Mettler-Toledo International Inc (MTD) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mettler-Toledo third-quarter 2025 earnings conference call.

您好，感謝您的耐心等待。我叫馬克，今天我將擔任你們的會議接線生。此時此刻，我謹代表梅特勒-托利多公司歡迎各位參加 2025 年第三季財報電話會議。

(Operator Instructions) Now I would like to turn the call over to Adam Uhlman, Head of Investor Relations. Please go ahead.

（操作員指示）現在我將把電話交給投資者關係主管亞當·烏爾曼。請繼續。

Hey, thanks Mark, and good morning, everyone. Thanks for joining us. On the call with me today is Patrick Kaltenbach, our Chief Executive Officer; and Shawn Vadala, our Chief Financial Officer.

嘿，謝謝馬克，大家早安。謝謝您的參與。今天和我一起通話的是我們的執行長 Patrick Kaltenbach 和我們的財務長 Shawn Vadala。

Let me cover some administrative matters. This call is being webcast and is available for replay on mt.com. A copy of the press release and the presentation that we will refer to on today's call is also available on our website. This call will include forward-looking statements within the meaning of the US Securities Act of 1933 and the US Securities Exchange Act of 1934. These statements involve risks, uncertainties, and other factors that may cause our actual results, financial condition, performance, and achievements to be materially different from those expressed or implied by any forward-looking statements.

讓我來處理一些行政事務。本次電話會議正在進行網路直播，並可在mt.com網站上觀看重播。我們將在今天電話會議上提到的新聞稿和簡報也可在我們的網站上找到。本次電話會議將包含符合 1933 年美國證券法及 1934 年美國證券交易法規定的前瞻性聲明。這些聲明涉及風險、不確定性和其他因素，可能導致我們的實際結果、財務狀況、業績和成就與任何前瞻性聲明中明示或暗示的內容有重大差異。

For a discussion of these risks and uncertainties, please see our recent annual report on Form 10-K and quarterly and current reports filed with the SEC. The company disclaims any obligation or undertaking to update any forward-looking statement except as required by law.

有關這些風險和不確定性的討論，請參閱我們最近提交給美國證券交易委員會的 10-K 表格年度報告以及季度報告和當前報告。除法律要求外，本公司不承擔更新任何前瞻性聲明的義務或責任。

On today's call, we will use non-GAAP financial measures, and a reconciliation to these non-GAAP financial measures to the most directly comparable GAAP measure is provided in the 8-K. Let me now turn the call over to Patrick.

在今天的電話會議上，我們將使用非GAAP財務指標，8-K文件中提供了這些非GAAP財務指標與最直接可比較的GAAP指標的調節表。現在我把電話交給派崔克。

Thank you, Adam, and good morning, everyone. We appreciate you joining our call today. Last night, we reported our third quarter financial results, the details of which are outlined for you on page 3 of our presentation. Our third quarter results were strong and reflected very good growth, especially in Industrial. I'm very pleased with our team's strong execution as we leverage our Spinnaker sales and marketing program and innovative product portfolio to drive growth while delivering solid EPS.

謝謝你，亞當，大家早安。感謝您今天參加我們的電話會議。昨晚，我們公佈了第三季財務業績，詳情請見簡報第 3 頁。我們第三季的業績表現強勁，反映了非常好的成長，尤其是在工業領域。我對我們團隊的出色執行力感到非常滿意，我們利用 Spinnaker 銷售和行銷計劃以及創新的產品組合來推動成長，同時實現了穩健的每股收益。

Looking ahead, we are well positioned to capture growth opportunities while benefiting from trends like automation, digitalization, and onshoring. We continue to remain very agile as we face several uncertainties in global trade disputes and governmental policies.

展望未來，我們已做好充分準備，抓住成長機遇，同時受益於自動化、數位化和本土化等趨勢。面對全球貿易爭端和政府政策的許多不確定因素，我們依然保持高度彈性。

We are confident that our strategic initiatives and strong culture of innovation and operational excellence will enable us to continue delivering strong performance in this dynamic environment. Let me now turn the call over to Shawn to cover the financial results and our guidance, and then I will come back with some additional commentary on the business and our outlook.

我們相信，憑藉我們的策略舉措以及強大的創新和卓越營運文化，我們將能夠在這個充滿活力的環境中繼續取得優異的業績。現在我將把電話交給肖恩，讓他來介紹財務業績和我們的展望，之後我會回來對業務和前景做一些補充評論。

Thanks Patrick, and good morning, everyone. Sales in the quarter were $1.03 billion, which represented an increase in local currency of 6% and was 5%, excluding several recently completed acquisitions. On a US dollar reported basis, sales increased 8%.

謝謝派崔克，大家早安。本季銷售額為 10.3 億美元，以當地貨幣計算成長 6%，若不計入近期完成的幾項收購，則成長 5%。以美元計價，銷售額成長了 8%。

On slide number 4, we show sales growth by region. Local currency sales increased 10% in the Americas, including a 1% benefit from acquisitions, 6% in Europe, and 1% in Asia and the rest of the world. Local currency sales in China increased 2% during the quarter. Slide number 5 shows local currency sales growth by region on a year-to-date basis.

在第 4 張投影片中，我們展示了按地區劃分的銷售成長。美洲地區以當地貨幣計價的銷售額成長了 10%，其中收購帶來了 1% 的成長；歐洲地區成長了 6%；亞洲及世界其他地區成長了 1%。本季中國當地貨幣銷售額成長了2%。第 5 張投影片顯示了按地區劃分的本幣銷售額年初至今的成長情況。

On slide number 6, we summarize local currency sales growth by product area. For the quarter, Laboratory sales increased 4% while Industrial increased 9% and included a 1% benefit from recent acquisitions. Excluding acquisitions, Core Industrial grew 10% and Product Inspection grew 7%. Food Retail grew 5% in the quarter. Lastly, Service grew 8% in the quarter and included a 1% benefit from acquisitions.

在第 6 張投影片中，我們按產品領域總結了以當地貨幣計算的銷售成長。本季度，實驗室銷售額成長了 4%，工業銷售額成長了 9%，其中包括近期收購帶來的 1% 的成長。不計收購，核心工業成長了 10%，產品檢測成長了 7%。本季食品零售業成長了5%。最後，服務業務在本季成長了 8%，其中 1% 的成長來自收購。

Slide number 7 summarizes our local currency sales growth by product area on a year-to-date basis. Let me now move to the rest of the P&L, which is summarized on slide number 8. Gross margin was 59.2% in the quarter, a decrease of 80 basis points, primarily due to incremental tariff costs offset in part by positive price realization and benefits from our SternDrive program.

第 7 張投影片總結了我們按產品領域劃分的本幣銷售成長（截至年初）。現在讓我來看看損益表的其餘部分，這部分內容總結在第 8 張投影片上。本季毛利率為 59.2%，下降了 80 個基點，主要原因是關稅成本增加，但部分被價格實現和 SternDrive 計劃帶來的收益所抵消。

R&D amounted to $51.1 million in the quarter, which is a 4% increase in local currency over the prior year. SG&A amounted to $248.4 million, a 6% increase in local currency over the prior year, which includes sales and marketing investments. Adjusted operating profit amounted to $309.9 million in the quarter, up 5% versus the prior year.

本季研發投入達 5,110 萬美元，以當地貨幣計算比上年同期成長 4%。銷售、一般及行政費用為 2.484 億美元，以當地貨幣計算比上年增長 6%，其中包括銷售和行銷投資。本季經調整後的營業利潤為 3.099 億美元，比上年同期成長 5%。

Adjusted operating margin was 30.1%, a decrease of 100 basis points, or down 30 basis points on a currency-neutral basis versus the prior year. We estimate the gross impact of tariffs reduced our operating margin by 140 basis points.

調整後的營業利益率為 30.1%，較前一年下降 100 個基點，或以固定匯率計算下降 30 個基點。我們估計關稅的整體影響使我們的營業利潤率下降了 140 個基點。

A couple of final comments on the P&L. Amortization amounted to $20 million in the quarter. Interest expense was $17.7 million and adjusted other income amounted to $4.3 million. Our effective tax rate was 19% in the quarter. This rate is before discrete items and is adjusted for the timing of stock option exercises.

關於損益表，還有幾點需要補充說明。本季攤銷金額為2000萬美元。利息支出為 1770 萬美元，調整後的其他收入為 430 萬美元。本季我們的實際稅率為19%。該利率未計入個別項目，並已根據股票選擇權行使時間進行調整。

Fully diluted shares amounted to 20.6 million, which is approximately a 3% decline from the prior year. Adjusted EPS for the quarter was $11.15, a 9% increase over the prior year. Incremental tariff costs were a gross headwind to EPS of 6%.

完全稀釋後的股份總數為 2,060 萬股，比上年減少了約 3%。本季調整後每股收益為 11.15 美元，比上年同期成長 9%。關稅增量成本對每股收益造成了 6% 的直接不利影響。

On a reported basis in the quarter, EPS was $10.57 as compared to $9.96 in the prior year. Reported EPS in the quarter included $0.26 of purchase intangible amortization, $0.29 of restructuring and acquisition transaction costs, and a $0.03 tax headwind related to the timing of stock option exercises.

按報告數據，本季每股收益為 10.57 美元，而去年同期為 9.96 美元。本季度報告的每股收益包括 0.26 美元的購買無形資產攤銷、0.29 美元的重組和收購交易成本，以及與股票選擇權行使時間相關的 0.03 美元的稅收不利影響。

Slide number 9 summarizes our year-to-date P&L. Local currency sales increased 2% for the nine-month period. Adjusted operating profit declined 2%, and our operating margin contracted 130 basis points. Adjusted EPS increased 2%, excluding the impact of 2023 shipping delays that benefited 2024 results. We estimate local currency sales grew 4% on a year-to-date basis. Operating margin declined 10 basis points, and adjusted EPS grew 7%.

第 9 張投影片總結了我們今年迄今的損益情況。前九個月，本幣銷售額成長了 2%。經過調整後的營業利潤下降了 2%，營業利益率下降了 130 個基點。經調整後的每股盈餘成長了 2%，不包括 2023 年出貨延遲對 2024 年業績帶來的利多。我們估計，今年迄今為止，以當地貨幣計價的銷售額成長了 4%。營業利益率下降了 10 個基點，調整後每股收益成長了 7%。

Gross tariff costs reduced operating profit by 3% and EPS by 4% on a year-to-date basis. That covers the P&L, and let me now comment on adjusted free cash flow, which amounted to $689.5 million for the first nine months, a 6% increase on a per share basis. DSO was 34 days, while ITO was 4.2 times.

年初至今，關稅總成本導致營業利潤下降 3%，每股收益下降 4%。以上涵蓋了損益表，現在讓我評論一下調整後的自由現金流，前九個月的自由現金流為 6.895 億美元，以每股計算增長了 6%。DSO 為 34 天，而 ITO 為 4.2 倍。

As mentioned, we completed several smaller acquisitions that add to our North American distribution footprint, add new service capabilities, and expand on our life science equipment offering. Overall, we paid approximately $75 million related to these acquisitions and may take contingent consideration up to $31 million in the future. Going forward, they will approximate 1% of our sales and are modestly accretive to adjusted EPS.

如前所述，我們完成了幾項較小的收購，擴大了我們在北美的分銷網絡，增加了新的服務能力，並擴展了我們的生命科學設備產品。總體而言，我們為這些收購支付了約 7,500 萬美元，未來可能還會收取高達 3,100 萬美元的或有對價。展望未來，它們將占我們銷售額的約 1%，並對調整後的每股盈餘產生適度的增幅。

Let me now turn to our guidance for the fourth quarter and our initial thoughts on next year. As you review our guidance, please keep in mind the following factors. First, our guidance assumes US import tariffs, as well as the impact of retaliatory tariffs from other countries, will remain in effect at recently announced levels. Trade disputes are dynamic, and there's a potential for new tariffs or retaliatory tariffs that we have not factored into our guidance.

現在，讓我談談我們對第四季的業績預期以及我們對明年的初步展望。當您閱讀我們的指南時，請記住以下因素。首先，我們的指導意見假設美國進口關稅以及其他國家報復性關稅的影響，將繼續維持在最近宣布的水平。貿易爭端瞬息萬變，存在出現新的關稅或報復性關稅的可能性，而這些因素並未納入我們的指導意見中。

Second, while our third quarter results were better than expected, market conditions remain challenging with continued uncertainty related to trade disputes, governmental policies, and geopolitical tensions. Our forecast does not assume a significant improvement in market conditions over the coming year.

第二，雖然我們第三季的業績好於預期，但由於貿易爭端、政府政策和地緣政治緊張局勢帶來的持續不確定性，市場狀況仍然充滿挑戰。我們的預測並未假設未來一年市場狀況會顯著改善。

Third, we have continued to make important investments in our business to capitalize on our customers' investments in automation, digitalization, and nearshoring. We believe this will position us to very effectively capture these opportunities over the coming years.

第三，我們持續對業務進行重要投資，以充分利用客戶在自動化、數位化和近岸外包方面的投資。我們相信這將使我們能夠在未來幾年非常有效地抓住這些機會。

And finally, please keep in mind that our third-party logistics provider delays negatively impacted our Q4 2023 results by $58 million, nearly all of which was recovered in our Q1 2024 results. For the full year 2025, this reduces our sales growth by 1.5%, is a headwind to operating margin expansion of approximately 60 basis points, and a headwind to adjusted EPS of approximately 4%.

最後，請記住，我們的第三方物流供應商的延誤對我們 2023 年第四季的業績造成了 5,800 萬美元的負面影響，但幾乎全部損失都在 2024 年第一季的業績中得到了彌補。到 2025 年全年，這將使我們的銷售成長減少 1.5%，對營業利潤率擴張造成約 60 個基點的不利影響，對調整後每股收益造成約 4% 的不利影響。

Now turning to our guidance, for the fourth quarter of 2025, we expect local currency sales to grow approximately 3%. Operating margin is expected to decrease approximately 200 basis points, or down 130 basis points on a currency-neutral basis at the midpoint of our range, due to higher tariff costs. We expect adjusted EPS to be in the range of $12.68 to $12.88, a growth rate of 2% to 4%.

現在來看我們的預期，我們預計 2025 年第四季以當地貨幣計價的銷售額將成長約 3%。由於關稅成本上升，預計營業利潤率將下降約 200 個基點，或以匯率中性計算，以我們預測範圍的中點計算將下降 130 個基點。我們預計調整後每股收益將在 12.68 美元至 12.88 美元之間，成長率為 2% 至 4%。

Included within the EPS guidance is a gross headwind of approximately 7% from higher tariff costs. Currency for the quarter at recent spot rates would be a benefit to fourth quarter sales by approximately 2.5% and would be neutral to adjusted EPS.

每股盈餘預期中包含了因關稅成本上漲而導致的約 7% 的毛不利因素。以近期即期匯率計算，本季貨幣對第四季銷售額將有利約 2.5%，對調整後每股盈餘影響不大。

For the full year 2025, our local currency sales growth forecast is approximately 2%, or up 3.5% excluding the shipping delays. Adjusted EPS is forecast to be in the range of $42.05 to $42.25, which represents a growth rate of 2 to 3%, or 6 to 7% excluding the impact of prior year shipping delays. Adjusted EPS also includes a gross headwind of approximately 5% from higher tariff costs.

2025 年全年，我們以當地貨幣計算的銷售額成長預測約為 2%，若不計運輸延誤的影響，則成長 3.5%。調整後每股盈餘預計在 42.05 美元至 42.25 美元之間，成長率為 2% 至 3%，若不計入上一年出貨延遲的影響，則成長率為 6% 至 7%。調整後的每股盈餘還包含關稅成本上漲帶來的約 5% 的毛不利影響。

We've also provided our initial guidance for 2026, and based on our assessment of market conditions today, we would expect local currency sales to increase approximately 4%. Adjusted EPS is forecast to be in the range of $45.35 to $46, which represents a growth rate of 8% to 9%. At recent spot rates, foreign exchange is estimated to be a 1% benefit to sales and a slight headwind to EPS.

我們也提供了 2026 年的初步指導意見，根據我們對當前市場狀況的評估，我們預計以當地貨幣計價的銷售額將增長約 4%。調整後每股收益預計在 45.35 美元至 46 美元之間，成長率為 8% 至 9%。以近期即期匯率計算，外匯波動預計將使銷售額成長 1%，但對每股盈餘略有不利影響。

Lastly, I would like to share a few other details on our 2026 guidance to help you as you update your models. We expect total amortization, including purchased and tangible amortization, to be approximately $77 million. Purchased intangible amortization is excluded from adjusted EPS and is estimated at $26 million on a pre-tax basis, or approximately $1 per share.

最後，我想分享一些關於我們 2026 年指導方針的其他細節，以幫助您更新模型。我們預計總攤銷額（包括已購買資產和有形資產攤銷額）約為 7,700 萬美元。已購買的無形資產攤銷不計入調整後的每股收益，稅前估計為 2,600 萬美元，即每股約 1 美元。

Interest expense is forecast at $72 million, while other income is estimated at approximately $12 million. We expect our tax rate before discrete items will remain at 19% in 2026. Free cash flow is expected to be approximately $865 million in 2025 and $900 million in 2026.

預計利息支出為 7,200 萬美元，其他收入預計約 1,200 萬美元。我們預計到 2026 年，扣除特殊項目前的稅率將維持在 19%。預計2025年自由現金流約8.65億美元，2026年約9億美元。

As mentioned earlier, we recently completed several small acquisitions that approximate $75 million of consideration in 2025 and have adjusted our share repurchase program accordingly. Share repurchases are now expected to be $800 million for the full year 2025, and share repurchases in 2026 are expected to be in the range of $825 million to $875 million.

如前所述，我們最近完成了幾項小型收購，預計到 2025 年總對價將達到 7,500 萬美元，並已相應地調整了我們的股票回購計畫。預計 2025 年全年股票回購額將達 8 億美元，2026 年股票回購額預計將在 8.25 億美元至 8.75 億美元之間。

Our capital allocation philosophy is unchanged, and you will see us continue to use our free cash flow primarily for share repurchases and small bolt-on acquisitions. Our Board has also authorized an additional $2.75 billion to be added to our share repurchase program, which had $1.1 billion remaining at the end of the third quarter. That's it from my side, and I'll now turn it back to Patrick.

我們的資本配置理念保持不變，您將會看到我們繼續主要利用自由現金流進行股票回購和小規模的補充收購。我們的董事會也批准向股票回購計畫追加 27.5 億美元，該計畫在第三季末還剩下 11 億美元。我的發言就到這裡，現在把麥克風交給派崔克。

Thanks, Shawn. Let me start with some comments on our operating businesses, starting with Lab, which had good growth in the quarter. We saw growth from pharma and biopharma customers with strong results in bioprocessing. These results were offset in part by softer demand from academia, biotech, and the chemical sectors.

謝謝你，肖恩。首先，我想對我們的營運業務做一些評論，首先是實驗室，該部門在本季度取得了良好的成長。我們從製藥和生物製藥客戶那裡獲得了成長，並在生物加工領域取得了強勁的成果。學術界、生物技術和化學產業的需求疲軟，部分抵消了上述結果。

We're optimistic that some of the market uncertainty could ease in 2026, but we have also not assumed a significant recovery next year. Amid a challenging market backdrop, Lab has benefited from the many innovations we have introduced into the market. Most recently, we have launched a NineFocus pH Meter, our new high-performance multiparameter benchtop meter for pH, conductivity, ion concentration, and dissolved oxygen measurements.

我們樂觀地認為，2026 年市場的一些不確定性可能會有所緩解，但我們也沒有假設明年會出現顯著復甦。在充滿挑戰的市場環境下，Lab 受惠於我們向市場推出的眾多創新產品。最近，我們推出了 NineFocus pH 計，這是一款新型高性能多參數桌上型儀表，可測量 pH 值、電導率、離子濃度和溶解氧。

When used with our broad offering of digital sensors, NineFocus provides consistent, accurate results that support regulatory compliance with automatic data transfer to our LabX software. Our instrument can also be paired with our InMotion autosampler automation solution that allows users to calibrate, verify, and measure over 300 samples fully automatically.

配合我們種類繁多的數位感測器，NineFocus 可提供一致、準確的結果，並透過自動資料傳輸到我們的 LabX 軟體來支援符合監管要求。我們的儀器還可以與我們的 InMotion 自動進樣器自動化解決方案配合使用，使用戶能夠全自動校準、驗證和測量 300 多個樣品。

During our Industrial business, growth in our Core Industrial business was very strong this quarter, especially in the Americas, although it benefited from easy multi-year growth comparisons and favorable timing of customer activity. Global market conditions for Industrials are soft, and our sales are expected to grow low single-digits in the fourth quarter.

在我們的工業業務方面，本季核心工業業務成長非常強勁，尤其是在美洲地區，儘管這得益於多年增長基數較低以及客戶活動時機有利。全球工業市場環境疲軟，預計我們第四季的銷售額將實現個位數低成長。

Looking ahead, our Industrial business is well positioned to benefit from increased replacement demand as market conditions improve, and it is also poised to benefit from nearshoring investments over the coming years.

展望未來，隨著市場狀況的改善，我們的工業業務已做好充分準備，將受益於不斷增長的替換需求，並且在未來幾年內，也將受益於近岸外包投資。

Turning to Product Inspection, sales growth was very strong again this quarter, despite challenging market conditions in the food manufacturing industry. Our unique go-to-market approaches and innovative portfolio are supporting market share gains, and we look forward to continued growth over the coming year. Lastly, Food Retail sales grew 5% against easy year-ago comparisons.

產品檢驗業務方面，儘管食品製造業市場環境充滿挑戰，但本季銷售成長依然強勁。我們獨特的市場推廣策略和創新的產品組合正在幫助我們提升市場份額，我們期待在未來一年繼續保持成長。最後，食品零售額較去年同期成長了 5%。

Now let me make some additional comments by geography. Starting in the Americas, which had good growth across most of the portfolio, especially with our Industrial solutions. Growth in our Laboratory business was good and included strong bioprocessing growth.

現在我想從地理角度補充一些評論。首先從美洲開始，該地區的大部分產品組合都實現了良好的成長，尤其是我們的工業解決方案。我們的實驗室業務成長良好，其中生物加工業務成長強勁。

Turning to Europe, our results were very good this quarter and better than we had expected. Our Industrial business delivered very strong results while Lab had more modest growth. Finally, Asia and the rest of the world grew modestly and was slightly better than expected.

再來看歐洲市場，我們本季的業績非常好，比我們預期的還要好。我們的工業業務業績非常強勁，而實驗室業務的成長則較為溫和。最後，亞洲和世界其他地區的經濟成長較為溫和，略優於預期。

Our business in China also grew modestly in the quarter and included growth in our Industrial business for the first time in over two years. Our team has remained highly agile and successful in identifying opportunities in China, and while we are monitoring efforts by the central government to reduce excess capacity across certain industries, we believe we are well positioned to continue to capture growth as conditions improve and should also benefit from trends such as the latest China Pharmacopoeia update. In summary, we are very pleased with the strong execution from our team that has allowed us to deliver very good results.

本季我們在中國的業務也實現了小幅成長，其中工業業務兩年多來首次實現成長。我們的團隊一直保持著高度的靈活性，並成功地在中國發現了各種機會。雖然我們正在密切關注中央政府為減少某些行業的過剩產能所做的努力，但我們相信，隨著情況的改善，我們已做好充分準備繼續抓住增長機遇，並且還將受益於諸如最新版《中國藥典》等趨勢。總而言之，我們對團隊的出色執行力非常滿意，而正是這種執行力讓我們取得了非常好的成績。

I recently came off our annual budget tour and met with senior leaders across the globe, and I'm inspired by the excellent progress our teams are making on our initiatives. Throughout 2025, our team's resilience and agility have been important differentiators that have allowed us to successfully navigate very challenging market conditions. Our high-performance culture is a hallmark of our success and appears to shine the brightest during challenging times.

我最近結束了年度預算巡視，並會見了全球各地的高級領導人，我深受我們團隊在各項舉措上取得的卓越進展的鼓舞。2025 年全年，我們團隊的韌性和敏捷性是我們成功應對極具挑戰性的市場環境的重要優勢。我們高效率的企業文化是我們成功的標誌，在充滿挑戰的時期，這種文化顯得特別耀眼。

Looking ahead, we are confident that our unique growth initiatives and focus on operational excellence will provide tangible benefits over the coming year. We continue to invest in global market trends around automation, digitalization, nearshoring, and hot segments, and believe we are well positioned to capture growth around the world. Our team's passion to pursue these opportunities is inspiring, and we have several initiatives that further strengthen our capabilities to serve customers as we also benefit from our significant digitalization investments over the past several years.

展望未來，我們相信，我們獨特的成長舉措和對卓越營運的關注將在未來一年帶來實際的好處。我們持續投資於自動化、數位化、近岸外包和熱門領域等全球市場趨勢，並相信我們已做好充分準備，在全球範圍內把握成長機會。我們團隊追求這些機會的熱情令人鼓舞，我們推出了多項舉措，進一步增強了我們服務客戶的能力，同時我們也受益於過去幾年在數位化方面的大量投資。

Innovation is essential to our success, and we continue to advance the digital capabilities of our products, services, and software to provide additional insights and productivity improvements to our customers, with many examples throughout their value chain.

創新對我們的成功至關重要，我們將繼續提升產品、服務和軟體的數位化能力，為客戶提供更多洞察和生產力提升，這在其價值鏈中有很多例子。

Spinnaker 6 has strong traction, and our global teams are actively deploying new digital solutions to further increase our effectiveness and improve our customers' digital experience. We are also further increasing our ability to identify growth opportunities via our Spinnaker program and Tokay initiative, and we are enhancing the capabilities of our salesforce to leverage AI to further optimize our pipeline management. Service also remains a significant growth opportunity given our large installed base of instruments, and we continue to invest and leverage sophisticated analytics to identify and capture these opportunities.

Spinnaker 6 取得了強勁的發展勢頭，我們的全球團隊正在積極部署新的數位化解決方案，以進一步提高我們的效率並改善客戶的數位體驗。我們也透過 Spinnaker 專案和 Tokay 計畫進一步提高識別成長機會的能力，並增強銷售團隊利用人工智慧進一步優化銷售通路管理的能力。鑑於我們龐大的儀器安裝基礎，服務仍然是一個重要的成長機會，我們將繼續投資並利用先進的分析技術來識別和抓住這些機會。

Internal productivity improvements from digital tools and automation also continue to be exciting opportunities. This is especially effective as MT -- as we operate from a single instance of our ERP and CRM systems that are fully integrated on the Blue Ocean program. Blue Ocean provides globally harmonized processes with extremely rich data that is essential to effective digitalization.

利用數位化工具和自動化技術提高內部生產力也持續帶來令人興奮的機會。這對於 MT 來說尤其有效——因為我們使用單一實例的 ERP 和 CRM 系統，它們已完全整合到 Blue Ocean 專案中。Blue Ocean 提供全球統一的流程和極其豐富的數據，這對於有效的數位化至關重要。

While conditions in China have been challenging over the past couple of years, our emerging markets outside of China have continued to grow and in total are now larger than China. We see significant growth potential in these markets and expect to benefit from our strong market organizations around the world.

儘管過去幾年中國市場情況嚴峻，但我們在中國以外的新興市場持續成長，目前總規模已超過中國。我們看到了這些市場巨大的成長潛力，並期望從我們在全球強大的市場組織中受益。

Now let me share some additional insights into our outlook for 2026. As mentioned earlier, we forecast our growth next year to be in the range of 4%, which assumes market conditions do not significantly improve from current levels. We continue to face uncertainty in the global economy with trade disputes, US governmental policies, and geopolitical tensions. However, we expect conditions to gradually improve and replacement cycles will gain momentum again.

現在讓我來分享我們對 2026 年的展望。如前所述，我們預測明年的成長率將在 4% 左右，前提是市場狀況不會比目前水準有顯著改善。全球經濟持續面臨不確定性，貿易爭端、美國政府政策和地緣政治緊張局勢都為我們帶來了挑戰。然而，我們預期情況將逐步改善，更新換代週期將再次加速進行。

While we continue to see short-term uncertainty in our Lab markets, we believe we are very well positioned to continue to gain market share with our broad portfolio of new innovations. We have also recently launched new initiatives to ensure resources are effectively focused and reallocated to the most promising growth opportunities. I am very proud of the resiliency and strong execution from our global supply chain organization as we navigated new challenges with trade tariffs. Our team has been very agile and effective in implementing our supply chain optimization strategies.

儘管我們實驗室市場仍存在短期不確定性，但我們相信，憑藉我們廣泛的新創新產品組合，我們已做好充分準備，繼續擴大市場份額。我們最近也推出了一些新舉措，以確保資源得到有效集中和重新分配，用於最有前景的成長機會。面對貿易關稅帶來的新挑戰，我們全球供應鏈組織展現了強大的韌性和執行力，我為此感到非常自豪。我們的團隊在實施供應鏈優化策略方面非常靈活且有效率。

Our focus is to strengthen and evolve our in-region, for-region manufacturing capabilities to increase flexibility and resiliency. We continue to expect to fully offset incremental tariff costs in 2026. And lastly, as Shawn mentioned earlier, we also recently completed several small acquisitions that broaden our distribution and service capabilities and also expand our life science equipment portfolio.

我們的重點是加強和發展我們在區域內、為區域內提供製造服務的能力，以提高靈活性和韌性。我們仍預期在 2026 年完全抵銷新增關稅成本。最後，正如肖恩之前提到的，我們最近也完成了一些小型收購，擴大了我們的分銷和服務能力，也擴大了我們的生命科學設備組合。

While these acquisitions are small and will add less than 1% to our sales growth in 2026, they add new products and services to our portfolio and increase our sales capabilities. We are very happy to welcome our new colleagues to our team. Now this concludes our prepared remarks. Operator, I would now like to open the line to questions.

雖然這些收購規模較小，到 2026 年只會使我們的銷售成長增加不到 1%，但它們為我們的產品組合增加了新的產品和服務，並提高了我們的銷售能力。我們非常高興地歡迎新同事加入我們的團隊。我們的發言稿到此結束。接線員，我現在要開放提問環節。

(Operator Instructions) Luke Sergott, Barclays.

（操作說明）盧克·瑟戈特，巴克萊銀行。

Great, thanks for the questions here. Wanted to start off with the guide for 2026. Can you just kind of give us a breakdown of how you're looking at that by segment, particularly around the Industrial side and what you're seeing there from PID and Core Industrial?

太好了，謝謝你們提出的問題。想先從 2026 年的指南開始。您能否按細分市場，特別是工業領域，向我們詳細介紹您是如何看待這個問題的，以及您從 PID 和核心工業領域看到了什麼？

Yeah, hey Luke, this is Shawn. I'll take that one. So for 2026, we're looking at low to mid single-digit growth in our Laboratory business. Of course, we'd probably expect to do better than the average on our Process Analytics. We saw really good momentum in bioprocessing in the quarter that we expect to continue into next year.

嗨，盧克，我是肖恩。我選那個。因此，對於 2026 年，我們預計實驗室業務將實現個位數低至中等的成長。當然，我們預期在流程分析方面會比平均值做得更好。本季生物加工領域發展勢頭良好，我們預計這一勢頭將延續到明年。

Maybe the other side of that is the early research area, like where we participate with liquid handling, will be a little bit softer. In the Industrial business, we're estimating Core Industrial to be low to mid-single-digit and Product Inspection to also be low to mid-single-digit. Both of them will have a modest benefit from some of these smaller acquisitions that we talked about. Retail, we estimate to be flat for next year. If you break it down by geography, we're assuming the Americas at mid-single-digit, with low single-digit growth in Europe and China.

或許另一方面，早期研究領域，例如我們參與的液體處理領域，會稍微寬鬆一些。在工業領域，我們預期核心工業和產品檢驗的增幅將分別在個位數低到中段和個位數低到中段。他們兩人都會從我們討論過的這些小型收購中獲得一些好處。我們預計明年零售業將保持穩定。如果按地域劃分，我們預期美洲的成長率將達到個位數中段，歐洲和中國的成長率將達到個位數低段。

Great, thanks. And then as I think about the overall consumer market and some of the more consumer-facing segments like PID and what you're seeing there as the consumer starts getting weaker. How is that kind of playing out when you're thinking about -- based on that guide and how the pacing has been through the quarter and into Q4?

太好了，謝謝。然後，當我思考整個消費市場以及一些更面向消費者的細分市場，例如 PID，以及隨著消費者力量開始減弱而出現的情況時，我意識到了這一點。根據該指南以及本季和第四季的節奏，你認為這種情況是如何發生的？

Yeah, I mean, we've been really pleased with the results in that business this year. If you think about the end market, it's still challenging. I mean, 70% of that business is sold into food manufacturing. But the dynamic we've seen is that we've invested a lot in innovation over the last few years, and we've really been able to build out our portfolio, particularly targeted towards the middle market. We find that to be a sweeter spot in terms of where there's growth opportunities.

是的，我的意思是，我們對今年這項業務的成果非常滿意。如果從終端市場的角度來看，情況仍然充滿挑戰。我的意思是，這部分業務的70%都銷往了食品製造業。但我們看到的趨勢是，過去幾年我們在創新方面投入了大量資金，並且真正能夠拓展我們的產品組合，特別是針對中端市場的產品組合。我們認為，就發展機會而言，這是一個更理想的地點。

And so when we step back from that, our teams are executing really well, and the recent product innovations are being very well received in the marketplace. Patrick and I just came out of our annual tour that he talked about in his prepared remarks, and we also spent time with our executives and the Board this week.

因此，從這個角度來看，我們的團隊執行得非常好，最近的產品創新在市場上也受到了很好的歡迎。派崔克和我剛結束了他事先準備好的演講中提到的年度巡視，本週我們也與我們的高階主管和董事會成員進行了交流。

As we look at the pipeline for the future in that business, as well as our other businesses, we feel really good about what we have coming out. So I feel like we're competing very well, but you're right, the backdrop is still more challenging market conditions.

展望該業務以及我們其他業務的未來發展前景，我們對即將推出的產品感到非常滿意。所以我覺得我們目前競爭非常激烈，但你說得對，目前的市場環境仍然更具挑戰性。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Congrats on a really nice sprint here. Moving back off of Luke's question on fiscal '26, I think, Patrick, you mentioned macro, you're not assuming any change from current environment. When I look at your back half of '25, you're averaging 4.5%. So that 4% for '26 seems a step down from back half. What changes in how you think of price versus volume?

恭喜你這次衝刺跑得非常出色。回到盧克關於 2026 財年的問題，派崔克，我認為，你提到了宏觀經濟，你並沒有假設當前環境會有任何變化。我看了一下你 2025 年下半年的業績，平均報酬率為 4.5%。所以 2026 年 4% 的成長率似乎比下半年下降。你對價格與銷售量之間關係的看法發生了哪些變化？

Yeah. I'll start and let also Shawn chime in there. Look, Vijay, when you look at how we guided for 2026, we said we don't expect any significant change to what we're seeing today. The market situation is still quite uncertain now there with local trade politics and tariffs in place, which leads to a lot of customer uncertainty. And that led us to really guide 2% to 4% for 2026.

是的。我先開始，也請肖恩插幾句。維傑，你看，當我們回顧 2026 年的預測時，我們說過，我們預計不會出現與今天相比的任何重大變化。由於當地貿易政策和關稅的存在，目前市場狀況仍然相當不明朗，這導致消費者有許多不確定性。因此，我們最終將 2026 年的成長目標設定為 2% 至 4%。

We think it's a very prudent guidance in this environment. And well, there could be some upside, of course. I mean, again, if the market's uncertainties become less if the customer confidence increases, as we also mentioned in our remarks that we think there's a good opportunity in our replacement business.

我們認為在當前情況下，這是一個非常審慎的指導意見。當然，也可能有一些好處。我的意思是，再說一遍，如果市場的不確定性減少，客戶的信心增強，正如我們在發言中提到的，我們認為我們的替換業務有很好的機會。

We have seen probably now two years of subdued replacement business. that hopefully will come into play once customers confidence comes back. But in terms of the overall sequence in terms of the growth first half of this versus second half next year, Shawn I don't think we have (multiple speakers)

我們已經經歷了大約兩年的低迷期，希望一旦客戶信心恢復，這種情況能夠有所改善。但就整體發展趨勢而言，從今年上半年與明年下半年的成長對比來看，肖恩，我認為我們還沒有…（多位發言者）

Yeah. I mean one thing to keep in mind, Vijay, is that we do have more pricing in the second half of this year, then we'll have next year. We had about we benefited about 3.5% or so in the third quarter. On pricing, we expect to benefit by a similar amount in as we kind of go into next year, we're assuming about 2.5% for price realization for the full year. That includes some of the benefits from these midyear pricing actions to mitigate tariffs.

是的。我的意思是，Vijay，你需要記住的一點是，今年下半年我們的定價策略會比明年更有彈性。我們在第三季獲得了大約 3.5% 的收益。在定價方面，我們預計明年將獲得類似的收益，我們假設全年價格實現率約為 2.5%。這其中包括透過這些年中定價措施來緩解關稅帶來的一些好處。

But when you step back from that, the assumption on organic volume growth, it's going to be -- certainly, it's going to be modest growth next year. And I think if you look at the back half of this year, yes, Q3 was a little bit better, Q4 is maybe kind of go down a little bit. but I don't think it's a significant change in terms of how we're seeing things. And I think the reality is it's early, right? There's still a lot of uncertainty.

但從這個角度來看，如果假設有機銷售成長，那麼明年一定會是溫和成長。我認為，如果你看一下今年下半年的情況，是的，第三季度略有好轉，第四季度可能略有下滑，但就我們目前的看法而言，我認為這並不是一個重大變化。我認為現在談論這些還為時過早，對吧？目前仍存在諸多不確定因素。

Headlines are more favorable in the last few weeks, if that continues. We're optimistic that that can help increase the stability and confidence within our end markets. But we're just a little bit cautious given all the volatility we've seen with our the pressures on some of our core end markets over the past year.

如果這種情況持續下去，最近幾週的新聞標題會更有利。我們樂觀地認為，這有助於提高終端市場的穩定性和信心。但鑑於過去一年來我們的一些核心終端市場所面臨的壓力和波動性，我們還是有些謹慎。

That's helpful. Shawn, maybe on the margins for '26. I think your guide implies maybe modest operating margin expansion your tariff headwinds should abate quite meaningfully, but should we see a little bit more robust margin expansion?

那很有幫助。肖恩，或許有機會參加 2026 年的比賽。我認為您的指南暗示營業利潤率可能會小幅增長，關稅帶來的不利影響應該會顯著減弱，但我們是否應該看到利潤率出現更強勁的增長？

Yes. One of the -- it's a good question because one of the dynamics we face is that the way currencies have evolved and just over the past quarter, we have a lot more benefit on the sales side, but we have a -- that's being offset by cost increase in the Swiss franc strengthening against the euro.

是的。這是一個很好的問題，因為我們面臨的動態之一是貨幣的演變方式，在過去的一個季度裡，我們在銷售方面獲得了更多收益，但瑞士法郎對歐元走強導致成本增加，抵消了這些收益。

And so even though it's not having a significant impact on EPS, it has a bigger impact on operating profit as a percentage of sales. And so when you kind of do that math, our operating margin expansion for next year is about plus 60 basis points on a currency-neutral basis.

因此，儘管它對每股收益沒有顯著影響，但對營業利潤佔銷售額的百分比影響更大。因此，當你進行這樣的計算後，我們明年的營業利潤率以固定匯率計算將成長約 60 個基點。

So it's not -- it's -- so I think it's a much better story than the reported number, which is probably in the 20 to 30 basis point kind of a level. And I do feel very good about execution in the organization, and I do feel good about our ability to mitigate these tariffs.

所以，事實並非如此——我認為，這比報道的數字要好得多，報道的數字可能在 20 到 30 個基點左右。我對組織的執行力感到非常滿意，也對我們減輕這些關稅的能力充滿信心。

Dan Arias, Stifel.

Dan Arias，Stifel。

Patrick, to what extent do you think onshoring demand work itself into the picture for 2026 versus 2027 and beyond. You guys have some products that seem like it could be part of what's done earlier rather than later but I also know you guys tend to not get too worked up about some of these high-level ideas in your earlier stages. So can you just maybe think a little bit about and tell us a little bit about your thoughts on '26 there?

派崔克，你認為在 2026 年與 2027 年及以後，需求回流到國內的程度會有多大？你們有一些產品似乎可以儘早實施，而不是拖延，但我也知道你們在早期階段往往不會對這些高層次的想法過於執著。所以，您能否稍微思考一下，並和我們談談您對「26」的看法？

Very good. Look, I think we are very well positioned as a global company to benefit from the rein home showing activities. There are big numbers out there, as you know, from pharma, from semiconductor and other places. And as you know, we -- about 50% of our sales are sold into both production and plus QA/QC. So that's a big part of the portfolio as these companies will start restoring or building out capacity in the United States and in Europe as well.

非常好。我認為，作為一家全球性公司，我們擁有非常有利的地位，可以從重新開放的房屋展示活動中受益。如你所知，製藥、半導體和其他領域都存在著龐大的數字。如您所知，我們約 50% 的銷售額來自生產和品質保證/品質控制。因此，這部分投資組合非常重要，因為這些公司將開始在美國和歐洲恢復或擴大產能。

Again, there have been large announcements, but it will take multiple years to build these new plants. So I think it will not happen immediate effect. It will be a gradual effect. We expect some of it in 2026, probably even more in 2027. But again, we make sure that we are ready to work with our customers.

雖然已經發布了一些重大公告，但建造這些新工廠需要數年時間。所以我認為不會立即發生。這將是一個漸進的過程。我們預計2026年會有一些成果，2027年可能會更多。但我們再次強調，我們已做好與客戶合作的準備。

We're talking to all our key accounts at the moment. We have also made some of these statements. So if you think about the pharma companies that they will build out capacity in US, we are ready to help them with establishing their labs, their manufacturing floors, like QA, QC, et cetera with our products. But this will be a multiyear journey. I mean if you think back even on the semiconductor act, how long that to take took until really we saw some momentum in the end market.

我們目前正在與所有重要客戶進行洽談。我們也發表過其中一些聲明。所以，如果你想想那些將在美國擴建產能的製藥公司，我們已準備好用我們的產品幫助他們建立實驗室、生產車間以及品質保證、品質控制等。但這將是一段長達數年的旅程。我的意思是，如果你回想一下半導體法案，從推出到真正看到終端市場出現一些發展勢頭，花了多長時間。

I think the impact for 2026 will be moderate. But again, for us, it's important that we are very early for our customers to help them as they design the labs, the manufacturing flows that they get the latest of our innovation to help them to drive productivity and efficiency, which they are looking for together with all the dual capabilities that we have.

我認為對2026年的影響將是中等的。但對我們來說，重要的是要儘早幫助客戶設計實驗室和生產流程，讓他們能夠獲得我們最新的創新成果，從而提高生產力和效率，這是他們所追求的，同時我們也具備我們所有的雙重能力。

Okay. That's helpful. And then, Shawn, maybe on the comments that you guys made on China. Can you maybe just compare what you expect on the lab biopharma side versus more of the industrial side? I'm trying to understand just the macro headwinds and what that might translate to for China for you guys next year?

好的。那很有幫助。然後，肖恩，也許可以談談你們對中國發表的評論。您能否比較一下您對實驗室生物製藥方面和工業領域的預期？我想了解宏觀層面的不利因素，以及這些因素明年可能對你們中國市場造成的影響？

Yeah. I mean we're assuming low single-digit growth in both of those businesses. As Patrick mentioned in the prepared remarks, one of the upside, I think we have on the Lab side is the latest update of Pharmacopoeia in China, which I think is a nice opportunity. All the investments that are going on in country with GLP-1s is a really good example. And so we feel like there's medium to long term, some upside here, but we're a little bit more cautious as we as we think about things today.

是的。我的意思是，我們假設這兩個產業的成長率都只有個位數。正如帕特里克在準備好的演講稿中提到的那樣，我認為我們在實驗室方面的優勢之一是中國藥典的最新更新，我認為這是一個很好的機會。所有在擁有 GLP-1 的國家進行的投資都是一個很好的例子。因此，我們認為從中長期來看，這裡存在一些上漲空間，但就目前而言，我們對此持更加謹慎的態度。

And then on Industrial, one of the highlights of the third quarter was our Industrial business. And within that, we had good region and -- we had good growth in each region, but it was nice to see growth in Core Industrial in China in the quarter.

在工業領域，第三季的亮點之一是我們的工業業務。其中，各區域表現良好，每個區域都實現了良好的成長，但令人欣慰的是，本季中國核心工業實現了成長。

It's actually the first time we've had growth in that business in two years. And so when you think back to the beginning of the year and some of the things that were on our mind, that was a bigger -- an area where we would have like had placed more risk, just given all the uncertainty with their economy, and it's nice to see that they had some growth. And I feel very good about our ability to continue to execute there.

實際上，這是我們兩年來該業務首次實現成長。所以，回想年初，我們當時考慮的一些事情，那是一個更大的領域——鑑於當時經濟的不確定性，我們本想在這個領域投入更多風險，但很高興看到他們取得了一些成長。我對我們繼續在那裡取得成功的能力感到非常有信心。

We kind of walked away from our visit there just 1.5 months ago, feeling optimistic and the team was really motivated and engaged. So it was good to see.

就在1個半月前，我們離開那裡時感覺很樂觀，團隊也充滿動力和熱情。所以很高興看到這些。

Brandon Couillard, Wells Fargo.

Brandon Couillard，富國銀行。

Patrick, I mean, it's atypical for Mettler to do one deal much less a handful of them. But would love if you can just kind of elaborate on how this came about some background on the assets and really what you think they add to the portfolio?

派崔克，我的意思是，梅特勒很少做成交易，更別說好幾筆了。不過，如果您能詳細說明這些資產是如何產生的，以及它們背後的背景，還有您認為它們能為投資組合帶來什麼，那就太好了？

Yeah. Good. Thank you, Brandon. Yeah, of course, normally, we do not -- this is the amount of deals in 1 quarter, but to be honest, the deals also take a long preparation times and we always look to expand our portfolio at new technology vectors or adjacencies that we don't own and also expand our distribution in this quarter.

是的。好的。謝謝你，布蘭登。是的，當然，通常情況下，我們不會——這是一個季度的交易數量，但說實話，這些交易也需要很長的準備時間，我們總是尋求在新的技術領域或我們尚未擁有的鄰近領域擴展我們的投資組合，並在本季度擴大我們的分銷渠道。

We acquired a few North American distribution partners that give us really additional sales and service capabilities, including some new services. We also acquired the Genie Vortex Mixers which is a really strong brand that expand our life science equipment portfolio that complements, for example, of our pipette business and the businesses shakers and others that we sell to our old house business.

我們收購了一些北美分銷合作夥伴，這為我們帶來了額外的銷售和服務能力，包括一些新服務。我們還收購了 Genie Vortex Mixers，這是一個非常強大的品牌，它擴展了我們的生命科學設備產品組合，例如，它補充了我們的移液器業務以及我們向老家銷售的搖床和其他設備。

So it's has been a good number of smaller acquisitions, not on a big one, but the small acquisitions that we will continue to do in the future. And as Shawn mentioned before, the revenue contribution was less than 1% this quarter and about 1% through the first half of next year.

所以，我們進行了很多小規模收購，沒有進行過大規模收購，但未來將繼續進行這些小規模收購。正如肖恩之前提到的，本季營收貢獻不到 1%，預計到明年上半年也將維持在 1% 左右。

And then just one follow-up. Shawn, did you give the Lab -- the China Lab growth in the quarter? And what is embedded for '25 for China and those two segments specifically?

然後只有一次後續跟進。肖恩，你那邊中國實驗室本季的成長情況如何？那麼，針對中國和這兩個細分市場，2025 年的具體目標是什麼？

Yeah. So for Q3, it was up low single digit. I mean just -- I mean, I'm sorry, let me just confirm that. Yeah, it was up low single digit in Q3. And then for -- and then for next year, we also expect it to be up low single digit as well.

是的。所以第三季增幅只有個位數。我的意思是——我的意思是，抱歉，讓我確認一下。是的，第三季只有個位數的成長。而且，我們預計明年也將維持個位數低點的成長。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Maybe one just on the core industrial side, can you just talk about what you're seeing there, what the trends are, conversations with customers? Obviously, it's helpful to hear a little bit about the go forward on that front. I would love just to hear what the trends look like there and the visibility as you work your way forward on core industrial.

或許可以就核心工業領域談談，您能說說您在那裡看到的現象、發展趨勢以及與客戶的交流嗎？顯然，了解這方面的進展是很有幫助的。我很想了解那裡的發展趨勢，以及你們在核心工業領域推進工作的過程中所取得的進展。

Yeah. Okay. Happy to take that. Look, I think we are performing extremely well with our innovative portfolio in a market that is still very challenging. As you know, most of the PMIs are still below 50 but we are benefiting from the demand for automation, digitalization, and this is where our innovative products play strong and it also helps us differentiate nicely from our competitors including China, as Shawn mentioned, it was good to see that China came back to growth for a time in two years.

是的。好的。樂意接受。你看，我認為我們在充滿挑戰的市場中，憑藉我們創新的產品組合，表現非常出色。如您所知，大多數採購經理人指數 (PMI) 仍低於 50，但我們受益於對自動化和數位化的需求，而這正是我們創新產品發揮優勢的地方，這也有助於我們與包括中國在內的競爭對手形成良好的差異化。正如肖恩所提到的，很高興看到中國在兩年內一度恢復成長。

We think these soft market conditions probably will continue for some time, but we are very well positioned then in the future also from the onshoring investments in the future because those will demand a lot of digital capabilities and automation solutions that we have developed and that I will implement it directly with end customers all through system integrators.

我們認為這種疲軟的市場狀況可能會持續一段時間，但從未來的本土化投資來看，我們未來將處於非常有利的地位，因為這些投資將需要我們開發的大量數位化能力和自動化解決方案，我將透過系統整合商直接與終端客戶一起實施這些解決方案。

So long story short, I think the market will continue to be challenging in many areas. It probably will benefit next year and the year after from the REO and homeshoring activities. But for us, it's most important that again, that we have a very competitive portfolio and continue to help our customers with their demand for automation and digitalization in a fully compliant environment and also these products that also have very strong capabilities when it comes to cycle security, which we spend a lot of activity as well.

簡而言之，我認為市場在許多方面仍將面臨挑戰。明年和後年，REO（已收回房產）和房屋回流活動可能會使該公司受益。但對我們來說，最重要的是，我們擁有極具競爭力的產品組合，並繼續幫助客戶在完全合規的環境中滿足他們對自動化和數位化的需求，而且這些產品在周期安全方面也具有非常強大的功能，這也是我們投入大量精力的領域。

Okay. That's helpful. And then maybe on the geography side, I think Europe, flattish year-to-date. It seems like it's been improving a little bit. I think Shawn talked about low single in next year.

好的。那很有幫助。然後從地理角度來看，我認為歐洲今年迄今的情況比較平穩。情況似乎有所改善。我覺得肖恩明年可能會談到低單季。

What do you guys see in there? Has there been kind of steady improvement? Is it just comps? And again, the confidence level there going forward would be helpful.

你們在裡面看到了什麼？情況是否有穩定改善？只是比賽嗎？再次強調，維持這種信心對未來的發展至關重要。

Yeah, I'll go a little bit to the macro of Europe. Again, it's I would say, a tale of many city series, if you look at our -- how we see the end markets, I would say the Southern European markets actually are performing better than the Norther at the moment or mid think the biggest stress in Europe, as you can imagine, it's probably right now in Central Europe, it's a large economy in Germany, that is under significant pressure still from higher energy costs, et cetera.

是的，我再稍微談談歐洲的宏觀情勢。再說一遍，我認為這就像是許多城市系列的故事。如果你看看我們——我們如何看待終端市場，我會說，目前南歐市場的表現實際上比北歐市場更好。我認為歐洲最大的壓力，正如你所想，現在可能在中歐，德國是一個龐大的經濟體，仍然面臨著能源成本上漲等帶來的巨大壓力。

You all hear the news about the offshore showing some of the manufacturing in other areas to try to address the cost issues. Nordics has performed well, but then we also had a news coming out of Denmark in the last quarter. So about Novo Nordisk going through some resizing there, and that puts that piece of the market under pressure right now.

你們都聽說過將部分製造業轉移到海外以解決成本問題的新聞吧。北歐地區表現良好，但上季丹麥方面也傳來了一些消息。所以，諾和諾德正在進行一些規模調整，這給該部分市佔率帶來了壓力。

So it's really a mixed bag but overall, we are pleased with our own performance in Europe. I think it's very important that the leverage of our tools to always guide our sales teams to the hot segments that we see there, like bioprocessing, there's a lot of good activities in bioprocessing, for example, some of it in the new energy markets as well. and also in pockets also in semiconductor.

所以情況比較複雜，但整體而言，我們對自己在歐洲的表現感到滿意。我認為非常重要的一點是，我們要充分利用我們的工具，並始終引導銷售團隊關注我們看到的熱門領域，例如生物加工。生物加工領域有許多不錯的業務活動，例如，新能源市場的一些業務活動也涉及生物加工，半導體領域的某些業務活動也涉及生物加工。

And I think really the story is here, yes, it's a more difficult environment. We see definitely better momentum right now in the US and in Europe. But we're still very keen on capturing all the growth opportunities to compensate the macro trend that Europe is probably slow at the moment and probably will also be next year a bit slower than the US.

我覺得真正的故事就在這裡，是的，這是一個更艱難的環境。目前我們看到美國和歐洲的成長動能明顯增強。但我們仍然非常渴望抓住所有成長機會，以彌補歐洲目前可能成長緩慢，明年也可能比美國成長稍慢的宏觀趨勢。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

I'm going to try to just throw out two and then get back and just listen given I'm out of the office. So on the industrial side, lab came in, as we've talked about, pretty well above our model and your guidance at mid-single-digit organic growth.

我不在辦公室，所以打算先拋出兩個問題，然後再回來聽聽大家的意見。因此，就工業方面而言，正如我們之前討論過的，實驗室的表現遠遠高於我們的模型和你們的指導，實現了中等個位數的有機增長。

You've talked a little bit about what you're seeing there, but I'm just wondering how much of this was driven by DI process analytics versus traditional lab equipment? And maybe more specifically, are you seeing increased demand for bioprocessing sensors as several large CDMOs start to build out brownfield plants in the US? And then -- that's on the lab side.

您已經稍微談到了您在那裡看到的情況，但我只是想知道，其中有多少是由直接投資流程分析驅動的，又有多少是由傳統實驗室設備驅動的？更具體地說，隨著幾家大型 CDMO 開始在美國建造棕地工廠，您是否看到對生物加工感測器的需求增加？然後——那是實驗室方面的事情。

On the industrial side, 9% organic growth is impressive. As I've talked about with you guys, I mean, some of this is a function of maybe the name industrial being a little bit of a misnomer, given how the business has evolved. But that being said, still impressive.

從工業方面來看，9%的有機成長率令人印象深刻。正如我之前和你們討論過的，我的意思是，考慮到這個行業的發展演變，這其中一部分原因可能是“工業”這個名稱有點名不副實。即便如此，依然令人印象深刻。

And last quarter, you said you had visibility into certain projects that would drive maybe a better than typical quarter. And I think this was even better than that. So long wind up to does this start to normalize? Were there timing dynamics? Or is there some real momentum here.

上個季度，您曾表示對某些項目有所了解，這些項目可能會推動本季業績優於往年。我覺得這個比那個還要好。這麼長時間過去了，這種情況會開始正常化嗎？是否存在時間動態變化？或者說，這裡確實存在一些勢頭？

Yeah, maybe I'll start here. So on the laboratory side, we were very pleased with the quarter. As you mentioned, certainly a highlight in the laboratory portfolio was process analytics. We saw really good growth on bioprocessing. This business also benefits from some of the investments that are being made to the power grid as you think about data centers as an opportunity in the future.

嗯，或許我就從這裡開始吧。所以，就實驗室方面而言，我們對本季的表現非常滿意。正如您所提到的，實驗室產品組合中的一大亮點無疑是過程分析。我們看到生物加工領域取得了非常好的成長。隨著人們對未來資料中心的展望，電力系統的一些投資也將惠及該產業。

But a lot of it was pretty much bioprocessing. And the power is like we have pure -- ultra-pure water solutions, et cetera, that help with power plants.

但其中許多都與生物加工有關。而這種力量就像我們擁有純淨的——超純水溶液等等，可以幫助發電廠。

On the rest of the business, we also saw some good growth, like, for example, within our analytical instrument portfolio, we were very pleased with growth in that business. If you look at weighing solutions also really good growth. The one soft spot that kind of -- I think I alluded to earlier was in our liquid handling business, we still see a lot of softness in that business.

在其他業務方面，我們也看到了一些良好的成長，例如，在我們的分析儀器產品組合中，我們對該業務的成長非常滿意。如果你觀察稱重解決方案，也會發現成長非常顯著。我覺得我之前提到的一個弱點是我們的液體處理業務，我們仍然看到該業務有很多疲軟之處。

And that business really is in the crosshairs of a lot of the topics out there regarding funding and research, whether it's with biotech, whether it's with academia, whether it's with currently the government shutdown. Now these are smaller exposures for Mettler-Toledo, but when you get into liquid handling, they tend to be a little bit bigger and they tend to feel, especially the consumable nature of that business. But we did have modest growth on the consumable side. It's really more on the instrument side where we saw softness.

而這項業務實際上正處於許多有關資金和研究的話題的十字路口，無論是生物技術、學術界，還是目前的政府停擺。現在這些對梅特勒-托利多來說風險較小，但一旦進入液體處理領域，風險往往會更大一些，而且影響也更大，尤其是在該業務的消耗品性質方面。但我們在消費品方面確實實現了小幅成長。我們更多地在樂器方面看到了柔和感。

On the industrial side, we did have some good -- much better activity, as you mentioned, in the quarter than we expected. I think we were kind of walking into the quarter feeling pretty good. And then just a lot of things happened in different parts of the world that just all came together.

在工業方面，正如您所提到的，本季度我們的活動比預期要好得多，而且情況也相當不錯。我覺得我們當時走進這區域的時候感覺還不錯。然後，世界各地發生了很多事情，這些事情就匯聚到了一起。

As an example, we have some activity in our transportation and logistics business, which is selling. It's part of how facilities are trying to automate their factories, and we have these solutions around dynamic dimensioning. That's super effective, provides strong paybacks to our customers, and a lot of that kind of caught on in the quarter.

例如，我們在運輸和物流業務方面有一些銷售活動。這是工廠嘗試實現自動化的一種方式，而我們則圍繞動態尺寸設計提供了相應的解決方案。這非常有效，能為我們的客戶帶來豐厚的回報，而且這種做法在本季度得到了廣泛應用。

But it's not only that. If you look at the rest of the portfolio where we are facilitating customers' automation and digitalization needs, we saw some good trends there. We also saw good growth in each region of the world. But we also probably had in fairness, a little bit of an easier comp in Q3 if you look at it on a longer-term CAGR basis. And so that comp is maybe a little bit more difficult in the fourth quarter.

但這還不是全部。如果你看看我們為滿足客戶自動化和數位化需求而推出的其他產品組合，你會發現其中有一些不錯的趨勢。我們也看到世界各地都實現了良好的成長。但公平地說，如果從長期複合年增長率來看，第三季的年比數據可能相對容易一些。因此，第四季的比較可能會稍微困難一些。

And as we kind of listen to the organization and customers, just the timing of activity seems to have been a little bit more skewed towards Q3 versus Q4. We're actually a lot more cautious on our core industrial projection for the fourth quarter. We're probably looking at more like low single digit in the fourth quarter.

我們聽取了公司和客戶的回饋，發現各項活動的進行時間似乎更集中在第三季而不是第四季。實際上，我們對第四季的核心工業預測持更謹慎的態度。第四季增幅可能更接近個位數。

So we do see a step down there quarter-on-quarter. But when you like look at the second half of the year and combined, we actually feel really good about how we're executing and how we're positioned going into next year.

所以我們看到，與上一季相比，這個數字有所下降。但是，當我們縱觀下半年以及整體情況時，我們其實對我們的執行情況以及我們為明年所做的準備感到非常滿意。

And I just think that the portfolio is doing well. It's being really well received globally, and we always talk about of this businesses, while it's exposed to the macro, it also has a lot of opportunity with all these onshoring needs. And as companies are ensuring they're investing more in automation as well as digitalization and we continue to invest in our portfolio to optimize these opportunities.

我認為這個投資組合表現不錯。它在全球範圍內都受到了很好的歡迎，我們一直在談論這類企業，雖然它們受到宏觀經濟的影響，但隨著所有這些本土化需求，它們也擁有很多機會。隨著各公司加大對自動化和數位化領域的投資，我們也將繼續投資於我們的投資組合，以優化這些機會。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

I want to follow just kind of when you were just touching on the 4Q moving pieces. I had a lot of questions on sort of comparing 3Q, 4Q. First of all, maybe you could just give us sort of the segment results, you gave us a little bit here there, but I want to make sure we have all the numbers together.

我想接著您剛才提到的第四季動態因素繼續講解。我有很多關於比較第三季和第四季的問題。首先，您能否提供我們各個細分市場的結果？您之前提供了一些數據，但我希望確保我們掌握所有數據。

And then just anything on pull forward timing? What are you assuming for government shutdowns? Just are there any other moving pieces you touched on the comp in core industrial just now, but would have to flesh out the 3Q to 4Q dynamic? And I've got a quick follow-up.

還有，關於前拉時機有什麼需要注意的嗎？你對政府停擺有什麼假設？剛才您在核心工業的計算中是否還提到了其他一些變動因素，但需要進一步闡述第三季到第四季的動態變化？我還有一個後續問題。

Yes. Mike, maybe I'll walk down the Q3 versus Q4, like you said, so everybody has that, and then I can make a couple of comments on it as well. So in Q3, Lab was up 4%, and our guidance for Q4 is to be up low single digit. As we think about Lab, we're a little bit more cautious here on budget flush going into the fourth quarter. I mean last year, you recall, we actually had a pretty good budget flush.

是的。麥克，也許我會像你說的，詳細分析一下第三季度和第四季度，這樣大家都能了解一下，然後我也可以就此發表一些看法。因此，第三季實驗室業務成長了 4%，我們對第四季的預期是實現個位數低成長。考慮到實驗室方面的情況，我們對第四季的預算充裕度持更謹慎的態度。我的意思是，你還記得嗎，去年我們的預算其實相當充足。

We're not such a budget flush company, but the reality is we do have seasonality in our business. And as we just sit here today, we're -- there seems to be a little bit more caution with some of the uncertainties out there around governmental policies.

我們公司預算並不充裕，但現實情況是，我們的業務確實存在季節性。而就我們今天所處的環境而言，似乎人們對政府政策的一些不確定性更加謹慎了。

In terms of our Core Industrial business, as you know, it was up 11%, that was 10% organic. And our guidance for Q4 is up low single digit. We just talked about that.

如您所知，我們的核心工業業務成長了 11%，其中 10% 為有機成長。我們對第四季的業績預期是上調個位數百分比。我們剛才就談到了這件事。

Product Inspection was up 7% and in Q3, and our expectation is that business grows high single digit in Q4. The there'll be a little bit of acquisition benefit in that number as well. And then Retail actually had growth in the quarter, 5%. They've -- it's always a lumpy business. They've been on the other side of the lumpiness now for the last couple of years, but it was nice to see growth and they're actually looking at good growth here in the fourth quarter of about 10%, but it's also against maybe softer comparisons.

產品檢驗業務在第三季成長了 7%，我們預計第四季業務將實現高個位數成長。這個數字中也會包含一些收購帶來的好處。而且零售業本季實際上實現了成長，成長了 5%。他們——這始終是個不太順利的行業。過去幾年他們一直處於波動期，但很高興看到成長，而且他們第四季的成長預計約為 10%，但這也可能是因為去年同期基數較低。

But that business is actually competing really well. There's some really neat examples of innovation in that business with some like imaging technologies, et cetera. And I think we're competing really well.

但這家企業其實競爭非常激烈。該行業中有很多非常巧妙的創新例子，例如成像技術等等。我認為我們目前競爭非常激烈。

In terms of the geographies, our business in the Americas grew 10% in Q3. If you exclude the acquisitions, it was $8 million, and our guidance for Q4 is to grow mid-single digit. Europe was up 6% in constant currency in Q3. And we -- our guidance is more flattish here. So we're definitely a little bit more cautious on Europe.

從地理上看，我們在美洲的業務在第三季成長了 10%。如果排除收購項目，營收為 800 萬美元，我們對第四季的預期是實現個位數中段成長。第三季歐洲經濟成長6%（以固定匯率計算）。而我們——我們的指導方針在這裡則比較平緩。所以我們對歐洲的態度確實更加謹慎。

I mean, as Patrick mentioned, we're executing well there. Europe tends to benefit the most from our Spinnaker programs just given the magnitude of our direct sales force with -- in terms of our go-to-market strategy. But the economy is a little bit more softer. And I think there's just more uncertainty with a lot of the different topics around trade disputes, et cetera, that have a potential impact on customer behavior. And then China was up 2% and in Q3, and we're estimating it up low single digit in the fourth quarter.

我的意思是，正如帕特里克所提到的，我們在那裡執行得很好。鑑於我們龐大的直銷隊伍，歐洲往往是我們 Spinnaker 專案的最大受益者——就我們的市場進入策略而言。但經濟情勢略顯疲軟。我認為，圍繞貿易爭端等許多不同話題的不確定性更多，這可能會對消費者的行為產生影響。中國經濟在第三季成長了 2%，我們預計第四季將實現個位數低成長。

Okay. That's all incredibly helpful, Shawn. For a follow-up, if I could just touch on tariffs in 2026. You said a couple of times you're going to fully offset. But just walk us through exactly what that means.

好的。肖恩，這些都太有幫助了。最後，我想談談 2026 年的關稅問題。你曾多次說過你會完全抵消。請您詳細解釋一下這到底是什麼意思。

Is that fully set over the course of the year fully offset as of Jan 1, is there like a net tariff impact on EPS next year that you could point to? Just walk us through sort of exactly how that's happening in the mechanics behind it.

是否已在年內完全確定，並在 1 月 1 日之前完全抵消？明年 EPS 是否有淨關稅影響？請您詳細地為我們解釋一下背後的運作機制是如何實現的。

Yeah. So I mean, we're extremely happy with the organizational performance in this area. As Patrick said in the prepared remarks, our culture does tend to shine the brightest during challenging times. And I just couldn't be more proud of the colleagues in terms of how they've responded to these challenges over this past year.

是的。所以我的意思是，我們對這方面的組織表現非常滿意。正如派崔克在事先準備好的演講稿中所說，我們的文化往往在充滿挑戰的時期展現出最耀眼的光芒。在過去一年裡，我的同事們應對這些挑戰的方式讓我感到無比自豪。

The journey towards offsetting these tariffs also didn't start in 2025. We had also coming out of COVID, like a lot of other companies. We wanted to create more flexibility in our global supply chain, and we also wanted to derisk our global supply chain. So we already had some things that we were working on and that we could accelerate over the past year.

抵銷這些關稅的進程也不是從 2025 年開始的。和許多其他公司一樣，我們也經歷了新冠疫情後的復甦。我們希望提高全球供應鏈的彈性，同時也希望降低全球供應鏈的風險。所以，在過去一年裡，我們已經有一些正在進行的項目，我們可以加快這些項目。

And then the other thing is that we also have the opportunity and pricing to mitigate. And I think that comes down to we've been investing a lot in innovation and the value proposition that we're providing to customers. And so fortunately, with strong value propositions that gave us an opportunity to take a look at pricing in a few areas over the course of the past year.

此外，我們還有機會和價格來緩解這種情況。我認為這歸根結底是因為我們一直在創新和為客戶提供的價值主張方面投入了大量資金。因此，幸運的是，憑藉強大的價值主張，我們有機會在過去一年中審視一些領域的定價。

So as we kind of go into next year, I think we should be in pretty good shape. At the beginning of the year in Q1, we'll provide more color on that at the end of this year. If you want to be a little conservative in your models, that's okay, but I think we'll probably be I think we should be in pretty good shape kind of as we start the year next year and certainly on a full year basis.

所以展望明年，我認為我們應該會處於相當不錯的狀態。今年第一季度，我們將對此進行更詳細的說明，年底我們會提供更多相關資訊。如果你想在模型上稍微保守一些，那沒問題，但我認為我們明年年初的情況應該會相當不錯，而且肯定全年都會如此。

In terms of what it means, which I can anticipate as a question out there, so tariffs right now are about -- if you look at the tariff rate increases that were put in place in 2025. we're probably looking at about a 6% headwind -- gross headwind on 2026 that we -- and that's the magnitude that we're talking about offsetting.

至於這意味著什麼，我預料到大家會問這個問題，那麼目前的關稅情況是——如果你看一下2025年實施的關稅稅率增長，我們可能會面臨大約6%的阻力——2026年的總體阻力——這就是我們正在討論要抵消的幅度。

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

This is Jack on for Tycho. Just wanted to double click on China industrial for a minute. Did China's anti-evolution campaign have an impact on the business over there? The macro data seemed to get worse intra-quarter, but it didn't seem like you were impacted much at all. So I would appreciate any additional granularity on the core industrial side and what you saw in terms of activity.

這是傑克替泰科發言。我只是想花點時間雙擊一下「中國工業」這個關鍵字。中國的反進化論運動是否對當地的商業活動產生了影響？宏觀經濟數據似乎在季度內惡化，但你似乎並沒有受到太大影響。因此，我希望您能提供關於核心產業方面以及您在活動方面所觀察到的任何更詳細的資訊。

Very good. Thanks, Jack. Look, China has struggled over with overcapacity for some time now. And if you look at the Intervolution policy, I think it's mainly focused on trying to stop price wars and address overcapacities in areas like solar, steel and other areas.

非常好。謝謝你，傑克。你看，中國產能過剩的問題已經困擾我們好一陣子了。如果你看看國際化政策，我認為它主要集中在阻止價格戰，並解決太陽能、鋼鐵等領域的產能過剩問題。

These are, for us, not really large markets. And as we exited the heavy industrial infrastructure-related markets over decade ago, doesn't mean that we are totally immune this, but we are now more focused with our industrial portfolio on a broader market is really looking for automation capabilities, digitalization features.

對我們來說，這些都不是真正的大市場。雖然我們十多年前就退出了重工業基礎設施相關市場，但這並不意味著我們完全不受其影響，但我們現在更加專注於工業產品組合，面向更廣泛的市場，該市場真正尋求的是自動化能力和數位化功能。

And that's why we also saw some growth in Q3, frankly. I think our portfolio competes really well in a market that is fighting also for continued increases in productivity, driving cost down and you only can achieve that through automation and digitalization. I think our portfolio is plays really strong here.

坦白說，這也是我們在第三季看到一些成長的原因。我認為我們的產品組合在競爭激烈的市場中表現出色，而這個市場也在不斷努力提高生產力、降低成本，而這只有透過自動化和數位化才能實現。我認為我們的投資組合在這裡表現非常出色。

We have a strong R&D and manufacturing organization in the market. It really also understands the local dynamics and the needs of our customers. So I think we are set up well to capture these opportunities. And with that, again, we think we will continue also in China to perform -- to outperform the underlying market dynamics with our strong portfolio.

我們在市場上擁有強大的研發和生產能力。它也真正了解當地的動態和我們客戶的需求。所以我認為我們已經做好了充分準備，能夠抓住這些機會。因此，我們認為我們將繼續在中國取得佳績——憑藉我們強大的投資組合，跑贏大盤。

So again, anti-evolution for us, probably not as big as a topic as you would think because we are not playing in these market segments that are on the most pressure or mostly focused by the government. And the rest of the market still is looking for the portfolio opportunities that we can deliver to them.

所以，對我們來說，反進化論可能不像你想像的那麼重要，因為我們並沒有涉足那些壓力最大或主要受政府關注的市場領域。而市場上的其他投資者仍在尋找我們能夠為他們提供的投資組合機會。

Okay. Great. That's really helpful context. I guess, second, you talked a bit about onshoring in the call. curious how conversations there, particularly among pharma customers have evolved in the past 45 days or so, commentary getting better around and other issues sort of clearing up.

好的。偉大的。這提供了非常有幫助的背景資訊。其次，您在電話會議中談到了本土化生產。我很想知道過去45天左右，這方面的討論，特別是醫藥客戶之間的討論，發生了怎樣的變化，各方評論是否有所改善，其他問題是否也逐漸明朗化。

Yeah. I don't want to repeat myself. But again, there's a lot of big announcements out there, but we end very, very early in experiments. I mean it still will take time to build these manufacturing sites and build up the labs, et cetera. Most important for us, as I said, is to really be with the customers in the planning phase to help them to implement the right solutions to not only replicate of what they have seen in other places or have in other places as they try to onshore it, but really go to the next step in terms of automation digitalization.

是的。我不想重複自己。但是，雖然有很多重大消息要發布，但我們的實驗還處於非常非常早期的階段。我的意思是，建造這些生產基地和實驗室等等仍然需要時間。正如我所說，對我們來說最重要的是在規劃階段真正與客戶在一起，幫助他們實施正確的解決方案，不僅要複製他們在其他地方看到或已經擁有的東西，並嘗試將其轉移到國內，而且要真正邁向自動化數字化的下一個階段。

Josh Waldman, Cleveland Research.

Josh Waldman，克利夫蘭研究公司。

Patrick, a follow-up on the bioprocessing side. I'm curious where all you're seeing the impact of stronger demand across the portfolio? And I guess, any sense on durability into Q4 and '26? Did it seem like volume strengthened throughout the quarter?

Patrick，關於生物加工方面的後續問題。我很想知道您在整個投資組合中都看到了哪些因需求走強而產生的影響？那麼，對於產品在第四季和2026年的耐用性，有什麼預測嗎？本季成交量是否呈現增強趨勢？

And then I guess on the portfolio exposure piece, I believe you have bioreactor equipment exposure within core industrial. Were there any signs of strength there?

然後，關於投資組合風險敞口，我認為你們的核心工業領域有生物反應器設備風險敞口。那裡有任何力量的跡象嗎？

Yes. Good. Very good questions, Josh. And yes, you're absolutely right. We see this across the portfolio. Bioprocessing is a strong segment for us, of course, especially for the process analytics piece. But as you think about the entire value chain of these customers, when it comes to QA, QC solutions where our lab products play well or in the industrial solutions, got tank scale, waiting et cetera, play a big role, we will definitely continue to benefit from the strong momentum in this market.

是的。好的。喬希，你問得很好。沒錯，你說得完全正確。我們在投資組合中看到了這種情況。生物加工當然是我們的優勢領域，尤其是在製程分析方面。但當你考慮到這些客戶的整個價值鏈時，無論是品質保證、品質控制解決方案（我們的實驗室產品發揮了重要作用），還是工業解決方案（例如罐頭稱重、等待等），我們都將繼續受益於該市場的強勁勢頭。

Actually, we anticipate this to continue into 2026 as well. This is a market that shows strong momentum. And also, we have very strong engagement of our sales teams of the customers in this space.

事實上，我們預期這種情況會持續到2026年。這是一個發展勢頭強勁的市場。此外，我們的銷售團隊與客戶在這個領域有著非常緊密的聯繫。

Did you see strength in the tanks and weighing side as well? Or was it more on the consumable side here in the third quarter?

你有沒有看到油箱和稱重部分的強度？或者說，第三季更多的是消費品方面的問題？

Yeah, we saw it in both. I mean probably more on -- a bit more on bioprocessing sensor side, but also, again, really good customer engagement and also up building momentum on the tank scoring, et cetera. As these customers will build out their manufacturing capacities or do win home sharing. Again, they will look at us to help them to put in the news and most effective solutions.

是的，我們在兩部作品中都看到了。我的意思是，可能更專注於——更專注於生物處理感測器方面，但同時，也再次強調，非常好的客戶互動，以及在儲罐評分等方面不斷增強的勢頭。隨著這些客戶擴大其製造能力或贏得家庭共享業務。他們再次期待我們能幫助他們發布新聞和最有效的解決方案。

Got it. Okay. And then as a follow-up, I was curious if you could talk through what you're seeing on the service side, maybe how service performed versus expectations, your thoughts going into '26? And then if there's been any update on attach rates or change in strategy to drive better attach rates would be helpful.

知道了。好的。然後，作為後續問題，我很好奇您是否可以談談您在服務方面看到的情況，例如服務表現與預期之間的差距，以及您對 2026 年的看法？此外，如果附件安裝率方面有任何更新，或在提高附件安裝率方面有任何策略變化，也請告知。

Good. Yeah. We actually -- we are very happy with the 8% service growth that we have seen in the quarter including about -- that includes about 1% through the acquisitions we made. Service is really strong. We have also a great growth initiative in the company to build out not only our service portfolio, but also the coverage in the markets.

好的。是的。實際上，我們對本季 8% 的服務成長非常滿意，其中包括透過收購實現的約 1% 的成長。服務真的很好。公司內部也有一項雄心勃勃的成長計劃，旨在不僅拓展我們的服務組合，還要擴大市場覆蓋範圍。

We continue to target mid- to high single-digit growth in both 2025 and 2026. Again, we are really confident that the long-term growth will be above company average for services. And that's actually, again, a segment that will -- that I'm also putting a lot of energy as a CEO, making sure that we really capture the full opportunity out there, and they have great progress in place, and I'm looking forward to continued growth there.

我們繼續以2025年和2026年實現中高個位數成長為目標。我們再次強調，我們非常有信心，服務業務的長期成長將高於公司平均水準。事實上，這也是我作為執行長投入大量精力的一個領域，確保我們真正抓住所有機會，他們已經取得了很大的進展，我期待著該領域繼續成長。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

This is Josh on for Catherine. I just wanted to unpack a little bit. Have you seen any change in sentiment from pharma customers since some of these MFN deals? I'm just wondering what those have kind of looked like since some of these announcements have been rolling out?

這裡是喬許替凱瑟琳報道。我只是想稍微整理一下行李。自從這些最惠國待遇協議達成以來，您是否觀察到醫藥客戶的態度有任何改變？我只是好奇，自從這些公告陸續發布以來，它們大概會是什麼樣子？

I'll take this question. Look, I think the most Frankfurt Nation discussion has been out there. I think it's probably created some initial uncertainty of what that means. But overall, the Pharma segment performed for us really well. I think the customers are really now looking forward how they address reshowing home showing opportunities for them, also what they have the commitments they have made to US government and they also see the underlying demand for biopharmaceuticals and others.

我來回答這個問題。我認為關於法蘭克福學派的討論已經非常充分了。我認為這可能造成了一些關於其含義的初步不確定性。但整體而言，醫藥板塊的表現非常出色。我認為客戶現在非常期待他們如何解決重新展示房屋的機會，以及他們對美國政府的承諾，他們也看到了對生物製藥和其他產品的潛在需求。

I think that the uncertainty -- there's still some uncertainty there, but it's not around the most favorite topics, at least when we talk to our customers, that is not the first topic that comes up. They are really looking forward to optimize their processes to drive efficiencies and also as they continue to expand their manufacturing sites that they can work with us on implementing the best efficient and most profitable solutions for them.

我認為這種不確定性——仍然存在一些不確定性，但它並非圍繞著最受歡迎的話題，至少當我們與客戶交談時，這並不是首先被提及的話題。他們非常期待優化流程以提高效率，並且隨著生產基地的不斷擴大，他們也希望能夠與我們合作，為他們實施最高效、最有利可圖的解決方案。

Great. And then you talked through the replacement cycle opportunity here, maybe starting to ramp up a little bit. Just wondering if any of this is baked in the 2026 guidance? And how should we think about the impact here longer term?

偉大的。然後你們討論了這裡的更新換代週期機會，或許可以開始稍微加大力度了。我想知道這些內容是否已納入2026年的指導方針中？那麼，我們該如何看待這件事的長期影響呢？

Well, look, I mean, I would have last really see what we're going to happen. What we do know is that we have two years of a little bit subdued replacement business. We also see our installed base aging a bit more. But I cannot really tell you when the customers are ready to pull the trigger and replace the equipment. I think it's upside potential, but we have not factored it into our 2026 guidance.

嗯，你看，我的意思是，我最後真的沒看到我們將要發生什麼。我們知道的是，未來兩年我們的替換業務將略顯低迷。我們也發現，我們的使用者群體也逐漸老化了一些。但我真的無法告訴你客戶何時會準備好下定決心更換設備。我認為它具有上漲潛力，但我們尚未將其納入2026年的業績預期中。

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

Maybe the first one, you mentioned that you were in China recently. Just what's the latest there on the ground in terms of potential stimulus and what that could mean for 2026?

或許第一個問題是，你提到你最近去過中國。就潛在的刺激措施而言，當地的最新進展如何？這對 2026 年可能意味著什麼？

Casey, maybe I'll take that one. So we had a really great visit with the Chinese colleagues. As you can imagine, it's a pretty dynamic environment, but what's interesting is just to see how the pace of change there and just our teams like their effectiveness in terms of like really being agile in the marketplace really stood out to us. It's a very fast-moving market, and it's really exciting to see how, like I said, agile our teams in terms of are identifying and pursuing those opportunities.

凱西，或許我會選那個。我們和中國同事的訪問非常愉快。正如你所想，這是一個非常動態的環境，但有趣的是，我們看到那裡的變化速度，以及我們團隊在市場中展現出的敏捷性和有效性，都給我們留下了深刻的印象。這是一個瞬息萬變的市場，正如我所說，看到我們的團隊能夠如此敏捷地識別和抓住這些機會，真的令人興奮。

In terms of stimulus, as we've kind of talked about in the past, it's not so much of a topic for us. I mean, yes, there's maybe a little bit of benefit. Our teams do go after that. But if you just think about the nature of our portfolio and our customers in China, it doesn't lend itself as much to the current program for stimulus.

至於刺激措施，正如我們過去討論過的那樣，這並不是我們關注的重點。我的意思是，是的，或許有一點好處。我們的團隊會著手調查此事。但如果你仔細想想我們在中國的業務組合和客戶狀況，你會發現它不太適合當前的刺激方案。

Now when we start talking about broader programs about physical stimulus with bigger packages, we've benefited a lot from those in the past, but the current program is a little bit more isolated in terms of opportunity.

現在，當我們開始談論更廣泛的、旨在刺激經濟的、規模更大的方案時，我們過去從中受益匪淺，但就機會而言，目前的方案則顯得有些孤立。

Got it. That's helpful. And then maybe if you could just unpack the product inspection performance, the 7% growth number in the quarter. I understand the comp dynamic you mentioned earlier, but in the past, you've talked about the sort of strategy shift towards focusing on the mid-range market there that's really driving growth. So just curious if that's a tailwind that you're assuming extends into 2026 and the sustainability there.

知道了。那很有幫助。然後，或許您可以詳細分析產品檢驗業績，以及本季 7% 的成長數據。我理解你之前提到的競爭格局，但過去你曾談到過，公司正在調整策略，將重點轉向中端市場，這才是真正推動成長的因素。所以，我只是好奇您是否認為這種順風會持續到 2026 年，以及這種順風能否持續下去。

Yeah. I mean, like I said earlier, we feel very good about the performance here. We feel really good about the portfolio. We have come out with new products over the last few years. And the nice thing is that the cadence of product introductions will continue, and we'll start -- we'll continue to see some nice things coming out over the course of next year as well to help. And I feel like that's what gives us a little bit of confidence in our ability to sustain here.

是的。我的意思是，就像我之前說的，我們對這裡的表現非常滿意。我們對投資組合非常滿意。過去幾年，我們推出了一系列新產品。好消息是，產品推出的節奏將會繼續，而且在接下來的一年裡，我們還會看到一些不錯的產品陸續推出，以提供幫助。我覺得正是這一點讓我們對我們在這裡生存下去的能力有了些許信心。

Now it's, of course, against a more challenging backdrop, but we do have good momentum. And I think there's even some synergy opportunities with some of these acquisitions as well. One of them, in particular, has like some additional services that we didn't provide in the past and that we feel like is an opportunity that we can leverage.

當然，現在面臨的背景更具挑戰性，但我們確實擁有良好的發展勢頭。而且我認為，其中一些收購甚至還能帶來綜效。其中一家公司尤其提供一些我們過去沒有提供的額外服務，我們認為這是一個我們可以利用的機會。

There's no further questions at this time. I will now turn the call back over to Adam for closing remarks. Adam?

目前沒有其他問題了。現在我將把電話交還給亞當，請他作總結發言。亞當？

Okay. Great. Thanks, Mark, and thanks, everybody, for joining our call today. If you have any follow-up questions, feel free to reach out to me. I hope you all have a great weekend, and we'll talk to you soon. Thank you.

好的。偉大的。謝謝馬克，也謝謝各位今天參加我們的電話會議。如果您有任何後續問題，請隨時與我聯絡。祝大家週末愉快，我們很快再聊。謝謝。

That concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。