Above-expectation results, with the core reason being the Iran conflict pushing up the energy market and spreading to other sectors, driving strong growth in volume and revenue.

Volume +4% YoY, Revenue +5%, EPS of $3.52 (+7% YoY), adjusted operating ratio of 65.5% (exceeding expectations with a sequential improvement of 320bps).

Service significantly improved: new COO Brian drove network optimization, with on-time departure rate up 20% in July, terminal dwell time down, and ongoing cost control. 2026 cost reduction target maintained at $150M. Industrial development pipeline accelerated, with multiple new factory projects landed.

Management is optimistic about 2H demand, but raised full-year operating expense guidance to $8.8-8.9B (due to fuel price increases). Core cost control is good, and CapEx remains unchanged at $1.9B.

Positive signals: Management expressed strong confidence in service improvement and market demand, calling it "one of the most optimistic quarters." Risks: Sustained high fuel prices may dampen consumer demand, representing a long-term uncertainty.