Smithfield Foods Inc (SFD) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Smithfield Foods second quarter 2025 results conference call. (Operator Instructions) Please also note, today's event is being recorded.

大家好，歡迎參加史密斯菲爾德食品 2025 年第二季業績電話會議。（操作員指示）另請注意，今天的活動正在被記錄。

At this time, I'd like to turn the floor over to Julie MacMedan, Vice President of Investor Relations. Ma'am, please go ahead.

現在，我想把發言權交給投資人關係副總裁朱莉‧麥克梅丹 (Julie MacMedan)。女士，請繼續。

Thank you, operator, and good morning, everyone. Welcome to Smithfield's Second Quarter 2025 Earnings Call. Earlier this morning, we announced our results. A copy of the release, as well as today's presentation, are available on our IR website, investors.smithfieldfoods.com.

謝謝接線員，大家早安。歡迎參加史密斯菲爾德 2025 年第二季財報電話會議。今天早上，我們公佈了我們的結果。新聞稿副本以及今天的簡報可在我們的 IR 網站 investors.smithfieldfoods.com 上找到。

Today's presentation contains projections and other forward-looking statements that are being provided pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all comments reflecting our expectations, assumptions, or beliefs about future events, or performance that do not relate solely to historical periods. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.

今天的簡報包含根據 1995 年《私人證券訴訟改革法案》的安全港條款提供的預測和其他前瞻性聲明。前瞻性陳述包括所有反映我們對未來事件或表現的預期、假設或信念的評論，這些評論並非僅與歷史時期有關。這些聲明受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。

These risks and uncertainties include, but are not limited to, the factors identified in the release, in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and our other filings with the Securities and Exchange Commission. The company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or other factors. Please refer to our legal disclaimer on Slide 2 of the presentation for more information.

這些風險和不確定性包括但不限於本新聞稿、我們的 10-K 表年度報告、10-Q 表季度報告以及我們向美國證券交易委員會提交的其他文件中確定的因素。無論是由於新資訊、未來事件或其他因素，本公司均不承擔更新或公開修改任何前瞻性聲明的義務。請參閱簡報投影片 2 上的法律免責聲明以取得更多資訊。

Today's presentation will also include certain non-GAAP measures, including, but not limited to, adjusted operating profit and margin, adjusted net income, adjusted earnings per share, and adjusted EBITDA. For a reconciliation of these and other non-GAAP measures to the corresponding GAAP measures, please refer to our earnings press release and our slide presentation on our website.

今天的報告還將包括某些非公認會計準則指標，包括但不限於調整後的營業利潤和利潤率、調整後的淨收入、調整後的每股盈餘和調整後的 EBITDA。有關這些和其他非 GAAP 指標與相應的 GAAP 指標的對賬，請參閱我們的收益新聞稿和我們網站上的幻燈片簡報。

With me this morning are Shane Smith, President and CEO; Mark Hall, CFO; Steve France, President of Packaged Meats; and Donovan Owens, President of Fresh Pork.

今天早上與我一起出席的有總裁兼執行長 Shane Smith、財務長 Mark Hall、Packaged Meats 總裁 Steve France 和 Fresh Pork 總裁 Donovan Owens。

I will now turn the discussion over to Shane. Shane?

現在我將討論交給 Shane。肖恩？

Thank you, Julie. Good morning, everyone. I am pleased to report that we delivered record second quarter adjusted operating profit of $298 million, that's up 20% from adjusted operating profit of $248 million in the second quarter of 2024. In addition, our adjusted operating profit margin of 7.9% improved from 7.3% in the second quarter of 2024.

謝謝你，朱莉。大家早安。我很高興地報告，我們第二季的調整後營業利潤創下了 2.98 億美元的紀錄，比 2024 年第二季的 2.48 億美元調整後營業利潤增加了 20%。此外，我們的調整後營業利潤率為 7.9%，高於 2024 年第二季的 7.3%。

Our record second quarter results demonstrate the resilience of our business model as we successfully navigated a dynamic consumer spending and geopolitical environment. We grew sales and volume in our Packaged Meats segment, demonstrating the power of our iconic brand portfolio, which continue to deliver quality and value across all price points.

我們創紀錄的第二季業績證明了我們商業模式的韌性，我們成功應對了動態的消費者支出和地緣政治環境。我們的包裝肉類部門的銷售和銷售都有所增長，這證明了我們標誌性品牌組合的實力，該品牌組合繼續在所有價位上提供優質和價值。

Our Fresh Pork segment also increased sales and volume as it adeptly managed short-term disruptions in certain export markets, and our Hog Production segment continued to increase profitability, with a solid first half performance, combined with a more favorable full year outlook for Hog Production, we have raised our full year outlook.

我們的新鮮豬肉部門也增加了銷售額和銷量，因為它巧妙地應對了某些出口市場的短期中斷，我們的生豬生產部門繼續提高盈利能力，上半年業績穩健，加上生豬生產全年前景更為樂觀，我們提高了全年預期。

Looking at profit by segment. Our Packaged Meats segment delivered adjusted operating profit of $296 million, with an adjusted operating profit margin of 14.2%, as we successfully navigated higher raw material input costs and a cautious consumer spending environment with our well-diversified portfolio of products and price points. We also continue to achieve operating efficiencies and cost savings.

按部門查看利潤。我們的包裝肉品部門實現了 2.96 億美元的調整後營業利潤，調整後營業利潤率為 14.2%，因為我們憑藉多元化的產品和價格組合成功應對了原材料投入成本上升和謹慎的消費者支出環境。我們也持續實現營運效率和成本節約。

Our Fresh Pork segment reported adjusted operating profit of $30 million with an adjusted operating profit margin of 1.4%. This was up from $17 million and 0.9% in the second quarter of 2024. Our team demonstrated agility in executing our strategy to maximize product values through our multiple channels. We've maximized profitability through our ability to flex production over the course of the quarter. We navigated the China tariff disruption, minimizing the impact by selling into alternative countries and channels, and

我們的新鮮豬肉部門報告調整後的營業利潤為 3000 萬美元，調整後的營業利潤率為 1.4%。這一數字高於 2024 年第二季的 1,700 萬美元和 0.9%。我們的團隊在執行透過多種管道最大化產品價值的策略方面表現出了敏捷性。我們透過在本季靈活調整生產能力實現了獲利能力的最大化。我們應對了中國關稅帶來的衝擊，透過向其他國家和通路銷售產品，將影響力降至最低，並且

subsequently resuming shipments to China. The team also continued executing our operational strategies, resulting in improved cost and efficiency.

隨後恢復向中國的出貨。團隊也繼續執行我們的營運策略，從而降低了成本並提高了效率。

Our Hog Production segment delivered adjusted operating profit of $22 million, versus a loss of $10 million in the second quarter of 2024. The increase was driven by improved market conditions and a more efficient cost structure on our retained farms. We achieved strong year-over-year profit improvement during the quarter, despite recognizing a loss of approximately $15 million related to mark-to-market derivative instruments.

我們的生豬生產部門實現調整後營業利潤 2,200 萬美元，而 2024 年第二季虧損 1,000 萬美元。成長的動力來自於市場條件的改善以及我們保留的農場更有效率的成本結構。儘管與以市價計價的衍生工具相關的損失約為 1500 萬美元，但本季度我們仍實現了強勁的同比利潤增長。

Our Hog Production segment is performing well this year. Given solid execution on our internal efficiency initiatives, combined with more favorable market conditions, we have raised our full year Hog Production segment operating profit outlook by $50 million.

我們的豬隻生產部門今年表現良好。鑑於我們內部效率措施的有力執行，加上更有利的市場條件，我們將全年生豬生產部門的營業利潤預期提高了 5,000 萬美元。

In summary, we delivered record second quarter adjusted operating profit through disciplined execution on our strategies and our relentless focus on continuous operating improvement. Our performance underscores the strength of our experienced executive team as we navigated a dynamic consumer spending and tariff environment. Our balance sheet and financial position are solid. We have ample financial flexibility to support our growth strategies and deliver value for our shareholders over the long term.

總而言之，我們透過嚴格執行策略和堅持不懈地專注於持續營運改進，實現了創紀錄的第二季調整後營業利潤。我們的績效凸顯了我們經驗豐富的管理團隊在應對動態的消費者支出和關稅環境時的實力。我們的資產負債表和財務狀況穩健。我們擁有充足的財務靈活性來支持我們的成長策略並為我們的股東創造長期價值。

Now turning to our outlook for fiscal 2025. I'm pleased to report we've raised our outlook for adjusted operating profit, driven primarily by our increased outlook for our Hog Production segment. Mark will share more details in a few minutes. Now I'll turn to our key growth strategies.

現在來談談我們對 2025 財年的展望。我很高興地報告，我們提高了調整後營業利潤的預期，這主要得益於我們對生豬生產部門的預期提高。馬克將在幾分鐘內分享更多細節。現在我將談談我們的關鍵成長策略。

Our five strategic growth priorities are as follows: Increased profits in our Packaged Meats segment through enhanced product mix, volume growth and innovation; grow profits in our Fresh Pork segment by maximizing product value across channels; achieve a best- in-class cost structure in our Hog Production segment; optimize operations and deliver operating efficiencies in manufacturing, supply chain, distribution, procurement and SG&A; and finally, evaluate synergistic M&A opportunities across North America.

我們的五大策略成長重點如下：透過增強產品組合、增加銷售和創新來增加包裝肉類部門的利潤；透過跨通路最大化產品價值來增加新鮮豬肉部門的利潤；在生豬生產部門實現最佳的成本結構；優化營運並提高製造、供應鏈、分銷、採購和銷售、一般及行政費用 (SG&A) 的營運效率；最後，評估整個北美的協同併購機會。

First, in Packaged Meats, which is our largest and most profitable segment, representing 55% of our consolidated sales, with 98% of our packaged meat SKUs sold here in the US. While consumer budgets remain tight, our Packaged Meats segment is benefiting from several tailwinds. We are capitalizing on increased demand for protein.

首先是包裝肉類，這是我們規模最大、利潤最高的業務部門，占我們合併銷售額的 55%，其中 98% 的包裝肉類 SKU 在美國銷售。儘管消費者預算仍然緊張，但我們的包裝肉品部門卻受益於多種順風因素。我們正在利用日益增長的蛋白質需求。

In addition, our products span the perimeter of the grocery store where consumers have shifted their spending patterns. Today's consumers are looking for value and convenience. We are meeting these demands with our iconic and diversified brand portfolio that covers a wide range of price points and includes convenient packaging and portion sizes suited to people's busy lifestyles.

此外，我們的產品涵蓋了雜貨店的各個角落，消費者的消費模式已經改變了。當今的消費者追求的是價值和便利。我們透過標誌性的多元化品牌組合來滿足這些需求，該組合涵蓋了廣泛的價格點，包括適合人們忙碌生活方式的便捷包裝和份量大小。

We are focused on meeting consumers' needs profitably. Our three pronged strategy to grow Packaged Meats segment profit encompasses product mix improvement, volume growth and innovation.

我們專注於以獲利的方式滿足消費者的需求。我們提高包裝肉類部門利潤的三管齊下策略包括產品組合改善、產量成長和創新。

First, product mix. We remain focused on increasing the mix of higher-margin product category, such as quarter hams, packaged lunch meat, and dry sausage. We continue to see success converting large holiday hams, to smaller, more convenient and profitable items.

第一，產品結構。我們仍然專注於增加高利潤產品類別的組合，例如四分之一火腿、包裝午餐肉和乾香腸。我們不斷看到將大型節日火腿成功轉化為更小、更方便、更有利可圖的商品。

For example, we are delivering value and convenience with our Smithfield Anytime Favorites quarter hams. We set an affordable price or a fixed weight 1.5 pounds ham, which has been well received by consumers. We've grown unit share in this category to 30% for the first six months of 2025, up from 18% for the first six months of 2024 according to Circana. Even at this affordable price point, our quarter hams are more profitable than our large holiday hams.

例如，我們透過 Smithfield Anytime Favorites 四分之一火腿為顧客提供價值和便利。我們制定了實惠的價格或固定重量1.5磅的火腿，受到了消費者的好評。根據 Circana 的數據，我們已將該類別的單位份額從 2024 年上半年的 18% 提高到 2025 年上半年的 30%。即使在這個實惠的價格點，我們的四分之一火腿也比我們的大型節日火腿更有利可圖。

Another higher-margin use of ham is packaged lunch meat. Based on Circana data for the six months ended June 29, 2025, our Smithfield Prime Fresh packaged lunch meat posted the largest dollar share gain for the packaged lunch meat category up 1.1% points. This is particularly impressive in today's cautious consumer spending environment given that Prime Fresh is at the premium price point.

火腿的另一個利潤更高的用途是包裝午餐肉。根據截至 2025 年 6 月 29 日的六個月的 Circana 數據，我們的 Smithfield Prime Fresh 包裝午餐肉在包裝午餐肉類別中美元份額增幅最大，上漲了 1.1%。鑑於 Prime Fresh 處於高價位，在當今謹慎的消費者支出環境下，這一成績尤其令人印象深刻。

We are also capitalizing on the popularity of pepperoni and salami to grow our higher-margin dry sausage mix. According to Circana, for the six months ended June 29, 2025, Smithfield Foods is the number 2 branded dry salami and pepperoni vendor, and we are growing volume share.

我們也利用義大利辣香腸和薩拉米香腸的受歡迎程度來增加利潤率更高的乾香腸混合物。根據 Circana 的數據，截至 2025 年 6 月 29 日的六個月內，史密斯菲爾德食品是第二大品牌乾薩拉米香腸和義大利辣香腸供應商，而且我們的銷售份額正在增長。

Second, volume. We continue to expect Packaged Meats volume to be up about 1% year-over-year, led by packaged lunch meat and other categories as we deliver quality protein at a good value to consumers. We are currently the number 2 branded provider of packaged meats by volume in the key categories in which we operate. Ten of these categories have a market size of more than $1 billion, and we strive to grow volume and market share in each of these categories.

第二，數量。我們繼續預期包裝肉類銷售量將年增約 1%，其中包裝午餐肉和其他類別將占主導地位，因為我們以優惠的價格向消費者提供優質蛋白質。目前，在我們經營的主要類別中，我們是按銷售計算的第二大包裝肉品品牌供應商。其中十個類別的市場規模超過 10 億美元，我們致力於增加每個類別的銷售和市場份額。

In today's economy, our ability to deliver value, with a portfolio of quality branded products spanning multiple categories and price points, is an important competitive advantage for Smithfield. We are able to attract and retain consumers even in a challenging spending environment. Packaged lunch meat is a great example with our portfolio ranging from our Gwaltney brand at an entry price point, all the way up to our premium brand, Smithfield Prime Fresh.

在當今經濟情勢下，我們能夠透過涵蓋多個類別和價位的優質品牌產品組合創造價值，這是史密斯菲爾德的重要競爭優勢。即使在充滿挑戰的消費環境中，我們也能夠吸引和留住消費者。包裝午餐肉就是一個很好的例子，我們的產品組合涵蓋了從入門價格的 Gwaltney 品牌到高端品牌 Smithfield Prime Fresh 等各種產品。

Value seekers are also turning to private label, which is a key competitive advantage for Smithfield. Retailers and foodservice operators are elevating their private label offerings, and they look to us as a trusted partner who consistently and reliably deliver high- quality products at scale. Our ability to deliver private label at scale strengthens our customer relationships. We pride ourselves on delivering outstanding service to our retail and foodservice customers. By taking a strategic multiyear planning approach, we help drive increased sales for us and our customers.

價值追求者也開始轉向自有品牌，這是史密斯菲爾德的關鍵競爭優勢。零售商和餐飲服務業者正在提升他們的自有品牌產品，他們將我們視為值得信賴的合作夥伴，能夠持續可靠地大規模提供高品質的產品。我們大規模提供自有品牌的能力加強了我們與客戶的關係。我們為向零售和餐飲服務客戶提供卓越的服務而感到自豪。透過採取策略性的多年規劃方法，我們幫助推動我們和客戶的銷售成長。

Next, product innovation. We have a deep innovation pipeline. New concepts are continuously developed based on consumer research and in conjunction with our retail and foodservice customers. These new products target consumers through line extensions of our trusted brands, new flavors and more convenient packaging and sizing options.

其次，產品創新。我們擁有深厚的創新管道。我們根據消費者研究並與零售和餐飲服務客戶合作，不斷開發新概念。這些新產品透過我們值得信賴的品牌的產品線擴展、新口味以及更方便的包裝和尺寸選擇來吸引消費者。

A good example of an innovative product that aligns with evolving consumer preferences for convenient meal solutions is our pre-cooked half rack of ribs offered at an attractive price point and size. According to Circana, this product grew share volume by 1.4% points for the six months ended June 29, 2025.

我們預先烹調的半排排骨就是一個很好的例子，它符合消費者對便利飲食解決方案不斷變化的偏好，價格和尺寸都很有吸引力。據 Circana 稱，截至 2025 年 6 月 29 日的六個月內，該產品的市場份額增長了 1.4%。

Our foodservice business posted strong sales growth in the second quarter and in the first half, and innovation is at the forefront of helping our foodservice partners keep their menus fresh. During the first half of 2025 we executed over 30 limited-time offers within our strategic national chain partners in the US.

我們的餐飲服務業務在第二季和上半年實現了強勁的銷售成長，創新處於幫助我們的餐飲服務合作夥伴保持菜單新鮮的最前沿。2025 年上半年，我們在美國全國戰略連鎖合作夥伴中推出了 30 多項限時優惠活動。

In January, we launched Smithfield Select into the foodservice ready-to-eat baking category. This premium thick-cut product deliver superior flavor to our restaurant partners while helping them save labor, cost and time in their kitchens, and we are seeing that reflected in strong volume growth. We have some exciting new product innovations scheduled for later this year, and I look forward to sharing with you on future calls.

今年一月，我們將 Smithfield Select 引入餐飲即食烘焙產品類別。這種優質厚切產品為我們的餐廳合作夥伴提供了卓越的風味，同時幫助他們節省廚房的勞動力、成本和時間，我們看到這體現在強勁的銷售成長上。我們計劃在今年稍後推出一些令人興奮的新產品創新，我期待在未來的電話會議上與大家分享。

Now let's talk about our second core growth strategy, increasing our Fresh Pork segment profitability. We are focused on growing Fresh Pork operating profit in 2025 by maximizing the net realizable value of each hog and driving best-in-class operating efficiency. I'm very proud of our Fresh Pork team who delivered higher second quarter sales and adjusted operating profit in the face of tighter gross market spreads and a dynamic tariff environment. This is a testament to our relentless focus on optimizing product values, achieving operating efficiencies and containing costs.

現在讓我們來談談我們的第二個核心成長策略，即提高新鮮豬肉部門的獲利能力。我們致力於透過最大化每頭生豬的淨可實現價值和實現一流的營運效率來提高 2025 年的鮮豬肉營業利潤。我對我們的新鮮豬肉團隊感到非常自豪，在總市場價差收緊和關稅環境不斷變化的情況下，他們實現了第二季度更高的銷售額和調整後的營業利潤。這證明了我們堅持不懈地致力於優化產品價值、實現營運效率和控製成本。

We continue to closely monitor the tariff and geopolitical environment, which remains fluid. While we are not immune to the impact of tariffs, we have built flexibility into our system and established multiple outlets for our Fresh Pork products as demonstrated in the second quarter.

我們將繼續密切關注不斷變化的關稅和地緣政治環境。雖然我們無法免受關稅的影響，但我們已在系統中建立了靈活性，並為我們的新鮮豬肉產品建立了多個銷售點，正如第二季度所展示的那樣。

We believe our 2025 operating profit outlook range for Fresh Pork addresses tariff risk. We have a seasoned team skilled at leveraging multiple channels to maximize profitability, underscoring one of the main competitive advantages for our leadership position as the number 1 pork processor in the industry.

我們相信，2025 年鮮豬肉營業利潤預期範圍解決了關稅風險。我們擁有一支經驗豐富的團隊，擅長利用多種管道來實現盈利最大化，這是我們作為行業第一大豬肉加工商的領先地位的主要競爭優勢之一。

Now to our strategy to optimize our Hog Production segment. Our Hog Production segment reported a $22 million adjusted operating profit in the second quarter, compared to a loss of $10 million in the second quarter of last year. We continue to benefit from both improved industry market conditions, as well as our focus on operating a best-in-class cost structure on our retained farms.

現在談談我們優化生豬生產部門的策略。我們的生豬生產部門報告第二季調整後營業利潤為 2,200 萬美元，而去年第二季虧損 1,000 萬美元。我們繼續受益於行業市場條件的改善，以及我們專注於在保留的農場上運作一流的成本結構。

Our initiatives in genetic transformation, herd health improvements and procurement and nutrition savings are yielding results. Based on the strong first half performance for Hog Production, combined with a more favorable market outlook for the second half, we are raising our anticipated full year adjusted operating profit range by $50 million.

我們在基因改造、畜群健康改善以及採購和營養節約方面的舉措正在取得成果。基於上半年生豬生產的強勁表現，加上下半年更為有利的市場前景，我們將預期全年調整後的營業利潤範圍上調 5,000 萬美元。

We remain focused on actively resizing our business to reduce the number of hogs we produce ourselves. We are on track to achieve our medium-term goal of internally producing approximately 30% of the needs of our Fresh Pork segment. We expect to produce approximately 11.5 million hogs in 2025, which is roughly 40% of the needs of our Fresh Pork segment. This is down from 14.6 million in 2024, and from a high point of 17.6 million in 2019.

我們將繼續致力於積極調整業務規模，以減少我們自己生產的生豬數量。我們預計將實現我們的中期目標，即內部生產新鮮豬肉部門約 30% 的需求。我們預計 2025 年生豬產量約 1,150 萬頭，約占我們鮮肉部門需求的 40%。這一數字低於 2024 年的 1,460 萬，也低於 2019 年的 1,760 萬的高點。

Next, our strategy to optimize operations and deliver operating efficiencies in manufacturing, supply chain, distribution, procurement and SG&A. We continue to reap the benefits of our investments in automation, as well as our multiyear efforts to drive operational efficiencies by eliminating waste and maximizing throughput.

接下來，我們的策略是優化營運並提高製造、供應鏈、分銷、採購和銷售、一般及行政費用方面的營運效率。我們繼續從自動化投資中獲益，也從多年來透過消除浪費和最大化產量來提高營運效率的努力中獲益。

Automation has enabled us to redeploy labor to higher-value activities, as well as to reduce our overall labor count, helping to offset inflationary pressures. We also continue to refine and optimize our transportation and logistics activities. Across the entire company, we are driving a culture of continuous improvement. Each year, we look for new ways to improve operating efficiency and to reduce our costs. We expect efficiency savings to again contribute to enhanced profitability in 2025.

自動化使我們能夠將勞動力重新部署到更高價值的活動中，並減少我們的整體勞動力數量，有助於抵消通膨壓力。我們也將繼續改進和優化我們的運輸和物流活動。在整個公司，我們正在推動一種持續改進的文化。每年，我們都會尋找新的方法來提高營運效率並降低成本。我們預計，到 2025 年，效率節約將再次有助於提高獲利能力。

Finally, we continue to evaluate opportunistic M&A in North America to support our growth strategies. We will remain disciplined in evaluating complementary and synergistic opportunities.

最後，我們繼續評估北美的機會性併購，以支持我們的成長策略。我們將繼續嚴格評估互補和協同機會。

In summary, we delivered record second quarter adjusted operating profit and a strong first half performance. We are well positioned to achieve our increased outlook for 2025, and to continue to support our growth and market leadership over the long term.

總而言之，我們實現了第二季創紀錄的調整後營業利潤和強勁的上半年業績。我們已做好準備，實現 2025 年的成長前景，並繼續支持我們的長期成長和市場領導地位。

With that, I will turn it over to Mark to review our financials in more detail.

說完這些，我將把工作交給馬克，讓他更詳細地審查我們的財務狀況。

Thanks, Shane, and good morning to everyone joining the call. In the second quarter, we delivered $298 million in adjusted operating profit, an increase of 20.1% versus the prior year, marking a record second quarter and reflecting the resilience of our business model. We achieved higher adjusted operating profit dollars across each of our three segments. We ended the second quarter with a strong balance sheet, and we have the financial flexibility to invest in growth and return value to our shareholders.

謝謝，Shane，大家早安。第二季度，我們實現了 2.98 億美元的調整後營業利潤，比上年增長 20.1%，創下第二季度紀錄，反映了我們商業模式的韌性。我們的三個部門都實現了更高的調整後營業利潤。我們以強勁的資產負債表結束了第二季度，我們擁有財務靈活性來投資成長並為股東帶來回報。

Turning to the details of our second quarter results, starting with the consolidated results and then a review of our performance by segment. Consolidated sales in the second quarter were $3.8 billion, representing an 11%, or $374 million increase compared to the prior year. This was driven by sales growth across all segments. We delivered record second quarter adjusted operating profit of $298 million, and an adjusted operating profit margin of 7.9%, compared to an adjusted operating profit of $248 million, or 7.3% in the second quarter of 2024.

談到我們第二季業績的細節，首先是合併業績，然後是按部門劃分的業績回顧。第二季綜合銷售額為 38 億美元，比去年同期成長 11%，即 3.74 億美元。這是由所有部門的銷售成長所推動的。我們第二季的調整後營業利潤創歷史新高，達到 2.98 億美元，調整後營業利潤率為 7.9%，而 2024 年第二季的調整後營業利潤為 2.48 億美元，調整後營業利潤率為 7.3%。

Second quarter 2025 adjusted net income from continuing operations was also a record at $217 million, compared to $192 million in the second quarter of 2024. Adjusted EPS was $0.55 per share, compared to $0.51 per share during the second quarter of 2024.

2025 年第二季調整後的持續經營淨收入也創下 2.17 億美元的新高，而 2024 年第二季為 1.92 億美元。調整後每股收益為 0.55 美元，而 2024 年第二季為每股 0.51 美元。

Now on to our second quarter segment results. Packaged Meats segment delivered second quarter adjusted operating profit of $296 million and a healthy adjusted operating profit margin of 14.2%, despite higher raw material costs and a greater mix of lower-margin ham sales due to the Easter sales mix shift. Second quarter Packaged Meats sales of $2.1 billion increased by 6.9% compared to the second quarter of 2024. This was driven primarily by a 4.5% increase in our sales volume which reflected the later Easter holiday this year.

現在來看看我們第二季的分部業績。儘管原物料成本上升，且復活節銷售結構變化導致低利潤火腿銷售佔比增加，但包裝肉品部門第二季調整後營業利潤仍達到 2.96 億美元，調整後營業利潤率達到 14.2%，表現穩健。第二季包裝肉類銷售額為 21 億美元，與 2024 年第二季相比成長 6.9%。這主要是由於我們的銷售量增加了 4.5%，這反映了今年復活節假期的延遲。

The strength of our Packaged Meats portfolio is evidenced by the fact that we grew sales volume in the second quarter by more than 1%, when excluding the holiday ham sales. Second quarter sales also benefited from a 2.3% increase in average selling price.

我們的包裝肉類產品組合實力雄厚，不計節日火腿銷售額，第二季的銷售額成長了 1% 以上。第二季的銷售額也受惠於平均售價上漲 2.3%。

The higher average selling price was driven by higher market prices for the pork value chain, with key raw materials such as bellies up 24%, and trim up 10% to 14% year-over-year. Additionally, the higher average selling price was influenced by our continued favorable product mix shift to higher-margin items such as lunch meat and dry sausage.

平均售價上漲是由豬肉價值鏈的市場價格上漲所推動的，其中五花肉等主要原料價格較去年同期上漲 24%，豬肉邊角料價格上漲 10% 至 14%。此外，較高的平均售價受到我們持續有利的產品組合轉向午餐肉和乾香腸等利潤率更高的產品的影響。

Next, in Fresh Pork. For the second quarter of 2025, we delivered adjusted operating profit of $30 million and an adjusted operating profit margin of 1.4%. This was up from $17 million and 0.9% in the second quarter of 2024. In the second quarter of 2025, the industry market spread was compressed versus last year, and we faced short-term tariff disruption.

接下來是新鮮豬肉。2025 年第二季度，我們的調整後營業利潤為 3,000 萬美元，調整後營業利潤率為 1.4%。這一數字高於 2024 年第二季的 1,700 萬美元和 0.9%。2025年第二季度，產業市價差較去年同期壓縮，並面臨短期關稅中斷。

The team successfully grew adjusted operating profit versus last year by executing our best sales strategy, by flexing production over the course of the quarter, and by delivering cost savings. Fresh Pork segment sales of $2.1 billion increased 5% year-over-year, primarily driven by a 3.3% increase in average selling price, and a 1.7% increase in volume.

透過執行最佳銷售策略、在整個季度內靈活調整生產以及節省成本，該團隊成功地實現了調整後的營業利潤較去年同期的成長。新鮮豬肉部門銷售額為 21 億美元，年增 5%，主要得益於平均售價上漲 3.3% 和銷量成長 1.7%。

Turning now to Hog Production. We're pleased to report adjusted operating profit of $22 million for the second quarter of 2025, versus a loss of $10 million in the second quarter of 2024. The substantial increase was driven by improved commodity markets, as well as actions we've taken to optimize our operations. Second quarter 2025 Hog Production segment sales of $840 million increased by 8.4% year-over-year. This was despite a 24% of our approximately 850,000 head reduction in the number of hogs produced.

現在來談談生豬生產。我們很高興地報告，2025 年第二季的調整後營業利潤為 2,200 萬美元，而 2024 年第二季的虧損為 1,000 萬美元。這一大幅成長得益於商品市場的改善以及我們為優化營運所採取的措施。2025 年第二季生豬生產部門銷售額為 8.4 億美元，較去年同期成長 8.4%。儘管我們的豬隻出欄量減少了 24%，約為 85 萬頭。

The second quarter sales increase was primarily due to increased external grain and feed sales of $116 million, as well as approximately $103 million for the sale of commercial hog inventories and other goods and services to our new joint venture partners. Our average market hog sales price was flat year-over-year, inclusive of the effects of hedging, while the CME Lean Hog Index was up 4%.

第二季銷售額的成長主要歸因於外部穀物和飼料銷售額增加了 1.16 億美元，以及向我們的新合資夥伴出售商業生豬庫存和其他商品和服務的約 1.03 億美元。在計入對沖的影響後，我們的平均市場生豬銷售價格與去年同期持平，而芝加哥商品交易所瘦豬指數上漲了 4%。

As Shane mentioned, during the quarter, our profitability was reduced by approximately $15 million related to mark-to-market derivative instruments. While this unfavorably impacted second quarter results, we've raised our full year Hog Production segment operating profit outlook by $50 million.

正如 Shane 所提到的，在本季度，與以市價計價的衍生工具相關的盈利能力減少了約 1500 萬美元。雖然這對第二季的業績產生了不利影響，但我們將全年生豬生產部門的營業利潤預期提高了 5,000 萬美元。

Adjusted operating profit for our other segment, which includes our Mexico and Bioscience operations of $7 million in the second quarter was flat to the second quarter of last year. Our corporate expenses came in $6 million below the prior year, reflecting our disciplined cost management strategies.

我們其他部門（包括墨西哥和生物科學業務）的調整後營業利潤在第二季為 700 萬美元，與去年第二季持平。我們的公司支出比前一年減少了 600 萬美元，這反映了我們嚴格的成本管理策略。

Next, let's review our strong balance sheet and financial position. At the end of the second quarter, our net debt to adjusted EBITDA ratio was 0.7 times, well below our policy of less than 2 times. Our liquidity at quarter end was $3.2 billion, including $928 million in cash and cash equivalents. This is well above our policy threshold of $1 billion of liquidity.

接下來，讓我們回顧一下我們強勁的資產負債表和財務狀況。截至第二季末，我們的淨負債與調整後 EBITDA 比率為 0.7 倍，遠低於我們低於 2 倍的政策。本季末我們的流動資金為 32 億美元，其中包括 9.28 億美元的現金和現金等價物。這遠高於我們10億美元流動性的政策門檻。

Capital expenditures for the first six months were $158 million, compared to $173 million in the first half of 2024. More than 50% of our capital investments this year are to fund projects that will drive both top and bottom line growth. This consists primarily of various plant automation and improvement projects as we continue to lower our manufacturing cost structure and better utilize labor.

前六個月的資本支出為 1.58 億美元，而 2024 年上半年為 1.73 億美元。我們今年的資本投資有 50% 以上將用於資助能夠推動營收和利潤成長的項目。這主要包括各種工廠自動化和改進項目，因為我們將繼續降低製造成本結構並更好地利用勞動力。

Reinforcing our commitment to return value to shareholders on April 22 and May 29 of this year, we paid quarterly dividends of $0.25 per share. On July 31, we announced a quarterly dividend of $0.25 per share to be paid on August 28, and we expect to pay $1 per share in annual dividends this year, subject to the board's discretion.

為了履行我們向股東回報的承諾，我們在今年 4 月 22 日和 5 月 29 日支付了每股 0.25 美元的季度股息。7 月 31 日，我們宣布將於 8 月 28 日支付每股 0.25 美元的季度股息，並且我們預計今年將支付每股 1 美元的年度股息，但須經董事會酌情決定。

Now to our outlook for fiscal 2025, which we raised this morning given strong first half performance as well as our forward outlook. While we continue to navigate a dynamic consumer spending and tariff environment, we still expect to continue to increase profitability by executing our core strategies that Shane reviewed.

現在談談我們對 2025 財年的展望，鑑於上半年的強勁表現以及我們的未來展望，我們今天上午提高了這一展望。在我們繼續應對動態的消費者支出和關稅環境的同時，我們仍然希望透過執行 Shane 審查的核心策略來繼續提高獲利能力。

First, we anticipate that total company sales will increase in the low to mid-single-digit percent range compared to fiscal 2024. And please note that for comparability purposes, our sales outlook excludes the impact of our Hog Production segment sales to the newly formed joint venture partners.

首先，我們預期與 2024 財年相比，公司總銷售額將成長低至中等個位數百分比範圍。請注意，為了便於比較，我們的銷售前景不包括豬隻生產部門對新成立的合資夥伴的銷售影響。

Our outlook for segment adjusted operating profit is as follows: For our Packaged Meats segment, we still anticipate adjusted operating profit in the range of $1.05 billion to $1.15 billion. For Fresh Pork, we still anticipate adjusted operating profit of between $150 million to $250 million.

我們對分部調整後營業利潤的展望如下：對於包裝肉品分部，我們仍預期調整後營業利潤將在 10.5 億美元至 11.5 億美元之間。對於新鮮豬肉，我們仍然預計調整後的營業利潤將在 1.5 億美元至 2.5 億美元之間。

And as Shane mentioned, we continue to execute our best sales strategy in response to recent tariff actions, and we believe our 2025 range for Fresh Pork addresses the risk that China or other export market tariffs could again be prohibited.

正如 Shane 所提到的，我們將繼續執行最佳銷售策略以應對最近的關稅行動，我們相信 2025 年新鮮豬肉系列可以解決中國或其他出口市場關稅可能再次被禁止的風險。

For Hog Production, we've raised our anticipated adjusted operating profit range by $50 million, to between breakeven to a profit of $100 million. And as a result, we now anticipate total company adjusted operating profit in the range of $1.15 billion to $1.35 billion, fully reflecting the $50 million increase in Hog Production. Our total company operating profit outlook reflects continued efforts to more than offset inflation through cost savings and efficiency initiatives.

對於生豬生產，我們將預期的調整後營業利潤範圍提高了 5,000 萬美元，達到損益兩平至 1 億美元的利潤之間。因此，我們現在預計公司調整後的總營業利潤將在 11.5 億美元至 13.5 億美元之間，充分反映生豬產量 5,000 萬美元的成長。我們對公司整體營業利潤的展望反映了我們透過成本節約和效率措施持續努力抵銷通貨膨脹的趨勢。

In summary, today, we raised our outlook for 2025 based on solid first half results, an improved outlook for Hog Production, and our continued expectation that we can generate operating profit growth even as we navigate a dynamic consumer spending and tariff environment.

總而言之，今天，我們基於穩健的上半年業績、改善的生豬生產前景以及我們持續預期即使在動態的消費支出和關稅環境下也能實現營業利潤增長，上調了對 2025 年的展望。

Now I'll ask the operator to open up the call for Q&A. Operator?

現在我請接線生開始電話問答環節。操作員？

(Operator Instructions)

（操作員指示）

Ben Theurer from Barclays.

巴克萊銀行的 Ben Theurer。

Yeah, good morning, Shay Mark, thanks for taking my question. Congrats on a very strong second quarter. Two quick ones. The first one really within Packaged Meats, and thanks for sharing a lot of details already in the presentation.

是的，早上好，Shay Mark，感謝您回答我的問題。恭喜您第二季取得如此強勁的業績。兩個簡單的。第一個真正涉及包裝肉類，感謝您在演示中分享了很多細節。

But I wanted to understand a little bit better what you've been seeing in terms of like consumer shift, maybe within your brands on the portfolio? And how much potentially has shifted into private label? So any commentary additional that you can make in terms of like trends within your portfolio, that would be great.

但我想更了解您在消費者轉變方面看到的情況，也許是在您旗下品牌中？有多少潛力已經轉向自有品牌？因此，如果您能就您的投資組合中的類似趨勢提出任何補充評論，那就太好了。

And then my second question really is, as you look at your the Hog Production obviously being very strong, clearly, that does have a negative impact into your Fresh Pork business to a small degree. So just wanted to understand what you're seeing for in terms of like profits in between one and the other? How do you feel about the current visibility of the hog crush, let's put it this way and how it impacts on one side, Hog Production, but then on the other side, Fresh Pork.

我的第二個問題是，當你看到你的生豬生產顯然非常強勁時，顯然，這在一定程度上對你的鮮豬肉業務產生了負面影響。所以只是想了解一下，就兩者之間的利潤而言，您看到了什麼？您對目前生豬屠宰量的可見度有何看法？這麼說吧，它一方面對生豬生產產生影響，另一方面又對新鮮豬肉產生影響。

Thanks, Ben. For your first question, maybe I'll kick it over to Steve to talk about what we've seen from a consumer standpoint.

謝謝，本。對於您的第一個問題，也許我會讓史蒂夫從消費者的角度來談談我們所看到的情況。

Sure. So I appreciate the question. And obviously, we spent a lot of time looking at all the different topics that I guess are involved in the question that you just asked. But as far as a retail perspective, so at a high level from a for the retail side of the business, really for food and beverage spending, it's we still see it's pretty soft, and it's really two ongoing economic challenges.

當然。我很感謝你提出這個問題。顯然，我們花了很多時間研究我猜想與您剛才提出的問題相關的所有不同主題。但就零售業的角度來看，從業務的零售方面來看，從高層次來看，對於食品和飲料支出而言，我們仍然看到它相當疲軟，這實際上是兩個持續的經濟挑戰。

So we see that consumers are hesitant. Weather has certainly been unpredictable, and inflation is still putting pressure on consumers' wallets. So while confidence has picked up a bit in June after a slow start to the year, it's still not where it was last year. And consumer demand really remains resilient but cautious, I would say, in 2025, shaped by inflation fatigue, shifting value perceptions and evolving household behavior.

所以我們看到消費者猶豫不決。天氣確實難以預測，通貨膨脹仍然給消費者的錢包帶來壓力。因此，儘管在經歷了年初的緩慢增長之後，6 月信心有所回升，但仍未達到去年的水平。我認為，到 2025 年，消費者需求將保持彈性但謹慎，這是受到通膨疲勞、價值觀念轉變和家庭行為變化的影響。

So with that said, we're very pleased with where we ended up in Q2. So if you look at some of the numbers that were just reported from a sales perspective, we're up almost 7% on sales, and volume was up 4.5%. And specifically to our brand.

因此，我們對第二季的業績感到非常滿意。因此，如果您從銷售角度看剛剛報告的一些數字，我們的銷售額增長了近 7%，銷量增長了 4.5%。特別是我們的品牌。

So if you look at Circana data for Q2, our volume share was actually up 60 basis points, which outperformed our key competitors. And I would say that these are very impressive results when you consider that we have not increased promoted volume. So our first half sales are up 4%, which really speaks to the loyalty of our brands and our strategy to diversify across price points.

因此，如果您查看 Circana 第二季度的數據，我們的銷售份額實際上上升了 60 個基點，超過了我們的主要競爭對手。而我想說，如果考慮到我們沒有增加促銷量，這些結果就非常令人印象深刻。因此，我們的上半年銷售額成長了 4%，這充分體現了我們品牌的忠誠度以及我們在價格點上多元化的策略。

And then the other comment, or question, that you had was really on private label. And I would say that from an industry perspective, and we do see it happening to some of our business on the branded side, but we do see the industry and seeing an increase in private label share growth. And it's really in certain categories as retailers invest in their own brands.

然後，您提出的另一個評論或問題實際上是關於自有品牌的。我想從行業角度來說，我們確實看到這種情況發生在我們品牌方面的部分業務上，但我們確實看到行業自有品牌份額的成長。隨著零售商投資自己的品牌，這種情況確實出現在某些類別中。

But with that said, I would say that our private label business really provides us a key competitive advantage since many of our retail partners are upscaling their private label offerings. And historically, private label producers really focused on commodity value tier products, and the shift of retailers and foodservice distributors looking to offer high-quality, innovative food-safe products has really provided us the platform to excel in this space, and really be a leader in profit margins, which you can see that we delivered in Q2 coming in at the 14.2%.

但話雖如此，我想說我們的自有品牌業務確實為我們提供了關鍵的競爭優勢，因為我們的許多零售合作夥伴都在提升他們的自有品牌產品。從歷史上看，自有品牌生產商真正關注的是商品價值層產品，而零售商和食品服務分銷商轉向提供高品質、創新的食品安全產品，這確實為我們提供了在這一領域脫穎而出的平台，並真正成為利潤率的領導者，你可以看到我們在第二季度實現了 14.2% 的利潤率。

And then, Ben, to your second question on Hog Production. We do have visibility into the back half of the year. And while we did have a mark-to-market component in the second quarter, we are comfortable raising our guidance. We look at the pricing that we see out in the futures markets and of course, we temper that with things. You look at the USDA report, they're expecting about a 0.9%,

然後，本，回答你關於生豬生產的第二個問題。我們確實可以預見下半年的情況。儘管我們在第二季確實有一個以市價計價的部分，但我們還是願意提高我們的指導。我們會關注期貨市場的定價，當然，我們會根據情況進行調整。你看美國農業部的報告，他們預計約 0.9%，

or 0.9% increase in overall full year pork production. But we also look at the last four weeks slaughter levels or harvest levels across the industry. Compared to the same time last year, and we're actually down 3% on a per head basis, and we know that weights are lighter.

或全年豬肉總產量增加0.9%。但我們也會關注過去四周整個產業的屠宰水準或收穫水準。與去年同期相比，我們人均產量實際上下降了 3%，而且我們知道重量也減輕了。

And so we believe that's one thing that's going to help support pork prices as we go into the back half of this year and into the first quarter of next year. As a protein, pork is from a price point, really well positioned against both beef and chicken. If you compare retail prices four years ago to four years ago, for example, beef is up, I think, about 24%.

因此，我們相信，這將有助於支撐今年下半年和明年第一季的豬肉價格。作為一種蛋白質，豬肉從價格上看，與牛肉和雞肉相比具有明顯的優勢。例如，如果將四年前的零售價格與四年前進行比較，我認為牛肉價格上漲了約 24%。

Chicken is up about 22%, and pork is up about 7%. And so I think the dynamics in the industry are really setting up for a strong second half and a carryover into 2026 as the meat prices and the meat demand continue to support the hog prices that we see.

雞肉價格上漲約22%，豬肉價格上漲約7%。因此，我認為，隨著肉價和肉類需求繼續支撐我們所看到的生豬價格，該行業的動態確實為下半年的強勁增長奠定了基礎，並將持續到 2026 年。

And then you couple that with the changes that we've made in our Hog Production operations from the genetic improvements that we're now really beginning to see the impacts of. Our health initiatives, while health has been a big topic in the industry this year and a big concern in the industry, from the public data that's available, we see our incidence rates are better than the industry. And then the nutritional things that we've done to improve our feed cost.

然後，再加上我們在生豬生產營運中透過基因改良所做的改變，我們現在才真正開始看到其影響。我們的健康舉措，雖然健康是今年行業的一個大話題，也是行業的一個大關注點，但從現有的公開數據來看，我們的發病率比行業要好。然後我們採取營養措施來改善飼料成本。

And so I'm really bullish on our Hog Production operations. And again, I think those things combined is what gives us the confidence to raise the full year outlook in Hog Production for 2025.

因此，我對我們的生豬生產業務非常看好。而且，我認為這些因素結合起來讓我們有信心提高 2025 年全年生豬產量的預期。

Perfect, thank you very much.

非常好，非常感謝。

Peter Galbo from Bank of America.

美國銀行的 Peter Galbo。

Hey, good morning, Shane and Mark, thanks for the question. Maybe to start, Shane, there's been a lot of discussion, I think, around the raw material input increases in Packaged Meats. And I know you saw a bit of that in Q2, and it seems like it's continued pretty strongly here in Q3.

嘿，早安，Shane 和 Mark，謝謝你們的提問。首先，肖恩，我認為，關於包裝肉類原料投入的增加已經有很多討論。我知道您在第二季度看到了一些這樣的情況，而且這種趨勢似乎在​​第三季度繼續保持強勁。

But despite that, you kept the outlook on Packaged Meats on profitability the same. So maybe you can just talk a little bit more about against the backdrop of increasing raw materials, why you feel confident in that kind of back half profitability guide on Packaged Meats remaining unchanged?

但儘管如此，您對包裝肉類的獲利前景仍保持不變。那麼，您能否再多談一談，在原物料價格上漲的背景下，為什麼您對包裝肉類下半年獲利指南保持不變充滿信心？

Yeah, Maybe I'll start off and Steve, you can jump in here as well again.

是的，也許我會開始，史蒂夫，你也可以再加入。

One of the things our Packaged Meats business has really done well, and not just this year, but over the past few years, it's really become an efficient in our cost structures. And so Peter, we've talked about on previous calls, the things we've done to simplify that business through SKU reductions, through investments in automation and technology, to improve the overall cost structure. Now there is no doubt that this year, we have really been faced with high raw material costs. As Mark mentioned, bellies are up in excess of 20%, and trim anywhere from 10% to 14%.

我們的包裝肉類業務確實做得很好，不僅是今年，而且在過去幾年裡，它確實成為了我們成本結構的高效組成部分。彼得，我們在之前的電話會議上討論過，我們透過減少 SKU、投資自動化和技術來簡化業務，從而改善整體成本結構。毫無疑問，今年我們確實面臨高昂的原料成本。正如馬克所提到的，腹部脂肪增加了 20% 以上，修剪脂肪則增加了 10% 到 14%。

But one of the things we have is with our private label business, which is about 40% of our retail business. We have some formula- based pricing mechanisms in there to allow us to ebb and flow at the underlying commodity. And so again, we feel good with our guidance for the year.

但我們擁有的其中一項業務是自有品牌業務，約占我們零售業務的 40%。我們有一些基於公式的定價機制，使我們能夠對基礎商品進行漲跌。因此，我們對今年的指導感到滿意。

And where we see this back half going, especially as we continue to change our product mix from traditional lower-margin products into many of the higher-margin categories that Steve and Mark talked about. So really confident looking forward and where we think the Packaged Meats business will continue to go.

我們看到下半年的走勢如何，特別是當我們繼續將產品組合從傳統的低利潤產品轉變為史蒂夫和馬克談到的許多高利潤產品類別時。因此，我們對未來充滿信心，並認為包裝肉類業務將繼續發展。

Steve, do you want to add anything there?

史蒂夫，你還有什麼要補充的嗎？

Sure. No, I appreciate the question, Peter. And you're right. If you think about the first half of this year, from an input raw material standpoint, our costs were up about $200 million. And I would say what we do that's probably a little bit different. And when you think about the input costs going up that much, we're certainly not immune to the impact that this has on our overall business. But we do believe that we are better positioned than most companies really due to the extensive product portfolio that we talk about, including both branded and also the private label product.

當然。不，我很感謝你的提問，彼得。你是對的。如果你考慮今年上半年，從投入原材料的角度來看，我們的成本上漲了約 2 億美元。我想說我們做的事情可能有點不同。當你考慮到投入成本上漲這麼多時，我們當然也無法免受其對我們整體業務的影響。但我們確實相信，由於我們談論的廣泛的產品組合，包括品牌產品和自有品牌產品，我們比大多數公司處於更有利的地位。

And what that enables us to do is really meet those consumer needs at all price points up and down the value chain. And if you think about our Packaged Meats and what you've been seeing over the last several quarters, is that our Packaged Meats business has consistently outperformed key competitors in terms of profitability and margins. And our business has demonstrated consistent,

這使我們能夠真正滿足價值鏈上下游各個價位的消費者需求。如果您考慮一下我們的包裝肉類以及過去幾季所看到的情況，您會發現我們的包裝肉類業務在盈利能力和利潤率方面一直優於主要競爭對手。我們的業務表現出了一致

strong financial health with annual margin surpassing the industry. And that said, we believe we can mitigate some of the other factors typically considered uncontrollable by continuing to stay focused on our current strategies.

財務狀況良好，年利潤率超過行業水準。儘管如此，我們相信，透過繼續專注於當前的策略，我們可以減輕一些通常被認為無法控制的其他因素。

So one is our strong brand portfolio, and it really provides us the ability to market, our products to customers, and consumers across multiple categories, and also the price points. And this really helps us to attract and retain consumers as they move up and down that value spectrum. And that enables us to meet the shifting consumer preferences, and to really capture that wallet share.

一是我們強大的品牌組合，它確實為我們提供了向客戶和消費者推銷產品的能力，涵蓋多個類別，還有價格點。這確實有助於我們吸引和留住價值範圍內不斷變化的消費者。這使我們能夠滿足不斷變化的消費者偏好，並真正贏得消費者的青睞。

And I would say the big thing is if they do decide to switch into private label, we are well positioned to maintain that consumer and a private label product that there's a good chance that was produced by us. So as we continue to see a shift in retail to more upscale private label, as I mentioned before, it really benefits the structure that we have from our capabilities at the plants and also the ability to, I guess, the redundancy that we have from a production standpoint.

我想說的是，如果他們確實決定轉向自有品牌，那麼我們完全有能力維護消費者和自有品牌產品，因為這些產品很有可能是我們生產的。因此，正如我之前提到的，隨著我們繼續看到零售業向更高檔的自有品牌轉變，它確實有利於我們工廠的能力結構，以及從生產角度來看我們擁有的冗餘能力。

So even though we're faced with these higher raw material costs, we believe that we are well positioned to, again, continue to mitigate them as best as possible by sticking to our current strategy which shows that we're certainly successful in the first half of this year.

因此，儘管我們面臨原材料成本上漲的問題，但我們相信，只要堅持當前的策略，我們就能繼續盡可能地降低成本，這表明我們在今年上半年肯定會成功。

Great. And just as a follow-up, Mark, on the Hog Production side, I think if I did the math right, based on the 10-Q, you're hedged for about, I think, half of your Hog Production needs in the back half of the year. And so maybe there was a bit of an expectation that you would have taken up the Hog Production profitability a bit more, but potentially that the mark-to-market and hedging are keeping that a bit conservative in the back half.

偉大的。馬克，作為後續問題，關於生豬生產方面，我想如果我的計算正確的話，基於 10-Q，我認為你已經對沖了下半年生豬生產需求的一半左右。因此，也許人們有點期望你會更多地提高生豬生產的盈利能力，但潛在的按市價計價和對沖可能會在下半年保持一點保守。

So can you just touch on like the dynamic in the quarter around the mark-to-market? How that hedging is impacting the second half? And again, whether that is the right way to think about potential conservatism into the back half in '26 on Hog Production?

那麼，您能否簡單談談本季圍繞市價的動態？這種對沖對下半年有何影響？再說了，這是否是思考 26 年下半年生豬生產潛在保守主義的正確方法？

Yeah, Sure, Peter. So during the second quarter, our average market hog selling price was flat year-over-year, and that is inclusive of the impacts of hedging. So you compare that to the CME Lean Hog Index, which is up about 4% over the same time period.

是的，當然，彼得。因此，在第二季度，我們的平均市場生豬售價與去年同期持平，這包括了對沖的影響。因此，您可以將其與芝加哥商品交易所瘦肉豬指數進行比較，該指數在同一時期上漲了約 4%。

So as you alluded to, we have a number of instruments that we utilize to mitigate risk and not all of those qualified for hedge accounting. So as a result, our second quarter results were impacted by $15 million with the mark-to-market adjustment that really related to positions that will materialize in the second half of the year. So under mark-to-market accounting rules, we're pulling those forward. So they're not deferred in OCI, like hedge accounting.

正如您所提到的，我們利用多種工具來降低風險，但並非所有工具都符合套期會計的條件。因此，我們的第二季業績受到了 1,500 萬美元的影響，因為以市價調整與下半年將實現的部位確實相關。因此，根據以市價計價的會計規則，我們將這些提前。因此，它們不會像套期會計那樣在 OCI 中被遞延。

So overall, the business is performing well, and that's really what has raised helped us to raise the outlook for the full year by that $50 million.

因此，總體而言，業務表現良好，這確實幫助我們將全年預期提高了 5,000 萬美元。

Great thanks very much.

非常好，非常感謝。

Megan Clapp from Morgan Stanley.

摩根士丹利的梅根·克拉普。

Hi, good morning, thanks so much. I wanted to just pick up with the answer there, Mark. So looking at the futures curve, it does it would seem to indicate that maybe you're tracking towards the higher end of that Hog Production guide, especially because those mark-to-market positions are going to materialize in the back half of the year. So it seems like more of a timing impact.

嗨，早上好，非常感謝。我只是想從那裡得到答案，馬克。因此，從期貨曲線來看，它確實表明你可能正在追蹤生豬生產指南的高端，特別是因為那些以市價計價的頭寸將在下半年實現。因此這似乎更多的是時間上的影響。

Shane, I think you used the word tempered in a response earlier. So maybe I would just love to get your thoughts on the range is still quite wide. So how you're thinking about looking relative to the futures curve, and whether the high end is kind of more likely at this point?

肖恩，我想你之前的回答中使用了「回火」這個詞。所以也許我只是想聽聽你的想法，這個範圍仍然很廣。那麼，您如何看待期貨曲線，以及此時高端是否更有可能出現？

Yeah, I think that's a fair way to look at it, Megan, right now with where the futures curve is right now. The range is still the $100 million that we quoted at the beginning of the year, but we did raise that by $50 million, but I'd say it leans towards the higher end.

是的，梅根，我認為從現在期貨曲線的情況來看，這是一個公平的觀察方式。該範圍仍然是我們年初報價的 1 億美元，但我們確實將其提高了 5000 萬美元，但我認為它傾向於更高水平。

Okay. Great. That's clear and helpful. And then maybe just a follow-up as well on Packaged Meats. Shane, I think in your prepared remarks, you said you expect volumes to be up 1% for the year. The first half came in flattish, I think if I'm doing my math correctly, I think you talked about still some consumer spending uncertainty. So maybe you could just talk about what's underpinning, what seems to be an acceleration in volume performance in the second half of the year in Packaged Meats?

好的。偉大的。這很清晰並且很有幫助。然後也許只是對包裝肉類的後續關注。肖恩，我想在您準備好的發言中，您說過您預計今年的交易量將增長 1%。上半年表現平平，如果我的計算正確的話，我認為您談到的消費者支出仍然存在一些不確定性。那麼，也許您可以談談背後的原因，下半年包裝肉品的銷售表現似乎有所加速？

Steve, do you want to talk to that?

史蒂夫，你想談談這個嗎？

Sure. Yes. So obviously, we have when you think about and where we ended up on a volume perspective, so volume was up at 4.5%. I believe the 1% you talked about, as Mark referenced, if you exclude the impact of seasonal hands, that volume would have been up that 1%. So when we look at really the remainder of the year, we're confident.

當然。是的。因此，顯然，當您考慮時，我們已經從交易量的角度得出了最終結果，即交易量上漲了 4.5%。我相信，正如馬克所提到的，如果排除季節性因素的影響，那麼交易量就會增加 1%。因此，當我們真正展望今年剩餘時間時，我們充滿信心。

And if you think about what I just kind of walked through with the strategy of Packaged Meats, and sticking to that strategy, really leveraging our brands, and also the pricing strategy, the mix optimization, innovation plays a big key of that. So we have new innovative items that will be rolling out this back half of the year. Some have just gotten into the marketplace. So when you take all those things into account, that certainly helps us from a volume perspective that we're referencing and talking about for the remainder of the year.

如果您想想我剛才介紹的包裝肉品策略，並堅持這項策略，真正利用我們的品牌，以及定價策略、組合優化，創新在其中發揮著重要作用。因此，我們將在今年下半年推出新的創新產品。有些剛進入市場。因此，當你考慮到所有這些因素時，從我們在今年剩餘時間內參考和討論的數量角度來看，這肯定會對我們有所幫助。

The other big piece is on the foodservice side of the business. So we have seen a very good success, not only in the first half, but also in Q2 when we come to foodservice. So if you look at some of the information that was reported, our foodservice sales were up 9.5% in Q2. And we look to continue the kind of that momentum that we've seen on the foodservice side of the business.

另一大塊業務是餐飲服務方面。因此，我們不僅在上半年取得了非常好的成功，而且在第二季的餐飲服務方面也取得了非常好的成功。因此，如果您查看報告的一些信息，您會發現我們的餐飲服務銷售額在第二季度增長了 9.5%。我們希望繼續保持餐飲服務業務的這種勢頭。

So we do believe so if you think about foodservice industry as a whole, we believe we are outperforming the industry within our categories. And when you think about foodservice, our growth is really being fueled by product innovation, and our focus is on convenience, and also on-trend flavors.

因此，我們確實相信，如果從整個餐飲服務行業的角度考慮，我們相信我們在我們的類別中表現優於整個行業。當您想到餐飲服務時，我們的成長實際上是由產品創新所推動的，我們的重點是便利性和流行的口味。

So a core pillar of our foodservice innovation really provides easy-to-use pre-cooked solutions for foodservice operators. And the benefit that they have is obviously the high labor cost and the products that we can provide helps mitigate some of those labor costs, by providing them pre-cooked proteins, it also provides them the ability to provide a consistent product to their consumers.

因此，我們餐飲服務創新的核心支柱是為餐飲服務業者提供易於使用的預煮解決方案。他們的優勢顯然是高昂的勞動成本，而我們提供的產品有助於降低部分勞動成本，透過為他們提供預煮蛋白質，也使他們能夠為消費者提供一致的產品。

And a great example of that is this year, we rolled out a ready-to-eat roasted bacon. And the sales that we have seen, not only in Q2, but also year-to-date, have far exceeded our original expectations. So by the end of the year, it will probably triple the original projections you have for that category. So we're very excited about not only where we are today, but also where we're heading on the retail side of the business and also on the foodservice side of the business to grow that volume.

一個很好的例子就是今年我們推出了即食烤培根。我們看到的銷售額，不僅在第二季度，而且在今年迄今為止，都遠遠超出了我們最初的預期。因此，到今年年底，該類別的銷售量可能會達到最初預測的三倍。因此，我們不僅為目前的狀況感到興奮，而且對我們在零售業務和餐飲服務業務方面的發展方向也感到非常興奮，我們將不斷擴大業務量。

Got it thanks you.

明白了，謝謝你。

Leah Jordan from Goldman Sachs.

高盛的 Leah Jordan。

Thank you. Good morning. Firstly, if you could comment what you're seeing across the competitive environment for Packaged Meat. How has your promotional activity tracked versus plan? Or has anything changed with how consumers are responding over the past few months, given you highlighted cautious consumer spending?

謝謝。早安.首先，您能否評論一下您所看到的包裝肉類的競爭環境。您的促銷活動與計劃相比進展如何？或者，鑑於您強調謹慎的消費者支出，過去幾個月消費者的反應有什麼變化嗎？

Sure. No, I appreciate the question. So first, I'd start out by saying, I think that we have probably a best-in-class Packaged Meats team. And I'm really thrilled and proud of the way the team has worked together to really maximize the ROI that we have when it comes to trade spending.

當然。不，我很感謝你提出這個問題。首先，我想說的是，我認為我們可能擁有一流的包裝肉類團隊。我對團隊的通力合作感到非常興奮和自豪，在貿易支出方面，我們真正實現了投資報酬率的最大化。

So when I think about trade spending, and what we're seeing, not only the way we're handling trade spending, especially in light of escalating raw material markets, but also what we're seeing from the marketplace. So my viewpoint is really taking volume, or growing volume based on price, is definitely not a winning strategy. So we are focused on improving our quality merchandising and

因此，當我考慮貿易支出以及我們所看到的情況時，不僅要考慮我們處理貿易支出的方式，特別是在原材料市場不斷升級的情況下，還要考慮我們從市場上看到的情況。所以我的觀點是，真正追求銷量，或是根據價格增加銷量，絕對不是致勝策略。因此，我們專注於提高商品品質和

really going for quality versus unprofitable quantity, which is different than what we're seeing from others in the industry. So we are really optimizing the effectiveness of our spend by increasing the promoted volume sold as feature and display.

真正追求品質而不是無利可圖的數量，這與我們在業內其他公司看到的情況不同。因此，我們透過增加作為特色產品和展示產品銷售的促銷量，真正優化了我們的支出效率。

So when you think about feature and display, we have actually increased our feature and display activity by 200 basis points when you look at our performance in Q2 this year versus last year. And when we think about feature and display, it's a great way to really bring lapsed buyers back to categories, and it also keeps our brands top of mind.

因此，當您考慮功能和顯示時，當您查看今年第二季度與去年相比的表現時，我們的功能和顯示活動實際上增加了 200 個基點。當我們考慮功能和展示時，這是一種真正讓流失的買家重新回到該類別的好方法，同時也讓我們的品牌保持領先地位。

So the execution that we've had with our promotional strategy and what we're seeing in the marketplace, that's one of the things that's driving really our industry-leading profit margin that we just delivered of that 14.2%.

因此，我們執行的促銷策略以及我們在市場上看到的情況是真正推動我們實現行業領先利潤率的因素之一，我們剛剛實現了 14.2% 的利潤率。

That's very helpful. I just wanted to follow up around the value-added shift. I mean that's been a big initiative for you guys. It sounded like you had constructive comments around lunch meat and dry sausage today. Just could you comment on how the magnitude of that shift toward value-added has evolved throughout this year? Just given the dynamic consumer backdrop? And perhaps how you're thinking it could be changed in the back half?

這非常有幫助。我只是想跟進增值轉換。我的意思是，這對你們來說是一項重大舉措。聽起來您今天對午餐肉和乾香腸提出了建設性的意見。您能否評論一下今年向增值轉變的幅度是如何變化的？僅僅考慮到動態的消費者背景？也許您認為後半部可以如何改變？

And then just given what you're seeing on the demand side for those products, just how are you thinking about potential incremental needs for more capacity over the next few years as well?

那麼，根據您所看到的這些產品的需求情況，您如何看待未來幾年對更多產能的潛在增量需求？

Yeah, so it's a great question. And I would say that's one of the key things to really the success that we've been seeing so far this year. So it's been a major initiative over the last couple of years to really shift our focus from commodity-based items.

是的，這是一個很好的問題。我想說這是我們今年迄今為止真正成功的關鍵因素之一。因此，過去幾年的一項重大舉措是將我們的重點從基於商品的項目轉移開來。

As Shane kind of walked through that example, when you think about seasonal hams, and the number of units that we can sell when you look at seasonal hams and then taking that seasonal hams, and converting that into a value-added convenient ham, the pre-sliced or quarter ham, easier to use, more of a year-round item for that consumer.

正如 Shane 舉的這個例子，當你考慮季節性火腿時，當你考慮季節性火腿時我們可以銷售的單位數量，然後將這些季節性火腿轉化為增值的方便火腿，預先切片或四分之一火腿，更容易使用，對消費者來說更像是一種全年可用的商品。

Obviously, we sell a tremendous number of units compared to one or two seasonal hams throughout the year. And we've seen really a great amount of consumer acceptance as we've made that change. So those ham items that we've converted to are actually a net weight item now versus random weight.

顯然，與全年僅售出一兩隻季節性火腿相比，我們銷售的數量非常多。當我們做出這項改變時，我們看到消費者的接受度確實很高。因此，我們轉換的那些火腿商品實際上是淨重商品，而不是隨機重量。

And we've actually seen so you think about the potential volume impact of making that change because it is a smaller size item. But we've actually been able to grow that volume substantially because of the consumer acceptance and the ease for that retailer to actually market those items. So it's been a big win within that category.

我們實際上已經看到了這一點，所以您可以考慮進行這種改變對數量的潛在影響，因為它是一個較小尺寸的物品。但實際上，由於消費者的接受度以及零售商銷售這些商品的便利性，我們的銷售量已能夠大幅成長。因此，這是該類別中的巨大勝利。

So you asked a question on capacity. So that is one thing that we look at. And as we look at our capital spend for Packaged Meats, a big piece of that is really on the investments we're going to make from a capacity standpoint to really focus on these value-added categories such as the conversion of commodity items into value-added items. And that is a big focus. So we continue to see kind of that winning strategy take effect in our overall results.

所以你問了一個關於容量的問題。這是我們要關注的一件事。當我們審視包裝肉類的資本支出時，我們發現其中很大一部分實際上是從產能角度進行的投資，並真正關注這些增值類別，例如將商品轉化為增值商品。這是一個重點。因此，我們繼續看到這種制勝策略在我們的整體結果中發揮作用。

Yeah, the only thing I would add, Leah, and to add on to Steve's point, and Mark talked about it in his comments, that is 50% of our CapEx is literally at top and bottom line growth and Packaged Meats capacity in key categories, higher-margin categories is absolutely where we're looking to invest our money.

是的，利亞，我唯一想補充的是，為了補充史蒂夫的觀點，馬克在他的評論中也談到了這一點，那就是我們的資本支出的 50% 實際上用於頂線和底線增長，而關鍵類別的包裝肉類產能、利潤率更高的類別絕對是我們希望投資的地方。

The other thing I would say is that our relationships with our customers have really changed over the last few years, where now we're talking to them about not just quantity and or volume and price. We're talking about what's next. And so that gives us insight into where they see the market going, where we see the market going and gives us the ability to make sure we're using our capital dollars where we need to. So that's how we're kind of thinking about this from a capacity standpoint is staying ahead of demand. So we're not reacting to a need too late.

我想說的另一件事是，過去幾年我們與客戶的關係確實發生了變化，現在我們與他們談論的不僅僅是數量、容量和價格。我們正在討論下一步該做什麼。這樣，我們就能洞察他們眼中的市場走向、我們眼中的市場走向，並且能確保將資本用在需要的地方。所以，從產能角度來看，我們認為要保持領先於需求。因此，我們對需求的反應不會太晚。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Heather Jones from Heather Jones Research.

Heather Jones Research 的 Heather Jones。

I want to start with Packaged Meats. I was wondering if you could give us a sense of how you're expecting the cadence of the second half to play out given the cost inflation you mentioned in bellies and all that is picked up accelerated in late June into July? And just so how we should think about the second half playing out there?

我想從包裝肉類開始。我想知道，考慮到您提到的腹部成本通膨以及 6 月底至 7 月加速上漲的所有因素，您是否可以告訴我們，您預計下半年的節奏將如何發展？那我們該如何看待下半場比賽呢？

Yeah, so similar to what I've talked about, I think we have the right strategies in place to minimize the overall, I guess, as best we can, the impact to the higher raw material markets that we're faced with. But as you can see through the first half of the year, the strategy has been working. And at this point, I would say, our outlook for 2025 really reflects our best view of the business as we see it today.

是的，與我所說的類似，我認為我們已經制定了正確的策略來盡最大努力將我們所面臨的更高原材料市場的整體影響降至最低。但正如大家在今年上半年所看到的，這項策略一直有效。此時，我想說，我們對 2025 年的展望確實反映了我們對當今業務的最佳看法。

So we've really guided Packaged Meats to the profit margin of that market referenced of $1.05 billion, versus up to $1.15 billion. And we believe that, that really represents a healthy level of profitability in the face of cautious consumer and the current spending environment that we're faced with, not only on the retail side of the business, but also the foodservice side of the business.

因此，我們實際上已將包裝肉品市場的利潤率引導至 10.5 億美元，而不是 11.5 億美元。我們相信，面對謹慎的消費者和我們面臨的當前支出環境，這確實代表了健康的盈利水平，不僅在業務的零售方面，而且在業務的餐飲服務方面。

The only thing I would add there, Heather, is, and Steve touched on this a little earlier. Consumers are looking to add protein to their diets. And we believe that pork when you look at it relative to beef and chicken, is a great value. We know consumers are looking for value. And that plays into where we believe we're better positioned than most of the companies due to our product portfolio. Steve mentioned having offerings at all of the value chain, plus into the private label categories. And so I really believe that we're better positioned to meet consumers wherever they are along the value chain.

希瑟，我唯一想補充的是，史蒂夫之前已經提到過這一點。消費者希望在飲食中添加蛋白質。我們認為，與牛肉和雞肉相比，豬肉的價值更高。我們知道消費者追求的是價值。我們相信，憑藉我們的產品組合，我們比大多數公司處於更有利的地位。史蒂夫提到在整個價值鏈中都有產品，此外還有自有品牌類別。因此，我堅信，無論消費者處於價值鏈的哪個階段，我們都能更能滿足他們的需求。

Yeah, the only thing I would add, Heather, is that seasonally, the third quarter is typically a little softer than the fourth quarter because of the two holidays in the fourth quarter.

是的，希瑟，我唯一要補充的是，從季節性來看，第三季通常比第四季稍微疲軟一些，因為第四季有兩個假期。

Yeah, My concern was you all had mentioned you had the price pass-through mechanisms. And I just didn't know, given what bellies have done if there was a delay that would make the softer seasonality even more pronounced this year for Q3 versus Q4. But it sounds like that's not the case.

是的，我擔心的是你們都提到你們有價格傳遞機制。我只是不知道，考慮到肚子的情況，如果出現延遲，今年第三季相對於第四季的季節性疲軟現像是否會更加明顯。但聽起來事實並非如此。

Moving on to Hog Production, and I hate to belabor the point, but looking at your guide implies close to $15 a head for the back half and getting back some of the mark-to-market hit in the first half. And you all have your productivity initiatives that are giving you an additional tailwind to market tailwinds. And so just wondering, is there potential for further upside to that?

繼續討論生豬生產，我不想過多地強調這一點，但從你的指南來看，下半年每頭豬的價格接近 15 美元，並收回了上半年的一些按市價計算的損失。你們都採取了各自的生產力舉措，為市場順風提供了額外的順風。所以我只是想知道，這是否還有進一步的上漲潛力？

Are you baking in some conservatism because the portion you don't have hedge just to be conservative on that front? Or just help us to think about that because it's a very strong year, but it does seem like a conservative outlook given what we see in the industry? So just any help you could provide on that front would be awesome.

您是否因為沒有對沖的部分而採取了一些保守主義，只是為了在這方面保持保守？或者只是幫助我們思考這一點，因為這是非常強勁的一年，但根據我們在行業中看到的情況，這似乎是保守的前景？因此，只要您在這方面提供任何幫助，我們都會非常感激。

Yeah, Heather, I would say, as Mark mentioned earlier, we do anticipate based on what we see today being at the higher end of the range. I would say there probably is some conservatism baked in as we continue to get clear visibility, particularly into Q4. And I think as we come back a little later in the year, we'll have a much we'll be able to offer you some additional details. But I would say, as Mark said, we're looking toward the higher end of that range.

是的，希瑟，我想說，正如馬克之前提到的，根據我們今天看到的情況，我們確實預計會處於該範圍的高端。我想說，隨著我們繼續獲得清晰的視野，特別是在第四季度，可能存在一些保守主義。我認為，當我們在今年晚些時候回來時，我們將能夠為您提供更多詳細資訊。但我想說，正如馬克所說，我們正在尋求該範圍的高端。

Okay, thank you so much.

好的，非常感謝。

Manav Gupta from UBS.

瑞銀的 Manav Gupta。

Hi, My first quick question is, obviously, when we look at Slide 7, you are number 1 and number 2 in most categories. I just wanted to understand if you're also looking to increase your market share in uncooked breakfast sausage and uncooked dinner sausage, or those are not the focus areas at this point of time?

你好，我的第一個快速問題是，顯然，當我們看投影片 7 時，您在大多數類別中都名列第一和第二。我只是想了解您是否也希望增加未煮熟的早餐香腸和未煮熟的晚餐香腸的市場份額，或者這些不是目前的重點領域？

Well, so I would say the quick answer is yes, they are certainly a focus that we have. And part of it is looking at the categories and also, obviously, different categories have different profitability. So we try and stay focused on the higher profitability categories and the categories you're referencing are slightly lower. So even though it's still a focus for the company, there's better opportunities for us to spend time on at this point.

嗯，所以我的答案是肯定的，它們確實是我們關注的重點。其中一部分是查看類別，而且顯然不同類別具有不同的盈利能力。因此，我們嘗試將重點放在盈利能力較高的類別上，而您所引用的類別則略低。因此，儘管這仍然是公司的重點，但目前我們有更好的機會可以投入時間。

And my quick follow-up here is, obviously, your first half and second half look alike. But between the third and the fourth quarter, should there be any kind of seasonality, or should we kind of think of both those quarters to be contributing similar amounts to earnings? Or would you think one would be relatively stronger than the other one?

我在這裡快速跟進的是，顯然，你的前半部分和後半部分看起來很相似。但在第三季和第四季之間，是否應該存在某種季節性，或者我們是否應該認為這兩個季度對收益的貢獻是相似的？或者您認為其中一個會比另一個相對更強？

Well, kind of as Mark just referenced, the big difference between Q3 and Q4 is Q4, we shipped a lot more seasonal hands. So there's always going to be more volume shift in Q4. Q3 is typically slightly lower from a profitability standpoint, and it's lower just because of the items that are being sold during that time frame versus the seasonal items that will be sold in Q4.

嗯，正如馬克剛才提到的，第三季度和第四季度之間的最大區別在於，在第四季度，我們運送了更多的季節性產品。因此第四季的交易量變化總是會更大。從獲利能力的角度來看，第三季的獲利能力通常略低，這只是因為該時間段內銷售的商品與第四季度銷售的季節性商品相比有所降低。

Thank you so much.

太感謝了。

And ladies and gentlemen, with that, we will conclude today's conference call and actually, we will conclude today's question-and- answer session. I'd like to turn the floor back over to the President and CEO, Shane Smith, for closing remarks.

女士們、先生們，今天的電話會議到此結束，實際上，今天的問答環節也到此結束。我想把發言權交還給總裁兼執行長 Shane Smith，請他致最後總結。

Okay. Thanks to everyone who joined our call today. We are pleased with our first half performance and believe we're well positioned to deliver long-term growth, and increase value for our shareholders even in a challenging environment. We look forward to updating you on our progress following our third quarter results. Thank you.

好的。感謝今天參加我們電話會議的所有人。我們對上半年的業績感到滿意，並相信即使在充滿挑戰的環境中，我們也有能力實現長期成長並為股東創造價值。我們期待在第三季業績公佈後向您通報我們的進度。謝謝。

And with that, ladies and gentlemen, we will conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。感謝您的加入。現在您可以斷開線路了。