<p>UFP Industries Inc.是一家领先的木材及木材替代产品制造和供应商，已发布其 2025 年 10-K 报告，详细介绍了公司的财务表现、业务运营、战略举措以及面临的挑战。该报告全面概述了公司在其核心业务领域的活动：零售解决方案、包装和建筑，并概述了其未来的增长战略和风险管理方法。</p>
<p><strong>财务亮点</strong></p>
<p>UFP Industries 报告 2025 年净销售额为 63.2 亿美元，较 2024 年下降 5%。这一下降主要归因于售价下降 2% 和单位销售下降 3%。该年度的毛利润为 10.6 亿美元，较去年下降 14%，主要由于单位销售下降和更具竞争力的定价。</p>
<p>运营收益为 3.64 亿美元，较去年下降 26%，主要受到毛利润下降的影响，部分被 4400 万美元的销售、一般和行政费用减少所抵消。2025 年的净收益为 2.96 亿美元，较 2024 年的 4.19 亿美元大幅下降，受到毛利润下降和更高有效税率的影响。基本和稀释每股收益均为 5.00 美元，较 2024 年的 6.78 美元和 6.77 美元下降。</p>
<p>来自经营活动的现金流总额为 5.46 亿美元，较去年减少 9700 万美元，主要由于营运资本变化和净收益下降。资本支出总额为 2.69 亿美元，重点用于扩张和效率项目。公司还支付了 8200 万美元的股息，反映出每股季度股息为 0.35 美元，比去年增长 6%。</p>
<p><strong>业务亮点</strong></p>
<p>UFP Industries 通过三个主要业务部门运营：零售解决方案、包装和建筑。零售部门包括 ProWood、Deckorators 和 UFP Edge 等业务单元，专注于压力处理木材和复合甲板等产品。包装部门包括结构包装、PalletOne 和保护包装解决方案，服务于多种行业。建筑部门包括工厂建造住房、现场建造、商业建筑和混凝土成型，满足各种建筑需求。</p>
<p>公司在美国、墨西哥、加拿大、西班牙、印度和澳大利亚等地拥有显著的国际业务。国际部门包括这些地区的包装业务和销售办公室，与以国内市场为中心的结构分开管理。</p>
<p>在 2025 年，UFP Industries 的整体单位销售较 2024 年下降 3%。零售部门单位销售下降 7%，而包装部门的有机单位销售下降 1%。建筑部门的单位销售保持平稳。尽管面临这些挑战，公司在 2025 年推出了新产品，导致新产品销售较去年增长 6%。Deckorators 业务单元的 Surestone™矿物基复合甲板销售显著增长。</p>
<p>UFP Industries 投资于扩大生产能力，特别是在 Deckorators 和 ProWood 业务单元，以支持新产品和增值产品的推出。这包括在所有部门进行自动化和效率改进的投资。展望未来，公司计划将年度单位销售增长目标设定为 7% 至 10%，并确保新产品占总销售额的至少 10%。公司计划增强其能力，扩大地理覆盖范围，并改善运营效率，以实现 12.5% 的 EBITDA 利润率。</p>
<p><strong>战略举措</strong></p>
<p>UFP Industries 专注于在核心业务中扩大其地理覆盖范围，包括国内和国际市场。公司还在增加增值产品的销售，并通过新产品或改进产品来增强其产品供应。公司正在寻求战略收购，以补充现有业务并提供新的增长途径。公司目标是在 2026 年实现至少 5.6 亿美元的新产品销售，长期目标是新产品销售占总净销售额的至少 10%。</p>
<p>在 2025 年，UFP Industries 以 4.43 亿美元回购了 4,498,835 股普通股，平均每股价格为 98.39 美元。公司还通过股息向股东返还了 8200 万美元，反映出每股季度股息为 0.35 美元，比去年增长 6%。公司维持 750 百万美元的无担保循环信贷额度，截至 2025 年 12 月 27 日，剩余可用额度约为 710.8 百万美元。2025 年的资本支出总额为 2.69 亿美元，主要用于扩张和效率项目，并在业务组合中投资了 1800 万美元。</p>
<p>展望未来，UFP Industries 计划继续采取平衡和以回报为驱动的资本配置方法，专注于根据预期的长期收益增长增加股息，回购普通股以抵消稀释，并进行资本投资以支持有机增长和运营改进。公司预计在 2025 年和 2026 年实现累计成本减少 6700 万美元，超过其原始目标。对于 2026 年，公司预计资本支出约为 3 亿至 3.25 亿美元，并将核心销售、一般和行政费用目标设定为约 5.7 亿美元，不包括与盈利能力相关的可变费用。</p>
<p><strong>挑战与风险</strong></p>
<p>UFP Industries 在一个竞争激烈的市场中运营，显著依赖建筑、零售和包装行业。公司的增长战略包括业务组合，这涉及到固有的风险，如同化和管理增长。公司还受到木材价格波动的影响，这可能显著影响销售、材料成本和毛利润。此外，公司面临与环境和安全法规相关的风险，这可能影响其制造和销售产品的能力。</p>
<p>公司面临多种宏观经济风险，包括通货膨胀、利率不确定性、外汇汇率波动和地缘政治事件。这些因素造成了显著的经济不确定性，可能对财务表现产生不利影响。公司还面临来自美国进出口关税和税费的风险，这可能导致价格波动和供应链不稳定。货币波动和通货膨胀可能损害运营结果，建筑市场的周期性特征可能限制增长。公司还容易受到网络安全漏洞的影响，这可能干扰运营并增加成本。此外，人工智能的出现带来了挑战，包括巨额资本投资和监管不确定性。</p>
<p>与 2024 年相比，公司在 2025 年的净销售额下降了 5%，主要是由于竞争定价和单位销售量下降。毛利润下降了 14%，主要是由于需求疲软和竞争定价。公司专注于管理成本和提高效率，以应对这些挑战。木材市场的波动继续影响运营结果，木材成本占净销售额的显著部分。公司旨在以超过单位销售增长的速度增加毛利润和运营收益。管理层还专注于地理扩张和增加附加值产品的销售。</p>
<p>公司面临市场风险，包括货币和通货膨胀的波动，这可能影响财务结果。木材市场的波动影响毛利率，公司试图将木材成本转嫁给客户。公司还面临木材价格趋势变化的风险，特别是对于库存水平较高和周转率较低的产品。公司继续监测这些风险并相应调整战略。</p>
<p>SEC 文件：UFP INDUSTRIES INC [ UFPI ] - 10-K -2026 年 2 月 25 日</p>

UFPI

<p>UFP Industries Inc. 发布了其 2025 年的 10-K 报告，显示净销售额下降 5%，降至 63.2 亿美元，净收益从 2024 年的 4.19 亿美元降至 2.96 亿美元。报告强调了其零售、包装和建筑部门在单位销售方面面临的挑战，以及包括新产品销售和地理扩张在内的增长战略举措。公司回购了价值 4.43 亿美元的股票，并计划在 2026 年投资 3 亿至 3.25 亿美元的资本支出。UFP 目标实现 12.5% 的 EBITDA 利润率，并根据长期增长预期增加股息</p>

<p>UFP Industries Inc., a leading manufacturer and supplier of wood and wood-alternative products, has released its 2025 10-K report, detailing the company's financial performance, business operations, strategic initiatives, and the challenges it faces. The report provides a comprehensive overview of the company's activities across its core segments: Retail Solutions, Packaging, and Construction, and outlines its future growth strategies and risk management approaches.</p>
<div class="lb-trans"><p>UFP Industries Inc.是一家领先的木材及木材替代产品制造和供应商，已发布其 2025 年 10-K 报告，详细介绍了公司的财务表现、业务运营、战略举措以及面临的挑战。该报告全面概述了公司在其核心业务领域的活动：零售解决方案、包装和建筑，并概述了其未来的增长战略和风险管理方法。</p>
</div><p><strong>Financial Highlights</strong></p>
<div class="lb-trans"><p><strong>财务亮点</strong></p>
</div><p>UFP Industries reported net sales of $6,320 million for 2025, reflecting a 5% decrease compared to 2024. This decline was attributed to a 2% decrease in selling prices and a 3% decrease in unit sales. Gross profit for the year was $1,060 million, a 14% decrease from the previous year, primarily due to a decline in unit sales and more competitive pricing.</p>
<div class="lb-trans"><p>UFP Industries 报告 2025 年净销售额为 63.2 亿美元，较 2024 年下降 5%。这一下降主要归因于售价下降 2% 和单位销售下降 3%。该年度的毛利润为 10.6 亿美元，较去年下降 14%，主要由于单位销售下降和更具竞争力的定价。</p>
</div><p>Earnings from operations were $364 million, down 26% from the previous year, driven by lower gross profits, partially offset by a $44 million decrease in SG&amp;A expenses. Net earnings for 2025 were $296 million, a significant drop from $419 million in 2024, impacted by lower gross profits and higher effective tax rates. Basic and diluted earnings per share both stood at $5.00, down from $6.78 and $6.77, respectively, in 2024.</p>
<div class="lb-trans"><p>运营收益为 3.64 亿美元，较去年下降 26%，主要受到毛利润下降的影响，部分被 4400 万美元的销售、一般和行政费用减少所抵消。2025 年的净收益为 2.96 亿美元，较 2024 年的 4.19 亿美元大幅下降，受到毛利润下降和更高有效税率的影响。基本和稀释每股收益均为 5.00 美元，较 2024 年的 6.78 美元和 6.77 美元下降。</p>
</div><p>Cash flows from operating activities totaled $546 million, a decrease of $97 million from the previous year, primarily due to changes in working capital and lower net earnings. Capital expenditures amounted to $269 million, focusing on expansionary and efficiency projects. The company also paid $82 million in dividends, reflecting a quarterly rate of $0.35 per share, a 6% increase over the prior year.</p>
<div class="lb-trans"><p>来自经营活动的现金流总额为 5.46 亿美元，较去年减少 9700 万美元，主要由于营运资本变化和净收益下降。资本支出总额为 2.69 亿美元，重点用于扩张和效率项目。公司还支付了 8200 万美元的股息，反映出每股季度股息为 0.35 美元，比去年增长 6%。</p>
</div><p><strong>Business Highlights</strong></p>
<div class="lb-trans"><p><strong>业务亮点</strong></p>
</div><p>UFP Industries operates through three main segments: Retail Solutions, Packaging, and Construction. The Retail segment includes business units like ProWood, Deckorators, and UFP Edge, focusing on products such as pressure-treated lumber and composite decking. The Packaging segment comprises Structural Packaging, PalletOne, and Protective Packaging Solutions, serving diverse industries. The Construction segment includes Factory-Built Housing, Site-Built Construction, Commercial Construction, and Concrete Forming, catering to various construction needs.</p>
<div class="lb-trans"><p>UFP Industries 通过三个主要业务部门运营：零售解决方案、包装和建筑。零售部门包括 ProWood、Deckorators 和 UFP Edge 等业务单元，专注于压力处理木材和复合甲板等产品。包装部门包括结构包装、PalletOne 和保护包装解决方案，服务于多种行业。建筑部门包括工厂建造住房、现场建造、商业建筑和混凝土成型，满足各种建筑需求。</p>
</div><p>The company has a significant international presence with operations in the United States, Mexico, Canada, Spain, India, and Australia. The International segment, which includes packaging operations and sales offices in these regions, is managed separately from the domestic market-centered structure.</p>
<div class="lb-trans"><p>公司在美国、墨西哥、加拿大、西班牙、印度和澳大利亚等地拥有显著的国际业务。国际部门包括这些地区的包装业务和销售办公室，与以国内市场为中心的结构分开管理。</p>
</div><p>In 2025, UFP Industries experienced a 3% decrease in overall unit sales compared to 2024. The Retail segment saw a 7% decrease in units, while the Packaging segment had a 1% decrease in organic unit sales. The Construction segment's unit sales remained flat. Despite these challenges, the company introduced new products in 2025, contributing to a 6% increase in new product sales compared to the previous year. The Deckorators business unit saw significant growth in sales of its Surestone™ mineral-based composite decking.</p>
<div class="lb-trans"><p>在 2025 年，UFP Industries 的整体单位销售较 2024 年下降 3%。零售部门单位销售下降 7%，而包装部门的有机单位销售下降 1%。建筑部门的单位销售保持平稳。尽管面临这些挑战，公司在 2025 年推出了新产品，导致新产品销售较去年增长 6%。Deckorators 业务单元的 Surestone™矿物基复合甲板销售显著增长。</p>
</div><p>UFP Industries invested in expanding production capacity, particularly in the Deckorators and ProWood business units, to support new and value-added products. This includes investments in automation and efficiency improvements across all segments. Looking ahead, the company aims to grow annual unit sales by 7 to 10 percent, with a focus on new products comprising at least 10% of total sales. The company plans to enhance its capabilities, expand geographically, and improve operating efficiencies to achieve a 12.5 percent EBITDA margin.</p>
<div class="lb-trans"><p>UFP Industries 投资于扩大生产能力，特别是在 Deckorators 和 ProWood 业务单元，以支持新产品和增值产品的推出。这包括在所有部门进行自动化和效率改进的投资。展望未来，公司计划将年度单位销售增长目标设定为 7% 至 10%，并确保新产品占总销售额的至少 10%。公司计划增强其能力，扩大地理覆盖范围，并改善运营效率，以实现 12.5% 的 EBITDA 利润率。</p>
</div><p><strong>Strategic Initiatives</strong></p>
<div class="lb-trans"><p><strong>战略举措</strong></p>
</div><p>UFP Industries is focused on expanding its geographic presence in core businesses both domestically and internationally. The company is also increasing its sales of value-added products and enhancing its product offerings with new or improved products. Strategic acquisitions are being pursued to complement existing businesses and provide new avenues for growth. The company aims to achieve annual new product sales of at least $560 million for 2026, with a long-term goal of new product sales comprising at least 10% of total net sales.</p>
<div class="lb-trans"><p>UFP Industries 专注于在核心业务中扩大其地理覆盖范围，包括国内和国际市场。公司还在增加增值产品的销售，并通过新产品或改进产品来增强其产品供应。公司正在寻求战略收购，以补充现有业务并提供新的增长途径。公司目标是在 2026 年实现至少 5.6 亿美元的新产品销售，长期目标是新产品销售占总净销售额的至少 10%。</p>
</div><p>In 2025, UFP Industries repurchased 4,498,835 shares of its common stock for $443 million, at an average price of $98.39 per share. The company also returned $82 million to shareholders through dividends, reflecting a quarterly rate of $0.35 per share, a 6% increase over the prior year. The company maintains a $750 million unsecured revolving credit facility, with approximately $710.8 million in remaining availability as of December 27, 2025. Capital expenditures in 2025 totaled $269 million, primarily for expansionary and efficiency projects, and $18 million was invested in business combinations.</p>
<div class="lb-trans"><p>在 2025 年，UFP Industries 以 4.43 亿美元回购了 4,498,835 股普通股，平均每股价格为 98.39 美元。公司还通过股息向股东返还了 8200 万美元，反映出每股季度股息为 0.35 美元，比去年增长 6%。公司维持 750 百万美元的无担保循环信贷额度，截至 2025 年 12 月 27 日，剩余可用额度约为 710.8 百万美元。2025 年的资本支出总额为 2.69 亿美元，主要用于扩张和效率项目，并在业务组合中投资了 1800 万美元。</p>
</div><p>Looking forward, UFP Industries plans to continue a balanced and return-driven approach to capital allocation, focusing on increasing dividends in line with anticipated long-term earnings growth, repurchasing common stock to offset dilution, and making capital investments to support organic growth and operational improvements. The company anticipates achieving cumulative cost reductions in 2025 and 2026 totaling $67 million, exceeding its original goal. For 2026, the company expects to spend approximately $300 million to $325 million on capital expenditures and has targeted core SG&amp;A expenses of approximately $570 million, excluding variable expenses tied to profitability.</p>
<div class="lb-trans"><p>展望未来，UFP Industries 计划继续采取平衡和以回报为驱动的资本配置方法，专注于根据预期的长期收益增长增加股息，回购普通股以抵消稀释，并进行资本投资以支持有机增长和运营改进。公司预计在 2025 年和 2026 年实现累计成本减少 6700 万美元，超过其原始目标。对于 2026 年，公司预计资本支出约为 3 亿至 3.25 亿美元，并将核心销售、一般和行政费用目标设定为约 5.7 亿美元，不包括与盈利能力相关的可变费用。</p>
</div><p><strong>Challenges and Risks</strong></p>
<div class="lb-trans"><p><strong>挑战与风险</strong></p>
</div><p>UFP Industries operates in a highly competitive market with significant reliance on the construction, retail, and packaging sectors. The company's growth strategy includes business combinations, which involve inherent risks such as assimilation and managing growth. The company is also subject to fluctuations in the price of lumber, which can significantly impact sales, cost of materials, and gross profits. Additionally, the company faces risks related to environmental and safety regulations, which could affect its ability to manufacture and market products.</p>
<div class="lb-trans"><p>UFP Industries 在一个竞争激烈的市场中运营，显著依赖建筑、零售和包装行业。公司的增长战略包括业务组合，这涉及到固有的风险，如同化和管理增长。公司还受到木材价格波动的影响，这可能显著影响销售、材料成本和毛利润。此外，公司面临与环境和安全法规相关的风险，这可能影响其制造和销售产品的能力。</p>
</div><p>The company faces several macroeconomic risks, including inflation, interest rate uncertainty, foreign currency exchange rate fluctuations, and geopolitical events. These factors create significant economic uncertainty and could adversely impact financial performance. The company is also exposed to risks from tariffs and duties on U.S. imports and exports, which could lead to price volatility and supply chain instability. Currency fluctuations and inflation may harm results of operations, and the cyclical nature of the construction market could limit growth. The company is also vulnerable to cybersecurity breaches, which could disrupt operations and increase costs. Additionally, the emergence of artificial intelligence presents challenges, including significant capital investment and regulatory uncertainties.</p>
<div class="lb-trans"><p>公司面临多种宏观经济风险，包括通货膨胀、利率不确定性、外汇汇率波动和地缘政治事件。这些因素造成了显著的经济不确定性，可能对财务表现产生不利影响。公司还面临来自美国进出口关税和税费的风险，这可能导致价格波动和供应链不稳定。货币波动和通货膨胀可能损害运营结果，建筑市场的周期性特征可能限制增长。公司还容易受到网络安全漏洞的影响，这可能干扰运营并增加成本。此外，人工智能的出现带来了挑战，包括巨额资本投资和监管不确定性。</p>
</div><p>The company experienced a 5% decrease in net sales in 2025 compared to 2024, driven by competitive pricing and a decline in unit sales. Gross profits decreased by 14%, primarily due to weaker demand and competitive pricing. The company is focused on managing costs and improving efficiencies to mitigate these challenges. The lumber market's volatility continues to impact operating results, with lumber costs comprising a significant portion of net sales. The company aims to increase gross profits and earnings from operations at a rate that exceeds unit sales growth. Management is also focused on expanding geographically and increasing sales of value-added products.</p>
<div class="lb-trans"><p>与 2024 年相比，公司在 2025 年的净销售额下降了 5%，主要是由于竞争定价和单位销售量下降。毛利润下降了 14%，主要是由于需求疲软和竞争定价。公司专注于管理成本和提高效率，以应对这些挑战。木材市场的波动继续影响运营结果，木材成本占净销售额的显著部分。公司旨在以超过单位销售增长的速度增加毛利润和运营收益。管理层还专注于地理扩张和增加附加值产品的销售。</p>
</div><p>The company is exposed to market risks, including fluctuations in currency and inflation, which could impact financial results. The lumber market's volatility affects gross margins, and the company attempts to pass lumber costs through to customers. The company also faces risks from changes in the trend of lumber prices, particularly for products with significant inventory levels and low turnover rates. The company continues to monitor these risks and adjust strategies accordingly.</p>
<div class="lb-trans"><p>公司面临市场风险，包括货币和通货膨胀的波动，这可能影响财务结果。木材市场的波动影响毛利率，公司试图将木材成本转嫁给客户。公司还面临木材价格趋势变化的风险，特别是对于库存水平较高和周转率较低的产品。公司继续监测这些风险并相应调整战略。</p>
</div><p>SEC Filing: UFP INDUSTRIES INC [ UFPI ] - 10-K - Feb. 25, 2026</p>
<div class="lb-trans"><p>SEC 文件：UFP INDUSTRIES INC [ UFPI ] - 10-K -2026 年 2 月 25 日</p>
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UFP INDUSTRIES INC 的 SEC 10-K 年度报告