塞拉尼斯 (CE) 2025 Q3 法說會逐字稿

Greetings. Welcome to the Celanese Corporation third quarter 2025 conference call. (Operator Instructions) Please note, this conference is being recorded. I would now like to turn the conference over to Bill Cunningham. Thank you. You may begin.

問候。歡迎參加塞拉尼斯公司2025年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給比爾·坎寧安主持。謝謝。你可以開始了。

Thanks, Darryl. Welcome to the Celanese Corporation third quarter 2025 earnings conference call. My name is Bill Cunningham, Vice President of Investor Relations. With me on the call today are Scott Richardson, President and Chief Executive Officer; and Chuck Kyrish, Chief Financial Officer.

謝謝你，達裡爾。歡迎參加塞拉尼斯公司2025年第三季財報電話會議。我是投資人關係副總裁比爾‧坎寧安。今天和我一起參加電話會議的有總裁兼執行長史考特·理查森，以及財務長查克·凱裡什。

Celanese distributed its third quarter earnings release via Business Wire and posted prepared comments as well as a presentation on our Investor Relations website yesterday afternoon. As a reminder, we'll discuss non-GAAP financial measures today. You can find definitions of these measures as well as reconciliations to the comparable GAAP measures on our website.

塞拉尼斯公司昨天下午透過 Business Wire 發布了第三季財報，並在其投資者關係網站上發布了準備好的評論和簡報。再次提醒大家，我們今天將討論非GAAP財務指標。您可以在我們的網站上找到這些指標的定義以及與可比較GAAP指標的調節表。

Today's presentation will also include forward-looking statements. Please review the cautionary language regarding forward-looking statements, which can be found at the end of both the press release and the prepared comments. Form 8-K reports containing all of these materials have also been submitted to the SEC.

今天的報告還將包含前瞻性陳述。請仔細閱讀新聞稿和準備好的評論文章末尾的有關前瞻性陳述的警示性語言。包含所有這些資料的 8-K 表格報告也已提交給美國證券交易委員會。

With that, Darryl, let's go ahead and open it up for questions.

那麼，達裡爾，我們現在開始接受提問吧。

(Operator Instructions)

（操作說明）

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Nice quarter for Q3. Scott, looking at '26, can you give us an early look at what you can -- your control for '26 and what's not in your control for '26 relative to earnings?

第三季表現不錯。Scott，展望 2026 年，你能否提前透露 2026 年的收益狀況——哪些因素是你能夠控制的，哪些因素是你無法控制的？

Yeah. Thank you, David. Let me just start by saying how we have focused on 2025, continues into 2026. The priorities of increasing cash flow, intensifying our cost improvements and then driving top line growth. And that third piece, I think, is going to continue to be more important as we're seeing progress from our EM pipeline.

是的。謝謝你，大衛。首先我想說的是，我們一直專注於 2025 年，並​​將這一目標延續到 2026 年。增加現金流量、加大成本控制力道、然後推動營收成長是當務之急。我認為，隨著我們在 EM 研發管線方面取得進展，第三點將變得越來越重要。

Those are going to be our priorities going into '26, and we've laid a really nice foundation here in 2025. And so that foundation, even if we're in an environment where we see flattish demand, and I kind of look at flattish demand on what we've seen, say, Q2 through Q4 here in 2025, if we're in that type of demand environment, just to make it easy, I believe we're going to be able to grow EPS by $1 to $2 next year. And that's going to come from the cost actions that we've already put in place and that yielding increments next year.

這些將是我們 2026 年的優先事項，而且我們在 2025 年已經打下了非常好的基礎。因此，即使我們處於需求較為平穩的環境中（我指的是2025年第二季到第四季我們所看到的較為平穩的需求環境），為了方便起見，我相信我們明年能夠實現每股收益增長1到2美元。這將得益於我們已經實施的成本控制措施，這些措施將在明年帶來成長。

And then the second big piece is going to come from EM pipeline and the success we're seeing driving that, including the high-impact program growth, which is starting to yield results. And certainly, we won't have the Micromax EBITDA, but I think that's going to be offset by the fact that we don't expect to have the significant auto destocking that we saw in Europe in Q1 of this year. So I think when you put it all together, we feel confident in about $1 to $2 even if the world around us isn't growing.

其次，第二個重要因素將來自 EM 管道以及我們看到的推動該管道發展的成功，包括高影響力專案的成長，這些成長已經開始產生效果。當然，我們不會達到 Micromax 的 EBITDA，但我認為這將被以下事實所抵消：我們預計不會出現像今年第一季歐洲那樣的大規模汽車去庫存。所以我覺得綜合所有因素來看，即使我們周圍的世界沒有成長，我們也有信心每股收益達到 1 到 2 美元。

Very good. And just on EM pricing, the best in eight quarters. Can you discuss how much more there is to go in EM on the pricing front?

非常好。僅就新興市場定價而言，這是八個季度以來的最佳水平。能否談談新興市場在定價方面還有多少提升空間？

There's always more that can be done here, David. We have gotten price in some of the standard grade materials in the Western Hemisphere, not as much across the board as we want to see. So I think there's still going to be opportunities there. In addition, where we're seeing nice benefit is on the price for the new elements from the pipeline that are being launched. So this is going to continue to be a very critical area of focus for us as we go into 2026.

大衛，這裡總有更多的事情要做。我們已經獲得了一些西半球標準等級材料的價格，但還沒有達到我們希望看到的整體水平。所以我認為那裡仍然有機會。此外，我們看到新推出的產品線中的一些元素的價格也帶來了不錯的收益。因此，在進入2026年之際，這將繼續是我們重點關注的領域。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Could you speak a little bit about the operating rates and the acetyl chain? I know there was the comments in the prepared remarks about sort of flexing Singapore based on demand and Frankfurt is going to be, I guess, offline for the balance of the year. But what do you anticipate or maybe just back up and how -- what rates did you run at in the second half of this year? And then what do you anticipate in the first half of next year?

您能談談操作速率和乙醯鏈嗎？我知道在事先準備好的演講稿中提到，新加坡的會議將根據需求進行彈性調整，而法蘭克福會議今年剩餘時間可能都不會舉行。但您對此有何預期？或者能否回顧一下—今年下半年您的利率是多少？那麼，您對明年上半年有何預期呢？

Yeah. Thanks, Vincent. Not to be flippant, but every day is different in this business. And I don't say that as hyperbole, it's true. When you look at our lowest cost assets, our lowest cost assets are running at 100%.

是的。謝謝你，文森。並非輕率之言，但在這個行業裡，每天都充滿變數。我這麼說並非誇張，而是事實。當你查看我們成本最低的資產時，你會發現我們成本最低的資產的運作率達到了 100%。

And then the balance of the network, which is really our asset base outside of the United States is being flexed to meet demand, flexed to meet industry conditions and we're going to continue to operate that way. We've block operated Singapore as well as Frankfurt.

然後，我們網路的其餘部分，也就是我們在美國以外的資產基礎，會根據需求和行業狀況進行靈活調整，我們將繼續以這種方式運作。我們對新加坡和法蘭克福都進行了整車運作。

We would expect that to continue going into next year. And part of that is our manufacturing team has done an excellent job of being able to continue to operate with high degrees of reliability as well as find ways to no capital debottleneck our assets to where we have more capacity at those lower-cost assets. So we're going to continue to flex that to meet demand, but I'd really look at lowest cost asset base running full and then the rest of the network operating as needed.

我們預計這種情況會持續到明年。部分原因是我們的製造團隊出色地完成了工作，他們能夠繼續保持高度的可靠性，並找到無需資本投入即可消除資產瓶頸的方法，從而在那些成本較低的資產上擁有更大的產能。因此，我們將繼續靈活調整以滿足需求，但我真正關注的是讓成本最低的資產基礎滿載運轉，然後網路的其餘部分根據需要運行。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

In the acetyl chain, when you look at sequential pricing through the year, it's gotten tougher. And prices had come down a lot in China earlier in the year. Where is the sequential price pressure coming from in the acetyl chain, either by product line or geography?

從乙醯基鏈的角度來看，全年的價格走勢變得越來越複雜。今年早些時候，中國的價格已經大幅下降。乙醯基產業鏈中，價格階梯壓力來自哪裡？是依產品線還是依地域劃分？

Yeah. Thanks, Jeff. I think we've seen a little bit of pressure in Europe in kind of what I would say more of the downstream. So getting into the vinyls chain, VAM and emulsions as we've worked our way through the year, and that was really demand driven. As demand has come off, we've seen a little bit of pricing pressure there.

是的。謝謝你，傑夫。我認為我們已經看到歐洲下游地區出現了一些壓力。因此，我們進入了黑膠唱片產業鏈，包括 VAM 和乳劑，這完全是市場需求驅動的結果。隨著需求下降，我們看到價格方面出現了一些壓力。

We've seen a stabilization of pricing in China now over the course of the quarter or so. And in fact, pricing went up a little bit here at the beginning of this quarter, not significantly, but we did see a price lift as we got into October really across all product lines in China in acetyl. So the US has been relatively stable. So that's kind of how I would look at it.

在過去一個季度左右的時間裡，我們已經看到中國的價格趨於穩定。事實上，本季初價格略有上漲，但漲幅不大。不過，到了 10 月份，我們確實看到中國所有乙醯基產品線的價格都出現了上漲。所以美國一直相對穩定。我大概就是這麼看的。

It has been more around a function of demand where demand has been weaker, and we've seen a little bit of softening of price in Europe.

這比較是需求上的問題，目前需求疲軟，我們看到歐洲的價格略有下降。

Okay. And in Engineered Materials, year-over-year, your consolidated volumes were down 8%. Which product lines are, I guess, falling more than that and which product lines are falling less than that? Can you help us -- I mean, it might be that there are particular pockets of weakness? Or is it across the board? Can you talk about that?

好的。在工程材料領域，你們的綜合銷量比去年同期下降了 8%。我想，哪些產品線的跌幅大於這個數字，哪些產品線的跌幅小於這個數字？您能幫幫我們嗎？我的意思是，或許存在一些特別薄弱的環節？還是說這種情況很普遍？您能談談這方面嗎？

Yes. It's mainly the product lines, Jeff, that we have higher levels of volume and have just generally more market exposure in the standard grade materials. And so that tends to be more of your engineered thermoplastics. So that's your POM, your nylon, and then into GUR and polyesters. Our thermoplastic elastomers have held up extremely well, and the team has actually found nice pockets of growth there. It's just -- that's not where we have as much volumetric exposure. So it tends to be more on the engineered thermoplastic side of things.

是的。傑夫，主要是產品線方面，我們的銷量更高，而且在標準級材料領域擁有更廣泛的市場曝光度。所以，這往往是更多工程熱塑性塑膠的類型。所以，這就是你的POM、尼龍，然後是GUR和聚酯纖維。我們的熱塑性彈性體表現非常出色，團隊甚至在那裡發現了一些不錯的成長點。只是——我們並沒有在那裡進行大量的體積暴露。所以它比較偏向工程熱塑性材料方面。

Michael Sison, Wells Fargo.

麥可西森，富國銀行。

Nice third quarter as well. For 2026, if I take a look at slide 11, it looks like cost savings could represent somewhere between $0.40 to $0.50. How much -- in terms of the rest of the $1 to $2, how much comes from potentially lower interest expense? And just trying to gauge how much could come from volume growth and new products.

第三節也表現不錯。如果我看第 11 張投影片，2026 年的成本節約似乎在 0.40 美元到 0.50 美元之間。那麼，在剩餘的 1 美元到 2 美元中，有多少是來自於潛在的利息支出減少呢？我們只是想評估一下銷售成長和新產品能帶來多少收益。

Yeah. I mean, given kind of the $1 to $2 that I talked about earlier, Mike, I would look at that's really split largely in two areas. One, about half of that is cost. And we didn't put all of the cost actions on that slide. We have kind of an ambiguous bucket there on that last line of that graph.

是的。我的意思是，就像我之前提到的 1 到 2 美元那樣，麥克，我認為這主要分為兩個方面。其中大約一半是成本。而且我們並沒有把所有的成本控制措施都列在那張投影片上。圖表最後一行上的那個桶子有點模稜兩可。

And I think I would look at -- there's more to come. We had the announcement last week about the Lanaken closure. We're continuing to work the cost side of the equation extremely hard, and we'll talk more specifically about those as we complete those actions.

而且我覺得我會繼續關注——還有更多內容即將推出。上週我們收到了關於拉納肯工廠關閉的公告。我們正在繼續努力降低成本，等我們完成這些工作後，我們會更具體地討論這些問題。

So about half of it is cost. And the majority of the rest of it is really coming from the pipeline. And that's kind of how we're thinking about things right now. I mean there's definitely going to be some things around the edges like interest, et cetera, but those are the two big buckets that we're looking at currently.

所以其中大約一半是成本。其餘大部分其實都來自管線運輸。我們現在大概就是這麼想的。我的意思是，肯定會有一些邊緣因素，例如利息等等，但目前我們主要關注的是這兩個方面。

And Mike, this is Chuck. The interest expense, I would pencil in $30 million to $40 million reduction year-over-year.

麥克，這位是查克。利息支出方面，我預計將年減 3,000 萬至 4,000 萬美元。

Okay. And then a quick follow-up in EM in terms of the volume growth potential, how much is that coming from sort of the legacy, if you can think about it that way, the Celanese businesses and then how much comes from some of the DuPont?

好的。然後，關於新興市場銷售成長潛力，我們快速跟進一下，其中有多少來自塞拉尼斯（Celanese）的傳統業務（如果你可以這樣理解的話），又有多少來自杜邦（DuPont）的業務？

I'll be honest with you, Mike. Right now, we're looking at that portfolio as all Celanese. And we're not breaking it out. We're not operating the business or the company that way anymore. It really is about Celanese and products.

麥克，我跟你說實話吧。目前，我們將該投資組合全部視為塞拉尼斯旗下的資產。我們不會把它公佈出來。我們不再以這種方式經營業務或公司了。這其實與塞拉尼斯及其產品有關。

What I would say is that engineered thermoplastics piece and the portfolio we have there has proven to be a really nice add for us. Part of that came from M&M, part of that came with Santoprene, and that's a really nice area of growth going into next year. It's a really important area for us to be differentiating the offerings that we have.

我想說的是，我們擁有的工程熱塑性塑膠產品組合已經證明對我們來說是一個非常好的補充。一部分來自 M&M，一部分來自 Santoprene，這在明年將是一個非常不錯的成長領域。對我們來說，在產品和服務方面實現差異化是一個非常重要的領域。

And then the -- so that's been a really nice driver for us. And then we are seeing really as we look at this high-impact program area, I mean, there's end uses there that are extremely attractive where we're bringing both the engineered thermoplastics.

然後——所以這對我們來說是一個非常好的驅動因素。然後，當我們審視這個具有重大影響的項目領域時，我們確實看到，那裡有一些極具吸引力的最終用途，我們將工程熱塑性塑膠應用於這些領域。

So that's both historical Celanese and M&M as well as the elastomer portfolio to bear in really high-performance type applications, whether that's data centers or in high specification EV opportunities, medical opportunities. So there's -- across these spaces, we're really seeing as we've gotten extremely focused from a commercial team perspective on these areas, we think we're going to have nice pockets of growth in '26.

所以，這既包括歷史悠久的塞拉尼斯和M&M，也包括用於真正高性能應用的彈性體產品組合，無論是資料中心還是高規格電動汽車應用、醫療應用。所以，在這些領域，我們確實看到，從商業團隊的角度來看，我們已經非常專注於這些領域，我們認為在 2026 年我們將迎來不錯的成長。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Scott, just given the evolution of the macro throughout the course of the year end markets such as building and construction and autos and so on sequentially weakening, are you starting to see more accelerated inventory destocking at the customer level throughout the year-end? Or are inventory is already pretty low. So what you're mirroring is just basically the end markets themselves at this point?

Scott，鑑於年底宏觀經濟情勢的發展，建築、汽車等市場逐年走弱，你是否開始看到年底客戶層面的庫存去庫存速度加快？或者庫存已經很低了。所以你現在所反映的，基本上就是終端市場本身？

Yes. Thanks, Ghansham. As I look at where demand is, it's certainly on a lower base than what we've seen historically. But if we look at what we called out for seasonality from Q3 into Q4 on a volumetric and percentage basis, it's very similar to what we've seen in the past from Q3 to Q4. So we're not necessarily seeing accelerated destocking.

是的。謝謝你，甘沙姆。從目前的需求情況來看，它肯定比我們以往所見的水平要低。但是，如果我們從數量和百分比的角度來看我們先前預測的第三季到第四季的季節性變化，它與我們過去從第三季到第四季看到的情況非常相似。因此，我們未必看到加速去庫存的現象。

There's a few pockets. For example, our channel partners here in North America came to us at the beginning of the quarter and talked very openly about wanting to bring inventories down a little bit by year-end. And so that was great that we're able to partner with them.

這裡有幾個口袋。例如，我們北美地區的通路合作夥伴在本季度初就與我們坦誠地表達了希望在年底前將庫存稍微降低一些的願望。所以，我們能夠與他們合作真是太好了。

We can take rates down at our asset base and do it really in a thoughtful way over the course of the quarter and not just get to the end and have this big slug down. So I think there is -- there's definitely, I would say, pockets, but I wouldn't say it's something we're seeing extensively across the board because we've been seeing this kind of work its way through the value chain in various areas now for about six months.

我們可以降低資產基礎利率，並且在整個季度中以深思熟慮的方式進行，而不是僅僅在季度末突然大幅降低利率。所以我認為確實存在這種情況——肯定存在一些局部現象，但我不會說這種情況已經普遍存在，因為在過去的六個月裡，我們已經看到這種工作方式在各個領域的價值鏈中蔓延開來。

Okay. Got it. And then maybe a question for Chuck on free cash flow. What's the expectation for working capital contribution for this year in 2025? And then how would you have us think about some of the parameters for 2026 free cash flow?

好的。知道了。然後或許可以問查克一個關於自由現金流的問題。預計2025年營運資金投入額是多少？那麼，您希望我們如何看待 2026 年自由現金流的一些參數呢？

I think you said at the low end of your guidance for this year.

我想你說過，這是你今年給的最低預期。

Right, right. Yes. So working capital so far this year has been a source of cash of $250 million as we've really focused on cash generation. I really don't expect much change in working capital, either source or use of cash in fourth quarter. So I would just -- I would model in zero at this point for working capital.

對，對。是的。因此，今年迄今為止，營運資金已成為 2.5 億美元的現金來源，因為我們真正專注於現金流的產生。我預計第四季營運資金（包括資金來源和使用）不會有太大變化。所以，我目前會把營運資本設定為零。

As you look ahead for 2026, with that, we don't expect with similar demand levels that we would repeat that $250 million of working capital source of cash, but we are continuing our inventory actions in Engineered Materials. So there will be some level of free cash flow source there.

展望 2026 年，有鑑於此，我們預計在類似的需求水準下，我們不會再次獲得 2.5 億美元的營運資金來源，但我們將繼續在工程材料領域進行庫存活動。因此，那裡會有一定的自由現金流來源。

At this point, Ghansham, our cash outlay of restructuring, which is adjusted out of EBITDA is looking to be lower in 2026 as we have some projects that have rolled off from prior footprint. So adding to that, the EBITDA improvement that Scott's talked about on the cost and commercial side, that gives us confidence next year in free cash flow, at least at the low end of that $700 million to $800 million range. And I think it's important to understand, as we look ahead in the next few years, we think this level of free cash flow is sustainable.

目前，Ghansham，我們重組的現金支出（已從 EBITDA 中調整）預計在 2026 年會降低，因為我們有一些項目已經從先前的佈局中剝離出來。除此之外，史考特談到的成本和商業方面的 EBITDA 改善，讓我們對明年的自由現金流充滿信心，至少在 7 億至 8 億美元區間的低端。我認為重要的是要明白，展望未來幾年，我們認為這種水準的自由現金流是可持續的。

Patrick Cunningham, Citi.

派崔克‧坎寧安，花旗集團。

The decision for the Lanaken closure, you cited evaluation of longer-term end market trends. I guess did anything change in terms of your forward view on either the demand or supply side? And then as you look to evaluate other more targeted measures in AC, should we be looking to the Frankfurt facility? Or do you expect more of a smaller collection of savings across the asset footprint?

對於關閉拉納肯工廠的決定，您提到了對長期終端市場趨勢的評估。我想問一下，您對未來需求或供應方面的看法是否有改變？那麼，當您考慮評估空調領域其他更有針對性的措施時，我們是否應該關注法蘭克福工廠？或者您預期在整個資產範圍內實現較小規模的節省？

Thanks, Patrick. First of all, I think it's important. Look, we don't take any of these types of decisions lightly. We look at where things are in the near term, long term, and we study them. And we also look at our ability to continue to supply our customers.

謝謝你，派崔克。首先，我認為這很重要。聽著，我們不會輕易做出這類決定。我們會關注事物在近期和長期的發展狀況，並對其進行研究。我們也會考察能否繼續為客戶提供產品。

And acetate tow has faced challenges, including declining demand over a period of time. Lanaken is our highest cost asset. And so as we looked at where things are, we're able to meet all of our customer needs from our network and subsequently drive productivity savings with this move, both in the short term and long term, no matter what may materialize from a demand perspective. And so this closure will yield probably in the neighborhood of $20 million to $30 million of productivity savings in 2027.

醋酸纖維絲束也面臨挑戰，包括一段時間內需求下降。拉納肯是我們成本最高的資產。因此，當我們審視現狀時，我們發現，無論需求方面出現什麼情況，我們都能透過我們的網路滿足所有客戶的需求，並透過這項措施在短期和長期內提高生產力並節省成本。因此，此次關閉預計將在 2027 年帶來 2,000 萬至 3,000 萬美元的生產力提升。

We get a little bit at the end of next year, probably on that, but certainly for the full year of '27, that's the types of savings we're looking at. And we're going to continue to look across our whole footprint in both businesses for similar types of examples.

我們明年年底可能會得到一些，但可以肯定的是，在 2027 年全年，這就是我們所期望的節省額度。我們將繼續在我們所有業務領域內尋找類似的例子。

And so there's no specific asset, I would say, that we're looking at right now. It continues to be kind of crosschecking where industry demand is, where is our capacity, where do we maybe have excess capacity in the network that will allow us to drive that productivity, but still be able to meet customer demand even if we were to see a big increase down the road in a recovery period.

因此，我認為我們目前並沒有特別關注的資產。我們仍然需要不斷地檢查行業需求在哪裡，我們的產能在哪裡，以及我們的網絡中是否存在過剩產能，這些過剩產能既能提高生產力，又能滿足客戶需求，即使在未來的復甦時期，我們可能會看到需求大幅增長。

Understood. Very helpful. And then maybe one for Chuck. Just in terms of progress on inventory reduction, they're still tracking well towards that goal. And then just in the context of some of your comments in the prepared remarks, what percentage of SKUs are made to order today versus made to stock? And what goal are you working towards there?

明白了。很有幫助。然後也許還要給查克一個。就減少庫存的進度而言，他們仍然朝著這個目標穩步前進。結合您在準備好的發言稿中的一些內容，目前按訂單生產的 SKU 和按庫存生產的 SKU 分別佔多少比例？您在這方面的目標是什麼？

Patrick, look, it's an ongoing effort to be more efficient with inventory. I don't have that percentage right in front of me of the number of make-to-stock SKUs, but it's one of the several levers that EM is working on to reduce inventory. It also includes logistics and warehousing and testing lead times, et cetera.

派崔克，你看，提高庫存效率是一個持續的過程。我手頭上沒有現貨 SKU 數量的百分比數據，但這是 EM 正在努力減少庫存的幾個措施之一。它還包括物流、倉儲和測試提前期等。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

I think you identified $30 million to $50 million of additional savings that you're targeting in Engineered Materials. Can you elaborate on the sources of those and the flow-through timing? And remind us if those figures are gross or net of inflation?

我認為您已經確定了在工程材料方面可以額外節省 3000 萬至 5000 萬美元的目標。能否詳細說明這些物質的來源以及其作用時間？請問這些數據是未扣除通膨因素後的總數字還是扣除通膨因素後的數字？

Yes. Let me hit the last part of your question, Kevin, I would look at those as net of inflation because we will work inflation through our productivity pipeline to offset that. So look at these as definitely being net. And it is really looking across the board. There is continued SG&A and R&D savings there as we optimize that side of the business on a global basis.

是的。凱文，讓我來回答你問題的最後一部分，我會把這些結果看作是扣除通貨膨脹後的淨值，因為我們會透過提高生產力來抵消通貨膨脹的影響。所以，請把這些看作是絕對的淨值。而且它確實是從各個方面進行審視的。隨著我們在全球範圍內優化業務的這一方面，銷售、管理及行政費用和研發費用將持續節省。

Footprint continues to be an area of focus that will be in there. And then the last area is really things that we kind of call complexity reduction. So streamlining of our supply chain and our logistics network and really getting that optimize. I mean, Chuck just talked about the benefits we get from that on an inventory reduction. We also get cost reduction from that.

足跡仍將是其中的重點領域。最後一個方面，我們稱之為降低複雜性。因此，我們需要精簡供應鏈和物流網絡，真正實現最佳化。我的意思是，查克剛才談到了庫存減少給我們帶來的好處。我們還能因此降低成本。

And so a good chunk of that, we're going to get for full year 2026. Some of it will phase in through the year, but we definitely are confident that we'll be able to get to those levels next year.

因此，其中很大一部分，我們將在 2026 年全年獲得。其中一些措施將在年內逐步實施，但我們絕對有信心明年達到這些水準。

Great. And then a second question for you on divestitures, if I may. Congrats, first of all, on the Micromax deal. It looks like you got a nice multiple for that relative to your own trading multiple. Can you talk about the after-tax cash proceeds from that $500 million deal?

偉大的。如果可以的話，我還有一個關於資產剝離的問題想問您。首先恭喜你簽下Micromax手機。看起來你這次的交易收益倍數比你自己的交易倍數高很多。可以談談那筆5億美元交易的稅後現金收益嗎？

And then more broadly, if we remain in the current environment of, I'll call it, industrial malaise globally, what additional portfolio actions or at least the magnitude thereof are you thinking about over the next several years? I think you said in your prepared remarks, you are actively pursuing additional. So any color on that would be appreciated.

更廣泛地說，如果我們繼續處於目前我稱之為全球工業低迷的環境中，那麼在未來幾年裡，您正在考慮採取哪些額外的投資組合行動，或至少採取多大規模的行動？我認為你在準備好的演講稿中提到，你正在積極尋求更多機會。所以，任何意見或建議都將不勝感激。

Yes. Kevin, let me start, and then I'll turn it to Chuck to answer the tax question. Our principles really around divestitures have not changed. We have what we believe are two leading franchises here at Celanese. And in acetyls, it's about leveraging kind of this integrated up and downstream operating model that starts with methanol and acetic acid and goes downstream and it is really uniquely globally positioned to kind of operate to drive value on a daily basis.

是的。凱文，我先來，然後我把稅務問題交給查克來回答。我們關於資產剝離的原則其實並沒有改變。塞拉尼斯公司擁有我們認為的兩大領先特許經營權。在乙醯基領域，關鍵在於利用這種從甲醇和乙酸開始，向下游延伸的一體化運作模式，這種模式在全球範圍內具有獨特的優勢，並且能夠每天創造價值。

And in Engineered Materials, it's about driving unique customer solutions and leveraging the globe's leading portfolio around engineered thermoplastics and thermoplastic elastomers. So if we have things in the portfolio that are not part of that acetyl value chain or not a differentiated thermoplastic or thermoplastic elastomer, then we are going to look to see if it's worth more to someone else than what it's worth to us.

在工程材料領域，我們致力於推動獨特的客戶解決方案，並利用全球領先的工程熱塑性塑膠和熱塑性彈性體產品組合。因此，如果我們的產品組合中存在一些不屬於乙醯基價值鍊或非差異化熱塑性塑膠或熱塑性彈性體的產品，那麼我們將考慮它對其他人的價值是否高於它對我們自身的價值。

And that has been the principle that we've been operating on now for a number of years around divestitures. And that's what led to the food ingredients transaction. That's what's led now to the Micromax transaction because they didn't fit in the Engineered Materials business in that thermoplastic or elastomer bucket.

而這正是我們多年來在資產剝離上一直奉行的原則。這就是促成食品原料交易的原因。正是因為Micromax不適合工程材料業務中的熱塑性塑膠或彈性體領域，所以促成了現在的交易。

JVs is another area that -- where we don't have as much control and that value that they create to the enterprise is not what the rest of the portfolio creates. And so that's the principles that we're operating under, and that's the principles that we'll continue to look at being able to monetize different assets around. And we committed to $1 billion of divestitures by the end of 2027. And this Micromax transaction gets us around halfway there. And so we are very much in line with achieving that target, and we're going to continue to focus on that here as we finish this year and get into 2026.

合資企業是另一個我們控制力較弱的領域，它們為企業創造的價值與投資組合中的其他部分創造的價值並不相同。所以，這就是我們遵循的原​​則，也是我們將繼續遵循的原則，以便能夠將不同的資產貨幣化。我們承諾在 2027 年底前剝離價值 10 億美元的資產。而這筆Micromax交易讓我們離目標又更近了一半。因此，我們非常有希望實現這一目標，我們將繼續專注於此，直到今年結束並進入 2026 年。

Yes. On the tax leakage, Kevin, that's expected to be 5% of the final gross sales price.

是的。凱文，關於稅收流失，預計將佔最終銷售總價的 5%。

Salvator Tiano, Bank of America.

薩爾瓦托·蒂亞諾，美國銀行。

Firstly, I want to continue on Kevin's question on divestitures, and you mentioned JVs as a specific area of focus. I'm wondering, though, how are you thinking about the methanol JV? Because on one hand, it is one where you are a partner with someone else. On the other hand, it is, I guess, your main way of being integrated into methanol in the US So how strategic is that business to you?

首先，我想繼續回答凱文關於資產剝離的問題，你提到合資企業是一個特別關注的領域。不過，我很好奇，您對甲醇合資企業有什麼看法？因為一方面，這是你與他人合作的關係。另一方面，我想，這應該是你們在美國甲醇市場進行整合的主要方式。那麼，這項業務對你們來說有多大的戰略意義呢？

Look, I'm not going to comment on specific joint ventures. What I have said around methanol in the past is it really is about leveraging methanol and acetic acid. And so as we look at all of our joint ventures, we have a partner that is in those JVs. And so JVs can be harder to monetize across the board, and we'll continue to look at the partners. We'll continue to look at other potential counterparties who are interested in having ownerships of our joint ventures.

聽著，我不會對具體的合資企業發表評論。我過去對甲醇的理解是，關鍵在於如何利用甲醇和乙酸。因此，當我們審視我們所有的合資企業時，我們會發現我們有一個合作夥伴參與了這些合資企業。因此，合資企業在獲利方面可能更難實現，我們將繼續考察合作夥伴。我們將繼續尋找其他有興趣持有我們合資企業股份的潛在交易對手。

But our focus really is around value creation. And so if value is there to be created and it is higher than what we believe is inherent in the current and potentially future stock price, then we will definitely look at it.

但我們真正的關注點在於價值創造。因此，如果存在可以創造的價值，而該價值高於我們認為當前和未來潛在股價所固有的價值，那麼我們一定會考慮它。

Great. And I also wanted to ask about your nylon chain. I know you've been deemphasizing nylon polymerization instead doing compounds. So at this point, how much of your nylon volumes and sales, perhaps profit comes from actual nylon standard grades versus the compounded value-add products?

偉大的。我還想問你的尼龍鏈。我知道你們一直在減少對尼龍聚合的重視，轉而研究化合物。那麼目前來看，你們的尼龍產量和銷售額（或許還有利潤）有多少來自標準尼龍產品，又有多少是來自複合加值產品？

Yeah, Sal, almost all of our profit in that business is really created by compounds. And so now to make a compound, you need polymer. And so whether we make that polymer or buy that polymer, the key is getting that polymer at the most optimized economics possible because we create our value really through that compounding step.

是的，薩爾，我們在這個行業幾乎所有的利潤實際上都是由化合物創造的。所以現在要製造化合物，就需要聚合物。因此，無論我們自己生產聚合物還是購買聚合物，關鍵在於以最經濟的方式獲得聚合物，因為我們的價值實際上是透過複合步驟創造的。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

I just wanted to continue down this line of questioning. I think you just earlier said, Scott, that you don't foresee any major capacity closures. But I recall earlier, there was a discussion about maybe buy versus make in polymers and potentially some rationalization there. So should we take it that the rationalization of polymer capacity is off the table for now or that's still being considered?

我只是想繼續沿著這個問題提問下去。史考特，我想你剛才說過，你預計不會有任何大規模的產能關閉。但我記得之前討論過聚合物領域是購買還是自製的問題，以及可能的合理化問題。所以我們應該認為目前聚合物產能合理化方案已被擱置，還是仍在考慮中？

No. Let me be very clear, Aleksey. We are taking bold actions across the Board. And we have continued to be I think through this year, every single quarter, we have had another cost reduction announcement. We are looking at all elements of our business in both acetyls as well as in Engineered Materials, and we will take action around cost, including footprint, if there's value creation opportunities there.

不。阿列克謝，我得把話說清楚。我們正在各方面採取大膽的行動。而且我認為，今年以來，每個季度我們都一直在宣布削減成本。我們正在審視公司在乙醯基產品和工程材料領域的所有業務要素，如果存在創造價值的機會，我們將圍繞成本（包括佔地面積）採取行動。

Okay. Makes sense. And then as a follow-up on your EM pricing, I realize it was relatively modest, but do you see any signs of more rational competition sort of improvement in competitive environment maybe across any of the end markets or types of polymers?

好的。有道理。關於您提到的EM定價，我知道它相對來說比較溫和，但您是否看到任何跡象表明，在任何終端市場或聚合物類型中，競爭環境會更加理性地改善？

Look, we can't control what others are doing. What I will say about our EM commercial team is they are energized by the opportunity that's in front of them, not just around making sure that we're getting full value for the materials that we sell, but on partnering with our customers, about being connected to our customers, being current about what's happening in the marketplace and being able to respond to customer needs and leverage and drive new solutions.

你看，我們無法控制別人在做什麼。我想說的是，我們的EM商業團隊對擺在眼前的機會充滿熱情，他們不僅致力於確保我們銷售的材料獲得全部價值，還致力於與客戶建立夥伴關係，與客戶保持聯繫，了解市場動態，能夠響應客戶需求，並利用和推動新的解決方案。

And I think we believe that, that team is going to continue the trajectory that they have been on this year despite the fact that through the year, the volume side of the equation has been difficult, but to be able to drive price, drive mix improvement through the year, I think, is a great accomplishment and is a really good starting point for us going into 2026. And we think we will be able to drive volumes through the pipeline next year.

我認為我們相信，儘管今年銷售方面遇到了困難，但球隊仍將繼續保持今年的發展勢頭。他們能夠推動價格上漲，改善產品組合，我認為這是一項了不起的成就，也是我們邁向 2026 年的一個很好的起點。我們認為明年我們將能夠推動管道輸送量的成長。

Frank Mitsch, Fermium Research.

弗蘭克米奇，費米研究中心。

Congrats again on the Micromax sale. To that end, Chuck, I believe you indicated that with the $3 billion plus debt due '26, '27, you were fairly comfortable being able to pay that -- or you indicated that you -- given the free cash flow and expected divestitures that you would not need to tap a revolver and that you felt like you would -- or issue more debt, you'd be able to cover that. Do you still feel that way today?

再次恭喜Micromax售出。查克，我相信你曾表示，對於 2026 年和 2027 年到期的 30 億美元以上的債務，你相當有信心償還——或者你曾表示，鑑於自由現金流和預期資產剝離，你不需要動用循環信貸額度，而且你覺得即使發行更多債務，你也能夠償還這筆債務。現在還這麼想嗎？

Yeah, Frank. I mean, if you look at ahead at our 2026 maturities, we've got about $900 million due. So we look at between the Micromax proceeds, the cash -- the excess cash we have on hand, Q4 cash generation, those are spoken for. We've already been looking ahead at the '27s and we made several payments to our '27 term loan over the last few quarters. We're confident in the cash generation and ability to pay off the '27s.

是的，弗蘭克。我的意思是，如果我們展望一下 2026 年到期的債務，大約有 9 億美元到期。所以我們來看看Micromax的收益、現金——我們手頭上的剩餘現金、第四季的現金流，這些都已經安排好了。我們一直在展望 2027 年，在過去幾個季度裡，我們已經償還了 2027 年的定期貸款。我們對現金流的產生和償還 27 年貸款的能力充滿信心。

We do know that sometimes that cash is back-end loaded in any given calendar year. So as we've done a few times, we'll continue to be prudent and opportunistic in the debt markets, refinancing a small portion of our maturities to align the maturities one, two years out with our free cash flow generation. And that's just to bridge the timing of those repayments. But we're confident that we can generate the cash to pay those off and continue to deleverage.

我們知道，有時這筆資金會在某個日曆年的最後集中到位。因此，正如我們之前幾次所做的那樣，我們將繼續在債務市場保持謹慎和機會主義，對一小部分到期債務進行再融資，使一兩年後的到期債務與我們的自由現金流產生相匹配。這樣做只是為了銜接這些還款時間。但我們有信心能夠產生現金來償還這些債務，並持續降低槓桿。

Helpful. And then, Chuck, if I could ask you a more esoteric question. very sizable write-down this quarter. I'm reading the press release, and it's tied to Zytel and nylon. And then in the prepared remarks, it's talking about your stock price and so forth.

很有幫助。查克，如果可以的話，我想問你一個比較深奧的問題。本季減記金額非常大。我正在閱讀新聞稿，內容與Zytel和尼龍有關。然後，在準備好的發言稿中，又談到了你們的股價等等。

I'm sure others understand what's going on there, but I don't. Can you please expand on that?

我相信其他人明白那裡發生了什麼，但我不明白。能詳細解釋一下嗎？

Sure, Frank. Look, the third quarter is our annual quarter to test our goodwill and certain intangibles like trade names. We did this using the same third parties that we always do, and we did record an impairment. I think what's important, Frank, is there was not a reduction in the projected cash flows of Engineered Materials since the last time we did this test. This impairment was really driven by a reduction in our market cap, created by a reduction in the stock price because part of the test is sort of a market-to-book analysis this year.

當然可以，弗蘭克。你看，第三季是我們每年測試商譽和某些無形資產（如商標名稱）的季度。我們像往常一樣使用了相同的第三方服務，並且確實記錄了損害。弗蘭克，我認為重要的是，自上次我們進行這項測試以來，工程材料的預期現金流量並沒有減少。此次減損實際上是由於我們的市值下降造成的，而市值下降是由於股價下跌造成的，因為今年的測試部分內容是市淨率分析。

So no change, no decline in the cash flow projections, but it was really driven by the market cap of Celanese.

所以現金流預測沒有變化，也沒有下降，但這實際上是由塞拉尼斯公司的市值所驅動的。

Hassan Ahmed, Alembic Global.

Hassan Ahmed，Alembic Global。

Just wanted to get a bit more granular about the sort of near-term guidance. I know in the past, you guys have talked about trying to get to a quarterly EPS run rate of $2 per share imminently, right? So I know the guidance, obviously, for Q4, $0.85 to $1 bakes in seasonality. It's not really in an otherwise abnormal environment, it's not really sort of the right starting point.

我只是想更具體地說明近期的業績指引。我知道你們之前討論過要盡快實現每股收益 2 美元的季度平均水平，對吧？所以我知道第四季度的指導意見，很明顯，每股收益在 0.85 美元到 1 美元之間，這其中已經包含了季節性因素。它所處的環境其實並不異常，這也不是合適的起點。

So maybe if we could start with like the $1.34 you guys reported in Q3, right, where in the near term, you see that going on a quarterly run rate basis via self-help via obviously now with Micromax almost about to close, reduced interest expense there and the like. And again, I understand that you guys are talking about an incremental $1 to $2 from self-help, which is $0.25 to $0.50, but would love some more granularity around that.

所以，也許我們可以從你們在第三季報告的 1.34 美元開始，對吧？在短期內，你會看到它以季度運行率為基礎，透過自助措施，顯然現在 Micromax 幾乎要倒閉了，減少了利息支出等等。我再次理解你們說的是自助書籍帶來的額外 1 到 2 美元的收入，也就是 0.25 到 0.50 美元，但我希望你們能提供更詳細的資訊。

Yes. Thanks for the question, Hassan. We continue to be focused around driving controllable actions that will, as a first step, get us back to that $2 a quarter run rate. That hasn't changed even with where demand is at from a seasonality perspective, and we will get there. If demand stays lower, it may take us a little bit longer to get there.

是的。謝謝你的提問，哈桑。我們將繼續專注於採取可控措施，作為第一步，這將使我們恢復到每季 2 美元的營運水準。即使從季節性角度來看需求有所變化，這一點也沒有改變，我們終將實現目標。如果需求持續低迷，我們可能需要更長時間才能實現目標。

But if you look at where we were performing in the middle part of the year, Q2, Q3 from an EPS perspective and you just take the actions that I've talked about that we have going to next year, it starts to really get to a point where you're approaching kind of that level as you're getting up into the $1.75 to $2 range. And that's where continuing to stack wins, as we called them in our prepared comments, additional costs continuing to drive the pipeline.

但如果你看看我們在今年年中、第二季和第三季的每股盈餘表現，再加上我之前提到的我們明年將要採取的行動，就會發現我們真的正在接近那個水平，每股收益已經達到 1.75 美元到 2 美元的區間。正如我們在準備好的評論中所說的，持續累積勝利，額外的成本繼續推動管道建設。

And then if we get any inkling of a demand improvement and even if you were just at the demand levels we saw in the second quarter, you're effectively there. And so the multiplying effect of the actions that we're taking are significant. We look at our enterprise right now as a coiled spring that when released is going to really drive very substantial and increased earnings levels as we go forward. It's tough right now. The demand environment is not tough, but I'm extremely proud of the resilience and the actions that the team here at Celanese has taken this year to position us going into next year and beyond.

然後，如果我們察覺到需求有任何改善的跡象，即使只是達到第二季的需求水平，我們基本上已經實現了目標。因此，我們所採取的行動會產生顯著的倍增效應。我們現在把公司看作是一根蓄勢待發的彈簧，一旦釋放，它將推動我們未來的獲利水準大幅提高。現在情況很艱難。雖然市場需求環境並不嚴峻，但我為塞拉尼斯團隊今年展現出的韌性和採取的行動感到無比自豪，這些行動為我們明年及以後的發展奠定了基礎。

Very helpful, Scott. And as a follow-up, I would love to hear your views about Anti-involution as it affects the acetyls chain and you guys. And more specifically, why I asked this is that it seems a bit -- just yesterday, PetroChina, it seems came out and announced that they're studying 19 sort of different refining and petrochemical assets to potentially retire. And those include methanol assets as well, right? So it seems it's moving away from the pipe dream phase and actually becoming real.

史考特，你幫了我大忙。作為後續問題，我很想聽聽你們對抗內捲作用如何影響乙醯鏈以及你們的看法。更具體地說，我之所以問這個問題，是因為就在昨天，中國石油似乎宣布，他們正在研究 19 個不同的煉油和石化資產，並有可能將其退役。這其中也包括甲醇資產，對吧？看來它正在擺脫白日夢階段，並逐漸成為現實。

So how do you see Anti-involution impacting you guys?

那麼，你們覺得反內捲化運動會對你們產生什麼影響呢？

It's hard to say exactly how it will materialize, Hassan. But look, the dialogue on the ground in China, and I was there in the quarter and was talking with the team, it's palpable, more so than I would have expected. I don't know that it's had a really direct impact thus far. I mentioned we've seen some price movement, albeit small, but some price movement in the quarter. I don't know how much of that is Anti-involution or just kind of normal market changes and some of the inventory getting absorbed after some new plants started up.

哈桑，很難說它最終會如何實現。但你看，在中國實地進行的對話，我當時就在現場，和團隊進行了交談，這種對話是顯而易見的，比我預想的還要強烈。我不知道它目前是否產生了直接影響。我之前提到過，雖然幅度不大，但本季確實出現了一些價格波動。我不知道其中有多少是反內捲效應，又有多少只是正常的市場變化，以及一些新工廠投產後部分庫存被消化。

But the reality of it is that people are talking about it there. And I don't know how it comes in fruition to the business, but I do expect that we're definitely going to see this be an important step going forward because I do think the profitability of assets in China need to be higher than where they are today.

但現實情況是，那裡的人們確實在談論這件事。我不知道這對企業最終會產生怎樣的影響，但我相信這肯定會是企業發展的重要一步，因為我認為中國資產的獲利能力需要比現在更高。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

I wanted to follow up just on the Acetyls utilization rates. I think my understanding prior was maybe you had rates lower in some of the Western markets, so some of your low-cost regions like the US to basically react to some of the weaker demand. I guess your earlier comment was that it's your low-cost assets running full out.

我想進一步了解乙醯基的利用率。我之前的理解是，你們在一些西方市場（例如美國）的利率可能較低，所以你們的一些低成本地區（例如美國）的利率下降，基本上是為了應對一些疲軟的需求。我猜你之前的評論是說，這是你的低成本資產在全力運作。

So specifically, can you comment on that and maybe your US asset base utilization rate where that is today? And then related with that, if we think about what gets utilization rates higher, if you're running at a high rate in the US today, does US demand improvement help you? Or do you really need Europe or other regions to improve to get your utilization rates up?

那麼，您能否具體談談這一點，以及您目前的美國資產基礎利用率？與此相關的是，如果我們思考什麼因素會提高利用率，如果你目前在美國的利用率很高，那麼美國需求的改善對你有幫助嗎？或者，你真的需要歐洲或其他地區的情況有所改善才能提高你的使用率嗎？

Yeah. I mean, look, Josh, we've always run our US assets at pretty high rates. That really hasn't changed dramatically. And I'm not saying we don't have room there.

是的。我的意思是，你看，喬希，我們一直以相當高的利率運作我們的美國資產。這種情況其實並沒有顯著變化。我並不是說我們那裡沒有地方。

We probably have a little bit of room, but you definitely see the uplift. And when you see Western Hemisphere improvement, the netback is significantly higher than moving that product around to different regions where it's better than running other assets, but certainly, US demand flows directly to the bottom line in that case.

我們可能還有一點空間，但你肯定能看到提升。當西半球的業績有所改善時，其淨收益明顯高於將產品轉移到其他地區（在這些地區運營其他資產效果更好）的收益，但可以肯定的是，在這種情況下，美國的需求會直接轉化為利潤。

So we do think the assets are extremely well positioned. We've done debottlenecks of the US asset base over the last five years. And so we have the ability to move those up. And when I said full rates, I was really particularly on acetic acid in the US, really referring to we kind of operate that at kind of the capacity that we've historically had, not necessarily operating both acetic acid plants at full rate.

所以我們認為這些資產的配置非常有利。過去五年，我們對美國資產基礎進行了瓶頸疏通。因此，我們有能力將這些項目提前。我說「滿載運轉」的時候，我主要指的是美國的醋酸，實際上是指我們按照歷史上一直保持的產能水平來運營，而不是指兩家醋酸廠都滿載運轉。

So we kind of look at those as still operating kind of at the levels they historically did on a combined basis with the ability to ramp up going forward.

因此，我們認為這些業務目前仍以過去合計的水平運營，並且有能力在未來逐步擴大規模。

Okay. No, that makes sense. And just a quick follow-up on the cost savings side. Just I mean --

好的。沒錯，這很有道理。最後再補充一點關於成本節約方面的內容。我的意思是--

Apologies. It looks like we lost Josh.

抱歉。看來我們失去喬許了。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，加拿大皇家銀行資本市場。

So if I just go back to that $1 to $2 of uplift, maybe can you just frame that out? I think in the past, you had said maybe $0.35 from some of your cost actions. Is that accurate? And then maybe what would be kind of a restocking amount? Is that also included in there?

所以，如果我只考慮那 1 到 2 美元的提升，也許你能把它框起來嗎？我記得你以前說過，你的某些成本控制措施可能會產生 0.35 美元的支出。準確嗎？那麼，補貨量大概是多少呢？那也包含在內嗎？

Or maybe -- could you maybe frame it as what the destocking amount was for '25?

或者—您能否將其表述為 2025 年的去庫存金額？

Yeah. Arun, as I said earlier on the call, we look at that $1 to $2 really as a rule of thumb if we're not seeing the market really change at all off of where we've been over the last several quarters. So there's no kind of restock element in there. And what I said earlier is make the assumption about half of that is coming from cost actions and then the balance coming from the EM pipeline and then some other things, as Chuck mentioned, maybe interest expense.

是的。阿倫，正如我之前在電話會議上所說，如果市場沒有發生任何實質性的變化，我們通常會把 1 美元到 2 美元作為參考區間，因為我們過去幾個季度以來一直處於這樣的水平。所以這裡面沒有任何補貨的環節。我之前說過，假設其中大約一半來自成本控制措施，其餘部分來自新興市場管道，然後還有一些其他因素，正如 Chuck 所提到的，可能是利息支出。

And then could you just also provide an update on maybe some of your recent actions to maybe change the commercial strategy or extend your legacy commercial strategy within EM, maybe on the project pipeline or anything else that we would find relevant to track your progress there?

那麼，您能否也提供一些關於您最近採取的行動的最新信息，例如改變或擴展EM內部的傳統商業戰略，或者項目進展情況，或者其他任何我們認為與跟踪您在這方面的進展相關的信息？

The EM team has been modernizing its strategic orientation. That's the best way I can put it. We're evolving. And just where our world is, where we have the ability to really win is in the differentiated spaces where we can leverage our widespread unique portfolio.

EM團隊一直在對其策略方向進行現代化改造。我只能這樣說了。我們正在不斷發展。而我們真正能夠取勝的地方，是我們能夠利用我們廣泛而獨特的資產組合的差異化領域。

We have more engineered thermoplastics, more thermoplastics elastomers in our portfolio than anyone else has in the world, bringing that full portfolio to customers to meet unique challenges that they have around solution sets. And it is about partnering and really getting focus around where we spend our time and then leveraging innovation that we've had.

我們擁有比世界上任何其他公司更多的工程熱塑性塑膠和熱塑性彈性體產品組合，並將完整的產品組合帶給客戶，以應對他們在解決方案方面遇到的獨特挑戰。關鍵在於合作，真正聚焦在我們把時間花在哪裡，然後利用我們已經擁有的創新成果。

We've launched publicly our grade selection tool for customers called Chemille, where it's an AI-driven tool, which is allowing grade selection around our materials for the customers as well as our commercial organization to very quickly meet the needs and streamline that commercialization cycle. And so it's investments we've made in areas like that, that are really bringing the EM team to the leading edge as it comes to creating new opportunities and partnering with our customers.

我們已正式推出面向客戶的牌號選擇工具 Chemille，這是一款人工智慧驅動的工具，它可以幫助客戶和我們的商業機構快速選擇我們材料中的牌號，從而滿足需求並簡化商業化流程。因此，我們在這些領域的投資，真正使 EM 團隊在創造新機會和與客戶合作方面處於領先地位。

Darryl, we'll make the next question our last one, please.

達裡爾，請把下一個問題當作最後一個問題。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

Will the European acetate tow closure have any ripple effects across the rest of the acetyls network, either upstream or even downstream, maybe some of your JVs?

歐洲醋酸鹽拖網關閉是否會對乙醯基網路的其他部分產生任何連鎖反應，無論是上游還是下游，甚至可能對你們的一些合資企業產生影響？

No. I would not look at it that way, John.

不。約翰，我不會那樣看待這件事。

Thank you. We'd like to thank everyone for listening in today. As always, we're available after the call for any follow-up questions. Darryl, please go ahead and close out the call.

謝謝。感謝大家今天的收聽。像往常一樣，通話結束後我們隨時為您解答任何後續問題。達裡爾，請結束通話吧。

Thank you, ladies and gentlemen. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝各位女士、先生。今天的電話會議到此結束。感謝您的參與。您可以在此時斷開線路。祝您今天餘下的時間愉快。