3M (MMM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the 3M third-quarter earnings conference call. (Operator Instructions). As a reminder, this call is being recorded, Tuesday, October 21, 2025.

女士們、先生們，感謝你們的耐心等待。歡迎參加3M公司第三季財報電話會議。（操作說明）再次提醒，本次通話正在錄音，2025年10月21日，星期二。

I would now like to turn the call over to Chinmay Trivedi, Senior Vice President of Investor Relations and Financial Planning and Analysis at 3M.

現在，我想把電話交給 3M 公司投資者關係、財務規劃和分析高級副總裁 Chinmay Trivedi。

Thank you. Good morning, everyone, and welcome to our quarterly earnings conference call. With me today are Bill Brown, 3M's Chairman and Chief Executive Officer; and Anurag Maheshwari, our Chief Financial Officer. Bill and Anurag will make some formal comments, then we will take your questions. Please note that today's earnings release and slide presentation accompanying this call are posted on the homepage of our Investor Relations website at 3m.com.

謝謝。各位早安，歡迎參加我們的季度財報電話會議。今天陪同我的是 3M 公司董事長兼執行長比爾布朗，以及我們的財務長阿努拉格馬赫什瓦里。比爾和阿努拉格將正式發言，之後我們將回答大家的問題。請注意，今天的收益報告和本次電話會議的幻燈片簡報已發佈在我們投資者關係網站 3m.com 的首頁上。

Please turn to slide 2 and take a moment to read the forward-looking statements. During today's conference call, we'll be making certain predictive statements that reflect our current views about 3M's future performance and financial results. These statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Item 1A of our most recent Form 10-Q lists some of the most important risk factors that could cause actual results to differ from our predictions.

請翻到第二張投影片，花點時間閱讀前瞻性陳述。在今天的電話會議上，我們將發表一些預測性聲明，這些聲明反映了我們目前對 3M 未來業績和財務結果的看法。這些陳述是基於對未來事件的某些假設和預期，而這些假設和預期存在風險和不確定性。我們最新的 10-Q 表格第 1A 項列出了一些可能導致實際結果與我們的預測不同的最重要風險因素。

Please note while today's presentation we'll be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in the attachments to today's press release. With that, please turn to slide 3, and I will hand the call off to Bill. Bill?

請注意，在今天的演示中，我們將提及一些非GAAP財務指標。有關非GAAP指標的調節表，請參閱今天新聞稿的附件。接下來，請翻到第 3 張投影片，我會把電話交給比爾。帳單？

Thank you, Chinmay, and good morning, everyone. The 3M team delivered another strong quarter in Q3 with organic sales growth of 3.2% and the fourth consecutive quarter of positive organic growth across all three business groups against a macro backdrop that is largely unchanged and generally soft. Our 3M excellence operating model helped drive operating margins up 170 basis points, earnings per share up 10% to $2.19, and free cash flow of $1.3 billion, a conversion of 111%.

謝謝你，欽邁，大家早安。在宏觀經濟環境基本上保持不變且整體疲軟的情況下，3M 團隊在第三季度再次取得了強勁的業績，有機銷售額增長了 3.2%，並且連續第四個季度實現了所有三個業務集團的有機正增長。我們的 3M 卓越營運模式有助於推動營業利潤率提高 170 個基點，每股收益提高 10% 至 2.19 美元，自由現金流達到 13 億美元，轉換率達到 111%。

Our strong performance through the first three quarters of the year enables us to increase our earnings per share guidance to $7.95 to $8.05. And on the back of a strong Q3, we now expect full-year organic sales growth to be greater than 2% with adjusted free cash flow conversion remaining above 100%.

今年前三個季度的強勁業績使我們能夠將每股收益預期上調至7.95美元至8.05美元。由於第三季的優異表現，我們現在預計全年有機銷售額成長將超過2%，調整後的自由現金流轉換率將維持在100%以上。

Our strategy is working. Our efforts to advance our top three priorities are yielding results. Most notable this quarter is our work on commercial excellence. The rigor associated with turning customer opportunities into wins faster is clear. and we are squarely focused on accounts with the highest potential while limiting special pricing actions.

我們的策略奏效了。我們推動三大優先事項的努力正在發揮成效。本季最值得關注的是我們在商業卓越性方面的工作。將客戶機會更快轉化為實際成交的嚴謹性顯而易見。我們專注於最具潛力的客戶，同時限制特殊定價策略。

Our cross-selling program continues to outperform our expectations, and we have nearly doubled the pipeline since last quarter and closed on nearly $30 million of new business. To reduce churn, we are leveraging predictive analytics to win back business lost or at risk. And the sales organization is stepping up its performance embracing the up-tempo operating rigor and leveraging new tools and processes to win at the customer interface.

我們的交叉銷售計劃繼續超出預期，自上個季度以來，我們的銷售管道幾乎翻了一番，並完成了近 3000 萬美元的新業務。為了降低客戶流失率，我們正在利用預測分析來贏回失去或面臨風險的業務。銷售部門正在提升業績，積極擁抱快節奏的營運模式，並利用新的工具和流程在客戶介面上贏得勝利。

We launched 70 new products in the quarter and 196 year to date, both up about 70% versus last year, and we now expect to launch over 250 new products this year, exceeding our goal of 215 and pacing ahead of our Investor Day target of 1,000 new products through 2027.

本季我們推出了 70 款新產品，今年迄今推出了 196 款新產品，均比去年同期成長了約 70%。我們現在預計今年將推出超過 250 款新產品，超過我們 215 款的目標，並提前實現了我們在投資者日設定的到 2027 年推出 1000 款新產品的目標。

We continue to shift resources towards new product development, align investment to our priority verticals, and drive accountability for on-time launch attainment. And most importantly, we're beginning to bend the curve on revenue from new products with sales from products launched in the last five years, up 30% in Q3 and 16% year-to-date, tracking to be up high teens for the full year.

我們將繼續把資源轉移到新產品開發上，將投資與我們的優先垂直領域保持一致，並推動對按時發布產品的責任落實。最重要的是，我們開始扭轉新產品收入成長的頹勢，過去五年推出的產品的銷售額在第三季度增長了 30%，今年迄今為止增長了 16%，預計全年將實現接近 10% 的增長。

I wanted to highlight a few specific product launches this year that contributed to our performance this quarter. Earlier this year, we launched ScotchBlue Pro Sharp Painter's Tape, a great example of a Class 3 product in our consumer business that replaces an existing offering in this space, but with a better performance and cost profile. We're now regaining share, growing high-single digits and outperforming in the category.

我想重點介紹今年推出的幾款對我們本季業績做出貢獻的產品。今年早些時候，我們推出了 ScotchBlue Pro Sharp 油漆膠帶，這是我們消費品業務中 3 類產品的一個很好的例子，它取代了該領域現有的產品，但性能和成本都更好。我們現在正在重新奪回市場份額，實現了接近兩位數的成長，並在同類產品中表現優異。

Another launch in the Consumer business expanded our size offering in our Filtrete business, giving us broader coverage of the market and leading to high-single-digit growth in the category in Q3. Last quarter, we launched a new lightweight wire frame self-contained breathing apparatus, which contributed to our high-teens growth this quarter in our SCBA business and SIBG. These are just a few examples that individually are not material at the company level, but collectively are beginning to have a positive impact on revenue growth and customer perception that innovation is back at 3M.

消費者業務的另一項產品推出擴大了我們在 Filtrete 業務中的尺寸範圍，使我們對市場的覆蓋範圍更廣，並導致該類別在第三季度實現了高個位數增長。上個季度，我們推出了一款新型輕型金屬框架自給式呼吸器，這促成了本季我們在 SCBA 業務和 SIBG 業務方面實現兩位數以上的成長。這些只是幾個例子，單獨來看，它們對公司層面來說並不重要，但加在一起，它們開始對收入成長和客戶對3M公司重拾創新的認知產生正面影響。

Our second priority is driving operational excellence across the enterprise. Our efforts here are driving margin expansion, improving customer service, increasing asset utilization, and reducing cost of poor quality. Our on-time and full metric was 91.6% in the quarter, improving 200 basis points sequentially and 300 basis points over last year. achieving the highest on-time performance we've had in any quarter going back 20-plus years.

我們的第二個重點是推動整個企業的卓越營運。我們在此方面的努力旨在擴大利潤率、改善客戶服務、提高資產利用率並降低劣質產品的成本。本季我們的準時交貨率和完整交貨率達到 91.6%，環比提高 200 個基點，比去年同期提高 300 個基點，創下 20 多年來單季準時交貨率的最高紀錄。

We've now been consistently over 90% for four months in a row. Improved OTIF shows up tangibly in our financial results as lower service fines, but also intangible through a better customer experience, leading to winning more shelf space and enhancing customer loyalty. Our intention now is a shift to the next stage of operational excellence, sustained or improved OTIF while simultaneously tightening delivery lead times and lowering inventory.

我們已經連續四個月維持90%以上的成功率了。提高準時交貨率 (OTIF) 不僅能實際反映在我們的財務表現中，例如降低服務罰款，還能透過改善客戶體驗帶來無形收益，從而贏得更多貨架空間並增強客戶忠誠度。我們現在的目標是邁向卓越營運的下一階段，在保持或提高準時交付率的同時，縮短交付週期並降低庫存。

We continue to roll out our operating equipment effectiveness metric, which is now being systematically tracked on 229 of our most important assets, representing about 60% of our production volume, an increase of 32 assets since last quarter.

我們繼續推廣營運設備效率指標，目前已對我們最重要的 229 項資產進行了系統跟踪，這些資產約占我們產量的 60%，比上一季度增加了 32 項資產。

Year to date, OEE is about 63%, up 300 basis points versus last year. This focus on better asset utilization is both reducing change over time and unplanned downtime and increasing run length and run rate, unlocking incremental volume opportunities. For example, in our optical adhesives line at our Jinshan plant in China, we were able to increase utilization from 63% to 81% by optimizing visual defect controls and reducing curing system downtime, freeing up enough capacity to double our share of an electronics customers business.

今年迄今為止，OEE約為63%，比去年同期提高了300個基點。這種對提高資產利用率的重視，既減少了變更時間和非計劃停機時間，又增加了運行時間和運行速度，從而釋放了增量產量機會。例如，在我們位於中國金山的工廠的光學膠合劑生產線上，我們透過優化視覺缺陷控制和減少固化系統停機時間，將利用率從 63% 提高到 81%，從而釋放出足夠的產能，使我們在電子客戶業務中的份額翻了一番。

Quality is another critical aspect of operational excellence and is a company-wide priority. Our cost of poor quality in the quarter was 5.7%, down 40 basis points sequentially and 150 basis points year over year. Our focus on quality has driven yield launch reductions across all three business groups as we leverage Kaizen events and AI tools to optimize changeovers, use automation to replace manual visual inspection, and deploy design for manufacturing in our new product development efforts to reduce scrap during scale up.

品質是卓越營運的另一個關鍵方面，也是公司上下的優先事項。本季劣質產品成本為 5.7%，季減 40 個基點，較去年同期下降 150 個基點。我們對品質的重視推動了三大業務集團的良率下降，我們利用改善活動和人工智慧工具來優化換型，使用自動化來取代人工目視檢查，並在新產品開發工作中部署面向製造的設計，以減少規模化生產過程中的廢品。

While we're making progress, we have a long runway for improvement toward our target of achieving less than 4% cost of quality as a percentage of cost of goods sold. Our third priority is capital deployment. We returned $900 million to shareholders in Q3, $400 million in dividends and $500 million of share repurchases. Year to date, we returned $3.9 billion to shareholders.

雖然我們取得了一些進展，但要實現品質成本佔銷售成本的比例低於 4% 的目標，我們還有很長的路要走。我們的第三項優先事項是資金部署。第三季度，我們向股東返還了 9 億美元，其中 4 億美元為股息，5 億美元為股票回購。今年迄今為止，我們已向股東返還了39億美元。

Consistent with what we said at Investor Day and since then, we continue to evaluate our portfolio at a profit center level to shift our businesses towards higher growth, higher profit potential markets. Addressing this portfolio will not only be accretive to earnings over time, but importantly, we'll free up management time to focus on higher-value opportunities. We previously communicated that 2% to 3% of revenue was under review for being divested.

與我們在投資者日以及之後所說的一致，我們繼續在利潤中心層面評估我們的投資組合，以將我們的業務轉向成長潛力更高、利潤潛力更大的市場。調整該投資組合不僅會隨著時間的推移增加收益，更重要的是，還能騰出管理階層的時間專注於更高價值的機會。我們之前曾表示，公司正在考慮剝離佔總收入 2% 至 3% 的業務。

And in the quarter, we made progress with an agreement to sell our precision grinding and finishing business within our SIBG abrasive division. While this business is small at less than 1% of company sales, it's been a drag on results with over a decade of sales declines and seven dedicated underutilized factories across the US, Europe, and China. As such, we do not expect this divestiture to be dilutive to earnings. This is a good outcome for shareholders, and it's indicative of the portfolio shaping we spoke about at Investor Day that enables us to be a more focused and higher performing enterprise.

本季度，我們在出售 SIBG 磨料部門內的精密研磨和精加工業務方面取得了進展。雖然這項業務規模很小，僅占公司銷售額的不到 1%，但它卻拖累了公司業績，十多年來銷售額持續下滑，並且在美國、歐洲和中國擁有七家專門的工廠卻未得到充分利用。因此，我們預期此次資產剝離不會稀釋收益。這對股東來說是一個好結果，也顯示了我們在投資者日上談到的投資組合調整策略，該策略使我們能夠成為一家更專注、更有績效的企業。

On slide 4, macro trends remained soft and largely unchanged from Q2. But due to our strong execution, we are outperforming. Looking at our end markets. In Q2, we said general industrial and safety will improve off its low-single-digit growth in the first half, and that is what happened despite a surprisingly weak roofing granules market. Electronics was up mid-single digits and flat to the first half and was a bit better than expected.

第 4 張投影片顯示，宏觀趨勢依然疲軟，與第二季相比基本保持不變。但由於我們執行力強，所以我們的表現優於預期。審視我們的終端市場。第二季度，我們曾表示，一般工業和安全用品行業將比上半年的個位數低增長有所改善，而儘管屋頂顆粒市場出乎意料地疲軟，但實際情況也確實如此。電子產品銷售額實現了個位數中段的成長，與上半年持平，略好於預期。

Consumer was flat as expected, and auto and auto aftermarket were down mid-single digits with performance improving modestly in auto OE and weakening in commercial vehicles. Slide 5 pulls it all together and puts a spotlight on our 3M eXcellence framework in action in SIBG.

正如預期的那樣，消費者需求持平，汽車及汽車售後市場需求下降了個位數中段，其中汽車原廠配套市場表現略有改善，而商用車市場表現疲軟。第 5 張投影片將所有內容匯總起來，重點介紹了我們在 SIBG 中實施的 3M eXcellence 框架。

On the right shows 11 quarters of organic growth at SIBG from minus 6% in early 2023 to the most recent quarter at 4.1%, aligned with the key factors driving this improvement. Over this period, new product launches more than doubled. OTIF improved by 12 percentage points, age backlog declined by 13 points.

右圖顯示了 SIBG 11 個季度的有機成長率，從 2023 年初的 -6% 到最近一個季度的 4.1%，這與推動這項改善的關鍵因素相符。在此期間，新產品發布數量增加了一倍以上。OTIF 提高了 12 個百分點，積壓案件減少了 13 個百分點。

Cross-selling has accelerated, and more rigor and management focus was implemented across the sales force. But while progress is evident, we're still in the early innings as we execute on the fundamentals and extend the 3M eXcellence framework to other parts of the company. I'm really proud of the team.

交叉銷售加速發展，銷售團隊內部也實施了更嚴格的管理措施。雖然進展顯而易見，但我們仍處於起步階段，因為我們需要落實基本原則，並將 3M eXcellence 框架推廣到公司的其他部門。我為我的團隊感到非常自豪。

Our third-quarter performance gives us confidence we're on the right track and reflects the culture of excellence we're building inside the company as we continue to drive the rigor and op tempo necessary to deliver on our strategic priorities.

第三季的業績讓我們確信我們走在正確的道路上，也體現了我們正在公司內部建立的卓越文化，我們將繼續推進必要的嚴謹性和營運節奏，以實現我們的策略重點。

As we navigate these uncertain times, we're focused on what we control, innovating for our customers, embedding commercial excellence across our businesses, improving service, optimizing capacity, reducing waste, and effectively deploying capital, all with a renewed sense of urgency that defines our new performance culture.

在應對這些不確定的時期時，我們專注於我們能夠控制的事情，為我們的客戶進行創新，將卓越的商業實踐融入到我們的各項業務中，改善服務，優化產能，減少浪費，並有效地部署資本，所有這些都體現了一種新的緊迫感，這種緊迫感定義了我們新的績效文化。

And with that, I'll turn it over to Anurag to share the details of the quarter. Anurag?

接下來，我將把麥克風交給阿努拉格，讓他來分享本季的詳細情況。阿努拉格？

Thank you, Bill. Turning to slide 6. We had a strong quarter across all financial metrics. We delivered sales growth acceleration, continued solid margin expansion, double-digit earnings growth, and strong cash flow.

謝謝你，比爾。翻到第6張投影片。本季所有財務指標均表現強勁。我們實現了銷售成長加速、利潤率持續穩健擴張、兩位數獲利成長和強勁現金流。

Starting with the top line. In a consistently muted macro environment, we accelerated organic revenue growth from 1.5% in the first half to 3.2% in Q3 driven by successful execution of our commercial excellence initiatives and contribution from NPI underpinned by a strong operating tempo, which resulted in growth above macro.

從第一行開始。在宏觀經濟環境持續低迷的情況下，我們透過成功執行卓越商業計劃和新產品導入 (NPI) 的貢獻，以及強勁的營運節奏，將有機收入增長從上半年的 1.5% 加速至第三季度的 3.2%，從而實現了高於宏觀水平的增長。

By geography, our growth was led by China, which was up high-single digits, with strength in industrial adhesives, films and electronics bonding solutions driven by strong commercial execution that led to share gains. The US, where we first focused our commercial excellence initiatives grew nearly 4% in the quarter compared to 1% growth in the first half, with strength in general industrial, safety and demand for Filtrete filters partially offset by market-driven weakness in auto aftermarket and roofing granules.

從地理上看，我們的成長主要由中國市場引領，實現了接近兩位數的成長。工業用黏合劑、薄膜和電子黏合解決方案的強勁表現，得益於強大的商業執行力，從而帶來了市場份額的成長。美國是我們最初集中開展卓越商業計劃的地區，本季成長近 4%，而上半年僅成長 1%。一般工業、安全以及對 Filtrete 過濾器的需求強勁，但汽車售後市場和屋頂顆粒的市場疲軟部分抵消了這一增長。

It was encouraging to see Europe return to growth in the third quarter up low-single digits due to strength in personal safety communication solutions, which more than offset the weakness in auto. Q3 daily order trends were up 3% year on year with growth across all business groups. Though our sales came in better than expected and aged backlog continues to decline, the strength in orders resulted in a year-over-year increase in backlog, providing 20% to 25% coverage of fourth-quarter sales.

令人鼓舞的是，由於個人安全通訊解決方案的強勁表現，歐洲第三季恢復了低個位數成長，足以抵消汽車產業的疲軟。第三季每日訂單量年增 3%，所有業務部門均成長。儘管我們的銷售額好於預期，積壓訂單持續減少，但訂單的強勁成長導致積壓訂單年增，僅能覆蓋第四季銷售額的 20% 至 25%。

Q3 adjusted operating margins were 24.7%, up 170 basis points year on year, driven by continued strong operational performance. Operating income grew by approximately $175 million in constant currency, including an approximately $325 million benefit from volume growth, broad-based productivity across supply chain and G&A, and lower restructuring costs, partially offset by about $50 million of growth investments as planned and $100 million from tariff impact and stranded costs.

第三季調整後營業利益率為 24.7%，較去年同期成長 170 個基點，主要得益於持續強勁的營運表現。以固定匯率計算，營業收入成長約 1.75 億美元，其中包括銷售成長帶來的約 3.25 億美元收益、供應鏈和一般及行政費用的全面提高以及重組成本的降低，部分被按計劃進行的約 5000 萬美元增長投資以及關稅影響和擱淺成本造成的 1 億美元損失所抵消。

Collectively, this contributed $0.25 to earnings, which was partially offset by $0.04 from FX and nonoperational below-the-line items. Our strong operating performance resulted in adjusted EPS of $2.19, an increase of 10%. Relative to expectations, our operational outperformance was driven by higher volume and productivity as the team continued to execute our strategic priorities.

總計這為收益貢獻了 0.25 美元，但被外匯和非經營性線下項目造成的 0.04 美元部分抵消。我們強勁的經營業績使調整後每股收益達到 2.19 美元，成長了 10%。與預期相比，我們營運績效的優異表現得益於更高的業務量和生產效率，這得益於團隊持續執行我們的策略重點。

I also want to mention two items highlighted in our press release issued this morning that are excluded from adjusted results. First, we recorded a pretax charge of $161 million related to the agreement to sell our precision grinding and finishing business.

我還想提及今天早上發布的新聞稿中重點提到的兩項內容，這兩項內容未計入調整後的結果。首先，我們計入了一筆與出售精密研磨和精加工業務相關的稅前費用 1.61 億美元。

Second, we took a $14 million charge as we begin to invest in the long-term transformation efforts to redesign our manufacturing, distribution and business process services and locations. This initiative is different from the traditional restructuring programs we have previously undertaken like the recently concluded enterprise program, which focused on short-term actions for quicker paybacks.

其次，我們提列了 1,400 萬美元的費用，因為我們開始投資長期轉型工作，以重新設計我們的製造、分銷和業務流程服務及地點。這項措施與我們先前進行的傳統重組計劃（例如最近結束的企業計劃）有所不同，後者專注於採取短期行動以更快地獲得回報。

Accordingly, the charges related to these actions will be excluded from adjusted results going forward. Adjusted free cash flow in the quarter was $1.3 billion with conversion of 111% as we benefited from strong earnings and capital expenditure efficiency.

因此，與這些行為相關的費用將從未來的調整後績效中剔除。本季調整後的自由現金流為 13 億美元，轉換率為 111%，這得益於強勁的獲利能力和資本支出效率。

I will provide a quick overview of our growth performance for each business group on slide 7. We started commercial excellence initiatives in Safety and Industrial and as a result, we are seeing early gains with organic sales up 4.1% in Q3 and 3.1% year to date.

我將在第 7 頁簡要概述我們各個業務部門的成長表現。我們在安全和工業領域啟動了商業卓越計劃，因此，我們看到了初步成效，第三季度有機銷售額增長了 4.1%，今年迄今為止增長了 3.1%。

Growth in SIBG was led by electrical markets, up low teens as we prioritized service performance and capitalize on growth in construction of data centers. Industrial adhesives and tapes had another quarter of mid-single-digit growth as they continue to win share in bonding solutions for electronics, auto and appliances from new product introduction and better order conversion.

SIBG 的成長主要由電氣市場帶動，實現了兩位數左右的成長，因為我們優先考慮服務性能並利用資料中心建設的成長。工業膠合劑和膠帶連續第二個季度實現了中等個位數的成長，這得益於新產品的推出和訂單轉換率的提高，它們在電子、汽車和家電黏合解決方案領域繼續贏得市場份額。

Both personal safety and abrasives accelerated to mid-single-digit growth, up from low-single digits in the first half driven by increased sales effectiveness and new product introductions. Collectively, this strong growth more than offset known weakness in automotive aftermarket and emerging weakness in roofing granules from the slow housing market and weak consumer sentiment. Overall, our focus on commercial and innovation excellence helped SIBG grow 4.1% for the quarter the highest growth since 2018 ex-COVID.

受銷售效率提高和新產品推出的推動，個人安全用品和磨料的成長率均從上半年的個位數低段加速上升至個位數中段。總體而言，這種強勁的成長足以抵消汽車售後市場已知的疲軟以及由於房地產市場低迷和消費者信心不足而導致的屋頂顆粒市場新出現的疲軟。總體而言，我們對商業和創新卓越的關注幫助 SIBG 在本季度實現了 4.1% 的成長，這是自 2018 年（不包括 COVID-19）以來最高的成長。

Transportation and Electronics adjusted sales accelerated from 1% in the first half to 3.6% in Q3, bringing year-to-date organic growth to 1.9%. While there was some discrete timing between Q3 and Q4 in our transportation safety business due to a large pavement marking project, the main drivers of growth were double-digit growth in aerospace, continued momentum in the electronics business, and automotive being flattish after a down first half.

交通運輸和電子產品調整後的銷售額從上半年的 1% 加速成長至第三季的 3.6%，使今年迄今的有機成長率達到 1.9%。雖然由於大型路面標線項目，我們的交通安全業務在第三季度和第四季度之間出現了一些時間上的差異，但增長的主要驅動力是航空航天業務的兩位數增長、電子業務的持續增長勢頭，以及汽車業務在經歷了上半年的下滑後趨於平穩。

In electronics, we're expanding from the premium segment into the mainstream with new product introductions and better sales coverage. This quarter, we won content with a major mainstream player to supply optically clear adhesives for smartphones and lower sparkle film for notebooks. In our auto business, the weak commercial vehicle sales were offset by growth due to spec-in wins and increased penetration with Chinese OEMs.

在電子產品領域，我們正透過推出新產品和擴大銷售覆蓋範圍，從高端市場拓展到主流市場。本季度，我們與一家主流廠商達成合作，為其提供用於智慧型手機的光學透明黏合劑和用於筆記型電腦的低閃光薄膜。在我們的汽車業務中，商用車銷售疲軟被透過贏得客製化訂單和提高與中國汽車製造商的合作滲透率而實現的成長所抵消。

Finally, in a relatively weak consumer market, our consumer business has demonstrated the ability to grow four quarters in a row, including 0.3% organic growth in each of the last three quarters. Though consumer sentiment remains soft, we experienced strong demand for Filtrete filters, Scotch Tape, and McGuire's products supported by new product introductions, continued service improvements, and increased advertising and merchandising investment.

最後，在消費市場相對疲軟的情況下，我們的消費業務已連續四個季度實現成長，其中最近三個季度均實現了 0.3% 的有機成長。儘管消費者信心依然疲軟，但得益於新產品的推出、持續的服務改進以及廣告和商品推廣投入的增加，我們對 Filtrete 過濾器、Scotch Tape 和 McGuire's 產品的需求依然強勁。

Overall, we are delivering on our commitments with strong year-to-date results, including organic growth of 2.1%, operating margin expansion of 220 basis points to 24.2%, earnings growth of 11% and free cash flow generation of $3.1 billion. We also returned $3.9 billion to shareholders, including $1.2 billion in dividends and $2.7 billion in share repurchases.

總體而言，我們履行了我們的承諾，今年迄今取得了強勁的業績，包括2.1%的內生增長、220個基點至24.2%的營業利潤率增長、11%的盈利增長以及31億美元的自由現金流。我們也向股東返還了 39 億美元，其中包括 12 億美元的股息和 27 億美元的股票回購。

Please turn to slide 8 for an update on our '25 guidance. Our year-to-date sales growth of 2.1% gives us confidence we will deliver growth of over 2% for the year. Our focus on productivity has enabled us to deliver strong margins every quarter. And on the back of this performance, we are updating our margin expansion expectations to 180 to 200 basis points for the year.

請翻到第 8 頁，了解我們 2025 年指引的最新資訊。今年迄今為止，我們的銷售額成長了 2.1%，這使我們有信心實現全年超過 2% 的成長。我們注重提高生產效率，因此每季都能實現強勁的利潤率。基於這項業績，我們將今年的利潤率擴張預期上調至 180 至 200 個基點。

As a result, we are raising our earnings per share guidance for the year from a range of $7.75 to $8 to a range of $7.95 to $8.05 representing an approximately $0.12 increase at the midpoint or 10% growth for the year. We continue to expect free cash flow conversion of greater than 100% with absolute free cash flow dollars being higher reflecting the increase in earnings.

因此，我們將全年每股收益預期從 7.75 美元至 8 美元上調至 7.95 美元至 8.05 美元，中位數約為 0.12 美元，或全年增長 10%。我們繼續預期自由現金流轉換率將超過 100%，絕對自由現金流金額將更高，以反映獲利的成長。

Please turn to slide 9. This updated 2025 guidance is ahead of the initial guidance set at the beginning of the year and positions us well to achieve the financial commitments we made at our Investor Day earlier this year. For 2026, we will provide formal guidance on our Q4 earnings call in January, but our framework remains consistent with what we communicated at our Investor Day in February, growth above macro, continued margin expansion and earnings growth, and strong free cash flow generation.

請翻到第9頁投影片。此次更新後的 2025 年業績指引比年初設定的初始指引更為樂觀，使我們能夠更好地實現今年稍早在投資者日上做出的財務承諾。對於 2026 年，我們將在 1 月份的第四季度財報電話會議上提供正式指引，但我們的框架仍然與我們在 2 月份投資者日上所傳達的內容一致，即高於宏觀水平的增長、持續的利潤率擴張和盈利增長，以及強勁的自由現金流生成。

While the macroeconomic outlook is uncertain, we will outperform by scaling commercial excellence across all business units and leveraging new product launches. Alongside growth, we will improve productivity in our supply chain and G&A to more than offset investments, stranded costs, and anticipated tariff impacts, resulting in margin expansion in 2026.

儘管宏觀經濟前景不明朗，但我們將透過提升所有業務部門的商業卓越性並利用新產品發布來取得優異成績。隨著業務成長，我們將提高供應鏈和一般及行政費用的生產力，以抵銷投資、擱淺成本和預期關稅影響，從而在 2026 年實現利潤率擴張。

For EPS, we expect operational performance to be the primary driver of earnings growth similar to this year. Nonoperational performance will be influenced by changes in interest rates and FX while tax rates should remain stable and share buybacks will continue to be accretive. Finally, we continue to expect to deliver cash flow conversion that exceeds 100%.

對於每股盈餘 (EPS)，我們預期營運業績將成為獲利成長的主要驅動力，與今年類似。非經營性業績將受到利率和匯率變動的影響，而稅率應保持穩定，股票回購將繼續帶來收益成長。最後，我們仍然期望實現超過 100% 的現金流轉換率。

Before we open the call for questions, I would like to acknowledge and thank the 3M team for their strong commitment to operational and commercial excellence and focus on delivering improvement day after day. Our performance to date and opportunities ahead of us provides us with increased confidence in delivering on our updated 2025 guidance and commitments we laid out at the Investor Day.

在正式開始提問環節之前，我想對 3M 團隊表示感謝，感謝他們對卓越營運和商業表現的堅定承諾，以及他們日復一日致力於改進的決心。我們迄今為止的業績和未來的機會讓我們更有信心實現我們在投資者日上提出的更新後的 2025 年業績指引和承諾。

With that, let's open the line for questions.

接下來，我們開放提問環節。

(Operator Instructions) Scott Davis, Melius Research.

（操作說明）Scott Davis，Melius Research。

You started kind of the prepared remarks around new products. So I wanted to lean in on that a little bit because every CEO at 3M has talked about new products, but you seem to be delivering and actually getting results. What -- without spending a whole heck of a lot more, really, what do you think -- what are you attributed to? Is it -- have you changed kind of the culture of compensation? I mean, I don't know, just open-ended questions, so I'll leave it there.

你開始對新產品發表一些事先準備好的評論。所以我想稍微深入探討一下這一點，因為3M的每一位CEO都談論過新產品，但你們似乎正在兌現承諾並取得實際成果。如果你不花一大筆錢，你覺得──你被歸功於什麼？你們是否改變了薪資文化？我的意思是，我也不知道，只是些開放式問題，所以我就說到這裡吧。

So good question, Scott. So I'm really pleased with the progress we're making on new product introductions. And I think what I've seen over the last 18 months or so is much greater pace and rigor urgency that I think we've seen in some time.

問得好，史考特。我對我們在新產品推出方面取得的進展感到非常滿意。而且我認為，在過去18個月左右的時間裡，我們看到的是比一段時間以來都要快得多、更嚴格、更緊迫的進展。

We're tapping into a lot of latent ideas, urgency, desire from the team's product developers, application engineers, business leaders to get back to what's important at 3M, and that's innovating. And we're really trying to support that. Investments coming up a little bit. We're putting some different metrics in place. Certainly, we're watching new product introductions and they're turning around relatively quickly.

我們正在挖掘團隊產品開發人員、應用工程師和業務領導者們的許多潛在想法、緊迫感和願望，讓他們回歸到 3M 最重要的事情——創新。我們正在努力支持這一點。接下來會談到一些投資方面的事情。我們正在引入一些不同的衡量標準。當然，我們正在關注新產品的推出，而且它們的周轉速度相對較快。

Keep in mind, a lot of these 80% of these are sort of incremental line extensions, what we call Class 3, but that will build over time and become more important. I'm really pleased to see the funnel remain relatively healthy. So while we launched 70 products, we had 130 products coming into the front end of the funnel. So it's actually very, very positive.

請記住，這其中 80% 的產品線都是漸進式的延伸，我們稱之為 3 類產品，但隨著時間的推移，它們會不斷發展壯大，變得越來越重要。我很高興看到漏斗保持相對健康的狀態。所以，雖然我們推出了 70 款產品，但有 130 款產品進入了銷售漏斗的前端。所以這其實是非常非常積極的。

And the number of ideas that the teams are coming up with are now close to 1,000. So we're tapping into this desire to innovate, bring new solutions to customers. And the whole team is really responding very well to this. We're increasing our speed eliminating non-value-added type activities. We are moving up a little bit on spend.

各團隊提出的想法數量現在已經接近 1000 個。因此，我們正在利用這種創新的願望，為客戶帶來新的解決方案。整個團隊對此的反應都非常好。我們正在提高效率，淘汰不增值的活動。我們的支出略有增加。

I think in the quarter, it's up by 30 basis points, but it's not substantial. We are shifting more of our R&D dollars towards new product development. A couple of years ago, we dipped below 30%. Now it's running 35%, 36%. That should grow a little bit over time. But overall, I think the team is responding very, very well. starting to bend the curve on revenue.

我認為本季上漲了 30 個基點，但漲幅並不大。我們將把更多的研發經費轉移到新產品開發。幾年前，我們的降幅曾經跌破 30%。現在運行率為 35%、36%。隨著時間的推移，這個數字應該會略有增長。但總的來說，我認為團隊的反應非常非常好，收入開始出現好轉。

You see some of the numbers coming in Q3. We'll see more in Q4. But this is something that's going to sort of accelerate as we get into '26 and '27. Keep in mind, we said we grow $1 billion over the macro. Half of that will be in new product introductions. But a lot of that's going to come in '26 and '27 because it takes time to move the needle on that or the growth early on will come from commercial excellence.

您可以在第三季看到一些數據。我們將在第四季度看到更多相關資訊。但隨著我們進入 2026 年和 2027 年，這種情況將會加速發展。請記住，我們說過，宏觀經濟層面我們將成長 10 億美元。其中一半將用於新產品推出。但很多事情將在 2026 年和 2027 年發生，因為要在這方面取得進展需要時間，或者早期的成長將來自商業上的卓越表現。

So Scott, it's a great question. The team is doing a fabulous job, and we're just getting started.

斯科特，這是一個很好的問題。團隊做得非常出色，而我們才剛起步。

That makes sense. And the natural follow up really is that historically, new products have been -- you say Class 3, that's the first time I've heard that reference on the 3M call. But clearly, more focused on maintaining or driving margin in the new product flow versus kind of what I would call kind of new product categories, which was more of the legacy. If you go back to the '80s and the '90s, that was more of the 3M way was create new categories.

這很有道理。而接下來很自然的問題是，從歷史上看，新產品一直是——你說的是 3 類，這是我第一次在 3M 的電話會議上聽到這個說法。但顯然，公司更專注於在新產品線中維持或提高利潤率，而不是我所說的新產品類別，後者更多的是傳統產品。回顧上世紀八、九十年代，3M 的慣用做法是創造新的產品類別。

Do you have a -- again, it may be hard to tease this out, but do you have a sense of what kind of an upside do we have? Can 3M actually be above -- historically, it's been kind of 2%, 3% growth company. Can it be a 4%, 5%, 6% because you're actually back to creating new categories again and driving that top line above kind of that traditional Class 3, as you call it, new product innovation.

您是否——再次強調，這可能很難說清楚，但您是否意識到我們有哪些優勢？3M 真的能超過這個水準嗎？ ——從歷史上看，它一直是一家成長率在 2% 到 3% 之間的公司。可能是 4%、5%、6%，因為你實際上又回到了創造新類別並推動營收成長的階段，這超越了你所說的傳統 3 類新產品創新。

So Scott, so about 80% of the launches are a Class 3 means 20% in Class 4, Class 5, which are adjacent markets or bringing new products into new markets. And we've seen a couple of this year that are quite interesting, particularly in our electrical market. It was a cable prep system, which is a Class 4, Class 5 product, that's really growing very nicely.

所以 Scott，大約 80% 的產品發布屬於 3 類，這意味著 20% 屬於 4 類、5 類，這些類別包括相鄰市場或將新產品引入新市場。今年我們看到了一些非常有趣的例子，尤其是在我們的電氣市場。這是一個電纜預處理系統，屬於 4 類、5 類產品，目前發展勢頭良好。

Look, as the team really pushes on this. I do think there's incremental ideas that we're working on. Clearly, we're seeing a bit better growth in the macro here in the quarter. The macro is running in the 1% to 2% range. So posting 3.2% in the quarter is pretty good. This will grow over time. And again, it's -- we're not going to be at 50-50 Class 3 versus 4 and 5, but you'll see more 4 and 5 come in into the pipeline into next year and into 2027.

你看，團隊確實在全力推進這件事。我認為我們正在逐步推進一些想法。顯然，本季宏觀經濟成長有所改善。巨集的運行時間在 1% 到 2% 之間。所以本季3.2%的成長相當不錯。隨著時間的推移，這種情況會逐漸改善。再說一遍，我們不會達到 3 級與 4 級和 5 級各佔 50% 的水平，但你會看到更多的 4 級和 5 級項目在明年和 2027 年進入管道建設階段。

Very helpful. Best of luck, guys. Thank you.

很有幫助。祝你們好運。謝謝。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

I wanted to touch on kind of the beginning of this maybe new restructuring journey that you're on. Bill, I know even from the day you started -- maybe before you started, you had sort of a vision of what should happen with this footprint, and now you've had a lot of time to be inside and really kicked the tires.

我想談談你們可能正在進行的這次新的重組之旅的開端。比爾，我知道從你開始的那一天起——或許在你開始之前——你就對這個地基應該發展成什麼樣子有了些想法，現在你已經有很多時間待在裡面，真正地考察了一番。

I just wonder if you could give us a sense of is this the beginning of a two- or three-year very large project. Have you even really mapped this out yet. And sort of like what should we expect as we get into maybe 2026 as it relates to the new restructuring actions.

我只是想知道，您能否讓我們了解一下，這是否是一個為期兩到三年的大型計畫的開始。你真的把這計劃制定好了嗎？那麼，到了 2026 年，我們應該對新的重組措施抱持怎樣的預期呢？

So thanks, Jeff. Look, Anurag talked about in his remarks that it's unlike the prior restructuring effort, this enterprise-wide restructuring effort that was more focused on short-term actions, quick payback. This -- what we're embarking on now is a more longer-term, more thoughtful redesign of our manufacturing network, our distribution network, our business process services, as we've embarked on our operational excellence journey, as we've seen over the course of this year, we're seeing more opportunities in G&A than I would have guessed earlier in the year.

謝謝你，傑夫。阿努拉格在演講中提到，這與先前的重組工作不同，這次企業範圍內的重組工作更注重短期行動和快速回報。我們現在著手進行的是更長遠、更周全的重新設計，旨在重新設計我們的製造網絡、分銷網絡和業務流程服務。正如我們今年所看到的，隨著我們開啟卓越營運之旅，我們在一般及行政管理方面看到了比年初預想的更多的機會。

And if we didn't really say much about this in February at the Investor Day because we've learned a lot since then. So this will be a structured improvement program over time. It won't be a big bang. It'll be maybe more of a series of actions that I think will happen over time, more aligned to the long-term growth agenda of the company more aligned to what the team can go and do.

我們在二月的投資者日上並沒有過多談及此事，因為從那時起我們學到了很多。因此，這將是一個循序漸進、有條不紊的改進計劃。不會發生大爆炸。這可能更像是一系列會隨著時間推移而發生的行動，更符合公司的長期發展目標，更符合團隊所能做的事情。

We'll evolve this in a thoughtful way so we don't disrupt the business, disrupt the momentum we're building on new product introductions and driving operational efficiency. So this is something that we're going to continue to work on. We don't size it today. We'll give updates to investors over time. It will not be a big bang. We'll shape more next quarter.

我們會以深思熟慮的方式逐步推進，以免擾亂業務，破壞我們在新產品推出和提高營運效率方面所取得的動能。所以這是我們接下來要繼續努力的方向。我們今天不提供尺寸資訊。我們會不定期地向投資者提供最新資訊。它不會是一場宇宙大爆炸。我們將在下個季度製定更多方案。

This quarter, it was $14 million next quarter. It will be in that same range, about $15 million. As we get to early next year, we'll sort of frame it up for 2026. But this is something that will happen over time. We'll provide some updates on what we want to do.

本季為 1400 萬美元，下季為 1400 萬美元。價格應該也差不多在這個範圍內，大約1500萬美元。到明年年初，我們將為 2026 年制定計劃。但這需要時間才能實現。我們會就我們想做的事情提供一些最新資訊。

But this is all about how do you grow and accelerate our margin expansion journey beyond 25% by '27, that's not where we're going to stop. A lot of the ideas we're seeing here today are going to be important ways of both returning earnings to owners as well as reinvesting back in the business. And if anything, I'm seeing more opportunities today than we saw six, eight months ago when we had the Investor Day.

但這關乎我們如何發展壯大，並加速我們的利潤率擴張之旅，力爭在 2027 年實現 25% 以上的成長，但這並非我們的終點。我們今天看到的許多想法，對於向所有者返還收益以及將收益再投資於企業而言，都將是重要的途徑。而且，與六個月前、八個月前我們舉辦投資者日活動時相比，我今天看到的機會更多了。

Great. And then maybe just back on the growth real quick. So it sounds like the upside to the top-line view here I know you can't probably perfectly parse it apart, but really isn't a better macro outlook. There's a bunch of pluses and minuses in the macro, but you would point to just more traction on the new product-related actions.

偉大的。然後或許很快就能恢復成長。所以聽起來，這裡總體觀點的優點在於，我知道你可能無法完全分析清楚，但這確實不是一個更好的宏觀前景。宏觀層面有很多利弊，但你會指出新產品相關措施獲得了更多關注。

And maybe just as part of answering that, Bill, you made a comment about special pricing actions, limiting them -- did you get the price in Q3 you were talking about or you decided you didn't need it because the volumes were better? I didn't quite understand what you were going towards what that question.

比爾，或許在回答這個問題時，你提到了特殊的定價措施，限制了這些措施——你在第三季度是否實現了你所說的價格，還是因為銷量更好而決定不需要了？我不太明白你問這個問題的用意。

So let me comment on two pieces. One, on just the growth in the quarter, we're really pleased at 3.2%. We had guided, if you will, to 2.5% in the back half -- we said it would be similar in Q3 and Q4. And obviously, we did quite a bit better than 2.5%. So of that 70 basis point improvement, at least 50 basis points is what we would consider to be self-help. It's both commercial excellence and NPI.

那麼，我想就兩篇文章發表一些看法。第一，僅就本季的成長而言，我們對 3.2% 的成長非常滿意。我們曾預期下半年成長率將達到 2.5%——我們說過第三季和第四季的情況會類似。顯然，我們的成績遠高於 2.5%。因此，在這 70 個基點的改進中，至少有 50 個基點是我們認為的自助措施。它既是卓越的商業表現，也是新產品導入。

The other 20 basis points is sort of net discrete items that shifted from Q4 into Q3, as Anurag talked about in his script. But relative to the macro, look, IPI is running around 2%. We see our blended macro around 1%, so in that 1% to 2%, we're seeing 150 basis points more or less of outperformance versus the macro. And I think at least 100 basis points of that is commercial excellence and new product introduction. So I think it's very good performance on the team, doing what we said we would do over the last year, 1.5 years.

其餘 20 個基點是一些從第四季度轉移到第三季的淨離散項目，正如 Anurag 在他的演講稿中提到的那樣。但相對於宏觀經濟而言，IPI 目前約為 2%。我們看到我們的綜合宏觀收益率約為 1%，因此在這 1% 到 2% 的範圍內，我們看到相對於宏觀收益率有大約 150 個基點的超額收益。我認為其中至少有 100 個基點是商業卓越性和新產品推出方面的。所以我認為這是團隊非常好的表現，實現了我們在過去一年半所承諾的目標。

Now on pricing, just to be clear, we are achieving what we said we would do on pricing, which was generate 70 basis points of price for the year, 50 basis points in the first half, about 90 in the back half, so 70 for the year. We typically get about 50 basis points of price to offset material cost inflation that has been running around 2%, maybe a tick above that.

關於定價，需要明確的是，我們實現了我們之前在定價方面所說的目標，即全年價格上漲 70 個基點，上半年上漲 50 個基點，下半年上漲約 90 個基點，全年上漲 70 個基點。我們通常可以獲得大約 50 個基點的價格優惠，以抵消材料成本上漲，目前材料成本上漲幅度在 2% 左右，甚至可能略高於這個數值。

The incremental 20 basis points is to cover a piece of the tariffs. Keep in mind, the net tariff impact for the company is around $0.10, gross is $0.20. So that $0.10 delta split 50-50 between price actions and costs. So hopefully, that answered the question. In short, it's -- we're getting price almost exactly as we said we would do at the Q2 earnings release.

增加的 20 個基點是為了支付一部分關稅。請記住，關稅對公司的淨影響約為 0.10 美元，毛影響為 0.20 美元。因此，這 0.10 美元的差額在價格變動和成本之間各佔一半。希望這能解答你的疑問。簡而言之，我們得到的價格幾乎與我們在第二季財報發佈時所說的一模一樣。

Got it. Thank you. Very clear. Appreciate it.

知道了。謝謝。非常清楚。謝謝。

Amit Mehrotra, UBS.

阿米特·梅赫羅特拉，瑞銀集團。

Anurag, on the 2026 revenue, I mean, I really appreciate you kind of engaging with us this early at least on 2026. You have this long-term margin target, maybe not so long term anymore in terms of 25% by 2027. It feels like if I just take the moving parts, 3% growth, 35% incrementals. You've obviously got a net productivity piece. You get pretty close to that number in 2026, unless there's something wrong with my math.

Anurag，關於 2026 年的收入，我的意思是，我非常感謝你這麼早就和我們討論 2026 年的前景。你們設定了一個長期利潤率目標，但就 2027 年達到 25% 而言，可能不再是長期目標了。感覺如果我只考慮各個組成部分，3% 的成長，35% 的增量。顯然，你已經有了淨生產力方面的數據。除非我的計算有誤，否則到 2026 年，這個數字應該會非常接近這個數字。

Maybe you can just help us think about those moving pieces and maybe if you can kind of pull forward that target for margins.

或許您可以幫我們思考這些變化因素，或許您也能幫助我們提早達成利潤率目標。

Sure. Thanks for the question, Amit. So the internal of that page was twofold. One was obviously to see how we are performing versus the Investor Day targets that we laid out in February of this year in the spirit of transparency and how we are performing. And second was to give a little bit more of a framework for 2026, but the formal guidance will come out in January.

當然。謝謝你的提問，阿米特。所以，那一頁的內部結構是雙重的。其中一個顯而易見的原因是，要看看我們與今年 2 月份投資人日上以透明原則設定的目標相比，實際表現如何。其次，是為了給 2026 年一個更具體的框架，但正式的指導將在 1 月發布。

So first, just as you noted, if you look at the first nine months of our performance, it's been really good across margin expansion, EPS, and even free cash flow conversion. We thought we were going to be 100% free cash flow conversion at the beginning of the Investor Day, but now we're going to be over 100%. So what we laid out at Investor Day was that we'll get to 25% by 2027.

首先，正如您所指出的，如果您看一下我們前九個月的業績，就會發現我們在利潤率擴張、每股收益，甚至自由現金流轉換方面都表現得非常好。在投資者日開始時，我們原本以為自由現金流轉換率會達到 100%，但現在我們將超過 100%。因此，我們在投資者日上提出的方案是，到 2027 年，我們將達到 25% 的目標。

And last year, we finished at 21.4%. So that means 360 basis points over three years. If you look at our guidance this year, it's about 180 to 200 basis points. So really, really good work that we've done in terms of our margin expansion, clearly, productivity across supply chain, across G&A has really been good through the first nine months of the year.

去年，我們的最終排名是 21.4%。這意味著三年內將下降 360 個基點。如果你看我們今年的業績指引，大約是 180 到 200 個基點。所以，我們在利潤率擴張方面確實做得非常好，很明顯，今年前九個月整個供應鏈的生產力以及一般及行政費用都表現得非常好。

So where we sit today, we actually feel very good about the 25% target that we set out for '27. We're moving absolutely in the right direction around there. And come in January, we'll probably provide a refresh on where we stand on our three-year targets.

所以就目前的情況來看，我們對2027年設定的25%的目標感到非常滿意。我們在這方面正朝著完全正確的方向前進。到一月份，我們可能會重新評估我們三年目標的進展。

So as we get into '26, Amit, I think what we are going to see is continued outperformance versus the macro. What we laid out in Investor Day was $1 billion over three years, $100 million this year, $300 million next year, and $600 million a year after a cumulative $1 billion. Just at our second-half performance, you'll see that we have about $100 million for this year. And next year, we see a line of sight because of commercial excellence and NPI to get there.

所以，阿米特，到了 2026 年，我認為我們會看到它繼續跑贏大盤。我們在投資者日上提出的計畫是三年內投資 10 億美元，今年投資 1 億美元，明年投資 3 億美元，累計投資 10 億美元後，每年投資 6 億美元。僅從我們下半年的業績來看，您就會發現我們今年的收入約為 1 億美元。明年，憑藉卓越的商業表現和新產品導入，我們看到了實現目標的曙光。

On the margin side, supply chain, we've done some good work this year in a couple of times, but there's still other areas in terms of the factory spend, whether we see more opportunities, we kind of drive that harder and G&A will continue. So I think overall, you will see next year again to be a strong operating performance here. And from where we sit today, we feel pretty good about where we laid out the Investor Day targets and provide more of a refresh in January.

在利潤方面，供應鏈方面，我們今年已經做了一些不錯的工作，但在工廠支出方面還有其他方面需要改進，如果我們看到更多機會，我們會更加努力地推進，而一般及行政費用也將繼續增加。所以我認為整體而言，明年這裡仍將保持強勁的營運表現。就目前的情況來看，我們對投資者日的目標設定相當滿意，並將在 1 月進行進一步的調整。

Okay. Great. Thanks, Anurag. And then, Bill, I just wanted to ask a question on the divestitures. I know you talked about the 2%, 3%. But if I remember correctly, that 2%, 3% was kind of part of this 10% of the 120 profit centers, umbrella that you thought maybe would be better in the hands of other people.

好的。偉大的。謝謝你，阿努拉格。然後，比爾，我只想問一個關於資產剝離的問題。我知道你談到了 2%、3%。但如果我沒記錯的話，那 2%、3% 的部分是 120 個利潤中心中 10% 的一部分，你當時覺得這部分可能交給其他人會更好。

Are you -- do you feel like you can execute more towards that 10%? Or are we still in that 2% to 3% kind of envelope? And how do you kind of -- I know this most recent divestiture is not dilutive to earnings, as you talked about, but just curious about how you balance the divestitures or the magnitude of divestitures with maybe the EPS impact to the company.

你覺得自己能朝著那10%的目標邁進更多嗎？或者我們仍然處於 2% 到 3% 的區間內？我知道正如您所說，最近的這次資產剝離不會稀釋收益，但我只是好奇您是如何平衡資產剝離或剝離規模與公司每股收益影響的。

So Amit, look, let me be really clear about this. The process is ongoing. We're going to remain disciplined. You referenced appropriately the comments we made back at the Investor Day and in several forums, since then about how we're thinking about the portfolio, we have 120 profit centers. We've analyzed them to identify those businesses, which we believe have high growth, high margin potential, our technology-driven businesses that are consistent with the 3M sort of heritage and DNA. We have a strong right to win versus others that aren't.

阿米特，聽著，我得把話說清楚。該過程仍在進行中。我們將繼續保持紀律。您恰當地引用了我們在投資者日和此後幾個論壇上發表的評論，關於我們對投資組合的看法，我們有 120 個利潤中心。我們對它們進行了分析，以確定我們認為具有高成長、高利潤潛力的企業，以及與 3M 的傳統和 DNA 一致的技術驅動型企業。我們擁有戰勝對手的充分理由，而其他人則沒有。

And we concluded that about 10% of that portfolio are in more commodity areas where they may no longer be a strong fit for the company where we don't have a clear right to win in this material science, technology-driven business. We're only going to be selling businesses where there's clear value to shareowners above what it would be as value to selling it to somebody else as opposed to what we would have by running it on our own.

我們得出結論，該投資組合中約有 10% 屬於大宗商品領域，這些領域可能不再適合公司，因為我們在這個材料科學、技術驅動的業務領域沒有明確的獲勝優勢。我們只會出售那些對股東而言價值明顯高於將其出售給其他人所獲得的價值，而不是高於我們自己經營所獲得的價值的企業。

And certainly, we're taking into account as we think through that, the lost earnings, the stranded cost dilution that the management time and effort and focus that happens on small businesses that don't perform well. We did one in the quarter here, and it was important to get that over the line. I'll just take you back to my comments in the script, we're less than 1% of the revenue and seven factories. So you can imagine what the profitability of the business happens to be.

當然，我們在思考這個問題時，也會考慮到小企業經營不善造成的收入損失、擱淺成本稀釋，以及管理階層投入這些企業的時間、精力和關注點。我們本季完成了一項任務，完成這項任務非常重要。我再回到我在劇本裡的評論，我們的收入不到總收入的 1%，而且只有七家工廠。所以你可以想像這家企業的獲利能力有多強。

And there's other opportunities like that. We'll analyze them individually. We'll be very smart and we'll be very disciplined about this. And this will be -- it's a process that will unfold over time. And that's the process we're embarking on to build a 3M that's a higher performance, higher growth, higher margin potential overall entity, and not every business we're in today will be part of that journey going forward, Amit.

還有其他類似的機會。我們將逐一進行分析。我們會非常謹慎，也會非常自律地處理這件事。這將是一個隨著時間推移而展開的過程。這就是我們正在著手打造一個績效更高、成長更快、利潤潛力更大的3M整體實體的過程，但並非我們今天所從事的每個業務都會成為未來這一征程的一部分，Amit。

Right. Okay. Makes sense. Thank you very much.

正確的。好的。有道理。非常感謝。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Just on this fourth quarter, I mean, you did the $2.19. I think your implied is like less than $1.80 in the fourth quarter. I mean, I know there's some seasonality there, but I don't recall that kind of drop. I think you mentioned there was some discrete item pull forward into the third. But then you mentioned that backlog provides actually some pretty good coverage for the fourth. I think the 25% coverage was a positive comment, maybe it wasn't.

就第四季而言，我的意思是，你們的股價是 2.19 美元。我認為你們第四季的預期股價應該低於 1.80 美元。我知道價格會受季節性因素影響，但我記不清以前有過這麼大的跌幅。我想你有提到過，有一些獨立的專案被提前到了第三部分。但你後來提到，積壓的工作其實為第四部分提供了相當不錯的覆蓋率。我認為25%的覆蓋率是一個正面的評價，也許並非如此。

Could you maybe just provide a little more color on why the more than seasonal drop-off from 3Q to 4Q?

能否再詳細解釋為什麼第三季到第四季會出現超出季節性下降幅度的情況？

Sure, Steve. Thanks for the question. It's actually quite typical between the Q3 and Q4 from a volume and margin perspective. Volume is typically $250 million lower between the quarter because of mainly the consumer back-to-school in the third quarter and in the industrial side. So that's pretty typical.

當然可以，史蒂夫。謝謝你的提問。從銷售量和利潤率的角度來看，第三季和第四季之間的這種情況其實相當典型。通常情況下，季度之間的銷售量會減少 2.5 億美元，這主要是因為第三季消費者返校季和工業方面的因素。所以很常見。

We also have factory shutdowns in the fourth quarter. So there's an impact on absorption. So I would say that's pretty typical step down in Q3 and Q4. This year, clearly, there is a little bit of a step-up in investments and in tariffs between the third and the fourth quarter.

第四季我們也會遇到工廠停工的情況。所以會對吸收產生影響。所以我覺得這是第三季和第四季相當典型的下滑趨勢。今年第三季到第四季，投資和關稅明顯增加。

The investments we thought were going to be $175 million for the year, we're stepping it up to $185 million, most of it in the fourth quarter, pretty encouraged by what we're seeing on the revenue side and where the investment is coming through is definitely more sales force training as we are scaling up the commercial excellence, hiring more salespeople for coverage in other parts of the world are hiring engineers, as Bill noted earlier. So definitely, there's a little bit of a step up on the investment side and tariff a little bit more in the fourth quarter. So I think it's quite typical.

我們原以為今年的投資額會是 1.75 億美元，現在我們將增加到 1.85 億美元，其中大部分將在第四季投入。我們對目前的收入狀況感到非常鼓舞，而投資的重點無疑是銷售團隊培訓，因為我們正在擴大商業卓越性，招募更多銷售人員以覆蓋世界其他地區，並且正如比爾之前提到的那樣，我們也在招募工程師。所以可以肯定的是，第四季投資方面會略有成長，關稅方面也會略有成長。所以我覺得很典型。

If you look year over year, which is the more appropriate comparison, we do believe that we will grow above macro again in the fourth quarter. It's going to be -- if you look at the first 20 days of the month, and from the backlog coverage, you look at orders, you look at revenue, I think we are on a pretty good trend over year, and the revenue growth will pick up, and you've got good incrementals from them. We'll continue to drive on the productivity side as well over there.

如果按年比較（這才是更合適的比較方式），我們相信第四季度我們的成長速度將再次超過宏觀經濟水平。如果你看一下本月的前 20 天，從積壓訂單的完成情況、訂單量和收入來看，我認為我們今年的發展趨勢相當不錯，收入增長將會加快，並且會從中獲得良好的增量。我們也會繼續在那邊努力提高生產力。

We clearly driven quite well in the nine months of the year. We'll do more on productivity and G&A. And all of this will more than offset the pickup in investment in tariffs, in stranded costs. And at the midpoint of the guidance, we would be 100 basis points of margin expansion.

顯然，在一年中的九個月裡，我們的駕駛技術都相當不錯。我們將加大對生產力和一般及行政管理方面的投入。所有這些都將遠遠抵消關稅投資的增加和擱淺成本的增加。如果按照預期中位數計算，利潤率將提高 100 個基點。

Now if we continue to perform the way we have in terms of either higher volume like in the third quarter or more on the margin side, we could be at the higher end of the guidance range, which would imply a margin expansion of 150 basis points in the fourth quarter for us.

如果我們繼續保持目前的表現，無論是像第三季度那樣提高銷量，還是提高利潤率，我們都能達到預期範圍的上限，這意味著第四季度我們的利潤率將提高 150 個基點。

Okay. And then just lastly, on this $1 billion of revenue, how much did you book this year of the $1 billion, do you think?

好的。最後，關於這 10 億美元的收入，你認為今年你們實際上實現了多少？

About -- you mean the growth above macro $1 billion?

你是說宏觀經濟規模超過10億美元的成長部分嗎？

Yeah.

是的。

So it would be close to $100 million by the time we finished the year.

所以到年底的時候，總額應該要接近1億美元。

Right. So that should be like substantially more next year from a over macro perspective for the full year in '26?

正確的。所以從宏觀角度來看，明年（2026年）全年應該會有大幅成長？

Absolutely. I mean, I'll go back to what we said at Investor Day, it would be about $300 million. So a $200 million incremental step-up next year.

絕對地。我的意思是，我再重申我們在投資者日上所說的，大概是 3 億美元。因此，明年將增加 2 億美元。

Yeah. But you said next year is a bigger year, right, for that $1 billion --

是的。但你說過明年是實現那10億美元目標的重要一年，對吧？ ——

Yes.

是的。

Like it's going to take a higher share. Okay. Thanks.

好像它會佔據更高的份額。好的。謝謝。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Maybe just a few questions on some of the business trends you saw this quarter. So I think Electronics came in ahead of expectations. Can you talk a little bit about the drivers of that? And maybe if there was any sort of timing differential between 3Q and 4Q versus what you expected and thoughts on 4Q?

也許可以問幾個關於您在本季觀察到的一些商業趨勢的問題。所以我覺得電子產品板塊的表現超出了預期。您能談談造成這種情況的原因嗎？如果第三季和第四季之間存在任何時間差異，與您的預期相比如何？您對第四季有什麼看法？

So just on the macro, we laid out a chart in the webcast about what's happening in the macro. It remains relatively soft, pretty unchanged from what we had seen 90 days ago or so. We did see a little bit softening in roofing granules. Anurag mentioned that in his prepared remarks. It's really the housing market is a little bit soft consumer spending is a little bit soft or they're not replacing roofs as much, which has definitely softened in the last 90 days.

所以，就宏觀層面而言，我們在網路直播中展示了一張圖表，說明宏觀層面正在發生的事情。它仍然相對柔軟，與大約 90 天前我們看到的情況基本上相同。我們發現屋頂顆粒物略有軟化。阿努拉格在他的準備好的演講稿中提到了這一點。確實，房地產市場有點疲軟，消費者支出也有點疲軟，或者說，人們更換屋頂的次數減少了，這種情況在過去90天里肯定有所緩解。

Commercial vehicles is down. It was down -- I think it's going to be north of 20% here in the back half of the year, and that has weakened in Class V to VIII in North America from admissions, trends and tariffs, and some other things that are happening there. We are seeing some better trends.

商用車流量下降。下降了——我認為今年下半年會下降 20% 以上，北美五至八年級的入學率因入學人數、趨勢、關稅以及其他一些因素而下降。我們看到一些好轉的趨勢。

I mean, auto looks just slightly a bit better -- we do -- we actually were flattish in the quarter in a market that was up a little bit. Auto builds come up just a little bit year over year. So that's okay. On Electronics, we were up mid-single digits in the front half of the year, mid-single digits in Q3. Trends there are pretty good for us. It's about 10% of our sales looks pretty good. Last year, it was low double digits.

我的意思是，汽車業的情況看起來稍微好一些——確實如此——實際上，在市場略有上漲的情況下，我們本季業績基本上持平。汽車改裝數量每年略有增加。這樣就沒問題了。在電子產品方面，我們上半年實現了個位數中段的成長，第三季也實現了個位數中段的成長。那裡的趨勢對我們來說相當有利。約占我們銷售額的10%，看起來相當不錯。去年，這個數字是兩位數的低點。

So we're doing pretty well in the Electronics segment. As you know, we provide adhesives and films, polarizer some other things into notebooks, tablets, PCs, cell phones, we've seen good penetration of the mainstream market.

我們在電子產品領域做得相當不錯。如您所知，我們為筆記型電腦、平板電腦、個人電腦、手機等產品提供黏合劑、薄膜、偏光片等，我們已經看到了主流市場的良好滲透。

We're typically a premium provider, and we're starting to see good penetration into mainstream, which is probably 80% of the market. Lot of good NPI going in that business. So we're pretty pleased with the trends on electronics, and it's just a little bit better than we had thought 90 days ago, frankly.

我們通常是高端供應商，現在我們開始看到產品在主流市場有了良好的滲透，這大概佔了市場的 80%。該行業有很多優質的新產品上市計劃。所以，我們對電子產品的發展趨勢相當滿意，坦白說，這比我們90天前預想的要好一些。

Got it. That's really helpful. Thanks, Bill. And then just from a geographic perspective, encouraging to see the acceleration in China and Europe. Any key standouts there in either region that really drove that improvement?

知道了。這真的很有幫助。謝謝你，比爾。從地理角度來看，中國和歐洲的加速發展令人鼓舞。這兩個地區有哪些關鍵人物或事件真正推動了這種進步？

So US was encouraging at coming up from the first half. I think first half was up 1%. Q3 was up 3.7%, almost 4%, which is pretty good. We're encouraged that Europe has accelerated a little bit. It was down in the first half about 1 point. It's up about 2 points in the quarter, which is good. China is quite interesting. You might recall, we grew about -- I think around double digits, low-double digits last year.

所以美國上半場的表現令人鼓舞。我認為上半年上漲了1%。第三季成長了3.7%，接近4%，這相當不錯。我們感到鼓舞的是，歐洲的發展速度加快。上半場他們落後約1分。本季上漲了約2個百分點，這是個好兆頭。中國很有意思。你可能還記得，我們​​去年增長了大約——我想大概是兩位數，接近兩位數。

In the first half of the year, we're up mid-single digits. Q3 was up high-single digits, around 8%. So it's -- it was better than we had expected. We had expected a softening in the back half. And in fact, it accelerated a little bit in Q3. Now it might weaken a little bit in Q4 but still be up. And so, we're very encouraged with the trends here.

今年上半年，我們達成了個位數的增幅。第三季實現了接近兩位數的成長，約為 8%。所以——比我們預期的還要好。我們原本預期下半程的比賽會軟化。事實上，第三季增速略有加快。第四季可能會略有疲軟，但仍將保持上漲趨勢。因此，我們對目前的趨勢感到非常鼓舞。

Remember, it's -- for us, it's a little 10%, 12% of the company. It's about 50-50 domestic and export. And the China exports in September were up about 8%. So China continues to be pretty resilient in lots of ways, but we've got a great team there. There's a lot of self-help that's going on.

記住，對我們來說，這只是公司10%到12%的份額。國內市場和出口市場的比例大約各佔一半。9月份中國出口成長約8%。所以中國在很多方面仍然展現出很強的韌性，但我們在那裡擁有一支非常優秀的團隊。現在有許多自助類書籍和活動。

We changed our organizational model in China as well as in India. And we're seeing just better performance because we're driving operational excellence is driving commercial effectiveness, a whole lot better than we might have done in the past. So part of the growth that we're seeing in China is just, I would say, self-help along with the market, but I think a lot of it self-help.

我們在中國和印度都改變了組織模式。我們看到業績有了顯著提升，因為卓越的營運正在推動商業效益的提升，這比我們過去做得好得多。所以，我們在中國看到的成長，一部分可以說是市場和企業自身努力的成果，但我認為很大程度是企業自身努力的結果。

Thank you. I'll pass it on.

謝謝。我會轉達的。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

I just want to go back to sort of the point that Jeff was get into on the NPI. I think you mentioned 15% growth year to date from new products, Bill, and 19% in the quarter. I might have got those numbers wrong. But it does suggest that pretty much all your growth is coming from new product. Number one, is that correct?

我只想回到 Jeff 之前在 NPI 上討論的那個主題。比爾，我想你之前提到過，今年迄今為止，新產品帶來了 15% 的成長，而本季則是成長了 19%。我可能弄錯了這些數字。但這確實表明，你們的成長幾乎全部來自新產品。第一，這樣說對嗎？

And then secondly, is it too early to judge how the margin contribution is tracking for this NPI?

其次，現在判斷該新產品的利潤貢獻狀況是否為時過早？

So Nigel, look, just to be clear, the numbers, we track -- what I talked about was new product sales on a five-year basis. So going back, everything launched in the last five years. So some rolls on in the quarter and five years ago, the Q3 would have rolled off. And what we're seeing is -- because that's actually what we use that as a measure for vitality.

所以奈傑爾，聽著，為了說清楚，我們追蹤的數據——我剛才說的是五年內的新產品銷售。回顧過去，所有產品都是在過去五年內推出的。所以有些事情會延續到季度末，而五年前，第三季的事情就會結束。我們看到的是──因為我們其實就是用這個來衡量活力的。

So we measure the five-year new product revenue as a percentage of the total revenue at points in time, we were in the high 20s, 30% vitality, maybe even a bit above that. We started the year at about 10%. We'll end at 12%, will go to 20% by '27. That's what we watch, and we want -- that will convert into revenue each quarter that starts to build.

因此，我們以五年內新產品收入佔總收入的百分比來衡量各個時期的新產品收入，當時我們的活力在 20% 到 30% 之間，甚至可能更高一些。年初時我們的佔比約為 10%。最終目標比例為 12%，到 2027 年將達到 20%。這就是我們關注的重點，也是我們想要的——它能夠轉化為每季不斷成長的收入。

So in the first quarter, that five-year new product sales was up 3%, in Q2 is up 15%. So for the first half, it was up 9%. In Q3, it was up 30%, which now takes year to date up to 16%. For the year, we'll be up high teens, and that's going to continue to build. That's on a five-year basis.

因此，第一季五年來的新產品銷售額成長了 3%，第二季成長了 15%。所以上半年上漲了9%。第三季成長了 30%，今年迄今成長了 16%。今年，我們的業績將達到十幾個百分點，而且這數字還會持續成長。這是以五年為週期計算的。

Some of that revenue is converting here in the quarter. I would say most of the outsized growth above macro in the quarter came out of commercial effectiveness, commercial efficiency, not so much NPI. But again, as Anurag has pointed out before, that will build over time. So early on, we'll see more commercial excellence. And then eventually, we'll start to see NPI rolling in.

部分收入將在本季轉化為實際收益。我認為本季高於宏觀水準的超額成長主要來自商業效益和商業效率的提高，而不是新產品導入。但正如 Anurag 之前指出的那樣，這種情況會隨著時間的推移而逐漸形成。所以，我們很快就會看到更多商業上的卓越表現。然後最終，我們將開始看到新產品導入（NPI）的出現。

But the reality is as we launch more products, it's very clear that it's changing the discussion with our customers. Even if it's a typical replacement or there's some cannibalization, it's allowing a different conversation with the customer. We're gaining shelf space, and that's really encouraging to our customers, and we're winning business simply because we're launching more products.

但現實情況是，隨著我們推出更多產品，很明顯，這正在改變我們與客戶的討論方式。即使只是典型的替換或存在一些產品蠶食，這也為與客戶進行不同的對話提供了可能。我們正在獲得更多的貨架空間，這對我們的客戶來說真是個好消息，我們之所以能贏得業務，只是因為我們推出了更多的產品。

Okay. That's very clear. Thanks, Bill. And then Anurag, maybe on 2026. Can you maybe just give us a bit more definition on some of the margin puts and takes as it relates to the tariff roll forwards, stranded costs and then some of the productivity savings?

好的。這一點很清楚。謝謝你，比爾。然後是阿努拉格，也許在 2026 年。您能否更詳細地解釋一下與關稅展期、擱淺成本以及一些生產力節省相關的保證金買賣操作？

And then maybe a tricky one on the EPS. You talked about high-single-digit growth per year planning for '26 and '27. I'm just wondering if you have confidence that that's a decent place order for '26.

然後，每股盈餘（EPS）可能是一個棘手的問題。你曾談到2026年和2027年每年實現高個位數成長的計畫。我只是想知道你是否確信這是 26 年一個不錯的訂單地點。

Okay. Thanks, Nigel. Just on the margin headwinds and tailwinds for next year, it's going to be no different from what it is this year. In fact, on the volume side, as we just add a discussion, the outperformance versus macro should accelerate next year. So you should see higher volume growth, more incrementals coming -- flowing through from that next year versus this year.

好的。謝謝你，奈傑爾。明年的順風和逆風幅度不大，與今年不會有太大差別。事實上，就成交量而言，正如我們剛才討論的那樣，明年相對於宏觀經濟的超額收益應該會加速成長。因此，你應該會看到更高的銷售成長，更多的增量——這些成長將從明年開始，而不是今年。

On the supply chain side, we said that we'll do $1 billion of productivity over the next three years. We did good this year, but they'll be also finding more opportunities, which I mentioned earlier, if you look at the factory spend that we have, which is close to $6 billion in logistics. So you're going to see a little bit more on the productivity side next year.

在供應鏈方面，我們表示將在未來三年內提高10億美元的生產力。我們今年做得不錯，但他們也會發現更多機會，正如我之前提到的，如果你看看我們在物流方面的工廠支出，就接近 60 億美元。所以明年你們會看到生產力方面有更大的提升。

G&A, we're off the blocks really well this year. We're in fact finding more opportunities. We did some good work on IT side, on the indirect expense. And as we move into next year and the year after, we're also going to look at what does the strategy for IT mean for us and for shared services as well as on the indirect, there's more that we can do facility management and MRO and so on. So you're going to see good tailwinds on that next year as well.

G&A，我們今年的開局非常順利。事實上，我們發現了更多機會。我們在IT方面做了一些不錯的工作，也節省了間接費用。展望明年和後年，我們還將探討 IT 策略對我們和共享服務意味著什麼，以及在間接方面，我們可以做更多的事情，例如設施管理和 MRO 等等。所以明年這方面也會有不錯的發展動能。

So I would say, higher on the volume side, supply chain continuing, and G&A continuing the way it is. On the EPS side, we will give you more color next year. What -- as I said, the intent of that page was when we started the year for '25, we said we will be mid- to high-single-digit EPS. Right now at the guidance, we're going to be high -- close to double-digit EPS, 10% at the midpoint of our guidance for this year.

所以我認為，銷售方面會更高，供應鏈會繼續運轉，一般及行政費用也會繼續維持現狀。在 EPS 方面，我們明年將為您帶來更多色彩。正如我所說，那一頁的目的是，當我們在 2025 年初時，我們說過我們將實現中高個位數的每股盈餘。根據我們目前的預期，每股盈餘將很高——接近兩位數，今年預期中位數為 10%。

So we're definitely off at a very strong start right now, but we'll probably give you more color on what the EPS for '26, '27 looks like next year.

所以我們現在肯定有了一個非常強勁的開局，但明年我們可能會更詳細地介紹 2026 年和 2027 年的 EPS 情況。

Okay. Thanks.

好的。謝謝。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Maybe just wanted to try and understand on the margin front. I think in the sort of TE business group, margins were fairly sort of -- it was down slightly in the third quarter, I think, despite a lot of the productivity sort of measures underway. So maybe sort of help us understand any sort of drivers within that?

或許只是想了解利潤率方面的狀況。我認為在TE業務集團這類公司中，利潤率相當不錯——儘管採取了許多提高生產力的措施，但第三季的利潤率略有下降。所以，或許可以幫我們了解其中的一些驅動因素？

And then when we're looking out over the next 12 months, is the assumption that most of the segments should see sort of similar margin expansion into next year? Or is there anything particularly moving around on mix or a calibration of investment spend?

那麼，當我們展望未來 12 個月時，是否可以假設大多數細分市場在明年都會出現類似的利潤率擴張？或者說，投資組合或投資支出調整有什麼特別的變化嗎？

So I'll add it really quickly here, Julian. Look, both SIBG and CBG margins were up about 200 basis points in the quarter. TEBG was down about 20. It's a large portfolio of businesses, mix really matters in that area, but also that's the business that's going to be most impacted by PFAS stranded costs. So that was the biggest part of the headwind. And we'll talk more as we go forward as to the margin trajectory in each of the businesses, but that's really what went on here in the quarter.

那我就快速補充一下，朱利安。你看，SIBG 和 CBG 的利潤率在本季都提高了約 200 個基點。TEBG下跌了約20。這是一個龐大的業務組合，在這個領域，業務組合非常重要，但同時，這也是受 PFAS 擱淺成本影響最大的業務。所以，這就是最大的逆風因素。接下來我們會更詳細地討論各個業務的利潤率走勢，但這就是本季發生的情況。

Thanks a lot. And then more broadly, I suppose we'll see in the 10-Q out in a day or two, the sort of updates on the litigation or legal front, but we've had some questions from investors around the movement in claims recently on personal injury in the last couple of months. Just wondered if you could sort of flesh out anything that you have seen there in your own tracking of that type of thing and what the next steps are on that personal injury front.

多謝。更廣泛地說，我想我們會在一兩天後發布的 10-Q 文件中看到有關訴訟或法律方面的最新進展，但最近幾個月，我們收到了一些投資者關於人身傷害索賠進展的問題。我想知道您能否詳細說明您在追蹤這類事件的過程中看到的情況，以及在人身傷害方面下一步的行動計劃。

Yeah. So -- exactly. So Julian, you're mentioning the injury claims on the personal injury, the claims on personal injury. There's really three broad areas that we're focusing as we try to manage risk here, and we're doing -- we're working relative to mitigate risk and manage risk as we go forward.

是的。沒錯。所以朱利安，你提到了人身傷害索賠，也就是人身傷害索賠。在努力管理風險的過程中，我們主要關註三個方面，並且我們正在努力降低風險並管理風險。

Certainly, the public water supplier piece is -- we settled that a couple of years ago, $12.5 billion. Very few opt-outs. We've talked before about some of the AG cases. State of New Jersey was last quarter. Vermont will happen over time. We'll see Illinois sort of in September of next year. Some of within some outside of the MDL. So we continue to drive that. And you specifically mentioned about the third one, which is personal injury.

當然，公共供水部分——我們幾年前就解決了這個問題，金額為 125 億美元。選擇退出的人很少。我們之前討論過一些司法部長的案例。新澤西州是上個季度。佛蒙特州的形成需要時間。我們大概會在明年九月看到伊利諾州的情況。部分在 MDL 範圍內，部分在 MDL 範圍之外。所以我們會繼續推進這項工作。你特別提到了第三點，即人身傷害。

There was an October trial date for the bellwether. The judge decided to remove that date to allow unfiled cases to be filed. This is about how he wants to manage the cases in the docket as we go through this piece. It's all about and now we're at how we vet some of these filed cases is happening right now.

這隻領頭羊的審判日期定在十月。法官決定取消該日期，以便允許提交未立案的案件。本文將探討他打算如何處理待審案件。這一切都與我們現在正在審查的一些已立案案件有關。

You'll note in the 10-Q that there have been more cases. It's just under 14,000. Each case has multiple claims, and we're now in the process of vetting all of that. And we'll talk to investors through SEC filings and these calls as we go forward as we learn more.

你會在 10-Q 表格中註意到，病例數增加。略低於 14,000。每個案件都包含多項指控，我們目前正在對所有指控進行核實。隨著我們了解更多信息，我們將透過向美國證券交易委員會提交的文件和這些電話會議與投資者進行溝通。

Great. Thank you.

偉大的。謝謝。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Bill, as you continue to shape your portfolio, I think you already talked about potential divestitures, but maybe can you talk about how you're thinking about getting 3M as exposed as you can, just some of the mega trends that are out there. For instance, you cited strong demand in your electrical markets within Safety and Industrial, which I think is levered to data centers. So how are you thinking about the overall portfolio in that sense.

比爾，隨著你不斷調整你的投資組合，我想你已經談到了潛在的撤資，但也許你可以談談你是如何考慮盡可能多地投資3M的，以及一些當前的大趨勢。例如，您提到安全和工業領域的電氣市場需求強勁，我認為這與資料中心密切相關。那麼，從這個角度來看，您是如何看待整體投資組合的呢？

Well, Andy, that's exactly how we're identifying the priority verticals that we're focused on. And a good part of the company is aligned to the priority verticals. You specifically mentioned data centers. We're exposed to data centers, both inside the data center as well as outside that business for us is on the order of about $600 million, 100 inside the data center, and $0.5 billion outside, which is connecting power to the data centers through terminations, through splices or a variety of other things.

安迪，沒錯，我們正是透過這種方式來確定我們關注的優先垂直領域。公司很大一部分業務都與優先發展領域保持一致。您特別提到了資料中心。我們接觸到資料中心，包括資料中心內部和外部。我們的這項業務規模約為 6 億美元，其中 1 億美元在資料中心內部，5 億美元在資料中心外部，這包括透過終端、接頭或其他各種方式將電力連接到資料中心。

So that business is growing pretty well. It's probably mid-teens. So we've got really good exposure that not as much as we would like, but certainly, it's growing over time. But that's how we came up with the thinking around the priority verticals was we aligned our technologies versus mega trends in the marketplace and capabilities of the company, and that's how we came up with a strategy we laid out back at the Investor Day in February.

所以這家公司發展得相當不錯。大概是十幾度吧。所以我們已經獲得了相當不錯的曝光度，雖然還不如我們希望的那麼多，但隨著時間的推移，它肯定會不斷增長。但正是基於這樣的思考，我們才確定了優先垂直領域：我們將自身的技術與市場上的巨大趨勢和公司的能力相匹配，並以此為基礎制定了我們在二月份投資者日上提出的戰略。

Helpful. And then I think margin was the highest we've seen in quite a while in consumer, can you talk about the puts and takes in that segment? I know you said it might be harder to get price within consumer, but are you actually getting any price versus cost in consumer? Or was it just good execution that you saw driving Q3 margins?

很有幫助。而且我認為消費品產業的利潤率是近段時間以來最高的，您能談談該領域的買賣情況嗎？我知道你說過在消費者層面取得價格資訊可能比較困難，但你真的在消費者層面取得了價格與成本的比較資訊嗎？或者說，你認為第三季利潤率的提升只是因為執行力強？

It's really good execution. It's really not pricing. It's the strategy that the CBG team has laid out to focus on four priority brands. They're beyond the portfolio, SKU rationalization, their focus -- they're launching a lot of new products.

執行得非常好。其實這跟價格無關。這是 CBG 團隊制定的策略，旨在專注於四個優先品牌。他們已經超越了產品組合、SKU 合理化和關注的範疇——他們正在推出許多新產品。

I mean, they're up more than double year-to-date and in the quarter. So their NPI is really good. The commercial excellence is really good. We're pushing more ad merch to that space. So the team is performing exceptionally well. It's pure execution.

我的意思是，他們今年迄今和本季的漲幅都超過了一倍。所以他們的NPI真的很好。商業表現確實非常出色。我們正在向該領域推廣更多廣告週邊產品。所以這支球隊表現非常出色。純粹是執行力的問題。

And I would say 0.3% in the quarter. They've grown positively in the last four quarters, it's 0.3% in Q1, Q2. So it's a pretty consistent story in what I would say is a relatively weak consumer market. So purely execution, they're doing a great job.

我估計本季成長0.3%。過去四個季度，他們的業績均實現了正成長，第一季和第二季的成長率為 0.3%。所以，在相對疲軟的消費市場中，這算是相當一致的現象。單就執行力而言，他們做得非常好。

Helpful. Thank you.

很有幫助。謝謝。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

I appreciate you squeezing me in. Maybe only one just because we're running up on time. I wanted to ask about China. First half mid-singles, Q3 high single, so accelerating. I think it's a real disconnect versus what we're seeing elsewhere from others around China.

感謝你擠出時間幫我。或許只有一個，因為我們時間緊迫。我想問關於中國的問題。上半年單週表現中等，第三季單週表現突出，因此加速成長。我認為這與我們在中國其他地區看到的情況有很大的脫節。

So I guess my question is, what do you see for China into Q4 and next year? And do you think there's any risk that maybe that business is running a little bit hot to the extent there's maybe an overproduction in China ahead of some of the tariff negotiation deadline windows.

所以我想問的是，您認為中國市場在第四季以及明年會如何發展？你認為是否存在這樣一種風險：該業務可能有點過熱，以至於在一些關稅談判截止日期之前，中國可能會出現產能過剩？

So thanks for the question, Chris. Look, I'm really, really pleased with what the team is doing in China. It doesn't feel to me like it's overheating, at least from our perspective. I think what we're seeing is a more resilient economy. But I think much more importantly is just the execution by the team.

謝謝你的提問，克里斯。說實話，我對球隊在中國的表現非常滿意。至少從我們的角度來看，我覺得它並沒有過熱。我認為我們現在看到的是一個更具韌性的經濟體。但我認為更重要的是團隊的執行力。

As I mentioned earlier in the call, about half of the business is going after the domestic market. There's some stimulus going into the market, but the execution of our local China team to go after and attack new opportunities is quite substantial. And half the market is on the export side, and we continue to perform really well in that space as well.

正如我之前在電話會議中提到的，大約一半的業務都在瞄準國內市場。市場有一些刺激措施，但我們中國本土團隊在掌握和抓住新機會方面的執行力相當強大。出口市佔率佔一半，我們在這一領域也持續表現出色。

One of the key growth theme for our TEBG business in China is going after China OEMs. And to capture those opportunities, you have to innovate. You have to innovate at a pace that's consistent with the pace at which these OEMs are launching vehicles in a year or in 18 months or even less than that.

我們TEBG在中國的業務成長重點之一是爭取中國OEM廠商的支持。要抓住這些機遇，就必須創新。你必須以與這些汽車製造商一年、18 個月甚至更短時間內推出新車的速度相一致的速度進行創新。

And in the quarter, we saw our ability to launch a new product offering into China to capture share with a China OEM in 10 months. So we're seeing a lot more hustle, a lot more speed, more eagerness. So I'm really pleased with what's happening in China.

本季度，我們看到了我們有能力在 10 個月內向中國市場推出新產品，並從中國 OEM 廠商獲得市場份額。所以我們看到大家更積極主動、速度更快、更有幹勁。所以我對中國正在發生的事情感到非常高興。

We thought it would soften, it did not. It actually accelerated. We think it might soften a little bit in Q4. I don't know what's actually going to happen because the team is pushing pretty hard. But I'm encouraged by the trends, our position there, the footprint, the team, the leadership, and I think we're doing a great job.

我們以為它會變軟，結果並沒有。實際上，它加速了。我們認為第四季情況可能會略有改善。我不知道最終結果會如何，因為球隊正在全力以赴。但我對目前的趨勢、我們在那裡的地位、影響力、團隊和領導力感到鼓舞，我認為我們做得非常出色。

Thank you, Bill. I really appreciate that.

謝謝你，比爾。我非常感謝。

Deane Dray, RBC Capital.

迪恩德雷，加拿大皇家銀行資本市場。

I'll also keep it to one question. Just circling back on the divestiture and the review of potential noncore businesses. So can you talk about the timing -- is this -- is it front-loaded? Do you want to try to get it done in the next couple of quarters or will it be an annual review?

我也只會問一個問題。再次強調一下資產剝離和對潛在非核心業務的審查。那你能談談時機嗎──這是──是前期投入嗎？你想爭取在接下來的幾個季度內完成，還是打算進行年度審查？

And then related, are you restricted in any way by the courts on potentially larger exits spin-offs or is that it for spin-offs?

另外，法院是否對可能規模更大的退出分拆有任何限制，或者分拆就只有這些限制嗎？

So on the second one, there's no restriction. And on the former one, look, we're going to be very thoughtful, very methodical. We're going to execute transactions as we're able to do it effectively driving value for owners. We -- it's a portfolio management is not something you think about once a year or once in the strategic plan, but it's an ongoing effort.

所以第二個問題沒有限制。至於前者，我們會非常謹慎，非常有條不紊。我們將根據實際情況執行交易，從而有效地為所有者創造價值。我們－投資組合管理不是每年或策略計畫中考慮一次的事情，而是持續的努力。

We clearly identified a piece of the company that doesn't appear to fit, and we're executing against that while also and really importantly, building the muscle inside the company on how we execute through the basics, the fundamentals, which is the strategy we laid out in the middle of last year. It's a focus on fundamentals, operational excellence, commercial excellence, innovation excellence. And that's really what we're spending a lot of our time on.

我們明確地發現了公司中某個不合適的部分，我們正在針對它進行調整，同時，更重要的是，我們正在增強公司內部執行基本功的能力，這是我們在去年年中製定的策略。它注重基本面、卓越營運、卓越商業和卓越創新。而這正是我們花費大量時間去做的事情。

As we think about how the portfolio should move as we pivot the business into these higher-growth verticals aligned to the question came up earlier around mega trends in our priority verticals. So this is the path we're on. And again, we'll be thoughtful and very methodical.

當我們思考如何調整投資組合，將業務轉向這些高成長的垂直領域時，這與先前提出的關於我們優先垂直領域大趨勢的問題一致。這就是我們前進的方向。我們會再次深思熟慮，並且非常有條不紊。

Thank you.

謝謝。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

I'll keep it to one as well. But I just wanted to circle back on commercial excellence and clearly some traction that you're seeing there. But trying to understand the timeline and if you could put it in the perspective of kind of what inning you're in, in Safety and Industrial? And then talk about how long it's taken to get to that $100 million pipeline?

我也只訂一個。但我只是想再談談商業卓越性以及你們顯然在這方面取得的一些進展。但我想了解一下時間線，以及你能否從安全和工業領域目前所處階段的角度來理解它？然後談談這條價值 1 億美元的管道項目花了多長時間才建成？

Because really, what I'm trying to understand is I think your earlier days on T&E and don't know where you are on consumer, but trying to think about how repeatable what you're doing in Safety and Industrial is in these other segments and the timeline to see traction there?

其實，我真正想了解的是，我認為你們早期專注於T&E領域，而我不知道你們在消費領域發展到了什麼程度，但我想思考的是，你們在安全和工業領域所做的工作在其他領域有多大的可複製性，以及需要多長時間才能在這些領域取得成效？

Joe, thank you for the question. It's a great one. We're really proud of what the team is doing in commercial excellence. We have great, great momentum here, and we did start mostly in SIBG, and within SIBG, was starting in US. They then went to Europe and Asia, it's the rest of world.

喬，謝謝你的提問。這是個很棒的例子。我們為團隊在商業卓越方面所取得的成就感到非常自豪。我們現在勢頭非常強勁，我們最初主要是在SIBG起步的，而在SIBG內部，我們是從美國開始的。然後他們去了歐洲和亞洲，也就是世界其他地區。

And then Wendy and the TEBG team as a fast followers, learning from those lessons are drafting right behind them, again, starting in the US, then going internationally. Karina has our effort going on in CBG. It's actually building, I think, terrific momentum. It's in three areas, the pillars we call them.

然後，Wendy 和 TEBG 團隊迅速跟進，吸取這些經驗教訓，緊隨其後，再次從美國開始，然後走向國際。Karina正在CBG開展我們的工作。我認為，它實際上正在積聚巨大的勢頭。它分為三個區域，我們稱之為支柱。

One is commercial management. It's how we improve our processes and capacity at the front end. It's standard tools, it's improving our sales force. It's basic execution between our sales reps, sales manager, and how they execute at the customer interface. Part of it is a second, which is channel effectiveness, is all about how we engage with the customers joint business planning.

一是商業管理。這就是我們從前端改善流程和產能的方式。這是標準工具，它正在提升我們的銷售團隊。這是銷售代表、銷售經理以及他們在客戶介面上的執行情況之間的基本問題。其中一部分是第二部分，即通路有效性，這完全取決於我們如何與客戶進行聯合業務規劃。

And that's what gave rise to these great ideas on cross-selling and the pipeline that we have that's over $100 million of cross-sell opportunities, which we now have captured $30 million on an annualized basis. That number is going to be bigger than what Chris laid out at the beginning of this year at Investor Day. And we're actually seeing even opportunities to cross-sell between TEBG and SIBG and consumer. So it's actually quite good.

正是這些因素催生了交叉銷售方面的偉大構想，以及我們擁有的超過 1 億美元的交叉銷售機會管道，而我們現在已經實現了每年 3000 萬美元的收入。這個數字將會比克里斯在今年年初的投資者日上公佈的數字更大。我們甚至看到了TEBG和SIBG與消費者之間交叉銷售的機會。所以它其實相當不錯。

And the third is how we improve loyalty to reduce churn. This is a great opportunity. The best way to grow is to not lose. We are reducing our attrition that comes through better quality and better on-time and full performance. So this is gaining traction. We're clearly in our early innings and this will build over time for sure. So I'm really pleased with the progress so far on our commercial effectiveness work.

第三點是我們如何提高客戶忠誠度以降低客戶流失率。這是一個絕佳的機會。成長的最佳途徑就是不失敗。我們透過提高品質、提高準時性和全面性來降低人員流失率。所以這種做法逐漸獲得認可。顯然我們還處於起步階段，隨著時間的推移，這肯定會不斷發展壯大。因此，我對我們在商業效益提升方面取得的進展感到非常滿意。

Appreciate the color. Thanks.

欣賞這種顏色。謝謝。

Okay. Well, I think we -- I think that brings us to the end of the call. I wanted to thank again all the 3Mers for their continued drive towards excellence, improving every day, executing against our priorities and delivering value to shareholders and to customers. And thank you very much, and thank you all for joining the call today.

好的。好了，我想我們──我想我們的通話到此結束了。我再次感謝所有 3M 員工，感謝他們不斷追求卓越，每天進步，執行我們的優先事項，並為股東和客戶創造價值。非常感謝，也感謝各位今天參加電話會議。

Ladies and gentlemen, that does conclude today's conference call. We thank you for your participation and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。