RELX PLC (RELX) 2024 Q4 法說會逐字稿

Good morning, everybody. Thank you for taking the time to join us today. As you may have seen from our press release this morning, we delivered strong financial results in 2024 to make further operational and strategic progress.

大家早安。感謝您今天抽出時間參加我們的活動。正如您可能從我們今天早上的新聞稿中看到的那樣，我們在 2024 年取得了強勁的財務業績，在營運和策略上取得了進一步的進展。

Underlying revenue growth was 7%. Underlying adjusted operating profit growth was 10%. Adjusted earnings per share growth was 9% at constant currency. And we are proposing a 7% increase in the pound sterling full year dividend.

基本收入成長7%。基本調整後營業利益成長率為10%。以固定匯率計算，調整後每股盈餘成長 9%。我們提議將英鎊全年股息提高 7%。

All four business areas continue to perform well. And on this chart, you can also see the relative sizes of the segments within each business area. In Risk, underlying revenue growth was 8% and underlying adjusted operating profit growth was 9%.

四個業務領域均持續表現良好。在此圖表上，您還可以看到每個業務領域內各個細分市場的相對大小。在風險方面，基礎收入成長率為 8%，基礎調整後營業利潤成長率為 9%。

Strong growth continues to be driven across segments by our deeply embedded AI-enabled analytics and decision tools with over 90% of divisional revenue coming from machine-to-machine interactions. Business Services continue to be driven by Financial Crime Compliance and Digital Fraud & Identity Solutions with strong new sales.

我們深度嵌入的人工智慧分析和決策工具繼續推動各部門的強勁成長，其中超過 90% 的部門收入來自機器對機器的互動。商業服務繼續受到金融犯罪合規和數位詐欺與身分解決方案的推動，新銷售強勁。

Insurance was driven by further extension of solution sets across markets, continued positive market factors and new sales. Specialized Industry Data Services was led by Commodity Intelligence, and Government continue to be driven by analytics and decision tools. Going forward, we expect continued strong underlying revenue growth with underlying adjusted operating profit growth slightly exceeding underlying revenue growth.

保險業務受到跨市場解決方案組合的進一步擴展、持續的積極市場因素和新銷售的推動。專業行業數據服務由商品情報主導，政府繼續由分析和決策工具驅動。展望未來，我們預期基礎營收將持續強勁成長，基礎調整後營業利潤成長將略超過基礎營收成長。

In STM, underlying revenue growth was 4% and underlying adjusted operating profit growth was 5%. Growth continued to be driven by the development of analytics and further evolution of the business mix, with higher growth segments representing an increasing proportion of divisional revenue and remaining print shrinking at a faster pace than historical averages.

在 STM，基礎收入成長率為 4%，基礎調整後營業利潤成長率為 5%。成長繼續受到分析技術的發展和業務組合的進一步演變的推動，其中高成長細分市場佔據了部門收入的越來越大的比例，而剩餘印刷量的萎縮速度則快於歷史平均水平。

Databases, Tools & Electronic Reference was driven by further development and rollout of higher value-add analytics and decision tools. Primary Research was driven by volume growth. The number of articles submitted continued to grow very strongly across the portfolio by over 20%, and the number of articles published grew by 15%.

資料庫、工具和電子參考受到更高附加價值分析和決策工具的進一步開發和推出的推動。初級研究受產量成長的推動。整個投資組合中提交的文章數量繼續強勁增長，增長了 20% 以上，發表的文章數量增長了 15%。

Going forward, we expect continued good underlying revenue growth, with underlying adjusted operating profit growth slightly exceeding underlying revenue growth.

展望未來，我們預期基礎收入將繼續保持良好的成長，基礎調整後營業利潤的成長將略高於基礎收入的成長。

In Legal, underlying revenue growth improved further to 7%, up from 6% last year, driven by the continued shift in business mix towards higher-value legal analytics. Underlying adjusted operating profit growth was ahead of underlying revenue growth at 9% as we continue to manage cost growth below revenue growth. Lexis plus, our integrated platform, leveraging extractive AI, continued to perform well.

在法律領域，由於業務結構繼續向更高價值的法律分析轉變，基礎收入增幅從去年的 6% 進一步提高至 7%。由於我們持續將成本成長控制在低於收入成長的水平，基礎調整後營業利潤成長高於基礎收入成長，為 9%。我們的整合平台 Lexis plus 利用提取式人工智慧繼續表現良好。

And Lexis plus AI, leveraging generative, made good progress in the US and in international markets. Protégé, our recently launched next-generation generative AI legal assistant, which we demonstrated in our legal seminar last October, has been positively received by our customers. Going forward, we expect continued strong underlying revenue growth with underlying adjusted operating profit growth exceeding underlying revenue growth.

Lexis plus AI 利用生成技術在美國和國際市場取得了良好的進展。Protégé 是我們最近推出的下一代生成式 AI 法律助理，我們在去年 10 月的法律研討會上進行了展示，並獲得了客戶的積極評價。展望未來，我們預期基礎營收將持續強勁成長，基礎調整後營業利潤成長將超過基礎營收成長。

Exhibitions delivered underlying revenue growth of 11%, reflecting the improved growth profile of our event portfolio and the favorable first half comparison to the prior year. We continue to make good progress with our growing range of value-enhancing digital tools and the improvement in profitability reflects the structurally lower cost base. Going forward, we expect strong underlying revenue growth with an improvement in adjusted operating margin over the prior full year.

展覽實現了 11% 的基礎收入成長，反映了我們活動組合的成長狀況改善以及上半年與去年同期相比的良好表現。我們在不斷增加的增值數位工具系列方面繼續取得良好進展，獲利能力的提高反映了結構性較低的成本基礎。展望未來，我們預期基礎營收將強勁成長，調整後的營業利潤率將比去年同期有所提高。

Our strategic direction is unchanged. Our improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers.

我們的策略方向沒有改變。我們不斷改善的長期成長軌跡繼續受到業務組合向更高成長分析和決策工具的持續轉變的推動，這些轉變可以為我們的客戶帶來更高的價值。

Our growth objectives remain, for Risk, to sustain strong long-term growth in the current range; for both STM and Legal, to continue on the improving growth trajectory; and for Exhibitions, to continue on the improved long-term growth profile. When combined with our strategy of driving continuous process innovation to manage cost growth below revenue growth, the result is a higher growth profile with improving returns.

對於風險而言，我們的成長目標仍然是在當前範圍內維持強勁的長期成長；對於 STM 和 Legal 來說，都將繼續保持不斷改善的成長軌跡；而對於展覽業來說，將繼續保持改善的長期成長態勢。當與我們推動持續流程創新以將成本成長控制在收入成長以下的策略相結合時，其結果是實現更高的成長水平和更高的回報。

I will now hand over to Nick Luff, our CFO, who will talk you through our results in more detail. I'll be back afterwards for a quick wrap-up and Q&A.

現在我將把麥克風交給我們的財務長尼克·拉夫 (Nick Luff)，他將向您更詳細地介紹我們的業績。之後我會回來做一個簡短的總結和問答。

Thank you, Erik. Good morning, everyone. Let me start by providing more detail on the group financials. As Erik said, underlying revenue growth was 7% with underlying adjusted operating profit growth ahead of that at 10%. As a result, the adjusted operating margin improved by just under 1 percentage point to 33.9%.

謝謝你，埃里克。大家早安。首先，讓我提供更多有關集團財務狀況的詳細資訊。正如艾瑞克所說，基礎收入成長率為 7%，基礎調整後營業利潤成長率為 10%。因此，調整後的營業利益率提高了近1個百分點，達到33.9%。

The improved operating result flowed through to adjusted earnings per share, which at constant currency increased by 9%. Cash conversion was again strong at 97%, contributing to a reduction in leverage to 1.8 times, slightly below our typical range.

經營業績的改善導致調整後的每股盈餘以固定匯率計算成長了 9%。現金轉換率再次強勁達到 97%，促使槓桿率降低至 1.8 倍，略低於我們的典型範圍。

Given the strong overall performance, we are proposing an increase in the full year dividend of 7% to 63p per share. Our acquisition spend was slightly below our normal range with GBP195 million on five acquisitions, and we made seven disposals with aggregate consideration of GBP95 million, and we deployed GBP1 billion on share buybacks.

鑑於整體表現強勁，我們建議將全年股息增加 7% 至每股 63 便士。我們的收購支出略低於正常範圍，五項收購的支出為 1.95 億英鎊，我們進行了七項資產處置，總對價為 9,500 萬英鎊，我們部署了 10 億英鎊用於股票回購。

Looking at revenue, you can see here the drivers of the overall 7% underlying growth. Continued strong growth in Risk, good growth in STM, strong growth with a further pickup in Legal and strong growth in Exhibitions. Electronic revenue, representing 83% of the total, saw 7% underlying growth with the strong growth in face-to-face activity offsetting the effects of the print decline.

從收入來看，您可以看到整體 7% 潛在成長的驅動因素。風險業務持續強勁成長，STM 業務良好成長，法律業務強勁成長且進一步回暖，展覽業務強勁成長。電子收入佔總收入的 83%，實現了 7% 的潛在成長，面對面活動的強勁成長抵消了印刷收入下滑的影響。

Total revenue growth at constant currency for the group was 6%, with the impact of disposals more than offsetting acquisitions and the benefit from 2024 being a cycling in year for Exhibitions. In sterling, total revenue growth was 3%, impacted by the relative strength of sterling against the dollar and the euro in particular.

以固定匯率計算，該集團的總收入增長了 6%，其中資產處置的影響超過了收購的影響，而且 2024 年是展覽業的循環年，因此受益。以英鎊計算，總收入成長了 3%，這主要受到英鎊兌美元和歐元相對走強的影響。

Here you can see the 10% underlying growth in group adjusted operating profit. We continue to manage cost growth below revenue growth in each business area. As a result, Risk, STM and Legal each delivered underlying profit growth 1 percentage or 2 percentage points ahead of underlying revenue growth. Exhibitions delivered very strong underlying profit growth, reflecting the increase in activity levels in the first half as well as the structurally lower cost base.

在這裡您可以看到集團調整後營業利潤10%的基本成長。我們繼續將各業務領域的成本成長控制在低於收入成長的水平。結果，風險、STM 和法律部門的基礎利潤增幅分別比基礎收入增幅高出 1 個百分點或 2 個百分點。展覽會實現了非常強勁的潛在利潤成長，反映了上半年活動水準的提高以及結構性成本基礎的降低。

Portfolio effects were a slight drag, leaving total growth in constant currency at 9%. There was a similar currency effect on profit as there was on revenue giving adjusted operating profit growth in sterling at 6%.

投資組合效應略有拖累，以固定匯率計算的總成長率為 9%。貨幣對利潤的影響與對收入的影響類似，以英鎊計算，調整後的營業利潤成長率為 6%。

With profit growth ahead of revenue growth, margins improved across all four business areas, driving the overall improvement of 80 basis points to 33.9%. Margins were up by 60 basis points in Risk, 40 basis points in STM and 50 basis points in Legal. Exhibitions margins saw a further significant improvement by 250 basis points and are now well ahead of pre-pandemic levels.

由於利潤成長超過營收成長，四個業務領域的利潤率均有所提高，推動整體利潤率提高 80 個基點至 33.9%。風險部門的利潤率上漲了 60 個基點，STM 部門的利潤率上漲了 40 個基點，法律部門的利潤率上漲了 50 個基點。展覽利潤率進一步顯著提高250個基點，目前已遠超過疫情前的水準。

Turning to the group adjusted income statement. You can see here the underlying growth of 7% in revenue and 10% in operating profit. The interest expense was slightly lower with a slightly lower effective interest rate and some currency benefit. That left profit before tax up 11% at constant currency and up 7% in sterling. The effective tax rate was 22.5%, up from the prior year, which had the benefit of some nonrecurring tax credits.

轉向集團調整後損益表。您可以在這裡看到收入的基本成長率為 7%，營業利潤的基本成長率為 10%。由於實際利率略低且有一定的貨幣效益，利息支出也略有下降。以固定匯率計算，稅前利潤增加了 11%，以英鎊計算，稅前利潤增加了 7%。有效稅率為 22.5%，高於前一年，受益於一些非經常性稅收抵免。

Net profit was up 8% at constant currency and up 4% in sterling to just over GBP2.2 billion. With a lower share count as a result of the share buyback program, adjusted earnings per share were up 9% at constant currency and up 5% in sterling to 120.1p.

以固定匯率計算，淨利潤上漲 8%，以英鎊計算，上漲 4%，至略高於 22 億英鎊。由於股票回購計畫導致股數減少，調整後的每股盈餘以固定匯率計算上漲 9%，以英鎊計算上漲 5%，至 120.1 便士。

Turning to cash flow. Cash conversion was 97%, similar to last year. EBITDA was over GBP3.7 billion, and CapEx was GBP484 million, equating to 5% of revenue. After interest and tax, total free cash flow was over GBP2.1 billion.

轉向現金流。現金轉換率為 97%，與去年同期相似。EBITDA 超過 37 億英鎊，資本支出為 4.84 億英鎊，佔收入的 5%。扣除利息和稅項後，自由現金流總超過21億英鎊。

And here's how we deployed that free cash flow. We completed five small acquisitions for a total consideration of GBP195 million, the most significant of which was the Henchman technology business in Legal, which brings enhanced functionality to the Protégé offering. In December, we announced the acquisition of IDVerse, an ID document verification platform for Business Services and Risk. Completion is expected in the first quarter of this year.

以下是我們部署自由現金流的方式。我們完成了五項小型收購，總對價為1.95億英鎊，其中最重要的是Legal的Henchman技術業務，它為Protégé產品帶來了增強的功能。12 月，我們宣布收購商業服務和風險的身份證件驗證平台 IDVerse。預計將於今年第一季完工。

We also made seven small disposals in 2024 for aggregate consideration of GBP95 million. Dividend payments were GBP1.1 billion. And as I mentioned earlier, we completed GBP1 billion of share buybacks. Overall, year-end net debt increased slightly to just under GBP6.6 billion. However, with the increased EBITDA, leverage fell 1.8 times.

我們也在 2024 年進行了七次小規模處置，總對價為 9,500 萬英鎊。股息支付額為11億英鎊。正如我之前提到的，我們完成了 10 億英鎊的股票回購。總體而言，年底淨債務小幅增加至略低於 66 億英鎊。然而，隨著EBITDA的增加，槓桿率下降了1.8倍。

Our priorities for use of cash remain unchanged. Organic development is our number 1 priority with CapEx consistently around 5% of revenues. We augment that organic development with selective acquisitions with the level of spend typically being the most significant variable in our uses of cash, depending on the opportunities that arise.

我們使用現金的優先順序保持不變。有機發展是我們的首要任務，資本支出始終佔收入的 5% 左右。我們透過選擇性收購來增強有機發展，支出水準通常是我們現金使用中最重要的變量，這取決於出現的機會。

Average acquisition spend over both the last 5 and 10 years has been around GBP400 million, with 2024 a below average year. We pay out around half of our adjusted earnings in dividends, and have increased the dividend every year for well over a decade. Leverage defined as net debt to EBITDA, has typically been in the 2.0 times to 2.5 times range.

過去 5 年和 10 年的平均收購支出約為 4 億英鎊，而 2024 年是低於平均值的一年。我們將調整後收益的一半左右以股息形式支付，並且十多年來每年都增加股息。槓桿率定義為淨負債與 EBITDA 的比率，通常在 2.0 倍到 2.5 倍之間。

Strong cash generation, improving EBITDA and modest acquisition spend in the year and the leverage at the end of 2024 was below that typical range at 1.8 times. We continue to return our surplus capital through the share buyback with GBP1.5 billion of spend announced today for 2025, of which GBP150 million has already been deployed.

強勁的現金創造能力、不斷改善的 EBITDA 和適度的收購支出，以及 2024 年底的槓桿率低於典型範圍 1.8 倍。我們將繼續透過股票回購返還我們的剩餘資本，今天宣布的 2025 年支出計劃為 15 億英鎊，其中 1.5 億英鎊已經部署。

With that, I will hand you back to Erik.

說完這些，我就把你交還給艾瑞克。

Thank you, Nick. Just to summarize what we have covered this morning. In 2024, we delivered strong financial results, and we made further operational and strategic progress. Going forward, we continue to see positive momentum across the group and we expect another year of strong underlying growth in revenue and adjusted operating profit as well as strong growth in adjusted earnings per share on a constant currency basis.

謝謝你，尼克。只是總結一下我們今天早上所講的內容。2024年，我們取得了強勁的財務業績，並在營運和策略上取得了進一步的進展。展望未來，我們繼續看到整個集團的積極勢頭，我們預計明年集團收入和調整後營業利潤將實現強勁增長，且按固定匯率計算的調整後每股收益也將實現強勁增長。

And with that, I think we're ready to go to questions.

現在我想我們可以開始提問了。

(Operator Instructions) George Webb, Morgan Stanley.

（操作員指示）摩根士丹利的喬治韋伯。

I'll kick off with a couple of financial questions, if I can. Firstly, just on the buyback that you kind of mentioned, given the bump curve, GBP1.5 billion in 2025, seems somewhat noticeable maybe from a messaging perspective, and I appreciate you've laid out the cash priorities.

如果可以的話，我將首先問幾個財務問題。首先，就您提到的回購事實，考慮到波動曲線，2025 年的回購規模為 15 億英鎊，從訊息傳遞的角度來看似乎有些引人注目，我很感謝您列出了現金優先事項。

It seems like this year, the dividend plus the buyback could exceed kind of free cash flow generation. So if you could just talk a little bit about, is there a message behind that? Is this a new platform GBP1.5 billion that maybe you can run at an increase from going forward?

看起來今年的股利加上回購可能會超過自由現金流的產生。所以能稍微談談嗎，這背後有什麼訊息嗎？這是一個價值 15 億英鎊的新平台，也許從現在起您可以增加其營運規模？

Secondly, just on the working capital of the business, kind of curious where you're seeing the working capital builds over the last couple of years? I think it's about GBP150 million out in 2024, GBP115 million out in 2023. So whether that's segments or more broadly, where is that being driven from?

其次，僅就企業的營運資本而言，有點好奇您看到過去幾年營運資本的增加情況如何？我認為 2024 年的支出約為 1.5 億英鎊，2023 年的支出約為 1.15 億英鎊。那麼無論是細分市場還是更廣泛範圍，其驅動力來自哪裡？

Yeah, George, I'll take those. Look, I think on the buyback, obviously, with growing EBITDA, as you know, if you're going to maintain leverage, you have to have shareholder returns that exceed free cash flow after acquisition spend. So with a relatively low acquisition spend that just gives us more surplus capital, which is reflected in the buyback.

是的，喬治，我會接受這些。看，我認為在回購方面，顯然，隨著 EBITDA 的成長，如你所知，如果你要保持槓桿率，你必須讓股東回報超過收購支出後的自由現金流。因此，相對較低的收購支出只會為我們帶來更多的剩餘資本，這反映在回購中。

And obviously, last year was in net only -- actually spend of only GBP100 million because not only was it a below average year on the acquisition front but we were more proactive on the disposal side. So that overall organic drive of shifting the business mix towards high-value analytics, our ability to accelerate that organically is obviously key, but we're more proactive on the disposal front as well.

顯然，去年的淨支出僅為 1 億英鎊，因為這不僅是收購方面低於平均水平的一年，而且我們在處置方面也更加積極主動。因此，將業務組合轉向高價值分析的整體有機驅動力、我們加速這一有機發展的能力顯然是關鍵，但我們在處置方面也更加積極主動。

So you're seeing that coming through in the overall structural growth profile of the group, and you're seeing that come through in the cash flows and hence, in the buyback.

因此，您會看到這一點體現在集團的整體結構成長概況中，也體現在現金流中，從而體現在回購中。

And your second one on working capital, I mean, no particular swings in there. Remember, we have -- it's GBP3 or GBP4 billion of assets in the working capital and the GBP3 billion or GBP4 billion of liabilities. It's a net negative working capital position that we always operate in, but you do see swings from year-to-year.

第二個問題是關於營運資金，我的意思是，其中沒有特別的波動。請記住，我們的營運資本為 30 億或 40 億英鎊的資產，以及 30 億或 40 億英鎊的負債。我們的營運資本始終處於淨負狀態，但每年都會有波動。

Obviously, as Exhibitions has ramped back up to full activity levels, there have been some working capital swings in there, but there's nothing systematic in that. And overall, you can see the cash conversion still in the high-90s.

顯然，隨著展覽會恢復到全面活動水平，營運資金會出現一些波動，但這並不是系統性的。總體而言，您可以看到現金轉換率仍然保持在 90% 左右。

Adam Berlin, UBS.

瑞銀的亞當柏林 (Adam Berlin)。

I just wanted to ask a few questions on STM, if I could. The first question is, you talked last year, the print declines in STM were above market -- normal level or normal speed. What's the trend in the first kind of six weeks of 2025, any improvement in that? Or is it still going to be a big drag in 2025 as well?

如果可以的話，我只是想問幾個關於 STM 的問題。第一個問題是，您談到去年 STM 的印刷量下降幅度高於市場正常或正常速度。2025 年前六週的趨勢如何，有任何改善嗎？或者到 2025 年它仍會成為一個巨大的拖累？

My second question was there's been quite a noise in the White House around Trump defunding various federal agencies, including some of the agencies that fund research. Can you just talk about the timelines of that? Like, how long does it take for that to have an impact on the amount of research being funded, research produced in the US? And is it something you're worried about at all?

我的第二個問題是，川普削減各聯邦機構（包括一些資助研究的機構）的資金一事在白宮引起了不小的轟動。您能談談其時間表嗎？例如，這需要多長時間才能對美國資助的研究數量和研究成果產生影響？這是否是令您擔心的事？

And then my third question is, I think Erik mentioned in his presentation that article submissions over 20%, published articles growing over 15%. It's amazing after COVID that these trends have been sustained. Can you just explain what you think is going on? Are you taking share from kind of poor quality journals or is it just higher overall research funding, it's just something that's really surprising that 4 years after COVID we're still seeing this level of growth.

我的第三個問題是，我認為 Erik 在他的演講中提到文章提交量增加了 20% 以上，發表的文章數量增加了 15% 以上。令人驚訝的是，在疫情之後，這些趨勢仍然得以持續。你能解釋一下你認為發生了什麼嗎？您是從品質較差的期刊中奪取份額，還是只是整體研究資金更高，只是令人驚訝的是，在 COVID 爆發 4 年後，我們仍然看到這種增長水平。

Well, I'll do my best to try to answer these. First of all, the print decline. As you know, the numbere 1 strategic priority for the company is to drive the improving long-term growth rate of the company through higher value-add analytics and decision tools and to create a business mix shift towards those higher value add, higher growth segments.

好吧，我會盡力回答這些問題。首先，印刷業的衰退。眾所周知，公司的首要策略重點是透過更高附加價值的分析和決策工具來推動公司長期成長率的提高，並實現業務組合向更高附加價值、更高成長領域的轉變。

And this is particularly present still in STM, where we're focusing most of our time at the top end improvement as we've talked about many times, but we're also trying to be more proactive on the bottom end, which means that we're trying to move faster out of the print segment on an organic basis, and we're also doing some more disposals of some noncore portfolios at the bottom end, as Nick mentioned.

這在 STM 中尤其明顯，正如我們多次談到的那樣，我們將大部分時間集中在高端改進上，但我們也試圖在低端更加積極主動，這意味著我們正試圖以有機的方式更快地退出印刷領域，我們也在對低端的一些非核心投資組合進行更多的處置，正如尼克提到的那樣。

But that's a good thing, and it's what we're trying to drive strategically, but it also has the side effect of in the short term, slightly higher than historical print declines. So what we have seen are print drag. We've seen that now for the last -- it's probably a couple of years where it's been above average, historically.

但這是好事，也是我們在策略上努力推動的，但它也有一個副作用，就是在短期內，印刷量下降幅度會略高於歷史水準。因此，我們看到的是印刷拖累。我們現在已經看到了這一點——從歷史上看，可能有幾年它一直高於平均水平。

And it's hard to tell what's going to happen looking one year out because the beginning of the year is not the main driver of that, that tends to build throughout the year and the heavier print periods are during the summer and then towards the end of the year.

而且很難預測一年後會發生什麼，因為年初並不是主要的驅動因素，這種趨勢往往會在全年形成，而印刷業務最繁忙的時期是在夏季，然後是年底。

So I don't know what's going to happen during 2025. But the one thing we're 100% certain of is that over time, the print segment is going to shrink down to be very small and the print drag is basically ultimately going away. And that's what we're driving towards strategically.

所以我不知道 2025 年會發生什麼事。但有一件事我們可以百分之百確定，那就是隨著時間的推移，印刷部分將會縮小到很小，而印刷阻力最終也會消失。這正是我們的策略目標。

On research funding, I think it's important to point out that we've been in the scientific research publishing business now for over 200 years, and we have customers in 180 countries. And we've seen quite a few changes in the world economy in -- we've seen quite a few elections and changes in government and funding levels. And our objective is basically to continue to serve that industry throughout all those changes no matter what happens. And we think we can continue to do so successfully.

關於研究資金，我認為有必要指出的是，我們從事科學研究出版業務已有 200 多年的歷史，客戶遍布 180 個國家。我們看到世界經濟發生了不少變化——我們看到了不少選舉以及政府和資金水準的變化。我們的目標基本上是，無論發生什麼，都要在所有這些變化中繼續為該行業提供服務。我們相信我們能夠繼續成功地做到這一點。

But the main driver of growth in the research publishing business is the volume growth, which is driven by the number of researchers first and foremost, and then by the global growth in research spend, and that tends to cut across time periods and across regions and funding areas.

但研究出版業務成長的主要動力是數量的成長，這首先是由研究人員的數量推動的，其次是由全球研究支出的成長所推動的，而且這往往跨越時間段、地區和資助領域。

What exactly will happen with the funding of specific US research agencies, it's very hard for us to have an opinion on it. But direct funding from US government on our research articles is a low single-digit percent basically. So we don't focus much on what that timeline will be or how that could flow through because these cycles have always come and gone over many, many years.

對於美國具體研究機構的資助究竟會發生什麼，我們很難發表意見。但美國政府對我們的研究文章的直接資助基本上只佔個位數的低百分比。因此，我們不太關注時間表是怎樣的或如何進行，因為這些週期已經來來去去很多年了。

The last question was article growth. And as I said, this is the main driver in the long term of the growth of the STM division, and it has continued to be very strong. During COVID and post-COVID, there's a bit of a time shift that you accurately pointed out. But now I think what happened last year was more of an issue of volume flowing a little more than usual to the higher quality tiers of journals.

最後一個問題是文章增長。正如我所說，這是 STM 部門長期成長的主要驅動力，而且它一直保持強勁成長。在 COVID 期間和後 COVID 期間，存在一些時間上的轉變，正如您準確指出的那樣。但現在我認為，去年發生的情況更多的是流向較高品質層級期刊的文章數量比平常多一些的問題。

I mean we have around 3,000 journals, and they're mostly positioned in the upper quartile of quality of journals. So if there is a little bit of uncertainty, a little bit more attention being paid to the question on scientific fraud or research fraud, people tend to migrate towards the larger, high-quality providers.

我的意思是我們有大約 3,000 種期刊，它們大多位於期刊品質的上四分位。因此，如果存在一點不確定性，對科學詐欺或研究詐欺問題給予更多關注，人們就會傾向於轉向規模更大、品質更高的提供者。

And our objective is always to try to be higher quality than the other major providers, better technology platform and technology tools than the other majors, but still operate at least the same or even better value or pricing equation for our customers. So therefore, we're trying to make sure that we're always positioned that way. And if we do that right, that means we should gradually seek out slightly improved share in the higher tiers over time.

我們的目標始終是努力比其他主要供應商提供更高的品質、比其他主要供應商提供更好的技術平台和技術工具，但仍為我們的客戶提供至少相同甚至更好的價值或定價方案。因此，我們努力確保我們始終處於這樣的地位。如果我們做得對，那就意味著我們應該隨著時間的推移逐漸尋求在更高層級中略微提高的份額。

I personally believe that the submission growth rates to us are going to normalize relatively soon and that over the next 5 years or 10 years, we'll likely get back to an average of submission growth to us in the high single digits in a typical year. But that's a personal opinion. I can't tell you any direct mathematical evidence that that's happening. At this point in time, it's continuing to grow strongly. But I would expect that to moderate over time.

我個人相信，我們的提交成長率將很快恢復正常，並且在未來 5 年或 10 年內，我們很可能會恢復到典型年份的平均提交成長率高個位數。但這只是個人觀點。我無法告訴你任何直接的數學證據證明這種情況正在發生。目前，它仍在繼續強勁增長。但我希望隨著時間的推移，這種情況會逐漸緩和。

Nick Dempsey, Barclays.

巴克萊銀行的尼克·登普西。

I've got three left, please. So first of all, just sticking with STM, we've seen a few UK universities that have chosen to drop the big deal as they are struggling financially. As to Adam's question, we know a few universities in the US are likely to be seeing some financial hardship if some of these cuts to the funding go through.

我還剩下三個，謝謝。首先，僅就 STM 而言，我們看到一些英國大學由於財務困難而選擇放棄這筆大交易。至於亞當的問題，我們知道，如果削減部分資金，美國的一些大學可能會面臨一些財務困難。

So I'm wondering whether there are financial difficulties at the universities in other countries? And whether you are seeing an uptick in universities looking to drop the big deal? I know if it's a few of them, it won't make a difference, but I'm wondering if it's a trend.

所以我想知道其他國家的大學是否有財務困難？您是否發現越來越多的大學希望放棄這筆大交易？我知道如果只有少數人這樣，那就沒什麼區別，但我想知道這是否是一種趨勢。

The second question. You've talked about Exhibitions being able to achieve better organic revenue growth than in the past on a permanent basis. And it sounds like you'll remain confident on that. Do you think that Exhibitions can also deliver more margin improvement than in the past on the back of that higher growth as a permanent effect?

第二個問題。您曾經談到，展覽能夠比過去長期實現更好的有機收入成長。聽起來你對此仍然充滿信心。您是否認為，展覽會能夠在這種長期成長的推動下，比過去帶來更多的利潤改善？

Third question, just on Protégé. Can you talk about how the take-up of this product should logically flow into numbers and you encourage lots of customers to start taking this up even if their subscription is not up for renewal, but jump in mid subscription? And will you get firms taking it up for the whole firm? Or are you seeing kind of early adopter department, therefore, it flows in a bit more gradual?

第三個問題，關於 Protégé。您能否談談這款產品的採用應如何從邏輯上轉化為數字，並鼓勵大量客戶開始採用這款產品，即使他們的訂閱尚未到期，而是在訂閱中途跳轉？你會讓公司為整個公司承擔這項責任嗎？或者您看到的是早期採用者部門，因此它的流程會更加漸進？

Yeah. On your first question, the STM side, every year, there are some customers somewhere in the world that are going through financial difficulties. And as I said before, we've been in this business for over 200 years. We always try to work directly with any one institution to figure out what's the best way for us to serve them and help them reach their objectives.

是的。關於您的第一個問題，STM 方面，每年，世界上某些地方的一些客戶都會遇到財務困難。我之前說過，我們從事這個行業已經 200 多年了。我們始終嘗試直接與任何一個機構合作，以找出為他們服務並幫助他們實現目標的最佳方法。

We have not seen a specific trend break or any change in the overall numbers, given that we serve, order of magnitude, 15,000 institutions around the world. There are always some every year that are going through difficulties. We will work with those, but we have not seen a trend change, and we have not seen any volume of people going in one direction or the other.

考慮到我們為全球 15,000 家機構提供服務，我們並未看到特定的趨勢突破或整體數字的任何變化。每年總有一些人經歷困難。我們會努力解決這些問題，但我們還沒有看到趨勢發生變化，也沒有看到任何人朝某個方向發展。

The long-term trends are very clear that our customers tend to be taking larger and larger shares of what we serve them, and they also tend to have more and complex combinations of services in their agreements with us, whether that involves portions of pay-to-read and pay-to-publish and other types of things that we can offer them. So the bottom line on it is there's no trend break. We're continuing to see strong growth.

長期趨勢非常明顯，我們的客戶傾向於接受我們為他們提供的越來越大的份額，他們與我們簽訂的協議中也傾向於包含更多更複雜的服務組合，無論這涉及付費閱讀、付費出版的部分還是我們可以為他們提供的其他類型的服務。因此，底線是趨勢沒有被打破。我們繼續看到強勁成長。

Number two, on Exhibitions. Yes, everything we have seen so far indicates that the exhibition business, the way we now operate it and the way we're now building organic growth initiatives into it, that this should be a higher value add and higher organic growth business going forward than it was pre-COVID. And as you said, yes, it is also definitely a much higher margin business than it was before COVID. We're already at significantly higher margins than we were before.

第二，關於展覽。是的，到目前為止我們所看到的一切都表明，展覽業務、我們現在的運作方式以及我們現在在其中構建有機增長計劃的方式，應該比新冠疫情之前具有更高的附加價值和更高的有機增長。正如您所說，是的，這肯定是一項比 COVID 之前利潤高得多的業務。我們的利潤率已經比以前高得多了。

And because the way we have now structured the business, the way we run the business, there should be a larger gap between the organic revenue growth, the underlying revenue growth and the underlying cost growth, there should be a wider gap between that than we had before, and therefore, that on a two-year basis because we have cycling, the margin should continue to increase every year, but over time, also increase at a faster pace than it did before COVID.

而且由於我們現在的業務結構和經營方式，有機收入成長、基礎收入成長和基礎成本成長之間的差距應該比以前更大，因此，以兩年為基礎，因為我們有循環，利潤率應該每年繼續增加，但隨著時間的推移，其成長速度也會比 COVID 之前更快。

On the last point on Protégé. This was launched commercially now a couple of weeks ago. And we're literally in the early days of this. We have had several customers sign up already and opt in, but it's very early in that process. We get very positive feedback. We get very positive user feedback.

關於 Protégé 的最後一點。該產品幾週前已開始商業化推出。而我們確實處於這一領域的早期階段。我們已有數名客戶註冊並選擇加入，但這個過程仍處於早期階段。我們得到了非常正面的回饋。我們收到非常正面的用戶回饋。

A lot of customers are very interested, but it's too early to tell how the actual adoption curve will develop. I mean, as I've said before, the Lexis plus and Lexis plus AI curve have gone very well, and we updated you on that at our seminar in October, but it's really still too early to talk about Protégé other than it's been a very positive launch.

很多客戶都非常感興趣，但現在判斷實際採用曲線將如何發展還為時過早。我的意思是，正如我之前所說的，Lexis plus 和 Lexis plus AI 曲線運行得非常好，我們在 10 月份的研討會上向您介紹了這一情況，但現在談論 Protégé 還為時過早，只是它是一個非常積極的發布。

Sami Kassab, BNP Paribas.

法國巴黎銀行的薩米·卡薩布。

Three questions as well, please. The first one is on Legal. How much of the acceleration in Legal from 6% to 7% was driven by GenAI products versus older legal analytics products that are still ramping up and driving growth? In other words, is the GenAI-driven acceleration still ahead of us?

請問還有三個問題。第一個是關於法律的。與仍在加速推動成長的舊法律分析產品相比，法律領域從 6% 到 7% 的成長有多少是由 GenAI 產品推動的？換句話說，GenAI 驅動的加速還在我們前面嗎？

Secondly, on STM, in November '22 at the STM Investor Day, the message was growth will accelerate. It has not accelerated in '23. It has not accelerated in '24. Share price has gone up. PE has gone up. Given the mix shift, given [India], given the article volume growth you're talking about, do you think STM organic revenue growth can accelerate to 5% in '25?

其次，在 STM，22 年 11 月的 STM 投資者日上，傳達的訊息是成長將加速。'23 年它還沒有加速。'24 年它還沒有加速。股價已上漲。PE已經上升了。考慮到組合變化、考慮到（印度）、考慮到您所談論的文章數量增長，您認為 STM 有機收入增長能在 25 年加速到 5% 嗎？

And lastly, on Exhibitions. You sold out of Austria last December. Have you identified other markets or other verticals you would consider exiting from?

最後，關於展覽。去年 12 月，你們的奧地利市場銷售一空。您是否已經確定了其他考慮退出的市場或其他垂直行業？

I'll ask Nick to cover question -- the first question on the Legal growth rate impact as well as the Exhibitions side. But maybe I'll first focus on STM. Yes, it's very clear to us and probably clear to you that the growth objective for STM is to continue to improve the underlying growth rate, and we believe that our strategy of changing the business mix shift will drive that.

我將請尼克回答問題——第一個問題是關於法律成長率的影響以及展覽方面。但也許我會先關注 STM。是的，我們非常清楚，您也很可能清楚，STM 的成長目標是繼續提高潛在成長率，我們相信改變業務組合轉變的策略將推動這一目標。

Number one, because the faster growth, higher value-add segments become a larger proportion of the division; and number two, because when we add the higher value-add tools and analytics on top of the existing databases on tools, customers tend to see more value, therefore, want more and spend more. So that the absolute growth rate in that segment should over time continue to improve.

第一，因為成長越快，附加價值越高的部分在該部門中所佔的比例就越大；第二，當我們在現有工具資料庫上添加更高附加價值的工具和分析時，客戶往往會看到更多價值，因此會想要更多並花更多錢。因此該領域的絕對成長率應該會隨著時間的推移而持續提高。

At the same time, part of this acceleration is to reduce the print drag at the bottom. And as we're driving to get to that endpoint of a much higher growth business over time, we're trying to drive it there faster. That means that in that transition, the print drag is higher during that time period, which is why you have not seen a further acceleration in the divisional growth rate in the last two years.

同時，這種加速的一部分目的是為了減少底部的列印阻力。隨著我們逐漸達到更高成長業務的終點，我們正嘗試以更快的速度實現這一目標。這意味著在那個轉變過程中，那段時期內的印刷阻力更大，這就是為什麼在過去兩年裡你沒有看到部門成長率進一步加速的原因。

Whether that is going to come through in 2025 or later, that depends quite a bit on the trajectory of the relatively transactional and unpredictable lumpy print tail that's left and we're trying to get out of it faster, which might mean that it continues to drag a bit. But over time, we're confident that this is a business that is moving towards a higher underlying long-term growth trajectory, just like the other divisions.

這一目標是否會在 2025 年或更晚實現，很大程度上取決於剩餘的相對交易性且不可預測的凹凸不平的印刷尾部的軌跡，我們正試圖更快地擺脫它，這可能意味著它會繼續拖延一段時間。但隨著時間的推移，我們相信，就像其他部門一樣，這個業務正在走向更高的長期成長軌跡。

Sami, your question on the Legal growth. Obviously, every year, the growth in our businesses and the growth in Legal is driven by new product introduction, increased adoption of those products by our customers. In Legal's case, greater adoption of legal analytics. So clearly, in 2024, Lexis plus AI was an important component of that new product introduction that you see coming through.

薩米，您的問題是關於法律增長的。顯然，每年我們業務的成長和法律業務的成長都是由新產品的推出以及客戶對這些產品的採用增加所推動的。在法律領域，法律分析的採用更加廣泛。因此很明顯，在 2024 年，Lexis plus AI 將成為您看到的新產品推出的重要組成部分。

Lexis plus was still being rolled out. Increased adoption was still coming through, but Lexis plus AI was an important component. Obviously, we're continuing to innovate. And we've talked about on this call. Protégé is the next-generation product. So you'll keep seeing that going forward.

Lexis plus 仍在推出中。採用率仍在不斷提高，但 Lexis 加上 AI 是一個重要組成部分。顯然，我們正在繼續創新。我們在這次通話中已經討論過這個問題。Protégé 是下一代產品。因此今後您將會繼續看到這現象。

And your question on Exhibitions. Yeah, we have sold out of our Austrian business. It was a slightly different business, we've had some sand building in it, had some venue management in it, so it's slightly different. I'm sure there are other small things that will continue to -- things don't offer the same growth opportunity and the fit in the portfolio going forward.

還有您關於展覽的問題。是的，我們已經賣掉奧地利業務了。這是一項略有不同的業務，我們在其中進行了一些沙建，並進行了一些場地管理，因此略有不同。我確信還有其他小事會繼續發生——未來的事情不會提供同樣的成長機會和適合的投資組合。

But that was -- together with the other things we sold last year, they did aggregate the disposal out of acquisitions are about 5% of the revenue base, of which generally sort of 1% really has affected 2024. So you'll see more of that come through in '25, but I'm sure there'll be other things in the future, but maybe not quite as big as that all in one year, which is perhaps a bit unusual.

但那是——加上我們去年出售的其他東西，他們確實從收購中處置了約 5% 的收入基礎，其中一般有 1% 確實影響了 2024 年。因此，您會在 25 年看到更多這樣的事情發生，但我確信未來還會有其他事情發生，但可能不會在一年內發生這麼大的事情，這可能有點不尋常。

Henry Hayden, Redburn Atlantic.

亨利‧海登 (Henry Hayden)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Three questions, if I may. Just first on risk. It was nice to see kind of an uptick in margin expansion for 2024. I was curious as to how we should think about the balance between margin expansion in that division and organic growth going forward? And where should we expect the contribution from new products to go from the current levels?

我可以問三個問題。首先談風險。很高興看到 2024 年利潤率上升。我很好奇，我們應該如何考慮該部門的利潤率擴大和未來有機成長之間的平衡？那麼，我們預期新產品的貢獻將從目前的水準上升到什麼程度呢？

The second one is on costs. So other data and analytics companies that we cover have been talking about rising cloud costs impacting their margin outlook. And I was just wondering what this means for RELX, how much of cloud costs as a percentage of your total operating expense and will this be a headwind to margins as you continue this mix shift towards analytics tools?

第二個是成本問題。我們所報導的其他數據和分析公司一直在談論雲端運算成本上升對其利潤前景的影響。我只是想知道這對 RELX 意味著什麼，雲端運算成本佔你們總營運費用的百分比是多少，隨著你們繼續向分析工具轉變，這是否會對利潤率造成阻力？

And then finally, just on STM. I was wondering if we could get an update on kind of the state of adoption for analytics tools in that division, both with and without AI overlays, how you see the growth profile of those products going forward? And should we, alongside that expect more investment in that division?

最後，就在 STM 上。我想知道我們是否可以了解該部門分析工具的採用情況，無論是否帶有人工智慧覆蓋，您如何看待這些產品未來的成長？除此之外，我們是否還應該期待對該部門進行更多投資？

Well, I'll take the first and the third now and I'll let Nick to cover the second question. So in Risk, the contribution from new product first, as you've probably seen on the 24 slides, we have those at the back in the appendix, I think, on the presentation, what many people refer to as the green-orange slide.

好吧，現在我來回答第一和第三個問題，然後讓尼克回答第二個問題。因此在風險方面，首先是新產品的貢獻，正如您可能在 24 張幻燈片中看到的那樣，我們在附錄後面有這些內容，我認為，在簡報中，許多人稱之為綠橙色幻燈片。

Well, you can see that the contribution from new product launches and the rollout of recently introduced products continued to be the main driver of growth in Risk and it continues to stay at the strong levels it has been now for many years. And in addition, of course, the markets are growing, and we are seeing increased adoption and growth rate in our mature products as well, which is the other segment on that.

嗯，您可以看到，新產品的發布和新推出產品的推出所帶來的貢獻仍然是風險成長的主要驅動力，並且多年來一直保持在強勁水平。此外，當然，市場正在成長，我們也看到成熟產品的採用率和成長率正在增加，這是另一個部分。

But I expect that to continue. We're very focused here on maintaining a very strong pipeline of new developments of higher value-add tools that are then being introduced and rolled out, and we're seeing strong new sales of those tools across Risk. So I think that's an organic innovation machine that's continuing to run very well.

但我預計這種情況將會持續下去。我們非常注重維護一個非常強大的新開發高附加價值工具管道，這些工具隨後將被引入和推廣，我們看到這些工具在風險領域新銷售表現強勁。所以我認為這是一個持續良好運作的有機創新機器。

On the second question on that or the first part of your risk question, how do we look at the margin versus growth? We don't see it as a trade-off. Our number one priority in Risk is the organic development of the new high value-add tools and the people working on building and launching and rolling out those tools are 100% focused on that. And they do as much of that as they can handle and as our customers can introduce and adopt and rollout.

關於第二個問題或風險問題的第一部分，我們如何看待利潤率與成長率？我們不認為這是一種權衡。我們在風險方面的首要任務是有機開發新的高附加價值工具，並且致力於建立、啟動和推廣這些工具的人員 100％ 專注於此。他們會盡其所能，盡我們客戶所能，引入、採用和推出這些產品。

Separately, we run our cost base. And the people running our cost base do as much as they can to manage process innovation and leveraging new technologies to do everything they can to manage their cost growth below revenue growth. So everything we do all the time in the Risk division should be better, faster and cheaper every single year all the time forever. And that's really a separate initiative, but equally important to our business.

另外，我們還要計算我們的成本基礎。負責我們成本基礎的人員竭盡所能管理流程創新並利用新技術，盡一切努力將成本成長控制在收入成長以下。因此，我們風險部門所做的每一件事都應該每年都變得更好、更快、更便宜，而且永遠都是。這其實是一個獨立的舉措，但對我們的業務也同樣重要。

So we don't see there's a real trade-off of margin versus growth, but we have guided again to the fact that our cost growth, we are going to continue to manage our cost growth in Risk to be slightly below our revenue growth. So all else being equal, on the portfolio side, you're likely to continue to see a slight increase eking up on a like-for-like margin each year over time.

因此，我們認為利潤率和成長率之間不存在真正的權衡，但我們再次指出，我們的成本成長，我們將繼續控制風險成本成長，使其略低於收入成長。因此，在其他條件相同的情況下，在投資組合方面，隨著時間的推移，您可能會繼續看到每年的同類利潤率略有增加。

And Henry, your question on cloud costs. I mean they're relatively small both to our overall cost base actually. And clearly, we have been increasing our spend with the cloud providers over the last two years, but that has been as we shifted out of our own data centers. So net-net, that's clearly been a significant cost saving and an efficiency.

亨利，您的問題是關於雲端成本的。我的意思是，實際上，它們相對於我們的整體成本基礎來說相對較小。顯然，過去兩年來，我們一直在增加在雲端提供者上的支出，但這是在我們轉移出自己的資料中心之後發生的。因此，總體而言，這顯然節省了大量成本並提高了效率。

And now as we go forward, we're continually finding ways of making our use of cloud more efficient, our use of the large language models more efficient. And we're clearly putting more volume through as we introduce new products and so on, but we're finding efficiency savings as we do that. And clearly also, we're using the things that we're developing in the cloud, not just in our products, but also internally.

隨著我們不斷前進，我們正在不斷尋找方法讓我們更有效地使用雲，讓我們更有效地使用大型語言模型。當我們推出新產品等時，我們顯然會增加產量，但我們發現這樣做可以節省效率。顯然，我們不僅在產品中使用我們在雲端中開發的東西，而且在內部也使用。

We're using AI, generative AI and AI more broadly internally to help make ourselves more efficient, so those cost initiatives that Erik referred to. So notwithstanding the fact that spend in cloud has increased but I think overall, we continue to be confident that we can keep managing cost growth below revenue growth as we continue to invest in the new product introduction soon.

我們在內部更廣泛地使用人工智慧、產生人工智慧和人工智慧來幫助提高我們的效率，因此這就是 Erik 提到的那些成本舉措。因此，儘管雲端運算支出有所增加，但我認為總體而言，我們仍然有信心將成本成長控制在收入成長以下，因為我們將繼續投資於新產品的推出。

So on the third question, STM analytics decision tools, we have this segment in there that we refer to as databases and tools, which is, as we've said, becoming a larger and larger portion of it because our customers see the value, we get increased adoption across the global customer base, and they tend to inherently grow faster.

因此，關於第三個問題，STM 分析決策工具，我們在其中有一個部分，我們稱之為資料庫和工具，正如我們所說，它佔據的比重越來越大，因為我們的客戶看到了它的價值，我們在全球客戶群中的採用率不斷提高，而且它們往往會固有地增長得更快。

That is before we have done any significant step-up on what we consider the newer generative AI-based tools, many of the analytics and decision tools that we have been selling for several years have components of what we call extractive AI machine learning contributions to the algorithms and that's been well received and growing well and continuing to grow well from our customers.

那是在我們對我們認為較新的基於生成 AI 的工具進行任何重大改進之前，我們多年來一直在銷售的許多分析和決策工具都包含我們所謂的提取 AI 機器學習對演算法的貢獻，並且受到了客戶的好評並且發展良好且將繼續保持良好的增長。

During 2024, we also saw the commercial launch of three different generative AI-based tools during the year, but they've only been out a few months, and there is not a lot of history of using these kind of tools in those subsegments.

2024 年，我們也看到三種不同的基於生成式 AI 工具的商業發布，但它們只推出了幾個月，並且在這些細分市場中使用此類工具的歷史並不多。

And therefore, as it's relatively early days, our customer base in STM are historically customers that take slightly longer to work themselves through the sales cycle and also have different regulatory and other scientific and compliance constrains on how they need to verify and test new tools before they install them and roll them out.

因此，由於現在還處於相對早期階段，我們在 STM 的客戶群歷史上需要更長的時間來完成銷售週期，並且在安裝和推出新工具之前，他們在如何驗證和測試新工具方面受到不同的監管和其他科學和合規限制。

So we're seeing slightly longer sales cycles there than we've seen on the generative AI tools in Legal. But we have launched three what I consider main GenAI-based commercial introductions during 2024. There will be more to come in 2025.

因此，我們看到那裡的銷售週期比法律領域的生成式 AI 工具的銷售週期要長一些。但我們在 2024 年推出了三項我認為是主要基於 GenAI 的商業產品。2025 年還會有更多。

Steve Liechti, Deutsche Numis.

史蒂夫·利奇蒂（Steve Liechti），德國努米斯。

Just a few questions. Just on STM. Would you mind giving us the hard revenue breakdown numbers that you've given previously at these results figures? You mentioned a couple of times, for instance, database and tools. What kind of percentage is that now in fiscal '24?

僅有幾個問題。就在 STM 上。您介意為我們提供您之前在這些結果數據中給出的確切收入明細數字嗎？您提到過幾次，例如資料庫和工具。在 24 財年，這個比例是多少？

And secondly, I just wanted to just clarify your low single-digit figure that you said for US government. Can you just clarify exactly what that figure is in terms of direct spend? And then give us any kind of clues in terms of US spend of total global research budgets? And if you have a government figure within that, and Google tells me the overall US is about 30%. Just some clarification there.

其次，我只想澄清一下你所說的美國政府的低個位數數字。您能否具體解釋一下直接支出的具體數字是多少？然後您能就美國在全球研究預算中所佔的支出情況給我們一些線索嗎？如果你有政府的數據，Google會告訴我美國的整體比例約為 30%。只需做一點澄清。

And then finally, on Events, the second half like-for-like revenue, if my calculation is correct, is about 6%, just double checking that number? And also just trying to work out whether that's a sort of a reasonable number to extrapolate the growth into fiscal '25 and '26 on a normalized basis?

最後，關於活動，如果我的計算正確的話，下半年的同類收入約為 6%，只是再檢查一下這個數字？並且只是想弄清楚這是否是一個合理的數字，可以在正常基礎上推斷出 25 和 26 財年的成長？

Let me look at those. Maybe I'll do them in reverse order here. I'll start with the RX. As you know, there's seasonality as well as rounding and timing, different industries at different time of the year, different exhibitions, different time of the year. So I'm not sure you can do the math exactly that way.

讓我看看那些。也許我會在這裡按相反的順序進行。我將從 RX 開始。如你所知，有季節性、四捨五入和時間性，一年中不同時間有不同的行業，不同的展覽，一年中不同的時間。所以我不確定你是否能用這種方法準確地完成計算。

But I think you should look at it this way that before COVID, Exhibitions had an underlying like-for-like growth rate of 5% to 6%, and our objective is to make sure that we operate that with slightly higher underlying revenue growth on an annual basis going forward. So that will give you an indication of where we think we are on our annualized run rate at this moment.

但我認為你應該這樣看待它：在 COVID 之前，展覽會的潛在同比增長率為 5% 至 6%，我們的目標是確保未來每年的潛在收入增長率略高。因此這將給你一個指示，即我們認為我們目前的年化運行率處於什麼水平。

The second question -- let's look at -- well, let's look at the first one first, the easy one. The hard breakdown of the numbers. Broadly speaking, in STM, the numbers that we've given to you before, we had them during 2024, can only move a fraction of a percent each year.

第二個問題 — — 讓我們看看 — — 好吧，我們先看第一個問題，簡單的問題。數字的嚴格分類。廣義上講，在 STM 中，我們之前提供給您的數字，是在 2024 年獲得的，每年只能移動百分之幾。

So basically, you have database tools and electronic reference, by the time you add them up together, it's around 40% of the division, other mid-single-digit percentage sort of corporate primary research, about 45% of the division is primary research, academic and government. And now we're down to about 9% sort of print and other face-to-face related. So it's pretty much those numbers within 0.5 point or 1 point or so.

因此，基本上，您擁有資料庫工具和電子參考資料，將它們加在一起，大約佔該部門的 40%，其他中等個位數百分比是企業主要研究，大約 45% 的部門是主要研究、學術和政府。現在，印刷類和其他面對面類的溝通已下降至約 9%。因此這些數字基本上都在 0.5 點或 1 點左右範圍內。

When it comes to US spend, Well, the numbers I gave were sort of direct spend and direct spend with us, which also tends to mirror a little bit their portion of the articles that we publish and so on. It's in that range that we mentioned. There are so many other ways to measure research spend in the world and its impact that I don't want to get into the definition of global research spend.

說到美國的支出，嗯，我給出的數字是直接支出和直接在我們這裡的支出，這也在一定程度上反映了他們在我們發表的文章中所佔的份額等等。它就在我們提到的範圍內。還有許多其他方法可以衡量全球研究支出及其影響，因此我不想深入討論全球研究支出的定義。

We tend to be a very international company. We operate historically across countries, we operate on multi-country funding, we operate with -- an average article published through us has five to six authors often across borders.

我們傾向於成為一家非常國際化的公司。我們歷來都是跨國運營，依靠多國資金開展運營，透過我們發表的一篇文章平均有五到六位作者，而且通常跨越國界。

And we tend to have slightly higher market share in newer, faster-growing economies than we have in older, established economies in Europe and the US. So I don't want to try to get into the global research spend allocation between countries.

而且，我們在較新、成長較快的經濟體中的市場份額往往比在歐洲和美國等較老、成熟的經濟體中的市場份額略高。所以我不想嘗試介入各國之間的全球研究支出分配。

This concludes our question-and-answer session. I would like to turn the conference back over to Erik Engstrom for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Erik Engstrom 做最後發言。

Thank you very much for joining us on the call this morning. I very much look forward to talking to you again soon.

非常感謝您今天上午參加我們的電話會議。我非常期待很快能再次與您交談。