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這是 Economist Espresso 欄目的第43篇精選文章：

Seeing more clearly: Healthineers

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Seeing more clearly: Healthineers

Today Siemens floated 15% of its medical devices and services division, Healthineers, in Frankfurt—one of Germany’s largest recent IPOs. The conglomerate has a long history in the medical sector. It was first to produce X-ray machines industrially, in 1896.

But Joe Kaeser, Siemens’s boss, has tried since 2014 to focus on core industrial operations, restructuring nine divisions into a less cumbersome shape. He has spun off a renewable-energy unit and agreed to float a rail division.

Investors have been tempted by Healthineers’ high margins and its prospects—global demand will only rise for medical equipment, services and the data they generate.

Nevertheless, estimates of its value were adjusted down. Siemens sold at €28 ($35) a share, giving Healthineers a market capitalisation of about €28bn. That is substantially less than analysts predicted last year, but forgive them: there’s no X-ray machine to read investors’ minds.

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Seeing more clearly: Healthineers

Today Siemens floated 15% of its medical devices and services division, Healthineers, in Frankfurt—one of Germany’s largest recent IPOs. The conglomerate has a long history in the medical sector. It was first to produce X-ray machines industrially, in 1896.

1. float v. 首次公開募股 offer the shares of (a company) for sale on the stock market for the first time.

2. conglomerate | kənˈɡlɒm(ə)rət | n. 企業集團

But Joe Kaeser, Siemens’s boss, has tried since 2014 to focus on core industrial operations, restructuring nine divisions into a less cumbersome shape. He has spun off a renewable-energy unit and agreed to float a rail division.

3. cumbersome | ˈkʌmbəs(ə)m | adj. 累贅的 slow or complicated and therefore inefficient

<organizations>

4. spin off 分拆

Investors have been tempted by Healthineers’ high margins and its prospects—global demand will only rise for medical equipment, services and the data they generate.

5. tempt v. 誘惑

6. margin n. 利潤

7. prospect n. 前景

Nevertheless, estimates of its value were adjusted down. Siemens sold at €28 ($35) a share, giving Healthineers a market capitalisation of about €28bn. That is substantially less than analysts predicted last year, but forgive them: there’s no X-ray machine to read investors’ minds.

8. capitalisation / capitalization | ˌkapɪt(ə)lʌɪˈzeɪʃ(ə)n | n. 市值，資本化

9. substantially | səbˈstanʃ(ə)li | adv. 大量地，可觀地 to a great or significant extent

<profits>

● 請再次閱讀文章，然後比對下方譯文，進行學習

Seeing more clearly: Healthineers

清晰洞見：Healthineers

Today Siemens floated 15% of its medical devices and services division, Healthineers, in Frankfurt—one of Germany’s largest recent IPOs. The conglomerate has a long history in the medical sector. It was first to produce X-ray machines industrially, in 1896.

今天西門子在法蘭克福將其下屬醫療設備和服務子公司 Healthineers 的 15% 的份額進行首次社會公開募股，這是德國近期最大的 IPO。這個集團在醫療行業深耕多年，於1896年首家推出工業化的 X 光機器。

But Joe Kaeser, Siemens’s boss, has tried since 2014 to focus on core industrial operations, restructuring nine divisions into a less cumbersome shape. He has spun off a renewable-energy unit and agreed to float a rail division.

但是西門子高管（實為 CFO） Joe Kaeser 卻從2014年開始就專注於核心行業運營、把九大部分調整為不那麼冗贅的一體化結構。他分拆了一個可再生能源的新單元，並同意把業務拆分出來單獨上市。

Investors have been tempted by Healthineers’ high margins and its prospects—global demand will only rise for medical equipment, services and the data they generate.

投資人被 Healthineers 的高額利潤和美好前景所吸引 -- 全球對於醫療設備、服務和它們所創造的數據，需求只會增加。

Nevertheless, estimates of its value were adjusted down. Siemens sold at €28 ($35) a share, giving Healthineers a market capitalisation of about €28bn. That is substantially less than analysts predicted last year, but forgive them: there’s no X-ray machine to read investors’ minds.

然而，對於這家公司的估價卻被調低了。西門子每股賣28歐元，給了 Healthineers 280億歐元的市值。這個數字遠低於去年分析師的預測。但是請你原諒分析師，因為沒有一臺 X 光機，能夠讀出投資者的想法。

好，到今天為止，你已經閱讀了43篇《經濟學人》濃縮咖啡文章。今天的文章是關於西門子旗下健康科技公司 Healthineer 獨立首次公開募股 (IPO)的話題，全文155個單詞，包含9個重要的 TOEFL and/or SAT 詞彙。恭喜你，距離 TOEFL 120 和 SAT 1600 又近一步。

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