<p>百特国际公司（Baxter International Inc.）作为全球医疗产品和治疗领域的领导者，发布了其 2025 年 10-K 报告，详细说明了显著的财务表现、业务运营、战略举措以及过去一年面临的挑战。该报告全面概述了公司在简化运营、增强产品供应和应对复杂市场环境方面的努力。</p>
<p><strong>财务亮点</strong></p>
<p><strong>总净销售额</strong>：112.44 亿美元，较 2024 年报告基础上增长 6%，按运营销售基础上增长 3%。</p>
<p><strong>毛利</strong>：33.79 亿美元，占净销售额的 30.1%，较 2024 年的 37.5% 下降，主要由于肾脏护理 MSA 的影响和不利的制造差异。</p>
<p><strong>总营业收入（亏损）</strong>：-3.08 亿美元，较 2024 年的 1400 万美元受到商誉减值和特殊项目的影响。</p>
<p><strong>归属于百特股东的净收入（亏损）</strong>：-9.57 亿美元，包括对净收入产生不利影响的特殊项目，影响金额为 20.9 亿美元。</p>
<p><strong>稀释每股收益</strong>：每股-1.87 美元，反映了特殊项目和重组成本的影响。</p>
<p><strong>业务亮点</strong></p>
<p><strong>收入细分</strong>：百特国际公司根据三个可报告的细分市场管理其全球业务：医疗产品与治疗、医疗系统与技术，以及制药。医疗产品与治疗细分市场包括无菌静脉注射溶液、输液系统和外科止血产品。医疗系统与技术涵盖智能床系统和患者监测技术。制药包括特殊注射药物和吸入麻醉剂。</p>
<p><strong>地区表现</strong>：2025 年国际销售总额达到 51.2 亿美元，比 2024 年增长 7%。美国销售额达到 61.2 亿美元，比去年增长 5%。新兴市场，包括东欧、中东、非洲、拉丁美洲和亚洲（不包括日本），销售额增长 3%。</p>
<p><strong>销售单位</strong>：医疗产品与治疗细分市场的净销售额增长 2%，先进外科产品的销售量全球增长 9%。医疗系统与技术细分市场的净销售额增长 4%，护理与连接解决方案因客户资本支出增加而增长 5%。</p>
<p><strong>新产品发布</strong>：百特专注于扩展其连接护理产品组合，包括智能床系统、输液泵和患者监测技术。这是其创新战略的一部分，旨在通过新的以客户为中心的产品加速销售增长。</p>
<p><strong>新生产发布</strong>：百特继续投资资本支出，2025 年总额达到 5.13 亿美元，以支持未来增长并提高生产效率。这些投资旨在提升质量体系和优化制造能力。</p>
<p><strong>未来展望</strong>：百特致力于推动可持续增长和创新，专注于改善业绩并培养持续改进的文化。公司计划继续优化其产品组合和运营模式，以更好地与商业活动对接，并有效应对市场变化。</p>
<p><strong>战略举措</strong></p>
<p>百特国际公司采取了重大战略举措，包括将其肾脏护理业务以 38 亿美元的价格出售给凯雷集团（Carlyle Group Inc.），该交易于 2025 年 1 月 31 日完成。这一举措是简化运营、专注于核心业务领域的更广泛战略的一部分。此外，公司在 2023 年第三季度实施了新的运营模式，以简化运营并更好地将制造和供应链活动与商业运营对接。公司还于 2023 年 9 月完成了对其生物制药解决方案业务的出售，获得了 39.6 亿美元的现金收益。</p>
<p>在 2025 年，百特偿还了 38.1 亿美元的遗留债务，主要使用了出售肾脏护理业务后的税后净现金收益。公司还发行了 20 亿美元的新债券以再融资现有债务。百特维持了一项最高额度为 22 亿美元的多币种循环信贷额度，至 2030 年到期，截至 2025 年 12 月 31 日，该额度下没有未偿还借款。公司在 2025 年向股东支付了 3.48 亿美元的现金股息，并未在现有的股票回购计划下回购任何股份，截至 2025 年 12 月 31 日，该计划剩余可用资金为 13 亿美元。</p>
<p>未来展望：百特计划继续优化其资本结构，通过降低债务水平和探索资本投资机会来支持增长。公司打算追求成本节约举措，以减轻出售肾脏护理业务带来的不利影响，并进一步优化其业务和制造布局。百特的信用评级被标准普尔（Standard &amp; Poor's）修订为 BBB-，穆迪（Moody's）为 Baa3，均为稳定展望，反映了公司在管理财务状况和杠杆方面的持续努力。</p>
<p><strong>挑战与风险</strong></p>
<p>公司面临与其战略行动相关的重大风险，包括剥离肾脏护理业务和收购 Hillrom。这些行动导致了组织变动和市场退出，增加了对市场条件和财务波动的脆弱性。公司尚未实现其净杠杆目标，限制了现金资源和增长举措。</p>
<p>公司背负着巨额债务，需支付大量现金流以服务债务，这限制了对研发和其他增长战略的投资。如果到 2026 年未能实现净杠杆目标，可能导致信用评级下调，增加借款成本并减少资本获取。</p>
<p>产品市场竞争激烈，面临需求下降和价格压力的风险。竞争对手可能会更快地响应技术变化，这可能导致市场份额的丧失和盈利能力的下降。</p>
<p>公司经历了供应链中断，包括生产延迟、成本增加和原材料短缺。这些挑战在全球经济形势和通货膨胀的影响下，已对销售产生了负面影响，并可能继续如此。</p>
<p>管理层的变动带来了不确定性，可能在吸引和留住关键员工方面面临困难，这可能影响公司实现财务和战略目标的能力。</p>
<p>管理层承认全球经济形势带来的挑战，包括通货膨胀和货币波动，这些因素对运营产生了不利影响。公司专注于实现运营效率和维持成本降低，但认识到重组举措所带来的风险。</p>
<p>公司面临将人工智能和新兴技术纳入其产品和运营的风险。与监管批准、安全性和伦理影响相关的不确定性可能影响竞争力和商业前景。</p>
<p>公司受到外汇汇率波动的影响，这影响了资产和负债的报告价值。利率变化和资本市场的可及性也是重大风险，可能对财务结果和流动性产生影响。</p>
<p>总体而言，公司正在应对复杂的运营、市场和监管风险，战略举措旨在减轻这些挑战并为未来增长做好准备。</p>
<p>SEC 文件：BAXTER INTERNATIONAL INC [ BAX ] - 10-K -2026 年 2 月 12 日</p>

医疗业 ETF - SPDR

医疗业 ETF - Vanguard

美国医药设备 ETF - iShares

标普健康医疗设备 ETF - SPDR

<p>百特国际公司发布了其 2025 年 10-K 报告，强调总净销售额为 112.4 亿美元，比 2024 年增长了 6%。然而，公司报告净亏损为 9.57 亿美元，受到商誉减值和特殊项目的影响。关键战略举措包括以 38 亿美元出售其肾脏护理业务，以及推出新的运营模式以简化运营。百特旨在优化其资本结构并减少债务，同时面临市场条件和财务波动带来的挑战</p>

<p>Baxter International Inc., a global leader in medical products and therapies, has released its 2025 10-K report, detailing significant financial performance, business operations, strategic initiatives, and the challenges faced over the past year. The report provides a comprehensive overview of the company's efforts to streamline operations, enhance product offerings, and navigate a complex market environment.</p>
<div class="lb-trans"><p>百特国际公司（Baxter International Inc.）作为全球医疗产品和治疗领域的领导者，发布了其 2025 年 10-K 报告，详细说明了显著的财务表现、业务运营、战略举措以及过去一年面临的挑战。该报告全面概述了公司在简化运营、增强产品供应和应对复杂市场环境方面的努力。</p>
</div><p><strong>Financial Highlights</strong></p>
<div class="lb-trans"><p><strong>财务亮点</strong></p>
</div><p><strong>Total Net Sales</strong>: $11,244 million, an increase of 6% over 2024 on a reported basis and 3% on an operational sales basis.</p>
<div class="lb-trans"><p><strong>总净销售额</strong>：112.44 亿美元，较 2024 年报告基础上增长 6%，按运营销售基础上增长 3%。</p>
</div><p><strong>Gross Margin</strong>: $3,379 million, representing 30.1% of net sales, a decrease from 37.5% in 2024, primarily due to the impact of the Kidney Care MSA and unfavorable manufacturing variances.</p>
<div class="lb-trans"><p><strong>毛利</strong>：33.79 亿美元，占净销售额的 30.1%，较 2024 年的 37.5% 下降，主要由于肾脏护理 MSA 的影响和不利的制造差异。</p>
</div><p><strong>Total Operating Income (Loss)</strong>: $(308) million, compared to $14 million in 2024, impacted by goodwill impairments and special items.</p>
<div class="lb-trans"><p><strong>总营业收入（亏损）</strong>：-3.08 亿美元，较 2024 年的 1400 万美元受到商誉减值和特殊项目的影响。</p>
</div><p><strong>Net Income (Loss) Attributable to Baxter Stockholders</strong>: $(957) million, including special items which adversely impacted net income by $2.09 billion.</p>
<div class="lb-trans"><p><strong>归属于百特股东的净收入（亏损）</strong>：-9.57 亿美元，包括对净收入产生不利影响的特殊项目，影响金额为 20.9 亿美元。</p>
</div><p><strong>Diluted EPS</strong>: $(1.87) per share, reflecting the impact of special items and restructuring costs.</p>
<div class="lb-trans"><p><strong>稀释每股收益</strong>：每股-1.87 美元，反映了特殊项目和重组成本的影响。</p>
</div><p><strong>Business Highlights</strong></p>
<div class="lb-trans"><p><strong>业务亮点</strong></p>
</div><p><strong>Revenue Segments</strong>: Baxter International Inc. manages its global operations based on three reportable segments: Medical Products &amp; Therapies, Healthcare Systems &amp; Technologies, and Pharmaceuticals. The Medical Products &amp; Therapies segment includes sterile IV solutions, infusion systems, and surgical hemostat products. Healthcare Systems &amp; Technologies covers smart bed systems and patient monitoring technologies. Pharmaceuticals include specialty injectable pharmaceuticals and inhaled anesthetics.</p>
<div class="lb-trans"><p><strong>收入细分</strong>：百特国际公司根据三个可报告的细分市场管理其全球业务：医疗产品与治疗、医疗系统与技术，以及制药。医疗产品与治疗细分市场包括无菌静脉注射溶液、输液系统和外科止血产品。医疗系统与技术涵盖智能床系统和患者监测技术。制药包括特殊注射药物和吸入麻醉剂。</p>
</div><p><strong>Geographical Performance</strong>: International sales totaled $5.12 billion in 2025, marking a 7% increase compared to 2024. Sales in the United States reached $6.12 billion, a 5% increase from the previous year. Emerging markets, including Eastern Europe, the Middle East, Africa, Latin America, and Asia (except Japan), saw a 3% increase in sales.</p>
<div class="lb-trans"><p><strong>地区表现</strong>：2025 年国际销售总额达到 51.2 亿美元，比 2024 年增长 7%。美国销售额达到 61.2 亿美元，比去年增长 5%。新兴市场，包括东欧、中东、非洲、拉丁美洲和亚洲（不包括日本），销售额增长 3%。</p>
</div><p><strong>Sales Units</strong>: The Medical Products &amp; Therapies segment saw a 2% increase in net sales, with Advanced Surgery products experiencing a 9% growth driven by increased sales volume globally. The Healthcare Systems &amp; Technologies segment reported a 4% increase in net sales, with Care and Connectivity Solutions growing by 5% due to increased capital spending by customers.</p>
<div class="lb-trans"><p><strong>销售单位</strong>：医疗产品与治疗细分市场的净销售额增长 2%，先进外科产品的销售量全球增长 9%。医疗系统与技术细分市场的净销售额增长 4%，护理与连接解决方案因客户资本支出增加而增长 5%。</p>
</div><p><strong>New Product Launches</strong>: Baxter has been focusing on expanding its connected care portfolio, which includes smart bed systems, infusion pumps, and patient monitoring technologies. This is part of their innovation strategy to accelerate sales growth through new customer-centric offerings.</p>
<div class="lb-trans"><p><strong>新产品发布</strong>：百特专注于扩展其连接护理产品组合，包括智能床系统、输液泵和患者监测技术。这是其创新战略的一部分，旨在通过新的以客户为中心的产品加速销售增长。</p>
</div><p><strong>New Production Launches</strong>: Baxter continued to invest in capital expenditures, totaling $513 million in 2025, to support future growth and improve production efficiency. These investments are aimed at enhancing quality systems and optimizing manufacturing capabilities.</p>
<div class="lb-trans"><p><strong>新生产发布</strong>：百特继续投资资本支出，2025 年总额达到 5.13 亿美元，以支持未来增长并提高生产效率。这些投资旨在提升质量体系和优化制造能力。</p>
</div><p><strong>Future Outlook</strong>: Baxter is committed to driving sustainable growth and innovation, focusing on improving performance and fostering a culture of continuous improvement. The company plans to continue optimizing its portfolio and operational model to better align with commercial activities and respond effectively to market changes.</p>
<div class="lb-trans"><p><strong>未来展望</strong>：百特致力于推动可持续增长和创新，专注于改善业绩并培养持续改进的文化。公司计划继续优化其产品组合和运营模式，以更好地与商业活动对接，并有效应对市场变化。</p>
</div><p><strong>Strategic Initiatives</strong></p>
<div class="lb-trans"><p><strong>战略举措</strong></p>
</div><p>Baxter International Inc. undertook significant strategic initiatives, including the sale of its Kidney Care business to Carlyle Group Inc. for $3.80 billion, which was completed on January 31, 2025. This move was part of a broader strategy to streamline operations and focus on core business segments. Additionally, the company implemented a new operating model in the third quarter of 2023 to simplify operations and better align manufacturing and supply chain activities with commercial operations. The company also completed the sale of its BioPharma Solutions business in September 2023, receiving $3.96 billion in cash proceeds.</p>
<div class="lb-trans"><p>百特国际公司采取了重大战略举措，包括将其肾脏护理业务以 38 亿美元的价格出售给凯雷集团（Carlyle Group Inc.），该交易于 2025 年 1 月 31 日完成。这一举措是简化运营、专注于核心业务领域的更广泛战略的一部分。此外，公司在 2023 年第三季度实施了新的运营模式，以简化运营并更好地将制造和供应链活动与商业运营对接。公司还于 2023 年 9 月完成了对其生物制药解决方案业务的出售，获得了 39.6 亿美元的现金收益。</p>
</div><p>In 2025, Baxter repaid $3.81 billion of legacy indebtedness, primarily using the net after-tax cash proceeds from the sale of its Kidney Care business. The company also issued $2.00 billion in new notes to refinance existing debt. Baxter maintained a multicurrency revolving credit facility with a maximum capacity of $2.20 billion, maturing in 2030, and had no borrowings outstanding under this facility as of December 31, 2025. The company paid $348 million in cash dividends to stockholders in 2025 and did not repurchase any shares under its existing share repurchase program, which had $1.30 billion remaining available as of December 31, 2025.</p>
<div class="lb-trans"><p>在 2025 年，百特偿还了 38.1 亿美元的遗留债务，主要使用了出售肾脏护理业务后的税后净现金收益。公司还发行了 20 亿美元的新债券以再融资现有债务。百特维持了一项最高额度为 22 亿美元的多币种循环信贷额度，至 2030 年到期，截至 2025 年 12 月 31 日，该额度下没有未偿还借款。公司在 2025 年向股东支付了 3.48 亿美元的现金股息，并未在现有的股票回购计划下回购任何股份，截至 2025 年 12 月 31 日，该计划剩余可用资金为 13 亿美元。</p>
</div><p>Future Outlook: Baxter plans to continue optimizing its capital structure by reducing debt levels and exploring opportunities for capital investment to support growth. The company intends to pursue cost savings initiatives to mitigate dis-synergies from the sale of its Kidney Care business and further optimize its business and manufacturing footprint. Baxter's credit ratings were revised to BBB- by Standard &amp; Poor's and Baa3 by Moody's, both with a stable outlook, reflecting the company's ongoing efforts to manage its financial position and leverage.</p>
<div class="lb-trans"><p>未来展望：百特计划继续优化其资本结构，通过降低债务水平和探索资本投资机会来支持增长。公司打算追求成本节约举措，以减轻出售肾脏护理业务带来的不利影响，并进一步优化其业务和制造布局。百特的信用评级被标准普尔（Standard &amp; Poor's）修订为 BBB-，穆迪（Moody's）为 Baa3，均为稳定展望，反映了公司在管理财务状况和杠杆方面的持续努力。</p>
</div><p><strong>Challenges and Risks</strong></p>
<div class="lb-trans"><p><strong>挑战与风险</strong></p>
</div><p>The company faces significant risks related to its strategic actions, including the divestiture of its Kidney Care business and the acquisition of Hillrom. These actions have led to organizational changes and market exits, increasing vulnerability to market conditions and financial volatility. The company has yet to achieve its net leverage targets, constraining cash resources and growth initiatives.</p>
<div class="lb-trans"><p>公司面临与其战略行动相关的重大风险，包括剥离肾脏护理业务和收购 Hillrom。这些行动导致了组织变动和市场退出，增加了对市场条件和财务波动的脆弱性。公司尚未实现其净杠杆目标，限制了现金资源和增长举措。</p>
</div><p>The company is burdened by substantial indebtedness, requiring significant cash flow for debt service, which limits investments in R&amp;D and other growth strategies. Failure to meet net leverage targets by 2026 could lead to credit rating downgrades, increasing borrowing costs and reducing capital access.</p>
<div class="lb-trans"><p>公司背负着巨额债务，需支付大量现金流以服务债务，这限制了对研发和其他增长战略的投资。如果到 2026 年未能实现净杠杆目标，可能导致信用评级下调，增加借款成本并减少资本获取。</p>
</div><p>There is intense competition in the product markets, with risks of declining demand and pricing pressures. Competitors may respond more quickly to technological changes, potentially leading to loss of market share and reduced profitability.</p>
<div class="lb-trans"><p>产品市场竞争激烈，面临需求下降和价格压力的风险。竞争对手可能会更快地响应技术变化，这可能导致市场份额的丧失和盈利能力的下降。</p>
</div><p>The company has experienced supply chain disruptions, including production delays, increased costs, and shortages of raw materials. These challenges, exacerbated by global economic conditions and inflation, have negatively impacted sales and may continue to do so.</p>
<div class="lb-trans"><p>公司经历了供应链中断，包括生产延迟、成本增加和原材料短缺。这些挑战在全球经济形势和通货膨胀的影响下，已对销售产生了负面影响，并可能继续如此。</p>
</div><p>Management transitions have created uncertainties, with potential difficulties in attracting and retaining key employees, which could impact the company's ability to achieve financial and strategic objectives.</p>
<div class="lb-trans"><p>管理层的变动带来了不确定性，可能在吸引和留住关键员工方面面临困难，这可能影响公司实现财务和战略目标的能力。</p>
</div><p>Management acknowledges the challenges posed by global economic conditions, including inflation and currency fluctuations, which have adversely affected operations. The company is focused on achieving operating efficiencies and sustaining cost reductions but recognizes the risks associated with restructuring initiatives.</p>
<div class="lb-trans"><p>管理层承认全球经济形势带来的挑战，包括通货膨胀和货币波动，这些因素对运营产生了不利影响。公司专注于实现运营效率和维持成本降低，但认识到重组举措所带来的风险。</p>
</div><p>The company is exposed to risks from incorporating AI and emerging technologies into its products and operations. There are uncertainties related to regulatory approvals, safety, and ethical implications, which could impact competitiveness and business prospects.</p>
<div class="lb-trans"><p>公司面临将人工智能和新兴技术纳入其产品和运营的风险。与监管批准、安全性和伦理影响相关的不确定性可能影响竞争力和商业前景。</p>
</div><p>The company is subject to foreign currency exchange rate fluctuations, which have affected the reported value of assets and liabilities. Interest rate changes and access to capital markets are also significant risks, with potential impacts on financial results and liquidity.</p>
<div class="lb-trans"><p>公司受到外汇汇率波动的影响，这影响了资产和负债的报告价值。利率变化和资本市场的可及性也是重大风险，可能对财务结果和流动性产生影响。</p>
</div><p>Overall, the company is navigating a complex landscape of operational, market, and regulatory risks, with strategic initiatives aimed at mitigating these challenges and positioning for future growth.</p>
<div class="lb-trans"><p>总体而言，公司正在应对复杂的运营、市场和监管风险，战略举措旨在减轻这些挑战并为未来增长做好准备。</p>
</div><p>SEC Filing: BAXTER INTERNATIONAL INC [ BAX ] - 10-K - Feb. 12, 2026</p>
<div class="lb-trans"><p>SEC 文件：BAXTER INTERNATIONAL INC [ BAX ] - 10-K -2026 年 2 月 12 日</p>
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百特国际公司 SEC 10-K 年度报告