总体趋势：亚太地区私募股权市场可能正处于转折点，投资水平虽有所降温，但未来有望迎来新一波活动、创新和价值创造浪潮。投资者策略将更谨慎、注 重价值，关注运营卓越、数字化进步和长期增长。 关键因素评估 投资活动与交易机会：呈现乐观态势，投资和募资趋势积极，交易市场丰富多样，有望反弹。 定价与估值：市场更加理性，交易价值在较低水平趋于正常化。 价值创造机会：受数字化转型、运营变革和生成式人工智能等因素推动，热度持续上升。 退出环境：尽管主要公共市场IPO窗口仍关闭，但替代退出途径的条件正在改善。 投资活动与交易机会 投资趋势稳定：亚太地区私募股权投资活动开始稳定，交易量趋于平稳，虽交易价值降至较低水平，但投资者谨慎选择可能为未来可持续增长奠定基础。 募资与资产管理规模增长：募资达到五年新高，显示投资者信心回升；资产管理规模上升，使私募股权公司有更多资金和灵活性进行投资。 交易机会丰富：亚太地区提供独特机会，融合新兴市场活力与成熟经济体稳定性，各市场交易潜力大，行业多样性强，投资者可涉足传统和前沿领域。 定价与估值 估值调整：市场估值格局转变，投资者风险偏好调整，交易价值回归至疫情前水平，平均交易规模下降，反映市场战 ...

Core Insights - Fortive completed the spin-off of Ralliant (Precision Technologies) on June 28, 2025, allowing a focus on its core segments [5][4] - Q2 2025 GAAP revenue from continuing operations was $1,020 million, slightly above analyst estimates, but a 0.4% decline from Q2 2024 [1][5] - Adjusted diluted EPS for Q2 2025 was $0.58, narrowly missing the consensus estimate of $0.59, marking a 3.6% increase year-over-year [2][1] Financial Performance - Adjusted EBITDA for Q2 2025 was $288 million, down 1.0% from the previous year, with an adjusted EBITDA margin of 28.4% [6][2] - Free cash flow from continuing operations was $180 million, a decrease of 9.1% year-over-year, while trailing twelve-month free cash flow increased to $939 million, a 13.7% improvement [6][2] - Net income on a GAAP basis remained flat at $112 million in Q2 2025 [6] Segment Analysis - Revenue from the Intelligent Operating Solutions segment was flat year-over-year, with an improved adjusted EBITDA margin by 50 basis points [7] - Advanced Healthcare Solutions saw a revenue decline of 1.3% in Q2 2025, with core revenue down 1.9%, although margins improved modestly [7] - Core revenue, excluding acquisitions and currency effects, dipped 0.7% in Q2 2025, contrasting with a 3.9% growth in Q2 2024 [5] Strategic Focus - The company emphasizes operational discipline and the Fortive Business System for continuous improvement and cost control [4][8] - Management acknowledged uncertainties related to trade, healthcare, and government spending impacting demand [8] - Fortive completed $345 million in share repurchases in the first half of 2025, returning capital to shareholders [8] Future Outlook - Fortive set its full-year 2025 adjusted diluted EPS target between $2.50 and $2.60 for continuing operations, without providing specific revenue or segment-level outlooks [10] - The company remains focused on reigniting organic revenue growth in its post-spin configuration [11]