We're a global company with more than a century of experience serving industrial markets.

我們是一家全球性公司，擁有一個多世紀服務於工業市場的經驗。

We have a strong and established position in North America and a growing position in other regions of the world, with an emphasis on the emerging markets.

我們在北美擁有強大而穩固的地位，在世界其他地區的地位也在不斷提高，重點是新興市場。

We've built our reputation by designing products that solve our customers' most difficult challenges.

我們通過設計能解決客戶最棘手難題的產品來建立我們的聲譽。

And while bearings remain the legacy of our business and the core of all that we do, in recent years, we've expanded our portfolio through acquisition and innovation. Today, our enhanced portfolio includes adjacent products that allow us to serve customers more fully.

雖然軸承仍然是我們業務的傳統和核心，但近年來，我們通過收購和創新擴大了我們的產品組合。如今，我們增強的產品組合包括鄰近產品，使我們能夠更全面地服務客戶。

These power transmission products include gears and drives, automatic lubrication systems, couplings, belts and chain, and linear motion systems.

這些動力傳輸產品包括齒輪和驅動器、自動潤滑系統、聯軸器、皮帶和鏈條以及直線運動系統。

Like our bearings, these products improve the performance and reliability of industrial machinery, on and off-highway vehicles, and applications like wind turbines, solar panels, and aircraft.

與我們的軸承一樣，這些產品提高了工業機械、公路和非公路車輛以及風力渦輪機、太陽能電池板和飛機等應用的性能和可靠性。

We are a supplier of choice for leading original equipment manufacturers, and we help us reach end-users around the world. Our growing portfolio, technical innovation, problem-solving approach, and industry-leading customer service are advancing our leadership position and driving unprecedented financial performance.

我們是領先的原始設備製造商的首選供應商，並幫助我們將產品推向世界各地的終端用戶。我們不斷增長的產品組合、技術創新、解決問題的方法以及行業領先的客戶服務，正在提升我們的上司地位，並推動我們取得前所未有的財務業績。

Timken's business is organized around two operating segments: mobile industries and process industries.

鐵姆肯公司的業務圍繞兩個營運部門展開：移動工業和加工工業。

Mobile industries serve customers in the oil, heavy truck, and aerospace sectors, while process industries serve customers in the general and heavy industrial space, like metals and oil and gas, and also renewable energy like wind and solar.

移動工業服務於石油、重型卡車和航空航天領域的客戶，而加工工業則服務於金屬、石油和天然氣等一般工業和重工業領域的客戶，以及風能和太陽能等可再生能源領域的客戶。

This segment also includes our industrial distribution and services business. While both segments run double-digit EBIT margins, those margins are higher in process industries because we have higher distribution and aftermarket revenue in this segment.

該分部還包括我們的工業分銷和服務業務。雖然這兩個分部的息稅前利潤率都是兩位數，但加工工業的利潤率更高，因為該分部的分銷和售後市場收入更高。

We focus on the premium end of the market, where we can differentiate and where the barriers to entry are the highest.

我們專注於高端市場，因為在高端市場，我們可以做到與眾不同，而且進入的門檻也最高。

We're not the biggest bearing company in the world, and quite frankly, we don't want to be.

我們不是世界上最大的軸承公司，坦率地說，我們也不想成為這樣的公司。

We believe the diversity of our portfolio and business is a differentiating strength.

我們相信，多元化的投資組合和業務是我們與眾不同的優勢所在。

Our size allows us to be selective in the applications and market sectors where we participate, but still, it provides ample headroom for us to be able to continue to grow and expand margins. One of our biggest advantages is our end market mix.

我們的規模允許我們有選擇地參與應用和市場領域，但仍然為我們繼續增長和擴大利潤提供了充足的空間。我們最大的優勢之一是我們的終端市場組合。

We serve a diverse and fragmented set of industrial markets, as well as newer and higher growth markets like renewable energy and robotics.

我們服務於多樣化和分散的工業市場，以及可再生能源和機器人等新興高增長市場。

We believe this mix is one of the most attractive in the industrial space.

我們認為，這種組合是工業領域最具吸引力的組合之一。

Going forward, we'll keep looking to enter new markets wherever it makes sense in order to drive value.

展望未來，我們將繼續尋求進入任何有意義的新市場，以提升價值。

Another advantage is our split of sales between engineered bearings and adjacent power transmission products and services.

我們的另一個優勢是，我們的銷售分為工程軸承和鄰近的動力傳輸產品和服務。

With our long history in bearings, it's no surprise that these still account for two-thirds of our total sales.

我們在軸承領域有著悠久的歷史，是以這些產品仍然佔我們總銷售額的三分之二，這一點也不足為奇。

But our power transmission product lines are catching up, especially thanks to recent acquisitions like Beca Lubrication, Rolon, and Kone Drive, which are all highly complementary to our portfolio. Also important is our split of revenue between original equipment and aftermarket.

但是，我們的動力傳動產品線正在迎頭趕上，特別是由於最近收購了貝卡潤滑油、Rolon 和 Kone Drive 等公司，這些公司對我們的產品組合具有很強的互補性。此外，我們在原始設備和售後市場之間的收入分配也很重要。

We focus on having a large global installed base so that we can service our customers with replacement parts through the life cycle of the equipment.

我們的重點是在全球範圍內擁有龐大的安裝基礎，以便在設備的整個生命週期內為客戶提供備件服務。

This gives us recurring revenue at higher margins than traditional OEM revenue.

與傳統的 OEM 收入相比，這為我們帶來了利潤率更高的經常性收入。

We're focused on growing our industrial leadership position.

我們致力於擴大我們在工業領域的領先地位。

To do that, our strategy is threefold.

為此，我們的戰略包括三個方面。

The first element is growth.

第一個要素是增長。

We want to grow profitably and faster than our underlying markets, and we're doing that by being the leader in product technology, innovation, and customer service. The second element is operational excellence.

我們希望實現利潤增長，而且增長速度要快於我們的基礎市場，為此，我們要在產品技術、創新和客戶服務方面處於領先地位。第二個要素是卓越營運。

We continuously focus on improving our operating efficiency to expand margins and help facilitate growth.

我們一直致力於提高營運效率，以擴大利潤並促進增長。

We've also developed a systematic approach to streamlining and modernizing our manufacturing footprint and integrating acquisitions.

我們還制定了一套系統的方法，以精簡我們的生產足跡並使之現代化，同時整合併購項目。

The third and final element is capital deployment.

第三個也是最後一個要素是資本部署。

We're generating strong cash flow, and we're going to deploy our capital to drive the highest possible returns for shareholders by investing in organic growth through CapEx and R&D, by making acquisitions to expand our reach, and by continuing to return capital to shareholders through our attractive dividend and ongoing share buybacks, and all while in the markets we serve. Our customers consistently turn to us for our knowledge and reliability, and we're working closely with them to engineer the next generation of industrial equipment.

我們正在產生強勁的現金流，我們將通過資本支出和研發投資於有機增長，通過收購擴大我們的業務範圍，通過有吸引力的股息和持續的股票回購繼續向股東返還資本，同時在我們所服務的市場上部署我們的資本，為股東帶來儘可能高的回報。我們的客戶始終信賴我們的知識和可靠性，我們正與他們密切合作，設計下一代工業設備。

We're a trusted business partner, and wherever we do business, we operate with ethics and integrity.

我們是值得信賴的商業夥伴，無論在哪裡開展業務，我們都會恪守職業道德和誠信。

We've built a portfolio of strong brands.

我們已經建立了一個強大的品牌組合。

Our product technology is cutting edge, and our innovation pipeline is expanding.

我們的產品技術是最前沿的，我們的創新管道也在不斷擴大。

Our management team and our associates are delivering results globally, and we have the track record to back it up. Our strategy is working, and we're focused on winning with customers and delivering strong financial performance that endures.

我們的管理團隊和員工在全球範圍內取得了豐碩的成果，我們的業績記錄就是最好的證明。我們的戰略行之有效，我們專注於與客戶共贏，實現持久的強勁財務業績。

We're advancing Timken as a global industrial leader, and we've never been stronger or better positioned to deliver profitable growth and shareholder value for years to come.

我們正在推動鐵姆肯公司成為全球工業領導者，我們從未像現在這樣強大，也從未像現在這樣有能力在未來數年實現盈利增長和股東價值。