Smith & Nephew PLC (SNN) 2025 Q4 法說會逐字稿

Good morning. Welcome to the Smith and Nephew Q4 in full year '25 results presentation. I'm Deepak Nath. I'm the Chief Executive Officer and joining me is John Rogers, our CFO. I'm pleased to report a strong finish to 2025, delivering results at the high end of our guidance on revenue growth, margin, and free cash flow.

早安.歡迎參加史密斯和內普公司2025年第四季全年業績發表會。我是迪帕克·納特。我是首席執行官，和我一起的是我們的財務長約翰·羅傑斯。我很高興地宣布，2025 年將取得強勁的收官業績，營收成長、利潤率和自由現金流都達到我們預期的高端水平。

For the full year, underlying revenue growth of 5.3%, and importantly, all three of our business units grew by over 5%. Sports medicine and ENT and in particular joint repair within that had another strong year. And in orthopedics, we saw meaningful progress.

全年基本收入成長 5.3%，更重要的是，我們所有三個業務部門的成長均超過 5%。運動醫學和耳鼻喉科，特別是其中的關節修復領域，又迎來了強勁的一年。在骨科領域，我們看到了顯著的進步。

You know US recon business, particularly hips and in trauma, or there's more work to do in US knees or O US business, knees business has remained strong throughout the year.

你知道美國重建業務，特別是髖關節和創傷方面的業務，或者說美國膝關節業務還有更多工作要做，膝關節業務全年都保持強勁勢頭。

So we had a record year of core placements globally and saw continued growth in adoption and utilization of our robot. Advanced wound management also had a good performance in 2025 driven by growth in AWD and bioactives.

因此，我們在全球範圍內的核心設備部署數量創下了歷史新高，並且我們的機器人的採用和利用率也持續增長。2025 年，在 AWD 和生物活性物質的成長推動下，先進傷口管理也取得了良好的表現。

Innovation remains central to our strategy, with over 60% of our growth in 2025 came from products we've launched in the last five years, and innovations in all three business units delivered double-digit growth for the year, including [Qfix, Regenetin, Fast Seal, Legion Consolock, Catalyst Stem, Evos, ATOs, Pico, and Leaf].

創新仍然是我們策略的核心，2025年我們超過60%的成長來自過去五年推出的產品，所有三個業務部門的創新都實現了兩位數的成長，其中包括[Qfix、Regenetin、Fast Seal、Legion Consolock、Catalyst Stem、Evos、ATOs、Pico 和 Leaf]。

On profitability, we saw 160 basis points of margin expansion driven by our enterprise-wide cost savings program and the benefits of all the work we've done in our orthopedics business dropping through to our P&L.

在獲利能力方面，由於我們全公司範圍內的成本節約計劃以及我們在骨科業務中所做的一切工作所帶來的收益都反映在我們的損益表中，我們看到利潤率提高了 160 個基點。

This includes optimizing our manufacturing network, improving productivity, introducing our new sales and operation planning processes, and portfolio rationalization.

這包括優化我們的製造網路、提高生產效率、引入新的銷售和營運計劃流程以及產品組合合理化。

We expect to see further benefits from these initiatives combined with our Ortho 360 operating model and continued revenue growth that will drive us to more than 20% margin in orthopedics by 2030.

我們預計，這些措施將帶來更多益處，再加上我們的 Ortho 360 營運模式和持續的收入成長，將推動我們在 2030 年實現骨科領域 20% 以上的利潤率。

We've also shown greater discipline around working capital management, bringing down days of inventory, and we've reduced restructuring charges.

我們在營運資金管理方面也展現了更強的自律性，減少了庫存週轉天數，並降低了重組費用。

Alongside growth and higher profitability, this has lifted free cash flow to $840 million a 52.5% increase year on year. This enabled us to complete a $500 million share buyback program in the second half of 2025. This is a great way to finish off three years of incredibly hard work and focus under the 12-point plan during which we've delivered, consistently delivered our targets each year and sets us up well for further acceleration, growth and returns as we go into the first year of our new [rice] strategy.

隨著業務成長和獲利能力的提高，自由現金流增至 8.4 億美元，年增 52.5%。這使我們能夠在 2025 年下半年完成 5 億美元的股票回購計畫。這是結束過去三年艱苦卓絕的工作和專注的絕佳方式，在這三年裡，我們按照 12 點計劃，每年都持續地實現了我們的目標，並為我們進入新的[大米]戰略的第一年，進一步加速發展、增長和獲得回報奠定了良好的基礎。

Turning now to 2026, we expect growth of 6% revenue and around 8% trading profit growth, both on an organic basis and consistent with what we laid out in our capital market days in December.

現在展望 2026 年，我們預計營收將成長 6%，交易利潤將成長約 8%，這既包括有機成長，也與我們在 12 月資本市場日上提出的目標一致。

With trading profit growth ahead of our revenue growth. Since then, we've announced the acquisition of Integrity Orthopedics, so we're also now guiding the trading profit of around $1.3 billion including the impact of the deal. John will cover guidance in more detail in his section.

交易利潤成長領先於營收成長。此後，我們宣布收購 Integrity Orthopedics，因此，我們現在預計交易利潤約為 13 億美元，其中包括該交易的影響。約翰將在他的章節中更詳細地介紹指導方面的內容。

So, let's now round out our financial performance over the last three years on the 12 point plan with actual numbers.

現在，讓我們用實際數字來總結一下過去三年我們在 12 點計劃下的財務表現。

We've moved Smith and nephew from a historically low single-digit revenue growth company to mid-single-digit growth, delivering 5.7% [keker] from 22 2022 to 2025. And we've expanded trading margin by 240 BPS from 17.3% in 2022 to 19.7%, despite facing significant headwinds from VBP in China.

我們已經將史密斯和侄子從一家歷史上收入成長一直處於個位數低位的公司轉變為一家收入成長處於個位數中位數的公司，在 2022 年至 2025 年期間實現了 5.7% 的成長 [keker]。儘管面臨來自中國價值導向定價（VBP）的重大不利因素，我們仍將交易利潤率從 2022 年的 17.3% 提高到 19.7%，提高了 240 個基點。

Affects volatility and higher inflation. If we exclude the total impact of the sports Med VBP over this period, our 2025 margin would have been 20.9%, 120 BPS higher than we've reported.

影響市場波動和更高的通貨膨脹。如果我們排除這段期間內體育醫療價值導向支付計畫 (VBP) 的全部影響，我們 2025 年的利潤率將達到 20.9%，比我們報告的利潤率高出 120 個基點。

Our increased focus on cash and capital returns has yielded a 15-fold increase in free cash flow, and Roick has increased by 170 BPS from 6.6% to 8.3% or by 330 BPS, excluding the 165, 160 BPS headwind from the impact of portfolio rationalization.

我們更加重視現金和資本回報，使自由現金流增加了 15 倍，Roick 的收益率從 6.6% 提高到 8.3%，增長了 170 個基點，或者說增長了 330 個基點，這還不包括投資組合合理化帶來的 165 個基點的不利影響。

I'm incredibly proud of what the whole team here has achieved over the life of the plan and excited about what we can deliver over the next three years under our new strategy, rise.

我為整個團隊在該計劃實施期間所取得的成就感到無比自豪，並對我們未來三年在新戰略「崛起」下能夠取得的成就感到興奮。

I'll come back to talk about this next phase of our growth later, but for now, I'll pass you over to John to take you through the detail of our results, John.

稍後我會再來談談我們發展的下一個階段，但現在，我把麥克風交給約翰，讓他來詳細介紹一下我們的成果。

Okay Thank you, Deepak. Good morning everyone. Revenue for Q4 was $1.7 billion, representing 6.2% underlying growth and 8.3% reported, including a 210 bit tailwind from foreign exchange. We had one extra trading day year on year, and on an average daily sales basis, growth was 4.5%. Growth was broad based across business units and regions. The US growth grew 5.6%, other established markets 7.2%, and emerging markets 6.4%. Excluding China, underlying growth was 7.2%. I'll now move on to the details by business unit, starting with orthopedics, which grew 7.9% on an underlying basis and delivered the strongest quarterly growth for more than two years.

好的，謝謝你，迪帕克。大家早安。第四季營收為 17 億美元，年增 6.2%，報告營收年增 8.3%，其中包括外匯帶來的 210 個百分點的利好。我們比前一年多了一個交易日，平均每日銷售額成長了 4.5%。各業務部門和地區均實現了全面成長。美國經濟成長率為 5.6%，其他成熟市場為 7.2%，新興市場為 6.4%。剔除中國市場後，實質成長率為7.2%。接下來我將按業務部門詳細介紹，首先是骨科，該部門基本上增長了 7.9%，實現了兩年多來最強勁的季度增長。

One extra trading day helped, but even if you normalize for that by looking at average daily sales, growth was still strong and accelerated nicely ahead of Q3. In the US we saw a 3rd consecutive quarter of above market growth in hips, acceleration in knee growth, and continued strong trauma and extremities growth.

多出一個交易日有所幫助，但即使透過查看平均每日銷售額來對此進行調整，成長仍然強勁，並在第三季之前加速成長。在美國，髖關節手術連續第三個季度高於市場平均的成長，膝關節手術成長加速，創傷和四肢手術也持續強勁成長。

HI performance continues to be driven by the uptake of Catalyst STEM, and we are seeing good competitive conversions, and we plan to increase our Catalyst STEM set deployments to support growth in 2026. US knee growth improved during the quarter following the launch of Legion MS, which enables us to benefit from the market shift to media stabilized inserts.

HI 的表現持續受到 Catalyst STEM 的推動，我們看到了良好的競爭轉換率，我們計劃增加 Catalyst STEM 套件的部署，以支援 2026 年的成長。在 Legion MS 上市後的這個季度，美國膝關節疾病的發生率有所上升，這使我們能夠受益於市場向介質穩定型鞋墊的轉變。

We are pleased with our competitive wins with the product and continue to receive positive feedback from existing and new users. In OS knees, hips, trauma and extremities all deliver strong performance, except for some localized weakness in hips in certain distributor led markets.

我們對產品在比賽中取得的勝利感到滿意，並持續收到現有用戶和新用戶的正面回饋。在 OS 膝關節、髖關節、創傷和四肢方面，所有產品均表現出色，但在某些以分銷商為主導的市場中，髖關節部分產品存在局部性能不足的情況。

Following the launch of Catalyst STEM in Japan, we see growth improving in our US hips over the coming quarters. In trauma and extremities, we continue to see good growth from our trigem max tibia, EOs plating system, and ATOs shoulder.

繼 Catalyst STEM 在日本推出後，我們預計未來幾季美國市場的成長將有所改善。在創傷和四肢領域，我們的 trigem max 脛骨、EOs 鋼板系統和 ATOs 肩關節持續取得良好的成長。

Other recon grew 40.8%. We're pleased with increasing quari placement in teaching institutes and with the percentage of quarries deployed in competitive accounts. We also deployed 45% of quarries in ASCs in the quarter.

其他偵察活動增加了 40.8%。我們很高興看到採石場在教學機構的部署量增加，以及在競爭性客戶中部署的採石場比例提高。本季度，我們也在ASC中部署了45%的採石場。

Corrie deployment is important because knee growth is 850 bits higher in accounts where Corrie is established, underscoring the potential for further improvement in knee growth as penetration and utilization of Corri continues to grow.

Corrie 的部署非常重要，因為在已部署 Corrie 的帳戶中，膝部增長速度提高了 850 比特，這凸顯了隨著 Corrie 的滲透率和利用率的不斷提高，膝部增長速度進一步提升的潛力。

I'll take a moment to look more closely at US recon growth. In hips you can see consistent improvement in growth standalone and versus the market since the beginning of 2024. And we've grown above market for the last three quarters of 2025.

我將花點時間更仔細地研究美國偵察機的成長情況。從 2024 年初開始，髖關節的獨立成長和與市場相比都持續改善。2025 年最後三個季度，我們的成長速度都高於市場平均。

This is driven by the changes we've made to our commercial engine, product availability, and our portfolio with the launch of Catalyst SEM, which addresses the fast growing direct anterior segment of the market. In knees, we've also been narrowing the GAAP versus the market. We had a good quarter in US knees in Q4, but we recognize quarterly performance has not been as consistent as we would like.

這是由於我們對商業引擎、產品供應和產品組合進行了調整，推出了 Catalyst SEM，以滿足快速成長的直接前牙市場需求。在膝關節方面，我們也一直在縮小 GAAP 與市場之間的差距。我們在第四季度的美國膝關節業務表現良好，但我們也意​​識到季度業績並沒有我們預期的那麼穩定。

In 2026, we expect to continue to close the GAAP versus US recon market growth. We expect US hips to track in line with or ahead of the market growth and expect US knees to start off with a softer first quarter, reflecting our continuing and deliberate trade-offs on balancing growth, profit, and asset efficiency.

預計到 2026 年，GAAP 與美國驗收市場成長將持續縮小。我們預計美國髖關節手術量將與市場成長保持一致或超過市場成長，並預期美國膝關節手術量第一季將出現疲軟，這反映了我們持續且審慎地權衡成長、利潤和資產效率的努力。

We will then build towards market growth in Q4, supported by the launch of the cementless version of our new landmark knee in the second half. Landmark brings the proven clinical benefits of our new portfolio into a single platform that combines advanced kinematics with the next level of personalization, robotic enablement and ease of implantation, while unlocking capital efficiency by leveraging existing instrumentation.

然後，我們將在第四季度實現市場成長，並在下半年推出我們具有里程碑意義的新型無骨水泥膝關節假體。Landmark 將我們新產品組合中已證實的臨床優勢整合到一個單一平台中，該平台結合了先進的運動學、更高水平的個人化、機器人賦能和易於植入，同時透過利用現有儀器來提高資本效率。

Landmark will also feature best in class tray efficiency, making it particularly suitable for AFCs. Turning now to sports medicine and ENT, which grew 7.3%, driven by double-digit growth in joint repair as we analyze the impact of China VBP. We reached an important milestone this year with our joint repair business surpassing 1 billion in revenue for the first time.

Landmark 還將擁有同類最佳的托盤效率，使其特別適合 AFC。現在轉向運動醫學和耳鼻喉科，這兩個科室增長了 7.3%，這主要得益於關節修復科室兩位數的增長，我們將分析中國價值導向型支付模式的影響。今年，我們的關節維修業務收入首次突破10億美元大關，達到了一個重要的里程碑。

Growth continues to be driven by Regeneron and Qfix knotus, along with strong performance in small joint outside of China. We saw further acceleration of Agilli Sea, albeit still off a small base. AET delivered strong growth led by Fast seal and patient positioning with strong growth in the US markets, ex-China.

成長持續受到 Regeneron 和 Qfix knotus 的推動，同時中國以外地區小關節的強勁表現也推動了成長。我們看到 Agilli Sea 進一步加速，儘管它仍然來自一個較小的基地。AET 實現了強勁成長，這主要得益於快速密封和病患定位技術，尤其是在中國以外的美國市場實現了強勁成長。

Despite continued softness in the US tonsil and adenoid market, ENT saw good growth with double-digit growth in nose, as well as strong international growth again ex-China. We have AET and ENT China VVPs ahead of us, but the headwinds in 2026 will be much smaller given the relative size of these businesses. We are already proactively managing our inventory ahead of implementation.

儘管美國扁桃體和腺樣體市場持續疲軟，但耳鼻喉科市場仍實現了良好的成長，鼻部手術市場實現了兩位數的成長，除中國以外的國際市場也再次實現了強勁成長。我們前面還有 AET 和 ENT 中國 VVP，但考慮到這些企業的相對規模，2026 年的阻力將會小得多。在實施之前，我們已經在積極主動地管理庫存。

Advanced wound management grew 2.8% in the quarter. Within that, advanced wound care grew 4.4%. We are very early in our launch of a lead and complete care, but we're pleased with performance so far and we expect momentum to grow over the coming quarters as we roll out the product across the US.

本季高級傷口護理業務成長了2.8%。其中，高級傷口護理增加了 4.4%。我們目前仍處於領先地位，正處於全面護理產品的推出初期，但我們對目前的表現感到滿意，並預計隨著產品在美國的推廣，未來幾季的發展勢頭將會增強。

Moving on to bioactives and devices, it's important to remember that both had very strong prior year comparators of over 20% growth. Bioactives declined by 0.5%. We saw softness as we lacked the graphics plus launch in Q4 of '24. And we also saw a slowdown in skin subs in the physician office and outpatient setting prior to the CMS reimbursement changes that came into effect at the start of this year.

接下來談談生物活性物質和醫療器械，需要記住的是，這兩項產品上一年的成長率都非常強勁，超過 20%。生物活性物質下降了0.5%。由於缺乏圖形和在 2024 年第四季推出的產品，我們看到了疲軟的局面。在今年年初 CMS 報銷政策變更生效之前，我們也看到醫生辦公室和門診部的皮膚移植數量有所下降。

Advanced wound devices grew 5.4%, Leaf and Pico both performed well, reflecting strong demand. Pico growth continues to demonstrate strong market demand and reflects our efforts to improve penetration in the surgical setting. US renaissance continues to be impacted by softness in the acute care channel while performance outside the US remains strong.

先進傷口護理設備成長了 5.4%，Leaf 和 Pico 兩款產品均表現良好，反映出強勁的需求。Pico 的成長持續顯示市場需求強勁，也反映了我們為提高在外科手術領域的滲透率所做的努力。美國市場的復甦持續受到急性護理管道疲軟的影響，而美國以外地區的表現依然強勁。

Now I'll move on to the full year financials. The full year revenue was $6.2 billion, up 5.3% on an underlying basis, ahead of our guidance of around 5% and up 6.1% on a reported basis. Excluding the headwinds from China, growth would have been 7% on an underlying basis. Note also that '25 had one fewer trading day versus 2024.

接下來我將介紹全年的財務數據。全年營收為 62 億美元，以基本面計算成長 5.3%，高於我們先前約 5% 的預期；按報告面計算成長 6.1%。如果排除來自中國的不利因素，以基本面計算，成長率將達到7%。還要注意的是，2025 年的交易日比 2024 年少一天。

Performance was broad-based with all three reporting segments delivering growth of above 5%. Orthopedics grew 5.1%, sports medicine and ENT grew 5.2%, and AWN grew 5.6%, all on an underlying basis.

業績全面成長，三個報告部門均實現了 5% 以上的成長。骨科增加了 5.1%，運動醫學和耳鼻喉科增加了 5.2%，AWN 增加了 5.6%，以上均為基本面成長。

Overall, a good set of growth figures and particularly good to see that more than 60% of our growth comes from products launched in the last five years as Deepak covered, giving us confidence coming into 2026.

總體而言，這是一組不錯的成長數據，尤其令人欣喜的是，正如 Deepak 所報導的，我們 60% 以上的成長來自過去五年推出的產品，這讓我們對 2026 年充滿信心。

Let's now take a moment to look at our underlying revenue growth, excluding China over the last few years. You can see that growth ex-China has been greater than 6% since 2023 and that China headwind peaked in 2025 at 170 bits. China was just over 2% of group sales in 2025, and although we still face BVP headwinds in 20,206, as I already mentioned, these headwinds will have a much smaller impact at the group level.

現在讓我們花點時間來看看過去幾年（不包括中國）我們的基本收入成長。你可以看到，自 2023 年以來，除中國以外的成長率一直超過 6%，而中國帶來的不利影響在 2025 年達到高峰 170 位元。到 2025 年，中國市場僅佔集團銷售額的 2% 多一點。雖然到 2026 年我們仍然面臨 BVP 的不利因素，但正如我之前提到的，這些不利因素對集團層面的影響要小得多。

Moving on to the summary P&L. Underlying gross profit was $4.4 billion with a growth margin of 70.9%, an increase of 60 bits.

接下來是損益總表。基本毛利為 44 億美元，成長率為 70.9%，成長了 60 位元。

We were able to more than offset raw material inflation with price increases across our portfolio and productivity measures in manufacturing and procurement. Trading profit was $1.2 billion, an increase of $162 million resulting in 160 bits of trading margin expansion to [19.7] for the full year, at the high end of our initial margin guidance.

我們透過提高產品組合的價格以及提高生產和採購方面的生產效率，成功地抵消了原材料價格上漲的影響。交易利潤為 12 億美元，比上年增加了 1.62 億美元，使全年交易利潤率擴大了 160 比特，達到 [19.7]，處於我們最初利潤率指導的高端。

This was driven by positive operating leverage, our cost savings program, and in particular margin expansion in our orthopedics business unit. Moving further down the pier now, adjusted earnings per share grew by 21% to $1.02. That's above trading profit growth, primarily reflecting the $500 million buyback we completed in the second half, which more than offset a slightly higher tax rate year over year.

這主要得益於積極的經營槓桿、我們的成本節約計劃，尤其是我們骨科業務部門的利潤率擴張。現在我們繼續往下看，調整後的每股盈餘成長了 21%，達到 1.02 美元。這高於交易利潤的成長，主要反映了我們在下半年完成的 5 億美元股票回購計劃，該計劃的收益足以抵消同比略高的稅率。

Our tax rate was 19.4% in line with our guidance of 19% to 20%. Basic earnings per share grew significantly faster, primarily driven due to lower restructuring charges and lower acquisition and integration costs. Our restructuring charges were $47 million down from the $123 million in 2024, and we had $32.7 million acquisition and integration costs compared to $94 million in 2024.

我們的稅率為 19.4%，與我們預期的 19% 至 20% 的稅率一致。基本每股盈餘成長速度明顯加快，主要原因是重組費用和收購及整合成本降低。我們的重組費用比 2024 年的 1.23 億美元減少了 4,700 萬美元，收購和整合成本比 2024 年的 9,400 萬美元減少了 3,270 萬美元。

The four year dividend is proposed to be [39.$0.01] per share, an increase of 4.3% year on year.

建議四年期股息為每股 [39.0.01 美元]，比上年增長 4.3%。

This slide shows a more detailed trading margin bridge. We absorbed headwinds of 250 bits from cost inflation, China VBP, and tariffs, with FX impact being broadly neutral. These were more than offset by 180 bits of revenue leverage from price and volume, and 240 bits of productivity improvements delivering 160 bit basis points of marginal improvement for the year.

這張投影片展示了更詳細的交易保證金橋。我們承受了來自成本上漲、中國價值支付政策和關稅的 250 比特的不利影響，而匯率影響總體上是中性的。這些損失被價格和銷量帶來的 180 比特收入槓桿效應以及 240 比特生產力提升所抵消，從而為全年帶來了 160 比特的邊際改善。

Drilling down into the details of the efficiency savings, we remain on track to deliver on the 12 point plan and zero based budgeting savings we laid out at our interims in 2024 of $325 million to $375 million of savings by 2027.

深入分析效率提升帶來的節約，我們仍有望實現我們在 2024 年中期報告中提出的 12 點計畫和零基預算節約目標，即到 2027 年節省 3.25 億至 3.75 億美元。

We've achieved $280 million in cumulative savings to the end of 2025 with further savings to come through in 2006 and 2,020,207.

到 2025 年底，我們累計節省了 2.8 億美元，2006 年和 2020 年還將進一步節省。

We continue to anticipate total savings of about $150 million in 2026, half from these 12 point plan zero-based budgeting savings and half from other opportunities above and beyond this across procurement, manufacturing, sales and marketing, and business support.

我們繼續預計到 2026 年將節省約 1.5 億美元，其中一半來自這 12 點計畫的零基預算節省，另一半來自採購、製造、銷售和行銷以及業務支援等方面的其他機會。

Our 2026 guidance is for 8% reported trading profit growth on an organic basis and for around $1.3 billion of trading profit, including some dilution from the integrity acquisition.

我們對 2026 年的業績預期是，有機成長 8% 的交易利潤，交易利潤約為 13 億美元，其中包括收購 Integrity 帶來的部分稀釋。

We laid out some extraordinary headwinds to profit in 2026 at our London capital market stage. These include imagery revaluation, tariffs, the impact of changes to reimbursement in our US AWM business, and ENTBBP in China.

我們在倫敦資本市場會議上闡述了 2026 年獲利面臨的一些重大挑戰。這些包括圖像重估、關稅、美國 AWM 業務報銷變化的影響，以及中國的 ENTBBP。

There are no changes to any of our assumptions regarding these headwinds. We still expect $60 million impact from tariffs compared to $17 million in 2025 and $20 million to $40 million incremental impact from changes to wound reimbursement.

我們對這些不利因素的任何假設都沒有改變。我們仍然預計關稅的影響將達到 6,000 萬美元，而 2025 年將達到 1,700 萬美元；此外，傷口報銷政策的變化還將帶來 2,000 萬至 4,000 萬美元的額外影響。

We expect revenue leverage and operational savings to more than offset these headwinds to drive trading profit growth ahead of revenue growth before the impact of any M&A.

我們預計，在任何併購的影響之前，收入槓桿作用和營運節省將足以抵消這些不利因素，從而推動交易利潤成長先於收入成長。

Coming now to trading margin by business unit.

接下來是按業務部門劃分的交易利潤率。

We saw a 340 bit increase for orthopedics to 14.9%, 20 bit decrease for sports medicine in ENT to 23.8%, and 120 bits increase for wound to 24.9.

我們看到骨科的佔比增加了 340 位，達到 14.9%；耳鼻喉科運動醫學的佔比減少了 20 位，達到 23.8%；傷口的佔比增加了 120 位，達到 24.9%。

Broadly speaking, expansion came from OpEx savings and leverage across all three business units.

總的來說，擴張來自於營運支出節省以及三個業務部門的綜效。

Within orthopedics, the increase was driven by a favorable price mix, manufacturing savings from network optimization, ongoing productivity initiatives, and disciplined cost control. We expect further margin expansion to 2028 and beyond in this business unit.

在骨科領域，成長的驅動因素包括有利的價格組合、網路優化帶來的生產成本節約、持續的生產力提升計劃以及嚴格的成本控制。我們預計到 2028 年及以後，該業務部門的利潤率將進一步擴大。

This will be driven by continued growth in revenues, the impact of actions already taken to right size our manufacturing capacity, and our Ortho 360 operating model, our way of running the business to balance growth, profit, and returns.

這將得益於收入的持續成長、為調整生產能力所採取的措施的影響，以及我們的 Ortho 360 營運模式（即我們平衡成長、利潤和回報的業務運作方式）。

In sports medicine and ENT, the margin decrease was driven by the impact of China VBP which more than offset revenue leverage, operational efficiencies, and good cost management.

在運動醫學和耳鼻喉科，利潤率下降是由於中國價值導向型支付模式的影響，這種影響超過了收入槓桿、營運效率和良好的成本管理。

Marginal expansion in AWM was driven primarily by a favorable product mix and productivity gains in operations.

AWM 的邊際擴張主要得益於有利的產品組合和營運效率的提升。

As inventory has been a key focus under the 12 point plan, and you can see here the development of DSI day sales inventory, over the year, both for the group and for each of the business units.

庫存一直是 12 點計劃中的一個重點，您可以在這裡看到集團和各個業務部門的 DSI 日銷售庫存在過去一年中的發展。

Group DSI fell by 21 days, excluding the impact of portfolio rationalization that we announced at the end of last year, and by 51, including this.

集團 DSI 減少了 21 天（不包括我們去年底宣布的投資組合合理化的影響），如果算上這一影響，則減少了 51 天。

The biggest reduction came from orthopedics, reflecting continued efforts to reduce the number of units in inventory.

降幅最大的是骨科產品，反映出為減少庫存數量而持續做出的努力。

As covered at our capital markets day, we expect inventory value to reduce further in 2026. We also saw a reduction in sports meed DSI, including in excluding portfolio rationalization, albeit to a lesser extent than in orthopedics, and both sports and wound are already much closer to industry benchmark DSIs.

正如我們在資本市場日上所宣布的，我們預計庫存價值將在 2026 年進一步下降。我們也看到運動醫學需求 DSI 有所下降，即使不包括投資組合合理化，儘管下降幅度小於骨科，而且運動醫學和傷口護理的 DSI 都已更接近行業基準。

We've made good progress in our RIC, delivering a 90bi increase in RIC to 8.3% at a group level. The improvement is being driven by trading marginal expansion, lower restructuring charges, inventory reduction, and overall better asset utilization. Excluding the impact of portfolio rationalization that we announced in December, RIC was 9.9%, exceeding our cost of capital for the first time in several years. All business units contributed to Ric improvement, including a more than doubling of Ortho ROI in 2025, helped by trading marginal expansion and lower inventory.

我們在RIC方面取得了良好進展，集團層級的RIC成長了900億，達到8.3%。這項改善得益於交易規模的擴大、重組費用的降低、庫存的減少以及整體資產利用率的提高。排除我們在 12 月宣布的投資組合合理化措施的影響，RIC 為 9.9%，這是幾年來首次超過我們的資本成本。所有業務部門都為 Ric 的改善做出了貢獻，其中 Ortho ROI 在 2025 年翻了一番以上，這得益於交易的邊際擴張和較低的庫存。

We expect a further step up in group relic in 2026 driven by a continuation of these trends.

我們預計，在這些趨勢的持續推動下，2026 年群體遺跡數量將進一步增加。

Moving on to cash flow, training cash flow was $1.236 billion for the year, reflecting a 102% conversion. The improvement came primarily from lower working capital costs, particularly from inventory and payables. Capital expenditure was $433 million. Working capital remains a focus for 2026.

接下來是現金流，該年度培訓現金流為 12.36 億美元，轉換率為 102%。這項改善主要得益於營運資金成本的降低，特別是庫存和應付帳款成本的降低。資本支出為4.33億美元。2026年，營運資金仍是關注重點。

Free cash flow also improved to $840 million growing 52.5% year on year. This includes a $26 million one-off property transaction and a $58 million reduction in restructuring, acquisition, legal, and other costs. The $840 million was well ahead of our initial guidance for over $600 million.

自由現金流也改善至 8.4 億美元，年增 52.5%。這包括一筆價值 2,600 萬美元的一次性房產交易，以及重組、收購、法律和其他成本減少 5,800 萬美元。8.4億美元遠超過我們最初預期的6億美元以上。

We expect free cash flow in 2026 of around $800 million. We expect the usual increase driven by profit growth, offset by a small temporary increase in restructuring costs, driven by further optimization of our manu manufacturing network with the closure of our Warwick site insourcing more into Memphis and winding down manufacturing activities in Hull as we build our new wound facility in Melton.

我們預計 2026 年自由現金流約為 8 億美元。我們預期利潤成長將帶動常規成長，但重組成本的暫時性小幅增加將抵消這一成長。重組成本的增加是由於我們進一步優化了製造網絡，關閉了沃里克工廠，將更多業務轉移到孟菲斯，並隨著我們在梅爾頓建造新的傷口護理工廠，逐步停止了在赫爾的生產活動。

Overall our cash generation and returns profile is now in a much healthier position, and there is more improvement to come as we execute our rise strategy.

總體而言，我們的現金流量和回報狀況目前處於更健康的水平，隨著我們執行成長策略，未來還將有更大的改善。

Net debt increased slightly during the year to $2.76 billion, an increase of $50 million. We finished 2025 with a leverage ratio of 1.7 times adjusted net debt, adjusted to EBITDA, which is up, our within our target of around 2 times.

本年度淨債務略有增加，達到 27.6 億美元，增加了 5,000 萬美元。截至 2025 年底，我們的槓桿比率為經調整淨債務的 1.7 倍（經 EBITDA 調整），高於我們約 2 倍的目標值。

In terms of capital allocation, we continue to prioritize organic reinvestment in our business and M&A execution in order to drive top-line growth. We'll maintain our dividend ratio of 35% to 40%, and we'll then consider returns to shareholders in the form of buybacks subject to our target 2 times leverage ratio.

在資本配置方面，我們繼續優先考慮對業務進行內生性再投資和執行併購，以推動營收成長。我們將維持 35% 至 40% 的股息率，然後考慮以股票回購的形式向股東返還回報，但需遵守我們 2 倍的目標槓桿率。

Including the 2026 acquisition of Integrity Orthopedics, our leverage still remains below two times adjusted EBITDA.

即使算上 2026 年對 Integrity Orthopedics 的收購，我們的槓桿率仍然低於調整後 EBITDA 的兩倍。

Now I'll finish with our outlook for 2026.

最後，我將展望一下2026年。

We continue to expect around 6% organic revenue growth. That includes continued good growth in orthopedics, sports medicine, excluding AET and ENT in China, and advanced wound management, particularly in AWC and AWD.

我們仍然預期有機收入成長約為 6%。這包括骨科、運動醫學（中國不包括 AET 和耳鼻喉科）以及高級傷口管理（特別是 AWC 和 AWD）的持續良好增長。

Whilst we expect headwinds in our skin substitutes business, we still expect AWB to grow, supported by the ongoing strength of Santor and growth in sin in skin substitutes out of the physician office and mobile channel.

儘管我們預計皮膚替代品業務將面臨逆風，但我們仍然預計 AWB 將實現成長，這得益於 Santor 的持續強勁表現以及皮膚替代品在醫生診室和移動渠道之外的增長。

We expect around 8% trading profit growth before M&A.

我們預計併購前交易利潤成長約為 8%。

As I've already mentioned, we face a number of extraordinary headwinds in 2026, but we still expect trading profit growth ahead of revenue growth driven by revenue leverage and operational savings.

正如我之前提到的，我們在 2026 年將面臨許多非同尋常的不利因素，但我們仍然預計，在收入槓桿和營運節約的推動下，交易利潤成長將先於營收成長。

Since providing our provisional guidance.

自從我們提供臨時指導以來。

We've also completed the acquisition of Integrity Orthopedics. This acquisition is expected to be marginally diluted to trading profit in 2026, broadly neutral in 2027, and accretive in 2028. Including this dilution, we expect trading profit to be around $1.3 billion.

我們也完成了對 Integrity Orthopedics 的收購。預計此次收購將在 2026 年略微稀釋交易利潤，在 2027 年基本保持不變，並在 2028 年實現成長。計入此次稀釋後，我們預計交易利潤約為 13 億美元。

We thought it would be helpful to set out these two measures of trading profit so that you could see the performance of the business on an underlying basis as well as the total trading profit, including the impact of the acquisition.

我們認為列出這兩項交易利潤指標會很有幫助，這樣您就可以從根本上了解企業的業績，以及包括收購影響在內的總交易利潤。

Finally, we expect around $800 million in free cash flow and greater than 10% RI, excluding integrity. We expect a stronger second half compared to the first half for both sales and profit growth in line with the typical phasing we see. We also expect to leave complete care to ramp up over the year, and the launch of Landmark will benefit the second half. We have one fewer trading day in Q1 versus 2025 and one more in Q4.

最後，我們預計自由現金流約為 8 億美元，剩餘權益（不包括誠信問題）將超過 10%。我們預計下半年銷售額和利潤成長將比上半年更加強勁，這符合我們所看到的典型階段性規律。我們也預計全年將逐步增加全面照護服務，而 Landmark 的推出將有利於下半年的發展。與 2025 年相比，我們第一季少了一個交易日，而第四季多了一個交易日。

As a reminder, trading days have a more pronounced impact on our orthopedics business.

再次提醒大家，交易日對我們的骨科業務影響更為顯著。

And with that, I'll hand back to Dean packing.

好了，接下來就交給迪恩收拾行李了。

Thank you, John.

謝謝你，約翰。

So the launch of Rise, our new strategy, which I laid out for you in the capital market days in December, our ambition is to accelerate growth and improve returns. It's been great to see how well this new strategy has resonated internally.

因此，我們推出了新的策略“Rise”，我在去年 12 月的資本市場日上向大家詳細介紹了這項策略，我們的目標是加速成長並提高回報。很高興看到這項新策略在公司內部引起如此強烈的迴響。

With this focus on reaching more patients, driving innovation, scaling through investment, and executing more efficiently.

重點在於惠及更多患者、推動創新、透過投資擴大規模、提高執行效率。

We're building on the behaviors embedded through the twelve-point plan with our way to win, our program to be better every day through our continuous improvement mindset and behaviors.

我們正在以十二點計畫中融入的行為為基礎，透過持續改進的心態和行為，不斷完善我們的勝利之道，使我們的計畫每天都變得更好。

So let me now highlight the key drivers shaping up performance in the 1st year ofrise, and I'll start here with sports medicine.

現在讓我重點介紹影響 ofrise 第一年業績的關鍵因素，首先從運動醫學說起。

First, the China Joint repair BBP headwinds have now fully annualized, which means our underlying joint repair growth will improve this year.

首先，中國關節修復業務的不利因素已經完全年度化，這意味著我們今年的基礎關節修復業務成長將會改善。

And importantly, we expect the upcoming AET and ENT VVP processes to be significantly less material, given the relative size of those businesses.

更重要的是，考慮到 AET 和 ENT 業務的相對規模，我們預計即將進行的 AET 和 ENT VVP 流程的實質影響將大大降低。

Second, we're continuing to build on the strength of our shoulder portfolio with our acquisition of Integrity Orthopedics, and we look forward to driving adoption of Tendon Seam across our customer base. So I'll come on to this in a moment.

其次，我們透過收購 Integrity Orthopedics 繼續增強我們在肩部產品組合方面的優勢，我們期待推動肌腱縫合技術在我們的客戶群中得到應用。我稍後會談到這一點。

Third, we're awaiting FDA approval of Tesla, our first in industry spatial surgery arthroscopic platform.

第三，我們正在等待 FDA 對 Tesla 的批准，這是我們在業界首個空間手術關節鏡平台。

This represents a major step forward in how surgeons visualize and execute procedures.

這標誌著外科醫生在可視化和執行手術方式方面邁出了重要一步。

And finally, we're also seeing ongoing growth in regeneron.

最後，我們也看到再生元公司持續成長。

The recent WAOS guidelines support for the use of bioinductive implants in rotator cuff repairs is reinforcing clinical confidence and expanding usage.

WAOS 近期發布的指南支持在肩袖修復中使用生物誘導植入物，這增強了臨床信心並擴大了其應用範圍。

I'd like to spend a few minutes on our acquisition of Integrity Orthopedics, an asset we believe has the potential to become a key growth driver for our sports medicine portfolio.

我想花幾分鐘時間談談我們對 Integrity Orthopedics 的收購，我們相信這項資產有潛力成為我們運動醫學產品組合的關鍵成長驅動力。

We announced a deal earlier this year for total consideration of up to $450 million, including performance-based payments.

今年早些時候，我們宣布了一項交易，總對價高達 4.5 億美元，其中包括基於績效的付款。

Integrity Orthopedics was co-founded, co-founded in 2020 by Tom Wessling, who also founded Rotation Medical, the company behind Regeniton, which we acquired in 2017.

Integrity Orthopedics 由 Tom Wessling 於 2020 年共同創立，他也是 Rotation Medical 的創始人，該公司是 Regeniton 的母公司，我們於 2017 年收購了該公司。

Regeneron's growth is evidence of a proven track record of successful commercial execution, scaling and innovative shoulder product with our dedicated sales force, and building the clinical evidence to drive adoption.

Regeneron 的成長證明了其在商業執行、規模化和創新肩部產品方面的成功經驗，這得益於我們敬業的銷售團隊，以及為推動產品普及而建立的臨床證據。

Integrity has developed Tendency, an innovative rotator cuff repair system that received FDA approval in 2023 and addresses the $875 million biomechanical repair market.

Integrity 開發了 Tendency，這是一種創新的肩袖修復系統，於 2023 年獲得 FDA 批准，並瞄準了價值 8.75 億美元的生物力學修復市場。

Rotator cuff repair is a large and growing category with around 500,000 procedures performed annually in the United States.

肩袖修復手術是一個規模龐大且不斷成長的領域，在美國每年約進行 50 萬例手術。

Despite the scale, surgical techniques have seen little meaningful innovation in over two decades, leaving patients with retear rates of between 20% and 40%, and long recovery times.

儘管規模龐大，但外科手術技術在過去二十多年幾乎沒有任何實質的創新，導致病患的再撕裂率在 20% 到 40% 之間，而且恢復時間很長。

As a result, this remains a significant segment with significant unmet need and where meaningful innovation can shift share.

因此，這仍然是一個重要的細分市場，存在著巨大的未滿足需求，而有意義的創新可以改變這個市場份額。

Tendon Sem introduces a fundamentally novel biomechanical approach designed to distribute load across the entire tendon, rather than concentrating stress at fixation points, resulting in stronger, more stable repair.

肌腱 Sem 引入了一種全新的生物力學方法，旨在將負荷分散到整個肌腱上，而不是將應力集中在固定點上，從而實現更牢固、更穩定的修復。

Early clinical data is promising, showing potential for lower retail rates and accelerated patient recovery, while offering a shortened and easier surgical procedure compared to the current standard of care.

早期臨床數據令人鼓舞，顯示出降低零售價格和加速患者康復的潛力，同時與目前的標準治療相比，手術過程更短、更簡單。

The acquisition is fully aligned with the right strategy to accelerate growth through strategic investment by deploying capital into high growth, high value clinical segments where we already have a strong presence, and that's underpinned by our strong balance sheet.

此次收購完全符合透過策略性投資加速成長的正確策略，即將資本投入我們已經擁有強大影響力的高成長、高價值的臨床領域，而這又得益於我們強勁的資產負債表。

The deal is expected to be expected to be dilutive to trading profit in 206 and as John mentioned, broadly neutral in 27 and cretive starting in 2028 as the product scales.

預計該交易將在 2026 年稀釋交易利潤，正如約翰所提到的，在 2027 年大致保持中性，並且隨著產品規模的擴大，從 2028 年開始產生創造性影響。

While still early, integration is progressing as planned, and we're focused on executing the same discipline playbook that drove regenathan's success.

雖然整合工作仍處於早期階段，但正按計劃進行，我們專注於執行推動 regenathan 取得成功的相同紀律策略。

Tendon Sem is highly complementary to Smith and Nephew's extensive shoulder portfolio. With this novel and disruptive technology, it strengthens the initial repair construct in rotator cuff tears and regenerating, then builds on that strength by promoting biological healing over time.

Tendon Sem 與 Smith and Nephew 豐富的肩部產品組合高度互補。這項創新且顛覆性的技術，能夠加強肩袖撕裂和再生中的初始修復結構，並透過促進生物癒合來增強這種強度。

Together they create a differentiated end to end solution that addresses both the mechanical and biological drivers of successful rotator cuff repair.

他們共同打造了一種差異化的端到端解決方案，既解決了肩袖修復成功的機械因素，也解決了生物學因素。

The total combined TA for the two products is just under $1.2 billion and today we have about 25% share with opportunity to grow.

這兩個產品的總銷售額略低於 12 億美元，目前我們擁有約 25% 的市場份額，並且還有成長空間。

Within fixation, we have the market leading instability solutions, including our Qfix all suture anchor portfolio, which has 10 years of proven performance.

在固定方面，我們擁有市場領先的不穩定性解決方案，包括我們擁有 10 年驗證性能的 Qfix 全縫合錨釘產品組合。

In shoulder arthroplasty, or ATO shoulder system launched in 2024 with anatomic, reverse, and stimulus options, is positioned for the high growth replacement segment segment with estimated $250,000 250,000 procedures annually in the US in 2025.

肩關節置換術，或稱 ATO 肩關節系統，於 2024 年推出，提供解剖型、反向型和刺激型選擇，定位於高成長的置換細分市場，預計 2025 年美國每年將進行價值 25 萬美元至 25 萬例手術。

We will soon have a powerful new offering with the launch of Cory's Shoulder that will enable our handheld robotics to be used in the preparation and execution of shoulder replacement with ATOs, building on what we already have with choreographed pre-op planning.

隨著 Cory's Shoulder 的推出，我們很快就會推出一項強大的新產品，該產品將使我們的手持機器人能夠用於 ATO 肩關節置換術的準備和執行，從而在我們已有的精心策劃的術前計劃的基礎上更進一步。

We now have one of the broadest, most advanced portfolio for managing shoulder pathology, spanning replacement and repair by both mechanical and biological healing technologies across our orthopedics and sports medicine businesses.

我們現在擁有最廣泛、最先進的肩關節疾病管理產品組合之一，涵蓋了骨科和運動醫學業務中機械和生物癒合技術的置換和修復。

Turning to advanced wound management in wound bioactives, we have plans in place to navigate CM CMS reimbursement changes to skin subs in the physician office and mobile setting, and to grow outside of those channels.

轉向傷口生物活性物質的先進傷口管理，我們已製定計劃，以應對 CM CMS 對醫生辦公室和移動環境中皮膚替代品的報銷變化，並在這些渠道之外發展壯大。

As a reminder, CMS has introduced a pricing cap starting from the 1st of January 2026 with the aim of reducing historical distortions in the market that's incentivized a significant number of players, often operating in the mobile setting to charge very high prices.

提醒大家，CMS 從 2026 年 1 月 1 日起引入了價格上限，目的是減少市場中長期存在的扭曲現象，這些扭曲現象刺激了大量玩家（通常是在行動環境中運營的玩家）收取非常高的價格。

We expect a reduction in non-surgical volumes, particularly in mobile, now that incentives have changed and certain skin sub-offerings are economically less viable to many of these players and providers.

我們預計非手術治療量將會減少，尤其是在移動治療方面，因為激勵機制已經改變，而且某些皮膚細分治療方案對許多參與者和供應商來說在經濟上不太可行。

So although this will drive a value reset short-term, it also creates a more sustainable, patient-focused and evidence-based market going forward with a long runway for growth. We see opportunities to benefit as the market normalizes.

因此，雖然這會在短期內推動價值重置，但從長遠來看，它也會創造一個更永續、以患者為中心、以證據為基礎的市場，並具有長期的成長空間。隨著市場逐漸恢復正常，我們看到了從中獲利的機會。

At the very end of last year, CMS also withdrew the skinE's local coverage determinations or LCDs. We always saw this as being broadly neutral to the business, and so this has no impact to our 2026 guidance.

去年年底，CMS 也撤銷了 skinE 的地方覆蓋範圍決定 (LCD)。我們一直認為這對業務總體上是中性的，因此不會對我們的 2026 年業績指引產生任何影響。

Even without the LCDs, we believe that clinical evidence will continue to be an important factor in this market.

即使沒有液晶顯示器，我們相信臨床證據仍將是市場的重要因素。

Towards the end of 2025, we launched Aleve and Complete Care, our newest five-layer foam dressing which addresses both chronic wound healing and the pressure injury prevention market. It has 51% superior exuded management and with the new silicone adhesive stays in place more frequently than competitive products, making it a superior product for chronic wound healing.

2025 年末，我們推出了 Aleve 和 Complete Care，這是我們最新的五層泡棉敷料，旨在解決慢性傷口癒合和壓力性損傷預防市場的問題。它在滲出液管理方面優於其他產品 51%，由於採用了新型矽膠黏合劑，比同類產品更能保持原位，使其成為治療慢性傷口的優良產品。

It also has a 55% greater reduction in strain relative to competition, making it ideally suited for pressure injury prevention. I'm confident that as we roll out Aleve and complete care to the market, we will capture market share in the largest and fastest growing segment of wound dressings.

與同類產品相比，它還能減少 55% 的壓力，使其成為預防壓力性損傷的理想選擇。我相信，隨著我們把 Aleve 和完整的護理產品推向市場，我們將在傷口敷料這個最大、成長最快的細分市場中佔據市場份額。

We'll also continue to drive the portfolio high in high growth areas with unmet need like Santo in wound bed preparation, and access new patient populations like those at the risk of surgical site complications or pressure injuries with Pico and Leaf.

我們將繼續推動產品組合在高成長領域（例如傷口床準備領域的 Santo）以及在有未滿足需求的領域（例如傷口床準備領域的 Santo）以及透過 Pico 和 Leaf 等產品進入新的患者群體（例如有手術部位併發症或壓瘡風險的患者）。

Moving now to orthopedics, we'll continue to drive procedure growth across all joints with our Cory platform, supported by the launch of our shoulder execution capability. Cory remains a core differentiator for us. Handheld robotics are increasingly popular, and Cory's size, mobility, fast setup, and low cost of ownership make it well suited to both hospitals and to ASCs.

現在轉向骨科領域，我們將繼續利用我們的 Cory 平台推動所有關節手術量的成長，並輔以我們肩關節手術執行能力的推出。Cory 仍然是我們公司的核心差異化優勢。手持式機器人越來越受歡迎，Cory 的尺寸、移動性、快速設定和低擁有成本使其非常適合醫院和門診手術中心使用。

In Nice, we will continue to build out a portfolio in 206.

在尼斯，我們將繼續在 206 年建立投資組合。

We've already launched our Legion medial stabilized knee to meet the needs of a fast growing segment, and we're pleased with the early momentum we've seen so far.

我們已經推出了 Legion 內側穩定型膝關節假體，以滿足快速增長的細分市場的需求，我們對目前為止所看到的早期勢頭感到滿意。

The next leap comes in the second half of the year when we launch Landmark, our most differentiating knee system yet.

下一個飛躍將在今年下半年到來，屆時我們將推出 Landmark，這是我們迄今為止最具差異化的膝關節系統。

That will be available first in cementless and in cemented versions and with the best in class tray efficiency that's particularly suitable for ASCs.

本產品將先推出無水泥型和有水泥型兩種版本，並具有同類最佳的托盤效率，特別適合 ASC（先進穩定液化石油氣池）。

As the ASC channel starts to grow or continues to grow, we're well positioned to expand further, supported by a suite of tray efficient implants like ATOS, Catalyststem, and Landmark, together with Cory. In fact, 40% of all Cory placed in 2025 were in the ASCs, underscoring the platforms fit for this high growth setting.

隨著 ASC 通路開始成長或持續成長，我們憑藉 ATOS、Catalyststem 和 Landmark 等一系列托盤高效植入物以及 Cory，已做好進一步擴張的準備。事實上，2025 年所有 Cory 職位中有 40% 都位於 ASC，這凸顯了這些平台非常適合這種高成長環境。

We also capture further efficiencies with our Ortho 360 program. This is our global operating model designed to eliminate past inefficiencies by replacing fragmented, region-driven decisions with unified goals, integrated metrics, and disciplined portfolio management.

我們也透過 Ortho 360 專案進一步提高了效率。這是我們的全球營運模式，旨在透過統一的目標、綜合的指標和嚴格的投資組合管理，取代分散的、區域驅動的決策，從而消除過去的低效現象。

By maturing our sales and operation planning processes into fully integrated business planning process or the IBP, simplifying the portfolio, reducing and reducing inventory, and enhancing capital efficiency, this should drive profitability, improve growing, and stronger cash generation in this business unit.

透過將我們的銷售和營運計劃流程完善為完全整合的業務計劃流程（IBP），簡化產品組合，減少庫存，提高資本效率，這將推動該業務部門的盈利能力，促進成長，並增強現金流。

I'll not give an outlook for innovation over the life of rise, given its importance to our growth, both historically and looking forward.

鑑於創新對我們過去和未來發展的重要性，我不會對公司整個生命週期內的創新前景做出展望。

Looking ahead, we are stepping up our R&D investment in sports and in Moon, while maintaining a robust front loaded pipeline across all areas of the group from 2026 and to 2028.

展望未來，我們將加大對體育和月球領域的研發投入，同時在 2026 年至 2028 年期間，維持集團所有領域強勁的前期研發投入。

Over the last 3 years, we successfully launched 44 products, largely on time and within budget, and we plan to increase launch cadence going forward.

過去 3 年，我們成功推出了 44 款產品，大部分產品都按時按預算完成，我們計劃在未來加快產品發布節奏。

We launched 14 new products in 24, 15 in 25, and we expect to launch 16 in 2026.

我們在 2024 年推出了 14 款新產品，2025 年推出了 15 款新產品，預計 2026 年將推出 16 款新產品。

We're also building on our two major scalable technology platforms, MTech and biologics. In MTech, we'll be launching Tesla and Lumos and sports Med, and our next generation LEAFf monitors for pressure injury prevention and boom.

我們也不斷拓展我們兩大可擴展技術平台：MTech 和生物製劑。在 MTech 領域，我們將推出 Tesla、Lumos 和運動醫學產品，以及我們用於預防壓力性損傷的下一代 LEAFf 監測器，以及 Boom 產品。

We also have a rapidly evolving robotic platform to drive procedure innovation across all joints in orthopedics.

我們還擁有一個快速發展的機器人平台，以推動骨科所有關節手術的創新。

And in biologics, we'll build on our existing products with launches like next next genitin, our next generation of regenatin.

在生物製劑領域，我們將以現有產品為基礎，推出下一代再生素（regenatin），例如下一代再生素（next next genitin）。

So before I finish, I'd like to remind you of the mid-term financial targets that our strategy will deliver. Through continued innovation and execution, we'll deliver organic revenue CAGR of 6% to 7%, that's above our market.

最後，我想提醒各位，我們的策略將實現中期財務目標。透過持續創新和執行，我們將實現 6% 至 7% 的有機收入複合年增長率，高於市場平均。

And our continued focus on productivity, further operational efficiencies, and capital discipline will drive 9% to 10% trading profit CAGR, more than $1 billion in free cash flow in 2028, and 12% to 13% ROIC.

我們將繼續專注於提高生產力、進一步提高營運效率和加強資本紀律，這將推動交易利潤複合年增長率達到 9% 至 10%，到 2028 年自由現金流超過 10 億美元，投資回報率達到 12% 至 13%。

Coming back to the near term, we've delivered on 2025 in terms of revenue growth, margin, free cash flow, and RIC, and we're looking ahead to another good year.

回到近期目標，我們在收入成長、利潤率、自由現金流和RIC方面都實現了2025年的目標，我們期待著又一個好年頭。

On revenue, we're accelerating growth, launching new products, and driving leverage through our P&L.

在營收方面，我們正在加速成長，推出新產品，並透過損益表提高槓桿作用。

We'll continue to be disciplined on our cost base to drive trading profit growth ahead of revenue growth on an organic basis, and our free cash flow generation remains strong, and we'll deliver another step up in ROIC significantly exceeding our WAC in 2026. So with that, I'll now take your questions or we will not take your questions. Jack and David.

我們將繼續嚴格控製成本，以推動交易利潤成長超過收入成長（以有機成長為基礎），我們的自由現金流依然強勁，我們將在 2026 年實現 ROIC 的進一步提升，並大幅超過我們的 WAC。那麼，現在我將接受你們的問題，或者我們將不接受你們的問題。傑克和戴維。

Hi there, Jack Reynolds Clark, RBC.

您好，我是加拿大皇家銀行的傑克雷諾茲克拉克。

Thank you for taking the questions. The first is on revenue guidance for 2026. Could you kind of break down what your expectations are for market growth, how much launches contribute, to that, to that growth guidance, and what contingency, is baked in, to that guide? Then could you just run through the phasing, through the quarters, for the revenue guide, and then could you remind us of your expectations for timing of the query shoulder, or sorry, shoulder ability in on Cory.

感謝您回答這些問題。第一個問題是關於 2026 年的收入預期。您能否詳細說明您對市場成長的預期，新品發布對成長目標的貢獻有多大，以及該成長目標中考慮了哪些應急措施？那麼，您能否簡要介紹一下收入指南的階段安排、季度安排，然後提醒我們您對 Cory 的查詢能力（或者抱歉，是肩負起責任）的時間預期？

So we're 26, and actually right through rise, one of the benefits of the program we have is the multiple sources of growth. So we're not dependent on any one business unit or any one product to carry us through. . And to remind you, we've exited 2025 meaningfully above our historical levels of low single-digits. So we've now navigated to above 5% and when you take the impact of China VDP out of it, we were actually above 7%. So, what we're driving to the 6% to 7% growth for the next three years. Within that 26% will be at around 6%, which will be above our market and each of our business units will. Attribute to that. Innovation will be continued to be a key part of it. As I said in '25, we're about 60% of our growth comes from new products.

所以我們今年26歲，事實上，在整個發展過程中，我們所擁有的專案的優勢之一就是它提供了多種成長來源。因此，我們並不依賴任何一個業務部門或任何一個產品來維持營運。。提醒各位，我們2025年的預期值已經顯著高於以往個位數低點的歷史水準。所以，我們現在已經超過了 5%，如果排除中國 VDP 的影響，我們實際上超過了 7%。所以，我們力爭在未來三年內實現 6% 到 7% 的成長。其中 26% 的佔比約為 6%，這將高於我們的市場水平，我們每個業務部門的佔比也將高於市場水平。歸因於此。創新仍將是其中的關鍵組成部分。正如我在 2025 年所說，我們大約 60% 的成長來自新產品。

To remind you, in '24, we were above 50% and in '23, we were still above 50%, around about 60%. So, we've been consistently above the 50% mark in terms of new products driving growth and '26, as I indicated, we'll have 160 new products. I mean, you can measure that on different ways, but we expect That new products will continue to deliver above 50% growth into 2026.

提醒一下，2024 年我們的佔比超過 50%，2023 年我們的佔比也超過 50%，大約在 60% 左右。因此，在推動成長的新產品方面，我們的佔比一直保持在 50% 以上，正如我之前提到的，2026 年我們將推出 160 款新產品。我的意思是，你可以用不同的方式來衡量這一點，但我們預計新產品到 2026 年將繼續保持 50% 以上的成長。

So '26, around 6% growth ahead of market, we'll see growth coming from each one of our business units and we'll have innovation that continues to fuel our growth. So that's the overall kind of revenue story. And in terms of our anything to add, John? I.

因此，2026 年，我們將比市場高出約 6% 的成長，我們將看到每個業務部門都實現成長，並且我們將透過創新繼續推動成長。以上就是整體營收情況。約翰，你還有什麼要補充的嗎？我。

Can, I can give a little bit of a shape around the phasing if that's phasing's great. So as we said in the presentation, sort of weighted towards the second half, so Q1, will be softer, obviously there's one fewer trading day in Q1. We think US knees will be a little bit soft in Q1. We think that will build into Q2, so we're expecting the first half to outturn somewhere between say 4.5% to 5% top-line growth.

如果相位效果很好，我可以稍微調整一下相位的形狀。正如我們在演示中所說，情況會更偏向下半年，所以第一季會比較疲軟，顯然第一季的交易日也少了一個。我們認為美國膝蓋在第一季會有點軟。我們認為這將延續到第二季​​度，因此我們預計上半年營收成長將達到 4.5% 到 5% 左右。

Q3 and Q4 will be stronger as we obviously introduce Landmark and obviously a leading complete care grows through the year, so Q3 and Q4 will be stronger. Q4 also has one more trading day, so that's a little bit of a boost.

第三季和第四季業績將會更加強勁，因為我們顯然推出了 Landmark，而且領先的全面護理服務也在年內不斷發展壯大，所以第三季和第四季業績將會更加強勁。第四季多了一個交易日，所以這算是一個小小的利好。

And so we'd expect the second half to deliver growth of somewhere between 7.5% to 8%. You combine that 4.5% to 5% in the first half with the 7.5% to 8% in the second half, that gets you to your around 6% for the full year. That gives you a little bit of shape on the top-line.

因此，我們預計下半年將實現 7.5% 至 8% 的成長。上半年收益率為 4.5% 至 5%，下半年收益率為 7.5% 至 8%，加起來全年收益率約為 6%。這樣可以讓你的上身線條更有型。

And then I'll give you a li. You didn't ask for it, but I'll give it to you anyway, because some people will probably ask it in terms of shaping on the bottom line. Again, we've got that 8% growth, in our trading profit for the full year. Again, it's naturally going to be, swayed to the second half, given the revenue, bias towards the second half. So I'd expect profit growth in the first half to be of the order of 5.5% to 6%, something of that nature. Profit in the growth in the second half to be around 9% to 10%. The two combined gets you to your around 8%.

然後我會給你一個li。你沒問，但我還是會告訴你，因為有些人可能會從影響最終結果的角度來問這個問題。我們全年的交易利潤再次實現了 8% 的成長。同樣，考慮到收入情況，自然會更傾向於下半年，也就是更偏向下半年。因此，我預計上半年的利潤成長率將在 5.5% 到 6% 左右。下半年利潤成長預計在 9% 到 10% 左右。兩者加起來大約能達到 8%。

So I'm not going to break it down by a quarter, but hopefully that gives you a little bit of a shake. So effectively building through the year, partly driven by the fact we've got one fewer trading day in Q1 and 1 more trading day in Q4.

所以我不會把它細分到四分之一，但希望這能帶給你一些啟發。因此，全年都在穩定成長，部分原因是第一季少了一個交易日，而第四季多了一個交易日。

And your question on Corey's shoulder, the choreograph, which is our planning platform launched, I think middle of last year. The key unlock is, of course, execution, and we're starting the year now that's launched. So we've got a whole ATOs portfolio, stemless, short short stump, and Cory shoulder now planning and execution. So the ability to do both reverse and anatomic. And the ability to do both, glenoid and humeral and with Corey to do preoperative planning, intraoperative, and postoperative, kind of insight. So, not only a complete solution, a highly differentiated solution that show.

至於你問的關於 Corey 的問題，也就是我們的策劃平台 choreograph，我記得是去年年中推出的。關鍵在於執行，而我們現在已經開始了新的一年。所以我們現在有一個完整的 ATO 組合，沒有莖，很短的樹樁，還有 Cory 的肩膀，現在正在計劃和執行。所以能夠同時進行反向和解剖式手術。而且能夠同時進行肩胛盂和肱骨手術，並能與 Corey 一起進行術前、術中和術後計劃，這本身就是一種洞察力。所以，這不僅是一個完整的解決方案，更是一個高度差異化的解決方案。

Thank you.

謝謝。

Is Jack. Veronica, next, David.

是傑克。接下來是維羅妮卡，然後是大衛。

Hi, good morning, Veronica Dubajova, Citi. Two questions for me, please. The first one, I just want to go back to, joint repair, and obviously, Deepak, you said that the China headwind has annualized out now, but we've had it basically for eight quarters. So I just want to confirm what's happening in Joint Repair China specifically, and sort of what gives you the confidence this year that it's not going to be a drag to the overall joint repair number.

你好，早安，維羅妮卡·杜巴約娃，花旗銀行。請容許我問兩個問題。首先，我想回到關節修復的話題，顯然，迪帕克，你說過中國帶來的不利影響現在已經年度化了，但實際上我們已經經歷了八個季度。所以我想確認一下中國關節修復的具體情況，以及是什麼讓您有信心今年它不會拖累整體關節修復數量。

To the extent that we've seen, obviously, that China improvement is a big part of the guide for the year. So if you can talk about that, please. And then just kind of a big picture question around the margin in organic and inorganic development. Obviously, very exciting to see organic margin improvement this year, but it is being eaten away by Integra.

從我們所看到的來看，顯然，中國的改善是今年經濟情勢的重要參考因素。如果你能談談這方面的話，那就太好了。然後，我們來探討一下有機和無機發展中邊緣地帶的宏觀問題。顯然，今年有機利潤率的提高令人非常興奮，但這正被 Integra 蠶食殆盡。

So, I don't know if you can maybe talk a little bit more broadly how you think about capital allocation. An M&A sort of having an impact on the bottom line growth and to what extent that's sort of a favorable trade-off that you're willing to take, and maybe if there is anything else in the pipeline beyond Integra that we should be kind of looking out for this year.

所以，我不知道您是否可以更廣泛地談論您對資本配置的看法。併購對利潤成長的影響程度，以及這種影響在多大程度上是值得權衡的，還有，除了 Integra 之外，今年是否還有其他值得我們關注的項目。

Thank you.

謝謝。

Integrity.

正直。

Oh, integrity, sorry, integrity. I'm so sorry. Clearly my second cup of coffee hasn't kicked in yet.

哦，正直，抱歉，是正直。我很抱歉。顯然，我的第二杯咖啡還沒起作用。

Thank you so much.

太感謝了。

Right, so let me talk about joint repair. So as we mentioned, joint repair has, annualized, at this point, so going forward have a clean, kind of comp, or rather. Joint repair growth unalloyed by China VBP and that is a key part of our growth story as you highlighted, and as we've called out a number of times when you actually dissect our sports growth. It's been well balanced across geographies. You take China out of it, and we've actually grown high single-digit growth, not only across markets, but actually across categories, which is one of the key features of our sports medicine, which is a balanced portfolio selling that we've undertaken. So I feel very good about commercially commercializing our portfolio and now the impact of China, BBP. Joint repair is going away.

好的，那我就來談談關節修復吧。正如我們之前提到的，關節修復目前已經每年進行，因此，展望未來，要有一個乾淨的、類似比較的比較。關節修復業務的成長完全得益於中國VBP，正如您所強調的，這是我們成長故事的關鍵部分，正如我們在您實際剖析我們的運動成長時多次指出的那樣。各地區的分佈都比較均衡。如果把中國市場排除在外，我們實際上實現了接近兩位數的成長，不僅在各個市場，而且在各個類別中都是如此，這是我們運動醫學的關鍵特徵之一，即我們採取的均衡產品組合銷售策略。所以我對我們產品組合的商業化以及中國和BBP的影響感到非常滿意。關節修復技術正在被淘汰。

What is left though is AET, right? The AET part started last year. I think it'll be Q3, right, John? Something like that, Q3 or Q early into Q4, by the time we fully lap AET, but the impact to the group is relatively small at this point, right? And then the other part is, we report ENT and sports together. It's ENT that's not going through this, and it started, kind of towards late last year. We'll fully analyze that towards the end of this year. But again, both of those, while important to those business segments at a group level, will now be a relatively small portion of the portfolio.

但剩下的就是AET了，對吧？AET計畫去年啟動。我覺得應該是第三季度，對吧，約翰？大概是第三季或第四季初，等我們完全完成AET圈速的時候，但此時對車隊的影響相對較小，對吧？另一方面，我們把耳鼻喉科和體育新聞放在一起報道。耳鼻喉科並沒有經歷這種情況，而且這種情況大約是從去年年底開始的。我們將在今年年底對此進行全面分析。但話說回來，雖然這兩項業務對集團層級的業務部門都很重要，但現在它們在投資組合中所佔的比例相對較小。

So overall, like I said, I feel very good about the continued, momentum. That the momentum we've built and capitalizing on that momentum as we go into 2026. In terms of margin, as we noted, we've driven, 240 bits of, marginal improvement over the life of the 12-point plan program. That's a combination of leverage and cost improvement and all of the work that we've done over the three years of the program, not only deliver the 240 bits, but what's most impressive about that is the sheer scale of headwinds that we've overcome. If you just take China. Joint repair VBP, that's just 120 BPS on its own. And if you just add that to 19.7, we would be at 20.9. I'm absolutely.

總的來說，就像我說的，我對目前的持續勢頭感到非常樂觀。我們要維持並利用我們已經累積的勢頭，邁向 2026 年。就利潤率而言，正如我們所指出的，在 12 點計畫專案的整個生命週期中，我們已經實現了 240 位元的邊際改進。這是槓桿作用和成本改進的結合，也是我們在三年專案期間所做的一切工作的成果，不僅交付了 240 位數據，但最令人印象深刻的是我們克服瞭如此巨大的阻力。如果只考慮中國的話。關節修復 VBP，單單就是 120 BPS。如果把這個數加到 19.7 上，那就是 20.9。我完全同意。

Proud of what we as an organization have delivered with focus not only on the top of the margin. As we've said, going forward, the focus will be on revenue growth and driving sustainable above market revenue growth and profit growth. So that's kind of what we're orienting and guiding toward, recognizing that we'll continue to drive productivity, we'll continue to take costs out in order to, in effect, drive margin as well. In terms of capital allocation, our focus remains on Investments in organic, right, to drive topline growth above market and to further accelerate our growth. That remains a key feature or a key priority for us in terms of capital allocation. What we've also said, of course, is that's a mix of R&D and M&A and within our rise strategy, what we've said is we will undertake M&A that allows us to scale in areas where we have strength. And that's within sports and it's within Bone and areas where we see clear ability to build on what is a solid foundation, and integrity fits very squarely within that.

我們為自己作為一個組織所取得的成就感到自豪，我們不僅關注利潤率的頂端。正如我們所說，展望未來，重點將放在收入成長上，並推動收入和利潤實現可持續的、高於市場平均的成長。所以這就是我們努力的方向和方向，我們意識到，我們將繼續提高生產力，並繼續降低成本，從而有效地提高利潤率。在資本配置方面，我們的重點仍然是對內生成長的投資，以推動營收成長超過市場平均水平，並進一步加速我們的成長。就資本配置而言，這仍然是我們的一項關鍵特徵或一項關鍵優先事項。當然，我們也說過，這是研發和併購相結合的策略，在我們的崛起策略中，我們說過，我們將進行併購，以便在我們具有優勢的領域擴大規模。這體現在體育領域，也體現在 Bone 以及其他領域，在這些領域，我們看到了在堅實的基礎上發展壯大的能力，而誠信正是其中的關鍵所在。

As I've highlighted, the advantage of integrity is within sports medicine. It allows us to be a clear leader. Biomechanical repair, right? We were very, positively impressed with tendency and all that it has to offer in terms of an alternative to existing approaches and together with what we have, I think it'll be a great compliment, right, in terms of mechanical repair.

正如我所強調的，誠信的優勢在運動醫學領域尤其突出。它使我們能夠成為清晰的領導者。生物力學修復，對吧？我們對這種趨勢及其在現有方法之外所能提供的所有優勢印象深刻，而且我認為，結合我們現有的技術，在機械維修方面，它將是一個很好的補充。

But what's most exciting is when you couple that with gennain, where we clearly have market leadership and biologics. That's a fantastic portfolio. And we should expect us to act as the leaders of in sports medicine when we see an asset.

但最令人興奮的是，當我們把這些與gennain結合時，我們在gennain和生物製劑領域顯然擁有市場領先地位。那真是一份非常棒的作品集。當我們發現運動醫學領域的寶貴資源時，我們應該發揮領導作用。

Unique technology that augments our position. What's actually what's even more impressive is when you couple that with what we've got in arthroplasty with chlori and a full portfolio of ATOs, we are now very strongly positioned within shoulder. And just to remind you, there's significant channel overlap in shoulders. So surgeons who do arthroplasty also do soft tissue repair. So that's what's most exciting about this. So integrity fits very squarely.

獨特的技術增強了我們的優勢。更令人印象深刻的是，當我們把這些與我們在關節成形術中採用氯化物和全套 ATO 產品組合所取得的成就結合起來時，我們現在在肩關節領域佔據了非常強大的地位。再次提醒一下，肩膀有明顯的通道重疊。因此，進行關節置換手術的外科醫師也會進行軟組織修復。這就是最令人興奮的地方。所以，誠信這個概念非常貼切。

As I said in our rise strategy where we will make investments in order to shore up our position and to drive great growth. And as it turns out within this particular asset, it's the group that gave us regenerin and you've seen what we've done, not only commercially, but actually investing clinically to develop the the clinical evidence to drive adoption. So that's what's most exciting about it and hopefully it gives you a little bit of color on capital allocation.

正如我在崛起策略中所說，我們將進行投資以鞏固我們的地位並推動巨大成長。事實證明，在這個特定的資產中，正是這個團隊為我們帶來了再生素，你們也看到了我們所做的一切，不僅在商業上，而且在臨床上也進行了實際投資，以開發臨床證據來推動其應用。這就是它最令人興奮的地方，希望它能讓你對資本配置有更清楚的認知。

Maybe if I can just, if, I'll just give you a little bit more color on China as well, because it's obviously a topic that comes up. A lot in conversation just to sort of set the scene.

如果可以的話，我再給大家詳細介紹中國，因為這顯然是一個經常被提及的話題。很多對話只是為了交代背景。

In 2024, in sort of Greater China, we were, I think we've said this number before, we were doing around $210 million , $220 million or so of sales. In 2025, we saw broadly a sort of a reduction of a third. As a consequence of all the impacts that we talked about, so roughly getting to us about 160.

2024 年，在大中華區，我們（我想我們之前也說過）的銷售額大約是 2.1 億美元到 2.2 億美元左右。到 2025 年，我們預計總體上會減少三分之一。由於我們討論的所有影響，大致達到了 160。

Actually when we look at 2026, it's actually a very similar number to 2025, so we're really not expecting to see much relative movement in our Greater China sales, 26 on 20,225. Now actually you need to unpack that. A little bit because it's a combination of a couple of factors taking place, one of which is we're actually expecting to see sports and joint recovery to recover a little bit.

實際上，當我們展望 2026 年時，會發現它與 2025 年的數字非常相似，因此我們並不預期大中華區的銷售額會有太大的相對變化，2026 年為 20225 輛。現在你實際上需要把它拆解開來。有點兒，因為這是幾個因素共同作用的結果，其中之一是我們預期運動和關節恢復情況會有所改善。

Now the reason why that's the case is because we've done a really successful job of managing channel inventory. In 2025, we've taken inventory where we've had to, we've taken inventory out of the channel. So we are confident that we can, we we're starting to come through in Q4 of last year, which is the reason that gives us confidence.

之所以會出現這種情況，是因為我們在通路庫存管理方面做得非常成功。2025年，我們已在必要時進行了庫存盤點，並將庫存從渠道中撤出。所以我們有信心能夠做到，我們在去年第四季開始取得進展，這也是我們信心的來源。

So we expect to see a little bit of a bounce in our sports business in China. Of course. For the overall number to be flat, that means there needs to be a negative somewhere, and of course the negative exists in the AET and in the ENT that we haven't really seen the impact of that in 25, it's going to really come through in 26. That's the negative, but overall those two play a draw to be neutral on the top-line.

因此，我們預計我們在中國的體育業務將會出現小幅反彈。當然。要使總數保持平穩，就意味著某個地方需要有負數，當然，AET 和 ENT 中存在負數，我們在 25 年還沒有真正看到這種負數的影響，它將在 26 年真正顯現出來。這是不利因素，但總體而言，這兩支球隊在頂級聯賽中表現平平，保持中立。

When you look at the bottom line.

當你看到最終結果。

Profit again for '25 was, let's sort of call it around 50 to 60, we will expect to see a 15 million to 20 million reduction in that profit year on year into '26, and that's being driven again by the VBP on AET and ENT.

2025 年的利潤大約在 5,000 萬到 6,000 萬之間，我們預計 2026 年的利潤將比前一年減少 1,500 萬到 2,000 萬，這再次是由於 AET 和 ENT 的 VBP 所致。

So again we've done a really good job of managing the channel inventory on ENT so again we can be reasonably comfortable with that number. So as we've very clearly stated, China will not be.

所以，我們在 ENT 頻道庫存管理方面做得非常出色，因此我們對這個數字相當滿意。正如我們已經非常明確地指出的那樣，中國不會。

In 2026, a drag on the top-line in the way that it has been historically.

2026 年，這將像歷史上一樣拖累營收。

And it will be a drag on the bottom line, but to a much more limited extent, call it 15 million to 20 million, which is what we set out at the Capital Markets Day in December and what we're reiterating today in terms of the impact of VBP, AET and ENT for '26. So that's absolute clarity and that, and that's the thing that gives us confidence. When you look at our growth, exhina for '25, we were 7% growth.

這將對利潤造成拖累，但程度要有限得多，大約在 1500 萬到 2000 萬美元之間，這是我們在 12 月的資本市場日上提出的，也是我們今天重申的關於 VBP、AET 和 ENT 對 2026 年的影響。這就是絕對的清晰性，也是讓我們充滿信心的原因。從我們的成長情況來看，2025 年的出口成長率為 7%。

Because we're no longer seeing that drag come through in '26, that's what gives us confidence with regards to our around 6% growth at the top-line of our business, notwithstanding some of the headwinds we've clearly talked about.

因為我們不再看到 2026 年出現這種拖累，這讓我們對公司營收約 6% 的成長充滿信心，儘管我們已經明確談到了一些不利因素。

David Linda.

大衛琳達。

Morning, David Addington, Jamie Morgan. You've seen two or three of your competitors in skin substitutes downgrade their guidance expectations in the last few weeks. You've maintained yours that you had before Christmas. Just wondered if you could talk about what you're seeing in the markets and your assumptions around price and volumes for this year.

早安，大衛·阿丁頓，傑米·摩根。在過去幾周里，您可能已經看到兩到三家皮膚替代品領域的競爭對手下調了業績預期。你保持了聖誕節前的習慣。我想問您能否談談您目前觀察到的市場情況，以及您對今年價格和成交量的預測。

And then secondly, probably more for John, inventory write down 159 million, is that all coming from the portfolio rationalization, or is there anything more underlying in there? And is that now completed or should we expect more changes coming through?

其次，可能對約翰來說更重要的一點是，1.59 億的庫存減值，這全部來自投資組合合理化，還是另有其他原因？現在這項措施已經完成了嗎？還是我們還需要期待更多的改變？

Yeah. So in terms of skin subs, we are seeing the channel adapt to the changes that are coming. So just to remind everyone, it's really in the physician office and the mobile channels where we're seeing most of the impact and then that mobile is more impacted than physician office or the hospital outpatient segment, right? So, but in the surgical segment, we're continuing to see the growth. So in terms of parsing what different players have said, it really has to do with the mix of our business is how much of our business is in each of those channels. The other factor within that is the type of products you have within each segment, right? You've got products that you can segment both from a customer standpoint and from from from a price standpoint. So put all these pieces together, what we're seeing is definitely impact in terms of price that is hit to remind everyone.

是的。所以就皮膚字幕而言，我們看到該頻道正在適應即將到來的變化。所以再次提醒大家，我們看到受影響最大的還是醫生辦公室和行動管道，而且行動管道受到的影響比醫生辦公室或醫院門診部更大，對吧？所以，在外科手術領域，我們繼續看到成長。因此，要分析不同參與者所說的話，實際上取決於我們業務的組合，也就是我們的業務在每個管道中所佔的比例。另一個需要考慮的因素是每個細分市場中的產品類型，對吧？你可以從客戶角度和價格角度來細分產品。綜上所述，我們看到的價格確實受到了影響，這一點提醒了所有人。

Typically within the the the physician office segment and mobile segment, the payment terms or reimbursement levels or cycles are between 40 and 45, 30 and 45 days. So we're now heading into a period with the first tranche. Of reimbursements have gone in and physician offices are starting to see just what comes through from CMS around that. So there's still a fair amount of uncertainty in the channel in terms of not only utilization, but how these products get reimbursed and the mechanism under which the CMS is actually reimbursing those products. So, what we've said is the the guidance we've provided for our business in terms of how we're impacted. Hasn't fundamentally changed from last year, but longer-term, David, I'm very, bullish on the segment. Once we get through this period of adaptation, we believe that the clinical unmet need is there. There will be a drive towards using products that have clinical evidence and as we've invested considerably over the years to develop not only products but clinical evidence to drive the appropriate use of those products and that combined with the growing unmet need based on demographics, right, makes this an attractive channel over the long-term.

通常情況下，在醫生辦公室領域和移動領域，付款期限或報銷水平或週期為 40 至 45 天，30 至 45 天。所以我們現在進入了第一批階段。部分報銷款項已經到賬，醫生診所也開始看到 CMS 的相關通知。因此，該通路仍存在相當大的不確定性，不僅體現在使用情況上，還體現在這些產品的報銷方式以及 CMS 實際報銷這些產品的機制上。所以，我們所說的就是我們為公司業務提供的指導意見，說明我們受到的影響。從根本上來說，它與去年相比並沒有發生什麼變化，但從長遠來看，大衛，我非常看好這個領域。一旦我們度過了這段適應期，我們相信臨床上尚未滿足的需求仍然存在。我們將大力推廣使用有臨床證據的產品，多年來我們投入了大量資金，不僅開發產品，還開發臨床證據，以推動這些產品的合理使用。再加上人口結構變化帶來的日益增長的未滿足需求，這使得該管道在長期內成為一個有吸引力的管道。

And inventory won't take that.

庫存管理無法接受這一點。

Well, I was going to say I just maybe give a little bit of color around the how do you get to our 20 to 40 impact on the bottom line.

嗯，我本來想說，我或許可以稍微解釋一下，我們是如何實現對利潤 20% 到 40% 的影響的。

I mean, we've said before that, our skin subs business is around a couple of 100 million.

我的意思是，我們之前說過，我們的皮膚移植業務規模大約在幾億美元左右。

If you look at the, we think that from a pricing perspective, we think for our portfolio, we'll see a sort of price reduction of around sort of 20%, 25% or so. Now that's a lot lower than the overall.

從定價的角度來看，我們認為我們的投資組合價格可能會下降 20% 到 25% 左右。這比總體水平低得多。

Industry will see because we haven't necessarily participated in quite the same high price points as the inventory average, so we will expect prices to come down a little bit. At the same time, We would expect our volumes to be broadly neutral, maybe even a little bit positive as we grab a little bit more share in the channel. So overall a sort of 15% to 20% reduction in our revenues. If you work out that on the 200 and drop that through as a margin, that gives you your 20% to 40% impact on our bottom line that we've put in our margin bridge.

業界將會注意到，因為我們並沒有像庫存平均價格那樣參與到高價位的競爭中，所以我們預計價格會略微下降一些。同時，我們預計銷量將基本保持中性，甚至可能略有成長，因為我們將在通路中獲得更多份額。所以總體而言，我們的收入下降了大約 15% 到 20%。如果你把這筆錢算在 200 上，然後把它當作利潤率扣除，那麼你就會明白，我們在利潤率橋樑中投入的這部分資金，對我們的利潤底線產生了 20% 到 40% 的影響。

So, there's lots of assumptions that build into that, lots of uncertainty around that, but that's just the basis on which we give the guidance and. But we haven't seen anything in the market to date that would contradict that guidance. That's a, and that's a broad, reasonably broad range of about $20 million to $40 million.

所以，這其中包含了許多假設，也存在著許多不確定性，但這只是我們給指導的基礎。但迄今為止，我們尚未在市場上看到任何與此預期相反的情況。這是一個相當廣泛的範圍，大約在 2000 萬美元到 4000 萬美元之間。

In terms of the inventory, and the portfolio rationalization, that we see this as being a really positive thing, we, this is an op, we've taken this opportunity to accelerate, the rationalization of our product portfolio. It means that circa 2/3 reduction.

就庫存和產品組合合理化而言，我們認為這是一件非常積極的事情，我們抓住這個機會，並加快了產品組合的合理化進程。這意味著減少了大約 2/3。

In our Ortho SKU count, a circa 10% reduction in our sports SKU count. And these only represent, in '26, probably about 7% of our sales. So it's a huge number of SKUs representing a very small percentage of our sales, which we will expect to, over the next two or three years to roll off. And this is an opportunity for us to simplify the portfolio. Offer our customers our latest products, and it's very much building on the work. There was a portfolio rationalization work that was kicked off at the very beginning of the 12 point plan. This is the second wave of that with a little bit more focused on trauma. The initial plan was more focused on knees and hips, but we see this as being a really positive thing, and we don't, by the way, we don't anticipate any further changes. And for the avoidance of doubt, the 159 million charge is just the portfolio rationalization. We haven't hidden anything else in there. It's simply what it is, but it's a very, we think it's a very positive thing for the business.

我們的矯形產品 SKU 數量減少了約 10%，而運動產品 SKU 數量減少了約 10%。而這些產品在 2026 年可能只占我們銷售額的 7% 左右。因此，雖然 SKU 數量龐大，但僅占我們銷售額的一小部分，我們預計在未來兩三年內，這種情況會逐漸消失。這是一個簡化投資組合的機會。向我們的客戶提供我們最新的產品，這很大程度上是在前期工作的基礎上進行的。在 12 點計畫的最初階段，就啟動了投資組合合理化工作。這是第二波浪潮，更著重於創傷方面。最初的計劃更側重於膝蓋和髖部，但我們認為這是一件非常積極的事情，而且順便說一句，我們預計不會有任何進一步的改變。為避免任何誤解，這 1.59 億的費用只是投資組合合理化調整。我們沒在裡面藏其他東西。事情就是這樣，但我們認為這對公司來說是一件非常積極的事情。

Just to reinforce something here, which is we've called out Ortho 360 a couple of times today. We've mentioned that actually in our capital market days, it's really important to emphasize how we're running this business better than we have historically. So balancing capital deployment. Growth and margin, so we achieve a better balance across those things that we've historically done is an important part of how we operate this business. It's not chasing growth at all costs, but rather to drive the right kind of balance. So we've historically been not as disciplined around deploying capital in this business, which has led to some of the challenges around Roick and inventory that we've seen. So it's really important to emphasize that we're operating this business, better in a more disciplined way than historically ever have done. Question here, the last question in the room and then we go to questions, we go to the phone.

這裡需要再次強調一點，我們今天已經提到 Ortho 360 好幾次了。我們之前提到過，在資本市場時期，強調我們現在的經營方式比以往更好，這一點非常重要。因此，要平衡資本配置。成長和利潤，因此我們在這些方面取得更好的平衡，是我們經營這項業務的重要組成部分。它並非不惜一切代價追求成長，而是力求達到適當的平衡。因此，我們過去在資本部署方面不夠自律，這導致了我們在 Roick 和庫存方面遇到的一些挑戰。因此，必須強調的是，我們經營這項業務的方式比以往任何時候都更加嚴謹自律。這是最後一個問題，也是房間裡的最後一個問題，然後我們就進入問答環節，我們去打電話提問。

Thank you very much, Richard Felton from Goldman Sachs. Two questions please, both on shoulders. So I think it's 13 or 14 consecutive quarters where Regeneron has been called out as a strong contributor to growth. Could you, help us with roughly how much that product contributes to your sports medicine business today? And then on the double. AOS guidance, what does that change in practice? Is it because of that guidance that shifts reimbursement conversations? Does that guidance have a material impact on surgeon behavior? Anything you can help us with to frame how material that shift in guidance is would be really helpful.

非常感謝高盛的理查費爾頓。請問兩個問題，都問在肩膀上。所以我認為，Regeneron 已經連續 13 或 14 個季度被認為是成長的有力貢獻者了。您能否大致估算一下，目前產品對您的運動醫學業務貢獻了多少？然後迅速行動。AOS指南在實務上會帶來哪些改變？是因為這項指導意見才改變了報銷方面的討論嗎？該指導意見是否對外科醫師的行為產生實質影響？如果您能幫助我們闡明這項指導方針轉變的具體內容，那就太好了。

And the second one also on shoulders, Deepak, I think you referenced regenerative integrity addresses a TA of $1.2 billion.

第二個問題也與肩膀有關，Deepak，我想你提到再生完整性問題，其技術援助金額為 12 億美元。

What, how do you get to that $1.2 billion? Is that all rotator cuffs? Is it a subset of rotator cuffs that are done with bioinductive implants today? Any parameters to provide color around that and how fast it's growing?

什麼？你如何才能賺到那12億美元？這就是全部的肩袖肌群嗎？目前採用生物誘導植入物進行肩袖修復的病例是否只佔肩袖損傷的一部分？是否有任何參數可以提供關於顏色和增長速度的資訊？

Thank you.

謝謝。

Sure. So regenerating, I think we haven't called up regenerating, have we, previously? So I need to confirm what we've actually, I think we've.

當然。所以，關於再生，我想我們之前還沒有提到過再生，對吧？所以我需要確認我們實際擁有的，我想我們擁有的。

Given some rough guidance. I think you can give a, a.

提供一些粗略的指導。我認為你可以給一個，一個。

Couple of 100 at least range. So I think. Multiple 100 million. Okay, so I've got to be careful of what I say. Scope, so it's a key driver of growth, as you'd rightly note, we've, it's been a fantastic story for us, and as we've said, we took a relatively small when it was launched when we acquired it. Kind of like integrity, right, early stages, and what we've done is put it into our channel or commercial, cha sales organization, and we've done more, right? We've invested in developing clinical evidence. We've in previous earnings calls called out the wonderful, data that have come out, right, at different time points, one year initially and a two-year time point. In terms of statistically significant reduction in retail rates that we've seen with regeneration, right? So, that's been a great story. So it's not only the commercial channel strength, but also the evidence investment that leads to the kind of utilization that we've seen. What the guidance does is actually help surgeons, determine the appropriate use. So there's different levels of clinical evidence, right? So this doesn't. Over time you'll have this be reimbursed, right, but today it's part of the kind of the DRG. There's not a specific reimbursement for regenitum.

至少有100個。我想是這樣的。數億。好吧，那我說話要小心了。規模，因此它是成長的關鍵驅動力，正如您所指出的，這對我們來說是一個非常棒的故事，而且正如我們所說，當我們在收購它時，它推出時規模相對較小。有點像誠信，對吧，在早期階段，我們所做的就是把它融入到我們的通路或商業、銷售組織中，而且我們做得更多，對吧？我們已投入資源開發臨床證據。我們在之前的財報電話會議上已經提到過一些很棒的數據，這些數據是在不同的時間點公佈的，最初是一年後，然後是兩年後。從統計意義上講，我們已經看到城市更新帶來了零售價格的顯著下降，對吧？所以，這真是一個精彩的故事。因此，我們所看到的這種利用率，不僅是商業管道的實力，還有證據上的投入。該指南實際上可以幫助外科醫生確定合適的用途。所以臨床證據也有不同的級別，對吧？所以，這樣做行不通。隨著時間的推移，這筆費用會得到報銷，對吧？但目前它是DRG的一部分。生殖器沒有專門的報銷政策。

What it helps surgeons do is, take all the clinical data they've seen in papers.

它能幫助外科醫生做的是，將他們在論文中看到的所有臨床數據整合起來。

Now that the society has now come up with guidance and the appropriate use of it, it's a a way to further increase adoption. That's the way to think about it. The 1.2 billion market is about $875 million of it is mechanical, biomechanical repair, right? It's the sutures and anchors and everything else that goes into repairing the rotator cuff, and that's all rotator cuff, Richard. And the remaining bit of it is biologics, and within that, we are a large part of that. I mean, there's some other collagen-based implants, but we are the the essentially the largest player within that space. So you add the two together.

現在社會已經制定了指導方針和正確使用方法，這是進一步提高普及率的一種途徑。就該這麼想。在這個價值 12 億美元的市場中，約有 8.75 億美元是機械修復和生物力學修復，對吧？修復肩袖需要縫線、錨釘以及其他所有東西，而這些就是肩袖的全部，理查德。剩下的部分是生物製劑，而我們正是其中的重要組成部分。我的意思是，市面上也有一些其他基於膠原蛋白的植入物，但我們基本上是這個領域最大的參與者。所以把這兩個數加起來。

[8,875], the balance, you get [1.2 billion]. So and that's the market in which we participate. And as I mentioned, when you combine the two together, we're about a quarter of the market.

[8,875]，餘額，你得到[12億]。這就是我們參與的市場。正如我之前提到的，如果把這兩家公司加起來，我們大約佔了四分之一的市場份額。

And the potential we see now with tendon seem is the ability to actually have a full solution. Actually now with tendency, a very unique solution biomechanical repair, right, so that allows us to treat even more cases. But what is important as I highlighted is not to include biological healing, right, on top of when the repair is initially done. That's the real helpful part. And what we see with tendon seam is at time zero, right after the procedure.

而我們現在看到的肌腱潛力似乎在於，它能夠真正提供一個完整的解決方案。實際上，現在有一個非常獨特的生物力學修復解決方案，對吧？這樣我們就可以治療更多的病例了。但正如我所強調的那樣，重要的是不要把生物癒合也算進去，對吧，這是在最初修復完成之後才發生的。這才是真正有幫助的部分。我們看到的肌腱縫合情況是在手術後立即進行的時間零點。

The anchors actually leave the tendon with twice the amount of strength that the traditional repair has. So there's some intriguing possibility of faster recovery time for patients coming out of a sling, quicker. There's some great early experience around that that makes us think that this would be a very nice compliment to what's out there, right? So that's the sports medicine part of it. The other exciting thing just as I reinforce within shoulder is with ATOs, right? We are a relatively small player in arthroplasty today with the shoulder, but with ATOs, we now have a full solution that's, stemless, short stem, anatomic, reverse anatomic. So we've got a full range of implants. And in the shoulder anatomy, a handheld form factor is particularly well suited for for for for for for that anatomy. So robotics is and Cory with its handheld form factor is super well suited for that. And just to remind everyone, adoption of robotics and shoulders very early stages today, right.

實際上，錨釘使肌腱的強度比傳統修復方法高出一倍。因此，對於從吊帶中取出病人來說，康復時間可能會更快，這令人感到非常有趣。早期的一些經驗讓我們覺得，這會是現有產品的一個很好的補充，對吧？以上就是運動醫學的知識。另一件令人興奮的事情，正如我之前強調的，是關於ATO的，對吧？目前，我們在肩關節置換領域只是個相對較小的參與者，但有了 ATO，我們現在擁有了完整的解決方案，包括無柄、短柄、解剖型和反向解剖型。所以我們擁有全系列的植體。而對於肩部解剖結構而言，手持式外型設計尤其適合這種解剖結構。所以機器人技術就是這樣，而 Cory 憑藉其手持式外形，非常適合用於此。提醒大家一下，目前機器人和肩部裝置的應用還處於非常早期的階段，對吧。

So we see an opportunity now, Cory plus ATOs. Where we start to take share within the arthroplasty market and together with the robust portfolio we've got in soft tissue repair within shoulder, we now have what we think is a very compelling offering in a fast growing part of orthopedics. That's all of these different pieces to come together, Richard.

所以我們現在看到了機會，Cory 加上 ATOs。當我們開始在關節置換市場佔據份額，再加上我們在肩部軟組織修復方面擁有的強大產品組合，我們現在在骨科這個快速增長的領域擁有我們認為非常有吸引力的產品。理查德，這就是所有這些不同部分需要組合在一起的過程。

Questions over the phone, I'm told.

據說是透過電話詢問的。

Thank you. (Operator Instructions) Graham Doyle, UBS

謝謝。（操作說明）瑞銀集團 Graham Doyle

Morning guys. Thanks a lot for taking the questions. I just went on skin subs and then on landmark and on skin subs, the flat volumes assumption, it seems it's quite a benign assumption versus what we're seeing in the market over the past sort of month and a half. How would you expect that to sort of flow in H1? Would you expect, maybe down 50 50 in H2? And then just on the landmark knee, could you just talk us through how you imagine the ramp would be?

早上好，各位。非常感謝您回答這些問題。我剛剛查看了皮膚細分市場，然後又查看了地標市場和皮膚細分市場，關於成交量持平的假設，與過去一個半月以來我們在市場上看到的情況相比，這似乎是一個相當溫和的假設。你覺得它在 H1 會如何呈現？你預計下半年可能會下跌 50% 嗎？那麼，關於這個具有里程碑意義的膝蓋部位，您能否為我們描述一下您想像中的坡道會是什麼樣子？

So is there, are there things you need to do on inventory or getting people ready for that launch? And do, does the old, do the old factors sort of slow down to launch? Do you then ramp up quite quickly just to get a sense? When we're modeling that would be really helpful.

那麼，在庫存管理或人員準備方面，是否需要做一些事情來迎接新品發布？那麼，舊的因素是否會減緩啟動速度呢？然後你會迅速加大力度，以便了解情況嗎？在建模時，這將非常有幫助。

Thank you.

謝謝。

Sure thing.

當然可以。

Let me start off with consumption, and John, maybe you can take the phasing of it, right? So in terms of flat volume, and John kind of alluded to it in his remarks earlier, fundamentally, when you double click, it has to do with parts of our portfolio we're actually seeing growth. And, Oasis, for example, in our portfolio, we're seeing very significant uptick in volumes and usage and utilization of that product and price impacts that impact, one or the other part of the portfolio. So in terms of volumes, it's both channels I said earlier, right, where the volumes are quite stable in the surgical channel and then when you look at Hospital outpatient, physician office and in mobile, the greatest impact actually is in mobile and physician office, right? And in terms of our mix of business, what we're seeing is gains in one area offsetting declines in another, right, as the channel adapts. So the net impact of which will be a draw. As I said, it's still early going yet. So in terms of how the channel is responding to it.

讓我先從消費說起，約翰，也許你可以負責分階段進行，對吧？所以就成交量持平而言，約翰在之前的演講中也提到過這一點，從根本上講，當你雙擊時，這與我們投資組合中實際看到成長的部分有關。例如，在我們的產品組合中，Oasis 的銷售量、使用量和使用率都出現了非常顯著的成長，價格也因此對我們產品組合的各個部分產生了影響。所以就銷售量而言，正如我之前所說，手術通路的銷售量相當穩定，而醫院門診、醫師診間和行動端的銷售量受到的影響最大，對吧？就我們的業務組合而言，我們看到的是一個領域的成長抵消了另一個領域的下滑，對吧，因為管道正在做出調整。因此，最終結果將是平手。正如我所說，現在還為時過早。所以，就頻道對此的反應而言。

We're now in the first early stages of physician offices billing.

我們現在正處於醫生診所收費的早期階段。

Right, from the utilization they've had in the early part of the year and now in a position to see how CMS is responding in terms of reimbursement, and that will help inform how the balance of the, half goes and how H2 is kind of set up. Anything you want to color to that, John?

沒錯，從他們今年年初的使用情況來看，現在有機會看看 CMS 在報銷方面是如何回應的，這將有助於了解下半年的剩餘部分是如何進行的，以及下半年是如何安排的。約翰，你還有什麼想補充的嗎？

Not really. I mean I, Graham, I actually thought we were being quite detailed in the guidance that we were giving for the year as a whole, so. In terms of the, volume impact and the pricing impact, I don't think I want to get drawn into specifically quarter by quarter other than to say, to Deepak's point, it's still working its way through as we speak. I'd expect half one to be a little bit softer, half 2 to be a little bit stronger as the market starts to normalize, but I don't think we're going to get drawn on very specific guidance quarter by quarter on skin subs.

並不真地。我的意思是，格雷厄姆，我其實認為我們在全年的指導方針中已經做得相當詳細了。至於銷售和價格方面的影響，我不想逐季度具體分析，我只想說，正如迪帕克所說，目前情況仍在發展中。我預計第一季會略微疲軟一些，第二季度會略微強勁一些，因為市場開始趨於正常化，但我認為我們不會就皮膚訂閱量給出非常具體的季度指引。

Okay, good. On, in terms of landmark, this will come in stages. So in the second half, I think, end of Q3, Q4, we'll launch Landmark first on C cementless and then we'll bring forward Cemented in the first half of 2027. The focus there is one platform that combines the best of, essentially our existing platforms, in terms of degree of personalization, ease of implantation, and, preserving some of the benefits of, kinematics, and the other benefits that we have within our existing portfolio. The other important kind of design considerations around Landmark is trade efficiency. We've brought this thinking in catalyst STEM and with Atos because what we're looking ahead to is ASC where space matters and trade efficiency is is super important. So we've built that thinking now into landmark. Not only is it about the designs of the implant itself, but also making the procedure more efficient, not only in terms of ease of implantation, but also the mechanics of getting through a case, less capital intensive, right? So those are the features of Landmark and it also is comes in cementless and cemented and with a medial stabilized kind of paradigm, which is where the market is going. And keep in mind today. We've got cement list on the Legion platform and we don't have this on the journey platform. So, Landmark allows us to fill kind of the GAAP that we've got with journey today, right? And so the way we expect to launch, as this will be a build over time.

好的。就里程碑而言，這將是分階段實現的。所以我認為，在下半年，也就是第三季末、第四季度，我們將先推出 Landmark 無水泥混凝土，然後在 2027 年上半年推出水泥混凝土。重點在於打造一個平台，基本上結合了我們現有平台的優點，包括個人化程度、易於實施，並保留了運動學以及我們現有產品組合中的其他一些優點。Landmark 的另一個重要設計考量是交易效率。我們已將這種理念引入 Catalyst STEM 和 Atos，因為我們展望的是 ASC，在這個領域，空間至關重要，貿易效率也極為重要。所以，我們現在已經把這種理念融入地標設計了。這不僅關乎植入物本身的設計，也關乎如何提高手術效率，不僅體現在植入的便利性上，也體現在手術操作的機制上，降低資金投入，對吧？以上就是 Landmark 的特點，它有無骨水泥型和有骨水泥型兩種，並採用了內側穩定型設計，這也是市場的發展方向。請記住今天發生的一切。Legion 平台上有水泥清單，而 Journey 平台上沒有。所以，Landmark 使我們能夠按照我們今天所擁有的 GAAP 準則進行操作，對吧？因此，我們預期的發布方式是，這將是一個逐步建立的過程。

. We'll, in the back half of the year with the cementless launch, we'll have kind of the initial kind of foray into this and then as we go into the first half of 27, we'll have both cemented and cementless. It'll be the same instruments for cemented and cementless, right? So again, keeping that. Trade efficiency paradigm, front and center in what we do. So hopefully that addresses your questions.

。嗯，今年下半年推出無水泥混凝土方案時，我們會進行一些初步嘗試，然後在2027年上半年，我們將同時推出有水泥和無水泥混凝土方案。有骨水泥和無骨水泥手術使用的儀器應該是一樣的，對吧？所以，再次強調，要保留這一點。貿易效率範式是我們工作的核心。希望這能解答您的疑問。

Grant. And just to build on the, so just to build, sorry, just to build on the comment that we also made in the presentation that we're also mindful, we're very mindful as as to how we're deploying capital on our existing platforms in the buildup to the launch of Landmark in the second half. Because we want to make sure that we maintain our capital efficiency. We, we've continued to build over the last couple of years. And that, and for that reason, we do expect the first half to be a little bit softer, therefore, on US knees as we grow. So the Q1 will be a little bit softer because of the, fewer trading day. We'll expect to see that grow a little bit in Q2, but then it's really Q3 and Q4 upon the launch of the landmark where we expect to see, US.

授予。為了進一步說明，抱歉，為了進一步說明，我們在演示中也提到過，我們非常清楚，在下半年推出 Landmark 之前，我們如何將資金部署到我們現有的平台上。因為我們希望確保維持資本效率。過去幾年，我們一直在持續發展壯大。正因如此，我們預計上半年對我們美國人來說會稍微輕鬆一些，因為我們正在成長。因此，由於交易日減少，第一季業績會略顯疲軟。我們預計第二季度會略有成長，但真正的成長要等到第三季和第四季度，也就是里程碑式產品發布之後，我們才會看到美國市場成長。

Growth and in line with the market by the end of the year. So that's the sort of trajectory we're expecting US needs.

到年底，成長將與市場保持一致。所以，這就是我們預期美國需要的發展軌跡。

And this type of capital discipline again as part of Ortho 60, we've actually 360 we've we've displayed in how we've launched Catalyst STEM.

而這種資本紀律再次體現在 Ortho 60 中，我們實際上已經 360 度展示了我們如何推出 Catalyst STEM。

It's very different to how we've done it. You've seen all of the growth, numbers, right? We are above market now, again in Q4, we exceeded the market in US hips, right? So as important as that growth is.

這和我們以往的做法截然不同。你們都看到了所有的成長和數據，對吧？我們現在再次高於市場平均水平，第四季度我們在美國髖關節方面也超過了市場平均水平，對吧？所以，這種成長固然重要。

How we've achieved that is in many ways even more important because we brought a high level of capital discipline in terms of how we approach that launch of the market and you should expect. The same with Landmark. It's a bit more complicated because we've got to straddle, we've got multiple elements of our portfolio and needs that we have to navigate through, but we will strike a better balance in terms of growth, capital deployment, and margin. It's not just growth for the sake of growth, right? Super important to to to to to keep in mind. So we'll take one more question online, and then we'll turn, come back to the room if there aren't any.

我們如何實現這一點在許多方面都更加重要，因為我們在市場啟動方面採取了高度的資本紀律，你們應該對此有所期待。Landmark的情況也是一樣。這有點複雜，因為我們需要兼顧多個方面，我們的投資組合和需求有很多需要權衡，但我們會在成長、資本部署和利潤率方面取得更好的平衡。成長不是為了成長而成長，對吧？務必牢記這一點，非常重要。所以我們會再在線上回答一個問題，如果沒有問題的話，我們就回到教室。

Thank you. Kane Slitskin, Deutsche Bank

謝謝。凱恩‧斯利茨金，德意志銀行

Morning guys, just on Corey, could you just talk a little bit on the competition you're seeing in the sort of smaller handheld space. We obviously recently had Macco announced their limited market release of their handhold, so just wondering what you, what you're seeing there, presumably they're going to be targeting the same sort of ASC space. And then just on J&J's spinning out of its auto business, I assume, are we expecting sort of a bit of disruption in the market over the next sort of, year or so due to that split out, and if so, what are the sort of challenges and what opportunities you're seeing there? And yeah, just finally, I did notice there was a shortage of bone cement in the UK. I mean, I appreciate UK is probably smaller in your life nowadays, but yeah, any comments around that, thanks.

早安，Corey，你能談談你在小型手持設備領域看到的競爭情況嗎？最近Macco宣布了他們限量發售的手持設備，所以我想知道你那邊的情況，他們大概也會瞄準同樣的ASC市場吧。關於強生公司剝離汽車業務，我想，我們是否預計在未來一年左右的時間裡，由於這種分拆，市場會受到一些衝擊？如果是這樣，您認為會面臨哪些挑戰和機會？對了，最後我還注意到英國出現了骨水泥短缺的情況。我的意思是，我知道英國現在在你生活中可能佔據的位置比較小，但是，關於這一點，你有什麼看法嗎？謝謝。

Yeah, so first, Corey, it's important to keep in mind that when we talk about Corey ASCs and we said something like excess of 40% of our placements in 25 have been in the ASC. It's important to remember that Cory isn't just for the ASC, and while it is a handheld robot, fundamentally, it's a robot across a whole range of settings, hospitals, ASCs. We've got quite a bit of focus on teaching institutions, and we've got great traction over the last couple of years in terms of the adoption ofOY in teaching institutions. It's important to keep in mind that KORY isn't just a handheld, it, it's a robotic system that happens to be handheld, right? And it has resonance across a range of settings. So therefore, in terms of competition, we feel very good about what Cory is, the features and benefits that it's got. It's one platform that can do knees, hips. And shoulders and the type of kind of features and benefits we've brought on board over the last 3 years is absolutely impressive in terms of how quickly we've done it. So, that's the short answer to this. It's a robotic platform that happens to be handheld rather than us competing in one segment. In terms of J&J, look, we've got a very good set of priorities we're executing towards, we feel very good about how competitive we've been in hips and how we've gone from basically lag in the market to when we've got a product. We've launched in a very disciplined way, and now you see, the benefits of that flowing through not only in terms of growth, but the leverage that we're coming through with that trauma, that whole process started earlier on, supply improving and us executing commercially with a great product portfolio of Evos and now with Trigen Max, we're starting to, not starting to be, we've had multiple quarters now where we've surpassed the market. In our trauma and extremities. And so we expect to do the same with these, right, on the launch of a landmark in the back half of the year, Legion MS now that we recently brought to market and of course, continued adoption of Corey, where we've, as we've said, we're pleased with the kind of uptake we've had in competitive accounts with Corey, right? And not to mention the traction in the ASC. You put all of these together, you've got a set of priorities. Executing to those priorities. In terms of J&J, we don't underestimate any competitor, and no matter what kind of they're going through, I believe with continued focus on what we've, we're doing, we will be competitive and increasingly competitive, within the market. In terms of shortage of bone cement in the US as you highlighted, the in the UK rather, UK is a relatively small proportion of our market. It doesn't fundamentally impact, any of our guidance or or financially. I do believe now there's a solution in the market, in the UK, and so we, the market should see some relief from that short of advancement. It doesn't fundamentally impact any of our, financials or guidance as a result of it. But thank you.

是的，首先，Corey，重要的是要記住，當我們談到 Corey ASC 時，我們說過，我們在 25 個項目中超過 40% 的安置都發生在 ASC。需要記住的是，Cory 不僅適用於 ASC（門診手術中心），雖然它是一款手持機器人，但從根本上來說，它是一款適用於各種環境（醫院、門診手術中心）的機器人。我們非常關注教育機構，並且在過去幾年裡，我們在教育機構採用 OY 方面取得了巨大的進展。需要注意的是，KORY 不僅僅是一款手持設備，它是一個恰好是手持式的機器人系統，對吧？它在各種場合都能引起共鳴。因此，就競爭而言，我們對Cory的現狀、功能和優勢感到非常滿意。這是一個可以鍛鍊膝蓋和髖關節的平台。在過去的三年裡，我們推出的肩部功能和各種特性及優勢，以及我們所取得的成就的速度，都令人印象深刻。簡而言之，這就是這個問題的答案。這是一個手持式機器人平台，而不是我們在某個特定領域競爭。就強生而言，我們制定了一套非常好的優先事項並正在努力實現，我們對自身在髖關節領域的競爭力以及從市場落後到擁有產品的轉變感到非常滿意。我們以非常嚴謹的方式啟動了項目，現在您可以看到，這樣做的好處不僅體現在成長方面，還體現在我們從創傷中恢復過來的槓桿作用上。整個過程很早就開始了，供應有所改善，我們憑藉 Evos 和現在的 Trigen Max 的出色產品組合在商業上取得了成功，我們開始，不，不是開始，我們已經連續幾個季度超越了市場。在我們的創傷和四肢中。因此，我們希望在今年下半年推出具有里程碑意義的產品 Legion MS 時也能取得同樣的成功，當然，Corey 的持續普及也讓我們感到滿意。正如我們所說，我們對 Corey 在競爭對手客戶中的普及程度感到滿意。更不用說ASC的牽引力了。把所有這些因素綜合起來，就形成了一系列優先事項。優先執行這些任務。就強生而言，我們不會低估任何競爭對手，無論他們正在經歷什麼，我相信，只要我們繼續專注於我們已經做過和正在做的事情，我們就會在市場上保持競爭力，並且競爭力會越來越強。正如您所強調的，美國骨水泥短缺的問題，而英國的情況則有所不同，英國在我們市場中所佔的比例相對較小。它不會對我們的任何指導方針或財務狀況產生根本性影響。我相信現在英國市場上已經有了解決方案，因此，市場應該會因為缺乏進展而得到一些緩解。因此，它不會對我們的任何財務狀況或業績指引產生根本性影響。不過，謝謝你。

I think that's the time. Absolutely, Graham. I think that's all the time we have today. So I just wanted to close by saying thank you for being here.

我想就是時候了。當然，格雷厄姆。我想我們今天的時間就到此為止了。最後，我想說謝謝，謝謝大家的到來。

Thank you for your time and attention.

感謝您抽出寶貴時間關注。

Just to recap now, 2025 was a very strong year for us of delivery. It marked the successful completion of the three-year 12-point plan. We've built momentum across the group and as we enter 2026, we do so from a position of strength, and we're well aligned with our ambition. To deliver the 2028 rise targets. So looking ahead.

簡單回顧一下，2025 年對我們來說是交付量非常強勁的一年。這標誌著為期三年的十二點計畫圓滿完成。我們已在集團內部建立了發展勢頭，進入 2026 年，我們處於優勢地位，並且與我們的目標高度契合。實現2028年成長目標。展望未來。

What I'm really pleased about is the multiple growth drivers that we have over the next three years, including 2026, and the fact that innovation, just like it's been over the last three years, will continue to be a key to us delivering our targets.

我真正感到高興的是，未來三年（包括 2026 年）我們將擁有多個成長動力，而且創新，就像過去三年一樣，將繼續成為我們實現目標的關鍵。

The investments we've made in R&D so far is starting to bear fruit, will continue to bear fruit, and we're now pivoting to stepping up our investments in sports and in Moon, and that combined with sharper commercial execution positions us to accelerate.

我們迄今為止在研發方面的投資已經開始取得成效，並將繼續取得成效，我們現在正轉向加大對體育和月球的投資，再加上更敏銳的商業執行力，這將使我們能夠加速發展。

Revenue growth as we progress to market leadership in both sports and in mood.

隨著我們在體育和情緒領域逐步確立市場領先地位，收入也將實現成長。

So in parallel, the positive actions that we've taken in orthopedics, together with our focus on group-wide productivity and operational efficiency, will make sure that our top-line growth actually translates into sustained trading profit growth as well.

因此，同時，我們在骨科領域採取的積極措施，以及我們對集團整體生產力和營運效率的關注，將確保我們的營收成長也能轉化為持續的交易利潤成長。

The strength, a strong cash generation underpins this progress and gives us the flexibility to pursue value of creative strategic M&A and that will be further reinforce, reinforcement of our success. So we're confident in the year ahead and we look forward to updating you on progress as we through Q1 and beyond. So thank you very much for your time and attention today.

強大的現金流是這項進步的基礎，也使我們能夠靈活地追求具有創造性的策略併購價值，這將進一步鞏固我們的成功。因此，我們對未來一年充滿信心，並期待在第一季及以後向您報告進度。非常感謝您今天抽出時間關注。