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这是 Economist Espresso 栏目的第43篇精选文章：

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. 首次公开募股 offer the shares of (a company) for sale on the stock market for the first time.

2. conglomerate | kənˈɡlɒm(ə)rət | n. 企业集团

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. 累赘的 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. 诱惑

6. margin n. 利润

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，资本化

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

<profits>

● 请再次阅读文章，然后比对下方译文，进行学习

Seeing more clearly: Healthineers

清晰洞见：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.

今天西门子在法兰克福将其下属医疗设备和服务子公司 Healthineers 的 15% 的份额进行首次社会公开募股，这是德国近期最大的 IPO。这个集团在医疗行业深耕多年，于1896年首家推出工业化的 X 光机器。

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.

但是西门子高管（实为 CFO） Joe Kaeser 却从2014年开始就专注于核心行业运营、把九大部分调整为不那么冗赘的一体化结构。他分拆了一个可再生能源的新单元，并同意把业务拆分出来单独上市。

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.

投资人被 Healthineers 的高额利润和美好前景所吸引 -- 全球对于医疗设备、服务和它们所创造的数据，需求只会增加。

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，对于这家公司的估价却被调低了。西门子每股卖28欧元，给了 Healthineers 280亿欧元的市值。这个数字远低于去年分析师的预测。但是请你原谅分析师，因为没有一台 X 光机，能够读出投资者的想法。

好，到今天为止，你已经阅读了43篇《经济学人》浓缩咖啡文章。今天的文章是关于西门子旗下健康科技公司 Healthineer 独立首次公开募股 (IPO)的话题，全文155个单词，包含9个重要的 TOEFL and/or SAT 词汇。恭喜你，距离 TOEFL 120 和 SAT 1600 又近一步。

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