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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 August 5, 2025 Commission File Number 001-14978 SMITH & NEPHEW plc (Registrant's name) Building 5, Croxley Park, Hatters Lane, Watford, England, WD18 8YE (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20- ...

Smith & Nephew (SNN) H1 2025 Earnings Call August 05, 2025 03:30 AM ET Company ParticipantsDeepak Nath - CEOJohn Rogers - CFO & Executive DirectorJack Reynolds-Clark - VP - European MedTech Equity ResearchGraham Doyle - Executive Director - Equity ResearchDavid Adlington - Managing DirectorSam England - Director & Head - European Med Tech Equity ResearchVeronika Dubajova - Managing DirectorHassan Al-Wakeel - Director, European MedTech & Services ResearchRobert Davies - Executive DirectorKane Slutzkin - Dire ...

Smith & Nephew (SNN) H1 2025 Earnings Call August 05, 2025 03:30 AM ET Speaker0Welcome to the Smith and Nephew second quarter and first half results meeting. I'm Deepak Nath, I'm the chief executive officer and joining me is chief financial officer John Rogers. So 2025 is a key year of delivery for Smith and Nephew. I'm pleased to announce the results that put us firmly on track for both our full year growth target and the guided step up in profitability. On revenue 6.7% underlying growth in the quarter ref ...

Second Quarter and Half Year 2025 Transformation-driven cash generation enables capital returns *All references are to underlying growth, unless stated otherwise Forward looking statements and non-IFRS measures This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading profit margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", ...

医疗产品行业股票比较 - 文章核心观点：比较Smith & Nephew(SNN)和Stryker(SYK)两只医疗产品股票的价值投资机会，认为SNN当前更具估值优势 [1][7] 公司评级与投资模型 - Smith & Nephew当前Zacks评级为2(买入)，Stryker为3(持有)，Zacks评级更青睐近期盈利预测上调的公司 [3] - 价值投资模型结合Zacks评级与价值因子评分，关注市盈率(P/E)、市销率(P/S)、收益收益率等传统估值指标 [2][4] 估值指标对比 - SNN远期市盈率16.03显著低于SYK的30.22，SNN的PEG比率0.97也远优于SYK的2.99(PEG纳入盈利增长预期) [5] - SNN市净率(P/B)2.63较SYK的7.36更具优势，反映其账面价值被低估程度更低 [6] - 综合估值指标使SNN获得A级价值评分，SYK仅获D级评分 [6] 盈利前景 - SNN盈利预测呈现改善趋势，与Zacks评级模型形成正向共振 [3][7]

医疗产品行业股票比较 - 文章对比了医疗产品行业的两家公司Smith & Nephew(SNN)和EssilorLuxottica Unsponsored ADR(ESLOY)的投资价值 [1] - 分析框架结合Zacks Rank评级系统(侧重盈利预测修正趋势)和价值风格评分系统(侧重估值指标) [2] Zacks Rank评级表现 - SNN当前Zacks Rank为2(买入评级) ESLOY为3(持有评级) 显示SNN盈利前景改善更显著 [3] 关键估值指标对比 - 远期市盈率(P/E): SNN为15.83倍 ESLOY为35.31倍 [5] - PEG比率(考虑盈利增长): SNN为0.96 ESLOY高达4.52 [5] - 市净率(P/B): SNN为2.58倍 ESLOY为3.01倍 [6] 综合价值评估 - 价值风格评分系统给予SNN"A"级 ESLOY仅"D"级 [6] - 多项指标显示SNN在估值吸引力和盈利增长潜力方面均优于ESLOY [5][6]

投资策略 - Zacks Rank系统通过关注盈利预测和预测修正来寻找优质股票 [1] - 价值投资是寻找优质股票的流行方法 价值投资者通过关键估值指标分析寻找被低估股票 [2] - Zacks开发了Style Scores系统 其中"价值"类别对价值投资者尤为重要 同时具有"A"级价值评分和高Zacks排名的股票是当前市场最强的价值股 [3] Smith & Nephew SNATS(SNN)估值分析 - 公司当前Zacks Rank为2(买入) 价值评分为A [4] - 市盈率(P/E)为14.59 低于行业平均21.05 过去一年P/E最高16.17 最低11.60 中位数13.91 [4] - PEG比率为0.88 远低于行业平均2.00 过去52周PEG最高1.47 最低0.67 中位数1.12 [5] - 市净率(P/B)为2.55 显著低于行业平均5.15 过去一年P/B最高2.66 最低1.98 中位数2.37 [6] 投资价值判断 - 综合各项估值指标显示Smith & Nephew SNATS当前可能被低估 [7] - 结合盈利前景的强度 公司是当前市场最具吸引力的价值股之一 [7]

文章核心观点 - 全球医疗技术公司Smith+Nephew将在2025年温网锦标赛期间再次支持部分球员，借此展示其“Life Unlimited”宗旨，公司的运动医学产品组合及新技术应用能为患者生活带来改变 [1] 分组1：公司支持赛事 - 公司将在2025年温网锦标赛期间再次支持部分球员，该赛事是展示公司“Life Unlimited”宗旨的理想背景 [1] - 2024年公司首次赞助温网部分球员取得巨大成功，包括支持Jasmine Paolini进入女单决赛 [3] 分组2：公司产品技术 - 网球是高冲击性运动，易造成身体关节损伤，公司有最新的关节修复技术和解决方案 [3] - REGENETEN Bioinductive Implant自2014年推出以来全球完成超15万例手术，对肩袖撕裂手术患者有变革性影响，再撕裂率低于传统技术，有一级临床证据支持 [4] - CARTIHEAL AGILI - C Cartilage Repair Implant由文石制成，是用于软骨修复和软骨下骨修复的双相支架，能改善术后疼痛、功能和生活质量，是唯一获批用于治疗有无轻度至中度骨关节炎患者膝关节软骨和骨软骨缺损的设备 [4] - Q - FIX KNOTLESS All - Suture Anchor在Q - FIX系列成功基础上提升了全缝线锚钉技术标准，旨在为软组织固定设定新基准，为外科医生提供多关节间隙软组织与骨固定的新选择 [4] 分组3：公司概况 - 公司是专注于软组织和硬组织修复、再生和置换的医疗技术企业，宗旨是“Life Unlimited”，1.7万名员工通过卓越产品组合和新技术应用实现使命 [6] - 公司1856年在英国赫尔成立，业务覆盖约100个国家，2024年销售额达58亿美元，是富时100指数成分股 [7]

医疗产品行业投资价值比较 核心观点 - Smith & Nephew(SNN)在价值投资维度显著优于GE HealthCare Technologies(GEHC)，主要基于更优的估值指标和盈利预测修正趋势 [1][7] 公司评级对比 - SNN当前Zacks Rank为2(买入)，反映盈利预测修正趋势强劲；GEHC则为5(强烈卖出)，显示分析师预期恶化 [3] - SNN获得Zacks价值评分A级，GEHC仅获C级，体现前者更显著的估值优势 [6] 关键估值指标分析 - 前瞻市盈率(P/E)：SNN(15.21倍)显著低于GEHC(17.91倍) [5] - PEG比率(考虑盈利增长)：SNN(0.92)显示股价与增长匹配，GEHC(2.43)存在高估 [5] - 市净率(P/B)：SNN(2.48倍)较GEHC(3.58倍)更具资产价值支撑 [6] 投资逻辑支撑 - SNN的估值优势体现在多重指标(P/E、PEG、P/B)，且盈利预测持续上调形成戴维斯双击潜力 [5][6][7] - 价值投资方法论强调同时关注Zacks Rank评级与估值评分系统的协同验证 [2][4]