IPG Photonics Corp (IPGP) 2026 Q2 法說會逐字稿

Thank you, and good morning, everyone. With me today is IPG Photonics' CEO, Dr. Mark Gitin; and Senior Vice President and CFO, Tim Mammen.

謝謝，各位早安。今天與我一同出席的有 IPG Photonics 執行長 Mark Gitin 博士，以及資深副總裁兼財務長 Tim Mammen。

On today's call, Mark will provide a summary of our second quarter results as well as the overview of demand environment and then walk you through the progress we are making on our long-term strategy. After that, he will turn it over to Tim to provide financial details.

在今天的電話會議中，Mark 將先概述我們第二季的業績，以及需求環境的整體情況，接著帶大家了解我們在長期策略上的推進進展。之後他會把時間交給 Tim，提供財務細節。

Let me remind you that statements made during this call discuss our expectations or predictions of the future are forward-looking statements.

先提醒各位，本次電話會議中所提及、關於我們對未來的期望或預測之陳述，均屬前瞻性陳述。

These forward-looking statements are subject to risks and uncertainties that could cause the company's actual results to differ materially from those projected in such forward-looking statements.

這些前瞻性陳述受到各項風險與不確定性影響，可能導致公司實際結果與此類前瞻性陳述所預測者出現重大差異。

These risks and charges are detailed in our Form 10-K for the period ended December 31, 2025, and our reports on file with the Securities and Exchange Commission.

相關風險與變動已詳載於我們截至 2025 年 12 月 31 日止期間的 Form 10-K，以及我們向美國證券交易委員會（SEC）提交並存檔的各項報告中。

Any forward-looking statements made on this call are the company's expectations or predictions as of today, August 4, 2026 only, and the company assumes no obligation to publicly release any updates or revisions to any such statements. During this call, we will be referencing certain non-GAAP measures.

本次電話會議中所作任何前瞻性陳述，僅代表公司截至今日（2026 年 8 月 4 日）的期望或預測；公司不承擔公開發布任何更新或修訂之義務。在本次電話會議中，我們將引用若干非 GAAP 指標。

For more information on how we define these non-GAAP measures and the reconciliation of such measures to the most directly comparable GAAP measures as well as additional details on our reported results, please refer to the earnings press release, earnings call presentation and the financial data workbook posted on our Investor Relations website. We will also post these prepared remarks on our website after this call.

關於我們如何定義這些非 GAAP 指標、以及其與最直接可比 GAAP 指標之調節（reconciliation），並包含我們已公布業績的其他細節，請參閱我們發布的財報新聞稿、法說會簡報，以及張貼於投資人關係網站的財務資料工作簿。本次電話會議結束後，我們也會在網站上張貼這些事先準備的講稿。

With that, I'll now turn the call over to Mark.

接下來，我把電話交給 Mark。

Thanks, Eugene. Good morning, everyone. Second quarter revenue was above the midpoint of our guidance, increasing double digits year-over-year and growing sequentially.

謝謝你，Eugene。各位早安。第二季營收高於我們財測區間的中點，年增達雙位數，且較前一季成長。

Both Industrial Solutions and Advanced Solutions grew quarter-over-quarter and adjusted gross margin and adjusted EPS came in above our expectations.

工業解決方案與先進解決方案兩大部門皆呈現季增，調整後毛利率與調整後每股盈餘（EPS）也高於我們的預期。

Bookings also improved in the quarter, and book-to-bill remained above one. Growth in both revenue and bookings points to sustained demand for our products across our end markets.

本季訂單（bookings）亦有所改善，且接單出貨比（book-to-bill）仍高於 1。營收與訂單同步成長，顯示我們產品在各終端市場的需求具延續性。

Revenue growth was led by strength in Industrial Solutions primarily in welding applications as we continue to benefit from increased demand and business wins for our solutions in battery manufacturing. Cleaning and additive manufacturing also contributed to the year-over-year growth.

營收成長主要由工業解決方案的強勁表現帶動，尤其是焊接應用；我們持續受惠於電池製造領域對我們解決方案的需求提升與業務得標。清洗與積層製造也對年增成長有所貢獻。

Advanced Solutions revenue improved sequentially, driven by strong growth in semiconductor applications as we are making progress with large semiconductor equipment manufacturers. We are also seeing strong interest in our directed energy defense system, CROSSBOW.

先進解決方案營收較前一季改善，主要受半導體應用強勁成長帶動；我們正與大型半導體設備製造商取得進展。我們也看到市場對我們定向能防禦系統 CROSSBOW 的高度興趣。

Overall, in Advanced Solutions, we continue to execute on our long-term strategic initiatives and believe that we have numerous opportunities for growth.

整體而言，在先進解決方案方面，我們持續推動長期策略性計畫，並相信我們擁有多項成長機會。

The growth we achieved in the second quarter also demonstrates that we are making progress on our two clearly defined strategic growth initiatives.

我們在第二季達成的成長，也顯示我們在兩項明確界定的策略性成長計畫上正取得進展。

The first is strengthening our leadership in industrial solutions by expanding laser adoption, displacing incumbent technologies and further moving up the value chain with differentiated system and subsystem solutions. Buildings of much of the Industrial Solutions growth in the quarter.

第一項是透過擴大雷射採用、取代既有技術，並以具差異化的系統與子系統解決方案進一步往價值鏈上游移動，以強化我們在工業解決方案的領導地位。這也是本季工業解決方案成長的主要動能來源。

Demand in battery manufacturing remains strong across with electric vehicles and stationary storage, which supports data center energy requirements.

在電動車與固定式儲能的帶動下，電池製造需求仍然強勁，而固定式儲能也支援資料中心的能源需求。

Following our strategy to further move up the value chain, I'm excited to report that our subsystems revenue increased significantly this year.

依循我們進一步往價值鏈上游移動的策略，我很高興報告：今年我們的子系統營收大幅成長。

Our unique combination of adjustable mode beam lasers, advanced beam delivery and real-time process monitoring enables unmatched welding speed and quality.

我們將可調模態光束雷射、先進光束傳輸，以及即時製程監控相結合的獨特組合，帶來無可匹敵的焊接速度與品質。

We are also making these subsystems easier to integrate and adding computer vision and artificial intelligence into the solutions. These advantages help drive recent wins with two major global automotive manufacturers.

我們也讓這些子系統更容易整合，並在解決方案中加入電腦視覺與人工智慧。這些優勢促成我們近期拿下兩家全球主要汽車製造商的訂單。

Additive manufacturing revenue remained strong in the quarter and grew significantly year-over-year. Demand is accelerating as our newest solutions enable the displacement of conventional metal machining.

積層製造本季營收維持強勁，且年增幅度顯著。隨著我們最新解決方案可取代傳統金屬切削加工，需求正加速成長。

Winning here takes precise laser parameters, partnership with OEM customers and deep applications expertise.

要在此領域勝出，需要精準的雷射參數、與 OEM 客戶的合作夥伴關係，以及深厚的應用專業。

Our latest generation of lasers with proprietary beam shaping capabilities increases process speeds by approximately 1.5 times to 2 times, translating directly into higher productivity and lower total cost per part for customers.

我們最新一代具備專有光束整形能力的雷射，可將製程速度提升約 1.5 倍至 2 倍，直接轉化為客戶更高的生產力，以及更低的單件總成本。

Our second strategic growth initiative is expanding our leadership in laser and photonics technologies in attractive markets and applications and advanced solutions including medical, directed energy, micromachining and semiconductor.

我們第二項策略性成長計畫，是在具吸引力的市場與應用中擴大我們在雷射與光子技術的領導地位，並發展先進解決方案，包括醫療、定向能、微加工與半導體。

We are leveraging core capabilities to target applications where precision, accuracy, control, efficiency and reliability matter most and are pursuing those opportunities, both organically and through acquisition.

我們正運用核心能力，鎖定最重視精密度、準確性、可控性、效率與可靠性的應用，並透過內生成長與併購兩種方式追求這些機會。

This strategic initiative is addressing over $5 billion of TAM, and we are expecting hundreds of millions of dollars in revenue over the longer term. Let me tell you about the progress we are making and the encouraging signs we are seeing towards realizing this potential.

這項策略計畫所涵蓋的總可服務市場（TAM）超過 50 億美元，而我們預期長期可帶來數億美元的營收。接下來我將說明我們正在取得的進展，以及我們為實現此潛力所看到的令人鼓舞的跡象。

On July 16, we entered into a binding offer to acquire Lumibird Medical a global leader in diagnostic and treatment systems for ophthalmology.

7 月 16 日，我們簽訂具約束力的收購要約，擬收購 Lumibird Medical；該公司為眼科診斷與治療系統的全球領導者。

We believe this acquisition will allow us to achieve four things.

我們相信這項收購將使我們達成四項目標。

First, it accelerates IPG's strategic evolution by meaningfully expanding our Advanced Solutions revenue into attractive, higher-margin medical markets with durable demand, strengthening the quality of our business mix.

第一，它將透過把先進解決方案營收實質擴展至具吸引力、較高毛利且需求穩健的醫療市場，加速 IPG 的策略演進，並提升我們業務組合的品質。

Second, it delivers a commitment to improve profitability through the addition of a high-margin business that we expect will be accretive to gross margin, EBITDA and adjusted EPS in the first year.

第二，透過加入一項高毛利業務，展現我們提升獲利能力的承諾；我們預期該業務在第一年即可對毛利率、EBITDA 與調整後 EPS 產生增益（accretive）。

Third, it creates a scaled medical laser platform by combining our leading urology business with Lumibird Medical's leading ophthalmology business increasing our addressable medical market by approximately $1 billion.

第三，透過結合我們領先的泌尿科業務與 Lumibird Medical 領先的眼科業務，打造具規模的醫療雷射平台，並將我們可觸及的醫療市場規模增加約 10 億美元。

And fourth, it expands our long-term value creation opportunity by combining complementary technologies, commercial capabilities and applications expertise to innovation and unlock future growth. We are very excited about this opportunity, which we expect to close in the fourth quarter of 2026.

第四，透過結合互補的技術、商業化能力與應用專業，推動創新並釋放未來成長，擴大我們長期的價值創造機會。我們對此機會感到非常振奮，並預期將於 2026 年第四季完成交割。

In our metal business, bookings and backlog remained strong, and we expect shipments to increase in the second half of the year. Looking forward, we remain confident in long-term demand growth for our urology systems and fibers.

在我們的醫療業務方面，訂單與在手訂單（backlog）維持強勁，我們預期下半年出貨將增加。展望未來，我們對泌尿科系統與光纖的長期需求成長仍具信心。

We are also advancing our innovation road map with new product approvals and introductions expected in 2026 and 2027.

我們也正推進創新產品藍圖，預期在 2026 年與 2027 年取得新的產品核准並推出新產品。

Our strongest performance within Advanced Solutions was in semiconductor applications as we continue to win new business with large semiconductor equipment manufacturers due to the differentiated value that we deliver.

先進解決方案中表現最強勁的是半導體應用；由於我們提供具差異化的價值，我們持續在大型半導體設備製造商中贏得新業務。

Our solutions for lithography, metrology and inspection are gaining traction, increasing our exposure to this high-growth market driven by an acceleration of AI-related demand for GPUs and high-bandwidth memory chips.

我們在微影、量測與檢測方面的解決方案正逐步獲得採用，提升我們在此高成長市場的曝險；該市場的成長動能來自 AI 相關需求加速，帶動 GPU 與高頻寬記憶體（HBM）晶片需求。

We continue to advance our product development by working closely with customers on designing opportunities supported by the clear performance advantages our lasers and photonics solutions offer.

我們持續推進產品開發，與客戶緊密合作進行機會設計，而這些機會建立在我們雷射與光子解決方案所提供的明確效能優勢之上。

In our Defense business, we began shipping Lockheed Martin's order for CROSSBOW this quarter. We will be shipping more units in the third quarter and continuing to engage with potential customers working to convert their interest into orders.

在國防業務方面，我們本季開始出貨洛克希德馬丁（Lockheed Martin）對 CROSSBOW 的訂單。我們將在第三季出貨更多單位，並持續與潛在客戶互動，努力將其興趣轉化為訂單。

We recently participated in a defense event at White Sands missile range demonstrating CROSSBOW capabilities to multiple agencies in demanding real-world environments.

我們近期參與了在白沙飛彈靶場（White Sands missile range）舉辦的國防活動，在嚴苛的真實環境中向多個機構展示 CROSSBOW 的能力。

The system continues to be broadly tested in various scenarios domestically and overseas, and has proven to perform reliably in harsh conditions.

該系統持續在國內外各種情境下進行廣泛測試，並已證明在嚴苛條件下仍能可靠運作。

We remain optimistic about the current developments in the directed energy market and believe that our systems provide effective solutions with a favorable cost to exchange ratio address the increasing threats from Group 1 and Group 2 drones.

我們對定向能量市場目前的發展仍持樂觀態度，並相信我們的系統以有利的成本交換比提供有效解決方案，以因應來自第1類與第2類無人機日益增加的威脅。

Along with making progress on our strategic growth initiatives, we are also transforming into an organization positioned to maximize the growth and profit opportunities ahead through the One IPG operating model.

在推進我們的策略性成長計畫之際，我們也正透過 One IPG 營運模式轉型為一個能夠把握未來成長與獲利機會、並將其最大化的組織。

We are streamlining operations, strengthening decision-making and accelerating product development, translating into better performance and greater consistency across the business.

我們正在精簡營運、強化決策並加速產品開發，進而帶來更佳表現與全公司更高的一致性。

In summary, the global IPG team delivered another quarter of sequential and year-over-year growth as customer demand for our unique solutions has strengthened across our markets.

總結而言，隨著客戶對我們獨特解決方案的需求在各市場走強，全球 IPG 團隊再度交出一季連續成長與年增成長的成績。

Orders also grew keeping our book-to-bill above one, and we reported significant increases in adjusted gross margin and adjusted EPS. We are making meaningful progress on our strategic objectives, positioning us to continue to deliver profitable growth and create sustained shareholder value.

訂單亦持續成長，使我們的接單出貨比維持在 1 以上，同時我們回報調整後毛利率與調整後每股盈餘（EPS）均大幅提升。我們在策略目標上取得實質進展，使我們得以持續實現獲利性成長並創造可持續的股東價值。

With that, I will now turn the call over to Tim.

接下來，我將把電話會議交給 Tim。

Thank you, Mark, and good morning, everyone. My comments will generally in follow the earnings call presentation, which is available on our Investor Relations website. I will start with revenue trends by application on Slide 5.

謝謝你，Mark，各位早安。我的評論將大致依循財報電話會議簡報進行，該簡報可於我們的投資人關係網站取得。我將從第 5 頁投影片的按應用別營收趨勢開始。

Industrial Solutions revenue increased 16% year-over-year in the second quarter driven by growth in welding, marking, cleaning and additive manufacturing.

工業解決方案第二季營收年增 16%，主要受惠於焊接、打標、清洗與積層製造的成長。

On a sequential basis, revenue was up 4%, primarily due to strength in welding and cleaning. Advanced Solutions revenue decreased 9% compared with last year as growth in semiconductor applications was offset by lower revenue in micromachining and defense.

以季比來看，營收成長 4%，主要來自焊接與清洗的強勁表現。先進解決方案營收較去年下降 9%，因半導體應用的成長被微加工與國防領域較低的營收所抵銷。

However, Advanced Solutions revenue improved 10% quarter-over-quarter on growth in semiconductor and sequential improvement in micro sheeting applications.

然而，先進解決方案營收季增 10%，受惠於半導體成長以及微薄片（micro sheeting）應用的連續改善。

Sales of our emerging growth products continued to increase and accounted for 58% of our total revenue in the second quarter, up from 53% in the prior quarter. Strong growth our lasers and solutions for battery manufacturing processes drove the increase.

我們的新興成長產品銷售持續增加，第二季占總營收 58%，高於前一季的 53%。我們在電池製造流程所用雷射與解決方案的強勁成長帶動了此一提升。

Moving to revenue performance by region on Slide 6.

接著看第 6 頁投影片的按地區別營收表現。

North American revenue decreased 2% compared with last year due to lower revenue in cutting, defense and medical applications.

北美營收較去年下降 2%，主要因切割、國防與醫療應用的營收較低。

Sequentially, revenue was up 1% and due to increased marketing and defense sales.

以季比來看，營收成長 1%，主要來自打標與國防銷售增加。

European sales were up 5% year-over-year and 1% sequentially, driven by increased sales in cleaning and additive manufacturing, partially offset by a decrease in cutting.

歐洲銷售年增 5%、季增 1%，主要由清洗與積層製造銷售增加所帶動，但部分被切割業務下滑所抵銷。

Revenue in Asia increased 19% year-over-year and 8% sequentially driven by strong growth in welding applications, which benefited from higher demand in battery manufacturing.

亞洲營收年增 19%、季增 8%，主要由焊接應用的強勁成長所帶動，而該成長受惠於電池製造需求提升。

Moving to the financial performance review on Slide 7.

接著看第 7 頁投影片的財務表現回顧。

Total revenue was $279 million, up 11% year-over-year, marking our third consecutive quarter of double-digit year-over-year sales growth.

總營收為 2.79 億美元，年增 11%，為我們連續第三季達成年增雙位數的銷售成長。

Foreign currency benefited revenue by approximately 2% this quarter compared to the same period in the prior year. GAAP gross margin was 40.4% and adjusted gross margin was 40.7%, above the top end of our guidance range.

與去年同期相比，本季外幣匯率對營收約有 2% 的正面貢獻。GAAP 毛利率為 40.4%，調整後毛利率為 40.7%，高於我們指引區間的上緣。

We recorded a benefit from tariff refunds of approximately $4.7 million that had a positive impact on gross margin of approximately 170 basis points in the quarter.

我們認列約 470 萬美元的關稅退稅收益，使本季毛利率約提升 170 個基點。

Lower inventory provisions and product cost continue to provide a positive benefit while manufacturing cost absorption remains below the level we are targeting in the medium term.

較低的存貨提列與產品成本持續帶來正面效益，但製造成本吸收仍低於我們中期目標水準。

Total adjusted operating expenses were $91 million, excluding $17.6 million in impairment of long-lived assets related to the sale of our Belarusian operations, and other onetime items.

調整後營業費用合計為 9,100 萬美元，不含與出售白俄羅斯營運相關的 1,760 萬美元長期資產減損，以及其他一次性項目。

Adjusted operating expenses declined sequentially and came in slightly below our guidance range as we benefited from a German R&D tax credit of $1.8 million in the quarter.

調整後營業費用較上季下降，且略低於我們的指引區間，因本季我們受惠於 180 萬美元的德國研發稅額抵減。

Overall, we expect operating expenses to modestly increase going forward due to our continued investments to drive growth.

整體而言，隨著我們持續投資以推動成長，預期未來營業費用將小幅增加。

GAAP operating income in the quarter was $5 million, and GAAP net income was $5 million or $0.12 per diluted share.

本季 GAAP 營業利益為 500 萬美元，GAAP 淨利為 500 萬美元，或稀釋後每股 0.12 美元。

Adjusted operating income was $24 million and adjusted net income was $25 million with adjusted earnings per diluted share of $0.58. Adjusted EBITDA was $49 million.

調整後營業利益為 2,400 萬美元，調整後淨利為 2,500 萬美元，調整後稀釋後每股盈餘為 0.58 美元。調整後 EBITDA 為 4,900 萬美元。

Both adjusted EPS and adjusted EBITDA came in above the top end of our guidance range.

調整後 EPS 與調整後 EBITDA 皆高於我們指引區間的上緣。

Moving to a summary of our balance sheet and cash flow on Slide 8.

接著看第 8 頁投影片的資產負債表與現金流摘要。

We ended the quarter with $871 million in cash, cash equivalents and short-term investments. We had $33 million in long-term investments and no debt.

本季末我們持有 8.71 億美元的現金、約當現金及短期投資。我們另有 3,300 萬美元的長期投資，且無負債。

Cash flow from operations was $38 million in the quarter, improving significantly from the first quarter. During the second quarter, we spent $21 million on capital expenditures, bringing year-to-date CapEx to $37 million.

本季營運活動現金流為 3,800 萬美元，較第一季顯著改善。第二季我們資本支出為 2,100 萬美元，使年初至今資本支出達 3,700 萬美元。

Our CapEx outlook remains $90 million to $100 million for this year, including investments in our major fiber manufacturing facility in Germany.

我們對今年資本支出的展望維持在 9,000 萬至 1 億美元之間，其中包含對德國主要光纖製造設施的投資。

Excluding the German investment, underlying CapEx is running at about 5% of revenue, and we expect to maintain this level going forward.

若排除德國投資，基礎資本支出約為營收的 5%，且我們預期未來將維持此水準。

Moving to our outlook on Slide 9.

接著看第 9 頁投影片的展望。

Orders remained strong with book-to-bill staying above one.

訂單維持強勁，接單出貨比持續高於 1。

For the third quarter of 2026, we expect revenue of $265 million to $295 million and adjusted gross margin between 37.5% and 40.5%, factoring in the ongoing impact from tariffs of about 150 basis points.

對於 2026 年第三季，我們預期營收為 2.65 億至 2.95 億美元，調整後毛利率介於 37.5% 至 40.5% 之間，並已納入關稅持續影響約 150 個基點。

We estimate adjusted operating expenses in the range of $92 million to $95 million in the third quarter, and we expect to deliver adjusted earnings per diluted share in the range of $0.30 to $0.60 with approximately 43 million diluted common shares outstanding.

我們估計第三季調整後營業費用約為 9,200 萬至 9,500 萬美元，並預期在約 4,300 萬股稀釋後普通股流通在外的情況下，調整後稀釋後每股盈餘介於 0.30 至 0.60 美元。

Our adjusted EBITDA is expected to be between $35 million and $51 million. In summary, we are pleased with our second quarter results with growth in revenue and bookings as well as improvements in gross margin and adjusted EPS.

我們預期調整後 EBITDA 介於 3,500 萬至 5,100 萬美元之間。總結而言，我們對第二季結果感到滿意，營收與接單成長，同時毛利率與調整後 EPS 亦有所改善。

I believe that we are well positioned to continue improving our performance. We are seeing solid long-term demand trends across our markets and are gaining traction on initiatives to expand margins even as we continue to invest in the growth opportunities ahead.

我相信我們已處於有利位置，可持續改善營運表現。我們在各市場看到穩健的長期需求趨勢，並在擴大利潤率的各項計畫上取得進展，即使我們仍持續投資於未來的成長機會。

I will now turn the call back over to Mark.

我現在把電話會議交回給 Mark。

Thanks, Tim. We are pleased with the strong start in the first half of the year, driven by sustained industrial demand and the progress we are making with our key strategic initiatives.

謝謝，Tim。在持續的工業需求以及我們在關鍵策略計畫上取得的進展帶動下，我們對今年上半年的強勁開局感到滿意。

Our announced acquisition of Lumibird Medical accelerates our strategic evolution and significantly expands our advanced solutions portfolio into higher growth and higher-margin medical applications.

我們已宣布收購 Lumibird Medical，此舉加速我們的策略演進，並將我們的先進解決方案產品組合大幅擴展至成長更快、毛利率更高的醫療應用領域。

We continue to execute on our growth strategy supported by operational excellence and an innovation engine that unlocks significant areas of opportunity.

我們持續執行成長策略，並以卓越營運與創新引擎作為支撐，開啟大量的機會領域。

As we continue along this path, I am increasingly confident in our ability to achieve above-market growth, expand margins and deliver lasting value for our customers and shareholders.

隨著我們持續沿著這條路徑前進，我對我們達成高於市場的成長、擴大利潤率，並為客戶與股東帶來長期價值的能力愈發有信心。

With that, we will be happy to take your questions.

那麼，我們很樂意開始回答各位的提問。

(Operator Instructions) Ruben Roy, Stifel.

(接線員指示) Stifel 的 Ruben Roy。

Thank you. Good morning. Hi, Mark. Hi, Tim. I wanted to start with a question on just maybe longer term, Mark, on the bookings. You've had three quarters in a row now where the book-to-bill is above one.

謝謝。早安。嗨，Mark。嗨，Tim。我想先從一個可能偏長期的問題開始，Mark，關於訂單（bookings）。你們已經連續三個季度的接單出貨比（book-to-bill）都高於 1。

The Q3 guidance is, again, sort of roughly flat at the midpoint of the revenue guide. Just wondering if you could talk a little bit about building a shippable backlog against the revenue guidance and how you're thinking maybe about the next couple of quarters against, again, what seems to be a nice backdrop for bookings. Thank you.

第三季的指引，在營收指引的中位數來看，再次大致持平。想請你談談，在這樣的營收指引之下，你們如何建立可出貨的在手訂單（shippable backlog），以及你們如何看待接下來幾個季度——在看起來接單環境相當不錯的背景之下。謝謝。

Sure. Hey, good to hear from you, Ruben. Just to step back for a second, of course, as you mentioned, we're seeing double-digit growth year-over-year, and this is the third quarter in a row for that.

當然。Ruben，很高興聽到你的聲音。先退一步看，正如你提到的，我們年對年呈現雙位數成長，而且這已經是連續第三個季度如此。

Book-to-bill, again, was strong, was above one for the third quarter in a row, and we're really seeing encouraging signs across the business.

接單出貨比同樣強勁，連續第三個季度高於 1，我們也確實在整體業務上看到令人鼓舞的跡象。

On the industrial side, we've seen very positive progress with the differentiated solutions that we've talked about in battery and additive manufacturing, cleaning, et cetera.

在工業端，我們在先前談到的差異化解決方案上看到非常正面的進展，包括電池與積層製造（additive manufacturing）、清洗等。

If you look at the PMIs globally, they've been expansive and stable. We're seeing quite positive momentum in our advanced solutions. We've talked about the key areas of advanced solutions that are giving us confidence in the long-term opportunity for the business.

如果看全球 PMI，它們一直處於擴張且穩定。我們在先進解決方案方面看到相當正面的動能。我們也談過先進解決方案的關鍵領域，這些都讓我們對公司長期機會更有信心。

Okay. Thanks, Mark. Maybe for a follow-up to drill in a little bit on the battery commentary. You've now cited both EV and battery storage as drivers, and I'm also looking at the China numbers. China back to 34% and change of revenue.

好的。謝謝，Mark。我想追問一下，深入談談你對電池的評論。你現在同時提到電動車（EV）與電池儲能作為驅動因素，我也在看中國的數字。中國營收占比回到 34% 多一些。

Quite a bit of growth the last several quarters, well into the double digits from China. Maybe if you could just kind of talk about two different things. On welding and battery specifically, how are you thinking about that in terms of sustainability or durability of that demand?

過去幾個季度來自中國的成長相當多，遠遠達到雙位數。也許你可以談兩件事。就焊接與電池而言，你如何看待這部分需求的可持續性或韌性？

Then also relative to what's going on in China, are you gaining share in China? What's the pricing environment like for that market in China, and how do you think about China as a percentage of revenue longer term?

另外，關於中國正在發生的情況，你們在中國是否正在提升市占？中國市場的定價環境如何？以及從長期來看，你如何看待中國營收占比？

I know a lot in there, clearly something that seems to be going well. Thanks.

我知道問題很多，但顯然這看起來進展得很不錯。謝謝。

Sounds good. Let me break it down. Let me start with the batteries. Again, we're seeing continued wins in that area, in the battery welding, also for batteries, just to remind you that there are also some other key applications there, specialized foil cutting as well as cleaning.

沒問題。我來拆開回答。先從電池談起。同樣地，我們在該領域持續拿下案子，包括電池焊接；另外也提醒你，電池還有一些其他關鍵應用，例如專用箔材切割以及清洗。

We're seeing strong pull and bookings in that area. The demand here is really driven for us by the high-capacity batteries, where we have strong differentiation.

我們在那個領域看到強勁的拉動需求與接單。對我們而言，這裡的需求主要由高容量電池所驅動，而我們在這方面具備明顯差異化。

In high-capacity batteries, you have higher currents. Higher currents mean thicker bus bars, also more critical contacts. The drivers there are now kind of two key areas.

在高容量電池中，電流更高。更高的電流意味著更厚的匯流排（bus bars），也意味著接點更為關鍵。目前的驅動因素大致可歸納為兩個重點領域。

there's the EV piece, which I'll come back to, but what's becoming a bigger piece of this now is actually the stationary storage, which is being driven by data centers for AI and also some grid stability for solar and other renewables.

一個是電動車（EV），我等一下會再回來談；但現在占比變得更大的其實是固定式儲能（stationary storage），其驅動來自 AI 資料中心，以及為太陽能與其他再生能源提供部分電網穩定性需求。

On the EV side, which is still continuing to grow, the high capacity is what's needed for the longer range side. Continue to believe in the long-term growth prospects there for batteries.

在 EV 端，仍在持續成長；而高容量是長續航里程所需要的。我們仍然相信電池的長期成長前景。

If we now shift to China and what's happening in China, first of all, just want to remind that China is a significant industrial market globally.

如果我們轉到中國以及中國正在發生的事情，首先我想提醒，中國在全球是一個重要的工業市場。

The fact that we have differentiated solutions, you can see the differentiation by the key design wins that we're getting there. I just want to note that we're winning not only against the local Chinese players, but also against other Western players.

我們具備差異化解決方案，從我們在那裡取得的關鍵設計導入（design wins）就能看出這種差異化。我也想指出，我們不僅贏過中國本地廠商，也贏過其他西方競爭對手。

The key differentiation that we have there, and we've mentioned this before, but on the battery side, with the combination of our AMB lasers, our Adjustable Mode Beam, plus the beam delivery, plus the measurement capability has been really key.

我們在那裡的關鍵差異化——我們之前也提過——在電池端，結合我們的 AMB 雷射（Adjustable Mode Beam，可調模式光束）、光束傳輸（beam delivery）以及量測能力，這點非常關鍵。

I want to also point out that in China, we have strong capability there, and we win in additive. That's a very important piece, which I talked about also in the prepared remarks, where we have new lasers. We work very closely with that sector.

我也要指出，在中國我們具備很強的能力，並且在積層製造（additive）方面也能勝出。這是非常重要的一塊，我在事先準備的發言中也提到，我們有新的雷射產品。我們與該產業領域密切合作。

We develop new lasers with specialized mode qualities that actually improve the throughput of those systems by, in some cases, one and a half to 2 times.

我們開發具備特殊模態品質（mode qualities）的新雷射，在某些情況下可將這些系統的產出效率（throughput）提升到 1.5 倍到 2 倍。

Really helping to drive that business of additive because the cost per part's reduced, that's allowed the additive to grow from both, which started in the areas, of course, aerospace and defense, where you had very high cost.

這確實有助於推動積層製造業務，因為單件成本（cost per part）下降；這也讓積層製造從最初的航太與國防等領域（當時成本非常高）開始成長——當時單件成本並不關鍵，重點只是能做出那些零件——

Cost of part wasn't critical, it was just the importance of making those parts to now with the cost per part dropping with some of the things that we're helping to drive, you're seeing the solutions move into medical devices and even into some consumer devices.

而現在，隨著我們協助推動的一些改善使單件成本下降，你會看到解決方案開始進入醫療器材，甚至一些消費性裝置。

In terms of pricing environment, the areas where we have strong differentiation in these areas, that gives us pricing power in those markets.

就定價環境而言，在這些我們具備強差異化的領域，這讓我們在那些市場擁有定價能力。

That's a lot of detail, Mark. I don't want to hog this up, maybe just one quick one for Tim on the lower product cost that you just talked about.

細節很多，Mark。我不想占用太多時間，最後想快速問 Tim 一題，關於你剛提到的較低產品成本。

If you can remind us, Tim, where you are on the structural cost out, and how you're thinking about utilization leverage, and the gross margins from here. That's all I have. Thank you.

Tim，你能否提醒我們結構性降本（structural cost out）目前進度如何？以及你如何看待產能利用率帶來的槓桿效應（utilization leverage）與接下來的毛利率走勢？我就這些。謝謝。

Sure. Yeah, we've talked about this. We've got a number of different ways that we're driving improvements in gross margin. The first is that we're taking cost out of product by moving to higher power optical components, the most obvious of which is the diodes, right?

好的。是的，我們談過這個。我們透過多種方式推動毛利率改善。第一個是透過導入更高功率的光學元件來降低產品成本，其中最明顯的就是二極體（diodes），對吧？

The higher power the diode you have, the fewer diodes you need, the smaller the form factor of the lasers. We're still at a relatively early stage of rolling the new generation of diodes out across the product platform, we have further improvements to gain from that.

二極體功率越高，需要的二極體數量就越少，雷射的外形尺寸（form factor）也就越小。我們仍處於將新一代二極體逐步導入整個產品平台的相對早期階段，這方面還有進一步改善空間。

The other side of that equation actually is where we've got the differentiation is optimizing pricing, and that's another initiative that's being driven by the sales team.

而這個等式的另一面，其實是我們具備差異化的地方：最佳化定價，這也是由銷售團隊推動的另一項計畫。

Then you come down as you drop through the manufacturing operations area. We are trying to drive meaningful improvements in absorption.

接著往下到製造營運（manufacturing operations）層面。我們正努力推動吸收率（absorption）的實質改善。

We're still behind where we want to be on that, we've got several initiatives that the team is working on across different areas, that would drive manufacturing efficiency and again, improve the cost of product and utilization.

這方面我們仍落後於目標；團隊正在不同領域推動數項計畫，以提升製造效率，並再次改善產品成本與產能利用率。

With those initiatives gaining momentum over the second half of the year and into 2027, we're continuing to target improvements in gross margin and coupling that with an increasing scale of the business, which should help that.

隨著這些舉措在今年下半年並延續至 2027 年逐步加速推進，我們將持續以提升毛利率為目標，並結合業務規模的擴大，這應該會有所助益。

Perfect. Thank you, gents.

完美。謝謝各位先生。

Thanks, Ruben.

謝謝你，Ruben。

(Operator Instructions) Jim Ricchiuti, Needham and Company.

(接線員指示) Jim Ricchiuti，Needham and Company。

Thank you. Good morning. Apologies, if you touched on this, I may have missed it, but I was hoping to get a little bit more color on the decline in North America.

謝謝。早安。抱歉，如果你們已經提到過我可能漏聽了，但我希望能更了解北美下滑的原因。

I think you alluded to a little softer medical business in the quarter. I'm just wondering what you're seeing in North America and what your expectations are for the medical business going forward, apart, obviously, from the acquisition.

我想你們提到本季醫療業務稍微疲軟。我想了解你們在北美看到的情況，以及你們對未來醫療業務的預期是什麼，當然不包含併購的影響。

Yes. Absolutely. Good to hear from you. Specifically, I think you're asking about the medical demand. We have very strong demand and backlog in medical, and we're confident that we're going to have another good year.

是的。當然。很高興聽到你的提問。具體來說，我想你問的是醫療需求。我們在醫療領域的需求與在手訂單都非常強勁，我們有信心今年會是另一個好年。

We're continuing to advance in the innovation roadmap there with new product approvals and introductions that are planned in 2026 and 2027.

我們也持續推進該領域的創新路線圖，規劃在 2026 年與 2027 年取得新的產品核准並推出新產品。

I've talked about those. Of course, Jim, we talked about the fact that we launched a key new product at the end of last year. We picked up a new key customer.

我已經談過這些。當然，Jim，我們也提到我們在去年底推出了一款關鍵新產品。我們也新增了一位重要新客戶。

The fact that we have both systems as well as the disposable fibers. Those are all moving strongly. As I've talked about in the past, we expect to more than double the business over the next two to three years. We have a lot of confidence in the medical business.

我們同時提供系統以及一次性光纖耗材。這些都在強勁成長。如我過去所說，我們預期未來兩到三年內業務規模將超過翻倍。我們對醫療業務非常有信心。

Of course, we're also excited about combining that with Lumibird Medical.

當然，我們也很期待把這些與 Lumibird Medical 結合起來。

So potential improvement in medical in the back half of the year. Mark, how do you think about the rest of the business in North America? What's the tone of demand that you're seeing out there?

所以醫療在今年下半年有望改善。Mark，你怎麼看北美其他業務？你看到的需求氛圍如何？

Yeah. So, again in the area of revenue, we've been overall strong. Even though we were slightly down there in North America, though.

是的。所以，再回到營收這塊，我們整體表現一直很強。儘管北美那邊略有下滑。

Our total bookings is strong. Book-to-bill, strong for the third quarter in a row overall. Continued strength. I'll just point out, just to put it in context, that we're seeing also continued strength as I talk about bookings in Asia, especially Japan and China. We're seeing some improvement in Europe, and we are absolutely seeing strengthening in medical as well.

我們的總接單很強。整體而言，出貨比（book-to-bill）已連續第三季維持強勁。持續展現強勢。我補充一下背景：如我談到接單，我們也看到亞洲持續強勁，尤其是日本與中國。我們看到歐洲有些改善，而且我們也確實看到醫療在走強。

Got it. One final question. Just you sound more positive on CROSSBOW, and I know it's early days, but as you look at that opportunity, in 2027, have your expectations changed at all?

了解。最後一個問題。你們對 CROSSBOW 聽起來更正面了，我知道現在還是早期，但當你們看這個機會時，對 2027 年的預期有任何改變嗎？

What I'd say, Jim, is we're very excited about that program. For context, again, we're still seeing daily headlines for drone threats. We think this is a really big opportunity.

我想說的是，Jim，我們對這個計畫非常興奮。作為背景，我們仍然每天都看到無人機威脅的新聞標題。我們認為這是一個非常大的機會。

Of course, it's still emerging, but we're excited about it both for military and civilian, as we've talked about before. We have a really unique position because in order for this area to be strong, we need to be able to address the threats in a sustainably affordable approach.

當然，這仍在發展中，但我們對其在軍用與民用兩端都感到振奮，正如我們之前談過的。我們擁有非常獨特的定位，因為要讓這個領域做強，我們必須能以可持續且可負擔的方式來應對威脅。

That's why CROSSBOW is so strong because we have this very compelling cost exchange ratio. We're leveraging the IPG, our commercial scale, the vertical integration, the quality, cost, and volume we've talked about. We're seeing quite positive momentum. Obviously, we've started shipping, as we said, the production order from Lockheed. That's great.

這也是為什麼 CROSSBOW 如此強大，因為我們具備非常有吸引力的成本交換比（cost exchange ratio）。我們正在運用 IPG 的能力、我們的商業規模、垂直整合，以及我們談過的品質、成本與產量優勢。我們看到相當正面的動能。顯然，如我們所說，我們已開始出貨洛克希德（Lockheed）的量產訂單。這很棒。

We're also seeing the systems now being operated in very harsh conditions in the US and multiple countries overseas. I mentioned also in the prepared remarks, that we've had successful tests at the White Sands Missile Range recently with multiple agencies.

我們也看到這些系統目前正在美國以及海外多個國家的非常嚴苛環境中運作。我也在事先準備的發言中提到，我們最近在白沙飛彈靶場（White Sands Missile Range）與多個機構進行了成功測試。

That's quite exciting. There were a number of tests done. Just to give you a little bit more color there were multiple CROSSBOW systems under test at the same time really showcasing some cooperative engagement tactics with the units.

這相當令人振奮。當時進行了多項測試。再補充一些細節：同一時間有多套 CROSSBOW 系統在測試，充分展示了單位之間的一些協同交戰戰術。

They were validated over really extreme environmental conditions for really a multi-week deployment that had monsoonal rain, extreme heat.

在為期數週的部署中，它們在極端環境條件下獲得驗證，包括季風降雨與極端高溫。

They had sandstorm testing, really validating CROSSBOW's environmental ratings. Even some testing of interoperability on government systems. Again, a lot of good things happening there. We're really excited about the future of CROSSBOW both in the defense and military area.

也進行了沙塵暴測試，確實驗證了 CROSSBOW 的環境等級。甚至還測試了與政府系統的互通性。總之，有很多好進展。我們對 CROSSBOW 在國防與軍事領域的未來非常期待。

Also we have this view of the strength for civilian infrastructure, which is also a significant problem. All of this addressing the drone problem.

同時，我們也認為民用基礎設施端的需求很強，而那也是一個重大的問題。這一切都是在解決無人機問題。

Good color. One final question maybe for Tim. Tim, were the bookings, was that book-to-bill fairly consistent across your major regions? Any real variability in that?

資訊很有幫助。最後一個問題，可能問 Tim。Tim，接單方面，出貨比在你們主要地區之間是否相當一致？有沒有明顯差異？

No, not a lot. I think it generally reflects on the industrial side, the strengthening PMI data, which continues to be expansionary and pretty good. Yeah, we had good bookings in Asia, Japan and China in particular. We had good bookings in North America.

沒有，差異不大。我認為這大致反映在工業端 PMI 數據的走強，該數據持續處於擴張區間，表現相當不錯。是的，我們在亞洲接單表現良好，尤其是日本與中國。我們在北美也有不錯的接單。

Europe was also pretty good, although I'd say Europe is probably the area where we continue to see some impact from the higher oil prices and the geopolitical environment, probably a bit more than elsewhere. Yeah, in general, they were pretty good.

歐洲也相當不錯，不過我會說歐洲可能是我們持續看到較高油價與地緣政治環境影響的區域，影響可能比其他地方更大一些。是的，整體而言都相當不錯。

Mark mentioned the medical bookings were strong. Continue to make progress in some of the other advanced applications such as semiconductor and micromachine. They're still a small part of the business, but we're certainly getting a good beachhead across those areas too.

Mark 提到醫療接單很強。我們也在其他一些先進應用上持續取得進展，例如半導體與微機械（micromachine）。它們目前仍占業務的一小部分，但我們確實也在這些領域建立了不錯的立足點。

Good. Thank you.

好的。謝謝。

Scott Graham, Seaport Research.

Scott Graham，Seaport Research。

Good morning. Thanks for taking the question. With the additive manufacturing being up significantly, I think Mark, you cited beam control and one and a half to two times efficiency.

早安。謝謝讓我提問。增材製造大幅成長，我想 Mark 你提到光束控制以及 1.5 到 2 倍的效率。

I know you're trying to do this across your businesses, yet I thought maybe you only cited it for additive. Could you kind of talk about what you're doing in your other businesses, in your other markets to get customers to upgrade their lasers and maybe change out their machinery?

我知道你們想在各個業務中推動這件事，但我印象中你只在增材製造提到。你能談談你們在其他業務、其他市場做了哪些事，讓客戶升級他們的雷射器，甚至可能更換他們的設備嗎？

Sure. Thanks very much for the question, Scott. Maybe the way to talk about this is just like in additive, what's really unique about IPG is not only the strength in the lasers and photonics, but the really deep understanding of the applications.

當然可以。非常感謝你的提問，Scott。也許可以這樣說：就像在增材製造一樣，IPG 真正獨特之處不僅在於雷射與光子技術的實力，還在於對應用的深度理解。

As I pointed out in additive, partnering with the OEM customers, really understanding the needs there, allowed us to develop these specialized mode structures that plugged into their systems, made their systems have throughputs that were significantly higher.

正如我在補充說明中指出的，與 OEM 客戶合作、真正理解他們的需求，使我們能夠開發這些可嵌入其系統的專用模式結構，讓他們的系統吞吐量顯著提高。

I mentioned when I talked earlier, that's allowed the cost per part to drop and actually allowed the expansion of those systems into broader markets. If I take that in areas like semiconductor that I've talked about, again, we have this deep technology broadly in lasers and photonics and the applications understanding.

我先前提到過，這使得單件成本下降，並且實際上讓這些系統得以擴展到更廣泛的市場。如果以我談到的半導體領域為例，我們同樣在雷射與光子學方面擁有廣泛而深厚的技術，以及對應用的理解。

In semiconductor, it's a great example, those semiconductor CapEx areas where they're really pushing the limits in lithography, metrology, and inspection. We have core technologies that help them on the cutting edge.

在半導體方面，這是一個很好的例子：在那些半導體資本支出（CapEx）領域，他們在微影、量測與檢測上正不斷挑戰極限。我們擁有能協助他們保持技術前沿的核心技術。

By working with them on their roadmaps and developing specialized solutions for our lasers, then we're able to become part of those roadmaps, get designed in, and that's why we're starting to see the benefits there. We do that in a variety of markets.

透過與他們一起規劃產品路線圖並為我們的雷射開發專用解決方案，我們就能成為其路線圖的一部分、被納入設計（design-in），這也是為什麼我們開始在那裡看到效益。我們在多個市場都採取這樣的做法。

In fact, just to give you a little bit more color, because I talked about the subsystems piece, again, that takes that deep applications understanding to be able to design not only the lasers for the specific application, but also the surrounding beam delivery, scanning capabilities, and the actual application piece so that we can provide a full solution where it's needed.

事實上，為了再提供一些細節，因為我談到了子系統這一塊——同樣需要對應用有深刻理解，才能不僅為特定應用設計雷射本體，還能設計周邊的光束傳輸、掃描能力，以及實際的應用部分，如此一來在需要時我們就能提供完整解決方案。

We can provide the lasers where it's needed.

在需要的地方，我們可以提供雷射。

We can provide a combination with specific other photonic components and even provide a full solution as a subsystem or a system. We're able to do that in multiple markets.

我們也可以與特定的其他光子元件進行組合，甚至以子系統或系統的形式提供完整解決方案。我們能在多個市場做到這一點。

Got it. That's helpful. More clear. Thank you. The pricing, I know you implemented some price increases this year. Just kind of wanted to know how they're sticking. Are they intended to cover inflation in full or just partially, or maybe mostly offset it?

了解。這很有幫助。更清楚了。謝謝。關於定價，我知道你們今年實施了一些漲價。我想了解一下這些漲價的落實情況如何。這些漲價是打算完全覆蓋通膨，還是只覆蓋一部分，或是大致抵消通膨？

Yeah. Let me just speak generally about pricing. That's an area, again, the strong differentiation that we have can provide much higher value for customer, where we can therefore take that in price. It depends on the particular area.

是的。我先就定價做一些概括性的說明。這同樣是一個領域：我們強勁的差異化能為客戶提供更高的價值，因此我們也能在價格上反映這一點。這取決於具體的領域。

We're able to do that again, where we add the most value, where we have the most differentiation, and we're doing that to obviously be able to offset in some of those areas, but also to command the value that we deserve in the marketplace.

我們能再次在我們創造最大價值、差異化最強的地方做到這一點；我們這麼做當然是為了在某些領域抵消成本壓力，但同時也是為了在市場上取得我們應得的價值回報。

So just is the goal there to fully offset, or is it just going to be a partial offset of inflation in these selected areas?

所以那裡的目標是要完全抵消，還是只是在這些選定領域部分抵消通膨？

I think you try to offset inflationary pressures, whether they be on material input costs or labor, but you've also got to stay ahead of the curve there, Scott, on bringing the cost of the product down as well, right?

我認為你會試著抵消通膨壓力，不論是材料投入成本或人力成本，但同時你也必須在降低產品成本方面走在前面，對吧，Scott？

Making, as I mentioned, increasing the power that you can get out of different optical components, that changes the form factor of the product itself. It reduces your material input.

正如我提到的，提高不同光學元件可輸出的功率，會改變產品本身的外形尺寸（form factor）。這會降低你的材料投入。

It's part of the strategy to offset that, but as with anything that we've done historically, taking cost out of product is the other arrow in the quiver, if you like, and then driving the improvements in manufacturing efficiency to see an overall improvement in gross margin and drop-through to profitability.

這是抵消的一部分策略；但如同我們過去一貫的做法，從產品中降本是另一支箭（如果你願意這麼說），再加上推動製造效率提升，以在整體毛利率上看到改善，並提升利潤的落地（drop-through）。

Very good. Thank you both.

非常好。謝謝你們兩位。

Keith Housum, Northcoast Research.

Keith Housum，Northcoast Research。

Great. Thanks. Good morning, gentlemen. Hey, Mark, just trying to understand a little bit more of the Adjustable Beam part of the business.

很好。謝謝。早安，各位先生。Mark，我想更了解一下可調光束（Adjustable Beam）這部分的業務。

I understand that's a driver of some of the growth here, especially over in China in the welding area. How big is the Adjustable Beam business for you guys, and is that growing faster than the overall business for you?

我理解這是你們部分成長的驅動因素，特別是在中國的焊接領域。可調光束業務對你們來說有多大？它的成長速度是否快於你們整體業務？

Yeah. Again, to talk about that area of Adjustable Mode Beam, that's important for a number of welding applications. One of those is certainly the battery.

是的。再談到可調模式光束（Adjustable Mode Beam）這個領域，它對多種焊接應用都很重要。其中之一當然是電池。

As we talk about the battery demand and the continued wins and strong pull in bookings that we're seeing there, the Adjustable Mode Beam lasers are a key piece of that.

當我們談到電池需求、以及我們在那裡看到的持續拿下訂單與強勁的訂單拉動（bookings pull）時，可調模式光束雷射是其中的關鍵組成。

Remember that that has a high differentiation, and I'm just going to remind you why, that in those applications it's critical to have that Adjustable Mode Beam and especially the fact that we've developed very high power single mode in that beam, and that's what's helping to drive that area of battery, but also broader welding. It gives you some significant advantages in that area. One of the key drivers is absolutely the batteries.

請記得，這具有高度差異化；我再提醒你原因：在那些應用中，具備可調模式光束至關重要，尤其是我們已在該光束中開發出非常高功率的單模（single mode），這正是推動電池領域、以及更廣泛焊接應用的因素。它在該領域帶來一些顯著優勢。其中一個關鍵驅動因素絕對是電池。

As I mentioned before, the batteries are being driven by stationary storage as well as other renewables. Stationary storage for data centers, also for other renewables and the longer-range EVs. Again, that area of battery.

如我先前提到，電池需求也受到固定式儲能以及其他再生能源的帶動。固定式儲能用於資料中心，也用於其他再生能源，以及更長續航里程的電動車（EV）。同樣是在電池這個領域。

There are other welding applications that also drive that. That has been a significant driver, and it's also something that you can see in the emerging growth products as you saw the growth in that area, and that we're at a maximal point in that at 58% of revenue. That's one of the key areas that's driving that.

還有其他焊接應用也會帶動這一塊。這一直是重要的驅動因素；而且你也能在新興成長產品中看到這點，正如你看到該領域的成長，以及我們在那裡達到最高點、占營收 58%。這是推動該表現的關鍵領域之一。

Okay. Appreciate that. In terms of medical, your hope to double that business in two to three years, remind me how big medical is for you guys. Is that in the 7% to 8% range right now for you?

好的。感謝說明。在醫療方面，你們希望在兩到三年內把這項業務翻倍，提醒我一下醫療對你們來說目前有多大？現在大約是 7% 到 8% 的區間嗎？

Yes, that's correct.

是的，沒錯。

Okay, great. Thanks guys. Appreciate it.

好的，很好。謝謝各位。感謝。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Eugene Fedotoff for closing comments.

問答環節到此結束。現在我想把電話交回給 Eugene Fedotoff 作結語。

Thank you for joining us this morning and your continuing interest in IPG. We will be participating in several investor events this quarter and are looking forward to speaking with you again soon. Have a nice day, everyone.

感謝各位今天早上加入我們，並持續關注 IPG。本季我們將參加數場投資人活動，並期待很快再次與各位交流。祝大家有美好的一天。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。您現在可以掛線，感謝您的參與。