3M (MMM) 2026 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 20, 2026.

各位女士、先生，感謝您稍候。歡迎參加 3M 第三季財報電話會議。（接線員指示）提醒您，本次電話會議將於 2026 年 10 月 20 日（星期二）錄音。

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 投資人關係暨財務規劃與分析資深副總裁 Chinmay Trivedi。

Thank you. Good morning, everyone, and welcome to our quarterly earnings conference call.

謝謝。各位早安，歡迎參加我們的季度財報電話會議。

With me today are Bill Brown, 3M's Chairman and Chief Executive Officer; and Anurag Maheshwari, 3M's 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.

今天與我一同出席的有 3M 董事長兼執行長 Bill Brown，以及 3M 財務長 Anurag Maheshwari。Bill 與 Anurag 將先發表正式談話，接著我們將回答各位的提問。請注意，今天的財報新聞稿以及本次電話會議所搭配的簡報投影片，已張貼於我們投資人關係網站 3m.com 的首頁。

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 2 頁投影片，花點時間閱讀前瞻性聲明。在今天的電話會議中，我們將發表若干預測性陳述，反映我們目前對 3M 未來營運表現與財務結果的看法。這些陳述係基於對未來事件的若干假設與預期，而未來事件可能受到風險與不確定性影響。我們最近一期 Form 10-Q 的第 1A 項列示了部分最重要的風險因素，這些因素可能導致實際結果與我們的預測不同。

Please note, throughout 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.

另請注意，在今天的簡報中，我們將提及若干非 GAAP 財務衡量指標。非 GAAP 指標的調節表可於今日新聞稿的附件中查閱。

With that, please turn to slide 3, and I will hand the call off to Bill. Bill?

接下來，請翻到第 3 頁投影片，我將把電話交給 Bill。Bill？

Thank you, Chinmay, and good morning, everyone.

謝謝你，Chinmay，各位早安。

We delivered strong performance in Q3, including organic growth of 3.3%, operating margin at 26.2%, up 110 basis points, earnings per share of $2.50, up 12%, and free cash flow of $1.2 billion. We returned $600 million to shareholders in the quarter, including $400 million in dividends and $200 million of share repurchases. These results include Madison Fire & Rescue, which is now fully consolidated into our financial reporting and reflect a change in acquisition amortization reporting. Our updated guidance for the year incorporates both items, and Anurag will provide additional details later in the call.

我們在第三季交出強勁表現，包括有機成長 3.3%、營業利益率 26.2%（提升 110 個基點）、每股盈餘 2.50 美元（成長 12%），以及自由現金流 12 億美元。本季我們回饋股東 6 億美元，其中包含 4 億美元股利與 2 億美元庫藏股回購。上述結果包含 Madison Fire & Rescue，目前已完整併入我們的財務報導，並反映我們在併購攤銷呈報方式上的變更。我們更新後的全年財測已納入這兩項因素，Anurag 稍後將在電話會議中提供更多細節。

Based on our Q3 performance and continued strong order trends, we remain confident in achieving organic growth of greater than 3.5% this year. The progress we're delivering reflects the disciplined execution of the strategy we've been implementing over the last two years. As we've discussed, our value creation framework is centered around three phases: building the foundation, driving transformation, and accelerating performance. Our results today are clear evidence that we're making progress across all three.

基於第三季表現以及持續強勁的接單趨勢，我們仍有信心今年可達成高於 3.5% 的有機成長。我們所展現的進展，反映了過去兩年來我們所推動策略的紀律性執行。如同我們先前所討論，我們的價值創造架構聚焦三個階段：奠定基礎、推動轉型、加速績效。我們今天的成果清楚證明，我們在這三個面向皆持續取得進展。

We're strengthening the foundation of the company and rebuilding critical capabilities to position 3M for long-term success. We've invested in sales force effectiveness and AI-enabled tools. We've sharpened our focus on priority verticals where we can win and improved how we allocate R&D resources.

我們正在強化公司的基礎並重建關鍵能力，以使 3M 具備長期成功的定位。我們已投資於銷售團隊效能提升與 AI 賦能工具。我們也更聚焦於可勝出的優先垂直領域，並改善研發資源的配置方式。

Operationally, we're delivering on our goals to improve productivity, quality, and supply chain performance. In the quarter, we launched 87 new products, up 24%, and we're on track to exceed our target of 350 this year. Year to date, five-year new product sales are up 34% versus last year to nearly $3 billion, resulting in new product vitality in the mid-teens from a low of 11% in 2024.

在營運面，我們正達成提升生產力、品質與供應鏈表現的目標。本季我們推出 87 項新產品，成長 24%，並正朝今年超越 350 項目標邁進。年初至今，五年內新產品銷售額較去年成長 34%，接近 30 億美元，使新產品活力（new product vitality）自 2024 年的 11% 低點回升至約十幾%的水準。

Cross-selling is also gaining traction, with $140 million in wins booked to date and another $120 million in the pipeline, well ahead of our original $100 million three-year goal. And in today's higher inflation environment, our price execution has been particularly strong and fully offsets material and oil cost pressures.

交叉銷售也逐步見效，迄今已取得 1.4 億美元的訂單勝出，另有 1.2 億美元在商機管線中，明顯優於我們原先三年 1 億美元的目標。在當前較高通膨環境下，我們的價格執行尤其強勁，並已完全抵銷原物料與油品成本壓力。

Across our manufacturing supply chain network, productivity improvements, including procurement savings, higher asset utilization from increased throughput and lower downtime, and improved quality, drove gross margins up 230 basis points year over year. Cost of poor quality improved by 40 basis points and overall equipment effectiveness improved by 20 basis points.

在我們的製造與供應鏈網路中，生產力提升（包含採購節省）、因產出提升與停機時間降低而帶來的資產使用率提高，以及品質改善，推動毛利率年增 230 個基點。不良品質成本（cost of poor quality）改善 40 個基點，整體設備效率（overall equipment effectiveness）提升 20 個基點。

We continue to see meaningful opportunities to further simplify and standardize, reshape the portfolio, reduce risk, and improve enterprise resilience and predictability. We've closed 16 manufacturing sites and distribution centers year to date and are taking action on 10 more over the next 12 months, supporting further gross margin improvement beyond 2027.

我們仍看到可觀的機會，進一步簡化與標準化、重塑產品組合、降低風險，並提升企業韌性與可預測性。年初至今我們已關閉 16 座製造據點與配送中心，並將在未來 12 個月內再對另外 10 座採取行動，以支持 2027 年之後毛利率的進一步改善。

And the Madison Fire & Rescue acquisition, which is now combined with our SCBA business and reported as a separate division within SIBG, is off to a good start. The JV delivered high-single-digit pro forma growth and operating margins ahead of our deal model and 3M overall. An integration is well underway to capture synergies across distribution, international expansion, and operational performance. And we continue our efforts to address litigation risk and are actively working with a court-appointed mediator for the AFFF personal injury MDL, and more information is available in our quarterly filing.

此外，Madison Fire & Rescue 併購案目前已與我們的 SCBA 業務合併，並在 SIBG 之下以獨立事業部呈報，開局良好。該合資企業（JV）以擬制（pro forma）基礎計算，實現高個位數成長，且營業利益率優於我們的交易模型與 3M 整體水準。整合工作正順利推進，以在通路、國際擴張與營運表現等面向取得綜效。我們也持續處理訴訟風險，並正與法院指派的調解人就 AFFF 人身傷害 MDL 積極合作；更多資訊請參閱我們的季度申報文件。

Moving to slide 4, I'll provide a bit more color on our end market performance. We continue to see strong momentum in general industrial and safety, with second-half growth accelerating to high-single digits, above our prior expectations.

接著看第 4 頁投影片，我將補充一些終端市場表現的細節。我們在一般工業與安全領域持續看到強勁動能，下半年成長加速至高個位數，優於我們先前的預期。

In electronics, we're seeing increasing strength in semiconductors and data centers, which is partially offsetting a weaker consumer electronics market, especially in LCD displays. Auto OE and aftermarket is trending in line with the prior expectations with a modest improvement from down low-single digits in the first half to about flat in the second and with OE a bit softer and aftermarket a bit better.

在電子領域，我們看到半導體與資料中心的動能增強，部分抵銷消費性電子市場較疲弱的影響，尤其是在 LCD 顯示器方面。汽車原廠配套（OE）與售後市場的趨勢符合先前預期，並有小幅改善：由上半年低個位數下滑，改善至下半年約持平；其中 OE 略為偏弱、售後略為較佳。

The Consumer business, which contributes about 20% of sales, improved sequentially to about flat in the second half, as modest improvement in Consumer POS spending is partially offset by channel inventory adjustments at a few specific retailers. Net-net, we still see sales accelerating in the second half in our full year above 3.5% organic.

消費品事業約占營收 20%，下半年較前期改善至約持平；消費端 POS 支出小幅回升，但部分被少數特定零售商的通路庫存調整所抵銷。整體而言，我們仍預期下半年銷售將加速，使全年有機成長高於 3.5%。

Turning to slide 5. Over the medium to long term, accelerating innovation across our frontier verticals, including aerospace, data centers, and others, will be an important driver of growth. Space materials is a great example how we can take differentiated 3M technologies and extend them into entirely new markets.

接著看第 5 頁投影片。在中長期，加速我們前沿垂直領域（包括航太、資料中心等）的創新，將是成長的重要驅動力。太空材料是一個很好的例子，展現我們如何將具差異化的 3M 技術延伸至全新的市場。

As shown on the left side of the slide, we're combining our capabilities in films, adhesives, and others to solve light, thermal, energy, and weight challenges across multiple parts of a spacecraft, from the satellite chassis to solar arrays. Our current pipeline supports opportunities from low Earth to geosynchronous orbits and across a range of commercial and government customers.

如投影片左側所示，我們正結合薄膜、黏著劑等能力，解決太空船多個部位的光學、熱管理、能源與重量挑戰，涵蓋從衛星機體結構到太陽能陣列。我們目前的商機管線支持從近地軌道到地球同步軌道的機會，並涵蓋多元的商業與政府客戶。

In Q3, we launched a lightweight reflective film for a commercial constellation to reduce light scattering toward Earth and address light pollution concerns. And we plan to launch another product in Q4 to provide a moisture-resistant barrier for solar panels. We have more than 10 other projects in development or in pre-pipeline stage that will follow in the next few years.

在第三季，我們為一個商業星座發射計畫推出一款輕量化反射薄膜，用以降低朝向地球的光散射並回應光害疑慮。我們也計畫在第四季推出另一項產品，為太陽能板提供耐濕阻隔層。此外，我們還有超過 10 個其他專案正在開發中或處於前期管線階段，將在未來幾年陸續推出。

And on the right side of the slide, there's been a lot of interest in expanded beam optics and the opportunity ahead of us. And in light of an 8-K filing and press release last evening, I wanted to take a minute to highlight the progress we're making. As a reminder, EBO's patented Ferrule technology enables faster installation, greater durability, and higher-density optical connections for AI infrastructure. The technology is particularly valuable in scale-out and scale-across applications, including optical backplanes, where connectors at the back of a server rack can be difficult to access, install, and maintain.

在投影片右側，市場對擴束光學（Expanded Beam Optics）以及我們面前的機會抱持高度興趣。鑑於昨晚提交的 8-K 文件與新聞稿，我想花一點時間重點說明我們正在取得的進展。提醒一下，EBO 具專利的插芯（Ferrule）技術可為 AI 基礎設施帶來更快速的安裝、更高的耐用性，以及更高密度的光學連接。該技術在橫向擴展（scale-out）與跨域擴展（scale-across）應用中特別有價值，包括光學背板（optical backplanes）；在這些情境下，伺服器機櫃背面的連接器往往難以接觸、安裝與維護。

We previously announced a partnership and deployment with Microsoft and said we were also engaged in proof of concept work with five additional global hyperscalers, one of whom was Amazon Web Services. Last evening, we filed an 8-K stating we issued a warrant to Amazon to purchase up to 3.2 million shares or approximately 0.6% of 3M common stock based upon the achievement of $6 billion in cumulative sales of optical connectivity and other data center-related products over the next seven years and other event-based milestones.

我們先前已宣布與微軟的合作與部署，並表示也正與另外五家全球超大規模雲端業者進行概念驗證（proof of concept）工作，其中一家是 Amazon Web Services。昨晚，我們提交了一份 8-K，指出我們向亞馬遜發行了一份認股權證（warrant），可在未來七年內達成光學連接與其他資料中心相關產品累計銷售額 60 億美元，以及其他以事件為基礎的里程碑後，購買最多 320 萬股、約相當於 3M 普通股的 0.6%。

We also announced that we signed a contract manufacturing agreement with Genius Electronic Optical Co., or GSEO, and acquired a 4.7% stake in the company in a private placement to cement our strategic partnership. GSEO is a credible and proven supplier of premium consumer device components, and they will help us rapidly advance technology development and scale EBO manufacturing on top of our internal capacity expansion plans.

我們也宣布已與 Genius Electronic Optical Co.（GSEO）簽署委託製造協議，並透過私募取得該公司 4.7% 的持股，以鞏固我們的策略夥伴關係。GSEO 是高階消費性裝置元件的可靠且經驗證的供應商，他們將協助我們在既有內部產能擴充計畫之上，加速推進技術開發並擴大 EBO 的製造規模。

But as we previously said, success in the space requires building a robust ecosystem of partners. We're actively supporting industry standardization through the EBO multi-source agreement, which started with 17 members and is now up to 63. This MSA brings together hyperscalers, connectivity providers, and chip designers under a common framework to establish industry standards and certify practitioners.

但如同我們先前所說，要在此領域成功，必須建立強健的合作夥伴生態系。我們正透過 EBO 多來源協議（multi-source agreement, MSA）積極支持產業標準化；該協議起初有 17 位成員，目前已增加至 63 位。此 MSA 在共同框架下匯聚超大規模雲端業者、連接解決方案供應商與晶片設計商，以建立產業標準並認證從業者。

EBO was highlighted by many of these ecosystem partners at last week's Open Compute Project Global Summit, including by one other hyperscaler, demonstrating EBO in a next-gen rack design running live traffic. And it was headlined in a recent article by SemiAnalysis, a well-respected trade journal. We believe the combination of industry collaboration through the MSA, growing ecosystem adoption, and differentiated 3M know-how positions us well to benefit as EBO becomes a larger part of next-generation AI infrastructure.

上週的 Open Compute Project 全球高峰會上，許多生態系夥伴都重點展示了 EBO，其中包括另一家超大規模雲端業者，在一款承載即時流量的次世代機櫃設計中示範 EBO。此外，EBO 也成為近期 SemiAnalysis（備受尊敬的產業刊物）文章的焦點。我們相信，透過 MSA 的產業協作、日益成長的生態系採用，以及 3M 差異化的專業能力相結合，將使我們在 EBO 成為下一代 AI 基礎設施更重要的一環時，具備良好受益條件。

Overall, we've made meaningful progress in reinvigorating our innovation engine over the last two years. Success requires speed and precise execution, and we're building a stronger, faster, more innovative, and more resilient 3M. As this company-wide effort evolves, I'm confident it will translate into faster growth, higher margins, and stronger free cash flow over time.

整體而言，過去兩年我們在重振創新引擎方面取得了實質進展。成功需要速度與精準執行；我們正在打造一個更強大、更快速、更具創新力且更具韌性的 3M。隨著這項全公司層級的努力持續演進，我有信心它將隨時間帶來更快的成長、更高的利潤率，以及更強勁的自由現金流。

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

接下來，我把時間交給 Anurag，請他分享本季的細節。Anurag？

Thank you, Bill.

謝謝你，Bill。

Turning to slide 6. We delivered another strong quarter across all financial metrics -- solid organic growth, 110 basis points of margin expansion, double-digit earnings growth, and robust free cash flow -- all reflecting execution against our strategic priorities.

請看投影片第 6 頁。我們在所有財務指標上再度交出強勁的一季——穩健的有機成長、利潤率擴張 110 個基點、雙位數盈餘成長，以及強勁的自由現金流——這些都反映了我們對策略優先事項的執行成果。

Starting with the top line, we delivered organic sales growth of 3.3%, driven by general industrial and safety, both of which performed better than expected on successful execution of our commercial excellence initiatives, including pricing. We also saw continued strong double-digit growth in semiconductors and data centers as we gained traction from new product launches and good customer positioning. Together, these more than offset a weaker consumer electronics market.

先從營收端來看，我們實現 3.3% 的有機銷售成長，主要由一般工業與安全業務帶動；兩者在成功推動商業卓越（commercial excellence）計畫（包含定價）下，表現均優於預期。我們也看到半導體與資料中心持續維持強勁的雙位數成長，受惠於新產品上市帶來的動能以及良好的客戶布局。上述表現合計足以抵銷較疲弱的消費性電子市場。

Notably, the orders strength that we have seen through the year continues and grew high-single digits in the quarter, led by industrials, safety, data centers, semiconductors, and aerospace. This resulted in backlog growth of high-teens over last year, positioning us well for the fourth quarter.

值得注意的是，我們今年以來所見的訂單強勁態勢仍在延續，本季訂單成長達高個位數，主要由工業、安全、資料中心、半導體與航太帶動。因此，積壓訂單（backlog）較去年成長達高十位數百分比，讓我們在第四季具備良好態勢。

By geography, US and Canada grew approximately 7%, the highest we have seen since the pandemic. Industrials grew double digits as we executed well on pricing, cross-selling, and sales effectiveness in a constructive market, which more than offset a soft consumer market. Latin America grew high-single digits, with broad-based growth across all three businesses.

以地區來看，美國與加拿大約成長 7%，為疫情以來我們所見的最高水準。在市場環境正向的情況下，我們在定價、交叉銷售與銷售效能方面執行到位，使工業業務達到雙位數成長，並且足以抵銷疲弱的消費市場。拉丁美洲成長達高個位數，三大業務皆呈現廣泛成長。

It was encouraging to see Europe grow for a second consecutive quarter despite a soft auto market. In Asia, we had positive growth and saw another double-digit quarter in India as we increased penetration in automotive, industrial, and a growing consumer market. Overall, we grew in all regions except China, which was down high-single digits on weak consumer electronics demand.

令人鼓舞的是，儘管汽車市場疲弱，歐洲仍連續第二季成長。在亞洲，我們實現正成長；印度再度繳出雙位數的一季，因我們在汽車、工業以及成長中的消費市場提高滲透率。整體而言，除中國外各區域皆成長；中國因消費性電子需求疲弱而下滑高個位數。

As Bill mentioned, following the Madison acquisition, starting this quarter, we now exclude the amortization of intangibles from adjusted results to better reflect the underlying performance of the business. Historical recast of financials for '25 and first half '26 are shown on slide 13 and, as you can see, have an impact of about 40 basis points to margin rate and $0.04 to EPS per quarter.

如 Bill 所提到，隨著 Madison 併購案完成，自本季起，我們在調整後（adjusted）結果中排除無形資產攤銷，以更能反映業務的基本面表現。投影片第 13 頁展示了對 2025 年與 2026 年上半年歷史財務數據的重編列（recast）；如各位所見，對利潤率約有 40 個基點的影響，且每季對 EPS 影響約為 0.04 美元。

For Q3, adjusted operating margin was 26.2%, up 110 basis points, with the three business groups up 140 basis points, partially offset by 30 basis points from corporate as expected. Operating profit increased $140 million, with $260 million from sales growth and productivity, particularly in supply chain, partially offset by about $120 million of stranded costs and investments.

第三季調整後營業利益率為 26.2%，提升 110 個基點；三大事業群合計提升 140 個基點，部分被公司層面如預期的 30 個基點所抵銷。營業利益增加 1.40 億美元，其中 2.60 億美元來自銷售成長與生產力提升（尤其是供應鏈），部分被約 1.20 億美元的閒置成本（stranded costs）與投資所抵銷。

The $0.27 of EPS growth was driven by $0.22 of operating profit growth and $0.05 of below-the-line items, including a lower share count net of a higher tax rate, resulting in adjusted EPS of $2.50, up 12% year on year. Q3 GAAP EPS was $2.63, up 70% year over year. This included the impact of cost from ongoing transformation actions, exit of certain PFAS manufacturing assets, and gain from change in value of our Solventum ownership.

EPS 增加 0.27 美元，主要由營業利益成長貢獻 0.22 美元，以及稅後其他項目（below-the-line items）貢獻 0.05 美元所帶動；其中包含在較高稅率下、因股數減少所帶來的淨效益，使調整後 EPS 達 2.50 美元，年增 12%。第三季 GAAP EPS 為 2.63 美元，年增 70%。其中包含持續轉型行動的成本、退出部分 PFAS 製造資產的成本，以及我們對 Solventum 持股價值變動所帶來的收益。

Free cash flow was $1.2 billion in the quarter, as higher earnings were offset by working capital timing, which we expect to reverse in the fourth quarter.

本季自由現金流為 12 億美元；較高的獲利被營運資金時點因素所抵銷，而我們預期該影響將在第四季反轉。

Turning to the next slide, I will provide a quick overview of our growth performance for each business group. Safety & Industrial delivered another standout quarter with 7% organic sales growth, driven by the continued expansion of commercial excellence initiatives and the ramp-up of new products.

接著看下一張投影片，我將快速概述各事業群的成長表現。安全與工業（Safety & Industrial）再度交出亮眼的一季，有機銷售成長 7%，主要受惠於商業卓越計畫的持續擴展以及新產品放量。

Electrical markets division continued to grow double digits as they deepened penetration with key customers in the data center market. Safety, industrial adhesives, abrasives, and industrial specialties collectively grew high-single digits, driven by targeted commercial initiatives to reduce customer churn, expand sales coverage, increase sales effectiveness, and drive cross-selling.

電氣市場事業部（Electrical markets division）在資料中心市場與關鍵客戶深化滲透，持續維持雙位數成長。安全、工業膠黏劑、研磨材與工業特殊品合計成長達高個位數，主要由聚焦的商業計畫所帶動，包括降低客戶流失、擴大銷售覆蓋、提升銷售效能，以及推動交叉銷售。

Though repair claims market remains soft, auto aftermarket grew mid-single digits, driven by the new products and wins with large multi-shop operators. Year to date, SIBG sales are up 6.1%, and importantly, orders in backlog are up double digits, giving us good visibility into the fourth quarter.

儘管維修理賠市場仍偏疲弱，汽車售後市場仍成長中個位數，主要由新產品以及與大型連鎖多店業者（multi-shop operators）的得標/合作所帶動。年初至今，SIBG 銷售成長 6.1%；更重要的是，積壓訂單中的訂單量呈雙位數成長，讓我們對第四季有良好能見度。

Turning to Transportation & Electronics. Third-quarter sales grew 0.5% due to weaker-than-expected consumer electronics, which was down mid-teens. Outside of consumer electronics, the business grew about 5% across semiconductors, aerospace, commercial branding, and auto.

接著看運輸與電子（Transportation & Electronics）。第三季銷售成長 0.5%，原因是消費性電子弱於預期，該領域下滑達十幾個百分點（mid-teens）。若排除消費性電子，該事業在半導體、航太、商業品牌（commercial branding）與汽車等領域合計成長約 5%。

In addition to data center and semiconductor, aerospace grew double digits, driven by continued strength in defense, sustained civil aviation bill rates, and growing demand for space films. Commercial branding continued its first-half momentum, growing mid-single digits, driven by graphics and personal auto demand, while auto was down mid-single digits on softer builds.

除資料中心與半導體外，航太亦呈雙位數成長，主要由國防需求持續強勁、民用航空開票率（bill rates）維持，以及太空薄膜（space films）需求增加所帶動。商業品牌延續上半年動能，成長中個位數，主要由圖像（graphics）與個人汽車需求帶動；而汽車業務則因整車產量較疲弱而下滑中個位數。

Despite the weak consumer electronics and auto market for the first nine months, TEBG sales grew 2.1%, with orders up high-single digits and backlog up double digits, supporting acceleration in the fourth quarter. SIBG and TEBG, which together represent 80% of our business, delivered about 4% growth in the quarter and 4.5% year to date.

儘管前九個月消費性電子與汽車市場疲弱，TEBG 銷售仍成長 2.1%，訂單成長高個位數、在手訂單（backlog）成長雙位數，支撐第四季加速成長。SIBG 與 TEBG 合計占我們業務的 80%，本季約成長 4%，年初至今成長 4.5%。

Finally, Consumer was flat in the quarter, improving sequentially as the rate of decline in the US moderated, while international continued to grow mid-single digits. US point of sale grew over 2% through the quarter, but continued inventory adjustments at a few large retailers resulted in US sell-in being down low-single digit. As retailer inventory stabilize and POS continues to show positive momentum on the back of NPI and retailer-specific programs, we expect the growth trend to improve in the fourth quarter.

最後，Consumer 本季持平；隨著美國下滑幅度趨緩，表現較前一季改善，而國際市場則持續以中個位數成長。本季美國終端銷售（POS）成長超過 2%，但少數大型零售商持續進行庫存調整，導致美國出貨至通路（sell-in）呈低個位數下滑。隨著零售商庫存趨於穩定，且在新品導入（NPI）與零售商專屬方案帶動下，POS 持續展現正向動能，我們預期第四季成長趨勢將改善。

Overall, we are delivering on our commitment with strong year-to-date results, including organic sales growth of 3.3%, operating margin expansion of 60 basis points to 25.2%, earnings growth of 12%, and free cash flow of $3.1 billion. Year to date, we returned $4.4 billion to shareholders, including $1.2 billion in dividends and $3.2 billion in share repurchases.

整體而言，我們以強勁的年初至今成果履行承諾，包括有機銷售成長 3.3%、營業利益率擴張 60 個基點至 25.2%、盈餘成長 12%，以及自由現金流 31 億美元。年初至今，我們已回饋股東 44 億美元，其中包含 12 億美元股利與 32 億美元庫藏股回購。

Please turn to slide 8 for an update on our '26 guidance. Order momentum, a healthy backlog, and easier comparisons give us confidence in organic growth of just over 4% in the fourth quarter, keeping us on track for more than 3.5% for the full year. On the back of strong year-to-date performance, continued momentum, and focus on productivity, we are raising our earnings guidance from a range of $8.95 to $9.10 on the new basis to a range of $9.10 to $9.15, or $0.10 above the midpoint, resulting in growth between 11% and 12% for the year.

請翻到投影片 8，了解我們對 2026 年指引的最新更新。訂單動能、健康的在手訂單，以及較容易的比較基期，讓我們對第四季有機成長略高於 4% 充滿信心，使我們維持全年超過 3.5% 的進度。在年初至今強勁表現、持續動能與聚焦生產力的帶動下，我們將（以新基準計）盈餘指引由每股 8.95 至 9.10 美元，上調至每股 9.10 至 9.15 美元，較中位數上調 0.10 美元，對應全年成長約 11% 至 12%。

On oil, we now estimate the inflation impact at $185 million, up from the $150 million to $175 million range we communicated in July. We expect to fully offset the increase through disciplined execution of the pricing actions we implemented in the second quarter. While this pass-through is dollar-neutral, it dilutes margin rate by about 20 basis points, which we will mitigate through better productivity.

在油價方面，我們目前估計通膨影響為 1.85 億美元，高於我們 7 月溝通的 1.50 億至 1.75 億美元區間。我們預期將透過嚴謹執行第二季已實施的定價措施，完全抵銷這項增加。雖然此一轉嫁在金額上為中性（dollar-neutral），但會使毛利率約稀釋 20 個基點，我們將透過更佳的生產力加以緩解。

For the year, we expect margin of about 24.6% on the new basis, in line with our prior expectations. Free cash flow remains at approximately $4.8 billion and adjusted tax rate at about 20%.

就全年而言，我們預期（以新基準計）利潤率約為 24.6%，符合先前預期。自由現金流仍約為 48 億美元，調整後有效稅率約為 20%。

Turning to slide 9. We will provide formal 2027 guidance in January, but our framework to drive profitable growth remains consistent and are confident that we will exceed all of our Investor Day targets. We expect good growth in line with our second-half exit rate, with more contribution coming from new product launches as we sustain commercial excellence, including pricing discipline. Alongside growth, we will continue to drive productivity largely from supply chain and transformation actions as we more than offset investments and stranded costs, resulting in margin rates exceeding our Investor Day target of 25.4% on the new basis.

接著看投影片 9。我們將於 1 月提供正式的 2027 年指引，但推動獲利成長的架構將維持一致，且我們有信心將超越投資人日所設定的所有目標。我們預期將有良好成長，與下半年退出成長率（exit rate）一致；在我們維持商業卓越（包含定價紀律）的同時，新品上市將帶來更多貢獻。在成長之外，我們也將持續推動生產力，主要來自供應鏈與轉型行動；我們將不僅抵銷投資與閒置成本（stranded costs），並使（以新基準計）利潤率超過投資人日目標 25.4%。

For EPS, we expect operational performance to be the primary driver of earnings growth like this year. Non-operational performance will be influenced by changes in interest rates and FX, while the tax rate should remain stable and share buybacks will continue to be accretive.

在每股盈餘（EPS）方面，我們預期如同今年一樣，營運表現將是盈餘成長的主要驅動因素。非營運表現將受利率與匯率（FX）變動影響；稅率應維持穩定，而股票回購將持續帶來增益（accretive）。

Finally, we expect robust free cash flow, driven by earnings growth and working capital improvements, and will continue disciplined capital deployment. Having returned $9.3 billion since the start of 2025, we are well on our way to exceeding the $10 billion target.

最後，我們預期自由現金流將維持強勁，主要由盈餘成長與營運資金改善所驅動，並將持續採取嚴謹的資本配置。自 2025 年初以來我們已回饋 93 億美元，正穩步邁向並將超越 100 億美元目標。

Before we open the call for questions, I would like to thank the 3M team for their commitment, resilience, and responsiveness to drive value to all our stakeholders. Our performance to date and opportunities ahead provide us with increased confidence in delivering on our updated 2026 guidance and exceeding the commitments we laid out at Investor Day.

在開放提問之前，我想感謝 3M 團隊的投入、韌性與迅速回應，為所有利害關係人創造價值。我們迄今的表現與未來機會，讓我們更有信心達成更新後的 2026 年指引，並超越我們在投資人日所提出的承諾。

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

接下來，我們開放提問。

(Operator Instructions) Scott Davis, Melius Research.

（接線員指示）Scott Davis，Melius Research。

Hey. Good morning, guys. I want to ask about Amazon in a second. But before I do that, you mentioned price several times. Is it easier to get because inflation is so well telegraphed that the customer is extraordinarily well aware of what's going on out there? Or is it the new product introduction side of it that is kind of driving that? And you still seem to be a little bit, I mean, behind PPI, so do you see an acceleration there?

嗨，早安，各位。我等一下想問 Amazon 的事。但在那之前，你們多次提到定價。這是否比較容易，因為通膨訊息傳遞得很充分，客戶對外部正在發生的事情非常清楚？或者是新品導入（NPI）這一端在推動？另外你們看起來仍有點落後於 PPI，所以你們是否看到那邊會加速？

So Scott, good question. I mean, first of all, it is pretty well publicized in the marketplace around what's happening in oil, gas prices, and general inflation, I think that's well covered. But I think our ability to drive price right now is partly from the new products. I think importantly, it's from just significantly better responsiveness, service delivery rates, product availability that we're delivering to our customers.

Scott，這是個好問題。首先，市場上對油價、汽油價格以及整體通膨的情況都有相當多的報導，我認為這些都被充分涵蓋。但我認為我們目前推動定價的能力，一部分來自新品。更重要的是，來自我們對客戶所提供的顯著更佳的回應速度、服務交付率，以及產品供應可得性。

And I think that's a very important part of it, and I wouldn't discount that we're being, I'd say, a bit more aggressive here on price, holding our ground on this one. So I think all of those things come together in what's driving price. So we'll see ourselves for the year to be slightly above a 1.5 points.

我認為這是非常重要的一環；我也不會否認，我們在定價上可以說更積極一些，在這件事上守住立場。所以我認為這些因素共同促成了定價的推動。因此我們預期全年會略高於 1.5 個百分點。

We were saying last time about 1.5%. It'll be a little bit better than that because oil price continues to come up. Back half of the year, we'll be slightly above 2%, front half was 1%. So we're doing better. We're executing well on price, recovering material and oil cost inflation, and we feel pretty good about the direct trajectory we're on right now on pricing.

上次我們說大約 1.5%。由於油價持續上升，實際會比那更好一些。下半年會略高於 2%，上半年是 1%。所以我們做得更好。我們在定價執行上表現良好，回收原物料與油價成本通膨，我們對目前定價的直接走勢感到相當樂觀。

Okay. That's helpful, Bill. It wasn't clear to me in the 8-K what Amazon is -- I mean, we know the investment they're making. But are they helping to pay for capacity or take-or-pay contracts, anything that kind of locks them in to derisking a bit of your capacity ads?

好的。這很有幫助，Bill。我在 8-K 裡不太清楚 Amazon 是——我的意思是，我們知道他們正在做的投資。但他們是否有協助支付產能、或簽訂 take-or-pay 合約之類的安排，以某種方式把他們鎖定，從而在你們擴增產能時降低一些風險？

So it was a very, very important step we've taken here with Amazon. There's no disclosure right now on other parts of the commercial agreement, but it's been in the works for some time. It's a very important strategic commercial relationship. I do believe it's a validation of the technology. It's an important milestone in this broader relationship that we've had with Amazon.

我們與 Amazon 在這裡採取的是非常、非常重要的一步。目前對商業協議的其他部分沒有進一步揭露，但這項合作已籌備了一段時間。這是一個非常重要的策略性商業關係。我確實相信這是對該技術的驗證。這也是我們與 Amazon 長期更廣泛關係中的一個重要里程碑。

It's very clear in the agreement that it's for optical connectivity, EBO, and other data center-related products. They do have faith in our broad material science capabilities for acoustics, vibration, thermal kind of things inside of data centers. And so we're very excited about where we happen to be.

協議中非常清楚指出，合作範圍涵蓋光學連接、EBO，以及其他與資料中心相關的產品。他們也信任我們在材料科學方面的廣泛能力，可用於資料中心內部的聲學、振動、散熱等相關應用。因此我們對目前所處的位置感到非常振奮。

As you note, there's at least something in the 8-K, it's cumulative $6 billion is where the warrant vests over seven years. It's in increments. It's not ratable. It'll start to ramp towards the back end of next year is what our expectation happens to be and become more meaningful as we get into '28. But as we sit here today, that's as far as I think we'll be able to disclose as this continues to ramp.

如你所提，8-K 裡至少有一些資訊：權證在七年內歸屬（vest）的累計金額為 60 億美元。它是分段（increments）歸屬。並非按期平均（not ratable）。依我們的預期，將在明年下半年開始加速爬坡，並在進入 2028 年後變得更具意義。但就我們今天所處的階段而言，隨著這項合作持續擴大，我想我們能揭露的大概就到這裡。

What's important right now is we execute well, we scale well here with Amazon, we build out the ecosystem, which they and other hyperscalers believe is very important. So a very important step is combining that with the GSEO announcement where we have solidified the supply side, the ramp-up we expect to get to support Amazon and other hyperscalers. So collectively, we think it's a very important milestone that we're at today on EBO.

眼下最重要的是我們要把執行做到位、在與 Amazon 的合作上把規模擴起來，並建立生態系；他們以及其他超大規模雲端業者都認為這點非常重要。因此，一個非常重要的步驟是把這件事與我們的 GSEO 公告結合起來，因為我們已經鞏固了供應端，以及我們預期的產能爬坡，以支援 Amazon 與其他超大規模雲端業者。所以整體而言，我們認為今天在 EBO 上所處的位置是一個非常重要的里程碑。

Makes sense. Thank you. Best of luck, guys. I'll pass it on.

了解。謝謝。祝各位好運。我把問題交回去。

Amit Mehrotra, UBS.

UBS 的 Amit Mehrotra。

Thanks, operator. Good morning, everybody. Bill, the trajectory of organic growth has been good, plus 1% in '24, plus 2% in '25, plus 3.5% at least this year. You're making a lot of progress on pricing and NPI. Now, you're maybe leaning into some growth verticals through these sort of creative solutions, which is fantastic.

謝謝，接線員。各位早安。Bill，有機成長的軌跡表現不錯，'24 年 +1%、'25 年 +2%、今年至少 +3.5%。你們在定價與 NPI（新產品導入）方面進展很大。現在你們也透過這類創新解決方案，可能更積極切入一些成長型垂直領域，這非常好。

But I guess the question that everybody is asking is, where do you think this ultimately goes to from a through-cycle growth perspective because you've got a consumer business that's a little bit more difficult? T&E is obviously a little bit difficult. Maybe just talk about not just '27, but if you want to talk about '27, great, but sort of where you think structurally you're taking the growth algorithm for this business over the next one, two, three years.

但我想大家都在問的問題是：從穿越景氣循環（through-cycle）的成長角度來看，你認為最終會走到哪裡？因為你們有一塊消費者業務相對更難做。差旅與娛樂（T&E）顯然也有些困難。能否談談不只是 '27 年——當然如果你想談 '27 年也很好——而是從結構性角度，你認為未來一到三年要把這項業務的成長演算法帶到什麼位置。

So you went through some of the numbers. I appreciate you're doing that and recalling the trajectory we're on. It's a pretty broad portfolio. Not everything kind of flows positively every quarter, but you've laid out appropriately the steps that we're taking to drive organic growth in the company, something I think we struggle to do over time. It comes back with -- back to what we were focused on very originally. It was around reinnovating innovation and driving new products to the marketplace that we continue to progress that very, very well and is becoming more impactful

你剛才提到了一些數字。我很感謝你這麼做，也回顧了我們目前的成長軌跡。我們的產品組合相當廣。不是每一項業務每一季都會正向流動，但你已經恰當地概述了我們為推動公司有機成長所採取的步驟——這是我認為我們過去一段時間一直比較難做到的。這又回到我們最初聚焦的重點。也就是重新點燃創新、把新產品推向市場；我們在這方面持續做得非常、非常好，而且影響力正在變得更大。

We're clearly driving a lot of commercial excellence activities, improving our capability at the frontline, building a better relationship with our channel partners, more cross-selling, better performance, so we have less churn, pricing. I mean, all these things come together to kind of make this machine run better.

我們也很明確地在推動大量商業卓越（commercial excellence）活動，提升第一線能力，與通路夥伴建立更好的關係，更多交叉銷售、更好的績效，因此流失率更低，還有定價。我的意思是，這些事情加總起來，讓這部機器運轉得更好。

And you went through the numbers. So we'll end the -- back half of the year, we'll be close to 4%. Q4 will be touching just over 4%. As we look into '27, we continue to see growth momentum here. There are some economic tailwinds here on the industrial side. We feel pretty good about that.

你也提到了數字。所以今年下半年結束時，我們的有機成長會接近 4%。第四季會觸及略高於 4%。展望 '27 年，我們仍持續看到這裡的成長動能。工業端也有一些經濟順風。我們對此感覺相當不錯。

But more importantly, this is a self-help story. We're showing that we can grow organically, even in the choppy macro environment, and drive margin expansion quite substantially. So the combination of what we're trying to do, I think, is what's really turning this 3M Company around. And I'm very, very excited about where the future holds here.

但更重要的是，這是一個自助（self-help）的故事。我們正在證明，即使在顛簸的總體環境下，我們也能實現有機成長，並且相當大幅度地推動利潤率擴張。因此，我認為我們正在做的這些組合拳，才是真正讓 3M 這家公司扭轉局面的關鍵。我對未來的發展非常、非常興奮。

Okay. Thank you, Bill. And then, Anurag, if I could just have a follow-up, because if we go back to Investor Day, there might be sort of $400 million to $500 million of extra cost that you guys have incurred since Investor Day, whether it's tariffs or oil inputs. And here we are, not only are you offsetting that with price, but there's obviously clearly productivity there, because the margin, you're raising the margin guidance for longer term next year.

好的。謝謝你，Bill。接著 Anurag，如果我可以追問一下：如果回到投資人日，自投資人日以來，你們可能承擔了約 4 億到 5 億美元的額外成本，不論是關稅或是油品投入成本。而現在我們看到，你們不僅用價格把這些抵消掉，顯然也有很清楚的生產力提升，因為你們把明年更長期的利潤率指引上調了。

Can you just talk about productivity? Because the '27 framing is helpful, but it's a little bit vague relative to what you did last year. Are we going to get $500 million, $600 million more of net productivity next year? Do you still expect 35% incremental margins on the growth you expect to achieve? Maybe fill in some of that color for us, please.

你能談談生產力嗎？因為 '27 年的說法很有幫助，但相較於你們去年做的事情，仍有點偏概略。明年我們會再看到 5 億、6 億美元以上的淨生產力提升嗎？你們仍預期在你們預計達成的成長之下，增量利潤率（incremental margins）為 35% 嗎？麻煩幫我們補充一些細節。

Okay, great. Thanks, Amit. And you're absolutely correct. At the Investor Day, what we laid out was that we had about $300 million of stranded costs at that point in time. But since then, we've had tariffs of about $280 million. We have oil now, which is $185 million. We obviously were able to offset all of that, plus more, which is why we are ahead in terms of our margin expansion so far and will be next year as well.

好的，很好。謝謝你，Amit。你說得完全正確。在投資人日，我們當時提出的是約 3 億美元的閒置成本（stranded costs）。但自那之後，我們承擔了約 2.8 億美元的關稅。現在還有油品成本，約 1.85 億美元。我們顯然不僅把這些全部抵消，還抵消得更多；這也是為什麼到目前為止我們在利潤率擴張上領先，明年也會如此。

So as Bill mentioned, we're going to exit the year close to about 4% in terms of organic growth. And as we go into next year, that will accelerate because of new products, commercial excellence, and pricing, which we've done a very good job this year and continue to kind of sustain that next year and drive for more pricing to offset oil.

如 Bill 所提到的，我們今年在有機成長方面，年末會接近約 4%。進入明年後，因為新產品、商業卓越與定價，成長會加速；今年我們在定價上做得非常好，明年也會持續維持，並推動更多定價以抵消油品成本。

So with the volume growth on the margin side, we have good incrementals. Historically, we said it's between 30% to 40%. I think we are more closer to the 40% right now in incrementals, given the progress that we made over the past couple of years. I'll combine that with productivity on both supply chain as well as some of the transformation actions we are taking, and it should continue at the same rate as it has over the past couple of years.

因此，在利潤率端，隨著量的成長，我們有不錯的增量表現。過去我們說增量利潤率大約在 30% 到 40% 之間。我認為以我們過去幾年的進展來看，目前更接近 40%。再加上供應鏈端的生產力，以及我們正在推動的一些轉型行動，生產力提升應會以過去幾年相同的速度持續。

And while we drive volume with high incrementals, productivity will much more than offset the step-up in investments and stranded costs. So expect good margin expansion as we go into next year and be very confident to be ahead of the 25.4%, the new Investor Day target, despite all the other headwinds we had. So feeling pretty confident.

而當我們以高增量推動量的成長時，生產力將遠遠超過投資增加與閒置成本上升的影響。所以展望明年，預期會有良好的利潤率擴張；我們也非常有信心，即使面臨其他逆風，仍能高於 25.4% 這個新的投資人日目標。所以感覺相當有信心。

Got it. Great. Thank you very much. Appreciate it, guys.

了解。很好。非常感謝。感謝各位。

Joe O'Dea, Vertical Research Partners.

Vertical Research Partners 的 Joe O'Dea。

Hi. Good morning. I wanted to start on just sizing of EBO. Can you talk a little bit about where you expect the revenue to be this year, how much revenue your current capacity can support? And then with the manufacturing collaboration that you've announced, how much revenue altogether you think that will be able to support?

嗨，早安。我想先從 EBO 的規模談起。你能否談談你們預期今年的營收會是多少、目前產能可以支撐多少營收？另外，隨著你們宣布的製造合作，你們認為合計能支撐多少營收？

So Joe, for this year, EBO is in the $40 million range, plus or minus. We've got another quarter to go here. We do expect that to ramp. Considerably next year, likely we'll double, could be maybe a little bit better than that, depending upon progress through the year.

Joe，就今年而言，EBO 大約在 4,000 萬美元的區間，上下浮動。我們這裡還有一季要走。我們確實預期它會爬坡。明年會顯著成長，可能會翻倍，也可能略高於翻倍，取決於全年進展。

Internally, we have doubled our manufacturing capacity. So we'll be north of, say, 10 million Ferrules a year. It'll be a little bit better than that. And we expect to increase that over time. The contract manufacturing agreement with GSEO, given their size and what they currently do for consumer devices in similar spaces, they could do potentially multiples of that per month. So I believe if we scale them as we know we will over the course of the fourth quarter into early next year, that we will see our ability to actually satisfy the market demand.

在內部，我們已將製造產能加倍。因此每年將超過例如 1,000 萬個 Ferrules（套管）。實際上會比這再好一些。而且我們預期會隨時間持續提高。與 GSEO 的委外製造協議，考量到他們的規模以及他們目前在相近領域為消費性裝置所做的產能，他們每月潛在可做到我們的數倍。所以我相信，如果我們如預期在第四季到明年初把他們的產能拉升，我們將看到自身實際滿足市場需求的能力。

So hopefully, it's not a capacity issue. It becomes more in comfort of hyperscalers. It's developing the ecosystem. And I just want to reiterate one of the key factors here is making sure we have diversity of supply, not just from 3M, but other partners here, because that's going to be quite important for hyperscalers to sell on to sign on. So I believe the GSEO will be in pretty good shape to scale to the market requirements as we see them now.

所以希望這不是產能問題。這更多是讓超大規模雲端業者在採用上更有信心。這是在建立生態系。我想再次強調，這裡的一個關鍵因素是確保供應來源的多元化，不只是來自3M，也包括其他合作夥伴，因為這對超大規模雲端業者願意推廣並簽約會非常重要。因此，我相信就我們目前看到的市場需求而言，GSEO 會處於相當良好的狀態，能夠擴大規模以滿足需求。

And then on current demand tracking, can you talk a little bit about what you saw over the course of the quarter into this month with respect to acceleration, any caution? There's a tremendous amount of focus out there just given kind of all the headlines and any risks that that poses for POS. And so just kind of overall macro, how you've seen demand trends over the course of the last several months?

接著在目前的需求追蹤方面，能否談談你們在本季到本月期間看到的情況：是否有加速、是否有任何需要謹慎看待之處？外界對此非常關注，主要是因為各種新聞標題，以及這些因素對 POS 可能帶來的任何風險。因此就整體總體環境而言，過去幾個月你們如何看待需求趨勢的變化？

Okay. So for us, I mean, our order rates have been pretty good. For the quarter, they were up about 7%. We see good backlog going into the fourth quarter year to date, a little bit better than 8%. It's better on the industrial side, but generally good order trends, good momentum here as we head into the back end of the year. So just from a macro perspective, we continue to see the broader industrial markets improving, especially in the US.

好的。就我們而言，我們的接單率一直相當不錯。本季約成長7%。我們看到進入第四季的在手訂單（backlog）表現良好；年初至今略高於8%。工業端表現更好，但整體而言接單趨勢良好、動能不錯，隨著我們進入年底的後段。因此從總體角度來看，我們持續看到更廣泛的工業市場在改善，尤其是在美國。

And I know this part is driven by data centers, but it's quite a lot of other factors that go behind that. Auto build rates are likely to be down. They're down modestly in the quarter and likely for the year as well. We see the consumer electronics space worsening a little bit in the back end of the year, more like down mid-teens from the consumer electronics market. Those are the broader pieces.

我知道這部分是由資料中心所帶動，但其背後其實還有相當多其他因素。汽車產量（build rates）很可能會下滑。本季小幅下滑，全年也可能如此。我們看到消費性電子在年底後段略為惡化，消費性電子市場大約是中十幾%的下滑。以上是較大的幾個面向。

IPI is about where we were before, slightly better globally. US IPI, US GDP is slightly better from where we thought in July. So that's getting, I'd say, a little bit better. And those are the key pieces.

工業生產指數（IPI）大致與先前相當，全球略好一些。美國 IPI、以及美國 GDP 都比我們7月時的預期略好，所以我會說有些改善。這些是關鍵要點。

The US consumer was sort of still a little bit soft. Although what I would say is we continue to see good POS growth, which is sell out for us. It's north of 2% growth on POS, which is pretty good. So I feel it's getting at least more stability in the US consumer behavior, if not maybe a little bit of improvement. So overall, I'd say the industrial is pretty good kind of mixed outside of that.

美國消費者仍然有點偏疲弱。不過我要說的是，我們持續看到良好的 POS 成長，也就是我們的終端銷售（sell-out）。POS 成長超過2%，這相當不錯。因此我覺得美國消費行為至少更趨穩定，甚至可能略有改善。總體而言，我會說工業端表現相當不錯，其他領域則較為分歧。

Thank you.

謝謝。

Julian Mitchell, JPMorgan.

Julian Mitchell，摩根大通。

Hi. Good morning. Maybe just wanted to follow up on the TEBG revenue outlook because that's where you've seen, I suppose, the most volatility in recent quarters, strong growth Q2, evaporated in Q3. You're talking about a reacceleration in the fourth quarter despite a worsening consumer electronics market backdrop. I think you said down mid-teens.

嗨，早安。我想追問一下 TEBG 的營收展望，因為我想那是你們近幾季波動最大的地方：第二季強勁成長，第三季卻消失了。你們談到第四季會再度加速，儘管消費性電子市場的背景正在惡化。我想你們說的是下滑中十幾%。

So can you please sort of flesh out a little bit the confidence in that TEBG acceleration? And is it something where it's just month to month that the numbers are kind of swinging around in that business?

所以能否請你們更具體說明一下，對 TEBG 在第四季加速的信心來源？以及這是否是一種該業務數字按月大幅擺動的情況？

Sure. So as we exited the third quarter, Julian, the backlog in TEBG was up quite double digit, so that gives us good visibility as we go into the fourth quarter. You are correct about the consumer electronics being pretty consistent between third and fourth quarter.

當然。Julian，第三季結束時，TEBG 的在手訂單（backlog）呈現相當明顯的雙位數成長，這讓我們在進入第四季時有很好的能見度。你對消費性電子的看法是正確的，第三季與第四季之間大致一致。

But where we do see is the good backlog getting converted plus continued strength in the aerospace, defense, the semiconductor and data center, which continues to accelerate in the fourth quarter plus all the commercial excellence that we are driving in the commercial branding business. This, along with auto, we've had some couple of good wins in auto as well, that kind of coming through, I think gives us confidence that we will accelerate the growth in the fourth quarter from third quarter in TEBG.

但我們看到的是：良好的在手訂單正在轉為出貨，再加上航太、國防、半導體與資料中心持續強勁，而這些在第四季還會進一步加速；另外，我們在商業品牌業務上推動的各項商業卓越（commercial excellence）也在發揮作用。再加上汽車方面，我們也拿下了幾個不錯的案子，正在逐步反映出來；我認為這些因素讓我們有信心，TEBG 在第四季的成長會較第三季加速。

Thanks very much. And then just my follow-up, I think Anurag and Bill, your tone on the margin expansion is very confident, I think, looking at slide 9. And you're talking about very likely exceeding that 80 basis points of sort of margin expansion next year that's guided on that slide 9, and that's even with what's going on with cost inflation and everything else.

非常感謝。接著我的追問是，我覺得 Anurag 和 Bill 你們對於利潤率擴張的語氣非常有信心，我想是看第9頁投影片。你們談到明年很可能會超過第9頁所指引的約80個基點的利潤率擴張，即便面對成本通膨和其他各種因素。

So I suppose, is the sense that -- I think right now in the second half, operating margins are growing about 100 basis points year on year in the guide. Is your sense that that's a fairly sensible sort of run rate for the time being, given inflation and productivity and stranded cost and so forth, there's nothing sort of one-time benefiting the degree of margin expansion you're seeing today?

所以我想問的是：目前指引顯示下半年營業利潤率年增約100個基點。你們是否認為在通膨、生產力、閒置成本（stranded cost）等因素之下，這是一個目前相對合理的運行水準（run rate）？也就是說，你們今天看到的利潤率擴張幅度，並沒有任何一次性因素在提供助益？

Correct. There is no one-time benefit in terms of the margin expansion. It's all about controlling our cost base, driving productivity across both supply chain and G&A.

正確。就利潤率擴張而言，沒有任何一次性利益。這完全是關於控制我們的成本基礎，並在供應鏈與 G&A（一般及行政費用）兩方面推動生產力提升。

Bill did mention his prepared comments about gross margin being up 230 basis points, really good work around all the buckets being the cost of poor quality, which was better by 40 basis points, driving more productivity and automation in the factories that we have today, and, even in this environment, driving procurement savings. So I think it's all fundamental drivers in terms of expanding our margins.

Bill 在事先準備的發言中提到毛利率提升了230個基點；這是因為我們在各個項目上都做得很好，包括低品質成本（cost of poor quality）改善了40個基點、在現有工廠推動更多生產力與自動化，以及即便在這樣的環境下仍能推動採購節省。所以我認為，這些都是擴大利潤率的基本面驅動因素。

As we go into next year, you are right, we said we had $300 million of stranded costs. We had $100 million last year, $150 million this year, incremental $50 million next year. But just on where we are in the momentum in terms of supply chain and making some structural cost changes, I think we are confident on continuing the productivity into next year as well.

展望明年，你說得沒錯，我們提到有3億美元的閒置成本（stranded costs）。去年是1億美元，今年是1.5億美元，明年再增加5,000萬美元。但就我們目前在供應鏈動能，以及進行一些結構性成本調整的進展而言，我認為我們有信心明年也能持續推動生產力提升。

Yeah. Julian, I think the thing to keep an eye on is as we keep talking more about transformation and the changes that we're making, a lot of this year has been around G&A. There's been investment to transform the G&A functions. It's starting to occur within our supply chain network and data center and distribution center network as well. I talked a little bit about some of the changes there. That's going to be impacting us into '27.

是的，Julian，我認為需要關注的一點是：隨著我們持續更多談到轉型以及我們正在做的改變，今年很多工作是圍繞在 G&A。我們已投入資源來轉型 G&A 職能。這些改變也開始在我們的供應鏈網路、資料中心以及配送中心網路中發生。我也稍微談到其中一些變化。

And certainly, with the factory consolidation, given it typically would be three-, four-, five-year payback, that will start to become more meaningful in 2028. So when you take a step back and think about all of the work that we've done, we've seen gross margins come up from the low-40s to now touching close to the mid-40s, again, up to potentially the high-40s over the next four or five years through some of the transformation that's happening.

而且，隨著工廠整併，考量到通常需要三到四到五年的回收期，這在2028年會開始變得更有意義。所以當你退一步看我們所做的所有工作，我們看到毛利率已從40%出頭提升到現在接近40%中段；同樣地，透過正在進行的部分轉型，未來四到五年有機會提升到40%高段。

Great. Thank you.

很好。謝謝。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Hey, guys. Good morning. Just a question on Madison Fire. Are we putting -- now that it's organic, are we putting any accretion into '26 on that? Just from model and perspective, do I need to sort of put something in?

嘿，各位。早安。有個關於 Madison Fire 的問題。既然現在它是有機成長（organic），那我們在2026年是否要把它的增益（accretion）納入考量？就模型與預估的角度，我是否需要把某些東西加進去？

Yeah, it's EPS neutral to us. I mean, it does grow higher than company average and margins better, but given the size of the business, it doesn't really move the needle much on the top line. That obviously comes with operating profit, but there's a step-up in interest because of the leverage and NCI. So overall, it's EPS neutral for this year and next year.

是的，對我們來說對 EPS 沒有影響。我的意思是，它的成長確實高於公司平均、毛利率也更好，但考量到業務規模，對營收端其實不太會帶來明顯變化。當然這會帶來營業利益，但因為槓桿與 NCI（非控制權益），利息費用會上升一個台階。所以整體而言，今年和明年對 EPS 都是中性。

Thank you. And just going back to sort of optical and data centers, the headline numbers, I think, in the 8-K are pretty robust and you're saying you have multiple other hyperscalers that you're talking to. Just order of magnitude relative to what you have, how big could that be? And could you also remind me, overall, what was your exposure to data centers last year and what is it this year? Thank you.

謝謝。另外回到光學與資料中心這塊，從 8-K 來看，整體數字相當強勁，而且你們也提到正在與多家其他超大規模業者洽談。相對於你們目前的規模，量級大概可能有多大？也請你提醒一下，整體而言，你們去年在資料中心的曝險是多少、今年又是多少？謝謝。

So just on that last part, I mean, data centers this year will be about $700 million. Last year was around $550 million in that range. Part outside, the bigger part would be outside, so electrical connections and part is inside around optical connections, copper, other parts with inside the data center, but most of it was on the outside.

就你最後那部分來說，今年資料中心大約會是 7 億美元。去年大概在 5.5 億美元左右、差不多那個區間。其中較大的一部分是在資料中心外部，例如電力連接；另一部分是在資料中心內部，像是光學連接、銅纜，以及其他在機房內的零組件，但大多數是在外部。

Yeah, there's been a lot of conversation with really all of their other hyperscalers. Obviously, Amazon is quite substantial in that space. So that's a very important one. You recall last quarter, we talked about a strategic partnership we announced with Microsoft where they'll be using EBO and Azure data centers. These things are continuing to evolve. Again, we've got to continue to work the ecosystem, build the scale, continue to advance the technology, because each hyperscaler has some uniqueness in their configuration and architecture. So there's some work that has to happen there.

是的，我們幾乎和他們所有其他的超大規模業者都有很多對話。顯然，Amazon 在那個領域的規模相當可觀。所以那是一個非常重要的客戶。你還記得上季我們談到與 Microsoft 宣布的策略夥伴關係，他們將在 EBO 與 Azure 資料中心採用。這些事情仍在持續演進。同樣地，我們必須持續經營整個生態系、建立規模、持續推進技術，因為每一家超大規模業者在配置與架構上都有其獨特性。所以那裡還有一些工作需要完成。

But I think we have very, very good momentum here. I think this was a very important step that we've taken in the last couple of days with Amazon. And I hope, in the coming months, others will follow suit.

但我認為我們在這裡的動能非常、非常好。我認為過去幾天我們與 Amazon 採取的這一步非常重要。我也希望在接下來幾個月，其他業者會跟進。

Thank you.

謝謝。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

Hey, guys. Good morning. So Bill, I just wanted to follow up on that thread. The warrants are pretty unique structure. I'm just curious, how did that even come about? And then also, I think you just mentioned that you're hoping that potentially some of the other hyperscalers will follow suit. Just any other clarification around that would be helpful.

嗨，各位。早安。Bill，我想就剛才那條主題追問一下。認股權證的結構相當獨特。我很好奇，這是怎麼促成的？另外，我想你剛才也提到希望其他一些超大規模業者可能會跟進。如果能就這點再多一些說明會很有幫助。

So at this conference last week, it's the Open Compute Project, which is in San Jose. I was on the West Coast and had a chance to walk around the show for a few hours, and many other hyperscalers and a lot of ecosystem partners that were there. There's a lot of conversation around EBO, how it can be used, how it could be scaled, how do we manufacture it, partners that want to be part of it.

所以上週在這個會議上，也就是在聖荷西舉辦的 Open Compute Project。我人在西岸，有機會在展場逛了幾個小時，現場有很多其他超大規模業者以及許多生態系夥伴。大家對 EBO 有很多討論：它如何使用、如何擴大規模、我們要怎麼製造，以及想要參與其中的合作夥伴。

So there's a ton of activity happening there. So it's pretty broad-based, but again, it's evolving. I mean, each quarter, each month, we're taking steps forward here. We have to keep executing and doing all the things that I've been very carefully talking about around scaling and technology development and ecosystem. All of these things are critically important.

所以那裡有大量活動正在發生。因此這是相當廣泛的，但同樣地，它仍在演進中。我的意思是，每一季、每一個月，我們都在往前推進。我們必須持續執行，並把我一直非常謹慎談到的那些事情做好：擴產與規模化、技術開發以及生態系。這些都至關重要。

For Amazon, I think the warrants conversation is really important because it cements what I believe is a very strong strategic partnership we have with Amazon. And it's an agreement, it's a union, if you will, with Amazon where we both see win-win. We see opportunity to drive shareholder value on both sides.

就 Amazon 而言，我認為認股權證的討論非常重要，因為它鞏固了我所相信的、我們與 Amazon 之間非常強的策略夥伴關係。這是一項協議，可以說是一種結盟，雙方都看到了雙贏。我們看到能在雙方推動股東價值的機會。

For us, the warrants are going to be accretive to significantly accretive to the company. So we thought that was prudent and the right thing to do. Again, it's about 0.6% of our shares. So it's not hugely meaningful, but it's very symbolic in terms of the overall relationship we have with Amazon.

對我們來說，這些認股權證將對公司具增益，而且是顯著具增益。所以我們認為這是審慎且正確的做法。同樣地，這大約是我們股份的 0.6%。所以在數量上不是非常重大，但就我們與 Amazon 的整體關係而言，它具有很強的象徵意義。

That's helpful, Bill. And then I guess just my follow-up question, Anurag, you gave some parts of the framework for 2027. Just the expectation for at least 80 basis points of margin expansion, is there a volume assumption that you're embedding? I know that you guys typically will kind of like model to trends. Just any expectations on volumes already for next year.

這很有幫助，Bill。那我接著追問一下，Anurag，你提出了 2027 年架構的一些部分。關於至少 80 個基點的利潤率擴張預期，你們是否內含了某個出貨量/量的假設？我知道你們通常會依趨勢來建模。對於明年的量，你們目前是否已經有任何預期？

Yeah. Joe, absolutely. As I was mentioning when Amit was asking the question that the volume, which typically has been a 30% to 40% incrementals for us, is now getting closer to the 40% incremental. So there will be uplift from volume plus productivity, and both of them combined will drive the margin expansion for next year.

是的，Joe，當然。正如我在 Amit 提問時提到的，過去我們的增量利潤率通常是 30% 到 40%，現在正更接近 40% 的增量。因此，利潤率擴張將同時來自於量的提升與生產力改善，兩者合併將推動明年的利潤率擴張。

Okay. Thank you.

好的，謝謝。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Great. Thanks for the question. So just going back to the Amazon agreement. So is this a framework agreement, Bill, that's structured as a minimum? The $6 billion is very specific. So is that a minimum purchase agreement over that seven-year timeframe? And you seem to indicate that next year is more like $100 million or so of revenues from EBO. Should we then expect that to step up to close to $1 billion in 2028? Just trying to frame expectations here.

很好。謝謝讓我提問。我想回到 Amazon 的協議。Bill，這是一個框架性協議、並以最低承諾來設計的嗎？60 億美元這個數字非常具體。所以這是否是在七年期間的最低採購承諾？另外你似乎表示明年 EBO 的營收更像是 1 億美元左右。那我們是否應該預期到 2028 年會提升到接近 10 億美元？我只是想建立一下預期。

So I think we'll sort of get through the quarter here and then we'll go through next year. Your numbers next year, round about right. I mean, it's sort of $80 million, $100 million of EBO. And then again, we've got to continue to execute and scale here. We're not going to size it beyond that.

我想我們會先把本季走完，然後再看明年。你對明年的數字大致上是對的。大概就是 8,000 萬到 1 億美元的 EBO。然後同樣地，我們必須持續執行並在這裡擴大規模。我們不會在此之外再去給出更大的規模預估。

But when we talked last time, we said the total addressable market here for EBO is around $2 billion in the '28 time period. That, this year, will do again $40 million roughly. This is an important initiative for us. We're maturing the technology. I think this step with Amazon, last quarter with Microsoft, others that are in conversation, gives us a greater right to win in that space. So I feel better about our ability to go after that market. We believe it will continue to grow over time as people get comfortable with EBO, with a contactless sort of connection device as opposed to physical contact point-to-point devices today.

但我們上次談到時說過，EBO 在 2028 年左右的期間，其可服務市場（TAM）大約是 20 億美元。而今年我們大概會做到約 4,000 萬美元。這對我們是一項重要的倡議。我們正在讓技術更成熟。我認為這次與 Amazon 的進展、上季與 Microsoft 的進展，以及其他正在對話中的業者，讓我們在這個領域有更高的勝出機率。所以我對我們追逐這個市場的能力更有信心。我們相信，隨著大家逐漸熟悉 EBO、也就是相較於目前點對點實體接觸式裝置，採用一種非接觸式的連接裝置，市場會隨時間持續成長。

So I think it's going to continue to evolve, but won't comment on anything beyond '27. But I do believe it's going to continue to grow and grow meaningfully. Otherwise, we wouldn't have talked about where we happen to be with Amazon and the size of the contract manufacturing agreement with GSEO. All these are very important to us.

所以我認為它會持續演進，但我們不會評論 2027 年以後的任何事情。但我確實相信它會持續成長，而且會有顯著的成長。否則我們也不會談到我們與 Amazon 的進展，以及與 GSEO 的合約製造協議規模。這些對我們都非常重要。

Yeah. $6 billion or divided by seven is close to $1 billion, that's why. I just thought I'd throw that out there.

是的。60 億美元除以七年接近 10 億美元，所以我才會這麼問。我只是想把這點提出來。

There's no volume commitments here. It's a -- we got to earn a right to that. It's going to happen over time. But that's what they -- that's the number they put out there is what was expected over the course of the next seven years. So we think that's an important target for us.

這裡沒有任何出貨量承諾。這是——我們必須靠表現去爭取那個權利。這會隨著時間逐步發生。但他們——他們對外給出的那個數字，是未來七年期間的預期。所以我們認為那對我們來說是一個重要的目標。

Okay. Thanks, Bill. And then just Anurag, maybe for you, the S&I margins were very strong this quarter. Looking at the NCI line, it looks like the contribution from Madison Fire was very strong this quarter. I'm getting to math closer to $100 million EBITDA contribution, which feels too high, but just wondering what kind of margin Madison Fire is coming in at and what's the good number for 2027?

好的。謝謝你，Bill。接著 Anurag，可能想請教你，這一季 S&I 的利潤率非常強。看 NCI 那一行，似乎 Madison Fire 的貢獻這一季非常強。我算起來接近 1 億美元的 EBITDA 貢獻，感覺太高了，但想請問 Madison Fire 的利潤率大概是多少，以及 2027 年合理的數字應該是多少？

Yeah. So Nigel, I would say the number is not that high as you're citing it out to be. The margins are -- we finished the quarter at 26.2% margins. They are a little bit higher than that, I would say, but that does get offset on the NCI line. So overall, it was EPS neutral to us. So the NCI was just a couple of pennies compared to last year, so it was not close to that.

是的。所以 Nigel，我會說你提到的數字沒有那麼高。利潤率是——我們這一季結束時的利潤率是 26.2%。我會說它確實比那個略高一些，但在 NCI 那一行會被抵消。所以整體而言，對我們來說是 EPS 中性。因此 NCI 相較去年只是差了幾分錢，並沒有接近你說的那個程度。

And as you model into next year, I would say it's again going to be EPS neutral. There will be incremental $200 million of revenue coming from Madison. You can assume a margin rate higher than the company, and the offset will be high interest in NCI.

而且你在建模到明年時，我會說同樣也會是 EPS 中性。Madison 將帶來額外 2 億美元的營收。你可以假設其利潤率高於公司平均，而抵消項會是較高的利息與 NCI。

Okay. Thank you.

好的。謝謝你。

Steve Tusa, Wells Fargo.

Steve Tusa，富國銀行。

Hey. Good morning, guys. As far as the fourth quarter is concerned, can you maybe -- I know a couple of these businesses you said are going to accelerate, and that's great color, but maybe just how you're seeing things play out versus normal seasonality? Maybe seasonality really is -- there is no normal seasonality with the last few years, but how you're thinking about those kind of daily sales trends? And then just lastly on that, the backlog, you mentioned the backlog was up. Maybe just a little more color, I think you gave some in the second quarter.

嗨。各位早安。就第四季而言，你們能否——我知道你們說其中幾個業務會加速，這是很好的補充資訊，但能否談談你們如何看待相較於正常季節性的走勢？也許過去幾年其實已經沒有什麼「正常季節性」了，但你們如何思考那些日銷售趨勢？最後再問一下積壓訂單（backlog），你們提到 backlog 上升了。能否再多給一些顏色？我記得你們在第二季有提到一些。

Yeah. So Q4 typically is a lighter quarter, but there's nothing unusual about seasonality here in the fourth quarter. We do see it being up with the 4% that would get you to greater than 3.5% for the year, so it's got to be more than 4%. Again, it's off of a bit of an easier compare. The prior year in Q4 was a little bit softer as opposed to Q3. We had a tougher compare here in Q3, but it gets a little bit better in Q4.

是的。所以第四季通常是比較淡的一季，但今年第四季的季節性沒有任何不尋常之處。我們確實看到它會上升；若以 4% 來看，全年就會超過 3.5%，因此第四季必須高於 4%。同樣地，這是建立在比較基期稍微容易一些之上。去年第四季相較第三季稍微疲弱一些。我們今年第三季的比較基期較硬，但到第四季會稍微好一些。

We've had just, again, very good order trends. The backlog going into the quarter is up about 18%. So it's high-teens percent year over year going into the quarter. We have about 25% of the revenue that's in backlog, which is pretty good and a little bit better than we typically see. But again, based on where we see it today, we feel pretty good about coming in north of 4% and more than 3.5% for the year.

我們的接單趨勢一直——再次強調——非常好。進入本季時的 backlog 約年增 18%。所以進入本季時，年對年是高十幾%的增幅。我們大約有 25% 的營收已在 backlog 中，這相當不錯，也比我們通常看到的略好一些。但同樣地，基於我們目前看到的狀況，我們對第四季能高於 4%、以及全年能高於 3.5% 感到相當有信心。

And then just one last one on stranded costs, is it still an investment? Is it still $375 million for the year? And does that step up a little bit? i know it was up $0.17 in the quarter. Does that step up a bit in the fourth quarter?

最後再問一個關於擱置成本（stranded costs）：這仍然算是一項投資嗎？全年仍然是 3.75 億美元嗎？而且那會不會再往上走一點？我知道這一季是增加了 0.17 美元。第四季會不會再上升一些？

Yeah. So I believe when you said $375 million, you meant $225 million of investments and $150 million of stranded costs for the year, Steve.

是的。所以 Steve，我想你說的 3.75 億美元，是指全年 2.25 億美元的投資加上 1.5 億美元的擱置成本。

Correct. Yes, correct.

沒錯。是的，沒錯。

And it is still the same. And in the fourth quarter, you have probably $125 million of that because of the $50 million of stranded costs and $75 million of investment. So no real change from the cadence that we had laid out from the beginning of the year. And that stranded cost next year is $50 million. It goes from $150 million to incremental $50 million.

而且仍然維持不變。第四季你大概會看到其中的 1.25 億美元，因為包含 5,000 萬美元的擱置成本與 7,500 萬美元的投資。所以相較於我們年初就說明的節奏，沒有實質變化。而明年的擱置成本是 5,000 萬美元。也就是從 1.5 億美元降到新增 5,000 萬美元。

Great. Thank you so much. Really appreciate it.

太好了。非常謝謝。真的很感謝。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Hey. Good morning, everyone. Bill, can you give a little more of an update on your overall progress in innovation as we start thinking about '27? I think you previously have mentioned your cycle time of innovation targets at least 20% better. But can you use tools such as AI to push greater innovation much faster and with better margin? I think you'll do greater than 350 new products you just said, but you've also said that 3M used to do 700, 800 per year. Can you get back to those levels faster than you thought and with greater improvement in design to cost?

嗨。各位早安。Bill，當我們開始思考 2027 年時，你能否再多更新一下你們在創新方面的整體進展？我記得你之前提過，你們的創新週期時間目標至少要改善 20%。但你們能否使用像 AI 這樣的工具，讓創新更快、更多，且利潤率更好？我想你剛說今年會超過 350 個新產品，但你也說過 3M 過去一年會做 700、800 個。你們能否比原先預期更快回到那些水準，並在設計降本（design to cost）上有更大的改善？

So first of all, yeah, I'm very pleased with what's happening right now on NPI innovation. We're accelerating. I gave some of the numbers here, about 87 in the quarter, up about 24%. For the year, we'll be at 350 or more, so that would be up 23% year over year. Earlier last year, at the Investor Day, we said we would be 1,000 products over three years and we should be above that with what my expectation would be.

首先，是的，我對目前 NPI（新產品導入）創新的進展非常滿意。我們正在加速。我剛剛提供了一些數字，本季大約 87 個，增加約 24%。全年我們會達到 350 個或更多，因此年對年將增加 23%。去年較早時在投資人日，我們說三年要推出 1,000 個產品；以我的預期，我們應該會高於那個數字。

I think what's important is we've seen the funnel remain very healthy. So we're bringing more projects into the funnel, into our development pipeline that we're launching. I think that remains very, very encouraging. Cycle time has been pretty good, actually. We will be down 20%. It will move around a little bit, but I think we've already proven that so far.

我認為重要的是，我們看到漏斗（funnel）仍然非常健康。所以我們把更多專案帶進漏斗、帶進我們的開發管線，並推向上市。我認為這仍然非常、非常令人鼓舞。週期時間其實表現相當不錯。我們會下降 20%。它會有些波動，但我認為到目前為止我們已經證明做得到。

But as we bring more Class 4s, Class 5s into the funnel, which will drive more incremental growth over time, they're a bit of a longer development cycle, so that could push things a bit in the other direction. But the cycle time continues to come down, our on-time launch attainment remains around 80%, 81%. So that's all very, very good.

但當我們把更多 Class 4、Class 5 的專案放進漏斗時——這些會隨時間帶來更多增量成長——它們的開發週期會稍微更長，因此可能會把某些指標往另一個方向推一些。但週期時間仍持續下降，我們的準時上市達成率仍維持在約 80%、81%。所以這些都非常、非常好。

As you mentioned about AI, I do believe that this is going to be a meaningful way for us to accelerate innovation. Again, from 20% compression on cycle time, just by bringing AI in, you're ideating faster, you're eliminating some of the steps of developing and making prototypes in labs, getting it out to a factory. So instead of doing physical prototypes, you can do virtual modeling and simulation. All those opportunities are happening now. So that could further compress cycle time.

至於你提到的 AI，我確實相信這將是我們加速創新的重要方式。同樣地，在週期時間壓縮 20% 的基礎上，只要導入 AI，你就能更快產生構想，也能省去一些在實驗室開發與製作原型、再送到工廠的步驟。因此你不必做實體原型，而是可以做虛擬建模與模擬。所有這些機會現在都正在發生。所以這可能會進一步壓縮週期時間。

And what that means is we should be accelerating the numbers of new product launches without accelerating the cost to go and make that happen. So I'm very encouraged. We're pushing very hard on this. A lot of the effort to date has been codifying this vast treasure trove of information that resides at 3M in terms of all of the patent information, all the technical papers, all the material specs, safety sheets, all of this information, process informatics, all the how you make it all needs to be codified. That's now being done.

這代表我們應該在不加速為了實現而增加成本的前提下，加快新產品上市的數量。所以我非常受到鼓舞。我們正在非常努力推動這件事。迄今為止，許多工作是在把3M內部龐大的資訊寶庫加以編碼整理（codify），包括所有專利資訊、所有技術論文、所有材料規格、安全資料表、所有這些資訊、製程資訊學（process informatics），以及所有製造方法都需要被系統化整理。這項工作現在正在進行。

And when you have all that and you lay AI on top of that, it can really accelerate our journey in bringing new products to market. So I'm encouraged about the progress we're making here. And to your point, I think there's a great opportunity to accelerate that into '27 and beyond.

當你把這些都整理好，並在其上疊加AI，它就能真正加速我們將新產品推向市場的旅程。所以我對我們在這裡取得的進展感到鼓舞。而且如你所說，我認為有很大的機會把這個加速延伸到2027年及以後。

Helpful, Bill. And maybe just delving a little bit more into consumer. I know you said point of sale will continue to improve, but consumer, as you know, has been a bit slow to turn. Do you see a more definitive turn coming in that business? Or can increased self-help drive a more definitive turn? And you mentioned still some select retail destocking, so maybe a little more color on what you're seeing there.

很有幫助，Bill。也許再更深入談一下消費品業務。我知道你說POS（銷售點）會持續改善，但如你所知，消費品一直轉得比較慢。你是否看到該業務會出現更明確的回升？或者加強自助改善（self-help）能否推動更明確的回升？你也提到仍有一些特定零售商在去庫存，所以也請多分享一下你看到的情況。

So yeah, in consumer, we expect it will turn slightly positive in the back end -- in the fourth quarter of the year. Of course, we thought Q3 was going to be positive. It didn't happen, but we're on the right trajectory here. It's not necessarily going to be a big driver of growth for the company given its size and where we expect it to be in the fourth quarter.

是的，在消費品方面，我們預期在今年後段——第四季——會小幅轉為正成長。當然，我們原本以為第三季會轉正。但沒有發生，不過我們的走勢方向是對的。考量到它的規模以及我們對第四季的預期，它不一定會成為公司成長的重要驅動力。

But the trends are positive. POS was kind of basically up a little bit in Q1, improved a bit more in Q2 around 2%, 2.2%, a little bit better in Q3. So POS has been pretty good. What happened over the course of this year is the inventory in the channel, especially with a couple of retailers, has been pulled down a little bit, about half a week in Q3. It was about half a week in Q2.

但趨勢是正面的。POS在第一季大致小幅上升，第二季改善到約2%、2.2%，第三季又更好一些。所以POS表現一直相當不錯。今年發生的情況是通路庫存，特別是在幾家零售商那裡，被拉低了一些，第三季約減少半週；第二季也大約是半週。

We find that to be stabilizing here a little bit going into the fourth quarter. But again, it's hard to predict what some of these retailers are going to do. But when we take a step back and look at the way the portfolio is evolving, we see it to be slightly better in Q4, but again, not a big meaningful driver for the growth as a company.

我們看到進入第四季時，這種情況有些趨於穩定。但同樣地，很難預測某些零售商會怎麼做。不過當我們退一步看整體產品組合的演變方式，我們認為第四季會稍微好一些，但同樣地，對公司整體成長而言不會是很顯著的驅動因素。

One of the things that's interesting is, I mean, the international has been pretty good. So even the business is mostly US, about 70%, but international for us has been up mid-single digits, and the trends there continue to be pretty strong. So I think if we put all together, US can improve and international holds in it mid-single digits, we can actually be positive in the fourth quarter.

有趣的一點是，國際市場其實表現相當不錯。所以即便這個業務主要在美國、約占70%，但我們的國際業務成長在中個位數，而那邊的趨勢仍然相當強勁。所以我認為如果把所有因素放在一起，美國能改善、國際維持中個位數成長，我們第四季其實可以轉為正成長。

Appreciate all the color.

感謝你提供這麼多細節。

Varun Govindaraj, Bernstein.

Bernstein 的 Varun Govindaraj。

Morning, everyone. Thanks for the question. Quick one from my end. You've got a leadership change on the R&D side, with John retiring and Tushar coming in. How are you sort of driving continuity in the R&D strategy with that change? Just because these kinds of changes during transformations are tricky, so curious how you're handling it.

各位早安。謝謝讓我提問。我這邊一個簡短問題。你們在研發端有領導層變動，John 退休、Tushar 接任。在這樣的變動下，你們如何推動研發策略的延續性？因為在轉型期間這類變動往往很棘手，所以想了解你們如何處理。

So Varun, thanks for the question. I mean, John was here for a number of years, close to 30, and was CTO for quite a long time and was a fantastic partner to me in re-establishing, reinvigorating innovation. Tushar has been with the company for 25 years. He's PhD, he's got a lot of experience both running a business, as well as developing technology, more than 40 patents to his name.

Varun，謝謝你的問題。John 在這裡很多年，接近30年，擔任CTO也很長一段時間；在重新建立、重新激發創新方面，他一直是我非常出色的夥伴。Tushar 在公司也有25年資歷。他有博士學位，既有經營事業的經驗，也有技術開發的經驗，名下有40多項專利。

And I like the combination. He's been running the IATD business within SIBG for the last number of years, leaning forward on AI, digital tools. I think that combination is going to be very important to us. And having somebody that knows the players internally, know the technology, and importantly knows our customers, that combination, I think, will drive good continuity in what we're trying to do on innovation at 3M.

我喜歡這樣的組合。過去幾年他在SIBG內負責IATD業務，積極投入AI與數位工具。我認為這種組合對我們非常重要。而且由一位了解內部關鍵人物、了解技術、且重要的是了解我們客戶的人來帶領，我認為這樣的組合將能在3M推動我們在創新方面想做的事情，並維持良好的延續性。

Super helpful. Thanks for the color. And then just as a quick follow-up, we've talked a lot about EBO sizing, but you've also flagged stuff like the Nextel Ceramic Fibers, space got a lot of real estate in today's presentation. Any rough sense of how accretive that could be either next year? Or do we sort of expect that to come in more 2028 onwards?

非常有幫助。謝謝補充說明。再快速追問一下，我們談了很多EBO的規模，但你們也提到像Nextel陶瓷纖維等內容，今天簡報也花了不少篇幅。對於它在明年可能帶來的增益（accretive）有沒有大概的概念？還是我們應該預期主要會在2028年之後才更明顯？

No. I mean, we think '27 will be a step-up on that. So it's a couple of different things. We continue to see very good growth in our electrical markets division with connectors, medium-voltage connection coming into the data centers. That has been a good grower for us all year, double digit, and we can see that continuing into next year.

不。我們認為2027年會是明顯的上台階（step-up）。這涉及幾個不同面向。我們持續看到電氣市場事業部在連接器、中壓連接導入資料中心方面有非常好的成長。這一整年對我們都是很好的成長動能，達到雙位數，我們也看到這種趨勢會延續到明年。

But there's a lot of other different technologies. You point out in Nextel, which goes into a couple of different behind-the-meter type solutions outside the data center. And we continue to have momentum there. We're expanding capacity to meet the demand of that space. So I think that could be a step-up into '27 and perhaps even better than that in 2028. So I think very good momentum both inside as well as outside the data center, Varun.

但還有許多其他不同的技術。你提到的Nextel，會用在資料中心之外、屬於表後（behind-the-meter）類型的幾種解決方案。我們在那裡也持續有動能。我們正在擴充產能，以滿足該領域的需求。所以我認為這在2027年可能會上台階，而在2028年甚至可能更好。所以我認為無論是在資料中心內部或外部，我們都有非常好的動能，Varun。

Appreciate it. All the best for the rest of the year.

感謝。祝你今年剩下的時間一切順利。

Brandon Knutson, Morgan Stanley.

Morgan Stanley 的 Brandon Knutson。

Hey. Good morning. Thanks for taking the question. You guys have been highlighting new product introductions. Can you quantify for us a little bit how much better pricing or margins are on these new products and how high you think you can get that NPVI over time?

嗨，早安。謝謝讓我提問。你們一直在強調新產品導入。你們能否量化一下，這些新產品在定價或毛利率上大概好多少？以及你們認為NPVI長期可以提升到多高？

So we haven't really talked much about what we do on pricing. I mean, sometimes when you bring new products, it's creating a new space, so you really have a good vantage point.

我們其實沒有太多談到我們在定價上怎麼做。我的意思是，有時候推出新產品是在開創一個新領域，因此你確實會有很好的有利位置。

But I think our ability to drive value-based pricing is becoming a lot better. We see it across a number of different product portfolios. So I would say when we bring in new products to the marketplace, once you start to hit volume ramp, we do see margin -- those products now being margin accretive to the company. So price is an important part of that.

但我認為我們推動價值導向定價（value-based pricing）的能力正在變得好很多。我們在多個不同的產品組合中都看得到。所以我會說，當我們把新產品推向市場，一旦開始達到放量爬坡（volume ramp），我們確實看到毛利率——這些產品現在對公司而言是增厚利潤（margin accretive）的。因此價格是其中很重要的一部分。

Great. Thank you. And then the last one on just data center, EBO has got a lot of focus. I know the production capacity has been important there and the GSEO deal will help with that significantly. What else is key to the ecosystem to drive growth here? And then outside of EBO, how do you see your other DC content scaling?

很好。謝謝。最後一題關於資料中心，EBO受到很多關注。我知道產能對那裡很重要，而GSEO交易將在這方面提供很大的幫助。在推動這裡的成長上，生態系中還有哪些關鍵要素？另外，除了EBO之外，你如何看待你們其他資料中心相關內容的擴張規模？

So we provide -- we manufacture a Ferrule, the fibers have to be terminated into the Ferrule, they have to be put into a connector and then installed in the data center. So all of those pieces are quite important. But hyperscalers have an important -- they design their own architecture. The server designer, server manufacturers have views of where they're taking their product line, how they're shifting from copper to optics over time.

因此我們提供——我們製造一個套管（Ferrule），光纖必須端接到套管中，必須裝入連接器，然後安裝在資料中心。所以這些環節都相當重要。但超大規模業者有一個重要特點——他們會設計自己的架構。伺服器設計商、伺服器製造商對其產品線的走向有自己的看法，以及他們如何隨時間從銅轉向光學。

So all of those various pieces you've got to work with that broad set of players to establish EBO and then to grow it. So that's what the MSA is really for. It's developing standards and then certifying players in the space to install EBO. So that needs to happen side by side with technology development and scaling.

所以這些不同的環節，你必須與這一大群參與者合作，來建立 EBO，並推動其成長。這也正是 MSA 的目的。它是在制定標準，並對該領域的參與者進行認證，以便安裝 EBO。因此這需要與技術開發與規模化同步進行。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Yeah, good morning. Thanks for squeezing me in, guys. Maybe I'll just ask one since I know we're at time. Just wanted to dig in a little bit more on consumer electronics and understand what's going on there with respect to memory. But I guess, Bill, when you kind of look out into 2027, are there any green shoots that make you feel like maybe this business could turn positive again? Or is that being too optimistic? Thank you.

是的，早安。謝謝各位把我安排進來。我想我就問一個問題，因為我知道時間差不多了。我想再深入一點談談消費性電子，了解那邊在記憶體方面到底發生了什麼。不過我想問的是，Bill，當你展望到 2027 年時，有沒有任何「回溫跡象」讓你覺得這個業務可能會再次轉為正向？還是這樣想太樂觀了？謝謝。

So consumer electronics, yeah, it was -- we've seen some pressure here in the quarter. We'll see some additional pressure going into Q4 as well in consumer electronics. I mean, in consumer electronics, we provide films primarily for LCD displays. We do conductives. We do OCA e-bonding a lot for phones and tablets, notebooks, et cetera. We're primarily a premium player here. So 70% of our business roughly is with premium device manufacturers.

消費性電子方面，是的，本季我們確實看到一些壓力。進入第四季，消費性電子也會看到一些額外壓力。我的意思是，在消費性電子領域，我們主要提供用於 LCD 顯示器的薄膜。我們做導電材料。我們也為手機、平板、筆電等大量提供 OCA 電子貼合（e-bonding）。我們在這裡主要是高階供應商。因此我們大約 70% 的業務是與高階裝置製造商合作。

Overall, I'd say we're tracking kind of in line with or maybe slightly better than the market. We've seen pressure in two particular areas: one is in LCD displays, that's one area; and the other is with China OEMs. Not a very big part of our business, but that market is down quite substantially in the quarter and then for the year. But we're performing very well with premium device manufacturers where performance, where thermal management for AI devices, for foldable devices, for all these new innovations, we're performing very, very well there. And as I look forward, that kind of innovation with those premium manufacturers, I think, will allow us to return to growth going into next year and beyond.

整體而言，我會說我們的表現大致與市場一致，或可能略優於市場。我們在兩個特定領域看到壓力：一個是 LCD 顯示器；另一個是中國 OEM。這不是我們業務中很大的一部分，但該市場在本季以及全年都大幅下滑。但我們在高階裝置製造商那邊表現非常好——在效能、AI 裝置的散熱管理、摺疊裝置，以及所有這些新創新上，我們在那裡表現非常、非常好。展望未來，我認為與這些高階製造商相關的創新，將使我們在明年及之後重回成長。

Thank you. I'll pass it on.

謝謝。我把時間交給下一位。

Brett Linzey, Mizuho.

Brett Linzey，瑞穗。

Hey. Good morning, all. I wanted to come back to slide 5. So on the space portfolio, I was hoping you could put a finer point on the TAM or anything you can share regarding content opportunity per satellite and if there's any constellations or customers you're currently specced in on or working on designs.

嗨，各位早安。我想回到第 5 張投影片。關於太空產品組合，我希望你們能更具體說明一下 TAM（總可服務市場），或分享每顆衛星的內容價值機會（content opportunity），以及目前是否有任何星座計畫或客戶，我們已被納入規格（specced in）或正在合作設計。

So we can't talk about the latter part of that, which is who we're getting specced in on. But I was very careful, and I said it's a pretty broad space. It's both -- it's LEO and GEO, it's low-Earth orbit, geosynchronous orbit, commercial customers, some government contracts are working on.

後半段我們不能談，也就是我們被哪些客戶納入規格。但我剛才非常謹慎地說過，這是一個相當廣泛的太空領域。它同時涵蓋——LEO 與 GEO，也就是近地軌道與地球同步軌道；商業客戶，以及我們正在進行的一些政府合約。

But it's a broad opportunity for us, and you can see some of the challenges here. It's around how do you lightweight the satellites, build more capability, bring more protection, so there's no light reflecting back to the Earth. Removing a glass solar panel as they get bigger with the replacement with films that allows it to work to be a lot lighter. So there's a lot of capability here.

但對我們而言這是一個廣泛的機會，你也可以看到其中一些挑戰。重點在於如何讓衛星更輕量化、建構更多能力、提供更多防護，並確保不會有光反射回地球。隨著太陽能板變得更大，移除玻璃太陽能板，改用薄膜替代，使其能運作且重量大幅降低。因此這裡有很多能力可發揮。

Our content is growing in that space. Our innovation, I think, is quite important, but we expect that that's going to grow over time, which is why we want to keep highlighting it. So we don't want to say too much more than that, but it's a great opportunity for us to grow our business.

我們在該領域的內容價值正在成長。我認為我們的創新相當重要，而且我們預期它會隨時間成長，這也是我們想持續強調它的原因。所以我們不想再多說太多，但這確實是我們擴大業務的一個很棒的機會。

I appreciate the detail. And just a quick follow-up on the $185 million of oil inflation you said fully offset by price. Is there carryover lag into '27 we should be thinking about or modeling? And then how much of that price is go get versus in the market a little bit more surgical?

感謝這些細節。另外快速追問一下：你提到 1.85 億美元的油價通膨已完全透過價格調整抵銷。我們在建模時，是否需要考慮到延續到 2027 年的遞延/滯後效應（carryover lag）？另外，這些價格調整有多少是「全面性」的（go get），又有多少是在市場上更「精準/外科手術式」的調整？

So we implemented the price increase starting May this year, and we started seeing the increase in our cost probably a month earlier than that. So you should see about some value we're going into next year, definitely on the oil cost piece. And at the same time, you should also see the price carry over. So we will be neutral between price and oil cost for next year.

我們從今年 5 月開始實施漲價，而我們大概在那之前一個月就開始看到成本上升。因此你會看到有一部分價值延續到明年，尤其是在油價成本這一塊。同時你也會看到價格的延續效應。所以明年在價格與油價成本之間，我們將會是中性（neutral）。

And the strategy was actually to be a little bit more surgical. It wasn't peanut butter spread across entire businesses. It was looking at areas where there was either higher cost or where some of the peers were going out with price increases, and that's what the team did. And I think we did a very, very good job by offsetting it. Last year, at tariff, we did not offset the entire price increase, but over here, we did and the discipline has been really, really good.

而我們的策略其實是更「精準」一些。不是像抹花生醬一樣平均鋪在所有事業上。而是去看哪些領域成本較高，或哪些同業正在推動漲價，團隊就是這樣做的。我認為我們透過抵銷做得非常、非常好。去年在關稅方面，我們沒有完全抵銷全部的漲價，但這次我們做到了，而且紀律一直都非常、非常好。

Thanks for the detail.

謝謝這些細節。

Jeff Reive, RBC Capital Markets.

Jeff Reive，RBC 資本市場。

Good morning. Thanks for squeezing me in. I'll keep it to one question. On the EBO business, if the four hyperscalers currently in proof of concept convert, is the combined internal plus GSEO manufacturing footprint sufficient? Or should we expect further capacity investments?

早安。謝謝把我安排進來。我只問一個問題。關於 EBO 業務，如果目前處於概念驗證（proof of concept）的四家超大規模業者都轉換導入，內部加上 GSEO 的合併製造產能版圖是否足夠？還是我們應該預期會有進一步的產能投資？

No, it should be sufficient. But again, it gets back to this diversity of supply. So we are scaling internally, but we'll never be able to, within 3M, be able to accommodate the market demand.

不，應該是足夠的。但同樣地，這又回到供應多元化這件事。所以我們正在內部擴產，但在 3M 內部，我們永遠不可能完全滿足市場需求。

GSEO has incredible capacity, but likely over time, there may be other players here, other manufacturing sources that just give that satisfaction of diversity of supply. So we're confident we can ramp with GSEO, but there may be others that we'll have to bring on board over time.

GSEO 的產能非常驚人，但隨著時間推進，可能還會有其他參與者、其他製造來源加入，以滿足供應多元化的需求。所以我們有信心能與 GSEO 一起爬坡放量（ramp），但隨時間推移，可能還需要引入其他夥伴。

Great. Thanks.

很好。謝謝。

Thank you. This concludes the question-and-answer portion of our conference call. I will now turn the call back over to Bill Brown for some closing comments.

謝謝。以上為本次電話會議的問答環節。接下來我將把電話交回給 Bill Brown，請他做一些結語。

Okay. So thank you, everybody, and I know we're all over a little bit. Appreciate everybody joining the call today. And I want to thank again all of the 3Mers for delivering another strong quarter of great execution, great value to customers and our shareholders. I'm proud of what we've achieved together, and I'm excited for what the future holds at 3M.

好的。謝謝各位，我知道我們稍微超時了一點。感謝大家今天參與這通電話會議。我也要再次感謝所有 3M 的同仁，在本季再次交出強勁的一季，展現出色的執行力，為客戶與股東創造很大的價值。我為我們共同達成的成果感到自豪，也對 3M 未來的發展充滿期待。

Thank you all and have a good day.

謝謝各位，祝大家有美好的一天。

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

各位女士先生，今天的電話會議到此結束。感謝各位的參與，並請各位掛斷電話。