Mettler-Toledo International Inc. (MTD) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Mettler-Toledo second quarter 2026 earnings conference call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加梅特勒-托利多（Mettler-Toledo）2026 年第二季財報電話會議。（接線員指示）

I will now hand the conference over to Adam Uhlman, Head of Investor Relations. Please go ahead.

我現在把會議交給投資人關係主管 Adam Uhlman。請開始。

Great, Jonathan. Thank you very much, 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. Let me cover some administrative matters.

很好，Jonathan。非常感謝，大家早安。感謝各位加入我們。今天與我一同出席電話會議的有：我們的執行長 Patrick Kaltenbach，以及我們的財務長 Shawn Vadala。我先說明一些行政事項。

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. 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.

本次電話會議將以網路直播方式進行，並可於我們網站 mt.com 回放收聽。新聞稿及我們在今日會議中將引用的簡報亦可於我們網站取得。本次電話會議將包含《1933 年美國證券法》及《1934 年美國證券交易法》所定義之「前瞻性陳述」。這些陳述涉及風險、不確定性及其他因素，可能導致我們的實際結果、財務狀況、營運表現與成就與任何前瞻性陳述所明示或暗示者有重大差異。

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 statements, 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.

關於上述風險與不確定性的討論，請參閱我們近期的 Form 10-K 年報，以及向美國證券交易委員會（SEC）提交的季度與即時報告。除法律要求外，本公司不承擔亦不承諾就任何前瞻性陳述提供更新或修訂。在今日電話會議中，我們將使用非 GAAP 財務衡量指標；該等非 GAAP 指標與最直接可比之 GAAP 指標的調節表已載於 8-K，並可於我們網站取得。

Let me now turn the call over to Patrick.

接下來我把電話會議交給 Patrick。

Thank you, Adam, and good morning, everyone. We appreciate you joining our call today. Last night, we reported our second quarter financial results, the details of which are outlined for you on page 3 of our presentation. Our second quarter results were strong and reflected better-than-expected organic sales growth across our portfolio, including very good growth in China and emerging markets. It was driven by improved market conditions and our focused Spinnaker sales and marketing program.

謝謝你，Adam，大家早安。感謝各位今天加入我們的電話會議。昨晚我們公布了第二季財務結果，相關細節已在簡報第 3 頁為各位整理。我們第二季表現強勁，反映出整體產品組合的有機銷售成長優於預期，其中中國與新興市場成長尤為亮眼。這主要受惠於市場狀況改善，以及我們聚焦的 Spinnaker 銷售與行銷計畫。

Combined with our productivity initiatives, this resulted in excellent adjusted EPS growth in the quarter. Going forward, we are optimistic market conditions will gradually improve. Our team remains agile and focused on capturing growth opportunities, leveraging our sophisticated Spinnaker program and innovative product portfolio while benefiting from trends in automation, digitalization and onshoring investments.

再加上我們的生產力提升措施，使本季調整後 EPS 成長表現非常出色。展望未來，我們對市場狀況將逐步改善抱持樂觀。我們的團隊仍保持敏捷並專注於掌握成長機會，運用我們成熟的 Spinnaker 計畫與創新產品組合，同時受惠於自動化、數位化與回流投資（onshoring investments）的趨勢。

I am confident that strong execution of our strategic initiatives will continue to deliver solid financial performance. 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.

我有信心，我們對策略性計畫的強力執行將持續帶來穩健的財務表現。接下來我把電話會議交給 Shawn，請他說明財務結果與財測指引，之後我會再補充一些對業務與展望的看法。

Shawn?

Shawn？

Thanks, Patrick, and good morning, everyone. Before I review our Q2 results, I'd like to highlight a special item in our financials this quarter related to tariffs. As disclosed last quarter, we had a one-time gross benefit of $52 million from IEEPA tariff refunds in Q2 that benefited cost of sales, and was offset in part by a $28 million related refund to our customers that reduced our reported net sales by 3%.

謝謝你，Patrick，大家早安。在我回顧第二季（Q2）結果之前，我想先說明本季財務報表中一項與關稅相關的特殊項目。如同上季揭露，我們在第二季因 IEEPA 關稅退稅而取得一次性 5,200 萬美元的毛利利益，反映於銷貨成本；同時其中一部分被抵銷，因我們向客戶退還 2,800 萬美元，導致我們報告的淨銷售額減少 3%。

Discussion of our results today will exclude the impact of both of these items. Sales in the quarter were $1 billion, up 7% in US dollars. And in local currency, our growth was 6% and above our price -- our prior guidance of approximately 3% local currency sales growth. Acquisitions contributed approximately 1.5% to sales growth and organic local currency sales growth was 4%.

今天對結果的討論將排除上述兩項影響。本季銷售額為 10 億美元，以美元計成長 7%。以當地貨幣計算，成長 6%，高於我們先前約 3% 的當地貨幣銷售成長指引。併購約貢獻 1.5% 的銷售成長，而有機當地貨幣銷售成長為 4%。

On slide number 4, we show sales growth by region. Organic sales, excluding acquisition and tariff refunds, increased 1% in the Americas, 4% in Europe and 9% in Asia/Rest of World, including 9% growth in China. Slide number 5 shows core organic sales growth by region on a year-to-date basis.

在第 4 張投影片，我們展示按地區劃分的銷售成長。有機銷售（排除併購與關稅退稅）在美洲成長 1%、歐洲成長 4%、亞洲／世界其他地區成長 9%，其中中國成長 9%。第 5 張投影片顯示按地區劃分的核心有機銷售年初至今成長。

On slide number 6, we summarize sales growth by product area. Organic sales increased 4% in Laboratory and increased 3% in Industrial, which included 4% growth in Core Industrial and 1% growth in Product Inspection. Food Retail grew 11% in the quarter. Lastly, service revenue grew 9% or 7% organically.

在第 6 張投影片，我們彙總按產品領域劃分的銷售成長。實驗室（Laboratory）有機銷售成長 4%，工業（Industrial）有機銷售成長 3%，其中核心工業（Core Industrial）成長 4%，產品檢測（Product Inspection）成長 1%。食品零售（Food Retail）本季成長 11%。最後，服務營收成長 9%，或以有機口徑計成長 7%。

Slide number 7 details organic 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. Adjusted gross margin was 59.3% in the quarter, an increase of 30 basis points. Excluding unfavorable foreign currency and acquisitions, gross margin expanded approximately 90 basis points due to benefits from favorable price realization, lower tariff rates compared to the prior year, volume growth in our productivity and cost savings initiatives, partly offset by higher transportation costs.

第 7 張投影片詳列按產品領域劃分的有機銷售年初至今成長。接下來我談損益表其餘項目，彙總於第 8 張投影片。本季調整後毛利率為 59.3%，提升 30 個基點。若排除不利匯率與併購影響，毛利率約擴張 90 個基點，主要受惠於有利的價格實現、相較去年較低的關稅稅率、銷量成長以及我們的生產力與成本節省措施；部分被較高的運輸成本所抵銷。

R&D amounted to $53 million in the quarter and was up 3% on a local currency basis over the prior period. SG&A amounted to $263 million a 4% increase in local currency over the prior year and includes sales and marketing investments, offset in part by cost savings. Adjusted operating profit amounted to $309 million in the quarter, up 9% versus the prior year.

本季研發（R&D）費用為 5,300 萬美元，以當地貨幣計較前期成長 3%。銷售、一般及行政費用（SG&A）為 2.63 億美元，以當地貨幣計較去年成長 4%，其中包含銷售與行銷投資，並部分由成本節省所抵銷。本季調整後營業利益為 3.09 億美元，較去年成長 9%。

Adjusted operating margin was 29.3%, an increase of 50 basis points versus the prior year or up 100 basis points excluding unfavorable currency. Adjusted EPS for the quarter was $11.46, a 14% increase over the prior year. On a reported basis in the quarter, EPS was $11.55 as compared to $9.76 in the prior year. Reported EPS in the quarter included a $0.92 net tariff refund benefit, $0.26 of purchased intangible amortization, $0.22 of restructuring costs and a $0.04 tax headwind related to the timing of stock option exercises.

調整後營業利益率為 29.3%，較去年提升 50 個基點；若排除不利匯率影響則提升 100 個基點。本季調整後 EPS 為 11.46 美元，較去年成長 14%。以報告口徑計，本季 EPS 為 11.55 美元，去年同期為 9.76 美元。本季報告 EPS 包含：關稅退稅淨利益 0.92 美元、購入無形資產攤銷 0.26 美元、重整成本 0.22 美元，以及因員工股票選擇權行使時點所致的 0.04 美元稅負逆風。

Finally, we had a $0.31 acquisition-related charge related to higher earn-out achievements on previous acquisitions. That covers the P&L, and let me now comment on adjusted free cash flow, which amounted to $367 million on a year-to-date basis and was negatively impacted by the timing of tax payments, which were $55 million higher than the prior year. DSO was 35.6 days, while ITO was 4.2 times.

最後，我們有一筆與併購相關的 0.31 美元費用，係因先前併購案的或有對價（earn-out）達成情況高於預期。以上為損益表部分；接著我談調整後自由現金流，年初至今為 3.67 億美元，並受到稅款支付時點影響而偏低，稅款支付較去年多 5,500 萬美元。應收帳款週轉天數（DSO）為 35.6 天，而存貨週轉率（ITO）為 4.2 次。

Let me now turn to our guidance for the third quarter and the full year 2026. As you review our guidance, please keep in mind the following factors. First, we are encouraged by our Q2 results and improved market conditions, especially in China and emerging markets. Second, conditions in the Middle East remain volatile. And while we have limited exposure to the region, this could impact customer decision-making should conditions significantly change.

接下來談我們對第三季與 2026 全年的財測指引。在各位檢視指引時，請留意以下因素。第一，我們對第二季結果與市場狀況改善感到鼓舞，尤其是在中國與新興市場。第二，中東局勢仍然動盪。雖然我們在該地區曝險有限，但若情勢出現重大變化，可能影響客戶決策。

We are not currently seeing any change in related customer behavior and have not included an escalation of the conflict in our forecast. Lastly, we are very confident in our ability to execute on our growth and productivity initiatives and believe we are well positioned to gain market share regardless of the macro environment.

目前我們尚未看到相關客戶行為有任何改變，也未在預測中納入衝突升級的情境。最後，我們對於執行成長與生產力提升措施的能力非常有信心，並相信無論總體環境如何，我們都具備良好條件以提升市占率。

Now turning to our guidance for the full year 2026. We have increased our local currency sales growth from approximately 4% to approximately 4% to 5%, reflecting organic growth of 3% to 4%. Our forecast excludes the impact of the previously described tariff refunds. Adjusted EPS for the year is forecast to be in the range of $47.15 to $47.50, which represents a growth rate of 10% to 11% or 11% to 12%, excluding currency. This reflects an increase from our previous guidance of 8% to 10% growth. At recent spot rates, foreign currency is estimated to be a 1% benefit to sales growth and a slight headwind to EPS for the year.

現在轉到我們對2026全年指引。我們已將以當地貨幣計的銷售成長率，從約4%上調至約4%至5%，反映有機成長3%至4%。我們的預測不包含前述關稅退稅的影響。全年調整後EPS預估介於47.15美元至47.50美元之間，代表成長率為10%至11%，或在排除匯率影響後為11%至12%。這反映較我們先前8%至10%的成長指引有所上調。以近期即期匯率計，外幣預估將對銷售成長帶來1%的助益，並對全年EPS造成些微逆風。

For the third quarter of 2026, we expect local currency sales to grow approximately 4%, which includes approximately 0.5% benefit from acquisitions. We expect adjusted EPS to be in the range of $12 to $12.15, a growth rate of 8% to 9% or 9% to 10%, excluding currency. Currency for the quarter at recent spot rates would be neutral to third quarter sales and a 1% headwind to adjusted EPS.

就2026年第三季而言，我們預期以當地貨幣計的銷售將成長約4%，其中包含約0.5%來自併購的助益。我們預期調整後EPS將介於12美元至12.15美元之間，成長率為8%至9%，或在排除匯率影響後為9%至10%。以近期即期匯率計，本季匯率對第三季銷售將為中性，並對調整後EPS造成1%的逆風。

Some further comments on our 2026 guidance. We expect total amortization, including purchase intangible amortization to be approximately $78 million. Purchased intangible amortization is excluded from adjusted EPS and is estimated at $28 million on a pretax basis or approximately $1.07. Interest expense is forecast at $67 million for the year. Other income is estimated at approximately $24 million. We expect our tax rate before discrete items will remain at 19% in 2026. Free cash flow is expected to be approximately $900 million in 2026, which represents 6% growth on a per share basis. Share repurchases are now expected to increase to $875 million for the full year as compared to our annualized repurchase level of $825 million during the first half of the year.

關於我們2026年指引的進一步說明。我們預期總攤銷（包含收購無形資產攤銷）約為7,800萬美元。收購無形資產攤銷不納入調整後EPS，稅前估計為2,800萬美元，約合1.07美元。全年利息費用預估為6,700萬美元。其他收入估計約為2,400萬美元。我們預期2026年在離散項目前的稅率將維持在19%。2026年自由現金流預期約為9億美元，按每股基礎計算代表6%的成長。目前預期全年庫藏股回購將提高至8.75億美元，相較於上半年年化回購水準8.25億美元。

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

我這邊就到這裡，接下來把時間交回給Patrick。

Thanks, Shawn. Let me start with some comments on our operating businesses, starting with Lab, which had good growth in the quarter across most product areas. We saw improving trends across our biopharma customer base and continue to see strong growth in process analytics and bioproduction. Laboratory balances and analytical instruments growth was also strong and benefited from the many innovations we have brought to the market in the recent years, our LabX software and growing demand from hot segments like semiconductor, advanced materials and batteries.

謝謝，Shawn。我先就我們的營運事業做一些評論，先從實驗室（Lab）業務開始，本季在多數產品領域都有不錯的成長。我們看到生物製藥客戶群的趨勢改善，且製程分析與生物製造持續強勁成長。實驗室耗材與分析儀器的成長也很強勁，受惠於我們近年推出的多項市場創新、我們的LabX軟體，以及來自半導體、先進材料與電池等熱門領域日益增加的需求。

Turning to industrial. Core Industrial did well this quarter with sales growth driven by strong demand for our solutions that enable automation. We saw strength across markets like biopharma, food manufacturing, semiconductor and new energy. As expected, Product Inspection organic sales growth this quarter was modest due to the timing of customer projects, but organic growth is expected to pick up again in the second half. Lastly, food retail sales growth was better than expected due to the timing of project activity.

接著談工業（Industrial）。本季核心工業（Core Industrial）表現良好，銷售成長由對我們可促進自動化之解決方案的強勁需求所帶動。我們在生物製藥、食品製造、半導體與新能源等市場都看到強勢表現。如預期所示，產品檢測（Product Inspection）本季有機銷售成長較為溫和，主要因客戶專案時點所致，但預期下半年有機成長將再度回升。最後，食品零售（food retail）銷售成長優於預期，原因在於專案活動時點。

Now let me make some additional comments by geography. Starting in the Americas, where sales grew 1%, excluding acquisitions. We had strong momentum in most Lab product categories and in our Core Industrial Automation Solutions and Product Inspection. These results were offset in part by timing of food retail and transportation and logistics project activity.

接下來我按地區再補充一些評論。先從美洲開始，在排除併購後銷售成長1%。我們在多數實驗室產品類別，以及核心工業自動化解決方案與產品檢測方面都具備強勁動能。上述成果部分被食品零售以及運輸與物流專案活動時點所抵銷。

Turning to Europe. Sales growth this quarter was solid and included growth across most of the business, including strong growth in Core Industrial and food retail. Finally, Asia/Rest of the World had very good growth this quarter across the portfolio and in most major markets. Our business in China grew 9% and was stronger than expected as our team continues to do an excellent job identifying high-growth markets and leveraging our innovative portfolio.

接著看歐洲。本季銷售成長穩健，且多數業務均有成長，包括核心工業與食品零售的強勁成長。最後，亞洲／世界其他地區本季在整體產品組合及多數主要市場均有非常好的成長。我們在中國的業務成長9%，強於預期，因為我們的團隊持續出色地辨識高成長市場並運用我們具創新性的產品組合。

Biopharma customers' demand was also healthy and contributed to our results. Markets outside of China also had strong growth this quarter. Emerging markets have been an important element of our long-term growth strategy for many years. India, Southeast Asia, Eastern Europe and Latin America offers excellent growth opportunities as these markets develop and mature, and we believe many of them will also benefit from near-shoring investments over the coming years.

生物製藥客戶的需求也維持健康，並對我們的業績有所貢獻。中國以外的市場本季也有強勁成長。新興市場多年來一直是我們長期成長策略的重要要素。隨著這些市場發展與成熟，印度、東南亞、東歐與拉丁美洲提供了極佳的成長機會；我們也相信其中許多市場在未來幾年將受惠於近岸外包（near-shoring）投資。

Our company is uniquely positioned to capitalize on emerging market growth over the coming years. In the second quarter, emerging markets outside of China represented approximately 18% of our sales, slightly more than our business in China and grew high single digits in the quarter. Emerging markets, excluding China, have also grown high single digits on average in local currencies over the last five years, above the company average and are an important contributor to our growth.

未來幾年，我們公司具備獨特優勢，可把握新興市場成長。第二季，中國以外的新興市場約占我們銷售的18%，略高於我們在中國的業務占比，且本季以高個位數成長。過去五年，新興市場（不含中國）以當地貨幣計平均也呈現高個位數成長，高於公司平均，並是我們成長的重要貢獻來源。

To take advantage of these growth opportunities, we have long-standing dedicated market organizations in emerging markets, China and around the world. Our market organizations are a significant competitive advantage, allowing us to stay close to customers and better understand local market needs. We have dedicated growth plans for each major country, and we leverage our broad portfolio of solutions across a range of price and value points to meet varying customer requirements.

為了把握這些成長機會，我們在新興市場、中國以及全球各地長期設有專責的市場組織。我們的市場組織是一項重要的競爭優勢，使我們能貼近客戶並更深入了解在地市場需求。我們為每個主要國家制定專屬成長計畫，並運用我們廣泛的解決方案組合，涵蓋不同價格與價值定位，以滿足各類客戶的不同需求。

Additionally, in markets like Mexico, we have further developed local assembly and manufacturing capabilities in recent years, which strengthen our ability to serve local market needs and enhance our competitive position. The market organizations and emerging economies also leverage the same Spinnaker sales and marketing programs we have developed in other countries, including various digital tools, value selling guides and sales enablement tools.

此外，在墨西哥等市場，我們近年進一步發展在地組裝與製造能力，強化我們服務在地市場需求的能力並提升競爭地位。這些市場組織與新興經濟體也採用我們在其他國家所建立的同一套Spinnaker銷售與行銷計畫，包括各種數位工具、價值銷售指南與銷售賦能工具。

We have also rolled out Blue Ocean to most of our MOs and having a single instance of a global information technology infrastructure provides rich data, analytics and unique real-time business insights. This is a significant competitive advantage that allows us to target opportunities in various hot segments like bioprocessing, GLP-1s, semiconductor and battery in an agile way. As domestic and foreign direct investments continues to grow over the coming years, we expect emerging markets to remain a healthy contributor to our growth well into the future.

我們也已將Blue Ocean推廣至我們大多數的市場組織（MO），而採用單一實例的全球資訊科技基礎架構可提供豐富的資料、分析，以及獨特的即時業務洞察。這是一項重要的競爭優勢，使我們能以敏捷方式鎖定生物製程、GLP-1、半導體與電池等各類熱門領域的機會。隨著未來幾年國內與外國直接投資持續成長，我們預期新興市場將在可預見的未來持續成為我們成長的健康貢獻來源。

In summary, we are very pleased with our Q2 results and the solid growth our team has delivered. We remain focused on capitalizing on our customers' investments in automation, digitalization and onshoring around the world.

總結來說，我們對第二季業績以及團隊所交出的穩健成長感到非常滿意。我們仍專注於把握客戶在全球推動自動化、數位化與在岸化（onshoring）的投資。

After a few years of disruptions and uncertainties related to tariffs, governmental policies and geopolitics, we believe customers will continue to return to a more normal replacement activity going forward. We have maintained a strong focus on investing in innovation and growth in recent years while protecting profitability, which will serve us well as our markets recover.

在經歷數年與關稅、政府政策及地緣政治相關的干擾與不確定性之後，我們相信客戶未來將持續回到較為正常的汰換活動。近年來，我們在保護獲利能力的同時，仍維持對創新與成長投資的高度聚焦；隨著市場復甦，這將使我們受益良多。

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

以上為我們的預先準備發言。接線生，現在我想開放提問。

(Operator Instructions)

（接線生指示）

Dan Arias, Stifel.

Dan Arias，Stifel。

Good morning, guys. Thank you for the questions here. Shawn or Patrick, last quarter, you raised the guide for China. So I guess not a surprise to see the pickup there, but it does seem like maybe it improved a bit sooner. Can you just dive into the acceleration a bit?

各位早安。謝謝讓我提問。Shawn或Patrick，上季你們上調了中國的指引。所以看到那邊回升並不意外，但看起來似乎改善得更早一些。你們能否更深入談談這次加速的情況？

What does the momentum there look like when it comes to pharma versus non-pharma and just sort of the consistency that you expect in the coming quarters? If I remember correctly, the improvement seemed like it was due more to core industrial last quarter. So to what extent do you have pharma improvement sort of baked into the outlook for the rest of the year here?

就製藥相較於非製藥而言，那邊的動能看起來如何？以及您對未來幾季一致性的預期大概是什麼樣子？如果我沒記錯，上季的改善看起來更像是來自核心工業。所以，在今年剩餘期間的展望中，您把製藥端的改善納入（baked into）了多大程度？

Yes. Thank you, Dan. And yes, of course, we are very happy with the growth we have seen in China, 9% in Q2 was really a very strong result versus the guidance we initially had for the quarter. I mean the growth has really been led by Industrial, which had double-digit growth in China. We are benefiting from many of the core segments such as biopharma, but also food as well as the hot segments like investments in battery that is happening in China.

是的。謝謝你，Dan。是的，當然，我們對在中國看到的成長非常滿意，第二季 9% 的成長相較於我們一開始給該季的指引，確實是非常強勁的結果。我的意思是，成長確實主要由工業帶動，在中國實現了雙位數成長。我們受惠於許多核心細分領域，例如生物製藥，也包括食品，以及像是在中國正在發生的電池投資等熱門領域。

For Lab, the growth was a bit more modest. We expect continued improvement there also in the second half, both also from biopharma and maybe also academia will pick up towards the end of the year. We see or we had at least some indications of some additional funding for academia in China as well. But then again, also the good hot segments and the strong investments in areas like lithium battery and new energy. So overall, I would say, really led by industrial, the growth across many segments and pharma was a good part of that as well.

至於實驗室（Lab），成長稍微溫和一些。我們也預期下半年會持續改善，既來自生物製藥，也可能是學術端在年底前後會回升。我們也看到、或至少有一些跡象顯示，中國學術界可能會有額外資金挹注。但同樣地，也有那些熱門領域，以及在鋰電池和新能源等領域的強勁投資。所以整體而言，我會說主要由工業帶動，許多細分領域都有成長，而製藥也是其中相當重要的一部分。

Yes. Dan, then just to be specific, like in terms of the second half of the year, we're looking at high single digit now for China also for Q3 and for the full year. And we kind of -- this momentum that Patrick referred to on industrial, we feel very good about entering the second half. Also the trends around automation and digitalization that we talk a lot about, we're definitely seeing those benefits in China as well. And then I think as we kind of go into the second half of the year, too, we also feel like that the Lab business is gradually improving as well.

是的。Dan，具體來說，就今年下半年而言，我們現在對中國在第三季以及全年都看高個位數成長。而且對於 Patrick 提到的工業端動能，我們在進入下半年時感覺非常好。另外，我們常談到的自動化與數位化趨勢，我們也確實在中國看到這些效益。我想隨著進入下半年，我們也覺得實驗室（Lab）業務正在逐步改善。

Thank you Yes. Okay. And then maybe just on product inspection. A little bit of growth in that piece. I think you had been pointing to that being down a touch this quarter on some timing elements that you referred to.

謝謝，是的。好的。那再談一下產品檢測（Product Inspection）。那一塊有一點成長。我記得你們之前提到，本季因為一些你們提到的時點因素，會小幅下滑。

Can you just maybe expand on that? Was there anything that got pulled forward from 3Q as it relates to that timing? And then if you put the timing aspect aside, maybe just talk about spending and demand relative to the way that you saw things last quarter in PI specifically.

你能否再多說明一下？就時點而言，有沒有任何東西是從第三季提前拉到本季？另外，如果先把時點因素放一邊，能否就 PI（產品檢測）本身，談談支出與需求相較於上季你們看到的情況？

Yes. No, thanks, Dan. So if you remember, we had a really good Q1 in PI, and then we were trying to caution people that Q2 would be a little bit lighter just given the timing of how the project activity was looking like it was playing out. But as we kind of like go into the second half of the year, I mean, we feel very good. I mean, we're probably looking at mid-single-digit growth in the third quarter.

是的。不，謝謝你，Dan。如果你還記得，我們在 PI 的第一季表現非常好，然後我們也試著提醒大家，第二季會因為專案活動的時點安排，看起來會稍微淡一些。但當我們進入下半年時，我的意思是，我們感覺非常好。第三季我們大概會看到中個位數成長。

And for the full year, we're probably looking at high single-digit growth, which is probably more like mid-single-digit growth on an organic basis. But when you step back, 70% of that business is food manufacturing. So the -- from an end market perspective, not quite like pharma. But when we look at how the team is executing, we actually feel really good. I mean we talked a lot about the benefits of innovation in this business over the last few years, and we kind of continue to see that.

而全年我們大概會看到高個位數成長；若以有機基礎來看，可能更接近中個位數成長。但退一步看，該業務有 70% 來自食品製造。所以從終端市場角度來看，並不完全像製藥那樣。但就團隊的執行而言，我們其實感覺非常好。我們過去幾年談了很多這項業務在創新上的效益，而我們也持續看到這些成果。

We're coming out with a couple of new products this year, which is pretty exciting. And then this general strategy that we've talked a lot about in terms of how to better position ourselves for the mid-market segment seems to be working very well and well received in the marketplace.

今年我們會推出幾個新產品，這相當令人振奮。另外，我們一直談到的整體策略，也就是如何更好地讓我們在中端市場（mid-market）區隔中取得更佳定位，看起來運作得非常好，市場反應也很正面。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

Just wanted to maybe unpack some of the other trends from 2Q. I guess as we think about the revised guide in the back half of the year, can you just talk a little bit more about some of the underlying assumptions by end market and segment? Obviously, you just covered PI in China, but maybe walk through where you're changing your assumptions otherwise.

我想再拆解一下第二季的一些其他趨勢。我想，當我們思考下半年修訂後的指引時，你能否再多談一些按終端市場與事業部門/區隔（segment）的底層假設？顯然你們剛剛已經談到中國的 PI，但也許可以帶我們走一遍，看看你們在其他地方的假設有哪些調整。

Yes. Tycho, I'll take that one. Thank you. So I'll start with the product categories, and then I'll give you the division. So Lab for Q3 would be mid-single digit. Core Industrial, we're looking at low single digit. And I think it's important to remember that Core Industrial had a very challenging comparison to the prior year in Q3 of last year. It grew 10% organically. Product Inspection, mid-single digit, which I just said, and then Retail, we're guiding at flat. In terms of the Americas, we're guiding at low to mid-single digit.

好的。Tycho，我來回答這題。謝謝。我先從產品類別開始，然後再給你各事業部門的看法。第三季 Lab 會是中個位數成長。核心工業（Core Industrial）我們看低個位數成長。我想重要的是要記得，核心工業在去年第三季面臨非常具挑戰性的比較基期。去年第三季有機成長 10%。產品檢測（Product Inspection）是中個位數，我剛剛提過；零售（Retail）我們指引為持平。就美洲而言，我們指引為低到中個位數成長。

Again, this one had a more challenging comparison, just to highlight in Q3 of last year, which was up, I think, 9% organically. Europe, up low single digit. China, we talked about high single digit. And then maybe just to kind of wrap it up with the full year. Full year Lab would be low to mid-single digit.

同樣地，這一項在去年第三季也有較具挑戰性的比較基期；我想去年第三季有機成長大概是 9%。歐洲，低個位數成長。中國，我們談過是高個位數。然後最後用全年來做個收尾。全年 Lab 會是低到中個位數成長。

Core Industrial would be low to mid-single digit. Product Inspection would be high single digit. And of course, there's a little bit of acquisition from the -- largely from the first half of the year in these numbers. So Core Industrial would be low single digit organically. PI would be mid-single digit.

核心工業（Core Industrial）會是低到中個位數成長。產品檢測（Product Inspection）會是高個位數成長。當然，這些數字裡有一點併購貢獻——主要來自上半年。因此核心工業以有機基礎來看會是低個位數成長。PI 會是中個位數成長。

Retail would be low to mid-single digit. And if we look at the regions, Americas would be low single digit or about flattish organically. Europe would be low single digit and then China would be high single digit.

零售（Retail）會是低到中個位數成長。如果看區域，美洲會是低個位數，或以有機基礎來看大致持平。歐洲會是低個位數，而中國會是高個位數。

Okay. Very helpful. And then a follow-up, you've guided 2.5% on price for 2Q. Just curious where you landed and what you're thinking for the back half of the year? And then separately, did you capture -- recapture any of the delayed chemical orders?

好的。非常有幫助。接著追問一下，你們對第二季的價格（price）指引是 2.5%。想請教最後實際落點在哪裡，以及你們對下半年的看法是什麼？另外，分開問一下，你們是否有追回——也就是重新拿回——任何延遲的化學品訂單？

Yes, sure. So on the pricing side, continue to be really pleased with the team's execution. But ultimately, pricing comes back to value proposition. I think a lot of the investments we've been making over the last few years on innovation continue to pay off well. So in the end, our price realization for the quarter was around 3%. So we're very happy with that. So a little bit better than the 2.5% that you were mentioning in terms of our original guidance.

好的，當然。在定價方面，我們持續對團隊的執行感到非常滿意。但歸根結底，定價回到的是價值主張。我認為我們過去幾年在創新上的許多投資，持續帶來很好的回報。所以最終，本季我們的價格實現（price realization）大約是 3%。因此我們對此非常滿意。也就是說，相較於你提到我們原先指引的 2.5%，表現略好一些。

Towards the end of the quarter, we also put in place some additional pricing measures isolated in a few areas where we were seeing a little bit of inflationary pressures. So our guidance for the second half of the year is more in the 2.5% kind of a range. And again, we're -- as a reminder, we're also lapping a lot of the midyear price increase actions that we did last year in response to all the tariffs from last year.

在本季接近尾聲時，我們也在少數幾個看到些許通膨壓力的領域，採取了一些額外且具針對性的定價措施。因此，我們對下半年給出的指引大約是在 2.5% 左右的區間。再提醒一次，我們也正好在比較基期上，會遇到去年年中因應去年所有關稅而採取的多項漲價行動。

So when you kind of wrap that all up, our full year price realization is now approaching 3% for the full year. I think the other part of your question was China -- I mean, not China, Chemical, Europe, do you want to take that one or --

所以把這些因素綜合起來看，我們全年價格實現（price realization）目前已接近全年 3%。我想你問題的另一部分是中國——我是說，不是中國，是化學、歐洲，你要不要接那題，或——

I can take that one. Tycho, so yes, on chemical, just as a reminder, I mean, overall, it's under 15% of our total sales, and we had probably the biggest exposure across Industrial and Lab for chemical. It's -- for us, it's mostly specialty chemicals. And when we talked in Q1 about the pressures we have seen in the EU, it was mainly energy related. It's our view on things.

我可以回答那題。Tycho，所以是的，關於化學品，先提醒一下，整體來看它占我們總銷售額不到 15%，而我們在化學品方面最大的曝險大概分布在工業與實驗室兩個部門。對我們而言，主要是特用化學品。我們在第一季談到在歐盟看到的壓力時，主要是與能源相關。這是我們對情勢的看法。

Actually, the EU chemical results were better in Q2, so they recovered. And -- but we still would say we take a bit more cautious stance on the overall segment still because they are more exposed to energy cost fluctuations than other segments that we're seeing. And -- but overall, of course, in the quarters to come, we will also have easier comps in the segment.

其實歐盟化學品在第二季的結果更好，所以已經回升。不過我們仍會對整體該細分市場採取較為審慎的立場，因為相較於我們看到的其他細分市場，它們對能源成本波動的曝險更高。此外，當然在接下來幾季，該細分市場的比較基期也會更容易。

Josh Waldman, Cleveland Research.

Josh Waldman，Cleveland Research。

Hey, thanks for taking my questions. I think one for Patrick and one for Shawn. Patrick, nice to see the reacceleration in Lab. I guess, can you give more details on what drove this? It would be great to get a sense on what you're hearing from customers on the why behind the inflection in the second quarter following what would seem to be a softer start to the year. Was it budgets being delayed, concern around the war or other?

嗨，謝謝回答我的問題。我想一題給 Patrick，一題給 Shawn。Patrick，很高興看到實驗室（Lab）業務再度加速。我想請你多分享一些是什麼驅動了這個表現？也希望了解你從客戶那邊聽到的原因：為什麼在第二季出現轉折點，而年初看起來相對疲弱？是預算延後、對戰爭的擔憂，或其他因素？

And then as you think about durability kind of going forward, the comps get more difficult, but it sounds like you're expecting mid-singles again in the third quarter. Do you think Lab kind of should stay in the steady state of mid-single digits here as we work through the second half and maybe into '27?

另外，當你思考未來的持續性時，比較基期會變得更具挑戰，但聽起來你們仍預期第三季會再有中個位數成長。你認為實驗室業務在我們走過下半年、甚至到 27 年，是否應該會維持在中個位數的穩態水準？

Yes. We will not talk -- thanks, Josh. We will not talk about '27 yet. But of course, we are actually quite delighted with how Lab is performing. And a lot of that is based not only on our strong go-to-market strategy and our local market teams that we have that are really very close to our customers.

是的。謝謝你，Josh。我們現在還不會談 27 年。但當然，我們對實驗室業務的表現其實非常滿意。這很大一部分不僅來自我們強而有力的市場進入（go-to-market）策略，也來自我們在各地市場的團隊，他們與客戶保持非常緊密的連結。

I think it's also based on the fact that we have really put a lot of effort into innovation over the last years. We launched a lot of new great products across the Lab portfolio. And within Lab, at the moment, of course, the process analytics business is performing extremely well in biopharma, as you can imagine. So that drives a lot of the growth as well. And then you look at the rest of the portfolio that we have, analytical instruments have been very good in Q2, and we see that also moving forward.

我認為這也建立在我們過去幾年在創新上投入了大量心力。我們在實驗室產品組合上推出了許多很棒的新產品。而在實驗室業務內，目前製程分析（process analytics）在生物製藥領域表現非常強勁，這點你可以想像。因此也帶動了相當多的成長。再看我們其餘的產品組合，分析儀器在第二季表現非常好，而且我們也看到這個趨勢會延續。

We saw the pipette business coming back to growth as well last quarter, which is very promising. So I would say, yes, we're actually quite pleased with the momentum we have in Lab moving forward. We do expect, as Shawn said, for Lab mid-single digits growth about that range. And it's pretty broad-based. I think if there is even some upside to this, it would be potentially an acceleration in China that still has to materialize.

我們也看到移液器（pipette）業務在上一季恢復成長，這非常令人振奮。所以我會說，是的，我們對實驗室業務接下來的動能相當滿意。如 Shawn 所說，我們確實預期實驗室業務會有大約中個位數的成長，落在那個區間。而且成長相當廣泛。我想若還有一些上行空間，可能會來自中國的加速，但那仍有待實現。

Again, we saw some initial good momentum, but that was more in Industrial in China, and I think Lab is more to come. Overall, extremely well positioned for lab products with our LabX software platform. As you know, we provide about 40% of the instruments that are used typically in the QA/QC lab and most of them are connected to our LabX portfolio, which gives our customers a really unique opportunity to do just their testing in a very compliant way and using LabX as a complete workflow control system and also aggregate the data to use AI on the next level if they want to. So it's -- I think we are very pleased with where we are with Lab, and I think there's more to come. Thank you.

我們確實看到一些初步的良好動能，但那更多是在中國的工業業務上，我認為實驗室業務的表現還在後面。整體而言，憑藉我們的 LabX 軟體平台，我們在實驗室產品方面的定位非常好。如你所知，我們提供了通常在 QA/QC 實驗室中使用的約 40% 儀器，其中大多數都連接到我們的 LabX 產品組合，這讓客戶有一個非常獨特的機會：以高度合規的方式完成測試，並以 LabX 作為完整的工作流程控制系統，同時彙整資料，若他們願意，還能在更高層次上運用 AI。所以——我想我們對實驗室業務目前的狀況非常滿意，而且我認為後續還有更多可期。謝謝。

Yes. Good to hear. Okay. And then, Shawn, can you give an update on how margins are tracking versus your plan? Any updated view on the full year margin expectation? I mean it seems like you're tracking ahead of plan. Is this reflecting moving pieces on the tariff refunds? Or are there other drivers you'd highlight?

是的。很高興聽到。好的。那 Shawn，你能更新一下目前毛利率/利潤率相對於你們計畫的進度嗎？對全年利潤率展望有沒有更新的看法？看起來你們似乎跑在計畫之前。這是反映關稅退稅（tariff refunds）相關的變動因素嗎？還是你會強調其他驅動因素？

Yes. So just to be clear, the tariff refund topic is excluded from our results, our adjusted results and our guidance. Now of course, changes in tariff rates is a different story. And so that can be a factor here. But we feel very good about the team's execution.

是的。先說清楚，關稅退稅這個議題不包含在我們的結果、我們的調整後結果以及我們的指引之中。當然，關稅稅率的變動則是另一回事。因此那可能會是其中一個因素。但我們對團隊的執行力感到非常有信心。

We really -- I think we've been trying to like really focus on this always in the past. I think if you look at the different initiatives that we have kind of underlying margin expansion like the SternDrive program, productivity programs, cost savings initiatives, they're all, I think, very important. And I think it definitely highlights, I think, some of the culture in the company as well. If we look at Q2, you kind of heard we -- if you look at the operating margin, we were up like 100 basis points if you exclude currency. If you look at that from a full year perspective in terms of what we're thinking for 2026, we'll probably be, excluding currency, probably up 60, 70 basis points, maybe modestly better than what we were thinking before.

我們真的——我想我們過去一直都很努力把焦點放在這上面。如果你看我們推動利潤率擴張的各項底層措施，例如 SternDrive 計畫、生產力計畫、成本節省措施，我認為它們都非常重要。而且我想這也確實凸顯了公司的一些文化特質。如果看第二季，你也聽到我們——若看營業利益率，在排除匯率影響後，我們大約提升了 100 個基點。若從全年角度、以我們對 2026 年的看法來看，排除匯率後，我們可能會提升約 60 到 70 個基點，或許會比我們先前的想法略好一些。

Now there's some currency in that. So on a reported basis or not excluding currency, it would be up slightly, maybe in the 10 to 20 basis point kind of range. And that's at the operating margin level, yes.

不過其中有一些匯率因素。因此以報表口徑、也就是不排除匯率來看，可能只會小幅上升，大概在 10 到 20 個基點的區間。而這是就營業利益率層級而言，是的。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Hi, guys. Thank you for taking my question. I guess, Shawn, my first one, a quick housekeeping. What was FX in M&A contribution in the quarter?

嗨，各位。謝謝回答我的問題。我想，Shawn，我第一題是個快速的例行問題。本季外匯（FX）與併購（M&A）的貢獻是多少？

Yes, it was about -- so in terms of -- you're talking -- I'm sorry, Vijay, you said -- did you say FX in M&A in terms of revenue?

是的，大約——就——你是指——抱歉，Vijay，你剛剛說的是——你是指營收方面的外匯與併購嗎？

Foreign exchange.

外匯。

Yes, yes. So I usually don't think in terms of foreign exchange. So the acquisition contribution was about 1.5%. And then in terms of FX, I think if you kind of like look at our reported numbers versus our local currency, it implies 1%. But I think with rounding, it's north of 1%.

是的，是的。我通常不會用外匯的角度來思考。併購的貢獻大約是 1.5%。至於外匯方面，我想如果你把我們的報表數字和本地貨幣數字做比較，推算大約是 1%。但考量四捨五入，應該會略高於 1%。

That's helpful. And I guess when I look at the updated guidance, Shawn, when you do the math, I think the implied exit rate for Q4 is somewhere between 4% to 5%, depending on the midpoint or high end of the guidance. That's a step-up, right? That's a sequential step-up from 3Q. I know in the past, you've spoken about the backlog and order visibility, right? Is that what's driving the sequential step-up? Like what gives the confidence in this fourth quarter exit rate?

這很有幫助。而且我想，Shawn，當我看更新後的指引並做一下計算時，我認為第四季的隱含退出成長率大約在 4% 到 5% 之間，取決於指引的中位數或高端。這是上升一個台階，對吧？這是相較第三季的連續性上升。我知道過去你談過積壓訂單和訂單能見度，對吧？是這些因素在推動這個連續性上升嗎？也就是說，是什麼讓你們對第四季這個退出成長率有信心？

Yes. So I think -- so Vijay, a couple of things. So first of all, I think if you look at it from a growth perspective, yes, the implied Q4 is a little bit higher than the Q3 guidance. I think a lot of that also has to do with the fact that Q3 has a much more challenging comparison to the prior year. I kind of called out a little bit the industrial business as an example, and also the Americas had a challenging comp.

是的。所以我想——Vijay，有幾點。首先，我認為如果從成長的角度來看，是的，隱含的第四季確實比第三季指引略高一些。我想其中很大一部分也與第三季相較去年同期的比較基期更具挑戰性有關。我稍早以工業業務作為例子提到過一點，另外美洲地區的比較基期也很具挑戰。

So I think that's kind of part of it. But I think if you also just look at sequentials in terms of just like the flow of quarters and dollars from one quarter to another, I feel like the sequentials are pretty in line with historical sequentials. And then as we kind of like exit the year, we feel like we have some good momentum entering into the back half of the year. And I think, yes, when you look at what we're seeing in the business today, we definitely feel good about the momentum that we're kind of carrying into the second half.

所以我想這是其中一部分原因。但我認為如果你也只是從季度之間金額流動的連續性來看，我覺得這些連續變化其實相當符合歷史的季節性走勢。然後當我們接近年底時，我們覺得在進入下半年時有不錯的動能。而且我想，是的，當你看我們今天在業務上看到的情況，我們確實對我們帶入下半年的動能感到樂觀。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行。

Great. Thanks for taking the question, guys. Maybe I want to dig a little bit more into biopharma. It sounds like that's one of the places you're feeling a little bit better this quarter. I had some comments on bioprocess analytics, bioproduction balances. Just would love to expand more on that. Did you see -- was it sort of like -- how big of a step-up was it?

很好。謝謝讓我提問，各位。也許我想再更深入談一下生物製藥。聽起來這是你們本季感覺稍微好一些的領域之一。我聽到一些關於生物製程分析、生物生產天平（衡器）的評論。很希望你能再多展開說明。你們看到——是那種——它的提升幅度有多大？

Was it above your expectations? Anything about where you're seeing that momentum the most and just expectations for that going forward? Do you feel like you're early on? Or you've already sort of like crested it, if you know what I mean?

有高於你們的預期嗎？你們主要在哪些地方看到這個動能，以及對未來的預期是什麼？你覺得你們還在早期階段嗎？還是如果你明白我的意思，你們其實已經差不多到頂、開始回落了？

Yes. Thanks, Mike. I'll take that question. Look, let's talk about biopharma and bioprocessing here. I'll start with bioprocessing, which is overall, I think, a low double digit of our total sales. It's mostly Pro, but also part of the Industrial Automation portfolio plays here. Pro had really good growth again in Q2, especially in the Americas with bioprocessing. And there's also some good equipment demand from industrial coming on from these automation providers where we serve them with our automation solution equipment from industrial products that we have.

是的。謝謝，Mike。我來回答這個問題。你看，我們來談談生物製藥和生物製程。我先從生物製程開始，整體來說，我認為它約占我們總銷售額的低雙位數百分比。主要來自 Pro，但工業自動化產品組合也有一部分在這裡發揮作用。Pro 在第二季再次有非常好的成長，尤其是在美洲的生物製程方面。另外，工業端也有一些來自自動化供應商的設備需求增加，我們以工業產品的自動化解決方案設備來服務他們。

So there's really good momentum there. When you ask about the investments in pharma and biopharma, you're probably referring here to the reshoring activities, I guess. We -- I think we are -- number one, we are extremely well positioned for that because about 50% of our sales go into production, plus about 20% QA/QC, where we cover a lot of the value chain there.

所以那裡的動能非常不錯。當你問到製藥與生物製藥的投資時，我猜你指的是回流（reshoring）活動。我們——我認為我們——第一，我們在這方面的布局非常到位，因為我們約 50% 的銷售進入生產端，另外約 20% 在 QA/QC（品質保證/品質控制），我們在那裡覆蓋了很大一段價值鏈。

And we are in an excellent position with our biopharma portfolio, but also helping on the industrial automation portfolio. We see some good activities, some RFQs here related to reshoring, but I still would say it's early innings. I think this momentum will continue to pick up in the second half and also as we go into 2027. But yes, there are some activities and you probably all have heard about companies expanding their manufacturing in the US.

而且我們在生物製藥產品組合上處於極佳位置，同時也能在工業自動化產品組合上提供協助。我們看到一些不錯的活動、一些與回流相關的 RFQ（詢價/報價請求），但我仍會說這還在早期階段。我認為這股動能會在下半年持續增強，並且延續到 2027 年。但沒錯，確實有一些活動，而且你們大概也都聽說有公司正在擴大其在美國的製造。

I think until then, there will be really some groundbreaking of additional facilities that will still take some time, and then there will be more investment coming in the years '27 and '28. For now, again, most of what we see is facility investments and capacity expansion in the US.

我想在那之前，新增設施的實際動工仍需要一些時間，然後在 2027 年與 2028 年會有更多投資進來。就目前而言，我們看到的多數仍是美國境內的廠房投資與產能擴張。

And another interesting dynamic too is like there's been a lot of questions and talk about replacement cycles. And if you just look at our results in Q2 and Q1 quarter doesn't necessarily make a trend, but it was encouraging to see very strong growth in the analytical instrument business as well as laboratory balances. And if you think about the types of instruments that are typically on a QA/QC bench, those categories actually did very well in the quarter here.

另外一個有趣的動態是，大家也問了很多、談了很多關於汰換週期。如果只看我們第二季和第一季的結果，單一季度不一定能形成趨勢，但看到分析儀器業務以及實驗室天平（衡器）都有非常強勁的成長，這是令人鼓舞的。而如果你想想 QA/QC 工作台上通常會有哪些儀器，那些品類在本季其實表現非常好。

Okay. Okay. And then maybe just going back to what Vijay was just asking about in terms of the second half outlook. Yes, as you just touched on in that answer, you do have a little bit of a step-up. But you also talked about in your prepared remarks expectations for Middle East and geopolitics and the macro and all that.

好的。好的。那再回到 Vijay 剛剛問的下半年展望。是的，正如你在剛才的回答中提到，你們確實有一點上升。但你們在事先準備的發言中也談到對中東、地緣政治、宏觀環境等等的預期。

It sounds like you're not expecting -- you're kind of expecting status quo for that. I guess what I'm trying to get at is, it feels like you did get bit by that a little bit in the first quarter. So I just kind of want to get at how much buffer there is in the guide if things do escalate, just maybe a degree of conservatism or areas of upside potentially to offset if the macro–Middle East gets a little bit worse, just sort of a repeat of what happened in 1Q.

聽起來你們並不預期——你們大致是預期維持現狀。我想問的是，我感覺你們在第一季確實有被那個因素影響到一些。所以我想了解，如果情勢升級，指引裡有多少緩衝空間——也就是可能有多少保守性，或有哪些潛在上行空間可以抵消，假如宏觀——中東情勢變得更糟一些，某種程度上重演第一季發生的事。

Yes. Mike, maybe I'll take that one and Patrick can add some color if you'd like. But I think there's a little bit of a difference right now. I think one is like there is very strong momentum that we're seeing in terms of customer activity. And so we feel very good about how we're sitting to the second half.

是的。Mike，也許我來回答這題，Patrick 若你願意也可以補充一些說明。但我認為現在有一點不同。其中之一是，我們看到客戶活動的動能非常強。因此我們對下半年的態勢感到非常有信心。

Now we always acknowledge we're pretty short cycle with 1.5 months of backlog. But when we look at everything holistically, we actually feel good, and we start to lap also some topics from a year ago like academia and biotech, which are smaller end markets in general, but we feel like some of these end markets are starting to improve. We're starting to see growth again in the pipetting, liquid handling business, which has also been really good. It's been a headwind for a while for us. If you look at like the Q1 dynamic, like you mentioned, absolutely.

當然我們也一直承認，我們的週期相當短，積壓訂單大約只有 1.5 個月。但當我們整體來看所有因素時，我們其實感覺不錯，而且我們也開始進入與去年一些議題的比較基期，例如學術與生技——這些整體而言是較小的終端市場，但我們覺得其中一些終端市場正在開始改善。我們也開始看到移液、液體處理業務再度成長，這也非常好。這段時間它一直是我們的逆風。如果你看你提到的第一季動態，確實如此。

And I think one of the issues there was that we had expected companies to maybe start the year slow. I think with all the uncertainty that was hitting companies right at the beginning of the year, one of the things we kind of felt was that a lot of customers were holding off on finalizing budget commitments within their organization. So a lot of things were also getting held up as kind of like a generic statement. Right now, it seems like people have their budgets. They know what they want to do.

我想其中一個問題是，我們原本預期企業可能在年初會放慢。我認為在年初就衝擊企業的各種不確定性之下，我們感受到的一點是，很多客戶延後在其組織內敲定預算承諾。所以很多事情也被延宕了，作為一個概括性的說法。而現在看起來，人們已經有了預算。他們知道自己想做什麼。

There are the projects. And while things can always change, we feel like there's pretty good momentum going into the second half of the year. And then I think we'll learn a lot more about what it means over the next three months, and it might be more of a question on what it could mean for 2027. But I think the reality is that there's a lot of dynamic topics going on always in the world, and we'll continue to monitor them. But regardless of the environment, I feel like the team is trying to stay focused on what we can control and executing well.

這些就是相關專案。雖然情況隨時可能改變，但我們覺得進入下半年時動能相當不錯。接下來三個月我們會更清楚了解這代表什麼，而這可能更像是在探討它對 2027 年可能意味著什麼。但我認為現實是，世界上一直都有很多動態議題在發生，我們會持續監控。不過不論環境如何，我覺得團隊都在努力專注於我們能控制的事情，並把執行做好。

Jack Meehan, Operon Research.

Jack Meehan，Operon Research。

Thank you. Good morning, guys. I had a couple of follow-up guidance questions for you. The first is, so if I just look at EPS, you beat the second quarter by about $0.70 and the midpoint of guidance is going up by $0.70.

謝謝。各位早安。我有幾個關於指引的追問。第一個是，如果我只看 EPS，你們第二季大約超出 $0.70，而指引中位數也上調了 $0.70。

So it seems like a lot of the raise is related to what you saw in the second quarter. So just trying to square that with your comment that overall, it seems like conditions are improving. Just is that conservatism? Or are there other offsets that you're building in at this point?

所以看起來上調的很大一部分與你們在第二季看到的情況有關。我只是想把這點和你們提到「整體而言，狀況似乎正在改善」的評論對照起來。這是出於保守嗎？還是你們此刻納入了其他抵銷因素？

Yes. I think it's fair, Jack. I mean I think if you kind of like look at how we're -- how the second half -- like very happy with our Q2 results, of course, very happy to raise guidance for the full year, very happy with the momentum we're seeing in the business, acknowledge if you're trying to look at what your second half model looks like today versus three months ago.

是的。Jack，我覺得這樣問很合理。我的意思是，如果你大概看看我們——下半年——我們當然對 Q2 的結果非常滿意，也很高興上調全年指引，對我們在業務上看到的動能也很滿意；同時也理解，如果你想比較今天你對下半年的模型，和三個月前相比會是什麼樣子。

It looks like maybe there's a little bit of conservatism or moderation slightly. It's not reflecting anything we're seeing in the business, but we feel like maybe that kind of derisks any concerns out there for any of the geopolitical stuff, and we feel generally pretty good as we kind of go into the second half of the year.

看起來可能會稍微保守或略為溫和一些。這並不是反映我們在業務上看到的任何狀況，但我們覺得這樣或許能降低外界對任何地緣政治因素的疑慮風險，而整體而言，進入下半年我們感覺相當不錯。

Great. And then I wanted to poke a little bit more at the Core Industrial business. You talked about chemicals a bit. I'm actually not sure if some of that overlaps in the Lab, but we now have six months in a row of U.S. manufacturing PMIs over 50.

很好。接著我想再多問一點核心工業（Core Industrial）業務。你們提到一些化學品相關內容。我其實不確定其中一些是否與實驗室（Lab）有重疊，但我們現在已經連續六個月看到美國製造業 PMI 高於 50。

So felt like we might see a little bit more momentum there. I was wondering if you could just talk about more like the macro sensitive stuff, like if you think there's still some of that correlation or if there's a reason why maybe it diverges for some reason?

所以原本覺得那邊可能會看到更多動能。我想請你們談談更偏向對總體環境敏感的部分：你們認為那種相關性是否仍然存在？或是是否有原因使它在某些情況下出現背離？

Yes. No, it's a good question because if you kind of look at -- well, first of all, there's a couple of different things. The one thing that isn't necessarily evident in the results until you like look internally and unpack them is like the categories that are really supporting automation and digitalization around the world are actually growing very well, and we see that. We also -- while we're less correlated to PMIs than we were 10 years ago, we also recognize that when the economy does better, we generally should do better as well, too. And even though there's a little bit of a delay.

是的。不，這是個好問題，因為如果你看——首先，有幾個不同的面向。有一點在結果上不一定那麼明顯，除非你往內部看並拆解：也就是在全球支持自動化與數位化的品類其實成長得非常好，我們也看得到。另外——雖然我們與 PMI 的相關性不像 10 年前那麼高——我們也認知到，當經濟表現更好時，我們通常也應該會表現更好。即便中間會有一些延遲。

But the one thing that maybe doesn't jump out is that within Industrial, there can be small pockets of project activity. And one of those pockets is our transportation and logistics business. And the reality is there's just like some timing going on with larger customer projects, and that's kind of like mitigating some of the other positive results you're seeing in that business. But overall, we feel actually quite good. And if you kind of like look at even our Q3 guide, despite lapping also some pretty large comps in industrial as well as the Americas from a year ago, we actually feel pretty good about our guidance and how the outlook is for the second half.

但有一點可能不那麼顯眼的是，在工業（Industrial）內部，可能會有一些小區塊的專案活動。其中一個區塊是我們的運輸與物流業務。而現實是，較大型客戶專案的時點上就是有一些時間差，這在某種程度上抵銷了你在該業務中看到的其他正面成果。但整體而言，我們其實感覺相當不錯。而如果你看我們甚至對 Q3 的指引，儘管我們也要面對工業以及美洲地區去年同期一些相當大的比較基期，我們對指引以及下半年的展望其實相當有信心。

Luke Sergott, Barclays (Operator Instructions)

Luke Sergott，Barclays(Operator Instructions)

Casey Woodring, JPMorgan.

Casey Woodring，JPMorgan。

Great. Thank you for taking my questions. Now that we're in the back half of the year, curious just how reshoring conversations have trended, if those have picked up at all? And if you would expect orders to roll through here before the year-end?

很好。謝謝回答我的問題。現在我們進入下半年，想請教回流生產（reshoring）的相關對話趨勢如何，是否有任何升溫？以及你們是否預期訂單會在年底前逐步反映出來？

Yes. Casey, I mean I think I partly at least addressed it in one of my former answers. Yes, we see some activity there with RFQs that are related to reshoring, again, as customers are expanding manufacturing in the United States, that is a good indication that there's more business to come. Again, the larger factories and investments still have to be made. So they are still early innings.

是的。Casey，我想我在前面某個回答中至少部分提到過。是的，我們確實看到一些與回流生產相關的 RFQ（詢價/報價請求）活動；同樣地，當客戶在美國擴增製造產能時，這是未來會有更多業務的良好指標。再次強調，更大型的工廠與投資仍需要落地。所以目前仍在非常早期的階段。

But we see -- we truly see the pharma, biopharma investments as largely incremental for us moving forward when you think about biopharma CapEx plans, especially when it comes to instrumentation, think about the tank scale, think about the QA/QC lab. So there will be moving forward, some good momentum. And we are, of course, in a lot of discussions with some of our key customers there about their plans. And it's still early innings, but yes, the momentum has picked up, and we are pretty positive that this will carry well into 2027, 2028.

但我們看到——我們確實認為，當你考量生物製藥資本支出（CapEx）計畫時，製藥與生物製藥的投資對我們而言在未來很大程度上是增量貢獻，尤其是在儀器設備方面；再想想槽體規模（tank scale），以及 QA/QC 實驗室。因此往前看，會有不錯的動能。當然，我們也正與那裡一些關鍵客戶就其計畫進行大量討論。雖然仍在早期階段，但沒錯，動能已經回升，我們相當正面地認為這將一路延續到 2027、2028 年。

Got it. That's helpful. And then, Patrick, can you just walk through how performance trended in the Americas by business segment and end market? Curious on how things like academia and government and biotech trended, right? Like you mentioned pipetting returned to growth.

了解。這很有幫助。另外，Patrick，你能否帶我們走一遍美洲地區按業務部門與終端市場的表現趨勢？我想了解像學術與政府、以及生技（biotech）的走勢如何？例如你提到移液（pipetting）回到成長。

So within that 1% organic number in Americas, I would just be curious to hear what drove that and maybe what's still lagging and how you would see that region playing out in the back half?

所以在美洲 1% 的有機成長數字裡，我想聽聽是什麼驅動了這個結果，以及目前還有哪些落後項；另外你們如何看待該區域在下半年的走勢？

Maybe, Shawn, you can repeat again how you guided Americas for Q3 and for fiscal year.

也許 Shawn，你可以再重複一次你們對美洲在 Q3 和全年是怎麼給指引的。

Yes. So the Americas, the guide for Q3 is low to mid-single digit. But again, we're lapping 9% in the prior year. And if you kind of like look at the different end markets, I don't know, Patrick, if you want to contribute here, but I can kind of run with it if you want, like in terms of like the end markets, we're certainly seeing improvement in some of the areas that have been softer like academia or biotech. And our pipetting business is a good example of that.

好的。美洲方面，Q3 的指引是低到中個位數成長。但同時，我們去年同期的比較基期是 9%。如果你看不同的終端市場，我不確定 Patrick 你是否想補充，但如果你願意我也可以先說：就終端市場而言，我們確實看到一些先前較疲弱的領域正在改善，例如學術或生技。而我們的移液業務就是一個很好的例子。

It's larger exposures for that business, smaller for the Americas overall. So that feels pretty good. Bioprocessing has been a very hot segment in the US for us. A lot of the different like hot segments as well like process analytics particularly benefits from like power, semiconductor are also doing very well.

對那個業務來說，這些曝險比重更大；但對整體美洲而言比重較小。所以這讓人感覺相當不錯。生物製程（bioprocessing）在美國對我們而言一直是非常火熱的區塊。另外一些同樣很熱的領域，例如製程分析（process analytics），特別受惠於電力、半導體等，也都表現非常好。

And then if you think about like these trends around industrial automation, digitalization, good momentum there, as I mentioned. And like Patrick said, onshoring, we're well positioned for it, but still probably very early innings there.

再者，如果你想到工業自動化、數位化這些趨勢，如我提到的，那裡也有不錯的動能。而且如 Patrick 所說，回流生產（onshoring），我們的布局很到位，但可能仍然非常早期。

And then what was also nice is just like I kind of commented on earlier about like if you think about the value chain, that QA/QC space where like analytical instrumentation, like that was a nice -- that was good momentum also in the quarter. So I think kind of like the setup, the trends continue to, I think, go generally in a good direction. We do get lumpiness from time to time from things like retail. But if you kind of look beyond that, the underlying business looks positive today.

另外一個也很不錯的點是，就像我先前提到的，如果你從價值鏈來看，QA/QC 那一塊，例如分析儀器等，在本季也帶來了不錯的動能。所以我認為整體的佈局、趨勢仍在延續，而且大方向上是朝著好的方向發展。我們確實會不時因為像零售這類因素而出現波動。但如果你把這些短期波動放在一邊看，今天的基本面看起來是正向的。

Kallum Titchmarsh, Morgan Stanley.

Kallum Titchmarsh，摩根士丹利。

Great. Good morning, guys. Thanks for the question. Maybe just following up on Tycho's question on price. Could you maybe just break out a bit more specifically which segments and geographies you've been more aggressive with on price just as we think about performance in the quarter?

很好。各位早安。謝謝讓我提問。我想延續一下 Tycho 關於價格的問題。就本季表現來看，你們能否更具體拆解一下，哪些事業部門與哪些地區在價格上採取了更積極的作法？

And then obviously, that 2%, I believe, is the long-term assumption for price. But just given the uptick in end market health and some of the innovation you've spoken to, any reason why that couldn't sit above 2% when we think about 2027 and beyond?

另外，顯然那個 2% 我理解是長期對價格的假設。但考量終端市場健康度回升，以及你們提到的一些創新，為什麼在我們看 2027 年及之後時，價格成長不能高於 2% 呢？

Yes. We'll talk probably more about those types of assumptions at our upcoming Analyst Day, but I certainly wouldn't expect us to come out with a higher price increase guidance than 2%. We feel pretty good about that one for the long term. In terms of breaking it down, Kallum, we typically wouldn't get into too much detail, but maybe a good way to think about it is that we tend to do well in most geographies in the world.

是的。我們可能會在即將到來的分析師日更深入談這類假設，但我確實不預期我們會提出高於 2% 的價格上調指引。我們對長期維持 2% 這個假設相當有信心。至於拆解細項，Kallum，我們通常不會講得太細，但比較好的理解方式是：我們在全球大多數地區的表現都不錯。

And -- but geographies where there's higher inflationary pressures are going to have higher price increases. And so for example, like in the United States, of course, we had a lot of the tariff pressures a year ago. So of course, the US would have had a higher price realization than some of the other geographies.

不過，通膨壓力較高的地區，價格上調幅度也會更高。例如在美國，當然我們一年前面臨了不少關稅壓力。因此，美國的價格實現（price realization）自然會高於其他一些地區。

Great. And I know they're relatively small portions of the business, but maybe just talk us through in a bit more detail what you've seen in the high-growth areas like bioprocess and semis. And then for those areas, I guess, are you comfortable with the portfolio you have today of products? Or would there be appetite to perhaps offer something broader for the future?

了解。我知道它們在整體業務中占比相對不大，但能否更詳細談談你們在生物製程（bioprocess）與半導體（semis）等高成長領域看到的情況？另外，對於這些領域，你們對目前的產品組合是否滿意？或是未來是否有意願提供更廣泛的產品/方案？

Yes. Thanks, Kallum. These hot segments, whether it's semiconductor, battery, GLP-1 and others, these are all low single-digit contributors to our overall sales, but they see really good growth. And of course, our market teams are really focused on solutions for these areas. So I would say we play well in them.

是的。謝謝你，Kallum。這些熱門領域，不論是半導體、電池、GLP-1 或其他，對我們整體銷售的貢獻都屬於低個位數占比，但成長表現非常好。當然，我們的市場團隊也非常專注於為這些領域提供解決方案。所以我會說我們在這些領域的布局與表現都不錯。

If you look at the US, as Shawn said, semiconductor definitely is a really good segment, GLP-1s, the whole biopharma segment. If you go to other areas around the world, if you go to, for example, to China, the battery segment is really also back there to very good momentum and also investment in biopharma and GLP-1s. But don't think this is the larger part of our business.

以美國來看，如 Shawn 所說，半導體確實是一個非常好的領域，GLP-1，以及整個生物製藥（biopharma）領域也是如此。如果看全球其他地區，例如中國，電池領域也重新回到很好的動能，同時在生物製藥與 GLP-1 方面也有投資。但不要以為這些就是我們業務的主要部分。

Again, the broader part of our business is in pharma, biopharma, in chemical and food and other areas, but these hot segments are important from us from a perspective that we really want to maximize our growth in these areas as well, and we do very strategic investments when it comes to solutions for these end markets and working very, very close with customers whenever they need specific tailored solutions for their segments. For example, we had very good results there, working closely with some of the largest battery manufacturers over the last couple of years to make sure that we develop tailored solutions that really drove significant growth for us in these areas.

再說一次，我們更大部分的業務是在製藥、生物製藥、化工、食品以及其他領域；但這些熱門領域對我們很重要，因為我們也希望在這些領域把成長最大化，並且在面向這些終端市場的解決方案上進行非常策略性的投資，同時在客戶需要特定客製化解決方案時，與客戶非常、非常緊密地合作。例如，過去幾年我們與一些最大的電池製造商密切合作，確保我們開發出量身打造的解決方案，這也確實推動了我們在這些領域的顯著成長，並取得了非常好的成果。

Evie Koslosky, Goldman Sachs.

Evie Koslosky，高盛。

Hi. Thank you for taking my questions. So first, I guess, maybe touch on the Lab business and what's driving that improvement. Are you starting to see pharma invest more heavily in sort of lab in the loop and automation capabilities as they look to shore up some of their AI strategies? Or would you characterize the improvement in pharma and Lab as just kind of general certainty coming back to the market?

嗨。謝謝回答我的問題。首先，我想請你們談談實驗室（Lab）業務，以及推動改善的因素是什麼。你們是否開始看到製藥公司為了強化其 AI 策略，而在「lab in the loop」與自動化能力上加大投資？還是你會把製藥與 Lab 的改善，描述為市場整體不確定性下降、信心回流所帶來的普遍性回升？

So first, I guess, maybe touch on the lab business and what's driving that improvement. Are you starting to see pharma invest more heavily in sort of lab-in-the-loop and automation capabilities as they look to shore up some of their AI strategies? Or would you characterize the improvement in pharma and lab as just kind of general certainty coming back to the market?

首先，我想請你們談談實驗室（Lab）業務，以及推動改善的因素是什麼。你們是否開始看到製藥公司為了強化其 AI 策略，而在「lab-in-the-loop」與自動化能力上加大投資？還是你會把製藥與實驗室的改善，描述為市場整體不確定性下降、信心回流所帶來的普遍性回升？

Yes. Look, when you look at Lab, I mean, a lot of it is, of course, driven by the innovation we have brought out, not only in terms of automation and digitalization capabilities, but that's a good part of it as well. You got that. I mean, when you think about how pharma companies are automating their experimental setup, they'll use a lot of our equipment together with some of the automation partners that we have, and to automate their experiments and to really drive towards higher throughput. What is essential there is that they also have an informatics platform like LabX that collects all the information and then they can use that on an aggregated level to drive the next experimental conditions, et cetera.

是的。你看，談到 Lab，很多因素當然是由我們推出的創新所驅動，不僅是在自動化與數位化能力方面，這也是其中很重要的一部分。你提到的點沒錯。當你想到製藥公司如何把實驗設置自動化，他們會使用我們的許多設備，並搭配我們的一些自動化合作夥伴，來自動化實驗並真正提升通量（throughput）。其中關鍵是，他們也需要像 LabX 這樣的資訊平台來收集所有資訊，然後在彙總層級使用這些資料來推動下一輪的實驗條件等等。

But Lab overall is benefiting across the board, not only from automation, but also from the number of new products and new features with the products, innovation that we released over the last years, and it goes almost across the entire value chain in Lab. Because think about the more early research part, we launched a new semi-automatic pipette this year, which has really -- received really well in AutoChem, we just launched a new solution that we think will drive some good growth moving forward. And then on the Lab product categories, we have also launched a lot of new products. So I think there is given that we have also a big exposure to the QA/QC market, that will be a good momentum for us moving forward.

但整體而言，Lab 的受益是全面性的，不僅來自自動化，也來自我們過去幾年推出的大量新產品與產品新功能、以及創新，幾乎涵蓋 Lab 的整個價值鏈。因為你想想在更早期研究那一段，我們今年推出了一款新的半自動移液器，在 AutoChem 領域的反應非常好；我們也剛推出一個新的解決方案，我們認為將在未來帶來不錯的成長。此外，在 Lab 的產品類別上，我們也推出了很多新產品。所以我認為，鑑於我們在 QA/QC 市場也有很大的曝險，這將會是我們未來持續前進的良好動能。

Yes. And I think the -- like part of your question was also the uncertainty. Like I think the increased certainty certainly helps, right? Like we hear that a lot in terms of like biopharma generally spending more than they -- where there was a lot of hesitation at the beginning of the year.

是的。我想你問題的一部分也提到不確定性。我認為不確定性降低、確定性提高確實有幫助，對吧？我們也常聽到這樣的回饋：整體而言，生物製藥的支出正在增加；而在年初時，市場曾有不少猶豫。

Great. That's super helpful. And then maybe touch on your service business, how that trended in the quarter and then updated expectations going forward?

很好。這非常有幫助。另外也請談談你們的服務（service）業務，本季的趨勢如何，以及對未來的最新預期？

Yes. Service in the quarter grew -- what was it 9%?

是的。本季服務業務成長——是多少來著，9%？

It was 9%, organically it was 7%.

是 9%，有機成長是 7%。

Organic 7%. So again, really growing faster than our products at the moment, and we're really proud of that. We continue to make really strategic investment -- in our service business, we have still a good opportunity to continue to outgrow the rest of the market, number 1. Our service is an important business for us because it drives a lot of customer loyalty. Our Net Promoter Scores are very high in this area.

有機成長 7%。所以再一次，目前它的成長確實快於我們的產品，我們對此非常自豪。我們持續在服務業務上進行非常策略性的投資——我們仍有很好的機會能夠持續跑贏市場其他部分，這是第一點。服務對我們而言是一項重要業務，因為它能帶來很高的客戶黏著度。我們在這個領域的淨推薦值（Net Promoter Score, NPS）非常高。

We launched also new capabilities in service. For example, our service engineers have now access to an AI-supported knowledge base where they can basically use all of the internal information that we have regarding earlier service records, about R&D material, application notes, et cetera.

我們也在服務方面推出了新的能力。例如，我們的服務工程師現在可以存取一個由 AI 支援的知識庫，基本上可以使用我們所有關於先前服務紀錄、研發資料、應用說明等的內部資訊。

So whenever they go out and service a product, they basically can use these AI-supported tools to do best-in-class service, which drives, of course, our first fix ratio a lot and also drives customer loyalty up. There's a lot of things that customers can get, but I say only at MT because we have access to this data. We have access to solutions that none of our competitors have when it comes to servicing instruments that are in the installed base.

因此，每當他們外出為產品提供服務時，基本上都能使用這些 AI 支援的工具來提供同級最佳的服務，這當然大幅提升我們的一次修復率，也提高客戶忠誠度。客戶能獲得很多東西，但我會說只有在 MT 才能做到，因為我們能存取這些資料。在為已安裝基礎中的儀器提供服務方面，我們擁有競爭對手都沒有的解決方案。

And there's still a growing opportunity for us moving forward. So I'm very optimistic that services will continue to grow. Last year, we, for the first time, exceeded $1 billion revenues in services, and that's at a high single-digit growth rate.

而且展望未來，我們仍有持續成長的機會。所以我對服務業務將持續成長非常樂觀。去年我們的服務營收首次突破 10 億美元，且成長率為高個位數。

Yes. So to put it in perspective, for the year, it's probably going to be high single digit for the full year. Q3 might be more like mid- to high. But when you step back for the full year, we're very happy with that performance.

是的。所以從整體來看，全年可能會是高個位數成長。第三季可能更接近中到高個位數。但若拉長到全年來看，我們對這樣的表現非常滿意。

Michael Polark, Wolfe Research.

Michael Polark，Wolfe Research。

Good morning. I just have one question. My understanding is the US Pharmacopeia had some material revisions that went into effect earlier this year around pharmaceutical weighing requirements. I've seen some analysis that's describing this as quite significant. So -- and I believe the effective date for compliance started in the first quarter of this year.

早安。我只有一個問題。我的理解是，美國藥典（US Pharmacopeia）今年稍早對藥品稱量要求做了一些重大修訂並已生效。我看過一些分析，將其描述為相當重要。所以——而且我相信合規的生效日期是從今年第一季開始。

So is this an influence that you would spike out? If so, what sort of activities is it driving at customers? And how is Mettler exposed to such a change?

所以這會是你們會剔除（spike out）的影響因素嗎？如果是，它在客戶端帶動了哪些活動？而梅特勒在這類變更上的曝險程度如何？

Yes. Thanks. That's a very good point. I mean it's not only the US Pharmacopeia, we have seen already last year and early this year, the revisions of the Japanese Pharmacopeia and the China Pharmacopeia last year, which actually had the same revisions when it comes to weighing regulations, which helped to drive incremental growth.

是的。謝謝。這點非常好。我的意思是，不僅是美國藥典，我們在去年以及今年年初也已看到日本藥典的修訂，以及去年中國藥典的修訂；在稱量法規方面其實是相同的修訂，這有助於帶動額外的成長。

And we are extremely well positioned with our -- exactly with the recently launched portfolio of new Lab balances to help our customers to support them with complying with these regulations.

而我們的定位非常好——正是憑藉近期推出的新款實驗室天平產品組合，來協助客戶符合這些法規要求。

Dan Leonard, RBC.

Dan Leonard，RBC。

Patrick, I would just like to revisit your comments on emerging markets outside of China, that high single-digit growth rate. Can you offer some more color? Is that all volume? Do you have pricing power? Anything to share on service attachment rate and the long tail of emerging regions?

Patrick，我想再回到你對中國以外新興市場的評論，也就是高個位數的成長率。你能再多補充一些細節嗎？這全部都是量的成長嗎？你們有定價能力嗎？在服務附著率（service attachment rate）以及新興地區的長尾方面，有什麼可以分享的嗎？

Yes, very good question, Dan. Thank you. Yes, we are growing high single digits in these emerging markets outside of China. And of course, if you think about, for example, India has great momentum, if you think also regions outside of Southeast Asia, if you think about Latin America, Mexico, Brazil, et cetera, where we see pretty good growth and also good investments of many companies out there. We -- there is also some reshoring onshoring, but let's say, reshoring ongoing also in these regions, which really helps us to benefit a lot from the growth opportunities across our platform.

是的，Dan，這是個很好的問題。謝謝。是的，我們在中國以外的這些新興市場維持高個位數成長。當然，如果你想想，例如印度動能很強；再看東南亞以外的地區、拉丁美洲、墨西哥、巴西等，我們都看到相當不錯的成長，以及許多公司在當地的良好投資。我們——這些地區也有一些回流（reshoring）與在地化（onshoring），但可以說回流也在持續進行，這確實讓我們能在整個平台的成長機會中受益良多。

So this is a play that goes across -- I mean if you think about the end markets, it goes across pharma, but also chemical and chemical also if you think, for example, about investments into the battery segment, where manufacturers have expanded their footprint outside of China into other areas into Asia Pacific.

所以這是一個跨領域的布局——我的意思是，若從終端市場來看，涵蓋製藥，也涵蓋化工；而化工方面，如果你想到例如電池領域的投資，製造商已將其版圖從中國擴展到亞太其他地區。

And that comes along with a lot of investment in new instruments but also, of course, related services. I wouldn't say that there's a significant difference in terms of connect rate when it comes to the laboratory instruments outside of -- or in these emerging markets compared to other regions. So that, of course, then also drives an additional incremental revenue opportunity for us moving forward and also recurring revenues.

而這也伴隨著對新儀器的大量投資，當然也包括相關服務。我不會說在這些新興市場的實驗室儀器連接率（connect rate）相較於其他地區有顯著差異。因此，這也會在未來為我們帶來額外的增量營收機會，以及經常性收入。

And we also do well on price as well in these markets. It's like I said before, it's very much a global topic for us where the value proposition tends to resonate globally, which is great.

而且我們在這些市場的價格表現也不錯。就像我之前說的，這對我們而言很大程度上是一個全球性的議題，我們的價值主張往往能在全球引起共鳴，這很棒。

And then as a follow-up, does the opportunity in these emerging markets just map towards manufacturing GDP by country? Or are there any areas of disproportional opportunity that you would highlight?

接著追問一下，這些新興市場的機會是否只是對應到各國的製造業 GDP？或者你會特別指出哪些機會相對更不成比例地突出？

I think India, I mean, certainly is a standout, right? I mean, at least the last couple of years, if you look at the growth, it's been really, really impressive. It's certainly a geography that we prioritize on. And we just think we have a lot of great opportunity there. And if you look at the underlying -- some of the near-shoring and opportunities with generics, those types of things, there's just a lot of good things on the horizon there.

我認為印度——當然是特別突出的，對吧？我的意思是，至少過去幾年，如果你看成長表現，真的非常、非常亮眼。這肯定是我們優先投入的地理區域。而我們認為那裡有很多很好的機會。如果你看一些底層因素——例如近岸外包（near-shoring）以及學名藥（generics）的機會等等，那裡的前景有很多利多。

But I mean, all the other areas, too, we differentiate on as we allocate resources and not to repeat them all, but Patrick mentioned a lot of them, but like -- but they're all -- whether they're in Asia, Eastern Europe, Latin, South America, there's a lot of great opportunity. And one of the strengths of Mettler has always been that we have direct sales organizations in these individual countries so that we can really understand the local markets and really have teams that really have that application know-how and work with the local customers, and that really makes a difference.

不過，我的意思是，其他所有地區也一樣，我們會在資源配置上做出差異化；不重複列舉全部，但 Patrick 已提到很多——無論是在亞洲、東歐、拉丁美洲、南美洲，都有很多很好的機會。而梅特勒一直以來的優勢之一，是我們在這些個別國家都有直銷組織，因此我們能真正理解當地市場，並擁有具備應用專業知識的團隊與在地客戶合作，這確實能帶來差異。

There are no further questions at this time. We have reached the end of the Q&A session. I will now turn the call back to Adam for closing remarks.

目前沒有進一步的問題。我們已到達問答環節的結束。我現在把電話交回給 Adam 作結語。

Thanks, Jonathan, and thank you, everybody, for joining us this morning. Please feel free to reach out to me if you have any follow-up questions, and I hope you all have a great weekend. Take care.

謝謝你，Jonathan，也謝謝各位今天早上加入我們。如果你們有任何後續問題，歡迎隨時與我聯繫，也祝大家週末愉快。保重。

This concludes today's call. Thank you for attending. You may now disconnect

今天的電話會議到此結束。感謝各位參與。您現在可以掛線