Koninklijke Philips NV (PHG) 2024 Q2 法說會逐字稿

Hi, everyone. Welcome to Philips' second quarter and half year 2024 results webcast. I'm here with our CEO, Roy Jakobs; and our CFO, Abhijit Bhattacharya. The press release and investor deck were published on our Investor Relations website this morning. The replay and full transcript of this webcast will be made available on the website after the call as well.

大家好。歡迎收看飛利浦2024年第二季及上半年業績網路直播。我今天和我們的執行長羅伊·雅各布斯以及財務長阿比吉特·巴塔查里亞在一起。新聞稿和投資者資料已於今天上午發佈在我們的投資者關係網站上。本次網路直播的錄影和完整文字稿將在通話結束後發佈在網站上。

Before we start, I want to draw your attention to our Safe Harbor statement on screen. You will also find a statement in the presentation published on our Investor Relations website. Roy, over to you.

在開始之前，我想請大家注意螢幕上顯示的「安全港」聲明。您也可以在我們投資者關係網站上發布的簡報中找到相關聲明。羅伊，該你了。

Good morning, everyone, and welcome. Great to be with you today. I want to start with the key highlights of this morning's release. We delivered strong order integral this quarter. When in a challenging macroeconomic environment, we achieved strong margin improvement, supported by a productivity program.

各位早安，歡迎各位。今天能和你們在一起真是太好了。我想先從今天早上發布的新聞稿的幾個要點開始。本季我們實現了強勁的訂單交付。在充滿挑戰的宏觀經濟環境下，我們透過提高生產力計畫實現了利潤率的大幅提升。

Solid operational cash flow and comparable sales growth in line with our plan. The improvements were across all business segments and a result of the ongoing actions to enhance execution supported by our innovations.

穩健的營運現金流和符合我們計劃的同店銷售成長。這些改進遍及所有業務部門，是我們在創新支援下持續採取措施提高執行力的結果。

We continue to make progress and see the effects of the focus on our three priorities and enchancing, patient, safety and quality, strengthening our supply chain reliability and establishing a simplified, more agile operating model, supported by key innovation launches and our ongoing actions we are confident in our plan and reiterate our outlook for the full year 2024.

我們持續取得進展，並看到了專注於三大優先事項——患者、安全和品質——所帶來的成效，同時加強了供應鏈的可靠性，並建立了一個更簡化、更靈活的營運模式。在關鍵創新產品發布和持續行動的支持下，我們對我們的計劃充滿信心，並重申我們對 2024 年全年的展望。

On to the key financial highlights. Comparable sales growth was 2% in the quarter. On the back of high single digit growth last year. This was driven by 4% growth in Diagnosis & Treatment and 2% growth in both the Connected Care and Personal Health segments. The adjusted EBITDA margin was 11.1% in the quarter, a strong improvement of 100 basis points compared to Q2 2023.

接下來是主要財務亮點。本季同店銷售額成長2%。去年實現了接近兩位數的成長。這主要得益於診斷和治療領域 4% 的成長，以及互聯護理和個人健康領域 2% 的成長。本季調整後的 EBITDA 利潤率為 11.1%，與 2023 年第二季相比，大幅提高了 100 個基點。

Free cash flow outflow was EUR64 million, which included the payment in connection with the Respironics economic loss settlement in the US. We delivered a strong underlying operational cash flow improvement, which obviously Abhijit will unpack later. I'm encouraged by the 9% order intake increase in the quarter. I'm confident that our innovative portfolio is well positioned to help hospitals worldwide address the staffing shortages and enhance productivity and improve patient and staff experience.

自由現金流出為 6,400 萬歐元，其中包括與美國 Respironics 經濟損失和解相關的付款。我們實現了強勁的營運現金流改善，Abhijit 稍後會對此進行詳細分析。本季訂單量成長9%，這令我感到鼓舞。我相信，我們創新的產品組合能夠幫助世界各地的醫院解決人員短缺問題，提高生產力，並改善病患和員工的體驗。

As our leading innovations for consumers to take care of themselves. We continue to expect positive order intake growth in the second half and in full year 2024. In China, orders declined as the industry-wide anti-corruption measures imposed by the government continue to impact order lead times per hospitals. As their internal approval cycles have increased to ensure compliance.

我們致力於為消費者提供領先的創新，幫助他們更好地照顧自己。我們持續預期2024年下半年和全年訂單量將實現正成長。在中國，由於政府實施的產業反腐敗措施持續影響醫院的訂單交付週期，訂單量下降。為了確保合規性，他們的內部審批週期已經延長。

I actually just returned from China last week, where I met many of our customers and partners. And it is clear that it remains an attractive health care market. We do not expect that the anti-corruption measures impact structural demand. Our order funnel is active in the country, and we expect China to gradually contribute to order growth in the coming quarters, albeit from a low base. This will be supported by the recently announced government program for renewal of aged medical equipment.

我上週剛從中國回來，在那裡我見到了我們的許多客戶和合作夥伴。很顯然，它仍然是一個極具吸引力的醫療保健市場。我們預期反腐敗措施不會影響結構性需求。我們的訂單管道在中國活躍，我們預計中國將在未來幾季逐步為訂單成長做出貢獻，儘管基數較低。政府近期宣布的老舊醫療設備更新計畫將為此提供支援。

Let me now provide you with some of the customer and innovation milestones during the quarter. We continue to see strong customer pool for solutions and signed several long-term agreements across the world in this quarter.

現在讓我向大家介紹一下本季的一些客戶和創新里程碑。我們持續看到對解決方案的強勁客戶群，並且本季在全球簽署了多項長期協議。

For example, we signed multiyear partnership for monitoring Image-Guided Therapy and Helium-free MRI with several university hospitals in the Netherlands and Belgium. We also signed a multi -- a major multiyear partnership with Bon Secours Mercy Health, one of the largest health systems in the US standardizing in-office patient monitoring solutions [proposed] its 49 hospitals to drive better patient outcomes and reduce burden on staff.

例如，我們與荷蘭和比利時的幾家大學醫院簽署了多年合作協議，共同監測影像引導治療和無氦磁振造影。我們還與美國最大的醫療系統之一 Bon Secours Mercy Health 簽署了一項多年合作協議，旨在規範其 49 家醫院的門診病人監護解決方案，以改善病人治療效果並減輕員工負擔。

We launched our next-generation AI-enabled cardiovascular ultrasound platform with new FDA-cleared AI tools integrated to advance cardiovascular imaging and increase automation and productivity of our customers.

我們推出了新一代人工智慧賦能的心血管超音波平台，整合了經 FDA 批准的全新人工智慧工具，旨在推動心血管成像技術，提高客戶的自動化程度和生產力。

Demonstrating our innovation leadership in minimally invasive treatments. We announced the first implant of the Duo Venous Stent System following premarket approval from the FDA. in Personal Health, we unveiled a series of innovations in China, including launch of the first medical-grade Philips Lumia 8,000 series IPL hair removal device with cooling technology.

展現我們在微創治療領域的創新領導地位。在獲得FDA上市前批准後，我們宣布了Duo靜脈支架系統的首次植入。在個人健康領域，我們在中國推出了一系列創新產品，包括推出首款採用冷卻技術的醫用級飛利浦Lumia 8000系列IPL除毛儀。

Looking ahead, we remain confident in our plan. Acknowledging that uncertainties remain in a challenging macro environment. In 2024, we expect to deliver further performance improvement with 3% to 5% comparable sales growth, building on a strong comparison base of last year and adjusted EBITDA margin of 11% to 11.5% and a free cash flow of EUR0.9 million to EUR1.1 billion.

展望未來，我們對我們的計劃仍然充滿信心。承認在充滿挑戰的宏觀環境下，仍存在不確定性。2024 年，我們預計業績將進一步提升，可比銷售額成長 3% 至 5%，這建立在去年強勁的基數之上，調整後 EBITDA 利潤率將達到 11% 至 11.5%，自由現金流將達到 90 萬歐元至 11 億歐元。

I will now hand it over to Abhijit to take us through the Q2 financials in more detail, after which I will come back on our execution priorities.

現在我將把發言權交給 Abhijit，讓他更詳細地為我們介紹第二季度的財務狀況，之後我將回到我們的執行重點上來。

Thanks, Roy. Good morning, everyone. Let me start with the performance highlights. Comparable sales grew 2% in the quarter with 1% growth in mature geographies. Comparable sales in growth geographies grew 3% despite a decline in China. In Diagnosis & Treatment comparable sales increased by 4% with growth across Image-Guided Therapy and Precision Diagnosis.

謝謝你，羅伊。各位早安。讓我先從比賽亮點說起。本季同店銷售額成長 2%，其中成熟市場成長 1%。儘管中國市場出現下滑，但成長地區的同店銷售額仍成長了3%。在診斷和治療領域，可比銷售額成長了 4%，其中影像引導治療和精準診斷均實現了成長。

It's important to note that this was compared to strong double digit growth in Q2 2023. The adjusted EBITDA margin improved by 160 basis points year on year to 12.2%. The increase was mainly driven by improved sales pricing and productivity measures. Connected Care comparable sales increased 2% with double digit growth in enterprise informatics and flat comparable sales growth in monitoring on the back of strong double digit growth in Q2 2023.

值得注意的是，這是與 2023 年第二季強勁的兩位數成長相比而言的。經調整後的 EBITDA 利潤率年增 160 個基點，達到 12.2%。成長主要得益於銷售定價和生產效率提升措施的改善。互聯護理業務的同店銷售額增長了 2%，其中企業資訊學業務實現了兩位數增長，而監控業務的同店銷售額則保持平穩增長，這得益於 2023 年第二季度強勁的兩位數增長。

We saw strong performance in Sleep Systems and Patient Interface end markets outside of the US. Connected Care, adjusted EBITDA margin improved to 100 -- improved by 130 basis points to 8.8%, driven by solid performance in monitoring and a strong step-up in profitability in Sleep & Respiratory Care, which is encouraging.

我們在美國以外的睡眠系統和患者介面終端市場取得了強勁的業績。互聯護理業務調整後 EBITDA 利潤率提高至 100，提高了 130 個基點至 8.8%，這主要得益於監測業務的穩健表現以及睡眠和呼吸護理業務盈利能力的顯著提升，令人鼓舞。

Personal Health delivered a 2% comparable sales increase, driven by 5% growth outside of China. Overall, consumer sentiment in the US and international markets is solid, while consumer sentiment in China remains subdued. The adjusted EBITDA margin for the segment improved significantly to 16.9% this quarter, mainly due to operational improvements and productivity.

個人健康業務實現了 2% 的同店銷售額成長，其中中國以外地區成長了 5%。整體而言，美國和國際市場的消費者信心穩健，而中國市場的消費者信心仍然低迷。本季該業務部門的調整後 EBITDA 利潤率顯著提高至 16.9%，主要得益於營運改善和生產力提升。

Sales in segment other was EUR70 million lower than in the second quarter of 2022 -- 2023 due to royalty revenue phasing as indicated in our Q1 call. This difference alone resulted in a negative impact of around 160 basis points of the growth of the Group in the second quarter.

由於特許權使用費收入分階段支付（正如我們在第一季電話會議中所述），其他業務部門的銷售額比 2022 年第二季 - 2023 年第二季減少了 7,000 萬歐元。僅此一項差異就對集團第二季的成長產生了約 160 個基點的負面影響。

We have been very disciplined in cost management and our productivity initiatives delivered savings of EUR195 million in the quarter, of which operating model savings were EUR57 million. Procurement savings was EUR71 million and other productivity programs delivered EUR67 million.

我們在成本管理方面一直非常自律，我們的生產力提升措施在本季節省了 1.95 億歐元，其中營運模式節省了 5,700 萬歐元。採購節省了 7,100 萬歐元，其他生產力提升計畫帶來了 6,700 萬歐元的收益。

The adjusted EBITDA margin for the group increased by 100 basis points to 11.1%, despite the lower royalty revenue in the quarter. Productivity and pricing actions, which contributed 320 basis points, partly offset by wage and component price inflation of 200 basis points. Earlier in the quarter, we also concluded an agreement with insurers to pay EUR538 million to cover the Respironics recall related product liability claims. This income was recognized in Q2 2024, and the remaining payment is expected this year.

儘管本季特許權使用費收入下降，但該集團的調整後 EBITDA 利潤率仍成長了 100 個基點，達到 11.1%。生產力和定價措施貢獻了 320 個基點，但部分被工資和零件價格上漲 200 個基點所抵消。本季度早些時候，我們還與保險公司達成協議，支付 5.38 億歐元，以支付與 Respironics 召回相關的產品責任索賠。這筆收入已於 2024 年第二季確認，剩餘款項預計今年將支付。

Free cash was an outflow of EUR64 million in the quarter as it included a payment of EUR415 million in connection with the Respironics economic loss settlement in the US, partly offset by the initial receipt from insurers of EUR150 million. Therefore, excluding these two effects, free cash flow in the quarter was around EUR200 million, driven by higher earnings and continued progress in working capital management. Our leverage ratio improved from 2.8 times to 2.2 times compared to Q2 2023 on a net debt to adjusted EBITDA basis.

本季自由現金流出 6,400 萬歐元，其中包括支付 4.15 億歐元與美國 Respironics 經濟損失和解相關的款項，部分被從保險公司收到的 1.5 億歐元初始款項所抵銷。因此，排除這兩個因素的影響，本季自由現金流約為 2 億歐元，這主要得益於更高的獲利和營運資本管理的持續進步。與 2023 年第二季相比，我們的槓桿率（以淨負債與調整後 EBITDA 的比率）從 2.8 倍改善至 2.2 倍。

It also -- it's also important to note that both S&P and Moody's upgraded our rating outlook to stable. We now have stable outlook for strong credit ratings across S&P, Moody's and Fitch. The effective rate for the first half of 2024 was negatively impacted by the derecognition of deferred tax assets on the Respironics litigation provision and carry forward losses in the US.

值得注意的是，標普和穆迪都將我們的評級展望上調至穩定。目前，我們對標普、穆迪和惠譽的強勁信用評等前景持穩定展望。2024 年上半年的實際稅率受到 Respironics 訴訟準備金遞延所得稅資產終止確認以及美國結轉虧損的負面影響。

As a result, the effective tax rate for the full-year 2024 will be high. Normalizing for this effect however, the tax -- effective tax rate is expected to be between 17% and 19% this year compared to our guidance of 24% to 26% for the period 2023 to 2025.

因此，2024 年全年的實際稅率將很高。考慮到這一影響，今年的實際稅率預計將在 17% 到 19% 之間，而我們先前對 2023 年至 2025 年期間的稅率預期為 24% 到 26%。

Now let's move to the dynamics in order intake. As mentioned earlier, we continue to see inherent unevenness in order growth between quarters in the second quarter, order intake grew by a strong 9%, driven by improvements outside China, particularly in North America. This resulted in 3% order intake growth for the first half of the year, and we continue to expect to deliver order intake growth in both the second half as well as the full year 2024, as mentioned by Roy.

現在我們來看看訂單接收的動態過程。如前所述，我們繼續看到各季度之間的訂單成長存在固有的不平衡。第二季度，訂單量強勁成長了 9%，主要得益於中國以外地區（尤其是北美地區）的改善。正如 Roy 所提到的，這使得今年上半年的訂單量增長了 3%，我們繼續預計在下半年以及 2024 年全年都將實現訂單量增長。

As a reminder, orders and order book account for 40% of our revenue. The remaining 60% comes mainly from recurring revenue streams such as services and consumables from the book and -- book and bill business and from Personal Health. As mentioned in our previous earnings calls, we anticipate sales growth to be back-end loaded in 2024, due to the higher comparison base in the first three quarters of the year, where we grew 9% in 2023.

再次提醒，訂單和訂單簿占我們收入的 40%。剩餘的 60% 主要來自經常性收入來源，例如圖書和帳單業務的服務和消耗品以及個人健康業務。正如我們在先前的財報電話會議中所提到的，我們預計 2024 年的銷售成長將主要集中在下半年，因為今年前三個季度的基數較高，而我們在 2023 年這三個季度增長了 9%。

We expect sales growth in the third quarter to stay broadly in line with the first half of the year on the back of 11% growth in Q3 2023, which was driven by mid-teens growth in Diagnosis & Treatment. For the full year 2024, we expect all business segments to be within the 3% to 5% sales growth range provided by the group -- provided for the group with Connected Care expected to be closer to the upper end of the range and Diagnosis & Treatment and Personal Health expected to be closer to the lower end of the range.

我們預計，在 2023 年第三季 11% 的成長的推動下，第三季的銷售成長將與上半年基本保持一致，這主要得益於診斷和治療業務的 15% 左右的成長。對於 2024 年全年，我們預計所有業務部門的銷售成長都將在集團提供的 3% 至 5% 的範圍內——其中互聯護理預計更接近範圍的上限，而診斷與治療和個人健康預計更接近範圍的下限。

With that, I would like to hand it back to Roy.

然後，我想把它還給羅伊。

Thanks Abhijit. I would like to continue with the progress we have made on our execution priorities. On patient safety and quality. We again delivered a substantial improvement in copper closures in the quarter, driven by stronger processes, capabilities and governance around it. We continue to drive significant simplification of the way we work and further reduced the number of quality management systems.

謝謝阿比吉特。我希望繼續推動我們在執行優先事項方面取得的進展。關於患者安全和醫療品質。本季度，在更強大的流程、能力和治理的推動下，我們的銅礦開採量再次大幅提升。我們持續推進工作方式的大幅簡化，並進一步減少了品質管理系統的數量。

We are well on track to achieve our target of 65% reduction in 2024, and we continue to invest in quality improvements across the portfolio and are acting fast on post-market surveillance signals. With respect to the supply chain, we now have lead times back to normal across all modalities. We will continue leveraging and regionalizing our end-to-end supply chain to further strengthen, first time, right deliveries and service levels. In China, we have reached around 90% local-for-local supply chain.

我們正朝著 2024 年減少 65% 的目標穩步前進，我們將繼續投資於整個投資組合的品質改進，並迅速對上市後監測訊號採取行動。就供應鏈而言，目前所有運輸方式的交貨週期已恢復正常。我們將繼續利用和區域化我們的端到端供應鏈，以進一步加強一次性正確交付和服務水準。在中國，我們已經實現了約90%的本地供應鏈。

Finally, our new operating model with prime accountability in the businesses has been live for almost 18 months now, resulting in significant productivity improvements of EUR1.4 billion to date. We have already reduced close to 9,000 roles and at the same time, we continue to closer journey to drive impact with care and attracted more than 700 talents with health tech background this year alone.

最後，我們以業務主要責任制為基礎的新營運模式已經實施了近 18 個月，迄今已實現了 14 億歐元的顯著生產力提升。我們已經裁減了近 9,000 個職位，同時，我們繼續走上更緊密的道路，以關懷推動影響，光是今年就吸引了 700 多名具有健康科技背景的人才。

As announced earlier this year Abhijit, he will retire from Philips after a long and illustrious career with us. I want to thank him for his significant contribution to the company, especially during his time as CFO. Abhijit's leadership, passion and dedication have helped shape the transformation of Philips of the last decade and guided the company through global uncertainty in recent years.

正如今年早些時候宣布的那樣，阿比吉特將在與飛利浦共同度過漫長而輝煌的職業生涯後退休。我要感謝他為公司做出的重大貢獻，尤其是在他擔任財務長期間。阿比吉特的領導、熱情和奉獻精神幫助塑造了飛利浦過去十年的轉型，並帶領公司度過了近年來全球的不確定性。

We will certainly miss Abhijit for his drive counsel and his sense of humor. His last day will be on September 30. So you will have the opportunity to engage with him during the roadshow and investors' events over the next couple of months.

我們一定會懷念阿比吉特的幹勁、建議和幽默感。他的最後一天工作日是9月30日。因此，在接下來的幾個月裡，您將有機會在路演和投資者活動中與他互動。

Our incoming CFO, Charlotte Hanneman, joined us last month and will move into the CFO role on October 1. Abhijit has a lot of working diligently to ensure a smooth and seamless transition. As Charlotte brings over 20 years' experience in MedTech and pharmaceutical industries, most recently at global medical technology company, Striker.

我們新任財務長夏洛特·漢內曼上個月加入我們，並將於 10 月 1 日正式就任財務長一職。Abhijit 正在努力工作，以確保平穩無縫地過渡。Charlotte 在醫療科技和製藥產業擁有超過 20 年的經驗，最近就職於全球醫療科技公司 Striker。

Before I wrap up, I want to take the opportunity to extend a warm invitation for our Show and Tell event for investors and analysts in September. It will be a great face-to-face event in the Netherlands. We will take you on to deep dive into our businesses and highlight some of our most important product and innovations. You have the opportunity to directly discuss the latest trends in the [Healthtech] segments where our management and our business teams.

在結束演講之前，我想藉此機會誠摯邀請各位參加我們九月面向投資人與分析師舉辦的「展示與交流」活動。這將是荷蘭一場盛大的面對面交流活動。我們將帶您深入了解我們的業務，並重點介紹我們一些最重要的產品和創新。您有機會與我們的管理層和業務團隊直接討論[醫療科技]領域的最新趨勢。

Our Investor Relations website contains more information on event and how to register. We look forward to see you here.

我們的投資者關係網站包含有關活動及註冊方式的更多資訊。我們期待在這裡見到你。

Let me close out by repeating the key messages of today's announcement. We delivered strong orders and margin improvement. Solid operational cash flow and comparable sales growth in line with our plan within a challenging macro environment. This was a result of progress on our execution and our industry-leading innovation, supported by key innovation launches and our ongoing actions. We are confident in our plan and reiterate our outlook for the full year 2024.

最後，我想重申一下今天公告的關鍵訊息。我們獲得了強勁的訂單量和利潤率提升。在充滿挑戰的宏觀環境下，我們實現了穩健的營運現金流和符合計畫的同店銷售成長。這是我們在執行方面取得進展以及在行業內領先的創新所取得的成果，也是關鍵創新產品發布和我們持續行動的支持。我們對我們的計劃充滿信心，並重申我們對 2024 年全年的展望。

I would like to thank you for joining the call, and we will now take your questions.

感謝各位參加本次電話會議，現在我們將回答各位的問題。

Thank you, sir. (Operator Instructions)

謝謝您，先生。（操作說明）

Hassan Al-Wakeel, Barclays.

Hassan Al-Wakeel，巴克萊銀行。

Hi, good morning and thank you for taking my questions. I have three, please firstly on orders, can you talk about the strength you're seeing in North America and to what extent is it a catch-up on supply issues around MR or indeed share gains in other modalities as well.

您好，早安，感謝您回答我的問題。我有三個問題，首先是關於訂單的，您能否談談您在北美看到的強勁勢頭，以及這在多大程度上是由於MR（藥物治療）的供應問題得到解決，或者實際上也是其他治療方式的市場份額增長。

Secondly, can you talk about on the Personal Health business in China, which looks to be down around 10% in the quarter? What are your expectations here for the second half? And can you talk about the building blocks and the assumed acceleration in the broader PH business over the next two quarters?

其次，您能否談談中國的個人健康業務？該業務本季似乎下降了約 10%。您對下半季有何期待？您能否談談未來兩個季度整個PH業務的建構基礎以及預計的加速成長？

And then finally, you had an impressive margin delivery in the first half and with the seasonally strong second half that you typically enjoy, coupled with Connected Care margins building from here, why haven't you raised guidance. Is this a continuation of the conservatism that we've seen from you, Roy? Or is there something we should be aware of incrementally driving caution into the second half? Thank you.

最後，你們上半年的利潤率表現令人印象深刻，而且下半年通常是你們業績強勁的季節，再加上互聯醫療業務的利潤率將從此開始增長，為什麼你們還沒有提高業績預期呢？羅伊，這是你一直以來保守主義的延續嗎？或者，我們應該注意一些事項，從而在下半年逐步提高警覺？謝謝。

Thank you Hassan. Great questions. Let me start with the first one, orders and the strength in North America. So actually, we have seen improvement of our order book across different businesses, building on the strength in the market first base because North America clearly is the strongest market in the world where we have seen our customer strengthening (inaudible) actually P&L their income to more patients that are being served.

謝謝你，哈桑。問得好。讓我先從第一個問題說起，那就是北美地區的訂單和實力。實際上，我們看到不同業務的訂單量都有所改善，這得益於北美市場的優勢，因為北美顯然是世界上最強大的市場，我們看到我們的客戶透過服務更多患者，實際上提高了他們的損益表收入。

But also we see further consolidation trends in the market that actually benefit from as they are choosing key partners that they trust in for longer term technology partnerships. And actually, we have seen that across our portfolio, whether that's on monitoring, whether that's on imaging interventional and also you have seen and heard us talk about a very strong enterprise informatics growth because you see that especially software and AI is used very much to improve productivity and also to reach across different sites, whether it's different hospital sites, but also into ambulatory and sometimes even into home.

但我們也看到市場出現了進一步的整合趨勢，而這些整合實際上對他們有利，因為他們會選擇值得信賴的關鍵合作夥伴，以建立長期的技術合作關係。事實上，我們已經在我們的產品組合中看到了這一點，無論是監測、影像介入，還是其他方面，您也已經看到和聽到我們談論非常強勁的企業資訊學增長，因為您會發現，特別是軟體和人工智慧被大量用於提高生產力，並覆蓋不同的地點，無論是不同的醫院地點，還是門診，有時甚至是家庭。

So that actually portfolio that we have is resonating well with our North American customers. So that's also what we see in the order intake. So also, therefore, we don't expected that this is a one off. We will expect actually the order intake to continue to be strong in North America.

所以，我們目前的產品組合與北美客戶的反應很好。所以，我們在訂單接收量中也看到了同樣的情況。因此，我們也不認為這只是個例。我們預計北美地區的訂單量將持續保持強勁成長。

Then a second question on PH. China was indeed down. I think that was in market and industry kind of phenomena and consumers are spending less in China than we were used to. We also expect that actually to continue in the second half. So whilst we expect some strengthening, we don't expect too much from China market.

然後是關於PH的第二個問題。中國當時確實衰落了。我認為這是一種市場和產業現象，中國消費者的支出比我們過去習慣的還要少。我們也預計這種情況在下半年會持續下去。因此，雖然我們預期中國市場會有所走強，但我們對中國市場的期望並不高。

But what you have seen and also in terms of our guidance, we do see that actually the growth in other parts of the world is stronger and actually will also strengthen in the second half of the world. North America is part of that. We already saw stronger growth in Europe and some of the Asian markets already in the first half. And that combination actually will also help us deliver at the full-year guidance as we have laid out.

但從你們所看到的以及我們的指導來看，我們確實看到世界其他地區的成長實際上更為強勁，而且世界後半部分的成長實際上也會增強。北美也是其中的一部分。今年上半年，我們已經看到歐洲和部分亞洲市場出現了更強勁的成長。而這個組合其實也將有助於我們實現全年業績預期。

On the other hand, what you also saw in PHs that we are driving strongly the profitability. We have been taking strong action on further productivity initiatives, but also some support from pricing. So the overall mix is playing out well and supporting creates a step-up in profitability levels.

另一方面，您在PHs中也看到了，我們正在大力推動獲利能力。我們一直在大力推動提高生產力的舉措，同時也從價格方面獲得了一些支持。因此，整體組合運作良好，支援措施將提升獲利水準。

Then the third question on the margin delivery in the first half, I think, yes, we are satisfied that we continue to see the margin improvements, of course, backed by a very strong productivity drive, on one hand, the return to sales and also stronger underlying margin. So in that sense, we expect that momentum also to continue into the second half. At the same time that we didn't want to raise midyear, we feel that kind of it's better to stay kind of confident on the full year deliver quarter over quarter, our improvements and by doing so making sure we delivered a full year.

那麼關於上半年利潤率的第三個問題，我認為，是的，我們對利潤率的持續改善感到滿意，當然，這得益於強勁的生產力提升，一方面是銷售額的回升，另一方面也是更強勁的基礎利潤率。因此，從這個意義上講，我們預計這種勢頭也將延續到下半年。雖然我們不想在年中漲價，但我們覺得最好還是對全年業績保持信心，逐季實現成長，確保我們能夠完成全年目標。

So we stick to our plan, three priorities that we have building on innovation that we can get out there. And by doing so working towards the delivery for the full year.

因此，我們堅持我們的計劃，即基於創新而製定的三大優先事項，並將這些創新成果推向市場。透過這樣做，可以朝著全年交付目標邁進。

(multiple speakers) Hassan, if you look at the improvement in the first half, we are in the guided range of 40 to 90 bps. So therefore, there's no need at this stage, like Roy said to again further improve it because we are in the guided range of profit improvement also for the first half of the year.

（多人發言）哈桑，如果你看看上半場的改進情況，我們已經達到了 40 到 90 bps 的指導範圍。因此，正如羅伊所說，現階段沒有必要再進一步改進，因為我們今年上半年的利潤成長也處於預期範圍內。

Thank you both.

謝謝你們兩位。

Thank you. Richard Felton, Goldman Sachs.

謝謝。理查費爾頓，高盛集團。

Thank you. Good morning, three for me, please. So first of all, on some of the recently launched innovation. I think you've mentioned new products across CT, IGT and ultrasound or fairly recently. So in context of those launches, how do you see your current market share trends across those key modalities? That's question one. And then my second one is on Enterprise Informatics. Is there any color or detail you can share to help us think about profitability for that division, as the business scales? Thank you.

謝謝。早上好，我要三杯。首先，我們來談談最近推出的一些創新技術。我想您最近有提到CT、IGT和超音波領域的新產品。那麼，結合這些產品上市情況，您如何看待目前在這些關鍵模式下的市佔率趨勢？這是第一個問題。我的第二個主題是企業資訊學。隨著業務規模的擴大，您能否提供一些數據或細節，幫助我們思考該部門的獲利能力？謝謝。

Thank you, Richard, for these questions -- good questions again. And if you look at the MPIs and how they support market share. I think what you can see from the order intake growth, 9% in the second quarter, 3% first half that actually supports a strong performance in the market. Now, some of these new innovations we just recently launched, like, for example, the ultrasound and new platform with AI that's, I think, very exciting.

謝謝你，理查德，問了這些問題──又都是好問題。如果你看看市場績效指標（MPI）以及它們如何支持市場佔有率。我認為從訂單量成長來看，第二季成長了 9%，上半年成長了 3%，這實際上支撐了我們在市場上的強勁表現。現在，我們最近推出了一些新的創新技術，例如超音波和人工智慧新平台，我認為這非常令人興奮。

Now, we expect the benefits to come from that platform that has not yet been kind of a built into delivery to date. The same for some of the new launches of Azurion and the CT 5300, because we had the first launch of this, I think you will see and we also believe to see that back in our market share in the coming months and even in 2025, whilst we got is two full strength. So we have seen of course, strengthen our positioning in the market.

現在，我們期望從這個平台獲得收益，而這個平台迄今為止還沒有被整合到交付流程中。對於 Azurion 和 CT 5300 的一些新推出的產品也是如此，因為我們是第一個推出這些產品的，我想你會看到，我們也相信在未來幾個月甚至 2025 年，當我們擁有兩支完整的隊伍時，它們會重新回到我們的市場份額中。因此，我們當然也看到了，我們在市場中的地位得到了加強。

We also see very good resonance. We had multiple deals across the world, how you saw not only in North America that we closed big technology partnerships, but also in Europe varies ones and also in Asia. So actually you see that we have gone up, I think, increased momentum based on our innovations.

我們也觀察到了非常好的共振效果。我們在世界各地達成了多項交易，正如你所看到的，我們不僅在北美達成了多項大型技術合作，而且在歐洲和亞洲也達成了多項合作。所以實際上你可以看到，我認為，基於我們的創新，我們的發展勢頭已經增強。

The order I think achievement that we highlighted, which is important also for competitiveness is that we're not fully back on track with supply chain lead times. So we have MR, which was the last one to kind of really fall in line. We also have that now back, we also have seen that kind of reflected in MR momentum, and we expect that to support also way forward.

我認為我們所強調的、對競爭力也很重要的訂單成就是，我們還沒有完全恢復供應鏈的交付週期。所以我們有了MR，它是最後一個真正遵守規則的。現在我們也恢復了這種勢頭，我們也看到了這種勢頭在 MR 的發展勢頭中有所體現，我們預計這也將支持未來的發展方向。

And on the second question on EI, I think what we have seen indeed is that their strong order intake that also, of course, drives than conversion. And we also have seen that contributing to profitability.

關於EI的第二個問題，我認為我們確實看到的是，他們強勁的訂單量當然也推動了轉換率。我們也看到這有助於提高獲利能力。

And that's something that's gone up. We are happy with. So we saw that coming into positive contribution. And what we said for long term, this EUR1.5 billion sales and move towards double digit margin is something we are driving full force towards, of course, step-by-step quarter by quarter, but it's clear that portfolio is gaining momentum and that then also translate into improved contribution.

而且這個數字還在上升。我們對此很滿意。所以我們看到它產生了積極的影響。我們之前說過，從長遠來看，實現 15 億歐元的銷售額並向兩位數的利潤率邁進，是我們正在全力以赴的目標。當然，我們會一步一步、按季度地推進，但很明顯，產品組合正在獲得發展動力，這也將轉化為更高的利潤貢獻。

Great. Thank you very much.

偉大的。非常感謝。

Thank you. David Adlington, JPMorgan.

謝謝。David Adlington，摩根大通。

Good morning. Thanks, guys. Maybe just a question around pricing of the 2% growth on sales you saw this quarter. How much of that was down to price? And then following on from that, how do you see the pricing environment evolving you see positive trends, flat pricing, obviously, some pressure on pricing (inaudible) Thank you.

早安.謝謝各位。或許我想問一下關於本季2%的銷售成長的定價問題。其中有多少是因為價格因素造成的？那麼，接下來您又如何看待定價環境的發展趨勢呢？您認為有哪些正面的趨勢，價格是否會趨於平穩？當然，價格也會面臨一些壓力（聽不清楚）。謝謝。

Yes, I think if you look, we saw some pricing benefit in health systems, and that's what we've been saying for the last couple of years, David, that we saw it in our order book and now we see it translating back into the P&L.

是的，我認為如果你仔細觀察，我們會發現我們在醫療系統中看到了一些定價方面的優勢，而這正是我們過去幾年一直在說的，David，我們在訂單簿中看到了這一點，現在我們看到它正在轉化為損益表上的優勢。

In terms of PH, you don't really see further pricing upsides now because you see how the consumer sentiment is it quite subdued. So pushing pricing at this time is not helping.

就PH而言，目前來看，價格上漲的空間並不大，因為消費者的情緒相當低迷。所以此時漲價並無益處。

Now, of course, we are working on the productivity as well as the operational improvements that we had put in be it in supply chain, be it in our factories, et cetera, and that you'll see contributing nicely back in the margin. So net-net, between PH and health systems, I think the net pricing impact was close to zero. But in health systems, we got a positive impact and less so in personal health.

當然，現在我們正在努力提高生產效率，並改善我們在供應鏈、工廠等方面所做的營運改進，您會看到這些改進對利潤率產生了很好的正面影響。所以總的來說，我認為公共衛生和醫療系統之間的淨定價影響接近零。但在醫療衛生系統方面，我們取得了正面影響，而在個人健康方面則影響較小。

Okay, thanks Abhijit. And then maybe just to follow up there on the orders that you're getting there, how the pricing on the orders for (multiple speakers) --

好的，謝謝你，阿比吉特。然後，或許還需要跟進一下你收到的訂單，以及訂單的定價狀況。（多位發言者）——

So far still okay. But, we will have to see how it goes in the coming quarters and see the competitiveness. But so far, we are still holding and we are making good progress with our material price reduction. So that's helping let's say the profitability looking forward.

目前一切都還好。但是，我們還需要觀察未來幾季的發展以及競爭狀況。但到目前為止，我們仍然保持著競爭力，並且在降低材料價格方面取得了良好進展。所以這有助於提高未來的獲利能力。

Great. Thank you.

偉大的。謝謝。

Thank you. Veronika Dubajova, Citi.

謝謝。Veronika Dubajova，花旗銀行。

Hey, guys, good morning and thank you for taking my questions. I have three, please, if I can. The first one is just to follow up Abhijit is on your comment that you're expecting D&T growth for the full year trends at the lower end of the 3% to 5%. Can you maybe just elaborate what it is that's making you somewhat more cautious here about the second half in the second half of the year, I guess where your 4% year to date.

嘿，各位，早安，感謝你們回答我的問題。如果可以的話，請給我三個。首先，我想跟進 Abhijit 的評論，你預計 D&T 全年的成長趨勢將在 3% 到 5% 的較低水平。能否詳細說明是什麼讓您對今年下半年的業績更加謹慎？我猜是因為您今年迄今為止的成長率只有 4%。

So I'm just curious what drives the slowdown in the back half of the year, especially given the easier comps? That's my first question. My second question is just a follow-up on your margin guidance for the year. If I look at the first half of the year, you've delivered 90 basis points of improvement.

所以我很好奇是什麼原因導致下半年成長放緩，尤其是在同期比賽相對輕鬆的情況下？這是我的第一個問題。我的第二個問題只是想跟進您今年的利潤率預期。如果只看上半年，你們就取得了 90 個基點的進步。

The comps in the back half get easier. So yeah, I think Hassan asked the question about the conservatism in the guidance but just to maybe reiterate that there is nothing specific that worries you about the margin development in the second half of the year (inaudible) out those specific headwinds you want to flag as to why the margin improvement in the back half should be up best similar to first half or potentially worse?

後半段的比賽難度會降低。是的，我想 Hassan 問了關於業績指引保守性的問題，但我想重申一下，您認為下半年利潤率的發展並沒有什麼具體問題讓您擔憂（聽不清楚），那麼您想指出哪些具體的不利因素會導致下半年的利潤率改善最多只能與上半年持平，或者可能更糟？

And then my final question is for you Roy on China having just visited there this past week, be great to get an update on how you feel the behavior of the ground is. And I guess as you think about your sales in China and your orders in China in the back half of the year. What are your expectations for each of those when it comes to return to growth and the timing of that. Thank you guys so much.

最後一個問題想問你，羅伊，你上星期才去過中國，很想了解你對當地地面狀況的看法。我想，您在考慮下半年在中國的銷售額和訂單情況時，您應該會想到這一點。對於這些領域而言，您在恢復成長以及恢復成長的時間方面有何預期？非常感謝大家。

Hi, Veronika, let me take the first couple of questions. I think if you look at the -- for Q3, we had really dramatic growth last year. I think even in the mid-teens, that makes the comparables tough for the third quarter, which is why we expect to be at the lower end of the guidance. Now we will see also how China plays out and the speed at which the orders come in. So we will have to match both of those. So for now, that's how we are looking at our forecast for the rest of the year.

你好，維羅妮卡，讓我來回答前幾個問題。我認為，如果你看一下第三季的數據，你會發現我們去年的成長非常顯著。我認為即使達到十幾個百分點，第三季的業績也難以與去年同期持平，因此我們預計第三季的業績將處於預期範圍的下限。現在我們也將觀察中國市場的發展以及訂單到帳的速度。所以我們必須同時滿足這兩個條件。所以目前，這就是我們對今年剩餘時間的預測。

Yeah, I think Roy answered the question on a full-year margin, right? We are 90 bps up. That's in line with our guidance, there's still a second half to go. We are not going to change guidance every quarter. So for now, we reiterate our confidence to be in the guided range, maybe at the upper end, but we will not change guidance at this stage. The third question --

是的，我想羅伊已經用整整一年的時間來回答這個問題了，對吧？我們漲了90個基點。這符合我們的預期，還有下半年的比賽要打。我們不會每季都改變業績預期。所以目前，我們重申我們有信心將目標價維持在指導價範圍內，或許會略高於指導價，但現階段我們不會改變指導價。第三個問題--

China, and so let me so indeed, it was good to be in China, again, because staying close to the pulse of the market is important at this stage, I spoke to customers, partners and of course, to our own team, now I think what you do see is that on the one hand that there is still impact that is flowing through from the measures that have been taking.

很高興再次來到中國，因為在這個階段，跟上市場脈動非常重要。我與客戶、合作夥伴以及我們自己的團隊進行了交流。現在我認為，一方面，已經採取的措施仍然會產生影響。

I think we are not yet out of the woods, but we do see improvement coming into the activities. And that's also something that I saw and discussed with customers. I saw the activity of the order funnel. I saw it also in discussion with our own teams, that's also what we expect to showcase in due course of the second half. Then, of course, normally orders go ahead of sales.

我認為我們還沒有完全脫離困境，但我們確實看到各項活動正在取得進展。這也是我在與客戶溝通時發現並討論過的問題。我觀察了訂單轉換漏斗的活動情況。我在與我們自己團隊的討論中也看到了這一點，這也是我們希望在下半季適當的時候展現出來的。當然，通常情況下，訂單會先於銷售產生。

So that's a logic you would also expect in this recovery pattern. And the exact timing is hard to gauge because, yeah, we have seen it all in the last months and even over a year, that is not exact to pinpoint what is there, how it will evolve. We said early this year, that kind of second half will be better than first half. We still expect that we also have seen sequential improvement in Q2, and we actually expect that to accelerate into the second half. So I think that is what do I have to say to China.

所以，這也是這種恢復模式會遵循的邏輯。確切的時間很難估計，因為，是的，在過去的幾個月甚至一年多的時間裡，我們已經看到了各種各樣的事情，但這並不能準確地指出現在的情況以及它將如何發展。我們年初就說過，下半年的表現會比上半年好。我們仍預期第二季也會有環比改善，而且我們預計下半年這種改善速度還會加快。所以，我想這就是我想對中國說的話。

And then next to the fact that fundamentally, this is a very strong market and holds, of course, a lot of patients to be taken care of for the future as well. We have been adjusting our local-for-local footprint innovations so that when the demand comes, we are ready to capture it and then kind of it's waiting about the exact development of it.

此外，從根本上講，這是一個非常強勁的市場，當然，未來也有很多病人需要照顧。我們一直在調整在地化的創新舉措，以便在需求出現時能夠及時抓住它，然後就等待具體的開發方案。

Thanks Roy. Can I just follow up any thoughts at this stage that you have about the stimulus and how meaningful that could be. I appreciate you don't have a sense for timing yet, but just conceptually, as you look at China over the next one, two, three years, do you think the stimulus could be meaningful in terms of driving order and sales growth in China or not?

謝謝羅伊。在這個階段，我可以再問一下您對刺激物及其意義有什麼想法嗎？我知道您目前還沒有把握時機，但從概念上講，展望未來一到三年中國市場，您認為刺激措施能否有效推動中國訂單和銷售成長？

No, I've said before, I'll look at it. I see it as a kind of bonus program that the China government has put in place. I think the China market has fundamental underlying growth that we should count on. And then this will be on top of. So that this will accelerate to a certain extent, for sure, right, because there's extra money that will flow into the market that actually probably will kind of to speed up some of the replacements in the market to go faster than they would normally do.

不，我之前說過，我會看看的。我認為這是中國政府實施的獎勵計劃。我認為中國市場具有我們應該信賴的基本面成長潛力。然後，這將疊加在上面。所以，這肯定會在一定程度上加速，對吧，因為會有額外的資金流入市場，這實際上可能會加快市場上一些產品的更新換代速度，使其比正常情況下更快。

And we also expect that will contribute and we will benefit from it with a -- the China government did not give specific amounts that they ultimately will release be. We don't know exact timing and therefore, it's kind of I would say too early to kind of really put numbers on top of that kind of looking forward. And for me, this is part of the overall recovery and improvement trajectory that will come where I expect more of just underlying structural demand kind of to drive the improve and then the stimulus. But the stimulus will be a part of it.

我們也預計這將有所貢獻，我們將從中受益——中國政府沒有給出最終將釋放的具體金額。我們不知道確切的時間，因此，我認為現在就對未來做出具體的預測還為時過早。對我來說，這是整體復甦和改善軌蹟的一部分，我預計未來會有更多潛在的結構性需求推動改善，然後才會有刺激措施。但刺激措施將是其中的一部分。

Understood. Thank you, guys.

明白了。謝謝大家。

Thank you. Hugo Solvet, BNP Paribas, Exane.

謝謝。Hugo Solvet，法國巴黎銀行，Exane。

Hi, guys. Thanks for taking my questions and congrats on the (inaudible) I have three, please. First a clarification on China roll, if you can (inaudible) see a risk that customers other acceleration or the recovery be pulled off in H2 as there will be waiting for the stimulus. Second on Connected Care and Sleep & Respiratory Care.

嗨，大家好。感謝您回答我的問題，並祝賀您（聽不清楚）我還有三個問題，謝謝。首先澄清一下關於中國市場的情況，如果您能（聽不清楚）看到客戶其他加速或復甦在下半年被叫停的風險，因為人們都在等待刺激措施。在互聯護理和睡眠與呼吸護理方面排名第二。

Sorry, can you quantify for us the margin step-up in that business year on year, but also have you seen the sequential margin improvement, even I think that's where our EBIT even in Q1. And lastly on PH, so obviously, S&RC, strong Connected Care is gaining momentum. The settlement now behind just wanted to get a feel of your level of commitment to the Personal Health business. Thank you.

抱歉，您能否量化一下該業務年比利潤率的成長情況？另外，您是否也看到了環比利潤率的改善？我認為，這甚至與我們第一季的息稅前利潤有關。最後，關於PH，很明顯，S&RC強大的互聯護理正在獲得發展動力。此次和解只是想了解您對個人健康事業的投入程度。謝謝。

All right. Thank you Hugo. Also great questions. Let me start with the first one on China. So I don't actually expect that the China customers will hold back of the pace of order because they're waiting for stimulus. As I said, there are two parts of demand. The most important is the underlying kind of demand for replacement of installed base or even for new investments.

好的。謝謝你，雨果。這些問題都很好。讓我先從關於中國的第一個問題開始。所以我並不認為中國消費者會因為等待刺激政策而放慢下單速度。正如我所說，需求分為兩個部分。最重要的是對現有設備的更換，甚至是新的投資的潛在需求。

And there's also some pent-up demand from the period that kind of the order lead times were under pressure. So I expect that will drive the improvement itself. Then at stimulus they will have to wait until that becomes clear. So that is still weighting, but that's more on top of that's also where I said kind of it's hard to gauge when it exactly will come to market.

此外，由於先前訂單交付週期受到壓力，也存在一些被壓抑的需求。所以我認為這將推動改進本身的發展。然後，在刺激出現時，他們必須等到情況明朗後才能採取行動。所以這仍然是一個權重因素，但這更多的是在此基礎上增加的，這也是我之前說過的，很難準確估計它何時會上市。

But I don't think this will hold up at full improvement of China in the second half that we project. Then on Connected Care, indeed, we are happy to see, S&RC regaining momentum started of course, with sales momentum outside of the US. Then also, of course, for the remaining part of the business that we have in the US, we also see actually good momentum and we have been rightsizing the business based on the clarity that we got.

但我認為，即便中國在下半年如我們預期的那樣全面好轉，這種情況也不會持續下去。至於互聯醫療，我們很高興地看到，S&RC 的銷售勢頭在美國以外地區開始恢復，這無疑是對其重新獲得發展動力的肯定。當然，對於我們在美國的其他業務，我們也看到了良好的發展勢頭，並且我們根據所獲得的清晰形勢調整了業務規模。

So we took also then the productivity measures now, that broad Sleep & Respiratory Care back into the positive.

因此，我們也採取了生產力措施，使睡眠和呼吸照護這一廣泛的領域重回正軌。

We already mentioned that in the first quarter and we actually see that contribution strengthening. Now I'm not going to call out exactly how that looks like because we don't do that for any business. But I can confirm that we have seen further strengthening of the profitability profile also in the second quarter. And that's actually what we will continue to build on in the third and fourth quarter as also saw this further measures that we have been taking will come into effect.

我們在第一季已經提到過這一點，而且我們確實看到這一貢獻正在增強。現在我不會具體指出那是什麼樣子，因為我們不會對任何企業這樣做。但我可以確認，第二季我們的獲利能力也進一步增強。事實上，這正是我們將在第三季和第四季繼續努力的方向，同時我們也看到，我們採取的進一步措施也將生效。

And then third on PH, I think we are very excited about our PH portfolio. As we mentioned before, we have some exciting innovation launches that are coming out. You saw the strong profitability step-up. So this business is also still very attractive from a profile of cash contribution and profitability contribution. We are also the good owner because we have market leading positions.

第三，關於PH，我認為我們對我們的PH產品組合感到非常興奮。正如我們之前提到的，我們即將推出一些令人興奮的創新產品。你看到了獲利能力的強勁提升。因此，從現金貢獻和獲利貢獻的角度來看，這項業務仍然非常有吸引力。我們也是優秀的業主，因為我們擁有市場領先地位。

We are number one or two in all the segments that we play, whether it's an oral care, whether it's in personal care, whether it's in MCC, and we see also overtime that care will move more to the home. So actually having a strategic position in the home being active (inaudible) ourselves, does also give us currently already and differentiating position in the healthcare market, because customers that are looking, hospital systems that are looking how to better serve in an ambulatory setting or in a home setting also value our insights also value our brand, even in terms of what it does in home.

我們在所涉足的所有領域都名列前茅，無論是口腔護理、個人護理還是MCC（多學科護理），我們也看到，隨著時間的推移，護理將更多地轉移到家庭中。因此，實際上，我們自己在家中積極開展策略性工作，也使我們目前在醫療保健市場中擁有了差異化地位，因為正在尋找如何在門診或家庭環境中更好地服務的客戶、醫院系統也重視我們的見解，也重視我們的品牌，即使是在家庭服務方面。

So full commitment excited about that part of the portfolio as much as about the rest and also seeing kind of a good future for it.

因此，我對這部分投資組合和其他部分一樣充滿熱情，並且看到了它良好的未來。

Thank you very much.

非常感謝。

Thank you. Julien Ouaddour, Bank of America.

謝謝。Julien Ouaddour，美國銀行。

Thank you very much and good morning, everyone. The first one in D&T. So in your prepared remarks, you mentioned growth in IGT and precision diagnosis. But I mean, what about trust on this quarter? And I think we've seen data from China, which suggests that you I mean, you lost important market share in interest and for the country during the first six months of the year.

非常感謝，大家早安。D&T 中的第一個。所以，在你事先準備好的發言稿中，你提到了IGT的成長和精準診斷。但我的意思是，本季信任度如何？我認為我們已經看到了來自中國的數據，這表明，我的意思是，在今年前六個月裡，你們在中國失去了重要的市場份額。

So any particular reason for that. The second question on it's like on risk Veronique. So we've also seen some like European class action for restraining emerging this summer. Could you maybe just update us on the situation there and like let us know what the (inaudible) outcomes are in your view any, let's say, increase in terms of provisions like for the litigation going? Thank you.

有什麼具體原因嗎？第二個問題是關於風險的，維羅妮卡。所以，今年夏天我們也看到了一些類似歐洲集體訴訟的案例，旨在限制此類訴訟的發生。您能否向我們介紹一下那邊的情況，並告知我們您認為（聽不清楚）的結果是什麼，比如說，訴訟準備金是否有所增加？謝謝。

Hi, Julien, let me clarify on ultrasound. We had tremendous growth last year in the first half of the year, it was above 30% growth. So based on that, basically, we are -- we don't have growth in the first half of this year because we were getting out of the whole supply chain situation. So if your question was on ultrasound, I think that tells you -- so therefore, I don't know where you have this information on market share loss. But I think Roy also has told you about our new product launches which we are excited about. So we expect to continue to strengthen in that area.

嗨，朱利安，讓我來解釋一下超音波檢查的問題。去年上半年我們取得了巨大的成長，成長率超過 30%。所以基於此，基本上，我們今年上半年沒有成長，因為我們正在擺脫整個供應鏈困境。所以，如果你的問題是關於超音波的，我想這就能說明問題了——因此，我不知道你是從哪裡得到市場份額損失的資訊的。但我認為羅伊也已經跟你提到我們即將推出的新產品，我們對此感到非常興奮。因此，我們預計將在該領域繼續加強實力。

Your second question --

你的第二個問題--

let me take that one that I think on the in the S&RC so indeed last time we're very happy to kind of announce that we got the North American settlements with finality. We also mentioned at that time that there are cases ongoing outside of United States, you saw the European class action recently kind of announced actually, we have so far very limited information have not been served with complaint.

讓我來談談我在S&RC上提到的那件事，所以上次我們非常高興地宣布，我們已經最終敲定了北美和解方案。當時我們也提到過，美國以外也有正在進行的案件，你們也看到了最近宣布的歐洲集體訴訟，到目前為止，我們掌握的資訊非常有限，還沒有收到起訴狀。

We expect it will be in the same vein as what was kind of put forward in the US. There's nothing currently that we can say about it next and that we will defend ourselves in this. We will build on the testing that we have also used in the North America case, and therefore, we will address it in a rigorous manner with the best team on it.

我們預期它會和美國提出的方案類似。目前我們對此無可奉告，接下來我們將為自己辯護。我們將沿用在北美案例中使用的測試方法，因此，我們將由最優秀的團隊以嚴謹的方式解決這個問題。

But there's nothing currently to be said about it. That's also why you have not seen any kind of implications of it. It's very early days and it's one of the cases that we will take forth as part of dealing with the cases outside of the US.

但目前對此還沒有什麼好說的。這也是為什麼你沒有看到它產生任何影響的原因。現在還處於非常早期的階段，這是我們在處理美國境外案件時將要處理的案件之一。

Maybe last comment, of course, is in a very different legal system than in the US. So also in terms of even if than actually consequences would be of different scale than to we expected in the North American case. But as I said, it's even too early to go there because we don't even know if there's anything of meaning.

當然，最後一點可能與美國的法律體系截然不同。所以，即便如此，實際後果的規模也會與我們在北美案例中預期的有所不同。但正如我所說，現在談論這件事還為時過早，因為我們甚至不知道那裡是否有任何有意義的東西。

Perfect, perfect. Thanks that and a very quick follow-up, in order intake. Could you maybe give us a bit more color about the breakdown by modality for this quarter?

完美，完美。謝謝，也謝謝你們迅速跟進，以便接收訂單。能否詳細介紹本季依治療方式劃分的具體情況？

So actually, that's Julen, we would love to and we used to, but our competitors don't and therefore for us to now give that makes it a bit too sensitive for us to give. But overall, I think Roy mentioned that outside of China, we have done well with particular strength in North America.

所以實際上，Julen，我們很想這樣做，而且我們以前也這樣做過，但我們的競爭對手不這樣做，因此我們現在這樣做對我們來說有點太敏感了。但總的來說，我認為羅伊提到過，在中國以外，我們做得很好，尤其是在北美地區表現強勁。

Perfect. Thank you very much.

完美的。非常感謝。

Thank you. Robert Davies, Morgan Stanley.

謝謝。羅伯特戴維斯，摩根士丹利。

Yes, morning. Thanks for taking my questions. I had a couple. One was just on the competitive environment in D&T, where you're seeing any changes that you've mentioned, I think in your earlier comments about progress in North America, I know you didn't want to sort of call it specific modalities, but just if you could give us a little bit more color in terms of areas of relative strength and weakness in the quarter, where you're making particular progress with clients, that would be helpful.

是的，早安。謝謝您回答我的問題。我有兩個。其中一個問題是關於D&T領域的競爭環境，您提到哪些變化？我認為在您之前關於北美地區進展的評論中，我知道您不想具體談論具體模式，但如果您能就本季度相對優勢和劣勢的領域，以及您在哪些方面與客戶取得了特別進展，給我們提供一些更詳細的信息，那就太好了。

And then the other one was just around the free cash flow guide, given where we are year to date. What sort of underpins your confidence that getting into that EUR900 million to EUR1.1 billion range over the full year? Thank you.

另一項指標則與今年迄今的自由現金流預期有關。您認為全年營收達到 9 億歐元至 11 億歐元目標的依據是什麼？謝謝。

So thank you, Robert. Let me take the first one. Competitive environment in D&T. I think what you have heard us say, and actually you also see it in some of the deals we close is actually that you see, and that's why we're excited about the contribution that actually all businesses are contributing in order kind of a growth and also kind of how we position in the market and you saw that also back, of course, then ultimately converted into sales.

所以，謝謝你，羅伯特。我來選第一個。設計與科技產業的競爭環境。我認為你們已經聽到我們說過的話，實際上你們也從我們達成的一些交易中看到了這一點，這就是為什麼我們對所有企業為成長所做的貢獻感到興奮，以及我們如何在市場中定位，當然，你們也看到了這一點，最終轉化為銷售額。

The North American market has particular dynamics in terms of certain strongholds that we hold in monitoring and in kind of IGT and ultrasound that's known so, of course, there based on the strength that we have, we take on average more from the market. We also kind of bouncing back in imaging based on the lead times improvement that you have seen, the launches that we are doing.

北美市場在某些方面具有特殊的動態，例如我們在監測、IGT 和超音波等領域擁有的優勢，因此，當然，基於我們的優勢，我們平均從市場中獲得更多份額。根據你們看到的交付週期縮短和我們正在進行的發布，我們在成像方面也正在逐步恢復。

We also have been working on our team. So that's something that kind of -- we are also excited about on top of the enterprise informatics side, there's something that really resonates very well in the North American market and also supports our D&T portfolio because you see, of course, that tax that's on top of imaging, you see that digital pathology goes in the same vein, you see that kind of some of the solutions that we're now deploying in ultrasound, a very AI driven, so actually that interplay between software, AI informatics and then also the D&T portfolio is something that differentiates us in the market and therefore, helps us to be productive in North America.

我們團隊也不斷努力。所以，除了企業資訊學方面，我們也對這一點感到興奮，因為有些東西在北美市場引起了強烈的共鳴，也支持了我們的D&T產品組合。當然，你會看到，成像技術之上的稅收，你會看到數位病理學也遵循同樣的思路，你會看到我們現在在超音波領域部署的一些解決方案，都是由人工智慧驅動的。因此，軟體、人工智慧資訊學以及D&T產品組合之間的這種相互作用，使我們在市場上脫穎而出，從而幫助我們在北美提高生產力。

We are on the free cash flow, if you look at we had this payout for the economic loss settlement, which actually makes the numbers a bit skewed because the insurance money will come in the second half. The payment has happened in the first half. If we just normalize for that. Our cash flow for the first half of this year, is maybe EUR150 million behind last year, so it's not hugely behind.

我們目前關注的是自由現金流，如果你看一下，我們會發現我們有一筆經濟損失賠償金，這實際上會使數字有點偏差，因為保險金將在下半年到達。款項已於上半年支付完畢。如果我們對此進行標準化處理的話。今年上半年我們的現金流可能比去年同期少了 1.5 億歐元，所以差距並不算太大。

And last year, we delivered a cash flow of EUR1.6 billion this year we are planning EUR0.9 billion to EUR1.1 billion. And Q4 is a big cash flow quarter for us. So confidence is actually very high with the improved earnings and working capital management that we will get to our guidance on free cash flow.

去年，我們實現了 16 億歐元的現金流，今年我們計劃實現 9 億歐元至 11 億歐元的現金流。第四季是我們現金流非常充裕的季度。因此，隨著獲利和營運資本管理的改善，我們對實現自由現金流預期目標充滿信心。

Very clear. Maybe just one quick follow-up around Personal Health. I know you called out the weakness in China, but maybe could you just provide a little more color on what you're seeing in the North American market in Personal Health? Thank you.

非常清楚。或許可以簡單跟進一下個人健康方面的問題。我知道您指出了中國市場的疲軟，但您能否再詳細介紹一下您在北美個人健康市場看到的情況？謝謝。

Yeah, I think North America overall we seem to be gaining share now the consumer confidence is not buoyant, but it's still remains solid as we have said, we have been gaining share. The sell-out has been good given the current market situation.

是的，我認為目前我們在北美整體市佔率似乎正在成長，雖然消費者信心並不十分強勁，但正如我們所說，它仍然很穩固，我們一直在成長市場佔有率。考慮到目前的市場狀況，這樣的銷售情況已經很不錯了。

And then based on the product launches that we are planning in the second half of the year, we expect to have reasonable growth in North America as well.

然後，根據我們計劃在下半年推出的產品，我們預計在北美也將取得合理的成長。

That's great. Thank you both.

那太棒了。謝謝你們兩位。

Thanks.

謝謝。

Thank you. Sezgi Ozener, HSBC.

謝謝。Sezgi Ozener，匯豐銀行。

Hi, thanks for taking my questions. I will have two, please. First of all, on the legal front, do you have any update on the DOJ case and on the rest of European cases and elsewhere, can you give a highlight of what we can -- we might be looking into in terms of time lines and sizes. And second question on the Connected Care segment, what does the portfolio look like post all the pruning on Respiratory care and Ventilation segment? Do you expect to be present again on a considerable scale on ventilators and respiratory care.

您好，感謝您回答我的問題。我要兩份。首先，在法律方面，您能否就美國司法部的案件以及其他歐洲和其他地方的案件提供一些最新進展？能否重點介紹一下我們可能正在調查的案件的時間安排和規模？關於互聯醫療領域的第二個問題，在對呼吸護理和呼吸機領域進行所有精簡之後，產品組合現在是什麼樣子？您是否預計會再次大規模地參與呼吸器和呼吸護理工作？

And the last one is on reimbursement front. Do you see any changes in your DME market and outlook? Do you expect -- do you see more inclusion in reimbursements in Connected Care, that is affecting your margins. I mean, we've heard from some peers that usually on this front, DME margins tend to be much stronger than compared to when products CapEx included in the PBM payment scheme. So do you expect -- do you see any changing dynamics from that front? Thanks.

最後一點是關於報銷方面的。您認為貴公司所在的醫療器材市場及前景有何變化？您是否預期－您是否看到互聯醫療的報銷範圍擴大，進而影響您的利潤率？我的意思是，我們從一些同行那裡了解到，通常情況下，DME 的利潤率往往比產品資本支出納入 PBM 支付方案時要高得多。那麼你認為——或者說，你認為這方面會出現任何變化嗎？謝謝。

Thank you Sezgi. Let me start off with the first question on the legal cases. So on the DOJ, there's no further updates, otherwise indeed, you would have heard we have been further collaborating with the DOJ, but there's no position on that to be share. No news also from the investigation is ongoing and we work collaboratively with the DOJ on it.

謝謝你，塞茲吉。讓我先回答關於法律案件的第一個問題。所以關於司法部，目前沒有進一步的更新，否則你們應該已經聽說我們一直在與司法部進行進一步的合作，但對此我們沒有任何立場可以分享。調查目前仍無任何消息，我們正與司法部就此展開合作。

Similar for the rest of the EU cases, actually we are in the kind of the various cases in the dialogues that need to happen. But there's no insight in outcome nor the need for kind of any provision or kind of even any preclusion on impact. So in that sense, there's no news on the front of litigation beyond what we have also disclosed in half year report. So that's the first.

歐盟其他案例的情況也類似，實際上，我們正​​在就各種案例展開對話，而這些對話是必要的。但對於結果既沒有洞察力，也沒有任何規定或預防措施來應對影響。因此，從這個意義上講，除了我們在半年報告中披露的內容之外，訴訟方面沒有其他消息。這是第一點。

And then on the second in Connected Care, yes, we have been improving. Actually, you also see that the remaining part portfolio is working. We see that the growth returning, we see profitability returning.

在互聯醫療的第二個方面，是的，我們一直在改進。實際上，您還可以看到剩餘部分的投資組合也在發揮作用。我們看到成長正在恢復，獲利能力也在恢復。

Yes, as a result of pruning, there will be a less broad portfolio, but we still are relevant. We have the core products that have been kind of the biggest volume drivers for Sleep & Respiratory Care, both in sleep as well as respiratory, and we keep active in both sides. So that's something that remains part of the plan. And also what we get back from our customers that really like or innovations also kind of with the Care Orchestrator that combines both and serves both. So it's not only the devices but also the software.

是的，經過精簡，我們的產品組合範圍會縮小，但我們仍然具有市場價值。我們的核心產品一直是睡眠和呼吸照護領域銷售最大的驅動力，無論是在睡眠方面還是呼吸方面，我們都保持著活躍的態勢。所以這仍然是計劃的一部分。此外，我們也從客戶那裡得到回饋，他們非常喜歡 Care Orchestrator 的創新，它結合了兩者並服務於兩者。所以不只設備，軟體也很重要。

And then the third one, reimbursement, DME, to our knowledge, there's no specifics change or strengthening of that, what we have seen is that actually the demand is out there, the patient that are on address out there that are coming into it, they're also reimbursed. And that's something that drives the respiratory and sleep market as it has been doing it before.

第三點是報銷，DME（耐用醫療設備），據我們所知，這方面沒有具體的改變或加強，我們看到的是，實際上需求就在那裡，那些符合條件的患者，他們也得到了報銷。而這正是推動呼吸和睡眠市場發展的因素，就像以前一樣。

So we have not seen any specific order change in dynamics that we would I'd like to report on. I think as S&RC is regaining momentum, that's what we're seeing and that's what we're very excited about. And that's especially in terms of outside US and sales across the portfolio with profitability contribution.

因此，我們還沒有看到任何值得我們報告的具體動態變化。我認為隨著S&RC重拾發展勢頭，我們看到了這一點，也對此感到非常興奮。尤其是在美國以外地區以及整個產品組合的銷售額和獲利貢獻方面。

Thanks. And maybe as a quick follow up, post the pruning and post the ex US expansion in sleep care, where should we consider the contribution to Connected Care from Sleep & Respiratory Care? Is it closer to the 20% range we've seen in '23? Or is it closer to almost it used to be half of the Connected Care sales, there's probably a further target, but where should we see it?

謝謝。或許可以快速跟進一下，在精簡機構和美國以外的睡眠護理業務擴張之後，我們該如何看待睡眠和呼吸護理對互聯護理的貢獻？是否更接近我們在 2023 年看到的 20% 的範圍？或者說，它更接近曾經佔互聯護理銷售額一半的水平，可能還有更高的目標，但我們應該在哪裡看到它呢？

Hi Sezgi, I think what we have said before, this used to be a EUR2.3 billion business. We have resized it now to EUR1 billion business. So that's the size you should take. And then let's say from there, from next year onwards, you will start seeing growth in the Connected Care guided range of 3% to 5%. I think that's how you should model it.

嗨，Sezgi，我想我們之前說過，這曾經是一個價值 23 億歐元的生意。我們已將其規模調整為10億歐元的業務。所以你應該選擇這個尺寸。然後，假設從明年開始，您將看到互聯護理業務的成長達到預期的 3% 到 5%。我認為應該這樣建模。

I see. So just under the 20% range, it seems. Okay. Thank you very much.

我懂了。所以，似乎略低於 20% 的範圍。好的。非常感謝。

Thank you. Falko Friedrichs, Deutsche Bank.

謝謝。法爾科·弗里德里希，德意志銀行。

Thank you, and good morning. My first question is on your good 9% order intake growth in Q2. Is there any reason that this growth number should be lower in Q3 and Q4 considering the improvements in North America and then also potentially in China.

謝謝，早安。我的第一個問題是關於你們第二季訂單量成長9%的良好數據。考慮到北美市場以及中國市場的改善，第三季和第四季的成長數字是否有可能降低？

Maybe you could briefly remind us of the (technical difficulty) as well for the orders in the second half. And then my second question and piecing together your comments on China stimulus, did I sort of understand it correct that you should start to see a positive impact in orders in the second half? And then a positive impact in sales probably not before 2025? Thank you.

或許您也能簡單提醒我們下半場訂單的技術難題。那麼我的第二個問題，結合您對中國刺激政策的評論，我的理解是否正確，您認為下半年訂單量應該會開始出現正面影響？那麼，銷售額的正面影響可能要等到2025年以後才會顯現？謝謝。

Yeah, let me take the first one on order intake. So as I mentioned in also in my opening remarks, right, don't extrapolate the 9% because order intake has been extremely lumpy. Therefore, we are at the 3% for the first half year. We expect to have growth in the second half.

好的，讓我先處理訂單接收的第一件事。正如我在開場白中提到的那樣，不要將 9% 的成長率推算出來，因為訂單量波動非常大。因此，我們上半年的成長率為 3%。我們預計下半年將成長。

We don't know the exact amount because it also depends on how the whole recovery in China happens. But so I think that's how you should look and not extrapolate the 9% comps of last year were also similarly negative for the second half as the first half. So that will not make a big difference. I think the strength in North America will continue the strength in international markets will continue.

我們不知道確切的數字，因為這還取決於中國整體經濟復甦的情況。所以我認為你應該這樣看待問題，不要推斷去年 9% 的年增幅在下半年也和上半年一樣為負。所以這不會造成太大影響。我認為北美市場的強勁勢頭將持續，國際市場的強勁勢頭也將持續。

And then the only unknown piece in the puzzle is how China recovers. That's how you should look at the order intake for the second half.

而唯一未知的部分就是中國如何復甦。這就是你應該如何看待下半年的訂單量。

The next question was yeah, again, very difficult to say whether it will contribute a bit, but it's not likely to be major in the second half. So yes, the bigger contribution will be in 2025. The speed at which we get the orders will depend how much contributes to this year, but that's something we still have to watch in the coming months.

下一個問題是，是的，同樣很難說它是否會起到一定作用，但不太可能在下半年產生重大影響。所以，是的，更大的貢獻將在 2025 年到來。訂單到達的速度將取決於今年的訂單量，但這仍是我們未來幾個月需要關注的問題。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Thank you. Ed Ridley-Day, Redburn.

謝謝。艾德·里德利-戴，雷德伯恩。

Hi, good morning. Thank you. I just have a follow up firstly on ultrasound. Thank you for your earlier comments, but could you give a little bit more color about the growth ex China in that business, that will be helpful. And also in Image-Guided Therapy, can we construe double digit growth in that business from in terms of the revenue growth of IGT? Or if you could provide any further color on that business as well. I'll be grateful.

您好，早安。謝謝。我首先要去做個超音波檢查的後續複查。感謝您先前的評論，但您能否再詳細介紹一下中國以外地區該業務的成長情況，這將會很有幫助。另外，在影像導引治療領域，我們能否從 IGT 的收入成長角度來解讀該業務的兩位數成長？或者，您能否提供更多關於這家公司的資訊？我會感激不盡。

Yeah, I need to check my numbers on the ultrasound growth, excluding China. But again, like I mentioned, for the first half of last year, we had 30%-plus growth. So I don't expect us to have any significant growth outside of China. It will also be a decline outside China because last year we were getting past the whole supply chain issue. So actually there we had massive supplies in the first half of last year.

是的，我需要檢查超音波檢查後得出的生長數據，不包括中國的數據。但正如我之前提到的，去年上半年我們的成長率超過了 30%。所以我預計我們在中國以外的市場不會有任何顯著成長。中國以外的地區也將下滑，因為去年我們已經克服了整個供應鏈問題。所以實際上，去年上半年我們有大量的物資儲備。

Regarding IGT, we are seeing a slow recovery, this quarter was good, but I don't see this year as being in the double digit territory, it will probably be lower than that, but that's included. Let's say in our overall guidance for D&T.

關於IGT，我們看到它正在緩慢復甦，本季度表現不錯，但我認為今年不會達到兩位數增長，可能會低於這個數字，但這都已包含在內。比如說，在我們的設計與技術整體指導方針中。

Okay. No, fair enough. Thank you very much.

好的。沒錯，說得有道理。非常感謝。

Okay, thank you.

好的，謝謝。

Thank you. Gentlemen, that was the last question. Please continue.

謝謝。先生們，這是最後一個問題了。請繼續。

Yeah, maybe the first of all, let me thank everybody for joining the call, since this going to be my last analyst call and last quarter of the 50 quarters of doing this, both as IR and as the CFO, just wanted to say a big thank you to all of you for putting up with me in a way and we've had some difficult times, but a lot of very good times and I look forward to that, look forward to seeing you on the road show later this week for those who I will meet and later in the year in our Show and Tell event. But since there would be a lot on this call who I will not probably meeting my current capacity, a big thank you. And again, thank you for joining the call.

首先，我要感謝大家參加這次電話會議。這將是我最後一次分析師電話會議，也是我擔任投資者關係經理和財務長這50個季度以來的最後一個季度。我想衷心感謝大家一直以來對我的包容與支持。我們經歷了一些困難時期，但也有很多美好的時光。我期待著未來的日子，也期待著本週晚些時候在巡迴演講中見到大家，以及今年晚些時候在我們的「展示與分享」活動中與大家見面。但由於這次通話人數眾多，我可能無法滿足所有人的需求，非常感謝。再次感謝您參加此通話。

Thank you, Abhijit indeed and thanks for all the contribution, as I said before memorable times. So and happy to see also kind of positioning well. Let me close out this call by repeating, I think the key message of today.

非常感謝Abhijit，也感謝你之前所做的一切貢獻，正如我之前所說，那段時光令人難忘。所以很高興看到這種定位也相當不錯。最後，我想重申今天最重要的訊息。

Firstly, we deliver strong orders and margin improvement, a solid operational cash flow and comparable sales growth in line with our plan, and that would in a challenging macroeconomic environment. This was the result of progress on our execution and our industry-leading innovations, which we keep focusing on.

首先，我們實現了強勁的訂單和利潤率提升，穩健的營運現金流和可比銷售成長，符合我們的計劃，而且是在充滿挑戰的宏觀經濟環境下實現的。這是我們在執行力和行業領先創新方面取得進步的結果，而我們也將繼續專注於此。

And supported by our key innovation launches and our ongoing actions, we therefore confident in our plan and also reiterate outlook for the full year 2024.

因此，憑藉我們關鍵的創新產品發布和持續的行動，我們對我們的計劃充滿信心，並重申對 2024 年全年的展望。

I would like you to thank you for joining the call, and I wish you a great summer. Thank you so much.

感謝您參加本次電話會議，祝您有個美好的夏天。太感謝了。