<p>在 SKF AB B 类股票最近的财报电话会议上，情绪显得相当平衡，突出了诸如恢复有机增长和改善利润率等成就，尽管面临重大挑战。公司在其战略举措上进展顺利，尽管全球经济不确定性仍然是一个关注点。</p>
<h2>恢复有机增长</h2>
<p>在连续八个季度的负有机增长后，SKF AB B 类股票在 2025 年第三季度实现了 2% 的正有机增长率。这一增长主要得益于工业业务，标志着公司的一次重大转变。</p>
<h2>改善运营利润率</h2>
<p>尽管面临外汇波动和市场条件严峻的重大阻力，SKF 仍然成功将调整后的运营利润率提高至 12.3%。这一改善反映了公司有效的成本管理策略。</p>
<h2>战略举措的进展</h2>
<p>SKF 在其战略举措上取得了显著进展，特别是在汽车分拆方面。公司已实现关键里程碑，包括 IT 切换和在印度上市的准备，显示出快速的进展。</p>
<h2>超精密轴承中心的启用</h2>
<p>在意大利启用的新全球超精密轴承中心标志着 SKF 能力的显著提升。该中心将增强公司的研发、工程和生产能力，特别是在机器人和先进机床领域。</p>
<h2>显著的外汇阻力</h2>
<p>货币波动对 SKF 的销售和运营利润率产生了显著的负面影响。由于这些波动，公司报告销售受到 6.9 个百分点的负面影响，调整后的运营利润率下降了 1 个百分点。</p>
<h2>经营活动现金流疲弱</h2>
<p>SKF 的经营活动现金流为 18 亿瑞典克朗，受到与汽车分拆和重组计划相关的一次性成本的影响。这突显了公司所面临的财务挑战。</p>
<h2>汽车市场的挑战</h2>
<p>汽车部门继续挣扎，仍处于负增长领域。该部门的盈利能力受到关税和外汇影响的影响，导致利润率低于 5%，这仍然是公司关注的问题。</p>
<h2>不确定的全球经济环境</h2>
<p>SKF 预计第四季度的市场条件将与第三季度相似，持续的地缘政治不确定性影响需求。这种不确定性继续对公司的增长前景构成挑战。</p>
<h2>前瞻性指导</h2>
<p>展望未来，SKF 预计第四季度的市场需求将与第三季度相似，预计有机销售年同比保持相对不变。公司专注于保持成本控制并推进其战略举措，包括预计在 2026 年中期具备运营准备的汽车分拆。SKF 已将全年税率指导调整为 28%，受外汇因素的影响。</p>
<p>总之，SKF AB B 类股票的财报电话会议呈现了公司当前表现和未来前景的平衡视角。尽管面临重大挑战，公司已实现恢复有机增长和改善利润率。战略举措进展顺利，尽管全球经济环境仍然不确定。投资者将密切关注 SKF 在未来几个季度如何应对这些挑战。</p>

斯凯孚(ADR)

<p>SKF AB B 类股在 2025 年第三季度实现了 2% 的有机增长，结束了连续八个季度的下滑，主要得益于其工业业务。尽管面临外汇挑战，公司调整后的营业利润率提高至 12.3%。在战略举措方面，包括汽车业务分拆，取得了显著进展，意大利新开设了一个超精密轴承中心。然而，汽车部门仍然疲软，现金流受到重组成本的影响。SKF 预计第四季度市场状况将类似，鉴于全球经济不确定性，保持谨慎的展望</p>

<p>During SKF AB Class B’s recent earnings call, the sentiment was notably balanced, highlighting achievements such as a return to organic growth and improved margins, despite facing significant challenges. The company is on track with its strategic initiatives, although global economic uncertainty remains a concern.</p>
<div class="lb-trans"><p>在 SKF AB B 类股票最近的财报电话会议上，情绪显得相当平衡，突出了诸如恢复有机增长和改善利润率等成就，尽管面临重大挑战。公司在其战略举措上进展顺利，尽管全球经济不确定性仍然是一个关注点。</p>
</div><h2>Return to Organic Growth</h2>
<div class="lb-trans"><h2>恢复有机增长</h2>
</div><p>After eight consecutive quarters of negative organic growth, SKF AB Class B achieved a positive organic growth rate of 2% in Q3 2025. This growth was primarily driven by the Industrial business, marking a significant turnaround for the company.</p>
<div class="lb-trans"><p>在连续八个季度的负有机增长后，SKF AB B 类股票在 2025 年第三季度实现了 2% 的正有机增长率。这一增长主要得益于工业业务，标志着公司的一次重大转变。</p>
</div><h2>Improved Operating Margin</h2>
<div class="lb-trans"><h2>改善运营利润率</h2>
</div><p>Despite facing significant headwinds from foreign exchange fluctuations and challenging market conditions, SKF managed to improve its adjusted operating margin to 12.3%. This improvement reflects the company’s effective cost management strategies.</p>
<div class="lb-trans"><p>尽管面临外汇波动和市场条件严峻的重大阻力，SKF 仍然成功将调整后的运营利润率提高至 12.3%。这一改善反映了公司有效的成本管理策略。</p>
</div><h2>Progress in Strategic Initiatives</h2>
<div class="lb-trans"><h2>战略举措的进展</h2>
</div><p>SKF is making significant progress in its strategic initiatives, particularly in the Automotive separation. The company has achieved key milestones, including IT cutovers and readiness for listing in India, indicating a high pace of progress.</p>
<div class="lb-trans"><p>SKF 在其战略举措上取得了显著进展，特别是在汽车分拆方面。公司已实现关键里程碑，包括 IT 切换和在印度上市的准备，显示出快速的进展。</p>
</div><h2>Inauguration of Super-precision Bearing Center</h2>
<div class="lb-trans"><h2>超精密轴承中心的启用</h2>
</div><p>The inauguration of a new global Super-precision bearing center in Italy marks a significant enhancement in SKF’s capabilities. This center will boost the company’s R&amp;D, engineering, and production capabilities, particularly in robotics and advanced machine tools.</p>
<div class="lb-trans"><p>在意大利启用的新全球超精密轴承中心标志着 SKF 能力的显著提升。该中心将增强公司的研发、工程和生产能力，特别是在机器人和先进机床领域。</p>
</div><h2>Significant FX Headwinds</h2>
<div class="lb-trans"><h2>显著的外汇阻力</h2>
</div><p>Currency fluctuations have had a notable negative impact on SKF’s sales and operating margin. The company reported a 6.9 percentage point negative impact on sales and a 1 percentage point decrease in the adjusted operating margin due to these fluctuations.</p>
<div class="lb-trans"><p>货币波动对 SKF 的销售和运营利润率产生了显著的负面影响。由于这些波动，公司报告销售受到 6.9 个百分点的负面影响，调整后的运营利润率下降了 1 个百分点。</p>
</div><h2>Weak Cash Flow from Operating Activities</h2>
<div class="lb-trans"><h2>经营活动现金流疲弱</h2>
</div><p>SKF’s cash flow from operating activities was SEK 1.8 billion, impacted by one-off costs related to the Automotive separation and restructuring programs. This highlights the financial challenges the company is navigating.</p>
<div class="lb-trans"><p>SKF 的经营活动现金流为 18 亿瑞典克朗，受到与汽车分拆和重组计划相关的一次性成本的影响。这突显了公司所面临的财务挑战。</p>
</div><h2>Challenging Automotive Market</h2>
<div class="lb-trans"><h2>汽车市场的挑战</h2>
</div><p>The Automotive segment continues to struggle, remaining in negative growth territory. Profitability in this segment is affected by tariffs and FX impacts, resulting in a sub-5% margin, which remains a concern for the company.</p>
<div class="lb-trans"><p>汽车部门继续挣扎，仍处于负增长领域。该部门的盈利能力受到关税和外汇影响的影响，导致利润率低于 5%，这仍然是公司关注的问题。</p>
</div><h2>Uncertain Global Economic Environment</h2>
<div class="lb-trans"><h2>不确定的全球经济环境</h2>
</div><p>SKF anticipates similar market conditions in Q4 as experienced in Q3, with ongoing geopolitical uncertainties impacting demand. This uncertainty continues to pose a challenge for the company’s growth prospects.</p>
<div class="lb-trans"><p>SKF 预计第四季度的市场条件将与第三季度相似，持续的地缘政治不确定性影响需求。这种不确定性继续对公司的增长前景构成挑战。</p>
</div><h2>Forward-looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, SKF expects market demand in Q4 to remain similar to Q3, with organic sales anticipated to remain relatively unchanged year-over-year. The company is focused on maintaining cost control and progressing its strategic initiatives, including the Automotive separation, which is expected to be operationally ready by mid-2026. SKF has adjusted its full-year tax rate guidance to 28%, driven by FX factors.</p>
<div class="lb-trans"><p>展望未来，SKF 预计第四季度的市场需求将与第三季度相似，预计有机销售年同比保持相对不变。公司专注于保持成本控制并推进其战略举措，包括预计在 2026 年中期具备运营准备的汽车分拆。SKF 已将全年税率指导调整为 28%，受外汇因素的影响。</p>
</div><p>In conclusion, SKF AB Class B’s earnings call presented a balanced view of the company’s current performance and future prospects. Despite facing significant challenges, the company has achieved a return to organic growth and improved margins. Strategic initiatives are progressing well, although the global economic environment remains uncertain. Investors will be watching closely to see how SKF navigates these challenges in the coming quarters.</p>
<div class="lb-trans"><p>总之，SKF AB B 类股票的财报电话会议呈现了公司当前表现和未来前景的平衡视角。尽管面临重大挑战，公司已实现恢复有机增长和改善利润率。战略举措进展顺利，尽管全球经济环境仍然不确定。投资者将密切关注 SKF 在未来几个季度如何应对这些挑战。</p>
</div>

斯凯孚 (ADR) B 类股：在挑战中实现增长