Koninklijke Philips NV (PHG) 2025 Q3 法說會逐字稿

Welcome to the Royal Philips' third-quarter 2025 results conference call on Tuesday, November 4, 2025. During the call hosted by Mr. Roy Jakobs, CEO; and Ms. Charlotte Hanneman, CFO, all participants will be in a listen-only mode. (Operator Instructions)

歡迎參加皇家飛利浦公司於 2025 年 11 月 4 日星期二舉行的 2025 年第三季業績電話會議。在執行長 Roy Jakobs 先生和財務長 Charlotte Hanneman 女士主持的電話會議期間，所有參與者都將處於唯讀模式。（操作說明）

Please note that this call will be recorded, and a replay will be available on the Investor Relations website of Royal Philips. I will now hand the conference over to Mr. Durga Doraisamy, Head of Investor Relations. Please go ahead, madam.

請注意，本次電話會議將被錄音，錄音回放將在皇家飛利浦投資者關係網站上提供。現在我將把會議交給投資者關係主管杜爾加·多萊薩米先生。請便，女士。

Hello, everyone. Welcome to Philips' results webcast for the third quarter of 2025. I'm here with our CEO, Roy Jakobs; and our CFO, Charlotte Hanneman.

大家好。歡迎收看飛利浦2025年第三季業績網路直播。我今天和我們的執行長羅伊·雅各布斯以及首席財務官夏洛特·漢內曼在一起。

The press release and the investor presentation can be accessed on our Investor Relations website. The replay and full transcript 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.

新聞稿和投資者簡報可在我們的投資者關係網站上查閱。本次網路直播的錄影和完整文字稿將在通話結束後發佈在我們的網站上。我想提請大家注意螢幕和簡報中的「安全港」聲明。

I will now hand over to Roy.

現在我將把麥克風交給羅伊。

Thanks, Durga. Good morning, everyone. Thank you for joining us today. We entered the third quarter with good momentum. We sustained it and delivered on planned third quarter. Order intake grew 8%, marking the fourth consecutive quarter of improvement. It reflects the robust demand for our products and our disciplined execution.

謝謝你，杜爾迦。各位早安。感謝您今天蒞臨。我們帶著良好的勢頭進入了第三季。我們保持了這一勢頭，並實現了第三季的預期目標。訂單量成長了 8%，連續第四個季度實現成長。這反映了市場對我們產品的強勁需求和我們嚴謹的執行力。

Comparable sales growth stepped up sequentially to 3% year on year. All businesses contributed to growth. Personal Health delivered particularly strong performance. Adjusted EBITA margin expanded by 50 basis points to 12.3% in spite of the full-quarter impact of currently imposed tariffs. It reflects solid gross margin delivery driven by innovation as well as the impact of our productivity and cost management.

同店銷售額較去年同期成長3%，季增。所有企業都為經濟成長做出了貢獻。個人健康領域表現特別出色。儘管受到目前徵收關稅的整個季度影響，調整後的 EBITA 利潤率仍增長了 50 個基點，達到 12.3%。這反映了創新帶來的穩健毛利率，以及我們生產力和成本管理的影響。

Overall, our performance in the first nine months is tracking as expected. This momentum weighted towards the second half as orders and growth built through the year. We are delivering on our commitments, and we contain and sustain this momentum with disciplined execution into the fourth quarter to achieve our full-year plan as we complete the year.

整體而言，我們前九個月的業績符合預期。這一成長動能在下半年更為明顯，訂單和成長在全年持續攀升。我們正在履行承諾，並將透過嚴謹的執行力保持這一勢頭，進入第四季度，以實現我們的全年計劃。

We reiterate our full-year comparable sales growth outlook in the range of 1% to 3%. We expect our 2025 adjusted EBITA margin to be at the upper end of 11.3% to 11.8% range, reflecting our confidence in our execution. We continue to expect full-year free cash flow to be between EUR0.2 billion and EUR0.4 billion. These expectations assume current rev levels remain unchanged with mitigation fully on track.

我們重申全年可比銷售額成長預期在 1% 至 3% 之間。我們預計 2025 年調整後的 EBITA 利潤率將達到 11.3% 至 11.8% 區間的上限，這反映了我們對自身執行力的信心。我們仍然預計全年自由現金流將在 2 億歐元至 4 億歐元之間。這些預期是基於當前收入水準保持不變，且緩解措施全面按計劃進行。

Now let's look at our third-quarter performance in more detail. Starting with orders. Equipment order intake grew 8%, maintaining the momentum we have built over the last 12 months, including the typical quarter-to-quarter unevenness in large orders. Year to date, our order book is up 6% compared to last year.

現在讓我們更詳細地看一下我們第三季的業績。從訂單開始。設備訂單量增加了 8%，維持了過去 12 個月以來的成長勢頭，包括大訂單典型的季度間波動。今年迄今為止，我們的訂單量比去年同期成長了 6%。

Our strong order performance in Q3 was driven by a sustained double-digit growth in North America. Strong order growth in Connected Care was partly offset by most decline in D&T. Within D&T, order growth in image-guided therapy and ultrasound in Q3 was offset by a small decline in diagnostic imaging following three consecutive quarters of positive order intake growth.

第三季強勁的訂單表現主要得益於北美市場持續兩位數的成長。互聯醫療領域的強勁訂單成長被研發與科技領域的大幅下滑部分抵銷。在D&T領域，第三季影像導引治療和超音波的訂單成長被診斷影像的小幅下降所抵消，此前連續三個季度訂單量均呈正成長。

We are pleased with 6% year-to-date order growth in D&T, driven by solid performance, and we continue to focus on strengthening commercial execution in the AI and expect improvement in Q4.

我們對今年迄今D&T訂單成長6%感到滿意，這得益於穩健的業績表現。我們將繼續專注於加強AI領域的商業執行，並預計第四季將有所改善。

In image-guided therapy, we believe minimally invasive procedures for cardio, neuro, and oncology interventions, demand for high-end Azurion 7 system remained strong. Growth in ultrasound orders reflects robust demand for a further enhanced leading EPIQ CVx systems, which highlights Philips' leadership in cardiovascular care. These AI-powered solutions enhance precision, streamline workflows, and boost clinical confidence.

在影像導引治療領域，我們認為，對於心臟、神經和腫瘤介入等微創手術而言，高階 Azurion 7 系統的需求仍然強勁。超音波訂單的成長反映了市場對進一步增強的領先 EPIQ CVx 系統的強勁需求，這凸顯了飛利浦在心血管護理領域的領先地位。這些人工智慧解決方案可提高精準度、簡化工作流程並增強臨床信心。

Turning to Diagnostic Imaging. The demand for our BlueSeal MR 5300 and CT 5300 remains strong. We also advanced CT and MR innovation in radiation therapy planning, which I will touch on shortly. These systems, together with our strong imaging informatics offer are resonating with customers for their precision diagnostics and AI-driven workflow productivity, positioning us well for renewed momentum ahead.

轉向診斷影像學。市場對我們BlueSeal MR 5300和CT 5300的需求依然強勁。我們也在放射治療計畫中推進了 CT 和 MR 的創新，我稍後會詳細介紹。這些系統，加上我們強大的影像資訊學產品，因其精準的診斷和人工智慧驅動的工作流程效率而受到客戶的青睞，使我們為未來的發展奠定了良好的基礎。

In Connected Care, demand for hospital patient monitoring solutions continue to gain momentum. North America remains a key growth driver with strong demand, supported by major partnerships, and continued hospital standardization with strong cybersecurity demands.

在互聯醫療領域，對醫院病人監護解決方案的需求持續成長。北美仍然是重要的成長驅動力，強勁的需求、重要的合作夥伴關係以及醫院持續的標準化和強大的網路安全需求都為其提供了支持。

We are especially pleased with the traction of our latest IntelliVue MX patient monitors, the AI-powered PIC iX central monitoring systems and our X3 transport monitors equipment measurement modules with collaborations and partnerships that span the industry from Edwards Lifesciences to Medtronic, Masimo and Getinge, we have created and efficient interoperable patient monitoring and real-time data platform that addresses the key customer priorities. It's the ecosystem platform of choice for patient monitoring.

我們尤其對最新推出的 IntelliVue MX 病人監視器、AI 驅動的 PIC iX 中央監護系統以及 X3 轉運監視器設備測量模組的市場反應感到滿意。透過與 Edwards Lifesciences、Medtronic、Masimo 和 Getinge 等行業內的合作夥伴開展合作，我們創建了一個高效、可互通的病人監護和即時數據平台，滿足了客戶的關鍵需求。它是患者監測的首選生態系統平台。

Building on the strong value proposition, we expanded our enterprise partnerships as flagged in some new norms that we announced this quarter. For example, our monitoring and service agreements with leading US health systems, such as Hoag Health System in Orange County and Rady Children's Hospital in San Diego. They empower our customers to focus on what matters most, improving patient outcomes while we handle system complexity.

基於強大的價值主張，我們擴大了企業合作夥伴關係，正如我們在本季宣布的一些新規範中所指出的那樣。例如，我們與美國領先的醫療系統簽訂了監測和服務協議，例如奧蘭治縣的 Hoag Health System 和聖地亞哥的 Rady Children's Hospital。他們幫助我們的客戶專注於最重要的事情—改善患者的治療效果，而我們則負責處理系統的複雜性。

Moving to Enterprise Informatics, which also contributed to order growth in the quarter. Migration to the cloud remains a strategic priority to unlock further value in this business. This quarter, we signed a multiyear agreement with a major US health system to move its radiology imaging to the cloud. And it's using Philips and IntelliSpace Radiology and Amazon Web Services for that, improving efficiency, scalability and security while enabling future AI innovation.

轉向企業資訊學領域，這也促進了本季的訂單成長。向雲端遷移仍然是釋放該業務更多價值的策略重點。本季度，我們與美國一家大型醫療系統簽署了一項多年協議，將其放射影像系統遷移到雲端。它利用飛利浦、IntelliSpace Radiology 和亞馬遜網路服務來實現這一目標，從而提高效率、可擴展性和安全性，同時為未來的人工智慧創新奠定基礎。

Turning back to Personal Health. Both were strong and broad-based across all three businesses: grooming and beauty, oral healthcare, and mother and child care. Sellout trends remained healthy across Europe and most growth geographies. China remains subdued amid core consumer sentiment. Demand in the US remains resilient. We saw strong demand for our premium products, including high-end shavers and IPL hair removal devices in grooming and beauty, but also for DiamondClean Series in oral healthcare.

回到個人健康話題。兩者在所有三個業務領域（男士護理和美容、口腔保健以及母嬰護理）都表現強勁且基礎廣泛。歐洲及大多數成長地區的銷售趨勢仍然保持良好。中國核心消費情緒依然低迷。美國市場需求依然強勁。我們看到市場對我們的高階產品（包括男士理容和美容領域的高階刮鬍刀和 IPL 除毛設備）以及口腔保健領域的 DiamondClean 系列產品（包括高階刮鬍刀和 IPL 除毛設備）的需求強勁。

Our contained investment in innovation fuels the momentum in orders we are delivering across the portfolio. In Q3, we expanded our pipeline with solutions designed to accelerate growth, enhance customer value, and drive consumer engagement.

我們對創新領域的持續投入，推動了我們整個產品組合的訂單交付動能。第三季度，我們拓展了產品線，推出了旨在加速成長、提升客戶價值和推動消費者參與的解決方案。

We launched Transcend Plus in ultrasound across our EPIQ and Affiniti Systems. It's featuring enhanced imaging and 26 FDA-cleared cardiovascular AI applications, the most in the industry, supporting faster, more consistent diagnostics. Similarly, in radiation therapy treatment planning, we continue to advance our innovation pipeline.

我們在EPIQ和Affiniti系統中推出了Transcend Plus超音波產品。它具備增強的成像功能和 26 項獲得 FDA 批准的心血管 AI 應用，是業內最多的，可支援更快、更一致的診斷。同樣，在放射治療計畫方面，我們也不斷推動我們的創新研發。

At the American Society for Radiation Oncology, we introduced Rembra RT and Areta radiation therapy CT scanners and BlueSeal MR radiation therapy, which expanded our radiation oncology imaging portfolio and our sustainable MR leadership.

在美國放射腫瘤學會上，我們推出了 Rembra RT 和 Areta 放射治療 CT 掃描儀以及 BlueSeal MR 放射治療，這擴展了我們的放射腫瘤成像產品組合和我們在 MR 領域的可持續領先地位。

Moving to consumers. We are also strongly driving our innovation pipeline in Personal Health. Last month, Time named the Philips i9000 Prestige Ultra, one of the best inventions of 2025. A clear example of how our SenseIQ Pro AI technology continues to drive leadership in premium grooming.

轉向消費者。我們也大力推動個人健康領域的創新研發。上個月，《時代》雜誌將飛利浦 i9000 Prestige Ultra 評為 2025 年最佳發明之一。這是我們的 SenseIQ Pro AI 技術如何持續引領高端寵物美容產業的絕佳範例。

Our latest launches continue to resonate not only with consumers, but with high-performing retailers, too. Lumea IPL debuted in the US exclusively on Amazon with strong early uptake, and the next-generation Sonicare 6000 and 6400 models launched exclusively with warrant.

我們最新推出的產品不僅持續受到消費者的歡迎，也受到業績優異的零售商的青睞。Lumea IPL 在美國亞馬遜獨家首發，早期銷量強勁；下一代 Sonicare 6000 和 6400 型號上市時均提供保固服務。

We continue to execute our priorities from enhancing patient safety and quality to improving supply chain resilience and simplifying our operations. Our multiyear program to send quality systems and embed the patient safety first culture is delivering steady programs. In 2025, we pass six out of nine FDA inspections with no observations. Between 2024 and 2025, our 15 FDA inspections resulted in a 43 issuance rate nearly 60% lower than in '21 to '23, despite a comparable number of inspections.

我們將繼續推進各項優先事項，包括提高病患安全和醫療品質、增強供應鏈韌性以及簡化營運。我們多年來推行品質體系建設和貫徹病人安全至上文化的計畫正在穩步推進。2025年，我們順利通過了FDA九次檢查中的六次，沒有發現任何問題。2024 年至 2025 年間，我們接受了 15 次 FDA 檢查，結果簽發率比 2021 年至 2023 年下降了近 60%，儘管檢查次數相當。

Against that background, that FDA warning letter issued last week is disappointing. And we have fully committed and a full remediation since Q2 to resolve all observations to the agency satisfaction. We continue to work constructively with the regulatory agencies, also on new innovations, and we already received 27 FDA clearances through Q3, matching the total for 2024 in demonstrating an accelerating approval rate.

在此背景下，FDA上週發布的警告信令人失望。自第二季以來，我們已全力以赴，採取全面補救措施，以解決所有問題，達到監管機構的滿意要求。我們繼續與監管機構進行建設性合作，也在新的創新方面開展合作，截至第三季度，我們已經獲得了 27 項 FDA 批准，與 2024 年的總數持平，這表明批准速度正在加快。

We have also reduced global field actions by around 20% year to date, following a similar reduction last year. While we continue to improve campaign handling and strengthening corrective and preventive action processes, we remain fully focused on driving measurable lasting improvements in our business in collaboration with the global regulators. And on reinforcing trust among patients, clinicians, and investors.

今年迄今為止，我們的全球實地行動也減少了約 20%，與去年的減少幅度類似。在不斷改善活動處理和加強糾正和預防措施流程的同時，我們將繼續全力以赴，與全球監管機構合作，推動業務取得可衡量的持久改進。並加強患者、臨床醫生和投資者之間的信任。

Moving to supply chain. We continue to make executional improvements. In Q2, we announced a multiyear nationwide agreement with Indonesian Ministry of Health to expand access to therapy using our Azurion platform. Now, we are already installing the first system, a clear proof point of our speed and agility and execution strength. This collaboration exemplifies the broader progress we are making across our supply chain, where we continue to deliver tangible operational impact and greater resilience in an uncertain supply chain environment.

轉向供應鏈。我們持續改進執行力。第二季度，我們宣布與印尼衛生部達成多年全國性協議，利用我們的 Azurion 平台擴大治療的覆蓋範圍。現在，我們已經開始安裝第一套系統，這清楚地證明了我們的速度、敏捷性和執行力。此次合作體現了我們在整個供應鏈中取得的更廣泛進展，在不確定的供應鏈環境中，我們不斷帶來實際的營運影響和更強的韌性。

This is also demonstrated by the continued increase in service levels across health systems modalities, reaching 87% in the quarter, a new high and another sequential step-up. Finally, we continue to simplify how we work with a more connected organization that focuses talent and resources where growth is happening. This shift is fueling progress in productivity and in performance.

這也體現在醫療系統各模式服務水準的持續提高上，本季達到 87%，創歷史新高，並且連續成長。最後，我們將繼續簡化工作方式，打造一個聯繫更加緊密的組織，將人才和資源集中在成長發生的地方。這種轉變正在推動生產力和績效的提升。

Turning to the regions. The fundamentals of the markets we serve remain sound. Dynamics vary for region and in some areas, uncertainty is increasing. In North America, hospital demand remains strong with continued customer proof of platforms that deliver productivity to serve more patients at lower costs and to achieve better outcomes, increasingly enabled by AI. That said, demand is unevenly spread across hospitals and regions of the US.

接下來我們來看看各個地區。我們所服務市場的基本面依然穩健。不同地區的情況各不相同，在某些地區，不確定性還在增加。在北美，醫院的需求仍然強勁，客戶不斷證明，各種平台能夠提高生產力，以更低的成本服務更多患者，並取得更好的治療效果，而人工智慧正日益成為實現這一目標的動力。儘管如此，美國各醫院和地區的需求分佈並不均衡。

As hospital resource constraints in people and cost increases, they see smarter, more productive ways to manage higher workloads with less people while serving more patients. So productivity has become a defining theme for our customers, one that sits at the heart of our innovation agenda. And this positions us well to capture growth, reflected in the sustained double-digit order intake growth over the past 12 months in the US.

隨著醫院在人力和成本方面的資源限制日益增加，他們看到了更聰明、更有效率的方法，可以在人手更少的情況下管理更高的工作量，同時服務更多的病人。因此，生產力已成為我們客戶關注的關鍵主題，也是我們創新議程的核心。這使我們能夠更好地掌握成長機會，過去 12 個月在美國持續實現兩位數的訂單量成長證明了這一點。

In China, [spender] activity gradually increasing throughout the year, although from a low base, fueled by stimulus measures. At the same time, centralized procurement CapEx expanding, which meant lower processing times and tougher competition, making it harder for bidding activity to translate into meaningful market growth. We continue to have a cautious view on the near-term outlook for China but remain positive about the market's long-term growth potential.

在中國，儘管基數較低，但在刺激措施的推動下，消費活動在全年逐步增加。同時，集中採購資本支出不斷擴大，這意味著處理時間縮短，競爭更加激烈，使得投標活動更難轉化為有意義的市場成長。我們對中國市場的近期前景仍持謹慎態度，但對市場的長期成長潛力保持樂觀。

Capital spending remains stable in Europe and Latin America. While India and Saudi Arabia continue investing in health care and digitalization, creating strong opportunities. In an uncertain environment, staying close to our customers and partners is more important than ever. We are also engaging with leading industry associations like [ARTEMIS] in US and MedTech Europe as well as authorities in key markets.

歐洲和拉丁美洲的資本支出保持穩定。印度和沙烏地阿拉伯繼續增加對醫療保健和數位化領域的投資，創造了巨大的機會。在充滿不確定性的環境下，與客戶和合作夥伴保持密切聯繫比以往任何時候都更重要。我們也與美國領先的行業協會[ARTEMIS]和歐洲醫療技術協會(MedTech Europe)以及主要市場的權威機構進行溝通。

Our objective remains clear to advocate for patients and ensure access to Every dollar, euro or RMB spend on tariffs is one not spend on innovation. We must ensure tariff measures and trade barriers do not in innovation, access or affordability of care. We remain closely tuned to evolving customer and consumer dynamics to stay agile and responsive. We innovate to deliver better and more care.

我們的目標依然明確，那就是維護病患的權益，確保他們能夠獲得醫療服務。每一美元、每一歐元或每一元人民幣用於關稅，就意味著少了一美元用於創新。我們必須確保關稅措施和貿易壁壘不會影響醫療服務的創新、取得或負擔能力。我們始終密切關注不斷變化的客戶和消費者動態，以保持敏捷性和回應能力。我們不斷創新，以提供更好、更全面的醫療服務。

Charlotte will now discuss our third-quarter performance in more detail and our outlook for 2025.

接下來，夏洛特將更詳細地討論我們第三季的業績以及我們對 2025 年的展望。

Thank you, Roy. The group achieved 3% comparable sales growth, while our three business segments delivered 4.3% and underscoring the strength of our core operations. In Diagnosis and Treatment, comparable sales improved sequentially, in line with our expected phasing increasing by 1% year over year. Image-guided therapy delivered solid growth, nearing the mid-single-digit range, marking consecutive multiyear expansion, a remarkable track record, consistent performance, fueled by strong momentum in our flagship Azurion platform and strength in coronary interocular ultrasound devices.

謝謝你，羅伊。集團實現了 3% 的同店銷售成長，而我們的三個業務部門分別實現了 4.3% 的成長，凸顯了我們核心業務的實力。在診斷和治療領域，可比銷售額環比成長，符合我們預期的階段性成長，年增 1%。影像導引治療實現了穩健成長，接近個位數中段，標誌著連續多年擴張，擁有卓越的業績記錄和穩定的表現，這得益於我們旗艦產品 Azurion 平台的強勁勢頭和冠狀動脈眼內超音波設備的優勢。

Precision Diagnosis sales were broadly in line with last year. Strong growth in ultrasound was driven by continued strength in cardiovascular, led by our EPIQ CVx systems. This was offset by a modest decline in Diagnostic Imaging, primarily due to the timing of orders. Our flagship products continued to perform well, particularly the CT 5300, which delivered a strong ramp-up in order conversions following its launch last year, the major contributor to a further improvement in gross margins within Diagnostic Imaging.

精準診斷業務的銷售額與去年基本持平。超音波領域的強勁成長得益於心血管領域的持續強勁發展，而心血管領域的強勁發展又主要歸功於我們的 EPIQ CVx 系統。診斷影像檢查業務略有下降，這主要是由於訂單時間表所致，從而抵消了上述增長。我們的旗艦產品持續表現良好，尤其是 CT 5300，自去年推出以來，其訂單轉換率大幅提升，這是診斷影像業務毛利率進一步提高的主要貢獻者。

Adjusted EBITA margin decreased by 8 basis points to 11.8%, mainly due to the incremental headwinds from the currently imposed tariffs and cost inflation partially offset by gross margin from recently launched innovations as well as productivity. Absent these headwinds, both gross and adjusted EBITA margins improved year on year, highlighting the underlying strength and demonstrating robust operational execution.

經調整的 EBITA 利潤率下降 8 個基點至 11.8%，主要原因是當前徵收的關稅和成本上漲帶來的不利影響，但部分被近期推出的創新產品帶來的毛利率以及生產率的提高所抵消。如果沒有這些不利因素，毛利率和調整後 EBITA 利率均較去年同期提高，凸顯了其潛在實力，並展現了穩健的營運執行力。

In Connected Care, comparable sales grew 5%, supported by strong growth in monitoring. This was partially offset by lower sleep and respiratory care sales, while enterprise informatics remained stable. Growth in monitoring was driven by higher installation of latest IntelliVue MX patient monitors, X3 transport patient monitors, and AI-powered PIK IX central monitoring systems across most geographies with particular strength in North America.

在互聯醫療領域，同店銷售額成長了 5%，這主要得益於監測業務的強勁成長。睡眠和呼吸照護產品銷售額下降部分抵消了這一影響，而企業資訊學業務保持穩定。監測業務的成長主要得益於最新 IntelliVue MX 病人監視器、X3 轉運病人監視器和 AI 驅動的 PIK IX 中央監護系統在大多數地區的安裝量增加，尤其是在北美地區。

Adjusted EBITA margin improved by 410 basis points to 11.4%, including a 150 basis point gain from the remeasurement of a minority investment. Excluding this gain, the margin improved by 260 basis points to 9.9%, driven by operational leverage in the hospital patient monitoring business, favorable mix effect, and productivity, partially offset by tariffs and cost inflation.

經調整後的 EBITA 利潤率提高了 410 個基點，達到 11.4%，其中包括因重新計量少數股權投資而獲得的 150 個基點收益。剔除這項收益後，利潤率提高了 260 個基點至 9.9%，這主要得益於醫院病人監護業務的營運槓桿效應、有利的組合效應和生產力的提高，但部分被關稅和成本上漲所抵消。

In Personal Health, comparable sales increased by 11% in the quarter, with broad-based growth across all regions and strong performance across the three businesses within the segment. This sustained strong performance reflects robust demand across most geographies, including a resilient customer sentiment in North America. Growth was also supported by an easier comparison base in China following the impact of inventory destocking last year, which concluded in the second quarter of 2025.

在個人健康領域，本季同店銷售額成長了 11%，所有地區均實現了全面成長，該業務部門內的三個業務部門均表現強勁。這一持續強勁的業績反映了大多數地區的強勁需求，包括北美地區消費者信心的韌性。去年中國庫存去庫存的影響已經結束（到 2025 年第二季結束），這使得中國市場的基數相對降低，也支撐了經濟成長。

Personal Health adjusted EBITA margin improved by 60 basis points to 17.1%, driven by increased sales and productivity, partially held by tariffs. Impact from advertising and promotion spend remained slightly elevated year on year, though lower than Q2 to support sustained demand and recent launches. These investments are delivering as intended contributing to higher sales growth and are underscored by strong demand for our premium products across all businesses.

個人健康業務調整後 EBITA 利潤率提高了 60 個基點，達到 17.1%，這主要得益於銷售額和生產力的提高，但部分原因是關稅上漲。廣告和促銷支出帶來的影響與去年同期相比略有上升，但低於第二季度，以支援持續的需求和近期推出的產品。這些投資正在按預期發揮作用，促進了更高的銷售成長，並且所有業務部門對我們高端產品的強勁需求也印證了這一點。

Finally, sales and other decreased by EUR41 million primarily due to lower royalty income as we expected, resulting in a EUR21 million reduction in adjusted EBITA for the quarter.

最後，銷售額和其他收入減少了 4,100 萬歐元，主要原因是特許權使用費收入下降，正如我們預期的那樣，導致本季調整後的 EBITA 減少了 2,100 萬歐元。

Turning to our group results and operating highlights for the third quarter. Comparable sales growth improved sequentially, aligned with our expected phasing increased 3% with broad-based growth across all three segments, partially offset by lower royalty income as expected.

接下來，我們來看看集團第三季​​的業績和營運亮點。同店銷售額環比增長有所改善，符合我們預期的階段性增長，增長了 3%，所有三個業務板塊均實現了全面增長，但部分被預期中的特許權使用費收入下降所抵消。

Comparable sales in mature geographies grew 3%, led by North America with contributions from all segments. Growth geographies increased 5%, driven by strength in Personal Health and Connected Care while Diagnosis and Treatment was broadly flat.

成熟市場的同店銷售額成長了 3%，其中北美市場成長最為顯著，所有細分市場均有貢獻。成長區域成長了 5%，主要得益於個人健康和互聯護理的強勁表現，而診斷和治療領域則基本持平。

Adjusted EBITA margin increased by 50 basis points to 12.3% driven by higher sales, favorable mix effects, and productivity measures, which more than offset the impact from incremental tariffs and lower royalty income.

經調整的 EBITA 利潤率成長了 50 個基點，達到 12.3%，這主要得益於銷售額的成長、有利的產品組合效應以及生產力提升措施，這些因素足以抵消新增關稅和特許權使用費收入下降的影響。

With tariffs evolving, we continue to actively mitigate their impact, strengthening our ability to execute with consistency and deliver sustained performance. The impact year to date is tracking in line with our expectations.

隨著關稅政策的不斷變化，我們持續積極地減輕其影響，並增強我們持續執行和取得良好業績的能力。今年迄今的影響與我們的預期相符。

For full year 2025, we continue to anticipate a net impact of EUR150 million to EUR200 million after substantial mitigation with no revisions since the outlook we provided in July. As planned, short-term tariff mitigation initiatives in the third quarter focused on inventory management, specialty programs, exemptions, and cost discipline, and helps reduce the tariff impact.

對於 2025 年全年，我們繼續預期在採取實質緩解措施後，淨影響將達到 1.5 億歐元至 2 億歐元，自 7 月提供展望以來，這一預期沒有進行任何修改。正如計劃的那樣，第三季的短期關稅緩解措施側重於庫存管理、特殊項目、豁免和成本控制，有助於減少關稅的影響。

We also advanced medium-term initiatives meaningfully, including our supplier network and commitment to manufacturing location optimization. In August, we announced a USD150 million investment in the US, which will not only expand production, but also strengthen both cost efficiency and local supply continuity. We will continue progressing similar initiatives across the portfolio carefully balancing regulatory, operational, and customer considerations.

我們也切實推進了中期計劃，包括我們的供應商網路和對生產地點優化的承諾。8 月，我們宣佈在美國投資 1.5 億美元，這不僅將擴大生產規模，還將提高成本效益和本地供應的連續性。我們將繼續在整個產品組合中推動類似舉措，同時謹慎地平衡監管、營運和客戶方面的考量。

In Q3, we delivered EUR222 million in productivity savings, bringing the year-to-date total to EUR566 million. We remain on track to achieve the EUR800 million in productivity savings in 2025. Our disciplined approach to cost management and productivity initiatives as cumulatively delivered EUR2.3 billion in savings since the start of our three-year plan in 2023, exceeding our initial commitment to delivering EUR2 billion by the end of 2025. As we build on this strong foundation, we are increasingly leveraging AI to unlock the next wave of productivity gains across the company.

第三季度，我們實現了 2.22 億歐元的生產力提升，使今年迄今的總節省額達到 5.66 億歐元。我們仍有望在 2025 年實現 8 億歐元的生產力提升節省目標。自 2023 年啟動三年計畫以來，我們採取了嚴格的成本管理和生產力提升措施，累計節省了 23 億歐元，超過了我們最初承諾在 2025 年底前節省 20 億歐元的目標。在這個堅實的基礎上，我們正​​日益利用人工智慧來釋放公司下一波生產力提升的潛力。

In Personal Health, in the second quarter, more than 80% of our marketing content has been created or enhanced using GenAI tools. This includes how we generate insights, we find creative content, and even how we match digital assets. These capabilities are already improving productivity and have delivered an increase in return on investment up to double-digit returns.

在個人健康領域，第二季我們超過 80% 的行銷內容都是使用 GenAI 工具創建或改進的。這包括我們如何產生洞察力、如何找到創意內容，甚至如何匹配數位資產。這些功能已經提高了生產力，並帶來了兩位數的投資報酬率成長。

In Enterprise Informatics, AI is accelerating R&D through greater use of AI-generated codes, enhancing customer support with predictive AI agents and strengthening sales and marketing throughout through AI automated content creation and real-time bioanalytics.

在企業資訊學領域，人工智慧正在透過更多地使用人工智慧生成的程式碼來加速研發，透過預測性人工智慧代理來增強客戶支持，並透過人工智慧自動內容創建和即時生物分析來加強整個銷售和行銷。

For example, in customer support, our AI agents automatically perform remote system health checks and proactive maintenance reducing support costs by 80%. In the quarter, adjusting items amounted to EUR122 million, of which EUR40 million were related to Respironics field action and consent decree remediation. This is below our Q3 2025 outlook of EUR165 million, mainly driven by cost phasing for the year.

例如，在客戶支援方面，我們的 AI 代理會自動執行遠端系統健康檢查和主動維護，從而降低 80% 的支援成本。本季調整項目金額為 1.22 億歐元，其中 4,000 萬歐元與 Respironics 的現場行動和同意法令補救措施有關。這低於我們 2025 年第三季 1.65 億歐元的預期，主要原因是該年度的成本分階段實施。

Income tax expense increased by EUR22 million, reflecting higher income before tax while net income rose to EUR187 million, mainly driven by higher earnings. Adjusted diluted EPS from continuous operations was EUR0.36 in the quarter, up 13% year over year, driven by positive contribution from growth.

所得稅支出增加了 2,200 萬歐元，反映出稅前收入增加；淨收入增至 1.87 億歐元，主要得益於獲利增加。本季經調整後的持續經營稀釋每股收益為 0.36 歐元，較去年同期成長 13%，主要得益於成長帶來的正面貢獻。

Despite significant volatility in major currencies, particularly the US dollar, the impact on our adjusted EBITA margin and EPS was broadly flat reflecting disciplined hedging and optimized currency footprint and targeted commercial actions in markets most exposed to currency fluctuations.

儘管主要貨幣（尤其是美元）波動劇烈，但我們調整後的 EBITA 利潤率和每股收益受到的影響總體平穩，這反映了我們採取了嚴格的對沖措施、優化了貨幣佈局，並在最易受貨幣波動影響的市場中採取了有針對性的商業行動。

We delivered strong cash flow performance this quarter with free cash flow of EUR172 million, representing EUR150 million improvement year over year. Higher earnings drove this.

本季我們實現了強勁的現金流表現，自由現金流達 1.72 億歐元，比上年同期成長 1.5 億歐元。更高的收入是造成這種情況的原因。

Moving to the balance sheet. We ended the quarter with approximately EUR1.9 billion of cash and net debt of approximately EUR6.5 billion. We maintained our disciplined focus on working capital, delivering a solid year over year improvement in inventory as a percentage of sales despite ongoing tariff mitigation initiatives. Our leverage ratio remained in line with Q2 2025 and last year at 2.2 times on a net debt to adjusted EBITA basis. We remain committed to maintaining a strong investment grade credit rating.

接下來查看資產負債表。本季末，我們持有約 19 億歐元現金，淨債務約 65 億歐元。我們始終堅持對營運資金的嚴格控制，儘管面臨持續的關稅緩解措施，庫存佔銷售額的比例仍實現了同比穩步改善。我們的槓桿率與 2025 年第二季和去年同期持平，淨債務與調整後 EBITA 比率為 2.2 倍。我們將繼續致力於維持強勁的投資等級信用評等。

Turning to the outlook. With three quarters behind us and continued strong execution, we have solid visibility for the remainder of the year. Our expectations for Q4 remained unchanged from the start of the year. We continue to expect sequential improvement in comparable sales growth, supported by sustained order conversion, sustained momentum in Personal Health and sales, and disciplined execution.

展望未來。過去三個季度已經過去，我們繼續保持強勁的執行力，因此我們對今年剩餘時間的前景非常樂觀。我們對第四季的預期與年初相比沒有改變。我們繼續預期可比銷售成長將持續改善，這得益於持續的訂單轉換率、個人健康和銷售的持續動能以及嚴格的執行力。

For the full year, we continue to expect comparable sales growth in the 1% to 3% range with Connected Care growing within this range; Personal Health, slightly above the mid-single-digit range; and D&T delivering slight growth year over year.

全年來看，我們繼續預計可比銷售額增長在 1% 到 3% 之間，其中互聯醫療業務的增長將在此範圍內；個人健康業務的增長將略高於個位數中段；而 D&T 業務將實現同比小幅增長。

Year-to-date adjusted adjusted EBITA improved to 11.2%, a 40 basis point increase despite higher tariffs driven by strong execution and cost discipline. With continued momentum and even with the impact of tariffs, which is more pronounced in the second half of the year, we now expect full-year adjusted EBITA margin at the upper end of the 11.3% to 11.8% range.

儘管關稅上漲，但由於強有力的執行和成本控制，今年迄今的調整後 EBITA 仍改善至 11.2%，成長了 40 個基點。即使考慮到關稅的影響（這種影響在下半年會更加明顯），憑藉持續的成長勢頭，我們現在預計全年調整後的 EBITA 利潤率將達到 11.3% 至 11.8% 區間的上限。

Turning to free cash flow. We continue to expect a full-year range between EUR0.2 billion and EUR0.4 billion. As a reminder, this outlook includes the EUR1 billion outflow related to the Respironics settlement paid in Q1. Our outlook excludes potential wider economic impact as well as ongoing Philips Respironics related proceedings, including the Department of Justice investigation.

接下來討論自由現金流。我們仍然預計全年收入將在 2 億歐元至 4 億歐元之間。提醒一下，該展望包括第一季支付的與 Respironics 和解相關的 10 億歐元資金流出。我們的展望不包括潛在的更廣泛的經濟影響以及正在進行的與飛利浦偉康相關的訴訟，包括司法部的調查。

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

接下來，我將把發言權交還給羅伊，請他作總結發言。

Thank you, Charlotte.The third quarter progress as expected and we remain confident in delivering on our full-year commitments.

謝謝你，夏洛特。第三季進展符合預期，我們仍有信心實現全年目標。

Looking ahead to our Capital Markets Day in February 2026, we will showcase the fundamental progress achieved under our 2023 to 2025 plan, establishing a strong foundation for the future. And we will share how we will and are evolving this into our next three-year plan of consistent value creation and focus value acceleration.

展望 2026 年 2 月的資本市場日，我們將展示 2023 年至 2025 年計畫的根本性進展，為未來奠定堅實的基礎。我們將分享我們將如何以及正在如何將此發展成為我們下一個三年計劃，以實現持續的價值創造和重點價值加速。

I'm incredibly proud of our passionate teams staying close to customers, executing with discipline and keeping our momentum throughout the end of this year. Thank you, and we are now ready for your questions.

我為我們充滿熱情、與客戶保持緊密聯繫、嚴謹執行並在今年年底前保持發展勢頭的團隊感到無比自豪。謝謝，現在我們準備好回答您的問題。

(Operator Instructions)

（操作說明）

Julien Dormois Loma, Jefferies.

Julien Dormois Loma，傑富瑞集團。

I have two. The first one would relate to a general question around price hikes going forward. You are obviously out of a period of inflation and also the tariff impact. So just curious how you think about price increase going forward. We can remember that two or three years ago, the whole industry proceeded with price hikes at the end of the inflation crisis.

我有兩個。第一個問題與未來物價上漲的普遍性問題有關。顯然，你們已經度過了通膨期，也擺脫了關稅的影響。所以，我很好奇您對未來的價格上漲有何看法。我們還記得，兩三年前，在通貨膨脹危機結束時，整個產業都出現了價格上漲。

So just curious whether you should expect some benefit from that in the next couple of years? That would be my first general question. And the second question relates to PH. Obviously, a super strong quarter on a comp. Just curious whether any restocking effect in China? And maybe help us understand what was actually the contribution of China in this quarter, and that's it.

所以，我只是好奇在未來幾年內，你是否應該從中獲得一些好處？這是我的第一個總體問題。第二個問題與PH有關。顯然，這是相對於同業而言非常出色的一個季度。只是好奇中國市場是否有補貨效應？或許還能幫助我們了解中國在本季究竟做出了哪些貢獻，僅此而已。

Thank you, Julien. Let me take the first one and then maybe Charlotte can take the second. So on the pricing, so as you have seen also from our bridge kind of we are driving our margin expansion on the back of two key drivers that we see taking effect.

謝謝你，朱利安。讓我先拿第一個，然後也許夏洛特可以拿第二個。所以在定價方面，正如您從我們的過渡方案中也看到的那樣，我們正在依靠兩個關鍵驅動因素來推動利潤率的擴張，我們認為這兩個因素正在發揮作用。

One is expansion of gross margin, and that actually is especially the new innovations, generating more traction in the total percentage of orders and then flowing through to sales. And that's where we see actually the price increases to support our margin as well as the productivity and cost discipline actions that we're taking.

一是毛利率的擴大，這實際上尤其體現在新的創新上，這些創新在訂單總量百分比上產生了更大的吸引力，然後轉化為銷售。因此，我們看到，為了維持利潤率，我們不得不提高價格，同時也採取措施提高生產效率和控製成本。

We expect in the coming period that there will be some pricing given the inflationary environment that we're in. But we also know that kind of actually the inherent value increase of our innovations and how we price them in combination with kind of productivity and cost will be the bigger driver of that. So we see pricing opportunity, but not to kind of a large extent that kind of we also would impede growth because it's still of critical importance, and we keep driving that whilst we expand the margin at the same time as you've seen.

鑑於我們目前所處的通膨環境，我們預期未來一段時間價格會有所波動。但我們也知道，實際上，我們創新的內在價值成長以及我們如何定價，再加上生產力和成本，才是更大的驅動因素。所以我們看到了定價機會，但這種機會不會太大，也不會阻礙成長，因為成長仍然至關重要，我們會在擴大利潤率的同時繼續推動成長，正如你所看到的。

Yeah. And then thank you, Julien. Your second question on Personal Health. We are very pleased with our Personal Health sales in the quarter of 11% indeed. As I said also, just earlier, partially, that was helped by a low comparable in China, but even excluding China, we saw broad-based growth across all businesses and geographies. So very pleasing.

是的。然後，謝謝你，朱利安。關於個人健康的第二個問題。我們對本季個人健康產品的銷售額成長11%感到非常滿意。正如我剛才所說，部分原因是由於中國市場可比數據較低，但即使排除中國市場，我們也看到所有業務和地區都實現了全面成長。非常令人愉悅。

And on your question on the restocking in China, we don't see any restocking. In fact, as we said, we annualized inventory destocking at the end of Q2 and continue to be very, very cautious on making sure that those inventory levels are in line with our expectations. So no restocking there.

至於你提到的中國補貨問題，我們沒有看到任何補貨跡象。事實上，正如我們所說，我們在第二季末對庫存去庫存進行了年度化調整，並繼續非常非常謹慎地確保這些庫存水準符合我們的預期。所以那裡不會補貨了。

Ed Ridley-Day, Rothschild & Co Redburn.

艾德·里德利-戴，羅斯柴爾德公司雷德伯恩。

Really strong improvement in productivity this year despite some of the challenges you faced. How should we think about maintaining that momentum into '26 and particularly on related to tariffs, you've almost fully offset the tariff headwind this quarter. Should we be perhaps assuming that you can fully offset the annualized tariff impact next year?

儘管面臨一些挑戰，但今年的生產力確實有了顯著提高。我們應該如何考慮將這種勢頭保持到 2026 年，尤其是在關稅方面，你們本季幾乎完全抵消了關稅帶來的不利影響。我們是否可以假設您明年可以完全抵消年度關稅影響？

Thank you very much, Ed. Let me take that question. So first of all, we're very much focused on 2025 and delivering in line with our expectation, which is now at the higher end of the 11.3% to 11.8% range. And as you rightfully mentioned, we've been able to compensate a lot of the tariffs while we still have and net impact of EUR150 million to EUR200 million after substantial mitigation and that gives us a lot of confidence.

非常感謝你，埃德。讓我來回答這個問題。首先，我們非常關注 2025 年，並​​力求達到我們的預期目標，目前我們的預期目標處於 11.3% 至 11.8% 範圍的較高水準。正如您所說，我們已經能夠彌補許多關稅損失，在採取大量緩解措施後，淨影響仍為 1.5 億歐元至 2 億歐元，這給了我們很大的信心。

Now if I look ahead at 2026, of course, we have our Capital Markets Day on February 10 and we're looking forward to giving you a lot more details at that point in time. What I would tell you in broad strokes is we are happy with the momentum that we've seen from an order intake perspective from a sequential sales step-up perspective from a margin perspective. So we are very focused on continuing improving on all fronts, but more to come in on February 10 from that perspective.

現在展望 2026 年，當然，我們將在 2 月 10 日舉行資本市場日，屆時我們將向大家提供更多細節。總的來說，我們對目前的發展勢頭感到滿意，無論是從訂單量、銷售額的環比增長，還是利潤率來看，都是如此。因此，我們非常注重在各方面繼續改進，但從這個角度來看，2月10日會有更多消息公佈。

Hugo Solvet, BNP Paribas Exane.

雨果‧索爾維 (Hugo Solvet)，法國巴黎銀行 Exane。

Congrats on the results. I have two, please. First, can you explain a bit on the order timing in D&T? And how would you expect Diagnostic Imaging sales to evolve going forward? And second, Roy, happy to get your thoughts on Section 232? Or do you think this could impact Imaging and Connected Care business? And where do you stand exactly on reshoring of manufacturing in the US in particular?

恭喜取得好成績。我要兩份。首先，您能解釋一下D&T的訂單處理時間嗎？您認為診斷影像產品的銷售額未來將如何發展？其次，Roy，我很想聽聽你對第 232 條的看法？或者您認為這可能會對影像和互聯醫療業務產生影響？那麼，您對製造業回流美國的問題究竟持何立場？

Thank you, Hugo. So on the order timing, and I think it's good indeed to -- if you look at the order buildup of D&T, as said, we are happy with 6% year to date. You also say so that is not yet fully evenly balanced, right? Q2 was really the quarter of D&T. Q3 is the quarter of, right?

謝謝你，雨果。所以關於訂單時間，我認為這確實不錯——如果你看看D&T的訂單累積情況，正如前面所說，我們對今年迄今為止6%的成長率感到滿意。你也說過，這還沒有完全達到平衡，對嗎？第二季度其實是設計與技術（D&T）的季度。Q3 是季度，對吧？

So we kind of -- as we have built up our order momentum, we're also getting some of these large deals. And Q2 was really a very strong D&T quarter. Q3 is a very strong CC quarter actually, in Q4, we expect the D&T also to further step up also we see that in our funnel.

所以，隨著訂單動能的增強，我們也獲得了一些大單。第二季是D&T表現非常強勁的一個季度。第三季度是CC業務非常強勁的一個季度，我們預計第四季度D&T業務也將進一步成長，我們在銷售漏斗中也看到了這一點。

So actually, whilst there are certain lumpiness, the underlying improvement is visible and you also see that coming through. The same is for the realization of sales. We also have seen the step-up in sales. Although also there, of course, it goes with the order conversion. And there, we see some time lines are longer.

所以實際上，雖然存在一些瑕疵，但潛在的改進是顯而易見的，你也能看到這一點。銷售實現也是如此。我們也看到了銷售額的成長。當然，它也與訂單轉換有關。在那裡，我們看到有些時間線更長。

But also, we expect there an improvement in Q4, which also is coming through. On top, I think it's also to say that as you know from our strategy, we had in how we drive our businesses, two different parts. One was, we have growth businesses at higher margins that we explicitly drive for growth, and we have margin expansion businesses.

但我們也預期第四季情況會有所改善，目前也確實如此。此外，我認為還要說明的是，正如您從我們的策略中所了解的那樣，我們在推動業務發展方面有兩個不同的部分。一方面，我們有利潤率較高的成長型業務，我們明確推動這些業務成長；另一方面，我們也有利潤率擴張型業務。

And those are exactly doing what they should be doing. So we have been expanding DI margin. We have been expanding EI margin. We have been expanding SRC margin also in the third quarter. And we have been really driving growth strongly across the other growth businesses.

而他們也確實在做他們該做的事情。因此，我們一直在擴大DI利潤率。我們一直在擴大EI利潤率。第三季度，我們的SRC利潤率也持續成長。而且，我們在其他成長型業務領域也實現了強勁成長。

Now of course, we want to have both margin and growth expansion from all segments. But actually, we're also driving them within the strategy. So in that sense, I think you've seen that we will kind of step up. And that's also what Charlotte mentioned in Q4. We also are launching, of course, new innovations like the radiation therapy suite that will support that as well. Of course, we have the RSNA coming with some exciting news there as well.

當然，我們希望所有業務板塊都能實現利潤率和成長的雙重擴張。但實際上，我們也在策略層面推動它們。所以從這個意義上講，我想你們已經看到我們會加大力度。夏洛特在第四季也提到了這一點。當然，我們也會推出一些新的創新技術，例如放射治療套件，這些技術也將為此提供支援。當然，RSNA 也將帶來一些令人興奮的消息。

So that's kind of how we look at to continue to D&T trajectory into Q4, but also, of course, in the period to come next year. The 232, so we see that, and I think there -- we look at this in conjunction with tariffs, there's a lot of fluctuation out there. And we are focusing very strongly on the controllables to see how we can mitigate that.

所以，這就是我們展望D&T業務在第四季以及明年接下來一段時間的發展軌跡的方式。232，所以我們看到了這一點，我認為——我們結合關稅來看待這個問題，那裡有很多波動。我們正著重研究可控因素，看看如何減輕這種影響。

And I think we are happy that actually in Q3, we showed that we are able to offset in full the tariff impact. Now that's how it work because it's still substantial. We also have the same plan for Q4, and we want to deliver a small margin quarter. That also helps us to kind of give the higher end of the range. We are, of course, following the 232 and are engaged because we're engaged in Europe and US and China and advocating strongly that actually we can lower tariffs and actually for go further impact on patient care. So in that sense, kind of, A, we are actively engaging in a dialogue; B, we are preparing ourselves to focus on control so that we can deal with any consequences.

我認為我們很高興地看到，在第三季度，我們已經證明我們能夠完全抵消關稅的影響。之所以這樣運作，是因為它仍然很重要。我們對第四季也有同樣的計劃，我們希望實現小幅獲利。這也有助於我們提供更高價位的產品。我們當然會關注第 232 號指令，並且積極參與其中，因為我們在歐洲、美國和中國都有所作為，並且大力倡導降低關稅，從而進一步改善患者護理。所以從這個意義上講，A，我們正在積極參與對話；B，我們正在做好準備，專注於控制，以便能夠應對任何後果。

On that last point, also, we have further strengthened our footprint in the US. So we invested EUR150 million in retail, expanding our Ultrasound but also wider facility there. We're also looking at our other facility to actually be even better prepared for the localization needs. And that's in line with contract we have been having across our supply chain.

關於最後一點，我們也進一步加強了在美國的業務佈局。因此，我們投資了 1.5 億歐元用於零售業，不僅擴大了我們的超音波設備，還擴大了那裡的其他設施。我們也在考察我們的其他工廠，以便更好地滿足本地化需求。這與我們在供應鏈中一直簽訂的合約是一致的。

I mentioned that we really strengthened our supply chain delivery and also the ability to kind of address challenges. And whether the challenges with tariffs or, we are better prepared and actually, we are upping our service levels and upping orders and sales. So we make sure that we stay resilient while we deal with uncertainties around us.

我提到過，我們確實加強了供應鏈交付能力，以及應對挑戰的能力。無論是關稅方面的挑戰，還是其他方面，我們都做好了更充分的準備，實際上，我們正​​在提高服務水平，增加訂單和銷售額。因此，我們要確保在應對周圍的不確定因素時保持韌性。

Hassan Al-Wakeel, Barclays.

Hassan Al-Wakeel，巴克萊銀行。

Couple of for me. Firstly, follow-up on D&T, please. Last quarter, Roy, you talked about your win improving in China, particularly in CT on the back of spectral. How is that faring today? And do you think your softer China order commentary is a function of market growth or share losses or both?

對我來說，這是兩份。首先，請跟進D&T的情況。羅伊，上個季度你談到了你在中國，尤其是在CT地區，在Special的推動下，你的勝率有所提高。如今情況如何？您認為您對中國訂單評論的緩和是市場成長還是市佔率下降，還是兩者兼具？

And then secondly, just if you can expand on the warning letter in ultrasound And Informatics. And what gives you confidence that this will not result in regulatory action and you're more recent quality improvement measures are yielding company-wide change?

其次，如果您能就超音波和資訊學中的警告信進行更詳細的闡述就更好了。您憑什麼確信這不會導致監管行動，而您最近採取的品質改進措施正在為公司帶來全公司的改變？

Yeah. Thank you, Hassan. So on D&T, we have seen, indeed, and that's also what was called out further traction on the 5300 and CT as well as MR. And actually, that is building in the funnel. And next to that, we saw Ultrasound really picking up.

是的。謝謝你，哈桑。所以，在D&T方面，我們確實看到了，而這也正是5300、CT以及MR進一步獲得市場認可的原因。實際上，這些需求正在逐步成長。此外，我們也看到超音波技術得到了迅速發展。

And actually, that in part also address maybe some concern from the warning letter. Actually, Ultrasound, we have been dialing up order intake momentum and sales momentum, whilst we actually have been working in parallel the remediation since Q2 because it's not new, right?

實際上，這在某種程度上也回應了警告信中的一些擔憂。實際上，超音波業務方面，我們一直在加大訂單量和銷售力度，同時從第二季開始就一直在同步進行補救工作，因為這並不是什麼新鮮事，對吧？

For us, we got to 43 at the end of Q1. We started to remediate in Q3 -- in Q2 and in Q3 and you have seen no impact on results. That's also why we can be confident on that this will not have impact on results. We are remediating the process part of it and we are in full kind of remediation and take it very seriously, of course.

到第一季末，我們達到了 43。我們從第三季開始進行補救——在第二季和第三季都進行了補救，但您沒有看到對結果有任何影響。這也是為什麼我們可以確信這不會對結果產生影響的原因。我們正在改進流程部分，我們正在全面進行改進，當然，我們對此非常重視。

But we also know that this is no product issue, not a patient safety issue. This is process remediation. And we have been working that, whilst absorbing it and stepping up our products. Then on China, I think China you see that it's a mixed picture.

但我們也知道，這不是產品問題，也不是病人安全問題。這是流程改善。我們一直在努力學習和吸收這些知識，並不斷改進我們的產品。至於中國，我認為情況比較複雜。

Overall, the market momentum, I would still call out for health systems as subdued, right? We still don't see the market growth coming back as we all hope, and that's really a market phenomena. We see tenders increasing, but it's not turning to order growth because we see that they are not landing yet.

整體而言，就市場動能而言，我仍然認為醫療系統市場較為疲軟，對吧？我們仍然沒有看到市場成長如我們所希望的那樣恢復，這確實是一種市場現象。我們看到投標數量增加，但訂單數量並沒有轉化為訂單增長，因為我們看到這些訂單還沒有落地。

Processing times are longer, they are being disputed -- and that's something that actually we are facing as industry. On the other hand, we have seen that, for example, has been up in our mix and we saw ICP also picking up. We saw some slowness in DI, where actually last quarter was stronger. So actually, we're working also to kind of see how we can strengthen it again in Q4.

處理時間更長，而且存在爭議——這正是我們整個行業目前面臨的問題。另一方面，我們看到，例如，在我們的組合中，ICP 的佔比有所上升，我們也看到 ICP 的佔比也在上升。我們看到直接投資成長放緩，而上個季度實際上表現更強勁。所以實際上，我們也在努力看看如何在第四季再次加強它。

So it's not that linear over the quarters. But in general, I think we are all waiting for further strengthening of China. Now we do expect it to come, but it's just not clear one. So therefore, we remain cautious. And of course, you know that the China part of bigger and then also the CC part. So you see that weighs a bit stronger on the portfolio.

所以它在季度之間並不是線性變化的。但總的來說，我認為我們都在等待中國進一步增強實力。現在我們確實期待它到來，但具體時間尚不明確。因此，我們仍保持謹慎。當然，你也知道中國部分更大，CC部分也更大。所以你看，這對投資組合的影響稍微大一點。

Maybe not a data point what is important. If you look at DI in North America, we have been growing orders by 16% year-to-date. So whilst we are growing, of course, we're coming from a smaller base and that weighs upon us. But it's not we don't have momentum there. But of course, we are rebuilding from a smaller base. So those are a few, I think, data points on the D&T momentum. So we keep building it. We also have strong engagement with customers.

也許這不是什麼重要的數據點。如果觀察北美地區的DI業務，我們今年的訂單量成長了16%。所以，雖然我們在發展壯大，但我們的基數較小，這給我們帶來了壓力。但這並不意味著我們在這方面沒有勢頭。當然，我們是從較小的基礎開始重建的。所以，我認為以上就是關於D&T發展勢頭的一些數據點。所以我們一直在建造它。我們與客戶之間也保持著密切的聯繫。

We have been receiving many of them actually here for corporation sessions and have been virtually also part of that. So I see it coming also towards the next year, but we are sequentially building it through the quarters.

我們接待了許多前來參加公司會議的人員，也以虛擬方式參與其中。所以我認為明年也會實現，但我們會按季度逐步推進。

Roy, if I could just quickly follow up. In your prepared remarks, you talked about tougher competition on the ground in China as well as some of the market issues that you just talked about. Where is that manifesting itself?

羅伊，我可以簡單跟進嗎？在您事先準備好的演講稿中，您談到了中國市場日益激烈的競爭，以及您剛才提到的一些市場問題。這種現象體現在哪裡？

Yes. I think what I mean with the tough competition is that in, of course, the centralized procurement, you have a much more regulated process around competition. And that makes that we see, and I think everybody is facing that, that you kind of much more guided in that process. There are more disputes coming out. So when you have one people are rebottling it. So that's, I think, where you see on the ground that it's becoming tougher because it's not only clinical preference, there's also more process in the mix.

是的。我認為我所說的激烈競爭是指，在集中採購中，競爭過程受到更嚴格的監管。這就導致我們看到，而且我認為每個人都面臨這種情況，那就是在這個過程中你會受到更多的指導。還有更多爭議浮出水面。所以一旦有了這種酒，人們就會把它重新裝瓶出售。所以我認為，這就是為什麼在實際操作中，情況變得越來越艱難，因為這不僅取決於臨床偏好，還涉及更多的流程因素。

I think that is a fair, I think, depiction of the China situation, and that's something that we all are dealing with in all parties. And you saw it also, I think, in some commentary of others. I think we are working through that. I think on the other side, on the positive side, we also mentioned that we are working to offset -- and that's not only short term but also longer term, the strong momentum of double-digit orders in North America.

我認為這是對中國現狀的公正描述，也是我們所有政黨都在面對的問題。我想，你也從其他人的一些評論中看到了這一點。我認為我們正在努力解決這個問題。我認為另一方面，從積極的方面來看，我們也提到我們正在努力抵消——這不僅是短期的，也是長期的——北美兩位數訂單的強勁勢頭。

Of course, it's also a big part of mitigation for that. And there also we could still deliver 8% total order growth despite that China is not back where it is. Of course, there, we are firing also on the strongholds that we have NCC was particularly strong this quarter, but also we continue to build on the rest.

當然，這也是緩解這一問題的重要措施之一。即使中國經濟尚未恢復到先前的水平，我們仍然可以實現 8% 的總訂單成長。當然，我們也在向我們擁有的堡壘發動攻擊。 NCC 在本季表現尤為強勁，但我們也持續鞏固其他堡壘。

So as we are shifting to get where the demand is coming, more contribution, that's North America, but also Europe. And you also see that kind of we will be building that into our sales of the various underlying segments.

因此，我們正在調整策略，以滿足來自北美和歐洲的需求，從而做出更多貢獻。而且您也可以看到，我們將把這種模式融入各個細分市場的銷售中。

David Adlington, JPMorgan.

David Adlington，摩根大通。

Firstly, maybe just give your thoughts on GE's decision. Can you hear me?

首先，或許可以談談你對通用電氣這個決定的看法。你聽得到我嗎？

Yes.

是的。

Okay. Yes, just on -- yes. So just on GE's decision to sell the Chinese business, just wondered if you thought there was potential to pick up share, but also just good to get your thoughts in terms of why they might be looking to exit China? And then secondly, just wondered if we could -- as the hedges rolled off on the foreign exchange, I just wondered what sort of headwind that will be to margin for next year?

好的。是的，剛剛——是的。關於通用電氣決定出售中國業務，我想知道您是否認為我們有機會搶佔市場份額，也想聽聽您對他們為何可能尋求退出中國市場的看法？其次，我想知道隨著外匯對沖到期，明年的保證金會受到怎樣的不利影響？

Okay. So on GE, of course, I cannot speak on behalf of GE and what we're doing. What I do see is actually that indeed on the ground, we are dialing up our competitive positioning around innovations that we've been launching.

好的。所以，關於通用電氣，我當然不能代表通用電氣發言，也不能代表我們正在做的事情。我看到的是，實際上，我們正​​在加強圍繞我們推出的創新產品的競爭優勢。

And as I said enough, we see that, that also is rendering. We saw the pickup. We see also that there is kind of more activity but kind of we need to materialize that. And I think overall, globally, you see that we have good order momentum and kind of that is because of the customer preference for our platforms.

正如我剛才所說，我們看到，那也是渲染的結果。我們看到了那輛皮卡。我們也看到，活動增加，但我們需要將其轉化為實際行動。我認為總體而言，在全球範圍內，我們擁有良好的訂單成長勢頭，這主要是因為客戶更喜歡我們的平台。

I think the approach of innovation that we are taking, where we're really looking into the broader productivity and workflow support supported with the combination of products and GenAI and informatics is something that is resonating.

我認為我們正在採取的創新方法，即真正著眼於透過產品、GenAI 和資訊學的結合來提高更廣泛的生產力和工作流程支持，正在引起共鳴。

So I would say that's kind of our competitive differentiation and where we have three strong platforms that we're pulling from that customers can build upon, and they are interoperable and open so that kind of we can play with partnerships in the industry as well to strengthen the delivery towards customers. I think that's on the first part and maybe you can take the second on FX, Charlotte.

所以我覺得這就是我們的競爭優勢所在，我們擁有三個強大的平台，客戶可以基於這些平台進行構建，而且這些平台是互操作的、開放的，因此我們也可以與業內合作夥伴攜手，加強對客戶的交付。我覺得那是第一部分，夏洛特，也許你可以看看FX電視台的第二部分。

Yes, absolutely. Thanks, David. So your question on FX. And of course, we're very pleased with not seeing any impact from respective in Q3. Now if you go and also look at Q4, that's where we do expect some currency headwinds to come in, which also will impact our margin, and that's fully, fully included in the guide of the higher end of 11.3% to 11.8%.

是的，絕對的。謝謝你，大衛。所以你關於FX的問題。當然，我們也非常高興地看到第三季沒有受到各自方面的影響。現在，如果你再看看第四季度，我們預計屆時會受到一些匯率不利因素的影響，這也會影響我們的利潤率，而這已經完全包含在 11.3% 至 11.8% 的較高利潤率預期中。

And where we will get that out in February will also take the currency impact into account in our guide there. So what I would tell you overall that we've been doing very well in terms of offsetting any currency impacts, as you have seen also in Q3.

我們將在二月發布的指南中考慮匯率的影響。總的來說，我想告訴大家的是，我們在抵銷匯率影響方面做得非常好，正如你們在第三季看到的那樣。

Graham Doyle, UBS.

瑞銀集團的格雷厄姆·多伊爾。

Just two for me. Just firstly, on the test side of things. Just conceptually, we think of the order book growth you've had, which probably would support, say, mid-single-digit growth next year, you think of the cost savings, the mitigation you've got in there. Just to be fair, is it reasonable to assume margins can expand next year with Paris where they are at the moment, just to get some clarity on that. We're not asking for a level but just to assume that they can expand.

我只有兩個。首先，我們來談談測試方面的問題。從概念上講，我們考慮到你們的訂單成長，這可能足以支撐明年實現個位數中段的成長，再想想你們所節省的成本和採取的緩解措施。為了公平起見，假設巴黎目前的狀況使得明年利潤率能夠擴大，這是否合理？為了更清楚地了解情況，我們需要進一步探討這個問題。我們並非要求達到某個級別，只是假設他們可以擴展。

. And then just on China, we're hearing quite a bit about VBP within the CT and Ultrasound segments. And I know a couple of your peers have seen it, but mainly because they play in the sort of lower end of mid-level hospitals. Is this something that's affecting your business? Or do you just not play in those categories?

。就中國而言，我們在 CT 和超音波領域聽到了很多關於 VBP 的消息。我知道你們當中有幾個人看過，但主要是因為他們在中低階醫院工作。這是否對您的業務造成了影響？還是你根本不參加這些類別的比賽？

Thank you, Graham. Let me take the first question on tariffs. So as you know, so for this year, tariffs after substantial mitigation are impacting us to an extent of EUR150 million to EUR200 million. And despite that, we're expanding our margins at this point in time at the higher end of the 11.3% to 11.8% margin. So it's 30 basis points.

謝謝你，格雷厄姆。讓我先回答第一個關於關稅的問題。如你所知，今年在採取了實質緩解措施後，關稅對我們的影響將達到 1.5 億歐元至 2 億歐元。儘管如此，我們目前仍在擴大利潤率，利潤率處於 11.3% 至 11.8% 的較高水平。所以是30個基點。

You said it. Of course, the tariffs are annualizing next year. That will be a little bit of a bigger impact. But the way we are looking at it is we know every year, we need to improve, including the new reality around us. And one of the big new realities around us is tariffs.

你說得對。當然，關稅明年將按年計算。那將會產生更大的影響。但我們看待這個問題的方式是，我們知道每年都需要改進，包括適應我們周圍的新現實。而我們周遭的一大新現實就是關稅。

So without wanting to go into any specifics at this point in time because we'll do that on February 10. What I can tell you is that we're very much focused on improvement, improvement from a sales perspective, improvement from a margin perspective and also improvement from a cash flow perspective.

所以，目前我不想透露任何具體細節，因為我們將在2月10日進行討論。我可以告訴你們的是，我們非常注重改進，從銷售角度改進，從利潤率角度改進，以及從現金流角度改進。

On the CT Ultrasound question VPP in China. I think the procurement rollout is quite broad based. So we're also affected by that. So we see that as well in part of kind of the portfolio where we play. So that's, I think, a market phenomena.

關於中國VPP的CT超音波問題。我認為採購推廣範圍相當廣泛。所以我們也受到了影響。所以，我們在我們參與的投資組合中也看到了這一點。所以我認為這是一種市場現象。

That's also where it was earlier alluding to that actually is causing some of the slowness that we see because actually that really causes longer processing time as well as a more orchestrated approach towards buying and that has an impact -- continued impact on market growth in China.

先前也有人暗示，這實際上導致了我們看到的一些緩慢局面，因為這確實導致了更長的處理時間以及更有組織的購買方式，而這會對中國市場的成長產生持續的影響。

So therefore, we did see that as well for us. I think on the positive side, as I already mentioned, we saw really an Ultrasound positive growth coming in because also some of the new launches that we have. Now we are also building the pipeline for the CT part. So we see that there is standard activity. But as I also mentioned, it's not yet kind of concluded and therefore, kind of we remain a bit cautious on how this evolves because it's not very predictable yet when activity turns into orders and then turns into sales.

所以，我們也看到了這一點。我認為積極的一面是，正如我之前提到的，我們看到超音波業務確實出現了積極的成長，這也得益於我們的一些新產品的推出。現在我們也正在為CT部分建造生產線。由此可見，各項活動都在正常進行。但正如我之前提到的，這件事還沒有定論，因此，我們對事態的發展仍持謹慎態度，因為目前還很難預測活動何時會轉化為訂單，然後再轉化為銷售額。

Veronika Dubajova, Citi.

Veronika Dubajova，花旗銀行。

I am going to ask two, please, and a very quick third one, if you forgive me, just because that's one word, hopefully, one. But I just want to circle back to the downgrade to the guidance to the sales guidance for D&T. And obviously, where you've talked a lot about China, but can you sort of confirm that the downgrade is entirely just China related? Or is there anything else that you're seeing in other regions that's worrying you there?

請容許我問兩個問題，如果可以的話，再快速問一個問題，因為第三個問題是一個詞，希望如此。但我還是想回到D&T銷售業績預期下調這件事。顯然，您談了很多關於中國的問題，您能否確認此次評級下調完全與中國有關？或者，您在其他地區是否還看到了其他令您擔憂的情況？

And I guess, how you feel about that kind of D&T growth momentum exiting this year, underpinning this roughly 5% growth rate that consensus has for next year, if you can talk to that. That would be my first question.

我想，您如何看待今年D&T產業成長動能的結束，以及明年市場普遍預期的約5%的成長率？如果您能談談這方面的情況的話。這將是我的第一個問題。

My second question is the low single-digit growth rate in IGT, quite a deviation from the trend that we've seen through the last couple of years. So curious if you have some thoughts on that. And again, if you can elaborate on what's driving that? And my sort of very, very quick yes or no question is, do you expect the warning letter to have any impact on your ability to return to the through the next 6 to 12 months?

我的第二個問題是 IGT 的成長率只有個位數，這與我們過去幾年看到的趨勢有很大的偏差。很好奇你對此有什麼看法。還有，您能否詳細說明一下是什麼原因導致這種情況？我的問題很簡單，就是“是”或“否”，您認為這封警告信會對您在接下來的 6 到 12 個月內重返工作崗位的能力產生任何影響嗎？

Okay. Let me start with the D&T. So on the sales momentum, yes, there is some China impact in that. But the other portion that we have seen is also some longer conversion cycles of orders. There's no particular kind of other reason that we see in other regions.

好的。讓我先從設計與技術講起。所以就銷售勢頭而言，是的，這其中確實存在中國市場的影響。但我們也看到，另一部分訂單的轉換週期較長。在其他地區，我們沒有看到其他任何特殊原因。

I said kind of, especially in DI side, of course, we have a different footprint in terms of more weighted towards Europe and China and a bit less in North America where we are building, but I also mentioned to you that we are actually building that with double-digit order growth.

我說過，某種程度上是這樣，尤其是在直接投資方面，當然，我們的佈局更側重於歐洲和中國，在北美（我們正在那裡建設）的側重較小，但我也向你提到過，我們實際上正在以兩位數的訂單增長來建設這些業務。

So actually, we are stepping that up, and we expect that also to continue. So yes, whilst the overall mix is a bit changing in the year, we remain 1% to 3%. I haven't heard too many people talking about CC. It was quite extraordinary this quarter how they deliver in terms of the demand that there is as well as kind of support in hospital patient monitoring and in kind of EI.

所以實際上，我們正​​在加大力度，而且我們希望這種勢頭能夠繼續下去。所以，雖然今年的整體組成略有變化，但我們仍然保持在 1% 到 3% 之間。我很少聽到有人談論CC。本季他們在滿足需求方面做得非常出色，在醫院病人監護和早期介入等方面也提供了支持。

So of course, we're tapping the opportunity and also growing and leveraging the strength of our portfolio in fullish. And that also is true actually for IGT. So in IGT, the CSG has been high, especially if you look also then in terms of the compare from a two years come to Q3, and that was also supply chain related, you see that kind of expense of the LSD. But actually, we keep very much leading in IGTR. The new launches are contributing to that.

所以，我們當然要抓住這個機會，並充分發展和利用我們投資組合的優勢。事實上，IGT的情況也是如此。所以在IGT，CSG一直都很高，特別是如果你從兩年前到第三季的比較來看，這也與供應鏈有關，你會看到LSD的這種支出。但實際上，我們在 IGTR 領域一直保持領先地位。新推出的產品也促成了這一點。

People are really excited about not only what we have been launching, but also the piping with Azurion and other innovations that we have. So actually, we remain very excited about the interventional opportunity that's out there and that we also keep pursuing. Then on the warning letter, no, I don't expect any impact to the CD because these are two separate topics. The CD has its own kind of SRC-related demand.

人們不僅對我們推出的產品感到非常興奮，而且對我們採用 Azurion 技術的管道和其他創新也感到非常興奮。所以實際上，我們仍然對現有的介入治療機會感到非常興奮，我們也將繼續追求這個機會。至於警告信，不，我不認為會對 CD 造成任何影響，因為這是兩個不同的問題。CD 有其自身與 SRC 相關的需求。

As I mentioned earlier, we're fully on track in kind of working through those. This is a separate one that; we need to address, and we are in full remediation of it. And as I said earlier, we don't expect any commercial impact of it. So in that sense, yes, it's a disappointment, and we are kind of acting it with very strong disciplined follow-through, but we don't expect that to have any further operational impact.

正如我之前提到的，我們正在按計劃全面解決這些問題。這是另一個需要我們解決的問題，我們正在全面整改。正如我之前所說，我們預計這不會產生任何商業影響。所以從這個意義上講，是的，這令人失望，我們正在以非常強硬的紀律採取後續行動來應對，但我們預計這不會對營運產生任何進一步的影響。

Richard Felton, Goldman Sachs.

理查費爾頓，高盛集團。

Three for me, please, both on Connected Care. So first of all, I suppose just a follow-up on the strong order performance in Connected Care. Could you maybe add a bit more color on what was drying that and how much benefit was there from the longer-term partnerships that you signed in the quarter?

請給我三份，兩份都要通過互聯醫療服務。首先，我想就互聯醫療領域強勁的訂單表現做個後續說明。您能否再詳細解釋一下導致這種情況的原因，以及您在本季簽署的長期合作關係帶來了多大的好處？

And then secondly, on Enterprise Informatics, specifically, I think it's roughly a year on since you extended your partnership with AWS advanced cloud services. How has that partnership impacted your Enterprise Informatics business from both a top and bottom line perspective?

其次，關於企業資訊學，具體來說，我認為距離您與 AWS 高級雲端服務擴展合作關係已經過去大約一年了。從營收和利潤兩方面來看，這種合作關係對貴公司的企業資訊業務產生了哪些影響？

Yes. Great questions, Richard. So let me start with hospital patient monitoring and CC development there. I think we have been seeing strong demand on the patient monitoring side. And in combination with, I would say, really unique ecosystem that we have been building, we see us really winning. And that's not only kind of building on the momentum in the market but also then kind of really taking positions also of competition. That is built also with partnerships.

是的。理查德，問得好。那麼，就讓我先從醫院病人監護和CC發展說起吧。我認為我們已經看到患者監護方面有強勁的需求。再加上我們正在建構的真正獨特的生態系統，我們認為我們一定會取得勝利。這不僅是在市場發展勢頭的基礎上繼續前進，而且還在競爭中佔據了有利地位。這也是透過合作關係建立起來的。

Now we mentioned two in the quarter, but it's not only of that, it's quite broad-based and also across regions. You know that we play mostly outside of China. So of course, you see it doesn't have the China impact, but it's really kind of driving a very strong North America contribution.

我們剛才提到了本季中的兩個案例，但實際上並非如此，它涉及的範圍很廣，而且跨越了多個地區。你知道我們主要在中國以外的地方比賽。所以，當然，它沒有中國那樣的影響力，但它確實推動了北美地區做出非常強勁的貢獻。

They're investing in patient monitoring and standardization, but also patient safety is important there over the patient as well as the cybersecurity part. And we have been really also driving the partnership approach, as you have been seeing. So we kind of offer a full open modular approach, and that's really working for the market and for our customers.

他們正在投資病患監測和標準化，但病患安全以及網路安全也同樣重要。正如你所看到的，我們也一直在大力推動合作模式。因此，我們提供了一種完全開放的模組化方法，這種方法對市場和我們的客戶都非常有效。

So I think a winning formula there and that we expect to continue to deliver results. And that not only has been driving order sales, but you saw also strong margin contribution, because, as you know, the business is also a strong margin business. Then on EI, we also mentioned strong contribution from EI in the quarter. As that, we drive, of course, EI for margins. So we saw margin improvement. But we also were very pleased with the order improvement.

所以我認為這是一種成功的模式，我們期待能夠繼續取得成果。這不僅推動了訂單銷售，而且還帶來了強勁的利潤貢獻，因為，正如你所知，這項業務本身也是一項利潤率很高的業務。然後，關於EI，我們也提到了EI在本季的強勁貢獻。因此，我們當然會利用EI來提高利潤率。所以我們看到利潤率有所提高。但我們也對訂單處理效率的提升感到非常滿意。

And that indeed is really also in combination with that offer that we have with AWS. The cloud migration is big. Not only the cloud migration, we do also AI and some is model collaboration with them. So we see that really kind of supporting the engine. They're also doing some marketing and sales efforts because they essence sell our solutions as well as that we, of course, support cloud services when we go out to customers together.

這實際上也與我們和 AWS 提供的服務結合。雲端遷移規模龐大。我們不僅進行雲端遷移，還進行人工智慧方面的工作，並與他們進行一些模型協作。所以我們看到這確實對引擎起到了一定的支撐作用。他們也在進行一些行銷和銷售工作，因為他們本質上是在銷售我們的解決方案，而且我們當然也會在與客戶一起外出時提供雲端服務支援。

And that is a formula that also works within the market and with customers. So we see that kind of strengthening our approach and that's indeed building the funnel and now also building a conversion since started that collaboration with AWS.

而這種模式在市場和客戶中也行之有效。因此，我們看到這種加強我們方法的做法，這確實在建立銷售漏斗，而且自從與 AWS 開始合作以來，也在建立轉換率。

Wim Gille, ABN AMRO ODDO BHS.

Wim Gille，ABN AMRO ODDO BHS。

I have two questions actually. First, you reported 8% order intake growth in Q3, predominantly driven by CC this quarter. You also gave some color during this earnings call on the final for Q4, but I missed that answer. So can you reiterate it? Basically giving a bit of granularity on how you see the sales funnel and the order intake developed into Q4 for both D&T as well as CC?

我其實有兩個問題。首先，你們報告稱第三季訂單量成長了 8%，這主要得益於本季 CC 業務的成長。您在這次財報電話會議上也談到了第四季度的最終業績，但我錯過了那部分內容。能再重申一次嗎？請您具體詳細說明您如何看待D&T和CC兩家公司在第四季的銷售漏斗和訂單接收情況？

The second question is related to E&I Enterprise Informatics. As I understand it, order intake was pretty okay, but sales has been flat also in Q3 and was also quite disappointing relatively low in the previous quarters. which reads a bit disappointing vis-a-vis market growth there. So what has been holding you back in the last couple of quarters? And when would you expect the order intake in E&I to come and convert into sales growth here?

第二個問題與 E&I 企業資訊學有關。據我了解，訂單量還算可以，但第三季銷售額也持平，而且前幾季的銷售額也相對較低，令人失望。考慮到當地市場的成長情況，這確實有點令人失望。那麼，在過去的幾個季度裡，是什麼阻礙了你的發展？您預計E&I的訂單量何時才能轉化為這裡的銷售成長？

Yes. Let me maybe take the first one in terms of the order momentum. So we said kind of when we look through the year, we expect a strong full year delivery of orders where we continue on the track that we have been building. So a positive order intake also into Q4, probably a bit more evenly based with CC and D&T, as I've said, kind of has been a bit lumpy through the quarters.

是的。讓我從順序動量的角度來考慮第一個問題。所以，我們說，展望今年，我們預計全年訂單交付量將保持強勁成長，我們將繼續沿著我們一直在建立的道路前進。所以第四季訂單量也為正，可能與 CC 和 D&T 的訂單量更加均衡，正如我所說，各季度的訂單量波動比較大。

But in Q4, we expect it to be more evenly based then depending on kind of what big orders will fall, you will see kind of this will have potentially some impact in Q4 or we see it next year back, but a strong finish in orders, then on sales, also there, kind of we have said before, we are stepping up and also we will step up in Q4.

但到了第四季度，我們預期情況會更加均衡，這取決於哪些大訂單會落在什麼位置。你會看到這可能會對第四季度產生一些影響，或者我們明年才能看到結果。但訂單方面會有一個強勁的收官，銷售方面也是如此。正如我們之前所說，我們正在加緊努力，在第四季我們還會繼續加緊努力。

And that will be across the different segments. So we will expect contribution from everybody in that step-up. So PH continues to be strong. We see CC continuing and also D&T stepping up. So in that sense, I think we maintain the momentum as we also signaled, and that's built on the funnel of course, still 2 months ago.

而且這種情況會遍及各個領域。因此，我們希望每個人都能在這過程中做出貢獻。所以PH值依然堅挺。我們看到CC持續發展​​，D&T也不斷進步。所以從這個意義上講，我認為我們保持了之前所展現的勢頭，當然，這仍然是在兩個月前建立起來的漏斗模型的基礎上。

So working hard to kind of get it over the finish line with our teams, but all kind of geared towards dealing upon what we also have guided for. And I think that's, of course, a reiteration of what we have been planning for and saying all year long.

所以，我們的團隊正在努力完成這項任務，但所有努力都是為了解決我們一直以來所指導的問題。當然，我認為這重申了我們一整年以來一直在計劃和所說的內容。

And then with your question on Enterprise Informatics, indeed, as you pointed out, our order intake has been very strong in Q3 for Enterprise Informatics, and we're very pleased with that. You probably also know that the order conversion cycle from order to sales in Enterprise Informatics is pretty long. So it will take quite a while for order intake growth to convert into sales. and Roy just spoke about AWS and our AWS partnership as well, which will also help contribute as we move customers to the cloud will also help drive sales growth there over time.

至於您提出的企業資訊學問題，正如您所指出的，我們第三季的企業資訊學訂單量非常強勁，我們對此非常滿意。您可能也知道，在企業資訊學中，從下單到銷售的訂單轉換週期相當長。因此，訂單量的成長需要相當長的時間才能轉換為銷售額。 Roy剛才也談到了AWS以及我們與AWS的合作關係，隨著我們將客戶遷移到雲端，這將有助於推動雲端銷售的成長。

And in that transition where you are moving your clients to -- from on-prem to cloud, have you -- any indication -- can you give any indication where you are in that process? Is it like quarter is done? Are you halfway there? Or are we now at the end of the conversion?

在您將客戶從本地部署遷移到雲端的過程中，您能否透露一下您目前處於遷移的哪個階段？季度是不是已經結束了？你完成一半了嗎？或者，我們現在已經到了轉變的終點？

Yes. It's difficult to say, and it also depends really customer by customer. So we've done a number of successful conversions from on-prem to the cloud. But ultimately, the thing to keep in mind is that this will take time to fully, fully execute on because it really touches also the hospitals and the hospital operations very, very deeply. So this will take time, but we've done a few that have been very successful.

是的。很難說，而且這實際上也取決於具體客戶的情況。因此，我們已經成功完成了許多從本地部署到雲端的轉換。但歸根結底，需要記住的是，這需要時間才能完全、徹底地執行，因為它確實對醫院和醫院運作產生了非常非常深遠的影響。所以這需要時間，但我們已經做了一些非常成功的專案。

(Operator Instructions)

（操作說明）

Falko Friedrichs, Deutsche Bank.

法爾科·弗里德里希，德意志銀行。

My first question is how did the Respironics business perform in Q3? And are you seeing the momentum build as you reenter European markets? My second question is there has been a very large number of earnings adjustment yet in the third quarter. Is that something you plan to significantly reduce going into 2026?

我的第一個問題是，Respironics公司第三季的業務表現如何？隨著您重返歐洲市場，您是否看到了市場動能正在增強？我的第二個問題是，第三季至今已經出現了大量的獲利調整。你們計劃在2026年大幅減少這方面的支出嗎？

Yes. Let me take the first one, focus on, I think two parts. One, as I said before, of course, we have been driving very strong margin improvement. We have seen very strong margin realization in Q3 of SRC also that contributed to the strong CC margin step-up.

是的。讓我先來看第一個問題，重點放在兩個方面。第一，正如我之前所說，我們當然一直在努力實現非常強勁的利潤率提升。我們看到 SRC 第三季的利潤率實現非常強勁，這也促成了 CC 利潤率的大幅提升。

So that part of the strategy is fully working. Also, we have seen really the OSA portfolio, so the sleep apnea portfolio stepping up. So we see actually, as we returning into the market, actually, that's something that is delivering growth to us, where we see it being offset is with ventilation, there actually, we have improving portfolio and also been taken out.

所以，這部分策略完全奏效了。此外，我們也看到了 OSA 產品組合，也就是睡眠呼吸中止症產品組合不斷增強。所以我們看到，隨著我們重返市場，這實際上為我們帶來了成長，而我們看到被抵消的是通風設備，實際上，我們的投資組合正在改善，並且也被淘汰。

So that actually is going at the cost of the sleep momentum. So therefore, in the mix, you see that there is a slight pressure on the sales because of that ventilation we set. But we are very encouraged and excited by the fact that in sleep, both on the devices, but also the masks, we see it stepping up. That, of course, with the reentry that we have been doing across the various countries now in due course of this year.

所以，這其實是以犧牲睡眠規律為代價的。因此，綜合來看，由於我們採取的通風措施，銷售額略有下降。但令我們非常鼓舞和興奮的是，在睡眠方面，無論是使用設備還是使用眼罩，我們都看到睡眠品質有所提升。當然，這與我們今年在各國逐步進行的重新開放工作密切相關。

Yes. And then Falko, I'll take your second question on the adjusting items. And although adjusting items came in significantly low than we had guided for, I absolutely acknowledge that they're still high. And the moving pieces are, on the one hand, we continue to have costs related to the consent decree, consent degree that will reduce over time. The other element is that we continue to have restructuring costs as we're continuing to simplify our operating model and to simplify Philips as a company.

是的。那麼，Falko，我來回答你關於調整專案的第二個問題。雖然調整項目遠低於我們的預期，但我完全承認它們仍然很高。而其中的變數在於，一方面，我們仍要承擔與同意法令相關的費用，但隨著時間的推移，這些費用將會減少。另一方面，由於我們仍在簡化營運模式和簡化飛利浦公司，因此我們仍需承擔重整成本。

Now having said all of that, we are very much focused on, and it is a priority of mine to reduce adjusting items over time. So that is what we're fully focused on. There's a lot on the table there. There's a lot of strengthening of processes that we're doing. So over time, I could -- I see the reduction in adjusting items.

說了這麼多，我們非常重視減少隨著時間的推移需要調整的項目，這也是我的首要任務。所以這就是我們目前全力以赴的重點。那裡有很多問題需要討論。我們正在加強很多流程。所以隨著時間的推移，我可以看到調整項目減少了。

And what I would also tell you is that adjusting items have already come down versus 2024 and 2025. So this is a journey and a trajectory role.

我還想告訴大家的是，與 2024 年和 2025 年相比，調整項目已經減少。所以這是一個循序漸進、發展軌跡式的角色。

Oliver Reinberg, Kepler Cheuvreux.

Oliver Reinberg，Kepler Cheuvreux。

Two questions also from my side. Firstly, I just want to discuss the March impact from innovation and SKU reduction. I mean, I guess this is kind of a continuous effort, but can you just give us any kind of flavor in which year do you expect this kind of measures to peak? Will this probably be next year as the kind of order backlog is being worked through? Or do we expect the kind of margin contribution to be similar compared to 2025? And also, can you give us a flavor when you're pruning your kind of product portfolio, what was actually the headwind to compare with sales growth because my understanding is that you're not adjusting for that?

我也有兩個問題。首先，我想討論一下創新和 SKU 減少對三月的影響。我的意思是，我猜這應該是一項持續性的工作，但您能否大致透露一下，您預計這類措施會在哪一年達到頂峰？由於訂單積壓問題需要逐步解決，這可能要等到明年才能實現嗎？或者我們預期獲利貢獻與 2025 年相比會類似？另外，您能否簡單介紹一下，當您精簡產品組合時，實際存在的阻力是什麼，才能與銷售成長進行比較？因為我了解到您並沒有對此進行調整。

And then the second question for me. Just on Americas, I mean, you talked about a different -- more uncertainty in some kind of regions. I was just wondering if this also relates to Americas, we pointed to different dynamics by region. So just trying to get a flavor how confident are you that this kind of growth in North America will continue into next year?

接下來是我的第二個問題。就美洲而言，我的意思是，你談到了某些地區存在著更大的不確定性。我只是想知道這是否也適用於美洲，我們指出不同地區的情況有所不同。所以我想了解一下，您對北美這種成長勢頭能否持續到明年有多大信心？

Yes. Thank you, Oliver. Let me take the first question on the margin impact from the SKU reduction, which we internally call project synchronized. So what I would tell you, and if I take a step back on our margin improvement trajectory, we have consistently said that part of our margin improvement trajectory is related to gross margin improvement, and there are a couple of different things to that. On the one hand, we see improvement from gross margin driven by innovations and our innovations driving higher margins.

是的。謝謝你，奧利佛。讓我先回答第一個問題，即 SKU 減少對利潤率的影響，我們內部稱之為專案同步。所以我想告訴大家的是，如果我回顧一下我們的利潤率提升軌跡，我們一直認為，我們利潤率提升軌蹟的一部分與毛利率提升有關，而這其中包含幾個不同的面向。一方面，我們看到毛利率的提高得益於創新，而我們的創新也推動了更高的利潤率。

So there's an aspect there. The other component, as you rightly call out, is the SKU reduction, where presence we have pruned the number of transducers and ultrasound significantly, which leads to lower R&D of lower quality costs and lower supply chain costs. So all of that helps to drive improvement of margins, which is also again seen in Q3.

所以這裡面確實存在一個面向。正如您所指出的，另一個組成部分是 SKU 減少，我們已經大幅減少了換能器和超音波的數量，從而降低了研發成本、品質成本和供應鏈成本。因此，所有這些都有助於提高利潤率，這一點在第三季也再次反映出來。

So for instance, I'll give you one other data point there. Our gross margin in Diagnostic Imaging, where we've done also a lot of product pruning SKU reductions has improved year-over-year despite the tariffs. So that gives you a good sense of, on the one hand, we have the innovations like 5300 like MR BlueSeal driving gross margin expansion. On the other hand, there's also the impact from Project Synchronized our SKU reduction. Now if you then talk about how should we think about that year-over-year?

例如，我再給你舉個例子。儘管受到關稅的影響，但我們在診斷影像領域的毛利率（我們也進行了大量產品精簡，減少了 SKU）仍逐年提高。因此，一方面，我們有像 MR BlueSeal 這樣的 5300 等創新產品來推動毛利率擴張，這讓你對毛利率擴張有了很好的了解。另一方面，Project Synchronized 也對我們的 SKU 減少產生了影響。那麼，如果你要談談我們該如何看待同比變化呢？

This is a journey. So we've seen some impact in 2025. We'll see some impact in 2026 and the years to come. And then your last sub-question in your question was around the sales impact that we see from that. There's nothing really that I can call out and that stands out.

這是一段旅程。所以我們已經看到2025年出現了一些影響。我們將在 2026 年及以後的幾年看到一些影響。然後，你問題中的最後一個子問題是關於我們從中看到的銷售影響。沒有什麼特別突出的地方，我可以特別指出來。

There's not a major impact on CSC as I would see it now. It's really to focus on the great innovations that we have and doubling down on selling those with. So that's what we're focused on. And your second question...

就目前來看，這對CSC不會產生重大影響。關鍵在於集中精力推廣我們擁有的偉大創新成果，並加倍努力地銷售這些成果。所以這就是我們關注的重點。你的第二個問題…

Yes, maybe conclude on North America. So actually, indeed, we see kind of winners and losers in the U.S. So we see some smaller hospitals really being pressured. They're also more dependent on Medicare, Medicaid patients. So some of those also in urban areas.

是的，或許可以以北美地區作為結論。所以實際上，我們確實看到美國出現了贏家和輸家。一些規模較小的醫院確實面臨巨大的壓力。他們也更依賴聯邦醫療保險和醫療補助計劃的患者。所以其中一些也位於城市地區。

So there, actually, we see there's a lot of pressure. We are working with them on productivity solutions more. And then we see the ones that are strong, are expanding, and we're also very strongly winning with them. So therefore, actually, we have seen sustained momentum in North America, also our double-digit order growth. We actually expect that to continue. We have no signs yet that kind of this market from the needs that we are serving excluding none.

所以實際上，我們看到壓力很大。我們正與他們就提高生產力解決方案展開更多合作。然後我們看到那些實力雄厚、正在擴張的公司，我們也憑藉著這些公司取得了非常大的成功。因此，實際上，我們在北美市場看到了持續的成長勢頭，訂單也實現了兩位數的成長。我們預計這種情況還會持續下去。目前還沒有任何跡象表明，我們所服務的市場需求會排除任何需求。

And that's, I think, good news. So we actually expect the continued strength in North America has also why we have kept investing in winning in America with the further footprint, the specific customer relations and partnerships that we are concluding there, and we are excited about the opportunity there.

我認為這是個好消息。因此，我們預計北美市場的持續強勁勢頭也是我們不斷投資以贏得美國市場的原因，包括擴大業務版圖、建立特定的客戶關係和合作夥伴關係，我們對那裡的機會感到興奮。

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

謝謝大家。這是最後一個問題。雅各布斯先生，請繼續。

So thank you all for your questions. I think concluding, we delivered on our promise in Q3. Strong order intake growth, 8% and we had a positive step-up in sales growth to 3% and a march expansion despite tariffs. Now we are fully focused on continuing to deliver in Q4, and therefore, concluding here with in the reiteration of the sales range of 1% to 3%. We said that we would do upper end of our margin and strong cash delivery.

謝謝大家的提問。總而言之，我認為我們在第三季兌現了承諾。訂單量強勁成長，達到 8%，銷售額也實現了積極的成長，達到 3%，儘管受到關稅影響，3 月仍實現了擴張。現在我們全力以赴，繼續在第四季度實現業績目標，因此，在此重申 1% 至 3% 的銷售預期。我們說過我們會做到利潤率較高，並且保證充足的現金流。

And that will hopefully set us up for a good 2026, and we look forward to also kind of engage with you at the CMD. So thank you so much for your attention and your questions and have a great further day.

希望這能為我們迎接美好的 2026 年奠定基礎，我們也期待在 CMD 會議上與您交流。非常感謝您的關注和提問，祝您今天過得愉快。

This concludes the Royal Philips third-quarter 2025 results conference call on Tuesday, November 4, 2025. Thank you for participating. You may now disconnect.

皇家飛利浦公司於2025年11月4日星期二舉行的2025年第三季業績電話會議到此結束。感謝您的參與。您現在可以斷開連線了。