Koninklijke Philips NV (PHG) 2024 Q4 法說會逐字稿

Hi, everyone. Welcome to Philips' fourth-quarter and full-year 2024 results webcast. I'm here with our CEO, Roy Jakobs; and our CFO, Charlotte Hanneman. The press release and the 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。歡迎收聽飛利浦 2024 年第四季和全年業績網路直播。我和我們的執行長 Roy Jakobs 一起來到這裡；以及我們的財務長 Charlotte Hanneman。新聞稿和投資者文件已於今天早上在我們的投資者關係網站上發布。通話結束後，該網路廣播的重播和完整記錄也將在網站上提供。

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

在我們開始之前，我想請大家注意螢幕上的安全港聲明。您也可以在我們投資者關係網站上發布的簡報中找到該聲明。現在我將它交給羅伊。

Good morning, everyone, and welcome to the call. I want to start with the key highlights of this morning's release.

大家早安，歡迎參加電話會議。我想先介紹一下今天早上發布的重點內容。

We delivered strong profitability improvement and cash flow in Q4 and for the full-year 2024. Comparable order and sales grew low single digit in the quarter and the year, despite double-digit declines in consumer and health systems demand in China, partly offsetting solid growth in the Rest of the World.

我們在第四季和 2024 年全年實現了強勁的獲利能力提升和現金流。儘管中國消費者和醫療系統需求出現兩位數下降，但本季和全年可比訂單和銷售額均實現低個位數成長，部分抵消了世界其他地區的穩健成長。

We continue to make solid progress on our plan, enhanced execution, and reached significant milestones to resolve the Respironics recall. With our strong balance sheet, we are pleased to offer shareholders the option to receive a dividend in shares or cash.

我們繼續穩步推進計劃，加強執行，並在解決 Respironics 召回問題方面取得重大里程碑。憑藉我們強勁的資產負債表，我們很高興為股東提供以股票或現金形式收取股息的選擇。

We are confident in our long-term plan. We expect to continue to improve performance in 2025, gross sales and orders within a challenging macroeconomic environment, and drive margin expansion and cash flow generation by building further on the fundamental progress in execution, our innovations, and by leveraging those to the best extent.

我們對我們的長期計劃充滿信心。我們預計，在充滿挑戰的宏觀經濟環境下，2025 年的業績、總銷售額和訂單量將繼續提高，並透過進一步鞏固執行力和創新方面的根本性進步並最大限度地利用這些進步來推動利潤率的擴大和現金流的產生。

Turning to the progress on our execution priorities and our key performance highlights. Patient safety and quality remains our highest priority. We have strengthened our culture of impact with care and fully embedded it in our businesses and in our patient-centric innovation.

談談我們執行重點的進展和關鍵績效亮點。病人安全和品質仍然是我們的首要任務。我們以關懷的態度加強了我們的影響力文化，並將其完全融入我們的業務和以患者為中心的創新中。

We took significant steps to address the consequences of the Respironics recall. We know there's more to do and are very focused on driving further improvements. More recently, Philips Respironics obtained final approval for the medical monitoring settlement and personally injury settlement. They became final after the required participation threshold was met. These very important milestones provide further clarity on the way forward for Philips.

我們採取了重大措施來解決 Respironics 召回事件造成的後果。我們知道還有很多事情要做，並且非常專注於推動進一步的改進。最近，飛利浦偉康獲得了醫療監測和解及人身傷害和解的最終批准。在達到所需的參與門檻後，它們就成為最終決定。這些非常重要的里程碑進一步明確了飛利浦前進的道路。

Our end-to-end supply chain now operates at lead times and service levels in line with industry standards, which increases our competitiveness. We are on top of and monitoring the volatile geopolitical context to act if and when appropriate. And we will continue to work on regionalizing supply chains, diversifying suppliers, dual sourcing, and network flexibility.

我們端到端的供應鏈現在按照行業標準運作，交貨時間和服務水準也符合行業標準，這提高了我們的競爭力。我們密切關注並監測動盪的地緣政治環境，以便在適當的時候採取行動。我們將繼續致力於供應鏈的區域化、供應商的多樣化、雙重採購和網路靈活性。

Our leaner operating model drives accountability and agility, and contributed to productivity savings of over EUR1.7 billion in the last two years. We are building a renewed team with strong HealthTech capabilities across the company. We also had recent leadership announcements for the Precision Diagnosis business and our International region.

我們更精簡的營運模式提高了責任感和靈活性，並在過去兩年內節省了超過17億歐元的生產力。我們正在整個公司範圍內建立一支具有強大健康科技能力的新團隊。我們最近也宣布了精準診斷業務和國際區域的領導層變動。

Now on to the financial highlights. Comparable sales grew 1% in the quarter, in line with our expectations. It's 5% growth in the Rest of the World, largely offset by a double-digit decline in China. Orders grew 2% driven by strong growth in the US and in growth regions, again offset by double-digit decline in China.

現在來看看財務亮點。本季可比銷售額成長 1%，符合我們的預期。世界其他地區成長了 5%，但很大程度上被中國兩位數的降幅所抵消。訂單成長 2%，主要得益於美國和成長地區的強勁成長，但被中國市場兩位數的下滑所抵銷。

Diagnosis and Treatment orders grew high single digits in the quarter. Connected Care faced the inherent unevenness of order growth by quarter, while demand for our hospital patient monitoring solutions remained very healthy.

本季診斷和治療訂單增加了個位數。Connected Care 面臨季度訂單成長不均衡的問題，而我們醫院病人監護解決方案的需求仍然非常強勁。

In the full year, comparable sales and orders grew 1% with both 4% up in the Rest of the World, partly offset by lower China. And we were pleased to see double-digit order growth in the US. The adjusted EBITA margin was 13.5% in the quarter and 11.5% in the full year, resulting in a strong improvement of 90 basis points versus 2023. We delivered strong free cash flow in 2024 and continue to strengthen our balance sheet.

全年可比銷售額和訂單增長 1%，其中世界其他地區均增長 4%，但中國地區的增長有所減弱，部分抵消了這一增長。我們很高興看到美國的訂單實現了兩位數的成長。本季調整後的 EBITA 利潤率為 13.5%，全年調整後的 EBITA 利潤率為 11.5%，較 2023 年大幅提升 90 個基點。我們在 2024 年實現了強勁的自由現金流，並繼續加強我們的資產負債表。

High restructuring and other charges were a result of our contained focus on resolving the consequences of the Respironics recall and important changes we have been making across the company as part of our plan. In light with the progress made, based on the strength of our balance sheet, I'm pleased to say that we proposed a dividend of EUR0.85 per share, payable in shares or cash at the option of the shareholder, with a maximum of 50% in the total dividend available in cash.

高額的重組和其他費用是我們專注於解決 Respironics 召回事件的後果，以及作為我們計劃的一部分在全公司範圍內進行的重大變革的結果。鑑於所取得的進展，基於我們資產負債表的實力，我很高興地說，我們提議每股派發 0.85 歐元的股息，以股票或現金支付，由股東選擇，最高可達總股息的 50% 以現金支付。

Let me turn to the progress we have been making in our businesses. We are setting industry standards across segments with our AI-driven innovation. This is a major factor why more than 50% of our sales stem from new and upgraded products launched in the last three years.

讓我來談談我們業務所取得的進展。我們正在利用人工智慧驅動的創新樹立各個領域的產業標準。這就是為什麼我們50%以上的銷售額來自於過去三年推出的新產品和升級產品的一個主要因素。

At RSNA, we expanded our computed tomography offering with FDA clearance for CT 5300. We also introduced the next-generation industry-only worldwide helium-free MRI scanner. Both leverage AI systems at every step of the workflow.

在 RSNA，我們利用 FDA 批准的 CT 5300 擴展了我們的電腦斷層掃描產品範圍。我們也推出了業界唯一的新一代無氦 MRI 掃描儀。兩者在工作流程的每一步都利用了人工智慧系統。

As evidence of the continued pull for innovation, we signed several long-term partnerships with customers across regions in the quarter. This included strategic partnerships for imaging and health informatics platforms with the Hôpital Fondation Rothschild in Paris, the Erasmus Medical Center in Rotterdam.

作為持續創新動力的證據，我們在本季與各地區的客戶簽署了多項長期合作關係。其中包括與巴黎羅斯柴爾德醫院基金會、鹿特丹伊拉斯姆斯醫學中心建立影像和健康資訊學平台的策略合作夥伴關係。

Additionally, we signed an expansion of our strategic collaboration with Amazon Web Services to offer an integrated diagnostics portfolio in the cloud, including radiology, digital pathology, and cardiology. In Personal Health, we rolled out a renewed midrange Sonicare Series 5000-7000 in Europe, giving users choice of features at different price points.

此外，我們還與亞馬遜網路服務簽署了擴大策略合作的協議，以在雲端提供綜合診斷產品組合，包括放射學、數位病理學和心臟病學。在個人健康方面，我們在歐洲推出了更新的中階 Sonicare 5000-7000 系列，讓使用者能夠選擇不同價位的功能。

Looking ahead, the fundamentals of the markets we serve remain strong, but the short-term dynamics differ per region. Outside of China, we expect generally solid consumer sentiment as well as a solid hospital CapEx environment in 2025. In China, we expect consumer demand to remain subdued. We expect demand from hospitals to continue to be impacted by the consequences of the anticorruption and the slow implementation of the national renewal program, at least into the first half of the year.

展望未來，我們所服務的市場的基本面依然強勁，但每個地區的短期動態有所不同。在中國以外，我們預期 2025 年消費者信心將普遍保持強勁，醫院資本支出環境也將保持穩健。在中國，我們預期消費需求仍將維持低迷。我們預計，反腐敗和國家復興計劃實施緩慢的影響將至少持續到今年上半年。

Stimulus activity is increasing, and our funnel is progressing. However, despite some increases in hospital tenders, we have not yet seen a trigger that would significantly change the situation for the first half of 2025. We are focused on executing our plan to deliver continued performance improvement in 2025.

刺激活動正在增加，我們的管道正在取得進展。然而，儘管醫院招標有所增加，但我們尚未看到能夠顯著改變 2025 年上半年局勢的觸發因素。我們專注於執行我們的計劃，以在 2025 年繼續提高業績。

We expect 1% to 3% comparable sales growth this year with growth in the Rest of the World, partly offset by mid- to high single-digit decline in China coming from the Consumer and Health System businesses. We remain laser-focused on capturing margin expansion opportunities and expect adjusted EBITA margin to increase by 30 to 80 basis points to 11.8% to 12.3% in 2025. This will be driven by our focused growth strategy, additional productivity savings, and continued strong investment in our innovations.

我們預計今年可比銷售額將成長 1%-3%，其中世界其他地區的成長將部分抵消中國消費者和醫療系統業務的中高個位數下滑。我們將繼續專注於抓住利潤率擴大的機會，預計調整後的 EBITA 利潤率將在 2025 年增加 30 至 80 個基點，達到 11.8％至 12.3％。這將由我們重點關注的成長策略、額外的生產力節約以及對創新的持續大力投資所推動。

Now over to Charlotte to take us through the financials and the outlook in more detail.

現在請夏洛特向我們更詳細地了解財務狀況和前景。

Thank you, Roy. Good morning, everyone, and thank you for joining us on the call. Let me start by expanding on our financial performance.

謝謝你，羅伊。大家早安，感謝大家參加我們的電話會議。首先讓我介紹一下我們的財務表現。

In Diagnosis and Treatment, comparable sales decreased 1% in the fourth quarter and increased 1% in full year. This was on the back of strong growth in 2023. Solid growth in Rest of the World was offset by China. Adjusted EBITA margin improved by 170 basis points in Q4 to 12.1%. In the full year, adjusted EBITA margin was stable at 11.6%, driven by positive product mix, pricing, and productivity measures, offset by the lower sales in China.

在診斷與治療領域，第四季可比銷售額下降 1%，全年成長 1%。這是在 2023 年強勁成長的推動下實現的。世界其他地區的穩健成長被中國所抵消。第四季調整後 EBITA 利潤率提高 170 個基點，達到 12.1%。全年調整後的 EBITA 利潤率穩定在 11.6%，這得益於積極的產品組合、定價和生產力措施，但抵消了中國市場銷售下降的影響。

Moving to Connected Care, comparable sales increased 7% in Q4 on the back of a low comparison base due to the impact of a provision against sales taken in 2023 related to the Respironics recall remediation. Connected Care comparable sales increased by 2% in the year.

轉向互聯護理，由於與 Respironics 召回補救措施相關的 2023 年銷售撥備的影響，在比較基數較低的情況下，第四季度可比銷售額增長了 7%。全年互聯護理可比銷售額成長了 2%。

In Q4, the adjusted EBITA margin was 15%. In the full year, the adjusted EBITA margin improved 240 basis points to 9.6%, mainly driven by continued operational improvement. Importantly, both Enterprise Informatics and Sleep and Respiratory Care businesses delivered positive adjusted EBITA margin in 2024.

第四季度，調整後的 EBITA 利潤率為 15%。全年調整後 EBITA 利潤率提高 240 個基點至 9.6%，主要得益於持續的營運改善。重要的是，企業資訊學和睡眠與呼吸照護業務在 2024 年均實現了正的調整後 EBITA 利潤率。

Personal Health comparable sales decreased by 2% in the quarter and by 1% in the full year, with strong growth in Rest of World, including double-digit increases in other growth markets, offset by double-digit decline in China. The adjusted EBITA margin was a strong 18% in the quarter and 16.7% in the year. We have been very disciplined in cost management. And productivity initiatives delivered savings of EUR752 million in the year and EUR1.7 billion planned to date.

個人健康業務可比銷售額本季下降 2%，全年下降 1%，世界其他地區成長強勁，其中其他成長市場均實現兩位數成長，但中國市場出現兩位數的下滑。本季調整後的 EBITA 利潤率高達 18%，全年調整後的 EBITA 利潤率高達 16.7%。我們在成本管理方面一直非常嚴格。生產力舉措在當年實現了 7.52 億歐元的節約，迄今計畫節省 17 億歐元。

Turning to our group results, in the quarter, sales increased 1%, orders grew 2%, and the adjusted EBITA margin increased by 60 basis points to 13.5%. For the full year, sales and orders grew 1% and the adjusted EBITA margin increased by 90 basis points to 11.5%. Operational improvements, productivity savings, and previous pricing actions more than offset volume loss in China, wage, and component cost inflation.

談到我們集團的業績，本季度，銷售額成長了 1%，訂單成長了 2%，調整後的 EBITA 利潤率增加了 60 個基點，達到 13.5%。全年銷售額和訂單成長 1%，調整後的 EBITA 利潤率增加 90 個基點，達到 11.5%。營運改善、生產力節省以及先前的定價行動足以抵消中國市場的銷售損失、工資和零件成本上漲。

Net income decreased by EUR371 million in the quarter, mainly due to higher tax expenses, the write-down of an intangible asset, and restructuring charges. Tax expenses increased by EUR581 million in the quarter due to higher derecognition of deferred tax assets in the US and higher taxable income in 2024.

本季淨收入減少3.71億歐元，主要因稅費增加、無形資產減記以及重組費用。由於美國遞延所得稅資產的終止確認增加及 2024 年應稅收入增加，本季稅務支出增加了 5.81 億歐元。

Adjusted diluted EPS from continued operations increased a strong 35% in the fourth quarter and 17% in the full year. We delivered a free cash flow of EUR1.3 billion in the quarter and EUR0.9 billion for the full year, in line with guidance. Full-year free cash flow included the remaining payment of roughly EUR430 million related to economic loss settlement and receipt of approximately EUR540 million from insurers for the Respironics settlement.

第四季調整後攤薄持續經營每股收益強勁成長 35%，全年成長 17%。我們本季實現了 13 億歐元的自由現金流，全年實現了 9 億歐元的自由現金流，符合預期。全年自由現金流包括與經濟損失賠償相關的剩餘付款約 4.3 億歐元，以及從保險公司收到的 Respironics 賠償的約 5.4 億歐元。

Our leverage ratio was down to 1.8 times on a net debt-to-adjusted EBITDA basis. As Roy mentioned, following the strong deleveraging and in line with our balanced capital allocation policy, we will submit a proposal to maintain the dividend at EUR0.85 per share in shares or cash at the option of the shareholder. The decision to pay up to 50% of the total dividend in cash balances our commitment to dividend with the demand on cash given the expected payments related to the Respironics settlements in the US.

以淨債務與調整後 EBITDA 比率計算，我們的槓桿率下降至 1.8 倍。正如 Roy 所提到的，在強力去槓桿之後，根據我們平衡的資本配置政策，我們將提交一份提案，將股息維持在每股 0.85 歐元，以股票或現金形式支付，由股東選擇。決定以現金支付高達總股息 50% 的金額，可以平衡我們的股息承諾和考慮到與美國 Respironics 和解相關的預期付款對現金的需求。

Turning to the outlook, we will continue to drive improved performance in 2025. We were pleased to see the return to order intake growth in 2024, supported by the many recent innovations which are performing well. However, we expect sales growth and margin expansion in 2025 to be back-end loaded due to the continued impact of China into the first half of the year and comparison-based effects.

展望未來，我們將在2025年繼續努力提升業績。我們很高興看到 2024 年訂單量恢復成長，這得益於近期許多表現良好的創新。然而，由於中國的影響將持續到今年上半年，並且基於比較的影響，我們預計 2025 年的銷售成長和利潤率擴張將後期加載。

We expect China sales to decline mid- to high single digits with double-digit decline in the first half of the year, partially offset by growth in the second half, mainly due to the easing of the comparison base. In the first quarter, more specifically, we expect mid-single-digit decline in comparable sales and accordingly, lower adjusted EBITA margin, driven by the double-digit sales decline in China, royalty phasing, and a high comparison base in Diagnosis and Treatment.

我們預期中國銷售額將出現中高個位數下降，上半年將出現兩位數下降，但下半年的成長將部分抵銷這一下降，這主要是由於比較基數的降低。更具體地說，在第一季度，我們預計可比銷售額將出現中等個位數下降，因此調整後的 EBITA 利潤率也將下降，這主要受中國市場兩位數銷售額下降、特許權使用費分階段收取以及診斷和治療業務的比較基數較高等因素的影響。

We expect margin expansion of 30 to 80 basis points in the year to be driven by a combination of higher growth in attractive leadership segments, improvements in businesses with lower margins, and additional productivity and innovation. Focusing on what we can control, we are increasing the productivity savings targets for the 2023 to 2025 period from EUR2 million to EUR2.5 billion, driven by higher savings to date, further simplification of our operating model, and cost efficiency. This leads to expected savings of EUR800 million in 2025.

我們預計，今年的利潤率將擴大 30 至 80 個基點，這得益於具有吸引力的領先細分市場的更高成長、利潤率較低業務的改善以及生產力和創新的提高。我們專注於我們能夠控制的事情，將 2023 年至 2025 年期間的生產力節約目標從 200 萬歐元提高到 25 億歐元，這得益於迄今為止更高的節約、進一步簡化的營運模式和成本效率。預計 2025 年可節省 8 億歐元。

We expect to deliver sales growth within the outlook range and adjusted EBITA margin improvement across all our businesses. Restructuring costs are expected to be 100 basis points of 2025, driven by continued efforts to simplify our operating model, further verticalize and optimize our supply chain, and reduce complexity and functional costs.

我們預計所有業務的銷售額都將在預期範圍內成長，調整後的 EBITA 利潤率也將提高。重組成本預計為 2025 年的 100 個基點，這得益於我們不斷努力簡化營運模式、進一步垂直化和優化我們的供應鏈以及降低複雜性和功能成本。

Other charges are expected to be around 200 basis points and include mainly Respironics field action activity and other quality action-related charges. We acknowledge adjusted items are still high in 2025 and are diligently working to reduce them going forward. We expect free cash flow at the lower end of the EUR1.4 billion to EUR1.6 billion plan range.

其他費用預計約 200 個基點，主要包括 Respironics 現場行動活動和其他品質行動相關費用。我們承認，2025 年的調整後專案仍然很高，我們正在努力降低未來的調整後專案。我們預計自由現金流將位於14億歐元至16億歐元計畫範圍的低階。

This outlook excludes the $1.1 billion payment of the medical monitoring and personal injury settlements in US in the first half of the year, as well as the potential impact of other ongoing Philips Respironics-related legal proceedings. The outlook we provided today includes the impact of the recently announced US-China tariffs. With many possible scenarios, we will not speculate on the impact of potential future tariff policies.

這項展望不包括今年上半年在美國支付的 11 億美元醫療監測和人身傷害賠償金，以及其他正在進行的飛利浦偉康相關法律訴訟的潛在影響。我們今天提供的展望包括最近宣布的中美關稅的影響。由於可能存在多種情形，我們不會猜測未來潛在的關稅政策的影響。

With that, I would like to hand it back to Roy for his closing remarks.

最後，我想把發言時間交還給羅伊，請他作最後發言。

Thanks, Charlotte. I would like to repeat the key messages of today. 2023 and 2024 have been years of strong fundamental progress. Our plan is robust despite the impact from the challenging macro conditions and is delivering underlying performance improvement.

謝謝，夏洛特。我想重複今天的關鍵訊息。 2023 年和 2024 年是基礎性進步強勁的兩年。儘管受到宏觀環境挑戰的影響，我們的計劃仍然穩健，並且正在實現根本性的業績改善。

We delivered margin and cash ahead of plan to date and returned to solid order growth in and outside of China in 2024. We made significant progress on our execution priorities, addressing challenges, strengthening fundamentals, deleveraging the balance sheet, and providing further clarity on the Respironics recall.

我們迄今為止提前完成了利潤和現金交付，並於 2024 年在中國國內外恢復了穩健的訂單成長。我們在執行重點、應對挑戰、加強基本面、降低資產負債表槓桿率以及進一步澄清 Respironics 召回事件方面取得了重大進展。

We also renewed our culture and team. Our innovation is gaining momentum, as shown by the success of our many products launched and the fact that 50% of sales is coming from recent innovation and a return to positive order intake growth.

我們也更新了我們的文化和團隊。我們的創新勢頭強勁，這從我們推出的多款產品的成功以及 50% 的銷售額來自於近期創新和訂單量恢復正增長的事實可以看出。

Before I wrap up, I would like to welcome [Durga Doraisamy] as Head of Investor Relations effective April 1. I also want to thank Leandro, who's taking a new position within our finance leadership team, for his partnership and strong impact in the last five years. The two are already preparing for handover and will be joining the upcoming roadshows and investor activities together.

最後，我想歡迎 [Durga Doraisamy] 於 4 月 1 日起擔任投資者關係主管。我還要感謝在我們的財務領導團隊中擔任新職務的萊安德羅，感謝他在過去五年中的合作和強大影響力。兩家公司已做好交接準備，並將共同參加即將舉行的路演和投資者活動。

We will now take your questions.

我們現在將回答大家的提問。

(Operator Instructions) Richard Felton, Goldman Sachs.

（操作員指示）高盛的理查費爾頓。

Hi, good morning. Thank you very much for taking the question. My first one is on your top-line guidance. I understand very clear assumptions on China. But could you, perhaps, comment on what you are embedding in your assumptions for the Rest of the World?

嗨，早安。非常感謝您回答這個問題。我的第一個問題是關於您的頂線指導。我了解到有關中國的非常明確的假設。但是，您能否評論一下您對世界其他地區的假設是什麼？

Looking at the midpoint, my math implies that your guide points to a modest deceleration for Philips outside of China in '25 versus '24. Is there any specific market where you have a more cautious view? Or is that just general conservatism baked into that guidance? That's the first question.

從中點來看，我的計算表明，您的指南指出，與 24 年相比，25 年飛利浦​​在中國以外的市場將出現小幅減速。您是否對某個特定市場持更謹慎的看法？或者這只是該指導方針中所體現的普遍保守主義？這是第一個問題。

Second question is on the additional cost savings. Is there any incremental color you can share on where those cost savings are coming from? And how should we think about the balance between reinvestment of those cost savings, and how much is going to drop down to the bottom line? Thank you.

第二個問題是關於額外的成本節省。能具體講講這些成本節省的來源嗎？我們應該如何考慮這些成本節省的再投資與底線成本之間的平衡？謝謝。

Thank you, Richard. In terms of the assumptions for the Rest of the World, I think as we are looking at 2025, we still see quite a level of uncertainty surrounding the world. Now we have seen strengthening of the CapEx environment outside of China. And we also expect that actually to continue, and that would also drive our orders and growth.

謝謝你，理查。就世界其他地區的假設而言，我認為，展望2025年，我們仍然看到世界存在相當程度的不確定性。現在我們看到中國以外的資本支出環境正在加強。我們也預計這種情況將會持續下去，這也將推動我們的訂單和成長。

And as you know, there is also a lag time between [dialed off] order momentum that will pull through. So that's something that we will continue to build on, also as kind of some of the innovations that we launched in 2024 will be really gaining momentum in 2025.

而且如您所知，訂單動能與訂單動量之間也存在一個滯後時間。因此，我們將繼續在此基礎上繼續發展，同時我們在 2024 年推出的一些創新將在 2025 年真正獲得發展動力。

Now on China, as I said, we have the first half continuing as we have seen in the second half of 2024. We don't want to get ahead of ourselves in terms of what the second half would look like. I do say that we don't count in the outlook on strong rebounds of China to deliver the outlook that you have seen. So I think we have gone in with a realistic outlook for China as well as for the Rest of the World.

現在談到中國，正如我所說，我們上半年的情況將繼續，就像我們在 2024 年下半年看到的那樣。我們不想對下半場的比賽結果做出過度的預測。我確實說過，我們並沒有將中國強勁反彈的前景視為您所看到的前景。因此我認為，我們對中國以及世界其他地區都抱持現實的看法。

Then on the savings, yes, we are expanding the productivity plan. And that's an important part of how we counter some of also what we see around us in the world, including the tariffs impact that you have seen. We are adding EUR500 million to the plan. That's a combination of cost activities, so it's partly role reduction, but actually also really stopping activities, scaling innovations, that we have to get better leverage, procurement savings.

然後關於節約，是的，我們正在擴大生產力計劃。這也是我們應對世界各地所見一些現象（包括您所看到的關稅影響）的一個重要部分。我們將為該計劃額外注資5億歐元。這是成本活動的組合，因此它在一定程度上減少了角色，但實際上也真正停止了活動，擴大了創新，我們必須獲得更好的槓桿作用和採購節省。

And we do that at the same time to keep our innovation spend at the level that we have been in recent years. Because you have seen that we keep spending behind innovations, especially also now more and more on AI. So the EUR1.7 billion of spend is also safeguarded because we cut out in other areas.

我們這樣做是為了同時將我們的創新支出保持在近年來的水平。因為你已經看到，我們持續在創新方面投入資金，尤其是現在在人工智慧方面的投入越來越多。因此，由於我們削減了其他領域的支出，17 億歐元的支出也得到了保障。

So we cut to support margin but, for sure, also to protect our innovation engine. And that's also what you have seen in terms of the innovations that we have been putting into the market. And that by now, 50% of our sales is coming from the most recent innovations and upgrades that we have. So you also see that we are getting the uptick in the market.

因此，我們削減了支持利潤，但當然也是為了保護我們的創新引擎。這也是您所看到的我們向市場推出的創新。到目前為止，我們 50% 的銷售額來自於我們最新的創新和升級。因此您也會看到我們的市場正在回升。

Thanks very much.

非常感謝。

David Adlington, JPMorgan.

摩根大通的戴維‧阿德林頓。

Morning, guys. Yeah, just following up on the order growth. I think you called out in your earlier comments that, actually, imaging was high single digit.

早安，大家。是的，只是追蹤訂單成長情況。我覺得您在先前的評論中已經指出，實際上成像的品質是高個位數。

But maybe if you could just comment in terms of how you're thinking about market share in D&T, particularly with respect to China, where local competition, I think, probably taking a little bit of share of some players and thoughts about your positioning within D&T in China. And then, secondly, just if you have any updates on the DOJ timing, please?

但是，如果您可以就您對 D&T 市場份額的看法發表一下評論，特別是關於中國，我認為，本地競爭可能會奪走一些參與者的份額，並且您可以談談您對中國 D&T 領域的定位的看法。其次，請問您能提供有關司法部時間表的最新消息嗎？

Yeah. So on the China momentum, I think what we have seen in China is that actually all players, of course, are facing challenges with slower procurement. We -- if you look to the kind of the strongholds that we build on, we saw actually MR, and with the relaunch of our helium-free, actually really gaining good momentum. And we believe that actually will help us to build on share that kind of we have had in the recent years.

是的。因此，就中國的發展勢頭而言，我認為我們在中國看到的是，實際上所有參與者都面臨著採購放緩的挑戰。如果你看看我們所建立的堡壘，我們實際上看到了 MR，並且隨著我們無氦氣的重新啟動，實際上確實獲得了良好的動力。我們相信，這實際上將有助於我們鞏固近年來所擁有的份額。

CT, we just launched our new 5300, so that needs to gain momentum. And then on ultrasound, actually, we were very encouraged because you might know that we launched our VM11 suite with the latest AI from the [DA] acquisition. And Q4 for ultrasound is very strong.

CT，我們剛剛推出了新的 5300，因此需要獲得動力。然後，在超音波方面，實際上，我們感到非常鼓舞，因為您可能知道，我們推出了採用 [DA] 收購的最新 AI 的 VM11 套件。而 Q4 對於超音波來說非常強大。

And also in China, actually, we saw a good uptake within a further kind of more depressed environment. But actually, we saw that engine coming back into play after it having been pressured for a bit also by the local players. So I'm encouraged by how we are responding to the renewed activity there and also what we are being able to take out of the market.

事實上，在中國，我們看到在更低迷的環境下，經濟成長出現了良好的跡象。但實際上，我們看到這個引擎在受到當地參與者的一定壓力後又重新開始發揮作用。因此，我們對那裡復甦活動的回應以及我們能夠從市場中獲得什麼令我感到鼓舞。

On the DOJ timing, there's really nothing to say. We are still, as we said before, in a strong collaboration with them. But they have not indicated any timing. And as you can imagine, even with the current turmoil in the US, it has not become clearer. But I cannot further comment on that.

關於司法部的時間安排，確實沒有什麼好說的。正如我們之前所說，我們仍然與他們保持著密切的合作。但他們並未透露具體時間。你可以想像，即使美國目前陷入動盪，但情況仍未變得更加明朗。但我無法對此進一步發表評論。

Thanks so much.

非常感謝。

Hassan Al-Wakeel, Barclays.

巴克萊銀行的哈桑‧阿爾瓦基爾 (Hassan Al-Wakeel)。

Thank you, and good morning. A couple from me. Firstly, can we talk about the drivers to the high single-digit growth in orders for Q4? Any particular modalities driving this? And what was order growth excluding China in D&T?

謝謝，早安。這是我的一些照片。首先，我們可以談談第四季訂單高個位數成長的驅動因素嗎？有什麼特殊的方式推動這項進程嗎？那麼，不包括中國，D&T 的訂單成長情況如何？

And then secondly, can you walk us through the margin bridge from 11.5% to over 12% at the midpoint in 2025? EI, DI, and S&RC obviously key components of your expansion more broadly in terms of margin. Could you provide us an update on where the margins for these businesses landed in 2024? Thank you.

其次，您能否為我們介紹一下利潤率如何從 11.5% 上升到 2025 年中期的 12% 以上？從利潤角度來看，EI、DI 和 S&RC 顯然是您更廣泛擴張的關鍵組成部分。您能否向我們提供一下 2024 年這些業務的利潤率的最新情況？謝謝。

So let me maybe take the first one in terms of the orders in D&T. So as I said, we saw indeed double-digit ex-China. That is a mix of strong drivers in ITT, where, also you know, we kind of launched a newer biplane. And that actually is generating good traction. But also, the overall uptake and increase in procedures drive more (inaudible) orders.

因此，就 D&T 中的訂單而言，我可能會先考慮第一個。正如我所說，我們確實看到了中國以外的兩位數。這是 ITT 中強大驅動力的組合，您也知道，我們推出了較新的雙翼飛機。這確實產生了良好的牽引力。但同時，整體的吸​​收和程序的增加也帶來了更多的（聽不清楚）訂單。

Then we have the MR. As I mentioned, the relaunch with a new AI-driven helium-free is really gaining good momentum. And then ultrasound. And that's kind of where we had the cardiac engine really firing in Q4, in particular also in North America, but across the world. And that actually contributes to that momentum of D&T.

然後我們有了 MR。正如我所提到的那樣，採用新的人工智慧驅動的無氦氣技術重新推出確實獲得了良好的發展勢頭。然後進行超音波檢查。這就是我們的心臟引擎在第四季真正啟動的時候，特別是在北美，甚至全世界。這實際上促進了 D&T 的發展勢頭。

DXR already relaunched their portfolio earlier. So actually, that has been continuing. But we saw some additional really good uptake in the businesses that I just mentioned.

DXR 早些時候已經重新推出了他們的產品組合。事實上，這種情況一直持續著。但是，我們看到我剛才提到的業務中出現了一些額外的非常好的成長。

Yeah. Thank you, Roy. And Hassan, I'll take your second question on margin. So as you can see from our guidance, we're very focused on margin expansion in 2025. And we expect that to come from improvements from all of our businesses, driven by a few different things.

是的。謝謝你，羅伊。哈桑，我將立即回答你的第二個問題。因此，正如您從我們的指引中看到的，我們非常關注 2025 年的利潤率擴大。我們預計這將源自於我們所有業務的改進，並由一些不同的因素推動。

First of all, we continue to see higher growth of our high-margin businesses, which, as a reminder, is 70% of our revenue. So that will lift up the whole (technical difficulty) Philips. We also continue to see improvement in our businesses with margin upside potential, so that is DI, Enterprise Informatics, and S&RC. And we're actually very pleased to see both Enterprise Informatics and S&RC come back into profitability in 2024.

首先，我們繼續看到高利潤業務的更高成長，提醒一下，這部分業務占我們營收的 70%。這樣一來，飛利浦整個公司的技術難度就會上升。我們的業務也持續改善，利潤率有上升潛力，即DI、企業資訊學和S＆RC。我們實際上非常高興地看到企業資訊學和 S＆RC 都在 2024 年恢復盈利。

As Roy already mentioned, we are increasing our productivity savings program from EUR2 billion to EUR2.5 billion, of which EUR800 million is in 2025. So that will be significantly helping our margin uplift as well. And then Roy spoke about some of the innovations -- the recent innovations already. We continue to see some gross margin step-up from that.

正如羅伊已經提到的，我們正在將生產力節約計畫從 20 億歐元增加到 25 億歐元，其中 8 億歐元是在 2025 年。這也將大大幫助我們提高利潤率。然後羅伊談到了一些創新——最近的創新。我們繼續看到毛利率上升。

You already called out the VM11 ultrasound innovation, and there are many others as well also in ITT that are giving us a great uplift. Now having said that, we do expect the margin uplift to be back-end loading -- loaded following the sales dynamics that we see, particularly also in Q1 related to China and also the comps and royalties.

您已經提到了 VM11 超音波創新，ITT 中還有許多其他創新也為我們帶來了巨大的提升。話雖如此，我們確實預計利潤率的提升將是後端加載——根據我們看到的銷售動態加載，特別是第一季與中國相關的銷售動態以及同店銷售和特許權使用費。

If I can just follow up on China, Roy, when we met at RSNA, you mentioned some improvement in tender activity in health systems. How has this trended since?

Roy，如果我可以跟進一下中國的情況，當我們在北美放射學會 (RSNA) 見面時，您提到衛生系統的招標活動有所改善。從那時起趨勢如何？

And maybe to follow up on an earlier question, I mean, just on share dynamics in China, some of your competition have been talking about your share losses specifically. So it would be great to get your thoughts here.

也許是為了跟進先前的問題，我的意思是，僅就中國的市場份額動態而言，你們的一些競爭對手一直在談論你們的市場份額損失。因此，我很高興能在這裡聽到您的想法。

Yeah. So on the green shoots that indeed we saw, I think what I mentioned is that we need to see those actually continuing after Chinese New Year. That period just started. So actually, it's hard to call whether that's now a really renewed consistent strength.

是的。因此，關於我們確實看到的綠芽，我認為我提到的是，我們需要看到這些綠芽在農曆新年後繼續延續。那個時期才剛開始。因此實際上，很難說這是否是一種真正恢復的持續實力。

That's also where we are still cautious in , as we call it, especially the first half of the year. And then we need to see how that evolves. I think there's not been a kind of consistency that kind of we have been pulling through on that would give that confidence that first half already will be materially different than second half that we saw last year.

這也是我們仍然保持謹慎的地方，尤其是今年上半年。然後我們需要看看它如何發展。我認為，我們並沒有保持一直以來的一致性，因此我們並沒有信心認為上半年的情況將與去年下半年有實質的不同。

Now then in the businesses in China -- and I can talk to the customer momentum that we have, where you see -- especially in IGT and ultrasound in China, we have stepped up significantly. The MR launch, I already spoke to, with the relaunch of the helium-free. And actually, we see that the helium-free is now leading in the world, in China, in uptake.

那麼，在中國的業務中——我可以談談我們的客戶發展勢頭，特別是在中國的 IGT 和超音波領域，我們已經取得了顯著的進展。我已經談過 MR 發射，以及無氦氣發射。事實上，我們看到，無氦氣在中國的使用率目前在全球處於領先地位。

So actually, they are going after that innovation strongly. So we see that we are very competitive also with the localized products. And also with new leadership in place in China, with Ling and team that are really very much out and in the market to ensure that we get our fair share and more when the market rebounces.

因此實際上，他們正在大力追求創新。因此，我們發現我們的在地化產品也非常具有競爭力。此外，中國區新領導層也已到位，在凌先生和團隊的帶領下，我們已充分投入市場，確保當市場反彈時，我們能夠獲得公平的份額，甚至更多。

Excellent. Thank you both.

出色的。謝謝你們兩位。

Julien Dormois, Jefferies.

朱利安‧多莫瓦 (Julien Dormois)，傑富瑞 (Jefferies)。

Hi, good morning, Charlotte. Good morning, Roy. Thanks for taking my questions. I have two. The first one relates to the guidance you have provided for China this year, so the mid- to high single-digit decline in sales. But you could please elaborate on how you see things possibly diverging between consumer and equipment, whether there is one area where you would expect more weakness than the other? That would be helpful.

嗨，早上好，夏洛特。早安，羅伊。感謝您回答我的問題。我有兩個。第一個問題與您今年對中國市場的預期有關，即銷售額將出現中高個位數的下降。但您能否詳細說明您認為消費者和設備之間可能出現的分歧，是否存在一個您認為比另一個更薄弱的領域？那將會很有幫助。

And the second relates to the long-term plan that you guys had in place for, let's say, beyond 2025. It was calling for a margin target in the mid to high teens. So wondering whether that would still be valid under which horizon and whether maybe you plan to have a Capital Markets Day or anything like this, to update us on what could be the next three- or five-year view for the business.

第二個問題與你們所訂定的長期計畫有關，比如說 2025 年以後的計畫。該公司要求將利潤率目標設定在十五六到十五個百分點之間。所以想知道在什麼期限內這是否仍然有效，以及您是否計劃舉辦資本市場日或類似活動，以向我們介紹未來三年或五年的業務前景。

Yeah. Thank you, Julien. And I think it's a good question on the first part because indeed, given our portfolio, we have some specific dynamics in China that play a part, where actually the consumer side is having the highest double-digit impact in China.

是的。謝謝你，朱利安。我認為第一部分的問題很好，因為確實，考慮到我們的投資組合，我們在中國有一些特定的動態發揮作用，其中消費者方面實際上在中國產生了最高的兩位數影響。

We said, and I explained already earlier, with the decline in sell-out, you see adjustments in sell-out, but also sell-in, so stock levels adjustments. That has happened in the second half, but still continues into the first half as well. And that actually is a significant drag on the China performance, actually, the bigger part of it.

我們說過，而且我之前已經解釋過，隨著銷售量的下降，您會看到銷售量的調整，但銷售量也會調整，因此庫存水準也會調整。這種情況在下半場已經發生，但仍持續到上半場。這其實嚴重拖累了中國市場的表現，事實上，這是主要原因。

Now then we see also health systems still having a negative impact. But as we also said, we see some improvement there. So actually, that is the balance of the two elements. Now we see good growth of PH outside of China. So actually, that engine is really picking up strongly.

現在我們也看到衛生系統仍然產生負面影響。但正如我們所說，我們看到了一些改善。所以實際上，這就是兩個元素的平衡。現在我們看到菲律賓在中國以外也呈現良好的成長動能。因此實際上，該引擎確實正在強勁加速。

We saw the 4% for the total group for the full year. Outside of China, we see even more in Personal Health coming in, but they have to combat a stronger decline in China. So that's a bit of the dynamics in China in particular, where the consumer subdued demand is just paying big part to us and all other players in the industry.

我們看到整個集團全年的成長率為 4%。在中國以外，我們看到個人健康領域的業務成長更為強勁，但他們必須應對中國市場更強勁的下滑趨勢。這是中國特有的動態，消費者需求低迷對我們以及業界所有其他參與者產生了重大影響。

Yeah, and Julien, I'll take your second question. Thank you for that. So about our longer-term margin expansion plans, we will talk about it later this year at the Capital Markets Day. But I can assure you that the plan is robust. And we're laser-focused on successful execution of the plan and to drive operational improvement and also create value.

是的，朱利安，我來回答你的第二個問題。謝謝你。關於我們的長期利潤擴張計劃，我們將在今年稍後的資本市場日上討論。但我可以向你保證，該計劃是完善的。我們專注於成功執行計劃、推動營運改善並創造價值。

And if you think about our portfolio with 70% of our revenue in leadership positions at higher margins, which again will lift overall of Philips and the rest of the 30% business in Diagnostic Imaging, in Enterprise Informatics, and in S&RC, really providing good margin upside potential. And on top of that, our productivity improvements, we remain confident in the potential to improve our margins also beyond 2025. I will talk about that later in the year at the Capital Markets Day.

如果你考慮我們的投資組合，其中 70% 的收入處於領先地位，並且利潤率較高，這將再次提升飛利浦的整體業績以及診斷成像、企業資訊學和 S&RC 中剩餘 30% 的業務，真正提供良好的利潤上升潛力。除此之外，隨著生產力的提高，我們仍有信心在 2025 年以後提高利潤率。我將在今年稍後的資本市場日上談論這個問題。

Great. Thank you very much.

偉大的。非常感謝。

Lisa Clive, Bernstein.

麗莎·克萊夫，伯恩斯坦。

Hi, first question, on patient monitoring, could you just give us the latest trends in your business there in terms of working through the sort of COVID buildup, also just generally potential increased demand in the monitoring market as it expands beyond the acute care settings?

您好，第一個問題，關於病患監測，您能否向我們介紹貴公司在應對 COVID 疫情方面的最新趨勢，以及隨著監測市場擴展到急診環境之外，其總體需求可能增加的情況？

And then second on Connected Care, the Respironics performance outside of the US, you've been back for several quarters now. Can you talk about, in particular, the competitive dynamics?

其次，關於互聯護理，以及 Respironics 在美國以外的表現，您已經回來幾個季度了。能具體談談競爭動態嗎？

I know it's mainly duopoly between you and ResMed, but I think there are some players outside the US. How is your market share evolving? And sort of how much of the lost ground do you think you'll be able to regain in the next two to three years? Thank you.

我知道目前主要是貴公司和 ResMed 之間的雙頭壟斷，但我認為美國以外也有一些參與者。你們的市佔率是如何變化的？您認為在未來兩到三年內您能夠收復多少失地？謝謝。

Yeah. Thank you, Lisa, for the question. Let's talk monitoring, of course, a very important business. What we have seen, yes, there was kind of some after-effect from COVID, but actually demand has been there. We also have positive order intake growth in monitoring.

是的。謝謝麗莎提出的問題。讓我們來談談監控，當然，這是一項非常重要的業務。是的，我們看到，COVID 確實有一些後遺症，但實際上需求是存在的。我們在監控中也看到了訂單量的正面成長。

We also have seen that you see some bigger technology deals really coming in. Now that makes that there is more lumpiness coming into monitoring. And part of it is because you go to technology service partnerships that are bigger size of a prolonged period and also a bit more complex nature. But at the same time, they're more attractive because they give good service margin. They kind of give you good protection for renewal.

我們也看到一些更大的技術交易正在達成。這使得監控中出現了更多的不平衡現象。部分原因是因為你加入的技術服務夥伴關係規模更大、持續時間更長，而且性質也更複雜一些。但同時，它們也更具吸引力，因為它們提供了良好的服務利潤。它們會為你提供良好的續約保護。

And we are gaining share in monitoring. So I think we have seen that in many of the places that we are active. And we also have launched a new BM6000 monitor range that, actually, is doing nicely and well. And as you know, we also have the informatics on top that is important for the current data and AI play.

我們在監控領域的份額正在不斷增加。所以我認為我們在很多我們活躍的地方看到了這一點。我們也推出了新的 BM6000 顯示器系列，實際上，這款產品表現十分出色。如您所知，我們還擁有對當前數據和人工智慧發揮至關重要的資訊學。

So actually monitoring remains a strong business. But you do see that lumpiness in the conversion that also plays a big part in terms of kind of when we see it coming to conversion and to sales. Margin has been holding up strong as well. And if you then make the bridge to, of course, total Connected Care margin has been going up very significantly, 240 basis points.

因此實際上監控仍然是一項強大的業務。但您確實會看到，轉換率中的不均勻性在轉換率和銷售量方面也起著重要作用。利潤率也一直保持強勁。如果你再將其聯繫起來，那麼當然，整個互聯護理利潤率已經大幅上升，達到 240 個基點。

Now that was still with monitoring at a strong margin level. But in particular, we got EI and S&RC. And if you talk about S&RC, there, indeed, the momentum is coming into that business again, one driven by the return to the market outside of the US.

現在仍在對高利潤率水準進行監控。但具體來說，我們得到了 EI 和 S&RC。如果你談論S＆RC，那麼確實，這個行業的勢頭又回來了，這是由重返美國以外市場的推動力。

We're now also the last market came fully into play, which is France. So we can now sell in all markets out of the US again. We got that news yesterday, so that's great. We also see that we are competitive there. We have been launching new masks. We've got two new FDA approvals. I already spoke that the mask range is doing really well.

我們現在也完全投入了最後一個市場，那就是法國。因此我們現在可以再次在美國以外的所有市場進行銷售。我們昨天收到了這個消息，真是太好了。我們還看到我們在那裡具有競爭力。我們一直在推出新款口罩。我們獲得了兩項新的 FDA 批准。我已經說過，面膜系列賣得非常好。

We are kind of trending at a level when we had actually the US device still included -- including the first setup sales of those. And volume-wise, we have kind of now outgrown that in 2024. And that also brought S&RC improved profitability in 2024. Because, of course, it has been dilutive for now a few years. We brought it back. We did the rightsizing of the portfolio and also the kind of the footprint. But most importantly, we also see the momentum coming back into that business.

當我們實際上仍包含美國設備時，我們的趨勢在某種程度上是這樣的 - 包括這些設備的首次設定銷售。從數量上看，到 2024 年，我們的成長已經超過了這一水平。這也使S＆RC在2024年的獲利能力得到提升。因為，當然，這幾年它已經被稀釋了。我們把它帶回來了。我們對投資組合以及足跡類型進行了適當調整。但最重要的是，我們也看到該業務正在恢復成長勢頭。

Robert Davies, Morgan Stanley.

摩根士丹利的羅伯特戴維斯。

Morning. Thanks for taking my question. My first one was just around the margins in D&T in the quarter. Just give us a little bit more color. I realize they come in a bit lower than consensus expectations. Just wanted to talk about the different dynamics between product mix, maybe China. Just give us a little bit more color on that one.

早晨。感謝您回答我的問題。我的第一個作品在本季度的 D&T 中處於邊緣位置。只需給我們多一點色彩即可。我意識到它們的表現略低於普遍預期。只是想談談產品組合之間的不同動態，也許是中國。請給我們更多關於此點的詳細資訊。

And then the second one was just on the slide you put in on restructuring costs through 2025. Perhaps you could just set the scene in terms of what's actually left to do in terms of sort of the different spend, where the buckets are going.

然後第二個就是你在投影片中提到的到 2025 年的重組成本。或許您可以根據實際剩下要做的事情來設定場景，包括不同的支出方式以及資金的去向。

Is there any more sort of headcount coming out within that restructuring cost element And as we look even beyond '25, is '25 basically clearing most of the decks for that spend, or we should expect more to keep going in '26? Thank you.

重組成本要素中是否還會有更多的員工人數？謝謝。

Thank you very much, Robert. And I'll take your questions, and I'll start with the margin D&T one. And first thing -- a few things I want to say about that. First of all, we had a strong step-up in Q4 of 160 basis points in margin in D&T. And this was despite lower China, which, as Roy mentioned, is high profitability for us. So that strong step-up was driven by a few different things.

非常感謝，羅伯特。我會回答你們的問題，先回答邊際 D&T 問題。首先，我想說幾件事。首先，我們第四季的D&T利潤率大幅上升了160個基點。儘管中國市場規模較小，但正如 Roy 所說，這對我們來說仍然具有很高的獲利能力。因此，這種強勁的成長是由幾種不同的因素推動的。

We saw a positive mix. We continue to see strong productivity and also saw some positive pricing as the higher prices in the order book continue to flow through. So if you then take a step back and look at our outlook, our longer-term outlook, we already reached our low-teens margin outlook already in 2023, where we increased our margin expansion by 200 basis points.

我們看到了正面的結果。我們繼續看到強勁的生產效率，並且隨著訂單中更高的價格不斷湧入，也看到了一些積極的定價。因此，如果您退一步看看我們的前景，我們的長期前景，我們在 2023 年就已經達到了低十幾歲的利潤率前景，我們將利潤率擴大了 200 個基點。

So for 2025, again, we expect the margin improvements across all business segments, including D&T. So again, we're going to play that mix. Because in the D&T segment, we have some of our higher-margin businesses like ITT, where we have market-leading positions and continued innovations like Azurion Biplane.

因此，到 2025 年，我們再次預期所有業務部門（包括 D&T）的利潤率都會提高。因此，我們將再次播放該混合曲。因為在D&T領域，我們擁有一些利潤率較高的業務，例如ITT，我們在其中佔據市場領先地位並不斷進行創新，例如Azurion Biplane。

We have ultrasound. And Roy already spoke about the very exciting innovations in VM11 and Transcend, which will continue to drive margins up. And we have additional productivity, as you also mentioned, which will also help the Diagnosis and Treatment margins as well.

我們有超聲波。Roy 已經談到了 VM11 和 Transcend 中令人興奮的創新，這些創新將繼續推動利潤率上升。正如您所說，我們的生產力有所提高，這也有助於提高診斷和治療的利潤。

Ultimately, we are very, very pleased with our order intake, which was high single digits in Q4. And that, coupled with our innovations and the momentum that we're seeing in Q4, will help deliver our margin expectations 2025.

最終，我們對我們的訂單量感到非常非常滿意，第四季度的訂單量達到了個位數的高點。再加上我們的創新和第四季的發展勢頭，這將有助於實現我們 2025 年的利潤預期。

Now moving on to your next question on restructuring and incidentals. So as I said in my prepared remarks, we are diligently working to reduce the incidentals as we absolutely acknowledge they are high. And it is a priority for me to reduce them going forward. And if you then take a step back and think about our one-offs, they can be divided in two different categories.

現在讓我們來回答關於重組和雜費的下一個問題。因此，正如我在準備好的演講中所說的那樣，我們正在努力減少雜費，因為我們絕對承認雜費很高。我的首要任務就是今後減少這種情況。如果您退一步思考並思考我們的一次性產品，它們可以分為兩個不同的類別。

On the one hand, we're still working to resolve the Respironics recall. So we have consent decree charges and some litigation charges. And that will -- diligently working to reduce that over time, and it will reduce over time.

一方面，我們仍在努力解決 Respironics 召回問題。因此，我們有同意令費用和一些訴訟費用。而且這將 — — 隨著時間的推移，努力減少這個數字，並且它將隨著時間的推移而減少。

And the other component is related to the execution of our plan. And we are making sure we focus on growing our business, making our supply chain leaner and more agile, and ultimately, reducing complexity over time. And with that, we have some restructuring charges as a result of that.

另一個部分與我們計劃的執行有關。我們確保專注於發展業務，使我們的供應鏈更加精簡和靈活，並最終隨著時間的推移降低複雜性。因此，我們產生了一些重組費用。

So if you then think about 2025, the restructuring 100 basis points that we called out is really related to further operating model simplification and manufacturing and R&D footprint changes, as well as platform optimization as we become a more focused business.

因此，如果你考慮 2025 年，我們所呼籲的重組 100 個基點實際上與進一步簡化營運模式、改變製造和研發足跡以及平台優化有關，因為我們將成為一個更專注的業務。

Understood. Sorry, was there any headcount reduction in those numbers as well, or that's ex-headcount?

明白了。抱歉，這些數字中是否也包括員工人數的減少，還是這是除員工人數之外的人數？

So as we're continuing to become a more -- a leaner company and a more focused company, we will also look at headcount, although that will not be the biggest part of it. We will continue to look at becoming a simpler company to do business with, which will ultimately also result in some headcount reductions.

因此，隨著我們繼續成為一家更精簡和更專注的公司，我們也將考慮員工人數，儘管這不是最重要的部分。我們將繼續致力於成為一家更簡單的商業公司，最終也將導致一些員工人數的減少。

Understood. Thank you very much.

明白了。非常感謝。

Graham Doyle, UBS.

瑞銀的 Graham Doyle。

Morning, guys. Thanks for taking my questions. Just two for me, one on China, to plug that horse again. But when I look at the way you're guiding for it and sort of the language you talked around the sort of pre-Chinese New Year step-up, it seems quite cautious.

早安，大家。感謝您回答我的問題。對我來說只有兩個，一個是關於中國的，再次為那匹馬打氣。但是，當我看到您的指導方式以及您在農曆新年前夕所說的措辭時，我發現您似乎非常謹慎。

So when we look at some of the data we're seeing elsewhere, we think about how local companies are guiding, and the relative strength even in our consistency in market shares, is it an effect that you guys are assuming that the recent tick-up basically just stops and does not persist through the year, and that's the degree of caution? So that would be question number one.

因此，當我們查看其他地方看到的一些數據時，我們會考慮本地公司的指導方式，以及市場份額的相對強度，你們是否認為最近的上漲基本上停止了，不會持續一整年，這就是謹慎的程度？這就是第一個問題。

And then just question two. In terms of the consent decree, the extra 200 basis points of incidentals, when do you see that sort of tailing down or reducing? And then also, could you maybe give us an update in terms of the consent decree and the timings just theoretically, in terms of how separate the ability to return to sale in the US of sleep systems is versus the actual sort of end of the consent decree, just to get a sense of that as well? Thanks a lot.

接下來是第二個問題。就同​​理令而言，額外的 200 個基點的雜費，您認為什麼時候會減少或降低？另外，您能否從理論上向我們介紹一下同意令的最新情況和時間安排，即睡眠系統在美國恢復銷售的能力與同意令的實際結束時間有何區別，以便讓您對此有個了解？多謝。

Yeah. Thank you, Graham. And on the -- so on China, so we are cautious on China. And I think it's also diligent because we have seen not an inflection point that would kind of give us the data to say, okay, the recent few months turn into a structural trend, right?

是的。謝謝你，格雷厄姆。因此，我們對中國持謹慎態度。而且我認為它也很勤奮，因為我們沒有看到拐點，拐點可以為我們提供數據來表明，好吧，最近幾個月變成了結構性趨勢，對嗎？

We have seen green shoots. We have seen tender activity. We are also very active in the market. So it's not that we're not chasing it and going after it. But we just find it too early to call for changed momentum. And that's why we take that kind of caution into the plan and also especially into first half.

我們已經看到綠芽了。我們已經看到了招標活動。我們在市場上也非常活躍。所以，這並不是說我們沒有追逐它、追尋它。但我們認為，呼籲改變勢頭還為時過早。這就是為什麼我們在製定計劃時，尤其是在上半場，要格外小心。

That's also what we call because we also know that visibility in China is not very long. So it could change, but we just don't want to pre-empt that, right? That is, I think, a fair description of what we've seen.

我們也是這麼稱呼的，因為我們也知道在中國的可見度不是很長。因此它可能會改變，但我們只是不想先發制人，對嗎？我認為，這就是對我們所見現象的公正描述。

At the same time, we also have kept saying it's when question. So China will come back. And we also believe we are very well positioned to come back. Our brand is very strong. We have strong customer penetration and connections. And also when the consumer market comes back, with our strong innovations, we will be ready to kind of play that demand. So that's the China story.

同時，我們也一直在說這是「時間」的問題。所以中國將會回歸。我們也相信，我們有能力重返巔峰。我們的品牌非常強大。我們擁有強大的客戶滲透力和聯繫。當消費市場復甦時，憑藉我們強大的創新能力，我們將準備好滿足這種需求。這就是中國的故事。

Then on a consent decree, that 200 basis points, yeah, also as kind of Charlotte said, that will taper off over time. Yes, we are working now at the height of the consent decree. We got it just one year, right? So there's a lot of activity going on to fulfill the needs. And also we're putting a lot of effort in going through that the best possible that we can, so we can come back to the market in the speediest possible time.

然後根據同意令，那 200 個基點，是的，正如夏洛特所說的那樣，會隨著時間的推移逐漸減少。是的，我們現在正按照同意令的最高標準開展工作。我們只得到它一年，對嗎？因此，我們正在進行許多活動來滿足需求。我們也正在盡最大努力完成這項工作，以便能夠以最快的速度重返市場。

But on that time, again, we said before, we cannot speculate because that is up to the approval of the FDA. What we did say before, and I will repeat, is that an average CD has a five-year window. But an injunction can be lifted earlier, and we saw that in our emerging care business that was after three years. But that doesn't mean that in this case, it's the same because it's a very different case.

但在那個時間，我們之前再說過，我們無法推測，因為這取決於 FDA 的批准。我們之前確實說過，我再重複一遍，一張普通的 CD 的期限是五年。但禁令可以提前解除，我們在新興護理業務中看到，那是在三年之後。但這並不意味著在這種情況下情況是一樣的，因為這是一個非常不同的情況。

So we are fully committed to the S&RC business. As I said, we are seeing momentum coming back. So actually, it's contributing already to the plan. And I think it will contribute, of course, even more if we get through the timing of the consent decree. So I think -- and the other thing that we said earlier in the plan is that we don't count ourselves reaching when it comes back, right?

因此我們全力致力於S＆RC業務。正如我所說，我們看到勢頭正在復蘇。因此實際上，它已經為該計劃做出了貢獻。我認為，如果我們能夠按照同意令的時間要求完成，它將會做出更大的貢獻。所以我認為——我們在計劃中早些時候說過的另一件事是，當它回來時，我們不算自己到達，對嗎？

So we can do the step-up in margins, the step-up in growth, without that baked into current plan. So we're not dependent on it. And we will focus on getting through it, whilst we grow the rest of the business where we have a lot of opportunity.

因此，我們可以提高利潤率，促進成長，而不必將其納入當前計劃。所以我們並不依賴它。我們將集中精力解決這個問題，同時發展我們還有很多機會的其他業務。

That's super helpful in understanding that caution. It makes a lot of sense. Thank you.

這對於理解這項警告非常有幫助。這很有道理。謝謝。

Hugo Solvet, BNP Paribas Exane.

Hugo Solvet，法國巴黎銀行 Exane 銀行。

Hello. Thank you for taking my questions. I have two, please. First on tariffs, I appreciate the color on US, China, and the fact that you cannot really guide yet for any ex-China tariffs. But could you briefly remind us of the manufacturing footprint here? And as we think about Mexico, Canada, is there anything that we should have in mind out of tariffs to Europe?

你好。感謝您回答我的問題。請給我兩個。首先關於關稅，我理解美國、中國的局勢，但目前還不能真正指導任何中國以外的關稅。但能否簡單介紹一下這裡的製造足跡？當我們考慮墨西哥、加拿大時，我們是否應該考慮對歐洲徵收的關稅？

Second, on dividend, you're moving to a mix of cash and shares. Should we see this as a transition to be back to a cash dividend next year, maybe? Thank you.

其次，在股利方面，你們將轉向現金和股票的組合。我們是否應該將此視為明年恢復現金紅利的過渡？謝謝。

Yeah. So on the tariffs, so what we said is we included what we know, right? So -- and that is for now the China-US tariffs. We also, over time, actually reduced quite significantly our export from China to the US. So we are working that in various ways.

是的。那麼關於關稅，我們說的是包括了我們所知道的內容，對嗎？這就是目前的中美關稅狀況。隨著時間的推移，我們實際上也大幅減少了從中國到美國的出口。因此我們正在透過各種方式進行這項工作。

Then I think it's good to know that we have no direct manufacturing in Mexico and Canada. We do have some suppliers there, but no own manufacturing sites. We do have manufacturing sites in Europe, but also in other parts of Asia. So we're playing a global footprint.

那麼我認為很高興知道我們在墨西哥和加拿大沒有直接製造。我們在那裡確實有一些供應商，但沒有自己的生產基地。我們在歐洲有生產基地，但在亞洲其他地區也有。因此，我們正在發揮全球影響力。

We are regionalizing before. And as I said, it's hard to speculate on what will happen next. We are in very active dialogue on many fronts with the EU, with the US, in China to also advocate the importance of reliable supply chain for patients so that disruption is minimized.

我們之前正在進行區域化。正如我所說，很難猜測接下來會發生什麼。我們正在與歐盟、美國和中國等多方進行積極對話，強調可靠供應鏈對患者的重要性，以最大限度地減少干擾。

We've seen with COVID what it means if supply chain in HealthTech and MedTech is disrupted. So we are working on our own plan with regionalizing supply chain. We are kind of lobbying to see how we can best maneuver through this. And the current footprint that we have, I think, is one that we build on and that we further regionalize.

透過 COVID，我們已經看到如果健康科技和醫療科技領域的供應鏈中斷意味著什麼。因此，我們正在製定自己的區域化供應鏈計畫。我們正在進行遊說，希望找到最佳解決方案。我認為，我們目前的足跡是我們進一步發展並進一步區域化的足跡。

Yeah. And then, Hugo, on your question on dividend, we are very pleased that we are proposing to offer shareholders the option to receive dividends in either shares or cash, as it just is an important signal that we've made significant progress in deleveraging the company, currently at 1.8% -- 1.8 times leverage. We've really put a lot of focus on strengthening the balance sheet.

是的。然後，Hugo，關於你關於股息的問題，我們很高興我們提議向股東提供以股票或現金形式收取股息的選擇，因為這是一個重要的信號，表明我們在公司去槓桿方面取得了重大進展，目前的槓桿率為 1.8％ - 1.8 倍。我們確實非常重視加強資產負債表。

At the same time, we're recognizing that there will be a $1.1 billion cash-out related to the Respironics settlement in the US, that we'll be paying out in the first half of the year. So we're balancing those. But you should really see this as a next big step on our journey. So we're very pleased about that.

同時，我們也意識到與美國 Respironics 和解相關的現金支出將達到 11 億美元，我們將在今年上半年支付這筆款項。因此我們正在平衡這些。但你真的應該把這當作我們旅程的下一個重要步驟。我們對此感到非常高興。

Thank you very much.

非常感謝。

Giang Nguyen, Citi.

Giang Nguyen，花旗銀行。

Hi, thank you for taking my questions. My first question is on the growth phasing that you guys are expecting to see through the rest of the year. I appreciate that you have provided us with the outlook for Q1 already of a single-digit decline. And also, what's your degree of confidence at this point in time in delivering both the midpoint of the guide for the full year?

你好，謝謝你回答我的問題。我的第一個問題是關於你們預計今年剩餘時間內將出現的成長階段。我很感激您已經向我們提供了第一季個位數下滑的前景。另外，您目前對於實現全年指南中位數有多大信心？

And I guess, the follow-up to this question is what is the implication for margins as a result of this? And with this incremental cost savings, can we see margins for every quarter to be within the guidance range even when top line may not be? Thank you.

我想，這個問題的後續問題是，這對利潤率有什麼影響？透過這種增量成本節約，即使營收可能不在預期範圍內，我們是否可以看到每季的利潤率都在預期範圍內？謝謝。

Yeah. So from a phasing perspective -- thanks for the question. So we see this as a realistic outlook for the year. And if you then think about the phasing, both from a sales growth as from a margin perspective, we expect this to be back-end loaded due to a few different things, and mainly the China impact where we see China double-digit decline in the first half of 2025, as well as phasing of royalties.

是的。因此從分階段的角度來看 - 謝謝您的提問。因此，我們認為這是對今年的現實展望。如果你考慮分階段實施，無論是從銷售成長還是從利潤率的角度來看，我們預計這將由於一些不同的因素而產生後端加載，主要是中國的影響，我們預計中國在 2025 年上半年將出現兩位數的下降，以及特許權使用費的分階段實施。

And you know that royalty phasing is at a high margin for us. So that really has a significant impact as well. And the third component is really the comparable base, particularly in D&T, where in Q1 of 2024, we still saw supply chain normalizing from an MR perspective particularly.

而且您知道，特許權使用費的分階段收取對我們來說利潤很高。所以這確實也會產生重大影響。第三個組成部分實際上是可比較基數，特別是在 D&T 領域，在 2024 年第一季度，我們仍然看到供應鏈從 MR 角度逐漸正常化。

And so for China, we don't foresee a rebound in the second half of the year. But what we do see is comparable easing in the second half of the year, which will really have an impact on us. So what I'm -- as a result, what we're seeing is that both sales growth as well as margin growth will be back-end loaded towards the latter half of the year.

因此，我們預期中國經濟下半年不會反彈。但我們確實看到今年下半年會出現類似的寬鬆政策，這將對我們產生真正的影響。因此，我看到的是，銷售額成長和利潤率成長都將在今年下半年得到後端加載。

And maybe as a last follow-up, we are continuing to focus on what we control. That increase of our productivity savings from EUR2 billion to EUR2.5 billion will also be back-end loaded as we're putting the programs in place to drive that productivity going forward. So we will see a gradual improvement on both sales as well as EBITA margin.

也許作為最後的後續行動，我們將繼續關注我們所能控制的事情。隨著我們實施相關計劃以推動生產力的發展，我們的生產力節約將從 20 億歐元增加到 25 億歐元，這一增幅也將是後端加載的。因此，我們將看到銷售額和 EBITA 利潤率的逐步改善。

Thank you.

謝謝。

Julien Ouaddour, Bank of America.

美國銀行的 Julien Ouaddour。

Thank you very much. Good morning, everyone. So I have a couple as well. The first one, just -- I mean, sorry to come back again on China. I think it's more a follow-up on all the comments you made today. But is it fair to explain the main difference from your mid- to high single-digit decline versus the low single-digit decline from peers coming mainly from the PH business?

非常感謝。大家早安。所以我也有一對。第一個問題，只是──我的意思是，很抱歉再次回到中國的問題。我認為這更像是您今天所發表的所有評論的後續。但是，您能公平地解釋一下您的中高個位數降幅與主要來自 PH 業務的同行的低個位數降幅之間的主要區別嗎？

And let's say, like in other terms, do you see the D&T business being roughly down low single digits and maybe PH like even more than that to get to the, let's say like, overall mid- to high single-digit decline? So thanks for that.

換句話說，您是否認為 D&T 業務的降幅大致為個位數低位，而 PH 的降幅甚至會更大，從而達到整體中高個位數的降幅？非常感謝。

And the second question is that there are some concerns in the US about cut to healthcare budgets. Do you see it as a risk for hospital budgets? I mean, today, we see a pretty strong CapEx environment, but maybe for like 2026 or beyond? Thanks.

第二個問題是，美國國內對削減醫療預算有些擔憂。您認為這會對醫院預算造成風險嗎？我的意思是，今天，我們看到了相當強勁的資本支出環境，但也許要到 2026 年或以後？謝謝。

Yeah. Thank you, Julien. On China, so indeed, PH is the one that actually causes the mid- to high single digit. It has a double-digit impact still in the first half of the year. So that actually is weighing into the phasing into the year and also kind of the impact from China that goes with that.

是的。謝謝你，朱利安。就中國而言，事實上，菲律賓是造成中高個位數成長的原因之一。其影響在上半年仍達到兩位數。所以這實際上對今年的分階段實施以及隨之而來的來自中國的影響產生了影響。

In D&T, we see kind of a continuation of trends that we have taken into account. That's also what we mentioned, right? So we have seen some green shoots, but not a true inflection that actually would cause us to kind of significantly up that expectation.

在 D&T 中，我們看到了我們已經考慮到的趨勢的延續。這也是我們提到的，對嗎？因此，我們看到了一些復甦的跡象，但還沒有出現真正能夠讓我們大幅提高預期的轉折點。

So we kind of look at that as the time progresses in the year to see how the tender momentum and the order momentum in the market grows. And that's what we also see across the industry. So that's not for us. That's, I think, just the market in itself. So that's, I think, on the China assumption.

因此，我們會隨著時間的推移觀察市場上的招標動能和訂單動能如何成長。這也是我們在整個產業所看到的情況。所以這不適合我們。我認為，這就是市場本身。所以我認為這是基於中國假設。

The second question, yeah, the hospital CapEx in the US, we actually expect that the US will continue in its strong form. Remember, I called out, we had double-digit order intake growth in North America in 2024. So we have strong momentum.

第二個問題，是的，我們實際上預計美國醫院的資本支出將繼續保持強勁。記住，我說過，2024 年我們在北美的訂單量將達到兩位數成長。因此我們擁有強勁的發展勢頭。

Actually, we expect that to continue because the demand underlying is really strong. We see procedure growth still increasing. We still see the wait lines for imaging. And monitoring, as we said, kind of we see continued solid demand.

實際上，我們預計這種情況將會持續下去，因為潛在的需求確實強勁。我們看到程序成長仍在增加。我們仍然看到等待成像的隊伍。正如我們所說，監控顯示我們看到持續強勁的需求。

And with the share we have, we benefit from that. So you see kind of good momentum. We saw the ultrasound also really picking up. As I mentioned, that was a bit weaker in the recent periods. And that's actually picking up, which shows that kind of that market, in my view, is in a good position and will continue to be.

憑藉我們所擁有的份額，我們從中獲益。所以你看到了良好的動力。我們發現超音波也確實在加速。正如我所提到的，最近一段時間，這種勢頭有所減弱。而且這一數字實際上正在回升，在我看來，這表明該市場處於良好狀態，並將繼續保持這種狀態。

Thanks a lot. I mean, like for the second question, I was like mentioned in case we have some cut in budgets, I mean, like for Medicare, like for Medicaid, et cetera, is it something which can have an impact on profit level or just like hospital budget, maybe not at the moment, but more like in the future?

多謝。我的意思是，就像第二個問題一樣，我提到過，如果我們削減預算，例如醫療保險、醫療補助等等，這會對利潤水平或就像醫院預算一樣產生影響嗎？

Again, hard to speculate on what would happen if policies change. I think we, of course, had more policy change in recent times. We look at the underlying demand that is strong, and also the engagement with the customers. Now then there's always things that can change and that we have to address them when they happen.

同樣，很難猜測如果政策改變會發生什麼。當然，我認為我們最近有更多的政策變化。我們專注於強勁的潛在需求以及與客戶的互動。那麼，事情總是會發生變化，當它們發生時我們必須應對。

Perfect. Thank you.

完美的。謝謝。

Wim Gille, ABN AMRO Auto.

Wim Gille，荷蘭銀行汽車公司。

(technical difficulty) good morning. I wanted to zoom in a little bit on the incidents in D&T. It was EUR136 million, which was a bit higher than expected, of which EUR100 million related to restructuring and EUR40 million of quality actions.

（技術難題）早安。我想稍微放大一下 D&T 中的事件。該金額為 1.36 億歐元，略高於預期，其中 1 億歐元與重組有關，4,000 萬歐元與品質行動有關。

Can you give us a bit more feeling on what kind of restructuring you're doing there? Is that headcount? Is it footprint optimization? What are you doing there? And on the quality actions, are there any modality specifically that we should look into?

您能否向我們詳細介紹一下您在那裡進行的重組？這是人數嗎？這是足跡優化嗎？你在那幹嘛？在品質行動方面，我們應該研究什麼具體的方式嗎？

Yeah. Wim, thank you for your questions. Indeed, the incidentals in D&T were a bit higher than expected. We acknowledge that, and we're working diligently to reduce those over time. If you then look into the details a little bit more, there are two things that were in those numbers.

是的。維姆，謝謝你的提問。確實，D&T 中的雜費比預期要高一些。我們承認這一點，並且正在努力逐步減少這些情況。如果你進一步深入研究細節，你會發現這些數字包含兩件事。

On the one hand, we're actively and -- going after quality and resolving all the quality issues that we see. That was part of the plan. And when we see it, we address it. And that leads to some quality charges as part of our incidentals.

一方面，我們積極追求品質並解決我們發現的所有品質問題。這是計劃的一部分。當我們發現它時，我們就會解決它。這會導致一些品質費用成為我們的雜費的一部分。

And the other side of it is that as we continue to become a simpler and a less complex company, we're also working through footprint changes. And that has particularly played out in Diagnosis and Treatment as we're becoming a leaner supply chain organization and a more focused organization in general. So those are the two key items driving that.

另一方面，隨著我們繼續成為一家更簡單、更簡單的公司，我們也在努力改變足跡。這在診斷和治療領域中發揮了特別重要的作用，因為我們正在成為一個更精簡的供應鏈組織和一個整體上更專注的組織。所以這是推動這項進程的兩個關鍵因素。

And then which modalities do we look for quality actions?

那麼，我們該透過哪些方式來尋求高品質的行動呢？

Yeah. We won't go in that level of detail, Wim, at this point. There's nothing specific to call out there.

是的。維姆，我們現在還不想深入討論這個細節。沒有特別需要指出的。

All right. Thank you.

好的。謝謝。

Thank you.

謝謝。

Thank you. That was the last question. Mr. Jakobs, please continue.

謝謝。這是最後一個問題。雅各布斯先生，請繼續。

Yeah. Thank you for the call and your questions. Let me summarize it. I think what you have seen in our Q4 and full-year 2024 print is that we closed in line with our expectations and really building strongly on the fundamentals over the last two years.

是的。感謝您的來電和提問。讓我總結一下。我想您從我們的 2024 年第四季和全年業績中看到，我們的業績符合預期，並且在過去兩年中真正堅實地鞏固了基本面。

We came back into positive order intake growth with a strong momentum outside of China, held back by China. We are realistic in our plan for 2025. We have taken a cautious view on China, where we expect a similar pattern of the second half to continue, at least in the first half, where we have the consumer slowdown to be catered for.

我們的訂單量重新實現正成長，中國以外的市場勢頭強勁，但受到中國市場的阻礙。我們對 2025 年的計劃非常現實。我們對中國持謹慎態度，預計下半年類似的模式將持續下去，至少在上半年是如此，我們需要應對消費放緩的問題。

But we continue, at the same time, strong margin expansion, strong balance sheet strengthening. As a result, we also returned to dividend in cash. And we continue to be razor focused on that, also supported by productivity enhancement in 2025.

但同時，我們持續大幅擴大利潤率，增強資產負債表。因此，我們也恢復了現金分紅。我們將繼續高度關注這一點，並將在 2025 年提高生產力。

So thank you for your attention. Looking forward to further engagement and seeing some of you very soon. Thank you so much.

感謝您的關注。期待進一步的交流並很快見到你們。太感謝了。