PPG Industries Inc (PPG) 2025 Q2 法說會逐字稿

Good morning, everyone. My name is Carly, and I'll be the conference operator today. At this time, I would like to welcome everyone to the second-quarter PPG earnings conference call. (Operator Instructions)

大家早安。我叫卡莉，今天我將擔任會議主持人。現在，我歡迎大家參加 PPG 第二季財報電話會議。（操作員指示）

I'll now turn the conference call over to Alex Lopez, Director of Investor Relations. Please go ahead, sir.

現在我將電話會議轉給投資人關係總監 Alex Lopez。先生，請繼續。

Thank you, Carly, and good morning, everyone. This is Alex Lopez. We appreciate your continued interest in PPG and welcome you to our second-quarter 2025 earnings conference call. Joining me today from PPG are Tim Knavish, Chairman and Chief Executive Officer; and Vince Morales, Senior Vice President and Chief Financial Officer.

謝謝你，卡莉，大家早安。這是亞歷克斯·洛佩茲。感謝您對 PPG 的持續關注，並歡迎您參加我們的 2025 年第二季財報電話會議。今天與我一起出席的還有 PPG 董事長兼執行長 Tim Knavish 和資深副總裁兼財務長 Vince Morales。

Our comments relate to the financial information released after US equity markets closed on Tuesday, July 29, 2025. We have posted detailed commentary and the accompanying presentation slides, which are being shown on this webcast, on the Investor Center of our website, ppg.com. Following management's perspective on the company's results, we will move to a Q&A session.

我們的評論涉及 2025 年 7 月 29 日星期二美國股市收盤後發布的財務資訊。我們已在 ppg.com 網站的投資者中心發布了詳細的評論及隨附的簡報（將在本次網路直播中播放）。在管理階層闡述公司業績後，我們將進入問答環節。

Both the prepared commentary and discussion during this call may contain forward-looking statements reflecting the company's current view of future events and their potential effect on PPG's operating and financial performance. These statements involve uncertainties and risks which may cause actual results to differ. The company is under no obligation to provide subsequent updates to these forward-looking statements.

本次電話會議中準備好的評論和討論可能包含前瞻性陳述，反映公司當前對未來事件的看法及其對 PPG 營運和財務表現的潛在影響。這些聲明涉及不確定性和風險，可能導致實際結果有所不同。本公司沒有義務對這些前瞻性陳述提供後續更新。

The presentation also contains certain non-GAAP financial measures. The company has provided in the appendix of the presentation materials, which are available on our website, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. For additional information, please refer to PPG's filing with the SEC.

此簡報也包含某些非公認會計準則財務指標。本公司已在我們網站上提供的簡報資料附錄中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳。欲了解更多信息，請參閱 PPG 向美國證券交易委員會 (SEC) 提交的文件。

Now, let me introduce PPG's Chairman and CEO, Tim Knavish.

現在，讓我介紹一下 PPG 的董事長兼執行長 Tim Knavish。

Thank you, Alex, and welcome, everyone. I'll start by providing a few highlights from our second-quarter 2025 financial performance, and then I'll move to our outlook.

謝謝你，亞歷克斯，歡迎大家。我將先介紹我們 2025 年第二季財務表現的一些亮點，然後再介紹我們的展望。

Our results demonstrate the strength of PPG's global business portfolio in an increasingly dynamic macro environment. We delivered net sales of $4.2 billion, with an increase in organic sales of 2%. Our momentum in organic sales growth was led by our Aerospace Coatings, Protective & Marine Coatings, and Packaging Coatings businesses. In addition, sales volumes in our Industrial Coatings segment outpaced the industry, reflecting the initial benefits from share gains in our Packaging, Industrial, and Automotive OEM businesses. We expect the benefits from these share gains to accelerate in the second half of 2025.

我們的業績證明了 PPG 全球業務組合在日益動態的宏觀環境中的實力。我們的淨銷售額達到 42 億美元，有機銷售額成長 2%。我們的有機銷售成長動能主要由航空塗料、防護及船舶塗料和包裝塗料業務推動。此外，我們工業塗料部門的銷售量超過了行業水平，反映了我們包裝、工業和汽車 OEM 業務份額成長帶來的初步效益。我們預計這些份額成長帶來的好處將在 2025 年下半年加速顯現。

Regionally, we delivered organic growth in both the United States and Latin America, with tepid demand in Europe and some softening in Asia. We delivered a quarterly segment EBITDA margin of 20.3%, and our adjusted earnings per diluted share was $2.22. Our balance sheet remained strong, and we are committed to using this balance sheet for shareholder value creation.

從地區來看，我們在美國和拉丁美洲均實現了有機成長，而歐洲的需求則不溫不火，亞洲的需求則有所疲軟。本季分部EBITDA利潤率為20.3%，調整後每股稀釋收益為2.22美元。我們的資產負債表依然強勁，我們致力於利用這項資產負債表為股東創造價值。

During the quarter, the company repurchased approximately $150 million of stock, bringing our year-to-date total to $540 million. Additionally, in July, we raised our quarterly dividend per share by 4%, demonstrating our confidence in the resiliency of our business and the strength and future growth of our company.

本季度，該公司回購了約 1.5 億美元的股票，使年初至今的回購總額達到 5.4 億美元。此外，7月份，我們將每股季度股息提高了4%，這表明我們對業務的彈性以及公司實力和未來成長的信心。

Looking at each of our segments, in the Global Architectural Coatings segment, positive selling prices in both regions were offset by lower volumes and the impact of a divestiture. In Architectural Coatings EMEA, organic sales growth in the Nordic region and in the United Kingdom were offset by lower demand in Eastern Europe. While volumes remained lower in the quarter, we saw evidence of improvement in certain countries, albeit inconsistent.

縱觀我們的每個部門，在全球建築塗料部門，兩個地區的積極銷售價格被較低的銷售和資產剝離的影響所抵消。在 EMEA 建築塗料領域，北歐地區和英國的有機銷售成長被東歐需求的下降所抵消。雖然本季銷量仍然較低，但我們看到某些國家出現了改善的跡象，儘管情況並不一致。

In Architectural Coatings Latin America and Asia Pacific, we delivered organic sales growth in Mexico, aided by solid retail sales, while results were impacted by the pause in project-related spending that we discussed in April. It is important to note that while project-related spending was down year over year, we did recognize improvement versus the first quarter of 2025, and we expect continued improvement of project-related spending to progress during the second half of 2025. Segment EBITDA margin decreased, driven by the business divestiture, lower sales volumes, and unfavorable currency translation, partially offset by strong cost control actions.

在拉丁美洲和亞太地區的建築塗料領域，由於穩健的零售額，我們在墨西哥實現了有機銷售增長，但業績受到了我們在 4 月份討論過的項目相關支出暫停的影響。值得注意的是，雖然專案相關支出較去年同期下降，但與 2025 年第一季相比，我們確實看到了改善，並且我們預計專案相關支出將在 2025 年下半年繼續改善。由於業務剝離、銷售量下降以及不利的貨幣換算，部門 EBITDA 利潤率下降，但被強有力的成本控制措施部分抵消。

The Performance Coatings segment delivered record net sales and earnings, with a 6% increase in organic sales, driven by both higher selling prices and sales volumes. Within the segment, Aerospace delivered high single-digit percentage organic sales growth, with record quarterly sales and earnings. Customer order backlogs were stable at about $300 million, even with growth-related investments that improved our manufacturing output in the quarter. Our unique technology position remains a strong growth engine for PPG. We are investing both OpEx and CapEx in Aerospace to deliver continued solid growth well into the future.

高性能塗料部門的淨銷售額和收益創歷史新高，有機銷售額成長 6%，這得益於銷售價格和銷售量的上漲。在該領域，航空航太實現了高個位數百分比的有機銷售額成長，季度銷售額和收益創下紀錄。即使與成長相關的投資提高了我們本季的製造產量，客戶訂單積壓仍穩定在 3 億美元左右。我們獨特的技術地位仍然是 PPG 強勁的成長引擎。我們在航空航太領域投資營運支出和資本支出，以實現未來持續穩健的成長。

In Automotive Refinish, organic sales decreased by a low single-digit percentage versus the prior year. In the US, organic sales were flat, despite lower industry collision claims, as we benefited from both share gains and customer order patterns. Organic sales outside the US were down, with modest sales volumes declines in Asia and Europe. In the second quarter, the company grew the number of PPG-linked subscriptions, as well as MoonWalk installations, and I'm proud to say that in July, we are installing our 3,000th MoonWalk, further supporting customer productivity and customer partnerships. We do anticipate lower volumes in the third quarter in Refinish due to normalization of customer order patterns.

在汽車修補漆領域，有機銷售額與前一年相比下降了個位數百分比。在美國，儘管行業碰撞索賠減少，但有機銷售額持平，因為我們受益於份額成長和客戶訂單模式。美國以外地區的有機銷售額下降，亞洲和歐洲的銷售量略有下降。在第二季度，該公司增加了與 PPG 相關的訂閱數量以及 MoonWalk 安裝數量，我很自豪地說，7 月我們將安裝第 3,000 個 MoonWalk，進一步支持客戶生產力和客戶合作夥伴關係。由於顧客訂單模式正常化，我們預期第三季 Refinish 的銷售量將會下降。

Protective & Marine Coatings delivered double-digit percentage organic sales growth, supported by increasing global demand for our technologies and our recent share gains. This was the ninth consecutive quarter with positive year-over-year sales volume growth in this business. And we are continuing to increase our growth-related investments to support the demand for our leading products.

由於全球對我們技術的需求不斷增長以及我們近期的市場份額增長，防護塗料和船舶塗料業務實現了兩位數的有機銷售額百分比增長。這是該業務連續第九個季度實現銷售額年增。我們將繼續增加與成長相關的投資，以支持對我們領先產品的需求。

Traffic Solutions delivered mid-single-digit percentage organic growth in the quarter, driven by share gains and strong demand, outpacing industry growth rates. Segment EBITDA was up 8% year over year, reflecting the organic sales growth as our various growth investments in the segment were reflected in the quarter, as our various growth investments in the segment are yielding initial benefits.

受市場佔有率成長和強勁需求的推動，交通解決方案部門本季實現了中等個位數百分比的有機成長，超過了產業成長率。該部門的 EBITDA 年成長 8%，反映了有機銷售額的成長，因為我們在該部門的各項成長投資在本季度得到了體現，因為我們在該部門的各項成長投資正在產生初步效益。

In the Industrial Coatings segment, second-quarter sales volumes for the segment were flat, which is an improvement versus recent quarters and demonstrates the initial benefits of our share gains. Selling prices declined 1% due to carryover of certain index-based customer contracts.

在工業塗料部門，第二季的銷售量持平，與最近幾季相比有所改善，並反映了我們份額成長的初步效益。由於某些基於指數的客戶合約的結轉，銷售價格下降了 1%。

From a business unit standpoint, our Automotive OEM business delivered volume growth in Asia and Latin America, which was offset by lower volumes in the US and Europe, reflecting industry production declines in those regions. In the third quarter, we expect to grow above industry levels driven by the conversion of already awarded customer share gains.

從業務部門的角度來看，我們的汽車原始設備製造商業務在亞洲和拉丁美洲實現了銷售成長，但被美國和歐洲銷售的下降所抵消，反映了這些地區的行業產量下降。在第三季度，我們預計在已授予客戶份額收益的轉換推動下，業績將超過產業水準。

Our Industrial Coatings business unit sales volumes were flat, as share gains were offset by lower demand in Asia Pacific and the United States. Selling prices declined in Industrial Coatings due to lower index-based pricing.

我們的工業塗料業務部門銷售量持平，因為份額成長被亞太地區和美國的需求下降所抵消。由於指數定價較低，工業塗料的銷售價格下降。

Packaging Coatings organic sales increased by a high single-digit percentage year over year, driven by share gains growing significantly above industry rates. We expect additional benefits from customers converting to our technologies due to expanding BPA regulations in Europe. Segment EBITDA margin declined year-over-year due to the silicas divestiture, as well as lower selling prices, which were partially offset by strong cost control and productivity actions.

包裝塗料有機銷售額年增率高個位數百分比，這得益於市場佔有率的成長遠高於產業平均。隨著歐洲 BPA 法規的不斷擴大，我們預計客戶採用我們的技術將帶來更多收益。由於二氧化矽業務的剝離以及銷售價格的下降，部門 EBITDA 利潤率同比下降，但強有力的成本控制和生產力措施部分抵消了這一影響。

Looking ahead for this segment, growing benefits from share gains are expected to drive low single-digit per sales volume growth in the third and fourth quarter. And this, combined with improved manufacturing performance, will drive earnings and margin expansion.

展望該領域，預計市場份額成長帶來的收益將推動第三季和第四季單位銷售額實現低個位數成長。再加上製造性能的提高，這將推動盈利和利潤率的擴大。

Now, let me talk about our balance sheet and cash. During the quarter, we completed about $150 million in share repurchases and paid approximately $150 million in dividends. Year to date, we have purchased $540 million in stock and paid approximately $310 million in dividends. We retired EUR300 million of debt during the quarter, and we have another EUR600 million of euro debt maturing in the fourth quarter. Our balance sheet remains strong, which continues to provide us with financial flexibility, and we remain committed to driving shareholder value.

現在，讓我談談我們的資產負債表和現金。本季度，我們完成了約 1.5 億美元的股票回購，並支付了約 1.5 億美元的股息。今年迄今為止，我們已經購買了價值 5.4 億美元的股票，並支付了約 3.1 億美元的股息。我們在本季償還了 3 億歐元的債務，另外還有 6 億歐元的債務將於第四季到期。我們的資產負債表依然強勁，這持續為我們提供財務靈活性，我們仍然致力於提高股東價值。

Looking ahead, I am genuinely excited about our sales and earnings growth momentum for the second half of the year and beyond. Even though the current macro environment remains highly dynamic, we have proven that our well-positioned portfolio navigates well and performs during periods of uncertainty.

展望未來，我對今年下半年及以後的銷售和獲利成長動能感到非常興奮。儘管當前的宏觀環境仍然高度動態，但我們已經證明，我們定位良好的投資組合能夠在不確定時期運作良好並表現出色。

Of course, we are monitoring the tariff situation and will react accordingly with pricing actions and/or further self-help actions in order to mitigate any financial impacts. We have not experienced any significant change to our raw material pricing, and we expect low single-digit inflation for the year as our suppliers continue to favor volume over pricing. We expect growing benefits from our aggressive self-help and discretionary cost management programs as we move forward through 2025 and beyond.

當然，我們正在監控關稅情況，並將採取相應的定價行動和/或進一步的自助行動，以減輕任何財務影響。我們的原物料定價沒有任何重大變化，而且由於我們的供應商繼續注重數量而非價格，我們預計今年的通膨率將保持在個位數以下。我們預計，隨著我們邁向 2025 年及以後，我們積極的自助和可自由支配的成本管理計劃將帶來越來越大的收益。

We see structural strength in our Performance Coatings segment driven by our technology-advantaged products in Aerospace and Protective & Marine, which we partially offset by lower Automotive Refinish sales volumes in the third quarter driven by customer order patterns. We expect European Architectural Coatings volume trends to remain tepid and anticipate project-related spending in Mexico to improve as we move through the second half of the year.

我們看到，我們的高性能塗料部門的結構性優勢得益於我們在航空航太、防護和船舶領域的技術優勢產品，但第三季由於客戶訂單模式導致的汽車修補漆銷售下降部分抵消了這一優勢。我們預計歐洲建築塗料銷售趨勢將保持低迷，並預計隨著下半年的到來，墨西哥的項目相關支出將會改善。

We expect increased momentum in the coming quarters for our Industrial Coatings segment. While second-half Automotive OEM industry demand forecasts are below prior year, our share gains are beginning to yield benefits, and we expect to outperform the market. We sized our annual share gains in the industrial segment at $100 million, and we are tracking to that annualized figure.

我們預計未來幾季工業塗料部門的成長動能將增強。儘管下半年汽車原始設備製造商產業需求預測低於去年同期，但我們的市佔率成長已開始產生效益，我們預計將跑贏大盤。我們將工業領域的年度份額收益定為 1 億美元，並且我們正在追蹤這一年度數字。

Finally, with the acceleration in volume growth, we anticipate driving high single-digit percentage year-over-year earnings growth for the company in the second half of the year. This will accelerate through both quarters, resulting in a mid-single-digit percentage increase in EPS for the third quarter and a low-double-digit percentage increase for the fourth quarter. We are reiterating our full-year guidance per share range of $7.75 to $8.05, and we have a clear path to achieve it.

最後，隨著銷售成長的加速，我們預計公司下半年獲利將實現高個位數百分比的年增率。這一成長將在兩個季度加速，導致第三季每股收益實現中等個位數百分比成長，第四季每股收益實現低兩位數百分比成長。我們重申全年每股收益預期範圍為 7.75 美元至 8.05 美元，我們有明確的途徑來實現這一目標。

In closing, we are benefiting from our sharpened portfolio with technology-differentiated products and services that will deliver growth above industry levels. Additionally, we are aggressively managing the bottom line, including decisive self-help that, combined with our disciplined capital allocation and strong balance sheet, will enable us to deliver sustainable top-line and bottom-line growth and shareholder value creation. Thank you to our PPG team around the world who make it happen and deliver on our purpose every day, and we appreciate your continued confidence in PPG.

最後，我們受益於我們完善的產品組合，其技術差異化的產品和服務將帶來高於行業水平的成長。此外，我們正在積極管理底線，包括果斷的自助，結合我們嚴謹的資本配置和強勁的資產負債表，這將使我們能夠實現可持續的營收和利潤成長並創造股東價值。感謝我們遍佈全球的 PPG 團隊，是他們讓這一切成為現實，並每天履行我們的目標，我們也感謝您對 PPG 的持續信任。

This concludes our prepared remarks. And now, would you please open the line for questions?

我們的準備好的演講到此結束。現在，請您開啟提問專線好嗎？

(Operator Instructions) John McNulty, BMO.

（操作員指示） John McNulty，BMO。

So Global Architecture, if we can start with that, the volumes were a bit on the soft side. The margins obviously came in a bit worse than that. I guess you gave a little bit of color on that around Europe maybe not being quite as recovering as maybe you'd hoped earlier, and Mexico project still a little bit of a drag. I guess, as you look through the rest of the year, it sounds like Mexico is going to get at least marginally better.

因此，如果我們可以從全球建築開始的話，那麼其銷量就有點偏弱了。利潤率顯然比這要差一些。我想您已經稍微描述了一下歐洲的復甦情況，也許不像您之前希望的那樣，而墨西哥的經濟前景仍然有些拖累。我想，當你展望今年剩餘時間時，聽起來墨西哥的情況至少會略有改善。

What are your thoughts on Europe? Where were things maybe a little bit less robust or recovering than what you thought? And then I guess, how should we think about the margin impact there? It seems like the sales were light, but the volume impact really was maybe bigger than what we would have thought. So I guess, how should we be thinking about that?

您對歐洲有何看法？哪些方面的情況可能比您想像的稍微不那麼強勁或正在復甦？然後我想，我們該如何看待那裡的利潤影響？看起來銷量不多，但銷量影響可能比我們想像的還要大。那我想，我們該如何考慮這個問題呢？

Yeah. Thanks for the question, John.

是的。謝謝你的提問，約翰。

Yeah, I'll start with Europe. So we saw what we thought was the start of momentum at the end of Q1, and we expected that to continue to improve in Q2. And frankly, it didn't, largely driven by Eastern Europe. We did see that positive momentum from late Q1 continue into the Nordics, which of course is our legacy Tikkurila business, and that's doing well now. We saw positive momentum in UK and Ireland. We saw positive momentum in the Benelux. France, I would say, was okay.

是的，我將從歐洲開始。因此，我們認為第一季末出現了成長勢頭，並且我們預計第二季的成長勢頭將繼續改善。坦白說，事實並非如此，這主要是受東歐的影響。我們確實看到第一季末的積極勢頭延續到了北歐地區，這當然是我們傳統的 Tikkurila 業務，目前發展良好。我們看到英國和愛爾蘭的積極勢頭。我們看到了比荷盧三國的正面動力。我想說，法國還不錯。

But the negative that we weren't expecting at the end of Q1 was Eastern Europe. So with Architectural Europe, we're really expecting combined more of the same. But as that happens, John, we continue to take more and more cost out. And we're positioned well. We track the share very closely, and we're confident in our share position, and we're gaining share in our larger markets. So any little stimulus of any kind will bode very well for us in margin and leverage.

但第一季末我們沒有預料到的負面情況是東歐的情況。因此，我們確實希望透過歐洲建築博覽會整合更多類似的元素。但隨著這種情況的發生，約翰，我們會繼續削減越來越多的成本。我們的定位很好。我們密切關注市場份額，我們對我們的市場份額很有信心，而且我們在更大的市場中正在獲得市場份額。因此，任何形式的小刺激都會對我們的利潤和槓桿率產生正面影響。

Moving on to Mexico, we did see retail recover, which was promising. I'll remind you that we were -- in Mexico, for Architectural, we were actually down in sales in Q1, minus low-single digits. We're up in Q2, positive low-single digits. So we're starting to see that, led by retail, project work is sequentially improving, and we expect that to play out through the rest of the year.

談到墨西哥，我們確實看到零售業復甦，這是令人鼓舞的。我要提醒大家的是，在墨西哥，就建築業務而言，我們第一季的銷售額實際上是下降的，降幅達個位數。我們在第二季度取得了積極的低個位數成長。因此，我們開始看到，在零售業的帶動下，專案工作正在逐步改善，我們預計這種情況將在今年剩餘時間內持續下去。

Now, on the margin side, of course, there's some effect by what I just described on volume, a couple other things that impacted our margin for the Architectural Coatings segment for Q2. First of all, the FX -- the imbalance in FX improvement in Europe versus Mexico led to a net negative for us in margin. The Mexico B2B volumes, still being down, that's very good margin business for us.

現在，在利潤方面，當然，我剛剛描述的銷售量有一些影響，還有其他一些因素影響了我們第二季建築塗料部門的利潤率。首先，外匯－歐洲與墨西哥外匯改善的不平衡導致我們的利潤率為負。墨西哥的 B2B 交易量仍在下降，但這對我們來說是一筆非常好的利潤業務。

We had a -- you may have seen in the slide, we talked about a supply chain disruption. That was an internal disruption in Australia that hit us for the quarter. That's transitory and behind us. And then finally, that divestiture was above segment margin. So it's a combination of all those things that led to a lower-than-expected margin for the quarter across Architectural, John.

您可能已經在幻燈片中看到，我們討論了供應鏈中斷的問題。這是澳洲內部的混亂，對我們本季造成了影響。這只是暫時的，已經過去了。最後，該資產剝離的利潤率高於分部利潤率。所以所有這些因素共同導致了本季建築業務的利潤率低於預期，約翰。

Got it. Thanks very much for the color.

知道了。非常感謝這個顏色。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you. Good morning. Tim, on the volume growth, nice job in Q2. Should we think about volumes being up maybe 1.5%, 2% in Q3 and 2% in Q4? Is that a good cadence for volume growth you're looking at in the back half of the year?

謝謝。早安.提姆，就銷售成長而言，第二季表現不錯。我們是否應該認為交易量可能在第三季成長 1.5%、2%，在第四季成長 2%？您認為這對於下半年的銷售成長來說是一個好的節奏嗎？

Hey, David. Yeah, we're proud. We're proud of what we did in volume for the first half of this year, particularly as we see a bunch of other reports coming out. And we expect that to accelerate in the second half of the year, let's call it low-single digits and moving up that low-single-digit ladder, how's that, as we move through the second half of the year.

嘿，大衛。是的，我們很自豪。我們對今年上半年所取得的成績感到自豪，特別是我們看到一系列其他報告的發布。我們預計這一成長將在下半年加速，我們稱之為低個位數成長，隨著我們進入下半年，這一低個位數成長將會上升，情況如何？

We feel quite confident on that. And that's why you may hear a little kick in our step this morning is because we finally reached, if you remember back, I think we started this at the end of Q3 of last year, talking about share wins that we had and we were expecting the second half of '25 to be much better for us. And it's here. So we feel really good about both volume and, frankly, EPS growth as we move through the second half of the year.

我們對此非常有信心。這就是為什麼你們今天早上可能會聽到我們有點興奮，因為我們終於達到了目標，如果你還記得的話，我想我們是在去年第三季度末開始的，談論我們取得的份額勝利，我們預計 25 年下半年對我們來說會好得多。它就在這裡。因此，隨著下半年的到來，我們對銷售量和每股盈餘的成長感到非常滿意。

Michael Sison, Wells Fargo.

富國銀行的麥可·西森。

Hey, guys. Nice quarter. For Performance Coatings, the only blemish looks like Refinish is down. All the other segments had a really nice year-over-year improvement. Just curious on the outlook for Refinish for the next couple quarters for volume as well into 2026. And then how sustainable is the double-digit growth you saw in Protective & Marine? That seems to be pretty impressive.

嘿，大家好。不錯的季度。對於性能塗料來說，唯一的瑕疵看起來就像是修補漆掉色了。所有其他部門的同比表現都十分出色。我只是好奇未來幾季以及 2026 年 Refinish 的銷售前景。那麼，您在防護和船舶領域看到的兩位數成長有多可持續？這看起來相當令人印象深刻。

Thanks, Mike. Refinish, yeah, it was down low-single digits, but I think we're flat for the year through the first half of the year. And everybody on the call knows that collision claims have been down high-single digits for the first half of the year. So we're pretty proud of being flat at the midway point.

謝謝，麥克。重新裝修，是的，它下降了個位數，但我認為今年上半年我們的業績是持平的。電話會議中的每個人都知道，今年上半年碰撞索賠案件數量已經下降了個位數。因此，我們對中期持平感到非常自豪。

Now, as we move forward, I did say that we were expecting Q3 to be soft because our strength in the first half of the year was driven by share gain and some distributor order patterns. And we expect the share gains to continue, but we do expect swinging of that distributor order pattern for Q3. So I would expect Q3 to be a bit soft, Q4 to be more normalized.

現在，隨著我們繼續前進，我確實說過，我們預計第三季業績會疲軟，因為我們上半年的強勁表現受到了股價上漲和一些分銷商訂單模式的推動。我們預期市場佔有率將持續成長，但我們確實預期第三季經銷商的訂單模式將會波動。因此我預計第三季會稍微疲軟，而第四季會更加正常化。

But really, we're not expecting industry recovery of claim rates and body shop work likely until 2026. There's a bunch of factors here on affordability of insurance, people not submitting claims, a number of other factors that we expect to play out through the remainder of '25. And we'll get like a more normalized, like down low-single digits on volume and claims up a couple of points on price as the normalized model. And we expect that to return in 2026.

但實際上，我們預期汽車產業的索賠率和車身修理廠工作量可能要到 2026 年才會恢復。這裡有很多因素，包括保險的可負擔性、人們不提交索賠以及許多其他因素，我們預計這些因素將在 2025 年剩餘時間內發揮作用。我們將獲得更標準化的結果，例如，交易量下降個位數，而價格上升幾個點，作為標準化模型。我們預計這種情況將在 2026 年恢復。

Yeah. Mike, this is Vince. In addition to the core paint volumes Tim's talking about, just a reminder, we do have a subscription model with our out-of-the-can MoonWalk link ecosystem. So that's helping us buffer versus the industry claims. So that subscription model certainly continues to grow, as Tim alluded to in the prepared remarks. So that's a unique item for PPG that benefits us.

是的。麥克，這是文斯。除了提姆談到的核心繪畫量之外，提醒一下，我們確實有一個現成 MoonWalk 連結生態系統的訂閱模式。這有助於我們緩解行業索賠。因此，正如蒂姆在準備好的發言中提到的那樣，訂閱模式肯定會繼續增長。所以這對 PPG 來說是一個讓我們受益的獨特產品。

Yeah. At the end of the day, this is a world-class marquee business for PPG for the midterm, long term. And even today, in this challenged claims and body shop activity environment, it's still a marquee and outstanding business for us. And we'll continue to grow in it, even more so as things normalize next year.

是的。總而言之，從中期和長期來看，這對 PPG 來說是一項世界級的招牌業務。即使在今天，在這個充滿挑戰的索賠和車身修理廠活動環境中，這對我們來說仍然是一項重要而傑出的業務。我們將繼續成長，隨著明年情況恢復正常，我們將取得更大的進步。

Now, a PMC business, nine straight quarters of solid growth, super strong in EMEA and Asia Pacific in particular, not weak in the United States, doing okay here too, but we see that continue to do well into the rest of this year and at least through '26. We've got some really advantaged technologies in that business that have really taken hold in the areas of marine aftermarket in the dry dock space, some fire protection, and other technologies that we've been launching over the last couple of years. So we're bullish on that business, certainly for the foreseeable future when it comes to PMC.

現在，PMC 業務已連續九個季度實現穩健成長，尤其是在歐洲、中東和非洲地區以及亞太地區表現強勁，在美國也表現不俗，在這裡也表現不錯，但我們認為該業務將在今年剩餘時間內繼續表現良好，至少到 26 年。我們在該業務中擁有一些真正具有優勢的技術，這些技術已經在幹船塢領域的船舶售後市場、一些防火技術以及我們在過去幾年中推出的其他技術中佔據了主導地位。因此，我們對 PMC 業務持樂觀態度，尤其是在可預見的未來。

(Operator Instructions) Duffy Fischer, Goldman Sachs.

（操作員指示）高盛的達菲費雪。

Hey. Good morning, guys. When you comp you versus the others that have released already, you look really good across most everything. One area that seems like others are doing a little bit better is on raw materials, where you guys are still seeing inflation and others are kind of calling it flat to down in some instances. So can you walk through, is that just a different footprint of what you buy? Is it a different footprint geographically? Why is it that your raw materials seem to be a little bit more inflationary than peers?

嘿。大家早安。當你將自己與已經發布的人進行比較時，你會發現自己在大多數方面都表現得非常出色。似乎其他領域表現稍好的是原材料領域，你們仍然看到通貨膨脹，而其他人則稱其在某些情況下持平或下降。那麼你能走過去嗎，這只是你購買的東西的不同足跡嗎？從地理上來說，這是不同的足跡嗎？為什麼你們的原物料價格好像比同業漲得更厲害？

Yes. Thanks, Duffy. Happy to take that question. I would point to two things. Number one is because of the size of our business in Mexico, we buy a lot more there than any of our peers. And the FX impact affects the raw material inflation because a lot of that is purchased in dollars. So that's one.

是的。謝謝，達菲。很高興回答這個問題。我想指出兩件事。首先，由於我們在墨西哥的業務規模，我們在墨西哥的採購量比任何同行都要多。外匯影響會影響原物料通膨，因為許多原料都是以美元購買的。這就是其中之一。

The second piece, depending on who you're talking about, if you're largely an architectural coatings company, you don't buy a whole bunch of epoxy. And epoxy is one piece of the basket that's actually gone up, and this was pre-April 2. There were some tariffs already put in on epoxy that affected pricing, and we had that built into our guide from the beginning of the year. So I would say, depending on who you're comparing us to, those would be the two big differentiators.

第二點，取決於你談論的對象，如果你主要是一家建築塗料公司，你就不會購買大量的環氧樹脂。環氧樹脂是籃子中實際價格上漲的一個部分，這是 4 月 2 日之前的情況。環氧樹脂已經徵收了一些關稅，這影響了價格，我們從年初就將其納入了我們的指南中。所以我想說，這取決於你將我們與誰進行比較，這將是兩個很大的區別。

And Duffy, on the Mexico situation, similar to other businesses in Latin America, our business is able to price through that inflation. So it's not as impactful on the bottom line. So again, if you're comparing us price and raw materials, we feel we're certainly holding our own.

達菲，關於墨西哥的情況，與拉丁美洲的其他企業類似，我們的企業能夠透過通貨膨脹來定價。因此，它對底線的影響並不大。所以，如果您再次比較我們的價格和原材料，我們覺得我們肯定有自己的優勢。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Thank you. Your buyback activity moderated a bit in the June quarter. What should we be thinking about for the second half? And do you see any M&A competing with buyback?

謝謝。你們的回購活動在六月季度略有放緩。我們該為下半場思考什麼？您是否看到任何併購與回購有競爭？

Hey, John. On the buybacks, I've been pretty consistent since I took the job. And I hope I've gotten some credibility there that we're not going to let cash build on the balance sheet. I said that when I took over, we repaid some debt. And now for seven straight quarters, we've been doing buybacks.

嘿，約翰。關於回購，自從我上任以來，我一直保持著相當一致的立場。我希望我已經獲得了一些信譽，我們不會讓現金在資產負債表上累積。我說當我接手的時候，我們還了一些債務。我們已經連續七個季度進行回購。

There was a bit of a stepdown in Q2 only because Q1, we had the divestiture cash. So that changed the calculus a bit as far as how much we would buy in that quarter. So that's what drove the stepdown. We assess it at the end of every month, frankly. And to the extent I don't have a better use of cash to drive shareholder value, you should expect me to continue to behave as I have over the last seven quarters.

第二季的業績略有下滑，只是因為第一季我們獲得了資產剝離現金。因此，這稍微改變了我們在該季度購買多少的計算方式。這就是導致他下台的原因。坦白說，我們每個月末都會對其進行評估。如果我沒有更好地利用現金來推動股東價值，那麼你應該期待我繼續像過去七個季度那樣行事。

Now, M&A, the only super hot one out there is the one we all know about coming out of Germany. And we're only interested in one piece of that. And that's not consistent with their playbook on how they want to move forward with a transaction. Beyond that, we're looking at very small things as they come along, but nothing material that would affect our cash playbook here on the foreseeable, at least, short-term horizon, John. You should expect to see the same behavior out of me that you've seen since I took the job.

現在，唯一超級熱門的併購交易就是我們都知道的來自德國的交易。我們只對其中的一部分感興趣。這與他們希望如何推進交易的策略不一致。除此之外，我們正在關註一些非常小的事情，但沒有什麼重大的事情會在可預見的至少是短期內影響我們的現金策略，約翰。你應該會看到我的行為與我上任以來的行為相同。

Kevin McCarthy, Vertical Research Partners.

凱文·麥卡錫（Kevin McCarthy），Vertical Research Partners。

Yes. Thank you, and good morning. Tim, nice to see greater volume traction building here throughout the year. And listening to your comments, I think share gains are a meaningful part of that. So I was wondering if you could talk through the Performance segment and maybe help us conceptualize the gains that you've had in Packaging and perhaps also Protective & Marine. I think on the Industrial side, you quantified the gains as $100 million and just trying to level set or benchmark against that figure on the Performance side of the house.

是的。謝謝，早安。提姆，很高興看到全年這裡的牽引力建設不斷增強。聽了您的評論，我認為份額增長是其中有意義的一部分。所以我想知道您是否可以談談性能部分，並幫助我們概念化您在包裝以及防護和船舶方面取得的收益。我認為在工業方面，您將收益量化為 1 億美元，並只是試圖在性能方面將該數字設定為水平或基準。

Sure. Well, the $100 million, I said most of it is Automotive OEM. Second place would be Industrial Coatings. And as you know, Packaging is in Industrial, so Packaging would be third place.

當然。嗯，1億美元，我說大部分是汽車OEM。第二名是工業塗料。如您所知，包裝屬於工業領域，因此包裝排在第三位。

Packaging specifically, there was some share shift that we knew coming into the year in the US would be in the opposite direction for us because we picked up some temporary business over last year. So we had that built in that was known, but we've more than offset that with share gains in Europe and some share gains here with some of our new BPA-NI technology. So the net net is what we've been net winning despite that known share shift that would happen here in the US.

具體來說，包裝方面，我們知道今年美國市場的份額變化對我們來說是相反的，因為去年我們獲得了一些臨時業務。因此，我們已經建立了眾所周知的體系，但我們透過一些新的 BPA-NI 技術在歐洲獲得了市場份額的成長，並且在這裡也獲得了一些市場份額的成長，這足以抵消這一損失。因此，儘管已知美國會發生份額轉移，但淨利潤仍是我們的淨利潤。

On the Protective & Marine, I mentioned a little bit about it. That is really being driven by a couple of new technologies that we've launched in the last few quarters. You probably saw one of them at the Investor Day in Sigmaglide. Another one -- another marine dry dock product called Sailadvance, which is copper-free, is starting to take off. We've got some really great fire protection products that we've launched in the last year or so, Kevin. So that is much more much more technology-driven. And those things are really starting to get some momentum. So hopefully that's given you enough insight there.

關於防護和海洋，我稍微提到了一下。這實際上是由我們在過去幾季推出的幾項新技術所推動的。您可能在 Sigmaglide 的投資者日上見過其中一個。另一款名為 Sailadvance 的無銅海洋乾船塢產品也開始流行起來。凱文，我們在去年左右推出了一些非常棒的防火產品。所以這更多的是由技術驅動的。這些事情確實開始獲得一些動力。希望這能給你足夠的見解。

Yeah, and I'll pick up the rest of the Performance side, Kevin. This is Vince.

是的，我會負責表演方面的其餘部分，凱文。這是文斯。

We're well above traffic in US, Canada, industry volumes. We're probably 2x what we're seeing in the industry. It's a very strong industry right now as infrastructure continues to take place. No question in Aerospace, we're continuing to serve a very hot market. But our performance there, including some of our debottlenecking, is allowing us to outperform that market.

我們的運輸量遠高於美國、加拿大和產業的運輸量。我們的數量可能是業內水準的兩倍。隨著基礎設施建設的不斷推進，該行業目前非常強勁。毫無疑問，在航空航太領域，我們將繼續服務非常熱門的市場。但我們在那裡的表現，包括我們的一些瓶頸消除，使我們能夠超越該市場。

And as Tim alluded to earlier, we've outperformed in Refinish very clearly. So we talked about that. So if you look at our Performance segment in Q2, all four of our businesses outgrew their market. And as we said in the prepared remarks, in Q3, we expect in our Industrial segment, all three of those businesses to outperform market.

正如蒂姆之前提到的，我們在 Refinish 方面表現非常出色。所以我們談論了這一點。因此，如果你看一下我們第二季的業績表現，你會發現我們所有四項業務的成長都超過了其市場規模。正如我們在準備好的評論中所說，在第三季度，我們預計工業部門的這三項業務都將跑贏大盤。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Yeah. Thank you, everyone. Good morning, everybody. Just following up on the last question as it relates to the -- more specifically the Industrial Coatings segment, clearly you're benefiting from market share that's going to build through the back half of the year for basically all three major verticals within that segment. But in terms of base market conditions for Industrial Coatings, how are you thinking about the output for the back half of the year relative to your view the last time you reported in context of still significant uncertainty with tariffs, et cetera?

是的。謝謝大家。大家早安。我們繼續回答最後一個問題，因為它與工業塗料領域有關，顯然你們將受益於市場份額，而這一市場份額將在下半年為該領域內所有三個主要垂直行業所建立。但是就工業塗料的基本市場條件而言，在關稅等因素仍存在很大不確定性的背景下，您如何看待下半年的產量與您上次報告時的看法相比？

Yeah. Thanks, Ghansham. Of course, it's a very uncertain market. It does -- that uncertainty probably hits -- outside of Mexico, the issues there, it probably hits the Industrial segment the hardest. So that confidence that you're hearing from us for the second half is entirely share gain driven. The actual segment demand, and it does change every day, as we all know, I would say, is flat to stable in most of our end markets. Some of them being a little bit depressed, of course, like auto builds in US and Europe. Some consumer products in the industrial space coming from Asia that were exported to the US, of course, those are a bit depressed. Heavy-duty equipment's a bit depressed.

是的。謝謝，Ghansham。當然，這是一個非常不確定的市場。確實如此——這種不確定性可能會影響墨西哥以外的地區，那裡的問題可能會對工業領域造成最嚴重的打擊。因此，您從我們這裡聽到的對下半年的信心完全是由份額成長所驅動的。眾所周知，實際的細分市場需求每天都在變化，我想說，在我們的大多數終端市場中，需求都是持平或穩定的。當然，其中一些企業有點低迷，例如美國和歐洲的汽車製造業。當然，一些來自亞洲的工業領域的消費產品出口到美國，這些產品的情況有些低迷。重型設備有點鬱悶。

But the aggregate, I'd say, is flat to slightly down from an industry standpoint. But it's our share gains that are already launching, some of them launched and some of them launching as we speak, that give us the confidence across all three segments -- all three businesses, I'm sorry.

但我認為，從行業角度來看，整體情況是持平或略有下降。但我們已經開始實現份額成長，其中一些已經實現，還有一些正在實現，這給了我們對所有三個部門——所有三個業務，對不起——的信心。

If I could just add to that, in most of these businesses we're talking about here, we do not see a stacking of inventory in the chain. So we're certainly beholden to the global macro and the tariff discussion, but there's not a big inventory reaction that we would expect either way, regardless of what happens with tariffs.

我可以補充一點，在我們這裡討論的大多數業務中，我們並沒有看到鏈條中庫存的堆積。因此，我們當然受制於全球宏觀和關稅討論，但無論關稅發生什麼，我們預計庫存都不會出現大的反應。

Frank Mitsch, Fermium Research LLC.

米奇 (Frank Mitsch)，費米研究有限責任公司。

Thank you. Vince, if I could just follow up on that. I mean, the US GDP numbers came out this morning pretty robust, suggesting that there was some pre-buying. So perhaps you're not -- you suggest you're not seeing much in the way of inventories of your customers. But can you talk about the order patterns that you saw throughout the second quarter and what you're seeing so far here in the third quarter from your customers that may be anomalous or perhaps not? And then also, what -- the FX impact on 2Q, what was that and what are your expectations for 2025? Thank you.

謝謝。文斯，我可以跟進一下嗎？我的意思是，今天早上公佈的美國 GDP 數據相當強勁，表明存在一些預先購買。所以也許你沒有——你表明你沒有看到太多客戶的庫存。但是，您能否談談您在整個第二季度看到的訂單模式，以及您在第三季度到目前為止從客戶那裡看到的可能異常或可能正常的訂單模式？那麼，外匯對第二季的影響是什麼？您對 2025 年的預期是什麼？謝謝。

Yeah. Frank, as we look -- again, the most sensitive segment for us as it relates to the global macro in near term is that Industrial segment. We did, obviously in early April, and we talked about this on our April call, see some customer concerns around the tariffs.

是的。弗蘭克，正如我們所見——再次強調，對我們來說，與近期全球宏觀相關的最敏感的部分是工業部分。顯然，我們在 4 月初就這樣做了，並且在 4 月的電話會議上談到了這一點，看到了一些客戶對關稅的擔憂。

As we progressed through the quarter, we saw a normal order pattern return. We didn't see -- it wasn't jagged, et cetera. I think most people absorbed psychologically the impact of the tariffs and we moved forward. And again, no significant changes throughout the quarter in order patterns. Tim talked about it earlier, a little softer in Europe than we wanted, some softening in Asia, again, to be expected. But beyond that, no significant impacts.

隨著本季的進展，我們看到了正常的訂單模式的回歸。我們沒有看到——它不是鋸齒狀的，等等。我認為大多數人在心理上都承受了關稅的影響，我們繼續前進。並且，整個季度的訂單模式並沒有發生重大變化。提姆之前談到過，歐洲的情況比我們想要的要溫和一些，亞洲的情況也有些緩和，這也是意料之中的。但除此之外，沒有重大影響。

On a currency basis, we were negative, Frank, in Q1. On a translation basis, that reverted to much less negative in Q2. We expect the back half of the year to offset what happened in Q1. On a year-to-date basis, we're closer to zero. But as we exited the quarter, on volumes, we didn't see any pull forward into Q2.

從貨幣角度來看，弗蘭克，我們在第一季的業績是負面的。從翻譯的角度來看，第二季的情況已經恢復得沒那麼負面了。我們預計下半年的業績將抵銷第一季的業績。從年初至今，我們已經接近零。但當我們退出本季時，就銷量而言，我們並沒有看到第二季有任何成長。

James Hooper, Bernstein.

詹姆斯胡珀、伯恩斯坦。

Hi. Good morning, and thank you very much for taking my question. My question is around the share gains and margins from them. Now, clearly, your competitors have acknowledged that you are the coming force in gaining share in the markets, not just you. But I was interested to see whether the share gains you've made have had any impact on the incremental margins from gaining share and whether there's a path to these margins increasing once you've kind of consolidated the share gains going forward. Thank you.

你好。早上好，非常感謝您回答我的問題。我的問題是關於他們的股票收益和利潤率。現在，顯然，您的競爭對手已經承認，您是贏得市場份額的新興力量，而不僅僅是您自己。但我感興趣的是，你們所取得的份額增長是否對份額增長帶來的增量利潤產生了影響，以及一旦你們鞏固了份額增長，這些利潤率是否有增長的途徑。謝謝。

Yes. Thanks, James. I think the way to think about it is the share gains that we've had, you should expect them to be at segment average from a gross margin standpoint. But the volume element of it as we launch them will improve our net margin, obviously, with the fixed cost leverage that we'll get from them, the manufacturing efficiencies. So that share gain launch, as we move through the second half of the year, you'll see not only the top-line growth from that, but you'll see the net margin expansion as we move through the next two quarters.

是的。謝謝，詹姆斯。我認為思考這個問題的方式是，我們已經取得了份額成長，從毛利率的角度來看，你應該預期它們會達到細分市場的平均水平。但隨著我們推出這些產品，其數量因素顯然會提高我們的淨利潤率，同時我們也能從中獲得固定成本槓桿和製造效率。因此，隨著我們進入下半年，隨著份額的增加，您不僅會看到由此帶來的營業收入成長，而且還會看到我們進入下兩個季度後淨利潤率的擴大。

(Operator Instructions) Patrick Cunningham, Citigroup.

（操作員指示）花旗集團的帕特里克·坎寧安。

Hi. Good morning. Aerospace continues to be quite strong over two or three-year stack. How should we think about gross levels over the next few years, given pricing actions for a longer-cycle business, whether that starts to normalize and then the debottlenecking and new capacity you have potentially allowing you to serve more volume there?

你好。早安.航空航太業在未來兩三年內將持續保持強勁勢頭。考慮到長週期業務的定價行為，我們應該如何看待未來幾年的總水平，這是否會開始正常化，然後瓶頸消除和新產能是否可能讓您在那裡提供更多的服務？

Yeah. Patrick, so we are anticipating high-single digits and double digits, depending on what quarter you're lapping, high-single digits and double-digit growth, frankly, for the foreseeable future. I meet with a lot of the CEOs of these companies, and every one of them, whether it's military, general aviation, or commercial aviation, their forecast are extremely strong. And when you combine those three, you kind of get this exponential impact on us because we get the top-line margin and the leverage across the whole business.

是的。派崔克，所以我們預計成長率將達到高個位數和兩位數，這取決於你所處的季度，坦白說，在可預見的未來，成長率將達到高個位數和兩位數。我會見了許多這些公司的首席執行官，他們每個人，無論是軍事、通用航空還是商業航空，他們的預測都非常強勁。當你將這三者結合起來時，你會感受到這種指數級的影響，因為我們獲得了整個業務的營業利潤率和槓桿率。

So that's why we are -- you see us investing both OpEx and CapEx so much. We just announced a new aerospace factory in the United States this past quarter at about $380 million CapEx cost, and we continue to invest in debottlenecking. So I don't see an end to this high-single digits, low-double digits kind of growth trajectory for at least as many quarters as we're projecting.

這就是為什麼我們——你會看到我們在營運支出和資本支出方面投入如此之多。我們剛剛在上個季度宣佈在美國建立一個新的航空航太工廠，資本支出約為 3.8 億美元，並且我們將繼續投資以消除瓶頸。因此，我認為至少在我們預測的幾個季度內，這種高個位數、低兩位數的成長軌跡不會結束。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Hi. Good morning, everyone. I'm wondering if you can speak a little bit more about the Mexico architectural market in particular, both -- okay, great. Sorry, I don't know what happened. But I'm just curious if you could speak a little bit about the -- okay, terrific. If you could speak a little bit about the Mexico architectural market and, in particular, sort of what you're hearing from customers that's giving you confidence that there'll be a pickup in the large project volume in 3Q and presumably more so in 4Q. And then what, to that end, have you baked into the guidance for the full year for that? Thank you.

你好。大家早安。我想知道您是否可以特別談談墨西哥建築市場，好的，太好了。抱歉，我不知道發生了什麼事。但我只是好奇您是否可以稍微談談——好的，太棒了。如果您可以談談墨西哥建築市場的情況，特別是您從客戶那裡聽到的消息，讓您有信心第三季度大型專案數量會有所回升，並且第四季度可能會有更多回升。那麼，為此，您在全年指導中考慮了哪些內容？謝謝。

Sure. So what we're hearing, as you would expect, given the reach of our business down there, we're pretty well connected, not only to the key government entities, but to the large project owners, the project managers, the contractors. And as far as the sequential improvement, Vincent, there's a lot of these projects that are already in flight. And so they're kind of dialing back rather than complete stop on the spending pause from April, they're starting to complete and move forward with completion of some of those projects that were already in flight.

當然。因此，正如您所預料的那樣，鑑於我們在那裡的業務範圍，我們不僅與主要的政府實體有很好的聯繫，而且與大型專案所有者、專案經理和承包商也有很好的聯繫。至於連續改進，文森特，很多這樣的計畫已經在進行中了。因此，他們不是完全停止 4 月以來的支出暫停，而是開始完成並推進一些已經在進行中的項目。

Beyond that, there's a high degree of confidence from the folks that we talked to on the ground in Mexico that once our two presidents come to some kind of agreement that that'll open the floodgates. And there'll be some tariff, I'm sure. I don't have no idea, any more so than anyone else does, of what that endgame will be. But the advantage that Mexico has and will always have is proximity.

除此之外，我們在墨西哥當地交談過的人們都高度相信，一旦我們兩國總統達成某種協議，就會打開閘門。我確信會有一些關稅。我和其他人一樣，不知道最終結果會如何。但墨西哥現在擁有並永遠擁有的優勢是地理位置優越。

So even if there's some tariff that adds cost to goods coming from Mexico to the United States, relative to all the other alternatives who are also getting tariffed, it's still in a significantly advantaged position. It's got a strong workforce, a well-educated workforce, a highly productive workforce, and proximity. And tariffs can't put an ocean between us and Mexico. So I guess the combination of projects in flight starting to restart and this pretty high level of confidence that wherever the two governments end up, Mexico will still be an advantaged position.

因此，即使關稅增加了從墨西哥到美國的商品的成本，但相對於所有其他同樣被徵收關稅的替代產品而言，墨西哥仍然處於明顯的優勢地位。它擁有強大的勞動力、受過良好教育的勞動力、高生產力的勞動力，而且地理位置優越。關稅不能阻擋我們和墨西哥之間的距離。因此，我認為，正在進行的計畫開始重新啟動，而且人們有相當高的信心，無論兩國政府最終採取何種立場，墨西哥仍將處於有利地位。

Yeah. Vince, just to get to your second question, what's built into our guide, if you look at, again, Q2, organic growth in Mexico was low-single digits. Again, retail up, our project business down. And we look at the second half holistically, we have that business up modestly to mid-single digits. So it's not a significant step-up in terms of total PPG, but again, a step-up sequentially from first half to second half for the project work and continued growth in retail.

是的。文斯，回到你的第二個問題，我們的指南中包含了什麼內容？如果你再看第二季度，你會發現墨西哥的自然成長率只有個位數。再次，零售業務上升，而專案業務下降。我們從整體來看下半年，我們的業務將小幅成長至中等個位數。因此，就整體 PPG 而言，這並不是一個顯著的成長，但就專案工作和零售業的持續成長而言，從上半年到下半年，這是一個連續的成長。

Arun Viswanathan, RBC.

阿倫·維斯瓦納坦（RBC）。

Great. Thanks for taking my question. So I guess you've shown now a few quarters of consistently improving volume growth. As you just answered, Aerospace is definitely contributing to that. But you are showing some better growth in some of the Industrial verticals.

偉大的。感謝您回答我的問題。所以我想你已經展示了幾個季度以來銷量成長的持續改善。正如您剛才回答的那樣，航空航天肯定為此做出了貢獻。但在某些工業垂直領域，你們表現出了更好的成長。

So maybe you can just give us your outlook as you look into specifically Auto OEM. I know you've answered a few questions there already, but I mean, I guess, is it really production that you'd expect that would drive you further next year? Is there any other initiatives, whether it be EV growth in China or maybe some Europe customer mix, what else would you point that would maybe help continue to drive maybe a turnaround in Auto OEM? Thanks.

因此，也許您可以向我們介紹一下您對汽車 OEM 的具體看法。我知道您已經回答了幾個問題，但我的意思是，您真的期望生產能夠推動您明年取得更大進步嗎？還有其他舉措嗎？無論是中國電動車的成長，還是歐洲客戶組合，您認為還有什麼可能有助於繼續推動汽車原始設備製造商的復甦？謝謝。

Yeah. Hey, Arun. It's a number of the things that you mentioned. I'll try to talk about each one of them.

是的。嘿，阿倫。這是您提到的許多事情。我將嘗試談論其中的每一個。

Clearly, we have the share gain momentum that's kicking in now. That's one piece. The longer-term fundamentals for this industry and growth are still there. There's still a deficit in new vehicles. You've got a fleet age. You've got car part per capita in places like India and China. So the fundamentals are still there, especially given that the whole world has been pretty much underproducing since COVID.

顯然，我們現在擁有了份額成長的勢頭。那是一件。該行業和成長的長期基本面仍然存在。新車數量依然短缺。你已經擁有艦隊時代了。印度和中國等地的人均汽車零件產量都很高。因此，基本面仍然存在，特別是考慮到自新冠疫情以來全世界的產量一直處於低迷狀態。

So longer term, the fundamentals are there. So you've got this short-term share gains, and we do expect to start to see stabilization and increase in builds as tariff dynamics and inflation and other affordability and macro conditions get more confidence in the consumer. There's just a -- until we get through some of this period of uncertainty, there's an overall lack of confidence that's holding back auto purchases.

因此從長期來看，基本面仍然存在。因此，您獲得了短期份額收益，並且我們確實預計，隨著關稅動態、通貨膨脹和其他負擔能力以及宏觀條件對消費者的信心增強，建設將開始穩定並增加。在我們度過這段不確定時期之前，整體上缺乏信心會阻礙汽車購買。

Yeah. And we said in our -- Arun, as we said in our prepared remarks, we're at industry in terms of volume demand. And we certainly expect in the second half of the year, continuing into '26, us to outperform the industry share gain part of that. A couple of customer-specific issues that we're seeing that were negative to us in the back half of last year will be beneficial to us in the back half of this year. So those -- and we still have very good positioning in China where retail sales were up double digits in the second half and production didn't match that.

是的。正如我們在準備好的發言中所說，阿倫，就數量需求而言，我們處於行業領先地位。我們當然預計，在今年下半年，也就是26年，我們的表現將超越產業份額的成長。我們發現，去年下半年對我們不利的幾個客戶特定問題將在今年下半年對我們有利。因此，我們在中國仍然佔有非常有利的地位，下半年零售額成長了兩位數，但產量卻沒有成長。

Matthew DeYoe, Bank of America.

美國銀行的馬修‧德約 (Matthew DeYoe)。

Thank you. Can we talk through the puts and takes on price rolls and cost cuts in the second half? Because if I look back to some of the prior calls, I think it's like $75 million of self-help actions and cost savings would hit 3Q. And in a vacuum, that should be able to really get you more than what you're expecting as it relates to margin improvements year over year. So what's kind of diluting that?

謝謝。我們能否討論一下下半年價格變動和成本削減的利弊？因為如果我回顧一些先前的電話會議，我認為 7,500 萬美元的自助行動和成本節約將在第三季實現。而在真空中，這應該能夠真正為您帶來超出預期的結果，因為它與逐年利潤率的提高有關。那麼什麼會稀釋這種效果呢？

Yeah. Matt, just some clarification. The restructuring benefits we earmarked for this year were $75 million full year growing throughout the quarter -- or growing throughout the year. We're about a $30 million clip through the first half. So we'll still grow incrementally in the second half beyond what we saw in the first half, but it's not an incremental $75 million.

是的。馬特，只是一些澄清。我們為今年預留的重組收益為全年 7500 萬美元，並且在整個季度內都在增長——或者說全年都在增長。上半年我們的收入約為 3,000 萬美元。因此，下半年我們的營收仍將比上半年有所成長，但增量不會是 7,500 萬美元。

Again, as we look at price costs, we still expect the same raw material inflation rate. We do expect some incremental pricing to benefit us in the second half versus the first half as we put some price increases in in the second quarter in certain businesses.

再次，當我們考慮價格成本時，我們仍然預期原物料通膨率會保持不變。我們確實預計下半年的一些增量定價將使我們比上半年受益，因為我們在第二季度對某些業務進行了價格上調。

Aleksey Yefremov, KeyBanc.

阿列克謝·葉夫列莫夫，KeyBanc。

Thanks, and good morning, guys. This is Ryan on for Aleksey. I just wanted to circle back to Auto OEM and specifically in China. I think there's been a lot of news circulating in the last couple of weeks just around potentially some elevated inventories, the end of price cutting wars. So just kind of curious what you guys are hearing from customers there and kind of what the maybe the production outlook is going to look like maybe in the next 6 to 12 months. Thanks.

謝謝，大家早安。這是 Ryan 代替 Aleksey 上場的。我只是想回到汽車原始設備製造商 (OEM) 的話題，特別是在中國。我認為過去幾週有很多關於庫存可能增加、降價戰結束的新聞在流傳。所以我只是有點好奇你們從那裡的客戶那裡聽到了什麼，以及未來 6 到 12 個月的生產前景可能會是什麼樣子。謝謝。

Yeah. I think, Ryan, that it's certainly doing better than the rest of the world as far as production outlook. And that drives, given the lack of volume in the rest of the world, a competitive dynamic. And our technologies are really productivity focused. And so we do get an appreciation of that from our customers in the Automotive OEM space.

是的。瑞安，我認為，就生產前景而言，它肯定比世界其他地區做得更好。由於世界其他地區產量不足，這引發了競爭態勢。我們的科技確實注重生產力。因此，我們確實得到了汽車 OEM 領域客戶的讚賞。

EVs are doing better in China. And one company in particular who we are number one with is doing better than the rest of industry. And about one out of every three cars produced in the world comes from China. So you add all those up, and China is actually acting as a buffer to us in Auto OEM relative to what's happening in US and Europe.

電動車在中國表現較好。尤其是與我們合作排名第一的公司，其表現比業內其他公司都要好。世界上生產的每三輛汽車中就有一輛來自中國。所以，把所有這些加起來，相對於美國和歐洲的情況，中國實際上在汽車原始設備製造商領域為我們起到了緩衝的作用。

Yeah. The one other thing I would add, Ryan, is if you look at exports from China, they're up about 10% through the first half of the year on a year-over-year basis. That's another growth element coming out of China, which is driving auto production.

是的。瑞安，我想補充的另一件事是，如果你看看中國的出口，你會發現今年上半年的出口額比去年同期成長了約 10%。這是來自中國的另一個成長因素，推動了汽車生產。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

Yeah, hi. Good morning. I wanted to follow up just on the conversation around Architectural margins. So I think Vince has highlighted earlier you had almost 100% negative incremental. You talked about some things with FX translation, but the reported for the segment was zero and you talked about some costs.

是的，你好。早安.我只是想跟進建築邊緣的討論。所以我認為文斯之前已經強調過，你的負增量幾乎是 100%。您談到了外匯翻譯的一些事情，但該部分的報告為零，您也談到了一些成本。

So if I kind of put this together, if I think about a normal 40% incremental margin, correct me if I'm wrong, there's about $30 million of maybe higher costs that hit you. Can you maybe bucket those up between the supply chain issue versus FX? And then if you look at the second half, should we expect this higher decremental to persist, or does it go back to normal? Thank you.

因此，如果我把這些放在一起，如果我考慮正常的 40% 增量利潤率，如果我錯了請糾正我，那麼可能會有大約 3000 萬美元的更高成本影響到您。您能否將這些問題歸結為供應鏈問題和外匯問題？那麼如果你看一下下半年，我們是否應該預期這種較高的減幅會持續下去，還是會恢復正常？謝謝。

And as we talked about earlier, Josh, a couple of factors at play here. Most meaningful is the mix difference between Mexico and our non-Mexico business. So with Mexico B2B down, there's a mix impact. As we talked throughout the call today, we expect that to become less of an issue as we progress through the year.

正如我們之前談到的，喬希，這裡有幾個因素在起作用。最有意義的是墨西哥和我們的非墨西哥業務之間的混合差異。因此，隨著墨西哥 B2B 業務的下滑，影響是複雜的。正如我們今天在電話會議上談到的那樣，我們預計，隨著今年的進展，這個問題將不再那麼嚴重。

The FX impact normalizes in the back half of the year. So both on raw materials, as well as there's an FX impact between just Europe and the Mexican peso. We did have a transitory issue in Australia. To put that in order of magnitude, that hurt our volume on a year-over-year basis by a 0.5 turns, so 50 basis points. So it was impactful on our bottom line as well. As Tim alluded to earlier, that was primarily contained in Q2.

外匯影響在下半年恢復正常。因此，原材料以及歐洲和墨西哥比索之間都會產生外匯影響。我們在澳洲確實遇到了一個暫時的問題。從數量級來看，這導致我們的銷量比去年同期下降了 0.5 倍，也就是 50 個基點。所以這對我們的底線也有影響。正如蒂姆之前提到的，這主要包含在第二季。

So those are the big impacts. I think you'll see us return to a normal incremental margin in the back half of the year as some of these FX and one-time events fall by the wayside.

這些影響非常大。我認為，隨著一些外匯和一次性事件逐漸消失，你會看到我們在今年下半年恢復正常的增量利潤率。

(Operator Instructions) Chris Parkinson, Wolfe Research.

（操作員指示）克里斯·帕金森（Chris Parkinson），沃爾夫研究公司。

Great. Thank you so much. Tim, when you sit down with David and you think about the outlook for the company over the next, let's say, 6 to 18 months or so, it seems like Aerospace and P&M are kind of the leaders. You have some new products in both, especially P&M. And then within that, I know you have some new things in Auto OEM throughout. But where would you have the greatest confidence over the next 1.5 years or perhaps even longer in terms of your ability to significantly outgrow markets to the point where your confidence in the investment community will really take notice?

偉大的。太感謝了。提姆，當您與大衛坐下來討論公司未來 6 到 18 個月左右的前景時，您會發現航空航天和 P&M 似乎處於領先地位。你們在這兩方面都有一些新產品，尤其是 P&M。然後，我知道你們在汽車 OEM 領域有一些新東西。但是，在未來 1.5 年甚至更長時間內，您最有信心在哪些方面能夠大幅超越市場，從而真正引起投資界的關注呢？

Yeah. Hey, Chris. We're outperforming and will continue to outperform in Aerospace. Refinish, you didn't mention that one. I'm guessing that's because you were focused on the chemistry-related innovations. But Refinish, we will continue to launch innovations outside the can, some of which you would have seen when you were here, that drive shop productivity and digital tools, et cetera. We expect to continue to outperform there. Our Traffic business, now that we've got it cleaned up and it's only focused on the country where we have a super strong position, we'll continue to perform and outperform there as highway projects and infrastructure are invested in.

是的。嘿，克里斯。我們在航空航太領域表現出色，並將繼續保持優異表現。重新完成，你沒有提到這一點。我猜這是因為你專注於與化學相關的創新。但是 Refinish，我們將繼續推出罐外的創新，其中一些您在這裡時會看到，它們可以提高車間生產力和數位工具等等。我們預計其表現將持續優異。我們的交通業務，現在我們已經把它清理乾淨，只專注於我們擁有超強地位的國家，隨著高速公路項目和基礎設施的投資，我們將繼續在那裡表現出色，甚至超越那裡的表現。

Protective & Marine, as I said earlier, no end in sight to particularly our outperformance in the areas of fire protection and marine aftermarket. This packaging dynamic in Europe of Europe increasing BPA regulations, that plays to our advantage. And that'll play out in the next couple of years, '26 and '27. COMEX, PPG Mexico will -- once we get through this transitory issue with project spending being paused, that'll continue to be an area of outperformance for us. I think share gains in Industrial Coatings, where we -- frankly, across many of our segments, where we have a strong product and service offering, but are underrepresented in share, as we focus more acutely on the areas where we have a strongest right to win, you'll see that business outperforming.

防護和船舶，正如我之前所說，我們在防火和船舶售後市場領域的出色表現看不到盡頭。歐洲不斷加強的 BPA 法規的包裝動態對我們有利。這將在未來幾年，即 26 年和 27 年內實現。COMEX、PPG 墨西哥將—一旦我們解決了專案支出暫停這一暫時問題，這將繼續成為我們表現優異的領域。我認為工業塗料的市場份額會成長，坦白說，在我們的許多細分市場中，我們擁有強大的產品和服務，但市場份額不足，隨著我們更加專注於我們最有獲勝權利的領域，你會看到該業務表現出色。

And at the end of the day, Chris, our algorithm for growth, combination of our talented people are much more focused and sharper, kind of future-facing portfolio, much more disciplined around our enterprise growth strategy and where we invest and where we have the strongest right to win. Our three new crisply defined operating segments that drive distinct missions, distinct value propositions, distinct investment criteria, the three-pronged innovation approach that you heard about when you were here between chemistry inside the can, digital productivities outside the can, and then the use of AI, not only for productivity internally, but also customer-facing use cases, and the key enablers of a lot of work that we're doing on OpEx and commercial excellence, the outcoming of that is we are committed to what I laid out two years ago, which was ongoing, a 2% to 4% organic growth company that delivers an 8% to 10% EPS growth every year, and $1 billion of adjusted free cash flow.

最後，克里斯，我們的成長演算法，我們的人才組合更加專注和敏銳，是一種面向未來的投資組合，對我們的企業成長策略、我們的投資領域以及我們最有獲勝權利的地方更加嚴格。我們三個新的、定義明確的營運部門推動著不同的使命、不同的價值主張、不同的投資標準，您在這裡聽到的三管齊下的創新方法，即罐內化學、罐外數字生產力以及人工智能的使用，不僅適用於內部生產力，也適用於面向客戶的用例，以及我們在運營支出和商業卓越方面所做的大量工作的關鍵因素，其結果就是推動我兩年8% 到 10% 的每股盈餘成長，以及 10 億美元的調整後自由現金流。

So that's kind of our growth algorithm. When you take everything I described in each of the businesses, plus what we're doing to build this organic growth in margin machine, we're comfortable that those commitments that we've made to the investment community are, in fact, what we'll deliver.

這就是我們的成長演算法。當你把我在每項業務中所描述的一切，再加上我們為建立利潤機器的有機成長所做的努力，我們就會感到欣慰，我們對投資界所做的承諾實際上就是我們將要兌現的。

Yeah. And that free cash flow number, again, as everybody recalls, includes the deduction for capital spending.

是的。大家還記得，自由現金流數字包括資本支出的扣除額。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Thanks very much. Two-part question. For Vince, cash flow from operations was $370 million or so for the first couple of quarters. Last year, you did $1.4 billion. Do you expect cash flow from operations this year to be the same as last year, or higher or lower?

非常感謝。問題分為兩部分。對文斯來說，前幾季的營運現金流約為 3.7 億美元。去年，你的收入為 14 億美元。您預計今年的經營現金流與去年相同、更高還是更低？

And for Tim, the results in Performance Coatings were good. That is, volume growth was plus 3% and price was plus 3%. But your operating income was up maybe 9% or $30 million. I can imagine it being up double that with that kind of price and volume. Were you satisfied with the Performance Coatings results, or was there something that's been holding the margins back? Your incrementals were in the low.

對提姆來說，高性能塗料的成果是好的。也就是說，銷量成長了 3%，價格也成長了 3%。但您的營業收入可能成長了 9% 或 3000 萬美元。我可以想像，以這樣的價格和數量，它的價格會上漲一倍。您對高性能塗料的結果滿意嗎？或者有什麼因素阻礙了利潤的成長？您的增量處於低點。

Sorry, Jeff. Yeah, this is Vince. We are tracking ahead of prior year in cash from operations. Certainly, as you're well aware, most of our cash flow, because of the seasonality of our businesses, is back half-weighted. We still have our net normal blocking and tackling to do as it relates to inventory management, as we come out of the peak seasons, collections from our customers. But our expectation is for our cash to grow on a year-over-year basis -- our cash from op to grow on a year-over-year basis.

抱歉，傑夫。是的，這是文斯。我們的經營現金流比去年同期有所成長。當然，如您所知，由於我們業務的季節性，我們的大部分現金流都是半加權的。隨著我們走出旺季，從客戶那裡收款，我們仍然需要進行與庫存管理相關的淨正常阻止和處理工作。但我們預計我們的現金將同比增長——我們的經營現金將同比增長。

Yeah. Jeff, on the margin question, of course, I would have wanted the net margin for Performance Coatings to drop more EBIT, EBITDA, and cash to the bottom line. But we made a conscious decision coming into the year. I mean, this segment is 25.7% EBITDA segment, strong growth of mid-single digits in a very difficult operating environment. It is a shining star right now, and we want to capture as much of that value as we can for the future for our shareholders.

是的。傑夫，關於利潤率問題，當然，我希望 Performance Coatings 的淨利潤率能夠將更多的 EBIT、EBITDA 和現金降至最低。但我們在今年做出了一個明智的決定。我的意思是，這個部門是 25.7% EBITDA 部門，在非常困難的營運環境中實現了中等個位數的強勁成長。它現在是一顆耀眼的明星，我們希望為股東的未來盡可能多地獲取它的價值。

So we made a conscious decision to make some fairly significant investments, particularly in Aerospace, Protective & Marine, and some digital investments in Refinish, so that we can keep this thing running like it is and growing into the future, Jeff. So we made a conscious decision to spend more on growth-focused OpEx for things like debottlenecking in Aerospace, digital initiatives in Refinish, and feet on the street and penetration initiatives in Protective & Marine.

因此，我們做出了一個有意識的決定，進行一些相當大的投資，特別是在航空航天、防護和船舶領域，以及在 Refinish 的一些數字投資，這樣我們就可以保持這個業務的正常運轉並在未來不斷發展，傑夫。因此，我們做出了一個明智的決定，在以成長為重點的營運支出上投入更多資金，例如航空航太領域的瓶頸消除、修補領域的數位化計畫以及防護和船舶領域的實地調研和滲透計畫。

(Operator Instructions) Aron Ceccarelli, Berenberg.

（操作員指示）Aron Ceccarelli，Berenberg。

Hello. Good morning, and congrats on the good quarter. You slightly revised down your organic sales growth guidance for both Architectural Paints and Industrial Coatings. I take the point that Q2, perhaps on the volume side, was a bit softer than expected in Architectural Paints. But could you please break down the contributing factors in terms of volumes and pricing for the second half for these two segments? Particularly because from what I see, you are quite positive on the outlook for Industrial Coatings. Thank you.

你好。早安，恭喜本季取得良好業績。您略微下調了建築塗料和工業塗料的有機銷售成長預期。我認為，從銷售量來看，第二季建築塗料的銷售量可能比預期弱一些。但是，您能否從銷售量和價格方面分析一下這兩個部門下半年的貢獻因素？特別是因為從我所看到的，您對工業塗料的前景非常樂觀。謝謝。

Yes. So I'll take the first part of it on Architectural. We did adjust down our outlook, particularly for Europe. We were disappointed in Europe that the momentum that we saw in late Q1 didn't continue into Q2. So we thought the prudent thing to do going forward was to assume that it would be current state plus our share gains that would drive and did not count on any market recovery.

是的。因此我將討論建築方面的第一部分。我們確實下調了我們的預期，特別是對歐洲的預期。我們對歐洲感到失望，因為我們在第一季末看到的勢頭並沒有延續到第二季。因此，我們認為，未來謹慎的做法是假設當前狀態加上我們的份額收益將推動市場復甦，而不依賴任何市場復甦。

So the flip side of that, Aron, is that any stimulus, any catalyst, whether it be the impact of a tariff agreement, whether we see some progress in Ukraine, whether we see some progress in the Middle East, anything that would give a little bit of consumer confidence in Europe, would be a positive to what we have guided in our revised guide for Architectural Europe. Because actually the household balance sheets are pretty strong, generally speaking. So it's much more about consumer confidence.

因此，阿隆，另一方面，任何刺激措施、任何催化劑，無論是關稅協議的影響，還是烏克蘭問題的進展，還是中東問題的進展，任何能夠增強歐洲消費者信心的因素，都會對我們在修訂的《歐洲建築指南》中提出的指導產生積極影響。因為實際上，整體而言，家庭資產負債表相當強勁。所以這比較是與消費者信心有關的。

Aron, on Industrial, very modest decrement to our prior guide, really relating to what we saw in Q2 in China, just carrying forward, again, I would call it more rounding in terms of percentages.

阿隆，關於工業，與我們之前的指導相比，這是一個非常溫和的下降，實際上與我們在中國第二季度看到的情況有關，只是延續了下來，再說一次，就百分比而言，我會稱之為更加四捨五入。

Thank you very much. We currently have no further questions, so I'd like to hand back to Alex Lopez for any further remarks.

非常感謝。我們目前沒有其他問題，因此我想將發言權交還給亞歷克斯·洛佩茲 (Alex Lopez)，以便他發表進一步的評論。

Thank you, Carly. We appreciate your interest and confidence in PPG. This concludes our second-quarter earnings call.

謝謝你，卡莉。我們感謝您對 PPG 的關注和信任。我們的第二季財報電話會議到此結束。

As we conclude today's call, we'd like to thank everyone for joining. You may now disconnect your lines.

在今天的電話會議結束時，我們要感謝大家的參與。現在您可以斷開線路了。