<p>SKF</p>
<p>2025 年 11 月 11 日，哥德堡：SKF 今天在斯德哥尔摩举办资本市场日。在此次活动中，深入探讨了在计划将汽车业务从 SKF 集团分离后，工业和汽车业务的战略方向。鉴于工业和汽车业务部门的不同商业动态、制造流程、最终市场和成功驱动因素，预计通过成为两个独立的业务将释放出显著的价值。</p>
<p>“我们正在创建两个更加专注的业务，明确聚焦于不同的机会，以提升客户价值，加速增长，并改善效率和竞争力，” 总裁兼首席执行官 Rickard Gustafson 表示。</p>
<p>预计汽车业务分离所带来的增值体现在分离后工业和汽车业务的新长期目标和指示性目标中。</p>
<p><strong>新的财务目标</strong></p>
<p>在资本市场日上，SKF 集团在汽车业务分离后的长期财务目标，即工业业务，呈现如下：</p>
<ul>
<li>有机增长 [1]：4%</li>
<li>调整后营业利润率：中期超过 17%，长期超过 19%</li>
<li>现金转换率 [2]：60%</li>
<li>调整后资本回报率（ROCE）：20%</li>
<li>净杠杆率 [3]：小于 2.0 倍</li>
<li>股息 [4]：50%</li>
</ul>
<p>SKF 还重申其可持续发展目标，即到 2030 年实现自身运营的脱碳，并在 2050 年实现净零供应链。</p>
<p>工业业务拥有多元化的行业垂直基础、强大的地理覆盖以及超过一半净销售额的售后业务。为了创造更多进展，SKF 工业将通过高增长行业和地区重新点燃增长，扩大服务和智能解决方案，加速专业工业解决方案业务，并探索小规模的并购机会。此外，它将继续通过以客户为中心的创新来推动创新领导力。最后，该战略旨在通过完成正在进行的区域化和足迹优化工作以及持续优化供应链，进一步加强 SKF 以业务为驱动的价值链。</p>
<p><strong>汽车业务的财务目标</strong></p>
<p>SKF 的汽车业务是关键增长领域和地区的全球领先企业。分离后，SKF 汽车将能够将投资引导至高增长和高利润率的领域，同时建立更精简和更具成本效益的架构，符合汽车行业最佳实践。重点将继续在领先领域获胜，保持和加强创新领导地位，并扩大可寻址市场。精简的公司架构和适应汽车行业的价值链将提高业务的速度和效率。</p>
<p>分离后汽车业务的长期指示性财务目标为：</p>
<ul>
<li>有机增长：在整个商业周期中高于市场</li>
<li>调整后营业利润率：高个位数</li>
<li>净杠杆率 [5]：小于 1.0 倍</li>
</ul>
<p>分离后集团的资本效率增强</p>
<p>在资本市场日上，SKF 还提供了关于工业业务正在进行的足迹和价值链优化的更新。SKF 的足迹转型旨在实现适当规模以及日益自动化和区域化的生产，靠近客户的高产量。这将导致到中期净销售额的资本支出（CAPEX）增加约 5%，而长期预计约为 3.5%。</p>
<p>除了资本支出外，SKF 还识别出实现其全部潜力的机会，如长期收益目标超过 19% 所反映的，通过继续优化工业业务。这一重组预计将导致高额的可比性影响项目（IAC），总计约 50 亿瑞典克朗，从 2025 年第四季度到 2028 年，其中约 15 亿瑞典克朗为非现金。此外，汽车分离预计将导致额外的 15 亿瑞典克朗费用。2028 年后，IAC 预计将受到限制。</p>
<p>利用整合和区域化的足迹及供应基础是集团降低净营运资本至中期正常化的 29% 以及长期低于 27% 的重要部分。</p>
<p>“我们继续积极执行战略举措，以释放我们业务的全部价值。足迹优化和分离活动将推动长期盈利能力、增强资本效率，并增加现金流生成。总的来说，这将确保创建两个成功的独立业务，” Rickard Gustafson 表示。</p>
<p><strong>汽车分离的时间安排</strong></p>
<p>汽车分离按计划进行。已实现的关键里程碑包括汽车业务中新职位的填补超过 70%，以及计划在分拆前完成的制造渠道转移超过 70%。SKF 预计，如之前所述，预计到 2026 年中期具备上市汽车业务的运营准备。上市需董事会提议并获得股东批准。</p>
<p><strong>关于 SKF 资本市场日</strong></p>
<ul>
<li>SKF 的资本市场日将在瑞典斯德哥尔摩的 At Six 酒店和在线举行。</li>
<li>该活动将以英语进行，演讲将于 13:00（CET）开始，预计在 17:00 左右结束，之后将为现场参与者提供交流时间。</li>
<li>资本市场日的注册已关闭。未注册的人员可以通过 https://www.investis-live.com/skf/690e20b433139900142e7f65/cmd2025 观看活动直播。</li>
<li>演示材料将在活动当晚在 SKF 的网站上提供，演示的录音将在次日提供。</li>
<li>议程、演讲者和实用信息可在注册网站找到：https://invitepeople.com/events/fee9419f2a</li>
</ul>
<p>投资者、分析师和媒体的问题将在活动期间及之后得到解答。希望在活动后与总裁兼首席执行官 Rickard Gustafson 进行采访的记者，请联系 Carl Bjernstam，邮箱为 carl.bjernstam@skf.com。</p>
<p>[1] 在不包括汽车合同制造的商业周期中，市场上方 1 个百分点。因此，4% 的目标是基于 3% 的市场增长假设。</p>
<p>[2] 调整后的投资后现金流 / 调整后的 EBITDA。</p>
<p>[3] 净债务（包括养老金）/ 调整后的 EBITDA。</p>
<p>[4] 平均净利润的比例。</p>
<p>[5] 净债务（包括养老金）/ 调整后的 EBITDA。</p>
<p>Aktiebolaget SKF</p>
<p>（公众）</p>
<p>本新闻稿中的信息包含 AB SKF 根据欧盟市场滥用法规必须公开的信息。该信息于 2025 年 11 月 11 日 08:30 CET 通过以下联系人提交发布。</p>
<p><strong>如需更多信息，请联系：</strong></p>
<p>媒体关系：Carl Bjernstam，+46 31-337 2517；+46 722 201 893；carl.bjernstam@skf.com</p>
<p>投资者关系：Sophie Arnius，+46 31-337 8072；+46 705 908 072；sophie.arnius@skf.com</p>
<p>自 1907 年以来，SKF 一直在制造世界上最具创新性的轴承、密封件、润滑系统、状态监测解决方案和服务，以减少摩擦。减少摩擦意味着节省更多能源，通过减少摩擦，我们使工业更智能、更具竞争力和更节能，构建一个更可持续的未来，让我们都能以更少的资源做更多的事情。SKF 在大约 130 个国家设有代表，全球约有 17,000 个分销商。2024 年年销售额为 987.22 亿瑞典克朗，员工人数为 38,743 人。www.skf.com</p>
<p>® SKF 是 SKF 集团的注册商标。</p>
<p>https://news.cision.com/skf/r/skf-hosts-capital-markets-day--announces-updated-strategy-and-new-financial-targets%2Cc4265019</p>
<p>20251111 SKF 举办资本市场日，宣布更新战略和新的财务目标</p>
<p>SKF CMD</p>
<p>SKF Rickard Gustafson</p>

2 倍做空金融股 ETF - ProShares

<p>SKF 在斯德哥尔摩举办了资本市场日，宣布将其汽车业务进行战略分拆，以增强价值创造。工业业务的新长期财务目标包括 4% 的有机增长和超过 19% 的调整后营业利润率。汽车业务在分拆后目标实现高于市场的增长和高个位数的营业利润率。SKF 重申其可持续发展目标，并计划优化其业务布局和供应链，预计汽车业务的分拆将在 2026 年中期准备好上市</p>

<p>SKF</p>
<div class="lb-trans"><p>SKF</p>
</div><p>Gothenburg, 11 November 2025: SKF is hosting its Capital Markets Day in Stockholm today. At the event, deeper insights are provided into the strategic direction of both the Industrial and the Automotive businesses post the planned separation of Automotive from SKF Group. Given different business dynamics, manufacturing processes, end markets and success drivers for the Industrial and Automotive business segments, significant value is expected to be unlocked by being two standalone businesses.</p>
<div class="lb-trans"><p>2025 年 11 月 11 日，哥德堡：SKF 今天在斯德哥尔摩举办资本市场日。在此次活动中，深入探讨了在计划将汽车业务从 SKF 集团分离后，工业和汽车业务的战略方向。鉴于工业和汽车业务部门的不同商业动态、制造流程、最终市场和成功驱动因素，预计通过成为两个独立的业务将释放出显著的价值。</p>
</div><p>“We are creating two even sharper businesses with a clearer focus on distinct opportunities to enhance customer value, accelerate growth, as well as improve efficiency and competitiveness”, says Rickard Gustafson, President and CEO.</p>
<div class="lb-trans"><p>“我们正在创建两个更加专注的业务，明确聚焦于不同的机会，以提升客户价值，加速增长，并改善效率和竞争力，” 总裁兼首席执行官 Rickard Gustafson 表示。</p>
</div><p>The increased value creation that the separation of the Automotive business is expected to bring is reflected in the new long-term targets and indicative objectives post separation for the Industrial and Automotive businesses respectively.</p>
<div class="lb-trans"><p>预计汽车业务分离所带来的增值体现在分离后工业和汽车业务的新长期目标和指示性目标中。</p>
</div><p><strong>New financial targets</strong></p>
<div class="lb-trans"><p><strong>新的财务目标</strong></p>
</div><p>The long-term financial targets over a business cycle for SKF Group post separation of Automotive, i.e. the Industrial business, which are presented at the Capital Markets Day, are:</p>
<div class="lb-trans"><p>在资本市场日上，SKF 集团在汽车业务分离后的长期财务目标，即工业业务，呈现如下：</p>
</div><ul>
<li>Organic growth[1]: 4%</li>
<li>Adjusted operating margin: &gt;17% mid-term, &gt;19% long-term</li>
<li>Cash conversion[2]: 60%</li>
<li>Adjusted return on capital employed (ROCE): 20%</li>
<li>Net leverage[3]: &lt;2.0x</li>
<li>Dividend[4]: 50%</li>
</ul>
<div class="lb-trans"><ul>
<li>有机增长 [1]：4%</li>
<li>调整后营业利润率：中期超过 17%，长期超过 19%</li>
<li>现金转换率 [2]：60%</li>
<li>调整后资本回报率（ROCE）：20%</li>
<li>净杠杆率 [3]：小于 2.0 倍</li>
<li>股息 [4]：50%</li>
</ul>
</div><p>SKF also reconfirms its sustainability targets to decarbonize its own operations by 2030 and reach net-zero supply chain by 2050.</p>
<div class="lb-trans"><p>SKF 还重申其可持续发展目标，即到 2030 年实现自身运营的脱碳，并在 2050 年实现净零供应链。</p>
</div><p>The Industrial business has a resilient foundation with diversified industry verticals, strong geographical coverage and an aftermarket business representing more than half of net sales. To create even more progress, SKF Industrial will reignite growth through high-growth industries and geographies, by scaling services and intelligent solutions, accelerating the Specialized Industrial Solutions business, and exploring small bolt-on M&amp;A opportunities. Moreover, it will continue to drive innovation leadership by differentiating through customer-centric innovation. Lastly, the strategy aims at further strengthening SKF’s business-driven value chain through finalizing the ongoing regionalization and footprint optimization efforts as well as continued optimizing of the supply chain.</p>
<div class="lb-trans"><p>工业业务拥有多元化的行业垂直基础、强大的地理覆盖以及超过一半净销售额的售后业务。为了创造更多进展，SKF 工业将通过高增长行业和地区重新点燃增长，扩大服务和智能解决方案，加速专业工业解决方案业务，并探索小规模的并购机会。此外，它将继续通过以客户为中心的创新来推动创新领导力。最后，该战略旨在通过完成正在进行的区域化和足迹优化工作以及持续优化供应链，进一步加强 SKF 以业务为驱动的价值链。</p>
</div><p><strong>Financial objectives for the Automotive business</strong></p>
<div class="lb-trans"><p><strong>汽车业务的财务目标</strong></p>
</div><p>SKF’s Automotive business is a well-positioned global player in key growth segments and geographies. After the separation, SKF Automotive will be able to steer investments into high-growth and margin accretive areas while also establishing a leaner and more cost-efficient setup, in line with automotive best practice. The focus will be to continue winning in leading segments, maintaining and strengthening leadership in innovation, and expanding the addressable market. A lean company setup and an automotive-adapted value chain will increase both speed and efficiency in the business.</p>
<div class="lb-trans"><p>SKF 的汽车业务是关键增长领域和地区的全球领先企业。分离后，SKF 汽车将能够将投资引导至高增长和高利润率的领域，同时建立更精简和更具成本效益的架构，符合汽车行业最佳实践。重点将继续在领先领域获胜，保持和加强创新领导地位，并扩大可寻址市场。精简的公司架构和适应汽车行业的价值链将提高业务的速度和效率。</p>
</div><p>The long-term indicative financial objectives for the Automotive business post separation are:</p>
<div class="lb-trans"><p>分离后汽车业务的长期指示性财务目标为：</p>
</div><ul>
<li>Organic growth: Above market over a business cycle</li>
<li>Adjusted operating margin: High single digit</li>
<li>Net leverage[5]: &lt;1.0x</li>
</ul>
<div class="lb-trans"><ul>
<li>有机增长：在整个商业周期中高于市场</li>
<li>调整后营业利润率：高个位数</li>
<li>净杠杆率 [5]：小于 1.0 倍</li>
</ul>
</div><p>Strengthened capital efficiency for the Group post separation</p>
<div class="lb-trans"><p>分离后集团的资本效率增强</p>
</div><p>On its Capital Markets Day, SKF also provides an update on the ongoing footprint and value chain optimization of the Industrial business. The transformation of SKF’s footprint is targeting a rightsized as well as increasingly automated and regionalized production with higher volumes closer to customers. This will result in increased CAPEX of net sales of approximately 5% up until mid-term, while in the long term it is expected to be around 3.5%.</p>
<div class="lb-trans"><p>在资本市场日上，SKF 还提供了关于工业业务正在进行的足迹和价值链优化的更新。SKF 的足迹转型旨在实现适当规模以及日益自动化和区域化的生产，靠近客户的高产量。这将导致到中期净销售额的资本支出（CAPEX）增加约 5%，而长期预计约为 3.5%。</p>
</div><p>In addition to CAPEX, SKF has identified opportunities to reach its full potential, as reflected in the long-term earnings target of &gt;19%, by continuing the ongoing optimization of the Industrial business. This restructuring is expected to result in high items affecting comparability (IAC), totaling approximately BSEK 5.0 from Q4 2025 through 2028, whereof approximately BSEK 1.5 is non-cash. Furthermore, the Automotive separation is expected to result in additional BSEK 1.5 of charges. Post 2028, IAC is expected to be limited.</p>
<div class="lb-trans"><p>除了资本支出外，SKF 还识别出实现其全部潜力的机会，如长期收益目标超过 19% 所反映的，通过继续优化工业业务。这一重组预计将导致高额的可比性影响项目（IAC），总计约 50 亿瑞典克朗，从 2025 年第四季度到 2028 年，其中约 15 亿瑞典克朗为非现金。此外，汽车分离预计将导致额外的 15 亿瑞典克朗费用。2028 年后，IAC 预计将受到限制。</p>
</div><p>Leveraging a consolidated and regionalized footprint and supply base is an important part of the Group’s ambition to decrease the net working capital to a normalized 29% in the mid-term and long-term below 27%.</p>
<div class="lb-trans"><p>利用整合和区域化的足迹及供应基础是集团降低净营运资本至中期正常化的 29% 以及长期低于 27% 的重要部分。</p>
</div><p>“We continue to proactively execute on our strategic initiatives to unlock the full value of our business. The footprint optimization and separation activities will drive long-term profitability, a strengthened capital efficiency, and increase cash flow generation. All in all, it will secure the creation of two successful stand-alone businesses”, says Rickard Gustafson.</p>
<div class="lb-trans"><p>“我们继续积极执行战略举措，以释放我们业务的全部价值。足迹优化和分离活动将推动长期盈利能力、增强资本效率，并增加现金流生成。总的来说，这将确保创建两个成功的独立业务，” Rickard Gustafson 表示。</p>
</div><p><strong>Timing of the Automotive separation</strong></p>
<div class="lb-trans"><p><strong>汽车分离的时间安排</strong></p>
</div><p>The Automotive separation is proceeding according to plan. Key milestones already achieved include that over 70% of the new positions in Automotive have been filled and more than 70% of the manufacturing channel transfers that are planned pre-spin have been completed. SKF expects, as previously announced, to be operationally ready to list the Automotive business by mid-2026. Listing is subject to the Board of Directors proposing a listing and shareholders’ approval.</p>
<div class="lb-trans"><p>汽车分离按计划进行。已实现的关键里程碑包括汽车业务中新职位的填补超过 70%，以及计划在分拆前完成的制造渠道转移超过 70%。SKF 预计，如之前所述，预计到 2026 年中期具备上市汽车业务的运营准备。上市需董事会提议并获得股东批准。</p>
</div><p><strong>About SKF Capital Markets Day</strong></p>
<div class="lb-trans"><p><strong>关于 SKF 资本市场日</strong></p>
</div><ul>
<li>SKF’s Capital Markets Day is held at At Six Hotel in Stockholm, Sweden, and online.</li>
<li>The event will be held in English, and presentations will start at 13:00 (CET) and end around 17, followed by a mingle for those attending in person.</li>
<li>Registration to attend the Capital Markets Day is closed. For those not registered, the event is possible to stream at https://www.investis-live.com/skf/690e20b433139900142e7f65/cmd2025.</li>
<li>The presentation material will be available on SKF’s website on the evening of the event, and the recording of the presentations will be available the following day.</li>
<li>Agenda, speakers and practical information are found on the registration site: https://invitepeople.com/events/fee9419f2a</li>
</ul>
<div class="lb-trans"><ul>
<li>SKF 的资本市场日将在瑞典斯德哥尔摩的 At Six 酒店和在线举行。</li>
<li>该活动将以英语进行，演讲将于 13:00（CET）开始，预计在 17:00 左右结束，之后将为现场参与者提供交流时间。</li>
<li>资本市场日的注册已关闭。未注册的人员可以通过 https://www.investis-live.com/skf/690e20b433139900142e7f65/cmd2025 观看活动直播。</li>
<li>演示材料将在活动当晚在 SKF 的网站上提供，演示的录音将在次日提供。</li>
<li>议程、演讲者和实用信息可在注册网站找到：https://invitepeople.com/events/fee9419f2a</li>
</ul>
</div><p>Questions from investors, analysts and media will be answered at the event and after. For journalists wishing to book interviews with Rickard Gustafson, President and CEO, after the event, please contact Carl Bjernstam on carl.bjernstam@skf.com.</p>
<div class="lb-trans"><p>投资者、分析师和媒体的问题将在活动期间及之后得到解答。希望在活动后与总裁兼首席执行官 Rickard Gustafson 进行采访的记者，请联系 Carl Bjernstam，邮箱为 carl.bjernstam@skf.com。</p>
</div><p>[1] 1 p.p. above market over a business cycle excluding Automotive contract manufacturing. Consequently, the target of 4% is based on an assumption of market growth of 3%.</p>
<div class="lb-trans"><p>[1] 在不包括汽车合同制造的商业周期中，市场上方 1 个百分点。因此，4% 的目标是基于 3% 的市场增长假设。</p>
</div><p>[2] Adj. Cash flow after investments / Adj. EBITDA.</p>
<div class="lb-trans"><p>[2] 调整后的投资后现金流 / 调整后的 EBITDA。</p>
</div><p>[3] Net debt (including pensions) / Adj. EBITDA.</p>
<div class="lb-trans"><p>[3] 净债务（包括养老金）/ 调整后的 EBITDA。</p>
</div><p>[4] Of average net profit.</p>
<div class="lb-trans"><p>[4] 平均净利润的比例。</p>
</div><p>[5] Net debt (including pensions) / Adj. EBITDA.</p>
<div class="lb-trans"><p>[5] 净债务（包括养老金）/ 调整后的 EBITDA。</p>
</div><p>Aktiebolaget SKF</p>
<div class="lb-trans"><p>Aktiebolaget SKF</p>
</div><p>(publ)</p>
<div class="lb-trans"><p>（公众）</p>
</div><p>The information in this press release contains inside information that AB SKF is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out below on 11 November 2025 at 08.30 CET.</p>
<div class="lb-trans"><p>本新闻稿中的信息包含 AB SKF 根据欧盟市场滥用法规必须公开的信息。该信息于 2025 年 11 月 11 日 08:30 CET 通过以下联系人提交发布。</p>
</div><p><strong>For further information, please contact:</strong></p>
<div class="lb-trans"><p><strong>如需更多信息，请联系：</strong></p>
</div><p>Press Relations: Carl Bjernstam, +46 31-337 2517; +46 722 201 893; carl.bjernstam@skf.com</p>
<div class="lb-trans"><p>媒体关系：Carl Bjernstam，+46 31-337 2517；+46 722 201 893；carl.bjernstam@skf.com</p>
</div><p>Investor Relations: Sophie Arnius, +46 31-337 8072; +46 705 908 072; sophie.arnius@skf.com</p>
<div class="lb-trans"><p>投资者关系：Sophie Arnius，+46 31-337 8072；+46 705 908 072；sophie.arnius@skf.com</p>
</div><p>Since 1907, SKF has been making some of the world’s most innovative bearings, seals, lubrication systems, condition monitoring solutions, and services to reduce friction. Less friction means more energy saved and by reducing it, we make industry smarter, more competitive, and more energy efficient, building a more sustainable future where we can all do more with less. SKF is represented in approximately 130 countries and has around 17,000 distributor locations worldwide. Annual sales in 2024 were SEK 98,722 million and the number of employees was 38,743. www.skf.com</p>
<div class="lb-trans"><p>自 1907 年以来，SKF 一直在制造世界上最具创新性的轴承、密封件、润滑系统、状态监测解决方案和服务，以减少摩擦。减少摩擦意味着节省更多能源，通过减少摩擦，我们使工业更智能、更具竞争力和更节能，构建一个更可持续的未来，让我们都能以更少的资源做更多的事情。SKF 在大约 130 个国家设有代表，全球约有 17,000 个分销商。2024 年年销售额为 987.22 亿瑞典克朗，员工人数为 38,743 人。www.skf.com</p>
</div><p>® SKF is a registered trademark of the SKF Group.</p>
<div class="lb-trans"><p>® SKF 是 SKF 集团的注册商标。</p>
</div><p>https://news.cision.com/skf/r/skf-hosts-capital-markets-day--announces-updated-strategy-and-new-financial-targets%2Cc4265019</p>
<div class="lb-trans"><p>https://news.cision.com/skf/r/skf-hosts-capital-markets-day--announces-updated-strategy-and-new-financial-targets%2Cc4265019</p>
</div><p>20251111 SKF hosts Capital Markets Day, announces updated strategy and new financial targets</p>
<div class="lb-trans"><p>20251111 SKF 举办资本市场日，宣布更新战略和新的财务目标</p>
</div><p>SKF CMD</p>
<div class="lb-trans"><p>SKF CMD</p>
</div><p>SKF Rickard Gustafson</p>
<div class="lb-trans"><p>SKF Rickard Gustafson</p>
</div>

SKF 举办资本市场日，并宣布了更新后的战略和新的财务目标