Park Aerospace Corp (PKE) 2026 Q2 法說會逐字稿

Good afternoon. My name is Vaughn, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Park Aerospace Corp. second-quarter fiscal year 2026 earnings release conference call and investor presentation. (Operator Instructions) At this time, I will turn today's call over to Mr. Brian Shore, Chairman and Chief Executive Officer. Mr. Shore, you may begin your conference.

午安.我叫沃恩，今天我將擔任你們的會議主持人。現在，我歡迎大家參加 Park Aerospace Corp. 2026 財年第二季財報發布電話會議和投資人演示會。（操作員指示）現在，我將把今天的電話轉給董事長兼執行長 Brian Shore 先生。肖爾先生，您可以開始您的會議了。

Thank you very much, operator. This is Brian. Welcome, everybody, to the Park Aerospace fiscal '26 second-quarter investor conference call. I have with me, as usual, Mark Esquivel, our President and COO. We announced our earnings right after the close in the earnings release, there are instructions as to how you can access the presentation we're about to go through, either via link and you also can link information in the news release and also on our website. If you want to pick that up because we're going to go through it will be a lot more meaningful list in if you have the listen to us. if you have the presentation in front of you.

非常感謝，接線生。這是布萊恩。歡迎大家參加 Park Aerospace 26 財年第二季投資人電話會議。像往常一樣，和我一起的還有我們的總裁兼營運長馬克·埃斯基維爾 (Mark Esquivel)。我們在收益發布會結束後立即宣布了我們的收益，其中有關於如何訪問我們即將進行的演示的說明，您可以通過鏈接訪問，也可以在新聞稿和我們的網站上鏈接信息。如果您想了解這一點，因為我們將要討論它，如果您聽我們說的話，這將是一個更有意義的清單。如果您面前有簡報。

So we have quite a few new investors the last quarter, they've come on board. Another consideration for them, I think we should go through some of the legacy items more carefully. I think in the past, legacy items in just kind of skim over on the assumption that most people have already are familiar with them. Veteran investors, just please be patient with that.

上個季度我們有不少新投資者加入我們。對他們來說另一個考慮是，我認為我們應該更仔細地檢查一些遺留物品。我認為，在過去，人們只是粗略地瀏覽遺留項目，因為人們認為大多數人已經熟悉它們了。資深投資者，請耐心等待。

Another item I will cover with you is that on Tuesday, I had some unplanned oral surgery. And I'm not really feeling that great. So I hope you can bear with me, and if I need any more takeover, I'm sure he'll be very willing and able to do that.

我要告訴大家的另一件事是，週二我做了一些計劃外的口腔手術。我感覺不太好。所以我希望你們能容忍我，如果我需要更多的接管，我相信他會非常願意並且能夠做到這一點。

Questions at the end after we're done with the presentation, we'll take questions. And please do ask them. We love questions. Actually, sometimes linked to questions were meaningful in the presentation. We'll go through a presentation, we don't know whether you're liking it, not liking it, interested, disinterested, [you have to] sleep, but the questions are always more helpful because we know what people are really interested in and what they're thinking about.

演示結束後，我們會回答問題。請一定要問他們。我們喜歡提問。實際上，有時在演示中連結到問題是有意義的。我們會進行一次演示，我們不知道你是否喜歡它、不喜歡它、感興趣、不感興趣，[你必須]睡覺，但問題總是更有幫助，因為我們知道人們真正感興趣的是什麼以及他們在想什麼。

So why don't we go ahead and get started with the presentation? Slide 2 is our forward-looking disclaimer language. We're not going to go through that, but if you have any questions about it, please let us know.

那我們為什麼不繼續並開始演示呢？投影片 2 是我們前瞻性的免責聲明。我們不會討論這個，但如果您有任何疑問，請告訴我們。

Slide 3, table of contents. Starting on slide 1 is our Q2 investor presentation, which we're about to go through now. And Appendix 1, we have supplementary financial information. We're not going to go through that if you have any during the call, but if you have any questions about it, please let us know.

幻燈片 3，目錄。從幻燈片 1 開始是我們的第二季度投資者演示文稿，我們現在就來介紹一下。附錄 1 中我們有補充財務資訊。如果您在通話過程中有任何問題，我們不會進行討論，但如果您有任何疑問，請告知我們。

It's become our practice now or pattern, I guess, to feature the James Webb space telescope in our table of contents. So what we're talking about here, James Webb's space telescope discovered cosmic dust, which shouldn't exist outside at Galaxy, it shouldn't exist in quotes. Because I think we're developing a common theme here, so much that we believed about the universe and its origin, which just isn't true. Sorry, folks, not true.

我想，現在，在目錄中重點介紹詹姆斯韋伯太空望遠鏡已經成為我們的慣例或模式。所以我們在這裡談論的是，詹姆斯韋伯的太空望遠鏡發現了宇宙塵埃，它不應該存在於銀河系之外，它不應該存在於引號中。因為我認為我們在這裡正在發展一個共同的主題，即我們相信宇宙及其起源，但事實並非如此。抱歉，各位，事實並非如此。

James Webb saying, well, you could believe whatever you want, but this is what's really going on. And so here's another one of those. Thank you, James Webb space telescope. The James Webb space telescope was produced with18 Park Proprietary Sigma Stratus.

詹姆斯韋伯說，好吧，你可以相信任何你想相信的事情，但這就是真正發生的事情。這是其中的另一個。謝謝你，詹姆斯韋伯太空望遠鏡。詹姆斯韋伯太空望遠鏡採用 18 Park 專有的 Sigma Stratus 製造。

Let's go on to slide 4. Kind of more new great stuff here. So quarterly results, let's look at the right-hand column in second quarter. We just announced sales, $16.381 million, gross profit, $5.116 million gross margin, 31.2%.

我們繼續看投影片 4。這裡有更多新的精彩內容。那麼，對於季度業績，讓我們來看看第二季的右側欄。我們剛公佈的銷售額為1,638.1萬美元，毛利為511.6萬美元，毛利率為31.2%。

So we're happy about gross margins over 30%. Or maybe I should say, we're unhappy when they're not over 30%. And it's good to throw over 30% because there are a couple of things we'll talk in a second to drag down our margins.

因此，我們對毛利率超過 30% 感到滿意。或者我應該說，當這個比例沒有超過 30% 時，我們就會不高興。投入超過 30% 是件好事，因為我們馬上就會談到一些會拉低我們利潤率的事情。

Adjusted EBITDA, $3,401,000 and adjusted EBITDA margin, 20.8%. What do we say about Q2 during our Q1 call on July 15? We said our sales estimate was $15 million to $16 million. So we came a little bit above that.

調整後的 EBITDA 為 3,401,000 美元，調整後的 EBITDA 利潤率為 20.8%。在 7 月 15 日的第一季電話會議上，我們對第二季有何評價？我們表示，我們的銷售額預計為 1500 萬至 1600 萬美元。因此我們稍微超出了這一點。

EBITDA estimate, $3 million to $3.4 million. So we came in kind of the top of the range of the EBITDA estimate. I just want to remind you, especially for some of our new investors, that it's not guidance. We don't do guidance. When we give an estimate, we're saying to you, this is what we think is going to happen.

EBITDA 估計為 300 萬美元至 340 萬美元。因此，我們的 EBITDA 估值處於最高水準。我只是想提醒你們，特別是對於我們的一些新投資者，這不是指導。我們不做指導。當我們給出估計時，我們會告訴您，這就是我們認為將要發生的事情。

Now we could be wrong, but just what we're saying there's I don't know let's call it practice. We have different terms for it, but let's call it practice where everybody does it almost where, let's say, it's going to be 100, they think it's going to be 100. They go out with 90, that's their guidance. So then then when they come back with 100, they come out 100, then (inaudible) heroes and I don't know, we think that's not worthy of our time.

現在我們可能錯了，但我們所說的只是我不知道我們稱之為實踐。我們對此有不同的術語，但我們稱之為練習，幾乎每個人都在做這種練習，比如說，它會是 100，他們認為它會是 100。他們以 90 出局，這是他們的指導。所以當他們帶著 100 回來時，他們就出來了 100，然後（聽不清楚）英雄，我不知道，我們認為這不值得我們花時間。

So when we give you an estimate, we're saying, this is what we think is going to happen. We're not giving you a number which we plan to beat, okay?

因此，當我們給您一個估計時，我們會說，這就是我們認為將要發生的事情。我們不會給你一個我們計劃打敗的數字，好嗎？

Let's go on to slide 5. Q2 considerations, we always talk -- well, always in the last few quarters, but ArianeGroup has an impact on a lot of things, including the quarter. So we entered into this business partner agreement with ArianeGroup. It's a very large aerospace company in France. Great company, and they're a JV between Airbus and Safran, I believe.

我們繼續看投影片 5。我們總是談論第二季度的考慮——嗯，總是在過去幾個季度，但 ArianeGroup 對很多事情都有影響，包括本季。因此我們與 ArianeGroup 簽訂了這項業務合作夥伴協議。這是法國一家非常大的航空航太公司。很棒的公司，我相信他們是空中巴士和賽峰集團的合資公司。

In January 22, we've actually worked with them for 20 years. They appointed us exclusive distributor of their RAYCARB C2B fabric. That fabric suits to produce a pretty semblative composite materials for advanced missile systems programs.

到1月22日，我們實際上已經與他們合作了20年。他們指定我們為 RAYCARB C2B 布料的獨家經銷商。該織物適合為先進導彈系統項目生產相當相似的複合材料。

Now we sold $1.65 million of that fabric in Q2. As we previously explained, we saw that fabric to our defense industry customers for a small market. What's going on here is the defense industry customers are stockpiling the C2B. We're the exclusive distributor, though, so they buy it from -- we buy it from -- or a distributor, not a rep. We buy from Ariane and then we resell it or sell it, I should say, to the OEM.

現在我們在第二季銷售了價值 165 萬美元的布料。正如我們之前所解釋的，我們認為這種布料對於我們的國防工業客戶來說是一個小市場。目前的情況是國防工業客戶正在囤積 C2B。不過，我們是獨家經銷商，所以他們從經銷商處購買——我們也從經銷商處購買——而不是代表處。我們從阿麗亞娜購買，然後轉售或出售給 OEM。

But it's kind of a strange thing because we keep the C2B fabric in our plant because the only OEM eventually will ask us to produce preprint with it. So even though we sell to them and own the product, it's kept in the plant.

但這有點奇怪，因為我們將 C2B 布料保留在工廠中，因為唯一的 OEM 最終會要求我們用它來生產預印本。因此，儘管我們向他們銷售產品並擁有產品，但產品仍保留在工廠中。

The markup is small, so we have a significant amount of C2B fabric sales that's going to push down our margins. And we sold 415,000 ablative materials manufactured will C2B fabric in Q2. Now the margins on the ablative materials that we produce those fabric, very, very good, very good. So that's the offset, I'll say.

加價幅度很小，因此我們有大量的 C2B 布料銷售，這將壓低我們的利潤率。我們在第二季度銷售了 415,000 種採用 C2B 布料製造的燒蝕材料。現在，我們生產這些織物的燒蝕材料的利潤率非常非常好，非常好。這就是我要說的偏移量。

But it's still the ratio of sales of fabric to ablative materials manufactured with the C2B fabric, I still had a balance, right? So more fabric than materials [pre fabric], let's call it. What's the reason? I already said because the OEMs are stockpiling this product.

但它仍然是織物銷售額與使用 C2B 織物製造的燒蝕材料的比例，我仍然有一個平衡，對嗎？因此，我們稱之為織物多於材料[預織物]。原因何在？我已經說過，因為 OEM 正在囤積這種產品。

A more normal ratio will be 40/60. So 40% would be the materials and 60% would be the fabric. That's not always going to be exactly it, but just to give you a sense. So you see that the ratio is much more than 40/60 here. And that's going to drive down our margins.

比較正常的比例是 40/60。因此 40% 是材料，60% 是布料。這並不總是完全一樣，但只是為了給你一個感覺。所以你會看到這裡的比例遠大於 40/60。這將降低我們的利潤率。

So let's talk about -- let's go into slide 6, rather. We're still on the topic of C2B fabric or qualification on one of Park's key customers is a C2B fabric. This was kind of -- it's kind of a big deal over the last few quarters. And Mark, like we always give Mark the hard stuff to talk about. Can you help us what's going on with that (inaudible).

那麼讓我們來討論一下——讓我們進入第 6 張幻燈片。我們仍在討論 C2B 布料或 Park 的一個主要客戶資格，那就是 C2B 布料。這在過去幾個季度裡是一件大事。還有馬克，就像我們總是跟馬克講一些困難的事情。你能幫我們看看發生了什麼事嗎（聽不清楚）。

Yeah. So we actually do have an upgrade at this time. I think the last couple of calls, we said we're waiting for approval. So we do have approval. We don't have full approval. We have approval at about 90% of the specification.

是的。所以我們此時確實有一個升級。我想在最近的幾次通話中，我們說過我們正在等待批准。所以我們確實得到了批准。我們尚未獲得完全批准。我們已經批准了大約 90% 的規範。

I have to get too technical. There's a requirement within the spec that has a lower and the upper range. They were somewhere in the middle, they moved down closer to the commercial specification as we call it, which gets us back into production at 90%-plus of everything we have. So what we're doing now is they're currently testing that last 10%, which will probably take another 9 to 12 months, so we'll continue to talk about when we get that approval.

我必須講得太技術性了。規範中有一個要求，它具有下限和上限範圍。它們處於中間位置，更接近我們所說的商業規格，這使我們能夠恢復 90% 以上的生產。所以我們現在正在做的是，他們正在測試最後的 10%，這可能還需要 9 到 12 個月的時間，所以我們會在獲得批准後繼續討論。

But as far as the program is concerned, we're back in business, we're back running. And we're back to, I would say, normal typical rates that we were running prior to this, I want to say, issue coming up. But there's a recall coming up. So -- and we actually expect to see some upside in the coming quarters, and Brian will talk about some of that news as well. But I guess the story here, the message here is we're pretty much back in business with running at our normal level.

但就該計劃而言，我們已經恢復業務，恢復運作。我想說的是，我們又回到了之前的正常典型利率，我想說的是，問題即將出現。但召回即將到來。所以——我們實際上預計未來幾季會出現一些上漲趨勢，布萊恩也會談論其中的一些消息。但我想這裡的故事、這裡的訊息是，我們的業務基本上已經恢復正常運作。

Okay. Thanks, Mark. Good news. Let's keep moving here. Production versus sales to bring this up because this has been an issue in prior quarters in terms of the impact in the bottom line.

好的。謝謝，馬克。好消息。我們繼續往前走吧。之所以提出這一點，是因為就對底線的影響而言，這在前幾個季度一直是一個問題。

But in our Q2, our sales, value production, we call it SVP, that's not inventory value, that's the value of production. It's at sales price. It was well matched with our sales. And that's a good thing. That means that's really very -- no meaningful, no impact on bottom line.

但在我們的第二季度，我們的銷售額、價值生產，我們稱之為 SVP，這不是庫存價值，而是生產價值。這是銷售價。這與我們的銷售情況非常吻合。這是一件好事。這意味著這真的非常——沒有意義，對底線沒有影響。

When our sales exceed our production that is a significant amount that is a negative impact on the bottom line. But no impact in Q2. And then last thing we'll talk about in terms of bottom line impact, giving an ongoing expenses, this is something we had in our presentation for several quarters now.

當我們的銷售量超過產量時，這是一個相當大的數字，會對底線產生負面影響。但對第二季沒有影響。最後，我們要討論的是底線影響，即持續的開支，這是我們在幾個季度的演示中討論過的內容。

It's not going away right anytime soon. Operating our new manufacturing facility in Q2, including all these other expenses; and this is significant. So that's why we're saying that the gross margin being over 31%, I'd say that's actually not bad because there's two factors that hold it down: one is this the expenses related to new plant; the other is the, let's call it, excess GTB fabric compared to the C2B material sales.

它不會很快消失。包括所有其他費用在內，我們在第二季度運營新的製造工廠；這是一筆不小的開支。這就是為什麼我們說毛利率超過 31%，我認為這實際上還不錯，因為有兩個因素抑制了它：一是與新工廠相關的費用；二是與 C2B 材料銷售相比，我們稱之為過剩的 GTB 面料。

Total shipments a little bit of a surprise here. $510,000, that number is way up. But last few quarters, we keep talking about international shipment issues. That's not the issue at this time. This time, it's something different.

總出貨量有點令人驚訝。 51 萬美元，這個數字大幅上升。但過去幾個季度，我們一直在談論國際運輸問題。這不是目前的問題。這次，情況有所不同。

It's customer certification and testing delays. It's a little bit of a new story here. It happens sometimes, it just happens. Nothing we can do about not our fault or anything like that, but sometimes it just delays insurance and certification and engineering work and testing delays. So that had a meaningful impact upon our shipments in Q2.

這是客戶認證和測試的延遲。這是一個有點新的故事。有時會發生這種情況，它就是發生了。對於不是我們的錯或類似的事情我們無能為力，但有時它只是延遲保險和認證以及工程工作和測試延遲。因此，這對我們第二季的出貨量產生了重大影響。

So let's go on to slide 7, impact of tariffs and tariff-related costs. You know what, I should say net impact. I was saying at the Mark earlier, it's a net impact of tariff and Terra cost because we have tariffs at just the net impact takes into account the pass-through.

那麼讓我們繼續看第 7 張投影片，關稅的影響和關稅相關成本。你知道嗎，我應該說淨影響。我之前在馬克說過，這是關稅和 Terra 成本的淨影響，因為我們的關稅只是將淨影響納入考量。

So very minimal in Q2, hardly anything. But that's the net impact. That's not the total tariff. That's a net impact because of the fact that we pass tariff cost on. And then the future impacts, I think we'll get back later and Mark will help work talk through that later on in the presentation.

因此第二季的情況非常少，幾乎沒有。但這就是淨影響。這並不是總關稅。這是一個淨影響，因為我們轉嫁了關稅成本。至於未來的影響，我想我們稍後會再討論，馬克將在稍後的演示中幫助討論這個問題。

Why don't we go on to slide 8. So this is a slide we do every quarter. As you know, some new veterans, you probably (inaudible) top 5. And it's kind of usual suspect also, it's like all right, GKN, Kratos, MRAS, TexTech and Nordam. TexTech is not -- is kind of a little bit a new name for us, but the rest are used those suspects.

我們為什麼不繼續看投影片 8 呢？這是我們每季製作的幻燈片。如你所知，一些新老手，你可能（聽不清楚）排名前 5。這也是一種常見的懷疑，就像 GKN、Kratos、MRAS、TexTech 和 Nordam 一樣。TexTech 對我們來說不是一個新名字，但其餘的人都使用過這些嫌疑犯的名字。

The Global 7500 that refers to Nordam, the A321XLR, that's an MRAS program. Kratos, obviously, Kratos and the 787 Dreamliner, that's actually GKN. That's where the GenX 1B engine. So it's a G engine, but it's not part of the MRAS LTA, which we'll go into that later.

Global 7500 指的是 Nordam、A321XLR，這是一個 MRAS 程式。顯然是奎托斯 (Kratos)，奎托斯 (Kratos) 和 787 夢想飛機，實際上是 GKN。這就是 GenX 1B 引擎。所以它是 G 引擎，但它不是 MRAS LTA 的一部分，我們稍後會討論這一點。

Let's go on to slide 9. So here we have our estimated revenues by Aerospace Market segments. We call them our pie charts. I don't know about you, but I like to eat sitting telling of the story. Fiscal '21, that was the pandemic year where the commercial aircraft was -- remember where airplane pictures of like 737s with like two people on them, and they were basically they're being parked flown at all.

我們繼續看第 9 張投影片。因此，這裡我們得到了按航空航太市場細分估算的收入。我們稱它們為餅圖。我不知道你怎麼樣，但我喜歡一邊吃飯一邊講故事。21 財年是疫情肆虐的一年，商用飛機——還記得當時的飛機照片，737 飛機上有兩個人，基本上都是停著飛行的。

And then after that, the pie charts seem to be fairly stable. Interesting -- what will be interesting is to see what will happen in the future because the commercial is going to be accelerating. Use of programs are on as those programs ramp up, but military we'll be accelerating a lot. This is probably -- it could go down as a percentage. We'll see about that.

然後，餅圖看起來相當穩定。有趣的是——有趣的是看看未來會發生什麼，因為商業將會加速發展。隨著這些項目的推進，項目的使用也不斷增加，但軍事方面的使用將會大大加快。這可能是——其百分比可能會下降。我們會考慮的。

Let's go on to slide 10, Park Love's Niche Military Aerospace programs. So we have a little pie chart here. Radomes, missile systems, unmanned aircraft, all niche markets for us, some markets. But even aircraft structures are niche markets for us.

我們繼續看第 10 張投影片，Park Love 的 Niche 軍事航空航太計畫。所以我們這裡有一個小餅圖。雷達罩、飛彈系統、無人機，對我們來說都是利基市場，一些市場。但即使是飛機結構對我們來說也是利基市場。

So we actually changed. We used to call it like [Reconnaissance], I think. We've changed the missile systems because the missile systems, we supply into more than just a rocket and other aspects of missiles that we supply into. I think we used to call unmanned aircraft drones, but I think more quickly correct term is on manned aircraft, but there's no change in there.

所以我們確實改變了。我想，我們以前稱之為[偵察]。我們改變了飛彈系統，因為對於飛彈系統，我們供應的不僅僅是火箭，還包括飛彈的其他方面。我認為我們過去把無人機稱為無人機，但我認為更正確的術語是載人飛機，但這並沒有改變。

You know what? And other than nice pictures, and you can see what the programs are, we really are not going to talk to these programs anymore. It's just not really appropriate for us to say very much a bunch of programs, except understand, please, any picture we show you, that means it's a program on, not a program we like or a cool picture or something. Okay? You got it?

你知道嗎？除了漂亮的圖片和您可以看到的程式之外，我們真的不會再談論這些程式了。我們不太適合說很多程序，但請理解，我們向您展示的任何圖片都意味著它是一個正在播放的程序，而不是我們喜歡的程序或很酷的圖片或其他東西。好的？你明白了嗎？

Let's go on to slide 11. GE Aerospace Jet Engine programs, again, a slide every quarter. But for the benefit of some of our new investors, let me try to explain quickly. So we have a firm LTA, it's requirements contract for '19 to '29 with MRAS, Middle River Aerostructure Systems, a sub ST Engineering Aerospace. You see we're sole source for composite materials for all these programs, but they're all GE program.

我們繼續看第 11 張投影片。通用電氣航空噴射發動機計畫每季再次出現下滑。但為了我們一些新投資者的利益，請容許我嘗試快速解釋一下。因此，我們有一個確定的 LTA，它是與 MRAS、Middle River Aerostructure Systems（ST Engineering Aerospace 的子公司）簽訂的 19 年至 29 年的需求合約。您知道，我們是所有這些項目的複合材料的唯一來源，但它們都是通用電氣的項目。

So what's going on here, if you look at all the check items below the all GE engine programs. And what's going on here is that even we got on these programs with GE Aviation even before 2019 when MRAS is owned by GE Aviation now to Aerospace, we've got on these programs. And before that, they were a predecessor LTA before this '19 to '29 LTA. And then I think about five years ago, GE sold MRAS, ST Engineering, which is a large Singapore aerospace company. So that's the explanation there.

那麼，如果您查看所有 GE 引擎程式下面的所有檢查項目，您會發現這裡發生了什麼。現在的情況是，即使在 2019 年之前，當 MRAS 歸 GE 航空所有並歸屬於航空航天集團時，我們就已經開始與 GE 航空合作開展這些專案了。在此之前，他們是 19 年至 29 年 LTA 之前的前身 LTA。然後我想大約五年前，通用電氣出售了 MRAS、ST Engineering，這是一家大型新加坡航空航太公司。這就是那裡的解釋。

I've done in factory about that when, I guess, around 2019, GE said to us, look, Park, we're going to give you this 10-year agreement for Sole Source and all the stuff, all these great programs, wonderful programs. But we really are concerned about redundancy. So would you please build one factory? And we said, yes, and we checked that box. That's been done.

我在工廠裡做過這件事，我想，大約在 2019 年，通用電氣對我們說，看，帕克，我們將給你這份為期 10 年的 Sole Source 協議以及所有的東西，所有這些偉大的計劃，精彩的計劃。但我們確實擔心冗餘問題。那你能蓋一座工廠嗎？我們說是的，然後我們就勾選了那個框框。已經完成了。

I'm not going to go through the individual program, maybe except to get to talk about the first five, really all A320 NEO family aircraft programs. All right. Do you have any questions about these specific programs? Just let us know.

我不會詳細介紹單一項目，也許除了談論前五個，實際上是所有 A320 NEO 系列飛機項目。好的。您對這些具體計劃還有什麼疑問嗎？請告訴我們。

Let's go in slide 12, just to keep moving along here. Item -- the first item on slide 12, we're just continuing here. This is -- I don't know, a little bit of a nuance here because this is -- this program, as was mentioned in the prior slide, but this is a different component. And it's also as part of our GE Aerospace LTA, not necessarily the -- not the MRAS LTA. So I'm probably getting only tentacle, not necessary.

讓我們轉到第 12 張投影片，繼續往下看。項目——第 12 張投影片上的第一項，我們就在這裡繼續。這是——我不知道，這裡有一點細微差別，因為這是——這個程序，正如前面的幻燈片中提到的，但這是一個不同的組件。它也是我們 GE Aerospace LTA 的一部分，不一定是 MRAS LTA。所以我可能只會得到觸手，沒有必要。

Fan case is something we should talk about for a second. This is for GE9X engine for the 777X airplane. This is produced with our AFP material and other composite materials. Automated fiber placement, that's what AFP stands for. It's a robotic way, method for producing composite structures.

我們應該稍微討論一下風扇盒。這是用於 777X 飛機的 GE9X 引擎。這是用我們的 AFP 材料和其他複合材料生產的。自動纖維鋪設，這就是 AFP 的縮寫。這是一種透過機器人來生產複合結構的方法。

And this is planned to be included in the Life of Program, MRAS Life of Program Agreement. Next item, we had a 6.5% weighted average price increase in our MRAS LTA effective January 1, that was already built in the LTA a long time ago. And next item, Park, the LTA -- MRAS Park LTA was amended to include three proprietary film [lease] formulation products, and those are now undergoing qualification.

並計劃將其納入專案生命週期、MRAS 專案生命週期協議中。下一項是，自 1 月 1 日起，我們的 MRAS LTA 加權平均價格上漲了 6.5%，而這在很久以前就已經在 LTA 中建立了。下一個項目，公園，LTA——MRAS 公園 LTA 已修訂，包括三種專有薄膜 [租賃] 配方產品，這些產品目前正在進行資格認證。

The Life of Program Agreement have requested by MRAS and STE. So we're still negotiating this, I guess, and I think there is a meeting that's being planned for next month. We'll see what happens. As I said to you many times, we're okay either way.

MRAS 和 STE 已要求提供專案協議的有效期限。所以我想我們仍在就此進行談判，並且我認為下個月計劃舉行一次會議。我們將拭目以待。正如我多次跟你說的那樣，無論怎樣我們都沒問題。

This is requested by STE and MRAS, it's something they want. They want the ability of long-term supply. But we're okay either way. If we do it, that's fine, if not, we'll be fine as well. And it's still under negotiation.

這是 STE 和 MRAS 的要求，也是他們想要的東西。他們想要長期供貨的能力。但無論如何我們都沒問題。如果我們這樣做了，那就很好，如果不這樣做，我們也一樣可以。目前仍在談判中。

And I don't want to give you the wrong impression. It's all I can negotiate. I mean, it's like we talked about it and three months go by. And so I think now, we're planning to have some get together in December -- sorry, November to hopefully get through this. We'll see. We'll keep you posted.

我不想給你留下錯誤的印象。這是我唯一能談判的。我的意思是，就像我們談論這件事一樣，三個月過去了。所以我現在想，我們計劃在 12 月（抱歉，是 11 月）聚在一起，希望能度過難關。我們拭目以待。我們會及時通知您。

Item -- page 13, rather, slide 13. So let's talk about an update on some of these GE Aerospace Jet Engine programs, as between NEO family. That's a wonderful, wonderful program that Park is on Sole Source qualified. And let's talk about that program.

項目－第 13 頁，或說第 13 張投影片。那麼，讓我們來討論一下 GE 航空噴射發動機專案的最新進展，例如 NEO 系列。這是一個非常棒的項目，Park 獲得了 Sole Source 資格。讓我們來談談該計劃。

Everybody has a huge backlog of these airplanes, over 7,000 of them, and a lot of airplanes a lot of airplanes. And let's just talk about the -- well, we can take a look at the aircraft, the A320neo aircraft deliveries. We're not going to go through each year, but you can see what's going on here.

每個人都積壓了大量的飛機，超過 7,000 架，而且飛機數量非常多。讓我們來談談——好吧，我們可以看看飛機，A320neo 飛機的交付。我們不會逐年介紹，但你可以看到這裡發生了什麼。

With the amount of orders that Airbus has, we'll get to it in a second, there would be at a much higher rate than this and maybe at $75 per month. What's holding it back is issues with supply chain. So this year, year-to-date, an average of 44%, but don't get fooled by that because usually kind of make their year in the last three months.

考慮到空中巴士的訂單數量，我們馬上就會知道，其價格會比這高得多，可能是每月 75 美元。阻礙其發展的是供應鏈問題。因此，今年迄今為止的平均成長率為 44%，但不要被這個數字所迷惑，因為通常他們的年度成長率是在過去三個月內實現的。

And if you look at September, you can see what's going on here. The already -- the air price is already ramping up to [59] were delivered in through neo family aircraft delivered in September.

如果你看看九月份，你就會明白這裡發生了什麼事。機票價格已經上漲至 [59] 架，這些飛機是透過 9 月交付的 neo 系列飛機交付的。

Let's keep on slide 14, just continuing here. The -- importantly, the engine supply bottleneck. Remember, I said that one of the big issues is supply chain restrictions. That's what's preventing Airbus from ramping up to their target of 75. We'll get in a minute. 75 per month.

讓我們繼續第 14 張投影片，就從這裡繼續。重要的是，引擎供應存在瓶頸。記住，我說過，其中一個大問題是供應鏈限制。這就是阻礙空中巴士實現 75 架飛機目標的原因。我們馬上就到。每月 75 美元。

CFM, they have another engine, but let's just talk about CFM, the LEAP-1A engine. We're partly improving, that is getting better. And I think that's a deliberate focus by GE and CFM, which is a very good thing. It's probably the most significant restriction to Airbus' ability to ramp up to that 75%. Even if they're now, based upon how many orders they have, so that's our good news actually.

CFM，他們有另一種發動機，但我們只討論 CFM，即 LEAP-1A 發動機。我們在某種程度上正在進步，情況正在變得更好。我認為這是通用電氣和 CFM 刻意關注的重點，這是一件非常好的事情。這可能是空中巴士提高到 75% 這一目標的最大限制。即使現在，根據他們有多少訂單，這實際上是我們的好消息。

As we already alluded to, Airbus is targeting a delivery rate of 75 A320neo per month. And you could see that they're still at 50% to 55%, so they're still a way to go, quite a way to go.

正如我們已經提到的，空中巴士的目標是每月交付 75 架 A320neo。你可以看到他們仍然在 50% 到 55% 之間，所以他們還有很長的路要走，還有很長的路要走。

Two engines approved for the A320neo aircraft. We're on the CFM LEAP-1A engine. We're not on the (inaudible) no content on the Pratt [1100G] engine. And so I guess that covers the second bullet item we supply into the A320 family aircraft using the LEAP-1A engine.

兩款發動機已獲準用於 A320neo 飛機。我們使用的是 CFM LEAP-1A 引擎。我們不談論（聽不清楚）普拉特 [1100G] 引擎。我想這涵蓋了我們為使用 LEAP-1A 發動機的 A320 系列飛機提供的第二個項目。

According to the second-quarter 2025 addition of Aero Engine News, which is kind of like a viable for us anyway, the CFM LEAP-1A as market share with -- compared to the Pratt market share for mention orders A320neo family, was 64.7%. And those are firm orders, that's not speculation or hopes and dreams. Those are firm orders. So you can see that CFM has a larger market share of the engines for the A320neo aircraft.

根據《航空發動機新聞》2025年第二季的補充，這對我們來說是可行的，CFM LEAP-1A 的市佔率與普惠 A320neo 系列訂單的市佔率相比為 64.7%。這些都是堅定的命令，不是猜測或希望和夢想。這些都是確定的訂單。因此，您可以看到 CFM 在 A320neo 飛機引擎市場佔有較大的份額。

At the delivery rate of 75, A320neo family aircraft per month at 64.7% in market share translates into 1,165 LEAP engines per year. That's a real lot of engines and lots of revenue for Park at that point.

以每月交付 75 架 A320neo 系列飛機、佔據 64.7% 的市場份額的速度計算，每年需要交付 1,165 台 LEAP 發動機。對於 Park 來說，這確實意味著大量的引擎和大量的收入。

Slide 15, as of June 30, '25, a few months ago, there were a little over 8,000 firm LEAP-1A engine orders. These are not airplanes, this is a LEAP-1A engine orders, where we're Sole Source qualified over 8,000.

投影片 15，截至 25 年 6 月 30 日，幾個月前，LEAP-1A 引擎的確認訂單略多於 8,000 份。這些不是飛機，而是 LEAP-1A 發動機訂單，我們是超過 8,000 個的唯一來源。

If you want to look at slide 29, you get a feel for what our revenue per unit is. Get your pocket calculator out and do the math, you could see what that's worth to us. So those are just the firm orders that are in the books now. So this is a big deal for Park.

如果您想看投影片 29，您就會了解我們的每單位收入是多少。拿出你的袖珍計算器並算一下，你就會知道這對我們有什麼價值。所以這些只是目前已登記的確定訂單。所以這對帕克來說是一件大事。

The Airbus A321XLR, and this is a variant, we're still talking A320 family, okay? We're not off to a different aircraft. This is part of the A320 family. This is recently introduced. Supposedly change the air map of the world.

空中巴士 A321XLR，這是一個變體，我們仍在談論 A320 系列，好嗎？我們不會搭乘其他飛機。這是 A320 系列的一部分。這是最近推出的。據稱可以改變世界空地圖。

Why is that? Because the payload and range capability of this aircraft are very unusual for a single aisle. So it allows a single aisle to compete against wide-bodies, but obviously, at much lower cost. So that's why it's changing your map of the world. Quantas is very involved in the program of American Airlines, Iberia Airlines.

這是為什麼？因為對於單通道飛機來說，這種飛機的有效載荷和航程能力非常不尋常。因此，它可以讓單通道飛機與寬體飛機競爭，但顯然成本要低得多。這就是它改變你的世界地圖的原因。澳洲航空積極參與美國航空和西班牙國家航空的計畫。

The reason I highlight this is a lot of airlines are buying this airplane. Why I'm highlighting this? They call it a game changer. But what's really, I think, very impressive to me is that they say, they claim they've had almost no AOGs, that's aircraft on ground, after almost a year. That's really a big deal because normally, for the first year or two, it's all kind of bugs you have to get out of a new airplane, a new design, and the airplane sits in the ground a lot.

我強調這一點的原因是很多航空公司都在買這種飛機。我為什麼要強調這一點？他們稱之為「遊戲規則改變者」。但我認為，真正令我印象深刻的是，他們聲稱，在近一年的時間裡，他們幾乎沒有遇到 AOG（即停飛的飛機）。這確實是一件大事，因為通常情況下，在前一兩年，你必須解決新飛機、新設計的各種問題，而且飛機經常停在地面上。

And it's kind of just expected, and it's not good because when the airplane's on the ground, airlines aren't making any money. And you kind of expect that if you had an airplane that's been recently certified and delivered. But here you go, they're saying almost no AOGs. I've never heard of anything like that, that's quite impressive. Boeing has no response to this aircraft.

這在意料之中，但這並不是好事，因為當飛機停在地面上時，航空公司就賺不到錢。如果您有一架最近經過認證並交付的飛機，您就會有這樣的期望。但他們卻說幾乎沒有 AOG。我從來沒有聽說過這樣的事情，這真是令人印象深刻。波音公司尚未對這架飛機做出回應。

Let's go on to slide 16. So still on A320 here, folks. Airbus plans to open a new A320 aircraft Family Final Assembly Lines, FALs, in the US and China this month, in the next couple of weeks. So these two new FALs, in combination with the existing FALs in Germany and France, will provide Airbus with a manufacturing capability to achieve a 75 A320neo aircraft per month delivery goal in '27.

我們繼續看第 16 張投影片。各位，我們仍在使用 A320。空中巴士公司計劃於本月和未來幾週在美國和中國開設新的 A320 飛機系列組裝線 (FAL)。因此，這兩個新的 FAL 與德國和法國現有的 FAL 相結合，將為空中巴士提供製造能力，以實現 27 年每月交付 75 架 A320neo 飛機的目標。

So this is nice because Airbus is -- they're putting our money more in their mouth this year. These FALs, they're a big deal. So that's good news.

這很好，因為空中巴士公司今年將把更多的錢投入我們的口袋。這些 FAL 非常重要。這是個好消息。

And then great news, October 7, this is the day in my oral surgery, I think, yeah. So two big things happened on October 7, just two days ago. The A320 aircraft family became the world's most delivered commercial jet ever. Of course, that means it beat out the 737.

然後是好消息，10 月 7 日，我想，這是我進行口腔手術的日子，是的。就在兩天前的 10 月 7 日，發生了兩件大事。A320系列飛機成為迄今為止世界上交付最多的商用飛機。當然，這意味著它擊敗了 737。

Not just the MAXs, the 737 family versus the A320 family going back to the beginning. So that's pretty big news, I guess.

不僅僅是 MAX，737 系列與 A320 系列的對比可以追溯到最初。我想，這肯定是個大新聞。

Comac 919, this a Chinese-made aircraft. Again, with the LEAP engine, this is a different variation of it. This is LEAP-1C engine. Comac is targeting -- this airplane is designed to compete -- single design to compete against 737 and A320.

Comac 919，這是一架中國製造的飛機。再次，對於 LEAP 引擎來說，這是它的不同變體。這是LEAP-1C引擎。中國商飛的目標是——這款飛機的設計目的是——透過單一設計與 737 和 A320 競爭。

They're targeting [3091] aircraft deliveries in '25. But recent and confirmed reports saying they're probably short of this target. I can't tell you I'm very surprised. I probably would have to be just totally candid about it. I would be more surprised if they met the target. I'm not going to go into why, but I'm not surprised or really disappointed.

他們的目標是在 2025 年交付 [3091] 架飛機。但最近有證實的報告稱，他們可能未能達到這一目標。我無法告訴你我有多驚訝。我可能必須對此完全坦誠。如果他們達到了目標，我會更驚訝。我不想深入解釋原因，但我並不感到驚訝或失望。

Malaysian Airlines, AirAsia, has confirmed as advanced talks to purchase these airplanes. Why is that important? Why am I focusing on that? Because there are a lot of airlines that fly this airplane.

馬來西亞航空公司（亞洲航空）已確認購買這些飛機的談判已進入深入階段。為什麼這很重要？我為什麼要關注這一點？因為有很多航空公司飛行這架飛機。

But the reason I'm focusing on is this is a non-Chinese airline. These airplanes is certified by the Chinese FDA, I think called CAAC or something like that. So the thought was originally these Comac airplanes would be China-only airplanes, but that's not what Comac wants. They're still in the airplane outside of China for operations outside of China, which will require certification by the FAA and -- yeah, European Aviation Authority. So that's why I highlighted this Air Asia thing.

但我關注的原因是這是一家非中國航空公司。這些飛機經過了中國食品藥物管理局（FDA）的認證，我想應該叫CAAC或類似的機構。因此，最初的想法是這些中國商飛的飛機將是僅在中國生產的飛機，但這不是中國商飛想要的。他們仍在中國境外的飛機上執行中國境外的營運任務，這需要美國聯邦航空局和歐洲航空管理局的認證。這就是我強調亞洲航空這件事的原因。

Let's go on to slide 17. We plan to achieve a reduction rate of 200 airplanes by 2029, and Comac claims to have over 1,000 orders for this airplane. This airplane is -- does not have to win in options. It's all LEAP in terms of the engine that's certified for the airplane.

我們繼續看第 17 張投影片。我們計劃在2029年實現200架飛機的減量，而中國商飛聲稱該飛機的訂單已經超過1000架。這架飛機－不必在選擇上取勝。就飛機認證的引擎而言，它完全符合 LEAP 標準。

Comac C909, again, Comac, the Chinese company, this is a regional jet. This airplane is -- was introduced a while ago, it's already pretty close to that rate. But what's interesting here, they delivered the -- same kind of topic really, Lao Airlines, Vietjet, Air Cambodia signed up.

Comac C909，同樣是中國商飛公司，這是一架支線噴射機。這架飛機——是不久前推出的，現在已經非常接近這個速度了。但有趣的是，他們討論的其實是同一類型的話題，寮國航空、越捷航空、柬埔寨航空都報名參加了。

Again, what's the theme here? Non-Chinese airlines. So originally, the thinking -- the China -- the Comac airplanes are going to be China-only, but that's obviously not what Comac wants.

再說一遍，這裡的主題是什麼？非中國航空公司。因此，最初的想法是——中國——中國商飛的飛機將只在中國銷售，但這顯然不是中國商飛想要的。

777X, Boeing 777X, we have slowed down a little bit of talk, but this one, this is an important program for Park. Test program has advanced over 1,500 out flights and nearly 4,100 flight hours. That's a lot. That's good. This picture was taken by a friend of mine a couple a few years ago when the 777X were doing cold weather testing in Fairbanks. Good place to go for cold weather testing.

777X，波音 777X，我們已經放慢了談論的速度，但這個，對於 Park 來說，這是一個重要的項目。試驗項目已進行超過1,500次飛行，飛行時間近4,100小時。太多了。那挺好的。這張照片是幾年前我的一個朋友在費爾班克斯對 777X 進行寒冷天氣測試時拍攝的。進行寒冷天氣測試的好地方。

So let's talk -- let's go on slide 18, sorry. Boeing reportedly has 565 open orders for the airplane. Well, we have previously announced that the airplane program was on track for certification in late '25 and entry into service in '26 when the Boeing CEO recently stated the certification programs following Boeing schedule. The CEO further stated the aircraft and the engine, the GEnx engines, GE9X, right, GE9X engine, are really performing quite well, and that the potential delay in the certification was being caused by increasingly delivered FAA scrutiny.

那麼讓我們談談——我們繼續第 18 張幻燈片，抱歉。據報道，波音目前已有 565 架該飛機的未完成訂單。嗯，我們之前已經宣布，該飛機項目將在 25 年底獲得認證，並於 26 年開始投入使用，波音公司首席執行官最近表示認證項目將按照波音公司的時間表進行。執行長進一步表示，飛機和發動機，GEnx 發動機，GE9X，對，GE9X 發動機，確實表現得相當好，而認證的潛在延遲是由於 FAA 的審查越來越嚴格。

You get the sense there's some tension there between Boeing and the FAS. I do anyway. (laughter) Key gating item for -- is the receipt that's called the Type Inspection Authorization from the FAA, because as the CEO explains, they can fly these airplanes. They need to fly airplanes in use for the certification program.

你會感覺到波音公司和聯邦審計局之間存在著一些緊張關係。無論如何我都會這麼做。（笑聲）關鍵的門檻項目是獲得美國聯邦航空管理局頒發的型號檢驗授權書，因為正如首席執行官所解釋的，他們可以駕駛這些飛機。他們需要駕駛正在使用的飛機來執行認證計劃。

But those flights don't really count towards certification until they get to TIA. There's a lot of boxes date to be checked for an airplane to be certified. So they can go fly the airplane, which is they learn a lot more about the airplane, but they can't check those boxes until you get the TIA from the FAA. Boeing hasn't announced any new targets for the certification and EIS but speculations that to be pushed into next year '26.

但這些航班只有在抵達特里布利多國際機場 (TIA) 後才算真正獲得認證。一架飛機要獲得認證，需要檢查很多項。因此他們可以去駕駛飛機，也就是說他們可以了解更多關於飛機的知識，但他們不能檢查這些箱子，直到你從聯邦航空局獲得 TIA。波音公司尚未宣布任何新的認證和 EIS 目標，但據猜測將推遲到明年 26 年。

Let's go on to slide 19. So let's talk about big picture GE Aerospace Jet Engine program sales history forecast estimates. The top is the sales history. We won't go through all history except the slide in Q2, $7.5 million. And I think we had forecasted in our Q1 presentation, $6.7 million to $7.2 million.

我們繼續看第 19 張投影片。那麼，讓我們來談談 GE 航空噴射發動機專案銷售歷史預測估計。頂部是銷售歷史記錄。我們不會回顧所有歷史，除了第二季下滑的 750 萬美元。我認為我們在第一季報告中預測的數字是 670 萬美元至 720 萬美元。

A little higher. I would reattain to it, the numbers were around a little bit, but a little higher than we forecast.

稍微高一點。我會重新計算一下，數字大約是一點點，但比我們預測的還要高一點。

GE Aerospace program sales forecast estimates, again, not guidance estimates. Q3, we're estimating $7.5 million to $8 million. And total for the year, I've got to slow down here a little bit, $27.5 million to $29 million.

再次強調，這是通用電氣航空航太公司 (GE Aerospace) 專案銷售預測估計，而非指導估計。第三季度，我們估計為 750 萬至 800 萬美元。今年的總額，我必須稍微放慢速度，2750 萬美元到 2900 萬美元。

Now in our prior presentation, we indicated that we're looking at $28 million to $32 million for the year, for fiscal '26. But as we explained to you, that was based upon information called a build plan from our customer. It wasn't our forecast, it's their forecast. Now we have now the current forecast, $27.5 million to $29 million, that's now part forecast based upon what? Based upon the backlog for Q3 and Q4.

在我們先前的報告中，我們表示我們預計 26 財年的營收將達到 2,800 萬至 3,200 萬美元。但正如我們向您解釋的那樣，這是基於來自我們客戶的構建計劃的資訊。這不是我們的預測，而是他們的預測。現在我們有了目前的預測，2750 萬美元到 2900 萬美元，這是基於什麼的部分預測？根據第三季和第四季的積壓訂單。

Q3 is already booked. Q4 is partially booked. What we expect based on like-to-like experience to the additional bookings for Q4. So now this is our number, $27.5 million to $29 million.

Q3 已經預訂了。Q4 已部分預訂。根據類似的經驗，我們預計第四季的預訂量會增加。所以現在我們的數字是 2750 萬美元到 2900 萬美元。

Let's go on to slide 20, Park's financial performance history and forecast estimate, singular. So we just have the history up top. You already saw this just for perspective in context.

我們繼續看第 20 張投影片，Park 的財務表現歷史和預測估計，單數。因此我們只保留最上面的歷史記錄。您已經看到了這一點，只是為了從上下文的角度來看。

Down below our Q3 '26, Q3 financial forecast estimates now (inaudible). Sales of $16.5 million to $17.5 million. Adjusted EBITDA of $3.7 million to $4.1 million, that's our estimate for Q3. Do you have any questions about that? Just let us know.

低於我們 2026 年第三季和第三季的財務預測（聽不清楚）。銷售額為 1650 萬美元至 1750 萬美元。調整後的 EBITDA 為 370 萬美元至 410 萬美元，這是我們對第三季的預測。您對此還有什麼疑問嗎？請告訴我們。

So let's go on to slide 21. This is just history, and we've showed you the slide for the last several quarters. I think it's interesting, just you can see what's going on here. Historically, you go from '17 to '20. And like every year, we increased by about $10 million. Then we got stalled out, so we're kind of -- in fiscal '25, we're pretty much where we were in fiscal '20.

那我們就繼續看第 21 張投影片。這只是歷史，我們已經向您展示了過去幾季的幻燈片。我認為這很有趣，你就能知道這裡發生了什麼事。從歷史上看，時間是從 17 年到 20 年。和每年一樣，我們增加了約 1000 萬美元。然後我們陷入了停滯，所以我們在 25 財年的情況與 20 財年基本相同。

And obviously, that's because of the pandemic, the pandemic really had a very big impact on commercial aerospace. And when the pandemic so much, it's how we responded to it, how the industry responded to it, especially with respect to supply chain issues, that's held back commercial aerospace.

顯然，這是因為疫情，疫情確實對商業航空產生了非常大的影響。當疫情如此嚴重時，我們如何應對，產業如何應對，特別是在供應鏈問題方面，阻礙了商業航空航太的發展。

So just one other thing. We're not giving you a forecast for fiscal '26 at this time, but we believe that the number will be over $70 million for fiscal '26. We'll just give you that number. We're not giving the EBITDA. We're not giving details.

還有一件事。我們目前不會為您提供 26 財年的預測，但我們相信 26 財年的數字將超過 7,000 萬美元。我們只會給你這個號碼。我們不提供 EBITDA。我們不會透露細節。

I think what's going on here though is the industry is getting religion. And it's not just an opinion, this is based on lots of input we received. Different kind of attitude on the part of the OEMs in terms of ramping up to meet demand and also working with suppliers and supply chain in a much more productive and in a more, I don't know, more collaborative way. Sorry, coming up -- that were a collaborative way.

我認為現在發生的事情是這個行業正在變得虔誠。這不僅僅是一種觀點，它是基於我們收到的大量意見。原始設備製造商在提高產量以滿足需求以及以更有效率、更具協作性的方式與供應商和供應鏈合作方面採取了不同的態度。抱歉，這是一種合作方式。

So it's not just a little thing, it's a big thing. It's very palpable in the industry. We'll see what happens, but to us, it seems like there's something really going on here. And we're not alone in that opinion. We're not alone in that opinion.

所以這不只是一件小事，而是一件大事。這在業界非常明顯。我們將拭目以待，但對我們來說，這裡似乎確實發生了一些事情。而我們並不是唯一持這種觀點的人。持有這種觀點的並非只有我們。

So let's see what happens. But just as you know, we're probably looking at about a little over $70 million for fiscal '25.

那麼讓我們看看會發生什麼。但如您所知，我們預計 25 財年的收入可能會略高於 7,000 萬美元。

Let's go on to slide 22. Okay, general Park updates, agreements with Ariane. Okay, we got slowed down with Ariane again. We entertained that business partner agreement in January '22 under which Ariane appointed us as we said, North American distributor. We already covered that, okay?

我們繼續看第 22 張投影片。好的，公園的一般更新以及與阿麗亞娜的協議。好的，我們又因為 Ariane 而放慢了速度。我們於 22 年 1 月簽訂了業務合作夥伴協議，根據該協議，Ariane 任命我們為北美經銷商。我們已經討論過了，好嗎？

But then on March 27, '25, just earlier this year, Park and Ariane, they're a great partner, they're a wonderful partner, we love them, entered into a new agreement under which Park will advance, I don't know, probably about EUR5 million, EUR4.587 million against future purchases by Park of C2B fabric. These funds will be used to Ariane to help finance the purchase of additional installation of new manufacturing equipment, Ariane's production of the C2B fabric in France.

但就在今年早些時候，也就是 25 年 3 月 27 日，Park 和 Ariane，他們是一對很棒的合作夥伴，我們很喜歡他們，他們達成了一項新協議，根據該協議，Park 將預付，我不知道，大概是 500 萬歐元，458.7 萬歐元，用於 Park 未來購買 C2B 面料。這些資金將用於幫助資助阿麗亞娜購買額外安裝的新製造設備，阿麗亞娜將在法國生產C2B織物。

And that was -- that's to be paid Ariane through installments, so first of which is already paid about EUR1,376 million that's about $1.5 million. So that would affect our cash when we report in Q1.

這是 — — 這些款項將以分期付款的方式支付給阿麗亞娜公司，其中第一筆已經支付了約 13.76 億歐元，約合 150 萬美元。因此，這會影響我們第一季報告的現金。

Let's talk -- let's move to slide 23, rather. So the purpose of this new agreement is to provide additional C2B fabric manufacturing capacity to support the rapidly increasing demand for C2B -- in C2B fabric in Europe and North America. Just so you know, one of the big programs that use C2B fabric is the Patriot Missile program.

讓我們談談——讓我們轉到第 23 張幻燈片。因此，這項新協議的目的是提供額外的 C2B 布料製造能力，以支援歐洲和北美對 C2B 布料快速成長的需求。你知道嗎，使用 C2B 結構的大型項目之一是愛國者飛彈計畫。

ArianeGroup recently asked to partner again with them on a study related to the potential significant increase of C2B fabric manufacturing capacity, presumably in the US. The study expected to cost about EUR700,000, we split it 50-50. So that's probably about $410,000 for Park, and we'll record that when our Q3 as a special item. I just want you to be aware of that. We'll get back to this later on in the presentational Ariane study.

ArianeGroup 最近要求再次與他們合作進行一項研究，研究 C2B 織物製造能力的潛在大幅提升，大概是在美國。這項研究預計花費約 70 萬歐元，我們平分了這筆費用。因此，對於 Park 來說，這可能約為 410,000 美元，我們將在 Q3 中將其作為特殊項目記錄下來。我只是想讓你意識到這一點。我們稍後會在示範阿麗亞娜研究中再次討論這個問題。

Just continuing with general updates, our Lightning Strike Protection material certified on the Passport 20 Engine using the -- used on the Bombardier Global 7500/8000 business jet. That revenue is about approximately $500,000 per year expected under LSP material.

繼續進行一般更新，我們的防雷擊材料已在 Passport 20 引擎上獲得認證——用於龐巴迪 Global 7500/8000 公務機。根據 LSP 材料，預計該收入每年約為 50 萬美元。

We're very happy about this. Our LSP is already qualified approved and use on the A320 and the 919, but we have not -- just getting it approve now on the Passport 20 engine, and also felt get approved on what's called the [10A] engine for the [back] 909. So -- and we expect that these revenues will start to kick in fairly soon, let's say, in a couple of months.

我們對此感到非常高興。我們的 LSP 已經獲得合格批准，並可用於 A320 和 919，但我們還沒有——現在只是在 Passport 20 發動機上獲得批准，並且還感覺獲得了用於 [後部] 909 的所謂 [10A] 發動機的批准。所以——我們預計這些收入很快就會開始發揮作用，比如說，幾個月後。

Slide 24, still updates, this is just something we covered already. And we saw -- we entered into an LTA aerospace and the calendar year is '25 to '30. Park -- and then another update, Parks discussion with two Asian industrial conglomerates relating to Asia manufacturing to inventors continue.

投影片 24，仍在更新，這只是我們已經涵蓋的內容。我們看到—我們進入了 LTA 航空航太領域，日曆年是 25 年至 30 年。帕克——接下來是另一個最新消息，帕克與兩家亞洲工業集團就亞洲製造業向發明家提供的討論仍在繼續。

We've been talking about this for a while. John Jamieson's in Asia now working on this project, along with one of our other guys. So we'll see what happens. It seems interesting, but we'll see what happens.

我們已經討論這個問題有一段時間了。約翰·傑米森 (John Jamieson) 目前在亞洲與我們的另一位同事一起從事這個項目。所以我們拭目以待。這看起來很有趣，但我們拭目以待。

Okay, Mark, your turn. Tariff international trade issues. What's the expected impact of tariff going forward, you think?

好的，馬克，輪到你了。關稅國際貿易問題。您認為未來關稅的預期影響是什麼？

I don't think much. I know this quarter alone, we had about $1,700, which we don't like to take on any additional costs, but that was mostly nonmaterial items. So going forward, again, as I mentioned before, we got ahead of this pretty early, where we put controls in place to manage it. We're passing the cost on to our customers, whether it's through contracts or stuff like our POs or stuff like that or order confirmation. So I don't expect to see much.

我沒想太多。我知道僅本季度，我們就有大約 1,700 美元，我們不想承擔任何額外費用，但其中大部分是非物質項目。因此，正如我之前提到的，我們很早就開始著手解決這個問題，並制定了控制措施來管理它。我們將成本轉嫁給客戶，無論是透過合約或採購訂單之類的方式或訂單確認。所以我並不期望看到太多。

I mean, it's obviously a dynamic situation. I don't think all the tariffs are completely locked in. It's been a little quiet in the news lately. But where we're at today and what we've seen so far, it's a very minimal impact to our business.

我的意思是，這顯然是一個動態的情況。我認為並非所有關稅都已完全鎖定。最近新聞有點平靜。但就我們目前的情況以及目前所看到的情況來看，這對我們的業務的影響非常小。

Okay. Thanks, Mark. So let's keep going here. Current MRAS supplier scorecard or scores, what happened? We have all 100s here, went at all or 100s.

好的。謝謝，馬克。因此，讓我們繼續吧。目前 MRAS 供應商記分卡或分數發生了什麼事？我們這裡全部都是 100，全部都是 100。

So does MRAS still love us? Yeah, I think they do. I think I mentioned to you in prior quarters that we're told that most payers will be happy to get 80s, and MRAS finds it a little bit humorous that we ask, well, what happened and what are we doing -- what do we need to do to fix this? Let's call it technical issue in terms of how we recorded something. So we take it seriously.

那麼 MRAS 還愛我們嗎？是的，我認為是這樣。我想我在前幾個季度提到過，我們被告知大多數付款人都會樂意獲得 80 分，而 MRAS 覺得我們問這個問題有點好笑，好吧，發生了什麼事，我們在做什麼——我們需要做什麼來解決這個問題？就我們如何記錄某些內容而言，我們稱之為技術問題。所以我們非常重視它。

We're 100 company. We're not a 99.87 country -- company rather, so we take it seriously. And like I said, MRAS think finds a little amusing that we done so much time talking about why we're -- why we didn't get 100 on one of these three scores.

我們是一家 100 強公司。我們不是一個 99.87 國家——更確切地說是一個公司，所以我們對此非常認真。正如我所說的，MRAS 覺得我們花了這麼多時間討論為什麼我們在這三個分數中沒有得到 100 分，這有點好笑。

Let's go on to slide 25. So making customers love us. This is still in our general updates, is central to what we call Park's egg strategy.

我們繼續看第 25 張投影片。從而讓顧客喜愛我們。這仍然在我們的一般更新中，是我們所說的樸蛋策略的核心。

How do we make our customers love us? With our [calling] cards of flexibility, urgency and responsiveness; by asking how high before our customers say jump, and we're not kidding about this. We'll go to a customer and say, what else can we do, what else can we do, what else can we do? Before they even ask it for anything.

我們如何讓顧客喜愛我們？我們以靈活性、緊迫性和回應性為特色；在客戶說跳之前，我們會詢問客戶能跳多高，我們對此可不是開玩笑。我們會去找客戶並說，我們還能做什麼，我們還能做什麼，我們還能做什麼？在他們提出任何要求之前。

Making customers love us is a boiler room thing on a board room with the Board on board with their strategy. We've certainly reviewed it with the Board. But the strategy happens on the factory floor, not in the board room. That's where the rub reached the road. It's up to all our people to make the strategy work, it's a boil room thing.

讓客戶喜愛我們是董事會會議室裡一件非常重要的事情，董事會必須同意他們的策略。我們當然已經與董事會一起審查過此事。但戰略是在工廠車間製定的，而不是在董事會會議室。這就是問題所在。這項策略的成功實施取決於我們所有人的努力，這是一個煮沸室的事情。

So for this strategy to work, all our people need to be bought into it and feel passionate about it. Making customers love it is the secret to our success. It's a hidden plan sight secret.

因此，要使這項策略發揮作用，我們所有員工都需要接受它並對它充滿熱情。讓顧客喜歡它是我們成功的秘訣。這是隱藏的計劃視線秘密。

Sometimes the most brilliant ideas are the most obvious ones, with the benefit of hindsight and the, well, why don't I think of that? I don't know. Why didn't you think of it? So the secret is kind of hidden plain sight, but it's a secret to our success.

有時最出色的想法是最顯而易見的想法，事後看來，為什麼我沒有想到這一點呢？我不知道。為什麼你沒想到？所以這個秘密是隱藏的，顯而易見的，但它是我們成功的秘訣。

Slide 26, buyback authorization, we don't have to spend a lot of time in this, let's just go down to the last two [checkouts]. We did not purchase any shares in fiscal -- in our second quarter. And we don't -- we've not purchased any shares so far in our third quarter to date. I don't think would be -- my feeling, my opinion is you probably won't be purchasing too many shares in the near future, but we'll see about that.

投影片 26，回購授權，我們不必花太多時間，我們直接看最後兩個[結帳]。我們在第二季度沒有買任何股票。我們沒有—到目前為止，我們在第三季還沒有買任何股票。我不認為會這樣——我的感覺，我的觀點是，你可能不會在不久的將來買太多股票，但我們會看到這一點。

Slide 27, again, this is just going to review Park's balance sheet, cash and incredible cash dividend history. Long-term debt, we don't have any. We had -- we reported $61.6 million of cash and marketable securities at the end of Q2, but we also made that final transition tax installment payment of $4.9 million in Q2. And Q1 reported cash, and into Q1 of $65.6 million. So if you take that $4.9 million substracted from $65.6 million, it gets you to that $61.6 million number, more or less it explains the difference.

第 27 張幻燈片，再次回顧 Park 的資產負債表、現金和令人難以置信的現金股息歷史。我們沒有長期債務。我們在第二季末報告的現金和有價證券為 6,160 萬美元，但我們也在第二季支付了 490 萬美元的最終過渡稅分期付款。第一季報告的現金為 6560 萬美元。因此，如果從 6,560 萬美元中減去 490 萬美元，就會得到 6,160 萬美元這個數字，這或多或少解釋了差異。

40 consecutive years of interrupted -- uninterrupted regular cash dividends. And we top paid over $606 million or $29.60 per share in cash dividends since the beginning of fiscal 2005.

連續40年不間斷地定期派發現金股利。自 2005 財年伊始，我們已支付超過 6.06 億美元的現金股息，即每股 29.60 美元。

This is our Park founders. The one reason we placed a picture of our Park founders here is because we started out with basically nothing. We're two guys that started the company, I think, in 1954 with about $40,000 that they had saved from more duty. And here we are paying over $600 million of cash dividends in the next 20 years or so.

這就是我們的公園創始人。我們在這裡放置公園創始人的照片的一個原因是因為我們最初基本上是一無所有。我記得，我們​​是兩個人在 1954 年創辦這家公司的，當時他們用從增加的關稅中節省下來的大約 40,000 美元創辦了這家公司。未來 20 年左右，我們將支付超過 6 億美元的現金股利。

Let's go on to slide 28. Okay, we can kind of skim through this because these three slides are exactly how the same slides that we showed you last quarter, I think the quarter before that. Financial outlook for GE Aerospace Jet Engine programs, the Juggernaut. We call it the Juggernaut.

我們繼續看第 28 張投影片。好的，我們可以快速瀏覽一下，因為這三張投影片與我們上一季度，也就是上上上一季向您展示的投影片完全相同。GE 航空航天噴射發動機計畫（Juggernaut）的財務前景。我們稱之為「巨無霸」。

The timing, we're not sure. We talked about, yeah, the 919 is a little slower ramping up and the 777X is having a little more difficulty getting certified. So we don't know, we don't really spend a lot of time worrying about that.

時間我們不確定。我們討論過，是的，919 的成長速度有點慢，而 777X 獲得認證的難度更高一些。所以我們不知道，我們實際上並沒有花很多時間擔心這個問題。

But the thing is that we say it's a Juggernaut, it's coming. It can't be stopped. And the key thing for us better be ready.

但事實是，我們說它是巨無霸，它即將到來。這是無法停止的。對我們來說，關鍵的是要做好準備。

If you go to slide 29, there's no change anything here. All the numbers are exactly the same. Like I said, related to the previous slide, we feel that GE and CFM, I've kind of gotten the religion that they're really focused on ramping up production and working closely and collaboratively with the supply chain.

如果你翻到第 29 張投影片，你會發現這裡沒有任何變化。所有數字都完全相同。就像我所說的，與上一張投影片相關，我們感覺 GE 和 CFM 確實專注於提高產量並與供應鏈密切合作。

Slide 30 is just footnotes related to the prior slides, so we won't go through those. Do you have any questions on this list? No? Okay. Let's go on to slide 31, War and Peace, Park's new Juggernaut. And peace with a question mark. These slides were -- came from or originated in the last quarter, although there are some updates to them.

第 30 張投影片只是與前面的投影片相關的腳註，因此我們不會對其進行介紹。您對此清單還有什麼疑問嗎？不？好的。我們繼續看第 31 張投影片，《戰爭與和平》，樸贊鬱的新鉅作。和平卻帶著問號。這些幻燈片來自或起源於上個季度，儘管對它們進行了一些更新。

The first thing I want to cover again though is we're not providing any inside information. I mean, these programs, all this information in these slides is based upon publicly reported news and reports. We don't give away inside information, especially with the sense and defense programs.

不過，我想再次強調的第一件事是，我們不會提供任何內部資訊。我的意思是，這些節目，這些幻燈片中的所有資訊都是基於公開報道的新聞和報告。我們不會洩漏內部訊息，尤其是感知和防禦程序。

Unprecedented demand for missile systems. Missile systems stockpiles have been seriously completed by the wars in Europe and Middle East. There's an urgent need to replenish the depleted missile system stockpiles. According to Wall Street Journal reporting, the Pentagon is pushing defense OEMs to double or even quadruple missile system production on a breakneck schedule, quotes, partly in preparation for a potential conflict with China.

對飛彈系統的需求空前高漲。歐洲和中東的戰爭嚴重消耗了飛彈系統的庫存。迫切需要補充耗盡的導彈系統庫存。根據《華爾街日報》報道，五角大廈正在敦促國防原始設備製造商以極快的速度將飛彈系統的產量提高一倍甚至四倍，部分原因是為了應對與中國可能發生的衝突。

List of Pentagon targeted missile systems, including the PAC-3 missile system, the LRASM, and the SM-6. The Patriot Missile System is a particular priority. I just think you should know that Park is on all those programs, participates in all those programs, all three of them, review and update of the PAC-3 Patriot missile system.

五角大廈目標飛彈系統列表，包括 PAC-3 飛彈系統、LRASM 和 SM-6。愛國者飛彈系統是特別優先考慮的。我只是認為你應該知道，帕克參與了所有這些項目，所有這三個項目，審查和更新 PAC-3 愛國者飛彈系統。

Reason we spend more time talking about this, there's a lot of public visibility and information about it. Some of the other programs we're on it could be quite significant, but we're not able to even mention what they are. The largest deployment of PAC-3 Patriot missile systems in history occurred in response to Iran's ballistic missile strikes on our air base in Qatar.

我們花更多時間討論這個問題的原因是，它具有很高的公眾知名度和資訊量。我們正在進行的其他一些項目可能非常重要，但我們甚至無法提及它們是什麼。歷史上最大規模的 PAC-3 愛國者飛彈系統部署是為了回應伊朗彈道飛彈襲擊我們在卡達的空軍基地。

Going on to slide 32. What happened here? In anticipation of this, I guess we knew what has happened. We moved Patriot Missile Systems to Qatar from South Korea and Japan, knowing what was coming. And we call it the shell game. Moving missile systems from one place to another, that's not sustainable.

繼續第 32 張投影片。這裡發生了什麼事？預料到這一點，我想我們知道發生了什麼。我們將愛國者飛彈系統從韓國和日本轉移到卡達，知道接下來會發生什麼。我們稱之為騙局。將導彈系統從一個地方轉移到另一個地方，這是不可持續的。

The Department of War wants to very significantly increase Patriot missile stockpiles in Asia to protect bases and allies in the Pacific region. So this is not working out very well at all, is it? We take missile systems out of South Korea and Japan because we have this issue with Iran, and now we depleted their systems when the Department of War wants to significantly increase the Patriot missile stockpiles in Asia.

美國陸軍部希望大幅增加亞洲的愛國者飛彈庫存，以保護太平洋地區的基地和盟友。所以這根本就沒有什麼效果，不是嗎？由於伊朗問題，我們從韓國和日本撤出了飛彈系統，而現在，當戰爭部想要大幅增加亞洲的愛國者飛彈庫存時，我們耗盡了他們的飛彈系統。

See the problem? So just public stuff, Israeli's supply of Patriot Missile systems has been seriously depleted. Ukraine's supply of Patriot Missile System, seriously completed. Other countries have been waiting for Patriot Missile System for years.

發現問題了嗎？因此，僅公開消息而言，以色列的愛國者飛彈系統供應已經嚴重耗盡。烏克蘭愛國者飛彈系統供應正式完成。其他國家多年來一直在等待愛國者飛彈系統。

September 3, 2025, Lockheed's Missile and Fire Control Division received its biggest contract in history, a $9.8 billion award from the US Army for 1,970 Patriot missiles. According to the Wall Street Journal, the Department of War wants suppliers to ramp up to produce approximately 2,000 Patriot missiles per year, which is almost 4 times the current production rate.

2025年9月3日，洛克希德公司飛彈與火控部門獲得了歷史上最大的合同，美國陸軍授予其價值98億美元的1970枚愛國者飛彈。根據《華爾街日報》報道，美國陸軍部希望供應商每年提高愛國者飛彈的產量至2,000枚左右，幾乎是目前產量的4倍。

Didn't we say something about quadruple in the prior slide? We did. 4 times production rate. So we're talking about -- well, we'll get to -- don't we wait and we get to in a second thought to say Park is sole source qualified. We'll get to it in a second.

我們不是在上一張投影片中提到四倍嗎？我們做到了。生產率提高了 4 倍。所以我們正在談論——好吧，我們會——我們不要等待，我們會再考慮一下，說帕克是唯一合格的來源。我們馬上就講到。

Let's go on to slide 33. Patriot Missile Systems are planned to be incorporated into the Golden Dome. It's apparent from the reporting that the US plans to do much more than just replenish these depleted systems.

我們繼續看第 33 張投影片。愛國者飛彈系統計劃被納入金色穹頂。從報道中可以看出，美國計畫要做的遠不止於補充這些耗盡的系統。

So next arrow item, Park supports the Patriot Missile System with specialty ablative materials produced with Ariane's C2B fabric, and Park is sole source qualify for specialty ablative materials on this program. So I was going to say, at the bottom of slide 32, this 2,000 missiles per year, that represents a very significant revenue in the Park. We're sole-source qualified in that program.

因此，下一個箭頭項目是 Park 使用阿麗亞娜 C2B 織物生產的特殊燒蝕材料來支持愛國者導彈系統，而 Park 是該計劃中唯一有資格獲得特殊燒蝕材料的來源。所以我想說，在第 32 張投影片的底部，每年 2,000 枚飛彈代表著公園非常可觀的收入。我們是該專案的唯一合格供應商。

Park -- back to slide 33, sorry to bounce around on Europe. Park has recently asked to increase our expected output, especially in plated materials for the program by significant orders of magnitude. We can't really say how much but significant orders of magnitude. Hopefully, that gives you some kind of feel for what's going on here.

帕克——回到第 33 張幻燈片，很抱歉談論歐洲問題。Park 最近要求我們將預期產量（尤其是鍍層材料的產量）大幅提高。我們無法確切地說出具體數量，但數量級相當大。希望這能讓您對這裡發生的事情有所了解。

And we will fully support this request, partly with the additional manufacturing capacity provided by our major facilities expansion, which we'll discuss below. Remember that Park recently entered into this new agreement going back to Ariane, with Ariane for the purpose of increasing C2B fabric manufacturing capacity.

我們將全力支持這項請求，部分原因是我們的主要設施擴建提供了額外的製造能力，我們將在下面討論。請記住，Park 最近與阿麗亞娜公司達成了一項新協議，目的是提高 C2B 織物製造能力。

Let's go on to slide 34. But will that additional manufacturing capacity be enough considering what's going on with the Patriot missile? No I don't think so. As discussed above, Park is partnering with ArianeGroup in a study related to potentially, significantly increasing C2B fabric manufacturing capacity, presumably in the US, this is a big deal.

我們繼續看第 34 張投影片。但考慮到愛國者飛彈的現狀，額外的製造能力是否足夠？不，我不這麼認為。如上所述，Park 正在與 ArianeGroup 合作進行一項研究，該研究旨在顯著提高 C2B 織物製造能力，這大概是在美國，是一件大事。

Let me just say this, once our partnership when a study is done, that's not the end of the partnership. I don't think anyway. That's not what we're talking about. I'm not going to say anything more about it, but let me just say it's a big deal.

我只想說，我們的合作關係一旦完成研究，並不代表合作關係的結束。無論如何我都不這麼認為。這不是我們正在談論的。我不想再多說什麼，但我只想說這是一件大事。

We covered the Arrow 3 and 4 Missile Systems last time, so we just kind of cover it again, not too much here, last item up to in parts involvement. Remember, we were second source qualifying the Arrow 3, we're really weren't expecting orders. We got them, we already got them. Arrow 4 were sole source qualified on the Arrow 4, which you expected to going to production, I think, relatively some.

我們上次介紹了箭式 3 和箭式 4 飛彈系統，因此我們再次介紹一下，這裡不多說，最後一項涉及零件的參與。請記住，我們是 Arrow 3 的第二個合格供應商，我們真的沒有期待訂單。我們得到了它們，我們已經得到了它們。Arrow 4 是 Arrow 4 的唯一合格來源，我認為，您預計它會投入生產，相對而言。

Let's go on to slide 35. This is really probably the most important slide of this whole warrant piece section of the presentation. The above missile programs are just a small representation of the critical missile programs Park is supporting or planning to support. There are too many programs to generate here, and many probably most are two confidential and sensitive dimension for national security or other reasons.

我們繼續看第 35 張投影片。這很可能是簡報的整個授權部分中最重要的幻燈片。上述飛彈計畫只是朴槿惠正在支援或計畫支援的關鍵飛彈計畫的一小部分。這裡有太多的程序需要生成，其中許多程序可能大部分都屬於機密和敏感的層面，因為國家安全或其他原因。

But this is highlighted or bold whatever and (inaudible), but please understand that certain of these programs represent very significant revenue for Park over long periods of time. We're disappointed we're not able to discuss these programs with you but we can't.

但這是突出顯示或加粗的，無論（聽不清楚），但請理解，其中一些項目在很長一段時間內為 Park 帶來了非常可觀的收入。我們很遺憾不能與您討論這些計劃，但事實確實如此。

Let's go onto slide 36, major expansions. So just giving you a quick update here. I know we're running late time, but got a lot to cover here. And like I said, we had new investors, so we couldn't just skim through things too much.

我們來看第 36 張投影片，主要擴充。這裡只是向你提供一個簡單的更新。我知道我們已經遲到了，但是這裡還有很多事情要做。正如我所說，我們有了新的投資者，所以我們不能只是草草了事。

A major new expansion, we talked about this in the of our manufacturing facility. We talked about this in the last two quarter presentations, I believe. So we're planning a major new expansion of our manufacturing facilities.

這是一個重大的新擴張，我們在製造工廠裡討論了這個問題。我相信我們在過去兩個季度的演示中討論過這個問題。因此，我們計劃對我們的製造設施進行大規模的擴建。

It could be at Newton elsewhere. The planned expansion will include manufacturer following lines, dilution treating, hot mill film, hot (inaudible) patrols manufacturing. The current estimated capital budget for new manufacturing plant equipment, $40 million to $45 million, that's gone up.

它可能位於其他地方的牛頓。計劃中的擴建將包括製造商追蹤線、稀釋處理、熱磨膜、熱（聽不清楚）巡邏製造。目前，新製造工廠設備的資本預算預計為 4,000 萬美元至 4,500 萬美元，這一數字已經上漲。

I forget what we said last quarter maybe $35 million to $40 million. Why it go up? Well, we didn't know it aligned. Extra $5 million is for no aligned because the requirements keep going up and up and up. It's quite incredible actually.

我忘了我們上個季度說過什麼，可能是 3500 萬到 4000 萬美元。為什麼會漲？嗯，我們不知道它是否對齊。額外的 500 萬美元沒有得到滿足，因為要求不斷提高。這確實令人難以置信。

So new manufacturing -- slide 37, just continuing new manufacturing, major new expansion of Park's manufacturing facilities. Why are we doing this? The Juggernauts required. We have a juggernaut for GE Aerospace, you have juggernaut for defense and missile programs.

因此，新製造業—幻燈片 37，只是繼續新製造業，對 Park 的製造設施進行重大擴建。我們為什麼要這麼做？需要巨獸。我們擁有通用電氣航空航太產業的巨無霸，你們擁有國防和飛彈計畫的巨無霸。

Our long-term business forecast requires to -- under second bold item under that check item, is that our long-term forecast has increased since we talked to you on July 15. And we also have manufacturing capacity used for Park to be Park, our calling cards. Again, flexibility responsive to its urgency.

我們的長期業務預測需要—在該檢查項目下的第二個粗體項目下，自 7 月 15 日與您交談以來，我們的長期預測已經增加。我們還擁有用於 Park 的製造能力，這是我們的名片。再次，靈活性可以回應緊迫性。

We don't run a business a mill, meaning that, okay, we campaign and you want something well, we could fit you in maybe a year from December. We don't run our business that way. Urgency, responsiveness, flexibility.

我們不是在經營工廠，這意味著，好吧，我們開展活動並且你想要一些東西，我們可以從 12 月開始在一年內為你提供幫助。我們不會以那種方式經營我們的業務。緊迫性、回應性、靈活性。

So it would be really stupid for Park to abandon those things because those are things that got us where we are today, all those opportunities. So it's important we have the manufacturing capacity in order to be parked for Park to be part the secret to our success. That's part of our theory or thinking with respect to the expansion.

因此，如果朴槿惠放棄這些東西，那就太愚蠢了，因為正是這些東西、所有這些機會，才讓我們走到了今天。因此，擁有製造能力對我們來說非常重要，因為這是我們成功的秘訣之一。這是我們關於擴張的理論或想法的一部分。

And last item went bold. This is not a close call, not even close to a close call. I mean the need for -- what we're talking about is a need for a major expansion of our manufacturing facilities.

最後一項變為粗體。這並不是什麼驚險事件，甚至不算是驚險。我的意思是——我們正在談論的是需要大規模擴建我們的製造設施。

Let's go on to slide 38. We're just continuing on the expansion. We're not sharing our long-term business forecast this time, but the opportunities for Park are significant. Timing is now, we must take advantage of the opportunities now. We must not hesitate or we will squander. In quotes, once in a lifetime opportunities. We have sacrificed so much over many years to develop.

我們繼續看第 38 張投影片。我們只是繼續擴張。這次我們不會分享我們的長期業務預測，但對於 Park 來說，機會是巨大的。現在時機已到，我們必須抓住機會。我們不能猶豫，否則就會浪費。用引號來說，這是一生一次的機會。多年來，我們為了發展做出了巨大的犧牲。

So this is kind of interesting. There was a Board meeting last week, and Mark was discussing with the Board some of these missile programs and use the term once in a lifetime opportunities. And the Board was -- really got the thought, well, this come for Mark, this must be really big.

這很有趣。上週召開了一次董事會會議，馬克與董事會討論了一些飛彈計劃，並使用了「千載難逢的機會」一詞。董事會真的想到，這對馬克來說一定意義重大。

Mark is not a guy who has given to hyperbole, he's usually a skeptical guy, which is good. You want your president to be skeptical of old things. But that was, a quote, once in a lifetime, and the Board's thought, wow, this must be a big thing then.

馬克不是一個喜歡誇張的人，他通常是一個懷疑的人，這很好。你希望你的總統對舊事物持懷疑態度。但那是一生一次的引言，董事會認為，哇，這一定是一件大事。

Our objective is to have our expansion plan in place by the end of the calendar year, moving into implementing -- the implementation phase by our plan by then.

我們的目標是在今年年底前製定擴張計劃，並進入實施階段。

Slide 39, how are we doing in Park? Let's change gears a little bit. I'm sorry, it's going to take us so long, but like I said, we're trying to cover a lot of things here.

投影片 39，我們在公園裡做得怎麼樣？讓我們稍微換個話題。很抱歉，這會花費我們很長時間，但就像我說的，我們正試圖在這裡涵蓋很多事情。

So what are Parks objectives? This is important. How do we measure success? I think there's a lot of misunderstanding about this. So let's talk about it.

那麼公園的目標是什麼呢？這很重要。我們如何衡量成功？我認為對此存在著許多誤解。那我們來討論一下吧。

We mention success. Our objectives are getting qualified, and it's sole source qualified, whenever possible, on a chosen special aerospace programs. These are programs we want to be on. These are the special programs, so wonder programs. That's our success.

我們提到成功。我們的目標是獲得資格，並且盡可能在選定的特殊航空航天項目上獲得唯一來源的資格。這些是我們想要參與的項目。這些都是特殊的項目，所以是奇妙的項目。這就是我們的成功。

Once we get qualified on our chosen special programs, our objectives have been achieved, we're done. And once we are qualifying those children programs all in italics, all we need to do is support those programs with what, extreme urgency, flexibility to respond to this. That's it. Other than that, it's up to the program OEMs and determine decide how quickly their programs will ramp.

一旦我們在所選的特殊項目上獲得資格，我們的目標就實現了，我們就完成了。一旦我們確定了所有兒童項目的資格，我們所需要做的就是以極其緊迫和靈活的方式來支持這些項目，以應對這一問題。就是這樣。除此之外，這取決於程式 OEM 並決定其程式的提升速度。

That is not something over which we have control, and it's either our concern. We're in the program, we achieved our objective. Our objective has been achieved. But some guy wrote something about we're shifting blame or mitigation plans, and it's just kind of a total understanding of how Park and our objectives and how we operate.

這不是我們能夠控制的事情，也不是我們關心的事情。我們正在執行該計劃，並且實現了我們的目標。我們的目的已經達到了。但有些人寫了一些關於我們正在推卸責任或緩解計劃的內容，這只是對帕克和我們的目標以及我們如何運作的全面理解。

Once we get in these programs, sole source qualified, our objectives have been realized. And we -- let's talk about how we've done with our objectives. If you ask me, we have been incredibly successful. We've gotten on wonderful aerospace programs, a special programs you want to be on, most of which we can mention, you know some of them are already in A320, Patriot, wow, a lot of we can't mention.

一旦我們加入這些項目，獲得唯一來源資格，我們的目標就實現了。我們來談談我們如何實現我們的目標。如果你問我，我會說我們已經取得了令人難以置信的成功。我們參與了精彩的航空航天項目，還有你想參與的特殊項目，其中大部分我們都可以提及，你知道其中一些已經在 A320、愛國者等項目中使用了，哇，還有很多我們不能提及。

Slide 40, and we were nobody when we came into the aerospace industry. We came from nowhere. We welcomed into the industry with open arms with the entrenched competitors? I don't think so. They don't want us.

投影片 40，當我們進入航空航太產業時，我們什麼都不是。我們來自虛無。我們張開雙臂歡迎根深蒂固的競爭對手進入這個行業？我不這麼認為。他們不要我們。

I mean they were brought to light, respectful, well, they clearly didn't want the do welcome us. We see what we achieved against great eyes, incredible success, by getting on these programs are the envy of the industry from nowhere, nothing. Went into an industry where there's aerospace, a lot of entrenchment, different kind of programs, they get very complacent sometimes. That's not us, we don't do that.

我的意思是他們受到了尊重，嗯，他們顯然不想歡迎我們。我們看到了我們所取得的成就，透過參加這些項目，我們取得了令人難以置信的成功，令業界羨慕不已。進入航空航天行業，有很多根深蒂固的觀念和不同類型的項目，他們有時會變得非常自滿。那不是我們，我們不會這麼做。

Are we lucky? If you asked me, we earned everything we got. Are we overnight success? I don't think so. There's been a long and difficult role with much sacrifice along the way, but it's a road we chose.

我們幸運嗎？如果你問我，我會說我們所得到的一切都是我們自己賺來的。我們是一夜成功嗎？我不這麼認為。這是一個漫長而艱難的過程，一路上我們做出了許多犧牲，但這是我們選擇的道路。

Let's go on to slide 41. I think that's our last slide. Almost there, folks. Very fortunately, for all of us, Park has the courage and conviction. And this should be involved, this is important. To stay the course with our principles and are simple, but elegant strategy in the face of sometimes under relenting doubt, negativity, and skepticism.

我們繼續看第 41 張投影片。我想這是我們最後一張投影片。快到了，朋友們。非常幸運的是，對我們所有人來說，朴槿惠有勇氣和信念。這應該被涉及，這很重要。堅持我們的原則，面對有時無止盡的懷疑、消極和質疑，我們採取簡單但優雅的策略。

Very fortunate of all of us, meaning investors, too, very fortunate that we stood our ground and our knees in buckle and we did what we thought was right under quite a bit of pressure. Because if we didn't do that, we wouldn't be where we are now. We wouldn't be looking at these once in a lifetime opportunities, wouldn't be. And we'd all be -- all lose out. All lose out.

我們所有人都很幸運，投資者也很幸運，我們堅持自己的立場，在相當大的壓力下做了我們認為正確的事情。因為如果我們不這樣做，我們就不會有現在的成就。我們不會考慮這些一生只有一次的機會，不會。我們都會遭受損失。全部失敗。

So how are we doing at Park? We believe Park has done a remarkable job of positioning our company to capitalize on. Thank you, Mark, once in a lifetime opportunities we are now facing. These are unprecedented times for Park.

那我們在公園裡過得怎麼樣呢？我們相信 Park 已經為我們公司做好了出色的定位，讓我們能夠充分利用這一優勢。謝謝你，馬克，我們現在面臨著千載難逢的機會。對帕克來說，這是前所未有的時代。

Okay, operator. So we're done with our presentation, and we're happy to take any questions at this time.

好的，接線生。我們的演示已經結束，我們很高興回答您的任何問題。

(Operator Instructions) Nick Ripostella, NR Management.

（操作員指示）Nick Ripostella，NR 管理。

Once again, nice presentation, nice quarter. And just a couple of easy questions. I've been thinking about Park and all the exciting things going on. How do you feel about the need for additional sales personnel or are you -- feel that everything you have there is adequate? You've got so much going on.

再次，精彩的演示，精彩的季度。只問幾個簡單的問題。我一直在想著帕克和正在發生的所有令人興奮的事情。您認為需要增加銷售人員，或者您認為現有的銷售人員已經足夠了？你有很多事要做。

I'm just wondering, are you covered in that area sufficiently. And the second thing is, I know you say you're not prepared at this time to share the long-term forecast. So do you think like sometime next calendar year, you can give people a longer-term view of where this company could be in three to five years. There are so many things that are blossoming. You truly are a growth company.

我只是想知道，您是否充分了解該領域。第二件事是，我知道您說您現在還沒準備好分享長期預測。那麼您是否認為，大約在明年某個時候，您可以向人們提供一個更長遠的視角，讓人們了解這家公司在未來三到五年內的發展方向。有太多事物正在蓬勃發展。你們確實是一家成長型公司。

But -- and then the third thing is -- and I know this is not your primary function, obviously, but you must be on radars of firms out here to pick up research coverage. There's so much research out there now by niche firms, and you have such a good story. I was just wondering if anything is happening in that regard.

但是——第三件事是——我知道這顯然不是你的主要職責，但你必須進入公司的雷達範圍才能獲得研究報告。現在，利基公司已經進行了大量研究，而你的故事也非常精彩。我只是想知道這方面是否發生了什麼事。

Thanks, Nick. Thanks for your questions. So let's take it one to order additional salespeople. I think Mark, you can chime in. We've learned a lot over the last 20 years. And I think our view on salespeople is a little bit skeptical for to have additional technical people, ensuring people in terms of getting more business.

謝謝，尼克。感謝您的提問。因此，讓我們採取一種措施來增加銷售人員。我認為馬克你可以加入進來。過去20年我們學到了很多。我認為我們對銷售人員的看法有點懷疑，因為需要增加技術人員來確保人們獲得更多業務。

We -- you're right, Nick, we certainly have our hands full what we have already, but we're always interested in new opportunities, new opportunities. They're coming pretty fast and furious, but they're not coming because of salespeople. They're coming because it's a small industry, particularly in defense side, and we close ties with a lot of the OEMs and the military as well. So the word gets out pretty quickly.

我們——你說得對，尼克，我們確實已經忙得不可開交了，但我們總是對新的機會感興趣。他們來得又快又猛，但他們並不是因為銷售人員而來的。他們之所以來，是因為這是一個小產業，特別是在國防方面，而且我們與許多原始設備製造商和軍方也保持著密切的聯繫。所以這個消息很快就傳開了。

The important thing is we have engineering people to support those activities rather than salespeople that get those, the business. And I'm not sure that really works anyway. I don't think that market chime in. The typical OEMs really are that interest rate in the guy bringing donuts and slick salesman, they are more interested in what you can do, how you can help us. And that's going to be more of an engineering discussion or it could be a supply chain discussion, okay, how can you support us in terms of providing a product to us.

重要的是，我們有工程人員來支援這些活動，而不是銷售人員來進行這些業務。但我不確定這是否真的有效。我認為市場不會認同這一點。典型的 OEM 確實對帶著甜甜圈的人和精明的推銷員感興趣，他們更感興趣的是你能做什麼，你能如何幫助我們。這將更多地是一個工程討論，或者可能是一個供應鏈討論，好的，您如何在向我們提供產品方面支持我們。

But I don't know, I'm a little skeptical about whether additional salespeople are you want to talk about at this point.

但我不知道，我有點懷疑您現在是否想談論額外的銷售人員。

Why don't we -- Mark, why don't you chime in? I'll take the other two questions, but why don't you chime in if you have anything you want to add to that answer on that question.

我們為什麼不──馬克，你為什麼不插嘴呢？我會回答另外兩個問題，但是如果您想對該問題的答案進行補充，為什麼不加入呢？

Yeah, Brian, I think you're correct. I mean, we work really close with the technical and engineering folks and kind of goes back to our strategy to the have priorities and maybe to get projects and we work directly with them and help them develop new programs and products. And that really helps us get business more so than the traditional, like you said, Brian, going to the supply chain people bringing donuts, but it's a little different in our industry. It's more technical, more engineering driven. And if you're satisfying those groups, you know how the business usually comes our way.

是的，布萊恩，我認為你是對的。我的意思是，我們與技術和工程人員密切合作，並回到我們的策略，確定優先事項，也許獲得項目，我們直接與他們合作，幫助他們開發新的項目和產品。這確實比傳統方式更能幫助我們獲得業務，就像你說的，布萊恩，去供應鏈人員那裡買甜甜圈，但在我們的行業中情況有點不同。它更加技術化，更加工程化。如果你能滿足這些群體的需求，你就會知道我們的生意通常會如何發展。

Yeah. Good. I think a lot of times it comes to was rather than we go into it, but that is a real kind of small close-in industry and people know where to find us. Long-term forecast, I understand why you're asking that. I think what you try to do in Q3 is provide some information. A little bit -- like a little reluctant because I think the number is going to be shocking to our investors, meaning --

是的。好的。我認為很多時候我們只是進入了這個領域，但這是一個真正的小型近距離行業，人們知道在哪裡可以找到我們。長期預測，我明白你為什麼要問這個問題。我認為您在第三季度嘗試做的是提供一些資訊。有點——有點不情願，因為我認為這個數字會讓我們投資者感到震驚，這意味著--

(inaudible) shocking.

（聽不清楚）令人震驚。

Yeah. Okay. (laughter) Well, let's see we can do to give you more perspective, a quantitative perspective, when we announced Q3, okay? Would that be all right? And we'll work on that. I'm not saying we'll give you a hard like three-, four-year forecast, but there's something that you could sink your teeth into a little bit more.

是的。好的。（笑聲）好吧，當我們宣布第三季時，讓我們看看我們能做些什麼來給你更多的視角，一個定量的視角，好嗎？可以嗎？我們將努力實現這一目標。我並不是說我們會給你一個像三到四年那樣的硬性預測，但有些事情你可以深入研究。

And the research, we're here. I mean, where to find us, we'd be happy to be covered. Like you said, Nick, not really our principal focus, but would be happy to be covered. And if anybody is interested, happy to talk to them. I think we are seeing a lot more visibility in the last few months or so. So we'll see what happens. I don't believe there's anything imminent where somebody is about to pick us up right now, but we're very open to being covered. So hopefully, those --

而研究，我們就在這裡。我的意思是，在哪裡可以找到我們，我們很高興得到報告。就像你說的，尼克，這實際上不是我們的主要關注點，但很樂意得到報導。如果有人有興趣的話，我很樂意與他們交談。我認為在過去的幾個月裡我們看到了更多的可見性。所以我們拭目以待。我不相信現在會有人急著接手我們，但我們非常願意接受這樣的接手。所以希望那些--

When the revenue doubles from here, then they'll come around. That's the way it happens a lot, but --

當收入翻倍時，他們就會回心轉意。這種情況經常發生，但是--

Maybe -- yeah, maybe you're right. Any other questions you have, Nick? Or is that covered?

也許——是的，也許你是對的。尼克，你還有其他問題嗎？或者說這已經涵蓋了？

No, thank you so much. And it's glad to see that all the hard work, the stock has caught lightning in the bottle after the last quarter. And it's good. It's a nice thing to see hard work appreciate and reflected in the value. It must make all the employees and everybody feel good and the investors, obviously, but so thank you.

不，非常感謝。很高興看到，經過所有的努力，該股票在上個季度後獲得了良好的表現。這很好。看到辛勤工作得到讚賞並體現價值是一件令人高興的事。這必須讓所有員工、每個人都感覺良好，當然還有投資者，所以還是謝謝你們。

It's a good thing. Thank you very much for input, Nick. Operator, do we have any questions?

這是一件好事。非常感謝你的意見，尼克。接線員，我們有問題嗎？

Currently, there are no further questions at this time. Oh, I actually see one just popping in by [Chris Showers], Private Investor.

目前，沒有其他問題。哦，我實際上看到私人投資者 [Chris Showers] 剛剛提出一個。

Brian, just, I guess, two questions. You mentioned the C2B material being a 60-40 lower to higher margin mix when the Patriot missile gets ramped up, will that be constant? Or can you get a higher mix there with the higher revenue converted material?

布萊恩，我想，只有兩個問題。您提到，當愛國者飛彈加強時，C2B 材料的利潤率將以 60% 到 40% 的比例降低，這個比例會保持不變嗎？或者您可以透過更高收入的轉換材料獲得更高的組合？

So I'll answer that. So what's going on here is their stockpile and stockpiling. And that's why there's the ratio is not really balanced. Now at the end of the day, though, there will be of C2B certain amount of fabricates required to make the C2B material, but at the end of the day, it all has to kind of even out.

所以我會回答這個問題。所以這裡發生的事情是他們的囤積和儲存。這就是為什麼比例並不真正平衡。現在，雖然最終製造 C2B 材料需要一定數量的 C2B 製造品，但最終，所有一切都必須平衡。

Right now, the OEMs are stockpiling. Why? Because they're nervous, they want as much as they can get because they see where the future is going. And they're not stopping, they're going to keep stockpiling, I think. But eventually, their plan is not to just have that stuff sitting in our factory. Of course, it's for us to produce the material that's used to make the rockenized materials for the (inaudible) structures for the Patriot Missile System.

目前，原始設備製造商正在囤貨。為什麼？因為他們很緊張，所以他們想要盡可能地得到東西，因為他們知道未來的發展方向。我認為他們不會停止，他們會繼續囤積。但最終，他們的計畫不是僅僅將這些東西存放在我們的工廠裡。當然，我們要生產用於製造愛國者飛彈系統（聽不清楚）結構的岩石材料。

Okay. And is there a timing on that? Where you think that might pick up this calendar year?

好的。有時間安排嗎？您認為今年這種情況可能會有所改善嗎？

Yeah. I think as Mark alluded to, we had this issue with the recall and that was slowing down a lot in our ability to produce the the materials, the C2B materials. The recall is pretty much complete now. So we think that's going to open things up quite a bit even in the next quarter. I mean even this quarter, I think.

是的。我認為正如馬克所提到的那樣，我們在召回方面遇到了這個問題，這大大降低了我們生產材料、C2B 材料的能力。目前召回工作已基本完成。因此我們認為，即使在下個季度，這也將使情況有很大改善。我想，即使是這個季度。

So we'll see. With the aerospace, probably most industries, though, Chris, the demand is there, but that the supply chain can't turn everything on a dime, we can, but there's a lot of other steps along in the supply chain in order to be able to ramp up like with the A320, we could support 75 million airplanes a month at this point if they needed it. But -- and Airbus would like to be a 75 airplane for a month. I'm quite sure of that. What's holding back as the supply chain is supply chain is not able to turn on a dime.

我們拭目以待。克里斯，對於航空航天業，可能大多數行業來說，需求是存在的，但供應鏈無法瞬間改變一切，我們可以，但供應鏈中還有很多其他步驟，為了能夠像 A320 那樣加速生產，如果需要的話，我們現在每月可以支持 7500 萬架飛機。但是——空中巴士公司希望在一個月內成為 75 架飛機。我非常肯定這一點。阻礙供應鏈發展的是供應鏈無法立即轉變。

Was there another question, Chris?

還有其他問題嗎，克里斯？

No.

不。

Okay. Okay. Operator, or anything else right now?

好的。好的。操作員，或現在有什麼其他的嗎？

There are no further questions at this time. I would like to turn the floor back over to Mr. Shore for any closing comments.

目前沒有其他問題。我想把發言權交還給肖爾先生，請他發表最後評論。

Okay. Well, Brian, again here. Thank you very much for listening in. Sorry, the call went so long. And if you have any other questions, you want to call us any time, we're happy to talk to you. Have a great day. Thank you. Bye.

好的。好吧，布萊恩，我又來了。非常感謝您的收聽。抱歉，通話時間太長。如果您有任何其他問題，請隨時致電我們，我們很樂意與您交談。祝你有美好的一天。謝謝。再見。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines, and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。請斷開您的線路，祝您有美好的一天。