Novanta Inc (NOVTU) 2025 Q2 法說會逐字稿

Good morning. My name is Andrea, and I will be your conference operator today. At this time, I would like to welcome everyone to Novanta Inc.'s second-quarter 2025 earnings call. (Operator Instructions)

早安.我叫安德里亞，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Novanta Inc. 2025 年第二季財報電話會議。（操作員指示）

Please note this event is being recorded. I would now like to turn the conference over to Ray Nash, Corporate Finance Leader for Novanta. Please go ahead.

請注意，此事件正在被記錄。現在，我想將會議交給 Novanta 公司財務主管 Ray Nash。請繼續。

Thank you very much. Good morning, and welcome to Novanta's second-quarter 2025 earnings conference call. This is Ray Nash, Corporate Finance Leader for Novanta.

非常感謝。早安，歡迎參加 Novanta 2025 年第二季財報電話會議。我是 Novanta 公司財務主管 Ray Nash。

With me on today's call is our Chair and Chief Executive Officer, Matthijs Glastra; and our Chief Financial Officer, Robert Buckley. If you've not received a copy of our earnings press release issued today, you may obtain it from the Investor Relations section of our website at www.novanta.com. Please note, this call is being webcast live and will be archived on our website shortly after the call.

和我一起參加今天電話會議的還有我們的董事長兼執行長 Matthijs Glastra 和我們的財務長 Robert Buckley。如果您尚未收到我們今天發布的收益新聞稿，您可以從我們網站 www.novanta.com 的「投資者關係」板塊取得。請注意，本次電話會議將進行網路直播，會議結束後不久將在我們的網站上存檔。

Before we begin, we need to remind everyone of the safe harbor for forward-looking statements that we've outlined in our earnings press release issued earlier today and also those in our SEC filings.

在我們開始之前，我們需要提醒大家注意我們在今天早些時候發布的收益新聞稿以及美國證券交易委員會文件中概述的前瞻性陳述的安全港。

We may make some comments today, both in our prepared remarks and in our responses to questions that may include forward-looking statements. These involve inherent assumptions with known and unknown risks and other factors that could cause our future results to differ materially from our current expectations.

我們今天可能會發表一些評論，包括我們準備好的演講稿和對問題的回答，其中可能包括前瞻性的陳述。這些涉及已知和未知風險的固有假設以及其他可能導致我們未來結果與我們當前預期有重大差異的因素。

Any forward-looking statements made today represent our views only as of this time. We disclaim any obligation to update forward-looking statements in the future, even if our estimates change. So you should not rely on any of these forward-looking statements as representing our views as of any time after this call.

今天所做的任何前瞻性陳述僅代表我們目前的觀點。即使我們的估計發生變化，我們也不承擔將來更新前瞻性聲明的任何義務。因此，您不應依賴任何這些前瞻性陳述來代表我們在本次電話會議之後的任何時間的觀點。

During this call, we will be referring to certain non-GAAP financial measures. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures is available as an attachment to our earnings press release.

在本次電話會議中，我們將參考某些非公認會計準則財務指標。此類非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表可作為我們收益新聞稿的附件提供。

To the extent that we use non-GAAP financial measures during this call that are not reconciled to GAAP measures in the earnings press release, we will provide reconciliations promptly on the Investor Relations section of our website after this call.

如果我們在本次電話會議中使用了與收益新聞稿中的 GAAP 指標不一致的非 GAAP 財務指標，我們將在本次電話會議結束後及時在我們網站的投資者關係部分提供對帳資訊。

I'm now pleased to introduce the Chair and Chief Executive Officer of Novanta, Matthijs Glastra.

現在我很高興介紹 Novanta 董事長兼執行長 Matthijs Glastra。

Thank you, Ray. Good morning, everybody, and thanks for joining our call. Novanta delivered solid second-quarter results, meeting or exceeding expectations for sales, margins, and profit. Revenue reached $241 million, which represents reported revenue growth of 2% and organic revenue declines of 2%, surpassing guidance.

謝謝你，雷。大家早安，感謝大家參加我們的電話會議。Novanta 的第二季業績表現穩健，銷售額、利潤率和利潤都達到或超過了預期。營收達到 2.41 億美元，這意味著報告收入成長 2%，有機收入下降 2%，超過了預期。

New product revenue grew by over 50% year over year. Customer orders grew 10% year over year and 20% sequentially, reflecting a strengthening outlook. We also saw significant design win activity growing more than 150% year over year. Adjusted gross margins held at 46% and adjusted EBITDA margin was 22%, both in line with expectations.

新產品營收年增50%以上。客戶訂單年增 10%，季增 20%，反映出前景增強。我們還發現重大設計獲勝活動年增超過 150%。調整後的毛利率維持在46%，調整後的EBITDA利潤率為22%，均符合預期。

These results reflect the strength of Novanta's business model, team and culture, and the power of using the Novanta Growth System to optimize company performance in a very fluid macroeconomic and trade environment. And I'm proud of the team's strong execution of our tariff response strategy.

這些結果反映了 Novanta 商業模式、團隊和文化的優勢，以及在非常不穩定的宏觀經濟和貿易環境中使用 Novanta 成長系統優化公司績效的能力。我為團隊強而有力地執行我們的關稅應對策略感到自豪。

Our long-term growth strategy remains focused on winning in markets with long-term secular tailwinds such as precision and AI-driven robotics and automation, advanced minimally invasive and robotic surgery, and precision medicine.

我們的長期成長策略仍專注於在具有長期順風的市場中取勝，例如精準和人工智慧驅動的機器人和自動化、先進的微創和機器人手術以及精準醫療。

We built trusted long-term collaborative partnerships with the world's leading OEM customers by solving their most challenging needs with our proprietary technology solutions, securing up to 10 years of exclusive and sticky designing platforms.

我們透過專有技術解決方案解決世界領先的 OEM 客戶最具挑戰​​性的需求，與他們建立了值得信賴的長期合作夥伴關係，確保長達 10 年的獨家和黏性設計平台。

While our products typically represent no more than 10% of our customers' bill of material, they enable differentiation and innovation in their systems for their customers in terms of clinical outcome, throughput, yield, cost per procedure or part, or never-before-possible performance.

雖然我們的產品通常只佔客戶物料清單的 10% 左右，但它們卻能夠在臨床結果、吞吐量、產量、每個程序或部件的成本或前所未有的性能方面為客戶的系統帶來差異化和創新。

In the last decade, our portfolio has evolved significantly. We've expanded into health care growth markets, which are now approximately 55% of our business. We have increased our recurring consumables revenue to approximately 15% of sales. And we have increased our revenue from intelligent subsystems with embedded software to approximately 30% of sales, which is margin accretive for Novanta. We intend to continue to expand our portfolio into these areas.

在過去十年中，我們的產品組合發生了顯著的變化。我們已將業務擴展到醫療保健成長市場，目前該市場約占我們業務的 55%。我們已將經常性消耗品收入提高至銷售額的約 15%。並且，來自嵌入式軟體的智慧子系統的收入已增加到銷售額的約 30%，這為 Novanta 帶來了利潤成長。我們打算繼續將我們的投資組合擴展到這些領域。

Now let me provide an update on the customer demand and market dynamics that we're seeing. Our sales to medical device markets remain exceptionally strong with patient procedure growth rates, hospital spending, and our share gains driving sustained double-digit growth in our Advanced Surgery business in the second quarter and year to date.

現在，讓我提供我們所看到的客戶需求和市場動態的最新情況。我們在醫療器材市場的銷售仍然保持強勁，病患手術成長率、醫院支出以及我們的份額成長推動了我們先進外科業務在第二季和今年迄今持續實現兩位數成長。

Our new product launches in surgical robotics and minimally invasive surgery applications are ramping very successfully. These products are designed to significantly enhance patient safety, improve surgical throughput and help meet new regulatory requirements as US states and countries around the world pass legislation regarding surgical smoke evacuation.

我們在手術機器人和微創手術應用領域推出的新產品正在非常成功地推廣。這些產品旨在顯著提高患者安全性、提高手術吞吐量並幫助滿足美國各州和世界各國通過的有關手術煙霧排放的立法的新監管要求。

Novanta is on track to reach $50 million of incremental new product revenue for 2025, mainly due to the strong outlook for the next-generation medical devices. Rapid adoption of these products supports our confidence that the Advanced Surgery business revenue will nearly double by 2030, up from $200 million in 2024. Medical consumables, a strategic focus for Novanta are expected to account for approximately 15% of sales in 2025 with ongoing double-digit growth rates.

Novanta 預計在 2025 年實現 5,000 萬美元的增量新產品收入，這主要得益於下一代醫療設備的強勁前景。這些產品的快速採用增強了我們的信心，即到 2030 年先進外科業務收入將從 2024 年的 2 億美元增長近一倍。醫療耗材是 Novanta 的策略重點，預計到 2025 年將佔銷售額的 15% 左右，並保持兩位數的成長率。

Our success stems from long-term innovation investment and strong customer relationships, and we believe we now have the expertise and scale to expand into adjacent recurring medical consumable segments.

我們的成功源自於長期的創新投資和強大的客戶關係，我們相信我們現在擁有擴展到相鄰的經常性醫療耗材領域的專業知識和規模。

We're also very excited to announce two major design wins in the second quarter in the minimally invasive surgery market. First, we won a new product program with one of the largest medical OEM customers to develop a third-generation insufflator device and consumables which will be launched in the next few years. This design win shown our strong long-term partnership with winning OEMs and our ability to provide leading-edge innovations over multiple generations of our products.

我們也非常高興地宣布，我們在第二季度在微創手術市場取得了兩場重大設計勝利。首先，我們與最大的醫療OEM客戶之一贏得了新產品項目，開發第三代充氣機設備和耗材，並將在未來幾年內推出。此次設計勝利證明了我們與獲勝的原始設備製造商之間長期牢固的合作關係，以及我們為多代產品提供前沿創新的能力。

Second, with a separate medical OEM customer, we won a contract to develop a next-generation pump for their upcoming endoscopy tower. Our product will provide multifunctional pump capabilities along with proprietary sensing and seamless integration with other devices on the customer's [power]. This represents our second major win of next-generation pumps with more in progress.

其次，我們與一家獨立的醫療 OEM 客戶贏得了一份合同，為他們即將推出的內視鏡塔開發下一代幫浦。我們的產品將提供多功能泵功能以及專有感測功能以及與客戶其他設備的無縫集成[力量]。這是我們新一代幫浦產品第二次取得重大勝利，未來還有更多進展。

Moving on, our robotics and automation applications continue to see strong demand despite the global trade disruptions as evidenced by the strong double-digit revenue growth in the second quarter.

儘管全球貿易中斷，但我們的機器人和自動化應用仍然需求強勁，第二季強勁的兩位數營收成長就是明證。

Growth in this business is driven by demand for our products that support physical AI applications such as warehouse automation, precision robotics and humanoids. We expect sales into these applications to double in 2026 versus 2025 and then to double again in 2027. We believe these physical AI applications represent an incremental $1 billion addressable market for Novanta by 2030.

該業務的成長是由對支援倉庫自動化、精密機器人和人形機器人等實體 AI 應用的產品的需求所推動的。我們預計，2026 年這些應用的銷售額將比 2025 年翻一番，2027 年再翻倍。我們相信，到 2030 年，這些實體 AI 應用將為 Novanta 帶來 10 億美元的增量潛在市場。

To that point, we're excited to announce a significant contract signed in July with a leading e-commerce and warehouse robotics company. This represents a $50 million revenue opportunity over the next three years. Because of the timing, this design win will be included in our third-quarter metrics and revenue will start in '26.

為此，我們很高興地宣布，我們在 7 月與一家領先的電子商務和倉庫機器人公司簽署了一份重要合約。這意味著未來三年內將有 5000 萬美元的收入機會。由於時間原因，此次設計勝利將納入我們第三季的指標中，收入將於 26 年開始計算。

Taking a step back, the warehouse automation space is booming because of AI, labor shortages, and latest advancements in physical AI sensor technologies. As a result, leading OEM players are aggressively deploying high conviction use cases. Novanta's proprietary technology offers precise touch and safe movement for robots, enabling smarter, faster, and more efficient goods handling, critical capabilities for more modern warehouse operations.

退一步說，由於人工智慧、勞動力短缺以及實體人工智慧感測器技術的最新進步，倉庫自動化領域正在蓬勃發展。因此，領先的 OEM 廠商正在積極部署高信念用例。Novanta 的專有技術為機器人提供精確的接觸和安全的移動，實現更智慧、更快、更有效率的貨物處理，這是更現代化的倉庫運作的關鍵功能。

I'm also pleased to share progress in humanoid robotics. This emerging field is in early development, and we're collaborating with over 10 leading humanoid players across North America and Europe. We're working with these players on multiple slots with significant content. We hope to announce specific design wins in the future as this market matures and these players finalize their product architectures.

我也很高興分享人形機器人技術的進展。這個新興領域尚處於早期發展階段，我們正在與北美和歐洲的 10 多家領先的人形機器人公司合作。我們正在與這些玩家合作推出多個具有重要內容的老虎機。隨著這個市場逐漸成熟以及這些參與者最終確定其產品架構，我們希望在未來宣布具體的設計勝利。

The same unique Novanta sensing and server drive capabilities that are used in warehouse automation and surgical robotics are also relevant in humanoids. So we have a competitive advantage with platform technologies relevant for multiple physical AI robotics applications. This advantage has been built up over years with our growth playbook, consistent investment in innovation, combined with in-depth application know-how, targeted acquisitions, and customer intimacy.

倉庫自動化和手術機器人中使用的獨特的 Novanta 感測和伺服器驅動功能也適用於人形機器人。因此，我們在與多種實體 AI 機器人應用相關的平台技術方面具有競爭優勢。這項優勢是我們多年來透過成長策略、持續的創新投資、深入的應用知識、有針對性的收購和客戶親密度建立起來的。

Turning to other markets. Sales to industrial capital equipment saw declines year over year. This market is mainly served by our precision manufacturing business, which was affected by the impact of trade disruptions on customer demand, particularly in China. However, revenue has now stabilized at this lower level and bookings are rising at double-digit pace, both year over year and sequentially as customer inventories are mostly depleted and visibility improves.

轉向其他市場。工業資本設備銷售額較去年同期下降。該市場主要由我們的精密製造業務服務，該業務受到貿易中斷對客戶需求的影響，尤其是在中國。然而，由於客戶庫存基本上耗盡且可見度提高，收入現已穩定在這一較低水平，並且預訂量同比和環比均以兩位數的速度增長。

Coupled with the new design wins more than doubling year over year for the second consecutive quarter, this positions us well for sequential revenue growth through the second half of 2025 and beyond. We're gaining traction in additive manufacturing for medical and aerospace applications and applications supporting AI investments like advanced packaging and on-device AI computing, which demand extreme precision throughput and miniaturization, areas where Novanta scan head subsystems excel.

再加上新設計連續第二季年增一倍以上，這為我們在 2025 年下半年及以後實現連續營收成長奠定了良好的基礎。我們在醫療和航空航天應用的增材製造以及支援人工智慧投資的應用（如先進封裝和設備上人工智慧運算）方面越來越受到關注，這些應用需要極高的精度吞吐量和小型化，而這正是 Novanta 掃描頭子系統所擅長的領域。

Also, as supply chains regionalize, we see growth opportunities in new markets such as India, where we are expanding our commercial presence and have had recent success winning new customers.

此外，隨著供應鏈的區域化，我們看到了印度等新市場的成長機會，我們正在印度擴大我們的商業影響力，並且最近成功贏得了新客戶。

Next, in advanced semiconductor applications. In the near term, this market continues to show mixed signals but appears to be in the early phases of an up cycle, albeit at a slow pace. Our short-cycle sales are still strong on the back of capacity build-out for new data centers and other AI-related infrastructure.

其次，在先進的半導體應用方面。短期內，該市場繼續顯示出混合訊號，但似乎正處於上升週期的早期階段，儘管速度緩慢。由於新資料中心和其他人工智慧相關基礎設施的產能建設，我們的短週期銷售依然強勁。

As for our new content in deep UV and EUV applications, we're shipping small amounts of early units, and we will be ramping up as our customer ramps in the marketplace. We're designed in on an exclusive basis with this new content, and we expect significant sales growth over the next few years.

至於我們在深紫外線和 EUV 應用方面的新內容，我們正在出貨少量的早期產品，隨著客戶在市場上的發展，我們將會增加產量。我們專門針對這項新內容進行了設計，並預計未來幾年銷量將大幅成長。

Finally, speaking to life science equipment markets, which is mainly served by our Precision Medicine business. This area saw a year-over-year decline caused by weak end market dynamics, including further disruptions at the US NIH and FDA, weak biotech funding, cutbacks in pharma CapEx, and trade disruptions.

最後，談談生命科學設備市場，這主要由我們的精準醫療業務服務。由於終端市場動態疲軟，包括美國國立衛生研究院和美國食品藥物管理局的進一步混亂、生物技術資金不足、製藥資本支出削減以及貿易中斷，該地區出現了同比下滑。

Due to these market disruptions, we're starting to see customers accelerate the replacement cycle away from barcoding and older instruments as they focus their new product development on more advanced technologies such as RFID and machine vision. Over the last two years, we've been aggressively shifting our product offering into these new technologies. For RFID, we feel that with the Kion acquisition, we've successfully positioned ourselves at the leading edge of new RFID solutions offerings.

由於這些市場中斷，我們開始看到客戶加快更換條碼和舊儀器的週期，因為他們將新產品開發的重點放在 RFID 和機器視覺等更先進的技術上。在過去的兩年裡，我們一直在積極地將我們的產品轉向這些新技術。對於 RFID，我們認為透過收購 Kion，我們已成功將自己定位在新型 RFID 解決方案產品的前沿。

And as for machine vision, we're happy to announce that in the second quarter, we entered into a new commercial partnership with a global leader in machine vision technologies to sell their embedded machine vision to OEM customers in the life sciences sectors. This partnership leverages our partners' leading machine vision technology combined with Novanta's deep domain and application knowledge of medical and life science applications, including our ability to provide tailored support to our OEM customers.

至於機器視覺，我們很高興地宣布，在第二季度，我們與機器視覺技術領域的全球領導者建立了新的商業合作夥伴關係，將其嵌入式機器視覺銷售給生命科學領域的 OEM 客戶。此次合作充分利用了我們合作夥伴領先的機器視覺技術，並結合了 Novanta 在醫療和生命科學應用方面的深厚領域和應用知識，包括我們為 OEM 客戶提供客製化支援的能力。

And so while the recent decline in revenue has been more than expected, we were encouraged to see our Precision Medicine business grow double digits sequentially in the second quarter, largely because of our accelerated transition to these more advanced technologies.

因此，儘管最近收入的下降幅度超出了預期，但我們很高興地看到，我們的精準醫療業務在第二季度環比增長了兩位數，這主要是因為我們加快了向這些更先進技術的過渡。

Based on this, we believe the revenue will stabilize over the next several quarters and expect it to grow sequentially the remainder of the year. We continue to believe in the long-term secular opportunities in the life science equipment market.

基於此，我們相信未來幾季的營收將趨於穩定，並預計今年剩餘時間內的營收將持續成長。我們仍然相信生命科學設備市場的長期機會。

Early detection of root cause of disease will continue to be a big driver of productivity in the healthcare industry, and we will continue to execute our long-term growth playbook in this market, albeit that in the near term, we're managing the profit flow-through of this business and shifting our capital allocation plans.

早期發現疾病的根本原因將繼續成為醫療保健行業生產力的重要驅動力，我們將繼續在這個市場執行我們的長期成長策略，儘管在短期內，我們正在管理該業務的利潤流並改變我們的資本配置計劃。

Now I'll provide an update on our acquisition activities. The Kion integration is on track, and the business performance is already beating our initial expectations. Our short time with this team has proven their leading expertise in software development and RFID technology solutions. And they also have succeeded at winning a large new customer, which we believe will offer excellent near-term growth for the business, helping the second half sales outlook of 2025 with continued double-digit growth in 2026.

現在我將提供有關我們的收購活動的最新情況。Kion 整合工作進展順利，業務表現已經超越了我們最初的預期。我們與該團隊合作的短暫時間已經證明了他們在軟體開發和 RFID 技術解決方案方面的領先專業知識。他們也成功贏得了一個大的新客戶，我們相信這將為業務帶來出色的短期成長，有助於實現 2025 年下半年的銷售前景以及 2026 年繼續實現兩位數的成長。

Looking beyond Kion, acquisitions remain a top priority for our team to continue to evolve our portfolio towards high-growth medical, more recurring consumable-based and more embedded software and intelligent subsystems.

除了 Kion 之外，收購仍然是我們團隊的首要任務，以繼續發展我們的產品組合，朝向高成長醫療、更多基於經常性消耗品以及更多嵌入式軟體和智慧子系統的方向發展。

We continue to have a large and exciting pipeline of targets. Valuation levels are more attractive, and we believe that the near-term macroeconomic environment is an added catalyst to increase actionability. Our balance sheet is well positioned for additional transactions while maintaining our historical discipline in both cash returns and financial leverage. You should expect us to lean in hard to pursue additional transactions in the second half of 2025.

我們繼續擁有大量令人興奮的目標。估值水準更具吸引力，我們相信近期宏觀經濟環境是提高可操作性的額外催化劑。我們的資產負債表已為額外的交易做好了準備，同時保持了我們在現金回報和財務槓桿方面的歷史紀律。您應該期待我們將在 2025 年下半年全力以赴地尋求更多交易。

So to conclude, I'm very pleased with our second-quarter performance. We met or exceeded our expectations for sales, margins and profit, driven by double-digit growth in our Advanced Surgery and Robotics Automation businesses, underscoring our strategic focus on high-growth markets and the diversity of our portfolio. Our new product launches continue to ramp, and we remain confident in achieving our goal of $50 million incremental new product sales.

總而言之，我對我們第二季的表現非常滿意。在先進手術和機器人自動化業務兩位數成長的推動下，我們達到或超越了對銷售額、利潤率和利潤的預期，突顯了我們對高成長市場的策略重點和產品組合的多樣性。我們的新產品發布持續增加，我們仍然有信心實現 5000 萬美元增量新產品銷售額的目標。

We also had 10% year-over-year growth in bookings, which, combined with the new product ramp sets us up for steadily increasing sequential growth in 2025. We're also well positioned for growth in 2026 based on multiple significant new design wins in high-growth end markets such as minimally invasive surgery and also physical AI applications like warehouse robotics. And finally, the Kion acquisition is off to a great start, and we have an additional large pipeline of exciting actionable acquisition targets.

我們的預訂量年增了 10%，再加上新產品的推出，我們預計在 2025 年將實現穩定的連續成長。憑藉在微創手術等高成長終端市場以及倉庫機器人等實體 AI 應用中取得的多項重大新設計勝利，我們也為 2026 年的成長做好了有利準備。最後，Kion 收購取得了良好的開端，我們還有另外大量令人興奮的可行收購目標。

We remain focused on our top three priorities for Novanta in 2025. First, ramp all our planned new products and achieve the $50 million growth from new products this year. Second, deliver strong profit margin and cash flow performance by driving NGS deep into our culture and operations and successfully execute on our tariff response playbook. And third, acquire additional companies that fit our strategy at attractive returns and in a manner that evolve our portfolio to secular growing and resilient markets and business model.

我們將繼續專注於 Novanta 2025 年的三大優先事項。首先，加大所有計畫推出的新產品的投放力度，實現今年新產品5,000萬美元的成長。其次，透過將 NGS 深入到我們的文化和營運中並成功執行我們的關稅響應方案，實現強勁的利潤率和現金流表現。第三，以有吸引力的回報收購更多符合我們策略的公司，並將我們的投資組合發展為長期成長和有彈性的市場和商業模式。

So with that, I will turn the call over to Robert to provide more details on our operations and financial performance. Robert?

因此，我將把電話轉給羅伯特，讓他提供有關我們的營運和財務表現的更多詳細資訊。羅伯特？

Thank you, Matthijs.

謝謝你，Matthijs。

Our second-quarter 2025 non-GAAP adjusted gross profit was $111 million or 46.1% adjusted gross margin compared to $110 million or 46.6% adjusted gross margin in the second quarter of 2024. Adjusted gross margins were down year over year, but flat sequentially and in line with our expectations despite the increased cost of tariffs.

我們 2025 年第二季的非 GAAP 調整後毛利為 1.11 億美元，調整後毛利率為 46.1%，而 2024 年第二季為 1.1 億美元，調整後毛利率為 46.6%。調整後的毛利率同比下降，但環比持平，儘管關稅成本增加，但仍符合我們的預期。

For the second quarter, R&D expenses were $25 million or approximately 10% of sales. Second quarter SG&A expenses, excluding ERP design costs, were $45 million or approximately 19% of sales. The ERP design costs for the quarter were approximately $1 million. Adjusted EBITDA was $52 million in the second quarter or 22% adjusted EBITDA margin, demonstrating growth of 2% year over year.

第二季度，研發費用為 2,500 萬美元，約佔銷售額的 10%。第二季銷售、一般及行政費用（不包括 ERP 設計成本）為 4,500 萬美元，約佔銷售額的 19%。本季的 ERP 設計成本約為 100 萬美元。第二季調整後 EBITDA 為 5,200 萬美元，調整後 EBITDA 利潤率為 22%，較去年同期成長 2%。

On the tax front, our non-GAAP tax rate for the second quarter of 2025 was 21% versus 20% in the prior year. Our tax rate increased year-over-year, mainly due to changes in jurisdictional mix of pretax income. Our non-GAAP adjusted earnings per share was $0.76 in the second quarter, up 4% versus the prior year.

在稅務方面，我們 2025 年第二季的非 GAAP 稅率為 21%，而去年同期為 20%。我們的稅率年增，主要是由於稅前收入的管轄結構變化。我們第二季的非公認會計準則調整後每股收益為 0.76 美元，比上年增長 4%。

Operating cash flow for the second quarter of 2025 was $15 million compared to $41 million in the second quarter of 2024. The year-over-year decrease in operating cash flow was primarily driven by the timing of tax payments, an increase in inventory purchases to mitigate the global trade dynamics, which were at their peak in the second quarter and from the acquisition of Kion. We expect cash flow conversion rates to return closer to historical averages in the third quarter.

2025 年第二季的經營現金流為 1,500 萬美元，而 2024 年第二季為 4,100 萬美元。經營現金流較去年同期下降的主要原因是納稅時間、為緩解全球貿易動態而增加庫存採購（全球貿易動態在第二季度達到頂峰）以及收購 Kion。我們預計第三季現金流轉換率將接近歷史平均值。

We ended the second quarter with gross debt of $465 million with a gross leverage ratio of 2.2 times, and our net debt was $355 million, giving us a net leverage ratio of approximately 1.7 times.

截至第二季末，我們的總負債為 4.65 億美元，總槓桿率為 2.2 倍，淨負債為 3.55 億美元，淨槓桿比率約為 1.7 倍。

In the quarter, we acquired Kion Technologies for approximately $75 million. As a reminder, Kion combines proprietary RFID hardware with AI-enhanced cloud-based software to offer real-time inventory and asset management, filling a crucial software integration gap for better penetration into the medical markets, including hospitals.

本季度，我們以約 7,500 萬美元收購了 Kion Technologies。提醒一下，Kion 將專有 RFID 硬體與 AI 增強型雲端軟體結合，提供即時庫存和資產管理，填補了關鍵的軟體整合空白，從而更好地滲透到包括醫院在內的醫療市場。

We also amended our credit facility in the final week of June, increasing its size to approximately $1 billion and adding a $350 million accordion feature, giving us nearly $1.4 million of borrowing capacity over the next five years. This new pro rata bank facility gives us borrowing capacity to pursue our acquisition strategy while maintaining the debt leverage discipline we have practiced over the last decade.

我們也在 6 月的最後一周修改了信貸安排，將其規模增加到約 10 億美元，並增加了 3.5 億美元的折疊功能，使我們在未來五年內擁有近 140 萬美元的借貸能力。這項新的按比例銀行貸款為我們提供了借貸能力，以推行我們的收購策略，同時保持了我們在過去十年中一直實行的債務槓桿紀律。

Now I'll share some additional performance metrics and some details on our operating segments. For the second quarter, Novanta had a 10% growth year over year in bookings and 20% growth sequentially and a book-to-bill ratio of 1.02, reflecting strengthening backlog and a strengthening outlook.

現在我將分享一些額外的績效指標和有關我們營運部門的一些細節。第二季度，Novanta 的預訂量年增 10%，季增 20%，訂單出貨比為 1.02，反映出積壓訂單不斷增加以及前景不斷增強。

We saw a continued strong pace of bookings in both our segments, demonstrating not only stabilization of demand, but also increased demand outlook for 2026 and the continued strong momentum of new product launches.

我們看到兩個部門的預訂量持續強勁增長，這不僅表明需求穩定，而且表明 2026 年的需求前景有所增長，並且新產品推出的勢頭持續強勁。

In the second quarter, medical market sales represented 54% of total Novanta sales and advanced industrial markets represented 46% of total sales. New product sales grew by more than 50% year over year, and our vitality index climbed to 21% of total sales. We are seeing growth in new product sales across all businesses, but especially the Medical Solutions segment.

第二季度，醫療市場銷售額佔 Novanta 總銷售額的 54%，先進工業市場銷售額佔總銷售額的 46%。新產品銷售額年增50%以上，活力指數攀升至總銷售額的21%。我們看到所有業務的新產品銷售都在成長，尤其是醫療解決方案部門。

Through the first half of the year, we launched over a dozen new products, mainly focused on high-growth end markets in advanced surgery and robotics and automation. Also in the quarter, as we mentioned, we saw excellent design win activity with the company-wide design wins growing over 150% year over year.

今年上半年，我們推出了十幾種新產品，主要集中在先進手術、機器人和自動化領域的高成長終端市場。另外，正如我們所提到的，在本季度，我們看到了出色的設計獲勝活動，全公司的設計獲勝數量同比增長超過 150％。

The second-quarter Automation Enabling Technologies segment revenue grew by 4% year over year, beating expectations and driven by continued strength in the Robotics and Automation business unit, which was up nearly 16% year over year. The book-to-bill in this segment was 1.05, and bookings were up 8% year over year and 17% sequentially, giving us improving customer visibility.

第二季自動化支援技術部門營收年增 4%，超出預期，這得益於機器人和自動化業務部門持續強勁的成長，該部門營收年增近 16%。該部門的訂單出貨比為 1.05，訂單量同比增長 8%，環比增長 17%，這提高了我們的客戶知名度。

Adjusted gross margin in this segment were approximately 49%, up 40 basis points year over year, driven by favorable mix, but partially offset by the increase in tariff costs. Both new product revenue and customer design wins doubled year over year on the back of both our innovation and stronger commercial execution by our teams. In addition, Vitality Index was in the high teens percent of sales, up significantly versus the prior year.

該部門調整後的毛利率約為 49%，較去年同期增長 40 個基點，這得益於良好的產品組合，但部分被關稅成本的增加所抵消。由於我們的創新和團隊更強的商業執行力，新產品收入和客戶設計勝利都比去年翻了一番。此外，活力指數佔銷售額的百分之十幾，較上年大幅成長。

Moving on to Medical Solutions. Revenue in this segment was roughly flat year over year. This segment saw a book-to-bill of 1 in the second quarter, and bookings were up 13% year over year, but up 26% sequentially on the back of record new product launches. New product sales in this segment grew by over 30% year over year, and the vitality index in this segment was over 25% of sales in the second quarter.

繼續討論醫療解決方案。該部門營收與去年同期基本持平。該部門第二季的訂單出貨比為 1，訂單量年增 13%，但由於新產品的推出而環比增長 26%。該板塊新品銷量較去年同期成長超過30%，第二季該板塊活力指數佔銷售額的25%以上。

Our Advanced Surgery business experienced 17% growth year over year, driven by both strong patient procedural growth rates in healthcare on a global basis and from the launch of our second-generation smoke evacuating insufflators, which has received overwhelming market acceptance and adoption. These growth dynamics are expected to continue for the remainder of the year and well into 2026.

我們的先進外科手術業務年增 17%，這得益於全球醫療保健領域患者手術的強勁增長率，以及我們推出的第二代煙霧抽吸充氣機獲得了市場的廣泛認可和採用。預計這種成長勢頭將持續到今年剩餘時間以及 2026 年。

Conversely, our Precision Medicine business, which serves the life science and multiomics markets experienced a 13% decline in sales year over year.

相反，服務生命科學和多組學市場的精準醫療業務銷售額比去年同期下降了 13%。

However, sequentially, the business grew 10% and is expected to continue to improve sequentially in subsequent quarters. Adjusted gross margins in this segment were approximately 44% in the quarter, flat sequentially and in line with the expectations for slightly higher tariff costs, which we expect to mitigate further in the third quarter.

然而，該業務連續成長了 10%，預計在隨後的幾個季度將繼續連續改善。本季該部門的調整後毛利率約為 44%，與上一季持平，符合關稅成本略高的預期，我們預計關稅成本將在第三季進一步下降。

Finally, moving to guidance, let me give you an update on our tariff response plan. Speaking first, the impact of tariffs on our supply chain, our cost mitigations are largely on track, and we continue to work on efforts to accelerate our plans.

最後，談到指導，讓我向您介紹我們的關稅應對計劃的最新情況。首先，關稅對我們供應鏈的影響，我們的成本緩解措施基本上正在按計劃進行，我們將繼續努力加快我們的計劃。

With some of the recently announced trade deals at higher-than-expected permanent tariff rates, we are seeing approximately a $4 million net impact from tariffs year-to-date on our cost of sales. However, we continue to make strong progress with both tariff mitigation strategies and cost mitigation strategies to further reduce the impact in the second half.

由於最近宣布的一些貿易協議的永久關稅稅率高於預期，我們看到年初至今的關稅對我們的銷售成本產生了約 400 萬美元的淨影響。不過，我們在關稅緩解策略和成本緩解策略方面持續取得強勁進展，以進一步減少下半年的影響。

Next, to address the matter of impacts on tariffs between the United States and China, while tariffs have remained paused between the two countries, there is optimism of trade agreement being reached quickly. Our customers in China continue to be cautious with placing committed purchase orders on goods from our US factories. As such, we are working with them on accelerating our plans to shift production to non-tariff regions and are exploring further short-term mitigation strategies to minimize their risk of ordering products from us.

其次，關於中美關稅影響問題，雖然兩國之間仍暫停加徵關稅，但人們對兩國能迅速達成貿易協定抱持樂觀態度。我們在中國的客戶對於從我們的美國工廠下達採購訂單仍然持謹慎態度。因此，我們正在與他們合作，加快將生產轉移到非關稅地區的計劃，並正在探索進一步的短期緩解策略，以最大限度地降低他們向我們訂購產品的風險。

While Chinese customers ordering product from our US factory has been muted, design win activities with our Chinese customers have accelerated, which we believe signals to us that our Chinese customers have confidence that we have the right tariff mitigation strategies to reduce their costs and risks and that they are excited about our new product innovation and what it can do for them in their markets.

雖然中國客戶從我們美國工廠訂購產品的情況有所減少，但我們與中國客戶的設計贏單活動卻在加速，我們相信這表明中國客戶相信我們擁有正確的關稅緩解策略來降低他們的成本和風險，並且他們對我們的新產品創新及其在他們的市場上能為他們帶來的好處感到興奮。

In addition, demand for our products manufactured in China, which is our In China, For China strategy, accelerated in the quarter, which drove our total China sales up 15% year over year in the quarter. And finally, due to the fluid and ever-changing nature of the global trade environment and the resulting implications on end market demand at the end of June, we launched our cost reduction plans that we had previously announced, including changes that support the regional manufacturing strategy.

此外，本季對我們在中國製造的產品（這是我們在中國，為中國的策略）的需求加速成長，推動我們本季在華總銷售額年增 15%。最後，由於全球貿易環境的流動性和變化性以及由此對6月底終端市場需求的影響，我們啟動了先前宣布的成本削減計劃，其中包括支持區域製造策略的變更。

Over the long run, we expect these actions to structurally improve our costs by simplifying our operating model, allowing further expansion of our gross margins while permanently minimizing the disruptions from tariffs on our products and for our customers. The total restructuring charges related to this program are expected to be in the $20 million to $25 million range, with the bulk of the savings run rating in the fourth quarter of 2025 and into 2026.

從長遠來看，我們預計這些措施將透過簡化我們的營運模式從結構上改善我們的成本，進一步擴大我們的毛利率，同時永久減少關稅對我們的產品和客戶造成的干擾。與該計劃相關的重組費用總額預計在 2,000 萬至 2,500 萬美元之間，其中大部分節省的費用將在 2025 年第四季和 2026 年期間產生。

Novanta is committed to deliver sequential revenue and profit growth driven by our innovation pipeline, robust customer demand in secular growth markets, and operational discipline including our cost reduction efforts and the regional manufacturing strategy.

Novanta 致力於透過我們的創新管道、長期成長市場中強勁的客戶需求以及包括我們的成本削減努力和區域製造策略在內的營運紀律實現連續的收入和利潤成長。

Despite the rapid changes in tariffs and trade agreements, we believe we have navigated this well and have quickly adapted to the environment. After several years of investing heavily in R&D to deliver breakthrough innovations to our customers, the results of those efforts are materializing in our financials, in our design wins, and in our new product revenue.

儘管關稅和貿易協定發生了快速變化，但我們相信我們已經很好地應對了這一變化，並迅速適應了環境。經過數年大力投資研發，為客戶提供突破性的創新，這些努力的成果已體現在我們的財務狀況、設計成果和新產品收入中。

And with a stabilizing demand environment as evident by our bookings growth, we believe we are well positioned to accelerate our organic growth initiatives further when the macroeconomic tailwinds improve.

我們的預訂量成長顯示需求環境趨於穩定，我們相信，當宏觀經濟順風改善時，我們有能力進一步加速我們的有機成長計畫。

While trade dynamics could further disrupt our outlook, increased visibility from our customers is giving us confidence to reissue full-year guidance, albeit with some caution. As such, we now expect full-year 2025 GAAP revenue to be approximately $970 million to $985 million, which represents overall revenue growth of 2% to 4%.

儘管貿易動態可能會進一步擾亂我們的前景，但客戶的知名度提高使我們有信心重新發布全年指引，儘管有些謹慎。因此，我們現在預計 2025 年全年 GAAP 收入約為 9.7 億美元至 9.85 億美元，這意味著整體收入將成長 2% 至 4%。

For adjusted gross margins, we expect to achieve approximately 46%. This outlook includes the cumulative impact of expected tariff costs and the associated temporary redundancy in costs from our regional manufacturing strategy. Excluding those extra costs, we would be on track to achieving our goal of 100 basis points of gross margin expansion this year. This resilient margin performance is thanks to the Novanta Growth System, the business system that is allowing us to maintain our financial commitments despite the cost headwinds.

對於調整後的毛利率，我們預計達到約46%。這項展望包括預期關稅成本的累積影響以及與我們區域製造策略相關的成本暫時冗餘。除去這些額外成本，我們今年可望實現毛利率成長 100 個基點的目標。這種穩健的利潤表現得益於 Novanta 成長系統，該系統使我們能夠在面臨成本阻力的情況下維持財務承諾。

We expect R&D and SG&A expenses for the full year to be approximately 28% of sales or between $274 million and $278 million. This guidance excludes expected costs associated with the design and planning phase of a standard ERP system, which is scheduled for a phased deployment starting in 2026 and taking place over multiple years, further supporting our footprint consolidation and our regional manufacturing strategy.

我們預計全年研發和銷售、一般及行政費用約佔銷售額的 28%，即 2.74 億美元至 2.78 億美元之間。本指引不包括與標準 ERP 系統設計和規劃階段相關的預期成本，該系統計劃於 2026 年開始分階段部署，並持續多年，以進一步支援我們的足跡整合和區域製造策略。

Besides improved scalability and resiliency benefits, this also supports our gross margin expansion plans and operating expense reduction plans.

除了提高可擴展性和彈性優勢之外，這還支持我們的毛利率擴張計劃和營運費用削減計劃。

Depreciation expense should be approximately $16 million for the full year. Stock compensation expense should be approximately $37 million for the full year, which includes the change in incentive compensation plans, which we made for all our incentive-based employees, aligning them tightly with our strategy, driving strong employee engagement, and aggressively driving shareholder value while also reducing near-term cash needs.

全年折舊費用約 1600 萬美元。全年股票薪酬支出約為 3,700 萬美元，其中包括我們為所有激勵型員工製定的激勵薪酬計劃的變化，使他們與我們的策略緊密結合，推動員工積極參與，積極推動股東價值，同時減少短期現金需求。

For adjusted EBITDA and for the full year of 2025, we expect to be $225 million to $230 million or approximately a 23% EBITDA margin. This represents year-over-year growth of 7% to 10%. Interest expense is expected to be roughly $23 million for the full year of 2025, excluding any material changes in debt balances.

對於調整後的 EBITDA 以及 2025 年全年，我們預計為 2.25 億美元至 2.3 億美元，或約為 23% 的 EBITDA 利潤率。這意味著同比增長 7% 至 10%。預計 2025 年全年利息支出約為 2,300 萬美元（不包括債務餘額的任何重大變更）。

We expect our non-GAAP tax rate to be around 22% for the full year. We are still analyzing the effects of the new corporate tax law changes and as such, have not incorporated these changes fully into our full year rate.

我們預計全年非公認會計準則稅率約為 22%。我們仍在分析新公司稅法變化的影響，因此尚未將這些變化完全納入我們的全年稅率。

Diluted weighted average shares outstanding will be between 36 million and 37 million shares. For the full year 2025, our adjusted diluted earnings per share, we now expect to be approximately $3.22 and $3.36, representing growth of 5% to 9%. Finally, we expect strong cash flow for the full year from both lower cash taxes in the second half as well as better inventory management and stronger profit.

稀釋後的加權平均流通股數將在 3,600 萬股至 3,700 萬股之間。對於 2025 年全年，我們預計調整後每股攤薄收益約為 3.22 美元至 3.36 美元，成長 5% 至 9%。最後，我們預計下半年現金稅降低、庫存管理改善以及利潤增加將帶來全年強勁的現金流。

Moving to the third quarter of 2025. We expect GAAP revenue in the range of $244 million to $247 million, which represents a year-over-year change in reported revenue growth of flat to up 1% and sequential growth of 1% to 2%.

預計到 2025 年第三季。我們預計 GAAP 收入將在 2.44 億美元至 2.47 億美元之間，這意味著報告營收年增 1% 至 1%，季增 1% 至 2%。

At the segment level in the third quarter, we expect Automation Enabling Technologies segment to [remain] flat to low single-digit decline year over year, caused largely by lower exports from US factories to Chinese customers, something we expect to better mitigate in the fourth quarter. We expect this segment to grow sequentially 1% to 2%.

在第三季的細分市場層面，我們預計自動化支援技術部門的銷售額將同比持平至低個位數下滑，這主要是由於美國工廠對中國客戶的出口減少，我們預計第四季度這一影響將得到更好的緩解。我們預計該部分將環比增長 1% 至 2%。

Our Medical Solutions segment is expected to demonstrate mid-single-digit growth year over year and up sequentially approximately 3% from continued strength in Advanced Surgery at growth rates comparable to those demonstrated in the second quarter and from a sequentially improving Precision Medicine business.

我們的醫療解決方案部門預計將實現同比中等個位數增長，環比增長約 3%，這得益於先進外科手術業務的持續強勁增長（增長率與第二季度相當）以及精準醫療業務的環比改善。

Moving on to adjusted gross margin for the third quarter, we expect to be at nearly 46%. This outlook includes the cumulative impact of expected announced tariffs as well as some near-term redundancy costs from our regional manufacturing strategy, which we expect to overcome in the fourth quarter.

談到第三季的調整後毛利率，我們預計將達到近 46%。這項展望包括預期宣布的關稅的累積影響以及我們區域製造策略的一些近期裁員成本，我們預計這些成本將在第四季度克服。

We expect R&D and SG&A expenses in the third quarter to be approximately $68 million to $69 million. Similar to our full-year guidance, we have excluded expected costs associated with design and planning phase of our standard ERP system.

我們預計第三季的研發和銷售、一般及行政費用約為 6,800 萬至 6,900 萬美元。與我們的全年指導類似，我們排除了與標準 ERP 系統設計和規劃階段相關的預期成本。

Depreciation expense, which is approximately $4 million in the second quarter will be similar to the third quarter. Stock compensation expense was $7.5 million in the second quarter will be nearly $11 million in the third quarter. This increase in quarterly stock compensation expense is driven by both the retention and incentive equity awards associated with the Kion transaction as well as the in-quarter impact of the change of incentive compensation plans, which we discussed earlier.

第二季的折舊費用約為 400 萬美元，與第三季相似。第二季股票薪資費用為 750 萬美元，第三季將達到近 1,100 萬美元。季度股票薪酬費用的增加是由與 Kion 交易相關的保留和激勵股權獎勵以及我們之前討論過的激勵薪酬計劃變化對季度的影響所驅動。

For adjusted EBITDA for the third quarter, we expect a range of $57 million to $60 million. Interest expense, which was $6 million in the second quarter, will be similar in the third quarter, and we expect our non-GAAP tax rate to be around 22%.

對於第三季的調整後 EBITDA，我們預計在 5,700 萬美元至 6,000 萬美元之間。第二季的利息支出為 600 萬美元，第三季的利息支出將與此類似，我們預計非公認會計準則稅率將在 22% 左右。

For adjusted earnings per share, we expect a range of $0.78 to $0.85 for the third quarter. Finally, we expect third-quarter cash flows to rebound versus the second quarter and return to a cash conversion rate closer to the historical averages we have demonstrated.

對於調整後的每股收益，我們預計第三季將在 0.78 美元至 0.85 美元之間。最後，我們預計第三季的現金流將較第二季反彈，並恢復到接近我們所展示的歷史平均水準的現金轉換率。

This updated outlook considers our latest view of the end markets, the continued successes of our new product launches, foreign exchange rates based on the second quarter, and the signed tariff agreements, trade agreements between the US and its trading partners as of July month end.

這項更新的展望考慮了我們對終端市場的最新看法、我們新產品發布的持續成功、基於第二季度的外匯匯率以及截至 7 月底美國與其貿易夥伴之間簽署的關稅協定和貿易協定。

However, in this environment, the dynamics of both trade and foreign exchange as well as government-sponsored funding and regulatory disruptions is ever evolving and therefore, subject to change. But we continue to have confidence in our ability to navigate these dynamics and adapt quickly.

然而，在這種環境下，貿易和外匯的動態以及政府資助的資金和監管中斷都在不斷演變，因此可能會發生變化。但我們仍然對自己駕馭這些動態並快速適應的能力充滿信心。

And finally, with improvements to both our core business and long-term visibility to customer demand, along with a strong balance sheet and strong credit facility, we are well positioned to accelerate our acquisition pipeline with more meaningful and impactful acquisitions. Given our current acquisition pipeline, we feel confident in executing a transaction by year-end.

最後，透過核心業務的改善和對客戶需求的長期可視性的提高，以及強勁的資產負債表和強大的信貸額度，我們完全有能力透過更有意義、更有影響力的收購來加速我們的收購管道。鑑於我們目前的收購管道，我們有信心在年底前完成交易。

In summary, we are confident in the fundamentals of our business, the long-term strategy and our business model remains intact. We are excited about our new customer wins and the success of new product launches. We continue to make strong progress in high-growth markets, particularly in medical markets and physical AI robotics markets.

總而言之，我們對業務基本面、長期策略和業務模式保持完整充滿信心。我們對贏得新客戶和新產品成功推出感到非常興奮。我們在高成長市場，特別是醫療市場和實體人工智慧機器人市場持續取得強勁進展。

As a company, we remain focused on controlling what we can control and executing with excellence on our strategy and top priorities, no matter what the market environment brings.

作為一家公司，無論市場環境如何，我們始終專注於控制我們能夠控制的事情，並出色地執行我們的策略和首要任務。

This concludes our prepared remarks. We'll now open the call up for questions.

我們的準備好的演講到此結束。我們現在開始回答問題。

(Operator Instructions) Lee Jagoda, CJS Securities.

（操作員指示）Lee Jagoda，CJS Securities。

I guess, Robert, just to start, can you break down your revenue guidance and you can use the midpoint, I guess, in terms of growth from Kion, the impact of FX and then the true organic growth underlying?

羅伯特，首先，您能否分解一下您的收入預期，然後使用中間點，就 Kion 的成長、外匯的影響以及潛在的真正有機成長而言？

For the second half or for the full year?

下半年還是全年？

Full year or second half, either one or both?

全年還是下半年，其中一個還是兩個？

Okay. Well, for the full year, the reported -- on an organic basis, it will likely be down 1% to up 1%, somewhere in that range.

好的。嗯，就全年而言，報​​告顯示——按有機基礎計算，它可能會在下降 1% 到上升 1% 之間，在這個範圍內。

And then the -- and what's the FX implied impact or benefit?

那麼──外匯隱含的影響或好處是什麼？

The same FX impact that we had in the second quarter. So we just carried that forward for the full year.

與我們在第二季度遇到的外匯影響相同。因此，我們將這項舉措延續到全年。

Got it.

知道了。

So the delta is really the Kion acquisition. To be fair, it has done significantly better than expected.

因此，增量實際上是對 Kion 的收購。公平地說，它的表現比預期好得多。

Got it. And then I was hearing all the color around the new products over the next several years was really good and interesting earlier. Given you kind of have pretty good visibility about your product road map, what do you think are the biggest drivers of organic growth in 2026 in terms of the new products independent of whatever the market is going to do?

知道了。然後我聽說未來幾年新產品的所有顏色都非常好而且很有趣。鑑於您對產品路線圖有相當好的了解，您認為無論市場如何變化，2026 年新產品有機成長的最大驅動力是什麼？

Yeah. Hi, Lee. This is Matthijs. So basically a continuation of the advanced surgery product ramps, right, because we are basically having the first year of ramps this year, and that will continue to expand. So that's one.

是的。你好，李。這是 Matthijs。因此，這基本上是先進手術產品坡道的延續，對吧，因為今年基本上是我們坡道的第一年，而且還會繼續擴大。這就是其中之一。

Secondly, the physical AI, so basically the AI-enabled robotics market, so warehouse automation, you heard us comment about a $50 million contract what we've won there, where we see, yeah, rapid deployment of robotics in advanced warehouse automation applications. And these robots need a sense of touch and a sense of fast and safe movement, and we have unique capabilities to help in that application.

其次，實體 AI，基本上是 AI 支援的機器人市場，所以倉庫自動化，你聽到我們評論我們在那裡贏得了一份價值 5000 萬美元的合同，我們看到機器人技術在先進的倉庫自動化應用中快速部署。這些機器人需要觸覺和快速安全的運動感，我們擁有獨特的能力來幫助實現這個應用。

And third, we see, let's say, related applications, humanoid still will be small, but what we commented on is that the overarching industrial physical AI applications will double in '26 versus '25 and then again, double again, be it from a small base, but that kind of tells you that we're growing.

第三，我們看到，比如說，相關的應用，人形機器人仍然會很小，但我們評論的是，整體工業物理人工智慧應用將在 26 年比 25 年翻一番，然後再翻一番，雖然基數很小，但這告訴你我們正在成長。

And then finally, we are seeing, let's say, very, very strong design wins that will start to ramp. So at the company level, 150% year over year. Now they won't all ramp in '26 fully, but they will start to ramp, and that's the visibility we have, again, a wide variety of applications.

最後，我們看到，可以說，非常非常強大的設計勝利將開始顯現。因此從公司層級來看，年增 150%。現在，它們不會在 26 年全部完全增加，但它們將開始增加，這就是我們所擁有的可見性，再次，各種各樣的應用程式。

I commented on let's say, additive manufacturing driven by aerospace and medical. What you see is that, of course, with the whole tariffs and trade environment, people want to produce locally. And actually, additive manufacturing is a very good way to do that. And so we're seeing some significant traction there. And we've won some business, some significant business there.

我評論說，積層製造是由航空航太和醫療推動的。當然，你會看到，在整個關稅和貿易環境下，人們希望在當地生產。事實上，積層製造是一種非常好的方法。因此，我們看到了一些顯著的進展。我們在那裡贏得了一些業務，一些重要的業務。

But also what I would call advanced material processing applications that are actually supporting some of the on-device AI investments in advanced packaging related to advanced AI or related markets.

但我所說的先進材料處理應用實際上支援與先進人工智慧或相關市場相關的先進封裝中的一些設備上人工智慧投資。

So those are a few areas that we see -- we're excited about that we commented on and that we see growing despite whatever the environment will bring. And it shows you that we're staying laser-focused on the secular growth markets no matter the environment. And then with the innovation and customer intimacy, we're very encouraged by everything that is happening there.

所以這些是我們觀察到的幾個領域——我們對這些領域所作的評論感到很興奮，無論環境如何，這些領域都在成長。這表明，無論環境如何，我們都將始終專注於長期成長市場。隨著創新和客戶親密度的提高，我們對那裡發生的一切感到非常鼓舞。

And then within life sciences --

在生命科學領域--

One thing I'd add there --

我想補充一點--

Yes, go ahead.

是的，請繼續。

Sorry, Lee, go ahead.

抱歉，李，請說。

No, no, go ahead.

不不不，繼續吧。

The only thing I was going to add is that the Advanced Surgery business should continue to demonstrate the same level of growth, which is kind of the mid-teens type growth as we get into next year. Our Robotics and Automation business should continue to participate as a consequence of new design wins and new product introductions, somewhere in that 10% type of range.

我唯一想補充的是，先進外科業務應該會繼續保持同樣的成長水平，也就是明年十幾歲那種程度的成長。由於新設計的獲勝和新產品的推出，我們的機器人和自動化業務應該會繼續參與，大約在 10% 的範圍內。

And then if you just factor in that you're not going to see the same level of declines in our Industrial or Precision Manufacturing business nor the Precision Medicine business, that would give you a pretty good indicator of what 2026 is going to look like.

然後，如果您考慮到我們的工業或精密製造業務以及精準醫療業務不會出現相同程度的下滑，那麼這將為您提供一個相當好的指標，讓您了解 2026 年的情況。

Well, and that's sort of where I was going to go next. So in Industrial and Precision Medicine, it sounds like you're seeing certainly some signs of improvement in the industrial and maybe at a minimum bouncing along the bottom in life sciences. So I guess, have we seen the low point for the year in your mind in those two areas? And sitting here today, are we looking at sort of a flattish 2026 for those end markets? Or could they still decline further?

嗯，這就是我下一步要去的地方。因此，在工業和精準醫療領域，聽起來你確實看到了工業領域的一些改善跡象，並且可能至少在生命科學領域出現了反彈。那麼我想，在您看來，我們是否已經看到了這兩個領域今年的低谷？那麼今天就坐在這裡，我們是否認為 2026 年這些終端市場將會趨於平緩？或者說它們還可能進一步下滑嗎？

Well, based on what we see today, and again, you never know with, of course, the trade changes. But based on what we see today, based on the bookings and the customer outlook, which is actually improving, right? Customer inventories on the industrial side have been depleted.

嗯，根據我們今天看到的情況，當然，你永遠不知道貿易會發生什麼變化。但根據我們今天看到的情況，根據預訂情況和客戶前景，情況實際上正在改善，對嗎？工業方面的客戶庫存已經耗盡。

And so we see 2026 backlog actually building on the industrial side, and we see the business sequentially improving in the second half of the year. So based on that, yeah, we see that business has reached bottom and then sequentially improving from here.

因此，我們看到 2026 年的積壓訂單實際上在工業方面有所增加，而且我們看到業務在下半年逐步改善。因此，基於此，我們看到業務已經觸底，然後從這裡開始逐步改善。

The Precision Medicine also we commented that, that's more of a technology shift in addition to market dynamics. The market dynamics, we don't necessarily see improving in the near term, but we do see the technology shift based on the machine vision as well as the RFID transitions that we're making. We see that having a sequential improving effect on the business. And therefore, we see that business sequentially improving as well. So yes.

精準醫療也評論說，除了市場動態之外，這更多的是技術轉變。我們不一定會認為市場動態在短期內會有所改善，但我們確實看到了基於機器視覺以及我們正在進行的 RFID 轉型的技術轉變。我們看到這對業務產生了持續的改善效果。因此，我們看到業務也在持續改善。是的。

And then the outlook for life science is a little bit unclear, but what we do is we just focus on what we can control, which is those new technologies as well as we're aggressively managing profit flow-through as well as capital allocation, of course, to these areas that have really strong tailwinds like physical AI, advanced surgery.

生命科學的前景有點不明朗，但我們所做的只是專注於我們能夠控制的事情，也就是那些新技術，同時我們也在積極管理利潤流轉和資本配置，當然，這些領域有著非常強勁的順風，例如物理人工智慧、先進的手術。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

First, Robert, you touched on China and tariffs. Did you say specifically status? Did you talk about in the same context about the $35 million that was held up? And is that still $35 million at risk for the year?

首先，羅伯特，您談到了中國和關稅問題。您具體說的是狀態嗎？您是否在同樣的背景下談論了被扣留的 3500 萬美元？那麼今年的 3500 萬美元是否仍面臨風險？

Yeah. The $35 million is factored into our guidance right now. So we haven't assumed that we're going to recover that yet. So I would take -- that's where we issued the guidance that I made a comment around with some caution.

是的。這 3500 萬美元目前已計入我們的指導金額。所以我們還沒有假設我們會恢復這一點。所以我會採取——這就是我們發布的指導意見，我對此發表了一些謹慎的評論。

So we're not seeing the order behavior yet from our customers in the second quarter. And as we enter the month of August, the same holds true. And that's largely just because of the uncertainty with how those tariffs would unfold. So when you're ordering product from a US factory with a 90-day lead time, they can get themselves stuck in a position on a non-cancelable purchase order where they'll be importing at an unknown expense to them because they don't know what the tariff cost is going to be.

因此，我們還沒有看到第二季度客戶的訂單行為。當我們進入八月時，情況也是如此。這主要是因為這些關稅將如何實施存在不確定性。因此，當您從美國工廠訂購產品且交貨時間為 90 天時，他們可能會陷入不可取消的採購訂單的境地，因為他們不知道關稅成本是多少，所以他們將以未知的費用進口。

Now that being said, what I see as an offset is the local -- first and foremost, we're growing In China, For China. So that strategy, which represents 50% of our sales into overall exposure of China sales is growing. And as a consequence, we saw total China sales up 15% year over year. So despite missing that, we got some -- we still got some aggressive growth happening.

話雖如此，我認為抵消的因素是本地因素——首先也是最重要的，我們在中國發展，為中國服務。因此，該策略將我們的 50% 銷售額轉化為中國整體銷售額，而這種成長趨勢仍在持續。因此，我們看到中國市場的總銷售額年增了 15%。因此，儘管錯過了這一點，我們還是取得了一些進展——我們仍然取得了一些積極的成長。

And then second, the design win activities with our Chinese customers did accelerate. So we are seeing signals from them to design our technology into new products, which effectively you would not do if you thought the situation was going to be permanent. So effectively, our strategy of how we're going to mitigate tariffs is being well received by our customers, and they're being as patient as they can until we get those fully implemented.

其次，我們與中國客戶的設計合作活動確實加速了。因此，我們看到他們發出信號，要求將我們的技術設計到新產品中，如果你認為這種情況會持續下去，那麼你實際上就不會這樣做。因此，我們降低關稅的策略確實受到了客戶的歡迎，他們也盡可能耐心等待，直到我們全面實施這些策略。

So now could we get that turned around by the fourth quarter? Yes, it's possible. Not third quarter, but definitely by the fourth quarter. It's possible to get that rectified and start clawing back some of that revenue, but we haven't factored that in at this time until we have better visibility around the execution of that plan.

那麼我們能在第四季扭轉這種局面嗎？是的，有可能。不是第三季度，但肯定是第四季。有可能糾正這個問題並開始收回部分收入，但我們目前還沒有考慮到這一點，直到我們對該計劃的執行有更好的了解。

And of course, it's driven, Brian, by the transfer of manufacturing, right? So our customers, we've shared those plans. They're confident in our plans. That's why the design wins are continuing. And of course, the actual transfers are starting to happen in the fourth quarter, which is really the mitigation, right? So then it really depends how quickly can you rectify and ramp from there. But structurally, we're addressing it. It's really a timing issue that we're working through.

當然，布萊恩，這是由製造業的轉移所推動的，對嗎？因此，我們已經與我們的客戶分享了這些計劃。他們對我們的計劃充滿信心。這就是設計不斷獲勝的原因。當然，實際的轉移將在第四季度開始發生，這確實是一種緩解，對嗎？所以這實際上取決於你能多快地糾正和提升。但從結構上來說，我們正在解決這個問題。這確實是我們正在解決的時間問題。

Understood. Are those design wins in China, medical, industrial, robotic surgery, did you say?

明白了。您說的是，這些設計是在中國、醫療、工業、機器人手術領域取得的嗎？

Mostly industrial.

主要是工業。

Mostly industrial and robotics. Our Robotics and Automation business, of course, Matthijs went into some details around that. There's a lot of new products launched around that, but we're also seeing nice design win activities in our Precision Manufacturing business.

主要是工業和機器人。當然，對於我們的機器人和自動化業務，Matthijs 對此進行了詳細的介紹。有很多新產品圍繞著這一點推出，但我們在精密製造業務中也看到了不錯的設計成功活動。

Okay. Can you say if any of those humanoids?

好的。你能說出其中是否有人形生物嗎？

All are -- we've mentioned 10 humanoids from vendors or customers that we have. Those are -- we were very specific in the language saying that there were US and European exposure. So I would say the bulk of our humanoid exposure today is in the US and European markets. We'd be reluctant to say that there's anything in China at this point in junction.

全部都是——我們已經提到了來自供應商或客戶的 10 個人形機器人。那些是——我們在語言上非常具體地表明了美國和歐洲的影響力。所以我想說，我們今天的人形機器人大部分是在美國和歐洲市場。我們不太願意說，現階段中國還有什麼進展。

Yeah. Some, but not a lot, I would just say. And then -- and we're not banking on that, but there are other precision robotics markets, both surgical as well as kind of adjacent to warehouse automation that are getting traction and where we feel we got a very good offering, so.

是的。我只能說有一些，但不是很多。然後——我們並不指望這一點，但還有其他精密機器人市場，包括外科手術以及與倉庫自動化相關的市場，正在獲得關注，我們覺得我們提供了非常好的產品，所以。

Okay. And then just one more for now, I guess. Can you talk a little bit more about maybe the specific use case within the warehouse for the warehouse robotics win? And what type of technology are you winning with? Like is it force torque or servo drives, haptic? And then I've got one more piece to this question. Could this be much bigger than $50 million down the road?

好的。我想，現在就再說一個吧。能否再多談談倉庫機器人在倉庫中的具體用例？您憑藉什麼技術獲得勝利？例如它是力矩還是伺服驅動器、觸覺？然後我對這個問題還有一點想說。未來這個數字會比 5,000 萬美元大得多嗎？

Yeah. So let me -- thanks, Brian. Let me kind of try to parse that out. So first and foremost, what you see is that vision alone is not -- will not do the trick in these really advanced warehouse automation markets where you're going to almost process goods faster than humans. And so you got to mimic humans in terms of touch.

是的。所以讓我——謝謝，布萊恩。讓我試著分析一下這一點。因此，首先，您會看到，在這些真正先進的倉庫自動化市場中，單靠視覺是行不通的，在這些市場中，您處理貨物的速度幾乎比人類還快。所以你必須在觸覺方面模仿人類。

And so it's proven by one of the leader players that the touch is actually essential. And then the fast and safe reaction to what you're sensing and then turning that into motion, doing that safely is actually very complicated if you do that in a small form factor at the edge, meaning at the end of factor at where the action happens.

因此，一位領銜球員證明，觸球確實至關重要。然後對你所感知到的東西做出快速而安全的反應，然後將其轉化為運動，如果你在邊緣的小尺寸元件中做到這一點，那麼安全地做到這一點實際上是非常複雜的，也就是說，在動作發生的末端。

And so Novanta has unique capabilities to do this in a small form factor very precisely and reliably to the extent that the tremendous demands on these applications where you basically cannot drop a package for -- maybe you can drop a package like once in 24 hours, which means extreme accuracy. That's what we bring to the table.

因此，Novanta 具有獨特的能力，可以在小巧的尺寸下非常精確、可靠地完成這項工作，以滿足這些應用程式的巨大需求，在這些應用程式中，您基本上不能投遞一個包裹——也許您可以在 24 小時內投遞一次包裹，這意味著極高的準確性。這就是我們要提出的。

And that then provides that high conviction of these warehouse automation players to start deploying this because now it's actually possible to replace humans. So that is what that is. Of course, there is a massive amount of capital that is being deployed. That's all public. So what we like about it is, of course, the use case is there. It's proven in the warehouses. The capital is there. And so it will be a multiyear deployment cycle.

這使得這些倉庫自動化參與者有信心開始部署它，因為現在它實際上可以取代人類。事實就是這樣。當然，有大量的資本正在部署。這些都是公開的。因此，我們喜歡它的原因是，它有用例。這已在倉庫中得到證實。首都就在那裡。因此這將是一個多年的部署週期。

We've commented on -- and you know us, we're kind of conservative. We only will quote things that we have won and that we've contracts signed. So that's the $50 million. I do believe and we do believe that down the line, if you combine all these physical AI applications and you look at the served available market for us based on conservative estimates, that's about $1 billion market in 2030. And we will -- we're aiming, of course, to get a decent chunk of that.

我們已經評論過——而且你知道我們，我們有點保守。我們只會引用我們已經贏得的和已經簽署的合約的內容。這就是 5000 萬美元。我確實相信，我們也確實相信，如果將所有這些實體 AI 應用結合起來，並根據保守估計來查看我們可用的服務市場，那麼到 2030 年，這個市場的價值將達到約 10 億美元。當然，我們的目標是獲得其中的很大一部分。

So that's -- so we think it's a sizable opportunity down the line. We're allocating and deploying resources aggressively, to both ramp and continue our new product innovations, which we feel are leading in the industry.

所以，我們認為這是一個巨大的未來機會。我們正在積極分配和部署資源，以加強和繼續我們的新產品創新，我們認為這些創新在行業中處於領先地位。

So -- and yes, so that is force torque sensing, that is servo drives, but it's also including encoders, let's say, all in a subsystem package that works in the different use cases for these OEM players and whether it's warehouse automation or humanoids or related applications, right?

所以 - 是的，這就是力矩感測，也就是伺服驅動器，但它還包括編碼器，可以說，所有這些都包含在一個子系統包中，可用於這些 OEM 播放器的不同用例，無論是倉庫自動化還是人形機器人或相關應用，對嗎？

These robots don't necessarily have to stand on two feet. That's maybe the last thing I will say. You see a lot of application-specific related applications that you see robots on wheels or you see them fix in the location. We're doing very similar smart tasks. So hopefully, that answers the question.

這些機器人不一定要用兩隻腳站立。這也許是我要說的最後一句話。您會看到許多特定於應用程式的相關應用程序，例如帶輪子的機器人或固定在某個位置的機器人。我們正在執行非常相似的智慧任務。希望這能回答這個問題。

Yes, that was really interesting. And congrats on the warehouse win and all the other wins you announced this quarter.

是的，那真的很有趣。恭喜您在本季度贏得倉庫勝利以及所有其他勝利。

Rob Mason, Baird.

羅布梅森，貝爾德。

Maybe just a follow on your last response, Matthijs. The -- when you were talking about the entire package of your offering into this market, force torque and servo drives and encoders, was that the case for this particular warehouse automation contract? Or was that just force torque because you mainly were referencing sensing?

也許只是對你上次回覆的後續，Matthijs。當您談到向這個市場提供的整套產品、力矩、伺服驅動器和編碼器時，這個特定的倉庫自動化合約是否也是如此？還是那隻是力矩，因為您主要參考的是感測？

Well, it's the sensing in their reaction. So it's actually -- it has the -- both the servo drives as well as the sensing capabilities. And again, we're commenting on this one player, but we've won multiple warehouse automation design wins that are a bit smaller than this, where we use basically the whole gamut of the different capabilities.

嗯，這是他們反應中的感覺。所以它實際上 - 它具有 - 伺服驅動和感測功能。再次強調，我們正在評論這一位參與者，但我們已經贏得了多個比這小一點的倉庫自動化設計勝利，我們基本上使用了所有不同的功能。

And it depends a little bit on the player, how much of one versus the other is being used. But I would say holistically, it's true that both in warehouse automation and humanoids as well as surgical robotics, actually, these capabilities are getting more important going forward.

這在一定程度上取決於玩家，取決於使用其中一種方式的程度。但我想說，從整體來看，無論是在倉庫自動化、人形機器人或手術機器人領域，這些能力實際上在未來都會變得越來越重要。

So the sense of haptic feedback in surgical robotics is a key capability. It's basically the same capability that gives the robot in the warehouse a sense of touch as well as the humanoid, right? And in all these applications as well, the low latency, meaning fast response safely.

因此，手術機器人的觸覺回饋能力是一項關鍵能力。這基本上與倉庫中的機器人和人形機器人擁有相同的觸覺能力，對嗎？在所有這些應用中，低延遲意味著安全地快速回應。

So humans can work side-by-side with these robots safely. Embedded safely is not trivial, and we do that embedded into our server drives, which is unique at a very small form factor, super precise, very high power density, which means that small form factor, yes, it's very powerful. So it's all these things combined makes us uniquely qualified for these applications. So the short answer is both capabilities are included in these applications.

因此人類可以安全地與這些機器人並肩工作。安全嵌入並非易事，我們將其嵌入到我們的伺服器驅動器中，它具有非常小的尺寸、超精確度、非常高的功率密度，這意味著雖然尺寸很小，但功能非常強大。所有這些因素結合起來，使我們具備了適合這些應用的獨特資格。因此，簡短的回答是，這兩種功能都包含在這些應用程式中。

I see. I see. And just as you've talked about kind of the ramp in these products in '26 and '27, are you needing to add additional capacity? Do you have current capacity to serve this?

我懂了。我懂了。正如您所談到的 26 年和 27 年這些產品的產量成長，您是否需要增加額外的產能？您目前有能力提供此項服務嗎？

Yeah. No, we do. On the other hand, this is -- and I'm glad you asked this question, it's a unique example of how the Novanta Growth System can really help to increase capacity very efficiently. So just -- we just completed a Kaizen with over 20 people and just cutting lead times down by a factor of 3, increasing capacity by a factor of 4 to 5 without adding major capacity.

是的。不，我們有。另一方面，我很高興你問了這個問題，這是一個獨特的例子，說明 Novanta 成長系統如何真正幫助非常有效地提高產能。所以——我們剛剛與 20 多人一起完成了一項 Kaizen，將交貨時間縮短了 3 倍，將產能提高了 4 到 5 倍，而沒有增加太多產能。

Now down the line, we see this ramp growing beyond that. And there, yes, we will have to automate and either own dog food, so to speak, right? Put automation in our lines to kind of get to these really high volumes. So the answer is yes, and we're using the Novanta Growth System to do this efficiently and reliably.

現在，我們看到這個坡度正在超越這一點。是的，我們必須自動化，或者說必須擁有自己的狗糧，對嗎？在我們的生產線上採用自動化技術，以實現如此高的產量。答案是肯定的，我們正在使用 Novanta 增長系統來有效可靠地完成這項工作。

I see. And maybe just last question. One of the end markets you touched on, you said was mixed was around the semiconductor electronics area. I'm just curious, I mean, we have seen really over the past year, I guess, some pushes to the right in that industry. How does that factor into your second half guide around new products, whether that gets into the lithography space you're talking about? I'm just curious if you've had to shuffle some of the plans again around that?

我懂了。也許這只是最後一個問題。您提到的終端市場之一是半導體電子領域，您說它是混合市場。我只是好奇，我的意思是，我想，在過去的一年裡，我們確實看到了該行業的一些向右的推動。這個因素如何影響您下半年的新產品指南，是否涉及您所談論的光刻領域？我只是好奇您是否必須再次調整一些計劃？

Yeah. I would say that any sort of risk associated with those applications has been factored into our second half guidance as well as the before mentioned China situation where we are not anticipating that revenue in our guidance to come back, although that's looking more and more possible as we get -- particularly as we start to look at Q4.

是的。我想說的是，與這些應用相關的任何風險都已計入我們的下半年指引以及前面提到的中國形勢，我們預計指引中的收入不會回升，儘管隨著我們的了解，這種情況看起來越來越有可能——特別是當我們開始關注第四季度時。

We are shipping units into those applications in the fourth quarter. So there are some units going out. They're not at the volumes that we were hoping for before. But we are -- we feel very good because we're still designed in on a sole-source basis into those applications. We've doubled the content that we've had from a per unit basis than we've had in prior periods. And then we have some backward compatibility with some of our technology.

我們將在第四季度向這些應用領域發貨。因此有一些單位正在出去。它們的數量沒有達到我們之前所希望的水平。但是我們感覺非常好，因為我們仍然以單一來源的方式設計這些應用程式。與前幾個時期相比，我們單位內容的數量增加了一倍。然後我們對某些技術具有一定的向後相容性。

So we feel very good that we have the right technology and the right application positioned on a sole-source basis that's positioned for growth. We're just waiting and anticipating as that market works through some dynamics that will allow those shipments to really ramp up to the volumes that we're hoping for and that have been communicated.

因此，我們感到非常高興，我們擁有正確的技術和正確的應用程序，並以單一來源為基礎，為成長做好了準備。我們只是在等待和期待，因為市場會透過一些動態來運作，讓這些出貨量真正增加到我們所希望的和已經傳達的數量。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Matthijs Glastra for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Matthijs Glastra 先生，請他做最後發言。

Thank you, operator, and thank you, everyone, for your questions. In closing, as always, I would like to thank our customers, our shareholders, and especially our dedicated employees for their ongoing support. We appreciate your interest in the company, your participation in today's call.

謝謝接線員，也謝謝大家的提問。最後，一如既往，我要感謝我們的客戶、股東，特別是我們敬業的員工對我們持續的支持。我們感謝您對公司的關注以及您參加今天的電話會議。

I look forward to joining all of you soon at our third-quarter 2025 earnings call. Thank you very much. This call is now adjourned.

我期待很快與大家一起參加我們的 2025 年第三季財報電話會議。非常感謝。本次電話會議現在暫停。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，現在您可以斷開連接了。