Koninklijke Philips NV (PHG) 2025 Q2 法說會逐字稿

Welcome to the Philips second quarter and semiannual 2025 results conference call on Tuesday, July 29, 2025. During the call hosted by Mr. Roy Jakobs, CEO; and Ms. Charlotte Hanneman, CFO. (Operator Instructions) Please note that this call will be recorded, and a replay will be available on the Investor Relations website of Royal Philips.

歡迎參加 2025 年 7 月 29 日星期二的飛利浦 2025 年第二季和半年度業績電話會議。電話會議由執行長 Roy Jakobs 先生和財務長 Charlotte Hanneman 女士主持。（操作員指示）請注意，本次通話將被錄音，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. Please go ahead, ma'am.

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

Hello, everyone. Welcome to Philips results webcast for the second quarter and half year 2025. I'm here with our CEO, Roy Jakobs; and our CFO, Charlotte Hanneman. The press release and investor presentation can be accessed on our Investor Relations website. The replay and full transcript of this website -- of this webcast will be available on our website after this call concludes. I want to draw your attention to our safe harbor statement on the screen and in the presentation.

大家好。歡迎收聽飛利浦 2025 年第二季和半年業績網路廣播。我和我們的執行長 Roy Jakobs 以及我們的財務長 Charlotte Hanneman 一起來到這裡。新聞稿和投資者介紹可以在我們的投資者關係網站上查閱。本次電話會議結束後，本網站將提供此網路廣播的重播和完整記錄。我想提請您注意螢幕上和簡報中的安全港聲明。

I will now hand over to Roy.

現在我將把時間交給羅伊。

Thanks, Durga. Good morning, everyone. Thank you for joining us today. We entered Q2 with momentum, and we further strengthened it throughout the period. Order intake grew 6%, building on 9% last year. Comparable sales increased by 1% with strength in personal health, offsetting performance in D&T and Connected Care.

謝謝，杜爾迦。大家早安。感謝您今天加入我們。我們帶著良好的勢頭進入了第二季度，並在整個期間進一步增強了這種勢頭。訂單量增加了 6%，而去年則成長了 9%。由於個人健康業務表現強勁，可比銷售額成長了 1%，抵消了 D&T 和互聯護理業務的表現。

Margin expanded by 130 basis points in the quarter to 12.4%, demonstrating that our innovation and ongoing productivity measures are driving strong gross margins. We delivered as planned in the first half of the year, and we are sustaining this momentum into Q3.

本季利潤率擴大了 130 個基點，達到 12.4%，這表明我們的創新和持續的生產力措施正在推動強勁的毛利率。我們在上半年按計劃交付了產品，並將這一勢頭延續到第三季。

We reiterate our full year comparable sales growth outlook of 1% to 3%. And we increased our 2025 adjusted EBITA margin range to between 11.3% and 11.8%. This 50 basis point increase includes recent tariff developments.

我們重申全年可比銷售額成長 1% 至 3% 的預期。我們將 2025 年調整後的 EBITA 利潤率範圍提高至 11.3% 至 11.8% 之間。此次 50 個基點的增幅涵蓋了最近的關稅變化。

We now expect full year free cash flow to be between EUR0.2 billion and EUR0.4 billion. Of course, all of the above assume that current tariff levels hold, whilst we continue to focus fully on executing our planned tariff mitigation actions, which are well underway and on track.

我們現在預計全年自由現金流將在 2 億歐元至 4 億歐元之間。當然，以上所有假設都是假設當前的關稅水準保持不變，同時我們將繼續全力執行我們計劃中的關稅減免行動，這些行動正在順利進行中。

Now let's look at our Q2 performance in more detail. Let's start with orders first. Q2 order intake growth was broad-based across most regions. We saw sustained double-digit growth in North America and strong performance across growth geographies. Globally, our order book has increased in recent quarters.

現在讓我們更詳細地了解我們第二季的表現。我們先從訂單開始。第二季大多數地區的訂單量普遍成長。我們看到北美地區持續保持兩位數成長，且各成長地區均表現強勁。在全球範圍內，我們的訂單量在最近幾季有所增加。

It's up 7% year-over-year with an improved margin profile from our latest innovations. What does this mean for second half? This order momentum, combined with our robust order book, positions us well to deliver our full year sales outlook.

由於我們的最新創新，利潤率有所提高，因此同比增長了 7%。這對下半年意味著什麼？這種訂單勢頭，加上我們強勁的訂單量，使我們能夠很好地實現全年銷售前景。

In Diagnosis & Treatment, orders grew double digit across most regions. In particular is strong demand for our recently launched innovations, which drove order intake growth in both Image-Guided Therapy and Precision Diagnosis.

在診斷和治療領域，大多數地區的訂單均實現了兩位數成長。特別是我們最近推出的創新產品的需求強勁，推動了影像導引治療和精準診斷的訂單成長。

Let me share some examples. Our leadership in minimally invasive procedures was underscored in Q2 by multiyear nationwide agreement with the Indonesian Ministry of Health. This will expand access to image-guided therapy using our industry-leading Azurion platform. Millions of patients with cardiac, stroke and cancer conditions across all of the country will benefit from it.

讓我分享一些例子。我們與印尼衛生部達成的多年期全國協議在第二季度凸顯了我們在微創手術領域的領導地位。這將擴大使用我們業界領先的 Azurion 平台進行影像引導治療的途徑。全國數百萬心臟病、中風和癌症患者將從中受益。

Additionally, this partnership marks a significant step in strengthening Indonesia's health care infrastructure for high-impact disease areas. It extends beyond equipment to services. It includes training, scalable digital solutions and services. It will deliver nationwide long-term care.

此外，此次合作標誌著印尼在加強高影響疾病領域的醫療保健基礎設施方面邁出了重要一步。它的範圍不僅限於設備，還涉及服務。它包括培訓、可擴展的數位解決方案和服務。它將提供全國範圍的長期護理。

Meanwhile, in the area of IT innovation, our award-winning Azurion Neuro Biplane R3, which we introduced last year is fueling double-digit year-on-year order growth. This new innovation is also contributing to higher win rate across all our pipeline systems.

同時，在IT創新領域，我們去年推出的屢獲殊榮的Azurion Neuro Biplane R3正在推動訂單量同比實現兩位數增長。這項新創新也有助於提高我們所有管道系統的中標率。

In Precision Diagnosis, we experienced also strong year-on-year order intake growth in both diagnostic imaging as well as in ultrasound, led by North America. This is another great example of momentum driven by strong demand, recently launched innovations and improved commercial execution.

在精準診斷領域，我們在診斷影像和超音波領域的訂單量也實現了強勁的同比增長，其中以北美市場為首。這是強勁需求、近期推出的創新和改進的商業執行所推動的勢頭的另一個很好的例子。

NMR, we were the first and remain the only company to offer a commercially available whiteboard 1.5T helium-free system. And this is gaining traction. Customer feedback is positive, and all 1.5T MRI orders today are now from our helium-free BlueSeal system.

NMR，我們是第一家也是唯一一家供應商用白板 1.5T 無氦系統的公司。而這一趨勢正在逐漸增強。客戶的回饋是正面的，今天所有 1.5T MRI 訂單均來自我們的無氦 BlueSeal 系統。

This breakthrough innovation saves 1,500 liters of helium per system, significantly reduces installation costs over lifetime, while offering full flexibility and facility placement, it's setting MR free. We also strengthened our position as an AI leader with the FDA 510(k) clearance of MR SmartPrecise dual AI software. This AI solution delivers 3 times faster scanning and up to 80% sharper images, all in just one click.

這項突破性的創新使每個系統節省了 1,500 公升氦氣，大大降低了整個生命週期的安裝成本，同時提供了充分的靈活性和設施佈局，從而消除了 MR。我們也透過 FDA 510(k) 批准 MR SmartPrecise 雙 AI 軟體鞏固了我們作為 AI 領導者的地位。只需按一下，此 AI 解決方案即可實現 3 倍速度的掃描和高達 80% 清晰度的影像。

CT growth was driven by strong demand for the CT5300 our AI-enabled productivity workhorse, and the clinically advanced Spectral CT7500. By the end of the second quarter, these two systems alone accounted for more than half of all CT order intake value. It clearly demonstrates a clinical and operational impact of these recent launches for our customers who need to deliver better outcomes, but as much need to increase access to imaging.

CT 的成長得益於對我們支援 AI 的生產力主力機 CT5300 和臨床先進的 Spectral CT7500 的強勁需求。截至第二季末，光是這兩個系統就佔據了所有 CT 訂單金額的一半以上。它清楚地展示了這些最新發布的產品對我們的客戶的臨床和營運影響，我們的客戶需要提供更好的結果，但同樣需要增加獲得成像的機會。

Moving to Connected Care. Following exceptional growth of over 20% in the prior year, underlying order intake remained very resilient, declining slightly. Demand for our solutions in hospital patient monitoring remained strong. This is fueled by significant customer partnerships including six major US agreements finalized in just Q2 alone, and this includes dislodging incumbents.

轉向互聯護理。繼上一年實現超過 20% 的顯著成長之後，基礎訂單量仍保持強勁成長勢頭，略有下降。醫院對病人監護解決方案的需求依然強勁。這是由重要的客戶合作夥伴關係推動的，其中包括僅在第二季度就達成的六項主要美國協議，其中包括取代現有企業。

How? Because we drive efficiencies, as we streamline operations across care settings and across hospital systems. IntelliVue patient monitors, plus our AI-powered virtual patient information center put together to create comprehensive and efficient patient monitoring and information management system.

如何？因為我們提高了效率，因為我們簡化了整個護理環境和整個醫院系統的運作。IntelliVue 病人監護儀加上我們由人工智慧驅動的虛擬病人資訊中心，共同打造全面且有效率的病人監護和資訊管理系統。

With a strong and growing order book, up year-on-year and improving sequentially and the increasing momentum, D&T and Connected Care are well positioned to accelerate growth and margin in the second half of the year.

憑藉強勁且不斷增長的訂單量、同比增長和環比改善以及不斷增長的勢頭，D&T 和 Connected Care 已準備好在下半年加速成長和提高利潤率。

Now let's move to Personal Health. All three businesses within the segment grew, driven by strong traction from new innovations and enhancements to our core products, supported by targeted investments. These innovations are resonating not just with customers, but also with high-performing partners such as Amazon, Costco, Walmart, MSH, JD.com and [Luen] along with local accelerators.

現在讓我們來討論一下個人健康。該部門的三項業務均實現成長，這得益於我們核心產品的創新和改進的強勁推動，以及有針對性的投資的支持。這些創新不僅引起了客戶的共鳴，也引起了亞馬遜、好市多、沃爾瑪、MSH、京東和 [Luen] 等高績效合作夥伴以及當地加速器的共鳴。

Why? Because they are driving measurable increases in sellout, category growth and share and they are accelerating access to consumers in our key growth markets. In Q2, sell-out trends remained robust across Europe and most growth geographies, supported by these partnerships. China continued to lag due to subdued consumer sentiment.

為什麼？因為它們正在推動銷售、品類成長和份額的顯著成長，並且正在加速我們接觸關鍵成長市場的消費者。在這些合作關係的支持下，第二季度歐洲和大多數成長地區的銷售趨勢仍然強勁。由於消費者信心低迷，中國經濟持續落後。

In the US, sentiment has remained relatively stable, but we are maintaining a close watch on evolving consumer dynamics. More broadly, we are continuously tracking consumer sentiment and spending across all regions to ensure agility in our response. We continue to execute on our priorities from enhancing patient safety and supply chain resilience to simplifying our operations. Here are some key highlights in the quarter.

在美國，情緒保持相對穩定，但我們正密切關注不斷變化的消費者動態。更廣泛地說，我們持續追蹤各個地區的消費者情緒和支出，以確保我們能夠靈活應對。我們將繼續執行我們的優先事項，從提高病患安全和供應鏈彈性到簡化我們的營運。以下是本季的一些主要亮點。

Firstly, with quality embedded in our businesses, innovation and our culture, we have simplified and strengthened our quality management system and processes, completed deep reviews of post-market surveying signals and accelerated our response to newly emerging post-market signals.

首先，我們把品質融入業務、創新和文化中，簡化和強化了品質管理系統和流程，完成了對上市後調查訊號的深入梳理，加快了對新出現的上市後訊號的回應。

As a result, we have reduced field actions and product updates by approximately 20% year-to-date, following 20% reduction in 2024 compared to 2023, which reflects a sustained improvement in overall quality performance.

因此，今年迄今為止，我們已將現場行動和產品更新減少了約 20%，而 2024 年與 2023 年相比減少了 20%，這反映了整體品質績效的持續改善。

Moving to supply chain. Through continued product simplification and operational focus, our teams delivered our products to [hospital] and patients with greater speed and reliability. In Q2, service levels reached an all-time high of 86%, an improvement of more than 10 percentage points year-on-year. Improved supply chain reliability and agility support our progress in executing tariff mitigation in line with our plan.

轉向供應鏈。透過持續簡化產品和專注於運營，我們的團隊以更快的速度和更高的可靠性向醫院和患者提供產品。二季度，服務水準達到86%的歷史最高水平，較去年同期提升10個百分點以上。供應鏈可靠性和靈活性的提高支持了我們按照計劃實施關稅減免的進展。

Lastly, we continue to identify and execute opportunities with a new operating model to reduce complexity and better align our resources to where growth is happening, resulting in strong and continued productivity improvements. Charlotte will discuss this further.

最後，我們將繼續透過新的營運模式來識別和執行機會，以降低複雜性，並更好地將我們的資源與成長領域進行協調，從而實現強勁且持續的生產力提升。夏洛特將進一步討論此事。

The fundamentals of the markets we serve remain strong, though the dynamics continue to vary by region. Let me take a moment to reflect on what we're hearing from our customers. Starting with North America. We continue to see steady fundamental hospital demand. Customer pull for productivity solutions remains strong. They seek smarter ways to manage increasing workload and navigate resource constraints whilst having to serve more patients.

儘管各地區的動態仍有差異，但我們服務的市場的基本面依然強勁。請容許我花一點時間來思考我們從客戶那裡聽到的內容。從北美開始。我們繼續看到醫院基本需求保持穩定。客戶對生產力解決方案的吸引力依然強勁。他們尋求更聰明的方法來管理日益增加的工作量並解決資源限制問題，同時為更多的患者提供服務。

We are well positioned to meet this need as innovation and productivity partner, as evidenced by the double-digit order intake growth in 2024 and the first half of this year. While we have not observed significant shifts in CapEx plans, we are closely monitoring the environment.

作為創新和生產力合作夥伴，我們完全有能力滿足這項需求，2024 年和今年上半年的兩位數訂單量成長證明了這一點。雖然我們沒有觀察到資本支出計畫的重大變化，但我們正在密切監測環境。

In China, stimulus activity is picking up and tender activity is increasing, although from a low base. That said, we have not yet seen a significant change in market dynamics. Therefore, we continue to maintain a cautious view on our -- on China in our full year outlook.

在中國，儘管基數較低，但刺激計畫正在加速實施，招標活動也在增加。話雖如此，我們尚未看到市場動態發生重大變化。因此，我們在全年展望中繼續對中國保持謹慎的看法。

Globally, capital expenditure remains solid. We are seeing increasing demand in Europe and Latin America. India and Saudi Arabia are investing in health care infrastructure and digitization representing high-growth geographies to us, as also evidenced by the Sharon deal in Indonesia.

從全球來看，資本支出依然穩健。我們看到歐洲和拉丁美洲的需求正在不斷增長。印度和沙烏地阿拉伯正在投資醫療保健基礎設施和數位化，對我們來說，這兩個地區代表著高成長地區，印尼的 Sharon 交易也證明了這一點。

Staying close to our customers and partners is more important than ever. They are navigating an increasingly complex environment, facing rising demand, resource constraints and shifting priorities. That's why we are focused on innovating with purpose to deliver better and more care, solving their most pressing challenges through smart, scalable and AI-enabled solutions. I'm proud of how our teams are stepping up and delivering impact where it matters most.

與我們的客戶和合作夥伴保持密切聯繫比以往任何時候都更加重要。他們正在應對日益複雜的環境，面臨不斷增長的需求、資源限制和不斷變化的優先事項。這就是為什麼我們專注於有目的地進行創新，以提供更好、更多的護理，透過智慧、可擴展和支援人工智慧的解決方案解決他們最緊迫的挑戰。我為我們的團隊在最重要的事情上發揮影響力和影響力而感到自豪。

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

夏洛特現在將討論我們第二季的業績以及對 2025 年的展望。

Thank you, Roy. I will start with segment-level performance. In Diagnosis & Treatment, comparable sales decreased by 1% in the quarter, as expected on the back of a high two year comparison base. Image-Guided Therapy continued its solid top line performance, driven primarily by higher installations of our flagship Azurion systems in Europe and growth geographies, along with strong performance in coronary devices.

謝謝你，羅伊。我將從細分級別的表現開始。在診斷和治療領域，由於兩年比較基數較高，本季可比銷售額下降了 1%，符合預期。影像引導治療持續保持穩固的營收表現，主要得益於我們旗艦產品 Azurion 系統在歐洲和成長地區的安裝量增加，以及冠狀動脈設備的強勁表現。

Precision Diagnosis sales declined in the low single digits year-over-year. This was mainly due to a particularly high comparison base in magnetic resonance. As we noted in Q1, this elevated base was driven by prior year's improvements in the supply chain and persisted into Q2. D&T adjusted EBITA margin improved by 130 basis points to 13.5%.

精準診斷銷售額較去年同期下降了個位數。這主要是因為磁振造影的比較基數特別高。正如我們在第一季所指出的，這一基數的上升是由前一年供應鏈的改善所推動的，而這種趨勢持續到了第二季。D&T 調整後的 EBITA 利潤率提高了 130 個基點，達到 13.5%。

Recently launched innovations such as next-generation BlueSeal MR, CT5300 and Azurion Neuro Biplane continue to contribute to the improvement of the gross margin. The improvement in adjusted EBITDA was further supported by productivity measures, improved operational efficiency at favourable mix effect. That was contribution from services, which was partially offset by cost inflation.

近期推出的下一代 BlueSeal MR、CT5300 和 Azurion Neuro Biplane 等創新技術繼續為毛利率的提高做出貢獻。調整後 EBITDA 的改善得益於生產力措施、營運效率的提升和良好的組合效應。這是來自服務的貢獻，但被成本通膨部分抵銷。

In Connected Care, comparable sales declined 1% in the quarter, mainly due to a low single-digit decline in monitoring. Similar to Diagnosis & Treatment, our hospital patient monitoring business faced a high two year comparison base globally following prior period supply chain improvements.

在互聯護理領域，本季可比銷售額下降了 1%，主要原因是監測業務出現了個位數的低點下降。與診斷和治療類似，在前期供應鏈改進之後，我們的醫院病患監測業務在全球面臨兩年的高對比基數。

As Roy said, we continue to see solid demand in hospital patient monitoring driven by large partnerships in North America. Connected Care adjusted EBITA margin improved by 160 basis points to 10.4%, this was mainly driven by productivity measures, improved operational efficiency and a low comparable base, partially offset by cost inflation.

正如羅伊所說，我們繼續看到受北美大型合作夥伴推動的醫院病人監護需求強勁。Connected Care 調整後的 EBITA 利潤率提高了 160 個基點，達到 10.4%，這主要得益於生產力措施、營運效率提高和較低的可比基數，但成本通膨部分抵消了這一影響。

Personal Health delivered strong growth in Q2 across most geographies. This strong performance was partially offset by a decline in China, reflecting the impact of inventory destocking, which concluded in the quarter as anticipated.

個人健康業務在第二季度在大多數地區都實現了強勁成長。這一強勁表現被中國市場的下滑部分抵消，反映了庫存去庫存的影響，而庫存去庫存在本季度按預期結束。

Personal Health adjusted EBITA margin declined by 170 basis points to 15.2%. Higher sales and productivity measures were more than offset by mix cost inflation and advertising and promotion spend to drive long-term demand and support our recent launches. These included the AI-powered I9000 electric shaver range and Sonicare range of toothbrushes. Finally, sales in the Other segment were in line with the previous year. And adjusted EBITA for this segment increased by EUR24 million year-on-year, mainly driven by lower costs and higher royalty income.

個人健康調整後的 EBITA 利潤率下降 170 個基點至 15.2%。更高的銷售額和生產力指標被混合成本膨脹以及廣告和促銷支出所抵消，從而推動了長期需求並支持了我們最近的推出。其中包括人工智慧驅動的 I9000 電動刮鬍刀系列和 Sonicare 系列牙刷。最後，其他部門的銷售額與上年持平。該部門調整後息稅折舊攤銷前利潤年增2,400萬歐元，主要得益於成本降低和特許權使用費收入增加。

Turning to our group results and operating highlights in the quarter. Comparable sales growth for the group was 1%. Geographically, overall growth was supported by growth geographies. This was mostly offset by a decline in China, as expected, mainly due to the decline in Personal Health.

談談我們本季的集團業績和經營亮點。該集團可比銷售額成長率為1%。從地理上看，整體成長受到成長地理的支持。正如預期的那樣，這大部分被中國市場的下滑所抵消，這主要是由於個人健康業務的下滑。

Adjusted EBITA margin increased by 130 basis points to 12.4%, driven by productivity measures, improved gross margin from innovation, favorable mix effect and improved operational efficiency. It was partially offset by advertising and promotion spend in Personal Health; cost inflation, including the initial impact of increased tariffs; currency headwinds; and lower sales in China.

調整後的 EBITA 利潤率增加了 130 個基點，達到 12.4%，這得益於生產力措施、創新帶來的毛利率提高、良好的組合效應以及營運效率的提高。但部分抵消了個人健康業務的廣告和促銷支出、成本上漲（包括關稅上調的初步影響）、貨幣逆風以及中國市場銷售額下降的影響。

Tariffs remain dynamic. We have largely completed short-term mitigation actions such as optimizing inventory locations and flow of goods, leveraging special programs and pursuing exceptions. We made solid progress on midterm initiatives, including supplier network and manufacturing location optimization to enhance cost efficiency and operational agility.

關稅保持動態。我們已經基本完成了優化庫存位置和貨物流動、利用特殊計劃和尋求例外等短期緩解措施。我們在中期計劃方面取得了紮實進展，包括供應商網路和製造地點優化，以提高成本效率和營運靈活性。

This process is carefully managed to balance regulatory, operational and customer considerations. Our disciplined approach to cost management and productivity initiatives has delivered EUR2.1 billion in savings since the start of our three year plan in 2023. These savings have contributed meaningfully to adjusted EBITA expansion.

這個過程經過精心管理，以平衡監管、營運和客戶方面的考慮。自 2023 年實施三年計畫以來，我們嚴謹的成本管理和生產力措施已節省了 21 億歐元。這些節省對於調整後的 EBITA 擴張做出了重大貢獻。

In Q2, we delivered EUR197 million in savings, bringing the year-to-date total to EUR344 million. We remain on track to achieve EUR800 million in productivity savings in 2025. One of the key levers supporting this multiyear delivery is product simplification and SKU reduction across the portfolio. These efforts reduce complexity and cost in R&D, procurement and supply chain.

第二季度，我們實現了 1.97 億歐元的節省，使年初至今的節省總額達到 3.44 億歐元。我們仍有望在 2025 年實現 8 億歐元的生產力節約。支持這項多年交付的關鍵槓桿之一是整個產品組合的產品簡化和 SKU 減少。這些努力降低了研發、採購和供應鏈的複雜性和成本。

Also, this enables us to focus resources on areas with the highest growth potential. As a result, we're accelerating innovation and structurally improving our margin profile. Roy mentioned earlier that we are continuing to find opportunities to reduce complexity and further align with our new operating model. This requires making tough, but necessary choices about what we stopped doing, freeing up our teams to focus externally on customers and competitive dynamics.

此外，這使我們能夠將資源集中在具有最高成長潛力的領域。因此，我們正在加快創新並從結構上改善我們的利潤狀況。羅伊之前提到，我們正在繼續尋找機會降低複雜性並進一步與我們的新營運模式保持一致。這需要我們做出艱難但必要的選擇，停止做我們想做的事情，讓我們的團隊將注意力集中在外部客戶和競爭動態上。

These simplification efforts are already delivering results, contributing to productivity savings in Q2 and sharpening our commercial focus, creating the space for our teams to accelerate growth. Restructuring and acquisition-related costs continue to require close attention.

這些簡化工作已經取得了成效，有助於提高第二季的生產力並增強我們的商業重點，為我們的團隊加速成長創造了空間。重組和收購相關成本仍需密切關注。

In the quarter, adjusting items amounted to EUR86 million, of which EUR54 million were related to Respironics field action and consent decree remediation. This is below our Q2 2025 outlook range of EUR150 million, mainly driven by cost phasing within the year.

本季度，調整項目總額為 8,600 萬歐元，其中 5,400 萬歐元與 Respironics 現場行動和同意令補救有關。這低於我們對 2025 年第二季 1.5 億歐元的預期範圍，主要原因是年內成本分階段下降。

Adjusted diluted EPS from continued operations was EUR0.36 in the quarter, up 20% year-on-year, which benefited from improved gross margin. Free cash flow in the quarter was EUR230 million, driven by higher earnings, offset by working capital outflows due to seasonal phasing.

本季持續經營業務調整後稀釋每股收益為 0.36 歐元，年增 20%，受惠於毛利率的提高。本季自由現金流為 2.3 億歐元，受收益增加的推動，但被季節性分階段造成的營運資金流出所抵銷。

Moving to the balance sheet. We ended the quarter with approximately EUR1.8 billion of cash and net debt of approximately EUR6.6 billion. Our leverage ratio remained in line with Q1 2025 and last year at 2.2 times on a net debt to adjusted EBITA basis.

轉到資產負債表。本季末，我們的現金餘額約為 18 億歐元，淨債務約 66 億歐元。我們的槓桿率與 2025 年第一季和去年保持一致，以淨債務與調整後 EBITA 之比計算為 2.2 倍。

We successfully raised EUR1 billion this quarter through a well-supported note offering with the 5 year and 10 year tranches oversubscribed more than 3 times and 4 times, respectively. We remain committed to maintaining a strong investment-grade credit rating.

本季度，我們透過獲得大力支持的票據發行成功籌集了 10 億歐元，其中 5 年期和 10 年期債券的超額認購分別超過 3 倍和 4 倍。我們仍然致力於維持強勁的投資等級信用評等。

Now turning to the outlook. Our comparable sales growth outlook remains unchanged at 1% to 3% with a greater weighting towards the fourth quarter, as previously expected. As Roy mentioned, the strength in our order book across both Diagnosis & Treatment and Connected Care as well as our Personal Health sales momentum positions us well to drive accelerated growth in the second half of the year. This is further supported by a lower prior year comparison in China.

現在轉向展望。正如之前預期的那樣，我們的可比銷售額成長預期保持不變，為 1% 至 3%，且第四季的權重更大。正如羅伊所提到的，我們在診斷與治療和互聯護理方面的訂單強勁，以及我們的個人健康銷售勢頭強勁，這使我們能夠在下半年推動加速成長。中國去年同期的較低水準進一步證實了這一點。

We continue to expect sequential improvement in comparable sales through the second half of 2025 with Q3 projected to come in slightly above the full year range of 1% to 3% and further improvement anticipated in Q4.

我們繼續預期 2025 年下半年可比銷售額將連續改善，預計第三季的銷售額將略高於全年 1% 至 3% 的增幅，預計第四季將進一步改善。

The tariff landscape remains dynamic. There have been two notable revisions since the outlook we provided on May 6. Tariff on US China bilateral trade and tariffs on imports from the European Union into the US are both expected to be lower than our previous assumptions.

關稅格局依然動態。自我們 5 月 6 日提供展望以來，已有兩次顯著的修訂。預計中美雙邊貿易關稅以及美國從歐盟進口的關稅都將低於我們先前的假設。

At current levels, the estimated net impact for 2025 is between EUR150 million and EUR200 million, down approximately EUR100 million from the previous estimate. We now expect adjusted EBITA margin to be between 11.3% and 11.8%, which is 50 basis points above our May outlook.

按照目前的水平，預計 2025 年的淨影響在 1.5 億歐元至 2 億歐元之間，比先前的估計下降約 1 億歐元。我們現在預計調整後的 EBITA 利潤率將在 11.3% 至 11.8% 之間，比我們 5 月的預測高出 50 個基點。

We estimated the current impact of tariffs using the same consistent approach as before, based on announced measures and net of substantial mitigation actions, which we are actively executing on with agility.

我們採用與以前相同的一致方法來估計關稅的當前影響，該方法基於已宣布的措施並扣除實質性的緩解行動，我們正在積極靈活地執行這些行動。

As mentioned during our earnings call in May, the tariff impact will be more pronounced in the second half of the year, reflecting the timing lag between higher inventory costs and the recognition of the impact in the P&L. As a result, we expect Q3 adjusted EBITA margin to decline year-over-year, primarily due to tariffs and the timing of royalty income in the Other segment.

正如我們 5 月收益電話會議上所提到的，關稅的影響在下半年將更加明顯，這反映了庫存成本上升與損益表中對影響的確認之間的時間滯後。因此，我們預計第三季調整後的 EBITA 利潤率將年減，主要原因是關稅和其他部門特許權使用費收入的時間表。

Moving to free cash flow. At current tariff levels, we now expect free cash flow for the full year to range between EUR0.2 billion and EUR0.4 billion, up from slightly positive previously. As a reminder, our 2025 free cash flow includes the EUR1 billion outflow related to the Resperonic settlement paid in Q1. Our Q3 and full year 2025 outlook excludes potential wider economic impact and the ongoing Philips-Respironics related proceedings, including the investigation by the Department of Justice.

轉向自由現金流。依照目前的關稅水平，我們預計全年自由現金流將在 2 億歐元至 4 億歐元之間，高於先前的小幅正值。提醒一下，我們的 2025 年自由現金流包括與第一季支付的 Resperonic 和解金相關的 10 億歐元流出。我們對 2025 年第三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。

Thank you, Charlotte. Before we conclude, I would like to share that we'll host a Capital Markets Day next February. The event will mark the completion of the three year plan announced when I became CEO. It will provide an opportunity to reflect on the fundamental progress we have been delivering since.

謝謝你，夏洛特。在結束之前，我想告訴大家，我們將在明年二月舉辦資本市場日。此次活動標誌著我擔任執行長時宣布的三年計劃的完成。這將為我們提供一個機會來反思自那以來我們所取得的根本進展。

It also sets the stage to outline the next phase of our strategy: accelerating profitable growth, unlocking the full potential of our segments and enabling better care for more people now and into the future. This positions us to continue building towards our trajectory of mid-single-digit growth and mid-teens margins beyond 2025. We look forward to that discussion.

它也為我們下一階段的策略奠定了基礎：加速獲利成長，充分發揮我們各部門的潛力，並為現在和未來的更多人提供更好的照護。這使得我們能夠在 2025 年以後繼續實現中等個位數成長和中等十幾個百分點的利潤率。我們期待這次討論。

To sum up, in the second quarter, we delivered solid order intake growth, sales growth and strong margin improvement. As we have said from the start of the year, our performance is weighted towards the second half, and we are on track to deliver. Our confidence is underpinned by order intake momentum and robust order book, providing clear visibility into second half sales conversion.

總而言之，在第二季度，我們實現了穩健的訂單量成長、銷售成長和利潤率的強勁提升。正如我們年初所說的那樣，我們的業績主要集中在下半年，而且我們正按計劃實現這一目標。訂單量成長動能和強勁的訂單量增強了我們的信心，為下半年的銷售轉換提供了清晰的可見性。

We are seeing encouraging uptake of our innovations in health care settings and sales momentum in Personal Health, all while the tariff landscape continues to evolve. We keep execution on track and actively adapt our mitigation measures accordingly.

我們看到，我們的創新在醫療保健領域的應用和個人健康領域的銷售勢頭令人鼓舞，同時關稅格局也在不斷演變。我們保持執行的正常進行，並積極相應地調整我們的緩解措施。

These dynamics position us well to execute and deliver against our full year outlook and operational priorities and allows us to increase our full year outlook for adjusted EBITA margin and free cash flow, including currently announced tariffs, whilst we reiterate our comparable sales growth outlook for the year.

這些動態使我們能夠很好地執行和實現我們的全年展望和營運重點，並使我們能夠提高全年調整後的 EBITA 利潤率和自由現金流展望，包括目前宣布的關稅，同時我們重申我們對今年可比銷售額增長的展望。

We achieved what we set out to do in the first half, while navigating a complex and, in several ways, unchartered global environment. Looking ahead to the second half, we are confident in our ability to do the same. We are building on momentum and delivery to date with a clear focus on driving underlying margin expansion.

在應對複雜且在某些方面未知的全球環境的同時，我們實現了上半年設定的目標。展望下半年，我們有信心也能取得同樣的成績。我們正在鞏固迄今為止的勢頭和交付成果，明確重點是推動基礎利潤率的擴大。

Thank you, and we are now ready for your questions.

謝謝，我們現在準備好回答您的問題。

(Operator Instructions)

（操作員指示）

Hassan Al-Wakeel, Barclays.

巴克萊銀行的 Hassan Al-Wakeel。

Good morning, and thank you for taking my questions. I have three, please. Firstly, can you talk about the improvement in D&T margins and the underlying expansion here? I know that you highlighted gross margin as a driver, but can you quantify how much of that was driven by gross margin? And within gross margin, whether it's price or mix or both and whether you see yourself at an inflection in the D&T margin?

早上好，感謝您回答我的問題。我有三份，謝謝。首先，您能談談 D&T 利潤率的提高以及這裡的潛在擴張嗎？我知道您強調了毛利率是驅動因素，但您能否量化其中有多少是由毛利率推動的？在毛利率方面，無論是價格還是組合，還是兩者兼而有之，以及您是否認為自己處於 D&T 利潤率的轉折點？

Secondly, on the margin guidance, why have you only banked the tariff improvement and not to the EBITA beat in the quarter? Is this conservatism on your part or do you see -- or do you not see the margin improvement as sustainable?

其次，關於利潤率指引，為什麼你們只將關稅改善納入其中，而沒有將其納入本季的 EBITA 成長中？這是您的保守做法嗎？或者您認為利潤率的提升是不可持續的嗎？

And then finally, can you please help us unpack the decline in Connected Care in the quarter by segment, particularly monitoring in S&RC. What is driving this? How is the share gain opportunity being realized in Europe in S&RC? And then in monitoring, I can see that there was a decline this quarter and that comes against a flat performance last year, so I'd love to get the detail behind that. Thank you.

最後，您能否協助我們分析本季互聯護理各細分市場的下滑情況，特別是 S&RC 的監控。是什麼原因導致這現象？S&RC 在歐洲如何實現份額成長機會？然後在監控中，我發現本季出現了下降，而去年的表現則持平，所以我很想了解背後的細節。謝謝。

Thank you, Hassan. Let me start with your first question on the D&T margin. We're indeed very pleased with the D&T margin expansion in the quarter of 130 basis points. And as I said in my prepared remarks, a lot of that is indeed related to gross margin expansion on the back of in the great innovations that we've been bringing to market, including our BlueSeal MR, our Spectral CT7500 and as well as our Azurion Neuro Biplane. And so we really see strength across the modalities.

謝謝你，哈桑。讓我先從您關於 D&T 利潤的第一個問題開始。我們確實對本季 D&T 利潤率擴大 130 個基點感到非常高興。正如我在準備好的發言中所說，這在很大程度上確實與我們向市場推出的偉大創新所帶來的毛利率擴張有關，包括我們的 BlueSeal MR、Spectral CT7500 以及 Azurion Neuro Biplane。因此，我們確實看到了各種模式的優勢。

In addition to that, we've also continued to focus on productivity. You heard me talk about in my prepared remarks about the portfolio simplification as well as the SKU reduction, and we start seeing the impact of that in our gross margin as well.

除此之外，我們也持續關註生產力。您聽到我在準備好的發言中談到了產品組合簡化以及 SKU 減少，我們也開始看到這對我們的毛利率的影響。

And then lastly, we also saw a favorable mix impact that have helped on the back of also solid IGT sales as well as increased contribution from our services portfolio as well. So there's a lot to be pleased about in the second quarter there.

最後，我們也看到了有利的組合效應，這有助於 IGT 銷售的穩健成長以及我們服務組合貢獻的增加。因此，第二季有很多值得高興的事情。

If I then continue on to your second question on the full year margin guidance. And again, I'd say that, first of all, we're happy with our outlook revision to include the current tariff levels that have gone down, both from a US-China perspective as well as from the EU-US perspective.

那我繼續回答您關於全年利潤率指引的第二個問題。我再次強調，首先，我們對我們的前景修正感到滿意，該修正涵蓋了目前已經下降的關稅水平，無論是從中美角度還是從歐盟和美國角度來看。

What I would just remind you of, though, is that if we look back at the first half, we are at minus 1% sales growth and 30 basis points of expansion. In order to deliver on this guidance, we have to accelerate our margin expansion in the second half of the year, whilst absorbing the tariff impact that will hit us in earnest in the second half of the year because of the way that flows into our P&L.

不過，我想提醒大家的是，如果我們回顧一下上半年，我們的銷售額成長率為-1%，擴張了30個基點。為了實現這一目標，我們必須在下半年加速提高利潤率，同時吸收關稅的影響，因為關稅將流入我們的損益表，從而在下半年對我們造成嚴重影響。

Of course, also, we have potential FX headwinds to take into account, so that's also what we're taking into account. What I would add on top of that is specifically on Q3, we expect adjusted EBITA margins to go down as a result of that tariff impact impacting our P&L.

當然，我們也要考慮潛在的外匯不利因素，所以這也是我們正在考慮的。我還想補充的是，特別是在第三季度，我們預計調整後的 EBITA 利潤率將下降，因為關稅影響了我們的損益表。

Thank you, Hassan. And then on Connected Care. So if you look at Connected Care, the sales declined 1%, primarily driven by low single-digit drop in Monitoring. And as you know, this business grew low single digits last year following the strong 20%-plus growth in 2023 after earlier supply chain improvements that we realized, so it's coming from this high base.

謝謝你，哈桑。然後是互聯護理。因此，如果你看一下 Connected Care，你會發現銷售額下降了 1%，這主要是由於監控部門的個位數低幅下降所致。如您所知，繼我們早期實現的供應鏈改進之後，該業務在 2023 年實現了 20% 以上的強勁增長，去年實現了低個位數增長，因此它來自這個高基數。

And as we also have seen in the order intake growth and the strength there, actually momentum in monitoring is very strong. And also monitoring represent 6% of the total revenue. The demand for monitoring solutions remains strong, especially also with the US demand, and we concluded six big partnerships here with major health care systems.

正如我們在訂單量成長和實力中所看到的，監控勢頭實際上非常強勁。監控收入佔總收入的 6%。對監測解決方案的需求仍然強勁，尤其是美國的需求，我們與六個主要醫療保健系統建立了大型合作關係。

If you look to the Respironics and as [receipt] performance, we had, of course, a very strong pickup last year. Now we see a bit slower pickup this year also on the back of that strong uptake last year. We have strong momentum in the masks, as we have shared before, where the new launches are gaining traction, and we are working our way back into the market that we are reentering.

如果你看一下 Respironics 和 [收據] 表現，你會發現，去年我們的成長非常強勁。由於去年成長強勁，我們看到今年的成長速度有所放緩。正如我們之前分享的那樣，我們在口罩領域發展勢頭強勁，新產品的推出正在獲得關注，我們正在努力重返重新進入的市場。

So actually, we are also looking forward to the second half of the year, where we see actually Connected Care momentum growing on the basis of the order book and order momentum that we have been seeing, and we are confident that, that will also then showcase itself into Q3 and Q4 performance.

因此，實際上，我們也期待下半年，屆時我們會看到，基於訂單和訂單勢頭，互聯護理業務實際上正在增​​長，並且我們有信心，這也將在第三季度和第四季度的表現中得到展現。

That's really helpful. If I can just follow up? Where are you in the European market on the system side versus where you are prior to the recall, please, in share terms?

這真的很有幫助。我是否可以跟進？請問，與召回之前相比，您在歐洲市場的系統份額如何？

I would hard to kind of say exactly in share terms, Hassan. As said, we are now back in all markets. We're also expanding in the markets. We're also working closely with the big partners in these markets. But of course, we're still working our way back in.

我很難用確切的份額來表達，哈桑。正如所說，我們現在已經重返所有市場。我們的市場也在不斷擴大。我們也與這些市場的大型合作夥伴密切合作。但當然，我們仍在努力恢復。

So I think it's too early to call a specific market share numbers on that, but we are kind of rebuilding the momentum and actually that's going in line with plan. So actually, we are staying the course on that and see really that the customers are welcoming us back, as we said earlier.

因此我認為現在就預測具體的市佔率數字還為時過早，但我們正在重建勢頭，實際上這正按照計劃進行。因此，實際上，我們正​​在堅持這一方針，並且確實看到客戶歡迎我們回來，正如我們之前所說的那樣。

Thank you very much.

非常感謝。

Graham Doyle, UBS.

瑞銀集團的 Graham Doyle。

Good morning. Thanks for taking my questions. Just a couple really relating to China and one quick one on tariffs. Just in terms of the destock of Personal Health, how far the quarter did that actually kind of complete? And then would you be able to give us some color on what you're seeing in terms of the medical equipment side of things on tenders and that's translating into orders and hopefully revenues? And then very briefly, just on tariffs for 2026, should we effectively take what we're looking at for the second half and sort of annualize that? Thank you.

早安.感謝您回答我的問題。其中只有幾個與中國有關的問題，還有一個與關稅有關的問題。就個人健康產品的去庫存而言，本季實際上完成了多少？然後，您能否向我們介紹一下您在招標方面對醫療設備的看法，以及這些看法如何轉化為訂單和收入？然後非常簡短地講，關於 2026 年的關稅，我們是否應該有效地將我們對下半年的預測進行年度化？謝謝。

So thank you, Graham, on China destocking. So indeed, we completed the destocking program in the second quarter. And at the same time, I think we have been spending behind the continued strong sell-out. So actually, that combination was important because we built on the momentum that we see step-by-step rebuilding in China.

所以，格雷厄姆，謝謝你關於中國去庫存的問題。因此，我們確實在第二季完成了去庫存計劃。同時，我認為我們一直在大力投入，以保持持續強勁的銷售勢頭。因此，實際上，這種結合非常重要，因為我們依託中國逐步重建的勢頭。

We had an [186] festival where we actually saw an improvement for the first time also in sellout coming in. We ranked number 1 on JD.com in our category. So actually, it was good performance. So we see China playing out as we planned.

我們舉辦了 [186] 場音樂節，實際上我們第一次看到了門票銷售情況的改善。我們在京東的同類產品中排名第一。所以實際上，這是很好的表現。因此，我們看到中國的發展正如我們所計劃的那樣。

We're still cautious on the full year, but we do see it strengthening and that's also what we will take in the second half. As you know, we also get the comparable then supporting us, but also on the underlying sellout, we see that actually we are rebuilding the momentum in the market, and that goes with the demand that step by step is increasing.

我們對全年的業績仍持謹慎態度，但我們確實看到它正在增強，這也是我們下半年將採取的措施。如您所知，我們也獲得了可比較的支持，而且在潛在的拋售上，我們看到我們實際上正在重建市場勢頭，並且伴隨著逐步增加的需求。

On the medical side, we see, also in line with our outlook, as we said earlier, that there's a slow recovery, tenders are coming into the market. It's a competitive situation and the process is still prolonged, so that's also something that we see there still hitting us in the second quarter with slower growth from China on the medical side.

在醫療方面，正如我們之前所說，我們看到復甦緩慢，招標正在進入市場，這也符合我們的展望。這是一個競爭激烈的局面，而且這個過程仍然很長，因此，我們看到第二季度中國醫療領域的成長放緩仍將對我們造成影響。

But in the second half, we also expect that to improve although from a low base and of course, also had a slow pace. So I think China is fully baked in the guidance that we have now put out there for the full year. So in that sense, I think we feel comfortable with what we are planning for and we remain very close to the market.

但在下半年，我們也預期情況會有所改善，儘管基數較低，而且步伐緩慢。因此我認為中國已經完全接受了我們目前發布的全年指引。因此從這個意義上來說，我認為我們對我們的計劃感到滿意，並且我們與市場保持著密切的聯繫。

I was there last two weeks ago myself again, talking to customers and the government, they really want to strengthen the Chinese market, and we continue to believe in the longer-term prospects of it, but it does take time, I think that's still fair to say. And we are gaining, in that market, good momentum with the market base and that's something that kind of we also see them continuing into '26.

兩週前我又去了那裡，與客戶和政府交談，他們確實希望加強中國市場，我們仍然相信它的長期前景，但這確實需要時間，我認為仍然可以這麼說。我們在該市場中獲得了良好的市場基礎，我們也看到這種勢頭將持續到26年。

So we don't expect that this is a short-term hiccup. We expect structural improvement. So step by step, we expect China to come back into the mid-single-digit ranges that have been before, and that's what we're working towards.

因此我們並不認為這只是一個短期的障礙。我們期待結構性改善。因此，我們預計中國經濟將逐步恢復到先前的中等個位數水平，這也是我們正在努力實現的目標。

Yeah. Thank you, Graham. And maybe to your next question on the 2026 tariffs. So maybe first to give you a little bit of context. So as we started seeing those tariffs, we've established a multifunctional SWAT team a few months ago, really going through all the different scenarios that we see.

是的。謝謝你，格雷厄姆。也許您的下一個問題是關於 2026 年關稅的。所以首先我想先跟你介紹一下背景。因此，當我們開始看到這些關稅時，幾個月前我們就成立了一支多功能特警隊，真正應對我們所看到的所有不同情況。

And as a result, we've been able to digest the latest dynamic update. And if we then particularly go into 2026 and also what Roy said in his prepared remarks around us building towards our trajectory of mid-single-digit growth and mid-teens margins beyond 2025, that incorporates the new tariff reality. So that is the best I could say at this point in time.

因此，我們能夠消化最新的動態更新。如果我們特別進入 2026 年，正如羅伊在他的準備好的發言中所說的那樣，我們將在 2025 年以後實現中等個位數增長和十幾歲利潤率的軌跡，這將納入新的關稅現實。這是我目前能說的最好的話。

Awesome. That's really clear. Thanks a lot, guys. I appreciate it.

驚人的。這確實很清楚。非常感謝大家。我很感激。

Veronika Dubajova, Citi.

花旗銀行的 Veronika Dubajova。

Hi, guys. Good morning, and thank you, we're in Charlotte -- for taking my questions. I will keep it to two, please. One, was just hoping you could elaborate on the strength you're seeing in Personal Health? And just in particular, I think you alluded to high single, low double-digit growth rates in Europe and the US. Obviously, that's quite at odds with a lot of the other consumer data points that we're seeing out there.

嗨，大家好。早安，謝謝您在夏洛特回答我的問題。請將數量限制為 2。首先，我只是希望您能詳細說明一下您在個人健康方面看到的優勢？尤其是，我認為您提到了歐洲和美國的高個位數和低兩位數的成長率。顯然，這與我們看到的許多其他消費者數據點完全不一致。

So Roy, maybe you can give us a little bit of color on sort of how you're thinking -- what's driving that, how sustainable that might be? And I guess the guidance for the year where you're looking for growth that is above the 1% to 3%, just curious if it's mid or high single digits kind of what's realistic because the comps do get easier in the back half of the year and clearly China is better. So that's my first question. I appreciate there's a lot of moving parts.

那麼 Roy，也許您可以向我們稍微解釋一下您的想法——是什麼推動了這一進程，這一進程的可持續性如何？我猜，你所期待的年度成長指引是在 1% 到 3% 以上，只是好奇這個成長率是否是中等或高個位數，這是否現實，因為下半年的比較確實變得更容易，而且中國的情況顯然更好。這是我的第一個問題。我很欣賞有很多活動部件。

And then my second question is just on the order strength, I would love for you to elaborate a little bit on the modalities in particular, where you think you're doing better and maybe you've touched upon the regional color in terms of North America, but if there are any other regions you'd call out there as well, that would be helpful? Thank you so much.

然後我的第二個問題是關於訂單強度，我希望您能詳細說明一下具體的方式，您認為您在哪些方面做得更好，也許您已經觸及了北美地區的區域色彩，但如果您也提到了其他地區，那會很有幫助嗎？太感謝了。

Yes. Thank you, Veronika, for your questions. Let me start on PH. So as we actually saw in due course of the year, we see the consumer momentum for our solutions, in particular, strengthening. We saw that in Q1, we saw a further step-up in Q2, and we expect that to continue into the second half, that momentum that we have been building.

是的。謝謝維羅妮卡的提問。讓我從 PH 開始。因此，正如我們在今年稍後看到的那樣，我們看到消費者對我們的解決方案的需求勢頭正在增強。我們在第一季就看到了這一點，在第二季也看到了進一步的成長，我們預計這種勢頭將持續到下半年。

That was, in particular, of course, outside of the US -- sorry, outside of China, so we saw a strong US and also from Europe and rest of the world. I think we mentioned that this is quite broad-based. So we see good uptake about our new grooming and beauty ranges.

當然，這尤其發生在美國以外——抱歉，是中國以外，所以我們看到了美國、歐洲和世界其他地區的強勁表現。我認為我們提到過，這是相當廣泛的。因此，我們看到我們的新美容和美容系列產品受到了廣泛的歡迎。

In particular, we launched a new high-end shaver the I9000, we doing really well, that's generating not only good sales, but also good margins. So that's a very important launch that is generating traction. We had the midrange in Sonicare that we launched that actually is also making good headway in China, but also in the rest of the world. So actually, we see an uptake that supported, but also in our Mother & Child Care business that is actually doing well.

特別是，我們推出了一款新的高階刮鬍刀 I9000，我們的表現非常好，它不僅帶來了良好的銷售業績，還帶來了良好的利潤率。所以這是一次非常重要的發布，它正在產生牽引力。我們推出的 Sonicare 中端產品不僅在中國，而且在世界其他地區也取得了良好的進展。因此，實際上，我們看到了支持性的成長，而且我們的母嬰護理業務實際上也表現良好。

We see that our AI-powered Avent baby monitor, but also natural feeding bottles are doing well, so we see that there is a structural support for our solutions. And we see the growth from a regional perspective in North America and Western Europe and especially outside of China.

我們看到，我們的人工智慧 Avent 嬰兒監視器以及天然奶瓶都表現良好，因此我們看到我們的解決方案得到了結構性支援。我們從北美、西歐以及中國以外的區域角度看到了成長。

Now in the second half, we do expect China to further pick up. I just mentioned it, we see sellout strengthening quarter-over-quarter in China. And of course, we have the comparison base because the destocking comes out of our numbers.

現在到了下半年，我們確實預期中國經濟將進一步回升。我剛才提到，我們發現中國市場的銷售量逐季增強。當然，我們有比較基礎，因為去庫存是根據我們的數據得出的。

Now if you then look at the guidance for the year, we said it would be probably slightly above the range, we still have a second half to go, so we want to be kind of also prudent on that outlook, but we see a sustained support for the demand that we have been seeing increasing. So that's the outlook. And we remain, of course, also cautious on the consumer sentiment, staying on top of it. But for the moment, we are confident on PH outlook.

現在，如果你看今年的指導，我們說它可能會略高於該範圍，我們還有下半年要走，所以我們對這種前景也持謹慎態度，但我們看到對不斷增長的需求的持續支持。這就是前景。當然，我們也對消費者情緒保持謹慎，密切注意。但目前，我們對菲律賓的前景充滿信心。

Now then secondly, on the orders in health systems. Actually, also there, we saw it was quite broad-based. So starting with the stronger switch was IGT, which saw double-digit order intake growth and that was coming from various places. So we had North America double-digit growth of orders, we had the Indonesia deal that you saw in Asia, we also had good growth in Europe.

其次，關於衛生系統的命令。實際上，我們也看到它具有相當廣泛的基礎。因此，首先表現強勁的是 IGT，其訂單量實現了兩位數成長，而且來自各個地方。因此，我們在北美的訂單實現了兩位數的成長，我們在亞洲與印尼達成了交易，我們在歐洲也取得了良好的成長。

So we see that IGT is resonating. We had a new launch of the neural biplane that actually is really coming in strong, but also the base platform still generating a lot of interest and expanding its position. So that's in IGT. Then in PD, we also had high single-digit growth actually nicely contributed by both from MR and CT perspective.

因此我們看到 IGT 正在產生共鳴。我們新推出了一款神經雙翼飛機，它實際上發展勢頭強勁，而且基礎平台仍然引起人們的極大興趣並擴大其地位。這就是 IGT。然後在 PD 方面，我們也實現了高個位數成長，這實際上得益於 MR 和 CT 兩個方面。

I mentioned that actually we see now that all our kind of one-off the orders are coming from the BlueSeal, so that is actually making really good inroads, including in China, actually, we see good support for that platform.

我提到，實際上我們現在看到我們所有的一次性訂單都來自 BlueSeal，所以這實際上取得了很好的進展，包括在中國，實際上，我們看到了對該平台的良好支援。

And then also in our CT range, the 5300 that we launched, the AI-enabled kind of platform that really drives 80% lower radiation and lower image noise does really well in the market, but also a Spectral in volumes actually is picking up, and we saw also a nice step up in Q2 versus Q1 from a CT perspective.

然後在我們的 CT 系列中，我們推出的 5300 是一款支援 AI 的平台，可將輻射真正降低 80%，並將影像雜訊降低，在市場上表現非常出色，而且 Spectral 的銷量實際上也在回升，從 CT 的角度來看，我們也看到第二季度與第一季度相比有了很大的增長。

And then ultrasound, not to forget, came in strong as well. So we had a good contribution from ultrasound. We launched some new innovations with Epic, the affinity, also new point of care, offering came into play. So from a D&T perspective, strong pull from across regions.

然後別忘了，超音波也發揮了強大的作用。因此，超音波為我們做出了巨大的貢獻。我們與 Epic 合作推出了一些新的創新，親和力以及新的護理點也發揮了作用。因此，從 D&T 的角度來看，跨地區的吸引力強勁。

Then Connected Care, I already alluded to that we were very pleased actually that based on a more than 20% exceptional growth in Q2 2024 with a big deal in North America, we now saw good growth coming in with a slight decline in again, fueled strongly from North America, also kind of strong growth there with six big partnerships, but also outside of North America, we see good momentum, and we see the need for more patient monitoring really strengthening and doing that in an efficient manner, and that's what our platform really provides into and provides for, so we kind of saw that momentum also doing well.

然後是互聯護理，我已經提到過，我們實際上非常高興，基於 2024 年第二季超過 20%的卓越成長以及北美的一筆大交易，我們現在看到了良好的成長勢頭，再次略有下降，這主要得益於北美的強勁推動，在六大合作夥伴關係下也實現了強勁增長，但在北美以外，我們也看到了良好的勢頭，我們看到了對更多患者監測的需求正在真正加強並以有效的方式進行，而正是我們的平台也能

So overall, we have an order momentum and also the funnel that actually supports us with the momentum into the second half. We have strong visibility into that. And actually, we see that the new innovations are generating good traction that we were hoping for, and that gives us also the underpinning not only for the order intake outlook, but also for, of course, sales in the second half.

因此，總體而言，我們擁有訂單勢頭，並且頻道實際上支持我們進入下半年。我們對此有很強的預見性。事實上，我們看到新的創新正在產生我們所希望的良好牽引力，這不僅為我們的訂單前景提供了支撐，當然也為下半年的銷售提供了支撐。

That super helpful. Thank you so much, Roy.

這非常有幫助。非常感謝，羅伊。

David Adlington, JPMorgan.

摩根大通的戴維‧阿德林頓。

Hey, good morning, guys. Two, please. So firstly, on Personal Health, it sounds like you've invested quite a lot (technical difficulty) So yes, just on Personal Health, you've invested quite a lot in advertising and promotional spend in PH in the quarter, I just wondered if you could pull out how much of that was in price, maybe just talk about pricing dynamics?

嘿，大家早安。請給我兩份。首先，在個人健康方面，聽起來您已經投入了相當多（技術難度）所以是的，僅在個人健康方面，您在本季度在 PH 的廣告和促銷支出上投入了相當多，我只是想知道您是否可以算出其中有多少是價格，也許只是談談定價動態？

And then secondly, as you look into 2026, US hospital markets going to face some challenges in 2026. Just wondered how your early conversations with customers are and how they're thinking about the market in 2026? Thank you.

其次，展望 2026 年，美國醫院市場將面臨一些挑戰。只是想知道您早期與客戶的對話如何，以及他們如何看待 2026 年的市場？謝謝。

Yeah. Thank you, David. So let me take the first question on Personal Health. Indeed, we fueled the innovations that we've done and that Roy spoke about, we feel that with advertising and promotion spend, and we've invested quite heavily also, particularly in China, as we are finalizing the destocking that we spoke about of the inventory, we were investing behind the sellout by putting marketing campaigns and investing in influencer campaigns there, so that is driving part of the investment there.

是的。謝謝你，大衛。那麼讓我來回答關於個人健康的第一個問題。事實上，正如羅伊所說，我們推動了我們所做的創新，我們認為，透過廣告和促銷支出，我們也投入了相當大的資金，特別是在中國，因為我們正在完成我們所說的庫存去庫存工作，我們通過在那裡開展營銷活動和投資影響力活動來支持銷售，所以這推動了那裡的部分投資。

What I would tell you from a pricing perspective in Personal Health, it's broadly flat. So we are not reducing our prices to gain market share or to drive sales. This is really a marketing campaign to drive the great innovations at Roy just spoke. And then on the second question, the US CapEx conversion, maybe over to you, Roy.

從個人健康定價角度來看，我想告訴你的是，它大致相當。因此，我們降低價格並不是為了獲得市場份額或推動銷售。這其實是一場推動 Roy 剛才所說的偉大創新的行銷活動。然後關於第二個問題，美國資本支出轉換，也許交給你了，羅伊。

Yes. So we see continued strength in the demand in North America. I think we see the patient volumes are strong, procedures are still up. I think what is important to segment over systems kind of where we see specific demands because on one hand, you see kind of the bigger systems still consolidating, and we can provide them with really platforms that make them more efficient because they're really looking for productivity, able to serve more patients, but at a lower cost because they also face cost pressures.

是的。因此，我們看到北美的需求持續強勁。我認為我們看到患者數量很大，手術量仍在增加。我認為，根據特定需求對系統進行細分非常重要，因為一方面，你會看到較大的系統仍在整合，我們可以為他們提供真正的平台，使他們更有效率，因為他們真正尋求的是生產力，能夠服務更多的患者，但成本要更低，因為他們也面臨成本壓力。

At the same time, they also want to have more ambulatory solutions to also serve patients outside of the hospital system. So we see that also ongoing. In part, we saw also that kind of in the deals that we have, there are some monitoring-as-a-service deal still in place, so also the OpEx is being used to kind of convert that demand. So we continue to see strong demand in North America.

同時，他們也希望擁有更多的門診解決方案，為醫院系統以外的患者提供服務。因此，我們看到這種情況仍在繼續。在某種程度上，我們也看到，在我們達成的交易中，仍有一些監控即服務交易在進行，因此營運支出也被用來轉換這種需求。因此我們繼續看到北美的強勁需求。

It has been fueling now 6 -- 1.5 years actually of double-digit growth in orders, we don't see an immediate trend reach. Of course, we stay on top of it. We also are very close to our customers discussing how we can support them, but we are actually looking forward to continue to grow in North America.

它已經推動了 6 年（實際上是 1.5 年）以來訂單量的兩位數增長，我們並沒有看到立即出現的趨勢。當然，我們會密切關注。我們也與客戶密切討論如何為他們提供支持，但我們實際上期待在北美繼續發展。

We have been strengthening our position there, both in terms of our commercial position; we also, of course, continue to support the supply position in line with the trend in the world. So that's something that kind of supports our win rate in North America. But most importantly, we see demand also for next year as strong, and therefore, we continue to fuel the North American market with our innovations.

我們一直在加強我們在那裡的地位，包括我們的商業地位；當然，我們也繼續根據世界趨勢支持供應地位。所以這在某種程度上支持了我們在北美的勝率。但最重要的是，我們認為明年的需求也將強勁，因此，我們將繼續透過創新推動北美市場的發展。

That's clear. Thank you.

這很清楚。謝謝。

Ed Ridley-Day, Rothchild & Co, Redburn.

艾德‧里德利‧戴 (Ed Ridley-Day)，羅斯柴爾德公司 (Rothchild & Co)，雷德伯恩。

Good morning. Thank you. Yes. Firstly, on ultrasound. Could you just give us further color on the growth in the ultrasound revenue in the quarter? And also a follow-up in terms of D&T more broadly. If you could either give the China decline or give us some more color on the performance of D&T, excluding China, that would be helpful.

早安.謝謝。是的。首先，關於超音波。能否進一步介紹本季超音波營收的成長情況？並且更廣泛地跟進 D&T 方面的情況。如果您能說明中國市場的衰退，或為我們提供一些不包括中國市場的 D&T 表現的更多細節，那將會很有幫助。

And then a quick follow-up on the monitoring questions from earlier. In terms of your market share in monitoring, one of your competitors has been struggling in recent years. Do you consider you are still taking share in the particularly US market?

然後快速跟進一下之前的監控問題。就你們在監控領域的市場佔有率而言，你們的一個競爭對手近年來一直在苦苦掙扎。您是否認為您仍佔據著美國市場的份額？

So on ultrasound, so growth in ultrasound, we have been slightly declining in ultrasound growth that was on the back of strong order intake growth that we've seen coming in. So actually for second half, we see ultrasound performance strengthening.

因此，就超音波而言，超音波的成長略有下降，這是由於我們看到訂單量強勁成長所致。因此實際上，對於下半年來說，我們看到超音波性能的增強。

We have the new launches that are really seeing a good uptake. You heard us talk about kind of the high single-digit order growth in precision diagnosis and ultrasound is strongly contributing to that. So we expect that also to come into sales growth of the second half.

我們推出的新產品確實獲得了良好的迴響。您聽到我們談論精準診斷的高個位數訂單成長，而超音波對此做出了巨大貢獻。因此我們預期下半年的銷售也會成長。

In the growth, if you see China versus ex China, we still have dilution effect from China coming into Q2 and that's in line with our expectation. Orders strengthening, sales also strengthening into second half, but still negative.

在成長方面，如果你將中國與中國以外的地區進行比較，你會發現進入第二季度，中國仍然會帶來稀釋效應，這符合我們的預期。訂單增加，下半年銷售也增加，但仍為負。

It will turn positive from the second half, right? That's where kind of our expectation is. That's still up on a low base, and it's in line with our cautious outlook, but it is increasing quarter by quarter, right? That's, I think, our view on the China dynamics as we see it evolving and that's also what we expect when you look a bit further ahead into 2026.

從下半年開始就會轉正了吧？這就是我們的期望。這仍然是在較低基數上增長的，並且符合我們謹慎的展望，但它正在逐季度增長，對嗎？我認為，這就是我們對中國動態發展的看法，也是我們對 2026 年未來發展的預期。

And on monitoring, we have continued strong momentum in monitoring. I think you saw it from indeed the six deals that we took in North America. We have great momentum in the customers that we have, but also are taking and that's also what I mentioned and we are dislodging some incumbents, and we're also taking other sockets. So the combination of monitors with the AI solution on top and also capsule is really driving a very strong positioning, and that's what we continue to build and expand on.

在監測方面，我們持續保持強勁的監測勢頭。我想您確實從我們在北美達成的六筆交易中看到了這一點。我們在現有客戶中擁有巨大的發展勢頭，但我們也在搶佔市場份額，這也是我提到的，我們正在取代一些現有客戶，我們也在搶佔其他市場份額。因此，顯示器與頂部的 AI 解決方案以及膠囊的結合確實推動了非常強大的定位，而這正是我們繼續建造和擴展的定位。

Great. Thank you very much.

偉大的。非常感謝。

Richard Felton, Goldman Sachs.

高盛的理查費爾頓。

Thank you very much. Good morning. Two questions for me, please. The first one is a follow-up on the D&T margin. Charlotte, you mentioned SKU reduction as one of the drivers for margin expansion in that division. Just curious how far along you are in that process? How much more is there to go on that SKU rationalization? And within D&T, which businesses are most impacted by that?

非常感謝。早安.請問我兩個問題。第一個是對 D&T 利潤的跟進。夏洛特，您提到 SKU 減少是該部門利潤率擴大的驅動因素之一。我只是好奇你在這個過程中進步到哪一步了？SKU 合理化還有多進展？在 D&T 領域，哪些企業受此影響最大？

And then my second question, slightly bigger picture question. As Philips plans for a CMD in February 2026, I'd be interested to hear your thoughts on what parts of the current strategy have been working well and which areas do you think there are still rooms for improvement? Thank you.

然後是我的第二個問題，一個稍微大一點的問題。由於飛利浦計劃於 2026 年 2 月推出 CMD，我很想聽聽您對當前策略哪些部分運作良好以及哪些方面還有改進空間的看法？謝謝。

Thank you, Richard. Let me take your first question on D&T margin and double-clicking a little bit on the SKU reduction that we've been working on. A few more color that I would give. First of all, this is really a multiyear process that we started last year. We're making good progress, but it's really a quarter-after-quarter, year-after-year progress.

謝謝你，理查。讓我來回答您關於 D&T 利潤率的第一個問題，並稍微談談我們一直在努力的 SKU 減少問題。我會給出更多顏色。首先，這確實是我們從去年開始的多年的過程。我們正在取得良好進展，但這實際上是一個季度又一個季度、一年又一年的進步。

Because as you can imagine, if we're, for instance, reducing the number of transducers in ultrasound, which we are doing, that takes time to face that out of the market. So we are making progress. We're on track there, but we also see this is a multiyear process as well.

因為你可以想像，如果我們減少超音波換能器的數量（我們正在這樣做），那麼就需要時間來解決這個問題。所以我們正在取得進展。我們正在朝著正確的方向前進，但我們也看到這也是一個多年的過程。

And then to your question on the number of modalities, we're looking at all modalities in D&T. So I gave you an ultrasound example. We've been working on ITT reducing the number of the platforms there, we're looking at MR. So it's really across all modalities that we're looking at this. And as I said earlier, we're seeing the initial impact with reducing complexity, which ultimately helps R&D, production and supply chain as well as procurement.

然後回答您關於模態數量的問題，我們正在研究 D&T 中的所有模態。我給你舉了一個超音波的例子。我們一直在致力於減少 ITT 平台的數量，我們也關注 MR。所以，我們正在研究所有類型的治療模式。正如我之前所說，我們看到了降低複雜性的初步影響，這最終有助於研發、生產和供應鏈以及採購。

Thank you, Richard, for your second question on the CMD. Now we're looking forward, of course, to give you the full update in February. I think what we -- and maybe just a short kind of look back and what's coming. In the plan that we presented, we said that we had a lot of fundamental work to do.

理查德，謝謝你關於 CMD 的第二個問題。當然，我們現在期待在二月份為您提供完整的更新。我想我們——也許只是簡短地回顧一下未來會發生什麼。在我們提出的計畫中，我們說過還有很多基礎工作要做。

And I think as you have been seeing and also as we're showcasing today, we have a much better control on our patient safety and quality, on supply chain and also on the simplification and the organizational productivity, that is what has really been working well.

我認為，正如您所看到的以及我們今天所展示的，我們對患者安全和品質、供應鏈以及簡化和組織生產力的控制得到了更好的改善，這才是真正有效的。

We have put a lot of progress in, and we're starting now to kind of bear the fruits because in parallel, we started to innovate and really focus our innovation on bigger platforms that have kind of scalable impact. And that innovation, you see now coming through in the order intake growth momentum that we have seen dialing up over the last year.

我們已經取得了很大進展，現在開始取得成果，因為同時，我們開始創新，並真正將創新重點放在具有可擴展影響力的更大平台上。而這種創新，現在正體現在訂單量的成長動能中，我們在過去一年中已經看到這種成長動能。

Now if you see the 7% year-on-year growth, but in particular, now also in this year. And we also take that into the second half, so the profitable growth expansion will be, of course, a big theme also as part of the CMD because we want to expand our innovations and our positions, especially also building on the strongholds that we have, so we're very excited about kind of being able to do that on a stronger platform that we have been putting in place for Philips overall.

現在，如果您看到同比增長 7%，但特別是今年也是如此。我們也會將這一點帶入下半年，因此獲利性成長擴張當然也是 CMD 的一個重要主題，因為我們希望擴大我們的創新和地位，特別是鞏固我們現有的優勢，因此我們非常高興能夠在為飛利浦整體打造的更強大的平台上做到這一點。

And that is kind of from an innovation perspective, that is from a commercial perspective, that's also from an operational perspective. And I think you also saw how quickly we can now adjust our supply chain. I think if you would go two years, three years back, it would have been a much bigger struggle. Now we can really quickly adapt. We have the mitigation fully in play.

這是從創新角度、商業角度和營運角度來看的。我想您也看到了我們現在可以多麼快速地調整我們的供應鏈。我想，如果回溯到兩三年前，這將會是一場更大的戰鬥。現在我們真的可以快速適應。我們已經充分採取了緩解措施。

We are able to up our service levels. We have been down in quality incidents. And actually, we have been driving margin expansion across the period in a very strong way. You see that margin expansion also coming through in Q2. And we also kind of intend to continue that strong operational margin expansion into the full year.

我們能夠提高我們的服務水準。我們曾發生過多次品質事故。實際上，我們一直在以非常強勁的方式推動整個時期的利潤率擴張。您會看到利潤率的擴大也在第二季顯現出來。我們也打算在全年繼續保持強勁的營業利潤率擴張。

Of course, we have tariffs that we had to take into account, and we also will take that into account moving forward. But as I also mentioned at the beginning remarks, we continue to build our trajectory into this mid-single-digit growth and this kind of mid-to-high-teens margins for the different segments that we play in. So that's something that we're excited by, and we'll start to talk to in February.

當然，我們必須考慮關稅，而我們今後也會考慮到這一點。但正如我在開頭提到的那樣，我們將繼續為我們所涉足的不同領域建立中等個位數成長軌跡和中等至高十幾個百分點的利潤率。所以這是我們感到興奮的事情，我們將在二月開始討論。

Thanks very much.

非常感謝。

Hugo Solvet, BNP Paribas.

法國巴黎銀行的 Hugo Solvet。

Hi, guys. Thanks for taking my questions, and congrats on the results. I have two quick follow-up, please. First on China trends. You mentioned this talking ending in the quarter and a follow-up to Graham's question. On the momentum that is rebuilding, can you clarify whether or not that implies that you're restocking or seeing restocking already in Q3? And how confident are you in delivering probably the flat to low single-digit sales increase in H2, that is implied by the guide?

嗨，大家好。感謝您回答我的問題，並祝賀您所取得的成果。我有兩個快速的後續問題，請告訴我。首先是中國趨勢。您提到這次談話將在本季結束，並對格雷厄姆的問題進行了跟進。關於重建的勢頭，您能否澄清這是否意味著您正在補充庫存或看到第三季已經補充庫存？您對實現指南所暗示的下半年銷售持平至低個位數成長有多大信心？

Roy, maybe on the second question, beyond 2025, I appreciate there's a lot of moving parts, tariff cost inflation in China, but also you and Charlotte have been doing a fantastic job on cost efficiency measures. What's your level of confidence to get above the mid to high -- above the mid-teens, sorry, given your current guide for mid to high-teens in the quarter earlier, you referred a lot to mid-teens, but just wondering if mid to high is still within reach? Thank you.

羅伊，也許關於第二個問題，即2025年以後，我知道有很多活動因素，例如中國的關稅成本上漲，但您和夏洛特在成本效率措施方面也做得非常出色。您對達到中高等水平的信心有多大 - 超過中高等水平，抱歉，考慮到您上一季度的中高等指導，您提到了很多中高等水平，但只是想知道中高等是否仍然可以實現？謝謝。

Yeah. Thank you, Hugo. Let me take the first one on the China trends. So on PH, so what we have said kind of we expected the first half we need still to kind of finish the destocking program, that indeed has happened. So what that means is that currently, our partners have stock levels which they see appropriate in line with the seller level.

是的。謝謝你，雨果。我先談談中國趨勢。因此，關於 PH，我們說過，我們預計上半年我們仍然需要完成去庫存計劃，這確實已經發生了。所以這意味著目前我們的合作夥伴擁有與賣家水準相符的庫存水準。

So that was the first step of getting to that new balance. That's how we go into the second half. So there's no need to restock. Now we want to keep sell-out in line with stock, right? So that's actually what the whole destocking program was geared towards.

這是實現新平衡的第一步。這就是我們進入下半場的方式。所以沒必要補貨。現在我們希望銷售量與庫存量保持一致，對嗎？所以這其實就是整個去庫存計畫的目標。

Now what the other point I said is there's still subdued consumer demand in China, but we do see more spend, right? So that's kind of where we see the sellout momentum strengthening, and we will build on that also in the second half.

我現在要說的另一點是，中國的消費需求仍然低迷，但我們確實看到了更多的支出，對嗎？因此，我們看到銷售動能正在增強，我們也將在下半年繼續保持這種勢頭。

Overall, that still is in the cautious outlook on China for the full year. So I think we are getting and seeing more confidence in the China recovery and getting the signals for that. But we still remain kind of cautious on that, that's also how we baked it into our full year guidance, so that actually the majority of course, our plan is winning outside of China. Now we went in China with the market, but we are not getting ahead of ourselves in terms of expectations of that market and the contribution.

整體而言，對中國全年經濟前景仍持謹慎態度。因此，我認為我們對中國經濟復甦的信心正在增強，我們也看到了這方面的訊號。但我們對此仍持謹慎態度，這也是我們將其納入全年指引的方式，因此實際上我們的計劃大部分是在中國以外取得成功。現在我們進入了中國市場，但對於該市場的期望和貢獻我們並沒有超越自己的預期。

Now if we then look into your second question, in terms of the beyond 2025 margin expansion. I think we have been putting a lot of work into margin expansion so far. There was a lot of what we would call self-help in that first part of the trajectory where we have been driving productivity and specialist organizational simplification in a big way.

現在，讓我們來研究一下您的第二個問題，即關於 2025 年以後的利潤擴張。我認為到目前為止我們已經為擴大利潤付出了很多努力。在發展軌跡的第一部分，我們採取了許多所謂的自助措施，大力提高生產力和簡化專業組織。

What 2025 and beyond we're also very much focused on how we can drive growth, get the impact on that, get the impact from mix because driving the higher growth and higher-margin segments will also help us to expand through that level, whilst we will not back off from productivity. We already continue to kind of look into how we can further strengthen that journey that we have been on in terms of how we can lean out our organization.

2025 年及以後，我們也將非常關注如何推動成長、獲得影響力、從組合中獲得影響，因為推動更高成長和更高利潤率的細分市場也將幫助我們實現擴張，同時我們不會降低生產力。我們已經在繼續研究如何進一步加強我們已經走過的這一歷程，即如何精簡我們的組織。

We have been resetting and the organization model to winning in a segment with a more verticalized model that is working, and we will continue to drive that also moving forward. So we see ample opportunity to continue to work on margin expansion. Of course, we also need to take inflation and tariffs into account. It will be a mix of all that kind of will determine how much and how far we can go, and that we will then also be able to further explain when we have the CMD in February.

我們一直在重置組織模式，以透過更垂直化的模式在細分市場中取勝，並且我們將繼續推動這一模式向前發展。因此，我們看到了繼續努力擴大利潤的充足機會。當然，我們也需要考慮通貨膨脹和關稅。所有這些因素都會決定我們能走多遠、走多遠，而且在二月召開 CMD 會議時，我們也能對此做出進一步解釋。

Thank you.

謝謝。

Julien Dormois, Jefferies.

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

Hi, good morning, Roy. Good morning, Charlotte. Thank you for taking my questions. I have three, if that's okay. The first one relates to the large order you signed in Indonesia. Just wondering whether that was included in the order intake in the second quarter and maybe give a rough idea of whether that was meaningful into the 6% order intake you posted in the quarter?

嗨，早安，羅伊。早安，夏洛特。感謝您回答我的問題。如果可以的話，我有三個。第一個是關於您在印尼簽署的大訂單。只是想知道這是否包含在第二季度的訂單量中，並且可能大致說明這對您在本季度發布的 6% 的訂單量是否有意義？

Second question relates to China, but at the group level. I think you previously alluded to sales in the country to be down mid-single to high single digit for the full year. So just curious what's been the overall momentum. So let's say, for example, Q2 versus Q1 and how we should think about the back half of the year for the country, again, at the group level?

第二個問題與中國有關，但是是在集團層級。我認為您之前曾提到過，該國全年的銷售額將下降中個位數至高個位數。所以只是好奇整體勢頭如何。那麼，讓我們舉例來說，第二季與第一季相比，我們應該如何從整體層面來看待該國下半年的表現？

And my last question is on the other business line. We have seen innovation and central costs come down quite a bit, and that's probably been driven most likely by productivity initiatives. I was just wondering whether we could ultimately see the adjusted EBITA for the other line turned structurally positive in the years to come. Thank you.

我的最後一個問題是關於其他業務線的。我們已經看到創新和核心成本下降了不少，這很可能是生產力措施推動的。我只是想知道我們是否最終能夠看到未來幾年其他產品線的調整後息稅折舊攤銷前利潤 (EBITA) 結構性地轉為正值。謝謝。

Okay. Let me take the first one to start off with. So the Indonesia order is included for -- into the order intake, but only for a limited amount of period because as you know we are quite stringent on our order intake policy, so that's kind of -- this is a multiyear deal, so it had a contribution into the order intake for the quarter.

好的。首先讓我問第一個問題。因此，印尼的訂單被納入訂單量，但僅在有限的時間內，因為如您所知，我們的訂單量政策非常嚴格，所以這是一種多年期交易，因此它對本季度的訂單量有所貢獻。

But as we also mentioned, actually, the strongest contribution in North America, double-digit order intake growth so that was not from Indonesia. And also it's coming from the other segment. I mentioned that we had high single-digit order intake growth in PV, and we had strong hospital patient monitoring order intake back on a very strong comparable. So that showed that actually was a very broad-based contribution into order intake growth from across our segments and across the world.

但正如我們也提到的那樣，實際上，北美貢獻最大，訂單量實現了兩位數的成長，所以這不是來自印尼。而且它也來自其他部分。我提到，我們的 PV 訂單量實現了高個位數成長，我們的醫院病患監測訂單量也恢復了強勁成長。這表明，這實際上對我們各個部門和世界各地的訂單量成長做出了非常廣泛的貢獻。

So I think we are very happy with the Indonesia deal because it's a nationwide deal. It shows the strength of the platform to really contribute in a meaningful manner to 280 million of patients and giving that access to this technology, which was fairly limited to date. And of course, with that, there's also a sizable amount of revenue attached to it, but that's over time, and therefore, only part of that we have been taking into the order intake into the quarter.

所以我認為我們對與印尼的協議非常滿意，因為這是一項全國性的協議。它展示了該平台的實力，它確實為 2.8 億患者做出了有意義的貢獻，並讓他們能夠使用這項迄今為止相當有限的技術。當然，這也會帶來相當可觀的收入，但這是隨著時間的推移而來的，因此，我們只將其中的一部分計入本季度的訂單量。

Then China at the group level. So in terms of if you look at the China outlook for the year, it's still in line with what we guided and what kind of the expectations were. So China had a negative first half and will turn into positive in the second half and that actually then will be compounding to kind of slight contribution of China into this year's plan, but we will still mainly depend on other regions and geographies to kind of deliver on our full year outlook, and that's also what we kind of are confident in doing and what we have planned for. So I think is on the China question.

然後是集團層面的中國。因此，就今年中國經濟的前景而言，它仍然符合我們的指導和預期。因此，中國上半年的業績為負，下半年將轉為正，這實際上將對今年的計劃產生輕微的貢獻，但我們仍將主要依靠其他地區和地區來實現我們的全年預期，這也是我們有信心做的事情和我們計劃做的事情。所以我認為這是關於中國問題。

And then the third one for you, Charlotte.

第三個問題是給你的，夏洛特。

Yeah. Thank you, Julien. I'll take your third question on the other bucket, which indeed includes innovation central costs, but also very much royalty income. So what we've guided for 2025 is that we keep the outlook as is that the benefit you saw in Q2 is primarily phasing because of the way the royalty income is flowing through our P&L. I would think in a very similar way for the years beyond 2025. Yeah, there are puts and takes, but overall, I don't see meaningful shifts there.

是的。謝謝你，朱利安。我將回答您關於另一個方面的第三個問題，其中確實包括創新中心成本，但也包括大量的特許權使用費收入。因此，我們對 2025 年的指導是，我們保持這樣的前景，即您在第二季度看到的收益主要是分階段實現的，因為特許權使用費收入在我們的損益表中的流動方式。對於 2025 年以後的情況，我的看法也非常類似。是的，有得有失，但總的來說，我沒有看到任何有意義的轉變。

Thank you very much.

非常感謝。

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

謝謝大家。這是最後一個問題。雅各布斯先生，請繼續。

Thank you so much for dialing in today. We're happy to announce that we delivered a strong quarter with strong order intake growth of 6% on the back of 9% last year, giving us good confidence and momentum into the second half.

非常感謝您今天的來電。我們很高興地宣布，本季度我們取得了強勁的業績，訂單量在去年 9% 的基礎上增長了 6%，這給了我們下半年良好的信心和動力。

We had positive sales growth, especially seeing also strong sales momentum in Personal Health, which we see continue in the second half, and we work diligently on margin expansion in a combination of innovation contribution as well as productivity.

我們的銷售額取得了積極的成長，尤其是個人健康業務的銷售勢頭強勁，我們認為這種勢頭將在下半年繼續保持，我們正努力透過創新貢獻和生產力來擴大利潤率。

And then based on that, we have been raising the outlook for the year, including the recently announced tariffs by increasing by 50 basis points the adjusted EBITA outlook and then also the free cash flow for the year. So we will continue our execution focus, focus on what we can control and making sure we deliver the year as we have been laying out and presenting to you. So thank you for your attention. Looking forward to engage with you later and more.

在此基礎上，我們不斷上調今年的業績預期，包括最近宣布的關稅，將調整後的 EBITA 預期提高了 50 個基點，同時也上調了今年的自由現金流。因此，我們將繼續專注於執行，專注於我們能夠控制的事情，並確保我們按照我們向您規劃和呈現的計劃完成今年的任務。感謝您的關注。期待以後與您有更多交流。

Thank you. This concludes the Royal Philips second quarter and semiannual 2025 results conference call on Tuesday, July 29, 2025. Thank you for participating. You may now disconnect your lines.

謝謝。皇家飛利浦公司 2025 年第二季和半年度 2025 年業績電話會議於 2025 年 7 月 29 日星期二舉行，會議到此結束。感謝您的參與。現在您可以斷開線路了。