<div class="chart-title" style="margin-bottom:12px">五年策略意圖演變一覽</div>
<div class="strategy-tl">
<div class="st-yr">
<div class="st-yr-hdr"><span class="st-yr-name">FY2021</span><span class="st-yr-ceo">Mike Roman</span></div>
<div class="st-yr-theme">多元化高峰</div>
<div class="st-yr-kpis">
有機成長 <strong>+8.8%</strong><br>
OCF <strong>+$7.5B</strong><br>
含醫療健康業務
</div>
<div class="st-yr-alert alert-warn">⚡ PFAS 訴訟開始在各州法院擴大</div>
</div>
<div class="st-yr st-orange">
<div class="st-yr-hdr"><span class="st-yr-name">FY2022</span><span class="st-yr-ceo">Mike Roman</span></div>
<div class="st-yr-theme">策略軸轉<br>分拆啟動</div>
<div class="st-yr-kpis">
分拆宣布 <strong>Jan 2022</strong><br>
通膨＋供應鏈衝擊<br>
OCF <strong>+$5.6B</strong>
</div>
<div class="st-yr-alert alert-warn">⚡ CAE 訴訟持續擴大，和解談判啟動</div>
</div>
<div class="st-yr st-crisis">
<div class="st-yr-hdr"><span class="st-yr-name red">FY2023</span><span class="st-yr-ceo">CEO 換將前夜</span></div>
<div class="st-yr-theme red">法律危機頂點</div>
<div class="st-yr-kpis">
CAE <strong class="neg">$60億</strong>和解確定<br>
OCF <strong class="neg">−$7.0B</strong><br>
Adj.EPS <strong class="neg">$6.04 底部</strong>
</div>
<div class="st-yr-alert alert-red">⚡ Brown 宣布接任 CEO（2024.05 生效）</div>
</div>
<div class="st-yr st-green">
<div class="st-yr-hdr"><span class="st-yr-name">FY2024</span><span class="st-yr-ceo">William Brown</span></div>
<div class="st-yr-theme">結構性破局</div>
<div class="st-yr-kpis">
Solventum 上市 <strong>Apr</strong><br>
PWS 和解落定<br>
Adj.EPS <strong class="pos">$7.30 +21%</strong>
</div>
<div class="st-yr-alert alert-green">✓ 純工業模式確立，回購重啟加速，三段式策略宣示</div>
</div>
<div class="st-yr st-brand">
<div class="st-yr-hdr"><span class="st-yr-name red">FY2025</span><span class="st-yr-ceo">William Brown</span></div>
<div class="st-yr-theme">奠基之年<br>創新加速</div>
<div class="st-yr-kpis">
284 新品 利潤率 <strong class="neg">23.4%</strong><br>
PFAS 製造完全退出<br>
轉型計畫啟動
</div>
<div class="st-yr-alert alert-warn">⚠ FCF vs. 股東回饋缺口仍大，AFFF 待定</div>
</div>
</div>
<p class="chart-verdict" style="margin-top:4px">2021 是舊模式的高峰，2023 是法律危機的底部，2024 是結構性破局，2025 是新週期的起點——但新週期的成立仍需 2026–2027 年數字驗證。</p>
<!-- ① REVENUE CHART -->
<div class="chart-wrap">
<div class="chart-title">① 持續經營業務營收（FY2021–FY2025，十億美元）</div>
<svg class="curve-desktop" viewBox="0 0 860 620" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="① 持續經營業務營收（FY2021–FY2025，十億美元）">
<rect width="860" height="620" fill="#FFFFFF"/>
<rect width="860" height="8" fill="#CC0000"/>
<text x="430" y="48" text-anchor="middle" style="font-size:15px;font-weight:700;fill:#222222">① 持續經營業務營收（FY2021–FY2025，十億美元）</text>
<rect x="80" y="70" width="720" height="425" fill="#F8F8F8" rx="2"/>
<line x1="80" y1="467" x2="800" y2="467" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="471" text-anchor="end" style="font-size:12px;fill:#777777">$22B</text>
<line x1="80" y1="353" x2="800" y2="353" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="357" text-anchor="end" style="font-size:12px;fill:#777777">$24B</text>
<line x1="80" y1="240" x2="800" y2="240" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="244" text-anchor="end" style="font-size:12px;fill:#777777">$26B</text>
<line x1="80" y1="127" x2="800" y2="127" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="131" text-anchor="end" style="font-size:12px;fill:#777777">$28B</text>
<line x1="80" y1="70" x2="80" y2="495" stroke="#CCCCCC" stroke-width="1"/>
<line x1="80" y1="495" x2="800" y2="495" stroke="#CCCCCC" stroke-width="1"/>
<line x1="365" y1="70" x2="365" y2="495" stroke="#CC0000" stroke-width="1" stroke-dasharray="4,3" opacity="0.4"/>
<text x="369" y="86" style="font-size:11px;fill:#CC0000" opacity="0.8">口徑切換</text>
<polygon points="140,195 290,229 440,319 590,319 740,302 740,495 140,495" fill="#CC0000" opacity="0.05"/>
<polyline points="140,195 290,229 440,319 590,319 740,302" fill="none" stroke="#CC0000" stroke-width="2.5" stroke-linejoin="round" stroke-linecap="round"/>
<circle cx="140" cy="195" r="5" fill="#666666"/>
<text x="140" y="177" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#666666">$26.8B*</text>
<circle cx="290" cy="229" r="5" fill="#666666"/>
<text x="290" y="211" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#666666">$26.2B*</text>
<circle cx="440" cy="319" r="5" fill="#666666"/>
<text x="440" y="301" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#666666">$24.6B</text>
<circle cx="590" cy="319" r="5" fill="#666666"/>
<text x="590" y="301" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#666666">$24.6B</text>
<circle cx="740" cy="302" r="7" fill="#CC0000" stroke="#FFFFFF" stroke-width="2"/>
<text x="740" y="284" text-anchor="middle" style="font-size:14px;font-weight:700;fill:#CC0000">$24.9B</text>
<text x="140" y="517" text-anchor="middle" style="font-size:13px;font-weight:400;fill:#666666">FY2021</text>
<text x="290" y="517" text-anchor="middle" style="font-size:13px;font-weight:400;fill:#666666">FY2022</text>
<text x="440" y="517" text-anchor="middle" style="font-size:13px;font-weight:400;fill:#666666">FY2023</text>
<text x="590" y="517" text-anchor="middle" style="font-size:13px;font-weight:400;fill:#666666">FY2024</text>
<text x="740" y="517" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#CC0000">FY2025</text>
<circle cx="356" cy="540" r="5" fill="#CC0000"/>
<line x1="350" y1="540" x2="368" y2="540" stroke="#CC0000" stroke-width="2.5"/>
<text x="374" y="544" style="font-size:12px;fill:#555555">持續經營業務營收（十億美元）</text>
<text x="80" y="570" style="font-size:11px;fill:#888888">資料來源：3M FY2021–2025 年報 ｜ 單位：十億美元 USD ｜ *2021–2022 為持續經營業務估算值（不含 Solventum）</text>
<text x="80" y="585" style="font-size:11px;fill:#888888">* FY2021–2022 為持續經營業務估算值（不含醫療健康/Solventum）；FY2023+ 為 GAAP 持續經營口徑</text>
<text x="80" y="608" style="font-size:11px;fill:#CC0000">▶ 工業業務 2021 高峰後系統性收縮，2023 年觸底，2025 年微升至 $24.9B，尚未進入明確成長軌道。</text>
</svg>
<svg class="curve-mobile" viewBox="0 0 340 620" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="持續經營業務營收">
<rect width="340" height="620" fill="#FFFFFF"/>
<rect width="340" height="6" fill="#CC0000"/>
<text x="170" y="24" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#222222">持續經營業務營收</text>
<text x="170" y="42" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#222222">FY2021–FY2025（十億美元）</text>
<rect x="55" y="65" width="260" height="370" fill="#F8F8F8" rx="2"/>
<line x1="55" y1="410" x2="315" y2="410" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="414" text-anchor="end" style="font-size:12px;fill:#777777">$22B</text>
<line x1="55" y1="312" x2="315" y2="312" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="316" text-anchor="end" style="font-size:12px;fill:#777777">$24B</text>
<line x1="55" y1="213" x2="315" y2="213" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="217" text-anchor="end" style="font-size:12px;fill:#777777">$26B</text>
<line x1="55" y1="114" x2="315" y2="114" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="118" text-anchor="end" style="font-size:12px;fill:#777777">$28B</text>
<line x1="55" y1="65" x2="55" y2="435" stroke="#CCCCCC" stroke-width="1"/>
<line x1="152" y1="65" x2="152" y2="435" stroke="#CC0000" stroke-width="1" stroke-dasharray="3,3" opacity="0.4"/>
<polygon points="55,174 120,203 185,282 250,282 315,267 315,435 55,435" fill="#CC0000" opacity="0.06"/>
<polyline points="55,174 120,203 185,282 250,282 315,267" fill="none" stroke="#CC0000" stroke-width="2.5" stroke-linejoin="round" stroke-linecap="round"/>
<circle cx="55" cy="174" r="5" fill="#666666"/>
<text x="57" y="158" text-anchor="start" style="font-size:14px;font-weight:600;fill:#666666">$26.8B*</text>
<circle cx="120" cy="203" r="5" fill="#666666"/>
<text x="120" y="187" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#666666">$26.2B*</text>
<circle cx="185" cy="282" r="5" fill="#666666"/>
<text x="185" y="266" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#666666">$24.6B</text>
<circle cx="250" cy="282" r="5" fill="#666666"/>
<text x="250" y="304" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#666666">$24.6B</text>
<circle cx="315" cy="267" r="6" fill="#CC0000" stroke="#FFFFFF" stroke-width="2"/>
<text x="313" y="251" text-anchor="end" style="font-size:14px;font-weight:700;fill:#CC0000">$24.9B</text>
<text x="55" y="455" text-anchor="middle" style="font-size:12px;font-weight:400;fill:#666666">'2021</text>
<text x="120" y="455" text-anchor="middle" style="font-size:12px;font-weight:400;fill:#666666">'2022</text>
<text x="185" y="455" text-anchor="middle" style="font-size:12px;font-weight:400;fill:#666666">'2023</text>
<text x="250" y="455" text-anchor="middle" style="font-size:12px;font-weight:400;fill:#666666">'2024</text>
<text x="315" y="455" text-anchor="middle" style="font-size:12px;font-weight:700;fill:#CC0000">'2025</text>
<circle cx="110" cy="475" r="4" fill="#CC0000"/>
<text x="118" y="479" style="font-size:11px;fill:#555555">資料：3M 年報 *2021–22 含估算</text>
<text x="14" y="495" style="font-size:11px;fill:#888888">資料：3M 年報 *2021–22 含估算</text>
<text x="14" y="510" style="font-size:11px;fill:#888888">2023 觸底，2025 微升 $24.9B，</text>
<text x="14" y="524" style="font-size:11px;fill:#CC0000">▶ 尚未進入明確成長軌道</text>
</svg>
<div class="chart-verdict">剔除醫療健康後，3M 的持續工業業務在 2021–2023 年呈系統性收縮（PFAS 退出＋歐洲疲弱＋汽車週期），2023–2025 年低位平穩。2025 年微幅回升至 $24.9B，尚未進入明確成長軌道——這是「低成長工業製造商」命題的核心數據背景。</div>
</div>
<!-- ② MARGIN CHART -->
<div class="chart-wrap">
<div class="chart-title">② 調整後營業利潤率（FY2021–FY2025，%）</div>
<svg class="curve-desktop" viewBox="0 0 860 620" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="② 調整後營業利潤率（FY2021–FY2025，%）">
<rect width="860" height="620" fill="#FFFFFF"/>
<rect width="860" height="8" fill="#CC0000"/>
<text x="430" y="48" text-anchor="middle" style="font-size:15px;font-weight:700;fill:#222222">② 調整後營業利潤率（FY2021–FY2025，%）</text>
<rect x="80" y="70" width="720" height="425" fill="#F8F8F8" rx="2"/>
<line x1="80" y1="456" x2="800" y2="456" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="460" text-anchor="end" style="font-size:12px;fill:#777777">16%</text>
<line x1="80" y1="379" x2="800" y2="379" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="383" text-anchor="end" style="font-size:12px;fill:#777777">18%</text>
<line x1="80" y1="302" x2="800" y2="302" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="306" text-anchor="end" style="font-size:12px;fill:#777777">20%</text>
<line x1="80" y1="225" x2="800" y2="225" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="229" text-anchor="end" style="font-size:12px;fill:#777777">22%</text>
<line x1="80" y1="147" x2="800" y2="147" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="151" text-anchor="end" style="font-size:12px;fill:#777777">24%</text>
<line x1="80" y1="70" x2="80" y2="495" stroke="#CCCCCC" stroke-width="1"/>
<rect x="112" y="282" width="56" height="213" fill="#666666" rx="2"/>
<text x="140" y="272" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#666666">20.5%</text>
<rect x="262" y="348" width="56" height="147" fill="#888888" rx="2"/>
<text x="290" y="338" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#888888">18.8%</text>
<rect x="412" y="356" width="56" height="139" fill="#CC0000" rx="2"/>
<text x="440" y="346" text-anchor="middle" style="font-size:14px;font-weight:700;fill:#CC0000">18.6%</text>
<rect x="562" y="248" width="56" height="247" fill="#888888" rx="2"/>
<text x="590" y="238" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#888888">21.4%</text>
<rect x="712" y="170" width="56" height="325" fill="#CC0000" rx="2"/>
<text x="740" y="160" text-anchor="middle" style="font-size:14px;font-weight:700;fill:#CC0000">23.4%</text>
<text x="140" y="517" text-anchor="middle" style="font-size:13px;fill:#555555">FY2021</text>
<text x="290" y="517" text-anchor="middle" style="font-size:13px;fill:#555555">FY2022</text>
<text x="440" y="517" text-anchor="middle" style="font-size:13px;fill:#555555">FY2023</text>
<text x="590" y="517" text-anchor="middle" style="font-size:13px;fill:#555555">FY2024</text>
<text x="740" y="517" text-anchor="middle" style="font-size:13px;fill:#555555">FY2025</text>
<text x="440" y="345" text-anchor="middle" style="font-size:12px;fill:#CC0000">▼底部</text>
<text x="440" y="360" text-anchor="middle" style="font-size:12px;fill:#CC0000">18.6%</text>
<text x="740" y="150" text-anchor="middle" style="font-size:12px;fill:#CC0000">▲+200bps</text>
<text x="740" y="100" text-anchor="middle" style="font-size:12px;fill:#888888">vs FY2024</text>
<rect x="350" y="532" width="16" height="12" fill="#CC0000" rx="2"/>
<text x="372" y="542" style="font-size:12px;fill:#555555">調整後營業利潤率</text>
<text x="80" y="570" style="font-size:11px;fill:#888888">資料來源：3M FY2021–2025 年報 ｜ 單位：% ｜ 使用調整後（Non-GAAP）口徑</text>
<text x="80" y="608" style="font-size:11px;fill:#CC0000">▶ 2022–23 受通膨與法律費用壓制後，2024–25 出現明顯修復（底部 +480bps）。25%+ 目標取決於關稅走向。</text>
</svg>
<svg class="curve-mobile" viewBox="0 0 340 620" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="調整後營業利潤率">
<rect width="340" height="620" fill="#FFFFFF"/>
<rect width="340" height="6" fill="#CC0000"/>
<text x="170" y="22" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#222222">調整後營業利潤率</text>
<text x="170" y="39" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#222222">FY2021–FY2025（%）</text>
<rect x="55" y="60" width="260" height="370" fill="#F8F8F8" rx="2"/>
<line x1="55" y1="396" x2="315" y2="396" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="400" text-anchor="end" style="font-size:12px;fill:#777777">16%</text>
<line x1="55" y1="329" x2="315" y2="329" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="333" text-anchor="end" style="font-size:12px;fill:#777777">18%</text>
<line x1="55" y1="262" x2="315" y2="262" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="266" text-anchor="end" style="font-size:12px;fill:#777777">20%</text>
<line x1="55" y1="195" x2="315" y2="195" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="199" text-anchor="end" style="font-size:12px;fill:#777777">22%</text>
<line x1="55" y1="127" x2="315" y2="127" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="131" text-anchor="end" style="font-size:12px;fill:#777777">24%</text>
<line x1="55" y1="60" x2="55" y2="430" stroke="#CCCCCC" stroke-width="1"/>
<rect x="41" y="245" width="28" height="185" fill="#666666" rx="2"/>
<text x="55" y="237" text-anchor="middle" style="font-size:13px;font-weight:600;fill:#666666">20.5%</text>
<rect x="106" y="302" width="28" height="128" fill="#888888" rx="2"/>
<text x="120" y="294" text-anchor="middle" style="font-size:13px;font-weight:600;fill:#888888">18.8%</text>
<rect x="171" y="309" width="28" height="121" fill="#CC0000" rx="2"/>
<text x="185" y="301" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#CC0000">18.6%</text>
<rect x="236" y="215" width="28" height="215" fill="#888888" rx="2"/>
<text x="250" y="207" text-anchor="middle" style="font-size:13px;font-weight:600;fill:#888888">21.4%</text>
<rect x="301" y="147" width="28" height="283" fill="#CC0000" rx="2"/>
<text x="315" y="139" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#CC0000">23.4%</text>
<text x="55" y="448" text-anchor="middle" style="font-size:12px;fill:#555555">'2021</text>
<text x="120" y="448" text-anchor="middle" style="font-size:12px;fill:#555555">'2022</text>
<text x="185" y="448" text-anchor="middle" style="font-size:12px;fill:#555555">'2023</text>
<text x="250" y="448" text-anchor="middle" style="font-size:12px;fill:#555555">'2024</text>
<text x="315" y="448" text-anchor="middle" style="font-size:12px;fill:#555555">'2025</text>
<text x="14" y="468" style="font-size:11px;fill:#888888">資料：3M 年報 調整後口徑</text>
<text x="14" y="483" style="font-size:11px;fill:#888888">底部 18.6% → 2025 年 23.4%，</text>
<text x="14" y="497" style="font-size:11px;fill:#CC0000">▶ 修復 +480bps，方向明確</text>
</svg>
<div class="chart-verdict">利潤率在 2022–2023 年受通膨與法律費用壓制後，2024–2025 年出現明顯修復（+480bps，從底部算起）。修復動力：SG&A 下降＋重組費用消退。能否持續擴張至 25% 以上，取決於關稅走向與 T&E 事業部能否跟上 S&I 的改善節奏。</div>
</div>
<!-- ③ EPS CHART -->
<div class="chart-wrap">
<div class="chart-title">③ 調整後每股盈餘（FY2021–FY2025，美元，附比較基礎說明）</div>
<svg class="curve-desktop" viewBox="0 0 860 620" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="③ 調整後每股盈餘（FY2021–FY2025，USD）">
<rect width="860" height="620" fill="#FFFFFF"/>
<rect width="860" height="8" fill="#CC0000"/>
<text x="430" y="48" text-anchor="middle" style="font-size:15px;font-weight:700;fill:#222222">③ 調整後每股盈餘（FY2021–FY2025，USD）</text>
<rect x="80" y="70" width="720" height="425" fill="#F8F8F8" rx="2"/>
<line x1="80" y1="495" x2="800" y2="495" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="499" text-anchor="end" style="font-size:12px;fill:#777777">$4</text>
<line x1="80" y1="389" x2="800" y2="389" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="393" text-anchor="end" style="font-size:12px;fill:#777777">$6</text>
<line x1="80" y1="282" x2="800" y2="282" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="286" text-anchor="end" style="font-size:12px;fill:#777777">$8</text>
<line x1="80" y1="176" x2="800" y2="176" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="180" text-anchor="end" style="font-size:12px;fill:#777777">$10</text>
<line x1="80" y1="70" x2="800" y2="70" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="74" text-anchor="end" style="font-size:12px;fill:#777777">$12</text>
<line x1="80" y1="70" x2="80" y2="495" stroke="#CCCCCC" stroke-width="1"/>
<line x1="80" y1="495" x2="800" y2="495" stroke="#CCCCCC" stroke-width="1"/>
<line x1="365" y1="70" x2="365" y2="495" stroke="#CC0000" stroke-width="1" stroke-dasharray="4,3" opacity="0.4"/>
<text x="369" y="86" style="font-size:11px;fill:#CC0000" opacity="0.8">口徑切換</text>
<polygon points="440,387 590,320 740,279 740,495 440,495" fill="#CC0000" opacity="0.05"/>
<polyline points="140,170 290,171 440,387" fill="none" stroke="#999999" stroke-width="2" stroke-dasharray="6,4" stroke-linejoin="round"/>
<polyline points="290,171 440,387 590,320 740,279" fill="none" stroke="#CC0000" stroke-width="2.5" stroke-linejoin="round" stroke-linecap="round"/>
<circle cx="140" cy="170" r="5" fill="#999999"/>
<text x="140" y="152" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#999999">$10.12</text>
<circle cx="290" cy="171" r="5" fill="#999999"/>
<text x="290" y="153" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#999999">$10.10</text>
<circle cx="440" cy="387" r="5" fill="#CC0000"/>
<text x="440" y="369" text-anchor="middle" style="font-size:14px;font-weight:700;fill:#CC0000">$6.04</text>
<circle cx="590" cy="320" r="5" fill="#888888"/>
<text x="590" y="302" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#888888">$7.30</text>
<circle cx="740" cy="279" r="7" fill="#CC0000" stroke="#FFFFFF" stroke-width="2"/>
<text x="740" y="261" text-anchor="middle" style="font-size:14px;font-weight:700;fill:#CC0000">$8.06</text>
<text x="140" y="517" text-anchor="middle" style="font-size:13px;font-weight:400;fill:#999999">FY2021</text>
<text x="290" y="517" text-anchor="middle" style="font-size:13px;font-weight:400;fill:#999999">FY2022</text>
<text x="440" y="517" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#CC0000">FY2023</text>
<text x="590" y="517" text-anchor="middle" style="font-size:13px;font-weight:400;fill:#888888">FY2024</text>
<text x="740" y="517" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#CC0000">FY2025</text>
<line x1="230" y1="540" x2="256" y2="540" stroke="#999999" stroke-width="2" stroke-dasharray="5,3"/>
<text x="262" y="544" style="font-size:12px;fill:#666666">含醫療健康業務（FY2021–2022）</text>
<circle cx="468" cy="540" r="5" fill="#CC0000"/>
<line x1="462" y1="540" x2="480" y2="540" stroke="#CC0000" stroke-width="2.5"/>
<text x="486" y="544" style="font-size:12px;fill:#555555">持續經營業務（FY2023+）</text>
<text x="80" y="570" style="font-size:11px;fill:#888888">資料來源：3M FY2021–2025 年報 ｜ 單位：美元/股 ｜ *2021–2022 為全公司口徑（含醫療健康）</text>
<text x="80" y="585" style="font-size:11px;fill:#888888">* FY2021–2022 為全公司調整後 EPS（含醫療健康 Solventum）；FY2023+ 為持續經營業務口徑</text>
<text x="80" y="599" style="font-size:11px;fill:#888888"> 口徑切換造成約 $2–2.5 的基準下移，2021-2022 數字不可直接與 2023+ 比較</text>
<text x="80" y="608" style="font-size:11px;fill:#CC0000">▶ FY2023 底部 $6.04 → FY2025 $8.06，累計修復 +34%。排除口徑切換影響，修復趨勢清晰。</text>
</svg>
<svg class="curve-mobile" viewBox="0 0 340 620" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="調整後每股盈餘（EPS）">
<rect width="340" height="620" fill="#FFFFFF"/>
<rect width="340" height="6" fill="#CC0000"/>
<text x="170" y="24" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#222222">調整後每股盈餘（EPS）</text>
<text x="170" y="42" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#222222">FY2021–FY2025（美元）</text>
<rect x="55" y="65" width="260" height="370" fill="#F8F8F8" rx="2"/>
<line x1="55" y1="435" x2="315" y2="435" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="439" text-anchor="end" style="font-size:12px;fill:#777777">$4</text>
<line x1="55" y1="342" x2="315" y2="342" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="346" text-anchor="end" style="font-size:12px;fill:#777777">$6</text>
<line x1="55" y1="250" x2="315" y2="250" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="254" text-anchor="end" style="font-size:12px;fill:#777777">$8</text>
<line x1="55" y1="158" x2="315" y2="158" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="162" text-anchor="end" style="font-size:12px;fill:#777777">$10</text>
<line x1="55" y1="65" x2="315" y2="65" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="69" text-anchor="end" style="font-size:12px;fill:#777777">$12</text>
<line x1="55" y1="65" x2="55" y2="435" stroke="#CCCCCC" stroke-width="1"/>
<line x1="152" y1="65" x2="152" y2="435" stroke="#CC0000" stroke-width="1" stroke-dasharray="3,3" opacity="0.4"/>
<polygon points="185,341 250,282 315,247 315,435 185,435" fill="#CC0000" opacity="0.06"/>
<polyline points="55,152 120,153 185,341" fill="none" stroke="#999999" stroke-width="2" stroke-dasharray="5,3"/>
<polyline points="120,153 185,341 250,282 315,247" fill="none" stroke="#CC0000" stroke-width="2.5" stroke-linejoin="round" stroke-linecap="round"/>
<circle cx="55" cy="152" r="5" fill="#999999"/>
<text x="57" y="136" text-anchor="start" style="font-size:14px;font-weight:600;fill:#999999">$10.12</text>
<circle cx="120" cy="153" r="5" fill="#999999"/>
<text x="120" y="137" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#999999">$10.10</text>
<circle cx="185" cy="341" r="5" fill="#CC0000"/>
<text x="185" y="325" text-anchor="middle" style="font-size:14px;font-weight:700;fill:#CC0000">$6.04</text>
<circle cx="250" cy="282" r="5" fill="#888888"/>
<text x="250" y="266" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#888888">$7.30</text>
<circle cx="315" cy="247" r="6" fill="#CC0000" stroke="#FFFFFF" stroke-width="2"/>
<text x="313" y="231" text-anchor="end" style="font-size:14px;font-weight:700;fill:#CC0000">$8.06</text>
<text x="55" y="455" text-anchor="middle" style="font-size:12px;font-weight:400;fill:#999999">'2021</text>
<text x="120" y="455" text-anchor="middle" style="font-size:12px;font-weight:400;fill:#999999">'2022</text>
<text x="185" y="455" text-anchor="middle" style="font-size:12px;font-weight:700;fill:#CC0000">'2023</text>
<text x="250" y="455" text-anchor="middle" style="font-size:12px;font-weight:400;fill:#888888">'2024</text>
<text x="315" y="455" text-anchor="middle" style="font-size:12px;font-weight:700;fill:#CC0000">'2025</text>
<line x1="30" y1="475" x2="50" y2="475" stroke="#999999" stroke-width="2" stroke-dasharray="4,3"/>
<text x="55" y="479" style="font-size:11px;fill:#666666">含醫療健康 (2021–22)</text>
<circle cx="200" cy="475" r="4" fill="#CC0000"/>
<line x1="195" y1="475" x2="210" y2="475" stroke="#CC0000" stroke-width="2"/>
<text x="215" y="479" style="font-size:11px;fill:#555555">持續經營 (2023+)</text>
<text x="14" y="495" style="font-size:11px;fill:#888888">資料：3M 年報 *21–22 含醫療健康</text>
<text x="14" y="510" style="font-size:11px;fill:#888888">底部 $6.04 → 2025 $8.06</text>
<text x="14" y="524" style="font-size:11px;fill:#CC0000">▶ 持續經營口徑累計修復 +34%</text>
</svg>
<div class="chart-verdict">調整後 EPS 的真實修復軌跡：FY2023 底部（$6.04）→ FY2024（$7.30）→ FY2025（$8.06），三年累計修復 +34%。2021–2022 的高點（約 $10）包含醫療健康貢獻，直接比較會誤讀。若 PFAS 付款如期下降且 T&E 加速，2026 年調整後 EPS 達 $9 具備財務邏輯基礎。</div>
</div>
<!-- ④ OCF CHART -->
<div class="chart-wrap">
<div class="chart-title">④ 營業現金流（FY2021–FY2025，十億美元）</div>
<svg class="curve-desktop" viewBox="0 0 860 620" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="④ 營業現金流（FY2021–FY2025，十億美元）">
<rect width="860" height="620" fill="#FFFFFF"/>
<rect width="860" height="8" fill="#CC0000"/>
<text x="430" y="48" text-anchor="middle" style="font-size:15px;font-weight:700;fill:#222222">④ 營業現金流（FY2021–FY2025，十億美元）</text>
<rect x="80" y="70" width="720" height="425" fill="#F8F8F8" rx="2"/>
<line x1="80" y1="462" x2="800" y2="462" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="466" text-anchor="end" style="font-size:12px;fill:#777777">$-8B</text>
<line x1="80" y1="375" x2="800" y2="375" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="379" text-anchor="end" style="font-size:12px;fill:#777777">$-4B</text>
<line x1="80" y1="288" x2="800" y2="288" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="292" text-anchor="end" style="font-size:12px;fill:#777777">$0B</text>
<line x1="80" y1="201" x2="800" y2="201" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="205" text-anchor="end" style="font-size:12px;fill:#777777">$4B</text>
<line x1="80" y1="114" x2="800" y2="114" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="4,4"/>
<text x="72" y="118" text-anchor="end" style="font-size:12px;fill:#777777">$8B</text>
<line x1="80" y1="70" x2="80" y2="495" stroke="#CCCCCC" stroke-width="1"/>
<line x1="80" y1="288" x2="800" y2="288" stroke="#888888" stroke-width="1.5"/>
<rect x="112" y="124" width="56" height="164" fill="#666666" rx="2"/>
<text x="140" y="114" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#666666">+$7.5B</text>
<rect x="262" y="166" width="56" height="122" fill="#888888" rx="2"/>
<text x="290" y="156" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#888888">+$5.6B</text>
<rect x="412" y="288" width="56" height="153" fill="#CC2200" rx="2"/>
<text x="440" y="461" text-anchor="middle" style="font-size:14px;font-weight:700;fill:#CC2200">−$7.0B</text>
<rect x="562" y="196" width="56" height="92" fill="#888888" rx="2"/>
<text x="590" y="186" text-anchor="middle" style="font-size:14px;font-weight:600;fill:#888888">+$4.2B</text>
<rect x="712" y="216" width="56" height="72" fill="#CC0000" rx="2"/>
<text x="740" y="206" text-anchor="middle" style="font-size:14px;font-weight:700;fill:#CC0000">+$3.3B</text>
<text x="140" y="517" text-anchor="middle" style="font-size:13px;fill:#555555">FY2021</text>
<text x="290" y="517" text-anchor="middle" style="font-size:13px;fill:#555555">FY2022</text>
<text x="440" y="517" text-anchor="middle" style="font-size:13px;fill:#555555">FY2023</text>
<text x="590" y="517" text-anchor="middle" style="font-size:13px;fill:#555555">FY2024</text>
<text x="740" y="517" text-anchor="middle" style="font-size:13px;fill:#555555">FY2025</text>
<text x="740" y="188" text-anchor="middle" style="font-size:11px;fill:#888888">含 PFAS $3.4B</text>
<rect x="350" y="532" width="16" height="12" fill="#CC0000" rx="2"/>
<text x="372" y="542" style="font-size:12px;fill:#555555">營業現金流（十億美元）</text>
<text x="80" y="570" style="font-size:11px;fill:#888888">資料來源：3M FY2021–2025 年報 ｜ 單位：十億美元 USD ｜ FY2023 OCF 含 CAE 和解金 $6B</text>
<text x="80" y="608" style="font-size:11px;fill:#CC0000">▶ FY2023 的 -$7.0B 為 CAE 和解峰值，非業務崩潰。正常化 OCF（PFAS 降至 $5–7億）預計 2028–29 回至 $5B+。</text>
</svg>
<svg class="curve-mobile" viewBox="0 0 340 620" xmlns="http://www.w3.org/2000/svg" role="img" aria-label="營業現金流">
<rect width="340" height="620" fill="#FFFFFF"/>
<rect width="340" height="6" fill="#CC0000"/>
<text x="170" y="22" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#222222">營業現金流</text>
<text x="170" y="39" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#222222">FY2021–FY2025（十億美元）</text>
<rect x="55" y="60" width="260" height="370" fill="#F8F8F8" rx="2"/>
<line x1="55" y1="402" x2="315" y2="402" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="406" text-anchor="end" style="font-size:12px;fill:#777777">$-8B</text>
<line x1="55" y1="326" x2="315" y2="326" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="330" text-anchor="end" style="font-size:12px;fill:#777777">$-4B</text>
<line x1="55" y1="250" x2="315" y2="250" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="254" text-anchor="end" style="font-size:12px;fill:#777777">$0B</text>
<line x1="55" y1="174" x2="315" y2="174" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="178" text-anchor="end" style="font-size:12px;fill:#777777">$4B</text>
<line x1="55" y1="98" x2="315" y2="98" stroke="#E0E0E0" stroke-width="1" stroke-dasharray="3,3"/>
<text x="50" y="102" text-anchor="end" style="font-size:12px;fill:#777777">$8B</text>
<line x1="55" y1="60" x2="55" y2="430" stroke="#CCCCCC" stroke-width="1"/>
<line x1="55" y1="250" x2="315" y2="250" stroke="#888888" stroke-width="1.5"/>
<rect x="41" y="107" width="28" height="143" fill="#666666" rx="2"/>
<text x="55" y="99" text-anchor="middle" style="font-size:13px;font-weight:600;fill:#666666">+$7.5B</text>
<rect x="106" y="143" width="28" height="107" fill="#888888" rx="2"/>
<text x="120" y="135" text-anchor="middle" style="font-size:13px;font-weight:600;fill:#888888">+$5.6B</text>
<rect x="171" y="250" width="28" height="133" fill="#CC2200" rx="2"/>
<text x="185" y="401" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#CC2200">−$7.0B</text>
<rect x="236" y="170" width="28" height="80" fill="#888888" rx="2"/>
<text x="250" y="162" text-anchor="middle" style="font-size:13px;font-weight:600;fill:#888888">+$4.2B</text>
<rect x="301" y="187" width="28" height="63" fill="#CC0000" rx="2"/>
<text x="315" y="179" text-anchor="middle" style="font-size:13px;font-weight:700;fill:#CC0000">+$3.3B</text>
<text x="185" y="415" text-anchor="middle" style="font-size:11px;fill:#CC2200">CAE和解</text>
<text x="55" y="448" text-anchor="middle" style="font-size:12px;fill:#555555">'2021</text>
<text x="120" y="448" text-anchor="middle" style="font-size:12px;fill:#555555">'2022</text>
<text x="185" y="448" text-anchor="middle" style="font-size:12px;fill:#555555">'2023</text>
<text x="250" y="448" text-anchor="middle" style="font-size:12px;fill:#555555">'2024</text>
<text x="315" y="448" text-anchor="middle" style="font-size:12px;fill:#555555">'2025</text>
<text x="14" y="468" style="font-size:11px;fill:#888888">資料：3M 年報 FY2023 含 CAE 和解</text>
<text x="14" y="483" style="font-size:11px;fill:#888888">FY2023 -$7.0B 為和解峰值，</text>
<text x="14" y="497" style="font-size:11px;fill:#CC0000">▶ 正常化 OCF 預計 2028–29</text>
</svg>
<div class="chart-verdict">OCF 的 V 型走勢直觀呈現 PFAS 和解的衝擊峰值與消退節奏。FY2023 的 -$7.0B 並非業務崩潰，而是 CAE 和解的一次性大額支出。真正的 OCF 正常化預計在 2028–2029 年——這是管理層積極回購所依賴的遠期現金流邏輯。</div>
</div>
<div class="judge-block">
<div class="judge-label">長期股東應該記住的</div>
<p>這五年最重要的結構性轉變，不是財務數字的波動，而是 3M 的定義本身：從多元化工業集團收縮為聚焦三個垂直市場的純工業製造商，並在此基礎上開始新的成長週期。新週期能否成立，取決於法律包袱不再擴大（AFFF MDL 是最大開放性變數），以及創新引擎能夠持續輸出高利潤率新產品。這兩個前提都需要 2026–2027 年的實際數字才能驗證。</p>
</div>