Financial Data and Key Metrics Changes - Sales for Q3 2025 were $1.03 billion, reflecting an 8% increase on a reported basis and a 6% increase in local currency, with a 5% increase excluding recent acquisitions [6][9] - Adjusted EPS for the quarter was $11.15, a 9% increase over the prior year, while reported EPS was $10.57 compared to $9.96 in the prior year [8][9] - Gross margin decreased to 59.2%, down 80 basis points primarily due to tariff costs [7] Business Line Data and Key Metrics Changes - Laboratory sales increased by 4%, while industrial sales grew by 9%, with core industrial growing 10% excluding acquisitions [6][7] - Product inspection sales grew by 7%, and food retail sales increased by 5% [6][7] - Service revenue grew by 8%, including a 1% benefit from acquisitions [7] Market Data and Key Metrics Changes - Local currency sales growth by region showed a 10% increase in the Americas, 6% in Europe, and 1% in Asia [6] - Sales in China increased by 2% during the quarter, marking the first growth in the industrial business in over two years [19][49] Company Strategy and Development Direction - The company is focused on capturing growth opportunities in automation, digitalization, and onshoring, while remaining agile amid global trade uncertainties [4][11] - Recent acquisitions aim to enhance North American distribution and expand life science equipment offerings, contributing modestly to sales growth [10][15] - The company continues to invest in innovation and digital capabilities to improve customer insights and productivity [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market uncertainties and highlighted the importance of innovation and operational excellence [4][20] - The outlook for 2026 anticipates local currency sales growth of approximately 4%, with expectations of gradual improvement in market conditions [23][14] - Management noted that while short-term uncertainties persist, the company is well-positioned to gain market share through its innovative portfolio [24][60] Other Important Information - The company expects local currency sales growth of approximately 3% for Q4 2025, with adjusted EPS guidance in the range of $12.68-$12.88 [12][13] - Tariff costs are projected to have a gross headwind of approximately 7% on EPS for Q4 2025 [12][13] Q&A Session Summary Question: Can you provide a breakdown of the 2026 guidance by segment, particularly for industrial? - Management expects low to mid-single digit growth in laboratory and industrial businesses, with modest benefits from recent acquisitions [27] Question: How is the consumer market affecting the PID segment? - Management noted that while the end market remains challenging, recent innovations have been well-received, particularly in the middle market [29] Question: What is the outlook for onshoring demand? - Management believes the company is well-positioned to benefit from onshoring activities, but expects a gradual impact over the coming years [44] Question: What are the expectations for growth in China? - Management anticipates low single-digit growth in both lab and industrial segments in China for the upcoming year [48] Question: Can you elaborate on the recent acquisitions? - The company completed several small acquisitions to enhance distribution and service capabilities, contributing less than 1% to sales growth [53][54]

Group 1: Event Overview - The 11th China (Shanghai) International Technology Import and Export Fair (referred to as "the Fair") will be held from June 11 to 13 [1] - The Fair is the only national-level exhibition focused on technology trade in China, hosted by the Shanghai Municipal Government, with the theme "Open Cooperation: Empowering New Quality Productivity and Sustainable Development" [3] - The total exhibition area is 35,000 square meters, covering the entire chain of technology trading ecosystem, featuring one theme pavilion, one provincial exhibition area, and four specialized technology exhibition areas [3] Group 2: Company Innovations - Oubino Biotech has developed the Soundpen CB single-cell sorting system, utilizing acoustic tweezers technology to manipulate microscopic materials without physical contact, significantly enhancing cell viability and safety [6][7] - The Soundpen CB system is reported to be over twice as efficient as traditional methods, with cell vitality being six to seven times higher than limited dilution methods, showcasing its potential in precision medicine and stem cell research [6][7] - Oubino has applied for over 20 core technology-related patents, establishing a strong intellectual property moat, and plans to enter mass production by 2025 with a post-investment valuation of 175 million yuan [7] Group 3: Lithium Battery Equipment - Micronano Company is showcasing two key devices at the Fair: the lithium electrode sheet forming machine and the desktop lithium metal semi-automatic stacking machine, demonstrating advancements in lithium battery equipment manufacturing [8][10] - The lithium electrode sheet forming machine integrates multiple processes to enhance efficiency and consistency while reducing human error, reflecting a deep understanding of lithium metal processing precision and automation [10][12] - Micronano has over 170 patented technologies and has established a research institute focused on solid-state lithium battery equipment development, with plans to open a fully automated pilot line by the end of June [12]