<p>在 SKF AB B 類股票最近的財報電話會議上，情緒顯得相當平衡，突出了諸如恢復有機增長和改善利潤率等成就，儘管面臨重大挑戰。公司在其戰略舉措上進展順利，儘管全球經濟不確定性仍然是一個關注點。</p>
<h2>恢復有機增長</h2>
<p>在連續八個季度的負有機增長後，SKF AB B 類股票在 2025 年第三季度實現了 2% 的正有機增長率。這一增長主要得益於工業業務，標誌着公司的一次重大轉變。</p>
<h2>改善運營利潤率</h2>
<p>儘管面臨外匯波動和市場條件嚴峻的重大阻力，SKF 仍然成功將調整後的運營利潤率提高至 12.3%。這一改善反映了公司有效的成本管理策略。</p>
<h2>戰略舉措的進展</h2>
<p>SKF 在其戰略舉措上取得了顯著進展，特別是在汽車分拆方面。公司已實現關鍵里程碑，包括 IT 切換和在印度上市的準備，顯示出快速的進展。</p>
<h2>超精密軸承中心的啓用</h2>
<p>在意大利啓用的新全球超精密軸承中心標誌着 SKF 能力的顯著提升。該中心將增強公司的研發、工程和生產能力，特別是在機器人和先進機牀領域。</p>
<h2>顯著的外匯阻力</h2>
<p>貨幣波動對 SKF 的銷售和運營利潤率產生了顯著的負面影響。由於這些波動，公司報告銷售受到 6.9 個百分點的負面影響，調整後的運營利潤率下降了 1 個百分點。</p>
<h2>經營活動現金流疲弱</h2>
<p>SKF 的經營活動現金流為 18 億瑞典克朗，受到與汽車分拆和重組計劃相關的一次性成本的影響。這突顯了公司所面臨的財務挑戰。</p>
<h2>汽車市場的挑戰</h2>
<p>汽車部門繼續掙扎，仍處於負增長領域。該部門的盈利能力受到關税和外匯影響的影響，導致利潤率低於 5%，這仍然是公司關注的問題。</p>
<h2>不確定的全球經濟環境</h2>
<p>SKF 預計第四季度的市場條件將與第三季度相似，持續的地緣政治不確定性影響需求。這種不確定性繼續對公司的增長前景構成挑戰。</p>
<h2>前瞻性指導</h2>
<p>展望未來，SKF 預計第四季度的市場需求將與第三季度相似，預計有機銷售年同比保持相對不變。公司專注於保持成本控制並推進其戰略舉措，包括預計在 2026 年中期具備運營準備的汽車分拆。SKF 已將全年税率指導調整為 28%，受外匯因素的影響。</p>
<p>總之，SKF AB B 類股票的財報電話會議呈現了公司當前表現和未來前景的平衡視角。儘管面臨重大挑戰，公司已實現恢復有機增長和改善利潤率。戰略舉措進展順利，儘管全球經濟環境仍然不確定。投資者將密切關注 SKF 在未來幾個季度如何應對這些挑戰。</p>

斯凱孚(ADR)

<p>SKF AB B 類股在 2025 年第三季度實現了 2% 的有機增長，結束了連續八個季度的下滑，主要得益於其工業業務。儘管面臨外匯挑戰，公司調整後的營業利潤率提高至 12.3%。在戰略舉措方面，包括汽車業務分拆，取得了顯著進展，意大利新開設了一個超精密軸承中心。然而，汽車部門仍然疲軟，現金流受到重組成本的影響。SKF 預計第四季度市場狀況將類似，鑑於全球經濟不確定性，保持謹慎的展望</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 類股票最近的財報電話會議上，情緒顯得相當平衡，突出了諸如恢復有機增長和改善利潤率等成就，儘管面臨重大挑戰。公司在其戰略舉措上進展順利，儘管全球經濟不確定性仍然是一個關注點。</p>
</div><h2>Return to Organic Growth</h2>
<div class="lb-trans"><h2>恢復有機增長</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>在連續八個季度的負有機增長後，SKF AB B 類股票在 2025 年第三季度實現了 2% 的正有機增長率。這一增長主要得益於工業業務，標誌着公司的一次重大轉變。</p>
</div><h2>Improved Operating Margin</h2>
<div class="lb-trans"><h2>改善運營利潤率</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>儘管面臨外匯波動和市場條件嚴峻的重大阻力，SKF 仍然成功將調整後的運營利潤率提高至 12.3%。這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>戰略舉措的進展</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 在其戰略舉措上取得了顯著進展，特別是在汽車分拆方面。公司已實現關鍵里程碑，包括 IT 切換和在印度上市的準備，顯示出快速的進展。</p>
</div><h2>Inauguration of Super-precision Bearing Center</h2>
<div class="lb-trans"><h2>超精密軸承中心的啓用</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>在意大利啓用的新全球超精密軸承中心標誌着 SKF 能力的顯著提升。該中心將增強公司的研發、工程和生產能力，特別是在機器人和先進機牀領域。</p>
</div><h2>Significant FX Headwinds</h2>
<div class="lb-trans"><h2>顯著的外匯阻力</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>貨幣波動對 SKF 的銷售和運營利潤率產生了顯著的負面影響。由於這些波動，公司報告銷售受到 6.9 個百分點的負面影響，調整後的運營利潤率下降了 1 個百分點。</p>
</div><h2>Weak Cash Flow from Operating Activities</h2>
<div class="lb-trans"><h2>經營活動現金流疲弱</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 的經營活動現金流為 18 億瑞典克朗，受到與汽車分拆和重組計劃相關的一次性成本的影響。這突顯了公司所面臨的財務挑戰。</p>
</div><h2>Challenging Automotive Market</h2>
<div class="lb-trans"><h2>汽車市場的挑戰</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>汽車部門繼續掙扎，仍處於負增長領域。該部門的盈利能力受到關税和外匯影響的影響，導致利潤率低於 5%，這仍然是公司關注的問題。</p>
</div><h2>Uncertain Global Economic Environment</h2>
<div class="lb-trans"><h2>不確定的全球經濟環境</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 預計第四季度的市場條件將與第三季度相似，持續的地緣政治不確定性影響需求。這種不確定性繼續對公司的增長前景構成挑戰。</p>
</div><h2>Forward-looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</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>展望未來，SKF 預計第四季度的市場需求將與第三季度相似，預計有機銷售年同比保持相對不變。公司專注於保持成本控制並推進其戰略舉措，包括預計在 2026 年中期具備運營準備的汽車分拆。SKF 已將全年税率指導調整為 28%，受外匯因素的影響。</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>總之，SKF AB B 類股票的財報電話會議呈現了公司當前表現和未來前景的平衡視角。儘管面臨重大挑戰，公司已實現恢復有機增長和改善利潤率。戰略舉措進展順利，儘管全球經濟環境仍然不確定。投資者將密切關注 SKF 在未來幾個季度如何應對這些挑戰。</p>
</div>

斯凱孚 (ADR) B 類股：在挑戰中實現增長