Mettler-Toledo International Inc (MTD) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Jericho, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Mettler-Toledo's fourth-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我叫傑里科，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 年第四季財報電話會議。（操作說明）

I would now like to turn the conference over to Adam Uhlman, Head of Investor Relations. You may begin.

現在我將把會議交給投資者關係主管亞當·烏爾曼。你可以開始了。

Thanks, Jericho, 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.

謝謝傑里科，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 our website at 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.

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，並可在我們的網站 mt.com 上觀看回放。新聞稿和我們將在今天電話會議上提到的簡報也可在我們的網站上找到。

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.

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, 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 provide any updates or revisions to any forward-looking statement, except as required by law. On today's call, we will use non-GAAP financial measures. And a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is provided in the 8-K and is available on our website.

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，本公司不承擔任何更新或修訂任何前瞻性聲明的義務或責任。在今天的電話會議上，我們將使用非GAAP財務指標。這些非GAAP財務指標與最直接可比較的GAAP指標的調節表已在8-K文件中提供，並可在我們的網站上查閱。

Let me now turn the call over to Patrick.

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 fourth-quarter financial results, the details of which are outlined for you on page 3 of our presentation.

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，我們公佈了第四季度財務業績，詳情請見簡報第 3 頁。

We had a great finish to the year with broad-based growth by geography and product category. Our team continues to execute very well in a challenging environment and delivered strong adjusted EPS growth for the quarter with excellent free cash flow conversion for the year. I am very proud of our organization's resilience and agility over the past year as we successfully navigated the challenges posed by global trade disputes and soft market conditions, and we remain agile in this dynamic environment.

今年年底我們取得了非常好的成績，在地域和產品類別方面都實現了全面成長。在充滿挑戰的環境下，我們的團隊繼續表現出色，本季實現了強勁的調整後每股收益成長，全年自由現金流轉換率也十分優異。過去一年，我們成功應對了全球貿易爭端和疲軟市場環境帶來的挑戰，展現了我們組織的韌性和敏捷性，我為此感到非常自豪。在這個瞬息萬變的環境中，我們依然保持著敏捷性。

Looking ahead, we are very well positioned to drive growth with our Spinnaker sales and marketing program and innovative product portfolio while capitalizing on opportunities related to automation, digitalization, and onshoring investments around the world. Our strategic initiatives and strong culture of innovation and operational excellence are deeply embedded in the organization and will help us continue to gain share and deliver strong financial performance.

展望未來，憑藉我們的 Spinnaker 銷售和行銷計劃以及創新的產品組合，我們已做好充分準備推動成長，同時抓住與自動化、數位化和全球範圍內的投資回流相關的機會。我們的策略性舉措以及強大的創新和卓越營運文化已深深融入組織之中，並將有助於我們繼續擴大市場份額並取得強勁的財務業績。

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. Shawn?

現在我將把電話交給肖恩，讓他來介紹財務表現和我們的業績展望。然後我會就業務和我們的前景發表一些補充評論。肖恩？

Thanks, Patrick, and good morning, everyone. Sales in the quarter were $1.1 billion, which represented an increase in local currency of 5% or 4% excluding previously communicated acquisitions. On a US dollar reported basis, sales increased 8%.

謝謝你，派崔克，大家早安。本季銷售額為 11 億美元，以當地貨幣計算成長 5%，若不計入先前公佈的收購，則成長 4%。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 7% in the Americas, which included a 3% benefit from acquisitions; and increased 4% in Europe and 4% in Asia/Rest of the World. Local currency sales in China increased 3% during the quarter. Slide number 5 shows local currency sales growth by region for the full year 2025.

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 7%，其中收購帶來了 3% 的成長；歐洲地區成長了 4%，亞洲/世界其他地區成長了 4%。本季中國當地貨幣銷售額成長了3%。第 5 張投影片顯示了 2025 年全年各地區以當地貨幣計價的銷售額成長。

On slide number 6, we summarize local currency sales growth by product area. For the quarter, Laboratory sales increased 3%, while Industrial increased 7% and included a 3% benefit from recent acquisitions. Excluding acquisitions, core Industrial grew 2% and Product Inspection grew 7%. Food Retail grew 19% in the quarter. Lastly, Service revenue grew 8% in the quarter, including a 2% benefit from acquisitions. Slide number 7 summarizes our local currency sales growth by product area for the full year 2025.

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 3%，工業銷售額成長了 7%，其中包括近期收購帶來的 3% 的成長。不計收購，核心工業業務成長 2%，產品檢測業務成長 7%。本季食品零售額成長了19%。最後，本季服務收入成長了 8%，其中收購帶來了 2% 的成長。第 7 張投影片總結了我們 2025 年全年按產品領域劃分的本幣銷售成長。

Let me now move to the rest of the P&L, which is summarized on slide number 8. Gross margin was 59.8% in the quarter, a decrease of 140 basis points and included unfavorable foreign currency of 70 basis points and acquisition mix. Our organic gross margin declined 20 basis points, excluding foreign currency, and was impacted by incremental gross tariff costs of 190 basis points.

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 59.8%，下降了 140 個基點，其中包括 70 個基點的不利外匯影響和收購組合影響。不計外匯影響，我們的有機毛利率下降了 20 個基點，並受到 190 個基點的額外毛關稅成本的影響。

R&D amounted to $52.6 million in the quarter and was flat on a local currency basis over the prior period. SG&A amounted to $259.8 million, a 6% increase in local currency over the prior year and includes sales and marketing investments.

本季研發支出為 5,260 萬美元，以當地貨幣計算與上一季持平。銷售、一般及行政費用為 2.598 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。

Adjusted operating profit amounted to $363 million in the quarter, up 3% versus the prior year. Adjusted operating margin was 32.1%, a decrease of 160 basis points versus the prior year. Unfavorable currency was a 100-basis-point headwind to operating margin in the quarter. We estimate the gross impact of tariffs reduced our operating profit by 7% and was a 190-basis-point headwind to our operating margin.

本季經調整後的營業利潤為 3.63 億美元，比上年同期成長 3%。經調整後的營業利益率為 32.1%，較上年下降 160 個基點。不利的匯率對本季的營業利潤率造成了 100 個基點的負面影響。我們估計關稅的整體影響使我們的營業利潤減少了 7%，並對我們的營業利潤率造成了 190 個基點的不利影響。

A couple of final comments on the P&L. Amortization amounted to $19.7 million in the quarter. Interest expense was $17.4 million, and adjusted operating income amounted to $4.1 million.

關於損益表，還有幾點需要補充說明。本季攤銷金額為1970萬美元。利息支出為 1,740 萬美元，調整後的營業收入為 410 萬美元。

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. This also excludes a $19.5 million discrete tax benefit related to the settlement of a tax audit. Fully diluted shares amounted to $20.4 million, which is approximately a 3% decline from the prior year.

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。這還不包括與稅務審計和解相關的 1,950 萬美元的單獨稅收優惠。完全稀釋後的股份總額為 2,040 萬美元，比前一年下降了約 3%。

Adjusted EPS for the quarter was $13.36, an 8% increase over the prior year. Incremental tariff costs were a gross headwind to EPS of 7%. On a reported basis in the quarter, EPS was $13.98 as compared to $11.96 in the prior year.

本季調整後每股收益為 13.36 美元，比上年同期成長 8%。關稅增量成本對每股盈餘造成了 7% 的直接不利影響。按報告數據，本季每股收益為 13.98 美元，而去年同期為 11.96 美元。

Reported EPS in the quarter included $0.28 of purchased intangible amortization, $0.18 of restructuring costs, a $0.14 net benefit from acquisition-related items, a $0.01 tax headwind related to the timing of stock option exercises, and a $0.95 discrete tax benefit.

本季度報告的每股收益包括 0.28 美元的已購無形資產攤銷、0.18 美元的重組成本、0.14 美元的收購相關項目淨收益、0.01 美元的與股票期權行使時間相關的稅收不利因素，以及 0.95 美元的一次性稅收收益。

Slide number 9 summarizes our full-year 2025 results. Local currency sales increased 3% for the year. Adjusted operating profit declined 1%, and our operating margin contracted 140 basis points.

第 9 張投影片總結了我們 2025 年全年業績。本年度以當地貨幣結算的銷售額成長了3%。經過調整後的營業利潤下降了 1%，營業利益率下降了 140 個基點。

Adjusted EPS increased 4%. Excluding the impact of 2023 shipping delays that benefited 2024 results, we estimate local currency sales grew 4% in 2025, operating margin declined 80 basis points, and adjusted EPS grew 8%. Unfavorable foreign currency negatively impacted our operating margin by 50 basis points in 2025.

調整後每股收益成長4%。排除 2023 年出貨延遲對 2024 年業績帶來的影響，我們估計 2025 年以當地貨幣計算的銷售額增長了 4%，營業利潤率下降了 80 個基點，調整後的每股收益增長了 8%。2025年，不利的匯率波動使我們的營業利潤率下降了50個基點。

Gross incremental tariff costs was a headwind to operating profit by $50 million, operating margin by 130 basis points, and EPS growth by 5% in 2025. That covers the P&L, and let me now comment on adjusted free cash flow, which amounted to $878 million in 2025, a conversion ratio of 99% of our adjusted net income. DSO was 35 days, while ITO was 4.2 times.

2025 年，新增關稅成本將使營業利潤減少 5,000 萬美元，營業利潤率下降 130 個基點，每股收益成長減少 5%。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，2025 年的自由現金流為 8.78 億美元，相當於我們調整後淨收入的 99%。DSO 為 35 天，而 ITO 為 4.2 倍。

Let me now turn to our guidance for the first quarter and the full year 2026. 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 current levels.

現在讓我來談談我們對 2026 年第一季和全年的業績預期。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維持在當前水準。

Second, while we acknowledge that headlines from some end markets like life sciences have been more favorable recently, geopolitical tensions remain elevated, and we assume customers are more cautious with their investments to start the year with gradual improvements throughout the year. However, on a full-year basis, our forecast does not assume a significant improvement in market conditions in 2026 versus last year.

其次，雖然我們承認最近生命科學等一些終端市場的新聞報道較為樂觀，但地緣政治緊張局勢依然高漲，我們認為客戶在年初的投資會更加謹慎，希望在年內逐步改善。然而，從全年來看，我們的預測並不認為 2026 年的市場狀況會比去年有顯著改善。

Third, we feel very confident in our ability to exclude -- to execute on our growth and productivity initiatives and believe we are well positioned to gain market share regardless of the macro environment.

第三，我們對自身的能力充滿信心——能夠執行我們的成長和生產力提升計劃，並且相信無論宏觀環境如何，我們都有能力獲得市場份額。

Now turning to our guidance. For the full year 2026, our local currency sales growth forecast is unchanged at approximately 4% or approximately 3.5%, excluding our previously announced acquisitions. Our operating margin is expected to be up 60 to 70 basis points, excluding the impact of currency, which is flattish to up slightly on a reported basis.

現在來看我們的指導意見。2026 年全年，我們以當地貨幣計算的銷售成長預測保持不變，約為 4% 或約 3.5%（不包括我們先前宣布的收購）。不計匯率影響，我們的營業利潤率預計將成長 60 至 70 個基點；以報告資料計算，匯率影響基本持平或略有成長。

Adjusted EPS is forecast to be in the range of $46.05 to $46.70, which represents a growth rate of 8% to 9%. At recent spot rates, foreign exchange is estimated to be a 1% benefit to sales growth and a slight headwind to EPS.

調整後每股收益預計在 46.05 美元至 46.70 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成長增加 1%，但會對每股收益造成輕微的負面影響。

For the first quarter of 2026, we expect local currency sales to grow approximately 3%. Operating margin is expected to decrease approximately 100 basis points at the midpoint of our range or flat, excluding unfavorable currency.

我們預計 2026 年第一季以當地貨幣計價的銷售額將成長約 3%。不計不利匯率影響，預計營業利益率將下降約 100 個基點（取預測區間中位數）或維持不變。

We expect adjusted EPS to be in the range of $8.60 to $8.75, a growth rate of 5% to 7%. Currency for the quarter at recent spot rates would benefit first-quarter sales by approximately 4% and would be neutral to adjusted EPS.

我們預計調整後每股收益將在 8.60 美元至 8.75 美元之間，成長率為 5% 至 7%。以近期即期匯率計算，本季貨幣將使第一季銷售額成長約 4%，對調整後的每股盈餘影響不大。

Some further comments on our 2026 guidance. We expect total amortization, including purchased intangible amortization, to be approximately $78 million. Purchased intangible amortization is excluded from adjusted EPS and is estimated at $27 million on a pretax basis or approximately $1.04.

關於我們 2026 年的指導意見，還有一些補充說明。我們預計總攤銷額（包括已購買無形資產攤銷額）約為 7,800 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 2,700 萬美元，約 104 萬美元。

Interest expense is forecast at $70 million for the year. Other income is estimated at approximately $19 million, which is up from our previous guidance and is due to updated pension accounting that is partly offset by higher pension costs that are now -- that are included in operating profit. We expect our tax rate before discrete items will remain at 19% in 2026.

預計本年度利息支出為7000萬美元。其他收入預計約為 1900 萬美元，高於我們先前的預期，這是由於退休金會計的更新，部分被更高的退休金成本所抵消，這些成本現在已計入營業利潤。我們預計到 2026 年，扣除特殊項目前的稅率將維持在 19%。

Free cash flow is expected to be approximately $900 million in 2026, which is an increase of 5% on a per share basis, with the first quarter approximately $100 million, which is impacted by the timing of tax payments. Share repurchases are expected to be in the range of $825 million to $875 million.

預計到 2026 年，自由現金流約為 9 億美元，以每股計算增長 5%，其中第一季約為 1 億美元，這受到稅款支付時間的影響。預計股票回購金額將在 8.25 億美元至 8.75 億美元之間。

That's it from my side. And I'll now turn it back to Patrick.

我這邊就說這麼多。現在我把麥克風交還給派崔克。

Thanks, Shawn. Let me start with some comments on our operating businesses, starting with Lab, which had modest growth in the quarter against strong growth in the prior year and good underlying organic sales growth for the full year.

謝謝你，肖恩。首先，我想對我們的營運業務做一些評論，首先是實驗室業務，本季成長較為溫和，而上年同期成長強勁，但全年基本有機銷售成長良好。

Our results reflect robust bioprocessing growth, especially with single-use consumables, which was offset in part by softer demand from biotech, academia, and the chemical sector. While headlines for pharma and life sciences markets have been more favorable recently, we expect customers to still be cautious with their investments to start the year.

我們的研究結果反映了生物加工產業的強勁成長，尤其是一次性耗材，但生物技術、學術界和化學產業的需求疲軟在一定程度上抵消了這一成長。儘管最近醫藥和生命科學市場的新聞報導較為樂觀，但我們預期客戶在年初的投資仍會保持謹慎。

Our unique go-to-market strategies will ensure that we are very well positioned to capitalize on our customers' growing needs for equipment replacement going forward. Our innovative portfolio remains an important competitive advantage, and we continue to invest to further differentiate ourselves from the competition.

我們獨特的市場進入策略將確保我們能夠很好地掌握客戶未來日益增長的設備更換需求。我們創新的產品組合仍然是重要的競爭優勢，我們將繼續投資，以進一步與競爭對手區分開來。

For example, we recently launched an entirely new electronic pipette called Vero that is lightweight and has a very compact design. It has an exceptionally long battery life and can complete 2,800 pipetting cycles on a single charge. It is also unique in that it allows scientists to adjust flow rates, which is very helpful when working with delicate cells or nucleic acids, for example. Our Vero introduction complements the many exciting lab innovations we have brought to market in recent years, and we have a deep pipeline for the future.

例如，我們最近推出了一款名為 Vero 的全新電子移液器，它重量輕，設計非常緊湊。它的電池續航力非常長，一次充電即可完成 2800 次移液循環。它還具有獨特性，允許科學家調整流速，這在處理脆弱的細胞或核酸等物質時非常有用。我們推出的 Vero 產品是我們近年來推向市場的眾多令人興奮的實驗室創新成果的補充，而且我們未來還有豐富的研發計劃。

Turning to Industrial. We had modest growth in our core Industrial business this quarter, including strong growth in China against easy comparisons. Given the soft market conditions over the past year, we are pleased with the good sales growth core Industrial delivered in 2025. However, market demand in most geographies remain subdued, and we have maintained our full-year forecast for modest growth.

轉向工業領域。本季我們的核心工業業務實現了溫和成長，其中中國市場在相對較低的基數基礎上實現了強勁成長。鑑於過去一年疲軟的市場環境，我們對 2025 年核心工業業務的良好銷售成長感到滿意。然而，大多數地區的市場需求依然疲軟，我們維持了全年溫和成長的預測。

Our teams remain active in identifying new growth opportunities, and we believe we are well positioned to capitalize on investments in automation, digitalization, replacement demand, and onshoring in the future.

我們的團隊持續積極尋找新的成長機會，我們相信，我們已做好充分準備，在未來充分利用自動化、數位化、取代需求和本土化方面的投資。

Our Industrial portfolio is in excellent shape. And to support growing demand for automation applications, we recently introduced new high-speed data communication features and protocols across our smart automation weighing indicators that ensure the compatibility of our devices with our customers' IT and OT ecosystems.

我們的工業投資組合狀況良好。為了滿足日益增長的自動化應用需求，我們最近在智慧自動化稱重指示器中引入了新的高速數據通訊功能和協議，以確保我們的設備與客戶的 IT 和 OT 生態系統相容。

We have partnered with leading MES providers to enable seamless integration of our intelligent weighing devices through standardized interfaces into factory automation systems. Our solutions assure GMP-compliant batch records and enable intuitive operator applications, helping customers increase efficiency and reduce errors as IT and OT environments continue to converge.

我們與領先的MES供應商合作，透過標準化介面將我們的智慧稱重設備無縫整合到工廠自動化系統中。我們的解決方案可確保符合 GMP 標準的批次記錄，並支援直覺的操作應用程序，幫助客戶在 IT 和 OT 環境不斷融合的過程中提高效率並減少錯誤。

Turning to Product Inspection. Sales growth in the fourth quarter was very strong as we have capitalized on our excellent portfolio, and we believe our organic sales growth in 2025 was well ahead of market growth. We continue to enhance our portfolio and recently introduced our new X3 Series of X-ray solutions for end-of-line inspections of loose products like prescription tablets and pills or food items like nuts, fruits, and grains. The X3 Series offers both single and dual energy capabilities and is very differentiated in the market.

接下來是產品檢驗部分。由於我們充分利用了我們優秀的投資組合，第四季度的銷售成長非常強勁，我們相信 2025 年的有機銷售成長將遠遠超過市場成長。我們不斷完善產品組合，最近推出了全新的 X3 系列 X 光解決方案，用於對散裝產品（如處方藥片和藥丸）或食品（如堅果、水果和穀物）進行生產線末端檢測。X3 系列提供單能和雙能兩種功能，在市場上獨樹一格。

Lastly, Food Retail sales grew strongly against easy year-ago comparisons. While our Food Retail business tends to be lumpy, we were very happy with its growth in 2025.

最後，儘管去年同期基數較高，但食品零售額仍實現了強勁成長。雖然我們的食品零售業務往往波動較大，但我們對 2025 年的業務成長非常滿意。

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 and retail solutions. Growth in our Laboratory business was good and included very strong bioprocessing growth.

現在讓我按地域再補充一些評論，首先從美洲開始，美洲的大部分產品組合都實現了良好的成長，尤其是我們的工業和零售解決方案。我們的實驗室業務成長良好，其中生物加工業務成長非常強勁。

Turning to Europe. Our fourth-quarter results were better than expected due to very strong performance from our product inspection business. For the year, our European market organizations delivered good results despite soft economic conditions in some Western European countries as we continue to benefit from our Spinnaker sales and marketing initiatives and innovative portfolio. However, economic conditions in Europe are mixed, and we do not expect significant improvement in market demand in 2026.

轉向歐洲。由於產品檢測業務表現非常強勁，我們第四季的業績優於預期。今年，儘管一些西歐國家的經濟狀況疲軟，但我們的歐洲市場組織仍然取得了良好的業績，因為我們繼續受益於 Spinnaker 的銷售和行銷舉措以及創新產品組合。然而，歐洲的經濟狀況卻是喜憂參半，我們預期 2026 年市場需求不會有顯著改善。

Finally, Asia/Rest of the World had good growth in the fourth quarter and was largely in line with our expectations. Our business in China grew 3%, led by good demand for industrial products from biopharma customers. Lab products were flattish, and our team remains very engaged with helping customers to help them address new China pharmacopeia regulations, including stricter minimum weighing standards and quality monitoring of ultrapure water, among others.

最後，亞洲/世界其他地區在第四季度實現了良好的成長，基本上符合我們的預期。在中國的業務成長了3%，這主要得益於生物製藥客戶對工業產品的良好需求。實驗室產品較為平淡，我們的團隊仍積極協助客戶應對新的中國藥典法規，包括更嚴格的最低稱重標準和超純水品質監控等。

Market conditions in China have recently been more steady. But as we know, from the past, things can change quickly. In markets outside of China, we had very good growth against difficult comparisons in the fourth quarter.

近期中國市場情勢較穩定。但我們從過去的經驗中知道，事情會瞬息萬變。在中國以外的市場，儘管第四季基數較高，但我們仍然取得了非常好的成長。

Emerging markets outside of China were 18% of our sales in 2025 and grew above our company average due to our dedicated resources and growth initiatives in these countries. Emerging markets are an important component of our growth strategy, and we expect above-average sales growth over the coming years.

2025 年，中國以外的新興市場占我們銷售額的 18%，由於我們在這些國家投入了專門的資源和採取了成長舉措，其成長速度超過了公司平均水平。新興市場是我們成長策略的重要組成部分，我們預計未來幾年銷售額將高於平均水平。

In summary, we delivered another year of solid growth despite ongoing market headwinds as our team leveraged our sophisticated go-to-market strategies and strong product and service offering. Our team's resilience and agility in our pricing, supply chain productivity, and cost-saving initiatives were pivotal in navigating tariff challenges and government policy uncertainties throughout 2025.

總而言之，儘管市場持續面臨不利因素，但我們的團隊憑藉著成熟的市場進入策略和強大的產品及服務，實現了又一個穩健成長的年份。在 2025 年，我們團隊在定價、供應鏈生產力和成本節約措施方面的韌性和敏捷性，對於應對關稅挑戰和政府政策的不確定性至關重要。

We are squarely focused on driving growth in 2026. We will continue to benefit from our strong global leadership positions, diversified customer base, innovative product offering, and significant installed base. Service and faster-growing emerging markets will remain tailwinds, and we have accelerated our digital capabilities to identify and pursue growth opportunities, increasing the effectiveness of our global sales organization.

我們正全力以赴，力爭在2026年實現成長。我們將繼續受益於我們強大的全球領導地位、多元化的客戶群、創新的產品以及龐大的裝機量。服務業和快速成長的新興市場仍將是推動我們發展的有利因素，我們加快了數位化能力建設，以識別和把握成長機會，從而提高全球銷售組織的效率。

Our market-leading solutions and innovative portfolio uniquely positions us to meet increasing customer demand for automation and digitalization solutions as well as faster-growing segments. We also look forward to capitalizing on future growth opportunities with customer replacement cycles and investments on the nearshoring activities over the coming years.

我們市場領先的解決方案和創新的產品組合使我們能夠獨特地滿足客戶對自動化和數位化解決方案日益增長的需求，以及快速增長的細分市場的需求。我們也期待在未來幾年裡，透過客戶更換週期和對近岸外包活動的投資，抓住未來的成長機會。

Now this concludes our prepared remarks. Operator, I'd like to open the line now for questions.

我們的發言稿到此結束。接線員，現在開始接受提問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Hey, guys. Thank you for taking the questions. Maybe on the 1Q commentary, Patrick, you talked about baking in the customers in spite of some positive headlines to your point on pharma and life sci customers, you're baking in a little more cautious to start the year. Is that something you're hearing through the first month and change here?

嘿，夥計們。感謝您回答這些問題。帕特里克，或許你在第一季評論中提到，儘管有一些積極的新聞報道，但你仍然要考慮到製藥和生命科學客戶，因此在年初時你會更加謹慎一些。這是你在這裡工作的第一個月左右聽到的嗎？

Or is it just -- obviously, there's a typical Mettler conservatism. Just wondering if that's something you're picking up in the market or more just, hey, we don't want to bake in any improvement just yet. Let's see how it plays out. So it would be helpful to just talk through that 1Q guide.

或者說——顯然，這是梅特勒典型的保守主義。我只是想知道這是你們在市場上發現的趨勢，還是說，嘿，我們暫時不想做任何改進。讓我們看看事情會如何發展。所以，一起討論那份 1Q 指南會很有幫助。

Yeah, hey, thanks, Patrick. And I'll let Shawn comment on this as well. But maybe to my comment on the headlines, again, headlines have been still pretty volatile. And while they have been better on the pharma and life sciences side, we all appreciate there's still more uncertainty in the market out there.

是啊，嘿，謝謝你，派崔克。我也會讓肖恩對此發表一些看法。但我想再次評論新聞標題，新聞標題仍然相當不穩定。雖然他們在醫藥和生命科學領域表現得更好，但我們都明白，市場上仍有更多的不確定性。

And this also, across the broader portfolio and the broader markets we serve, still leads to longer deal cycles, et cetera. So as we said also in our Q3 call and also at the JPMorgan Conference, we think our customers, and we feel that we'll start the year a bit more cautious, and we have really built that into our guidance for Q1 and for the full year.

而且，在我們服務的更廣泛的投資組合和更廣泛的市場中，這種情況仍然會導致交易週期延長等等。正如我們在第三季電話會議和摩根大通會議上所說，我們認為我們的客戶，以及我們自己，在新的一年伊始會更加謹慎，我們已經將這一點真正納入了我們對第一季度和全年的業績預期中。

Yeah. And just to echo what Patrick said, hey, we're of course stepping back, we're, of course, very pleased with the fourth quarter, came in better than what we expected, some good broad-based growth throughout the portfolio. We can kind of dig into that maybe in a minute.

是的。正如帕特里克所說，我們當然要回顧一下，我們對第四季度非常滿意，業績比我們預期的要好，整個投資組合都實現了良好的全面增長。我們或許可以稍後深入探討這個問題。

And we're also very pleased with our full-year guide carrying forward that into 2026 full year, maintaining the 4% organic -- not organic, local currency guide for the full year on sales. But like Patrick said, as we previously mentioned, we do kind of tend to think that customers will likely start the year a little bit more cautious in Q1.

我們也對延續到 2026 年全年的全年銷售指引感到非常滿意，維持全年 4% 的有機成長——而非有機成長，以當地貨幣計算的全年銷售額指引。但正如帕特里克所說，正如我們之前提到的，我們確實傾向於認為，顧客在第一季可能會更加謹慎。

It's always difficult to have visibility into Q1. Every time you're starting a year, it's a new year. You almost have to get through the whole quarter and get through March to really get a feeling for how things are progressing. But just sitting here today, it feels like a prudent approach for us to take in terms of how we're looking at the first quarter. And as he says, we do expect things to kind of gradually get better throughout the year.

很難預測第一季的情況。每逢新年伊始，都是嶄新的一年。你幾乎必須等到整個季度結束，熬過三月份，才能真正感受到事情的進展。但就目前來看，就我們看待第一季的方式而言，這似乎是個謹慎的做法。正如他所說，我們預計情況會在今年內逐漸改善。

Okay. That's helpful. And then, Shawn, maybe one for you, just in terms of the components of the guide. I would love if you could break out how you're thinking about pricing versus volume, both on the revenue side. And then if you could give a bit of a margin build with pricing, FX, et cetera, would be very helpful. Thank you, guys.

好的。那很有幫助。然後，肖恩，也許我可以給你一點建議，就指南的組成部分而言。如果您能詳細解釋一下您在收入方面是如何考慮定價和銷售的，那就太好了。如果您能在定價、外匯等方面提供一些利潤空間，那就太好了。謝謝大家。

Yeah, so we continue to feel really good about our pricing program. Of course, one of the things that I like about pricing the most is that it really highlights the value proposition in the company. We've been really investing a lot in innovation over the last few years. And when you create value, you can realize pricing.

是的，所以我們對我們的定價方案仍然感到非常滿意。當然，我最喜歡定價的一點是，它真正突顯了公司的價值主張。過去幾年，我們一直在創新方面投入大量資金。當你創造價值時，你就能實現定價。

So if you kind of like look at our pricing, we're going to start the year off a little bit stronger because of the benefit of midyear pricing actions from last year. So I'm kind of -- would expect Q1 to be in the 3.5% or so kind of a range. And then for the full year, we're kind of maintaining that 2.5% for the full year.

所以，如果你看一下我們的定價，由於去年年中採取的價格措施，我們今年的開局會更強勁一些。所以我估計——第一季應該會在 3.5% 左右。然後，在全年範圍內，我們將保持 2.5% 的成長速度。

From an acquisition perspective, we would expect to benefit about 1% during the first half of the year from acquisitions, which would be about 0.5 point for the full year. And then that would kind of translate into organic volume for the full year of 1%, but it would be down by about 1.5% for Q1. And this kind of just gets back to that same comment about just being a little bit more cautious.

從收購的角度來看，我們預計今年上半年將從收購中受益約 1%，全年約可帶來 0.5 個百分點的成長。那麼，全年有機銷量將達到 1%，但第一季將下降約 1.5%。這其實又回到了之前提到的要更加謹慎的問題。

And frankly, just not surprised if customers start the year a little bit more cautious with how they spend just given the volatility that we experienced or they experienced last year into some of the uncertainty in the market. But hey, we also recognize headlines have been getting better, and hopefully, we'll start to see things that translate into business as we go through the year.

坦白說，考慮到去年市場波動帶來的不確定性，如果顧客在新的一年消費更加謹慎，我一點也不感到驚訝。但是，我們也注意到新聞報導的情況有所好轉，希望隨著時間的推移，我們能看到一些積極的跡象轉化為實際的商業效益。

In terms of margins, we -- there's a few things in terms of affecting our margins. So maybe we'll start with operating margins. So on a reported basis -- well, maybe one comment first. Like currency has a pretty significant effect on our margins. It did in the second half of the year. If you remember, we were talking about this last quarter.

就利潤率而言，有一些因素會影響我們的利潤率。所以，或許我們可以先從營業利益率著手。所以，就目前報導的情況來看——好吧，也許先有一則評論。匯率波動對我們的利潤率有著相當大的影響。下半年確實如此。如果你還記得的話，我們上個季度就討論過這個問題。

And it's not a significant effect on like profit, but it is on sales. And so just the math -- when you start calculating operating and profit as a percentage of sales, of course, it's going to have and optically look like a headwind. So that headwind is about 100 basis points for the first quarter, and it's about 50 basis points for the full year of 2026.

雖然對利潤沒有顯著影響，但對銷售額卻有顯著影響。因此，從數學角度來看——當你開始計算營業利潤佔銷售額的百分比時，當然，這看起來就像是逆風。因此，第一季的不利因素約為 100 個基點，而 2026 年全年的不利因素約為 50 個基點。

So excluding that, we would expect our operating margin to be up slightly in Q1, and we would expect it to be up by about 60 to 70 basis points for the full year. But then, of course, on a reported basis, it's going to be different. On a reported basis, Q1 will be down probably in the 100 basis point kind of range, maybe 90 basis points. And then for the full year, it would be up slightly.

因此，排除此因素，我們預計第一季營業利潤率將略有上升，全年營業利潤率將上升約 60 至 70 個基點。當然，從報道的角度來看，情況就不同了。據報告顯示，第一季可能會下降 100 個基點左右，也可能下降 90 個基點。然後，全年來看，這個數字會略有上升。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Hey, guys, congrats on the nice [sprint] and thanks for taking my question. Just back on the Q1 guidance, Shawn and Patrick. You guys did 4% organic in Q4. I think your Q1 is implying 2% organic, correct me if I'm wrong. What causes that 4% to 2% step down? And what are you assuming for end markets? When you say cautiousness, can you walk us through the different assumptions you're having industrial versus labs and pharma?

嘿，夥計們，祝賀你們取得了不錯的成績，感謝你們回答我的問題。肖恩和派崔克，我們再來談談第一季業績指引。你們第四季有機銷售額佔比為4%。我認為你的第一個問題暗示的是2%的有機產品，如果我理解錯了請指正。是什麼原因導致從 4% 降至 2%？那麼，您對終端市場有什麼假設呢？您說的謹慎，能否為我們解釋一下您在工業領域、實驗室和製藥領域所做的不同假設？

Yeah. Yeah, sure. So maybe I'll -- I can walk through maybe, Vijay, kind of like the assumptions for Q1 full year but also Q4. But as I kind of do it, you'll see that when we look at the beat, there was a very good beat on the Industrial side, especially Process Analytics. I mean, I'm sorry, not Process Analytics, Product Inspection.

是的。當然可以。所以也許我可以——我可以走一走，Vijay，就像是第一季全年以及第四季度的假設。但當我這樣做的時候，你會發現，當我們查看節拍時，工業領域的節拍非常好，尤其是在流程分析領域。我的意思是，抱歉，不是流程分析，而是產品檢驗。

And then when you look at the geographies, you'll see Europe came in better than expected, also to a certain degree in the Americas. And as we were kind of entering the quarter, we were a little bit more concerned about Europe, but our Product Inspection business in Europe did particularly well.

然後，當你查看地理分佈時，你會發現歐洲的表現比預期要好，美洲也在某種程度上如此。隨著我們進入本季度，我們對歐洲市場更加擔憂，但我們在歐洲的產品檢驗業務表現得特別好。

And then when we go through it, you'll also see that kind of what steps down a little bit from Q4 to Q1 just in terms of growth rates. You'll see that -- you'll see a little bit on the industrial side. You'll also see a little bit on the retail side. And then -- and also maybe this cautiousness in the Americas as well as to a certain degree in Europe.

然後當我們仔細分析時，你也會看到，從第四季度到第一季度，成長率略有下降。你會看到──你會看到一些工業方面的內容。你也會看到一些零售方面的內容。然後——或許還有美洲以及某種程度上歐洲的這種謹慎態度。

So in terms of the fourth quarter, I think this might be out there, but I'll just kind of go through it quickly. So Q4 Lab grew 3%. Our guide for Q1 is up low single digit. And our guide for the full year is growing low to mid-single digit.

所以就第四季而言，我認為這可能有點出乎意料，但我會快速地概括一下。所以第四季實驗室成長了3%。我們預計第一季將實現個位數小幅成長。我們對全年的成長預期為個位數低至中等水平。

Core Industrial grew 4% and our guide for Q1 is flattish. And our guide for the full year is up low to mid-single digit. Product Inspection grew 11% in Q4. Of course, that was 7% organic. And then the Industrial, by the way, was 2% organic, core Industrial.

核心工業成長了 4%，我們對第一季的預期基本上持平。我們對全年的預測是，增幅在個位數低到中段。第四季產品檢驗量成長了 11%。當然，其中7%是有機成分。順便一提，工業板塊的有機成長佔比為 2%，屬於核心工業板塊。

And then our Q1 guidance for Product Inspection is up mid- to high single digit, and our full year guidance is up low to mid-single digit. And then Retail grew 19% in Q4, and our guidance for Q1 is up high single digit, and then our guidance for the full year is flattish.

然後，我們對第一季產品檢驗業務的預期是上調個位數中高段，對全年的預期是上調個位數低段至中段。第四季零售業務成長了 19%，我們對第一季的預期是實現高個位數成長，而我們對全年的預期則基本持平。

And then if we kind of like look at the regions. Americas was up 7%, which was 4% organic. And if you look at Q1, we're guiding up low single digit, and we're guiding for the full year up mid-single digit.

然後，如果我們看一下各個地區的話。美洲地區成長了 7%，其中有機成長為 4%。如果看一下第一季度，我們預期成長幅度為個位數低段；對於全年，我們預期成長幅度為個位數中段。

And then Europe was up 4% in Q4. And then for Q1, we're guiding up low single digit and then for the full year, also low single digit. And then China was up 3% in Q4. And then for Q1, we're guiding also up low single digit and for the full year up low single digit.

然後，歐洲第四季成長了4%。然後，對於第一季度，我們預期成長個位數百分比，對於全年，也預期成長個位數百分比。然後，中國第四季成長了3%。然後，我們預計第一季和全年業績也將分別實現個位數低幅成長。

Hey, that's very helpful, Shawn. One, just on your EPS composition. I think by my math, looks like maybe half to be -- came from below the line, right, between interest expense and higher pension income. What's the other, I guess, $0.30 or so raise coming from? Because it looks like top line didn't change.

嘿，這很有幫助，肖恩。第一，僅關於您的 EPS 成分。根據我的計算，我認為可能有一半來自這條線以下的部分，對吧，也就是利息支出和較高的退休金收入之間的部分。我猜想，另外那0.3美元左右的漲幅又是從哪裡來的？因為看起來頂線沒有變化。

So you're talking the full year 2026, Vijay?

所以你指的是整個2026年，Vijay？

Yes, yes.

是的，是的。

Yeah, no, no, no. I think just to clarify, we -- so our beat -- the beat in Q4 was related to sales. I think some of the below OP stuff might be a little confusing, but we excluded that -- some of those benefits from our adjusted EPS, like so for example, the onetime tax benefit.

不，不，不。我想澄清一下，我們——所以我們第四季的業績超預期——是與銷售額相關的。我認為下面一些樓主的內容可能有點令人困惑，但我們已經排除了這些內容——例如，從我們調整後的每股收益中排除的某些收益，例如一次性稅收優惠。

When you look at our 2026 EPS guidance, we've kind of carried forward the beat, the EPS beat from 2025. We also increased our EPS for the benefit from Swiss tax rate. So I mean, tariff rates. So you might remember, the Swiss tariff rate decreased from 39% to 15%. That had a benefit of just under 1% of EPS.

從我們對 2026 年每股盈餘的預期來看，我們基本上延續了 2025 年的超預期。我們也受惠於瑞士的稅率，提高了每股盈餘。我的意思是，關稅稅率。你可能還記得，瑞士的關稅稅率從 39% 降至 15%。這帶來了近 1% 的每股收益成長。

And then aside from that, there was a little bit of noise. We had foreign currency, which was a slight headwind, and we updated for that. And then we had a little bit of noise with better pension income that's going to help out a little bit below OP, but that's also -- that's based on like how you do your actuarial accounting at the end of the year. But there's also, maybe, an offset in some of the pension stuff above OP and just some basic fine-tuning at the end of the year.

除此之外，還有點噪音。我們面臨外匯風險，這給我們帶來了一些不利影響，因此我們進行了相應的調整。然後，退休金收入的提高帶來了一些噪音，這對樓主的收入略有幫助，但這也取決於你在年底如何進行精算會計。但或許可以抵銷樓主提到的一些退休金方面的問題，並在年底進行一些基本的微調。

But stepping back, we're very pleased with raising EPS by $0.70 for the full year, which is about 2%, and maintaining our 8% to 9% EPS growth.

但總的來說，我們對全年每股收益成長 0.70 美元（約 2%）感到非常滿意，並保持了 8% 至 9% 的每股收益成長率。

Thanks.

謝謝。

Dan Arias, Stifel.

Dan Arias，Stifel。

Hey, good morning, guys. Thanks for the questions, Shawn, food retail was pretty strong here. Is something picking up? Or is that just sort of the inherent lumpiness of that business? The outlook, I think, for the year is flat. So I'm not sure if spending improvement makes that easier, or if the big 4Q just kind of creates a tougher comp, which makes that harder to reach.

嘿，各位早安。謝謝你的提問，肖恩，這裡的食品零售業發展勢頭相當強勁。有什麼進展嗎？或者，這只是該產業固有的不均衡性？我認為今年的前景平淡。所以，我不確定支出改善是否會讓這件事變得更容易，還是第四季的大成長反而造成了更嚴峻的競爭，使目標更難實現。

Hey, Dan, this is Patrick. Look, I mean, with retail, of course, we are very happy with the performance we have seen from retail in Q4, and also in 2025 as it was growing. But I also want to remind you that the retail business is a pretty lumpy business, a lot of project business. And as we still guide retail for Q1 for high single digit, I think fiscal year '26, we'll see a tough compare, and that we also guided to the flattish growth in 2026. Again, it's a lot of ups and downs, big project business there.

嘿，丹，我是派崔克。你看，我的意思是，就零售業而言，我們當然對第四季零售業的表現非常滿意，而且對 2025 年的成長也充滿信心。但我還想提醒你，零售業是個波動性大的產業，很多都是專案型業務。我們仍預期第一季零售額將實現高個位數成長，我認為 2026 財年將面臨嚴峻的同比變化，我們也預計 2026 年的成長將趨於平穩。同樣，那裡有很多起起伏伏，都是大項目業務。

We compete really well. We actually spent quite some amount of innovation and brought a lot of good products, new products over the last two years and that we compete extremely well. But again, it's more lumpy. And it was as proud as we are of the 2025 growth, we see the full fiscal year '26 given the tougher compares rather flat.

我們競爭非常激烈。過去兩年，我們投入了大量精力進行創新，推出了許多優秀的新產品，因此我們在市場上極具競爭力。但它又顯得更加凹凸不平。儘管我們對 2025 年的成長感到自豪，但考慮到比較基數較高，我們認為 2026 財年整體成長將較為平緩。

Okay. And then maybe on China, I mean, I know no one thing changes the growth picture for you guys. But how would you characterize the pharmacopeia opportunity over there that you talked about a little bit last quarter just in terms of what might be tangible when it comes to demand? And then when you think that purchasing might ramp up if, in fact, it does?

好的。至於中國，我的意思是，我知道沒有什麼能改變你們的成長前景。但您上個季度稍微談到的藥典市場機遇，從實際需求的角度來看，會是什麼樣的呢？那麼，當你想到如果真的出現這種情況，購買力可能會大幅提升時，你會怎麼想呢？

Yeah, that's a good question, Dan. Look, I mean, in China, again, we are really well positioned with our team there. We have an outstanding portfolio and pharmacopeia is one of the opportunities. We have seen some really good customer engagement also in Q3 and Q4 of last year.

嗯，問得好，丹。你看，我的意思是，在中國，我們的團隊也確實處於非常有利的地位。我們擁有出色的產品組合，而藥典是其中一個機會。去年第三季和第四季，我們也看到了非常好的客戶互動狀況。

We expect this to continue, but it's not like a step change, right? This is a continued upgrade of existing balances and customers' labs as they want to comply with things like minimum weight requirements, et cetera. So I think it's supporting our ongoing growth in China in the Lab business in 2026, but it's not a huge step change that comes all at once.

我們預計這種情況會持續下去，但這並不是什麼翻天覆地的變化，對吧？這是對現有天平和客戶實驗室的持續升級，因為他們希望符合最低重量要求等規定。所以我認為這將支持我們在 2026 年繼續在中國實驗室業務發展，但這並不是一蹴可幾的巨大變革。

Yeah, makes sense. Okay, thank you.

嗯，有道理。好的，謝謝。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

Great, thanks for taking the question. And congrats on the quarter and the guide. First, I want to touch on -- you talked about the reshoring or onshoring opportunity a number of times in the past and you flagged it again today. Just curious if you could give us an update on that. Any change in conversations or in tone?

太好了，謝謝你回答這個問題。恭喜你本季業績和指南發布。首先，我想談談——您過去曾多次談到製造業回流或本土化的機會，今天您又再次提到了這一點。只是想問問您能否提供最新進展。談話內容或語氣有變化嗎？

I know it's still really early, but just sort of what's your sense around timing on when you might start seeing at least the beginning of these orders late '26 or still more of a '27, '28 dynamic.

我知道現在還為時過早，但您覺得大概什麼時候才能看到這些訂單開始出現？可能是 2026 年末，也可能是 2027 年、2028 年。

Yeah, thanks, Mike. Look, I mean, yes, there's a lot of good news, I would say, out there. But think about our product portfolio, I mean, a lot of -- a significant part of our portfolio, almost 50% of our portfolio is actually for manufacturing, then you have another 25% -- 20% to 25% is for QA/QC. So if you think about this reshoring, onshoring, specifically for pharma, I mean, these factories still have to be built, right? And then we come into play that whole portfolio is to build it out.

謝謝你，麥克。我的意思是，是的，有很多好消息。但想想我們的產品組合，我的意思是，我們產品組合中很大一部分——幾乎 50% 的產品組合實際上是用於製造的，然後還有 25%——20% 到 25% 的產品用於品質保證/品質控制。所以，如果你考慮一下這種回流、回流到國內的趨勢，特別是對於製藥業來說，我的意思是，這些工廠仍然需要建設，對吧？然後，我們就可以著手建立整個投資組合了。

So we see this more as a 2027 and beyond opportunity. For us, of course, it's important that we are out there in discussions with our existing customers. We help our existing customers a lot of our portfolio and make sure that they are well aware as they plan then of building out potential additional facilities in the US to make sure that we are their preferred supplier for these opportunities. And it's pharma, but it's also other areas if you think about the -- for example, the battery segment and others.

因此，我們認為這更像是2027年及以後的機會。當然，對我們來說，與現有客戶進行溝通交流非常重要。我們幫助現有客戶了解我們的產品組合，並確保他們在計劃在美國建造潛在的額外設施時充分了解情況，以確保我們成為他們抓住這些機會的首選供應商。它涉及製藥領域，但如果你考慮其他領域，例如電池領域等等，它也涉及這些領域。

So they are around the world, I would say, in the coming years, a lot of good opportunities when it comes to reshoring, where customers build redundant setups to make sure that they also derisk the setup that they had in the past. And I see this for the coming years as a good opportunity, but we have not factored it in as a big growth opportunity for 2026. I think it's still very early innings.

因此，我認為，在未來幾年裡，世界各地在回流方面有很多很好的機會，客戶會建立冗餘設置，以確保他們也能降低過去設置的風險。我認為這對未來幾年來說是一個很好的機會，但我們還沒有將其視為 2026 年的重大成長機會。我認為現在還處於非常早期的階段。

Okay. That's helpful. And then I want to touch a little bit on Europe. It feels that that's been doing a little bit better than expected. I think it stands out a little bit more for us the last couple of quarters despite tough comps. Can you just talk about what you see driving that on the ground there and how sustainable that is going forward? thanks.

好的。那很有幫助。然後我想稍微談談歐洲。感覺它的表現比預期好一些。儘管面臨嚴峻的競爭，但我認為在過去的幾個季度裡，我們的表現更加突出。您能否談談您認為推動當地發展的具體因素，以及這種發展模式的可持續性？謝謝。

Yeah, Mike, maybe I'll take that one. So as I kind of was alluding to before, kind of coming into the quarter, we were a little bit more cautious on Europe. We've been extremely proud of our European organization over the years. If you just look at the economy in Europe, it's the softer economy in the world in more recent times. But PMI is kind of in the low 40s at times, and we continue to, I think, do extremely well with that kind of a backdrop.

是啊，麥克，也許我會選那個。正如我之前提到的，進入本季時，我們對歐洲市場更加謹慎。多年來，我們一直為我們在歐洲的組織感到無比自豪。如果只看歐洲經濟，就會發現它是近年來全球經濟成長較為疲軟的經濟體。但採購經理人指數 (PMI) 有時徘徊在 40 左右，我認為，在這種背景下，我們仍然表現得非常好。

I think a lot of it would benefit from, of course, a strong organization, but also our Spinnaker program really -- with the combination of us going most direct in Europe, I think, allows us to also be a little bit more precise in terms of that ability to gain a little bit of market share each year.

我認為，很多方面當然會受益於一個強大的組織，但我們的 Spinnaker 專案也確實如此——我們在歐洲採取最直接的方式，我認為這使我們能夠在每年獲得一些市場份額方面更加精準。

If we just kind of like look at the fourth quarter, though, one thing that I mentioned before that really stood out was our Product Inspection business. We just had really strong growth in that business. And I think it's a theme we've seen in other regions throughout the year, which is some of the innovation that we've introduced to the market recently has been just very well received.

不過，如果我們只看一下第四季度，我之前提到的一個非常突出的方面就是我們的產品檢驗業務。我們在這項業務上取得了非常強勁的成長。我認為這是我們今年在其他地區也看到的現象，我們最近推向市場的一些創新產品受到了市場的熱烈歡迎。

And a lot of that innovation is really trying to go more specifically at the mid-market segment, and we're doing quite well there. Otherwise, I'd say we're competing well in the other product categories in general, but with, I'd say, a more challenging backdrop in some of the other regions.

許多創新都旨在更具體地瞄準中端市場，而且我們在這方面做得相當不錯。除此之外，我認為我們在其他產品類別中整體上都具有競爭力，但在某些地區，競爭環境則更具挑戰性。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Hey guys, thanks for the questions. Maybe just on service. I think you said up 8% in the quarter, 6% organic. What's the outlook for that side of the business in '26, both including and excluding acquisitions?

大家好，感謝你們的提問。或許只是在服務方面。我想你說過本季成長了 8%，其中 6% 為有機成長。2026 年該業務領域的前景如何？包括收購及不包括收購兩種情況。

Yeah. Do you want to take it?

是的。你想拿嗎？

Yeah, So yeah, you're correct, Catherine. So we grew 8%, like looking at my notes to make sure I got it right. We grew 8% in the quarter, 6% organic. As we kind of think about next year, we're thinking about mid- to high single-digit growth overall for the business for the first quarter in the full year. And when you look at the first quarter, there's some acquisition growth in that. So Q1 would be more mid-single digit. I think the full year probably still rounds to mid- to high single digit.

是的，沒錯，凱瑟琳，你說得對。所以，我們成長了 8%，就像我在看筆記確認自己是否理解正確一樣。本季我們成長了 8%，其中 6% 為有機成長。當我們展望明年時，我們預計公司全年第一季的整體業務成長率將達到中高個位數。從第一季來看，收購方面有所成長。所以第一季的增幅應該是個位數中段。我認為全年的數字可能還是會在個位數中高段位左右。

And as we've talked about in the past, we just continue to see Service as a great opportunity. The team kind of recently celebrated the fact that they achieved $1 billion in sales for the first time. And that was a nice milestone. It's a business that we've been really focusing on in terms of trying to penetrate.

正如我們過去所討論過的，我們仍然認為服務是一個絕佳的機會。團隊最近慶祝了他們首次實現10億美元的銷售額。那是一個重要的里程碑。這是我們一直以來重點關注並試圖打入的市場。

I think you're familiar, like if you look at the serviceable iBase that we have available to us as an opportunity, it's about $3 billion. So we penetrated about one-third, and we continue to see opportunities to go after that. And as we do that, we have been putting additional resources into that business, and we continue to be optimistic kind of going forward for the medium to long term here.

我想你應該很熟悉，例如，如果我們把我們現有的可用 iBase 視為一個機會，它的價值約為 30 億美元。所以我們已經滲透了大約三分之一的市場，而且我們仍然看到繼續拓展這部分市場的機會。同時，我們一直在向該業務投入更多資源，並且我們對該業務的中長期發展前景仍然保持樂觀。

Okay. Great. And then for China, another quarter of modest growth there in the fourth quarter. Sounds like maybe some easy comps in Core Industrial and Lab about flat. Can you just unpack a bit more what you're seeing in that market and the outlook for Lab versus Industrial in the low single guide for the year?

好的。偉大的。然後，中國在第四季度又實現了溫和成長。聽起來像是核心工業和實驗室音樂中一些比較簡單的合成器音色。您能否更詳細地闡述一下您在該市場觀察到的情況，以及實驗室與工業領域在今年低單價指導下的前景？

Yeah, yes. So China overall came in as expected. We're pleased with that. Yeah, we recognize that Industrial had an easier comparison, but we'll still take it. They actually had quite strong growth in the quarter.

是的，沒錯。所以中國整體表現符合預期。我們對此感到滿意。是的，我們承認工業領域的比較更容易，但我們仍然接受這個結果。實際上，他們本季實現了相當強勁的成長。

When we kind of came out of the budget toward last year, kind of we were in China in September, one of the takeaways for me was you could just feel that there was a lot more positive energy coming out of our Industrial team. So it's really kind of cool to actually see it translating into results here. So I think they're doing very well there at the moment, and that's good in the context of an economy that still has some challenges.

去年年底，當我們結束預算工作時（大概在九月我們去了中國），我最大的感受之一就是，你能感覺到我們的工業團隊散發出了很多積極的能量。所以看到它真正轉化為實際成果，真的挺酷的。所以我認為他們目前在那裡做得非常好，在經濟仍面臨一些挑戰的情況下，這是一件好事。

And when you kind of cut through and look at the markets, one of the markets that really is doing better there is the pharmaceutical end market. We see that in both sides of the business. Maybe the one area that is more challenging is on the chemical side. And for us, chemical means mostly specialty chem, but that's a more challenging end market at the moment.

當你深入了解市場後，你會發現表現較好的市場之一是醫藥終端市場。我們在業務的供需雙方都能看到這種情況。或許最具挑戰性的領域是化學方面。對我們來說，化學品主要指的是特種化學品，但目前這是一個更具挑戰性的終端市場。

But when we look forward to China for this year, we're still looking to guide in that low single-digit range for Q1 and for the full year. Right now, I'd probably think Lab and Industrial will probably both be in that kind of a range. Maybe some quarters better than others, depending on how things play out here a little bit. But big picture, I think we've had at least a year of things have moderated there.

但展望今年中國市場，我們仍預期第一季和全年的成長率將保持在個位數低區間。目前來看，我認為實驗室和工業領域的價格可能都會在這個範圍內。或許有些地方會比其他地方好一些，這取決於這裡的情況如何發展。但從整體來看，我認為至少過去一年來，那裡的情況已經有所緩和。

We've had some modest growth. I think it's a good base, hopefully, to now grow on. We're not building anything too significant to get over our skis. As we know, things in China can change quickly in either direction, but hopefully, we'll start to see things pick up at some point. And I think longer term, we still feel very optimistic.

我們取得了一些小幅成長。我認為這是一個良好的基礎，希望能夠在此基礎上繼續發展。我們並沒有建造什麼足以讓我們大吃一驚的大東西。眾所周知，中國局勢瞬息萬變，但希望在某個時候，情況能夠開始好轉。而且我認為從長遠來看，我們仍然非常樂觀。

I think when you look at like the five-year plan, and you look at all the investments going into the pharmaceutical industry and life science industry in China, it's very encouraging. And then you look at some of these trends about GLP-1s and the number of companies in China that are investing in that, it's also a good opportunity, just as an example.

我認為，當你審視五年計劃，以及中國對製藥業和生命科學產業的所有投資時，你會感到非常鼓舞。然後，你看看 GLP-1 的一些趨勢，以及中國投資該領域的公司數量，這也是一個很好的機會，舉個例子來說。

So I think our team is well positioned for that. As you know, we have a really great China for China story with us making most of our products in China for China, and selling mostly to Chinese private companies. I think that's just a good setup for us. And we've always performed well there relative to the market.

所以我認為我們的團隊已經為此做好了充分準備。如您所知，我們有著非常成功的「中國製造，中國服務中國」的故事，我們的大部分產品都在中國生產，銷往中國，並且主要銷售給中國私營企業。我認為這對我們來說是個不錯的安排。而且，相對於市場而言，我們在那裡的表現一直都很好。

Great, thank you.

太好了，謝謝。

Luke Sergott, Barclays.

盧克·瑟戈特，巴克萊銀行。

Great, thanks for the question, guys. I just wanted to kind of touch on somewhat more of the pharma side and also the [ANG] weakness that you talked about. And also, I guess, part of that in 4Q was the biotech weakness as well. So we're starting to see some green shoots in biotech. Pharma is doing a lot more M&A. And I know that it's probably going to track a different cycle than obviously the clinical research.

太好了，謝謝大家的提問。我只是想稍微談談製藥方面的問題，以及你提到的[ANG]弱點。而且，我認為，第四季生技產業的疲軟也是造成這種情況的部分原因。所以，我們開始看到生物技術領域出現了一些復甦的跡象。製藥業的併購活動越來越多。我知道它很可能遵循與臨床研究不同的週期。

But how are you guys thinking about when that funding starts coming back? And where in that cycle would you guys start to see some of the pickup? Or if this biotech or like the early-stage pharma where you're seeing weakness now is more just associated with kind of the academic funding environment?

你們覺得這筆資金什麼時候才能開始到位？那麼，你們覺得在這個週期中的哪個階段會開始出現回暖跡象呢？或者說，目前生技公司或早期製藥公司出現的疲軟態勢，是否更與學術資助環境有關？

Yeah, maybe I'll take that, Luke. Look, we are, I think, quite excited about the overall biopharma and specifically biopharma processing activities that are going on and Shawn made a comment here on GLP-1 and others. I think that that's actually where we see good momentum in the market, almost around the world. So we -- that's what I would say is a growth driver for us as well.

嗯，也許我會接受，路克。我認為，我們對整個生物製藥行業，特別是生物製藥加工活動感到非常興奮，肖恩在這裡對 GLP-1 和其他方面發表了評論。我認為，這實際上就是我們看到全球市場（幾乎遍及世界各地）良好發展勢頭所在。所以，我認為這也是我們發展的驅動力。

When you mentioned academia, government and biotech, we have actually pretty small exposure in that area, mainly in the area of liquid handling and pipette business, et cetera. Otherwise, we are not really prominent in that segment.

您提到了學術界、政府和生物技術，實際上我們在該領域的涉足非常少，主要集中在液體處理和移液器業務等領域。否則，我們在該領域就沒有什麼優勢。

And it's hard to say when we really would see a pickup there. It, of course, depends on some real good funding that should come back into the biotech and academia area. Again, we would first see that on the pipette business if that is picking up again. And right now, we saw that business in Q4 is still a little bit under pressure. I think it was slightly declining in Q4.

很難說我們什麼時候才能真正看到那裡出現皮卡。當然，這取決於能否有充足的資金回流到生技和學術界。同樣，如果移液器業務再次復甦，我們首先會從移液器業務中看到這一點。目前來看，第四季的業務仍面臨一些壓力。我認為第四季略有下降。

And we have to wait and see again when the funding is really coming back and then when we see more momentum. But that's -- I think I would say that the indicator there for us would be more on the pipette business. But as a reminder, it's a smaller part of our overall business.

我們還需要拭目以待，看看資金何時才能真正到位，以及何時才能看到更大的發展動能。但我認為，對我們來說，那方面的指標更體現在移液器業務上。但需要提醒的是，這只是我們整體業務中較小的一部分。

Got you. And then one for Shawn. On the GMs, and I understand it's a completely fluid tariff environment for you guys. But more generally, we've kind of seen this kind of tick down in gross margins across the space. And is there a dynamic going on with you guys where your tariff mitigation efforts outside of pricing, those are ongoing, and then you're starting to get some pressure here from your suppliers? And there's just going to be a mismatch between timing of when you can pass that on to your customers?

抓到你了。然後給肖恩來一個。關於通用汽車，我了解到你們的關稅環境瞬息萬變。但總體而言，我們已經看到整個產業的毛利率出現了這種下滑趨勢。你們那邊是不是出現了這樣一種情況：除了價格因素之外，你們還在繼續採取關稅減免措施，但同時你們的供應商也開始給你們施加壓力？那麼，你何時能將這些訊息傳遞給你的客戶，與你自身接收訊息的時間之間就會出現不匹配的情況嗎？

Is that -- just trying to figure out where this kind of ultimately shakes out or for you guys, it's just being forced right now to kind of eat it until things normalize?

是——你們只是想弄清楚這件事最終會如何收場，還是對你們來說，現在只能被迫忍氣吞聲，直到情況恢復正常？

No. Actually, we're doing quite well in terms of managing the input costs. I think the SternDrive program has really been helping us out. That program has a lot of sophistication, like a lot of our programs when it comes to like digital capabilities and our ability to like really look at what should something cost. So it's called [should] costing and we can like really diagnose opportunities that we can leverage as we look at our cost structure.

不。實際上，我們在控制投入成本方面做得相當好。我認為SternDrive專案確實對我們幫助很大。這個專案非常複雜，就像我們的許多專案一樣，在數位化能力方面，以及我們真正考慮某件事應該花費多少成本的能力方面。所以它被稱為（應有的）成本核算，透過審視我們的成本結構，我們可以真正診斷出可以利用的機會。

I think what's making -- what was already a confusing year with tariffs more confusing is that currencies have changed quite a lot more here in the second half of the year. And I was trying to explain that earlier in the call, but I wouldn't dismiss that, right? Like, it's like a 70-basis-point headwind to gross margin in Q4. And as I mentioned before, we're going to see that kind of carry forward to the first half of next year.

我認為，讓原本就因關稅而變得混亂的一年更加混亂的原因是，今年下半年貨幣匯率發生了相當大的變化。我之前在通話中就試圖解釋這一點，但我不會忽略這一點，對吧？例如，這相當於第四季毛利率面臨 70 個基點的不利影響。正如我之前提到的，這種趨勢將會延續到明年上半年。

And then some of these recent acquisitions, while on an OP basis, they're fine. Just when you start to look at some mix effects, we start to get a little bit of unfavorable mix in terms of gross margins, kind of like the way you think about the Service business, right? It's like good when it comes to OP.

而且，從營運績效的角度來看，最近的一些收購也還不錯。當你開始考慮一些組合效應時，我們會發現毛利率方面出現了一些不利的組合，這有點像你對服務業務的看法，對吧？對樓主來說，這簡直太棒了。

But in terms of gross margin, it might be a little bit dilutive. And that's because a lot of these recent acquisitions were distributors, which were largely service businesses, and then any incremental product sales is going to be smaller just by the virtue of the fact that they were a distribution partner.

但就毛利率而言，這可能會略微稀釋利潤。這是因為最近收購的許多都是分銷商，而分銷商大多是服務型企業，因此，僅僅因為他們是分銷合作夥伴，任何新增產品銷售額都會比較小。

But when you kind of cut through all that, like, I was trying to say -- I don't know if we got into this before or not, but like, if you cut through FX and you cut through the organic -- the acquisition side, the organic gross margin was down 20 basis points for the quarter and for the full year. And that's despite a very significant headwind -- gross headwind on tariffs, right? It was like 190 bps in the quarter.

但是，當你把所有這些因素都剔除掉之後，就像，我剛才想說的——我不知道我們之前有沒有討論過這個問題，但是，如果你剔除外匯因素和內生增長因素——收購方面，本季度和全年的內生毛利率都下降了 20 個基點。而且這還是在面臨非常大的不利因素的情況下——關稅方面存在著巨大的不利因素，對吧？本季大約是190個基點。

And if you think about it, while we were mitigating things throughout the year, we did have this topic of the Swiss tariffs that kicked in at 39%. And then we were going to -- we were having to absorb that during the fourth quarter. So the step down to 15% tariff rate in Swiss tariffs, that's something that will -- that benefit will happen more in 2026, not in Q4. And I think there's even maybe a little bit of bleeding into the first part of Q1, just given stuff that was maybe in inventory already. So I hope that helps a little bit.

仔細想想，雖然我們全年都在努力緩解各種問題，但我們確實遇到了瑞士關稅的問題，稅率高達 39%。然後，我們不得不——我們不得不在第四季度消化這些損失。因此，瑞士關稅降至 15% 的舉措，其益處將在 2026 年顯現，而不是在第四季。而且我認為，考慮到一些商品可能已經在庫存中，甚至可能對第一季前半段造成一些影響。希望這能有所幫助。

It does. Thank you.

確實如此。謝謝。

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

Hey, thanks, I wanted to dive in a little more on the industrial strength, Product Inspection. Shawn, I appreciate your comments that some of this is new product intros and opening up the mid-tier market. Is there any way to kind of delineate how much of this is kind of broader market recovery versus actually opening up new markets?

嘿，謝謝，我想更深入地了解工業強度的產品檢驗。肖恩，我很欣賞你的評論，你認為其中一些是新產品的推出，也是在開拓中端市場。有沒有辦法區分其中有多少是更廣泛的市場復甦，又有多少是真正開拓了新市場？

And then I know in the past, you've talked about replacement cycle here, in particular, the industrial portfolio well positioned. Is that business benefiting at all from replacement cycle at this point?

而且我知道您過去也曾在這裡談到更換週期，特別是工業產品組合的良好定位。目前，該企業是否從產品更新換代週期中獲益？

I'll take it, Tycho. I think the growth you're seeing in our Product Inspection business, we cannot point here to any underlying market recovery or market strength. Actually, we think the market is still under considerable pressure, the food market, but we are really, I would say, very well positioned with our portfolio and all the innovations we have pushed across the portfolio.

我收下吧，泰科。我認為，我們產品檢測業務的成長並不能說明任何潛在的市場復甦或市場強勁。實際上，我們認為食品市場仍然面臨相當大的壓力，但憑藉我們的產品組合以及我們在整個產品組合中所推行的所有創新，我們確實處於非常有利的地位。

Whether it was in X-ray detection or an injection weighing and there's more to come -- again, we have a clear dedicated plan to not only dominate the high end but also attack the mid-range market. That strategy is playing out really well. So yeah, I would say it's mostly innovation, our trusted growth that you see there.

無論是 X 光檢測還是注射稱重，而且未來還會有更多——我們再次製定了明確的專項計劃，不僅要主導高端市場，還要進軍中端市場。這個策略效果非常好。所以，是的，我認為主要歸功於創新，以及你們看到的我們穩步成長。

And when it comes to the installed base and replacement market, what we are seeing across the board, across the portfolio, and that is not only true for Product Inspection businesses, we see a little bit of aging of the installed base. I think we have now seen probably two years of subdued replacement and what it needs really to -- for that to pick up is what I mentioned at the beginning is more certainty in the market, more confidence of customers that they can invest.

就已安裝基礎和更換市場而言，我們看到的情況是，在整個產品組合中，這不僅適用於產品檢測業務，我們還看到已安裝基礎出現了一些老化現象。我認為我們已經經歷了大約兩年的低迷更換期，而要真正提振更換需求，正如我一開始提到的，需要的是市場更加確定，客戶更有信心進行投資。

I mean, they, of course, cannot hold off forever, but I think once the market gets a bit more stable and there's more certainty in the market and less noise, we will see a gradual pickup again in the replacement business to more normal levels and probably also a bit more. But it will not be again a step change. This will be a gradual phasing in often the replacement business again.

我的意思是，他們當然不可能永遠拖延下去，但我認為一旦市場變得更加穩定，市場更有確定性，噪音減少，我們就會看到替換業務逐漸回升到更正常的水平，甚至可能會略有增長。但不會再帶來翻天覆地的改變。這將是一個逐步恢復替換業務的過程。

Okay. That's helpful. And then following up on the pharma onshoring, reshoring comments earlier, I appreciate that's more of a '27 and beyond story. Fair to assume, Lab will see that later, but maybe you'll see it on the Industrial side earlier, weighing in dimensioning for transport, logistics, things like that?

好的。那很有幫助。至於之前提到的製藥業回流問題，我認為那更多的是 2027 年及以後的故事。可以合理推測，實驗室方面稍後會看到這一點，但工業方面可能會更早看到，例如在運輸、物流等方面進行尺寸設計時？

Yeah, that's a good way to think about it. As you know, for these onshoring, reshoring, of course, also we work with industrial partners with automation solution providers, et cetera, that use our equipment. And I think they will pick up for as they'd prepare for the manufacturing solutions there, the automation lines and everything that is needed, and also our own products for production. And then Lab, including the QA/QC products that we deliver for these markets will be probably a bit later.

嗯，這確實是個不錯的思考方式。如您所知，對於這些本土化、再本土化項目，我們當然也會與使用我們設備的自動化解決方案提供者等產業合作夥伴合作。我認為他們會加快步伐，因為他們會為那裡的製造解決方案、自動化生產線以及所有需要的東西做好準備，也會為我們自己的生產產品做好準備。然後，實驗室，包括我們為這些市場提供的品質保證/品質控制產品，可能會稍晚。

Okay. And then maybe just one last one on bioprocessing. I know it's a smaller part of the business. Maybe just touch on what you're seeing there? How do volumes look? And what are you baking in this year?

好的。最後，或許可以再講一個關於生物加工方面的內容。我知道這只是公司業務中較小的一部分。或許你可以簡單地描述一下你在那裡看到的東西？體積看起來如何？今年打算用什麼烘焙食材？

I'm sorry, Tycho, can you repeat the question?

對不起，泰科，你能再說一次問題嗎？

Yeah. Just bioprocessing, and consumables, single-use. Can you just talk a little bit about volumes and what you're baking in on the bioprocessing side this year?

是的。僅生物加工和耗材，一次性使用。能否簡單談談產量以及今年在生物加工方面的計畫？

Yeah, so we didn't bake in specific guidance for it. But certainly, on the bioprocessing side, we had a very strong fourth quarter, especially when we -- geographically, we look at the Americas, the US bioprocessing did especially well. Single-use also did particularly well in that market as well, too. We kind of look at that as an above-average growth driver in the Lab business and certainly feel good about the momentum they're kind of carrying into -- in and through 2026.

是的，所以我們沒有為此制定具體的指導方針。但可以肯定的是，在生物加工方面，我們在第四季度表現非常強勁，尤其是從地理上看，美洲的生物加工表現尤其出色。一次性產品在該市場也表現得特別好。我們認為這是實驗室業務中高於平均水平的成長驅動力，並且對他們在 2026 年及之前保持的成長勢頭感到非常樂觀。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Hey, guys. Thank you for taking the questions. So I guess another question on Lab. I think in Tycho's last question, he got at the bioprocessing component there. But again, Q4 results came in pretty well ahead of estimates. You grew solid mid-single digits on a really tough comp, and you accelerated on a two-year stack basis.

嘿，夥計們。感謝您回答這些問題。所以我想再問一個關於實驗室的問題。我認為在泰科的最後一個問題中，他已經觸及了生物加工環節。但第四季業績再次遠超預期。在競爭非常激烈的環境下，你的表現實現了穩健的個位數成長，並且在兩年內實現了快速成長。

What would you call out as driving the underlying improvement? So not just in process analytics and bioprocessing, but more broadly, what's driving underlying improvement? Did you see any signs of budget flush? And then I'm just kind of underlying in there, was there anything that you would call out in terms of just the change in trend in key end markets? Thank you.

您認為推動根本性改進的因素是什麼？因此，不僅是過程分析和生物加工，更廣泛地說，是什麼在推動根本性的改進？你看到預算緊張的跡象了嗎？然後我就想問，就主要終端市場趨勢的變化而言，您有什麼特別要指出的嗎？謝謝。

Yeah, I think, Doug, in terms of the pharma, biopharma market overall, it's -- a lot of it is biopharma processing, which is more on the process analytics piece. And then we -- to your question regarding the budget flush, we have seen, I would say, some budget flush. It's always hard for us to clearly assess how much is budget flush, but we have seen better momentum towards the very end of the quarter, which points to a budget flush. And that was also affecting the Lab portfolio, as we saw some flush coming there as well.

是的，我認為，道格，就整個製藥、生物製藥市場而言，很多都是生物製藥加工，而這更多是與製程分析有關。至於你提出的預算削減問題，我認為我們已經看到了一些預算削減。我們總是很難清楚地評估預算盈餘情況，但我們看到季度末的勢頭有所改善，這表明預算盈餘情況良好。這也影響了實驗室產品組合，因為我們也看到那裡出現了一些資金流失。

I mean, if you think about Lab and where we play and how we play, a lot of it is also linked to our strong software solution that we have there with LabX, which really helps us to connect a broader portfolio of our products in either R&D labs or QA/QC labs. It helps our customers to also automate more workflows. And I think that's kind of the trend that we see overall that helps us to compete very effectively and drives momentum also forward.

我的意思是，如果你想想實驗室以及我們開展業務的地點和方式，很多都與我們強大的軟體解決方案 LabX 有關，它確實幫助我們將更廣泛的產品組合連接到研發實驗室或品質保證/品質控制實驗室。它還可以幫助我們的客戶實現更多工作流程的自動化。我認為這是我們總體上看到的趨勢，它有助於我們有效地參與競爭，並推動我們繼續前進。

That's something where we have really a stronghold where we invest a lot to not only drive automation in the Industrial piece, but also on the Lab side. And I think that's probably one of the things that also helps us to pick up more momentum in the market.

這是我們真正擁有強大優勢的領域，我們投入大量資金，不僅推動工業領域的自動化，也推動實驗室領域的自動化。我認為這或許也是幫助我們在市場上獲得更多發展動能的原因之一。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Thank you very much. Hi, Patrick. Hi, Shawn. I want to revisit, Patrick, the comments you made on your emerging market view. You commented that you have an expectation for above-market sales growth from emerging markets. And I want to clarify, does that comment include China? Or were you speaking to emerging markets outside of China?

非常感謝。你好，派崔克。嗨，肖恩。派崔克，我想再談談你對新興市場的看法。您曾表示，您預期新興市場的銷售成長將高於市場平均。我想澄清一下，這個評論是否包括中國？還是您是在與中國以外的新興市場進行交流？

Yeah, a very good question, Dan. Yeah, and thanks for that question. I think it's an important one. We really speak about outside of China. So we expect for the emerging markets, which we also said, in the meantime, make about 18% of our total revenues versus China is like 15% or 16% of total revenues, but above average growth and above corporate growth rate is specifically pointing towards the emerging markets ex-China.

是的，丹，你問得非常好。是的，謝謝你的提問。我認為這是一個重要的問題。我們主要談論的是中國以外的情況。因此，我們預計新興市場（我們也曾說過）將貢獻我們總收入的 18% 左右，而中國則佔總收入的 15% 或 16%，但高於平均水平和高於企業增長率的增長尤其指向除中國以外的新興市場。

Appreciate that clarification then. And then what is your updated view on growth in China over the medium term? Is that fleet accretive or fleet neutral?

非常感謝您的澄清。那麼，您對中國中期經濟成長的最新看法是什麼？這種艦隊規模成長是艦隊規模增加還是艦隊規模中性？

Yeah, so we're not necessarily formally updating guidance on China. I think we are very optimistic still about the medium to long term. We clearly acknowledge that it doesn't need to grow at the rates that it grew in the pre-COVID era.

是的，所以我們不一定會正式更新關於中國的指導方針。我認為我們對中長期前景仍然非常樂觀。我們清楚地認識到，它不需要以新冠疫情前的速度成長。

The last time we updated our algorithm for growth, we were kind of looking at high single digits for China. But sitting here today would be very comfortable if it was mid-single digit with our ability to still hit our 6%-plus long-term sales growth algorithm.

上次我們更新成長演算法時，我們預期中國的成長率將達到個位數高點。但如果今天的成長率能維持在個位數中段，並且我們還能達到 6% 以上的長期銷售成長目標，那我今天坐在這裡就會感覺非常舒適了。

And just as one example, the emerging markets outside of China are now bigger than China, and we kind of see a lot of growth opportunity there. But there's also a lot of other things going on inside the company that we feel good about.

舉個例子來說，中國以外的新興市場現在比中國還要大，我們看到那裡有許多成長機會。但公司內部還有很多其他讓我們感到欣慰的事情。

Jack Meehan, Nephron Research.

Jack Meehan，腎單位研究。

Thank you. Hi, everyone. I had a couple of questions on core Industrial. The first is called out seeing some signs of life on the PMI side. I was just curious in that context, can you unpack the first-quarter guide? I think you're assuming flat growth. Is there some timing dynamics going on? Or just piece those together for me.

謝謝。大家好。我有一些關於核心工業的問題。首先，我們看到 PMI 方面出現了一些復甦跡象。我只是好奇，在這種情況下，您能解讀一下第一季的業績指南嗎？我認為你假設的是停滯成長。是否存在某種時間上的動態變化？或幫我把這些拼湊起來。

Yeah, so yes, you're right. I mean, it's definitely a little bit of a step down here from what we did in the second half of 2025. I think as we kind of look at it, it is a little -- out of all of our businesses, it has a little bit more sensitivity to the economy. Some of the recent PMIs, nice to see the direction. Certainly, there's a lag in terms of when we would see that in our business.

是的，你說得對。我的意思是，這肯定比我們在 2025 年下半年所做的事情要遜色一些。我認為，從我們的角度來看，在我們所有的業務中，它對經濟的敏感度更高一些。最近的一些採購經理人指數（PMI）數據，很高興看到其發展方向。當然，在我們的業務中，這種情況的出現會存在一定的滯後性。

Kind of as a reminder, about 60% of core Industrial is sold into a combination of pharma, biopharma, food manufacturing, and chemical. And out of those three sectors, the chemical sector has been under more pressure this year, probably expect it to continue to be under pressure in Q1. And we're just assuming as the typical company starts the year, they're just going to be a little bit more cautious with how they release funds.

提醒一下，核心工業產品約 60% 銷往製藥、生物製藥、食品製造和化學等產業。在這三個行業中，化學產業今年面臨的壓力更大，預計第一季仍將面臨壓力。我們假設，一般公司在年初都會更謹慎地發放資金。

And we'll see how it plays out. As you know, we only sit on 1.5 months of backlog typically at any point in time. So -- but that's just kind of how we were thinking about it when we guided last quarter for this year. We've tried to communicate on that, that we wouldn't be surprised if things start off a little bit slower this year. And certainly, that's how we feel sitting here today.

我們拭目以待。如您所知，我們通常任何時間的積壓訂單量都只有 1.5 個月。所以——但這就是我們在上個季度對今年業績做出預測時的想法。我們已經就此進行了溝通，如果今年的開局速度稍慢一些，我們不會感到驚訝。當然，這就是我們今天坐在這裡時的感受。

Got it. Okay. And let's say there's a scenario where we continue to see positive trends on the PMI front. Can you talk about -- just remind us like what the drop-through is. Like, if we did see incremental organic growth, what the flow-through would be on the margin line?

知道了。好的。假設出現這樣一種情況：採購經理人指數（PMI）方面繼續呈現正向趨勢。可以談談——例如提醒我們一下什麼是下拉式透光率嗎？比如說，如果我們確實看到了逐步成長的內生成長，那麼對利潤率的影響會是怎麼樣的呢？

I think on the core Industrial side, it's going to be right around corporate average. It depends, of course, what part of the portfolio you're in. But like if you're into the part of the portfolio that's really serving the opportunities regarding automation and digitalization, which is the faster-growing sector, that's above corporate average. But some of the stuff that's a little bit more cyclical tends to be below corporate average.

我認為核心工業板塊的水平應該會與企業平均持平。當然，這取決於你投資的是投資組合的哪一部分。但是，如果你關注的是投資組合中真正服務於自動化和數位化機會的部分，也就是成長最快的領域，那麼它的表現就高於企業平均。但有些週期性較強的產品往往低於企業平均。

Josh Waldman, Cleveland Research.

Josh Waldman，克利夫蘭研究公司。

Hey, morning. Thanks for fitting me in. One for Shawn and then one for Patrick, I think. Shawn, can you talk through how you're thinking about the organic growth progression through the latter three quarters of the year? I guess, are you factoring in a larger than normal ramp off of the Q1 to get to the full year? And then on the embedded caution to start the year, I guess, are you seeing this in the order book when you consider normal kind of order seasonality for January?

嘿，早安。謝謝你安排我過來。我想，先給肖恩一個，再給派崔克一個。肖恩，你能談談你對今年後三個季度有機成長進程的規劃嗎？我猜，你們是否考慮到了第一季業績成長速度將比正常水平更快，以達到全年目標？那麼，關於年初的謹慎情緒，我想問的是，考慮到一月份正常的訂單季節性波動，您是否在訂單簿中看到了這種謹慎情緒？

Yeah, so maybe I'll take the first part of the question first. So I think if you look at our ramp up, it's not like a significant ramp. Yes, we're going to be down a little bit organic volume in Q1 per our guidance. But if you, like, look at the second half of the year, it probably implies something in the 2% kind of a range in terms of organic growth.

嗯，那我先回答問題的第一部分吧。所以我覺得，如果你看看我們的產能提升速度，你會發現這並不是一個顯著的提升速度。是的，根據我們的預期，第一季有機銷售量會略有下降。但如果你看看下半年，你會發現有機成長率可能在 2% 左右。

Now in the second half of the year, we'll have a little bit less pricing and a little bit less acquisition benefit. So that number might not be as high as just simply adding the increment of organic volume. But that's kind of like how I would probably see it sitting here today. But certainly, I wouldn't want to get into specific quarters. I think every year is the same, and this year is no different, and probably even has a little bit less visibility as you started, just given all the volatility from last year. But we're going to learn a lot more here over the next couple of months. And I think once we get through the full quarter, we'll have a much better perspective on what Q2 looks like, and what the rest of the year looks like.

下半年，我們的定價和獲客收益都會有所下降。所以這個數字可能沒有簡單地加上有機物體積的增量那麼高。但就我目前所見，它大概就是這樣擺在這裡的。當然，我不想深入討論具體方面。我認為每年都一樣，今年也不例外，而且鑑於去年的種種波動，今年的前景可能比你開始時還要不明朗一些。但在接下來的幾個月裡，我們將學到更多。我認為，一旦我們度過了整個季度，我們就能更好地了解第二季度的情況，以及今年剩餘時間的情況。

And then in terms of orders, we never comment on months and particularly just in Q1. I mean, January is always a goofy month, right? February is a goofy month. You have Chinese New Year timings. Seasonality-wise, these are lower months in the year, so we'll see. And like I said before, we only sit on about 1.5 months' worth of backlog. So we'll see how it plays out.

至於訂單方面，我們從不對月份，特別是第一季的訂單情況發表評論。我的意思是，一月份總是個古怪的月份，對吧？二月真是個古怪的月份。你們有春節的時間安排。從季節性角度來看，這些都是一年中的淡季月份，所以我們拭目以待。正如我之前所說，我們目前只有大約 1.5 個月的積壓訂單。所以，我們拭目以待。

And we're executing well. We feel really good about how we're positioned. We have, I think, a really good balance of looking at growth opportunities and also keeping an eye on productivity topics, and we'll continue to have that balance going forward.

我們執行得很好。我們對自己目前的市場定位感到非常滿意。我認為，我們在關注成長機會和關註生產力問題之間取得了很好的平衡，我們將繼續保持這種平衡。

Got it. Okay. And then, Patrick, on service, I think you said the group reached $1 billion in sales. Can you remind us how that's dispersed across the Lab and Industrial segments? And then in the past, I think you've talked about service as an area of strategic investment. I wondered if you could talk through what you see as the near-term opportunities in service to drive incremental share growth on the hardware side.

知道了。好的。然後，帕特里克，關於服務，我想你說過該集團的銷售額達到了 10 億美元。您能否提醒我們一下，這些資金是如何分配到實驗室和工業領域的？而且，我想您過去也曾談到服務業是策略投資領域之一。我想請您談談您認為在服務方面有哪些近期機會可以推動硬體方面的市場份額成長。

Yeah, very good. Thanks, Josh. Yes, look, I'm very excited about services and also the growth rates we have seen over the last years. We made a really conscious decision to overinvest in services as well and drive that opportunity. As Shawn said, we currently cover about one-third of the installed base. There's ample of opportunity for us to continue to cover more of that with strategic programs. We are making good progress.

是的，非常好。謝謝你，喬希。是的，你看，我對服務以及過去幾年我們所看到的成長率感到非常興奮。我們也經過深思熟慮，決定增加對服務業的投資，並抓住這項機會。正如肖恩所說，我們目前涵蓋了大約三分之一的已安裝用戶群。我們有很多機會透過策略計劃繼續涵蓋更多這方面的內容。我們進展順利。

When you think about the breakdown between Industrial and Lab, for example, it's almost a longer revenue line because in Industrial, you would have to differentiate between, for example, PI where you have a stronger service business versus core Industrial as a bit less. But I think it almost balances it out across the portfolio in terms of the contribution and comparison to the product business.

例如，當你考慮工業和實驗室之間的細分時，你會發現收入線幾乎更長，因為在工業領域，你必須區分例如PI（其服務業務較強）和核心工業（服務業務較弱）。但我認為，就對產品業務的貢獻和比較而言，這幾乎在整個產品組合中實現了平衡。

But we are very excited about where we stand. It's a great strategic program for us as a company, and we are, of course, super proud that the team achieved this major milestone of $1 billion revenues in services.

但我們對目前所處的地位感到非常興奮。對於我們公司而言，這是一個非常棒的策略計劃，當然，我們也為團隊在服務領域實現 10 億美元收入這一重大里程碑感到無比自豪。

That concludes the question-and-answer session. I would now like to turn the call back over to Adam Uhlman for closing remarks.

問答環節到此結束。現在我謹將電話轉回給亞當·烏爾曼，請他作總結發言。

Thanks, everybody, for joining us today and for your excellent questions. Please feel free to reach out if you have any follow-ups. And have a great weekend. Take care. Bye.

感謝各位今天收看我們的節目，也感謝大家提出的精彩問題。如有任何後續問題，請隨時聯絡。祝你周末愉快。小心。再見。

This concludes today's conference 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。