每经AI快讯，工业和信息化部近日发布的数据显示，今年前8个月，软件和信息技术服务业运行态势良 好，软件业务收入稳健增长，利润总额保持两位数增长，软件业务出口保持正增长。数据显示，前8个 月，软件业务收入96409亿元，同比增长12.6%，软件业利润总额同比增长13%。软件业务出口404.4亿 美元，同比增长6.4%。 ...

Core Insights - The software and information technology services industry in China has shown a positive operational trend in the first seven months of the year, with steady growth in revenue and profit, as well as positive export growth [1][2] Revenue and Profit Growth - Software business revenue reached 83,246 billion RMB, reflecting a year-on-year increase of 12.3% [1] - Total profit for the software industry was 10,890 billion RMB, with a year-on-year growth of 12.4% [1] - Software business exports amounted to 33.98 billion USD, marking a year-on-year increase of 5.2% [1] Sector Performance - Software product revenue grew to 18,011 billion RMB, up 10.6% year-on-year, accounting for 21.6% of total industry revenue [1] - Revenue from basic software products was 1,052 billion RMB, increasing by 13.0% [1] - Industrial software revenue reached 1,677 billion RMB, with an 8.8% year-on-year growth [1] - Information technology services revenue was 57,246 billion RMB, showing a 13.4% increase, representing 68.8% of total industry revenue [1] Specific Service Revenue - Cloud computing and big data services generated 8,663 billion RMB, growing by 12.6% and accounting for 15.1% of information technology services revenue [1] - Integrated circuit design revenue was 2,511 billion RMB, with an 18.5% year-on-year increase [1] - E-commerce platform technology service revenue reached 7,156 billion RMB, reflecting a 9.8% growth [1] Regional Performance - Software business revenue growth by region: Eastern region 12.6%, Central region 12.3%, Western region 10.4%, and Northeast region 9.3% [2] - The Eastern region accounted for 84.3% of the total software business revenue [2] - Revenue growth in key areas: Beijing 13.4%, Guangdong 9.1%, Jiangsu 14.4%, Shandong 11.8%, and Shanghai 20.1% [2]

Group 1: International Relations and Trade - China will implement a visa-free policy for Russian citizens holding ordinary passports from September 15, 2025, to September 14, 2026, allowing stays of up to 30 days for business, tourism, family visits, and transit [1] - The Shanghai Cooperation Organization (SCO) leaders have issued a statement supporting the multilateral trading system, emphasizing the importance of development and the integration of least developed countries into the trade system [1] - China aims to strengthen communication and cooperation with SCO member states to promote genuine multilateralism and push for reforms in the World Trade Organization (WTO) [1] Group 2: Social Security and Tax Policies - The Ministry of Finance and the State Taxation Administration have announced tax policies regarding the transfer of state-owned equity and cash income to bolster the social security fund, including exemptions from VAT and corporate income tax for certain transactions [2] - The policy aims to facilitate the management of state-owned assets and enhance the financial sustainability of the social security fund [2] Group 3: Software Industry Performance - In the first seven months of 2025, China's software industry generated revenue of 83,246 billion yuan, reflecting a year-on-year growth of 12.3% [3] - The total profit of the software industry reached 10,890 billion yuan, with software product revenue accounting for 21.6% of the total industry revenue [3] - Information technology services contributed 57,246 billion yuan, representing 68.8% of the overall revenue, indicating a strong performance in this sector [3] Group 4: Biopharmaceutical Industry Development - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on accelerating the development of the biopharmaceutical industry, aiming to create a national team in this field [4] - The initiative emphasizes innovation-driven development and collaboration with the Chinese Academy of Sciences to enhance the quality and competitiveness of China's biopharmaceutical sector [4]

Financial Data and Key Metrics Changes - Fortive reported adjusted earnings per share of $0.85, which is in line with expectations, reflecting a 2% year-over-year growth [5][14] - Core revenue declined by 2% year-over-year, slightly below expectations, with total revenue down 3% due to foreign exchange headwinds [13][14] - Adjusted operating profit was $373 million, with adjusted operating margin expansion of 20 basis points [14] - Adjusted free cash flow was better than expected at $222 million, with a 7% increase in six-month growth [14][27] Business Line Data and Key Metrics Changes - Intelligent Operating Solutions (IOS) segment grew core revenues by 2%, while Advanced Healthcare Solutions (AHS) grew by 2.5% [16][18] - Precision Technologies (PT) segment experienced an 8.4% core revenue decline, driven by lower orders in Test and Measurement and shipment delays in Sensors and Safety Systems [13][20] - IOS segment adjusted operating margins expanded by 150 basis points, while AHS saw a 70 basis point contraction in adjusted operating margins [17][19] Market Data and Key Metrics Changes - North America showed stable industrial demand, while Europe and China faced a more challenging macro environment [16] - The company expects China to be down high single digits for the year, reflecting increased challenges [126] - Overall, North America is anticipated to remain the strongest market for Fortive [125] Company Strategy and Development Direction - Fortive is focusing on enhancing supply chain resilience, having reduced exposure to imports from China by 70% since 2018 [7][23] - The company is targeting the completion of its separation by the end of the second quarter, which is expected to unlock shareholder value [30][32] - Fortive aims to increase its recurring revenue mix from approximately 40% to roughly 50% post-separation [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a more dynamic macro environment and moderating demand in PT, with expectations for a modest improvement in the segment [7][28] - The company is implementing countermeasures to mitigate tariff impacts, estimating a gross tariff impact of $190 million to $220 million [24][27] - Management remains confident in the ability to navigate current challenges and deliver best-in-class net working capital performance [27][30] Other Important Information - The company announced the appointment of a new CFO, Mark Okerstrom, who is expected to drive additional shareholder value [8][10] - Fortive's strategic approach includes pricing adjustments and optimizing sourcing and logistics to mitigate tariff impacts [25][26] Q&A Session Summary Question: Clarification on localizing production - Management indicated that localizing production involves accelerating existing plans rather than building new capacity in the U.S. [41][42] Question: Insights on Test and Measurement decline - The decline was attributed to customers delaying orders due to increased policy and macro uncertainty, with expectations for recovery pushed to 2026 [44][46] Question: Volatility in Test and Measurement industry - The volatility is linked to the sector's exposure to R&D investments, which customers can delay amid economic uncertainty [53][55] Question: Clarification on tariff impacts - Management clarified that the estimated tariff impact for 2025 is around $200 million, with plans to offset about 80% of it [82][90] Question: Expectations for North America and Western Europe - North America is expected to perform well, while China is anticipated to face challenges, with a projected decline in revenue [125][126]