Canadian National Railway Co (CNI) 2025 Q3 法說會逐字稿

Good morning. My name is Christa, and I will be your operator today. (Operator Instructions) At this time, I would like to turn the call over to Stacy Alderson, CN's Assistant Vice President of Investor Relations.

早安.我叫克麗斯塔，今天由我來為您接聽電話。（操作員指示）此時，我想將電話轉交給加拿大國家鐵路公司投資者關係助理副總裁史黛西·奧爾德森。

Ladies and gentlemen, Ms. Alderson.

女士們、先生們，奧爾德森女士。

Thank you, Christa. Welcome, everyone. Thank you for joining us for CN's third quarter financial and operating results conference call. Joining us on the call today are Tracy Robinson, our President and CEO; Pat Whitehead, our Chief Operations Officer; Janet Drysdale, our Chief Commercial Officer; and Ghislain Houle, our Chief Financial Officer.

謝謝你，克麗斯塔。歡迎各位。感謝您參加中國國家鐵路第三季財務與營運業績電話會議。今天參加電話會議的有：我們的總裁兼執行長 Tracy Robinson；我們的營運長 Pat Whitehead；我們的商務長 Janet Drysdale；以及我們的財務長 Ghislain Houle。

As a note, we have forward-looking statements and non-GAAP definitions for your review on page 2 of our presentation. These forward-looking statements include estimates, goals and predictions about the future based on our current information and educated assumptions. These come with risks and uncertainties. And with that, there is always a possibility that outcomes may differ from expectations.

需要注意的是，我們在簡報的第 2 頁列出了前瞻性陳述和非 GAAP 定義，供您查閱。這些前瞻性陳述包括基於我們目前資訊和合理假設對未來的估計、目標和預測。這些都伴隨著風險和不確定性。因此，結果總有可能與預期有所不同。

That being said, forward-looking statements aren't guarantees and factors like economic conditions, competition, fuel prices and regulatory changes could affect actual results.

儘管如此，前瞻性聲明並非保證，經濟狀況、競爭、燃料價格和監管變化等因素可能會影響實際結果。

It's now my pleasure to turn the call over to CN's President and Chief Executive Officer, Tracy Robinson.

現在我很高興將電話交給加拿大國家鐵路公司總裁兼執行長特雷西·羅賓遜。

Thanks, Stacy, and hello, everyone. Now before we turn to results, I want to take some time here at the outset to talk openly with you about what we see and to give you some facts and context on how we're responding. And when I joined CN, we launched a new operating plan. We moved to a scheduled operating model that would drive velocity, efficiency and strong customer service.

謝謝斯黛西，大家好。在討論結果之前，我想先花點時間與大家坦誠地談談我們所看到的情況，並向大家介紹一下我們正在採取的應對措施的事實和背景。我加入中國國家鐵路公司後，我們啟動了一項新的營運計畫。我們轉向有計劃的營運模式，以提高速度、效率和優質的客戶服務。

And this was to be the foundation for driving value, both by capitalizing on volumes inherent in an expanding economy and those created by some unique opportunities that leveraged our network. We've executed well in many parts of our plan. I'm proud of the work that we've done and the results that we're delivering.

而這將成為創造價值的基礎，既利用不斷擴張的經濟中固有的數量，也利用我們網路所創造的一些獨特機會。我們的計劃在很多方面都執行得很好。我為我們所做的工作和所取得的成果感到自豪。

And what we didn't do well was predict the volume environment we've encountered since then. And yes, we can rightly point to the challenges of a markedly worse macro and the impact of unanticipated shocks from tariffs and labor, which have impacted CN more than other rails. But the reality is the lower volumes have prevented us from delivering on the full earnings growth we forecasted.

而我們沒能做好的是預測此後遇到的交易量環境。沒錯，我們完全可以指出宏觀經濟明顯惡化所帶來的挑戰，以及關稅和勞動力市場帶來的意外衝擊的影響，這些對加拿大國家鐵路公司的影響比其他鐵路公司更大。但現實情況是，銷售下降導致我們未能實現預期的獲利成長目標。

Now we can do better on guidance, and we will. We're not alone in facing a challenging growth environment, but it's important to remember that even with the unique shocks we faced, we've delivered. Over the last three-years, revenue and EPS growth CAGR is at or near the high end of our North American peers, and we have consistently delivered top or near top margins.

現在我們可以在指導方面做得更好，而且我們一定會做到。我們並非唯一面臨充滿挑戰的成長環境的企業，但重要的是要記住，即使我們面臨獨特的衝擊，我們也取得了成功。過去三年，我們的營收和每股盈餘複合年增長率均處於或接近北美同業的較高水平，並且我們一直保持著最高或接近最高的利潤率。

The macro headwinds have been an industry issue, but our operating ratio has been more resilient than most over this period. That said, I know we can do more. Over the past 12-weeks, we've been intensely focused on adjusting our approach to address the ongoing macro challenges while continuing to position CN to deliver for customers and shareholders regardless of the economic backdrop.

宏觀經濟逆風一直是產業面臨的問題，但在此期間，我們的營運比率比大多數公司更具韌性。話雖如此，我知道我們可以做得更多。在過去的 12 周里，我們一直專注於調整策略，以應對持續的宏觀挑戰，同時繼續確保 CN 無論在何種經濟環境下都能為客戶和股東提供服務。

Now we've initiated several actions that I want to point you to today. First, we're announcing that we're setting our capital spend in 2026 to $2.8 billion, down nearly $600 million from this year's level. Now this will put our spend at mid-teens from a percentage of revenue standpoint, and we expect it to remain at or about this level going forward.

今天我想向大家介紹我們已經啟動的幾項行動。首先，我們宣布將 2026 年的資本支出設定為 28 億美元，比今年的水準減少近 6 億美元。這樣一來，我們的支出佔收入的比例將達到15%左右，我們預期未來這比例將維持在15%左右。

The vast majority of the change in spend is driven by the completion of capacity expansion projects and our locomotive and railcar fleet upgrades. And this is no regret capital needed to address capacity bottlenecks in the West and to get our fleet to the right place. The work we've done here is important, and these investments will pay dividends.

支出變化的絕大部分是由產能擴張項目的完成以及我們的機車和鐵路車輛車隊的升級改造所驅動的。而且，這筆資金無需後悔，它能夠解決西部地區的產能瓶頸，並將我們的艦隊部署到適當的位置。我們在這裡所做的工作非常重要，這些投資將會帶來回報。

That said, both the network and the fleets are now properly sized for this volume environment. Now we're also driving efficiencies in our capital execution, and we're getting real traction. There's more to realize here, and we're going to continue to push hard.

也就是說，無論是網路還是集群，現在都已針對這種容量環境進行了適當的規模調整。現在，我們也努力提高資本執行效率，並且取得了真正的成效。這裡面還有更多值得我們去發現的地方，我們會繼續努力。

And second, the team is doubling down on productivity efforts. Now adjusting cost structure is critical, especially in a soft macro environment, and we're pursuing all opportunities across our full workforce and asset base, including taking $75 million out of management labor costs as part of our plan to continue to drive improvement in our operating efficiency.

其次，團隊正在加倍努力提高生產力。現在調整成本結構至關重要，尤其是在宏觀經濟疲軟的環境下。我們正在尋求所有機會，惠及我們所有的員工和資產，包括削減 7,500 萬美元的管理人工成本，作為我們持續提高營運效率計畫的一部分。

And we know there's more to get here, and we're after it. Third, we're increasing intensity around enhancing shareholder value. Now free cash flow will continue to accelerate in 2026, as capital spend is reset and costs remain in check. This incremental cash will be returned to shareholders. We accelerated our share buyback in Q3. It's the right thing to do given the attractiveness of our share price.

我們知道還有更多目標要實現，我們正在努力追求。第三，我們將加強提升股東價值。隨著資本支出調整和成本控制，自由現金流將在 2026 年繼續加速成長。這部分新增現金將回饋給股東。我們在第三季加快了股票回購步伐。鑑於我們股價的吸引力，這樣做是正確的。

And we're committed to returning excess capital to shareholders while balancing a continued focus on maintaining a strong balance sheet to preserve dry powder in what is a very uncertain macro environment and in an industry with an eye to M&A. And finally, on guidance, you can expect us to provide full year 2026 guidance when we report Q4 results.

我們致力於將多餘的資本返還給股東，同時繼續專注於保持強勁的資產負債表，以便在當前非常不確定的宏觀環境和併購活躍的行業中保留充足的資金。最後，關於業績指引，您可以期待我們在公佈第四季業績時提供 2026 年全年業績指引。

Now I know how we've handled guidance over the past two years. It's been a pain point for many. We've heard this, and we're listening to shareholders about what items truly matter to them, and we'll have more on this in January. So with that said, I want to give a few thoughts on the year ahead. As we look to 2026, we see another year of limited volume growth with a weak outlook for North American industrial production and housing starts and some mix headwinds given the continued impact of tariffs on forest products in particular.

現在我知道過去兩年我們是如何處理指導工作的了。這一直是許多人的痛點。我們已經聽到了這些聲音，我們正在傾聽股東們的意見，了解他們真正關心哪些事項，我們將在1月對此進行更多說明。說了這麼多，我想就未來一年談談我的看法。展望 2026 年，我們看到銷售成長依然有限，北美工業生產和房屋開工前景疲軟，而且由於關稅對林產品（尤其是）的持續影響，還存在一些不利因素。

Now we're not accepting the macro reality as our fate. We're just going to have to work harder to achieve our goals. We've announced Janet as our Chief Commercial Officer. Congratulations, Janet. She's been working with the commercial team for three months now, and I'm impressed with the change in level of urgency and focus.

現在我們不再接受宏觀現實作為我們的命運。我們只能更加努力才能實現目標。我們已宣布 Janet 擔任首席商務官。恭喜你，珍妮特。她已經和商業團隊合作三個月了，我對她工作積極性和專注度的提升印象深刻。

Now Janet has launched an intense boots on the ground sales program that is chasing every opportunity, no matter the size. This effort has brought in $35 million in Q3 and is closing in on $100 million in Q4, and it's helping offset weakness in other areas. We know where our capacity is, and we'll be aggressive in selling into it. She'll give you an update on the markets in a few minutes.

現在，珍妮特發起了一項強有力的實地銷售計劃，不放過任何機會，無論機會大小。這項舉措在第三季帶來了 3,500 萬美元的收入，第四季預計將達到 1 億美元，並有助於抵消其他領域的疲軟。我們清楚自己的產能，並將積極利用現有產能進行銷售。她會在幾分鐘後給你報告市場狀況。

We are open-eyed about the environment in which we are operating and about our performance. We have a strong foundation, and we're already in flight on the efforts needed to deliver an improved set of returns. We're finding ways to deliver no matter the backdrop. Now with that, let's turn to Q3 results, which were strong and reflect the early impact of the changes we've made throughout the year.

我們對所處的環境和自身的表現都保持著清醒的認知。我們擁有堅實的基礎，並且已經在著手進行必要的工作，以實現更好的回報。無論在何種情況下，我們都能找到交付的方法。現在，讓我們來看看第三季的業績，業績表現強勁，反映了我們全年所做改變的初步成效。

During the quarter, we achieved 6% growth in EPS and an operating ratio improvement of 170 basis points to 61.4%. Our network continues to perform well. We're seeing the best levels of many of our operating metrics in the last decade. Our operating performance has been strong and consistent, and it continues to deliver for our customers.

本季度，我們的每股盈餘成長了 6%，營業比率提高了 170 個基點，達到 61.4%。我們的網路運作狀況持續良好。我們看到，我們許多營運指標都達到了近十年來的最佳水準。我們的經營業績一直強勁穩定，並持續為客戶創造價值。

Pat will take you through the details shortly. And we delivered volume growth in the quarter of about 1% in RTMs and 5% in carloads. Overall, volumes were a little softer than expected, especially in merchandise segments due to the macro and tariff overhang. And we ran lean in the quarter as well. We've managed crews and assets tightly through this year, and we did the same in Q3.

Pat稍後會詳細介紹。本季度，我們的RTM銷量成長了約1%，整車銷量成長了約5%。整體而言，銷售量略低於預期，尤其是商品領域，這主要是由於宏觀經濟和關稅的影響。而且我們本季也實現了精簡營運。今年以來，我們對人員和資產進行了嚴格管理，第三季我們也採取了同樣的做法。

Coupled with some targeted management adjustments, this positions us well for the future as the organization continues to flex on managing variable costs. Ghislain will dive deeper into the savings we are delivering and the impact of the reductions in capital. We're seeing the benefit of this in free cash flow, which is up 14% year-to-date, a sequential acceleration that will continue into 2026.

再加上一些有針對性的管理調整，這使我們能夠更好地應對未來，因為組織將繼續靈活地管理可變成本。吉斯蘭將深入探討我們正在實現的節約以及資本減少的影響。我們已經從自由現金流中看到了這種成長的好處，今年迄今自由現金流成長了 14%，這種持續加速的成長動能將持續到 2026 年。

And last point, I want to address something I know is on many of your minds, M&A activity. The industry does not need a merger to provide better service to the North American economy. What we need is more cooperation and less regulation. Now no level of mitigation can offset the reduction of options and the increased cost of service to customers.

最後一點，我想談談大家非常關心的併購活動。該行業無需合併即可為北美經濟提供更好的服務。我們需要的是更多的合作，更少的監管。現在，任何程度的緩解措施都無法抵消客戶選擇減少和服務成本增加的影響。

Now that said, we intend to be an active and engaged participant in the merger review with a view of protecting our franchise and more broadly, competition. And if the regulator decides to approve the merger, we will, as we always do, entertain all options to create value for our shareholders. So to sum it up, we've taken significant steps to move CN into a position that is tighter and front-footed to deliver for our shareholders.

話雖如此，我們仍打算積極參與合併審查，以保護我們的特許經營權，更廣泛地說，保護競爭。如果監管機構決定批准合併，我們將一如既往地考慮所有方案，為股東創造價值。總而言之，我們已採取重大措施，使加拿大國家鐵路公司處於更穩健和積極主動的地位，從而更好地為股東創造價值。

We've taken decisive action and we'll continue to do so. Our commitment to delivering value for customers and shareholders is steadfast through all economic cycles. Now our actions and increased focus on commercial intensity, operational agility, streamlining costs and realigning capital to reflect current realities begun to deliver. So with that, I'll turn it to Pat.

我們已經採取了果斷行動，並將繼續這樣做。無論經濟週期如何變化，我們始終致力於為客戶和股東創造價值。現在，我們採取的行動以及對商業強度、營運靈活性、精簡成本和重新調整資本以反映當前現實的日益重視，已經開始取得成效。那麼，接下來就交給派特吧。

And as I do, let me say something on the change in approach to COO. The dual COO structure was important for us. It was a forcing mechanism to balance our day-to-day delivery with some critical work we needed to get done on the forward plan and capital efficiency. We're seeing the benefits. It's time to bring this back together. I'm excited for Pat to elevate the impact that he's been having over the past two years with his focus on network excellence, capital efficiency and disciplined execution.

趁此機會，我想談談營運長（COO）理念的轉變。雙 COO 結構對我們來說很重要。這是一種強制機制，旨在平衡我們日常的交付工作與我們需要完成的未來計劃和資本效率的一些關鍵工作。我們已經看到了好處。是時候把這一切重新整合起來了。我很高興 Pat 能進一步提升他在過去兩年中憑藉對卓越網絡、資本效率和嚴謹執行力所取得的成就。

Congrats to you, Pat, and over to you.

恭喜你，帕特，接下來就看你的了。

Thanks, Tracy. I'm excited to step into this role after two years as our Chief Network Operating Officer. During that time, our collective efforts have been focused on operating a disciplined scheduled railroad. The momentum we've built together is powerful. Now as we look to Q4 and 2026, I'm eager to channel that energy towards our new priorities, beginning in our yards and intermodal terminals to continue driving strong, sustainable performance with an emphasis on safety as always.

謝謝你，特蕾西。在擔任首席網路營運長兩年後，我很高興能夠擔任這個職位。在此期間，我們共同努力，致力於營運一支紀律嚴明、班次有序的鐵路隊伍。我們共同累積的勢頭非常強大。現在展望第四季度和 2026 年，我渴望將這種精力投入到我們的新優先事項中，首先從我們的堆場和多式聯運碼頭開始，繼續推動強勁、可持續的業績，並一如既往地註重安全。

A great example of this is our cross-functional terminal reviews where we go to key locations on a regular cadence and optimize staffing and resources to fit volume. We believe we can further improve our cost structure, making necessary tweaks to our operating plan to optimize total car handlings without sacrificing exceptional service to our customers at the first and last mile.

一個很好的例子就是我們的跨職能終端審查，我們會定期前往關鍵地點，優化人員配備和資源配置，以適應業務量。我們相信，我們可以透過對營運計畫進行必要的調整，進一步改善成本結構，從而優化車輛整體處理能力，同時又不犧牲為客戶提供首末一公里卓越服務。

We're aiming for constant improvement and will never be satisfied with the status quo. We're confident this effort will continue to yield positive results. Now let's turn to slide 7. On safety, our year-to-date reportable injury and accident ratios are up 4% and 14%, respectively. We responded swiftly with targeted campaigns focusing on the most frequent occurrences and saw improvement through September and into October.

我們的目標是不斷進步，永遠不會滿足於現狀。我們相信這項努力將繼續取得正面成果。現在我們來看第7張投影片。在安全方面，我們今年迄今的可報告傷害和事故率分別上升了 4% 和 14%。我們迅速採取了有針對性的措施，重點關注最常發生的情況，並在 9 月和 10 月看到了改善。

Heading into winter, our leaders are out in the field, visible, engaged and helping teams prepare. Now on to operational performance. The team delivered another strong quarter in Q3, and we're carrying that momentum through Q4. Car velocity for the quarter was 211 miles per day, a great indicator of network fluidity.

進入冬季，我們的領導者們深入一線，積極參與，幫助團隊做好準備。接下來是營運績效方面。團隊在第三季又取得了強勁的成績，我們將這股勢頭延續到了第四季。本季汽車平均日行駛里程為 211 英里，這很好地顯示了路網的通行效率。

Our yards were in good shape and through dwell improved 1%. Local service commitment performance remained robust at 95%, underscoring the consistency and service reliability for our merchandise customers. It's clear the network is delivering and it's doing so with a sharper focus on costs. Turning to slide 8. On the resourcing side, training engine labor productivity improved 20% year-over-year, the result of disciplined crew management and acceleration in furloughs through the quarter where volume has softened.

我們的院子狀況良好，透過居住改善了 1%。本地服務承諾表現保持強勁，達到 95%，凸顯了我們商品客戶的服務一致性和可靠性。很明顯，該網路運作良好，並且在控製成本方面做得更好。翻到第8張幻燈片。在資源配置方面，由於嚴格的船員管理以及在業務量疲軟的季度加快休假，培訓引擎的勞動生產力年增了 20%。

We continue to hire in our hardest to staff locations and are pacing onboarding in step with what the commercial team is seeing for demand. Our equipment story follows the same playbook. We've added back locomotives and cars to support grain, but stayed measured, keeping over 6,000 system cars and roughly 160 high-horsepower locomotives or about 10% of our fleet parked and ready.

我們繼續在最難招募員工的地區招聘，並根據商業團隊觀察到的需求情況加快入職速度。我們的設備故事也遵循同樣的模式。為了支持糧食運輸，我們增加了機車和車廂，但保持了謹慎，使超過 6,000 輛系統車廂和大約 160 台大馬力機車（約占我們車隊的 10%）保持停放待命狀態。

On the motive power side, the productivity gains are clear. Locomotive dwell and failures are both down 12% year-over-year, pushing locomotive availability to 93%, a full point improvement. We're also seeing gains in fuel efficiency, which improved 2% in the quarter. These are the results of steady fleet modernization and predictive maintenance.

在動力方面，生產力的提升是顯而易見的。機車停機時間和故障率年均下降 12%，機車可用率達 93%，提高了一個百分點。我們也看到燃油效率有所提高，本季提高了 2%。這是持續推進車隊現代化和預測性維護的成果。

We have gone from the oldest fleet eight years ago to middle of the pack. Again, we're running lean, not light. By investing in our people and equipment, we've cut contractor spend by approximately $120 million year-to-date and reduced overtime to its lowest level in a decade, while also improving our train operations with both fewer planned and unplanned delays across the network.

八年前，我們的船隊是最老的，而現在，我們的船隊已經躋身中游水準。再次強調，我們追求的是精簡運營，而不是輕量化營運。透過投資我們的人員和設備，我們今年迄今已減少了約 1.2 億美元的承包商支出，並將加班時間減少到十年來的最低水平，同時還改善了我們的列車運營，減少了整個網絡的計劃內和計劃外延誤。

The same cost discipline extends to our infrastructure. Despite inflation pressures, we've reduced our installed cost per tie by over $15. Annualized, this amounts to around $20 million in savings. On slide 9 and staying with infrastructure, the capital projects I touched on in Q1 are advancing as planned. Our yard, siding and double track projects, namely on the Edson sub, are scheduled to come online in the fourth quarter.

同樣的成本控制也適用於我們的基礎建設。儘管面臨通膨壓力，我們仍將每條電線的安裝成本降低了 15 美元以上。按年計算，這相當於節省了約 2000 萬美元。在第 9 張投影片中，我們繼續討論基礎設施，我在第一季提到的資本項目正在按計劃推進。我們的場地、側牆和雙軌工程項目，特別是埃德森支線上的項目，計劃在第四季度投入使用。

Reflecting on our progress since 2022, we've lifted West Coast throughput substantially. Capacity is up 25% between Edmonton and Jasper and about 20% to Vancouver and Prince Rupert. Our EJ&E investments have increased fluidity around Chicago and reduced the crew start to Western Canada, a direct cost and efficiency gain. The investments we've made are delivering.

回顧 2022 年以來的進展，我們已大幅提高了西海岸的吞吐量。埃德蒙頓至賈斯珀之間的運力提高了 25%，溫哥華至魯珀特王子港之間的運力提高了約 20%。我們在 EJ&E 方面的投資提高了芝加哥週邊地區的交通便利性，並減少了前往加拿大西部的船員出發時間，從而直接降低了成本並提高了效率。我們所做的投資正在產生效果。

Locomotive availability is strong. The network has headroom and our teams are operating with precision. When budgeting, we collectively discuss the right level of investment by reexamining every project in place and every dollar being spent. Our $2.8 billion budget for 2026 reflects a continued commitment to efficient maintenance CapEx and a list of growth projects that continue to exceed our return requirements.

機車供應充足。網路還有餘力，我們的團隊正在精準運作。在製定預算時，我們會共同討論合適的投資水平，重新審視每一個正在進行的項目和每一筆支出。我們 2026 年 28 億美元的預算體現了我們對高效維護資本支出的持續承諾，以及一系列持續超出我們回報要求的成長項目。

These consider a downside pressure to volumes. With a strong foundation in place, we've delayed select projects to reflect a softer economy. We're focusing on maximizing the value of what we've built, protecting cash, preserving flexibility and positioning the company to accelerate when the market turns. When demand is there, we'll be ready to move quickly.

這些因素考慮了成交量下跌的壓力。在經濟基礎穩固的情況下，我們推遲了一些項目，以應對疲軟的經濟狀況。我們專注於最大化已建立資產的價值，保護現金流，保持靈活性，並使公司能夠在市場好轉時加速發展。一旦有需求，我們將迅速行動。

With that, I'll pass it on to Janet.

這樣，我就把它交給珍妮特了。

Thank you, Pat. Good afternoon, everyone. I want to start by thanking our customers for their support and collaboration. Turning now to slide 11. Revenues in the quarter grew 1% on 1% higher RTM and 5% higher carloads, reflecting growth in Intermodal. Volumes were softer coming into the second quarter than expected, mainly due to transitory issues in refined petroleum products and in frac sand.

謝謝你，帕特。大家下午好。首先，我要感謝各位客戶的支持與合作。現在翻到第11張投影片。本季營收成長 1%，其中 RTM 成長 1%，貨車運輸量成長 5%，反映了多式聯運的成長。第二季銷售量低於預期，主要原因是成品油和壓裂砂的暫時性問題。

The Canadian grain harvest was also slower to come off the fields this year, especially in CN's draw territory. Having said that, weather conditions were just right in the final weeks of growing, and we are now expecting a record crop. Intermodal was up on a year-over-year basis given last year's labor disruption, but not as strong as we expected given ongoing tariff challenges.

今年加拿大糧食收割速度也較慢，尤其是在加拿大國家鐵路公司的業務區域。話雖如此，生長最後幾週的天氣條件恰到好處，我們現在預計會迎來創紀錄的豐收。考慮到去年的勞動力市場動盪，多式聯運同比增長，但考慮到持續的關稅挑戰，其增長幅度並未達到我們的預期。

Throughout all of it, our service continues to perform exceptionally well, and rails are hustling boots on the ground and getting every carload we can, including some recent market share wins in chemicals and plastics. Same-store pricing continues to come in ahead of our rail cost inflation. I'll provide a few key highlights on the quarter before moving to the outlook.

在此期間，我們的服務一直表現出色，鐵路部門正全力以赴，盡可能地運送每一車貨物，包括最近在化學品和塑膠領域贏得的一些市場份額。同店定價持續高於鐵路成本通膨水準。在展望未來之前，我將先介紹本季的一些關鍵亮點。

Petroleum and chemical volumes rose across most major segments. Plastics and chemical RTMs were up 8% on market share gains. NGLs were up 4%, driven by increased export volumes via Prince Rupert and crude was up 6%. Within metals & minerals, iron ore shipments were impacted by a mine idling in late Q1. Lower frac sand volumes were due to reduced drilling in BC.

石油和化學產品銷量在大多數主要領域均有所成長。塑膠和化學品RTM產品因市佔率成長而上漲8%。受魯珀特王子港出口量增加的推動，天然氣凝液價格上漲了 4%，原油價格上漲了 6%。在金屬和礦產領域，由於一座礦山在第一季末停產，鐵礦石出貨量受到了影響。卑詩省鑽井活動減少導致壓裂砂用量降低。

And we saw less cross-border shipments of aluminum steel, although we were able to partially mitigate the impact with more intra-Canada and intra-US moves. We also had higher volumes of scrap metal and pipe. Forest products, especially lumber, saw a year-over-year decline, mainly due to weak demand and the impact of duties, which more than doubled on August 1.

雖然我們透過增加加拿大境內和美國境內的運輸，在一定程度上緩解了跨境鋁鋼運輸量減少的影響，但跨境鋁鋼運輸量還是減少了。我們還回收了更多廢金屬和管道。森林產品，尤其是木材，比去年同期下降，主要原因是需求疲軟和關稅的影響，關稅在 8 月 1 日翻了一番多。

In terms of Intermodal, domestic units were up 18% and international units were up 14%. Volumes across all Canadian ports were up, benefiting from easier comps given last year's rail labor issues. Notably, Prince Rupert volumes were up a full 30%, driven by the new Gemini service. In domestic, our strong service continues to help us win market share.

就多式聯運而言，國內運輸量成長了 18%，國際運輸量成長了 14%。受去年鐵路勞動力問題的影響，今年的基數較低，加拿大所有港口的貨運量均上升。值得注意的是，受新推出的 Gemini 服務的推動，魯珀特王子港的貨運量增加了整整 30%。在國內市場，我們強大的服務能力繼續幫助我們贏得市場份額。

Turning now to the outlook for the remainder of the year on slide 12 and starting with Intermodal. For domestic, transporter shipments remain soft, but we are focused on market share gains in Canada by leveraging our strong service. For international, we expect to see year-over-year growth given last year's port strikes and given the strong Gemini volumes through Prince Rupert, which should be roughly consistent with Q3. Canadian grain is expected to run hard to year-end.

現在讓我們來看第 12 張投影片，展望今年剩餘時間，先從多式聯運開始。國內運輸方面，貨運量依然疲軟，但我們正專注於利用我們強大的服務能力，在加拿大獲得市場份額。對於國際業務，鑑於去年的港口罷工以及通過魯珀特王子港的 Gemini 貨運量強勁，我們預計同比增長，這與第三季度大致持平。預計加拿大糧食市場將持續火熱到年底。

In petroleum & chemicals, the last of the refinery outages are now behind us, and we are seeing positive momentum going into Q4 across multiple segments. In metals & minerals, we will continue to help our steel and aluminum customers find alternative markets. Frac sand demand is expected to be tempered for the balance of this year, but we continue to have very high conviction in the growth potential of the Montney Shale region for frac sand and natural gas liquids.

在石油化學領域，最後一批煉油廠停產事故已經過去，我們看到多個細分市場在進入第四季度時都呈現出積極的成長勢頭。在金屬和礦產領域，我們將繼續幫助我們的鋼鐵和鋁客戶尋找替代市場。今年剩餘時間內，壓裂砂的需求預計將會放緩，但我們仍然對蒙特尼頁岩地區壓裂砂和天然氣液體的成長潛力充滿信心。

The auto outlook for Q4 is stable. In Forest products, we expect a step down in the Q3 run rate for lumber with the additional 10% tariff that came into effect on October 14. So to close out, while the macro environment remains challenged, there is still plenty to be excited about. Our service is strong. The team is selling into our capacity, and we're chasing wins by being strategic and pragmatic.

第四季汽車產業前景穩定。在林產品方面，我們預計第三季木材的運行速度將有所下降，因為10月14日生效的額外10%關稅將會加快。最後總結一下，雖然宏觀環境依然充滿挑戰，但仍有許多令人興奮的事情值得期待。我們的服務實力雄厚。團隊正在盡我們所能地進行銷售，我們透過採取策略性和務實性的方法來追求勝利。

Ghislain, over to you.

吉斯蘭，該你了。

(spoken in foreign language) Turning to slide 14 for the quarter. We reported an EPS of $1.83, up 6% versus last year's EPS of $1.72. Revenues were up 1% year-over-year on 1% higher RTMs. The operating team continued to perform very well, delivering best-in-class service for our customers and a year-on-year operating ratio improvement of 170 basis points, coming in at 61.4% versus last year's operating ratio of 63.1%.

（用外語說）請翻到本季第 14 張投影片。我們公佈的每股收益為 1.83 美元，比去年同期的 1.72 美元增長了 6%。營收年增 1%，RTM 成長了 1%。營運團隊持續表現出色，為我們的客戶提供了一流的服務，營運比率年增了 170 個基點，達到 61.4%，而去年同期的營運比率為 63.1%。

Moving to slide 15, let me break down the earnings drivers for the quarter. Volumes in the quarter were a little softer than expected, especially in merchandise segment due to macro and tariff overhang, but we were still able to grow volume. We also had a fuel price headwind of $0.03 of EPS or 30 basis points unfavorable to the OR.

接下來請看第 15 張投影片，讓我來分析本季的獲利驅動因素。本季銷售略低於預期，尤其是商品領域，這主要是由於宏觀經濟和關稅的影響，但我們仍然實現了銷售成長。我們也面臨燃油價格上漲帶來的每股收益0.03美元或30個基點的不利影響，這對營運風險不利。

On the plus side, we're very pleased with our solid cost takeout, rightsizing our resources to align with volumes. Q3 was an important inflection point where we began to see the early impact of the increased cost discipline brought to bear throughout the organization as well as the steps taken to reduce our capital spend to reflect the continued weakness in volumes.

好的一方面是，我們對大幅削減成本、合理調整資源配置以適應業務量感到非常滿意。第三季是一個重要的轉捩點，我們開始看到在整個組織中實施的更嚴格的成本控制措施的早期影響，以及為應對銷售持續疲軟而採取的減少資本支出的措施的影響。

Throughout the organization, our teams have rallied behind the call for increased productivity. We have identified meaningful cost savings across all levels and across all departments and are bringing a rigorous approach to managing our spend. On slide 16, let me provide you with more details of some of the operating expense categories in the quarter, which I'll speak to on an exchange-adjusted basis.

整個組織內的各個團隊都積極回應提高生產力的號召。我們已在各個層級和各部門發現了可觀的成本節約點，並將採取嚴格的措施來管理我們的支出。在第 16 張投影片中，我將向您詳細介紹本季的一些營運費用類別，我將以匯率調整後的形式進行講解。

Labor was 2% higher versus last year, mostly due to higher year-over-year incentive compensation and wage inflation, partially offset by 5% lower headcount. As Tracy outlined, our workforce reduction initiative will be completed in Q4, some of which is CapEx and is a deliberate step to position the organization for long-term agility and sustained value creation.

勞動成本比去年高出 2%，主要是由於激勵性薪資和薪資通膨較去年同期上漲，但部分被員工人數減少 5% 所抵銷。正如 Tracy 所概述的那樣，我們的裁員計劃將在第四季度完成，其中一部分是資本支出，這是為使組織具備長期敏捷性和持續價值創造能力而採取的深思熟慮的步驟。

Purchased services and material was down 1% on tight cost management with lower repair and maintenance costs led by the engineering team. Fuel expense decreased 20% versus the same period last year due to the elimination of the Canadian federal carbon tax, a 2% decrease in price per gallon and a 2% favorable fuel efficiency. Other costs were up 7% versus last year, mostly driven by higher incident costs.

由於工程團隊牽頭降低了維修和維護成本，嚴格的成本控制使得採購的服務和材料下降了 1%。由於加拿大聯邦碳稅的取消、每加侖汽油價格下降 2% 以及燃油效率提高 2%，燃油支出比去年同期下降了 20%。其他成本比去年增長了 7%，主要是由於事故成本增加。

Productivity is a mindset, a habit, not one-off, and we are bringing this mindset to bear across all levels of the organization. In addition to increased cost savings in the quarter, we are also still expecting to reduce our capital spend by $150 million year-over-year. The result of these efforts is that we generated over $2.3 billion of free cash flow through the end of September, up 14% versus the same period last year, and you should expect a continued sequential acceleration through 2026.

生產力是一種思考方式，一種習慣，而不是一次性的，我們將這種思考方式運用到組織的各個層面。除了本季成本節約增加外，我們還預計資本支出將比去年同期減少 1.5 億美元。這些努力的結果是，截至 9 月底，我們產生了超過 23 億美元的自由現金流，比去年同期成長了 14%，預計到 2026 年將繼續加速成長。

Leverage at the end of Q3 was 2.54 times, consistent with the 2.5 times adjusted debt to adjusted EBITDA target. We cranked up our share repurchases in Q3, taking close to 8 million shares out of circulation for just over $1 billion. We will continue to execute opportunistically on our current share buyback program, which runs through February 3 of next year.

第三季末的槓桿率為 2.54 倍，與調整後債務與調整後 EBITDA 目標的 2.5 倍相符。我們在第三季加大了股票回購力度，從流通股中撤出了近 800 萬股，總金額略高於 10 億美元。我們將繼續抓住機會執行我們目前的股票回購計劃，該計劃將持續到明年2月3日。

Moving to slide 17. Let me provide some visibility on the balance of 2025. We expect the uncertain macroeconomic environment we've experienced so far this year to persist through at least the next several quarters. Our year-to-date volumes in terms of RTMs are essentially flat versus last year, and our full year volume growth assumption continues to be in the low single-digit range.

切換到第17張投影片。讓我來介紹一下2025年剩餘時間的安排。我們預計今年以來我們所經歷的不確定宏觀經濟環境至少會持續到未來幾季。就 RTM 而言，我們今年迄今的銷量與去年基本持平，我們對全年銷售成長的預期仍然在個位數低點。

We continue to assume WTI to be in the range of $60 to $70 per barrel and assume foreign exchange for the balance of the year to be between $0.70 and $0.75. Our effective tax rate continues to be in the range of 24% to 25%. We are, therefore, reaffirming our guidance of mid- to high single-digit EPS growth in 2025. We also continue to expect our 2025 CapEx envelope to end this year at around $3.35 billion.

我們繼續假設西德州中質原油價格在每桶60至70美元之間，並假設今年剩餘時間的匯率在0.70至0.75之間。我們的實際稅率持續維持在24%至25%之間。因此，我們重申我們對 2025 年每股盈餘實現中高個位數成長的預期。我們也預計，2025 年的資本支出預算將在今年底達到約 33.5 億美元。

Turning the page for next year; while the environment remains dynamic, we're not expecting a big change in the macroeconomic environment. As Tracy discussed earlier, we are looking at an overall capital envelope of $2.8 billion in 2026. This will put our capital intensity in line with our US peers and will contribute to solid free cash flow conversion.

展望明年，雖然環境依然瞬息萬變，但我們預期宏觀經濟環境不會發生重大變化。正如 Tracy 之前討論的那樣，我們預計到 2026 年，總資本預算將達到 28 億美元。這將使我們的資本密集度與美國同行保持一致，並將有助於實現穩健的自由現金流轉換。

In conclusion, let me reiterate a few points. We are pleased with our Q3 results and are well positioned to deliver on our full year guidance. The network continues to operate very well with strong operating and service metrics. We continue to expect to have volume growth in the fourth quarter as we lap port labor disruptions from last year.

最後，我想重申幾點。我們對第三季的業績感到滿意，並有信心實現全年業績預期。網路運作狀況良好，營運和服務指標均表現強勁。我們預計第四季貨運量將繼續成長，因為去年港口勞動力短缺的問題已經解決。

We've accelerated cost initiatives to ensure the long-term competitiveness of this franchise. We are planning a 2026 capital envelope of $2.8 billion, reflecting our strong capacity position and continued weak volume growth in the near term.

我們加快了成本控制措施，以確保該特許經營權的長期競爭力。我們計劃在 2026 年投入 28 億美元的資本，這反映了我們強大的產能地位和近期持續疲軟的銷售成長。

Let me pass it back to Tracy.

讓我把話轉給特蕾西。

Thanks, Ghislain. Christa, we'll go to questions.

謝謝你，吉斯蘭。克麗斯塔，我們進入問答環節。

(Operator Instructions) Walter Spracklin, RBC Capital Markets.

（操作員說明）Walter Spracklin，RBC 資本市場。

Congrats on the good results here and the proactive measures you're taking. Zeroing in on one of those, the CapEx cut that you're announcing here this morning. Obviously, whenever we see the immediate concern is that it may jeopardize some of your capacity or your ability to flex up in a rebound. I know you spoke to some of that, but love to get a little bit more color on what kind of projects are going to be cut.

恭喜你們取得這麼好的結果，也感謝你們採取的積極措施。重點關注其中一項，即您今天早上宣布的資本支出削減計劃。顯然，我們看到的直接擔憂是，這可能會危及你的一些能力或你在反彈中靈活發揮的能力。我知道你已經談到了一些，但我很想了解更多關於哪些類型的項目將被削減的細節。

I know at investor day, you zeroed on some very attractive CN specific growth opportunities. And so when we see a recovery, I just want to make sure we're not jeopardizing your ability to capitalize on those when that recovery comes. Appreciate that.

我知道在投資者日上，你們重點關注了一些非常有吸引力的中國特定成長機會。所以，當經濟出現復甦時，我只是想確保我們不會損害你們在復甦到來時從中獲利的能力。謝謝。

Walter, thanks for the question. Listen, when I joined CN 3.5 years ago, we had some issues that we needed to deal with. We had a lot of congestion in the western part of our network where, as you know, we have the most significant growth opportunities. We had the oldest locomotive fleet in the industry. So these needed to be addressed, and we have.

沃特，謝謝你的提問。聽著，我三年半前加入CN的時候，我們有一些問題需要解決。我們網路西部地區出現了嚴重的擁堵，而您也知道，那裡是我們成長機會最大的地區。我們擁有業界最老舊的機車車隊。所以這些問題需要解決，而我們也已經解決了。

The work that Pat's been doing over the last three-years on the Edson sub, on the Vancouver corridor, on Northeast BC, we've got -- we've had more than 20% kind of workload growth in the Vancouver corridor since the last peak. He's built enough capacity to accommodate that and more. He's focused on the Edson sub. Right now, we have, what, Pat, between more than 60% of the Edson sub double tracked right now.

過去三年，Pat 一直在 Edson 支線、溫哥華走廊和卑詩省東北部地區開展工作，自上次高峰以來，溫哥華走廊的工作量增加了 20% 以上。他已經建立了足夠的能力來容納這些，甚至更多。他正專注於埃德森的替補上場。帕特，現在埃德森支線有超過 60% 的路段已經鋪設了雙軌。

And so this has accommodated not only the volume that we have, it's accommodated -- it's created seven more trains a day of volume capability. So we've got lots of room to grow there. It's improved our speed across that important kind of bottleneck on our network, and it has significantly increased our resilience and our reliability up there.

因此，這不僅滿足了我們現有的貨運量，而且還增加了每天七列火車的貨運能力。所以，我們在這方面還有很大的發展空間。它提高了我們網路中這一重要瓶頸的傳輸速度，並顯著提高了我們在該處的彈性和可靠性。

Our locomotive fleet is now, as I said, middle of the pack in the industry. And really importantly, we are much more efficient now in the way that we deploy and execute on our capital program. We're getting -- you heard Pat talk a little bit about some of the proof points on that. We are more effective in the way that we do that. So for this environment right now, we are exactly where we need to be.

正如我所說，我們的機車車隊目前在業界處於中等水平。更重要的是，我們現在在部署和執行資本項目方面效率更高了。我們正在取得進展——你剛才也聽到了帕特談到的一些證據要點。我們這樣做效率更高。所以就目前的環境而言，我們正處於我們應該在的位置。

We're well positioned for this volume, and we've got room to grow in the western part of our network. So it's important now that we pull this capital back in and it's set at the proper place for next year.

我們已做好充分準備應對這項業務量，並且在我們網路的西部地區還有成長空間。所以現在重要的是我們要把這筆資金收回來，並確保它為明年做好充分的準備。

Fadi Chamoun, BMO Capital Markets.

Fadi Chamoun，BMO資本市場。

Look, I think, like you indicated, Tracy, you've been railroading quite well in recent years. You're in the middle to the top of the pack there. And the bigger issues have been really volume and a lot of challenges, obviously, outside of your control. So really, my question is to Janet, like do you see an opportunity here to reenergize how CN goes to market in terms of the commercial strategy?

你看，我覺得，就像你指出的那樣，特雷西，你近年來在鐵路運輸方面做得相當出色。你在那裡處於中上水平。而更大的問題在於工作量以及許多顯然超出你控制範圍的挑戰。所以，我的問題是問 Janet，你是​​否否認為這裡存在一個機會，可以重新激活 CN 在商業策略方面的市場運作方式？

And if you can talk maybe about any unique opportunities that you see that you want to tackle as you go into 2026? And any high-level maybe thoughts about how we should think about the volume in '26? Is there an opportunity to grow volume next year if the economy doesn't really help you or economy is flat from where we are today? And by the way, congrats on the new role, Janet.

如果您可以談談您認為在進入 2026 年之際，有哪些獨特的機會想要抓住？對於我們該如何看待 2026 年的銷售，大家有什麼高層次的想法嗎？如果明年經濟狀況對您不利，或者經濟與目前相比停滯不前，那麼明年是否有機會擴大銷售？順便說一句，恭喜你榮升新職，珍妮特。

Before Janet gets into that, Fadi, let me just say this. As we indicated, overall, given this macro kind of economic environment and what we see on tariffs, we don't see overall a big lift. It's going to be more of the same for next year. But embedded in that, we've got a very diversified book of business. So there's areas of considerable strength that Janet is driving in the energy sector.

在 Janet 開口之前，Fadi，讓我先說一句。正如我們所指出的，總體而言，鑑於當前的宏觀經濟環境以及關稅形勢，我們認為整體上不會大幅成長。明年情況恐怕也差不多。但在此基礎上，我們擁有非常多元化的業務組合。因此，珍妮特在能源領域展現了相當大的優勢。

We've got a very strong ag sector. We've got strength in a lot of the industrial products. It's offset by some pretty kind of tariff and economic headwinds in forest products, in particular, in the mix that we've -- the mix impact of that. But Janet, I will say it again, I'm impressed with her boots on the ground approach. She's making things happen out there.

我們的農業部門實力非常強大。我們在許多工業產品領域都具有優勢。但這被森林產品方面的一些相當大的關稅和經濟逆風所抵消，尤其是在我們所處的組合中——這種組合的影響。但是珍妮特，我再說一遍，我非常欣賞她腳踏實地的工作方式。她在那邊做事很有作為。

Janet?

珍妮特？

Yes. Thanks, Tracy, and thanks, Fadi. What I would say is that our go-to-market strategy doesn't change. We're going to continue to provide the service that helps our customers to win in their markets. We're going to price to the value of the service that we provide. Now where I do see opportunity for change is really our level of intensity and urgency.

是的。謝謝特蕾西，也謝謝法迪。我想說的是，我們的市場推廣策略不會改變。我們將繼續提供服務，幫助我們的客戶在市場中取得成功。我們將根據我們提供的服務價值來定價。現在，我認為真正有機會改變的是我們的強度和緊迫感。

We are driving decision-making down, and we're out there the whole team with boots on the ground, knocking on doors, competing hard for every opportunity and listening to and collaborating with our customers. So you all know the macro challenges. We're going to have to work harder, and we're going to have to work faster and smarter, and that's exactly what we're doing. And I will say it's working.

我們正在下放決策權，我們整個團隊都深入一線，挨家挨戶敲門，努力爭取每一個機會，傾聽客戶的意見並與客戶合作。所以你們都知道宏觀經濟面臨的挑戰。我們必須更加努力，而且要更快、更聰明地工作，而這正是我們正在做的。我可以說，它確實有效。

We've had recent share gains in domestic intermodal. We've captured recent spot moves of soybean meal, plastics and coal. And we're also innovating in the products that we're moving. We actually just moved our first unit train of scrap iron. It was a test move. I'm very pleased to report that our operating team hit it out of the park.

我們近期在國內多式聯運領域取得了市佔率成長。我們已經掌握了豆粕、塑膠和煤炭近期現貨價格的走勢。我們也在不斷創新我們所銷售的產品。我們剛剛運送了第一列廢鐵火車。這是一次試探性操作。我非常高興地報告，我們的營運團隊表現出色。

In support of the Toronto Blue Jays, I am going to try and use as many baseball analogies in my answers today. So I just want to reiterate that the operating team hit it out of the park. They beat our own aggressive service plan, and we're going to keep working with our customers to innovate and win. So stay tuned. There's more to come. We are all in the same environment, but we're going to work harder, smarter, faster, and we're going to get more of what's out there for our growth.

為了支持多倫多藍鳥隊，我今天將在回答問題時盡量多使用棒球相關的比喻。所以我只想再次強調，營運團隊做得非常出色。他們擊敗了我們自己制定的激進服務計劃，我們將繼續與客戶合作，不斷創新，贏得市場。敬請期待。還有更多精彩內容即將呈現。我們身處同樣的環境，但我們會更努力、更聰明、更迅速地工作，我們會獲得更多有利於我們發展的資源。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Good luck tonight in the game. So Tracy, a lot of talk about negative impact to the Canadian rails from M&A since you opened up the subject. There's a desire to move more US origin. Can you talk about the risk you see there? And is there any move instead of waiting for transcon? Any thoughts of being involved or proactive before options disappear? And I guess just to hit on that, the lowest CapEx to revenue since 2002, is that limiting your growth going forward in some fashion?

祝你今晚比賽好運。特蕾西，自從你提出這個話題以來，關於併購對加拿大鐵路的負面影響的討論很多。人們希望更多地從美國本土採購。您能談談您認為其中存在的風險嗎？除了等待跨大陸列車之外，還有其他選擇嗎？有沒有想過在機會消失前積極參與或採取行動？我想就這一點而言，自 2002 年以來最低的資本支出與收入比率，是否會在某種程度上限制您未來的成長？

Thanks for the question. There's a lot in there. Let me start by taking the last piece first because we've spoken about it in the first question. We've looked -- we look very carefully at our network. And the work that Pat has done on the Western corridor, in particular, we've done a little bit around the EJ&E that's going to allow us to take a crew start out and give us a great return on that.

謝謝你的提問。裡面內容很多。讓我先從最後一部分開始，因為我們在第一個問題中已經討論過它了。我們已經仔細檢查過我們的網路。帕特在西部走廊所做的工作，特別是我們在 EJ&E 周圍所做的一些工作，將使我們能夠派出一個團隊開始工作，並為我們帶來巨大的回報。

But the big focus from a capacity perspective has been in the western part of the network. We have the capacity to grow there, both over the Edson sub into Rupert and into Vancouver. He's got 2 projects left that will finish at the end of 2027, one siding outside Vancouver and the Zanardi Bridge in Rupert, and we will watch this as we go. So I'm not concerned at all about limitations in our capability to grow.

但從容量角度來看，重點一直放在網路的西部部分。我們有能力在那裡發展壯大，既可以沿著埃德森支線進入魯珀特，也可以進入溫哥華。他還有兩個項目將於 2027 年底完工，一個是溫哥華郊外的鐵路支線，另一個是魯珀特的紮納爾迪橋，我們將拭​​目以待。所以我一點也不擔心我們發展能力的限制。

We are ahead of that from the network perspective. As I think about our network, we've got some real advantages. We're sitting up here the very strong origination network on top of an incredible natural resource base. And yes, if you think about some of what's going on in the tariff world these days, we're feeling the impact of that in certain areas like forest products, a little bit in steel and energy.

從網路角度來看，我們領先他們。仔細想想我們的網絡，我們確實擁有一些優勢。我們坐擁強大的資源網絡，而這個網絡又建立在豐富的自然資源之上。是的，如果你想想如今關稅領域的一些動態，我們會在某些領域感受到它的影響，例如林產品，鋼鐵和能源領域也略有受到一些影響。

But we are also -- as we see trade between Canada and the US decline year-over-year, we've seen trade between Canada and the UK and Europe and Asia increase. And as we sit here with the network that has the most extensive port to access in Canada. And on top of these natural resources, we think about our network and driving deep into the US

但同時，我們看到加拿大與美國之間的貿易額逐年下降，而加拿大與英國、歐洲和亞洲之間的貿易額卻有所增長。而我們現在正坐在這裡，使用著加拿大接入埠最廣泛的網路。除了這些自然資源之外，我們還要考慮我們的網絡以及深入美國腹地的策略。

markets.

市場。

If we think about our access globally to the markets overseas in Asia and other, I like our growth prospects as we -- now we now have the capacity, whether it's access to Rupert, Vancouver or the other ports, we've got the capacity to deliver it. If we think about M&A, this is -- as you know, and we've said and you've heard us say it before, we don't think this is necessary in the industry, and we think that there's more risk than there is benefit to the industry.

如果我們考慮我們進入亞洲和其他海外市場的全球管道，我對我們的成長前景感到樂觀，因為我們現在有能力，無論是進入魯珀特港、溫哥華港還是其他港口，我們都有能力交付貨物。如果我們考慮併購，正如你們所知，我們也說過，你們以前也聽我們說過，我們認為這在行業內沒有必要，我們認為這對行業來說風險大於收益。

It doesn't mean it's not going to happen. If it happens, we will be very aggressive in making sure that we not only protect our network, but that we position it so that we can drive some of what we're sitting on up here deeper into the markets in the United States and South as those opportunities present themselves. So we're pretty optimistic as we look out over the longer term that we're positioned with flexibility to respond to whatever happens from an M&A perspective, whatever happens from a global trade flow perspective. We're in the right spot.

但這並不意味著它不會發生。如果這種情況發生，我們將非常積極地確保我們不僅保護我們的網絡，而且還要調整我們的網絡佈局，以便在機會出現時，能夠將我們在這裡掌握的一些資源更深入地推廣到美國和南方市場。因此，從長遠來看，我們相當樂觀，認為我們已經做好充分準備，能夠靈活應對併購方面發生的任何事情，以及全球貿易流動方面發生的任何事情。我們來對了地方。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Just to follow up on M&A real quick, Tracy. There's a website now that both you and your peers have helping shippers voice their concerns if they would like to. So is that created because there have been some concerns that have been voiced. Maybe you can give a little bit more background on that.

Tracy，關於併購方面，我再快速問一下。現在有一個網站，你和你的同行都可以透過它來表達他們的擔憂（如果他們願意的話）。這是因為有人表達了一些擔憂而產生的嗎？或許您可以再詳細介紹一下背景。

And then maybe for Ghislain and Janet, in terms of forecasting better, you're going to give more details in a couple of months, but we've heard that a few times now. I mean, it's obviously difficult this year is an example of that. But what are some of the building blocks to help be able to do that better? Is it communications? Is it technology?

至於吉斯蘭和珍妮特的未來，或許在預測方面，你們會在幾個月後給出更多細節，但我們已經聽過好幾次了。我的意思是，今年情況顯然很困難，就是一個例子。但是，要更好地做到這一點，有哪些基本要素呢？這是溝通方面的問題嗎？這是科技嗎？

Maybe you can give some thoughts on how to deal with this constant volatility.

或許您可以就如何應對這種持續的波動提出一些想法。

I'll start, Brian. Listen, everybody in this industry wants to grow and grow sustainably. And that, as we all know, means gaining market share against the trucking industry. And if we're going to do that as an industry and as a company, I think that the idea -- what we need to figure out is how we offer more competitive options, not less.

我先來，布萊恩。聽著，這個行業的每個人都想發展，而且是永續發展。我們都知道，這意味著要從卡車運輸業手中奪取市場份額。如果我們作為一個行業和一個公司要這樣做，我認為我們需要弄清楚的是如何提供更具競爭力的選擇，而不是更少的選擇。

And so if we want more competitive options, the better path to that is better collaboration, more service innovation. And we think the right way to do that is through these pro-competitive alliances that you see the industry putting together. We think that's the right path forward and we see it as a far lower risk path forward than the alternative of a big merger. Janet, do you want to talk about forecasting?

因此，如果我們想要更多有競爭力的選擇，更好的途徑是加強合作，進行更多服務創新。我們認為實現這一目標的正確方法是透過業內正在建立的這些促進競爭的聯盟。我們認為這是正確的前進方向，而且我們認為這條前進方向的風險遠低於進行大規模合併這種替代方案。珍妮特，你想談談預測嗎？

Yes, for sure. Thanks, Brian, for the question. So what I would say is forecasting in this kind of environment is very difficult, particularly point forecasting. So when we think about going forward, I think we're going to try and be more in a range. And we'll try and share more of that with you as well, Brian.

是的，當然。謝謝你的提問，布萊恩。所以我想說的是，在這種環境下進行預測非常困難，特別是進行點預測。所以展望未來，我認為我們會努力做到更加多元化。布萊恩，我們也會盡量與你分享更多這方面的資訊。

What are the things that could bring us upside?

哪些因素可能為我們帶來好處？

What are the things that could bring us downside so that you can follow what's going on in the macro or with certain customers and understand whether those are good or bad for us. I think part of what we need to do, though, as well is get better at our agility in responding to changes in actual volumes. The other area where I'm very preoccupied is just the ease of doing business and making sure that we're out there as aggressive as possible, getting what we can.

哪些因素可能會對我們帶來不利影響？這樣你就可以追蹤宏觀經濟或特定客戶的情況，並了解這些情況對我們是好是壞。我認為，我們還需要做的其中一件事，就是提高我們應對實際交易量變化的彈性。我非常關注的另一個領域是讓業務發展更加便捷，並確保我們盡可能積極主動地爭取我們所能獲得的一切。

So I think it's a whole mix of things. The team is fully engaged in this, but I don't want the commercial team looking backwards, trying to explain why things didn't happen or did happen. I need them looking forward and being out there and selling. To your point, there were some really difficult things for us to call out there, whether that was the repeated port disruptions, whether it was the rail disruption, whether it was the size and scale of what's gone on in the tariffs.

所以我認為這是多種因素綜合作用的結果。團隊已全力投入其中，但我不想讓商務團隊回顧過去，試圖解釋為什麼事情沒有發生或發生了。我需要他們積極向前看，走出去進行銷售。正如您所說，我們確實有一些很難指出的問題，無論是反覆出現的港口中斷、鐵路中斷，還是關稅方面發生的巨大變化。

And frankly, just the unpredictability of the tariffs. It's on, it's off again, it's back on. So we're going to focus on being agile, being responsive and remaining really close with our customers and also giving you a better sense of the range of potential outcomes.

坦白說，最大的問題就是關稅的不可預測性。它一會兒開著，一會兒關掉，一會兒又開了。因此，我們將專注於保持敏捷性、快速回應，與客戶保持密切聯繫，並讓您更了解各種可能的結果。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

I guess, Tracy, maybe if we could zoom out a little bit and think about what you think sort of the growth algorithm is for CN going forward. So CapEx coming down to mid-teens, similar to your US peers, you generally sort of had a higher growth profile than the US peers. I guess in an environment that maybe is a little rocky, I guess, two questions.

我想，Tracy，或許我們可以稍微跳脫固有思維，思考一下你認為CN未來的成長演算法是什麼。因此，資本支出降至十幾個百分點，與你們的美國同行類似，你們的成長前景總體上比美國同行要好。我想，在這樣一個可能有點動盪的環境下，我想問兩個問題。

Are you assuming that we just kind of stay in a slower growth volume environment for CN for the foreseeable future? And if that's the case, maybe what is the sort of EPS growth algorithm for the world that you see today? Just want to get a little bit of sense of how you're thinking about because clearly, you're making some, I think, more structural changes to how you're operating the business financially.

您是否認為在可預見的未來，中國鐵路的銷售成長速度將持續放緩？如果真是這樣，那麼你今天看到的全球範圍內，什麼樣的 EPS 成長演算法才算合理呢？我只是想稍微了解一下你的想法，因為很明顯，我認為你正在對企業的財務運作方式進行一些結構性的變化。

We have, as I said earlier, a very diversified book of business. So -- and probably a bigger merchandise portfolio than some of our peers. But if you think about the natural resource base that we're sitting on, whether it be metallurgical coal, our very significant ag portfolio, if you think about energy portfolio and potash and fertilizer, these are commodities that are less impacted by the macroeconomic and the comings and goings of the strength of the North American economy and consumer.

正如我之前所說，我們的業務非常多元化。所以——而且我們的商品組合可能比一些同行更大。但如果你想想我們所擁有的自然資源基礎，無論是冶金煤、我們非常重要的農業資產組合、能源資產組合以及鉀肥和化肥，這些大宗商品受宏觀經濟以及北美經濟和消費者強弱波動的影響較小。

These are largely commodities that find their way to markets, whether they be globally or North American. So we have a very strong position in those and a lot of growth in those. LNG Canada has announced recently that they're turning on Train 2. And the Phase 2 of LNG Canada is a priority for acceleration for the government of Canada. And so that drives our frac sand expansion that we've grown considerably.

這些大多是流入市場的商品，無論是全球市場或北美市場。因此，我們在這些領域擁有非常強大的地位，並且在這些領域還有很大的成長空間。加拿大液化天然氣公司近日宣布，他們即將啟動2號生產線。加拿大液化天然氣計畫二期工程是加拿大政府優先推進的項目。因此，這推動了我們壓裂砂業務的擴張，使我們取得了相當大的成長。

That drives our NGL expansion, which is increasingly exported through the Port of Prince Rupert. And if you think about the refined products and the growth that we've seen in that. So there's going to be tremendous areas of growth that is enabled by the network that we have, the positioning that we have in the north through the ag sector and our access to ports like Prince Rupert and Vancouver and even if you look into the East. And so that's going to be -- Janet's leaning into that.

這推動了我們的天然氣凝液業務擴張，而天然氣凝液正越來越多地通過魯珀特王子港出口。想想那些精煉產品以及我們在這個領域所看到的成長。因此，憑藉我們現有的網絡、我們在北部透過農業部門所佔據的地位以及我們通往魯珀特王子港和溫哥華港等港口的便利，甚至放眼東部，都將出現巨大的增長領域。所以，珍妮特正在朝著這個方向努力。

That is structural, that's partnership, that's strategic growth for us as we go forward. If you look at the components of our system that are more related to the macroeconomic environment, particularly in North America, whether it be forest products, it's impacted by housing starts, but also significantly by tariffs. We've seen that sector come down by about 60% since its peak a number of years ago.

這是結構性的，這是夥伴關係，這是我們未來發展的策略方向。如果你觀察我們系統中與宏觀經濟環境更相關的組成部分，尤其是在北美，無論是林產品，它都會受到房屋開工量的影響，但也會受到關稅的顯著影響。我們看到，自幾年前達到頂峰以來，該行業已經下滑了約 60%。

There's a structural adjustment in that, and we need to -- we've been doing a good job of backfilling that volume in the past. It's getting -- we'll see where that business goes as housing starts ultimately pick up in the United States and across North America. If you look at the auto franchise, it will be interesting to think about where that may go, but we've got a great US franchise as well.

這其中存在著結構性調整，我們需要這樣做——過去我們一直做得很好，填補了這一空白。情況正在好轉——我們將拭目以待，隨著美國和整個北美地區的房屋開工量最終回升，這項業務將走向何方。如果你看看汽車特許經營權，想想它未來的發展方向會很有趣，但我們在美國也擁有一個很棒的特許經營權。

So some of the merchandise commodities are more directly related to the macroeconomic, and we're going to have to watch that. So what we've been doing is being proactive around making sure that we've done the right things in advance for a slower macro environment. We've got the right network. We've talked about that. We've got the capacity that we need.

所以有些商品與宏觀經濟關係較為直接，我們需要密切注意這一點。因此，我們一直在積極主動地確保我們提前做好了應對宏觀環境放緩的正確措施。我們擁有合適的網路。我們已經討論過這個問題了。我們擁有所需的產能。

We're increasingly efficient from a capital perspective. We've taken some early actions throughout the year. But in honesty, we've been working on productivity for three years, getting tighter and tighter on it. It's why our operating ratio has been so resilient despite what's been thrown at us, we've been the first or second operating ratio in the industry for the past three years, and we did it again this quarter. It's because we've been proactive on productivity. So that isn't finished.

從資本角度來看，我們的效率越來越高。今年早些時候，我們已經採取了一些行動。但說實話，我們三年來一直在努力提高生產力，而且在這方面越來越精益求精。正因如此，儘管面臨諸多挑戰，我們的營業比率依然維持瞭如此強勁的韌性。過去三年，我們的營業比率一直位居行業第一或第二，本季我們再次做到了這一點。這是因為我們一直積極主動地提高生產力。所以這件事還沒結束。

That's part of what we do and a muscle that's getting stronger and stronger, and we're going to continue on that. So that's going to allow us even when the volume growth overall isn't significant, it allows us to grow cash -- free cash flow. It allows us to kind of continue to position ourselves to increase returns. And we are highly leveraged as the macroeconomic comes back. So we're highly leveraged to volume increases.

這是我們工作的一部分，也是我們不斷增強的能力，我們會繼續這樣做。這樣一來，即使整體銷售成長並不顯著，我們也能實現現金流（自由現金流）的成長。這使我們能夠繼續調整自身定位，從而提高收益。隨著宏觀經濟復甦，我們的槓桿率很高。因此，我們對銷量成長非常敏感。

So as I look forward, I can tell you, we can't call when the economy will turn, and I can't call these trade deals, whether it's Canada, US or whether it's US, China, whether it's Canada, China. Those are difficult things to call. What our job is to be ready for the environment that we find ourselves in, and I'm comfortable that we've done all that we need to do that, and we're leaning into it further as we go forward.

所以展望未來，我可以告訴你們，我們無法預測經濟何時會好轉，我也無法預測這些貿易協議的成敗，無論是加拿大和美國之間的協議，還是美國和中國之間的協議，亦或是加拿大和中國之間的協議。這些事情很難判斷。我們的職責是為我們所處的環境做好準備，我相信我們已經完成了所有需要做的事情，並且我們將在未來的工作中更加深入地適應這種環境。

So I like our position. I like where our network is. I like the long-term kind of strategic plays that we have, and you'll see us continue to push forward.

所以我很滿意我們目前的處境。我喜歡我們網路目前的發展狀況。我喜歡我們採取的這種長遠策略舉措，你們將會看到我們繼續向前邁進。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

As it relates to the decision to streamline to a single COO structure, can you talk about what impact, if any, that has on sort of the make the plan, run the plan philosophy? And particularly for Pat, just how much time you spend boots on the ground now as part of your day-to-day?

關於精簡為單一營運長架構的決定，您能否談談這會對「制定計劃，執行計劃」的理念產生什麼影響（如果有的話）？特別是對帕特來說，你現在每天究竟有多少時間是真正深入一線的工作？

Thanks, Cherilyn. So this -- as I said earlier, the COO structure, the dual structure has worked for us, and I'm really happy with the impact that it's had. It was a forcing mechanism. It gave Pat the opportunity and it forced him to kind of focus full time on the network, on capital efficiency, on making sure that we had the plan. We had Derek, who's a very capable operator focused on the day-to-day.

謝謝你，雪莉琳。所以——正如我之前所說，COO 結構，這種雙結構對我們來說很有效，我對它產生的影響非常滿意。這是一種強制機制。這給了帕特一個機會，也迫使他全心投入網路建設、資本效率以及確保我們制定計劃的工作。我們有德里克，他是一位非常能幹的操作員，專注於日常工作。

We've got the momentum from that. We've -- but Pat spent most of his career in transportation, I think. He's been a Chief Mechanical Officer. Now we spent two years deep in engineering, and it's time to pull this back into one COO, and I'm pretty confident that he's going to lift his place to the next level. The strategy doesn't change at all. We are make the plan, run the plan, sell the plan business. And what changes is the level of productivity that he's going to drive in this, right, Pat?

我們已經從中獲得了勢頭。我們有——但我認為，帕特的大部分職業生涯都從事運輸業。他曾擔任首席機械官。現在我們已經投入了兩年時間進行工程研發，是時候把所有工作集中到一個營運長（COO）手中了，我很有信心他會將自己的職位提升到一個新的水平。策略絲毫沒有改變。我們是一家製定計劃、執行計劃、銷售計劃的公司。帕特，改變的是他能推動的生產力水平，對吧？

Absolutely. Let me start by saying, first of all, I'm extremely excited and honored to lead the operations team here at CN. I have the utmost confidence in this team of professional railroaders to safely deliver exceptional service that our customers demand. Look, for the past two years, Derek and I have worked hand-in-hand. We are in a good place from an operations standpoint.

絕對地。首先，我要說的是，我非常興奮和榮幸能夠領導CN的營運團隊。我對這支專業的鐵路工人團隊充滿信心，相信他們能夠安全地提供客戶所要求的卓越服務。你看，過去兩年裡，我和德瑞克一直並肩工作。從營運角度來看，我們目前處境良好。

And I want to be clear and reiterate Tracy's comments. There is an urgency around this entire organization as it relates to safety, service, productivity, developing our people and cost. I've been in this industry for 33 years. Tracy outlined, I've spent most of that in transportation, boots on the ground. I started in the train and engine craft, as did my father. I spent a lot of time in mechanical and I've been overseeing engineering for two years.

我想明確地重申Tracy的評論。整個組織都面臨著安全、服務、生產力、人員發展和成本的迫切性。我從事這個行業已經33年了。特雷西概述道：“我把大部分時間都花在了運輸和實地考察上。”我和父親一樣，都是從火車和機車產業起步的。我花了很多時間在機械方面，並且已經負責工程部門兩年了。

I know what I've seen over that time, and that's what works, a clear plan, disciplined execution of that plan and our leaders staying very close to their operation. The work we've done has paid off, and I'll just outline a few things. Our shops are more productive with fewer people per repair, and our locomotive availability is at an all-time high for this railroad.

我知道我這段時間以來所看到的，那就是行之有效的方法：清晰的計劃、嚴格執行該計劃，以及我們的領導者與他們的營運保持密切聯繫。我們所做的工作已經取得了成效，我只概括幾點。我們的維修車間效率更高，每次維修所需的人員更少，而且我們鐵路的機車出勤率也達到了歷史最高水準。

The material inventory levels in our shops is down 20% since 2023. In engineering, our operating cost per track mile has completely absorbed inflation and FX, and we have our lowest overtime levels in over a decade. Most importantly, our lost time days from injuries are down 23% from last year, a record low. Our goal, my goal is for everyone on this team to go home the same way they came to work every single day.

自 2023 年以來，我們商店的物料庫存水準下降了 20%。在工程方面，我們每英哩軌道的營運成本已經完全吸收了通貨膨脹和匯率波動的影響，而且我們的加班費水準也達到了十多年來的最低水準。最重要的是，因傷病造成的工時損失天數比去年減少了 23%，創歷史新低。我的目標是，讓團隊裡的每個人每天都能像來上班一樣平安回家。

As Tracy said, the strategy does not change. We're building on what's already working. The railroad is running very well and efficiency is improving across the entire organization. Our goal, my goal now is to take it from better to best-in-class consistency. As it relates to operations, the next thing that we're going to spend time on is tightening the dwell in our yards, removing non-value-added costs and really focusing on cars spending less time waiting and more time earning a return for us.

正如特雷西所說，策略不會改變。我們是在現有成功經驗的基礎上進行改進。鐵路運作狀況良好，整個組織的效率都在提高。我現在的目標是，讓它從更好達到一流水平。就營運而言，我們接下來要花時間的是縮短車輛在停車場的停留時間，消除非增值成本，並真正專注於減少車輛的等待時間，增加車輛為我們創造收益的時間。

So strategy is unchanged. We're just taking it to the next level. Thank you for the question.

所以策略不變。我們只是把它提升到了一個新的水平。謝謝你的提問。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Pat, Janet, congratulations on your appointments. Tracy, I'd like to ask a big picture industry question, if I could. If you look at the structure of the railroad industry in Canada, you've got sort of the CNCP controlling about 95% of RTMs, something close to 90% of freight revenues. The broad question I have for you is, why is that industry structure good for Canada, but not good for the US?

派特、珍妮特，祝賀你們榮任新職。Tracy，如果可以的話，我想問一個關於產業大局的問題。如果你看一下加拿大鐵路行業的結構，你會發現加拿大國家鐵路公司 (CNCP) 控制著大約 95% 的鐵路運輸單元 (RTM)，以及接近 90% 的貨運收入。我想問你的一個整體問題是，為什麼這種產業結構對加拿大有利，但對美國不利？

I think that in a network business like a railroad or an airline, where you have greater connectivity, more local traffic, you produce more opportunities to grow, you produce more reliable service, you produce better service levels. And I think most investors would agree that comparing the US rails against Canadian rails on a 15-year view, that's largely been true. I'd just like to understand kind of why you think that further consolidation is a bad idea in the US?

我認為，在鐵路或航空等網路型企業中，連結性越強，本地交通流量越大，就越能創造更多發展機會，提供更可靠的服務，提高服務水準。我認為大多數投資者都會同意，從 15 年的時間跨度來看，美國鐵路與加拿大鐵路相比，情況基本上是如此。我只是想了解一下，你為什麼認為在美國進一步整合是個壞主意？

Well, if you want to compare the Canadian kind of industry to the US industry, we are structured a little bit differently. But what you get with that kind of transcon network is you get a very different regulatory environment. And if we're going to be successful if we're going forward as an industry, particularly if the focus is to be nimble enough to take trucks off the road, which is the next big growth area, then we need less regulation, more competition.

嗯，如果你想把加拿大的產業和美國的產業做比較，我們的結構略有不同。但這種跨大陸網絡帶來的是截然不同的監管環境。如果我們想要作為一個行業取得成功，想要向前發展，特別是如果我們的重點是足夠靈活地將卡車從道路上移除（這是下一個重大增長領域），那麼我們需要減少監管，增加競爭。

We need to be able to be more nimble, more innovative in how we go to market. And so that's going to be critical. So going down the path of creating big transcon is going to inevitably attract a different regulatory structure. I don't think that, that's going to enable that sustainable growth that we all want. So we got to be eyes wide open about what we're walking into here.

我們需要在市場拓展方式上更有彈性、更具創新性。所以這一點至關重要。因此，走上打造大型跨大陸航線的道路，必然會吸引不同的監管結構。我不認為那樣就能實現我們都渴望的永續成長。所以我們必須睜大眼睛，認清我們即將面對的一切。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So Tracy, been a lot of management change. Are we comfortable? We're sort of through it all. And then I heard a lot -- you talk a lot about sort of the macro challenges and volume and mix. I didn't hear a lot about price. Maybe just talk about how this macro environment is impacting pricing. And ultimately, like when you add it all together, like are we confident we can get some margin improvement looking out to next year?

所以，Tracy，最近管理階層變動很大。我們感覺舒服嗎？我們已經基本度過了難關。然後我聽到了很多——你經常談到宏觀挑戰、音量和混音。我沒怎麼聽到有關價格的消息。或許可以談談當前的宏觀環境對定價的影響。最後，當我們把所有因素綜合起來考慮時，我們是否有信心在明年實現利潤率的提高？

Scott, thanks for the question. Yes, I like this team. I like this team for right now. We are -- we've got a plan. We're focused, we're aligned, we're ready to go, and we're feeling pretty urgent about delivering this plan. As far as the price goes, let me say an overarching comment, and then I'm going to let Janet answer and give you the details of it.

斯科特，謝謝你的提問。是的，我喜歡這支球隊。我目前很喜歡這支球隊。我們有—我們有計劃。我們目標明確，步調一致，準備就緒，我們迫切希望落實這項計劃。至於價格方面，我先簡單概括一下，然後讓 Janet 來回答並詳細說明。

We've been -- we've had very strong price performance over the last three years as part of what's driven our results. And as we look forward, expect that to continue. We will -- Janet's mandate is continue to price relative to service, but above rail cost inflation. Janet, do you want to speak a little bit about that?

過去三年，我們的股價表現非常強勁，這也是我們業績成長的部分原因。展望未來，預計這種情況還會持續下去。我們將—珍妮特的任務是繼續根據服務定價，但高於鐵路成本通膨。珍妮特，你想稍微談談這件事嗎？

Sure, Tracy. Thank you. Thanks, Scott, for the question. Let me say, first of all, that we know our customers well. We know what our available capacity is, and we know what service levels we're providing. So our overall pricing strategy remains very consistent. First and foremost, we're going to price to the value of our service we're providing.

當然可以，特蕾西。謝謝。謝謝斯科特的提問。首先我想說的是，我們非常了解我們的客戶。我們清楚現有的產能，也清楚我們所提供的服務水準。因此，我們的整體定價策略保持非常一致。首先，我們將根據我們所提供服務的價值來定價。

We're going to sell into our capacity, and we're going to ensure -- going to continue to ensure that we're pricing ahead of our rail cost inflation, which is around 3%. I would add that we have really good line of sight on our pricing for the balance of the year and into 2026. Now I would call out that our pricing for regulated grain for the '25, '26 crop is about 1.7%. That's versus nearly 6% last year.

我們將把貨物賣到產能極限，我們將確保——將繼續確保我們的定價高於鐵路成本通膨率，該通膨率約為 3%。我還要補充一點，我們對今年剩餘時間和 2026 年的定價都有非常清楚的預期。現在我要指出的是，我們 2025 年和 2026 年作物的監管穀物定價約為 1.7%。而去年同期這一比例接近6%。

So that's just something to keep in mind in your modeling. But the short answer is, yes, we are still growing price ahead of our expense inflation.

所以這是你在建模時需要記住的一點。但簡而言之，是的，我們的價格成長仍然高於成本上漲。

Konark Gupta, Scotiabank.

科納克·古普塔，加拿大豐業銀行。

Just on the cost side of things, Tracy, I wanted to understand, you have a $75 million program here. How much of that you expect to be recognized in 2025? I mean, I think your guidance is unchanged. And I mean, it sounds like you're expecting a pretty good Q4 here. So I mean, some of that might be from lapping of comps perhaps in November from the strikes and all that, but also some of these costs, right? And then for Ghislain, the leverage ratio philosophy, does it change with the CapEx reduction for next year?

特蕾西，我想了解一下成本方面的情況，你們這裡有一個耗資 7500 萬美元的項目。您預計到 2025 年，其中有多少能夠被認可？我的意思是，我認為你的指導方針沒有改變。我的意思是，聽起來你對第四季的業績預期相當不錯。所以我的意思是，其中一些可能是由於罷工等原因導致的11月份比賽成績下滑，但也包括一些其他成本，對吧？那麼對吉斯蘭來說，槓桿率策略是否會隨著明年資本支出的減少而改變呢？

So we have been working at productivity improvements for three-years, and we've been working on it Konark all year this year. The smaller part of it is this management adjustment or adjustment to our management workforce. We're in the middle of that right now. So yes, you will see some benefit of that in Q4, but I think it's going to be smaller. It's really intended for full year impact in 2026. And Ghis, do you want to take?

因此，我們三年來一直在努力提高生產效率，今年我們一直在科納克為此努力。其中較小的部分是管理階層調整或管理人員團隊調整。我們現在正處於這個過程之中。所以，是的，第四季你會看到一些好處，但我認為好處會比較小。它實際上旨在對 2026 年產生全年影響。吉斯，你想帶走嗎？

Yes. And I would say as well, Konark, thanks for the question. So out of the $75 million that Tracy talked about, I said, there was a little bit hitting CapEx, but I would say the majority -- nearly 90% of it will hit OpEx. And on the leverage, as you know, we finished at 2.55. We've targeted 2.5. This is something that we debate on a regular basis within management and with our Board, whether we have the right leverage.

是的。我還要說，Konark，謝謝你的提問。所以，在特雷西提到的 7,500 萬美元中，我說，其中一小部分會用於資本支出，但我認為大部分——幾乎 90% 的部分將用於營運支出。至於槓桿率，如您所知，我們最終定格在2.55，目標是2.5。這是我們管理階層和董事會經常討論的問題，即我們目前的槓桿率是否合適。

We like a strong balance sheet. I think the question is how strong does it need to be. So at this point, we're continuing to manage to 2.5, considering the fact that the macroeconomic environment is weak and that there's consolidation out there. So we want to keep some powder dry, but it's something that we debate on a quasi-regular basis.

我們喜歡資產負債表穩健的公司。我認為問題在於它需要有多強。因此，考慮到宏觀經濟環境疲軟以及市場存在整合，目前我們仍能將成長率維持在 2.5%。所以我們希望保留一些備選方案，但這是我們經常討論的問題。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

Tracy, Prince Rupert is a pretty unique asset. Obviously, huge growth over the years and opportunity as well. How do you see the outcomes there, whether there is a permanent change in the US or not? Do you think there's more opportunity to grow? Do you think there's less? And how does that influence your capital position as well?

崔西，魯珀特王子港是一個非常獨特的資產。顯然，這些年來發展迅猛，機會也隨之而來。您如何看待那裡的結果，美國是否會發生永久性改變？你認為還有更大的發展空間嗎？你覺得數量減少了嗎？那又會對你的資本狀況產生怎樣的影響呢？

So Rupert is a very unique asset, and we've been seeing it grow over the years. What has really been interesting about Rupert is to watch it go from a pure intermodal play to more and more of a carload play. And as we think forward about what's going on in the energy sector and in other sectors, ultimately plastics, grain, we see that continuing to increase.

所以魯珀特是一項非常獨特的資產，而且這些年來我們一直看到它不斷成長。魯伯特號真正有趣的地方在於，它從純粹的多式聯運業務逐漸轉變為越來越以整車運輸為主的業務。當我們展望能源領域以及其他領域（最終包括塑膠、糧食等）的發展趨勢時，我們看到這些領域的需求將持續成長。

And as we look forward and contemplate how global trade flows may adjust from an export perspective and all of what kind of the Canadian government is contemplating, we can see Rupert playing a bigger and bigger role in that as we go forward. We watch our capacity very, very closely. And I'm satisfied right now that we have the capacity in that line. The pinch point was the Edson sub, and Pat's taking care of that.

展望未來，當我們從出口角度思考全球貿易流動將如何調整，以及加拿大政府正在考慮的一切時，我們可以看到，隨著時間的推移，魯伯特在其中扮演的角色將越來越重要。我們會非常密切地關注我們的產能。我對目前我們這條生產線的產能感到滿意。瓶頸在於埃德森替補上場，帕特正在解決這個問題。

As I said, we've got seven more trains capacity by the end of this year than we did in this year. So we're well positioned for the capacity as we go forward. We're finishing off the Zanardi Bridge in Prince Rupert, which is going to give us more capacity in the local area. So we are positioned to respond to the growth, both in the immediate and the longer term at Rupert right now.

正如我所說，到今年年底，我們的列車運力將比今年增加七列。因此，我們已做好充分準備，迎接未來的挑戰。我們正在完成魯珀特王子港的紮納爾迪橋的建設，這將提高當地的通行能力。因此，我們目前已做好準備，以應對魯珀特公司近期和長期的成長。

Maybe I could just add a little bit, Tracy, on that. In terms of the intermodal as well, I would reiterate we have a very competitive service offering through Prince Rupert. And you have to remember with intermodal, it's not just the rail, it's the end-to-end supply chain. And so we've seen great growth with Gemini because of our service consistency and some of the other products that we're doing at Prince Rupert, Tracy mentioned the grain and the plastics.

崔西，或許我可以再補充一點。就多式聯運而言，我也要重申，我們透過魯伯特王子港提供非常有競爭力的服務。你必須記住，對於多式聯運來說，不只是鐵路，而是端到端的供應鏈。因此，由於我們服務的穩定性以及我們在魯珀特王子港生產的其他一些產品（特雷西提到了穀物和塑膠），Gemini 的業務取得了巨大的成長。

This actually helps us load more containers to go export. And so it's really an ecosystem of competitiveness that we have at Prince Rupert that we think is going to continue to make us successful there. Thanks for the question.

這實際上有助於我們裝載更多貨櫃進行出口。因此，我們認為魯珀特王子港擁有的這種競爭生態系統將繼續使我們在那裡取得成功。謝謝你的提問。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊銀行。

So I'm not sure if this is for Ghislain or Pat, but -- and maybe this is an unfair characterization, but it sounds like maybe CN is a bit more mature in the network now. Does that change the way you guys look at operationally planning things for next year and thinking about headcount and managing costs? I know it's kind of an open-ended question, but I appreciate it.

所以我不確定這是給吉斯蘭還是帕特的，但是——也許這種說法不太公平，但聽起來CN現在在網路上似乎更加成熟了。這是否會改變你們對明年營運計畫、人員配置和成本控制的看法？我知道這是一個開放式問題，但我很感謝。

I'll take that. I would say that as we think about the network, we have made the right investments over the last several years. You think about what we've invested in the Edson sub to unlock capacity west of Edmonton. You couple that with the NTCF and CN money that's been spent for landing capacity at West Coast ports. I feel very good about the condition of the network.

我接受。我認為，就網路建設而言，過去幾年我們做出了正確的投資。想想我們為了釋放埃德蒙頓西部地區的運力，在埃德森支線投入了多少資金。再加上 NTCF 和 CN 為提升西海岸港口卸貨能力所投入的資金。我對網路狀況非常滿意。

We invested in two projects on the EJ&E around Chicago. Our competitive advantage around Chicago, it's taken -- it is now with the last project taken a crew start out of that corridor between Chicago and Western Canada. I would also say that as I think about productivity and the way it has improved, we have learned very quickly the impact of the duty and rest period rules and made adjustments.

我們在芝加哥附近的EJ&E鐵路沿線投資了兩個項目。我們在芝加哥週邊的競爭優勢已經喪失——現在隨著最後一個項目的完成，一個團隊已經從芝加哥和加拿大西部之間的走廊地帶出發。我還要說，在思考生產力及其提高方式時，我們很快就了解到值班和休息時間規則的影響，並做出了調整。

We have been quick to adjust workforce where volumes softened while continuing to hire in the hardest to staff locations. I feel very good about where we are from a resource standpoint. I feel very good about the network and our ability to grow into it, fill it up. And Ghislain, any comments from you?

我們迅速調整了業務量放緩地區的員工隊伍，同時繼續在最難招募到人的地區招募員工。從資源角度來看，我對我們目前的狀況感到非常滿意。我對我們的人脈以及我們發展壯大、充分利用它的能力感到非常樂觀。吉斯蘭，你有什麼要補充的嗎？

Yes, I would say as well, it's productivity everywhere, Brandon. It's not only productivity from the operating side, but it's productivity at the headquarters side as well. So we're looking at everything. We're looking at automation in some of the back-office systems that we have. So it's everywhere. We're turning every rocks, and this team is focused, and we know we have a weak volume environment. So we need to address costs everywhere, and that's what we're doing.

是的，我也這麼認為，布蘭登，到處都是生產力提升。這不僅關乎營運端的生產力，也關乎總部端的生產力。所以我們正在全面考察。我們正在研究如何將自動化應用於我們現有的一些後台系統。所以它無所不在。我們正在竭盡全力，團隊目標明確，我們也知道我們目前面臨的市場環境較為疲軟。所以我們需要在各方面解決成本問題，而這正是我們正在做的。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

I was hoping you could talk a little bit about some of the cost actions that you guys have undertaken and your thoughts in terms of those going into the fourth quarter and then also into 2026, the sustainability of those.

我希望您能談談貴公司已經採取的一些成本控制措施，以及您對這些措施在第四季度乃至 2026 年的可持續性的看法。

Thanks, Stephanie. I think that this isn't just a -- we've intensified over the last 12 weeks given the macroeconomic environment. But we've been working on continuing to improve productivity across the organization over the last three-years. It's what made us so resilient as we've kind of encountered different economic and different kind of operating environments.

謝謝你，斯蒂芬妮。我認為這不僅僅是——鑑於宏觀經濟環境，過去 12 週以來，這種情況已經加劇。但在過去三年裡，我們一直在努力提高整個組織的生產力。正是這種韌性使我們擁有了強大的適應能力，因為我們遇到了各種不同的經濟環境和不同的經營環境。

In the last 12-weeks, Pat and team have been doubling down on how we're thinking about responding to the volumes that we see coming at us and how we do that with increasing productivity, whether it's train starts, whether it's the way that we're managing the crews, whether it's the continued capital productivity, whether it's the -- what you heard him talk about in the mechanical shops.

在過去的 12 周里，帕特和他的團隊一直在加倍努力思考我們如何應對即將到來的貨運量，以及如何透過提高生產力來應對，無論是列車啟動，還是我們管理乘務員的方式，還是持續的資本生產力，還是——你聽到他在機械車間談論的那些。

In head office, on the management side, this was an action that we've taken. It's healthy every now and again to just -- good hygiene to take a look at how you're organized and where you can consolidate opportunities. And so as we've done that, we've done a program here -- and actually, we're in the middle of the program here. And -- but it's just said, we're going to continue to look at where we have the opportunity to get tighter and tighter. This is part of railroading.

在總部管理層，我們已經採取了這項行動。時不時地審視一下自己的組織方式以及可以整合哪些機會，這是一個良好的習慣。所以，在我們這樣做之後，就在這裡開展了一個專案——實際上，我們目前正處於這個專案的中間階段。而且——但正如前面所說，我們將繼續尋找機會，在哪些方面可以做得越來越好。這是鐵路運輸的一部分。

It's good business to kind of just continue to tighten the way you work and to react to what you see coming at you. A big part as we look at the work that we've done over the past, and we're -- you're going to continue to see the impact of is just adjustment in our contractor workforce as well. Pat has taken a look at that primarily in engineering.

不斷改進工作方式並對即將發生的事情做出反應，這對企業來說是明智之舉。回顧我們過去所做的工作，很大一部分影響在於——你將繼續看到我們承包商隊伍的調整。Pat 主要從工程學的角度研究了這個問題。

But I think broader than engineering and bringing that work back in, we've reduced, I think, Pat, $120 million in contractor fees -- contractor costs year-to-date by investing $20 million in an employee base. So it's those types of things that you're seeing out there. There's no one big item. This is singles across the organization and every month, and you're going to see that continue.

但我認為，除了工程和收回這項工作之外，我們還減少了，帕特，我認為，通過投資 2000 萬美元用於員工隊伍建設，我們今年迄今為止減少了 1.2 億美元的承包商費用——承包商成本。所以，你現在看到的就是這類事情。沒有哪一件是特別重要的事。這是整個組織內每個月都會出現的單身人士，而且這種情況還會持續下去。

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

I think historically, if you go back, kind of CN was the original OR leader and great carload franchise. I think the kind of biggest miss versus the growth targets of a couple of years ago has really been on the intermodal side. And so I wonder if there's more of the opportunity is Western Bulk, maybe carload, do you get back to kind of an algorithm that produces a stronger OR?

我認為從歷史角度來看，如果你回顧過去，CN 可以說是最初的 OR 領導者和偉大的整車運輸特許經營商。我認為，與幾年前的成長目標相比，最大的差距確實在於多式聯運方面。所以我想知道，西部散貨運輸（Western Bulk）或整車運輸（carload）是否還有更多機會，能否回歸到某種能夠產生更強「或」關係的演算法？

Is that a reasonable way to think about it, just looking at carload or bulk as just being naturally stronger OR business. So kind of, I guess, a broader thought, but you think we can see OR improvement and maybe go from low 60s to high 50s, something like that, if your mix of growth is a bit different with more carload and bulk?

如果僅僅從整車運輸或散裝運輸的角度來看問題，認為它們天生就更強大或更具商業價值，這種想法合理嗎？所以，我想說的是，更廣泛地說，如果你的成長組合有所不同，增加了貨車運輸和散裝貨物的運輸量，你認為我們能否看到運力改善，也許能從 60 出頭提高到 50 多，諸如此類？

Yes. We love our merchandise portfolio without a doubt, and it is a great business. And we -- right now, we're suffering a little bit under the tariff impacts to forest products on the merchandise side. But we've got tremendous opportunities growth in merchandise. If you think about the energy sector and others, Janet will talk about that in just a minute as we look. But I've always thought intermodal is going to be interesting to watch.

是的。我們對我們的商品組合充滿信心，這絕對是一項很棒的業務。目前，我們在商品方面正受到林產品關稅的影響，這給我們帶來了一些損失。但我們在商品銷售方面擁有巨大的成長機會。如果你考慮能源產業和其他領域，珍妮特稍後會談到這一點，我們馬上就會看到。但我一直覺得多式聯運會很有意思，值得關注。

But I've always thought that the right operating ratio for this place starts with a five. And -- but it is we are highly leveraged to volume growth right now. We've done what we've needed to do from a cost perspective. That's going to continue. We'll continue to lean into it. And as we look at rounding into 2026 with the macro environment we're in, we're going to run tight.

但我一直認為，這個地方合適的營運比率至少要從五開始。但是——我們現在對銷售成長的依賴程度很高。從成本角度來看，我們已經完成了我們需要做的事情。這種情況還會繼續下去。我們將繼續深入研究這個問題。展望 2026 年，在當前的宏觀環境下，我們的資金將會非常緊張。

We're going to be lean, but we will have the ability to flex up as the volumes turn up, whether those are intermodal international volumes or whether they are merchandise volumes. Janet, did you want to add something?

我們將保持精簡，但隨著業務量的增加，我們將有能力靈活調整，無論是多式聯運國際貨運量或商品貨運量。珍妮特，你還有什麼要補充的嗎？

Look, I would just say, Tom, I want all our business to grow. Intermodal, merchandise bulk, everything. And so we're going to be pushing on all levers for growth. There's nothing I would like more than to load up the network and have Pat make some more investments or figure out how to run faster, smarter and better going forward.

湯姆，我只想說，我希望我們所有的業務都能成長。多式聯運、散貨運輸，應有盡有。因此，我們將竭盡全力推動所有成長因素。我最希望的就是能夠增加網路資源，讓 Pat 有更多投資，或是想辦法讓網路運作得更快、更聰明、更好。

So mix is something you deal with. But from a proactive perspective, we're going to go out there and we're going to try and get every piece of business we can. In fact, the mantra for the sales team is every carload counts. And I use carload loosely there. That means intermodal units as well. So we're after everything. Thanks for the question.

所以，混合是你需要處理的問題。但從積極主動的角度來看，我們將走出去，努力爭取每一筆生意。事實上，銷售團隊的座右銘是：每一車貨物都至關重要。我在那裡使用“一車貨物”這個詞的含義比較寬泛。這也包括多式聯運單元。所以，我們想要得到一切。謝謝你的提問。

Kevin Chiang, CIBC.

Kevin Chiang，加拿大帝國商業銀行。

Congrats to Janet and Pat on their roles. Maybe this is for Ghislain. If we think of a mid-teen CapEx intensity, just how does that play out over the longer term in terms of how you think about ROIC, which looks like it's stuck kind of in that 13%, 14% range kind of for the last five-years, as well as your depreciation intensity, which has been creeping up given your capital spend?

恭喜 Janet 和 Pat 出演各自的角色。或許這是給吉斯蘭的。如果我們考慮十幾個百分點的資本支出強度，那麼長期來看，這會對投資報酬率產生怎樣的影響呢？過去五年，投資報酬率似乎一直徘徊在 13% 到 14% 的範圍內。此外，考慮到資本支出，折舊強度也不斷上升。

Like does that -- I'm assuming that naturally comes down? And maybe if you could just wrap that up in terms of what that means for incremental operating leverage as volumes do come back. Does that look a little bit better just given some of these moving parts with lower CapEx?

就像那樣——我假設它是自然下降的？也許您還能總結一下，隨著銷售回升，這對逐步提高營運槓桿意味著什麼。考慮到這些可移動部件的減少以及資本支出的降低，情況是不是好一些了？

Yes. Thanks, Kevin, for the question. As you know, ROIC is very, very dependent on earnings because your denominator is the entire asset base. And the ROIC has reduced in the last few years because earnings have been challenged a little bit. So as earnings come back, which they will, I mean, eventually, the economy will get stronger and we will be able to flex up, I think that you will see the ROIC improving.

是的。謝謝你的提問，凱文。如您所知，ROIC 與收益非常非常相關，因為分母是整個資產基礎。近幾年，由於獲利受到一些挑戰，ROIC有所下降。所以隨著獲利回升（這是必然的，我的意思是，最終經濟會走強，我們也能靈活調整），我認為你會看到投資報酬率有所提高。

In terms of depreciation, you're right. We've had depreciation headwind year in, year out. I think that sizing up now our CapEx the way we are. And as Tracy said, we see this going forward, I think that will help on a year-over-year basis in terms of depreciation. Thanks for the question.

就折舊而言，你說得對。我們年復一年都面臨著折舊帶來的不利影響。我認為現在評估一下我們目前的資本支出規模是合理的。正如特雷西所說，我們認為這種情況會持續下去，我認為這將有助於逐年減少折舊。謝謝你的提問。

Benoit Poirier, Desjardins.

貝努瓦·波瓦里耶，德斯雅爾丹。

Congrats on the results and for Janet and Pat for the new roles. Tracy, you've been taking some action, putting in place a leaner and more nimble organization with a sense of urgency, as Janet discussed. Looking at the regions, you made some changes with Nicole in charge of Southern region, Brad in charge of Western region. So are you still looking to break down the network in three regions? And could you talk about what you expect from these new leaders?

恭喜你們取得好成績，也恭喜 Janet 和 Pat 榮任新職。特蕾西，正如珍妮特所說，你一直在採取一些行動，以緊迫感建立一個更精簡、更靈活的組織。從區域劃分來看，你們做了一些調整，由妮可負責南部地區，布拉德負責西部地區。所以你仍然打算將網路拆分成三個區域嗎？您能否談談您對這些新領導人的期望？

Bonjour, Benoit. Yes, we are. We're constantly looking at our organization. And as you know, I take talent development very, very seriously as does this entire team. Nicole has had the opportunity and the benefit of being able to sit on top of the Western corridor for a couple of years. And we're going to -- we've asked her to go down and take a fresh eye look at what's going on in the Southern region, and she's going to have some other opportunities there.

你好，貝努瓦。是的，我們是。我們一直在審視我們的組織。如你所知，我和整個團隊都非常非常重視人才培育。妮可有幸在過去幾年坐鎮西部走廊上，並從中受益匪淺。我們已經請她去南方地區重新審視那裡的情況，她在那裡還會有其他一些機會。

Brad is perfectly positioned to step up into the Western region. He knows it extremely well. He's been developed outside of transportation and mechanical and other areas, and we know that he's going to do well at that. But it's about giving our key leaders that next development opportunity, and it's about getting fresh eyes all the time on different parts of our organization.

布拉德完全有能力進軍西部地區。他對此非常清楚。他接受過交通、機械等其他領域的培訓，我們知道他在這方面會做得很好。但關鍵在於為我們的關鍵領導者提供下一個發展機會，也在於不斷引入新鮮視角來審視我們組織的各個層面。

Pat's been very thoughtful around how he wants to structure this. Yes, there will still be three regions. There's unique operation, unique opportunities in each of those regions. And every time we bring a different leader in, they have an opportunity to kind of do that fresh eyes look at it. It's going to be part of how we operate going forward is strong focus on developing the team.

帕特對如何建構這個計畫已經考慮得非常周全了。是的，仍然會有三個賽區。每個地區都有其獨特的營運模式和獨特的機會。每次我們引進一位新的領導人，他們都有機會用全新的視角來看待這個問題。未來，我們將把重點放在團隊建立上，這將成為我們運作方式的一部分。

I like our operations bench strength a lot, and you're just seeing it continue to strengthen. So as we bring -- go ahead, Christa.

我非常滿意我們營運團隊的實力，而且你會看到這種實力還在不斷增強。所以，我們接下來——請繼續，克麗斯塔。

This concludes the question-and-answer session. I would now like to turn the call back over to Tracy Robinson.

問答環節到此結束。現在我想把電話轉回特蕾西·羅賓遜。

Thanks, Christa. Now just before we conclude here, I want to take the opportunity to thank the entire CN team for all your contributions, your focus and your resilience as a team, we have a plan. We're driving forward. We are in the markets, Janet, next to our customers, driving for every carload of freight. We're being proactive about positioning our costs and our capital for the environment that we're in, and we're increasing cash flow and returns.

謝謝你，克麗斯塔。在結束今天的演講之前，我想藉此機會感謝整個 CN 團隊的貢獻、專注和團隊韌性，我們已經制定了計劃。我們正在向前邁進。珍妮特，我們就在市場上，就在客戶身邊，為每一車貨物奔波。我們正在積極主動地調整成本和資本配置，以適應當前的環境，從而增加現金流量和回報。

Now we know that we have an advantaged network that sits at top an incredible resource base that's well positioned in the future no matter how trade flows evolve, and we're committed to driving value through all cycles. Thanks for your time today, and we'll talk to you soon.

現在我們知道，我們擁有一個優勢網絡，它建立在一個令人難以置信的資源基礎之上，無論貿易流向如何變化，我們都能在未來佔據有利地位，我們致力於在所有周期中創造價值。感謝您今天抽出時間，我們下次再聊。

The conference call has now ended. Thank you for your participation. You may now disconnect.

電話會議已結束。感謝您的參與。您現在可以斷開連線了。