Koninklijke Philips NV (PHG) 2025 Q1 法說會逐字稿

Welcome to the Royal Philips first-quarter 2025 results conference call on Tuesday, May 6, 2025. During the call hosted by Mr. Roy Jakobs, CEO; and Ms. Charlotte Hanneman, CFO, all participants will be on a listen-only mode. After the introduction, there will be an opportunity to ask questions. Please note that this call will be recorded and replay will be available on the investor relations website of Royal Philips.

歡迎參加 2025 年 5 月 6 日星期二舉行的皇家飛利浦 2025 年第一季業績電話會議。在執行長 Roy Jakobs 先生主持的電話會議中；以及財務長 Charlotte Hanneman 女士，所有參與者將處於僅收聽模式。介紹結束後，將有機會提問。請注意，本次電話會議將被錄音，重播將在皇家飛利浦的投資者關係網站上提供。

I'll now hand the conference over to Ms. Durga Doraisamy, Head of Investor Relations. Thank you. Please go ahead, ma'am.

現在，我將會議交給投資人關係主管 Durga Doraisamy 女士。謝謝。請繼續，女士。

Hello everyone. Welcome to Philip's results webcast for the first quarter of 2025. I'm here with our CEO, Roy Jakobs; and our CFO, Charlotte Hanneman. The press release and the investor presentation 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 this call.

大家好。歡迎收聽菲利普 2025 年第一季業績網路廣播。我和我們的執行長 Roy Jakobs 一起來到這裡；和我們的財務長夏洛特·漢尼曼。新聞稿和投資者介紹已於今天上午在我們的投資者關係網站上發布。本次網路直播的重播和完整記錄將在本次電話會議結束後在網站上提供。

Before we start, I want to draw your attention to our Safe Harbor statement on screen. You will also find a 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，我想提請您注意螢幕上的安全港聲明。您還將在我們投資者關係網站上發布的簡報中找到一份聲明。現在我將把它交給羅伊。

Good morning, everyone. Thank you for joining our results call for the first quarter of 2025. I will walk you through our Q1 performance and the macro trends shaping our 2025 outlook. I know tariffs are top of mind, and we will address them shortly. Our CFO, Charlotte Hanneman, will then provide more detail on the quarter and full-year guidance. And we will close with Q&A.

大家早安。感謝您參加我們 2025 年第一季的業績電話會議。我將向您介紹我們第一季的業績以及影響我們 2025 年前景的宏觀趨勢。我知道關稅問題是大家最關心的問題，我們很快就會解決這個問題。我們的財務長 Charlotte Hanneman 將提供有關本季和全年指導的更多詳細資訊。我們將以問答環節結束。

I want to start with the key highlights of this morning's press release. Order intake grew despite a double-digit decline in China, driven by double-digit order intake growth in North America and strength in Diagnosis & Treatment. We exited the quarter with momentum, even against the backdrop of increasing macro uncertainty.

我想先介紹一下今天早上新聞稿的重點。儘管中國市場訂單量出現兩位數下滑，但受北美市場訂單量兩位數增長以及診斷與治療業務強勁增長的推動，訂單量仍實現增長。即使在宏觀不確定性日益增加的背景下，我們仍以強勁的勢頭結束了本季。

Sales performance exceeded the outlook we provided in February, driven by Personal Health growth and royalty phasing. Our innovations and productivity measures drove a step-up in gross margin. Adjusted EBITA margin delivery was resilient, despite lower sales. The Respironics U.S. settlement around EUR1 billion was paid which completes the U.S. personal injury and medical monitoring settlement.

在個人健康業務成長和特許權使用費分階段發放的推動下，銷售業績超出了我們二月給出的預期。我們的創新和生產力措施推動了毛利率的提高。儘管銷售額下降，但調整後的 EBITA 利潤率仍保持彈性。瑞思邁美國支付了約 10 億歐元的和解金，完成了美國人身傷害和醫療監測和解。

I would now like to discuss our full-year outlook for 2025. It incorporates our encouraging Q1 performance and the impact of announced tariffs, net of the comprehensive and significant mitigation actions we're deploying. Our sales outlook for 2025 remains the same, comparable growth between 1% and 3%. Adjusted EBITA margin is now expected to range between 10.8% and 11.3%, a 100-bps adjustment reflecting the impact of tariffs, net of substantial mitigations. And free cash flow is projected to be slightly positive.

現在我想討論一下我們對 2025 年全年的展望。它包含了我們令人鼓舞的第一季業績和已宣布的關稅的影響，扣除我們正在部署的全面而重大的緩解措施。我們對 2025 年的銷售前景保持不變，可比成長率在 1% 至 3% 之間。調整後的 EBITA 利潤率目前預計在 10.8% 至 11.3% 之間，這是一個 100 個基點的調整，反映了關稅的影響，扣除大幅緩解措施。預計自由現金流將略微為正。

Let's now look at the operational and strategic drivers behind our Q1 performance. Let's dive into orders first. Strong customer demand for innovations, along with improved operational execution, sustained the momentum we built last year Q1 as we enter Q2. Excluding a double-digit decline in China, comparable order intake increased by 4% in Q1 with strong growth in Diagnosis & Treatment. Like last year, we saw continued double-digit order intake growth in North America. This number excludes service order intake, which was also very positive in the quarter.

現在讓我們來看看第一季業績背後的營運和策略驅動因素。讓我們先深入了解訂單。客戶對創新的強烈需求，加上營運執行力的提升，使我們在進入第二季時延續了去年第一季所建立的勢頭。除中國市場的兩位數下滑外，第一季可比訂單量成長了 4%，診斷與治療業務成長強勁。與去年一樣，我們看到北美的訂單量持續保持兩位數成長。這個數字不包括服務訂單量，該季度的服務訂單量也非常正面。

At the group level, Diagnosis & Treatment orders grew mid-single-digits globally, with order intake growth in both Image Guided Therapy and Precision Diagnosis. In Image Guided Therapy, we continue to see strong demand for our competitive Azurion platform which now also has the AI-driven neuro solution. In Precision Diagnosis, we saw strong order growth in computed tomography driven by CT 5300, our productivity workhorse with AI-enabled workflow; and our clinically practical, Spectral CT 7500 systems. We also saw good momentum in MRI driven by our industry-first helium-free system, which is supported by our AI engines, increasing access to MR technology. We expect this positive order intake momentum in Diagnosis & Treatment to continue into Q2.

在集團層面，全球診斷與治療訂單實現了中等個位數成長，其中影像引導治療和精準診斷的訂單量均有所增長。在影像引導治療領域，我們繼續看到對我們具有競爭力的 Azurion 平台的強勁需求，該平台現在還擁有人工智慧驅動的神經解決方案。在精準診斷領域，我們看到電腦斷層掃描訂單強勁成長，這得益於 CT 5300，這是我們具有人工智慧工作流程的生產力主力；以及我們臨床實用的 Spectral CT 7500 系統。我們還看到 MRI 領域發展勢頭良好，這得益於我們業界首創的無氦系統，該系統由我們的 AI 引擎支持，從而增加了對 MRI 技術的訪問。我們預計診斷和治療領域的這種積極的訂單成長動能將持續到第二季​​。

In Connected Care, Hospital Patient Monitoring delivered solid growth, particularly in North America, fueled by customer partnerships and a strong PIC iX-platform offering, including cybersecurity and interoperability. Enterprise informatics order funnel remained healthy, underpinned by partnerships including AWS, which we expect to drive strong order intake growth in the second half of the year.

在互聯護理領域，醫院病人監護實現了穩健增長，尤其是在北美，這得益於客戶合作夥伴關係和強大的 PIC iX 平台產品（包括網路安全和互通性）。企業資訊學訂單管道保持健康，在 AWS 等合作夥伴的支持下，我們預計這將推動下半年訂單量強勁成長。

Orders and order books account for around 40% of our revenue. Importantly, our order book has steadily increased with an improved margin profile in recent quarters. Innovation is a key driver, as reflected in a significant gross margin improvement we delivered in Q1, building on the 2024 step-up.

訂單和訂單簿約占我們收入的 40%。重要的是，近幾季我們的訂單量穩定成長，利潤率也有所提高。創新是關鍵驅動力，這體現在我們第一季毛利率的顯著提高，這是 2024 年的基礎上進一步提升的結果。

Our customers rely on our innovations as critical enablers of their ability to drive efficiency and productivity. Today, more than 50% of our sales are fueled by AI-driven innovations from new and upgraded products launched in the last three years. This progress showcases the power of our innovation strategy and our partnerships. A great example is our work with AWS. We are bringing cutting-edge generative AI into our HealthSuite imaging platform.

我們的客戶依靠我們的創新作為提高效率和生產力的關鍵推動因素。如今，我們 50% 以上的銷售額都來自於過去三年推出的新產品和升級產品中的人工智慧創新。這項進步展示了我們的創新策略和合作夥伴關係的力量。一個很好的例子就是我們與 AWS 的合作。我們正在將尖端的生成式人工智慧引入我們的 HealthSuite 成像平台。

Our future AI innovations will automatically summarize prior studies, auto generate conclusions, and even perform real-time quality checks. By automating these tasks, we enable radiologists to focus on strengthening care quality and improving throughput, which ultimately drives sustainable growth for Philips.

我們未來的人工智慧創新將自動總結先前的研究，自動得出結論，甚至執行即時品質檢查。透過自動化這些任務，我們使放射科醫生能夠專注於加強護理品質和提高吞吐量，最終推動飛利浦的可持續成長。

To further strengthen AI leadership in MRI, in February, we announced the launch of SmartSpeed Precise with dual AI engines, which advances image quality while accelerating scan time at the same time. It also extends AI-driven efficiency across the entire Philips MR portfolio. This includes a full portfolio of helium-free MRI scanners, both install-based and new systems, so all customers can benefit from the speed and improve image quality next to the axis and total cost of ownership advantages that it brings.

為了進一步加強人工智慧在 MRI 領域的領導地位，我們在 2 月宣布推出配備雙人工智慧引擎的 SmartSpeed Precise，它可以提高影像質量，同時加快掃描時間。它還將 AI 驅動的效率擴展到整個飛利浦 MR 產品組合。這包括全系列無氦 MRI 掃描儀，包括基於安裝的系統和新系統，因此所有客戶都可以受益於它帶來的速度和改善的軸旁影像品質以及總擁有成本優勢。

These are just two further examples of how our innovation pipeline is working and building a stronger, more competitive future for both our business and our customers.

這只是我們的創新管道如何運作以及如何為我們的業務和客戶建立更強大、更具競爭力的未來的另外兩個例子。

In parallel, we are making strong progress on our execution priorities, with continued progress in patient safety and quality, supply chain resilience, and simplification across our operating model and portfolio. Here are a few highlights.

同時，我們在執行重點方面也取得了長足的進步，在病患安全和品質、供應鏈彈性以及營運模式和產品組合的簡化方面不斷取得進展。以下是一些亮點。

Through simplification, we are on track to reduce the number of quality management systems by 70% this year. Supply chain lead times and service levels continue to improve. And we are now at par with industry standards, while we are at the same time adjusting in real time to new tariff realities unfolding, which I will touch upon shortly. We are simplifying our platforms and number of SKUs across our businesses, now focusing on Hospital Patient Monitoring and CT after strong results in Image Guided Therapy, Ultrasound, and MR.

透過簡化，我們預計今年將品質管理系統的數量減少 70%。供應鏈交付週期和服務水準不斷提高。現在我們已經達到了行業標準，同時我們也在即時調整以適應新的關稅現實，我稍後會談到這一點。我們正在簡化我們各業務的平台和 SKU 數量，在影像導引治療、超音波和 MR 取得強勁成果後，現在專注於醫院病人監測和 CT。

Finally, we continue to remove complexity and build a lean organization through a simplified operating model. Together with our strength and performance management, this is driving accountability, agility, and enhanced focus on growth. And it delivered EUR42 million of productivity in Q1. We are well-positioned to adapt decisively as the microenvironment evolves, ensuring we stay ahead and deliver with focus.

最後，我們繼續透過簡化的營運模式消除複雜性並建立精實的組織。結合我們的實力和績效管理，這將推動責任感、敏捷性和對成長的更強關注。第一季其生產力達到了 4,200 萬歐元。隨著微環境的變化，我們已做好準備，果斷適應，確保我們保持領先地位並專注地完成任務。

I'm deeply proud of our teams around the world who are driving to advance our operational priorities and the results it delivers by focusing on what we can control amid such a dynamic environment.

我為我們遍佈全球的團隊深感自豪，他們致力於在如此動態的環境中專注於我們能夠控制的事情，從而推動我們的營運重點及其帶來的成果。

Looking ahead, the fundamentals of the markets we serve remain strong, but the dynamics are different by region. Starting with North America, similar to last year, we are still seeing steady fundamental hospital demand. We are well-positioned as seen in the strong double-digit order intake and have not observed major shifts in CapEx plans. That said, we are closely monitoring the environment.

展望未來，我們所服務的市場的基本面依然強勁，但不同地區的動態有所不同。從北美開始，與去年類似，我們仍然看到穩定的基本醫院需求。我們處於有利地位，這體現在強勁的兩位數訂單量上，並且沒有觀察到資本支出計劃的重大轉變。儘管如此，我們正在密切監測環境。

In China, while stimulus activity is picking up and our funnel is progressing, we have not yet seen a trigger that would significantly change the market dynamics, in line with our expectations going into the year. Generally, hospital CapEx remains solid across the rest of the world, with also increasing demand in Europe.

在中國，雖然刺激措施正在加強，我們的管道也不斷推進，但我們尚未看到能夠顯著改變市場動態的觸發因素，這與我們對今年的預期一致。整體而言，世界其他地區的醫院資本支出保持穩定，歐洲的需求也增加。

Personal Health delivered strong growth across Europe and other growth markets, excluding China in Q1. And momentum continued in those markets as we exited the quarter. In China, the consumer environment remains subdued as we anticipate it. We're closely monitoring consumer dynamics and sentiment globally, particularly in the U.S. where they currently remain stable.

第一季度，個人健康業務在歐洲和其他成長市場（中國除外）實現了強勁成長。當我們退出本季時，這些市場的發展勢頭依然強勁。在中國，正如我們預期的那樣，消費環境仍然低迷。我們正在密切關注全球消費者的動態和情緒，特別是在目前保持穩定的美國。

Looking to the rest of 2025, we remain vigilant about the macro environment we operate in. And the progress we have made on our execution priorities puts us in a strong position to navigate change with speed and agility. For several years now, we have taken proactive steps to build a more resilient supply chain, including diversifying and regionalizing key operations, especially in China, well ahead of recent developments. We have seen this in our improved supply chain metrics and our performance in recent periods.

展望2025年剩餘時間，我們仍對所處的宏觀環境保持警覺。我們在執行重點方面取得的進展使我們能夠快速、靈活地應對變化。多年來，我們一直積極採取措施，打造更具彈性的供應鏈，包括實現關鍵業務的多元化和區域化，尤其是在中國，遠遠領先於近期的發展。我們從近期改善的供應鏈指標和表現中看到了這一點。

In the current environment, we are further accelerating those efforts, especially towards the U.S. Also, we are going beyond shifting geographies. Our mitigation actions include supplying network and manufacturing optimization, holding the right levels of inventory, pursuing exemptions, selective pricing, and building greater operational agility and resilience. We view these as necessary to maintain our competitiveness, protect margins, and secure long-term growth.

在當前環境下，我們正在進一步加速這些努力，特別是針對美國。此外，我們正在超越不斷變化的地域範圍。我們的緩解措施包括供應網路和製造優化、維持適當的庫存水準、尋求豁免、選擇性定價以及建立更高的營運靈活性和彈性。我們認為這些對於維持我們的競爭力、保護利潤率和確保長期成長是必要的。

We have cross-functional teams actively working across our supply chain and business to further mitigate the impact of tariffs, both in the near term, but also looking ahead to 2026. In parallel, we are laser focused on what we can control, applying strong cost discipline as we tightly manage discretionary and over-expending while staying committed to our long-term innovation priorities.

我們擁有跨職能團隊，積極開展跨供應鏈和業務工作，以進一步減輕關稅的影響，不僅在短期內，而且展望 2026 年。同時，我們高度關注我們能夠控制的事情，嚴格控製成本，嚴格管理自由支配和過度支出，同時致力於我們的長期創新重點。

Our focus remains on the levers within our control to protect margins and cash flow. On a net basis, we expect the impact of tariffs as announced, a net of substantial mitigations to range between EUR250 million to EUR300 million. We are also intensifying our engagement with governments and regulatory bodies worldwide, advocating for open markets and the free flow of medical goods and manufacturing essentials to ensure patient access to critical med tech supplies and our innovations.

我們的重點仍然是我們能夠控制的槓桿，以保護利潤和現金流。從淨額來看，我們預計宣布的關稅影響（扣除額大幅減免）將在 2.5 億歐元至 3 億歐元之間。我們也加強了與世界各國政府和監管機構的合作，倡導開放市場和醫療產品及製造必需品的自由流動，以確保患者能夠獲得關鍵的醫療技術用品和我們的創新產品。

Charlotte will now discuss our first quarter performance and outlook for 2025.

夏洛特現在將討論我們第一季的業績以及 2025 年的展望。

Thanks, Roy. In Diagnosis & Treatment, comparable sales decreased 4% in the quarter, reflecting a double-digit decline in China as expected and on the back of a high two-year comparison base. Image Guided Therapy continued its strong performance, reinforcing its leadership position in manually invasive therapy. Precision Diagnosis declined, mainly due to China and a particularly high comparison base in magnetic resonance which had benefited from prior-year supply chain improvements.

謝謝，羅伊。在診斷和治療領域，本季可比銷售額下降了 4%，反映出中國市場出現了兩位數的下降，這符合預期，並且是由於兩年的比較基數較高。影像導引治療持續保持強勁表現，鞏固了其在手動侵入性治療領域的領導地位。精準診斷業務下滑，主要由於中國市場以及磁振造影業務的比較基數特別高，而這得益於前一年的供應鏈改善。

Adjusted EBITA margin improved by 30 basis points to 9.5% despite lower sales driven by productivity measures, favorable mix effects, and innovation. Improvement was partially offset by lower fixed cost absorption given lower sales.

儘管由於生產力措施、有利的組合效應和創新導致銷售額下降，但調整後的 EBITA 利潤率仍提高了 30 個基點，達到 9.5%。由於銷售額下降，固定成本吸收減少，部分抵銷了改善的影響。

Moving to Connected Care, comparable sales were broadly spread across businesses. Hospital Patient Monitoring sales increased, driven by higher installations in both North America and Europe. We continue to see healthy demand in this business, driven by the ongoing shift towards an as-a-service model and large standardized monitoring partnerships with integrated delivery networks and health systems. Adjusted EBITA margin declined to 3.5%, mainly due to the impact of unfavorable mix and cost phasing, partially offset by productivity measures and innovation.

轉向互聯護理，可比銷售額廣泛分佈於各個企業。受北美和歐洲安裝量增加的推動，醫院病人監護銷售額有所增加。我們繼續看到該業務的健康需求，這得益於向即服務模式的持續轉變以及與整合交付網路和健康系統的大型標準化監控合作夥伴關係。調整後的 EBITA 利潤率下降至 3.5%，主要由於不利的產品組合和成本分階段的影響，但被生產力措施和創新部分抵消。

We were very pleased to see Personal Health sales return to growth in Q1, with 1% on a comparable basis. We saw double-digit growth across Europe and growth markets excluding China and slight growth in the U.S. This was largely offset by a double-digit decline in China, as expected. Consumer sentiment remains strong across Europe and growth markets, China excluded, with robust sell-out trends. China remains subdued as anticipated. Adjusted EBITA margin was in line with the prior year at 15.2%.

我們非常高興地看到個人健康產品銷售額在第一季恢復成長，年增 1%。我們看到歐洲和除中國以外的成長市場均實現了兩位數成長，美國也略有成長。但正如預期的那樣，這在很大程度上被中國市場的兩位數下滑所抵消。除中國外，歐洲和成長型市場的消費者信心依然強勁，銷售趨勢強勁。正如預期，中國經濟依然低迷。調整後的 EBITA 利潤率與前一年持平，為 15.2%。

Sales in segment Other totaled EUR140 million, which was EUR170 million lower than the first quarter of 2024. This was above our Q1 outlook range of EUR100 million to EUR120 million due to royalty phasing effect.

其他部門的銷售額總計 1.4 億歐元，比 2024 年第一季減少 1.7 億歐元。由於特許權使用費分階段效應，這高於我們第一季預期的 1 億歐元至 1.2 億歐元範圍。

Turning to our group results and operating highlights in the quarter. Sales performance exceeded our expectation of mid-single-digit decline, mostly driven by the strong performance of Personal Health and further supported by royalty phasing in segment Other. Group comparable sales decreased 2%, reflecting double-digit declines across all our segments in China and on the back of a high two-year comparison base in Diagnosis & Treatment globally. Comparable sales increased slightly outside of China, mainly driven by the strength of Personal Health across the international region. Adjusted EBITA margin decreased 80 basis points to 8.6%, remaining resilient despite the decline in sales. This was partially offset by higher gross margin from innovation value and productivity measures.

談談我們本季的集團業績和經營亮點。銷售業績超出了我們預期的中等個位數下降，主要得益於個人健康業務的強勁表現，並受到其他業務分部特許權使用費逐步增加的進一步支持。集團可比銷售額下降 2%，反映出我們在中國所有部門均出現兩位數的下降，並且由於全球診斷與治療部門兩年的比較基數較高。中國以外地區的可比銷售額略有成長，主要得益於個人健康業務在國際地區的強勁成長。調整後的 EBITA 利潤率下降 80 個基點至 8.6%，儘管銷售額下降，但仍保持韌性。創新價值和生產力措施帶來的更高毛利率部分抵消了這種影響。

We have been very disciplined in cost management and productivity initiatives which delivered savings of EUR147 million in the quarter. We are on track to deliver on EUR800 million productivity savings in 2025, with the bulk of savings from the programs underway expected in the latter half of the year. Restructuring, acquisition-related, and other items totaled EUR143 million, in line with our expectations. Net income increased by EUR1.1 billion in the quarter to EUR72 million. As mentioned, Q1 2024 included EUR982 million for the Respironics litigation provision.

我們在成本管理和生產力措施方面非常嚴格，本季節省了 1.47 億歐元。我們預計在 2025 年實現 8 億歐元的生產力節約，其中正在進行的項目所節省的大部分資金預計將在今年下半年實現。重組、收購相關和其他項目總計 1.43 億歐元，符合我們的預期。本季淨收入增加 11 億歐元，達到 7,200 萬歐元。如上所述，2024 年第一季包括 9.82 億歐元的 Respironics 訴訟準備金。

Income tax expense decreased by EUR78 million, compared to Q1 2024, mainly due to the tax effect on the Respironics litigation provision in Q1 2024, partially offset by the tax impact of higher income in this quarter. Financial income and expenses decreased by EUR22 million. This was mainly driven by higher interest income on cash balances and lower losses on non-current financial assets. Our full-year outlook is now expected to be EUR216 million compared to EUR275 million as communicated in February. Adjusted diluted EPS from continuing operations was $0.25 and remained in line with last year despite lower sales.

與 2024 年第一季相比，所得稅支出減少了 7,800 萬歐元，主要原因是 2024 年第一季 Respironics 訴訟準備金的稅收影響，但本季收入增加的稅收影響部分抵消了這一影響。財務收入和支出減少了2200萬歐元。這主要是由於現金餘額的利息收入增加和非流動金融資產的損失減少。我們現在預計全年營收為 2.16 億歐元，而 2 月公佈的全年營收為 2.75 億歐元。持續經營業務的調整後稀釋每股收益為 0.25 美元，儘管銷售額下降，但仍與去年持平。

Moving to cash flow and balance sheets. Free cash flow was an outflow of EUR1.1 billion, primarily due to a EUR1 billion payments related to the Respironics recall-related settlements in the U.S. Excluding this payment, the free cash flow increased by EUR270 million year-on-year, primarily driven by higher earnings and lower working capital outflows. The payment was fully funded by cash-on-hand. And our leverage ratio remained in line with Q1 2024 at 2.2 times on a net debt-to-adjusted EBITDA basis, reflecting our continued focus on deleveraging.

轉向現金流和資產負債表。自由現金流流出 11 億歐元，主要因與美國 Respironics 召回相關和解相關的 10 億歐元付款。不包括這筆付款，自由現金流年增 2.7 億歐元，主要原因是收益增加和營運資本流出減少。該筆款項全部由現金支付。我們的槓桿率與 2024 年第一季持平，按淨債務與調整後 EBITDA 比率計算為 2.2 倍，反映出我們持續關注去槓桿化。

Now turning to the outlook, our full-year 2025 outlook factors in Q1 performance relative to our expectations and the impact of tariffs, as announced, and net of substantial mitigation actions. Our comparable sales growth outlook remains unchanged at 1% to 3%, back-end loaded as we previously expected. Adjusted EBITA margin percentage, with the impact of the announced tariffs net of mitigations, is expected to be 10.8% to 11.3%, a 100 basis points adjustment compared to our previous outlook of 11.8% to 12.3%. Our free cash flow is expected to be slightly positive and includes a EUR1 billion outflow related to Respironics settlement which was paid in Q1.

現在談到展望，我們對 2025 年全年的展望考慮了第一季相對於我們預期的表現以及已宣布的關稅的影響，並扣除了實質性的緩解措施。我們的可比銷售額成長預期保持不變，為 1% 至 3%，後端加載與我們先前預期的一致。調整後的 EBITA 利潤率（扣除已宣布的關稅減免措施的影響）預計為 10.8% 至 11.3%，與我們先前預測的 11.8% 至 12.3% 相比調整了 100 個基點。我們的自由現金流預計將略為正值，其中包括與第一季支付的 Respironics 和解金相關的 10 億歐元流出。

Our approach to estimating the impact of tariffs is based on the announced measures, including the bilateral U.S.-China tariffs, rest of world tariffs, and the resumption of the post U.S. tariffs on July 9. We estimate an annual net cost impact of EUR250 million to EUR300 million after substantial mitigation. U.S. and China tariffs account for most of the impacts, reflecting the elevated levels applied in those markets. We anticipate that tariffs will have a more pronounced effect in the second half of the year, reflecting the natural lag between inventory cost increases and their recognition in the profit and loss statements.

我們評估關稅影響的方法是基於已宣布的措施，包括中美雙邊關稅、世界其他地區的關稅以及 7 月 9 日美國恢復後的關稅。我們估計，在大幅緩解後，每年的淨成本影響將達到 2.5 億歐元至 3 億歐元。美國和中國的關稅是造成影響的主要原因，反映出這些市場徵收的關稅水準較高。我們預計關稅將在下半年產生更明顯的影響，反映出庫存成本增加與其在損益表中確認之間的自然滯後。

As Roy mentioned, we have significant actions underway, including optimizing network flexibility, effective inventory management, pursuing exceptions, selective pricing, and leverage our disciplined cost management and productivity program. We continue to monitor the tariff situation closely and we will update the market as developments unfold.

正如羅伊所提到的，我們正在採取重大行動，包括優化網路靈活性、有效的庫存管理、追求例外、選擇性定價，以及利用我們嚴格的成本管理和生產力計劃。我們將繼續密切關注關稅情況，並將根據事態發展向市場通報。

In line with the outlook we provided in February, we continue to expect seals and adjusted EBITA in Q2 to modestly improve compared to Q1. This is due to a double-digit sales decline in China, mainly driven by Personal Health, as the impact of inventory destocking we previously highlighted concludes in the quarter.

根據我們在二月提供的展望，我們繼續預計第二季的密封件和調整後的 EBITA 將較第一季略有改善。這是由於中國市場的銷售額出現兩位數下滑，主要受個人健康業務的影響，我們先前強調的去庫存化的影響在本季已經結束。

Our Q2 and full-year 2025 outlook excludes potential wider economic impacts and the ongoing Philips Respironics-related proceedings, including the investigation by the Department of Justice.

我們對 2025 年第二季和全年的展望不包括潛在的更廣泛的經濟影響以及正在進行的飛利浦偉康相關訴訟，包括司法部的調查。

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。

In an uncertain macro environment that has intensified due to the potential impact of tariffs, we are driving profitable growth and we are focusing on what we can control. Our proven ability to navigate change, disruption, and uncertainty underscores our capacity to lead decisively, adapt rapidly, and perform effectively under pressure. We are taking decisive cost actions and improving our supply chain agility to serve our customers and consumers across the globe.

在因關稅的潛在影響而加劇的不確定的宏觀環境中，我們正在推動獲利成長，並專注於我們能夠控制的事情。我們已證明有能力應對變化、中斷和不確定性，這凸顯了我們果斷領導、快速適應和在壓力下有效運作的能力。我們正在採取果斷的成本行動並提高我們的供應鏈敏捷性，以服務全球的客戶和消費者。

We delivered a better-than-expected start to the year, driven by strong execution, growing demand for our hospital solutions, and Personal Health returning to growth. Our innovation is helping hospitals solve staffing shortages, boost productivity, and improve outcomes. And sustained order growth shows that we are making real impact.

在強勁的執行力、醫院解決方案需求的不斷增長以及個人健康業務恢復成長的推動下，我們今年的業績開局優於預期。我們的創新正在幫助醫院解決人員短缺問題、提高生產力並改善治療效果。持續的訂單成長表明我們正在產生真正的影響。

As our teams deliver against a robust order book, they're also expanding margins to fuel long-term sustainable growth and enable better care for more people now and into the future. The strength of our business fundamentals, our innovation capability, combined with our customer-first mindset, gives us confidence in our ability to navigate change and deliver on long-term value.

隨著我們的團隊完成大量訂單，他們也在擴大利潤率，以推動長期可持續成長，並為現在和將來的更多人提供更好的照護。我們強大的業務基礎、創新能力以及客戶至上的理念，讓我們對自己應對變革和實現長期價值的能力充滿信心。

Let me open for Q&A.

讓我開始問答環節。

(Operator Instructions)

（操作員指示）

Mr. Richard Felton, Goldman Sachs.

高盛的理查費爾頓先生。

Thank you very much. Just two questions for me, please. The first one is on the tariff mitigation efforts. Can you perhaps elaborate a little more on what you're trying to do with your supply chain as it relates to network optimization? I'd be very interested to know what you're trying to move and to where. And then within your guidance, how quickly do you assume that you're able to execute on those plans? That's the first question.

非常感謝。請問我兩個問題。第一個是關於減免關稅的努力。您能否更詳細地說明一下您在供應鏈網路優化方面所做的努力？我非常有興趣知道您要移動什麼以及移動到哪裡。那麼在您的指導下，您認為您能夠多快執行這些計劃？這是第一個問題。

The second one is on China and it's specifically on Ultrasound. During the quarter, we've heard a few reports about VBP being implemented by certain provinces. Have you seen any impacts on that on your business during this quarter? Or any thoughts to contextualize that as a factor going forward? Thank you.

第二個是關於中國的，具體是關於超音波的。本季度，我們聽到了一些關於某些省份實施 VBP 的報告。您是否發現這對本季的業務有任何影響？或者有什麼想法可以將其作為未來的因素？謝謝。

Thank you, Richard, for your questions. Let me start with the first one. So in terms of the network mitigation, this actually builds on the program that we are running for the last two years where we are further regionalizing our footprint. You have heard me speak since 2022 that in building supply chain resilience, we are strengthening our footprints in Asia for Asia; China for China in particular, where we are 90% now localized; Europe for Europe; and Americas for America.

謝謝理查德的提問。讓我先從第一個開始。因此，就網路緩解而言，這實際上是建立在我們過去兩年運行的計劃的基礎上的，該計劃正在進一步區域化我們的覆蓋範圍。自 2022 年以來，你們就聽我說過，透過建立供應鏈彈性，我們正在為亞洲加強我們在亞洲的足跡；特別是在中國，我們目前 90% 的業務已實現本地化；歐洲為歐洲；以及「美洲為美洲」組織。

What the current situation asks for is that we accelerate, in particular, the localization in the U.S. which builds on an already strong footprint that we have. We have 46 locations in the U.S. We have billions of spend in the U.S. every year. And we produce, as you know, part of our ultrasound and monitoring and also our imaging equipment in the U.S. But we plan to bring more of that. We also already announced a multi-million investment in Minnesota for cardiac devices, and we also leverage existing footprint to expand.

當前情況要求我們加快步伐，特別是在美國的在地化，這將鞏固我們現有的強大影響力。我們在美國有 46 個辦事處。我們每年在美國的支出達數十億美元。如您所知，我們的部分超音波、監測和成像設備都在美國生產。但我們計劃引進更多這樣的設備。我們也宣佈在明尼蘇達州投資數百萬美元用於心臟設備，我們也利用現有的業務範圍進行擴張。

So regarding time, there are already actions that we are implementing as we speak. Now, we also know that if you want to add more structure strengthening, this will take some time. So this will be a phased-in advantage that will come to bear in terms of our current footprint strengthening, but it builds on what we have already been doing.

因此，就時間而言，我們正在採取一些行動。現在，我們也知道，如果要增加更多的結構強化，這將需要一些時間。因此，這將是一個分階段的優勢，將對我們目前的足跡加強產生影響，但它建立在我們已經做的事情的基礎上。

Then on China VBP, let me --

那麼關於中國 VBP，讓我--

Maybe I just had a comment on the first one, Richard, maybe in addition. If you think about our mitigation actions, it's worth several hundreds of million euros. And if I then just give you a sense of what It really includes, roughly half of that is really related to inventory management that we're doing and also the exemptions we're pursuing, including the Nairobi Protocol and including duty drawback. So that gives you a sense of how we're thinking about the mitigation actions in 2025.

也許我只是對第一個問題有評論，理查德，也許還有補充。如果你考慮我們的緩解行動，它價值數億歐元。如果我讓你了解它真正包含的內容，其中大約一半實際上與我們正在進行的庫存管理以及我​​們正在追求的豁免有關，包括《內羅畢議定書》和退稅。這讓您了解我們如何考慮 2025 年的減緩行動。

Yeah. And I may be going to the China VBP. So I was again in China a month ago and spoke to government customers and also indeed engaged around what we see happening around the procurement environment. And if you talk about the VBP, we actually see it more as a centralized procurement initiative than a pure value-based procurement that is heading more towards kind of standardized high-volume purchases and a lot of pricing pressure.

是的。我可能還會去中國 VBP。因此，一個月前我再次來到中國，與政府客戶進行了交談，並確實參與了我們所看到的採購環境的討論。如果你談論 VBP，我們實際上將其視為一種集中採購計劃，而不是純粹的基於價值的採購，後者更傾向於標準化的大批量採購和巨大的定價壓力。

As we have been sharing, we have seen China moving towards the central procurement offices for some time. And the procurement model is evolving towards a more balanced consideration between price and quality. Actually, if you zoom in on Ultrasound, we were actually happy to see that Ultrasound in Q1 did actually well in China in orders. That also was built on the new innovation that we launched with the new VM platform where the AI solutions really getting traction and build on our global leadership position in the cardiovascular ultrasound space where it's much more difficult to standardize, compared to general imaging.

正如我們一直分享的那樣，我們已經看到中國向中央採購辦公室邁進已有一段時間了。採購模式也正向價格與品質更平衡的方向發展。實際上，如果你放大超音波，我們實際上很高興地看到超音波在第一季在中國的訂單表現良好。這也是建立在我們透過新 VM 平台推出的新創新之上的，其中 AI 解決方案真正獲得了關注，並鞏固了我們在心血管超音波領域的全球領導地位，與一般成像相比，心血管超音波領域的標準化要困難得多。

If you then look at also what happened in the quarter, the Chinese government issued a 2025 action plan to stabilize foreign investment. And also when I was speaking to them, they clearly affirmed that, A, they want to have foreign investment continue to flow into the company, they want us to continue to operate in China; and they will also support in fighting kind of unfair practices in procurement. So that actually was encouraging from what I heard from Vice President Han personally.

如果你再看看本季發生的事情，中國政府發布了2025年穩定外商投資行動計畫。而且當我與他們交談時，他們明確表示，A，他們希望外國投資繼續流入公司，他們希望我們繼續在中國運作；他們也將支持打擊採購中的不公平行為。因此，從我親自從韓副總統口中聽到的消息來看，這確實是令人鼓舞的。

Of course, we will continue to work on our innovations to be as relevant as possible in China to support a strong market which we know fundamentally has a huge patient demand, and we also expect to strengthen over time. And we also found it reassuring that the first quarter came in in line with our expectation, and it's now second quarter that actually it has been predictable and delivering in line with our plan and also in line with expectations. So that's something that also strengthens our confidence in the rest of the outlook for China, which we expect to unfold in line with what we earlier guided towards.

當然，我們將繼續致力於我們的創新，使其盡可能地貼近中國市場，以支持這個強大的市場，我們知道這個市場從根本上來說有著巨大的患者需求，而且我們也期望這個市場隨著時間的推移而不斷增強。我們還發現，第一季的結果符合我們的預期，而第二季的結果實際上也是可預測的，並且符合我們的計劃和預期。這也增強了我們對中國其他地區前景的信心，我們預計中國其他地區經濟前景將按照我們先前的預測發展。

Great. Thank you very much.

偉大的。非常感謝。

Mr. David Adlington, J.P. Morgan.

摩根大通的戴維‧阿德林頓先生。

So the first one is, again, I'm focused on tariffs, the EUR253 million impact for this year, I'm just wondering how we should be thinking about that as an annualized impact? (technical difficulty) on inventory and I was wondering if you saw any pre-stocking of inventory ahead of the tariffs coming in in the first quarter.

因此，第一個問題是，我再次關注關稅，今年的 2.53 億歐元的影響，我只是想知道我們應該如何將其視為年度影響？（技術難題）庫存，我想知道您是否看到在第一季關稅實施之前有任何庫存預先儲備。

Thirdly, Personal Healthcare, you talked about modest growth in North. I just wonder what the trentds were like through the quarter that deteriorated towards the end of the quarter? And then finally just also on Personal Health (technical difficulty) how much price (technical difficulty) to that. Thank you.

第三，個人醫療保健，您談到了北方的溫和成長。我只是想知道本季的趨勢是怎樣的，而本季末的趨勢又惡化了？最後，就個人健康（技術難度）而言，其價格（技術難度）是多少。謝謝。

David, it's very hard to hear you. You're breaking up.

大衛，我很難聽清楚你說話。你們要分手了。

Your questions didn't come through. So maybe try to repeat the question so that we fully understand what you were asking.

您的問題沒有得到解答。因此，也許嘗試重複這個問題，以便我們完全理解您的問題。

Sorry. Is that better?

對不起。是不是好一些了？

Yes, slightly better.

是的，稍微好一點。

Right, perfect. Okay. First one, on tariffs again, the EUR250 million to EUR300 million impact for this year, I just wondered how we should be thinking about the annualized impact in 2026. And then secondly, I'll just give it to you, did you see any pre-purchasing of inventory in the first quarter ahead of the tariffs coming in? Thank you.

對，完美。好的。首先，再次討論關稅，今年的影響為 2.5 億歐元至 3 億歐元，我只是想知道我們應該如何考慮 2026 年的年度影響。其次，我想問一下，在關稅實施之前，您是否看到第一季有任何庫存預購行為？謝謝。

Thanks, David. I think we got your questions now. So first of all, on the tariff impact and the net impact, so what I would say is actually two things. Maybe start with our assumptions again, what we assumed. So we assume our bilateral U.S. and China impact of EUR145 million and EUR125 million, we assume that to remain at current levels. The U.S. and the rest of the world at 10%. And then we revert to the pre-pause levels after 90 days. And we have significant mitigations in place, several hundreds of millions. We're continuing to work on those mitigations as we speak. And we also expect that going forward, those mitigation actions will increase in size.

謝謝，大衛。我想我們現在明白你的問題了。首先，關於關稅影響和淨影響，我想說的其實有兩件事。也許重新從我們的假設開始，從我們假設的內容開始。因此，我們假設美國和中國的雙邊影響分別為 1.45 億歐元和 1.25 億歐元，並假設該影響將保持在當前水準。美國和世界其他國家的比例為 10%。90 天后，我們恢復到暫停前的水平。我們已經採取了數億項重大緩解措施。我們正在繼續努力採取這些緩解措施。我們也預計，未來這些緩解行動的規模將會擴大。

So again, drilling down on the type of mitigation actions that we're looking looking at, some are related to inventory management, as I referred to earlier. Quite a big chunk is related to duty drawbacks and things like the Nairobi Protocol, which is particularly relevant for (inaudible) business. And then we continue also with our very disciplined cost management and productivity actions and are also looking into selective pricing actions, obviously, taking the competitive environment into account there.

因此，再次深入研究我們正在考慮的緩解措施類型，其中一些與庫存管理有關，正如我之前提到的。很大一部分與退稅和《內羅畢議定書》等有關，這對（聽不清楚）商業尤其重要。然後，我們也將繼續採取非常嚴格的成本管理和生產力行動，同時也研究選擇性定價行動，顯然，我們會考慮到競爭環境。

And maybe on your inventory question, David, maybe a few comments. So one, we did see some orders coming in on the back end of Q1 where I do think that the kind of people are preempting some potential pricing impact. At the same time, actually, if you see our sellout momentum, you see actually that we are really strong in Personal Health. And because this was in Personal Health, where we have very strong double-digit momentum in the global markets, that actually supports this outlook for the full year where we actually feel that the Personal Health coming back to growth and building up momentum is really strong.

大衛，關於您的庫存問題，也許我可以發表一些評論。首先，我們確實看到第一季末有一些訂單湧入，我確實認為這些人正在搶佔一些潛在的定價影響。同時，實際上，如果你看到我們的銷售勢頭，你會發現我們在個人健康領域確實非常強大。因為這是個人健康領域，我們在全球市場上擁有非常強勁的兩位數成長勢頭，這實際上支持了全年的前景，我們確實認為個人健康恢復成長並積聚勢頭非常強勁。

And as we also mentioned, actually in China, on the other end of the spectrum, we have finalized the impact of de-stocking of inventory that was of course significantly having an impact into our results. So as we see Personal Health going into the year, we are very happy to see them coming back into growth. And we believe that's fundamental because the growth momentum also exiting the quarter into the second is strong. Of course, we'll keep monitoring the wider macroeconomic environment as well. But what we see in terms of demand for our innovations, actually, we are very encouraged what we saw happening in Personal Health in Q1.

正如我們所提到的，實際上在中國，在另一個極端，我們已經確定了去庫存的影響，這當然對我們的業績產生了重大影響。因此，當我們看到個人健康進入新的一年時，我們很高興看到他們恢復成長。我們認為這是至關重要的，因為第二季的成長勢頭仍然強勁。當然，我們也會繼續關注更廣泛的宏觀經濟環境。但就我們創新的需求而言，實際上，我們對第一季個人健康領域的進展感到非常鼓舞。

And then maybe, David, adding to that, a little bit on inventory just in general. In Q1, our inventory versus last year Q1 actually went down, so we continue to go after inventory reductions as part of our very stringent working capital planning that we have. Of course, versus Q4 it went up a little bit, but this is just a normal course of business. As I said, we do have some inventory management in our planning as part of our mitigation strategies. But it is not overly significant as we are still fully focused on underlying reducing our inventory levels over time.

然後，大衛，也許，還要補充一點關於庫存的一般情況。在第一季度，我們的庫存與去年第一季相比實際上有所下降，因此我們繼續追求減少庫存，這是我們非常嚴格的營運資金規劃的一部分。當然，與第四季度相比有所上升，但這只是正常的業務過程。正如我所說，作為緩解策略的一部分，我們的規劃中確實包含一些庫存管理。但這並不是太重要，因為我們仍然完全專注於隨著時間的推移降低庫存水準。

Ms. Veronika Dubajova, Citi.

花旗銀行的 Veronika Dubajova 女士。

Good morning, Roy and Charlotte, and thank you for taking my questions. I hope you can hear me okay. I'll keep it to two, please. My first one is on the tariff guidance that you've given today, and I'd love to understand what the gross versus the net numbers that you have in mind, just how much work you guys are putting in to offset this. And related to that, if you can give us a little bit of color here in terms of the geographies that are driving that EUR250 million to EUR300 million. I'm asking this just in case we end up in a situation where the world looks a little bit different and we don't have a 145% tariff with China, or we don't go back to the Liberation Day tariffs. If you can give us a little bit of a roadmap for how to think about Europe versus China and what's driving that impact. So that's my first question.

早安，羅伊和夏洛特，謝謝你們回答我的問題。我希望你能聽到我的聲音。請限制為兩個。我的第一個問題是關於您今天給出的關稅指導，我很想了解您所考慮的總額與淨額數字，以及您為抵消這一影響付出了多少努力。與此相關，您能否向我們稍微介紹一下推動這 2.5 億歐元至 3 億歐元投資的地區？我問這個問題只是為了防止我們最終陷入這樣的境地：世界看起來有點不同，我們不會對中國徵收 145% 的關稅，或者我們不會回到解放日關稅。如果您能為我們提供一些路線圖，說明如何看待歐洲與中國以及是什麼導致了這種影響。這是我的第一個問題。

My second question is just on the competitive dynamics that you're seeing in your hospital CapEx businesses. Looking at the order growth, obviously, you've called out really strong performance in the U.S. But if I look at the kind of comparative growth for you versus your peers, you are still underperforming overall in order growth. So just curious, what are the areas of softness that you're seeing and competitive pressures, obviously, China aside, that are leaving you still at a gap versus what we might see from some of your peers? Thanks, guys.

我的第二個問題是關於您在醫院資本支出業務中看到的競爭動態。從訂單成長來看，顯然您在美國市場的表現非常強勁。但如果我看一下您與同行相比的成長情況，您會發現，您的訂單成長總體上仍然表現不佳。所以我很好奇，您認為哪些方面比較疲軟，以及除了中國市場之外的競爭壓力，使得你們與一些同行相比仍然存在差距？謝謝大家。

Thank you, Veronika, and maybe I'll start with your question on the tariff guidance. I'd say a few things. So if we think about our 2025 net cost impact, it's around EUR250 million to EUR300 million. And the majority of that impact comes from our U.S.-China flows. So maybe I'll unpack that a little bit more because over the last few years, we've done a lot to de-risk our U.S. and China flows, but there are still flows. There are still component flows. There are still other flows. Now, given the very high level of tariffs, 125% and 145%, that just increases that impact tremendously. And that's what we're seeing and that's what we're seeing that the majority of that net EUR250 million to EUR300 million impact is actually coming from the U.S. and China flows. Of course, Europe is also a relevant factor in it, but it's because the tariffs are so much lower that impact is less relevant for us at this point in time based on our current assumptions.

謝謝你，維羅妮卡，也許我會從你關於關稅指導的問題開始。我想說幾件事。因此，如果我們考慮 2025 年的淨成本影響，則約為 2.5 億歐元至 3 億歐元。其中大部分影響來自於中美之間的貿易往來。所以也許我會更詳細地解釋這一點，因為在過去的幾年裡，我們已經做了很多工作來降低美國和中國的資金流動風險，但資金流動仍然存在。仍有組件流。還有其他流量。現在，考慮到125%和145%的極高關稅水平，這無疑會大大增加其影響。這就是我們所看到的，我們看到的淨 2.5 億歐元至 3 億歐元的影響大部分實際上來自美國和中國的資金流入。當然，歐洲也是一個相關因素，但由於關稅低得多，根據我們目前的假設，目前的影響對我們來說不太重要。

And then if you ask us to break it down a little bit more on gross versus net, I would say that we have hundreds of millions of mitigations, including in this net number of EUR250 million to EUR300 million. Again, a large part is the inventory management, also the duty drawbacks, the Nairobi Protocol. In addition to that, we continue to look at selective pricing actions and also productivity, which we already started and are continuing continuing to do. And a lot of these mitigation actions are already in effect and are already ongoing and we're executing on those very successfully.

然後，如果您要求我們按總額和淨額進行進一步細分，我會說我們有數億的緩解措施，其中包括 2.5 億歐元至 3 億歐元的淨額。同樣，很大一部分是庫存管理，還有退稅和《內羅畢議定書》。除此之外，我們繼續關注選擇性定價行動和生產力，我們已經開始並將繼續這樣做。許多緩解措施已經生效並正在進行中，而且我們正在非常成功地執行這些措施。

And then maybe on the competitive situation and and maybe some compare. So as you felt, we are very encouraged, and you heard, very encouraged by what we see happening both in the first quarter's order momentum, but also what we see as order funnel and order trajectory into the year. Now what does that build upon? And I think just to give a few data points, we shared that we have double-digit growth in North America that follows the double-digit growth that we had in 2024. So North America remains very strong. We had mid-single-digit D&T order intake growth. And this excludes, because different companies have different ways how to calculate their orders, we exclude service orders that were also double-digit for us in the quarter. So I would say on a competitive direct compare, we feel that actually we have good momentum. We also saw that in some preliminary market share numbers for Q1.

然後也許討論一下競爭情況，也許再進行一些比較。因此，正如您所感受到的，我們感到非常鼓舞，正如您所聽到的，我們對第一季的訂單勢頭以及全年的訂單漏斗和訂單軌跡感到非常鼓舞。那麼這是建立在什麼基礎上的呢？我想僅舉幾個數據點，我們說過，我們在北美實現了兩位數的成長，這與我們在 2024 年實現的兩位數成長一致。因此北美仍然非常強勁。我們的 D&T 訂單量實現了中等個位數成長。由於不同的公司計算訂單的方式不同，因此我們排除了本季同樣達到兩位數的服務訂單。因此我想說，透過直接競爭比較，我們感覺我們實際上擁有良好的發展勢頭。我們也在第一季的一些初步市佔率數據中看到了這一點。

So actually, we are driving the innovations that we have been launching hard. And we see this 50% of our sales now coming from new innovations really also showing the uptake of our latest launches. We shared that CT is doing really well based on the latest launch, which also is clearly playing to the current need for productivity, because I've been also in the U.S. talking to customers. Of course, they are looking for productivity measures to offset what they also expect as inflationary impact that will hit their hospital. So with our monitoring platform, with our imaging platform and interventional platform, really looking at how we can help them do more procedures, but also work at the cost and making it efficient. So that's what gives us also a real good look into the year that therefore led to this reconfirmation of our sales outlook because that's where ultimately this will result in to.

因此實際上，我們正​​在努力推動我們一直在推出的創新。我們發現，目前 50% 的銷售額來自新創新，這也顯示我們最新推出的產品受到了廣泛歡迎。我們分享了 CT 根據最新發布的表現確實很好，這也顯然滿足了當前的生產力需求，因為我也一直在美國與客戶交談。當然，他們正在尋求生產力措施來抵消他們預計會對醫院帶來的通膨影響。因此，透過我們的監控平台、影像平台和介入平台，我們真正在研究如何幫助他們完成更多的手術，同時又能控製成本並提高效率。因此，這也讓我們對今年有了很好的了解，從而再次確認了我們的銷售前景，因為這最終將帶來結果。

Mr. Hassan Al-Wakeel, Barclays.

巴克萊銀行的 Hassan Al-Wakeel 先生。

Good morning. Thank you for taking my questions. I have three, please. So following up on tariff, can you help us understand how the net impact splits by business division, please? Is the bulk in Personal Health? What are you embedding in for exemptions? And what is the percentage of U.S. Personal Health sales derived from China?

早安.感謝您回答我的問題。我有三份，謝謝。那麼，關於關稅的後續問題，您能否幫助我們了解淨影響如何按業務部門劃分？大部分的內容是「個人健康」嗎？您嵌入了什麼來獲得豁免？美國個人健康產品的銷售額有多少比例來自中國？

Secondly, you talked about modest improvement in Q2 relative to Q1. Is flat growth a realistic assumption for the second quarter? And if not, have your assumptions changed meaningfully around business performance for Q2 since full-year results?

其次，您談到第二季相對於第一季有所改善。對於第二季而言，平穩成長是現實的假設嗎？如果沒有，那麼自從全年業績以來，您對第二季業務表現的假設是否發生了重大變化？

And then finally on PH specifically, are you seeing any pull forward of sales because of tariffs? And how are you thinking about price as part of mitigation? Just really trying to understand your confidence in the PH improvement over the course of the year, particularly given the intensifying macro uncertainty. Thank you.

最後，具體到菲律賓，您是否看到由於關稅而導致的銷售提前？您如何看待價格作為緩解措施的一部分？只是想真正了解您對今年 PH 改善的信心，特別是考慮到宏觀不確定性日益加劇。謝謝。

Thanks, Hassan, for your questions. Let me start with the net impact split by business. So overall, if you look at the net cost impact of EUR250 million to EUR300 million, and if you think about how that splits out at the business segment level, what I would tell you is that Diagnosis & Treatment, as well as pH, are most affected, again, given this higher U.S.-China trade between them. Connected Care, as a result, is a little less effective because there's less trade between the U.S. and China. And as you remember probably, our Connected Care business is less exposed to China, just to begin with. So that's a little bit the way you should look at it from a business level.

謝謝哈桑的提問。讓我先從按業務劃分的淨影響開始。因此，總體而言，如果您看一下 2.5 億歐元至 3 億歐元的淨成本影響，並且考慮其在業務部門層面的分配情況，我會告訴您，診斷與治療以及 pH 受到的影響最大，同樣，這是因為中美貿易額較高。因此，由於美國和中國之間的貿易減少，互聯護理的效果會稍差一些。您可能還記得，我們​​的互聯護理業務一開始就不太受中國市場的影響。所以你應該從商業角度來看這個問題。

And so if you then think -- your second question around Q2 and the modest improvement, I would say nothing has really changed versus when we started the year and gave guidance in February. We're still seeing everything play out, as we expected, apart from obviously the tariffs. But everything else is on track and on plan. So nothing else to call out there at this point.

因此，如果您想一想——您的第二個問題是關於第二季度和適度改善的，我想說，與我們今年年初和 2 月份給出的指導相比，一切都沒有發生真正的變化。除了關稅之外，我們仍然看到一切進展順利，正如我們預期的那樣。但其他一切都在按計劃進行。因此，目前還沒有其他需要強調的。

And then your third question around the Personal Health and any pull forward. So if you unpack our Personal Health business in a little bit more detail, you see that a lot of the strength comes from our international regions, excluding China. And excluding China, we saw high single-digit growth in Personal Health in Q1. And if you look back at last year and look at those regions, so all the international regions excluding China, we saw great momentum in those markets already in Q3 and in Q4.

然後您的第三個問題是關於個人健康和任何進展。因此，如果您更詳細地了解我們的個人健康業務，您會發現許多優勢來自於我們的國際地區，不包括中國。除中國外，我們看到第一季個人健康業務實現了高個位數成長。如果回顧去年並看看這些地區，那麼除中國以外的所有國際地區，我們在第三季和第四季已經看到這些市場強勁的發展勢頭。

Now, that is continuing into Q1. And the only thing that has changed in Personal Health is that the big impact from China in Personal Health has reduced as we're getting towards the end of our destocking in PH, as Roy already mentioned as well. So at this point in time, we don't see any big pull in, so we're obviously closely monitoring the economic situation as it stands today.

現在，這種情況持續到了第一季。個人健康領域唯一發生的變化是，隨著我們在菲律賓去庫存的進程接近尾聲，來自中國的巨大影響已經減弱，正如羅伊已經提到的。因此，目前我們還沒有看到任何重大的拉動，因此我們顯然正在密切關注當前的經濟狀況。

Maybe on the pricing, Hassan, of course, we watch what is right to do. At the moment, we are actually more inclined to spend more in A&P because we see the demand increasing. And therefore, the activation of successful innovation is a priority versus clawing it back through price because we want to remain competitive and also, we see kind of margin resilience. So in that sense, that's how we play it out. But of course, we also look at pricing as a measure where it makes sense. But that said, we prioritize currently how we drive growth. Still profitable growth, and you've seen that the PH margin has shown very strong resilience at the same time. So we know how to play that game. And especially, if growth comes in, that will be a big support for the whole group.

也許在定價方面，哈桑，當然，我們會觀察什麼是正確的做法。目前，我們實際上更傾向於在 A&P 方面投入更多資金，因為我們看到需求不斷增長。因此，啟動成功的創新是當務之急，而不是透過價格來收回成本，因為我們希望保持競爭力，而且我們也看到了利潤率的彈性。從這個意義上來說，這就是我們的行事方式。但當然，我們也會將定價視為合理的衡量標準。但話雖如此，我們目前優先考慮的是如何推動成長。仍然保持獲利成長，同時您已經看到 PH 利潤率表現出非常強勁的彈性。所以我們知道如何玩這個遊戲。尤其是，如果實現成長，這將對整個集團產生巨大的支持。

Mr. Graham Doyle, UBS.

瑞銀集團 Graham Doyle 先生。

Morning. Thanks, guys. Just one question on tariffs again and one on Personal Health. Just on tariffs, we just take the EUR250 million to EUR300 million, that's for '25. In case I've missed it, for '26, do we just annualize that up or do we assume that the mitigation efforts basically mean we just take the EUR250 million to EUR300 million and assume that for 2026 earnings? And then on Personal Health, would you be able to give us a little bit more color on the China de-stock? So how soon do you think you are to seeing that basically complete within Q2 and therefore obviously see a return to growth? That would be super helpful. Thanks, guys.

早晨。謝謝大家。再詢問一個關於關稅的問題和一個關於個人健康的問題。僅就關稅而言，我們只花費 2.5 億歐元到 3 億歐元，這是 25 年的。如果我沒注意到的話，對於 26 年，我們是否只是將其年度化，或者我們是否假設緩解措施基本上意味著我們只需要將 2.5 億歐元增加到 3 億歐元，並假設 2026 年的收益是多少？那麼在個人健康方面，您能否向我們詳細介紹中國去庫存的情況？那麼您認為多久才能在第二季度看到這一進程基本完成，從而明顯看到成長的恢復？那將會非常有幫助。謝謝大家。

Thank you, Graham. And first on the 2026 tariff impact, what I'd tell you is that I think you should expect the benefit from mitigations to increase over time. We just went through the whole list of mitigations that we're working on. It's a comprehensive set of mitigations we're looking at. At this point, it's early to provide an outlook for 2026, but because we're laser focused on delivering the mitigations that we just spoke about.

謝謝你，格雷厄姆。首先關於 2026 年關稅的影響，我想告訴你的是，我認為你應該預期緩解措施帶來的好處會隨著時間的推移而增加。我們剛剛查看了我們正在研究的所有緩解措施。我們正在研究一套全面的緩解措施。目前，對 2026 年做出展望還為時過早，但因為我們正專注於實現我們剛才談到的緩解措施。

And then your second question around de-stocking in PH. So we expect the impact of the destocking in PH to be finalized at the end of Q2. So in other words, we still expect a decline in PH in China in Q2 as we're finalizing the impact of that destocking. And then in the second half of the year, also because the comparable becomes much easier, you will see an almost mechanical uplift in sales in China in Personal Health. Just to be clear, if you think about the consumer sentiment in China, it hasn't changed versus our expectations. It remains rather subdued and no real change. It's playing exactly as we had expected.

然後你的第二個問題是關於菲律賓去庫存的問題。因此，我們預計菲律賓去庫存的影響將在第二季末最終顯現。換句話說，我們仍然預計第二季中國 PH 將會下降，因為我們正在最終確定去庫存的影響。然後在今年下半年，由於可比性變得更加容易，你會看到中國個人健康產品的銷售額幾乎機械地上升。要先明確的是，如果你考慮中國的消費者情緒，它並沒有根據我們的預期而改變。它仍然相當平靜並且沒有真正的變化。一切正如我們預期的那樣。

Ms. Lisa Clive, Bernstein.

伯恩斯坦的麗莎·克萊夫女士。

Hi. Just a question on China profitability. My understanding is that it's a fairly high margin market for you for D&T. Is this due to business mix, perhaps more ultrasound and IGT? I'm just wondering what the levers are there and also the fact that profitability has held up nicely despite China declining. And then, second question, there's a lot of disruption at the FDA going on right now. Just wondering if that's had any effect on your interactions with them relating to the Respironics consent decree. Thanks.

你好。我只是想問一下關於中國獲利能力的問題。我的理解是，對你們來說，D&T 的市場利潤相當高。這是由於業務組合造成的嗎，也許是超音波和 IGT 更多？我只是想知道其中的槓桿作用是什麼，以及儘管中國經濟衰退，獲利能力仍然保持良好。然後，第二個問題，FDA 現在面臨很多混亂的情況。只是想知道這是否對您與他們就 Respironics 同意令的互動產生了任何影響。謝謝。

Thanks, Lisa. Let me take your first question on the China profitability. And you're absolutely right. China has been and is a profitable market for us. We've seen some good margins over time and also some very profitable mix, indeed, as you mentioned in the products we sell both in the Diagnosis & Treatment, but also very much in Personal Health as well. What we really see in China is that there's a willingness from Chinese consumers and customers and health systems to pay for good innovation. And if you think about the innovations we've brought to the China market, there are some really good ones, including ultrasound that Roy already talked about, the VM11 and VM12 platforms and some other innovations as well, including the MR BlueSeal and the CT platforms where we've seen a good uptake in China, particularly in Q1 as well.

謝謝，麗莎。讓我來回答您關於中國獲利能力的第一個問題。你說得完全正確。中國一直是我們有利可圖的市場。隨著時間的推移，我們看到了一些良好的利潤率，也看到了一些非常有利可圖的產品組合，正如您在我們銷售的產品中提到的那樣，不僅在診斷和治療領域，而且在個人健康領域也有很多銷售。我們在中國真正看到的是，中國消費者、客戶和醫療系統願意為好的創新付費。如果您想想我們為中國市場帶來的創新，你會發現其中一些確實非常好，包括 Roy 已經談到的超音波、VM11 和 VM12 平台以及其他一些創新，包括 MR BlueSeal 和 CT 平台，我們在中國看到了良好的應用，尤其是在第一季。

And maybe let me then take the FDA one. So FDA is indeed having, as we all read and also we have been in constant engagement with them, there are quite some impact as well from what's happening. Actually, we don't see that yet impacting our engagement on the consent decree. What we are more concerned about would be longer-term approval cycles that could prolong on new innovations. So that's also what we stay tight on with them to see that we keep them abreast of what we're developing. But on the constant decree mitigation, we are very active dialogue. As we shared earlier, we are making good progress. We're fully in line with what we said we would do until now. And that has continued, including very frequent engagement with the FDA on this as well as with the third-party that's engaged.

那麼也許讓我選擇 FDA 的那個。因此，正如我們所讀到的，並且我們一直與他們保持聯繫，FDA 確實受到了正在發生的事情的相當大的影響。實際上，我們尚未發現這會影響我們對同意令的參與。我們更擔心的是新創新的審批週期可能會延長。因此，我們也與他們保持密切聯繫，以確保他們隨時了解我們的發展動態。但在不斷的法令緩解方面，我們正在非常積極地對話。正如我們之前分享的，我們正在取得良好進展。我們完全按照我們迄今為止所說的話去做。這種情況一直持續，包括與 FDA 以及參與的第三方進行非常頻繁的接觸。

Mr. Julien Dormois, Jefferies.

Julien Dormois 先生，傑弗里斯。

Good morning, Roy. Good morning, Charlotte. Thanks for taking my questions. The first one relates and is actually a follow-up to Hassan's question on the modest improvement of Q2 versus Q1. Just curious whether we should still expect organic sales growth to be in negative territory in the second quarter and maybe margin being flat to slightly declining, is that a fair assumption? Just to be sure that we're aligned with you in terms of what to expect in the second quarter.

早安，羅伊。早安，夏洛特。感謝您回答我的問題。第一個問題與哈桑關於第二季度相對於第一季度的適度改善的問題相關，實際上是對哈桑問題的後續回答。只是好奇我們是否仍然應該預期第二季度有機銷售額成長將處於負值區域，並且利潤率可能持平或略有下降，這是一個合理的假設嗎？只是為了確保我們對第二季的預期與您保持一致。

And the second question relates to D&T. Obviously, you had a 4% organic sales decline in the first quarter, but you mentioned that IGT grew in the quarter. So it is fair to assume that the rest of the business and mainly imaging went down by high single-digit, low double-digits? And happy to understand what are the reasons behind this market fall maybe on China.

第二個問題與 D&T 有關。顯然，你們第一季的有機銷售額下降了 4%，但你們提到 IGT 在本季實現了成長。那麼，我們可以合理地假設，其餘業務（主要是成像業務）的銷售額下降了高個位數或低兩位數嗎？我很高興能夠了解這次市場下滑背後的原因，也許是中國。

Thank you, Julien, for your questions. Let me take them. I think your qualification of Q2 for Q1 is appropriate. We see a modest improvement. This is exactly the way we saw it play out in the beginning of the year. And also, as we said, we see our sales outlook being back-end loaded in Q1. We exceeded our expectations, so we're working on improving that phasing and for what we see in Q2 as a modest sequential improvement versus Q1. So I think you're in the ballpark there with your assumptions.

謝謝朱利安的提問。讓我帶走它們。我認為你對 Q2 的限定是對 Q1 來說是恰當的。我們看到了輕微的改善。這正是我們在今年年初看到的情況。而且，正如我們所說，我們認為第一季的銷售前景將有所回升。我們超出了預期，因此我們正在努力改進這一階段，並看到第二季度與第一季相比有適度的連續改善。所以我認為你的假設大致正確。

Then taking your next question on the minus 4% in D&T and the impact that we see in Precision Diagnosis, and again, this played out exactly in line with our expectations. We expected a decline in Precision Diagnosis because of, first of all, because of China where we've obviously had some challenges, and then the other big driver is this high comparison in MR which was double-digit up in Q1 2024 as our supply chain started to unlock and we saw a significant improvement as a result there.

然後回答您關於 D&T 中 -4% 的下降以及我們在精準診斷中看到的影響的下一個問題，結果完全符合我們的預期。我們預計精準診斷業務會下降，首先是因為中國市場顯然給我們帶來了一些挑戰，其次是 MR 業務的高增長，隨著我們的供應鏈開始解鎖，2024 年第一季 MR 業務實現了兩位數的增長，我們看到了顯著的改善。

So there's nothing else I would say today than what I told you in February. It's playing out as intended. In fact, what we're seeing is that there's a further pull from innovation, and that's what we see play out in our order intake and our mid-single-digit growth in orders. And then that relates to our gross margin and also from the D&T perspective, what we really see is we see an increase in EBITA margin, 30 basis points improvement. And that really shows that our fundamental progress on execution that we've been talking about a lot is sustainable and really playing out. Particularly, driven again by the step-up in gross margin, we see the innovation value, Roy spoke about the CT 5300, the Spectral CT MR BlueSeal, and also the Azurion Biplane. We see that all play out as well as continued operational improvements as well as productivity.

因此，今天我要說的和我二月告訴你們的沒什麼不同。一切正如預期的那樣進行著。事實上，我們看到的是創新正在進一步拉動成長，這就是我們在訂單量和中位數個位數成長中所看到的。這與我們的毛利率有關，並且從 D&T 的角度來看，我們真正看到的是 EBITA 利潤率的提高，提高了 30 個基點。這確實表明，我們一直在談論的執行方面的根本進展是可持續的，並且確實正在發揮作用。特別是在毛利率上升的推動下，我們看到了創新價值，Roy 談到了 CT 5300、Spectral CT MR BlueSeal 以及 Azurion Biplane。我們看到一切都在順利進行，營運和生產力也持續改善。

Mr. Robert Davies, Morgan Stanley.

摩根士丹利的羅伯特戴維斯先生。

Hi. Thanks for taking my questions. I have three. One was just on the outlook for the U.S. hospital CapEx environment. I know you've sort of called out ongoing strengths, but just be curious in terms of what the customers are saying to you in terms of the current environment. Are there any indications of anything moving around on consumables or sort of spending intentions or ordering activity? That was my first question.

你好。感謝您回答我的問題。我有三個。其中一個是關於美國醫院資本支出環境的前景。我知道您已經提到了持續的優勢，但我只是好奇客戶在當前環境下對您說了什麼。是否有跡象顯示消耗品或消費意圖或訂購活動有任何變動？這是我的第一個問題。

The second was just on, I think on one of your slides, you called out the order book growth in the quarter. Just hard to think about the phasing for the rest of the year, particularly we've obviously started with a minus 2% growth in the quarter and you're expecting positive over the year. How back-end loaded? Are you expecting a particularly heavy fourth quarter weighting?

第二個問題，我想您在其中一張投影片上提到了本季的訂單成長情況。很難想像今年剩餘時間的分階段情況，特別是我們本季的成長率顯然是-2%，而你預計全年的成長率將是正的。後端怎麼裝？您是否預期第四季的權重會特別大？

And then my final one was just on increasing the sort of level of production, manufacturing in the U.S. Is there any new sites that you're going to plan to open or start construction on? Or is that more kind of boosting production through existing facilities? Thank you.

我的最後一個問題是關於提高美國的生產和製造水準。您是否計劃開設或開始建造任何新工廠？或者這是否更多地是透過現有設施來提高產量？謝謝。

Let me start with the hospital CapEx. I was also in the U.S. actually a few weeks ago with a round of customers. So what I'm hearing is that, actually, underlying demand is still very strong, right? So the patient volumes are strong, procedures are still increasing, there's still wait lines. So that's also what you see reflected in the order intake in the U.S., right? So people are investing to keep up with the demand. As we also mentioned, they're of course monitoring the environment, as they should, to see what could happen.

讓我先從醫院資本支出開始。事實上幾週前我也曾去過美國，拜訪過一批客戶。所以我聽到的是，實際上，潛在需求仍然非常強勁，對嗎？因此，患者數量很大，手術量仍在增加，仍需要排隊。所以這也是您在美國訂單量中看到的情況，對嗎？因此人們正在投資以滿足需求。正如我們所提到的，他們當然正在監測環境，這也是他們應該做的，以觀察會發生什麼。

But they're first and foremost focused on how they can fulfill the current demand and how they can expand with that. And that's where we are very well-positioned because also they're really looking, as I mentioned earlier, for productivity partners. So our innovations across the platforms that actually support them in a standardized way of providing care that is more efficient really is getting momentum, and that's kind of what we what we see reflected. And that's probably the best I can qualify as we speak. North America started strong. We expect to be strong. And of course, we keep a close pulse on it. And the order growth in the quarter?

但他們首先關注的是如何滿足當前的需求以及如何實現擴張。這就是我們處於非常有利地位的地方，因為正如我之前提到的，他們確實在尋找生產力合作夥伴。因此，我們在各個平台上的創新實際上以標準化的方式支持他們提供更有效率的護理，這確實正在獲得發展勢頭，這就是我們所看到的反映。這或許是目前我能給的最好的評價了。北美開局強勁。我們期望變得強大。當然，我們會密切關注此事。本季的訂單成長情況如何？

Yeah. I'll take that question. Thank you. So if we think about the staging of our order intake growth, we feel very good about our order intake and the momentum that we're seeing. If you think about Q2, two things I'd call out. We expect momentum to continue into Q2. We see strong growth in our D&T segments. Our Connected Care business. We feel good about the momentum. But it's impacted by a very high comparison base in Q2 2024 because we saw a very big order there that we included at that point in time. But otherwise, we see strong momentum and we expect that momentum to continue in Q3 and Q4 as well.

是的。我來回答這個問題。謝謝。因此，如果我們考慮訂單量成長的階段，我們對我們的訂單量和我們看到的勢頭感到非常滿意。如果你考慮第二季度，我會指出兩件事。我們預計這一勢頭將持續到第二季​​。我們的 D&T 部門實現了強勁成長。我們的互聯護理業務。我們對這一發展勢頭感到滿意。但它受到 2024 年第二季非常高的比較基數的影響，因為我們在那個時間點看到了一筆非常大的訂單。但除此之外，我們看到了強勁的勢頭，我們預計這種勢頭在第三季和第四季也將繼續下去。

Thank you. The next questions come from the line of --

謝謝。接下來的問題來自--

Sorry. There was also a follow-up question on the manufacturing sites in the U.S. So maybe I can still answer that one. So on the new sites, indeed, you're right, we are leveraging our current footprint to expand and that's also the fastest way how we can mitigate, given the approval cycles and the regulatory processes because you have then quality management systems in place that you can use. So that's what we already did immediately. But also, as I mentioned, we are investing in some other expansion facilities. So Minnesota is also an example of that. So yes, there will be a mix. But we have a strong footprint that we will leverage for the max to ensure we can do it with speed and also with lower cost and lower capital requirements. So that's exactly the way how we go about it.

對不起。還有一個關於美國製造基地的後續問題。所以也許我仍然可以回答這個問題。因此，在新網站上，您說得對，我們正在利用我們現有的足跡進行擴展，這也是我們緩解的最快方式，考慮到審批週期和監管流程，因為您已經建立了可以使用的品質管理系統。所以我們立即就這麼做了。但正如我所提到的，我們正在投資一些其他擴建設施。明尼蘇達州也是一個例子。所以是的，會有混合。但我們擁有強大的影響力，我們將最大限度地利用這些影響力，確保我們能夠快速完成任務，同時降低成本和資本需求。這就是我們處理此事的方式。

Mr. Hugo Solvet, BNP Paribas Exane.

Hugo Solvet 先生，法國巴黎銀行 Exane。

Hello. Thanks for taking my questions. I have three, please. First, on tariff or some derivative of tariff, can you please discuss the sourcing of rare earths and minerals and your exposure to China, please, and all that impacts your supply chain. Second, obviously, with tariffs and volatility and consumer trend, you're putting forward a lot of the efficiency measures. Can you help us understand how we should think about margin expansion going forward? And excluding any operating leverage, what's left to extract? And lastly, on hospital CapEx, I think, Roy, you called out a slight improvement in Europe. Can you maybe discuss the modalities and the countries driving this trend? Thank you.

你好。感謝您回答我的問題。我有三份，謝謝。首先，關於關稅或關稅的某些衍生品，您能否討論一下稀土和礦物的採購以及您在中國的經營情況，以及所有影響您供應鏈的因素。其次，顯然，考慮到關稅、波動性和消費趨勢，您提出了許多效率措施。您能幫助我們理解未來我們該如何考慮利潤率的擴大嗎？除去經營槓桿，還剩下什麼可以提領？最後，關於醫院資本支出，羅伊，我認為您指出歐洲的情況略有改善。您能否討論一下推動這一趨勢的方式和國家？謝謝。

Okay. Let me start. Thank you for the questions, Hugo. Let me start with rare earth export restrictions. So there has been a stance taken by the Chinese government, but they also have been talking about where they want to exclude the impact. When we have been looking at the newly implemented export controls, we understand and we are working to understand better what it actually means. Currently, we don't have an impact or we don't see disruptions to our supply chain. And also, we engage with our suppliers and they are well-sourced for any need that would potentially have an impact on our production or products. So for the moment, we have no impact from rare earth metal export restrictions.

好的。讓我開始吧。謝謝你的提問，Hugo。我先從稀土出口限制說起。因此，中國政府已經表明了立場，但他們也一直在談論如何排除影響。當我們研究新實施的出口管制時，我們理解並且正在努力更好地理解它的實際意義。目前，我們的供應鏈沒有受到任何影響或中斷。此外，我們還與供應商合作，他們可以滿足任何可能對我們的生產或產品產生影響的需求。因此目前，我們沒有受到稀土金屬出口限制的影響。

And then on your second question, if you go on the margin expansion going forward in the context of tariffs, I think what I'd say there is that fundamentally, there continues to be a margin improvement opportunity. So that has not changed, the fundamentals haven't changed. And then the way we go after that are a few different things. We continue to go after those mitigations that we spoke about earlier today. So some of it is short term, some of it is a little bit more long term, if you also think about supplier footprint.

然後關於你的第二個問題，如果你在關稅的背景下繼續擴大利潤率，我想說的是，從根本上來說，利潤率仍然有提高的機會。所以這並沒有改變，基本面並沒有改變。接下來我們要做的事情有幾件不同的事情。我們將繼續採取今天早些時候談到的緩解措施。因此，如果您也考慮供應商的足跡，其中一些是短期的，有些則是長期的。

And then thirdly, the productivity component is going to be there. You remember, in February, we increased our three-year productivity plan from EUR2 billion to EUR2.5 billion as we are confident that there's more to go after, more simplification to go after, and more just operational leverage to go after that we will continue to double down on. We've done so in Q1. There are a lot of programs in place that we'll deliver in the remainder of the year.

第三，生產力因素將會存在。您記得，今年 2 月份，我們將三年生產力計劃從 20 億歐元增加到了 25 億歐元，因為我們相信，我們將繼續加倍努力，追求更多的目標、更多的簡化以及更公平的營運槓桿。我們在第一季就已經這樣做了。我們已製定了許多計劃，並將在今年剩餘時間內實施。

And then last, of course, as I said earlier as well, innovation will continue to be a big contributor to margin expansion as well as we're seeing that the innovations that we've recently launched are already contributing to our gross margin and our gross margin expansion.

最後，當然，正如我之前所說，創新將繼續成為利潤率擴張的重要貢獻者，而且我們看到我們最近推出的創新已經為我們的毛利率和毛利率擴張做出了貢獻。

And maybe the last point there to add, as you know, we are driving our strategy of 70/30. We have 70% of our businesses that are already in higher margin territory. We're driving both their growth up as well as the margin expansion that it drives for the group. And we have specific areas where we are driving also margin expansion accelerated of the group, for example, (inaudible) we have called out before. Of course, that dipped significantly in margin. We already got back into profitability last year. We continue to expand that margin to actually bring it back to where we have seen it before.

也許最後一點需要補充，如你所知，我們正在推行 70/30 策略。我們有 70% 的業務已經處於利潤率較高的領域。我們正在推動他們的成長以及集團利潤率的擴大。我們在特定領域也在推動集團利潤率的擴張，例如（聽不清楚）我們之前就提到過。當然，利潤率大幅下降。我們去年就已經恢復獲利。我們將繼續擴大這一差距，使其真正恢復到我們之前看到的水平。

So actually, we see both the underlying improvement happening in the year as we speak. But also we see the leeway out of us that was earlier, trying to what we also put out as a longer term perspective for Philips. And we haven't seen that change through some of the dynamics that currently are ongoing in the market because the fundamentals of the demand as well as how we are supplying our innovations actually show that we can robustly perform in there.

因此實際上，我們看到今年正在發生潛在的改善。但我們也看到了我們之前所擁有的迴旋餘地，試圖為飛利浦提供更長遠的前景。我們還沒有看到目前市場上正在發生的一些動態發生變化，因為需求的基本面以及我們如何提供創新實際上表明我們可以在那裡強勁表現。

Mr. William Gille, ABN AMRO - ODDO.

William Gille 先生，荷蘭銀行 - ODDO。

Good morning. This is Wim Gille from ABN ODDO. I've got two questions. The first one is for Charlotte. You basically said during one of the questions that nothing changed compared to the February call. And I'd like to challenge that. So if I look at the impact of the tariffs, the net impact, EUR250 to EUR300 million, this is a range of 1.3% to 1.5% of sales where you are lowering the guidance by 1% only, so that means that there's an underlying increase of 40 basis points.

早安.我是 ABN ODDO 的 Wim Gille。我有兩個問題。第一個是給夏洛特的。在其中一個提問中，您基本上說過，與二月的電話會議相比，沒有任何變化。我想挑戰這一點。因此，如果我看一下關稅的影響，淨影響為 2.5 億歐元至 3 億歐元，這相當於銷售額的 1.3% 至 1.5%，而您僅將指導價降低 1%，這意味著潛在的增長為 40 個基點。

In addition to that, if I look at your February comments on PH, look at the results in PH and the comments that you make today, I cannot help but basically argue that PH is actually doing much better than what you anticipated in February. And also, your audit intake momentum is clearly gaining strength and you have good margins in the order book. So is it fair to say that you're actually getting more bullish as we progress throughout the year, if we exclude any impacts from the tariffs?

除此之外，如果我看一下您二月份對 PH 的評論，看看 PH 的結果以及您今天發表的評論，我不得不說 PH 實際上的表現比您在二月份的預期要好得多。此外，您的審計接收勢頭明顯增強，且訂單利潤率良好。那麼，如果我們排除關稅的影響，是否可以說，隨著全年的進展，您實際上會變得更加樂觀？

The second question is related to the PH business. Can you give us a bit of a feeling on where the exit rates were per region at the end of Q4 and at the end of Q1? And if you can quantify the impact of any forward buying that might have happened at the end of Q1? Thanks.

第二個問題與 PH 業務有關。您能否向我們介紹一下第四季末和第一季末各地區的退出率？您能否量化第一季末可能發生的任何遠期購買的影響？謝謝。

Thank you, Wim. And I'll take your first question on nothing changed versus the February call. So if you look at our guidance, and as I also called out in my prepared remarks, there are really two drivers of our changed guidance. One is tariffs, which is the EUR 250 million to EUR300 million net impacts that we discussed. The other one is our Q1 performance versus our expectations. Those are the two drivers that drive the change in our guidance. That is what I would say about that.

謝謝你，維姆。我將回答您的第一個問題，與二月的電話會議相比沒有任何變化。因此，如果你看一下我們的指導，正如我在準備好的發言中所說的那樣，我們改變指導實際上有兩個驅動因素。一是關稅，也就是我們討論過的2.5億歐元到3億歐元的淨影響。另一個是我們第一季的業績與預期的比較。這是推動我們指導方針改變的兩個驅動因素。這就是我要說的。

If you talk about PH and saying it's better than anticipated, we are very pleased with our Q1 in Personal Health. That's absolutely true. We saw double-digit growth across the international region. We had great results in Europe, in Latin America, in India. We saw the momentum really pick up. For instance, in some parts of the world, we have put new innovations to market. We did more on AMP and more influencers that we that we hired which has been working well.

如果您談論 PH 並說它比預期的要好，那麼我們對個人健康領域第一季的表現非常滿意。這絕對是真的。我們在國際地區實現了兩位數的成長。我們在歐洲、拉丁美洲和印度都取得了巨大的成就。我們看到勢頭確實在增強。例如，在世界某些地區，我們已經將新的創新推向市場。我們在 AMP 上做了更多工作，並聘請了更多有影響力的人，效果很好。

Having said all of that, it is early days. It's only at the end of Q1. We're only at the end of Q1, so it's really difficult to, at this point in time, look forward and take that as sustainable momentum. So that's what I would say around your questions there.

儘管如此，現在還為時過早。現在只是第一季末。我們才剛到第一季末，因此，目前很難展望未來並將其視為可持續的勢頭。這就是我想針對你的問題說的話。

And then you had a second question on the exit rates for Personal Health, Q4 versus Q1. Again, maybe a few things I'd say there. In China, no real change in consumer demand. Consumer demand remains subdued. I was also in China a month or so ago, and we see no meaningful change to what we were expecting or what we have been seeing. And we expect that momentum in China between Q1 and Q2 to remain fairly similar.

然後您又問了第二個問題，關於個人健康的退出率，第四季與第一季相比。再一次，我可能想說幾件事。在中國，消費需求沒有真正的改變。消費者需求依然低迷。大約一個月前我也去過中國，我們沒有看到與我們所預期或所見的情況有任何實質性的變化。我們預計中國第一季和第二季之間的成長勢頭將保持相當相似。

Also, the momentum in the international region outside of China, as I just discussed, is very, very strong. And then in the U.S., we've seen some slight growth in the U.S. We see so far that consumer sentiment is stable, but we're obviously monitoring that very closely. But just to be very explicit, that has not been the major growth driver for us. That has really been the international regions.

另外，正如我剛才所說，中國以外的國際地區的勢頭非常非常強勁。然後在美國，我們看到美國出現了一些輕微的成長。到目前為止，我們看到消費者信心保持穩定，但我們顯然正在密切關注這一點。但明確地說，這並不是我們主要的成長動力。這確實是國際地區。

Mr. Julien Ouaddour, Bank of America.

美國銀行的 Julien Ouaddour 先生。

Good morning. Thank you very much for squeezing me in. I'm slightly going in the opposite direction of the previous question and sorry to pressing on that point, but it's clear that you need pretty strong (inaudible) in sales and profit in 2H to make even the lower end of the guidance. Could you just remind me what are the main drivers? What give you confidence in such very uncertain macro situation? Especially given, I think you talked about being vigilant during the opening remarks, and I mean you mentioned slight improvement today are quite early. That's the first question.

早安.非常感謝您抽空接待我。我稍微偏離了上一個問題的方向，很抱歉強調這一點，但很明顯，你需要在下半年實現相當強勁的（聽不清）銷售和利潤，才能達到預期的低端。您能否提醒我主要的驅動因素是什麼？在如此不確定的宏觀情況下，是什麼讓您有信心？特別是考慮到，我認為您在開場白中談到了保持警惕，我的意思是您提到的今天的輕微改善還為時過早。這是第一個問題。

The second one, it seems that you're also cutting the free cash flow guidance by more or less EUR400 million for this year. Can you just tell me what part of the cut is tariff? I mean, is it 100%? And is it different from the material impact of the EUR250 million to EUR300 million? Thank you.

第二，您似乎還將今年的自由現金流指引削減了約 4 億歐元。你能告訴我削減的部分是關稅嗎？我的意思是，它是 100% 嗎？這與 2.5 億歐元至 3 億歐元的實質影響有何不同？謝謝。

Thank you for your questions. First of all, on the acceleration of the year and the back-end loaded outlook and maybe take you back to what happened in Q3 2024. What we saw was obviously some challenges in China. And if you now think about the phasing in this year, in the second half of the year, the comparable becomes much easier both in Personal Health in China as well as in health systems in China. So that's almost mechanical that we get an uplift in sales growth. Roy already said it. We are taking a cautious view of the market environment in China. We've taken that in our previous outlook. We're confirming that today. So we don't see any change there. But we will, just because of the comparable (inaudible) and uplift in our numbers in the second half of the year.

感謝您的提問。首先，關於今年的加速發展和後端加載前景，也許可以回顧一下 2024 年第三季發生的事情。我們顯然看到中國面臨一些挑戰。如果你現在考慮今年下半年的分階段實施，那麼中國個人健康以及中國衛生系統的可比性就會變得容易得多。因此，我們的銷售額幾乎是機械地成長。羅伊已經說過了。我們對中國的市場環境持謹慎態度。我們在先前的展望中已經考慮到了這一點。我們今天確認了這一點。因此我們沒有看到任何變化。但我們會的，只是因為下半年我們的數字與去年同期相比有所提升。

Maybe to summarize it. So if you look through the year and that's also -- the year is actually in the fundamentals really playing out as we predicted. In terms of how we came into Q1, actually slightly better. Then, we have a better filled order book, I think that is fair to say. And that momentum we also feel continues. So that actually kind of gives reassurance also for second half. Still, also building on the comment that it's still early days. But that gives us, of course, an early indicator that actually we have the (inaudible).

也許可以總結一下。因此，如果你回顧這一年，你會發現，這一年的基本面實際上確實如我們預測的那樣發展。就我們進入第一季的情況而言，實際上情況略有改善。那麼，我們有一份更好的訂單簿，我認為這是公平的說法。我們也感覺到這種勢頭仍在持續。所以這其實也為下半年帶來了保證。不過，也有評論稱現在還為時過早。但這當然給了我們一個早期跡象，表明我們實際上已經（聽不清楚）。

Next to PH, of course, we are happy with the growth coming back into the business, but we also still know that there it's early days, and we know that we have the second half mechanical effect that will kick in to support that. But that's in line with the plan. So I think therefore you've seen us sticking to our sales guidance because that is really where we believe we have firm underpinning for at what we currently know.

除了 PH，我們當然對業務恢復成長感到高興，但我們也知道現在還處於早期階段，而且我們知道下半年的機械效應將會發揮作用來支持這一點。但這符合計劃。因此，我認為您已經看到我們堅持我們的銷售指導，因為我們相信這確實是我們目前所知的堅實基礎。

We have then also taken the tariffs on what we currently know. Also acknowledging that this is still fluid, so it can change. But we have taken very substantial measures, announced on the April 2, and kind of we will work hard to have those also kicking in as soon as possible. And that will dial up throughout the year. And that's then also the totality of how we look into the year unfolding.

然後，我們也根據目前已知的情況徵收了關稅。同時也承認這仍然是流動的，因此它可能會改變。但我們已經採取了非常實質的措施，並於 4 月 2 日宣布，我們將努力使這些措施盡快生效。並且這一數字將在全年持續上升。這也是我們對這一年的整體看法。

So it's the two stories of the fundamentals that are really playing out well, both in terms of market as well as how we deliver in that with great innovations and also, of course, productivity measures to kind of manage what is in our own control. Whilst we need to remain vigilant on the things that are beyond our control, where we need to just take the realities as known into account, which are tariffs. And then we need to monitor the wider economy closely as we keep doing.

因此，這兩個基本面都發揮了很好的作用，無論是在市場方面，還是在我們如何透過偉大的創新來實現這一目標，當然還有生產力措施來管理我們自己可以控制的事情。雖然我們需要對我們無法控制的事情保持警惕，但我們需要考慮已知的現實，那就是關稅。然後，我們需要繼續密切關注更廣泛的經濟狀況。

Yeah. And then I'll take your free cash flow question. So our updated outlook has free cash flow as slightly positive after the EUR1 billion Respironics settlement that we've just completed in Q1 versus previously the lower end of the EUR0.4 billion to EUR0.6 billion. The impact versus our previous outlook is entirely driven by tariffs. And the way we see the tariffs play out is it essentially hits our cash flow before it hits our P&L. That's the way to think about it really. Because the duty payments, we pay them upfront. Some of the mitigation timing in the year. And also we capitalize some of these duties and then release them in the P&L over inventory returns. So there's a little bit of a time delay there as well.

是的。然後我會回答你的自由現金流問題。因此，在我們剛剛在第一季完成 10 億歐元的 Respironics 和解之後，我們更新的前景顯示自由現金流略微為正，而之前的低端為 4 億歐元至 6 億歐元。與我們先前的展望相比，其影響完全是由關稅驅動的。我們認為關稅的影響是，它首先影響我們的現金流，然後才影響我們的損益表。這才是真正思考這個問題的方式。因為關稅是預先支付的。今年的一些緩解措施的時間表。而且，我們還將部分關稅資本化，然後在庫存退貨的損益表中釋放它們。因此那裡也存在一點時間延遲。

I think it's important to mention that we're fully focused on continued working capital management. We've seen inventory reduced year-over-year significantly. We continue to focus on other elements of working capital as well, see (inaudible) reduce, and we've now, with the Respironic settlement, removed an important overhang.

我認為值得一提的是，我們完全專注於持續的營運資金管理。我們發現庫存比去年同期大幅減少。我們也會繼續關注營運資本的其他要素，看到（聽不清楚）減少，現在，透過與 Respironic 達成和解，我們消除了一個重要的懸而未決的問題。

And then just maybe as a reminder, you know, we're offering dividends in either cash or shares up to 50% cap for cash, which brings us back to at least partially a cash dividend which we're very pleased by because it just signals the return to normality and also our strong fundamentals that underpin this.

然後也許只是提醒一下，您知道，我們提供現金或股票股息，現金上限為 50%，這使我們至少部分恢復了現金股息，我們對此感到非常高興，因為它只是標誌著回歸正常狀態以及支撐這一點的強勁基本面。

Ms. Sezgi Oezener, HSBC.

匯豐銀行的 Sezgi Oezener 女士。

Hi. Thanks for taking my questions. I will have three, please. First of all, on the 70%-30% division, how would that division look if we considered the health system segments, if you left out Personal Health. The second question, you mentioned the net impact of tariffs, thanks very much, to EUR250 million to EUR300 million. How would the growth impact look and what should we expect if these tariffs, the China tariffs, for example, were to be reverted, were to be taken back? And lastly on your presentation, thanks for giving us guidance on what the restructuring costs in other items for Q2 might be. Can you give us some color on what especially like Connected Care restructuring costs which are higher bordering EUR9,500 million concretely driven from? And can we start expecting a decline in the restructuring and other costs in the second half of the year?

你好。感謝您回答我的問題。我要三份。首先，在 70%-30% 的劃分中，如果我們考慮醫療系統部分，如果不考慮個人健康，這個劃分會是什麼樣子。第二個問題，您提到關稅的淨影響，非常感謝，達到 2.5 億歐元至 3 億歐元。如果這些關稅（例如對中國的關稅）被恢復，對成長的影響將會如何？我們該期待什麼？最後，感謝您的演示，為我們提供有關第二季度其他項目的重組成本的指導。您能否向我們詳細說明一下，特別是 Connected Care 重組成本高達 95 億歐元，具體原因是什麼？我們是否可以預期下半年重組和其他成本會下降？

Sezgi, thank you for your question. Let me take the first one. So personnel is 20% of our business, right? So that's in essence kind of what you have to take out. So you get to around 60% to 40% in terms of the percentage of mix, in terms of how that translates. Then on the gross impact on tariffs, if they would reverse, yeah, I think you can imagine that this would be beneficial. And it's also where we have been taking current realities into account. We know that negotiations are ongoing. But it's just very hard to predict how they will conclude. So therefore, we took what we know.

Sezgi，謝謝你的提問。讓我選第一個。那麼人員占我們業務的 20%，對嗎？所以這本質上就是你必須要去掉的東西。因此，就混合百分比而言，就如何轉換而言，您可以獲得大約 60% 到 40% 的比例。那麼就對關稅的整體影響而言，如果它們逆轉，是的，我想你可以想像這將是有益的。這也是我們一直在考慮當前現實的地方。我們知道談判正在進行中。但很難預測最終結果會如何。因此，我們採用了我們所知道的。

The majority of impact, as you also heard earlier said by us, is from U.S.-China. So those are important to continue to watch how they evolve and the impact they have, but also the rest of the world. I think we took the prudent approach by actually acting now fast on what we know are the second of April tariffs, and then we kind of adapt as we go both in terms of what that could mean up or down as we evolve into the year. So we'll keep you updated later on.

正如我們之前所說，大部分影響來自中美兩國。因此，繼續觀察它們如何演變和產生的影響以及對世界其他地區的影響非常重要。我認為我們採取了審慎的做法，實際上現在就迅速採取行動，確定 4 月 2 日的關稅，然後隨著年份的演變，我們會根據可能出現的漲幅或跌幅進行調整。因此我們稍後會向您通報最新情況。

And then on your last question on the adjusted items for Q2, particularly related to Connected Care, the majority of the costs there are related to our consent decree. And we're working through our consent decree and the cost related related to that. That is the main driver that we have.

關於您最後一個問題，關於第二季調整後的項目，特別是與 Connected Care 相關的項目，那裡的大部分成本都與我們的同意令有關。我們正在處理同意令以及與此相關的費用。這是我們的主要驅動力。

Just as a reminder, we signed the consent decree in April of 2024 and we're still working through it. We're pleased with the progress. We're working through all the different steps. But it's too early to conclude on when it will finalize. And just as a reminder, to restructuring costs, we're in line with the guidance and in line with our expectations. And last remark I'd make is just in the Connected Care line, we are very focused on making sure we do the right thing from a patient safety and quality perspective. And as a result, working diligently through all the steps of the of the consent.

提醒一下，我們在 2024 年 4 月簽署了同意令，目前我們仍在努力執行。我們對進展感到滿意。我們正在努力完成所有不同的步驟。但現在判斷何時最終確定還為時過早。需要提醒的是，對於重組成本，我們符合指導並符合我們的預期。我最後要說的是，在互聯護理領域，我們非常注重確保從病人安全和品質的角度做正確的事情。因此，我們勤勉地完成了所有同意的步驟。

And I think it's also we here to I think already and we said it earlier loud and clear that incidentals are at elevated levels for a big part and the majority of the (inaudible). And in fact, we are actually improving over time. That's also what we are going after in the fullest across all businesses. And of course, we also have restructuring costs that we're featuring. We have been working through the majority of that. So excluding constant cost, we have raised a focus to make sure that that coes down over time whilst at the same time, we keep also going after the cost and the productivity measures as we have been kind of informing you about and this EUR1.9 billion is a big contributor and we will continue to expand the productivity lever as well.

我認為我們在這裡已經說過了，我們之前已經明確表示過，大部分情況下，雜費都處於高位。（聽不清楚）。事實上，我們正​​在隨著時間的推移而不斷進步。這也是我們在所有業務中全力追求的目標。當然，我們也關注重組成本。我們一直在努力解決其中的大部分問題。因此，除了固定成本之外，我們還重點關注確保成本隨著時間的推移而下降，同時，我們還將繼續追求成本和生產力措施，正如我們一直在告知您的那樣，這 19 億歐元是一個很大的貢獻者，我們也將繼續擴大生產力槓桿。

Falko Friedrichs.

法爾科·弗里德里希斯。

Thank you. I have a few quick ones left. Firstly, you mentioned that you saw preliminary Q1 market share data. Can you confirm that you didn't lose any share in medical imaging, so excluding IGT? Secondly, what's your updated thinking on growth in China for the full year and has that thinking changed after Q1? And then last but not least, can you be a little bit more specific in terms of which products and components are flowing between China and the U.S.? Thank you.

謝謝。我還剩下幾個快的。首先，您提到您看到了初步的第一季市佔率數據。您能否確認，除了 IGT 之外，您在醫學影像領域的份額沒有損失？其次，您對中國全年經濟成長有何最新看法？第一季之後這種看法是否有改變？最後但同樣重要的一點是，您能否更具體地說明中國和美國之間流通的產品和零件有哪些？謝謝。

Thank you, Falko. So on the first, I can confirm that what we have seen actually is that we will be up in medical imaging here and we were referring to the strong momentum that we see in Ultrasound, but also in particular, CT and MR. So actually, I think that was -- and you also saw that in the quarter, (inaudible) we spoke about the mid single-digit growth including China where there's still significant China in there so we are very encouraged by the market share momentum we have seen in medical imaging.

謝謝你，法爾科。首先，我可以確認，我們實際上看到的是，我們將在醫學影像領域取得進步，我們指的是超音波領域、特別是 CT 和 MR 領域看到的強勁勢頭。所以實際上，我認為那是——而且你也看到了，在本季度，（聽不清楚）我們談到了包括中國在內的中等個位數增長，其中中國仍然佔有重要地位，所以我們對醫學成像領域看到的市場份額增長勢頭感到非常鼓舞。

And then your question on growth in China for the full year, nothing has really changed versus February. So we continue to expect a mid-single-digit or high single-digit decline primarily due to the double-digit decline in the first half of the year. And that is again driven by Personal Health where we have both the subdued consumer demand as well as the destocking that and the impact of that will finalize at the end of Q2. So just to be clear, we're not betting on a rebound in China in the second half at all. We take a cautious view of the market environment in China for the remainder of the year. But just almost mathematically, we will see a pickup in growth rate just because the comparison basis is going down.

至於您關於中國全年經濟成長的問題，與二月相比，情況並沒有什麼變化。因此，我們繼續預期會出現中等個位數或高個位數的下降，這主要是由於今年上半年出現了兩位數的下降。這又是由個人健康領域推動的，該領域的消費者需求低迷，庫存減少，其影響將在第二季末最終顯現。所以要先明確的是，我們根本不指望中國經濟下半年會反彈。我們對今年剩餘時間的中國市場環境持謹慎態度。但從數學上來說，由於比較基礎的下降，我們將看到成長率的回升。

And then your last question on the products and the flows between China and U.S., as I mentioned earlier as well, the two segments that we see are most impacted by the tariffs in general is both our Personal Health segment as well as our Diagnosis & Treatment segment, primarily because the U.S.-China flows in those segments. So in your modeling, that's something that you need to take into account, those two businesses. And again, just taking you back, we've risked our China-U.S. flows a lot over time also since the first tariff war, but given the tariffs are so elevated, 125% and 145%, that just becomes a very big number as a result of that.

然後，您關於中美之間產品和流動的最後一個問題，正如我之前提到的，我們認為受關稅影響最大的兩個領域是個人健康領域以及診斷和治療領域，主要是因為這些領域的中美貿易流動。因此，在建模時，您需要考慮這兩個業務。我再說一遍，我們已經冒了中美關係的風險。自第一次關稅戰以來，貿易​​量也隨著時間的推移而大幅增長，但考慮到關稅如此之高，達到 125% 和 145%，這個數字就變得非常大。

Thank you. That was the last question, Mr. Jakobs. Please continue with any points you would like to raise.

謝謝。這是最後一個問題，雅各布斯先生。請繼續提出您想要提出的任何觀點。

Thank you for your questions. As you heard us say, in an uncertain macroeconomic environment that has intensified due to the potential impact of tariffs, we continue to drive profitable growth, focusing on what we can control. And for that part, we really feel strong for the year and we iterated our sales guidance to 13% based on strong order book momentum as well as Personal Health coming back to growth. We are taking the current realities of tariffs into account, driving substantial mitigation. And we'll continue to do so for the rest of the year.

感謝您的提問。正如您所聽到的，在由於關稅的潛在影響而加劇的不確定的宏觀經濟環境中，我們繼續推動盈利增長，專注於我們能夠控制的事情。就這一部分而言，我們對今年的銷售前景確實感到強勁，並且基於強勁的訂單勢頭以及個人健康業務的恢復增長，我們將銷售預期上調至 13%。我們正在考慮當前的關稅現實，推動大幅減稅。我們將在今年剩餘時間繼續這樣做。

But most importantly, we remain laser focused on supporting our patients, our customers, and consumers, because actually, the situation in healthcare has not changed and has not improved. The pressure is still very high on the healthcare system itself. And we need to support our innovations and we see also consumers really kind of appreciating our innovations. So we remain focused on driving impactful innovations to deliver better and more care to the people worldwide.

但最重要的是，我們仍然專注於支持我們的患者、客戶和消費者，因為實際上，醫療保健的情況並沒有改變，也沒有改善。醫療體系本身的壓力仍然很大。我們需要支持我們的創新，我們也看到消費者確實很欣賞我們的創新。因此，我們將繼續致力於推動有影響力的創新，為全世界人民提供更好、更多的照護。

Thank you so much. Talk to you soon.

太感謝了。很快再和你聊。

This concludes the Royal Philips first-quarter 2025 results conference call on Tuesday, May 6, 2025. Thank you for participating. You may now disconnect.

皇家飛利浦 2025 年第一季業績電話會議於 2025 年 5 月 6 日星期二舉行，至此結束。感謝您的參與。您現在可以斷開連線。