Smith & Nephew PLC (SNN) 2025 Q2 法說會逐字稿

Welcome to the Smith & Nephew second quarter and first half results meeting. I'm Deepak Nath, I'm the Chief Executive Officer, and joining me is Chief Financial Officer, John Rogers.

歡迎參加施樂輝第二季及上半年業績會議。我是執行長迪帕克·納特 (Deepak Nath)，與我一起的是財務長約翰·羅傑斯 (John Rogers)。

So 2025 is a key year of delivery for Smith & Nephew. I'm pleased to announce the results that put us firmly on track for both our full year growth target and the guided step-up in profitability. On revenue, 6.7% underlying growth in the quarter reflects sequential acceleration across all regions and business units.

因此，2025 年是史密斯和侄子公司交付的關鍵一年。我很高興地宣布，這些業績使我們堅定地朝著全年成長目標和獲利能力提升的目標邁進。就收入而言，本季 6.7% 的基本成長反映了所有地區和業務部門的連續加速。

In Sports Medicine, we've maintained the strong momentum across Joint Repair and AET outside of China. In Wound, the continued performance of AWD and the rebound in bioactives produced double-digit growth for the business unit as a whole. In Orthopaedics, we delivered yet another quarter of growth and in line with our previous commitment, our Recon and Robotics business sustained its recent improvement, both internationally and importantly, in the US.

在運動醫學領域，我們在中國以外的關節修復和運動創傷治療領域保持了強勁發展勢頭。在傷口治療方面，AWD 的持續表現和生物活性成分的反彈為整個業務部門帶來了兩位數的成長。在骨科領域，我們又實現了一個季度的成長，並且按照我們先前的承諾，我們的偵察和機器人業務在國際上以及在美國都保持了近期的改善。

This is now the fourth quarter of sequential improvement in US Recon and Robotics. On profitability, 100 basis points of first half trading margin expansion is slightly ahead of what we indicated as we brought some efficiency savings forward. We remain on track for our full year margin guidance of 19% to 20%, which includes the impact of tariffs. There's still a lot of uncertainty about where tariffs will settle, but we continue to expect a net headwind of about $15 million to $20 million in 2025.

這是美國偵察和機器人技術連續第四個季度取得進展。在獲利能力方面，由於我們提前實現了部分效率節約，上半年交易利潤率成長 100 個基點，略高於我們預期。我們仍將全年利潤率預期保持在 19% 至 20% 的水平，其中包括關稅的影響。關稅最終將如何確定仍存在許多不確定性，但我們仍然預計 2025 年的淨逆風約為 1500 萬至 2000 萬美元。

As previously indicated, we expect that margin expansion will pick up further in the second half. This should come from cost savings increasingly dropping through to our P&L, particularly from our manufacturing network optimization over the last two years, together with the reduced year-on-year headwind from value-based procurement in China. I've talked already about the improvements in growth and profitability. At the same time, better alignment of the commercial organization and operations has enabled us to bring down days of inventory.

如前所述，我們預計下半年利潤率擴張將進一步加快。這應該來自於成本節約逐漸下降到我們的損益表中，特別是過去兩年我們的製造網絡優化，以及中國基於價值的採購帶來的同比阻力的減少。我已經談到了成長和獲利能力的提高。同時，商業組織和營運的更好協調使我們能夠減少庫存天數。

The delivery of our ambitious cost savings and a move to ongoing efficiencies has also brought down restructuring charges. The result is a 70% increase in trading cash flow and almost $250 million of free cash flow in the first half. Finally, I'm also pleased to announce an additional element of value creation for shareholders with a $500 million share buyback in the second half of 2025. This is made possible by the operational efficiencies delivered under the 12-Point Plan and will be fully funded by the 2025 cash flow and existing balances. So it can be delivered while maintaining our leverage and without compromising any of our growth plans.

我們雄心勃勃的成本節約計畫和持續提高效率的措施也降低了重組費用。結果是上半年交易現金流增加了 70%，自由現金流增加了近 2.5 億美元。最後，我很高興地宣布，我們將在 2025 年下半年回購 5 億美元的股票，為股東創造額外的價值。這是透過 12 點計畫實現的營運效率實現的，並將由 2025 年的現金流量和現有餘額全額資助。因此，我們可以在保持優勢的同時實現這一目標，並且不會損害我們的任何成長計劃。

I'll return to some of these themes later, and John will talk more about profitability, cash and returns in his presentation. For now, I'll take you through the details of the quarter. Revenue in the quarter was $1.6 billion with 6.7% underlying growth and 7.8% reported following a 110 basis point tailwind from foreign exchange. Growth also included a headwind from one fewer trading day than in the prior year. All business units accelerated sequentially, and I'll come to the detail in a moment. Geographically, the US grew 8.7% and other established markets grew 7.4%. Emerging markets declined 0.2%, reflecting strong double-digit growth across the Middle East and India and the impacts of volume-based procurement in China beginning to ease.

稍後我會回到其中一些主題，約翰將在他的演講中更多地談論盈利能力、現金和回報。現在，我將帶您了解本季的詳細資訊。本季營收為 16 億美元，潛在成長率為 6.7%，在外匯 110 個基點的推動下，報告成長率為 7.8%。成長也面臨交易日比前一年少一個的不利因素。所有業務部門都陸續加速發展，稍後我會詳細介紹。從地理上看，美國成長了 8.7%，其他成熟市場成長了 7.4%。新興市場下降了 0.2%，反映出中東和印度的強勁兩位數成長以及中國批量採購的影響開始減弱。

Excluding China, emerging markets grew by 12.2%. As we indicated in our Q1 announcement, we have passed the peak of the China impacts, and we expect these to continue to ease through the second half as distributor destocking in Orthopaedics reduces and as we lap the effects of Joint Repair VBP.

除中國外，新興市場成長了12.2%。正如我們在第一季公告中所指出的，我們已經度過了中國影響的高峰期，並且我們預計，隨著骨科分銷商庫存的減少以及我們逐漸克服關節修復 VBP 的影響，這些影響將在下半年繼續緩解。

For business unit performance, I'll start with Orthopaedics, which grew 5.5% underlying, and this is an overall solid performance. Total Reconstruction Robotics grew 5.2% with the US growth of 4%. This is the fourth quarter of sequential growth improvement in the US on an ADS adjusted basis.

對於業務部門的表現，我將從骨科開始，其基本成長了 5.5%，這是一個整體穩健的表現。Total Reconstruction Robotics 成長了 5.2%，其中美國成長了 4%。這是美國按 ADS 調整後連續第四個季度實現成長改善。

Global Knees and Hips grew by 2.9% and 3.4%, respectively. Growth remains higher outside the US with Knees benefiting this quarter from the timing of a tender order in the Middle East. Almost half of our Recon business is outside the US, where we're demonstrating that our portfolio can deliver with good execution.

全球膝關節和髖關節分別增加了2.9%和3.4%。美國以外地區的成長仍然較高，其中 Knees 本季受益於中東招標訂單的時機。我們的 Recon 業務幾乎有一半在美國以外，我們證明我們的產品組合能夠實現良好的執行。

As you know, China has been a headwind in recent quarters due to destocking at distributors. The inventory levels have continued to come down and have approached more normal levels at the end of June. In addition, we expect the destocking to ease during the third quarter. So we should see the China headwind on our OUS sales start to fall away in the second half. US Hips and Knees together showed acceleration over Q1 with 2% underlying growth and 3.6% adjusted for the one fewer day, a measure we refer to as average daily sales or ADS.

眾所周知，由於分銷商去庫存，中國近幾個季度一直處於逆風狀態。庫存水準持續下降，6月底已接近正常水準。此外，我們預計第三季去庫存趨勢將會放緩。因此，我們應該會看到，中國對我們美國市場銷售的不利影響將在下半年開始減弱。美國臀部和膝蓋產品在第一季整體呈現加速成長，基本成長率為 2%，根據一天的減少進行調整後成長率為 3.6%，我們將此指標稱為平均每日銷售額或 ADS。

This is the fourth quarter of sustained improvement for US Hips and Knees combined. Hip performance was strong as we continue to roll out the CATALYSTEM Hip System, which makes us more competitive in the high-growth direct anterior segment of the market. We'll accelerate set deployment in Q3 and are also preparing to bring the platform to other markets starting in Japan.

這是美國臀部和膝蓋綜合狀況持續改善的第四季。隨著我們繼續推出 CATALYSTEM 髖關節系統，髖關節表現強勁，這使我們在高成長的直接前部市場領域更具競爭力。我們將在第三季加速部署，並準備將該平台推向以日本為首的其他市場。

The softer US Knee growth was due in part to some slowing in procedures toward the end of the quarter among our active surgeon base as well as positive actions that we are taking to increase profitability through streamlining the portfolio and focusing on higher volume accounts. Reassuringly, the balance of competitive wins versus losses has continued to remain favorable.

美國膝關節手術成長放緩的部分原因是本季度末我們活躍的外科醫生群體的手術速度有所放緩，以及我們為透過精簡產品組合和關注大宗客戶來提高盈利能力而採取的積極行動。令人欣慰的是，競爭勝利與失敗的平衡仍然保持有利。

On an ADS basis, US Knees grew 0.1% and Hips at 9.1%. Other Recon grew 39.8% and reflects another good quarter of Robotics placements, particularly in the US, where we're seeing strong growth in ASCs and in teaching institutes. This should mean we're well positioned as the market continues to pivot away from the inpatient procedures and ideally placed to capture future leading surgeons. We also continue to develop our offering with the launch in June of the CORIOGRAPH preoperative planning and modeling for shoulder replacements.

以 ADS 計算，美國膝關節置換術增加 0.1%，髖關節置換術增加 9.1%。其他偵察兵增長了 39.8%，反映出機器人技術應用又一個良好的季度，特別是在美國，我們看到 ASC 和教學機構的強勁增長。這意味著，隨著市場繼續從住院手術轉向其他領域，我們已處於有利地位，並有望吸引未來的頂尖外科醫生。我們也將繼續開發我們的服務，並於 6 月推出了用於肩關節置換的 CORIOGRAPH 術前規劃和建模。

Trauma and Extremities grew 4.4%. The AETOS growth contribution is steadily increasing as we deploy more capital and convert new surgeons, while the EVOS plating system continues to be a key driver, partially offset by a slower quarter for some of our legacy systems.

創傷和四肢殘疾增長了 4.4%。隨著我們投入更多資本並轉換新的外科醫生，AETOS 的成長貢獻正在穩步增加，而 EVOS 電鍍系統仍然是一個關鍵驅動力，部分抵消了我們一些傳統系統在本季度表現較慢這一因素的影響。

We're continuing to refresh the portfolio with the launch this quarter of the TRIGEN MAX Tibia Nailing System, which could expand our indication range and features modernized instrumentation. Further nail launches are expected in the coming quarters, and we expect Trauma and Extremities to return to stronger growth in the second half.

我們將繼續更新產品組合，本季推出 TRIGEN MAX 脛骨釘系統，該系統可擴大我們的適應症範圍並配備現代化的儀器。預計未來幾季將推出更多指甲產品，我們預計創傷和四肢產品將在下半年恢復更強勁的成長。

Sports Medicine and ENT grew 5.7% in the quarter. Within that, Joint Repair growth was 8.4%, including the expected headwind from VBP in China. This is expected to be the last quarter before we lap the effect of the implementation in Q3 of 2024. Excluding China, Joint Repair growth would have been 13.7%, representing an acceleration in Q1 2025 with a very strong quarter across our other markets. Growth was double digit across all of knee, shoulder, and hip repair with the REGENETEN and Q-FIX KNOTLESS suture anchors remaining the key contributors.

本季運動醫學和耳鼻喉科成長了 5.7%。其中，聯合修復業務成長 8.4%，其中包括來自中國 VBP 的預期阻力。預計這將是 2024 年第三季實施效果顯現之前的最後一個季度。不包括中國，聯合修復的成長率將達到 13.7%，這意味著 2025 年第一季將加速，而我們其他市場也將表現強勁。膝關節、肩關節和髖關節修復均實現了兩位數的增長，其中 REGENETEN 和 Q-FIX KNOTLESS 縫合錨仍然是主要貢獻者。

We expect this good momentum to continue as we extend REGENETEN into Hip and Achilles and as we further roll out Q-FIX. We are developing CartiHeal AGILI-C as a longer-term growth platform, including a new disposable instrument set, which we expect to launch in the near future. Arthroscopic Enabling Technologies grew 2.3%, again, improving sequentially. We saw continued growth from WEREWOLF FASTSEAL, which is supporting strong COBLATION revenues.

隨著我們將 REGENETEN 擴展到髖關節和跟腱並進一步推出 Q-FIX，我們預計這種良好勢頭將繼續下去。我們正在開發 CartiHeal AGILI-C 作為長期成長平台，其中包括一套新的一次性儀器，我們預計將在不久的將來推出。關節鏡使能技術成長了 2.3%，再次比上一季改善。我們看到 WEREWOLF FASTSEAL 持續成長，這為 COBLATION 的強勁收入提供了支持。

ENT grew 3.6% with good growth driven by our ARIS for turbinate reduction, offsetting a softer quarter for tonsils and adenoid procedures in the US. Looking forward, we expect ENT to follow Sports Medicine with the VBP process in China that's expected to take effect in 2026. To give a sense of the size of our business, total ENT sales were around $35 million in 2024. So while VBP would be a noticeable drag on ENT growth, it should be a significantly more modest headwind at a group level than previous VBP processes. Looking now at Advanced Wound Management, where growth increased to 10.2% following the strong rebound in Bioactives.

耳鼻喉科業務成長 3.6%，其中，鼻甲縮小術 ARIS 業務的良好成長抵消了美國扁桃體和腺樣體手術本季的疲軟影響。展望未來，我們預期耳鼻喉科將跟隨運動醫學在中國推行 VBP 流程，該流程預計將於 2026 年生效。為了讓您了解我們的業務規模，2024 年 ENT 總銷售額約為 3,500 萬美元。因此，儘管 VBP 會明顯拖累 ENT 的成長，但從集團層級來看，與先前的 VBP 流程相比，其阻力應該要小得多。現在來看看高階傷口管理，隨著生物活性物質的強勁反彈，其成長率上升至 10.2%。

In Advanced Wound Care, 2.6% growth reflected continued strong performance in foams, films and skin care, offset by a decline in infection management. In Bioactives, growth came from the expected sequential recovery in SANTYL alongside double-digit growth in skin substitutes. Although we'll face tougher competitors in H2 as we lap the launch of GRAFIX PLUS, we now anticipate mid-single-digit growth for Bioactives in the year.

在高級傷口護理領域，2.6% 的成長反映了泡沫、薄膜和皮膚護理領域持續強勁的表現，但被感染管理領域的下滑所抵消。在生物活性物質領域，成長源自於 SANTYL 的預期連續復甦以及皮膚替代品的兩位數成長。儘管在下半年推出 GRAFIX PLUS 時我們將面臨更強勁的競爭對手，但我們目前預計 Bioactives 今年的銷售額將實現中等個位數成長。

You'll have seen the proposed updates to Medicare reimbursement of skin subs in the outpatient and physician office setting, including moving to a single payment. Since no products were excluded from participating in the market, it is unclear how clinical practice will be impacted. So while the details of the proposal are yet to be finalized, we anticipate that this will be a headwind to both Advanced Wound Management sales and profitability in 2026. And that would be before any mitigating actions.

您可能已經看到了針對門診和醫生辦公室環境中的皮膚補貼醫療保險報銷的擬議更新，包括轉向單一付款。由於沒有任何產品被排除在市場之外，因此尚不清楚臨床實踐將受到怎樣的影響。因此，雖然提案的細節尚未最終確定，但我們預計這將對 2026 年高級傷口管理的銷售和盈利能力造成阻力。這將是在採取任何緩解措施之前。

Finally, Advanced Wound Devices revenue grew by 12.7%, led by our single-use negative pressure platform, PICO, and with strong growth from Leaf, our patient monitoring system. In traditional negative pressure, competitive wins are an important part of our growth opportunity. I'm delighted that we were recently awarded a US Department of Defense contract for RENASYS TOUCH, succeeding in a competitive tender process, having demonstrated clinical efficacy and operational fitness.

最後，先進傷口設備收入成長了 12.7%，這主要得益於我們的一次性負壓平台 PICO，以及我們的病患監測系統 Leaf 的強勁成長。在傳統的負面壓力下，競爭勝利是我們成長機會的重要組成部分。我很高興我們最近獲得了美國國防部的 RENASYS TOUCH 合同，在競爭性招標過程中取得了成功，並證明了其臨床療效和操作適應性。

With an initial term of 5 years, which can be extended to 10 years, this contract is worth up to $75 million. Coupled with an ongoing broader refresh of AWM, we are confident about the long-term outlook for Wound.

該合約初始期限為5年，可延長至10年，價值高達7,500萬美元。再加上 AWM 的持續更廣泛的更新，我們對 Wound 的長期前景充滿信心。

And with that, I'll hand over to John.

說完這些，我就把麥克風交給約翰。

Thank you, Deepak. Revenue was $3 billion in the first half, up 5% on an underlying basis compared to half-one 2024. Reported revenue was up 4.7%, including a foreign exchange headwind of 30 basis points from the relative strength of the dollar against most major currencies versus the same period last year. As the dollar weakened in the second quarter, the ForEx headwind on revenue became a tailwind, and we now expect a circa 50 bps ForEx tailwind on revenue for the full year.

謝謝你，迪帕克。上半年營收為 30 億美元，較 2024 年上半年基本成長 5%。報告收入增長了 4.7%，其中包括由於美元兌大多數主要貨幣與去年同期相比相對強勢而導致的 30 個基點的外匯阻力。隨著美元在第二季走弱，外匯業務對營收的不利影響已轉為順風，我們目前預計全年外匯業務對營收的有利影響約為 50 個基點。

Performance in China was in line with expectations. And excluding these headwinds, growth would have been 7.2% on an underlying basis. This represents a 220 bps headwind in half one, in line with our guided full year impact of circa 150 bps as the impact of Sports VBP unwind in the second half.

中國市場表現符合預期。排除這些不利因素，基本成長率將達到 7.2%。這意味著上半年將出現 220 個基點的逆風，與我們預期的全年影響（下半年 Sports VBP 平倉的影響約為 150 個基點）一致。

Performance was broad-based with all three business units contributing significantly to the overall group. Orthopaedics grew 4.1%. Sports Medicine and ENT grew 4.1%, although again, excluding China, growth would have been 9%. Advanced Wound Management grew 7.1%. Overall, a good set of growth figures and particularly good to see that 3/4 of our growth is drawn from products launched in the last five years.

業績表現廣泛，三個業務部門均對整個集團做出了重大貢獻。骨科手術成長了4.1%。運動醫學和耳鼻喉科成長了 4.1%，但如果不包括中國，成長率將達到 9%。先進傷口管理業務成長了7.1%。總體而言，這是一組良好的成長數據，尤其令人欣慰的是，我們的四分之三的成長來自於過去五年推出的產品。

Moving now to the summary P&L. Gross profit was $2.1 billion, resulting in a gross margin of 70.5%, which is a 40 basis point increase on the prior year, driven by positive variances on price and volume. We saw a further 60 basis points of positive leverage across our operating expenses as we benefited from operational savings in SG&A and only a small uptick in R&D spend driven by half-one, half-two phasing.

現在轉到摘要損益表。毛利為 21 億美元，毛利率為 70.5%，比上年增加 40 個基點，得益於價格和銷量的正向差異。由於我們受惠於銷售、一般及行政費用的營運節省，以及在一半、一半二階段分階段推動下研發支出的小幅上漲，我們的營運費用中正槓桿率又增加了 60 個基點。

Operational savings were slightly ahead of expectations as we accelerated some of our operational savings into the first half. We also expect to catch up some of the shortfall in R&D spend in the second half as well as absorb the bulk of the $15 million to $20 million tariff impact Deepak outlined earlier. So overall, trading profit grew 11.2% to $523 million with a margin of 17.7%, up 100 bps.

由於我們在上半年加速了部分營運節省，營運節省略高於預期。我們也預期下半年將彌補研發支出的部分缺口，並吸收 Deepak 先前概述的 1,500 萬至 2,000 萬美元關稅影響中的大部分。因此整體而言，交易利潤成長 11.2% 至 5.23 億美元，利潤率為 17.7%，上漲 100 個基點。

And I'll explain the various drivers of the margin expansion on the following slide. Slide 12 shows the detailed trading margin bridge. Going through the moving parts, we absorbed headwinds of 130 basis points from input cost inflation and 140 basis points from the introduction of VBP in China. These costs were more than offset with 190 basis points of revenue leverage from price and volume and 170 basis points from productivity improvements, not only in manufacturing, but also across all other areas of operating expense. FX movements contributed 10 basis points.

我將在下一張投影片中解釋利潤率擴大的各種驅動因素​​。投影片 12 展示了詳細的交易保證金橋。經歷這些變化，我們吸收了投入成本通膨帶來的 130 個基點的阻力，以及中國引入 VBP 帶來的 140 個基點的阻力。這些成本被價格和銷售帶來的 190 個基點的收入槓桿以及生產力改進帶來的 170 個基點所抵消，不僅在製造業，而且在所有其他營運費用領域。外匯波動貢獻了 10 個基點。

We have now sustained a trend of revenue leverage offsetting input cost inflation, which means VBP aside, cost savings have been able to drop through to trading profit. As previously guided, we expect the impact of VBP China to unwind in the second half, such that the full year impact is around 110 basis points. We expect operational savings to step up slightly in the second half versus the first, albeit not as much as previously cited given the acceleration of savings I mentioned earlier.

我們現在已經維持了收入槓桿抵消投入成本通膨的趨勢，這意味著除了 VBP 之外，成本節約已經能夠轉化為交易利潤。正如先前的指引，我們預計 VBP 中國的影響將在下半年消退，全年影響將在 110 個基點左右。我們預計下半年的營運節省將比上半年略有增加，儘管考慮到我之前提到的節省速度加快，但增幅不會像之前所說的那麼多。

Furthermore, we expect the bulk of the $15 million to $20 million tariff impact to take place in the second half as well as some catch-up on R&D spend. The net effect is that we expect a step-up in margin in the second half, such that the half-one to half-two margin uplift remains comparable to previous years to deliver margin in line with our guidance of 19% to 20% for the full year.

此外，我們預計1,500萬至2,000萬美元的關稅影響大部分將在下半年顯現，研發支出也將回升。最終結果是，我們預計下半年利潤率將有所提高，這樣第一季至二季度的利潤率增幅將與前幾年保持相當，從而使利潤率達到我們全年 19% 至 20% 的預期。

I'll now come on to trading margin by business unit. As you can see from this slide, the majority of the margin expansion came through Orthopaedics, where our transformation initiatives to reduce inventory, streamline instrument set allocation, portfolio simplification and focus on higher volume accounts resulted in 230 basis points of margin expansion in half-one 2025. We expect these dynamics to continue into the second half.

我現在將按業務部門來討論交易保證金。從這張投影片中可以看出，利潤率的成長主要來自骨科，我們在該領域採取了減少庫存、精簡器械組分配、簡化產品組合和關注大宗客戶等轉型舉措，使得 2025 年上半年的利潤率增長了 230 個基點。我們預計這種勢頭將持續到下半年。

Sports Medicine and ENT margin declined 130 basis points, reflecting the VBP impact in China. If we stripped out China from these numbers, we would have seen margin accretion in the first half. As we annualize the impact of VBP on joint recovery, we expect to deliver margin accretion in the second half. Advanced Wound Management margin increased 160 basis points due to mix, ongoing efficiency gains and the timing of SANTYL revenues in the prior year.

運動醫學和耳鼻喉科利潤率下降了 130 個基點，反映了 VBP 對中國的影響。如果我們從這些數字中剔除中國，我們就會發現上半年的利潤率會有所成長。隨著我們將 VBP 對聯合恢復的影響年化，我們預計下半年利潤率將會增加。由於產品組合、持續的效率提升以及上一年 SANTYL 收入的時機，高級傷口管理利潤率增加了 160 個基點。

And for 2025, we reiterate that the bulk of our margin expansion will come from Orthopaedics at over 200 basis points with accretion of around 50 basis points coming from Sports Medicine and Advanced Wound Management combined. As we've already mentioned at previous results, we've changed our central cost allocation process to better align costs to the appropriate business unit. With this fuller allocation in place, only $28 million has remained as truly central costs, in line with prior year and our previous guidance that these will be broadly flat year-on-year in 2025.

對於 2025 年，我們重申，利潤率成長的大部分將來自骨科，增幅將超過 200 個基點，而運動醫學和進階傷口管理合計將增加約 50 個基點。正如我們在先前的結果中提到的那樣，我們已經改變了中央成本分配流程，以便更好地將成本與適當的業務部門相匹配。在實施更全面的分配後，僅剩下 2800 萬美元作為真正的核心成本，與上一年和我們之前的指導一致，即到 2025 年這些成本將與上一年基本持平。

The purpose of the change was to create transparency and accountability, and there are already positive behavioral changes as a result. We've seen greater scrutiny of spending plans, lower demand for new projects and greater discipline in constructing robust business plans for new IT investment spend, as an example.

此次變革的目的是為了創造透明度和責任感，並且已經帶來了積極的行為變化。例如，我們看到對支出計劃的審查越來越嚴格，對新項目的需求越來越低，而且在製定新的 IT 投資支出的穩健業務計劃時也越來越嚴格。

We showed you this slide at our interims last year. As a reminder, it details the gross run rate savings of $325 million to $375 million we are targeting for 2023 through 2027. As we set out at our prelims in February, including '23 and 2024, we have delivered a cumulative savings of $210 million. This comprised $155 million relating to the 12-Point Plan and zero-based budgeting and $55 million relating to earlier programs. That's actually the faint dotted line you see there on the 2023 column.

我們在去年的中期會議上向您展示了這張投影片。提醒一下，它詳細說明了我們計劃在 2023 年至 2027 年期間實現 3.25 億美元至 3.75 億美元的總運行率節省。正如我們在 2 月的預賽中所述，包括 2023 年和 2024 年在內，我們已累積節省了 2.1 億美元。其中包括與「十二點計畫」和零基預算有關的 1.55 億美元，以及與早期計畫有關的 5,500 萬美元。這實際上就是您在 2023 列上看到的模糊虛線。

On zero-based budget, implementation is on track across all business units and central functions. Across our 5 work streams, 51 initiatives have been mobilized, which over half are now complete. We anticipate $120 million to $130 million of savings coming through in 2025. And as you saw from the margin chart earlier, we delivered circa $50 million of these in the first half, slightly ahead of our plan as we were able to bring some efficiency savings forward from half two into half one.

零基預算在所有業務部門和中央職能部門的實施情況均按計劃進行。在我們的 5 個工作流程中，已啟動 51 項舉措，其中超過一半已經完成。我們預計到 2025 年將節省 1.2 億至 1.3 億美元。正如您之前從利潤表中看到的，我們在上半年交付了約 5000 萬美元，略高於我們的計劃，因為我們能夠將一些效率節約從第二季度提前到第一季。

In total, therefore, that delivers run rate savings from the 12-Point Plan and ZBB of circa $275 million to $285 million at the end of 2025 with a further $50 million to $100 million of savings to come through in 2026 and 2027, very much in line with what we set out on this chart this time last year. We've now embedded our ZBB approach into our standard processes in line with our culture of continuous improvement.

因此，總的來說，到 2025 年底，十二點計畫和零基預算將帶來約 2.75 億至 2.85 億美元的運行率節省，到 2026 年和 2027 年還將節省 5000 萬至 1 億美元，這與我們去年這個時候在這張圖表上列出的情況非常一致。現在，我們已將 ZBB 方法嵌入到我們的標準流程中，以符合我們持續改進的文化。

Looking further down the P&L, earnings per share grew strongly, up 37% to $0.335 and adjusted earnings per share grew strongly, up 14% to $0.429, reflecting both revenue leverage, operational savings and significantly lower restructuring costs, which were $8 million in the first half compared to $62 million in the first half last year. We remain on track to incur an estimated $45 million of restructuring charge for the full year. The interim dividend of $0.15 per share is up 4.2% on half-one 2024, in line with our policy set out this time last year of paying 40% of prior year full year dividend as the interim dividend.

進一步查看損益表，每股收益強勁增長，上漲 37% 至 0.335 美元，調整後每股收益強勁增長，上漲 14% 至 0.429 美元，反映了收入槓桿、營運節省和大幅降低的重組成本，上半年重組成本為 800 萬美元，而去年上半年為 6200 萬美元。我們全年仍將承擔約 4500 萬美元的重組費用。每股 0.15 美元的中期股息比 2024 年上半年增長 4.2%，符合我們去年此時制定的政策，即支付上一年全年股息的 40% 作為中期股息。

As you know, inventory management has been a key priority of our 12-Point Plan, and I'm pleased to report a further 46-day reduction in DSI across the group to 506 inventory days, in line with our full year 2024 year-end position. The reduction in DSI delivered a $69 million reduction in inventory value at constant currency. All business units contributed to this performance with the biggest reduction in Sports Medicine and ENT. There was still an overall increase in inventory for launch products in the first half versus the same period last year. And this means our inventory mix has also improved with the units of the slowest turning quartile of SKUs down by 14% in half-one '25 versus half-one 2024 and down 22% since the start of 2023.

如您所知，庫存管理一直是我們 12 點計劃的重點，我很高興地報告，整個集團的 DSI 進一步減少了 46 天，降至 506 個庫存天數，與我們 2024 年全年年終的狀況一致。以固定匯率計算，DSI 的減少導致庫存價值減少了 6,900 萬美元。所有業務部門都對這一業績做出了貢獻，其中運動醫學和耳鼻喉科的降幅最大。上半年上市產品庫存量整體較去年同期仍有增加。這意味著我們的庫存組合也得到了改善，2025 年上半年週轉最慢的四分之一 SKU 數量與 2024 年上半年相比下降了 14%，自 2023 年初以來下降了 22%。

Longer-term improvement will be down to improved forecasting and better alignment of production plans with the commercial needs at the SKU level, enabled by the improved SIOP process. There is still more work to do here, including aligning our SIOP process with our financial forecasting in a truly integrated business plan.

長期改進將歸功於預測的改進以及生產計劃與 SKU 層級的商業需求的更好協調，而這得益於改進的 SIOP 流程。這裡還有更多工作要做，包括在真正全面的業務計劃中將我們的 SIOP 流程與我們的財務預測相結合。

Inventory reduction remains a focus, and we expect further progress in half-two 2025. Trading cash flow in the period was $487 million, with trading cash conversion of 93%, well ahead of the 60% in half-one 2024. The improvement came from lower working capital outflows, particularly from the inventory day reductions I detailed on the previous slide. Capital expenditure is slightly lower year-on-year, but we expect to catch up some of this in the second half of the year as we continue to progress the development of our new manufacturing facility in Melton.

減少庫存仍然是一個重點，我們預計 2025 年下半年將取得進一步進展。該期間的交易現金流為 4.87 億美元，交易現金轉換率為 93%，遠高於 2024 年上半年的 60%。這種改善源自於營運資本流出的減少，特別是我在上一張投影片中詳述的庫存天數的減少。資本支出較去年同期略有下降，但隨著我們繼續推動梅爾頓新製造工廠的建設，我們預計下半年資本支出將回升。

We expect to exit the year at a similar level of spend to last year. For the full year, we continue to target trading cash conversion of over 90%. With lower restructuring costs offset by slightly higher tax, free cash flow increased over 500% to $244 million. We expect to deliver free cash flow of well over $600 million for the full year.

我們預計今年的支出水準將與去年相似。就全年而言，我們繼續將交易現金轉換率定為 90% 以上。由於重組成本降低被略高的稅收所抵消，自由現金流增加了 500% 以上，達到 2.44 億美元。我們預計全年自由現金流將超過 6 億美元。

This strong cash generation broadly covered the cost of CapEx, dividend and other costs in the period, meaning net debt at the 28th of June 2025 was only $38 million higher than at year-end 2024. The leverage ratio has also decreased slightly to 1.8x. As we maintain and build on this improved cash generation, capital allocation continues to be a focus. This is our capital allocation framework that you should now all be familiar with. As Deepak mentioned in his introduction, the good start of the year in terms of profitability and cash conversion has enabled us to increase our cash returns to shareholders in line with our capital allocation policy.

強勁的現金產生能力基本上涵蓋了該期間的資本支出、股息和其他成本，這意味著 2025 年 6 月 28 日的淨債務僅比 2024 年底高出 3,800 萬美元。槓桿率也略有下降，降至1.8倍。隨著我們維持並進一步提升現金創造能力，資本配置仍是我們關注的重點。這是我們的資本配置框架，現在大家應該都很熟悉了。正如 Deepak 在介紹中提到的那樣，今年在獲利能力和現金轉換方面的良好開端使我們能夠根據資本配置政策增加對股東的現金回報。

We intend to complete a $500 million share buyback during the second half of 2025. This will be fully financed from free cash flow and existing cash balances so can be delivered while keeping our leverage ratio broadly stable for the full year and without compromising any of our growth ambitions.

我們計劃在 2025 年下半年完成 5 億美元的股票回購。這將完全由自由現金流和現有現金餘額提供資金，因此可以在實現這一目標的同時保持我們全年的槓桿率基本穩定，並且不會損害我們的任何成長目標。

I'll finish with our outlook for 2025, which, as you can see, is unchanged. We expect to see a step-up in margin in half two, in line with what we experienced in both 2023 and 2024, reflecting the timing of cost savings and reduced China headwinds. The tariffs announced by the US government early in the year have continued to evolve, and it remains to be seen what the final outcome will be, but we continue to expect a net headwind of around $15 million to $20 million, mainly to impact in the second half of the year.

最後，我將對 2025 年進行展望，正如您所見，這項展望保持不變。我們預計下半年利潤率將有所上升，與 2023 年和 2024 年的情況一致，這反映了成本節約和中國逆風減弱的時機。美國政府在今年年初宣布的關稅一直在不斷演變，最終結果如何還有待觀察，但我們仍然預計淨逆風約為 1500 萬至 2000 萬美元，主要將在今年下半年產生影響。

We expect to deliver well over $600 million free cash flow for the full year and the strong start to the year in terms of profitability and cash conversion has enabled us to increase our cash returns to shareholders with a $500 million share buyback during the second half, as I've just mentioned. You should see this as further demonstrating our commitment to value creation for shareholders in addition to our extensive operational improvements.

我們預計全年將實現超過 6 億美元的自由現金流，而且正如我剛才提到的，今年在盈利能力和現金轉換方面的強勁開局使我們能夠在下半年通過 5 億美元的股票回購來增加對股東的現金回報。您應該看到，除了廣泛的營運改善之外，這進一步證明了我們致力於為股東創造價值。

And with that, I'll hand back to Deepak.

說完這些，我就把麥克風交還給迪帕克。

Thank you, John. So when we launched the 12-Point Plan, one of our core ambitions was to reposition Smith & Nephew as a consistently higher growth business. We're very much on track. In the first two years of the plan, we delivered growth of over 7% and 5%, respectively.

謝謝你，約翰。因此，當我們推出 12 點計畫時，我們的核心目標之一就是將史密斯和侄子公司重新定位為持續高成長的企業。我們目前進展順利。在計劃實施的前兩年，我們的經濟成長分別超過7%和5%。

And in the first half of the year, we've delivered yet another 5% despite some significant headwinds. That includes two fewer trading days for the half. And while China headwind has passed its peak, it still had an impact on H1.

今年上半年，儘管面臨一些重大阻力，我們仍實現了 5% 的成長。這包括減少兩個交易日。儘管中國逆風已過高峰，但仍對上半年產生了影響。

So if you look through the detail of the quarter, you'll see we're doing what we said we would do. Sports Medicine and Wound continue to grow well. In US and the US Recon specifically, we're showing progressive improvement quarter-by-quarter. And our investment in innovation is supporting the acceleration in revenue growth.

因此，如果你仔細查看本季的細節，你會發現我們正在做我們說過要做的事情。運動醫學和傷口持續保持良好成長。特別是在美國偵察領域，我們正逐季逐步改善。我們對創新的投資正在支持收入成長的加速。

Let me take a moment to go into more detail on these two last points. A year ago, we highlighted the strong performance in Trauma & Extremities based on new product introductions, implant supply, capital deployment and improved commercial execution. We also detailed that all the same elements were in place to improve performance in our US Recon and Robotics business as well.

請容許我花點時間更詳細地講最後兩點。一年前，我們強調了創傷和四肢疾病領域的強勁表現，這得益於新產品的推出、植入物供應、資本部署和商業執行的改善。我們還詳細說明了所有相同的要素都已到位，以提高我們美國偵察和機器人業務的績效。

As with T&E, these actions have driven four consecutive quarters of sequential improvements in US Recon and Robotics revenue growth. On implant supply, key product line item fill rate reached its target in the fourth quarter of 2023 and capital availability followed soon after. With hip set shipment also was at goal in fourth quarter of 2023 and knee sets started reaching their goal in the second quarter of 2024. This is also being supported by a steady stream of product launches over time, such as the newly launched short-stem hip.

與 T&E 一樣，這些舉措推動美國偵察和機器人業務收入連續四個季度成長。在植體供應方面，關鍵產品線專案填充率在 2023 年第四季達到目標，隨後不久資本可用性也隨之達到。髖關節套件的出貨量也在 2023 年第四季達到目標，膝關節套件的出貨量在 2024 年第二季開始達到目標。這也得到了隨著時間的推移而不斷推出的產品的支持，例如新推出的短柄髖關節置換術。

We also launched 10 new features on CORI between 2022 and 2024, further contributing to the recent recovery in our hip and knee implant sales growth. We have further new product launches planned to continue this positive momentum. Innovation has been a key significant driver in our transformation to a higher-growth business. Across '23 and '24, more than half of our underlying revenue growth came from products launched in the previous five years. In H1, this proportion was 3/4 or 75%.

我們還在 2022 年至 2024 年期間在 CORI 上推出了 10 項新功能，進一步促進了我們髖關節和膝關節植入物銷售成長的近期復甦。我們計劃推出更多新產品以延續這一積極勢頭。創新一直是我們向高成長業務轉型的重要驅動力。在 2023 年和 2024 年，我們一半以上的基礎收入成長來自於過去五年推出的產品。在上半年，這一比例為 3/4，即 75%。

We continue to invest in our innovation pipeline and introduce new products across all of our business units in the first half of the year, which we're confident will help us sustain our improved revenue growth profile. In Orthopaedics, we expanded our nailing range with a new system for stable and unstable tibial fractures. TRIGEN MAX builds on more than two decades of proven performance and industry-leading design from our TRIGEN nails portfolio.

我們將繼續投資於創新管道，並在上半年向所有業務部門推出新產品，我們相信這將有助於我們維持不斷改善的收入成長狀況。在骨科領域，我們透過針對穩定性和不穩定性脛骨骨折的新系統擴大了釘固定範圍。TRIGEN MAX 以我們 TRIGEN 指甲產品組合二十多年經過驗證的性能和業界領先的設計為基礎。

In Robotics, we received FDA clearance for CORIOGRAPH pre-op planning and modeling services in total shoulder replacement during the second quarter of 2025, which expands our offering to cover all joint replacement procedures, knees, hips, and shoulders.

在機器人技術領域，我們於 2025 年第二季度獲得了 FDA 批准，可在全肩關節置換術中使用 CORIOGRAPH 術前規劃和建模服務，這擴大了我們的服務範圍，涵蓋所有關節置換手術、膝蓋、臀部和肩部。

In Sports Medicine, for the first time, Smith & Nephew is able to market REGENETEN for extra-articular ligament injuries in the US, creating opportunities to reach more patients with soft tissue injuries around the body. With an initial focus on hips capsule repair, we have future expansion planned in other extra-articular ligament repairs. In addition to new products, we also announced a number of significant evidence milestones during the first half of 2025, supporting the adoption of key product families.

在運動醫學領域，施樂輝首次在美國銷售用於治療關節外韌帶損傷的 REGENETEN，為更多全身軟組織損傷患者創造了機會。我們最初的重點是髖關節囊修復，未來計劃擴展到其他關節外韌帶修復。除了新產品外，我們還宣布了 2025 年上半年的一系列重要證據里程碑，以支持關鍵產品系列的採用。

For instance, a recently published randomized controlled trial of Smith & Nephew's handheld robotic system demonstrated the value for patients and surgeons of robotically assisted total knee replacement with JOURNEY II BCS. Patients experienced significantly better outcomes, including reduced pain, improved function and higher satisfaction compared to conventional surgery at the one-year time point.

例如，最近發表的一項關於史密斯和侄子手持機器人系統的隨機對照試驗證明了使用 JOURNEY II BCS 進行機器人輔助全膝關節置換術對患者和外科醫生的價值。與一年後的傳統手術相比，患者的治療效果明顯更好，包括疼痛減輕、功能改善和滿意度提高。

In conclusion, I've talked a lot about our 12-Point Plan. We're now in the final year of our three-year transformation that I first set out for you in July 2022. And Q2 performance is yet another proof point that we are on track to deliver our ambitions. Each of the three parts of the 12-Point Plan is delivering great progress. The rewiring of our Orthopaedics business is well underway with sequential growth acceleration over the last four quarters at the global Ortho, US Ortho and US Recon and Robotics levels.

總之，我已經談了很多關於我們的 12 點計畫。我們現在正處於三年轉型的最後一年，我在 2022 年 7 月首次為你們制定了這項計畫。第二季的表現再次證明我們正朝著實現目標的方向前進。十二點計畫的三個部分都取得了巨大進展。我們的骨科業務重組正在順利進行中，過去四個季度全球骨科、美國骨科以及美國偵察和機器人業務均實現了連續成長加速。

Orthopaedic inventory levels have improved, and we've seen the associated expected step-up in Ortho margin. Both Sports Medicine and Wound Management have shown consistent momentum since the start of the program and productivity improvements are clearly visible in the P&L. In other words, our operational improvements are increasingly translating into financial gains. In Q2, once again, we delivered revenue growth ahead of historical levels, even with headwinds from trading days and China. This higher organic growth is underpinned by fundamental competitive strengths, better commercial execution and a high cadence of innovation across our portfolio.

骨科庫存水準已經提高，我們已經看到骨科利潤率預期隨之上升。自計畫啟動以來，運動醫學和傷口管理都表現出了持續的勢頭，生產力的提高在損益表中清晰可見。換句話說，我們的營運改善正日益轉化為財務收益。在第二季度，儘管面臨交易日和中國市場的阻力，我們的營收成長仍超過歷史水準。這種更高的有機成長是由基本競爭優勢、更好的商業執行力和整個產品組合的高創新節奏所支撐的。

Cash flow has also stepped up significantly in the last 12 months with better control of inventory to the point where we can start returning excess cash to shareholders through our $500 million share buyback. There's still more to do around profitability, but the 100 basis points of expansion puts us on track to deliver the guided step-up in full year margin. As a reminder, we've delivered 240 basis points group margin expansion from H1 2023 to H1 2025 despite greater headwinds than we expected when we first laid out the plan in 2022.

過去 12 個月，隨著庫存控制的改善，現金流也大幅增加，我們可以透過 5 億美元的股票回購開始向股東返還多餘的現金。在獲利方面我們還有很多工作要做，但 100 個基點的擴張使我們有望實現全年利潤率的預期成長。提醒一下，儘管面臨的阻力比我們在 2022 年首次製定計劃時預期的要大，但我們仍實現了從 2023 年上半年到 2025 年上半年的集團利潤率擴大 240 個基點。

As I told you in the full year 2024 results, since the start of '23, we've successfully offset over 700 basis points of headwinds from inflation, foreign exchange and VBP. Finally, these improvements are sustainable. A key objective of the 12-Point Plan has been to drive increased accountability and greater discipline in execution, both of which are now embedded in our culture and our ways of working. As I've said before, the 12-Point Plan is a necessary step, but it is not the limit of our long-term ambitions. We'll set out the next stage of our strategy at a Capital Markets Day in early December.

正如我在 2024 年全年業績中告訴您的那樣，自 23 年初以來，我們已成功抵消了通貨膨脹、外匯和 VBP 帶來的 700 多個基點的阻力。最後，這些改進是可持續的。十二點計畫的一個關鍵目標是推動加強問責制和加強執行紀律，這兩者現在已融入我們的文化和工作方式中。正如我之前所說，十二點計畫是必要的一步，但它並不是我們長期抱負的極限。我們將在 12 月初的資本市場日上製定下一階段的策略。

I'm looking forward to seeing you all there and formal invitations will follow shortly.

我期待在那裡見到你們，正式的邀請很快就會發出。

So with that, we'll now take your questions. Jack?

那麼，我們現在來回答你們的問題。傑克？

Jack Reynolds-Clark from RBC. I've three, please. The first is on revenue guidance. So with Q2 having been, I guess, stronger than I think people were expecting, does that imply that there's upside to the 5% target for the full year? Or are you expecting things to slow down elsewhere in the business?

來自 RBC 的 Jack Reynolds-Clark。我有三個。首先是收入指導。因此，我猜想第二季的表現比人們預期的要強勁，這是否意味著全年 5% 的目標還有上升空間？還是您預期其他業務的成長速度會放緩？

Then on margin guidance. So I appreciate you mentioned some kind of moving around of R&D and possibly some other expenses as well. But could you walk us through, John, the bridge in H2 margin and whether the upper end of the 19% to 20% margin range is possibly more achievable?

然後是保證金指導。因此，我很感謝您提到了研發方面的一些調動以及可能的其他一些費用。但是，約翰，您能否向我們介紹一下 H2 利潤率的橋樑，以及 19% 至 20% 的利潤率範圍的上限是否更容易實現？

And then the last question was on US Knees. So could you just run us through some more detail of the work you're doing there and how much of the weakness was driven by the market versus your own activities? And how you're thinking about growth versus margin in that segment going forward?

最後一個問題是關於 US Knees 的。那麼，您能否向我們詳細介紹一下您在那裡所做的工作，以及這種疲軟在多大程度上是由市場因素而不是您自己的活動造成的？您如何看待該領域未來的成長與利潤？

Sure. I'll frame this up, and I'll leave it to John to give you the margin guidance. So overall, as we mentioned, given all the puts and takes that we see, we feel good about the guidance for the full year. So there are positives and negatives as we go through. We'll continue to improve commercially in the back half of the year, but we do have a step-up that we expect, right, both from a revenue standpoint and from a profit standpoint.

當然。我會把它構思好，然後讓約翰給你保證金指導。因此，總體而言，正如我們所提到的，考慮到我們所看到的所有利弊，我們對全年的預期感到滿意。因此，我們所經歷的一切都會有正面和負面的一面。我們將在今年下半年繼續改善商業狀況，但無論從收入角度還是從利潤角度來看，我們確實都會有預期的成長。

We're in a more uncertain environment. We've characterized for you what we expect the impact of tariffs to be. But fundamentally, there is a much more uncertain period. That, coupled with the step-up that we need to see in the back half of the year, particularly around margins and all the various effects around comparators, China VBP falling off and other things, we feel at this point, it is prudent to maintain the guidance that we've given, both in terms of revenue and margin.

我們處在一個更不確定的環境。我們已經向您描述了我們預計關稅將產生的影響。但從根本上來說，這是一個更不確定的時期。再加上我們需要在今年下半年看到的成長，特別是利潤率的成長，以及可比較價格、中國 VBP 下降和其他因素帶來的各種影響，我們認為，目前，無論是在收入還是利潤率方面，維持我們給出的指導都是明智之舉。

In terms of US Knees, as we unpack that a little bit, the headline is that at a US Orthopaedics level, including Trauma and Recon, US Recon and Robotics level and at a global Orthopaedics level, we're seeing sequential improvement. And those are very, very strong proof points that the improvements in supply and product availability, commercial execution, our ability to connect all the different pieces together is delivering the desired effects. So that's the headline in terms of where we are. I'm pleased with the progress we're making.

就美國膝關節而言，當我們稍微解釋一下時，標題是在美國骨科水平，包括創傷和偵察、美國偵察和機器人水平以及全球骨科水平，我們看到了連續的改善。這些都是非常有力的證據，證明供應和產品可用性、商業執行以及我們將所有不同部分連接在一起的能力的改善正在產生預期的效果。這就是我們所處位置的標題。我對我們所取得的進展感到滿意。

The softness in knees, which were offset by the greater-than-expected strength in hips, a couple of factors. First, we are going through a step to refocus our commercial organization to the higher volume accounts. I've said in previous settings that we've got a relatively long tail of accounts where we have surgeons use our products on an occasional basis with particular patient populations or what have you. While that's an important part of our business, we do want our commercial activities focused on driving key primary use of our kness or hip platforms. So that's some concerted effort there going on.

膝蓋的柔軟度被臀部超出預期的力量所抵消，這是幾個因素。首先，我們正在逐步將商業組織的重點重新轉向更大數量的帳戶。我以前曾說過，我們擁有相對較長的客戶群，其中外科醫生偶爾會針對特定患者群體使用我們的產品。雖然這是我們業務的重要組成部分，但我們確實希望我們的商業活動專注於推動我們的膝蓋或臀部平台的關鍵主要用途。所以這是正在進行的一些協同努力。

There's also some level of portfolio rationalization work that we're doing, and I've highlighted that in the past. So we've got three Knee families that are relevant in the US. We are trying to get that down to two Knee platforms, LEGION and JOURNEY. And there's work involved in having to transition surgeons and doing that.

我們也正在進行一定程度的投資組合合理化工作，我過去曾強調過這一點。因此，我們有三個與美國相關的 Knee 家族。我們正嘗試將其歸結為兩個 Knee 平台，即 LEGION 和 JOURNEY。並且也涉及外科醫生的過渡工作。

By and large, we're successful in retaining most of our customers when we go through that process, but not all, and that does have an impact on top line. But these actions actually get us to a better position as far as our US business is concerned from a margin standpoint.

總的來說，透過這個過程，我們成功留住了大多數客戶，但不是全部，這確實對收入產生了影響。但就我們的美國業務而言，從利潤率的角度來看，這些舉措實際上使我們處於更有利的地位。

And these steps do contribute on the back of all the other improvements we're making in the factory and in terms of inventory control for the margin step-up that John talked about. But what we also saw related to this was particularly in the end of the quarter that we saw some slowdown in terms of the number of procedures in our active base of surgeons. And that did contribute to the numbers that we see.

這些措施確實為我們在工廠和庫存控制方面所做的所有其他改進以及約翰談到的利潤率提升做出了貢獻。但我們也看到與此相關的情況，特別是在本季度末，我們發現我們活躍的外科醫生群體的手術數量有所放緩。這確實對我們看到的數字有所貢獻。

So with that, John, do you want to take the margin?

那麼，約翰，你想獲得保證金嗎？

Yes. Just to build on a little bit what we said, we saw the 230 bps of margin accretion in Orthopaedics in the first half, which was a reflection of those changes that Deepak just talked about. And that very much puts us on track to deliver the margin expansion that we set out last year for Orthopaedics. So we ended last year with just below 12%. And if we look forward to this year, we should end north of 14%.

是的。稍微補充一下我們所說的內容，我們看到上半年骨科的利潤率成長了 230 個基點，這反映了 Deepak 剛才談到的那些變化。這使我們有望實現去年為骨科製定的利潤擴張目標。因此，去年我們的成長率略低於 12%。如果我們展望今年，我們的成長率應該會超過 14%。

So a big step-up, a big improvement in margin for Orthopaedics. In terms of setting a little bit of color on the revenue guidance, I mean you're right to highlight that we did say that we would expect to see a step-up in Q3 given China annualizing, given the reversal of the impact of trading days. So in Q3, we've got level trading days year-on-year as opposed to two less in the first half. So we will expect to see a step-up in Q3.

因此，骨科的利潤率有了很大的提高和改善。在為收入指引設定一些色彩方面，我的意思是，您強調得對，我們確實說過，考慮到中國經濟的年化，考慮到交易日影響的逆轉，我們預計第三季度的收入將有所增長。因此，第三季的交易日與去年同期持平，而上半年則減少了兩天。因此我們預計第三季會出現成長。

That said, important to remind you that Q4 for us last year was a very strong quarter, particularly in the US. So we've got quite a tough comparator. So I would say that we're only six months of the way through the year. There continues to be significant uncertainty over macro and external conditions like tariffs, for example. So now is not the time to be changing our guidance.

話雖如此，但需要提醒您的是，去年第四季度對我們來說是一個非常強勁的季度，尤其是在美國。所以我們有一個相當嚴格的比較器。所以我想說，今年我們只度過了六個月。例如，關稅等宏觀和外部條件仍然存在很大的不確定性。所以現在不是改變我們指導方針的時候。

In terms of the margin phasing, again, we talked about bringing savings forward from half two into half one. And of course, those savings will repeat in half two. So that's an upside. At the same time, we've got the impact of tariffs, the $15 million to $20 million that we made reference to. And that will, of course, primarily hit us in the second half.

在保證金分階段方面，我們再次討論了將節省金額從第二部分提前到第一部分。當然，這些節省將在第二季再次出現。所以這是一個好處。同時，我們也受到了關稅的影響，我們提到的關稅金額為 1500 萬至 2000 萬美元。當然，這將主要對我們下半年產生影響。

So that broadly offsets that. And then also, we've got the US OUS mix in Q4 as well. Again, we had a very strong US in Q4 of last year. So again, at this stage, I would say now is not the time to be changing our guidance on margin, the 19% to 20% holds.

因此這在很大程度上抵消了這一點。此外，我們在第四季度也獲得了美國 OUS 組合。再次，去年第四季美國表現非常強勁。因此，我再說一次，在現階段，現在不是改變利潤率指引的時候，19% 到 20% 的指導仍然有效。

And we've said in the past that we expect it to be broadly center of that range. And actually, if you look at the bridge from half-two '24 to half-two '25, so I'll give you a little bit of color here. We'd expect cost inflation of around 1.9% or so. VBP on China will be about a drag of 80 bps or so. Remember, we said it was going to be 110 bps for the year.

我們過去曾說過，我們預計它會大致處於該範圍的中心。實際上，如果你看一下從 24 年半到 25 年半的橋樑，那麼我會在這裡給你一點顏色。我們預計成本通膨率約為 1.9% 左右。VBP對中國的拖累將達到約80個基點左右。記住，我們說過今年的利率將達到 110 個基點。

So that's averaging out half one, half two. We'd expect to see revenue leverage of around 200 bps or so and then operating savings of a similar amount to get us up to the circa 19% to 20% margin for the full year. So that gives you a little bit of color on the half-two bridge.

所以平均下來是一半一，一半二。我們預計營收槓桿率約為 200 個基點左右，然後營運節省金額也將達到類似水平，從而使全年利潤率達到約 19% 至 20%。這樣，二分之一橋就呈現出一點色彩了。

Richard?

理查德？

Richard Felton from Goldman Sachs. First one, just a follow-up on margin. John, can you remind us the drivers of the operating savings in H2? How well advanced are those programs? How much visibility do you have that, that is going to be achieved and fully derisked?

高盛的理查費爾頓。第一個，只是對保證金的後續關注。約翰，您能提醒我們下半年營運成本節省的驅動因素是什麼嗎？這些項目有多先進？您對於實現這一目標並完全消除風險的能見度有多高？

And then also, what elements of those operating savings are structural? And how should we think about that dynamic into FY26? That's the first one. The second one, just a follow-up on US Knees, Deepak.

那麼，這些營運節省的要素中哪些是結構性的呢？我們該如何看待 26 財年的這種動態？這是第一個。第二個，只是對 US Knees 的後續報導，Deepak。

You mentioned at the end of the quarter, a slightly softer procedure environment. Why do you think that happened? Why was that the case? And have you seen that continuing into Q3?

您提到，在本季末，程式環境會稍微寬鬆一些。您認為為什麼會發生這樣的事情？為什麼會這樣呢？您是否認為這種情況會持續到第三季？

Sure. I'll take the US Knees part. So this is in our base of customers, right? And it's hard to speculate.

當然。我將參加 US Knees 部分。所以這是我們的客戶群，對嗎？這很難推測。

We don't know the reasons really. I mean we can talk about vacation schedules because there's vacations every year on that time frame. So it's hard to really divide that. So it's hard to tell what drove that. What we can tell is there was a slowdown in our base.

我們確實不知道原因。我的意思是我們可以談論假期安排，因為每年那個時段都有假期。所以很難真正區分這一點。因此很難說清楚是什麼原因導致了這個現象。我們可以看出的是，我們的基地出現了放緩。

I've in the past, been somewhat loath to comment on market. We're in a period of performance recovery in the Orthopaedics business, where it's sometimes difficult to parse how much of something is you or us versus the market, right? We can do that in Wound. We can do that in Sports. I've been loath to comment on that.

過去，我一直不太願意對市場發表評論。我們正處於骨科業務的業績恢復期，有時很難分析出你或我們相對於市場的份額是多少，對嗎？我們可以在 Wound 中做到這一點。我們可以在體育運動中做到這一點。我一直不願對此發表評論。

Now we're in a better place actually, much better place even in Orthopaedics in the US than we were a year ago or two years ago. But having said that, what I do feel comfortable is talking about what's happening with our account base, right? And so -- but there seems to be, at least from what we can tell in our numbers, some slowdown related to vacations.

現在我們的狀況實際上已經好轉，甚至美國的骨科狀況也比一兩年前好得多。但話雖如此，我確實願意談論我們的帳戶基礎正在發生的事情，對嗎？所以——但至少從我們的數據來看，似乎存在著與假期相關的一些放緩。

Surgeon transitions was another factor. As surgeons were moving practices in some cases, from hospitals to ASC settings or across networks that did have an impact unless something within our base. What's encouraging for me is when I look at churn, you've heard me comment about that in the past, where through much of '23 and early '24, we were net unfavorable.

外科醫師的轉變是另一個因素。在某些情況下，外科醫生會將業務從醫院轉移到 ASC 環境或跨網絡，這確實會產生影響，除非我們的基地內有某種影響。令我感到鼓舞的是，當我看到客戶流失率時，你曾經聽過我過去對此發表的評論，在 23 年的大部分時間和 24 年初，我們的淨利潤都處於不利地位。

In other words, we lost more surgeons than we gained. For a variety of factors, retirements and those types of things were the large factor. And we had some competitive losses, too. But we also commented in the previous period that those have turned favorable starting in really the Q3, Q4 of 2024.

換句話說，我們失去的外科醫生比獲得的還多。由於多種因素，退休和諸如此類的事情是主要因素。而且我們也遭遇了一些競爭失敗。但我們在前一時期也評論說，從 2024 年第三季、第四季開始，這些情況已經變得有利。

And I'm pleased to report that, that trend has continued even into Q2, building off of Q1. So I feel good about the operational progress that we're making. And I do feel confident as we go through the second half of the year, we'll be at a different place. And again, I come back to, in the end, there's different ways to slice and dice this. But what I'm looking at, in addition, knees (inaudible), and we're looking at knees and hips separately as well.

我很高興地報告，這種趨勢在第一季的基礎上一直持續到第二季​​。因此，我對我們所取得的營運進展感到滿意。我確實有信心，隨著我們度過今年下半年，我們將處於一個不同的位置。我再次強調，最終還是要用不同的方法來解決這個問題。但此外，我還在觀察膝蓋（聽不清楚），我們還分別觀察膝蓋和臀部。

But in the aggregate, when you look at US Recon, we're seeing nice sequential improvement, and we are closing the gap to market. We'll see, of course, not all of our competitors reported in the quarter. But when we look at the trend, Q3 '24, Q4 '24, Q1 of '25, we are closing the gap at the US Recon level.

但總體而言，當你看美國偵察兵時，我們看到了良好的連續改善，並且我們正在縮小與市場的差距。當然，我們會看到，並非所有競爭對手都在本季發布了業績報告。但當我們觀察趨勢時，2024 年第三季、2024 年第四季、2025 年第一季度，我們與美國偵察兵水準的差距正在縮小。

And of course, outside the US, we've seen some strength now over the last couple of years. We've continued to maintain that. So overall, I feel good about where we're positioned.

當然，在美國以外，我們在過去幾年也看到了一些實力。我們一直堅持這一點。總的來說，我對我們的定位感到滿意。

So I'll hand it to you, John.

所以我會把它交給你，約翰。

So in terms of the savings and where they're coming from, again, I'd point you to the slide that we've got in the deck, which sets out, I hope quite clearly, they come from across the board. There's a big chunk clearly that come from manufacturing, procurement, but there's also warehousing and distribution, business support, sales and marketing. We're seeing savings across the entirety of our business.

因此，關於節省的資金及其來源，我再次向大家指出我們在簡報中的幻燈片，其中清楚地表明了這些資金來自各個方面。顯然，很大一部分來自製造、採購，但也有倉儲和配送、業務支援、銷售和行銷。我們看到整個業務都實現了節省。

We had 51 different programs, most of which are -- all of which are already in train and many of which are already complete. And so in terms of visibility of those savings, I feel pretty confident that we'll see that margin accretion come through in the second half, as we said, consistently before.

我們有 51 個不同的項目，其中大多數都已在進行中，許多項目已經完成。因此，就這些節省的可見性而言，我非常有信心，我們將在下半年看到利潤率的成長，正如我們之前所說的。

In terms of '26 and '27, again, point you to the chart, we should expect to see another $50 million to $100 million of savings flow through in '26 and '27 as a consequence of some of the changes we're making now as we see those flow through into future years. So again, we should see a little bit of support for margin improvement as we go into '26 and '27.

就 26 年和 27 年而言，請再次查看圖表，由於我們現在所做的某些改變，我們預計 26 年和 27 年將再有 5000 萬至 1 億美元的節省流入，並且這些節省將流向未來幾年。因此，當我們進入 26 年和 27 年時，我們應該會看到一些利潤率改善的支持。

It's Graham from UBS. Just two for me, please. On the Ortho inventory in terms of the lower cost inventory started to flow through post the site closures over the last 12, 18 months. Have we seen much of that yet? I think we always thought that would be like a H2 weighted story.

我是瑞銀的格雷厄姆。給我兩張就行。就 Ortho 庫存而言，在過去 12 至 18 個月內，低成本庫存在工廠關閉後開始流通。我們已經看到很多這樣的情況了嗎？我想我們一直認為這會是一個 H2 加權故事。

So it'd be interesting to get some color on that. And then just on tariffs. One of your peers appears to be able to not pay tariffs on Hips and Knees. So just to get your sense as to have you explored the Nairobi Treaty for that protocol? And is there anything to do there?

因此，了解這一點將會很有趣。然後只是關稅問題。您的一位同行似乎可以不支付“臀部和膝蓋”的關稅。那麼，您是否了解該議定書的《內羅畢條約》？那裡有什麼可做的嗎？

Graham. So in terms of inventory, you're right, we've previously called out that the big -- the accumulated benefits of all of the network optimization efforts we've done will fully manifest in the second half of the year. We remain on track to that. So that will be one of the key drivers of the continued margin step-up from where we are today into the back half of the year. But it's not like we haven't seen the impact of that already.

格雷厄姆。因此，就庫存而言，您說得對，我們之前已經指出，我們所做的所有網路優化工作的累積效益將在今年下半年充分體現。我們仍在朝著這個目標前進。因此，這將是利潤率從目前水準持續上升到下半年的關鍵驅動因素之一。但這並不意味著我們還沒有看到其影響。

So those have come over the period of time one at a time. And so mechanically, what happens is you close a site, obviously, there's upfront costs associated with the site closure. We'll typically build up some level of inventory as safety stock in terms of what we manufacture there. And then we transition that production to elsewhere within our network. So the impact of all of that will flow through and there's a time scale associated with it.

所以這些都是隨著時間的推移而逐漸實現的。因此從機械角度來說，關閉一個站點時，顯然會產生與站點關閉相關的前期成本。我們通常會針對在那裡生產的產品建立一定水準的庫存作為安全庫存。然後我們將生產轉移到我們網路內的其他地方。因此，所有這些影響都會持續下去，並且有一個相關的時間尺度。

What we're actually doing also in addition to that is as part of improving our product availability, which has twin objectives. One is to improve availability and actually reduce our inventory, right? And there, it's about how we connect supply and demand down to SKU levels. And we've been at this now since the start of the program. And there, we've made really, really good progress, in terms of being able to connect that at a much better level.

除此之外，我們實際上還在努力提高產品的可用性，這有雙重目標。一是提高可用性並實際減少我們的庫存，對嗎？這裡討論的是我們如何將供應和需求連接到 SKU 層級。自從該計劃開始以來，我們就一直在做這件事。就實現更高水準的連結而言，我們已經取得了非常非常好的進展。

Now there's still more work to be done. But when I compared to where we were in '22 versus this, it's a night and day thing. And that's part of what John talked about in terms of our inventory health being better. So he provided some stats around what our slow turning inventory has been doing. And in fact, when we started out, our mix wasn't great, right?

現在還有更多工作要做。但當我將 2022 年的情況與現在的情況進行比較時，我發現這簡直是天壤之別。這就是約翰談到的我們的庫存健康狀況變得更好的一部分。因此，他提供了一些有關我們的庫存週轉緩慢情況的統計數據。事實上，當我們剛開始時，我們的組合並不是很好，對吧？

We had too much of the stuff we don't need and not enough of the stuff we did need, right? And part of that is because in our business, Trauma is relatively higher proportion compared to Recon. Trauma has particularly high inventory requirements and are particularly slow turning in that. So some of that is related to it, right? But we have actually brought down the slow turning inventory levels significantly. So that is another contributor in terms of both inventory levels and days of inventory coming down.

我們擁有太多不需要的東西，而我們需要的東西卻不夠，對嗎？部分原因是，在我們的業務中，創傷所佔比例相對於偵察所佔比例較高。創傷對庫存的要求特別高，而且週轉速度特別慢。所以其中一些與此有關，對嗎？但我們實際上已大幅降低了周轉緩慢的庫存水準。因此，這是庫存水準和庫存天數下降的另一個因素。

And of course, the impact of that as it flows through the balance sheet and P&L is a bit more complex, right? There's inflation impacts that -- for which there are time scales associated with it.

當然，當它流經資產負債表和損益表時，其影響會更加複雜一些，對嗎？通貨膨脹會產生影響—並且與時間尺度有關。

The second thing is our capacity, manufacturing capacity. So we've taken down capacity, right? But we've navigated through much of this period with excess capacity. And that has obviously complicated impacts on both balance sheet and P&L. But all these put together, we are on track to delivering the margin expansion associated with this just as we said, and as you rightly call out, that was the second half of the year.

第二件事是我們的產能、製造能力。所以我們已經減少了容量，對嗎？但我們在產能過剩的情況下度過了這段時期的大部分時間。這顯然對資產負債表和損益表都有複雜的影響。但所有這些加在一起，我們正朝著實現與此相關的利潤擴張的方向前進，正如我們所說的那樣，正如您正確指出的那樣，那是今年下半年。

In terms of tariffs, obviously, we're looking at all different ways, including the one you mentioned as ways to mitigate. But as far as we can tell, based on our read of the situation, we're calling for a $15 million to $20 million impact. To remind you of our network, I think your question was more within Orthopaedics, referencing one of our competitors. For us, we've got two primary sites, well, three total, but it's Memphis, it's Malaysia, and we've got Switzerland.

在關稅方面，顯然我們正在考慮各種不同的方法，包括您提到的緩解方法。但據我們所知，根據我們對情況的了解，我們預計影響將達到 1500 萬至 2000 萬美元。為了提醒您我們的網絡，我認為您的問題更多的是在骨科領域，指的是我們的一個競爭對手。對我們來說，我們有兩個主要站點，總共三個，分別是孟菲斯、馬來西亞和瑞士。

And so on the one hand, because a significant part of our Orthopaedics production comes from Memphis, we're naturally hedged in that regard. But it's not 0. It's very much down to SKU level in terms of what comes from there. So there is actually impact, not to mention the impact of raw materials, the input feedstock that comes in from other places.

一方面，由於我們的骨科產品很大一部分來自孟菲斯，因此我們在這方面自然採取了對沖措施。但它不是 0。就來自那裡的東西而言，它很大程度上取決於 SKU 級別。因此，實際上存在影響，更不用說原材料和來自其他地方的輸入原料的影響。

So look, it's a very dynamic situation. It's hard to call out where things actually settle out. So we've got a Tiger team that's looking at this at the pace that you would expect companies like ours to look at. And we're keeping that situation under review.

所以看，這是一個非常動態的情況。很難說事情最終會如何解決。因此，我們有一個 Tiger 團隊，正在按照您期望像我們這樣的公司所採取的步伐來研究這個問題。我們正在持續審查這一情況。

Just to build on Deepak's point there. If you look at our manufacturing network, as it happens, the more of the tariff impact comes through for us on Wound and Sports and less on Ortho because most of our manufacturing is US-based for Ortho. So there's a little bit more of an impact in Wound and Sports than there is in Ortho.

只是為了進一步闡述 Deepak 的觀點。如果你看一下我們的製造網絡，你會發現，關稅對我們在傷口和運動方面的影響更大，而在 Ortho 方面的影響較小，因為我們的 Ortho 大部分製造都在美國。因此，傷口和運動方面的影響比正畸方面的影響更大。

I think, David, you had a question?

我想，大衛，你有一個問題嗎？

A couple from David Adlington at JP Morgan. Just on the buyback, John, given the strong cash flow in the first half, I just wondered how you're thinking about ending the year in terms of net debt to EBITDA? And then secondly, also good to see progress on the inventories. As you look into the medium term, where do you think you can get down to? And how much cash could that free up?

摩根大通 (JP Morgan) 的 David Adlington 夫婦。就回購而言，約翰，考慮到上半年強勁的現金流，我只是想知道您如何考慮以淨債務與 EBITDA 的比率結束今年的財年？其次，很高興看到庫存取得進展。展望中期，您認為可以達到什麼程度？這能釋出多少現金？

Do you want to take that, John?

你想接受這個嗎，約翰？

Yes. So on the buyback, notwithstanding the $500 million buyback in the second half, I'm still expecting us to exit the year below our 2x net debt-to-EBITDA target level. So giving us plenty of capacity for all of our growth ambitions, et cetera. So very strong cash flow, which is very positive.

是的。因此，在回購方面，儘管下半年回購了 5 億美元，我仍然預計今年的淨債務與 EBITDA 比率將低於 2 倍的目標水準。因此，這為我們實現所有成長目標等等提供了充足的能力。現金流非常強勁，這是非常積極的。

On the inventory side, obviously, we don't want to overly guide to what we're going to deliver in the future. But you've seen the direction of travel over '24 and 2025. And we would expect that improvement to continue. I think when it comes to Sports and Wound, we're now getting down to what would be pretty good industry levels.

在庫存方面，顯然，我們不想過度指導我們未來將要交付什麼。但您已經看到了 2024 年和 2025 年的旅行方向。我們預計這種改善將會持續下去。我認為，就運動和傷口而言，我們現在已經達到了相當不錯的行業水平。

I think the opportunity continues to exist in Ortho, and we've seen good improvement in the first half. We'd expect that to continue into the second half of this year and then further improvement in Ortho next year as well.

我認為 Ortho 仍然存在機會，而且我們在上半年已經看到了良好的進步。我們預計這種情況將持續到今年下半年，明年 Ortho 的情況也將進一步改善。

It's Sam England from Berenberg. So the first one, just in Hips, you called out the benefit from CATALYSTEM in Q2. How should we think about the market share gains you think this can drive, especially in the ASC channel given the focus on anterior surgery and how crowded is that space becoming now for anterior products?

我是來自貝倫貝格的 Sam England。因此，第一個問題，就在 Hips 中，您提到了 Q2 中 CATALYSTEM 的好處。您認為我們應該如何看待這可以推動的市場份額成長，特別是在 ASC 管道中，考慮到對前部手術的關注以及前部產品領域的競爭現在變得多麼激烈？

And then just looking at the other Recon business and the growth there that you called out was driven by Robotics. Can you just talk a bit about demand and placements for CORI in Q2? And I suppose, is more of the demand being driven by the hospital or ASC channel, just some sense for the split of demand between channels?

然後看看 Recon 的其他業務，您提到的成長是由機器人技術推動的。您能否談談第二季對 CORI 的需求和安排？我想，更多的需求是由醫院還是 ASC 管道推動的，這只是通路之間需求劃分的一種解釋？

Yes. So we're pleased with the uptake of CATALYSTEM. Obviously, not every one of our competitors have reported, but you've seen two report. We feel good about where we're positioned. The surgeon feedback on CATALYSTEM has been very, very good. And so we feel good about how we're positioned there and continuing to have traction across a range of settings, not only in ASCs, but also in hospitals, academic centers and community hospitals as well.

是的。因此，我們對 CATALYSTEM 的採用感到非常高興。顯然，我們的競爭對手並非都提交了報告，但您已經看到了兩份報告。我們對自己所處的位置感到滿意。外科醫生對 CATALYSTEM 的回饋非常非常好。因此，我們對自己在那裡的地位感到滿意，並繼續在一系列環境中發揮作用，不僅在 ASC，而且在醫院、學術中心和社區醫院。

So we feel good about its value proposition. As you know, the market over the last three or four years has gone through a fairly profound shift from a traditional approach into direct anterior approach. So we were among the later players, not the first players to come into that space, but we have a very compelling product offering in a segment that's rapidly growing. So feel good about the surgeon feedback and the resonance that we're getting across the range of settings.

因此我們對它的價值主張感到滿意。如你所知，過去三、四年來，市場經歷了相當深刻的轉變，從傳統方式轉變為直接前向方式。因此，我們是後來進入該領域的參與者之一，而不是第一批進入該領域的參與者，但我們在這個快速成長的領域中提供了非常引人注目的產品。因此，對於外科醫生的反饋以及我們在各種設置中獲得的共鳴感到滿意。

In terms of Robotics, what I'm looking at -- what we're looking at is not just placements, right? We could be executing a place first strategy. What we're looking at is both placements and utilization. And we're seeing very nice uptake. In other words, where we place, we've got surgeon champions that are using that integrated into their routine practice, which is really the true measure of what we're trying to do.

就機器人技術而言，我所關注的——我們所關注的不僅僅是位置，對嗎？我們可以實施地點優先戰略。我們所關注的是位置和利用率。我們看到了非常好的接受度。換句話說，在我們所處的位置，我們擁有外科醫生冠軍，他們將其融入日常實踐中，這才是我們努力的真正衡量標準。

We're also looking at whether it's driving competitive conversions. So we're using that primarily to retain our existing customer base, both of which are important. So there's multiple things we're looking at around CORI, placements just being one of many factors.

我們也在研究它是否能推動競爭轉換。因此，我們主要利用這一點來保留現有的客戶群，這兩者都很重要。因此，我們正在關注 CORI 的多個方面，而安置只是眾多因素之一。

And continue to be pleased with the progress there. We're looking at how we do an ASC channel as well as in teaching institutions where historically, we've skipped a beat or two. And so the progress we're making on both of those is very, very encouraging for me. So overall, very pleased with how CORI is doing across channels, and the type of utilization that's getting and maybe where we replace them.

並繼續對那裡的進展感到高興。我們正在研究如何開展 ASC 頻道以及教學機構，從歷史上看，我們已經跳過了一兩個節拍。因此，我們在這兩方面取得的進展對我來說非常非常令人鼓舞。因此，總體而言，我們對 CORI 在各個管道的表現、其利用類型以及我們可能取代它們的地方感到非常滿意。

And just again, just to build on Deepak's comments there. We're not going to split out, obviously, numbers that go into the channel, but it's fair to say that in the second quarter, we certainly over-indexed in ASCs in terms of the proportion of our CORI placements that went into ASCs in the second quarter, which I think is really encouraging. We said before, we think that CORI in terms of its form factor, in terms of size and its footprint and also its capital cost being significantly lower than the competition, actually puts it in a very strong position, particularly in the ASC channel. And we're starting to see that come through in terms of the number of placements we're putting into that channel.

再次強調，我只是想基於 Deepak 的評論。顯然，我們不會分拆出進入通路的數字，但公平地說，在第二季度，就我們在第二季度進入 ASC 的 CORI 配售比例而言，我們在 ASC 中的指數肯定過高，我認為這確實令人鼓舞。我們之前說過，我們認為 CORI 的外形尺寸、尺寸和占地面積以及資本成本都明顯低於競爭對手，這實際上使其處於非常有利的地位，特別是在 ASC 通路中。從我們在該頻道投放的廣告數量來看，我們開始看到這一點。

Should we turn to the phone.

我們該打電話嗎？

(Operator Instructions) Veronika Dubajova, Citi.

（操作員說明）Veronika Dubajova，花旗銀行。

Hope you can hear me okay. I have three, please. First one is just Joint Repair. Again, another impressive quarter for you guys with double-digit growth, excluding China. Just curious, Deepak, if you could touch upon the drivers that are enabling you to deliver that growth and how sustainable you think that is not just into the back half of this year, but also as we think about 2026?

希望你能聽到我的聲音。我有三份，謝謝。第一個就是關節修復。再次，對你們來說，這又是一個令人印象深刻的季度，除中國外，實現了兩位數的成長。我只是好奇，迪帕克，您能否談談推動您實現這種增長的驅動因素，以及您認為這種增長的可持續性如何，不僅是到今年下半年，而且到 2026 年也是如此？

My second question is just maybe if you can elaborate a little bit on the skin substitute exposure that you have and the risks that you might see there from the new proposal and maybe just give us a flavor for where your current pricing stands relative to the $125 that's been proposed by CMS. And then my final question is around the buyback. And just to what extent do you feel this year is giving us a good indication for your ongoing recurring future capacity to return cash to shareholders?

我的第二個問題是，您是否可以詳細說明您所面臨的皮膚替代品風險以及新提案中可能存在的風險，並讓我們了解一下您目前的定價相對於 CMS 提出的 125 美元的水平如何。我的最後一個問題是關於回購的。您認為今年在多大程度上可以為我們提供有關未來持續向股東返還現金的能力的良好跡象？

Sure. So in terms of Joint Repair growth, we take China out of it, as we've indicated multiple times, we will annualize the impact of Joint Repair VBP as we head into Q3. But when you look at our performance across all other regions, very, very nice double-digit growth. The key drivers are Q-FIX and what we've done with that and REGENETEN. And REGENETEN, it's increasing adoption within rotator cuff, which was our lead indication.

當然。因此，就聯合修復成長而言，我們將中國排除在外，正如我們多次指出的那樣，我們將在進入第三季時將聯合修復 VBP 的影響年度化。但當你看看我們在所有其他地區的表現時，你會發現我們實現了非常非常好的兩位數成長。關鍵驅動因素是 Q-FIX 以及我們對其和 REGENETEN 所做的工作。REGENETEN 在肩袖療程的應用​​越來越廣泛，這是我們的主要適應症。

But as we expand indications into the Achilles in particular, we're seeing a bigger proportion of REGENETEN use -- not big a proportion but increasing proportion within the Achilles as well. And of course, we're not stopping there. Hips is another area that we're going after. So very nice uptake of REGENETEN, we expect it to be a platform technology. So we're starting to see its utilization across different joints. So Q-FIX, REGENETEN key drivers of Joint Repair growth everywhere outside of China.

但是，隨著我們將適應症擴展到跟腱部位，我們看到 REGENETEN 的使用比例越來越大——雖然比例不大，但在跟腱部位的比例也在增加。當然，我們不會就此止步。臀部是我們正在追求的另一個領域。REGENETEN 的採用率非常高，我們預計它會成為一種平台技術。因此我們開始看到它在不同關節中的應用。因此，Q-FIX、REGENETEN 是中國以外地區關節修復成長的主要驅動力。

In terms of skin subs, look, it will be a net headwind, both from a revenue and profit standpoint for our Wound business. Fundamentally, obviously, there's the pricing that you mentioned. But in addition to that, there was no products got taken off the market as a result of this. So how practice patterns change as a result of that does remain to be seen.

就皮膚替代品而言，無論從收入或利潤的角度來看，這都會對我們的傷口業務產生淨阻力。從根本上來說，顯然存在您提到的定價問題。但除此之外，並沒有產品因此被撤出市場。因此，實踐模式將如何改變仍有待觀察。

But relative to a previous version of this where on the back of expected clinical evidence, there'll be fewer players in the market at lower price point with some limits on adoption was for us. We had characterized it as a net neutral thing for us as we pivot into this regime, which, of course, hasn't been finalized, it would be a net headwind.

但相對於先前的版本，在預期的臨床證據的支持下，市場上的參與者會更少，價格也會更低，而且我們的採用也會受到一些限制。當我們轉向這個制度時，我們將其描述為一種淨中性事物，當然，這還沒有最終確定，這將是一個淨逆風。

Obviously, for the year, we've taken this into account in our guide and made some remarks and John did as well. So we feel good about our ability to navigate through this headwind for 2025. And of course, as to 2026, as we look in the year, we're not going to guide to that quite yet. Now it's not the moment to do so. But let's just say that we're active participants in it.

顯然，對於今年，我們已經在指南中考慮到了這一點並做了一些評論，約翰也這樣做了。因此，我們對自己在 2025 年克服這逆風的能力充滿信心。當然，至於 2026 年，當我們展望這一年時，我們暫時還不會對此做出預測。現在還不是這麼做的時候。但我們可以說我們是其中的積極參與者。

We remain committed to bringing forward products that have strong clinical evidence back in. And in terms of what we're going to do, we're going to stick to what we think will be the right way to develop products that are substantiated with clinical evidence, and we'll see how things evolve from there.

我們將繼續致力於推出具有強有力臨床證據的產品。就我們要做的事情而言，我們將堅持我們認為正確的方法來開發有臨床證據證實的產品，然後觀察事情如何發展。

In terms of buyback, do you want to take that, John?

就回購而言，約翰，你想接受嗎？

Yes, I'll cover that. Again, just to make very clear, I'll draw your attention to the capital allocation policy, which is very clearly set out. So first and foremost, we want to be able to invest in our organic growth. That's absolutely clear. That's one of our key objectives is to drive the growth of our business forward.

是的，我會講到這一點。再次強調，為了更清楚地說明，我會提請大家注意資本配置政策，該政策已經非常明確地列出。因此，首先，我們希望能夠投資於我們的有機成長。這非常清楚。這是我們的主要目標之一，即推動業務向前發展。

Secondly, we want to be able to acquire businesses that are complementary to our portfolio that will assist in driving growth. Thirdly, we've got to pay a dividend. And then if there's anything left over from that, then, of course, we have the option of paying a share buyback or doing another share buyback.

其次，我們希望能夠收購與我們的投資組合互補的企業，以促進成長。第三，我們必須支付股利。然後，如果還有剩餘，那麼，當然，我們可以選擇支付股票回購或進行另一次股票回購。

But I want to make it very clear that, that is the last option and that the primary focus is driving our top line growth, investing in our business through organic growth and acquisitions and obviously paying a dividend. And then as the last element of the capital allocation, share buyback. So we were able to make the share buyback in the second half of this year of $500 million. As I said earlier on, we will expect to still end the year below our target leverage ratio and with all the capacity that we need to drive our top line growth.

但我想非常明確地指出，這是最後的選擇，主要重點是推動我們的營收成長，透過有機成長和收購投資我們的業務，並顯然支付股息。然後，作為資本配置的最後一個要素，股票回購。因此，我們能夠在今年下半年回購 5 億美元的股票。正如我之前所說，我們預計今年年底的槓桿率仍將低於我們的目標，但我們將擁有推動營收成長所需的全部產能。

Hassan Al-Wakeel, Barclays.

巴克萊銀行的 Hassan Al-Wakeel。

I have three, please. Firstly, Deepak, if I can follow up on your comment on slowing procedures amongst more active surgeons in Knees. I wonder if you're seeing this beyond Knees. And separately, any color on the weaker OUS Hip performance and any key challenges faced here. And I guess, combined, what are your expectations here and in US Knees in the second half?

我有三份，謝謝。首先，迪帕克，我是否可以跟進您關於在更活躍的膝蓋外科醫生中減慢手術速度的評論。我想知道你是否看到了 Knees 之外的這一現象。另外，對於較弱的 OUS Hip 表現有何評論以及這裡面臨的任何關鍵挑戰？我想，綜合起來，您對這裡以及 US Knees 下半年的期望是什麼？

And then secondly, if I can follow up on Skin subs. Was the stronger growth in the quarter supported by any physician behavior changes due to the LCD? And then on the proposed reimbursement, I appreciate behavior can change as can volumes. But what is the impact from the lower price in isolation? And what is your exposure to the hospital inpatient channel?

其次，我是否可以跟進 Skin subs。本季更強勁的成長是否得益於 LCD 導致的醫生行為變化？然後，關於擬議的報銷，我知道行為可以改變，數量也可以改變。但單獨來看，較低的價格會產生什麼影響呢？您對醫院住院管道的曝光情況如何？

And what are the mitigating actions that you could take? And then finally, how are you thinking about the pipeline of potential bolt-on deals, particularly as we look into next year given the buyback announced for this year?

您可以採取哪些緩解措施？最後，您如何看待潛在的附加交易管道，特別是考慮到我們今年宣布的回購計劃，展望明年？

Okay. So what we've seen in terms of procedure slowdown was really in Knees and Hips. And medically, a different level of, I would say, urgency around knee placements versus hip replacements, as you know. So what we've seen in our active base was really more around knees compared to hips. And so that's that.

好的。因此，我們看到的手術速度減慢實際上是在膝蓋和臀部方面。從醫學角度來說，我想說，膝關節置換術和髖關節置換術的緊迫性是不同的，正如你所知。因此，我們在現役基地看到的實際上是膝蓋周圍比臀部周圍更多。就是這樣。

In terms of hips OUS, there's a China factor or an ex-China factor OUS. There's a little bit in Japan, for example, that we're looking at. But overall, OUS orthopaedics performance remains an area of strength. So we continue to perform well commercially and although there's quarterly volatility, primarily around timing of distributor orders and things, we feel good about how we're positioned OUS very large. But there are individual markets where there may be something from one quarter to the next.

就 HIPs OUS 而言，存在中國因素或非中國因素 OUS。例如，我們正在關注日本的一些情況。但總體而言，OUS 骨科表現仍是其優​​勢領域。因此，我們在商業上繼續表現良好，儘管存在季度波動，主要是圍繞分銷商訂單的時間和其他因素，但我們對 OUS 的定位感到非常滿意。但在某些個別市場，不同季度之間可能會出現一些變化。

In terms of Skin subs, in terms of physician behavior changes in response to pricing, we did see some of that, but it was not to the extent that, that was the dominant factor driving our performance there. Now we have not previously split out how much of our business is Skin subs. But I'll just say it's material, but in the realm of -- from a group impact standpoint, I expect that with pricing changes here, we'll be able to navigate through this. So I guess, rather than get into breaking out the impact of Skin subs, I'll just leave it at that.

就皮膚訂閱而言，就醫生因定價而發生的行為變化而言，我們確實看到了一些這種情況，但這並不是推動我們業績的主要因素。現在我們還沒有分清楚我們的業務中有多少是 Skin subs。但我只想說這很重要，但從集團影響的角度來看，我預計隨著價格的變化，我們將能夠解決這個問題。所以我想，我不會深入探討 Skin subs 的影響，我只是就此打住。

In terms of proportion of utilization in hospital versus physician office, it's about 25% of -- sorry, 40% of use is in the physician office compared to the hospital. In terms of our own activities, we've always had a strong presence on the hospital side, which we continue to maintain. And in terms of development of products, we continue to be focused on not just coming up with the next version of skin subs, but also investing behind the development of clinical evidence. And that will remain the case as we go into next year and beyond. So skin subs.

就醫院與醫生辦公室的使用率比例而言，大約為 25%——抱歉，與醫院相比，醫生辦公室的使用率是 40%。就我們自己的活動而言，我們在醫院方面一直佔有重要地位，並且我們將繼續保持這種狀態。在產品開發方面，我們不僅將繼續專注於推出下一代皮膚替代品，而且還將投資於臨床證據的開發。進入明年及以後，這種情況仍將持續。所以皮膚替代品。

And in terms of acquisitions, as John mentioned, a key priority is to drive growth, top line. And at the level of buyback that we've announced, we are not going to be limited in terms of the type of bolt-on acquisitions that we're going to be able to do as a result of it. So we feel good about the opportunity set in front of us and the ability to execute on that. Bolt-on M&A or M&A in general is a key part of value creation in MedTech. We have an active corporate development team that's well plugged into the ecosystem, and we've got a pipeline that we feel good about.

就收購而言，正如約翰所提到的，首要任務是推動成長和營收成長。在我們宣布的回購水準上，我們不會受到由此能夠進行的附加收購類型的限制。因此，我們對擺在我們面前的機會以及把握機會的能力感到滿意。附加併購或一般併購是醫療科技領域價值創造的關鍵部分。我們擁有一支活躍的企業開發團隊，他們很好地融入了生態系統，並且我們擁有一條令我們感到滿意的管道。

And we don't feel constrained in our ability to do those bolt-on M&A even with the announced buyback.

即使宣布回購，我們也不覺得進行這些附加併購的能力受到限制。

Yes. And just to add some color to your question on Hips, Hassan. Just looking at the numbers for the second quarter, we were actually up on an average daily sales basis. Globally, we were up around 5% for Q2. And actually, if you look at ex China, we were up 7.5%.

是的。哈桑，我只是想為你關於 Hips 的問題添加一些色彩。僅從第二季的數據來看，我們的平均日銷售額實際上是上升的。從全球來看，我們第二季的銷售額成長了約 5%。實際上，如果你看中國以外的地區，我們的股價上漲了 7.5%。

So you're right to highlight the OUS growth was pretty flat in the second quarter. But to Deepak's point, we expect that to significantly step-up in the OUS numbers, significantly step up in the second half as some of the impacts on China start to reverse. And we should see a pretty strong half two on our Hips ADS growth on OUS basis.

因此，您正確地強調了第二季 OUS 的成長相當平穩。但正如 Deepak 所說，我們預計，隨著對中國的部分影響開始逆轉，OUS 數據將在下半年大幅上升。我們應該會看到，基於 OUS 基礎的 Hips ADS 成長在第二季出現相當強勁的勢頭。

Robert Davies, Morgan Stanley.

摩根士丹利的羅伯特戴維斯。

I have three. First one was just how you're thinking about the strategic position within Ortho, I guess, within the context of both the 12-Point Plan and within the context of -- you mentioned the constructive discussions with the activist. Maybe just provide us a little more color on that. The second question was around the trajectory for margins beyond 2025 and whether the savings plans that you've laid out has changed your views over the midterm profitability targets of the company?

我有三個。首先，我想，您是如何看待 Ortho 內部的戰略地位的，是在 12 點計劃的背景下，還是在您提到與活動家進行的建設性討論的背景下。也許只是為我們提供更多有關這方面的詳細資訊。第二個問題是關於 2025 年以後利潤率的走勢，以及您制定的節省計畫是否改變了您對公司中期獲利目標的看法？

And then the final one was just around the sustainability of growth, I guess, and just getting a little more color on the future pipeline. You've obviously made a lot of comments over the last couple of years around the products you brought to market. I just wondered if you could provide some color around the pipeline looking forward over the next couple of years. Anything meaningful to look out for?

我想，最後一個問題是關於成長的可持續性，以及對未來管道的更多闡述。顯然，過去幾年來，您針對您推向市場的產品發表了很多評論。我只是想知道您是否可以提供一些有關未來幾年管道前景的資訊。有什麼值得關注的有意義的事嗎？

Yes, sure. So with Orthopaedics -- look, we're a portfolio company as many other MedTech companies are. And in terms of Orthopaedics, what we've said a number of times is, as we look dispassionately at all different ways in which we can drive shareholder value, far and away, the best opportunity is to get Orthopaedics functioning as it has the potential to do and as it once did within our portfolio. And as I've detailed in this quarter and its previous presentations, we're making really good progress in our ability to do that.

是的，當然。因此，對骨科來說——你看，我們和許多其他醫療科技公司一樣，都是一家投資組合公司。就骨科業務而言，我們曾多次表示，當我們冷靜地審視能夠推動股東價值成長的所有不同方式時，最好的機會就是讓骨科業務充分發揮其潛力，就像它曾經在我們的投資組合中發揮的作用一樣。正如我在本季度和之前的演示中所詳述的那樣，我們在這方面的能力正在取得非常好的進展。

And there's a number of elements associated with it in terms of product availability, the way we connect supply and demand, our commercial execution, which itself has multiple pieces around people, process, how we manage the business. On every one of those fronts, we've made tremendous progress. So when I take a step back and look at all the things we could be doing, driving performance improvement along the dimensions that I've outlined is by far the best thing we can do for shareholders at this point.

在產品可用性、我們連結供需的方式、我們的商業執行方面，有許多與之相關的因素，而商業執行本身又涉及人員、流程、我們如何管理業務等多個部分。在每一個方面，我們都取得了巨大的進步。因此，當我退一步審視我們可以做的所有事情時，我發現，按照我所概述的維度推動業績改進是目前為止我們能為股東做的最好的事情。

And we are well on a path to doing that. And I do believe we get it to where this business can perform in its ability to deliver great returns, whether it's in terms of revenue growth contributor, contributor in terms of margin expansion, which, as John mentioned earlier, we're on track to go to about 14% margin this year, which is more than 200 bps.

我們正在順利地實現這一目標。我確實相信，我們能夠讓這項業務發揮出帶來豐厚回報的能力，無論是在收入成長方面，還是在利潤率擴張方面，正如約翰之前提到的，我們今年的利潤率有望達到 14% 左右，即超過 200 個基點。

As we look ahead, that journey will continue. 14% is not the endpoint, but it's a waypoint along the journey. So as we look ahead, we expect it to do its part in driving growth, importantly, driving margin expansion as we get it back to levels at which we were a number of years ago.

展望未來，這段旅程仍將持續。 14% 不是終點，而是旅程中的一個路標。因此，展望未來，我們預計它將在推動成長方面發揮其作用，重要的是，推動利潤率擴大，因為我們將回到幾年前的水平。

And importantly, as we move into a position where it starts to deliver excess return ahead of its -- on cost of capital. So we have all of those opportunities in front of us in Orthopaedics. I think we've, with Q2 delivered yet another proof point on our journey there, but we've got more to do in the balance of 2026 and then, of course, as we look into the future.

重要的是，當我們進入一個開始提供超過其資本成本的超額回報的位置時。因此，我們在骨科領域面臨著所有這些機會。我認為，第二季我們在這方面又提供了另一個證明點，但在 2026 年以及展望未來時，我們還有更多的工作要做。

And that brings me to the second question that you have around continued margin expansion. We have said that the target for '25, which is 19% to 20%, that's not an endpoint. It is a punctuation, but we expect to continue to improve beyond that. In particular, Orthopaedics margins, we expect to continue to expand as we go into 2026. The right time for us to be talking about what we expect to do would be on the back of full year 2026 results so that you can judge how we did on the three-year transformation program, where we're positioned and what makes sense in terms of reasonable midterm targets.

這讓我想到了您關於利潤率持續擴大的第二個問題。我們已經說過，25 年的目標是 19% 到 20%，這不是終點。這是一個標點，但我們希望繼續改進。特別是骨科的利潤率，我們預計到 2026 年將繼續擴大。我們討論預期要做什麼的最佳時機是在 2026 年全年業績的基礎上，這樣您就可以判斷我們在三年轉型計劃中的表現如何、我們的定位如何以及合理的中期目標是否合理。

So we'll come out and do that. As a prequel to it, in our Capital Market Day, we'll detail out what we see as the key growth drivers. I'll take the mystery out of it. We are an innovation-driven company. We've said 3/4 of our growth in H1 was from products launched in the past five years.

所以我們會出來做這件事。作為其前傳，在我們的資本市場日，我們將詳細介紹我們所認為的關鍵成長動力。我要揭開其中的神秘面紗。我們是一家創新驅動的公司。我們說過，上半年 3/4 的成長來自於過去五年推出的產品。

And we've commented on that periodically. Full year 2024, that number was about 50%, in 2023, that number was about a little over 50%, I think we might have said 60%. So we've had a good track record of bringing forward innovations. We're not always first to market, but what we bring forward, and if you look at our greatest hits wheel, if you will, we're actually punching above our weight class in terms of the type of innovations we bring forward.

我們會定期對此發表評論。2024 年全年，這個數字約為 50%，2023 年，這個數字約為 50% 多一點，我想我們可能會說是 60%。因此，我們在推動創新方面有著良好的記錄。我們並不總是第一個進入市場，但我們所推出的產品，如果你看一下我們最成功的產品，你會發現，就我們推出的創新類型而言，我們實際上已經超越了我們的重量級。

And as an organization, we're very, very committed to maintaining our levels of investment within R&D. That will be one of the key drivers of growth. So going forward, we expect to build off of where we hope to exit in 2025 in terms of further margin progression, but we'll detail that out at the right time. In terms of sustainability of growth, we've gone from being a low single-digit growth company into a mid-single-digit growth company during this transformation period. I think at this point, we've given you enough proof points in terms of our ability to do that.

作為一個組織，我們非常致力於維持在研發方面的投資水準。這將成為成長的主要動力之一。因此，展望未來，我們預計將在 2025 年的基礎上進一步提高利潤率，但我們將在適當的時候詳細說明這一點。從成長永續性來看，在這段轉型時期，我們已經從一家低個位數成長的公司轉變為中個位數成長的公司。我認為，就這一點而言，我們已經為您提供了足夠的證據來證明我們有能力做到這一點。

So the next chapter will be to build off of where we've come, right? So here, I'll leave this a little bit of a mystery, so you can come to the Capital Market Day and see what those drivers are. And then of course, with the full year, we'll give you that in more detail.

所以下一章將會以我們已經取得的進展為基礎，對嗎？所以在這裡，我將保留一點神秘感，以便您可以參加資本市場日並了解這些驅動因素是什麼。當然，對於全年而言，我們會為您提供更詳細的資訊。

And just to comment on the margin trajectory. As always, there's a lot of moving parts on margin. As Deepak highlighted, we've got the positives in terms of the additional savings coming through, and I talked about $50 million to $100 million at least coming through in '26 and '27. We've got the positives in terms of the continued progression on the Orthopaedics margin, as Deepak says, 14% is not our end game. We expect to continue to improve that over time.

僅對利潤軌跡進行評論。像往常一樣，保證金方面有很多變動因素。正如迪帕克 (Deepak) 所強調的那樣，我們在額外節省方面取得了積極的進展，我說過 26 年和 27 年至少會有 5000 萬到 1 億美元的節省。就骨科利潤的持續進步而言，我們取得了積極的成果，正如 Deepak 所說，14% 並不是我們的最終目標。我們希望隨著時間的推移，這種情況能夠不斷改善。

At the same time, of course, we've got to offset the challenges of tariffs coming in, in '26 and also, of course, the impact of Skin subs. So there's always lots of moving parts, but we hope to set out at the Capital Markets Day clear direction of travel as to where we expect things to go forward and also, obviously, at the prelims in February of next year, provide very clear guidance as to what we expect to happen in 2026.

當然，同時，我們必須抵銷 26 年關稅帶來的挑戰，當然還有 Skin subs 的影響。因此，總是有很多活動的部分，但我們希望在資本市場日上明確指出我們預期事態發展的方向，並且顯然在明年 2 月的初步會議上，對我們預期 2026 年將發生的事情提供非常明確的指導。

Yes. Just a quick build on what you said, John, in terms of sustainability of both growth and margin. Part of being a portfolio company is being able to go through all these different factors and offset these things to deliver more consistent top-line growth and margin expansion. That's part of being a portfolio company. But another thing that I'll accentuate here is in terms of sustainability.

是的。約翰，我簡單回顧一下你所說的關於成長和利潤可持續性的問題。作為一家投資組合公司，其職責之一就是能夠克服所有這些不同的因素，並抵消這些因素的影響，從而實現更穩定的營收成長和利潤率擴張。這是投資組合公司的一部分。但我在這裡要強調的另一件事是永續性。

When you look at how Q2 turned out, the growth came from all regions and all of our businesses. And that's been a theme that if you go back and look at our messaging over previous quarters, that is something that's been true actually for a number of quarters now.

從第二季的結果來看，成長來自所有地區和所有業務。這是一個主題，如果你回顧我們前幾季的信息，你會發現這實際上已經持續了好幾個季度了。

So it's not just coming from one particular part of our business, but the growth has been relatively broad-based. And that you should take as another encouraging sign in terms of the sustainability of growth as we move out of this period of transformation or turnaround into more new and improved Smith & Nephew.

因此，成長不僅來自我們業務的某個特定部分，而是相對廣泛的。當我們走出這一轉型期或轉折期，進入更全新和完善的施樂輝公司時，您應該將此視為成長永續性的另一個令人鼓舞的跡象。

Kane Slutzkin, Deutsche Bank.

德意志銀行的凱恩‧斯盧茨金 (Kane Slutzkin)。

Just quickly on US Recon, you're obviously still targeting the market growth rates by end of year, I would assume. I'm just wondering if anything has changed in your thinking there in terms of how you get there given the softer US Knees, but stronger Hips? And then just secondly, you obviously mentioned you're in the final year of the transformation.

關於 US Recon，我想您顯然仍以年底的市場成長率為目標。我只是想知道，考慮到美國人的膝蓋較軟，臀部較強，您對於如何實現這一目標的想法是否發生了變化？其次，您顯然提到了您正處於轉型的最後一年。

You're making good progress against this plan. Without being too sensational, I'm just wondering with the Sapient stake slowly building, could you just provide us with any confirmation or details of the nature of any discussions you've had with them, what their influence has been to date, if at all? And I guess, just how active have they been?

你正在按照這個計劃取得良好的進展。我不想太聳人聽聞，我只是想知道，隨著 Sapient 股份的緩慢增加，您能否向我們提供任何確認或與他們進行過的任何討論的性質的詳細信息，以及他們迄今為止的影響是什麼？我猜，他們到底有多活躍？

Sure. In terms of what we're targeting, as we've said before, getting to market growth in US Recon remains a goal. Ideally, we would like to do that with all parts of our business working, right? So in other words, we want to continue to show progress in Knees and progress in Hips, right?

當然。就我們的目標而言，正如我們之前所說，實現美國偵察市場的成長仍然是我們的目標。理想情況下，我們希望業務的所有部分都能正常運轉，對嗎？換句話說，我們希望繼續展現膝蓋和臀部的進步，對嗎？

But obviously, there's multiple ways we could get there. In Q2, we had -- not overperformance, great performance in Hips that offsets a somewhat softer performance in Knees, right?

但顯然，我們可以透過多種方式實現這一目標。在第二季度，我們的表現並沒有超出預期，臀部的出色表現抵消了膝蓋表現的略微疲軟，對嗎？

So we expect to build on both of those things as we go into Q3, Q4, but the objective is at the US Recon level to exit market. So it could be a different shape, but that remains the goal.

因此，我們期望在進入第三季和第四季時在這兩方面取得進展，但目標是退出美國偵察等級的市場。因此它可能有不同的形狀，但這仍然是目標。

In terms of Sapient, as you know, our position has always been we maintain open dialogue with all of our shareholders. We spend a considerable amount of time, John and I do, engaging with our shareholders in an open and constructive way. And so we have done that with Sapient as well. The conversations so far have been quite deep, quite meaningful and constructive, and we expect to maintain that as we move forward as well.

就 Sapient 而言，如您所知，我們的立場一直是與所有股東保持公開對話。我們，約翰和我，花了大量的時間，以開放和建設性的方式與我們的股東接觸。我們也對 Sapient 實施了同樣的措施。到目前為止的對話非常深入、有意義且富有建設性，我們希望在未來的談判中繼續保持這種勢頭。

Dylan van Haaften, Stifel.

迪倫·範·哈夫滕 (Dylan van Haaften)，Stifel。

So just one clarification at the end for me. Baked into your tariff guide, are you using the Nairobi protocol for any of the, let's say, non-US for US business? And I'll stop there.

所以最後我只需要澄清一點。在您的關稅指南中，您是否對任何非美國企業使用《內羅畢議定書》？我就講到這裡。

The short answer is no, not at this time.

簡短的回答是，目前還沒有。

We currently have no further questions. So I'd like to hand back to the management team for any final remarks.

目前我們沒有其他問題。因此，我想將最後的發言權交還給管理團隊。

Great. Thank you very much for your questions. As we said, we're very encouraged by where we are in Q2 and remain confident in our ability to deliver within the guidance that we've set out. So thank you for your attention today.

偉大的。非常感謝您的提問。正如我們所說，我們對第二季的業績感到非常鼓舞，並且對我們實現既定目標的能力充滿信心。感謝您今天的關注。