作者：吴晓波，浙江大学社会科学学部主任、管理学院教授 在全球企业发展史中，丹纳赫集团是一个低调、务实、神秘而又高起点持续推进创新的优秀范例。这家从 传统制造业起家，以独特的并购、整合、提升之道实现超常发展的企业，在短短数十年间完成了从制造业 巨头到生命科学领导者的华丽蜕变，其成功密码为众多企业家和管理者所神往。浙江大学校友杨益先生和 他的同伴以在丹纳赫集团10多年里从普通员工到高级管理干部的亲身经历为基础，以管理专家的客观、理 性立场，站在跳出丹纳赫看丹纳赫的高度，全面、系统地为我们揭开了这层神秘的面纱。 作为长期从事企业管理，尤其是创新与战略管理研究的学者，我非常高兴应杨益先生之邀请，为本书作 序。怀着浓厚的职业兴趣，酣畅地阅读完样书后，我觉得本书有以下五个方面的特点。 丹纳赫集团成功的核心密码：DBS 丹纳赫集团的本质是一个长青并购基金加管理咨询机构的复合体。这种独特的商业模式使其在资本市场和 实体经济两个维度都取得了巨大成功。作为投资基金，丹纳赫集团展现出了卓越的β管理和α创造能力。它 通过精准的市场判断和严格的估值纪律，在并购领域建立起了难以复制的竞争优势。 从百万美元贷款起步，到成为市值千亿美元的跨 ...

来源： 泰克科技 图源： 泰克科技 点击阅读原文， 锁定你中意的型号！ 欲知更多产品和应用详情，您还可以通过如下方式联系我们： 邮箱：china.mktg@tektronix.com 扫码添加 " 泰克工程师小助手 " 立享 1 对 1 专属服务！ 网址：tek.com.cn 点击 "阅读原文" 锁定你中意的型号！ 将您的灵感变为现实 我们提供专业的测量洞见信息，旨在帮助您提高绩效以及将各种可能性转化为现实。 泰克设计和制造能够帮助您测试和测量各种解决方案，从而突破复杂性的层层壁垒，加快您的全局创新步伐。我 们携手共进，一定能够帮助各级工程师更方便、更快速、更准确地创造和实现技术进步。 电话：400-820-5835 (周一至周五9:00-17:00) ...

Core Viewpoint - The article emphasizes the importance of digitalization and electrification in driving technological advancements, highlighting their roles in reshaping industries and presenting new challenges for engineers [4]. Group 1: Event Overview - The upcoming seminar will focus on high-speed serial transmission and power and semiconductor testing solutions, aimed at helping engineers navigate the current technological landscape [4]. - The event is scheduled for June 20, 2025, from 10:00 AM to 3:15 PM at the Xiamen Baixiang Software Park Hotel [6]. Group 2: Agenda Highlights - The agenda includes sessions on power integrity and Tek's comprehensive power testing solutions, as well as testing solutions for power management integrated circuits (PMIC) and wide bandgap (WBG) semiconductors [7]. - Other topics will cover high-speed signal design and measurement fundamentals, semiconductor physical parameter characterization, and popular high-speed bus testing solutions such as USB, Ethernet, and MIPI D-PHY [7]. Group 3: Engagement Opportunities - Attendees will have the chance to participate in a lottery for prizes during the event [6][8].

近五十载创新领航！从LabVIEW到模块化仪器，NI正携手全球工程师迈向数据驱动与AI赋能的 智能测试未来。刚刚落幕的NI Connect 2025揭晓了NI的智能测试策略，以及作为智能测试系统 基石的核心产品的重磅更新，包括NI LabVIEW、PXI和DAQ等。 基于平台的测试测量方案是攻克下一代智能测试难题的关键，NI坚持以开放软件、模块化硬件和 生态系统为核心的智能测试策略。 艾默生测试与测量业务集团（NI）总裁Ritu Favre表示： "NI 将持续投资并迭代LabVIEW+套件与SystemLink软件平台，提高用户的工作效率，实现更好的跨 团队协作；推动NI PXI、DAQ等硬件产品线突破性能极限并降低成本，覆盖多样化需求；同时依 托强大生态联动大学、系统集成商与全球用户，加速技术落地与创新实践。" 强化软件定义的先进射频平台， 最新升级到双倍带宽并扩大了测量范围 PXI平台作为NI硬件的关键代表，是测试领域的多面手。其在同步性、吞吐量、计算能力以及 FPGA 协处理器等方面不断优化，为解决复杂测量难题提供了有力支持。 此次新推出的第3代PXIe-5842矢量信号收发仪（VST3）不仅将瞬时带 ...

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]