抵消，因此絕對生產計劃和內容肯定是在北美的大型卡車上。因此，我們實際上已經抵消了北美電動車普及放緩帶來的不利影響。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes. Good morning. Thank you very much for taking my questions. I have a question on the bookings target of $31 billion. You spoke to award progress in some areas, but also an uncertain macro backdrop, and the bookings target is 2H weighted. So can you help investors better understand the visibility you have into reaching the $31 billion full-year target, and any key drivers that you see that would contribute to the increase in bookings in H2?

是的。早安.非常感謝您回答我的問題。我對 310 億美元的預訂目標有疑問。您談到了某些領域的獎勵進展，但宏觀背景也存在不確定性，預訂目標是下半年加權的。那麼，您能否幫助投資者更了解您實現 310 億美元全年目標的前景，以及您認為有助於下半年預訂量成長的任何關鍵驅動因素？

Yeah. So there is a cadence for bookings. I would say we have a very strong funnel with significant visibility to bookings. I would say we have a high level of confidence they will achieve the target that we've presented to investors.

是的。因此預訂是有節奏的。我想說我們有一個非常強大的管道，對預訂有很高的可見性。我想說，我們非常有信心他們能夠實現我們向投資者提出的目標。

I would also tell you it's taking a little bit longer to get bookings finalized and documented. Just in light of the environment we're in, the reality is our OEM customers across the globe are spending a lot of time kind of managing through the evolving trade and regulatory landscape in addition to working with suppliers like ourselves on new business awards.

我還要告訴您，完成和記錄預訂需要更長的時間。就我們所處的環境而言，現實情況是，我們遍布全球的 OEM 客戶除了與我們這樣的供應商合作獲得新的業務獎項外，還花費大量時間來應對不斷變化的貿易和監管環境。

So I would say we have a reasonable level of confidence that will be back-end loaded. We saw some amount of protracted periods between RFQs and awards last year, and we had a strong year last year. I think you'll continue to see us have a strong year this year as well.

所以我想說，我們有相當的信心，後端將會載入。去年，我們看到了 RFQ 和授予合約之間一段較長的時間間隔，而且去年我們的業績表現強勁。我想您還會繼續看到我們今年表現強勁。

Thanks for that, Kevin My other question was in the non-automotive areas. The company has had a goal of diversifying and better addressing some of these other areas, industrial, aerospace, defense. Can you speak a bit more on what you're seeing there and whether or not you were able to grow faster in some of these non-automotive end markets?

謝謝，凱文，我的另一個問題是關於非汽車領域的。該公司的目標是實現業務多元化，更好地應對工業、航空航太、國防等其他領域的挑戰。您能否進一步談談您在那裡看到的情況以及您是否能夠在一些非汽車終端市場實現更快的成長？

Yes. So growth was certainly strong in the first quarter. It was kind of low-single-digits this quarter. In the back half of the year, based on our visibility, we believe it will be solid double-digit growth.

是的。因此，第一季的成長確實強勁。本季的成長率處於個位數低點。根據我們的預測，我們相信下半年將實現穩健的兩位數成長。

I mentioned during my prepared comments, from a booking standpoint, both within the ECG business as well as the AS/UX business, awards in the industrial sector, whether it's aerospace and defense, or it's broadly speaking, industrial. And we'll end this year with actually that particular customer category or sector being our fastest-growing market. So we're making significant progress and gaining traction.

我在準備好的評論中提到，從預訂的角度來看，無論是在 ECG 業務還是 AS/UX 業務中，工業領域的獎項，無論是航空航天和國防，還是廣義的工業。今年，我們將以該特定客戶類別或領域成為我們成長最快的市場而結束。因此，我們正在取得重大進展並獲得支持。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Hi. Good morning. Thanks for taking the questions. I wanted to start with a question on the implied growth in the second half. And specifically, the implied growth over market. I think in the first half, the growth over market or your organic growth relative to underlying active markets was something like 1 to 2 points. You're guiding to, I believe, for the full year, roughly 5 points. So there is some acceleration in the back half on that outgrowth. Maybe you could just talk about some of the assumptions in the second-half growth change.

你好。早安.感謝您回答這些問題。我想先問一個關於下半年隱含成長的問題。具體來說，這是隱含的市場成長。我認為，在上半年，市場成長率或相對於基礎活躍市場的自然成長率約為 1 到 2 個百分點。我認為，您預計全年的漲幅約為 5 個百分點。因此，後半部的成長速度有所加快。也許您可以談談下半年成長變化的一些假設。

Yeah. I think first, when you look at growth on a year-over-year basis, you certainly need to focus on Q4 of last year and what we saw from a global vehicle production relative to current outlets, ours or IHS. So I think you got to keep that in mind.

是的。我認為首先，當你查看同比增長時，你肯定需要關注去年第四季度以及我們所看到的全球汽車產量相對於當前門市（我們或 IHS）的情況。所以我認為你必須記住這一點。

When you unpack, our acceleration of growth in the back half where you see the most significant sort of pick-up is certainly within the within the AS/UX business. You also see a significant pick-up in growth as it relates to our EDS business. So those would be the two biggest drivers. I would say from an overall growth rate, ECG stayed roughly in line with how it's grown year to date.

當您打開包裝時，您會發現我們下半年的成長加速，其中最顯著的成長肯定是在 AS/UX 業務中。您還會看到與我們的 EDS 業務相關的成長顯著回升。因此這將是兩個最大的驅動因素。我想說，從整體成長率來看，ECG 的成長速度與今年迄今的水平大致一致。

And then if you unpack AS/UX, a big piece of that is the ongoing launch of ADAS programs, principally in North America and Europe, partially offset by that reference to the Chinese OEM programs that will be a headwind, but we'll still see acceleration in growth.

然後，如果你分析 AS/UX，其中很大一部分是正在推出的 ADAS 項目，主要是在北美和歐洲，部分被中國 OEM 項目所抵消，這將是一個阻力，但我們仍將看到成長加速。

And at EDS, we see strong growth continuing certainly in the third-quarter, part of that's year-over-year comp (technical difficulty) and then actually slowing a little bit in the fourth quarter, which also a -- if you remember, fourth quarter last year, EDS had a very strong fourth quarter last year. So the comp is pretty tough.

在 EDS，我們看到強勁的成長勢頭在第三季度持續，部分原因是同比（技術難度），然後在第四季度實際上有所放緩，這也是 - 如果你還記得，去年第四季度，EDS 去年第四季度表現非常強勁。所以比賽相當激烈。

Great. And there's not one specific launch that you're dependent on or that this is weighted to, correct?

偉大的。而且您並不依賴某一個特定的發布，或對某一個特定的發布有權重，對嗎？

No. Listen, we're launching -- this year, we'll launch over 2,500 programs, Dan. So it's multiple programs that are being launched during the year that affect that back-half inflection.

不。聽著，我們正在推出——今年，我們將推出超過 2,500 個項目，丹。因此，今年推出的多個項目將對下半年的變化產生影響。

Okay. Great. Thank you. And then the second question is around capital allocation. And maybe you could just revisit the framework specifically with the EDS spin. Now it sounds like you're pulling that forward. How should we think about capital allocation dynamics in the future post EDS spin and especially on the inorganic side, what types of targets you may be seeking?

好的。偉大的。謝謝。第二個問題是關於資本配置。也許您可以專門使用 EDS 旋轉來重新審視該框架。現在聽起來你正在推動這件事。我們應該如何看待 EDS 分拆後未來的資本配置動態，特別是在無機方面，您可能正在尋求哪些類型的目標？

Sure. So first, we're not pulling the EDS spin forward. We're still on a path where we'll spin the business at the end of the first quarter of 2026. We're obviously -- just given the size of that business, there's a lot of time spent by management focusing on moving that -- continue to move that forward. So I want to make sure I correct you on that.

當然。首先，我們不會加速 EDS 的旋轉。我們仍計劃在 2026 年第一季末完成業務轉型。顯然，考慮到該業務的規模，管理層花費了大量時間專注於推動業務繼續向前發展。因此我想確保我能糾正你這一點。

As it relates to capital allocation, starting with the EDS spin, that's a business that we're very focused on having very manageable leverage out of the gate. So there'll be an element of leverage on that business and the dividend to Aptiv. That cash will be used to pay down some amount of debt.

就資本配置而言，從 EDS 分拆開始，我們非常注重在業務開始時就擁有非常可控的槓桿率。因此，該業務和 Aptiv 的股息將具有一定的槓桿作用。這筆現金將用於償還部分債務。

We'll continue to deleverage during the back half of this year and into 2026, certainly at RemainCo, partly as a result of earnings growth, partly as a result of select debt paydown. When we look at priorities from a capital allocation standpoint, as of right now, we've made the decision for the first couple of quarters that we're going to really sit on cash, evaluate the environment. We'll continue to sit on cash during this quarter. And then priorities are really first M&A opportunities in the engineered components and in the AS/UX space, principally in assets that have exposure outside of the automotive market.

我們將在今年下半年和 2026 年繼續去槓桿，RemainCo 肯定也會如此，部分原因是獲利成長，部分原因是選擇性債務償還。當我們從資本配置的角度考慮優先事項時，截至目前，我們已經決定在前幾個季度中真正利用現金來評估環境。本季我們將繼續持有現金。然後，優先事項實際上是工程零件和 AS/UX 領域的首先併購機會，主要是在汽車市場之外的資產。

Joseph Spak, UBS.

瑞銀的約瑟夫·斯帕克。

Thanks. Good morning, everyone. Maybe, Kevin, just to start, just a few points of clarification. One, when you're saying second quarter pull-forward to demand, I just want to be sure, you're talking about consumer demand of vehicles and you're shipping to that? Or do you think there was actual channel inventory build, like you shipped more than production? And then, well, I'll let you answer that.

謝謝。大家早安。也許，凱文，只是為了開始，只需要澄清幾點。首先，當您說第二季需求提前時，我只是想確定一下，您正在談論汽車的消費者需求，而且您正在為此運送貨物？或者您認為存在實際的通路庫存建立，例如您的出貨量超過了產量？那麼，好吧，我讓你回答這個問題。

Yeah. I think an element of both the schedules we received from our customers and the number of vehicles our customers produced. So I think it's a mix, obviously. Those two are aligned.

是的。我認為，我們從客戶收到的時間表和客戶生產的車輛數量都是一個因素。所以我認為這顯然是一種混合。這兩者是一致的。

I think, Joe, it's difficult to be precise on how much of that took place. But just based on our dialogue with customers and kind of the timing of changes, I think it's reasonable to assume that there's some element of pull-forward of production.

喬，我認為很難準確地說出發生了多少這樣的事。但僅基於我們與客戶的對話以及變化的時間安排，我認為可以合理地假設存在一些提前生產的因素。

Fair enough. The second clarification, just on the implied 3Q, 4Q guidance, it looks like revenue is really pretty flat 3Q to 4Q, but a big step-up in margins. Is that just sort of the normal seasonality you see in engineering recoveries? Is there anything else that sort of drives that fourth-quarter margin higher than the third quarter?

很公平。第二個澄清是，僅根據隱含的第三季、第四季指引，看起來第三季到第四季的營收確實持平，但利潤率卻大幅上升。這是否只是您在工程復甦中看到的正常季節性現象？還有什麼其他因素導致第四季的利潤率高於第三季嗎？

Yeah. From a year-over-year growth rate, it's really important that you look at the prior quarters, right? And to a certain extent, we were impacted slightly differently by the business Q3 and Q4 last year.

是的。從年比成長率來看，查看前幾季的情況非常重要，對嗎？並且在某種程度上，我們受到去年第三季和第四季業務的影響略有不同。

And if you look at overall production, you'll see a few anomalies in Q3 and Q4, right? Q4 vehicle production last year was the highest Q4 has been and I think you can go back for a very long period of time. And I think on a sequential basis, it was up roughly 10%, give or take a couple of points. So when you look at that fourth-quarter growth rate on a year-over-year basis, a portion of our business, especially our EDS business gets impacted. Q3, given our customer mix in Q3, obviously, you'll see strong growth there.

如果你看一下整體產量，你會發現第三季和第四季有些異常，對嗎？去年第四季的汽車產量是有史以來最高的，我認為可以追溯很長一段時間。我認為按環比計算，它上漲了大約 10%，上下浮動幾個百分點。因此，當您查看第四季度的年成長率時，我們的部分業務，尤其是 EDS 業務受到了影響。Q3，考慮到我們第三季的客戶結構，顯然你會看到強勁的成長。

So I think it's important to look at it that way. I think as you look at margin, how margin plays out in Q3, Q4, it's really about the continued benefit of the cost actions we've taken last year and this year and the timing associated with those. And then it's to your point, Joe, it's the timing of engineering credits, which tend to be back-end loaded in our business, principally more of that in the fourth quarter than the third quarter.

所以我認為這樣看待這個問題很重要。我認為，當你看利潤率時，利潤率在第三季和第四季的表現如何，這實際上與我們去年和今年採取的成本行動的持續效益以及與這些行動相關的時間有關。然後，正如你所說，喬，這是工程信貸的時間問題，這在我們的業務中往往是後端加載的，主要是在第四季度比第三季度更多。

Okay. And then second question, just on the 85% of your day bookings at the local Chinese OEMs, does that tend to come on quicker than some other bookings you have? Like we've heard from some other suppliers that could be a pretty short period of time from win to launch like around the year. And then maybe you could just shed a little bit of light on what's really driving this acceleration, how you're winning? Is it just a refocus on those customers? Are there new products or any major differences in profitability, anything like that?

好的。第二個問題，就你們在中國當地 OEM 廠商的每日預訂量而言，85% 的預訂量是否比其他一些預訂量來得更快？就像我們從其他一些供應商那裡聽到的那樣，從贏得勝利到推出可能需要很短的時間，大約一年左右。然後也許您可以稍微解釋一下真正推動這種加速發展的因素是什麼，您是如何獲勝的？這只是重新關注這些客戶嗎？是否有新產品或獲利能力有任何重大差異，諸如此類？

Yeah. Listen, we have been talking about this for quite some time. I wouldn't say it's new focus. It's focus we've had for the last couple of years, where we're making progress.

是的。聽著，我們已經討論這個問題很久了。我不會說這是新的焦點。這是我們過去幾年一直關注的重點，我們正在取得進展。

Joe, you're familiar with our China team. It's a China-based team that's localized our product capabilities. Our engineering capabilities, manufacturing supply chain are all focused on the China market and have been for a very, very long period of time. So I think it's the strength of our product portfolio. I think we leverage our global scale.

喬，你對我們的中國團隊很熟悉。這是一支駐紮在中國的團隊，負責實現我們產品功能的在地化。我們的工程能力、製造供應鏈都專注於中國市場，並且已經持續了很長一段時間。所以我認為這是我們產品組合的優點。我認為我們利用了我們的全球規模。

I referenced in my prepared comments, the award from Leapmotor for their European vehicles, our Gen 6 ADAS solution. We have other awards across our segments that relate to programs in China and outside of China. The major players were -- we have business awarded for both export as well as for programs that they're launching out of Europe or South America. There's more to come there. So it's an area we continue to focus on.

我在準備好的評論中提到了零跑車因其歐洲汽車而獲得的獎項，即我們的第六代 ADAS 解決方案。我們在各個部門也獲得了與中國國內和國外計畫相關的其他獎項。主要參與者是－我們既有出口業務，也有他們在歐洲或南美洲推出的計畫。那裡還有更多的事情要做。所以這是我們持續關注的領域。

And to your point, in terms of between award and launch, it's -- I would say one year is long. I would say it's six to nine months, quite frankly, at this point in time from a pace standpoint. And that ranges anywhere from wire harnesses to interconnects to active safety or user experience systems. So it's very rapid.

至於你提到的，從獲獎到發布，我想說需要一年的時間。坦白說，從速度角度來看，目前需要六到九個月。其範圍包括從線束到互連、到主動安全或使用者體驗系統等各個方面。所以它非常快。

Having said that, it's a very dynamic environment. I made the comment about the Zeekr and NIO programs, which they're important customers. But we're on a couple of vehicle platforms, for example, with Zeekr, where those platforms are not doing well in the China market, and we saw a fairly rapid reduction in production schedules beginning Q2 that will affect us in Q3 and Q4 that we're working through.

話雖如此，這是一個非常活躍的環境。我對 Zeekr 和 NIO 計劃發表了評論，他們是重要的客戶。但我們有幾個汽車平台，例如 Zeekr，這些平台在中國市場表現不佳，從第二季開始，我們看到生產計劃迅速減少，這將影響我們正在努力的第三季和第四季。

A positive is we continue to book a lot of business. And we're confident we're able to replace that volume as we exit Q4 and head into next year.

正面的一面是我們繼續承接大量業務。我們有信心在第四季結束、進入明年時能夠彌補這一損失。

Emmanuel Rosner, Wolfe Research.

伊曼紐爾·羅斯納（Emmanuel Rosner），沃爾夫研究公司。

Great. Thank you so much. Wanted to get a few more thoughts from you on the trajectory of AS and UX revenues. They were down 3% in the quarter. You flagged some roll-off of legacy UX programs, and then some unfavorable mix in China.

偉大的。太感謝了。想從您那裡了解更多關於 AS 和 UX 收入走勢的想法。本季其股價下跌了 3%。您標記了一些傳統 UX 程式的淘汰，以及中國的一些不利的組合。

But generally, can you lay out the growth narrative for this business? I think you have launches in the back half. How should we think about sort of like a forward growth trajectory for AS/UX?

但整體來說，您能概括一下這個業務的成長嗎？我認為你們在後半部分已經進行了發射。我們該如何看待 AS/UX 的未來成長軌跡？

Yeah. So it's a great question. And it's a business that sits in place where content per vehicle is growing. Emmanuel, as you know, we have a headwind that we've talked about in terms of that legacy user experience program.

是的。這是一個很好的問題。這是一個隨著每輛車的內容不斷增長而發展的業務。伊曼紐爾，如你所知，我們在傳統使用者體驗計畫方面遇到了阻力。

Now when you look at our overall growth rate on a quarter-to-quarter basis, year-over-year basis, how you want to look at it, it's worth 200 to 300 basis points as that program winds down. And we get to finally lapping it beginning in Q1 next year. So that wind down ends at the end of the fourth quarter this year. So that's had over the last -- this past year, certainly, an impact on our overall growth rate.

現在，當您按季度或年度來查看我們的整體成長率時，無論您想如何看待它，隨著該計劃的結束，它的價值都將達到 200 到 300 個基點。我們將從明年第一季開始最終完成它。因此，這一進程將在今年第四季末結束。所以，這在過去一年肯定對我們的整體成長率產生了影響。

Active safety -- our outlook for active safety is that it will grow roughly 6% this year, so mid-single-digits. That, unfortunately, is a bit impacted by the China programs that I just mentioned, those OEM programs I mentioned. A couple of those are actually ADAS programs. So that is a bit of a headwind. But as you head into 2026, we're confident that we're in that kind of mid-single-digit sort of growth rate as it relates to the AS/UX business, just given new program launches as well as that headwind coming to an end -- that user experience headwind coming to an end.

主動安全－我們對主動安全的預測是，今年它將成長約 6%，即中等個位數。不幸的是，這受到了我剛才提到的中國項目、我提到的那些 OEM 項目的影響。其中一些實際上是 ADAS 程式。所以這有點不利。但隨著 2026 年的到來，我們有信心，由於新項目的推出以及逆風即將結束——用戶體驗逆風即將結束，我們的 AS/UX 業務將實現中等個位數的成長率。

Yeah. That's very helpful. And then second topic for me, I wanted to ask you about the ECG margins. They decreased in the quarter versus last year even though organic revenues were actually up a very good lift. Maybe some FX and commodities in there. But I guess more generally, where do you think ECG margins can go?

是的。這非常有幫助。然後是我的第二個主題，我想問您有關心電圖邊界的問題。儘管有機收入實際上大幅成長，但與去年同期相比，本季有機收入有所下降。其中可能有一些外匯和商品。但我想更一般地說，您認為心電圖邊緣可以達到什麼程度？

Yes. Listen, this quarter was all FX and commodity prices. So that was the headwind. We're facing significant headwinds principally as it relates to the peso. We're hedged down to 19. And I'll let Varun talk about it. But that's been a significant headwind for that business for the margin profile of our EDS business and then, to some extent, lesser extent, our AS/UX business.

是的。聽著，本季全是外匯和商品價格。這就是逆風。我們面臨重大阻力，主要與比索有關。我們已將其對沖至 19。我會讓瓦倫 (Varun) 來談論這件事。但這對我們的 EDS 業務的利潤率造成了重大不利影響，並且在一定程度上對我們的 AS/UX 業務也造成了較小程度的影響。

Varun, I should let you answer this.

Varun，我應該讓你回答這個問題。

Yeah. No, I think, Kevin, you pretty much answered that. Emmanuel, if you think of the points that Kevin just mentioned right on, and as you think of the second half of the year, we do see the kind of seasonal uptick in margins in the ECG business also. So outside of the FX piece that we pulled out kind of Mexican peso, we do see ECG margins recovering in the second half of the year.

是的。不，我想，凱文，你基本上已經回答了這個問題。伊曼紐爾，如果你想一下凱文剛才提到的觀點，並且考慮到今年下半年，我們確實會看到心電圖業務利潤率出現季節性上升。因此，除了我們提取墨西哥比索的外匯部分之外，我們確實看到心電圖利潤率在下半年有所回升。

And I think in terms of ECG margin opportunity, right, where we sit today from an EBITDA standpoint, we'll end the year at -- I don't know -- roughly 22% sort of EBITDA margins. We'll continue to see those increase. 2022, they were at under 20. So we've seen significant improvement in margins as we continue to grow, especially outside of automotive in the industrial sectors, where our margin rates are much higher.

我認為，就 ECG 利潤機會而言，從 EBITDA 的角度來看，我們目前所處的水平是，到今年年底，我們的 EBITDA 利潤率——我不知道——大約為 22%。我們將繼續看到這些數字的成長。到 2022 年，這一數字將低於 20。因此，隨著我們的持續成長，我們的利潤率得到了顯著提高，尤其是汽車以外的工業領域，我們的利潤率要高得多。

And just to remind everybody, for us in this business, that sector is growing faster than our traditional automotive sector. We'll naturally see accretion to margins as well.

需要提醒大家的是，對於我們這個產業來說，該產業的成長速度比傳統汽車產業更快。我們自然也會看到利潤的成長。

Chris McNally, Evercore.

克里斯·麥克納利，Evercore。

Hey, Kevin. Thanks so much team. So I appreciate the conservatism. I think we all know there's a lot that needs to happen, particularly around the Mexico trade deal, which seems next.

嘿，凱文。非常感謝團隊。所以我欣賞保守主義。我想我們都知道有很多事情需要發生，特別是圍繞墨西哥貿易協議，這似乎是接下來要做的事情。

So Kevin, that's my sort of my first high-level question. You guys are always pretty connected in DC and if we step back, what do you think the industry is asking for at this point? Is it sort of 15% like all the other countries, or is there a case of USMCA compliant vehicles could get something better? Just curious, super high level, what you think the industry is asking for or really, in your opinion, should be asking for good policy going forward?

凱文，這是我的第一個高層次問題。你們與華盛頓特區一直保持著密切的聯繫，如果我們回顧一下，你們認為目前這個行業需要什麼？是否像其他國家一樣都是 15%，或者符合 USMCA 標準的車輛是否可以獲得更好的待遇？只是好奇，超高水平，您認為該行業在要求什麼，或者您認為應該要求未來的良好政策嗎？

Yeah. I try to avoid political policy. We can share with you our view. USMCA will definitely stay in place. There'll be some recalibration of certain aspects of USMCA. The administration is focused on bringing high-paying jobs back to the US. Our OEM customers in North America are supportive of that and are working with them to do that. So that will be the principal target.

是的。我盡量避免談論政治政策。我們可以與您分享我們的觀點。USMCA 肯定會繼續存在。USMCA 的某些方面將會重新調整。該政府致力於將高薪工作帶回美國。我們在北美的 OEM 客戶對此表示支持，並正在與他們合作。所以這將是主要目標。

I can't answer, Chris, I'm not smart enough, whether there will be a lever where to the extent vehicles reach some sort of US content but manufactured in Mexico, whether or not they'll be subject to a lower tariff regime or not. I can say for us, I think this is the important thing, and Varun talked about it in his prepared comments, for US production, 95% of our product comes from Mexico; 99% of that is USMCA compliant. The announcement yesterday with respect to copper tariffs that were clear that will not impact wire harnesses. So that won't be an issue for us.

克里斯，我無法回答，我不夠聰明，是否會有一個槓桿，使得在墨西哥製造但含有某種美國成分的車輛能夠享受較低的關稅制度。我可以說，我認為這是對我們來說很重要的事情，瓦倫在他準備好的評論中談到了這一點，對於美國生產來說，我們 95% 的產品來自墨西哥；其中 99% 符合 USMCA 標準。昨天有關銅關稅的公告明確表示不會影響線束。所以這對我們來說不是問題。

As we size a potential headwind based on what we know now, and we still don't have the information to give precise estimates, but it's relatively small and something that we can manage. So from our standpoint, whether the vehicle is manufactured in Mexico or it's manufactured here in the US, given how we're positioned and given how we think things will play out, we're in a good place.

雖然我們根據目前所知來評估潛在的不利因素，但我們仍然沒有足夠的資訊來做出精確的估計，但這種不利因素相對較小，我們可以應對。因此，從我們的角度來看，無論車輛是在墨西哥製造還是在美國製造，考慮到我們的定位以及我們對事情發展的看法，我們都處於有利地位。

No. That's great. I appreciate the sensitivity, Kevin. I think it's only interesting because we're now starting to hear public discussions from players like VW on their call, talking about almost OEM-specific deals for reshoring. And obviously, you had players like GM, big customers that are already announcing that. So look, it's going to be an exciting August and September on that front. So we'll stay tuned.

不。那太棒了。我很欣賞你的敏感度，凱文。我認為這很有趣，因為我們現在開始聽到大眾等公司在電話會議上公開討論幾乎針對 OEM 的回流交易。顯然，像通用汽車這樣的大客戶已經宣布了這一點。因此，從這方面來看，八月和九月將會是令人興奮的。我們會繼續關注。

Then the last thing, just as that relates to your guidance then, is it fair to say that that minus 6% is sort of an industry number where we all are assuming a kind of rough Q4 based on tariff-related pricing? So is it okay to paraphrase that that your minus 6% almost implies no new deal and that OEMs have to put to price and [SAAR] goes down, so production goes down. Is that a fair case that that's sort of the conservativism here is assuming that we have to have price and negative SAAR as a result? If something is better than that, then maybe there's a little bit of upside.

那麼最後一件事，就像這與您的指導有關一樣，是否可以公平地說，- 6％是一個行業數字，我們都根據與關稅相關的定價假設一個粗略的第四季度？那麼，可以這樣解釋嗎：您的-6%幾乎意味著沒有新交易，並且原始設備製造商必須提高價格，而[SAAR]下降，因此產量下降。這是一個公平的例子嗎？這種保守主義假設我們必須有價格，結果 SAAR 為負？如果事情比這更好，那麼也許還有一點點好處。

Yeah. I think it's two things. I think it's a year-over-year comp with Q4 last year from a vehicle production standpoint, and then the presumption is that we have weaker consumer demand, whether that's driven by vehicle pricing or other issues that consumers are wrestling with, which obviously affects OEMs and OEM production, right?

是的。我認為這是兩件事。我認為從汽車生產的角度來看，這是與去年第四季相比的同比數據，然後可以推測，我們的消費者需求較弱，無論是由汽車定價還是消費者正在努力解決的其他問題所驅動，這顯然會影響原始設備製造商和原始設備製造商的生產，對嗎？

So Chris, just taking a step back, I just -- we looked at -- as we look at the world, our presumption when we gave guidance in February was we were going to be more immediately impacted by tariffs under the presumption they were going to be implement it much sooner. They haven't been.

所以克里斯，退一步來說，我只是——我們看看——當我們看世界時，我們在二月份給出指導時的假設是，我們將更直接地受到關稅的影響，因為假設他們會更早地實施關稅。他們還沒有。

Our reasonably educated view is that there was some pull forward of production by our North American customers and give you an exact number. And now we have that same concern we had back in February for the back half of this year.

我們合理的看法是，我們的北美客戶提前了一些生產，並給您一個確切的數字。現在，我們對今年下半年的擔憂與二月一樣。

If we're wrong and vehicle production is stronger, we'll benefit just like we did in Q1 and Q2. But sitting here today, we felt the most prudent thing to do was to be a bit more -- and I don't know if you want to call it conservative -- that will be dependent upon what plays out, that we should assume that there is an impact on vehicle production in the back half given the implementation of changing trade policies and tariffs.

如果我們錯了，汽車產量更強勁，我們將受益，就像我們在第一季和第二季一樣。但今天坐在這裡，我們覺得最謹慎的做法是更加——我不知道你是否想稱之為保守——這將取決於實際情況，我們應該假設，鑑於貿易政策和關稅的變化，下半年的汽車生產將受到影響。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Great. Thanks for checking my questions. If I look at the quarter, your mix in China, I think you were about 10% under market. You're similar -- a little better in Q1. When does that start to normalize? Because especially, you flagged some new wins with very short lead time, does that actually start to narrow pretty meaningfully into the second half? And how should we think about it maybe even into next year?

偉大的。感謝您檢查我的問題。如果我看一下本季，你們在中國的銷售組合，我認為比市場低了約 10%。你的情況類似——在第一季稍微好一點。什麼時候開始正常化？因為特別是，你在很短的時間內就取得了一些新的勝利，這是否真的會在下半年開始變得相當有意義？我們該如何考慮這個問題，甚至考慮明年？

Yeah. I think it depends -- listen, Colin, we were making significant progress over the last two years. And we'll continue to make progress. Our target was to be at the same mix as industrial production in China at the end of this year or roughly at the end of this year. We are on that track.

是的。我認為這取決於——聽著，科林，我們在過去兩年裡取得了重大進展。我們將繼續取得進步。我們的目標是在今年年底或大約在今年年底達到與中國工業生產相同的結構。我們正走在這條道路上。

These programs that I -- these vehicle programs or vehicles that I mentioned with respect to Zeekr and NIO obviously, have a negative impact and set us back. So we'll continue to focus on where can we play, where we can bring the most value and obviously, drive the most profitability.

我提到的這些項目——這些與 Zeekr 和 NIO 相關的車輛項目或車輛顯然會產生負面影響並阻礙我們前進。因此，我們將繼續關注我們可以在哪裡發揮作用，在哪裡可以帶來最大的價值，顯然，可以帶來最大的獲利能力。

China is a very dynamic market right now, extremely dynamic. And it's a critically important market for Aptiv, and we're very focused on it. But we're very focused on not only revenue growth, but how do we make sure that we get the margin expansion and the return on investment as it relates to that market? And we can. We're confident of that.

中國現在是一個非常活躍的市場，極度活躍。對於 Aptiv 來說，這是一個至關重要的市場，我們非常關注它。但我們不僅關注收入成長，還關注如何確保與該市場相關的利潤率擴張和投資回報？我們可以。我們對此充滿信心。

And we have a little cost structure. We continue to aggressively reduce that cost structure by rotating engineering activities, by leveraging global platforms, by reducing our sourcing costs as it relates to our supply chain. So the team is doing a great job. But it's important that we be focused on doing business with the right customers on the right platforms and ensuring that we don't end up minimizing the risk of being in a situation like we're talking about to you today with respect to a couple of customers on a few platforms that they've significantly reduced volumes having an impact on us.

我們有一個小小的成本結構。我們透過輪調工程活動、利用全球平台、降低與供應鏈相關的採購成本，持續積極降低成本結構。所以這個團隊做得很好。但重要的是，我們要專注於在正確的平台上與正確的客戶做生意，並確保我們不會最終將陷入今天我們與您討論的那種境地的風險降至最低，即幾個平台上的幾個客戶大幅減少了對我們造成影響的交易量。

So we're working our way towards that. But our real focus is how do we grow earnings, both in China as well as in an aggregate Aptiv basis.

所以我們正在努力實現這一目標。但我們真正的重點是如何增加收益，無論是在中國還是在 Aptiv 的整體基礎上。

Got it. Makes sense. You also mentioned that the guide doesn't include the copper tariffs, which I guess makes sense. But any way to frame that I believe most of your contracts have pass-through provisions. Is there a risk to numbers or from a dollar perspective? Or is this more of a margin dilution risk?

知道了。有道理。您還提到指南不包括銅關稅，我認為這是有道理的。但無論以何種方式構建，我相信大多數合約都有轉嫁條款。從數字或美元角度來看是否有風險？或者這更多的是一種利潤稀釋風險？

No. So this is not -- this is derivative. So it's non-232, but it's manageable. Based on our analysis -- and we don't have all the specifics, but we can -- Varun and I can confidently tell you, this is something we can manage through from a supply chain standpoint. And to the extent we're not able to offset all of it, it's something that we've been having conversations with our customers regarding it, and we'll be able to push it through. Varun?

不。所以這不是——這是衍生品。因此它不是 232，但可管理。根據我們的分析——我們並不掌握所有細節，但我們可以——瓦倫和我可以自信地告訴你，從供應鏈的角度來看，這是我們可以解決的事情。如果我們無法抵消所有影響，我們會與客戶溝通，並努力解決。瓦倫？

I think that's right, Kevin.

我認為這是沒錯的，凱文。

Tom Narayan, RBC.

加拿大皇家銀行的湯姆·納拉揚。

Hey. Thanks for taking my question. I know you guys have talked a lot about China. Just one more. So on that order book, the 85% to domestics, just curious if we could get a little more detail on that. I know one of the big catalysts was potentially the fact that these domestic OEMs have to expand or want to expand outside of China, particularly Europe and that benefits you guys.

嘿。感謝您回答我的問題。我知道你們談論了很多關於中國的事情。再來一個。因此，在那份訂單中，85% 是國內產品，我只是好奇我們是否可以了解更多關於這方面的詳細資訊。我知道其中一個重要的催化劑可能是這些國內原始設備製造商必須擴張或想要擴張到中國以外，特別是歐洲，這對你們有利。

Just curious as to commentary in that regard. Is that a big factor that was driving the domestics that you're winning? Or is it just kind of across the board?

只是對這方面的評論感到好奇。這是促使你們在國內比賽中獲勝的一個重要因素嗎？或者這只是一種全面的現象？

No. Tom, it's a great question. It's across the board. It's across the board. So we've been winning significant business, for example, with BYD over the last -- in our ECG business over the last couple of years, in our EDS business over the last 12 months with opportunities in AS/UX that we're working on now.

不。湯姆，這個問題問得很好。這是全面的。這是全面的。因此，我們贏得了許多重要的業務，例如，過去幾年與比亞迪的 ECG 業務，過去 12 個月與 EDS 業務的合作，以及我們正在努力開拓的 AS/UX 業務機會。

Our focus is on strategic programs in China, vehicle programs as well as, I'd say, an additional focus on where are those OEM is taking vehicles offshore, whether that be through export or through production in Europe. There are a few of them that were spending a lot of time on their European or South American supply chain as they move production out and try to ramp up. So we're in front of those particular vehicle programs but making progress.

我們的重點是中國的戰略計劃、汽車計劃，另外我想說的是，我們還將關注那些原始設備製造商將汽車轉移到海外的地方，無論是透過出口還是在歐洲生產。其中一些公司在其歐洲或南美供應鏈上花費了大量時間，因為他們將生產轉移出去並試圖提高產量。因此，我們在這些特定的車輛項目上處於領先地位，並且正在取得進展。

So I would say it's a bit of a two-pronged, but we feel like we can bring the most value, quite frankly, or we can bring incremental value for those that need support outside of the China market.

所以我想說這有點雙管齊下，但坦白說，我們覺得我們可以帶來最大的價值，或者我們可以為那些在中國市場以外需要支持的人帶來增量價值。

Got it. And my follow-up is kind of more a high-level question. In your prepared comments, there was a lot of big wins, it sounded like. And I was just curious as to those wins, are they -- are they mostly on the ADAS side? Are they mostly -- is there a characteristic of where these wins are more than others?

知道了。我的後續問題更像是高層次的問題。在您準備好的評論中，聽起來有很多重大勝利。我只是很好奇這些勝利，它們主要是在 ADAS 方面嗎？它們大多是──這些勝利比其他勝利更具特色嗎？

I've actually forgotten my question. But I'm just curious as to -- yeah, if you could just comment on where those wins are specifically?

我實際上已經忘記了我的問題。但我只是好奇——是的，您能否評論一下這些勝利具體體現在哪裡？

Yeah. So our ADAS awards are in North America, Europe, and China. We would tell you, just given cost pressure that our OEM customers are under tariff and other, they're very focused on -- I would say, there's incremental focus and willingness to look at full system solutions that save them money.

是的。我們的 ADAS 獎項來自北美、歐洲和中國。我們會告訴你，考慮到我們的 OEM 客戶在關稅和其他方面的成本壓力，他們非常關注——我想說，他們越來越關注並願意尋找可以為他們省錢的完整系統解決方案。

We talked about the award to Leapmotor -- the award from Leapmotor rather for their European vehicles that include locally sourced China-based SoCs, [StradVision] solution, which is our reference vision solution for a Gen 6 ADAS platform, and then our Gen 6 ADAS platform. So very cost effective.

我們談到了授予零跑車的獎項——零跑車授予他們的歐洲汽車獎項，其中包括中國本土採購的 SoC、[StradVision] 解決方案，這是我們針對第六代 ADAS 平台的參考視覺解決方案，然後是我們的第六代 ADAS 平台。所以非常划算。

Similarly, with the North American OEM, a different vision solution, but it's an enhancement of our existing Gen 6 ADAS solution, adding more features, more capability, more scalability with significantly more focus on the trade-off between performance and cost of performance.

同樣，對於北美 OEM 來說，這是一種不同的視覺解決方案，但它是我們現有的 Gen 6 ADAS 解決方案的增強，增加了更多功能、更多能力、更多可擴展性，並且更加註重性能和性能成本之間的權衡。

I think I remember what I was going to ask, sorry. Yes, so this is something we've been hearing from a lot of the OEMs is the larger OEMs feel like on ADAS that there's a lot of, I want to in-source. And maybe some of the smaller ones, there's a propensity to outsource more.

我想我記得我要問什麼，抱歉。是的，這是我們從許多 OEM 那裡聽到的消息，較大的 OEM 認為在 ADAS 方面有很多需要內部採購的地方。也許一些規模較小的企業有更多外包的傾向。

Just curious, is that what you guys are seeing, like the larger OEMs have an inclination to perhaps want to take kind of piece parts of your ADAS portfolio as opposed to the entire suite? Or is that not the case? So they're winning kind of across the board?

只是好奇，這是你們看到的嗎，例如大型 OEM 傾向於選擇 ADAS 產品組合中的部分產品而不是整個套件？或者事實並非如此？所以他們是全面獲勝了？

We would tell you now, we're seeing from OEMs less desire to do things internally. Now there may be some things that with particular OEMs where it might be a feature or some features within an ADAS stack. But that, we're going to do it all ourselves.

我們現在要告訴你，我們發現 OEM 內部經營業務的意願正在減弱。現在，特定 OEM 可能會有一些東西，它可能是 ADAS 堆疊中的一項功能或某些功能。但這一切，我們都要自己做。

And listen, you're familiar with the OEMs that have tried doing that, have spent money doing it, and they've not been overly successful. We would say that trend has reversed course.

聽著，您知道有些原始設備製造商已經嘗試過這樣做，也花了錢，但並沒有取得太大的成功。我們會說這種趨勢已經逆轉。

We would say, though, all of our OEMs are looking for open-architected solutions where they have flexibility that -- that's important -- that they're scalable so that they can put higher-performing, high-cost systems on a more luxurious vehicle and lower-cost systems on entry vehicles. And to the extent you can do that with a single platform, it's less engineering cost for them. So all of them are looking for that sort of approach to things.

不過，我們要說的是，我們所有的 OEM 都在尋找開放式架構的解決方案，這種解決方案具有靈活性——這一點很重要——它們具有可擴展性，以便他們可以將性能更高、成本更高的系統安裝在更豪華的車輛上，將成本更低的系統安裝在入門級車輛上。如果你能透過單一平台實現這一點，那麼他們的工程成本就會降低。所以他們都在尋找這種方法來解決問題。

So in a strange way, all the cost pressure going on in the industry is actually helpful to our business model. But again, we're willing to provide the full system solution or part of the solution, depending upon what the customer is looking for.

因此，奇怪的是，行業中所有成本壓力實際上對我們的商業模式有幫助。但同樣，我們願意提供完整的系統解決方案或部分解決方案，這取決於客戶的需求。

And that will conclude today's question-and-answer session. I will now turn the call back to Mr. Kevin Clark for any additional or closing remarks.

今天的問答環節到此結束。現在我將把電話轉回給凱文克拉克先生，請他發表任何補充或結束語。

Thank you, operator, and thanks, everybody, for spending time with us this morning. We really appreciate your questions. Have a great rest of the day. Thanks.

謝謝接線員，也謝謝大家今天早上抽出時間與我們在一起。我們非常感謝您的提問。祝您今天剩餘時間愉快。謝謝。

Thank you. Ladies and gentlemen, that will conclude the Aptiv Q2 2025 earnings call. We thank you for your participation. You may disconnect at this time, and have a great day.

謝謝。女士們，先生們，Aptiv 2025 年第二季財報電話會議到此結束。我們感謝您的參與。現在您可以斷開連接，並享受美好的一天。