波兰总理唐纳德·图斯克17日说，波兰一条用于向乌克兰运送物资的铁路线发生爆炸，这是一起"史无前 例的破坏行为"。 波兰方面还报告了同一线路上另外两起可疑事件：在位于米卡村和卢布林市之间的普瓦维市，铁轨上方 的供电线损坏，一列载有475名乘客的列车被迫停车；距该处数百米外的铁轨上，有人设置了障碍物。 上述事件均未造成人员受伤。图斯克17日到米卡村附近遭破坏的铁路线视察情况，称这是一条"至关重 要的"援乌运输线路。他还在社交媒体发帖，宣布将召开国家安全委员会紧急会议，誓言"抓住肇事者， 无论他们是谁"。 波兰国防部表示，军方将检查华沙至乌克兰约120公里的铁路线路，以确保安全。 北约秘书长吕特称，北约与波方保持密切联系，等待调查结果。欧盟委员会主席冯德莱恩称，欧洲面临 的安全威胁"真实且不断上升"。（总台记者 徐明） 遭破坏的铁路路段位于华沙东南约100公里的米卡村附近。一名火车司机16日早上首先发现轨道异常。 波兰内政和行政部长马尔钦·凯尔温斯基说，一个爆炸装置被引爆，损坏了铁轨。警方和铁路安保已封 锁现场并展开调查。 波兰国家检察官办公室说，已就"具有恐怖主义性质的破坏行为"立案调查，称该行动可能由"外国情报 ...

Financial Data and Key Metrics Changes - Sales in the third quarter were $2.9 billion, an increase of 8% compared to the prior year, driven by both freight and transit segments [4][11] - Adjusted EPS rose by 16%, attributed to increased sales and margin expansion [4][13] - Total cash flow from operations for the quarter was $367 million, reflecting a decrease year-over-year due to higher tariffs and increased working capital [20][21] - The 12-month backlog reached $8.3 billion, up 8.4%, while the multi-year backlog achieved an all-time high [4][11] Business Line Data and Key Metrics Changes - Equipment sales increased by 32% year-over-year, driven by higher new locomotive deliveries [14][15] - Digital intelligence sales surged by 45.6%, primarily due to the acquisition of Inspection Technologies [15][16] - Services revenue declined by 11.6% from last year's third quarter, a planned decrease due to timing of modernization deliveries [14][15] Market Data and Key Metrics Changes - North American traffic was up 1.4% in the quarter, although Wabtec's active locomotive fleets were slightly down compared to last year's third quarter [6][7] - The forecast for North American railcar builds was reduced to approximately 28,000 cars, representing a 34% reduction from the previous year [7] - Internationally, strong activity was noted in markets such as Asia, India, Brazil, and CIS, with significant investments in infrastructure [7][8] Company Strategy and Development Direction - The company is focused on enhancing competitiveness and driving innovation through integration initiatives and portfolio optimization [10][11] - Wabtec aims to target leadership positions in segments where it offers clear differentiation, positioning itself for long-term success [10][11] - The company is raising its full-year adjusted EPS guidance to between $8.85 to $9.05, reflecting confidence in its growth trajectory [22] Management's Comments on Operating Environment and Future Outlook - Management expressed caution in navigating a volatile economic landscape while remaining optimistic about the underlying momentum in business [5][6] - The pipeline of opportunities remains strong, with expectations for further growth moving into the fourth quarter and beyond [22][29] - Management highlighted the importance of fleet renewal and modernization as key drivers for future growth in North America [68] Other Important Information - The company secured a historic $4.2 billion order with Kazakhstan's National Railway, marking the largest single rail order in history [8][71] - The integration of Inspection Technologies is progressing positively, with early signs of cross-selling momentum [77] Q&A Session Summary Question: Concerns about organic growth being in low single digits - Management noted that the 12-month backlog growth has outpaced last year, indicating stronger coverage for future growth [28] Question: Expectations for services growth in 2026 - Management expects core services to grow in the 5% to 7% range, driven by fleet age and innovation [31] Question: Thoughts on backlog and upcoming acquisitions - Management indicated that the backlog is stronger for 2026 than it was a year ago, with acquisitions expected to provide inorganic growth [36][38] Question: Impact of tariffs on cash flow and inventory - Management explained that tariffs impact cash first and will flow through inventory over the next two to four quarters [47] Question: Trends in pricing and gross margin growth - Management acknowledged that pricing is a factor in gross margin growth, though it is not the core driver [82]

Core Points - The extensive railway network in China spans 162,000 kilometers, covering 99% of cities with populations over 200,000 and 48,000 kilometers of high-speed rail covering 97% of cities with populations over 500,000 [1] - In 2024, the national railway is expected to transport 4.08 billion passengers and 3.99 billion tons of goods, making it the busiest railway network globally [2] Group 1: Railway Infrastructure and Operations - The railway network is characterized by its vast coverage and high capacity, with significant passenger and freight transport figures indicating robust operational efficiency [1][2] - The commitment to safety is emphasized through the dedication of railway workers who ensure the integrity of infrastructure in challenging environments, such as high-altitude areas with extreme weather conditions [3][4] Group 2: Employee Dedication and Innovation - Employees like Wang Zhongmei and Wang Chao demonstrate exceptional skills and innovation in their respective roles, contributing to advancements in welding techniques and electrical repairs, which are crucial for maintaining railway safety and efficiency [4][5] - The focus on customer service is highlighted by employees like Kong Xiangpei and Che Feifei, who prioritize passenger safety and comfort during operations, showcasing a culture of care within the railway system [6][7] Group 3: Logistics and Economic Impact - The establishment of logistics centers, such as the one in Xi'an, reflects the railway's role in enhancing supply chain efficiency and reducing transportation costs for businesses, thereby supporting economic growth [10] - The integration of modern logistics practices and communication technologies is vital for ensuring the smooth operation of freight services, as demonstrated by employees like Ding Qiaoren [11]

Group 1 - The core viewpoint emphasizes the need for enhanced management and regulation of drone usage along railway lines to ensure the safety of train operations and passenger travel [1][2][3] Group 2 - Various railway police departments are actively engaging in public awareness campaigns, including distributing over 2,600 promotional materials and signing 32 safety commitment letters with drone users [2] - The implementation of a comprehensive monitoring system for drone activities includes foot patrols, vehicle inspections, and video checks, with a focus on early detection and response to unauthorized drone flights [3] - Collaboration with local law enforcement and technology companies is being strengthened to improve the rapid response mechanisms and enhance the overall safety of railway operations [3]

Group 1 - The overall safety situation of China's railway has continued to improve, with a 18% year-on-year decrease in railway traffic accident fatalities in 2024, and no major or particularly major accidents reported throughout the year [1][2] - The number of significant railway accidents remained stable at 2 in 2024, consistent with 2023, while the total number of significant accidents from 2019 to 2023 varied significantly [1][2] - The China National Railway Group reported a 26.7% year-on-year decrease in fatalities, indicating that the safety situation under its management is better than the national average [1] Group 2 - The railway sector has not experienced major accidents for several consecutive years, marking the safest period in railway history, attributed to improved safety laws, responsibility systems, and infrastructure upgrades [2] - Future safety initiatives will focus on closing unprotected crossings, enhancing warning systems, and conducting emergency drills to reduce human error risks [2] - By the end of 2024, the total number of locomotives in the national railway system is projected to be 22,500, with a mix of diesel and electric locomotives [2] Group 3 - In 2024, the total operating mileage of the national railway reached 162,000 kilometers, with 48,000 kilometers of high-speed rail, a 60.8% double-track rate, and a 76.2% electrification rate [3] - The total freight volume for the national railway was 5.175 billion tons, reflecting a 2.8% year-on-year increase, with specific commodities showing varied growth rates [3] - The growth in container transport is primarily driven by the shift from bulk to containerized transport, contributing significantly to the increase in railway container transport volumes [3][4] Group 4 - The railway sector is transitioning from traditional transport roles to more flexible logistics services, with the opening of multiple intermodal transport routes and significant growth in container transport volumes [4] - As of April 2025, the railway container transport volume has increased by 17% year-on-year, with a stable average growth rate of over 15% in recent years [4]

Core Points - During the recent Dragon Boat Festival holiday, Tianjin Railway Public Security deployed an average of 659 police officers daily, handling over 310 incidents and seizing more than 7,700 dangerous items to ensure the safety of over 2.2 million travelers [1] - The Tianjin Railway Public Security strengthened coordination with railway companies to monitor passenger flow and train schedules, adjusting police deployment based on peak travel times and key stations [1] - The Tianjin Railway Police took strict measures against crimes affecting passenger interests, including theft, seat hogging, drunken disturbances, and telecom fraud, deploying special teams to monitor key stations and trains [1] - Police stations collaborated with armed police and special police to enhance patrols in critical areas of train stations, conducting emergency response drills to improve handling capabilities [1] Incident Reports - On June 1, a suspicious traveler at Cangzhou West Station was identified as a wanted fugitive, leading to his apprehension by local police [1] - On May 31, a passenger was fined 200 yuan for smoking on a train, highlighting ongoing enforcement of public order regulations [2] - Police stations at Tianjin Station and other locations focused on managing passenger flow and maintaining order during the holiday, with increased patrols and assistance for travelers [2] Public Awareness Initiatives - Tianjin Railway Police provided safety education to travelers, using various methods such as audio announcements and case studies to raise awareness about travel safety [3] - Innovative outreach methods, including original comics, were employed to inform the public about travel precautions [3] - Interactive classes and engaging activities were organized to educate travelers on preventing telecom fraud and managing their finances [3]

Group 1 - The core theme of the activities is "Knowing the Railway, Loving the Railway, Protecting the Railway, and Building a Safe Railway Together" [2] - A microfilm titled "Guarding Peace" premiered, utilizing a "1+16" linkage model for simultaneous viewing across 16 cities in Shandong [4] - The microfilm aims to educate the public on railway safety through four real cases, highlighting the connection between railway safety and daily life [4] Group 2 - Shandong's railway protection office has been actively promoting safety awareness through various campaigns, including themed posters and educational collaborations with schools [7] - Activities include interactive sessions in schools, distribution of safety materials in communities, and signing safety agreements with truck drivers in industrial parks [7] - A comprehensive public education system has been established, involving government, enterprises, and community participation to enhance railway safety [9]