杜邦 (DD) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the DuPont first-quarter 2025 earnings call. (Operator Instructions)

感謝您的支持，歡迎參加杜邦 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the call over to Ed Barna, Investor Relations. You may begin your conference.

現在我想將電話轉給投資者關係部門的 Ed Barna。您可以開始您的會議了。

Good morning. Thank you for joining us for DuPont's first quarter 2025 financial results conference call. Joining me today are Ed Breen, Executive Chairman; Lori Koch, Chief Executive Officer; Jon Kemp, current Electronics Business President and CEO-Elect of the future independent Electronics company; and Antonella Franzen, Chief Financial Officer.

早安.感謝您參加杜邦 2025 年第一季財務業績電話會議。今天與我一起出席的還有執行主席 Ed Breen；執行長 Lori Koch；喬恩‧坎普 (Jon Kemp)，現任電子產品業務總裁兼未來獨立電子公司候任執行長；以及財務長 Antonella Franzen。

We have prepared slides to supplement our remarks, which are posted on DuPont's website under the Investor Relations tab and through the webcast link. Please read the forward-looking statement disclaimer contained in the slides.

我們準備了幻燈片來補充我們的評論，這些幻燈片發佈在杜邦網站的「投資者關係」標籤下並透過網路廣播連結發布。請閱讀幻燈片中包含的前瞻性聲明免責聲明。

During this call, we will make forward-looking statements regarding our expectations or predictions about the future because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements.

在本次電話會議中，我們將就我們對未來的預期或預測做出前瞻性陳述，因為這些陳述是基於當前的假設和涉及風險和不確定性的因素，我們的實際業績和結果可能與我們的前瞻性陳述有重大差異。

Our Form 10-K as updated by our current and periodic reports, include detailed discussion of principal risks and uncertainties, which may cause such differences. Unless otherwise specified, all historical financial measures presented today are on a continuing operations basis and exclude significant items.

我們的當前和定期報告更新了 10-K 表格，其中包含可能導致此類差異的主要風險和不確定性的詳細討論。除非另有說明，否則今天呈現的所有歷史財務指標均以持續經營為基礎，且不包括重大項目。

We will also refer to other non-GAAP measures. A reconciliation to the most directly comparable GAAP financial measure is included in our press release and presentation materials and have been posted to DuPont's Investor Relations website.

我們也將參考其他非公認會計準則指標。我們的新聞稿和簡報資料中包含了與最直接可比較的 GAAP 財務指標的對賬，並已發佈到杜邦的投資者關係網站。

I'll now turn the call over to Lori, who will begin on slide 3.

我現在將電話轉給 Lori，她將從第 3 張投影片開始發言。

Good morning, and thanks, everyone, for joining our call. Earlier today, we reported solid first quarter results ahead of our previously communicated guidance. First quarter sales grew 6% on an organic basis on strong volume growth. Operating EBITDA of $788 million increased 16% year-over-year, demonstrating strong leverage in the quarter.

早安，感謝大家參加我們的電話會議。今天早些時候，我們報告了第一季的穩健業績，超出了我們之前公佈的預期。由於銷量強勁成長，第一季銷售額有機成長 6%。營業 EBITDA 為 7.88 億美元，年增 16%，顯示本季槓桿率強勁。

Operating EBITDA margin of 25.7% increased 240 basis points from prior year, and adjusted EPS of $1.03 was up 30%. From an end market view, we saw continued broad-based demand in electronics driven by strength in semi-advanced nodes and AI applications and strong volume growth in our Healthcare and Water businesses. We continue to see strong order patterns through April, consistent with our expectations.

營業 EBITDA 利潤率為 25.7%，較前一年增加 240 個基點，調整後每股收益為 1.03 美元，成長 30%。從終端市場來看，我們看到電子產品的需求持續廣泛，這得益於半先進節點和人工智慧應用的強勁成長以及醫療保健和水業務的強勁成長。整個四月份，我們的訂單模式持續強勁，這與我們的預期一致。

Regarding our strategic priorities, I am pleased with the continued progress that our teams are making on the intended spin-off of our Electronics business, which was announced this week as Qnity. In addition to the naming, we recently achieved several key milestones which enables us to remain on track for our November 1 separation date.

關於我們的策略重點，我很高興看到我們的團隊在電子業務分拆計劃中不斷取得進展，本週我們宣布分拆電子業務為 Qnity。除了命名之外，我們最近還實現了幾個重要的里程碑，這使我們能夠按計劃在 11 月 1 日實現分離。

First, we completed key executive leadership appointments. Jon Kemp, current DuPont Electronics Business President, was named as CEO-Elect. Jon is well positioned to lead the future independent company given his proven leadership and extensive experience in the semi space and broader electronics industry. We are pleased to have Jon on the call with us this morning.

首先，我們完成了關鍵高階主管領導的任命。杜邦電子業務現任總裁喬恩坎普 (Jon Kemp) 被任命為候任執行長。憑藉其在半導體和更廣泛的電子行業中公認的領導能力和豐富的經驗，喬恩完全有能力領導這家未來的獨立公司。我們很高興喬恩今天早上與我們通話。

Matt Harbaugh was named as CFO-Elect. Matt has an impressive track record as a public company CFO, along with deep experience in spin-off transactions and will serve as a valuable business partner to Jon.

馬特哈博 (Matt Harbaugh) 被任命為候任財務長。馬特 (Matt) 作為上市公司財務長有著令人印象深刻的業績記錄，同時在分拆交易方面也有豐富的經驗，他將成為喬恩 (Jon) 的寶貴商業夥伴。

Next, we've made significant progress on the composition of the Qnity Board. Three existing DuPont directors as well as four external members will join Jon on the new Board. This is a group of highly accomplished leaders with a global business experience, diverse industry expertise and varying key competencies.

其次，我們在Qnity董事會的組成上取得了重大進展。杜邦公司的三位現任董事以及四位外部成員將加入喬恩的新董事會。這是一群非常有成就的領導者，他們擁有全球商業經驗、多元化的行業專業知識和不同的關鍵能力。

Finally, last week, we submitted the initial filing of the Form 10 registration statement with the SEC. This document contains detailed business and financial information related to the future standalone company as well as information related to the separation.

最後，上週，我們向美國證券交易委員會提交了 10 號表格註冊聲明的初始文件。該文件包含與未來獨立公司相關的詳細業務和財務資訊以及與分離相關的資訊。

Turning to slide 4, which details how we are addressing tariff uncertainty. We are a global organization with presence in all key regions, including a significant manufacturing footprint in the US and Asia. Our scale provides ample flexibility to adjust production and product flow, enabling us to mitigate trade risks.

翻到投影片 4，其中詳細介紹了我們如何解決關稅不確定性。我們是一家全球性組織，業務遍及所有關鍵地區，包括在美國和亞洲的重要製造基地。我們的規模提供了充足的靈活性來調整生產和產品流程，使我們能夠降低貿易風險。

Additionally, from a sourcing perspective, the vast majority of our raw material is purchased in the region it is consumed and is not subject to the new tariffs. Our teams have been carefully analyzing ongoing global supply chain dynamics, engaging with our customer and supplier base and actively working on a number of tariff mitigation actions, including production shifts, sourcing alternatives, surcharges and product exemption.

此外，從採購角度來看，我們的絕大多數原料都是在消費地區購買的，並且不受新關稅的影響。我們的團隊一直在仔細分析目前的全球供應鏈動態，與我們的客戶和供應商群體接觸，並積極進行一系列關稅減免行動，包括生產轉變、採購替代品、附加費和產品豁免。

Based on tariffs in place today, our estimated cost exposure in 2025 before mitigation action is about $500 million on an annualized basis. We have identified actions to substantially offset this potential headwind with the net cost impact in 2025 currently estimated at about $60 million, which primarily would impact the second half.

根據目前實施的關稅，我們估計在採取緩解措施之前，2025 年的成本敞口按年計算約為 5 億美元。我們已確定採取行動來大幅抵消這一潛在不利因素，目前估計 2025 年的淨成本影響約為 6,000 萬美元，這主要會影響下半年。

We continue to evaluate additional measures in order to further minimize the potential impact. Overall, we have a solid game plan to continue to consistently deliver results, and we are executing well in advancing our strategic priorities.

我們將繼續評估其他措施，以進一步減少潛在影響。總體而言，我們有一個完善的計劃來持續不斷地取得成果，並且在推進我們的策略重點方面執行得很好。

With that, I'll now turn the call over to Jon, who will begin on slide 5.

現在，我將把電話交給喬恩，他從第 5 張幻燈片開始發言。

Thanks, Lori, and good morning, everyone. I am honored to be here today as CEO-Elect of the future independent electronics company, which we've named Qnity. The name is inspired by Q, the symbol for electrical charge and unity, reflecting the collaborative way we work with our customers.

謝謝，洛瑞，大家早安。我很榮幸今天能夠以未來獨立電子公司 Qnity 的候任執行長的身份來到這裡。這個名稱的靈感來自 Q，即電荷和統一的象徵，反映了我們與客戶的協作方式。

Qnity will be one of the largest pure-play electronics materials and solutions providers in the industry with $4.3 billion in net sales in 2024. We have a broad portfolio and customer relationships founded on a heritage that spans more than 50 years.

Qnity 將成為業內最大的純電子材料和解決方案提供商之一，到 2024 年淨銷售額將達到 43 億美元。我們擁有廣泛的產品組合和客戶關係，其歷史已超過 50 年。

As the partner of choice for our customers, we have a seat at the design table working to advance their technology roadmaps, enabling the next generation of advanced computing and connectivity applications. As a global technology leader, we offer a diverse portfolio serving the entire electronics value chain from chip fabrication and advanced packaging to advanced interconnects assembly and displays.

作為客戶的首選合作夥伴，我們在設計領域佔有一席之地，致力於推進他們的技術路線圖，實現下一代先進的運算和連接應用。作為全球技術領導者，我們提供多樣化的產品組合，服務從晶片製造和先進封裝到先進互連組裝和顯示器的整個電子價值鏈。

We bring material science expertise and end-to-end engineering solutions across the full breadth of our portfolio to deliver world-class innovation to our customers. Qnity is well positioned to benefit from robust growth in semiconductor markets while leveraging a strong financial profile.

我們在整個產品組合中提供材料科學專業知識和端到端工程解決方案，為我們的客戶提供世界級的創新。Qnity 擁有良好的條件，能夠從半導體市場的強勁成長中獲益，同時也能利用強大的財務狀況。

With about 60% of net sales in semiconductors, the company will compete with a set of recognized global semi participants, and we expect to attract an investor base commensurate with this profile. We have long-term relationships with all key semiconductor and other electronics OEMs in the industry and a strong history of co-development and application engineering to ensure customer success.

該公司約 60% 的淨銷售額來自半導體，將與一群公認的全球半導體參與者競爭，我們期望吸引與此概況相稱的投資者群體。我們與業界所有主要半導體和其他電子產品 OEM 廠商都建立了長期合作關係，並擁有強大的共同開發和應用工程歷史，以確保客戶的成功。

In addition, the business is well equipped to continue to participate in the AI-driven growth acceleration via our advanced node semi products and advanced packaging applications for use in data centers and personal devices.

此外，該業務已做好充分準備，透過我們用於資料中心和個人設備的先進節點半產品和先進封裝應用，繼續參與人工智慧驅動的成長加速。

We further enable key AI applications with high-density interconnect products and layered thermal management solutions. We believe these leading positions will continue to drive industry outperformance for the future Electronics company. As Lori previously mentioned, we continue to make very good progress on the separation, and I look forward to working more closely with our future Board.

我們進一步透過高密度互連產品和分層熱管理解決方案支援關鍵的人工智慧應用。我們相信，這些領先地位將繼續推動未來電子公司在產業中取得優異表現。正如 Lori 之前提到的，我們在分離方面繼續取得非常好的進展，我期待與我們未來的董事會更緊密地合作。

I will now turn the call over to Antonella to cover the financials and outlook.

現在我將把電話轉給安東內拉，讓她介紹一下財務和前景。

Thanks, Jon, and good morning, everyone. I am pleased with the solid start to the year as increased volumes across many key end markets and continued operational focus by our team drove strong financial performance in the first quarter.

謝謝，喬恩，大家早安。我對今年的良好開局感到滿意，因為許多主要終端市場的銷售增加以及我們團隊持續的營運重點推動了第一季強勁的財務業績。

I would also like to remind you that we realigned our segment reporting structure during the quarter given the upcoming separation. The segments results now reported as ElectronicsCo and IndustrialsCo.

我還想提醒您，考慮到即將到來的分離，我們在本季度重新調整了分部報告結構。該部門的業績現報告為電子公司和工業公司。

Beginning with first quarter financial highlights on slide 6. Net sales of $3.1 billion increased 5% versus the year ago period, a 6% organic sales growth was slightly offset by a currency headwind of 1%. Organic sales growth consisted of an 8% increase in volume, partially offset by a 2% decrease in price.

從幻燈片 6 上的第一季財務亮點開始。淨銷售額為 31 億美元，較去年同期成長 5%，其中 6% 的有機銷售額成長被 1% 的貨幣逆風稍微抵銷。有機銷售成長包括銷售 8% 的成長，但部分被價格 2% 的下降所抵銷。

From a segment view, both segments saw organic sales growth with ElectronicsCo and IndustrialsCo, up 14% and 2%, respectively. Volume gains during the quarter were led by double-digit growth in our businesses serving electronics, healthcare and water end markets.

從分部來看，兩個分部的有機銷售額均有所成長，其中電子公司和工業公司分別成長了 14% 和 2%。本季銷售量的成長得益於我們服務於電子、醫療保健和水終端市場的業務的兩位數成長。

From a regional perspective, Asia Pacific delivered 13% organic sales growth year-over-year, including another strong quarter of growth in China, where organic sales were up about 20% driven by Electronics and Water. Organic sales were up 4% in Europe and flat in North America given the soft construction and auto markets.

從地區來看，亞太地區的有機銷售額年增 13%，其中中國地區本季再次實現強勁增長，在電子和水務業務的推動下，中國地區的有機銷售額增長了約 20%。由於建築業和汽車市場疲軟，歐洲有機銷售額成長 4%，北美有機銷售持平。

First quarter operating EBITDA of $788 million increased 16% versus the year ago period as volume gains and savings from prior year restructuring actions were partially offset by growth investments. Operating EBITDA margin during the quarter of 25.7% increased 240 basis points year-over-year.

第一季營運 EBITDA 為 7.88 億美元，較去年同期成長 16%，因為銷售成長和去年重組行動帶來的節省被成長投資部分抵銷。本季營業 EBITDA 利潤率為 25.7%，年增 240 個基點。

On a continuing operations basis, operating cash flow for the quarter of $382 million, CapEx of $249 million and $79 million of separation-related transaction cost payments resulted in transaction adjusted free cash flow of $212 million and related conversion of 49%.

在持續經營基礎上，本季經營現金流為 3.82 億美元，資本支出為 2.49 億美元，以及 7,900 萬美元的分離相關交易成本支付，導致交易調整後的自由現金流為 2.12 億美元，相關轉換率為 49%。

As a reminder, first quarter cash flow is inclusive of our annual variable compensation payout. We expect cash flow conversion to accelerate as we move through the year with full year conversion of greater than 90%.

提醒一下，第一季的現金流量包括我們的年度浮動薪資支出。我們預計，隨著時間的推移，現金流轉換將會加速，全年轉換率將超過 90%。

Turning to slide 7. Adjusted EPS for the quarter of $1.03 per share increased 30% from $0.79 in the year ago period. Higher segment earnings of $0.19 as well as below-the-line benefits totaling $0.05 drove the year-over-year increase.

翻到幻燈片 7。本季調整後每股收益為 1.03 美元，較去年同期的 0.79 美元成長 30%。較高的 0.19 美元分部收益以及總計 0.05 美元的低於標準線的福利推動了同比增長。

Turning to segment results, beginning with ElectronicsCo on slide 8. ElectronicsCo first quarter net sales of $1.1 billion increased 14% versus the year ago period on both a reported and organic basis due to a 16% increase in volume, partially offset by a 2% decrease in price. Currency was flat during the quarter.

轉向細分結果，從第 8 張投影片上的 ElectronicsCo 開始。ElectronicsCo 第一季淨銷售額為 11 億美元，較去年同期報告和有機增長 14%，原因是銷量增長 16%，但價格下降 2% 部分抵消了這一增長。本季貨幣持平。

At the line of business level, organic sales for Semiconductor Technologies were up low double digits on strong end market demand, driven by advanced nodes and AI technology applications. Semi demand in China continued to be strong with better-than-expected growth driven by timing shifts from second quarter into first quarter.

在業務層面，受先進節點和人工智慧技術應用的推動，半導體技術的有機銷售額因強勁的終端市場需求而實現了低兩位數成長。受時間從第二季轉移到第一季的推動，中國半導體需求持續保持強勁，成長優於預期。

Interconnect Solutions also posted another strong quarter with organic sales up high-teens, reflecting broad-based demand, volume gains from AI-driven technology ramps and continued benefits from content and share gains across layered, laminates and metallization.

Interconnect Solutions 也公佈了另一個強勁的季度業績，有機銷售額增長了 15% 以上，這反映了廣泛的需求、人工智慧驅動技術帶來的銷量增長以及分層、層壓板和金屬化領域內容和份額增長的持續收益。

Operating EBITDA for ElectronicsCo of $373 million was up 26% versus the year ago period as volume benefits were partially offset by continued growth investments to support advanced node transition and AI technology ramps. Operating EBITDA margin during the quarter was 33.4%, up 340 basis points versus the year ago period.

ElectronicsCo 的營業 EBITDA 為 3.73 億美元，較去年同期成長 26%，因為銷售收益被支援先進節點轉型和 AI 技術提升的持續成長投資部分抵銷。本季營業 EBITDA 利潤率為 33.4%，較去年同期上升 340 個基點。

Turning to slide 9. IndustrialsCo first quarter net sales of $1.95 billion were flat versus the year ago period as a 2% organic sales growth was offset by a 1% currency headwind and a 1% unfavorable portfolio impact. Organic sales growth of 2% reflects a 3% increase in volume, partially offset by a 1% decrease in price.

翻到第 9 張投影片。工業公司第一季淨銷售額為 19.5 億美元，與去年同期持平，因為 2% 的有機銷售額成長被 1% 的貨幣逆風和 1% 的不利投資組合影響所抵消。有機銷售額成長 2% 反映了銷量成長 3%，但部分被價格下降 1% 所抵銷。

In connection with the first quarter segment realignment, we have organized IndustrialsCo into two lines of business, Healthcare & Water Technology and Diversified Industrials.

結合第一季的部門調整，我們將工業公司劃分為兩條業務線：醫療保健與水技術以及多元化工業。

Healthcare & Water Technologies consist of our high-growth businesses of healthcare and water. Our healthcare portfolio includes Tyvek medical packaging and garment offerings, Spectrum and Donatelle advanced medical device applications and Liveo biopharma processing and solutions.

醫療保健和水技術包括我們高成長的醫療保健和水業務。我們的醫療保健產品組合包括 Tyvek 醫療包裝和服裝產品、Spectrum 和 Donatelle 先進醫療設備應用以及 Liveo 生物製藥加工和解決方案。

Our water business is a leading technology provider with a comprehensive portfolio of filtration technologies, including reverse osmosis, ion exchange and ultrafiltration. Water also has strong exposure to secular growth drivers and serves key end markets such as industrial water and energy, municipal and desalination and life sciences.

我們的水務業務是領先的技術供應商，擁有全面的過濾技術組合，包括逆滲透、離子交換和超濾。水務也受到長期成長動力的強烈影響，並服務工業用水和能源、市政和海水淡化以及生命科學等主要終端市場。

Diversified Industrials is a leading provider of innovative products and solutions, supported by well-known brand names serving industrial-based end markets including construction, advanced mobility and personal protection.

Diversified Industrials 是創新產品和解決方案的領先供應商，由知名品牌提供支持，服務於建築、先進移動性和個人防護等工業終端市場。

For the first quarter, Healthcare & Water Technology sales were up low-teens on an organic basis versus the year ago period, reflecting volume gains in all business lines within Healthcare and strength in Water led by reverse osmosis. Diversified Industrials sales were down mid single-digits on an organic basis due primarily to softness in construction and auto end markets.

第一季度，醫療保健和水技術業務的銷售額與去年同期相比有機增長了十幾個百分點，反映了醫療保健領域所有業務線的銷售增長以及以反滲透為主導的水技術業務的強勁增長。多元化工業銷售額有機下降了中等個位數，主要原因是建築和汽車終端市場疲軟。

Operating EBITDA for IndustrialsCo during the quarter of $464 million was up 6% versus the year ago period due to volume gains and savings from prior year restructuring actions. Operating EBITDA margin during the quarter was 23.8%, up 130 basis points from the year ago period.

本季度工業公司的營業息稅折舊攤銷前利潤 (EBITDA) 為 4.64 億美元，較去年同期增長 6%，這得益於銷量的增長以及上一年重組行動帶來的成本節省。本季營業 EBITDA 利潤率為 23.8%，較去年同期上升 130 個基點。

Turning to slide 10, which outlines our latest view on 2025 financial guidance. For the second quarter, we estimate net sales of about $3.2 billion, operating EBITDA of about $815 million and adjusted EPS of $1.05 per share. These estimates include a seasonal sequential sales lift, although muted from prior expectations given timing shifts from the second quarter into the first quarter in semi.

翻到第 10 張投影片，其中概述了我們對 2025 年財務指導的最新看法。對於第二季度，我們預計淨銷售額約為 32 億美元，營業 EBITDA 約為 8.15 億美元，調整後每股收益為 1.05 美元。這些估計包括季節性的連續銷售成長，但由於時間從第二季度轉移到第一季度，因此與先前的預期相比有所下降。

For the full year 2025, we are maintaining our guidance at our prior outlook with estimates for net sales of $12.8 billion to $12.9 billion, operating EBITDA of $3.325 billion to $3.375 billion and adjusted EPS of $4.30 to $4.40 per share.

對於 2025 年全年，我們維持先前的預測，預計淨銷售額為 128 億美元至 129 億美元，營業 EBITDA 為 33.25 億美元至 33.75 億美元，調整後每股收益為 4.30 美元至 4.40 美元。

In addition, as Lori mentioned earlier for 2025, we currently estimate a net cost impact of tariffs of about $60 million or about $0.10 per share, mainly related to the second half of the year. Our financial guidance does not include this estimated net cost impact as we continue to identify further mitigation actions as well as tariff implementation uncertainty.

此外，正如 Lori 之前提到的 2025 年，我們目前估計關稅的淨成本影響約為 6,000 萬美元或每股約 0.10 美元，主要與下半年有關。我們的財務指導不包括此估計的淨成本影響，因為我們將繼續確定進一步的緩解措施以及關稅實施的不確定性。

Overall, I am pleased with the solid start to the year. I want to thank our employees for delivering these results and for their ongoing support to the separation process.

總體而言，我對今年的良好開局感到滿意。我要感謝我們的員工所取得的這些成果以及他們對分離過程的持續支持。

With that, we are pleased to take your questions, and let me turn it back to the operator to open the Q&A.

我們很高興回答您的問題，請讓我將問題交還給接線員以開始問答環節。

(Operator Instructions) Jeffrey Sprague, Vertical Research.

（操作員指示） Jeffrey Sprague，Vertical Research。

Hey. Thank you. Good morning, everyone. Hope everyone's well and busy, I see. Maybe since we have Jon on the call, could I start there? Jon, I just wonder if you could just walk us through the exemption process. How many different exemptions do you need or do you have? And most of what you need relative to the guide, is that in hand at this point?

嘿。謝謝。大家早安。我希望大家都過得好、忙起來。也許因為我們有喬恩在通話中，我可以從那裡開始嗎？喬恩，我只是想知道你是否可以向我們介紹豁免流程。您需要多少種不同的豁免或您有多少種不同的豁免？那麼，與指南相關的大部分所需內容，現在都已掌握了嗎？

Yeah, Jeff, and good morning. Thanks for the question. When you look at it total, when we think about all of the tariff actions that we're pursuing in terms of supply chain adjustments, sourcing strategies, surcharges and pricing adjustments and mitigation, the product exemptions, I would say, is probably the smallest of those four categories.

是的，傑夫，早安。謝謝你的提問。從整體來看，當我們考慮我們在供應鏈調整、採購策略、附加費和價格調整及緩解方面採取的所有關稅行動時，我認為產品豁免可能是這四個類別中最小的。

Really the bulk of the tariff savings and mitigation actions that we've done have really been on the procurement and supply chain optimization side of the house. We continue to have very constructive dialogue with both the US and China authorities on the dynamics, particularly in the semiconductor industry. It's a relatively small percentage of our total mitigation strategy, and we continue to have those dialogues with the teams on the ground.

實際上，我們採取的關稅節約和減稅措施大多集中在採購和供應鏈優化方面。我們繼續與美國和中國當局就產業動態，特別是半導體產業的動態進行非常有建設性的對話。這在我們的整體緩解策略中只佔相對較小的比例，我們會繼續與實地團隊進行對話。

Thanks for that. And then, so on the supply chain optimization side then, does that imply that you're sourcing from Europe now or trying to source from Europe now or somewhere else into China to get around the need for exemptions? Maybe just a little bit more color on what you're actually doing on the supply chain side and sourcing.

謝謝。那麼，從供應鏈優化來看，這是否意味著您現在正在從歐洲採購，或試圖從歐洲或中國其他地方採購，以避免豁免的需要？也許只是稍微詳細地介紹一下您在供應鏈方面和採購方面實際做的事情。

Yeah. So when we think about our supply routes into China, actually very little of what we produce in China actually comes from the US. It's a very small percentage of the total. Most of what we buy for our products in China are actually sourced from non-US, the vast majority of them. And so, we're positioned well already given the extensive footprint across the industry and where we have supplier relationships.

是的。因此，當我們考慮進入中國的供應路線時，實際上我們在中國生產的產品中只有很少一部分來自美國。這佔總數的很小一部分。我們在中國購買的大部分產品實際上都來自美國以外的地方。因此，鑑於我們在整個行業中的廣泛影響力以及與供應商的關係，我們已經佔據了有利地位。

And in the handful of places where we do have US sourced materials, generally, we have alternative suppliers that we've been working with our customers to shift to those alternative suppliers that wouldn't have any difficulty with the tariffs.

在少數我們確實擁有美國採購材料的地方，一般來說，我們都有替代供應商，我們一直在與客戶合作，將產品轉向那些不會受到關稅影響的替代供應商。

In some cases, those materials are already qualified. In some other cases, there's a little bit of a timing lag to make sure that we can qualify those new materials. But in general, we're really well positioned within the electronics space from a sourcing standpoint based on where we're already buying our materials.

在某些情況下，這些材料已經合格。在其他一些情況下，會有一點時間滯後，以確保我們能夠認證這些新材料。但總的來說，從採購角度來看，基於我們已經購買材料的地方，我們在電子領域處於非常有利的地位。

Yeah. Jeff, the total company number for sales that we export from the US into China is only about $200 million. So the bulk of the growth impact that we sized at $500 million on an annual basis is us moving intermediate product into China for final completion and shipping to the customer.

是的。傑夫，我們從美國出口到中國的銷售總額只有約 2 億美元。因此，我們估計每年 5 億美元的成長影響主要來自於我們將中間產品運往中國進行最終完成並運送給客戶。

And so, that's why we're able to flex our own supply chain internally to be able to mitigate a lot of that impact. It's not actually shipping finished product into China.

因此，這就是為什麼我們能夠在內部靈活調整自己的供應鏈，以減輕許多影響。這實際上並不是將成品運往中國。

Right. So that those intermediates can come from other places as part of the sourcing changes and optimization then to some degree.

正確的。這樣，這些中間體就可以從其他地方來，作為採購變化和最佳化的一部分，在某種程度上。

Correct.

正確的。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Hey. Good morning, everyone. Congrats on all this stuff. As Jeff said, you guys have been busy. I wanted just to see if you could give us the tariff numbers broken down into the two businesses, just starting to think about DuPont as completely separate (technical difficulty) you've got a few months left. Do you have that data available to Qnity and for DuPont.

嘿。大家早安。恭喜你取得所有這些成就。正如傑夫所說，你們一直很忙。我只是想看看您是否可以提供按兩家公司分列的關稅數字，剛開始考慮將杜邦視為完全獨立的公司（技術難度），您還有幾個月的時間。您是否擁有可供 Qnity 和杜邦使用的資料？

Hey, Scott. It's Antonella. So just a couple of comments related to that. So when you look at our net exposure for 2025, it's actually split pretty evenly between ElectronicsCo and IndustrialsCo. So about $30 million in each is the way to think about it. When you think about our exposure relative to a percent of our COGS, it's actually around 6% for both ElectronicsCo and IndustrialsCo. So I guess on a gross basis, again, so pretty evenly split.

嘿，斯科特。她是安東內拉。僅就此提出幾點評論。因此，當您查看我們 2025 年的淨風險敞口時，它實際上是在 ElectronicsCo 和 IndustrialsCo 之間均勻分佈的。因此，我們可以這樣考慮：每家公司的投資額約為 3,000 萬美元。當您考慮我們的風險敞口相對於我們的 COGS 百分比時，實際上對於 ElectronicsCo 和 IndustrialsCo 而言，該比例都在 6% 左右。因此，我想從總體上看，兩者的分配還是相當均勻的。

The one other thing that I would just mention and bring up related to the impact is we talked about the in-year impact being about $60 million. The one thing I do want to make clear, and as Lori mentioned, that's predominantly in the second half of the year, if you start to look into 2026 and assume nothing changes from where we are today, which is a big assumption, I just want to make sure that you don't walk away thinking the $60 million becomes $120 million next year and that we have an incremental $60 million headwind.

我剛才要提及的與影響有關的另一件事是，我們談到的年度影響約為 6000 萬美元。我確實想澄清的一件事，正如 Lori 提到的，這主要是在今年下半年，如果你開始展望 2026 年並假設與今天相比沒有任何變化，這是一個很大的假設，我只是想確保你不會認為 6000 萬美元明年會變成 1.2 億美元，而且我們面臨 6000 萬美元的增量逆風。

And as Jon briefly talked about, we do have additional incremental mitigating actions that we're looking at. Some of it relates to qualifying certain products in different areas. So we have incremental mitigating actions that will come into play towards the end of the year that will help mitigate any further impact that we would have in 2026, assuming there's no changes from where we are right now.

正如喬恩簡要談到的那樣，我們確實正在考慮採取額外的漸進式緩解措施。其中一些涉及在不同領域對某些產品進行鑑定。因此，我們將採取漸進式緩解措施，這些措施將在年底前開始發揮作用，幫助減輕我們在 2026 年可能產生的任何進一步影響（假設我們現在的狀況沒有變化）。

That's helpful, Antonella. And just to follow-up on Jeff's question, that $200 million of intermediate product that's being shipped to China, would there be a long-term plan to try to locate that in China? Is there IP protection? Is that one of the reasons why you're shipping it from here to there? Just trying to get a sense of just the challenge of moving that asset base or whether this is a bit of a permanent structural issue.

這很有幫助，安東內拉。為了回答傑夫的問題，價值 2 億美元的中間產品正在運往中國，是否有一個長期計劃來嘗試將其定位在中國？有IP保護嗎？這是您將其從這裡運送到那裡的原因之一嗎？只是想了解轉移資產基礎的挑戰，或者這是否是一個永久性的結構性問題。

Yeah. So the $200 million was the finished product export sales from the US to China. So when I talked about the intermediates, that's the bulk of the gross exposure of the $500 million that we sized. So I know a lot of numbers flying around.

是的。所以這2億美元是美國對中國的成品出口銷售額。因此，當我談到中間體時，這就是我們估算的 5 億美元總風險敞口的大部分。所以我知道很多到處流傳的數字。

So yeah, we believe, as Antonella had mentioned, that we've got continuing actions that we can take either on our own supply chain or favorable outcomes on the exemptions or ultimately pricing actions in excess of the surcharges that we're putting in place. So we're not done yet. And ideally, we get to the place where it's really not a net impact for us.

是的，正如安東內拉所提到的那樣，我們相信，我們可以繼續採取行動，無論是在我們自己的供應鏈上，還是在豁免方面取得有利結果，或者最終採取超出我們正在徵收的附加費的定價行動。所以我們還沒完成。理想情況下，我們會到達一個對我們來說實際上不會產生淨影響的地方。

Okay. But it's not moving your own fixed assets? I guess that was the question.

好的。但這不是轉移自己的固定資產嗎？我想這就是問題所在。

No.

不。

Stephen Tusa, JPMorgan.

摩根大通的史蒂芬·圖薩。

Hey. Good morning. I'm just curious, how much of the sales in China do you think -- are you like speced on with like long-term contracts with your OEMs there or whoever is buying and integrating your products and the finished products? What percentage of those sales can they substitute?

嘿。早安.我只是好奇，您認為在中國的銷售額有多少——您是否與那裡的 OEM 或購買和整合您的產品和成品的任何人簽訂了長期合約？它們能取代多少比例的銷售額？

So, Steve, this is Jon. Good question. So when you think about from an electronics point of view, we've got roughly -- last year, for example, we had about $1.4 billion of sales into China. I would say almost half of that went to multinational company sales and almost 100% of those multinational company sales are materials that are speced in.

那麼，史蒂夫，這是喬恩。好問題。因此，從電子產品的角度考慮，我們大致知道——例如，去年我們在中國的銷售額約為 14 億美元。我想說其中幾乎一半都銷往了跨國公司，而且這些跨國公司的銷售額幾乎 100% 都是指定的材料。

There is an additional probably 25% to 30% that go to the semi customers, where we have, what we would call process of record identified, which means that we're speced into their particular technologies. So switching us out immediately for a competitor is not an easy task.

另外大概還有 25% 到 30% 流向了半成品客戶，我們對此進行了所謂的“已確定記錄流程”，這意味著我們已根據他們的特定技術進行了規範。因此，立即將我們替換為競爭對手並不是一件容易的事。

It takes time and there's a lot of costs involved in making that switch. So in general, you put those two numbers together and we get to a point where north of 70% of our sales into China are really speced in materials.

進行這種轉變需要時間，而且成本很高。因此，一般來說，將這兩個數字放在一起，我們會發現，我們在中國銷售的產品中 70% 以上都是材料指定的。

Okay. Great. And then you don't really have anything that's like coming cross-border into the US, right? That's not really the issue here. It's more what you're shipping to China.

好的。偉大的。那麼你實際上並沒有什麼像跨境進入美國的東西，對嗎？這並不是這裡真正的問題。這更多的是關於你運送到中國的貨物。

That's correct.

沒錯。

John McNulty, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John McNulty。

Yeah. Good morning. Thanks for taking my question. Maybe a little bit of a shift away from the tariff question. We've been seeing some of the water markets starting to accelerate a bit, but you guys seem like you're definitely at the high end of some of the results that we're seeing.

是的。早安.感謝您回答我的問題。也許稍微轉移一下對關稅問題的關注。我們已經看到一些水市場開始加速發展，但你們似乎絕對處於我們所看到的一些結果的高端。

I guess can you help to unpack that a little bit as to what that demand really is stemming from, if there's any specific end markets or industries that are maybe driving that? That would be helpful. Thank you.

我想您能否幫助我們稍微解釋一下這種需求究竟源自於什麼，是否有任何特定的終端市場或產業可能推動這種需求？那將會很有幫助。謝謝。

Yeah. So we did have really nice results in water in the quarter, and we expect water to be up kind of mid to high single-digits for the year. So a piece of it is the favorable comp from last year. So last year, Q1 was our low point for the water business as we saw the tail end of the destocking specifically within China taking place.

是的。因此，我們本季在水務方面確實取得了非常好的業績，我們預計全年水務價格將上漲中高個位數。因此，其中一部分原因是與去年相比有較好的競爭力。因此，去年第一季是我們水務業務的低谷，因為我們看到去庫存化的尾聲，尤其是在中國境內。

But more broadly, the demand is very strong across the main technologies, whether it's RO with all of the desalination requirements as we address the water scarcity issue, ion exchange where we get more diversification from an end market and application perspective. So there's a lot of opportunity whether it's in microelectronics for purification of water or within food and beverage for purification of water.

但更廣泛地說，對主要技術的需求非常強勁，無論是滿足所有海水淡化要求的逆滲透（RO），還是從終端市場和應用角度實現更多樣化的離子交換。因此，無論是在微電子領域淨化水，或是在食品和飲料領域淨化水，都存在著很大的機會。

And then there's some key nascent technologies that we're following that aren't in our numbers today but present nice upside for us as we go forward, especially around PFAS cleanup and the DLE. So the direct lithium extraction opportunity for us. So we're really excited to have the water opportunity in the portfolio.

我們正在關注的一些關鍵新興技術目前還不在我們的資料範圍內，但將為我們未來的發展帶來良好的優勢，特別是在 PFAS 清理和 DLE 方面。因此，這對我們來說是一個直接提取鋰的機會。因此，我們非常高興我們的投資組合中能有水資源投資機會。

Got it. Okay. That's helpful color. And then just another question on the ElectronicsCo side. I know, in the past, you've spoken to some of your AI exposure. You specifically called out the Interconnect Solutions side and some of the AI-driven technology ramps. I guess can you help us to understand the size of that business in Interconnect Solutions and some of the applications that you're helping to address there?

知道了。好的。這是很有幫助的顏色。接下來是關於 ElectronicsCo 方面的另一個問題。我知道，過去您曾談過一些有關人工智慧的話題。您特別提到了互連解決方案方面以及一些由人工智慧驅動的技術進步。我想您能否幫助我們了解互連解決方案業務的規模以及您在那裡幫助解決的一些應用？

Yeah. Sure. So I think last time, on the last call, we talked about AI and particularly the data center and high-performance computing exposure. And part of that is comprised of the advanced chips that are coming from advanced nodes, whether that's 3-nanometer, 2-nanometer coming out this year and the high-bandwidth memory, and then the rest of it is in advanced packaging and other interconnect technologies.

是的。當然。所以我認為上次，在最後一次電話會議上，我們討論了人工智慧，特別是資料中心和高效能運算的曝光。其中一部分包括來自先進節點的先進晶片，無論是今年推出的 3 奈米、2 奈米還是高頻寬內存，其餘部分則包括先進封裝和其他互連技術。

So data center for us is about 15% of our portfolio. And I would say in the first quarter, we had another terrific number. It was actually up mid-teens in the quarter really with the growth across all of those categories of the advanced chip, the advanced packaging, the layered thermal materials and EMI shielding materials and then in particular some high-performance laminates.

因此，我們的資料中心約占我們投資組合的 15%。我想說，在第一季度，我們又取得了一個了不起的數字。本季度，隨著先進晶片、先進封裝、分層熱材料和 EMI 屏蔽材料以及特別是一些高性能層壓板等所有類別的增長，其銷售額實際上都實現了十五六倍的增長。

Christopher Parkinson, Wolfe Research.

克里斯托弗·帕金森，沃爾夫研究公司。

Great. Thank you so much. Can you just hit on very quickly what you're seeing across both semi-tech and ICS and how you're thinking about the China market versus just the non-China market in terms of how things are evolving thus far in 2Q and how that could potentially lead to second half trends? Thank you so much.

偉大的。太感謝了。您能否簡單談談您對半科技和 ICS 的看法，以及您對中國市場和非中國市場的看法，以及第二季迄今為止的情況如何發展，以及這可能會如何影響下半年的趨勢？太感謝了。

Yeah. Chris. Sure. So in China, as we've talked about before, the China growth has really been driven by fairly strong domestic demand in China as well as a bunch of new fab start-ups that are taking place. And if you recall, when you start up a new fab, typically, you're running a lot of material because you're starting out with a fairly low yield. And then over time, your yields will gradually come up.

是的。克里斯。當然。因此，在中國，正如我們之前談到的，中國的成長實際上是受到中國相當強勁的國內需求以及大量新晶圓廠的推動。如果你還記得的話，當你啟動一個新的工廠時，通常你會使用大量的材料，因為你的起始產量相當低。隨著時間的推移，你的收益將逐漸上升。

And so, as you start up new fabs, the material consumption is a little bit higher, that benefits us. And then the underlying demand in China has been strong for several quarters now. As we think about the China demand in semi going forward, we think that normalizes to -- so it doesn't have be elevated. It normalizes to a more normal demand level, and we are expecting about flat for the full year.

因此，當你啟動新的工廠時，材料消耗會稍微高一些，這對我們有利。而中國的潛在需求已經連續幾季保持強勁。當我們考慮中國未來對半導體的需求時，我們認為這種需求將趨於正常化 - 因此不必增加。它恢復到更正常的需求水平，我們預計全年將保持穩定。

On the ICS side, those customers are operating kind of most closer to actual demand. So there's not really pull-forward dynamics that are happening in the ICS market. It's more realtime production. And that demand continues to be strong both in China and really in the rest of the world driven from really, I would say, the smartphone PCs bill that is happening in China as well as some of the data centers and the advanced packaging applications, the OSATs, for example.

在 ICS 方面，這些客戶的營運方式最接近實際需求。因此，ICS 市場實際上並沒有出現向前拉動的動態。這是更加即時的製作。而且這種需求在中國和世界其他地區都持續強勁，我想說，這實際上受到中國智慧型手機PC帳單以及一些資料中心和先進封裝應用（OSAT）等的推動。

And when you go more broadly, the rest of the world, we're expecting high single-digit growth from both semi and ICS for the rest of the year. So even with a flat China, we see demand really being driven by the AI advanced nodes and advanced packaging applications continuing through the year.

而從更廣泛的角度來看，對於世界其他地區，我們預計今年剩餘時間內半導體和工業控制系統都將實現高個位數成長。因此，即使中國經濟表現平平，我們也看到需求確實受到人工智慧先進節點和先進封裝應用的推動，並將持續到今年年底。

And that's really what's fueling most of the growth. Advanced logic and DRAM continue to have high utilization rates. And then as we've talked about before, NAND and [mature logic] are a little bit slower. So I would say, if we see any uptick in mature logic and NAND, that would probably give us some nice upside. And those tech commentary is pretty consistent with what I think what you've heard from our customer base in the broader market over the last couple of weeks.

這才是真正推動大部分成長的因素。先進邏輯和 DRAM 繼續保持高利用率。正如我們之前談到的，NAND 和[成熟邏輯] 速度稍微慢一些。所以我想說，如果我們看到成熟邏輯和 NAND 的任何上升，這可能會為我們帶來一些不錯的好處。我認為這些技術評論與您在過去幾週從更廣泛市場的客戶群中聽到的內容非常一致。

That's helpful. And actually, you're leading me into my follow-up. When we think about your exposure in packaging and circuit materials, we think about the intermediate to long-term trends in HPC, can you just talk about your competitive positioning? Like what are we going to be talking about as we approach November 1 as it relates to like '26, '27 earnings in terms of that specific business and how it's evolving? Thank you.

這很有幫助。實際上，您正在引導我進行後續行動。當我們考慮您在封裝和電路材料方面的投資時，我們會考慮 HPC 的中期到長期趨勢，您能談談您的競爭定位嗎？例如，隨著 11 月 1 日的臨近，我們將要討論哪些與 26、27 年收益相關的具體業務及其發展？謝謝。

Thanks, Chris. So we're excited about our position. We've got a terrific position in both the advanced nodes and the advanced packaging, especially in areas like our CMP business. Pads, slurries and cleans continues to be a very strong business for us.

謝謝，克里斯。所以我們對我們的地位感到興奮。我們在先進節點和先進封裝領域都佔據著極其重要的地位，尤其是在 CMP 業務等領域。墊片、泥漿和清潔劑仍然是我們非常強大的業務。

And as we go forward into '26 and '27, one of the exciting opportunities, you're starting to see some of those CMP processes that are used today on the front end of the line in the semi world moving into the back end of line into some of the packaging.

隨著我們進入 26 年和 27 年，一個令人興奮的機會是，您將開始看到目前在半導體行業生產線前端使用的一些 CMP 製程正在轉移到生產線後端的一些封裝中。

And that's a nice upside. That will help contribute to what I would call content growth in the semi process because today, you're only using those steps mostly on the front end. And as you start to see those processing steps needed on the back end, that will be some nice upside opportunity for us.

這是一個很好的好處。這將有助於促進我所說的半成品流程中的內容成長，因為今天，您主要只是在前端使用這些步驟。當您開始看到後端所需的處理步驟時，這對我們來說將是一個很好的上昇機會。

On the advanced packaging side, we have a broad set of materials going into that market, the largest of which is metallization materials. We're well positioned on both metallization materials and thermal materials. We're working with, in particular, some of the foundry customers to be able to scale up their 2.5D and 3D packaging technologies.

在先進封裝方面，我們擁有一系列進入該市場的材料，其中最大的是金屬化材料。我們在金屬化材料和熱材料方面都佔據優勢。我們正在與一些代工客戶合作，以擴大他們的 2.5D 和 3D 封裝技術。

And as we continue to see that build out, including some of the vertical scaling that may happen in some of the outer parts of the time horizon that you mentioned, that also represents additional upside for us. And as we do that, we are seeing some nice share gains in the advanced packaging space in particular.

隨著我們繼續看到這種構建，包括您提到的時間範圍外部可能發生的一些垂直擴展，這也為我們帶來了額外的好處。當我們這樣做時，我們看到特別是在先進封裝領域的份額獲得了不錯的成長。

And in our Interconnect Solutions business, so packaging slurries, for example, packaging metallization, IC substrates are all businesses where we've seen some nice share gains over the last few quarters.

在我們的互連解決方案業務中，例如封裝漿料、封裝金屬化、IC基板等業務，我們在過去幾個季度中都看到了不錯的份額成長。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

Yeah. Hi. Good morning. First, I just want to ask on the guidance and just the logic of not changing the guidance but highlighting the tariff impact. I guess are you messaging that there is potentially more offsets that could that get you into your original guidance range? Or is it just uncertainty and you didn't want to adjust yet?

是的。你好。早安.首先，我只想問一下指導意見，以及不改變指導意見但強調關稅影響的邏輯。我猜你是想表達，可能有更多的偏移，從而讓你進入最初的指導範圍？或者這只是不確定性，而您還不想調整？

Hi. It's Antonella. Two things related to that. So one, as you very well know, it's been a moving target day by day. So we wanted to keep our underlying guidance clean so you can see our operational performance. And as we've been talking about, I would tell you, the teams have been working really, really hard to offset the impact of the tariffs.

你好。她是安東內拉。與此相關的有兩件事。所以，正如你們所知，這是一個每天都在變化的目標。因此，我們希望保持基本指導清晰，以便您可以看到我們的營運績效。正如我們所談論的，我想告訴你，團隊一直在非常非常努力地抵消關稅的影響。

We started with a $500 million annualized number. Our impact for the year currently is around [$60 million]. We're continuing to work actions. We have not stopped. We will continue to look at that. There clearly could be some incremental mitigation actions that we have in place by the end of the year as well.

我們的起始數字是 5 億美元，年化數字是 5 億美元。我們今年的影響力目前約為[6000萬美元]。我們正在繼續採取行動。我們還沒有停下來。我們將繼續關注此事。顯然，到今年年底我們可能也會採取一些漸進式的緩解措施。

So we'll continue to watch it. We'll continue to assess it. We'll see what position we're in at the end of the second quarter, and then depending on where things kind of land, we'll embed it into our guidance.

因此我們會繼續關注。我們將繼續評估。我們將看看第二季末的狀況，然後根據情況的發展，將其納入我們的指導中。

Thanks. That's helpful. And if I could follow up on the China anti-competitive review that's going on, on Tyvek. One, can you comment on that beyond what you guys had in the press release a month or so ago?

謝謝。這很有幫助。我是否可以跟進中國正在進行的有關 Tyvek 的反競爭審查。首先，除了你們一個月前在新聞稿中發表的內容之外，您還能對此發表評論嗎？

And then two, if you can say anything about the potential or lack of potential for further China reviews to spread to other parts of the business. Is that a risk that you're worried about? Or is it something that you're not worried about? Thanks.

第二，您能否談談進一步審查中國業務是否可能擴展到其他業務領域？這是您所擔心的風險嗎？還是這是你不擔心的事情？謝謝。

Yeah. So on the second part of your question first, we don't see a risk of it going beyond the initial Tyvek investigation. So the investigation is at a steady point. So we complied very quickly with all of their requests and are awaiting information from them.

是的。因此，首先關於您問題的第二部分，我們認為它不會超出最初的 Tyvek 調查的風險。因此調查目前處於穩定階段。因此，我們非常迅速地滿足了他們的所有要求，並正在等待他們的資訊。

As we saw it when the initial news came out, the exposure is not large, it's less than 1% of sales. So it's not a huge number for the total company. And as mentioned, we don't see it creeping into other areas of the business.

正如我們在最初的新聞發佈時所看到的那樣，曝光率並不高，不到銷售額的 1%。所以對整個公司來說這不是一個巨大的數字。如前文所述，我們並未發現它蔓延至其他業務領域。

And the documents that we turned over to them were all related to just the Tyvek business.

我們交給他們的文件都與 Tyvek 業務有關。

And the only thing I would add as well, this is ongoing. There is no changes to the businesses. We are able to continue to sell to customers within the area. There's no changes to that as well.

我唯一想補充的是，這仍在進行中。業務沒有發生任何變化。我們能夠繼續向該地區的客戶銷售產品。這一點也沒有改變。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you. Lori, are Kevlar, Nomex core to the new DuPont? I would have thought they would be, but it sounds like they may not be. So why is that the case? Thank you.

謝謝。洛里，凱夫拉、諾梅克斯芯材屬於新型杜邦材料嗎？我原本以為他們會這樣，但聽起來他們可能不是。那為什麼會這樣呢？謝謝。

Yeah. So we've been talking when we made the decision to keep the water business, that we would build around the high-growth components of the portfolio, which are healthcare and water, and we would look to take complexity out over time. So i.e., start to reduce the end markets in which we play.

是的。因此，當我們決定保留水務業務時，我們一直在談論，我們將圍繞投資組合中高增長的部分（即醫療保健和水務）進行建設，並尋求隨著時間的推移消除複雜性。因此，開始減少我們所參與的終端市場。

So I don't want to comment any further on the speculation around the news from the Aramids business beyond saying that we've been pretty vocal about differentially investing and driving growth around the healthcare and water end market.

因此，我不想對有關芳綸業務新聞的猜測發表進一步評論，只是說我們一直非常重視差異化投資和推動醫療保健和水終端市場的成長。

Got it. And just can you quantify the impact of the pull forward of Semiconductor Technologies earnings into Q1 versus Q2? Thank you.

知道了。您能否量化將半導體技術收益提前至第一季而非第二季的影響？謝謝。

Yeah. So it's Antonella. So in total, we sized that around $30 million of sales that went into the first quarter from the second quarter. That's at a pretty high margin rate, I would say.

是的。原來是安東內拉啊。因此，總的來說，我們估計第二季到第一季的銷售額約為 3,000 萬美元。我想說，這是一個相當高的利潤率。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Thank you. Could you give us a little more granularity for the Diversified Industrials segment? And will the 10-Q have any more additional reporting within that subsegment?

謝謝。您能否向我們詳細介紹多元化工業領域？10-Q 中是否會有該子部分內的更多附加報告？

No. So the diversified is primarily comprised of the shelter business, which is about $1.7 billion in sales. Next-gen mobility, which is our auto and aerospace-exposed businesses, which are about $1 billion in sales. The Aramids business, which is about $1.3 billion and the remainder is printing and publishing that came over -- printing and packaging, which came over from electronics, which was reported within the industrial solutions space. So those are the key components.

不。因此，多元化業務主要包括住房業務，銷售額約 17 億美元。下一代移動出行，即我們的汽車和航空航天業務，銷售額約為 10 億美元。芳綸業務價值約 13 億美元，其餘為印刷和出版業務，印刷和包裝業務來自電子產業，據報導屬於工業解決方案領域。這些就是關鍵組成部分。

You'll see that we're disaggregating revenue for the new DuPont company at two levels. So you'll see today the Healthcare & Water under one segment and then Diversified Industrials underneath another segment.

您會發現我們將新杜邦公司的收入分為兩個層次。因此，今天您會看到醫療保健和水務屬於一個部分，而多元化工業屬於另一個部分。

So as we get to separation, we'll have to disaggregate that even further. So you would see most likely the areas that I just identified for diversified, and then you would see the Healthcare & Water separately for healthcare and water.

因此，當我們進行分離時，我們必須進一步分解它。因此，您很可能會看到我剛剛確定的多元化領域，然後您將分別看到醫療保健和水資源。

Patrick Cunningham, Citi.

花旗銀行的派崔克‧坎寧安 (Patrick Cunningham)。

Hi. Good morning. You noted share gains pretty consistently for Electronics. I'm just wondering, in the current sort of environment where we're seeing normalization and tariff uncertainty, do you see any pressure on that outperformance, whether it's additional competitive dynamics or changes with customer relationships or engagement on new product introduction?

你好。早安.您注意到電子產品的市佔率持續成長。我只是想知道，在當前我們看到正常化和關稅不確定性的環境下，您是否認為這種優異表現面臨任何壓力，無論是額外的競爭動態還是客戶關係的變化或新產品推出的參與度？

So thanks, Patrick. Look, it's a competitive space. Our teams have been -- we're fighting the battle on the street customer by customer, business by business every single day. Our teams are in constant contact with our customers and we're watching that really closely. It is a competitive environment. We feel good about our competitive position. The dialogue that we have with our customers is strong.

所以謝謝你，派崔克。看，這是一個競爭激烈的領域。我們的團隊每天都在街頭與客戶、企業奮鬥。我們的團隊與客戶保持密切聯繫，我們對此密切關注。這是一個競爭環境。我們對自己的競爭地位感到滿意。我們與客戶的對話非常密切。

And when I think about the way in which our customers continue to work towards more advanced technologies with increasing process complexity and increasing quality requirements, the reality is that there's not as many participants who can help them to maintain the quality and the yields that they need in their facilities, whether you're talking a semiconductor chip or a printed circuit board.

當我想到我們的客戶如何繼續努力實現更先進的技術，提高製程複雜性和品質要求時，現實情況是，沒有那麼多參與者可以幫助他們保持其設施所需的品質和產量，無論是半導體晶片還是印刷電路板。

And we supplement that with large groups of application engineers in the local geographies where our customers are at to help them optimize their production really -- our engineers are working side by side with them in the factory to help them optimize how our products are used to maximize their performance. And that's part of the value proposition that we bring and part of why we have a seat at the design table with them.

此外，我們還在客戶所在地配備了大量應用工程師，幫助他們真正優化生產——我們的工程師在工廠與他們並肩工作，幫助他們優化產品的使用方式，以最大限度地提高產品性能。這是我們帶來的價值主張的一部分，也是我們與他們一起參與設計的原因之一。

Got it. Very helpful. And in the past, I think there's been restrictions on US product shipments to China, mainly in Electronics. Could fresh restrictions be a potential retaliatory measure in this trade environment?

知道了。非常有幫助。過去，我認為美國對華產品出口受到限制，主要是電子產品。在這種貿易環境下，新的限制措施會成為潛在的報復措施嗎？

I think we watch that closely. It's certainly a dynamic environment and it's possible. We don't have anything scoped out that we're anticipating at the moment. But I think as we've seen since going all the way back to 2019, it continues to be a dynamic environment, and we'll continue to watch it closely. I think the teams have demonstrated an ability to navigate those changes pretty well, and we'll continue to do so.

我認為我們會密切關注這一點。這確實是一個充滿活力的環境，而且是可能的。目前我們還沒有預期任何事。但我認為，正如我們自 2019 年以來所看到的那樣，它仍然是一個充滿活力的環境，我們將繼續密切關注。我認為這些團隊已經展現出很好應對這些變化的能力，我們將繼續這樣做。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

Thanks. Good morning, everyone. In Industrial, your full year sales guide is for 3% to 4% growth, that's acceleration from flat in 1Q. So what would get better this year and year over year?

謝謝。大家早安。在工業領域，全年銷售預期成長 3% 至 4%，較第一季持平有所加速。那麼今年以及年復一年，哪些方面會變得更好呢？

Yeah. I think you're mixing as reported and organic. So in Q1, our organic sales for Industrials were 2% up. And for Q2, we're forecasting low single digits with similar profile. And then for the full year, we're seeing organic, 3% to 4%, and we had mentioned that we were trending towards the lower end. So I think the guidance on an organic basis versus a total company reported basis.

是的。我認為你混淆了報道和有機內容。因此，在第一季度，我們的工業有機銷售額成長了 2%。對於第二季度，我們預測其成長率將保持在類似水準的低個位數。然後，就全年而言，我們看到有機成長率為 3% 至 4%，我們曾提到我們正趨向於較低水準。因此，我認為指導是基於有機基礎而不是公司整體報告基礎的。

Okay. That's helpful. So not much of a change in trends, it sounds like -- and just going back to Electronics in China, just to clarify, you mentioned the pull-in from Q2 to Q1. And last year, you've been talking about also potentially some of the givebacks from strong sales in China that you could see in '25. Is that still on the table sometime later in '25? Or how do you think about that dynamic just China being so strong last year?

好的。這很有幫助。因此，聽起來趨勢並沒有太大的變化——回到中國的電子產品，只是為了澄清一下，您提到了從第二季度到第一季的拉動。去年，您也談到了 2025 年可能出現的中國市場強勁銷售帶來的一些負面影響。25 年以後還會考慮這個嗎？或者您如何看待中國去年表現如此強勁這一現象？

Yeah. So I think our guide has normalizing through the rest of the year as we continue to see the customers. It's kind of flat year-over-year. And part of that is whatever materials they have, we expect will be consumed based on demand. But when we talk to our China customers, they continue to see fairly strong local demand and they're not talking about hugely elevated inventories.

是的。因此，我認為隨著我們繼續接待客戶，我們的指南將在今年剩餘時間內正常化。與去年同期相比，成長基本持平。其中一部分是，無論他們擁有什麼材料，我們預計都會根據需求進行消耗。但當我們與中國客戶交談時，他們仍然看到相當強勁的本地需求，而且他們並沒有談論庫存大幅增加的情況。

We do expect that there will be some normalization. So we'll be flat year-over-year. But we'll have to monitor we'll have to monitor how that goes. I would go back to -- globally, we still expect the market to be fairly strong, especially in some of the advanced technologies that I've talked about.

我們確實期望出現某種程度的正常化。因此我們的業績將與去年同期持平。但我們必須監控，我們必須監控事情的進展。我想回到——從全球來看，我們仍然預期市場會相當強勁，特別是在我談到的一些先進技術領域。

For China, China has got data center activity going on. They've got a very strong EV and automotive business that they're supporting. Their consumer electronics businesses have been fairly strong. And as we see that pan out globally, we think that demand conditions -- what we're hearing from our customers is those demand conditions should continue.

對中國來說，中國正在進行資料中心活動。他們擁有非常強大的電動車和汽車業務。他們的消費性電子業務相當強勁。正如我們所看到的那樣，在全球範圍內，我們認為需求狀況——我們從客戶那裡聽到的是，這些需求狀況應該會持續下去。

Mike Leithead, Barclays.

巴克萊銀行的麥克萊特黑德。

Great. Good morning, team. Appreciate it. My first question is -- my understanding is water and some of the industrials businesses are often sold through distributors. So I guess do you have any sense of channel inventories and any impact to potential pre-buying in that segment?

偉大的。早安，各位團隊。非常感謝。我的第一個問題是——我的理解是水和一些工業企業通常透過分銷商銷售。那麼，我猜您是否了解通路庫存以及對該領域潛在預購的影響？

Yeah. So you're right. So the new DuPont is about 50:50 between direct and distribution. It's heaviest in shelter. That's what's kind of driving up the average. But no, we in Water to your specific question, we saw all of the destock activity as we headed into the tail end of '23 and then the beginning of '24. So the inventory levels are definitely normalized and we don't see anything building there again.

是的。所以你是對的。因此，新杜邦的直銷和分銷比例約為 50:50。在庇護所裡，重量最重。這就是推高平均的因素。但不，我們在回答您的特定問題時，我們看到了在進入 23 年末和 24 年初時所有的去庫存活動。因此庫存水準肯定已經正常化，而且我們看不到任何庫存再次增加。

Okay. Great. And then second, I wanted to follow up on the Aramids business. I appreciate the disclosure around what drove the timing or need to perform an impairment analysis. But can you just talk a bit more about what drove the write-down? Was it volume, profitability decline? Was it recent? Or was it long ago, closer to when the merger occurred? Just some context on that would be helpful.

好的。偉大的。其次，我想跟進芳綸業務。我很欣賞有關導致進行減損分析的時間或需要的披露。但您能否再多談談導致減記的原因？是銷量、獲利能力下降了嗎？是最近的嗎？還是很久以前，接近合併發生時？僅介紹一些背景資訊就會有所幫助。

Sure. It's Antonella. So just to be clear, there was actually no significant changes to the future cash flows of the business at all. What happened was really more accounting related is how I would characterize it. So you've got to keep in mind that as we redid our segments, we had to reidentify what our reporting units were.

當然。她是安東內拉。所以要先明確的是，企業的未來現金流其實並沒有發生重大變化。我認為發生的事情實際上與會計更加相關。所以你必須記住，當我們重新劃分細分市場時，我們必須重新確定我們的報告單位。

So Aramids is now a standalone reporting unit. Previously, it was part of protection. You heard us talk about that kind of in the 10-Q when we would do our annual impairment test. So there was other businesses within there as well. When you pull Aramids out on a stand-alone basis, again, no changes to what was expected in terms of performance.

因此，芳綸現在是一個獨立的報告單位。以前，它是保護的一部分。當我們進行年度減損測試時，您在 10-Q 中聽到我們談論這種情況。所以那裡還有其他業務。當您將芳綸單獨取出時，同樣，性能方面的預期不會發生任何變化。

But when you look at the carrying value versus the fair value, the fair value was lower, so we had to take the impairment charge during the quarter. So it all stemmed from the realignment of the businesses during Q1.

但當你將帳面價值與公允價值進行比較時，公允價值較低，因此我們不得不在本季度承擔減損費用。所以這一切都源自於第一季的業務調整。

Mike Sison, Wells Fargo.

富國銀行的麥克·西森。

Hey. Good morning, Congrats, Jon. A question for you. In terms of Qnity comparisons, how should investors think about the right companies to compare you with? And the thought was semiconductor materials and equipment folks, but you've seen pretty significant multiple compression at Entegris and others.

嘿。早安，恭喜，喬恩。問你一個問題。在數量比較方面，投資人應該如何考慮與哪些公司進行比較？當時的想法是半導體材料和設備人員，但您已經看到 Entegris 和其他公司出現了相當顯著的多重壓縮。

And then on the other side, a lot of the higher-quality materials companies like Lindy, Sherwin, (inaudible) Ecolab, their multiples have held up really, really well. So how do you think about the right comps for your business and how we look to value the company post spin?

另一方面，許多高品質材料公司，如 Lindy、Sherwin、（聽不清楚）Ecolab，它們的倍數表現非常非常好。那麼您如何看待適合您業務的正確公司以及我們如何對分拆後的公司進行估值？

Yeah. Thanks, Mike. I still think that the industry, the semi-industry pure plays are still probably the best peer set for us. So Entegris is still a good peer. I recognize there's been a little -- there's been some compression in the short term.

是的。謝謝，麥克。我仍然認為，產業、半產業純粹投資可能仍然是我們最好的同業選擇。因此，Entegris 仍然是一家不錯的同行。我承認短期內出現了一些壓縮現象。

But I think over the long term, the industry dynamics are still very favorable with long-term growth and where we're going broadly across the electronics space. And I think over time, that will support a long-term very nice valuation for us and for others in the electronics industry.

但我認為，從長遠來看，行業動態仍然非常有利，具有長期成長潛力，而且我們將在電子領域廣泛發展。我認為，隨著時間的推移，這將為我們以及電子行業的其他公司提供長期非常好的估值。

Got it. As a quick follow-up, curious if you'd like to opine on AI. There's a lot of questions on whether we peak, whether we're continuing to grow, we're early in the potential. Obviously, that's probably a good driver for this business longer term.

知道了。作為一個快速的後續問題，好奇您是否願意對人工智慧發表意見。關於我們是否達到頂峰、是否繼續成長、是否仍處於潛力的早期階段，存在著許多疑問。顯然，從長遠來看，這可能是該業務發展的良好推動力。

Yeah. So look, I think when I think about AI, I think we continue to believe that we're still in the very early days of the adoption of AI use cases and there's still a lot of opportunities for further adoption and further growth. I think that's been reaffirmed a lot by the hyperscalers that have come out.

是的。所以，當我考慮人工智慧時，我認為我們仍然處於採用人工智慧用例的早期階段，並且仍有許多進一步採用和進一步成長的機會。我認為已經出現的超大規模企業已經多次證實了這一點。

And if anything, they're not pulling back their investment. They're increasing the size of their investment in the space. When we think about our AI exposure, I sized it with the data center number that I gave earlier. It's about 15% of the portfolio, and it was up mid-teens. It's a big part of our advanced packaging business as well, which is about 10% of the portfolio, and it was up in the low-20s in the first quarter.

不管怎樣，他們不會撤回投資。他們正在增加對該領域的投資規模。當我們考慮我們的人工智慧風險時，我使用先前提供的資料中心編號來衡量它的大小。它佔投資組合的 15% 左右，漲幅達到十幾歲。這也是我們先進封裝業務的重要組成部分，約佔產品組合的 10%，並且在第一季成長了 20% 左右。

So really nice growth rates for us. And we continue to see opportunities for market expansion as well as for share expansion as that continues and we see more and more adoption of use cases to the extent that AI use cases become more broadly affordable for more people, that will only accelerate because fundamentally, it comes back down to needing more compute and more connectivity. And both of those trends support growth for our business.

所以對於我們來說成長率確實不錯。隨著這種情況的持續，我們繼續看到市場擴張和份額擴大的機會，我們看到越來越多的用例被採用，以至於人工智慧用例對更多人來說變得更加廣泛地可承受，這只會加速，因為從根本上說，它又回到了需要更多的計算和更多的連接。這兩種趨勢都支持我們的業務成長。

Frank Mitsch, Fermium Research.

弗蘭克米奇，費米研究中心。

Hey. Good morning and thanks. I wanted to drill into the IndustrialsCo side of the house. Obviously, very strong in the Healthcare and Water did low-teens. I believe that initially, there was a thought that the Healthcare & Water side would grow mid- to high single digits.

嘿。早安，謝謝。我想鑽進房子的工業公司那邊。顯然，醫療保健和水務領域的表現非常強勁，漲幅都低於十幾歲。我相信，最初人們認為醫療保健和水務部門的成長率將達到中高個位數。

And having done low-teens in the first quarter, what your thoughts are for the balance of the year? And then secondly, taking a look at Diversified Industrials obviously down in 1Q, what your thoughts are in terms of growth rates on that side of the business. Thank you.

第一季的成長率低於百分之十幾，您對今年剩餘時間的成長率有何看法？其次，看看多元化工業在第一季明顯下滑的情況，您對該業務的成長率有何看法？謝謝。

Yeah. So Frank, we're still in the same zone for the full year growth for Water and Healthcare, as you had mentioned. So Healthcare being up more in the high single-digits and Water mid to high single-digits. So I see a lot of momentum there.

是的。所以弗蘭克，正如您所說，我們全年水和醫療保健業務的成長仍處於同一區域。因此，醫療保健產業的漲幅在高個位數，而水務業的漲幅則在中高個位數。所以我看到了那裡的巨大發展勢頭。

And we actually see them lifting as we go through the year on the Water side from new system implementations being put in place in the second half and on the Healthcare side, pickup on the med device side that's driving the growth there.

事實上，我們看到，隨著水務方面新系統在下半年的實施，以及醫療保健方面醫療設備的回暖，這一增長正在推動著水務方面的成長。

On the first quarter being up 14% and 11% organically for those businesses was a function of strong markets, but also the prior year comp, which we had mentioned earlier in the call the water was low from the completion of the destock, and we were still seeing the destock on the Tyvek medical packaging side in the first quarter of last year. So we do see those growth rates moderating as we head into the second quarter, but still very robust.

第一季度，這些業務分別實現了 14% 和 11% 的有機成長，這不僅是市場強勁的結果，也是與去年同期相比的結果，我們之前在電話會議上提到，去庫存完成後，水分較低，而且我們仍然看到去年第一季度 Tyvek 醫療包裝方面的去庫存現象。因此，我們確實看到，隨著進入第二季度，成長率有所放緩，但仍然非常強勁。

And on diversifieds, the 4% organic decline was really driven by shelter and automotive. So those businesses or well telegraphed to be softening. Shelter kind of across mainly the largest softening is spilling on the residential side and the do-it-yourself side. And on the automotive side, it's in Europe and the US auto market and the revision that came out from IHS and in the last cycle the full year growth down about 120 basis points.

就多元化業務而言，4% 的有機下降實際上是由住房和汽車業務推動的。因此，這些企業或將會出現疲軟跡象。房屋類型主要集中在住宅區和自助區。在汽車方面，根據 IHS 的修訂數據，歐洲和美國汽車市場在上一周期的全年成長率下降了約 120 個基點。

So that is reflected in the Q1 numbers. We do see a little bit of a pickup in the second half really around the personal protection space and the aero piece of industrials remaining strong and then, obviously, continued strength, as I had mentioned in Healthcare and Water.

這反映在第一季的數據中。我們確實看到下半年個人防護領域和航空業領域略有回暖，保持強勁，而且顯然會繼續保持強勢，正如我在醫療保健和水資源領域提到的那樣。

Very helpful. And just to follow up on the building and construction and auto side, how are your order books looking April, May for 2Q relative to how they are historically? I mean, are you seeing a lot less visibility? How could you characterize the order books there?

非常有幫助。僅就建築和汽車方面而言，與歷史上相比，您第二季 4 月和 5 月的訂單情況如何？我的意思是，你的能見度是不是下降了很多？您如何描述那裡的訂單？

Yeah. So no change there. We had mentioned April turned out strong for us. Within IndustrialsCo, we typically start with about 75% of the orders on the books for the month. And so, we're in good shape there. We haven't seen any slowdown in orders. We usually see orders pick up as you start the year, and we nicely saw that. So no change in momentum from that perspective.

是的。因此沒有變化。我們曾提到，四月對我們來說是強勁的。在 IndustrialsCo 內部，我們通常從當月帳面上的 75% 左右的訂單開始。所以，我們的情況很好。我們沒有看到訂單有任何放緩。我們通常會看到年初訂單量增加，我們很高興地看到了這一點。因此從這個角度來看，勢頭並沒有改變。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Thank you. Good morning, everyone. Ed, wondering if you can give us an update on PFAS and whether you think there'll be any material developments between now and the November spin, either in the state attorney generals or in the individual litigations?

謝謝。大家早安。艾德，想知道您是否可以向我們提供有關 PFAS 的最新進展，以及您是否認為從現在到 11 月之間，無論是在州檢察長還是在個人訴訟方面，都會有任何實質性進展？

Yeah. It doesn't seem like anything big will happen until at the earliest kind of going towards the tail end of this calendar year. You have two things coming up. You have the Chambers Works New Jersey trial, which starts sometime this month. But it's in phases so that will probably most likely go through the whole summer.

是的。看起來最快也要到今年年底才會發生什麼大事。有兩件事即將發生。新澤西州錢伯斯工程案審判將於本月某個時候開始。但它是分階段進行的，所以很可能會持續整個夏天。

And then I'd say the bigger issue that would be nice to get settled is the personal injury ones, and the first bellwether cases for that are in October of this year. So really nothing imminent in the next six months.

然後我想說，需要解決的更大問題是人身傷害問題，而該問題的第一起標誌性案件將在今年 10 月出現。因此，未來六個月內確實不會發生任何緊急事件。

Arun Viswanathan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Arun Viswanathan。

Great, thanks for taking my questions. Hope you guys are well. Maybe I could just ask a question about the logistics of the spin. So I guess, is it possible that you could pursue any M&A ahead of the spin? You talked about growth in Healthcare and Water. If you were to possibly monetize -- and could you potentially monetize any other assets ahead of the spin? Or is that something that we should expect after November 1? Thanks.

太好了，謝謝你回答我的問題。希望你們一切都好。也許我可以問一個有關旋轉的物流問題。所以我猜，您是否有可能在分拆之前進行任何併購？您談到了醫療保健和水資源領域的成長。如果您有可能將其貨幣化—您是否有可能在分拆之前將任何其他資產貨幣化？或者這是我們 11 月 1 日之後應該期待的事情？謝謝。

Yeah. I would say probably nothing material before the November 1. So obviously, all hands on deck to get the November 1 separation complete. But we are actively looking at areas where we can either add to the portfolio.

是的。我想說，11 月 1 日之前可能不會有任何實質進展。因此，顯然，我們要全力以赴，在 11 月 1 日完成分離。但我們正在積極尋找可以擴大投資組合的領域。

And I'll speak to RemainCo and Jon can talk a little bit too in Qnity, if they're looking at stuff. But we're always looking and have robust pipeline. But there's nothing that I would say is imminent that would happen before the November 1 separation.

我會和 RemainCo 談談，如果他們正在考慮一些事情，Jon 也可以在 Qnity 談一談。但我們一直在尋找並擁有強大的管道。但我認為在 11 月 1 日分離之前不會發生任何即將發生的事情。

And with Qnity, it would be very similar to how Lori characterized it.

而對於 Qnity 來說，它與 Lori 對其的描述非常相似。

Okay. Great. And then just as a follow-up, have you seen any change in your order patterns amongst some of the industrial customers maybe in different countries on the water side? Do you see any change in behavior as far as pulling back or maybe extending out orders as it relates to tariffs or any other macro concerns or have that momentum continued? Thanks.

好的。偉大的。然後作為後續問題，您是否發現一些來自水運方面不同國家的工業客戶的訂單模式發生了變化？您是否看到與關稅或任何其他宏觀問題有關的撤回或延長訂單的行為有任何變化，或者這種勢頭是否持續下去？謝謝。

Yeah. We haven't seen any oddities in the order patterns for new DuPont. So as I had mentioned, April was strong. The order book is consistent with our expectations as we see it through the second quarter.

是的。我們沒有發現新杜邦的訂單模式有任何異常。正如我所提到的，四月表現強勁。從第二季的情況來看，訂單情況與我們預期一致。

Steve Byrne, Bank of America.

美國銀行的史蒂夫伯恩。

Yes. Thank you. A couple of days ago, the EPA put out their PFAS action item list, and I'm really anxious to hear your view of it. It is quite detailed and quite a few action items. It seems to be a little bit of a different approach than the way they've taken on to cut lots of other environmental regs.

是的。謝謝。幾天前，美國環保署公佈了他們的 PFAS 行動項目清單，我非常急切地想聽聽您的看法。它非常詳細，並且包含相當多的行動項目。這似乎與他們削減許多其他環境法規的方式略有不同。

But a couple of items in there that I wonder what your view is. Like they're proposing to develop some effluent guidelines, which Lori, you had mentioned the potential benefit in your Water business from treatment for PFAS, maybe effluent guidelines could assist in that, although they might cut or change drinking water standards. And the other one they've highlighted was the liability framework, whether or not you think that could have an effect on some of the future litigation.

但其中有幾件事我想知道您的看法。就像他們提議制定一些廢水排放指南一樣，Lori，你提到過 PFAS 處理會給你的水務業務帶來潛在好處，也許廢水排放指南可以對此有所幫助，儘管它們可能會降低或改變飲用水標準。他們強調的另一個問題是責任框架，無論您是否認為這可能會對未來的一些訴訟產生影響。

Yeah. I mean, we continue to study it. I think as I had mentioned, there's no change right now on the opportunity side within the Water business to address the PFAS cleanup and remediation work. And I think on the liability side, we continue to make progress within South Carolina MDL which from our exposure is most concentrated. So we got a large one out of the way, like 1.5 years ago with the water district as Ed had mentioned.

是的。我的意思是，我們會繼續研究它。我認為正如我所提到的，目前水務業務中解決 PFAS 清理和修復工作的機會方面沒有任何變化。我認為在責任方面，我們在南卡羅來納州 MDL 領域繼續取得進展，這是我們接觸最集中的領域。因此，正如 Ed 所提到的那樣，大約 1.5 年前，我們在水務區解決了一個大問題。

The bellwether cases on the personal injury front started in October. So we'll see how discussions go as you get closer to that date, and then we continue to manage our own state-by-state exposure with the attorney general. But we'll read through the documents and see if there's any changes to our current views.

人身傷害方面的標誌性案件始於十月。因此，隨著日期的臨近，我們將觀察討論的進展情況，然後我們將繼續與司法部長一起管理我們自己在各州的曝光情況。但我們會仔細閱讀這些文件，看看我們目前的觀點是否有任何變化。

Yeah. And remember, the personal injury case is coming up our firefighting phone, which we never made it. So I think the parameters we had in the last big settlement would clearly apply here also.

是的。請記住，人身傷害案件正在透過我們的消防電話進行，但我們從未接到這樣的電話。所以我認為我們在上次大和解中所製定的參數顯然也適用於此。

And then one quick follow-up. This $200 million of finished goods shipments from the US to China, what products are those? What business is that? And how are you avoiding this 125% tariff?

然後進行一次快速跟進。這批從美國到中國的價值2億美元的製成品是什麼產品？那是什么生意？那麼你們該如何避免這 125% 的關稅呢？

Yeah. So those are exports from the US to our customers. And so, the tariffs would be on them with respect to payments. So obviously, we're working to make sure that maybe all the exemptions that could mitigate that piece for them would be in place even that's split kind of evenly between Electronics and IndustrialsCo, that $200 million from an export perspective.

是的。這些都是美國向我們的客戶出口的產品。因此，關稅將根據付款情況向他們徵收。因此，顯然，我們正在努力確保所有可以減輕他們這一部分損失的豁免都能到位，即使從出口角度來看，這 2 億美元在電子和工業公司之間平均分配。

And that concludes our question-and-answer session for today. I will now turn the call over back to Ed Barna for closing remarks.

今天的問答環節到此結束。現在我將把電話轉回給 Ed Barna 作結束語。

Thank you, everyone, for joining today. For your reference, a copy of our transcript that will be posted on DuPont's website. This concludes our call.

謝謝大家今天的參與。供您參考，我們的成績單副本將發佈在杜邦網站上。我們的通話到此結束。

Ladies and gentlemen, this concludes the conference. You may now disconnect. Thank you for your participation.

女士們、先生們，會議到此結束。您現在可以斷開連線。感謝您的參與。