Park Aerospace Corp (PKE) 2026 Q3 法說會逐字稿

Good morning. My name is Shamali, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Park Aerospace Corp. third quarter fiscal year 2026 earnings release conference call and investor presentation. (Operator Instructions)

早安.我叫沙瑪莉，今天我將擔任你們的會議接線生。在此，我謹代表 Park Aerospace Corp. 歡迎各位參加 2026 財年第三季財報發布電話會議及投資人展示。（操作說明）

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.

現在，我將把今天的電話會議交給董事長兼執行長布萊恩·肖爾先生。肖爾先生，您可以開始您的會議了。

Thank you, operator. Welcome, everybody. Happy New Year. This is Brian and welcome to the Park Aerospace Corp Fiscal Year 2026 third quarter investor conference call. I have with me, as usual, Mark Esquivel, our President and CEO, correction, COO, I give you a promotion there, Mark, sorry.

謝謝接線生。歡迎各位。新年快樂。我是 Brian，歡迎參加 Park Aerospace Corp 2026 財年第三季投資者電話會議。像往常一樣，我身邊的是我們的總裁兼首席執行官馬克·埃斯基韋爾，更正一下，是首席營運官，馬克，我給你升職，抱歉。

And just so, a little housekeeping stuff, we announced, released our third quarter earnings release or published our third quarter earnings release right after it closed. You want to get a hold of that because in the release, there's a link information to access the presentation we're about to go through. Presentation is also posted on our website.

順便提一下一些內部事務，我們在第三季財報發布後立即發布了第三季財報。你需要獲取該信息，因為在發布版本中，有一個鏈接信息可以訪問我們即將進行的演示。簡報也已發佈在我們的網站上。

So, we have a lot to cover. I want to get started. We have our dilemma. We have a lot of new investors, a lot of veteran investors, so how much we cover the background stuff is always a little bit of an issue. We'll do the best we can. Also, I just want to mention that we did file an S-3 registration statement with the SEC after the close as well. So, we're going to get started with the presentation. We have a lot to cover. Obviously, at the end of our presentation, we'll be happy to take any questions you might have. So let's plow ahead.

所以，我們有很多內容可以講。我想開始。我們面臨一個兩難的境地。我們有很多新投資者，也有很多資深投資者，所以我們對背景資訊的介紹程度始終是一個問題。我們會盡力而為。另外，我還想提一下，我們在交易完成後也向美國證券交易委員會提交了 S-3 註冊聲明。那麼，我們即將開始演示。我們有很多內容要講。當然，在我們的演講結束後，我們很樂意回答您可能提出的任何問題。那麼，讓我們繼續前進吧。

Slide 2, forward-looking disclaimer. If you have any questions about this language, please let us know.

投影片 2，前瞻性免責聲明。如果您對這種語言有任何疑問，請告訴我們。

Let's go on to Slide 3, table of contents, fiscal year '26, the Q3 investor presentation. We're about to go through that and then the supplementary financial information in Appendix One. We're not going to review that or cover it, but if you have any questions about it, please let us know.

接下來我們來看第 3 張投影片，目錄，2026 財年，第三季投資人報告。我們接下來會講解這部分內容，以及附錄一的補充財務資訊。我們不會詳細講解或介紹這部分內容，但如果您有任何疑問，請告訴我們。

As has become our practice in recent quarters, we're featuring the James Webb Space Telescope, runaway supermassive black hole, 10 million times the mass of the sun, that sounds pretty big to me, being boosted from its galaxy at 100, sorry, 1,000 kilometers per second, which is about 2 million miles an hour. Thank you, James Webb Space Telescope. The James Webb was produced with 18 Park proprietary SigmaStruts. James Webb is now orbiting, I think it's called Lagrange orbit, about a million miles from Earth.

正如我們近幾個季度以來的慣例，我們將重點介紹詹姆斯韋伯太空望遠鏡、失控的超大質量黑洞（質量是太陽的 1000 萬倍，這聽起來相當大），它正以每秒 100 公里（抱歉，是每秒 1000 公里，大約是每小時 200 萬英里）的速度從其星系中被拋射出去。感謝詹姆斯韋伯太空望遠鏡。James Webb 採用 18 個 Park 專有的 SigmaStruts 支柱製造。詹姆斯韋伯望遠鏡現在正在繞地球運行，我想它應該叫做拉格朗日軌道，距離地球大約一百萬英里。

Okay. Let's go on to Slide 4, our quarterly results. Let's just focus on Q3, where we just announced the sales, $17,333,000, gross profit, $5,903,000, gross margin, 34.1%, adjusted EBITDA, $4,228,000, adjusted EBITDA margin, 24.4%. We're not going to go over the history, but we provide it to you for perspective to Park quarters. I mean, what do we say about Q3? About our Q3, the quarter we just announced during our October 9, 2025 Q2 investor call. Sales estimate was $16.5 to $17.5 million, so we came in within that range. Adjusted EBITDA estimate was $3.7 million to $4.1 million, so we came in a little bit above that range.

好的。接下來我們來看第 4 張投影片，也就是我們的季度業績。讓我們只關注第三季度，我們剛剛公佈了銷售額為 17,333,000 美元，毛利為 5,903,000 美元，毛利率為 34.1%，調整後 EBITDA 為 4,228,000 美元，調整後 EBITDA 利潤率為 24.4%。我們不會贅述歷史，但我們提供這段歷史是為了讓您更了解公園區的情況。我的意思是，我們該如何評價第三季？關於我們的第三季度，也就是我們在 2025 年 10 月 9 日的第二季度投資者電話會議上剛剛宣布的季度業績。銷售額預計在 1650 萬至 1750 萬美元之間，所以我們最終的銷售額也在這個範圍內。調整後的 EBITDA 預計為 370 萬美元至 410 萬美元，所以我們的實際結果略高於這個範圍。

I just want to remind you that when we provide you with these estimates, we don't do what's called guidance that I guess everybody else does, almost everybody else does. When we tell you, we give you an estimate, we are telling you, Mark and I are telling you what we think will happen. We don't provide any fudge room so we can reduce what we think by 10%, so we can come in and beat the number and be heroes. We don't get involved in that kind of stuff. So I just want to always remind you when we talk about our estimates, what they mean, what they don't mean.

我只想提醒您，當我們向您提供這些估價時，我們不會像其他人那樣，幾乎所有人都在做所謂的指導。當我們告訴你，我們給你一個估計值時，我們是在告訴你，我和馬克是在告訴你我們認為會發生什麼。我們不留任何迴旋餘地，所以我們不能把預估數字減少 10%，這樣我們就能最終超越目標數字，成為英雄。我們不參與那種事。所以，我只想不斷提醒大家，當我們談到估算時，它們意味著什麼，它們不代表什麼。

Okay, let's go on to Slide 5. Quarterly results continuing this. The Q3 considerations. All right. We always have to talk about the ArianeGroup Business Partner Agreement because it has an impact upon our quarters. It gets a little tedious, but I think we need to explain it. We entered into a business partner agreement with ArianeGroup. They’re a wonderful French company. We’ve known them for about 20 years. They’re, I think, a JV between Safran and Airbus, a large company. That was in January of 2022, under which Ariane appointed Park as its exclusive North American distributor for their Raycarb C2B fabric used to produce ablative composite materials for advanced missile programs.

好的，我們來看第5張投影片。季度業績延續了這一趨勢。第三季需要考慮的因素。好的。我們總是要討論 ArianeGroup 業務合作夥伴協議，因為它對我們的季度業績有影響。雖然有點繁瑣，但我認為我們有必要解釋一下。我們與 ArianeGroup 簽訂了商業夥伴協議。他們是一家很棒的法國公司。我們認識他們大約20年了。我認為，他們是賽峰集團和空中巴士公司（一家大型企業）的合資企業。那是 2022 年 1 月，根據該協議，Ariane 任命 Park 為其 Raycarb C2B 織物在北美的獨家經銷商，該織物用於生產先進導彈項目的燒蝕複合材料。

So this is a lot of people consider it to be the Cadillac of this category of fabric that’s used for ablatives, I call sometimes, for missile programs. So this is why we have to talk about it because let’s just go into it. We had zero sales of the fabric in Q3. OEMs buy the fabric or stockpile the fabric because they’re trying to protect their very critical missile programs, but they have to buy it from us since we’re the exclusive distributor in North America. The OEMs, we buy the fabric from Ariane, our partner, and then we resell it or sell it, rather, to the OEMs for a small markup, all right? And we don’t even deliver it to the OEMs. We store the product, the fabric in our factory as a favor to them, I guess, because ultimately, they don’t need it. They're going to give us the releases at some point to go ahead and take that fabric and produce the prefabricated material with it.

所以很多人認為它是這類織物中的凱迪拉克，這種織物用於燒蝕，我有時稱之為導彈計劃。所以這就是為什麼我們必須討論這個問題，因為我們就深入探討。第三季布料的銷量為零。OEM廠商購買或囤積這種布料，是因為他們要保護其至關重要的飛彈項目，但他們必須向我們購買，因為我們是北美地區的獨家經銷商。我們從合作夥伴 Ariane 購買布料，然後以略微加價的價格轉售給 OEM 廠商，懂嗎？我們甚至不向原始設備製造商 (OEM) 提供產品。我們把產品和布料儲存在我們的工廠裡，我想這算是幫他們一個忙吧，因為歸根結底，他們並不需要這些東西。他們遲早會給我們發布許可，讓我們用這種布料生產預製材料。

Small markup. I probably shouldn’t have put this print in here because it’s not going to explain it. Even smaller as I presented considering tariffs. This is because we pass through all the tariffs, and they’re significant, but you pass them through on a dollar-for-dollar basis. They go into our sales line, but we don’t provide a markup on the tariffs. That would be kind of ridiculous. That actually makes the markup even -- percentage even lower, if you follow what I’m saying. We sold -- so we had zero sales of fabric in Q3, and we had a little bit more than $1 million of sales of the materials manufactured with C2B product in Q3.

少量加價。我可能不應該把這張印刷品放在這裡，因為它並不能解釋這件事。考慮到關稅，實際規模甚至更小。這是因為我們把所有的關稅都轉嫁了過去，而且這些關稅數額巨大，但你們是按美元對美元的比例轉嫁的。它們進入我們的銷售管道，但我們不會在關稅上加價。那豈不是很荒謬嗎？如果你明白我的意思，那實際上會讓加價幅度更小——百分比甚至更低。我們銷售—因此，我們在第三季布料的銷售額為零，而我們在第三季使用 C2B 產品製造的材料的銷售額略高於 100 萬美元。

So when we produce the prepreg, that actually results in very good margins. So when we have significant sales of material, not too significant fabric, that’s actually a plus for our bottom line. But the opposite often happens, and we’ll talk about that when we talk about our Q4 forecast. We have a lot of sales of fabric, not as much of materials that will drive down our margins. It’s all good. It’s all wonderful. It’s ultimately everything that we -- all the fabric that we sell to the OEMs and they stockpile, we will end up producing. That’s the reason we keep it in our factory. But the timing kind of distorts our quarter sometimes. That’s what we have to talk about, unfortunately.

因此，當我們生產預浸料時，實際上可以獲得非常好的利潤。所以，當我們有大量材料（而不是太多布料）售出時，這實際上對我們的利潤是一個加分項。但通常情況恰恰相反，我們將在討論第四季預測時談到這一點。我們布料的銷售量很大，但其他會拉低我們利潤率的材料銷售量並不大。一切都好。一切都很美好。最終，我們賣給原始設備製造商的所有布料，他們囤積起來的布料，最終都會由我們自己生產出來。這就是我們把它留在工廠裡的原因。但時間安排有時會對我們的季度業績造成一定影響。很遺憾，我們不得不談論這件事。

Let’s go on to Slide 6. Total missed shipments in Q3, approximately 740,000. That number’s up quite a bit. It was caused principally by international freight supply chain and customer spec and engineering issues. So what was going on here? Industry challenges are reemerging as industry recovers and programs accelerate. This is actually a good thing, good news.

讓我們繼續看第6張投影片。第三季未出貨總量約為 74 萬件。這個數字上升了不少。這主要是由國際貨運供應鏈、客戶規格和工程問題造成的。所以這裡到底發生了什麼事？隨著產業復甦和專案加速推進，產業挑戰再次出現。這其實是好事，是個好消息。

After the pandemic or when the pandemic started, it was a mess because the supply chain was so screwed up, and after a couple of years, we kind of got back to something what would be more acceptable, which is okay. But now that the industry is recovering and the programs are ramping quickly, now the supply chain and the industry is actually getting a little bit behind the power curve again. That’s what’s going on there. So actually, it’s good news. That impact of tariffs and tariff-related costs and charges, maybe Mark can help us with this.

疫情爆發後，或者說疫情剛開始的時候，情況一團糟，因為供應鏈徹底崩潰了。幾年後，我們才慢慢恢復到可以接受的程度，這還可以。但現在，隨著產業復甦和專案快速推進，供應鏈和產業其實又有點落後於產能曲線了。那裡的情況就是這樣。所以實際上，這是個好消息。關於關稅及相關成本和費用的影響，或許馬克可以幫我們解答一下。

Go ahead, Mark.

請繼續，馬克。

Yeah. This is a very eventful update again, which is, I think, a good thing. We have minimal impact on tariffs in our Q3, just as we’ve had previously. I think we talked about it. We price our materials on a short-term basis, most of our business, so we’re able to pass them on if we do get them.

是的。這次更新內容非常豐富，我認為這是一件好事。第三季度，我們的關稅影響微乎其微，與之前的情況一樣。我想我們談過這件事。我們大部分業務都是以短期定價採購原料，所以如果收到原料，我們就能把高價轉嫁出去。

The second bullet, possible future impacts. Again, this has been quiet again for us the last few months, or it seems to stabilize as far as what’s coming our way. That doesn’t mean there could be changes to that. But as far as the near term, I probably think the bullet would be pretty similar to the first one going forward in the next few quarters. But you just never know, but there’s minimal impact for Park at this point.

第二點，可能的未來影響。過去幾個月，我們這邊又恢復了平靜，或者說，就即將發生的事情而言，情況似乎趨於穩定。但這並不意味著這種情況不會改變。但就短期而言，我認為在接下來的幾個季度裡，子彈的走勢可能與第一顆子彈非常相似。但誰也說不準，不過目前來看，這對朴槿惠的影響微乎其微。

Okay. Thanks, Mark. Let’s go on to Slide 7. We keep moving here. This is a slide that our veteran investors are familiar with. Every quarter, we share with you our top five customers, and we do a little picture that’s associated with each of these companies, the top five companies alphabetically.

好的。謝謝你，馬克。讓我們繼續看第7張投影片。我們在這裡不斷搬家。這是我們資深投資人都很熟悉的幻燈片。每個季度，我們都會與您分享我們的前五大客戶，並製作一張與這五家公司（按字母順序排列）相關的圖片。

The 737 MAX, we’ve said in the past we don’t have much content on that. That’s actually NORDAM. That’s a WeatherMASTER Radome that NORDAM produces for the 737 product line. So what else do we want to talk about here? I guess maybe -- oh, the Valkyrie. Yeah. So we’ve talked about the Valkyrie quite a bit over the last few years. This is a Kratos program that we’re on. But the recent news is the Marine Corps just selected the Valkyrie for its collaborative combat aircraft program, Loyal Wingman, sometimes it’s called.

關於737 MAX，我們之前說過，我們沒有太多關於它的內容。那其實是諾丹號。這是 NORDAM 為 737 產品線生產的 WeatherMASTER 雷達罩。那麼，我們還想談什麼呢？我想也許是－－哦，女武神。是的。所以，在過去的幾年裡，我們已經多次談到女武神戰機了。這是我們正在參與的奎托斯計劃。但最近的消息是，海軍陸戰隊剛選擇瓦爾基里戰鬥機加入其合作作戰飛機計畫「忠誠僚機」（Loyal Wingman）。

So that’s a very good news for Kratos and also for Park. The PAC-3, that is an AAA item. And the Airbus A320neo. That’s obviously Middle River. Sikorsky and NORDAM, we already talked about which program is associated with NORDAM.

所以這對奎托斯和帕克來說都是個好消息。PAC-3，那可是AAA級產品。還有空中巴士A320neo。那顯然是中河。西科斯基和 NORDAM，我們已經討論過哪個專案與 NORDAM 相關了。

Let’s go on to Slide 8, our pie chart here. The comment is always that if you look at fiscal 2021, which is really the pandemic year, the pie chart’s quite different. The other year is kind of very similar year over year. People ask if the military piece of the pie chart will grow. And it might, but commercial’s growing too, so we’re not sure. My expectation would be that business aircraft as a percentage would maybe shrink over time.

接下來我們來看第 8 張投影片，也就是我們的圓餅圖。評論總是說，如果你看一下 2021 財年（實際上是疫情年），餅圖就大不相同了。另一年的情況也和往年非常相似。人們都在問，軍費開支在經濟總量中所佔的份額是否會成長。有可能，但商業也在發展，所以我們也不確定。我預計隨著時間的推移，公務機的比例可能會下降。

Let’s go to Slide 9. Park Loves Niche Military Aerospace Programs. This is a slide that we include every quarter as well. And these are not necessarily the biggest military programs we're on. These are just things we want to share with you. As we mentioned in the last couple of quarters, we feel less comfortable giving many specifics about these programs, but these are all programs that Park is associated with.

讓我們來看第9張投影片。樸先生熱愛小眾軍事航空航太計畫。這也是我們每季都會展示的幻燈片。而且這些還不一定是我們正在參與的最大規模的軍事計畫。這些都是我們想和你們分享的事情。正如我們在過去幾個季度中提到的那樣，我們不太願意透露這些項目的具體細節，但這些都是樸先生參與的項目。

Let’s see. The only thing that I would mention in terms of recent news is the Standard Missile 6, SM-6. The program -- the Navy just awarded Raytheon a contract to boost the SM-6 production. This is all public, so you can look it up yourself. I don’t think we need to comment on any other programs here.

讓我們看看。就最近的新聞而言，我唯一想提的就是標準導彈 6，即 SM-6。該計畫——海軍剛授予雷神公司一份合同，以提高SM-6飛彈的產量。這些資訊都是公開的，你可以自己去查。我認為我們無需對其他節目發表評論。

Let’s go on to -- Sorry, I’m going to find slide 10. Slide 10. This is another slide that we’ve included for probably, I don’t know, a dozen presentations. So a lot of you are very familiar with it. No real change to it. GE Aerospace Jet Engine Programs, major program opportunity for Park. Firm Pricing LTA from '19 to '29 with Middle River Aerostructure Systems, MRAS, which is currently a sub of ST Engineering Aerospace, a Singapore aerospace company.

我們繼續——抱歉，我要去找第 10 張投影片。第10張幻燈片。這是我們可能在十幾次簡報中都使用過的另一張投影片。所以你們很多人都非常熟悉它。沒有實質的變化。GE航空航太噴射發動機項目，帕克公司迎來重大項目機會。從 2019 年到 2029 年，與 Middle River Aerostructure Systems (MRAS) 簽訂長期協議，該公司目前是新加坡航空航太公司 ST Engineering Aerospace 的子公司。

But when we got on these programs, they were a sub of GE Aviation, now GE Aerospace. That’s why these programs are all related to GE engines or CFM engines. We built a redundant factory for them in exchange for agreeing to give us the LTA through '29.

但當我們參與這些計畫時，它們還是通用電氣航空集團（現為通用電氣航空航太集團）的子公司。這就是為什麼這些項目都與GE引擎或CFM引擎有關的原因。我們為他們建造了一座備用工廠，作為交換，他們同意將 LTA 授予我們到 2029 年。

What programs are we talking about? If we look at the bottom left side of the page, the first five are all A320neo aircraft family programs. They all have the same engine, LEAP-1A engine, which is a CFM engine. The 747-8, that airplane’s no longer being produced, but there’s still spares that were involved with Comac C919. Comac is a Chinese aircraft company with LEAP-1C engines. The C919 is Comac's offering to compete with the 737 and the A320.

我們指的是哪些項目？如果我們看一下頁面的左下角，前五個都是A320neo飛機系列項目。它們都使用相同的發動機，LEAP-1A 發動機，這是一款 CFM 發動機。747-8 飛機已經停產，但仍然有一些與 Comac C919 有關的備件。中國商飛是一家中國飛機製造公司，其產品採用LEAP-1C發動機。C919 是中國商飛為與波音 737 和空中巴士 A320 競爭而推出的機型。

On the right-hand side of the page, the C909, that’s also a Comac aircraft. That’s a regional jet. That also has a GE engine, of course, the Bombardier Global 7500 Passport 20 engine. The picture here is the 747-8, as you can see, engine nacelles. We like this picture because it just gives you a perspective on the size of these nacelles. Everything you see there is made with Park material. A lot of what you do not see inside the nacelles is made with Park material as well on that 747 program.

頁面右邊的 C909，也是中國商飛的飛機。那是一架支線噴射機。當然，它也配備了通用電氣發動機，即龐巴迪環球7500 Passport 20發動機。圖片展示的是747-8型客機，可以看到引擎室。我們喜歡這張照片，因為它能讓你直觀地感受到這些引擎室的大小。你在那裡看到的所有東西都是用公園的材料製作的。在747專案中，引擎室內部很多你看不到的零件也是用帕克材料製成的。

Let’s go on to Slide 11. More on GE Aerospace. We’re continuing. Let’s skip the first item. Second item, tank case containment wrap. This is for the 777X, GE9X engines, for the 777X. That's produced with our AFP material and other composite materials.

讓我們繼續看第 11 張投影片。更多關於通用電氣航空航太公司的資訊。我們繼續。我們跳過第一項吧。第二件物品，儲罐箱防護膜。這是針對 777X、GE9X 引擎的，適用於 777X 機型。這是用我們的AFP材料和其他複合材料製成的。

And let's go on to the third item, MRAS/Park LTA, which we already mentioned, was amended to include three proprietary Park film adhesive formulation product forms. And the last item, Life of Program Agreement, which was requested by MRAS and STE. Remember, STE is the owner of MRAS now.

接下來我們來看第三項，MRAS/Park LTA，我們已經提到過，它進行了修改，納入了三種專有的 Park 薄膜黏合劑配方產品形式。最後一項是《專案生命週期協定》，這是 MRAS 和 STE 提出的要求。請記住，STE現在是MRAS的所有者。

And we've said agreement is under negotiation for a few quarters now, but this time it's on us because the MRAS team wanted to get together with us in December, and we said, look, we're really going to focus on this expansion, and this expansion is for their benefit. So, we said, can we delay the next meeting on the Life of Program a couple of months? And they said, fine. So, that went on us. We can't blame anybody except us. The fact that this is still an open item. As we said previously, we'd love to have the Life of Program, but we're okay either way.

我們已經說過，這項協議已經談判了好幾個季度了，但這次是我們主動提出的，因為 MRAS 團隊想在 12 月和我們見面，我們說，聽著，我們真的要專注於這次擴張，而這次擴張是為了他們。所以，我們說，能否將下一次關於專案生命週期的會議延後幾個月？他們說，好的。所以，這件事就這麼發生了。除了我們自己，我們不能怪任何人。這件事目前仍未解決。正如我們之前所說，我們很希望擁有“專案生命週期”，但無論哪種方式我們都可以接受。

Let's go on to Slide 12. Continuing with the update on the -- this is an update on GE Aerospace Jet Engine program. So let’s start with the A320neo aircraft family. That’s the big dog of all the GE Aerospace programs that we’re on. As of November 25, Airbus had already delivered 4,275 A320neo aircraft. And Airbus has a huge backlog of these aircraft, 7,900 as of, I guess, September. That’s a total of over, when you look at how many were delivered and what’s in the backlog, a total of over 12,000 airplanes. That’s huge. And look at the delivery history here, the bottom half of the slide. We won’t go through the numbers.

我們繼續看第12張投影片。繼續更新—這是關於GE航空航天噴氣發動機計畫的最新進展。那麼，讓我們從A320neo飛機系列開始。這是我們參與的所有GE航空航太計畫中最重要的一個。截至11月25日，空中巴士已交付4,275架A320neo飛機。空中巴士公司積壓了大量此類飛機的訂單，截至9月份，我估計有7900架。如果把已交付的飛機數量和積壓的飛機數量都算進去，總共超過 12,000 架飛機。那太棒了。再看看這裡的交付歷史記錄，也就是投影片的下半部。我們就不一一列舉數字了。

You could kind of see what happened is that they were ramping up as the program was growing, and then hit the pandemic, and kind of hit a brick wall, and the ramp-up was slowed down a little bit. I think they’re ramping up much more aggressively now. In December of 2025, they delivered 97 airplanes, which is a lot, but they plan to deliver even more. You’re probably right about this, but the A320neo has issues with fuselage panels and also software that was caused by solar activities, which reduced the deliveries. Those issues have been resolved, but nevertheless, they’re probably held back to deliveries in 2025.

你可以看出事情的經過是，隨著計畫的發展，他們的規模也在不斷擴大，然後疫情爆發，就像撞上了一堵牆，規模擴大的速度也慢了下來。我認為他們現在正在加強推進。2025 年 12 月，他們交付了 97 架飛機，數量很多，但他們計劃交付更多。你說的或許沒錯，但A320neo的機身面板和軟體都存在問題，這是由太陽活動引起的，導致交付量減少。這些問題已經解決，但即便如此，它們可能也要等到 2025 年才能交付。

Let’s go on to Slide 13. This is the key thing. Airbus is targeting a delivery rate of 75. Remember, we had 50, 51, 75 per month in 2027. That's obviously -- doing the math, a 50% increase over where we are now, which is a lot, considering it's a very large program. It's 50% of a lot.

讓我們繼續看第 13 張投影片。這是關鍵所在。空中巴士的目標是交車量達到75輛。記住，2027 年我們每個月有 50、51、75 個。很明顯——算下來，比我們現在的水平提高了 50%，考慮到這是一個非常龐大的項目，這可是相當大的增幅。這是很多東西的50%。

On October 7, '25, the A320 aircraft family became the world's most delivered commercial jet that was surpassing the 737, and A320 aircraft family continues to rack up new orders. The game-changing A321XLR, we've spoken about this lots in the last few quarters. Maybe I won't go through each item, but if you have questions about it, please let us know. This is a pretty exciting, game-changing aircraft for Airbus. And this is part of the A320 Neo family. Just want you to understand that.

2025 年 10 月 7 日，A320 系列飛機成為世界上交付量最大的商用噴射機，超過了 737，並且 A320 系列飛機還在不斷獲得新訂單。在過去的幾個季度裡，我們已經多次談到了具有變革意義的A321XLR。我可能不會逐一講解，但如果您有任何疑問，請告訴我們。對空中巴士來說，這是一架非常令人興奮、具有改變意義的飛機。這是A320 Neo系列的一部分。只是想讓你明白這一點。

With the approved engines for the A320 Neo aircraft family, there are two of them. One is the CFM LEAP-1A engine. That's the program we're on. The other one is a Pratt GTF engine, PW1100G engine. We're not involved in the Pratt program, only the CFM program.

A320 Neo 系列飛機核准的引擎共有兩款。其中一款是 CFM LEAP-1A 引擎。這就是我們正在參與的節目。另一台是普惠GTF發動機，型號為PW1100G發動機。我們沒有參與普拉特項目，只參與了CFM計畫。

On Slide 14, we supply into the -- well, we just talked about the first item on the first bullet item, okay? Second bullet item. So basically, if you look at the market share of firm engine orders between the CFM LEAP-1A and the Pratt engine, and this is for the A320 program, of course, the CFM LEAP engine has a 64.5% market share, much more than half. And it has been that way for a while. The LEAP market share is much more than the Pratt market share, which is good for Park because we’re on the LEAP program and not the Pratt program. At that delivery rate of 75 airplanes per month, that 64.5% market share translates into a lot of engines per year, 1,161.

在第 14 張投影片中，我們補充到——嗯，我們剛剛討論了第一個要點中的第一個項目，好嗎？第二點。所以基本上，如果你看一下 CFM LEAP-1A 和 Pratt 發動機在 A320 項目中的確定訂單市場份額，當然，CFM LEAP 發動機的市場份額為 64.5%，遠遠超過一半。這種情況已經持續了一段時間。LEAP 的市佔率遠大於 Pratt 的市場份額，這對 Park 來說是件好事，因為我們參與的是 LEAP 計畫而不是 Pratt 計畫。以每月 75 架飛機的交付速度，64.5% 的市場份額意味著每年需要大量的發動機，即 1,161 台。

Just so you understand, this 64.5% is based upon all orders, all backlog for both engines. We’re talking about thousands and thousands and thousands of airplanes. So it’s not a number that’s easily distorted by kind of a small perspective, a short timeframe perspective.

需要說明的是，這 64.5% 是基於所有訂單和所有積壓訂單，涵蓋了兩個引擎的所有情況。我們說的是成千上萬架飛機。所以，這個數字不容易被狹隘的視角或短時間框架的視角所扭曲。

Let’s keep going. The Pratt engine, unfortunately, continues to struggle with serious reliability issues. I just read an article this morning that these reliability issues are expected to continue. Now, for the LEAP engine, reliability has been a selling point. Reliability is a very, very key thing for an airline. Reliability relates to how much downtime an airplane has related to maintenance. So if these airplanes are down for maintenance or inspections for these engines, that’s a real bad problem. If the airplanes are in the ground, they’re not making money.

讓我們繼續前進。遺憾的是，普拉特引擎仍存在嚴重的可靠性問題。我今天早上才讀到一篇文章，說這些可靠性問題預計還會持續存在。對於LEAP引擎來說，可靠性一直是其賣點之一。對航空公司而言，可靠性至關重要。可靠性是指飛機因維修而產生的停機時間。所以如果這些飛機因為引擎的維護或檢查而停飛，那將是一個非常糟糕的問題。如果飛機停在地面上，他們就賺不到錢。

And airlines, their margins aren’t that great. They cannot afford to have excess downtime. That’s why the reliability issues are a real serious problem. I don’t know what’s going to happen, but we might even speculate that because reliability continues to be a problem with Pratt and the CFM LEAP is doing well with reliability, that could drive the market share potentially even more to the LEAP side of the ledger. CFM has significantly ramped up production deliveries of LEAP engines, including LEAP-1A.

而且航空公司的利潤率並不高。他們承受不起過多的停機時間。所以可靠性問題確實是一個非常嚴重的問題。我不知道會發生什麼，但我們甚至可以推測，由於 Pratt 的可靠性仍然是個問題，而 CFM LEAP 的可靠性表現良好，這可能會進一步推動 LEAP 的市場份額成長。CFM 已大幅提高 LEAP 引擎（包括 LEAP-1A）的產量和交付量。

That’s really significant because we talked about supply chain restrictions, holding back the market, holding back deliveries. There were a lot of different things, but what was often mentioned most often were engines. So the fact that CFM is ramping up the LEAP engine is a good thing because that will help Airbus ramp up the A320neo program, which is, of course, what we want.

這非常重要，因為我們討論過供應鏈限制、阻礙市場發展和阻礙貨物交付的問題。有很多不同的東西，但被提及最多的還是引擎。因此，CFM 加大 LEAP 引擎的產能是一件好事，因為這將有助於空中巴士加大 A320neo 專案的產能，這當然是我們所希望的。

Slide 15. What are we doing here? As of September 30, '25, there were 7,900 firm LEAP-1A. See, that's what I’m talking about. These are a lot of engine orders, firm LEAP-1A engine orders. So we were recently told that our customer was given an indication as to how many engine -- how many nacelles, basically. That’s where they produce nacelles. They need to plan to produce for this program. And we can’t disclose that number, but it is significantly more than 7,900, significantly more.

第15頁。我們在這裡做什麼？截至 2025 年 9 月 30 日，共有 7,900 家 LEAP-1A 公司。你看，這就是我說的。這些都是大量的引擎訂單，是確定的LEAP-1A引擎訂單。我們最近得知，我們的客戶已經得到了關於發動機數量——基本上就是發動機艙數量——的指示。那是他們生產引擎室的地方。他們需要製定計劃來製作這個項目。我們不能透露具體數字，但它遠遠超過 7,900，遠遠超過這個數字。

The A320neo aircraft family program could end up being our largest program. We’ll see. But over the long -- over the course of the program, it could be. I don’t know. Everybody has a different opinion about this, but I’ll give you my opinion, which is probably not worth much. But my opinion is that Airbus will be making these airplanes with these engines in 2040. We’ll see if I’m wrong or right. C919 is a Chinese aircraft. Single aisle, we talked about that. It also has a LEAP-1C engine, LEAP-1C. And this is the single aisle to compete against the 737 and the A320.

A320neo飛機系列項目最終可能會成為我們最大的項目。我們拭目以待。但從長遠來看——在整個專案過程中，情況可能會是這樣。我不知道。每個人對此都有不同的看法，但我會給出我的看法，雖然這可能沒什麼價值。但我認為，到 2040 年，空中巴士將會生產配備這些引擎的飛機。我們來看看我是對是錯。C919是中國的一種飛機。單通道設計，我們之前討論過。它還配備了LEAP-1C發動機，LEAP-1C。這是與波音737和空中巴士A320競爭的單通道客機。

Comac is expected to fall short of its 2025 delivery target. Not surprising. It’s a Chinese company, so sometimes they have historically had some trouble kind of getting the programs up and going. Target shortfall, they say it’s caused by supply chain, whatever, international production issues, international trade production issues.

預計中國商飛將無法實現2025年的交付目標。毫不奇怪。這是一家中國公司，所以歷史上他們有時會在啟動和運行專案方面遇到一些困難。他們說，目標缺口是由供應鏈問題、國際生產問題、國際貿易生產問題等原因造成的。

So I don’t know. Let’s just go on to the next slide. I don’t think we need to be -- well, let’s go on to the next slide. We’re still on the C919. Comac is increasing manufacturing capacity to achieve production rates of 150 in '27, 200, in '29. Now, if you look at that juggernaut slide further down in the presentation, we’re assuming 150. We’re assuming a top set of 150. But Comac is building capacity for 200 per year. Comac reportedly has over 1,200 orders for the C919.

所以我不知道。我們直接進入下一張投影片吧。我覺得我們沒必要——好吧，我們繼續下一張投影片。我們仍在討論C919。商用汽車正在提高生產能力，目標是在 2027 年實現 150 輛的產量，在 2029 年實現 200 輛的產量。現在，如果你看一下簡報中更下方的那個龐大的幻燈片，我們假設是 150。我們假設最高分為 150 組。但中國商飛正在建造每年 200 輛的產能。據報道，中國商飛已收到超過 1200 架 C919 飛機的訂單。

Now, let’s look at the C909. This is a regional jet, again, produced by Comac with a GE engine, a different type of GE engine, of course. So according to the state-run Global Times, 175 C909s have been delivered. The C909 operating routes have expanded to 12 Asian countries, which is good because originally, these airplanes were thought to be China-only airplanes. That’s obviously not happening. I mean, Comac doesn’t want it to happen anyway. C909 aircraft now carry over 30 million passengers. That’s a lot of passengers in these small airplanes. There were approximately 385 open orders.

現在，讓我們來看看 C909。這是一架支線噴射機，同樣由中國商飛製造，配備通用電氣發動機，當然，是不同類型的通用電氣發動機。根據官方媒體《環球時報》報道，目前已交付175架C909飛機。C909 的營運航線已擴展到 12 個亞洲國家，這很好，因為最初人們認為這些飛機只在中國運作。這顯然不可能發生。我的意思是，Comac 本來就不希望這種情況發生。C909飛機目前運送超過3000萬名乘客。這些小型飛機上乘客真是不少。當時大約有385個未完成的訂單。

So here’s a good thing to talk about because this aircraft has been at rate for a couple of years. So it took Comac a while to get to rate, but they’re at rate. They got there. That’s the key thing. So with the C919, maybe it’ll take a little bit longer for them to get to rate. But my opinion, anyway, is they’ll get to rate and it’ll be very good for Park. These are starting from basically zero.

所以，這裡有個值得討論的好話題，因為這架飛機已經服役好幾年了。所以 Comac 花了一段時間才達到生產速度，但他們現在已經達到生產速度了。他們到達了目的地。這是關鍵所在。所以對 C919 來說，或許需要更長的時間才能達到預期水準。但無論如何，我的看法是，他們會獲得評分，這對朴槿惠來說會非常有利。這些數字基本上是從零開始的。

So let’s go to Slide 17. The Bombardier Global 8000 variant, the Global 7500 variant. It was just certified and first delivery last month. The fastest civilian aircraft since the Concorde, 8,000 nautical mile range. This 777X with GE9X engines. The 777X test program has amassed a lot of hours, a lot of flights. Boeing reportedly has over 600 orders for the aircraft.

那我們來看第17張幻燈片。龐巴迪環球8000型、環球7500型。它剛剛獲得認證，上個月進行了首次交付。自協和式飛機以來速度最快的民用飛機，航程達 8,000 海裡。這是一架配備GE9X引擎的777X飛機。777X 測試項目已經累積了大量的飛行時間和飛行次數。據報道，波音已收到超過600架該型飛機的訂單。

The certification test program is moving into phase three of the TIA, which is important. I mean, I’m not going to go into what that means. I’m not an expert anyway, but it’s an important step along the way to getting the aircraft certified with FAA.

認證考試項目正在進入TIA的第三階段，這非常重要。我的意思是，我不會深入探討這意味著什麼。我本來就不是專家，但這是飛機獲得美國聯邦航空管理局認證的重要一步。

Slide 18 is still on the 777X. Boeing now anticipates FAA certification entry into service and first delivery of 777X in '27. This airplane’s delayed too, so we can’t all just say, well, the Chinese are sometimes late with their aircraft. The Boeing CEO has indicated that 777X aircraft and the engines are performing quite well. Mentioned increased FAA scrutiny as a key factor in their certification delay. I think what he’s really getting at, I think he wants to be nice about it, is that the FAA is being a little stricter because of the issues with the MAX, the 737 MAX.

第 18 張幻燈片仍然關於 777X。波音公司目前預計 777X 將於 2027 年獲得美國聯邦航空管理局 (FAA) 認證，投入使用並首次交付。這架飛機也延誤了，所以我們不能都說，嗯，中國人的飛機有時候會晚點。波音公司執行長表示，777X飛機及其引擎的性能都相當不錯。提到美國聯邦航空管理局加強審查是導致其認證延遲的關鍵因素。我認為他真正想表達的意思，或者說他想委婉一點的意思，是 FAA 因為 737 MAX 的問題而變得更加嚴格。

Why don’t we go on to Slide 19? Here’s some numbers. GE Aerospace programs. This is why we emphasize a lot because it’s a big deal for Park, the GE Aerospace jet engine programs. We won’t go into the sales history. You can see it here for your benefit. Q3 sales were $7.5 million. Our forecast for Q4, $7.75 million-$8.25 million, and for the year, $29 million-$29.5 million, just kind of adding down.

我們直接跳到第 19 張投影片吧？以下是一些數字。通用電氣航空航太計畫。這就是為什麼我們要如此強調，因為這對帕克和通用電氣航空航太公司的噴射發動機計畫來說意義重大。我們就不深入探討銷售歷史了。為了您的方便，您可以在這裡查看。第三季銷售額為750萬美元。我們對第四季的預測是 775 萬美元至 825 萬美元，全年的預測是 2,900 萬美元至 2,950 萬美元，只是簡單地加起來而已。

You can see that there’s a recovery going on here in fiscal 2020, almost $29 million, and then it just kind of fell off a cliff during the pandemic. There’s been a real struggle to get back to that level, and it’s only now that we’re at that level this fiscal year. My feeling and sense is that this number is going to move up quite aggressively over the next two or three years.

你可以看到，2020 財年這裡出現了復甦跡象，接近 2,900 萬美元，然後在疫情期間就斷崖式下跌了。我們付出了巨大的努力才恢復到那個水平，直到我們本財年才達到那個水平。我的感覺是，未來兩三年內，這個數字將會快速成長。

Let’s go on to Slide 20. Okay. This is now talking about Park, not just GE. This is all Park. Park’s financial performance history and forecast estimates. So in the top part of the page in yellow, fiscal year '26, Q3, well, we already gave you those numbers. And then we have estimates, forecast estimates. Remember what we said? This is not guidance. This is what Mark and I think is going to happen to the best of our ability. Sometimes it’s wrong. Sometimes it’s higher. Sometimes it’s lower, but we’re telling you what we think is going to happen.

讓我們繼續看第 20 張投影片。好的。現在這裡討論的是帕克公司，而不僅僅是通用電氣公司。這一切都是公園。Park 的財務表現歷史和預測估計。所以，在頁面頂部的黃色部分，2026 財年第三季度，我們已經給了這些數字。然後我們還有估算值，預測估算值。還記得我們說過什麼嗎？這並非指導意見。這是馬克和我認為我們能做到的最好結果。有時候，這是錯的。有時它會更高。有時會更低，但我們會告訴你我們認為會發生什麼。

Q4, $23.5 million-$24.5 million. EBITDA of $4.75 million to $5.25 million. Now, a lot of smart people are thinking, well, what’s going on here? Q3 sales were $17.3 million. Q4 sales a lot more. Q3 EBITDA $4.2 million. So why isn’t the forecast for Q4 EBITDA a lot more? We have a lot more sales. Well, you got to look at the footnote. There’s two asterisks. Forecasted to include approximately $7.2 million C2B fabric sales. So that’s at small market, very, very light margins. And that’s what’s going on here. That’s what you need to understand. That’s why, with those kinds of sales, we’re not seeing much higher EBITDA numbers.

第四季度，2,350萬美元至2,450萬美元。EBITDA 為 475 萬美元至 525 萬美元。現在，很多聰明人都在想，這到底是怎麼回事？第三季銷售額為1730萬美元。第四季銷售額大幅成長。第三季 EBITDA 為 420 萬美元。那麼，為什麼第四季 EBITDA 的預測值沒有高很多呢？我們的銷售額大幅成長。你得看看腳註。這裡有兩個星號。預計將包括約 720 萬美元的 C2B 布料銷售額。所以，在小市場，利潤非常非常低。這就是這裡正在發生的事情。這就是你需要明白的。正因為如此，在這樣的銷售額下，我們沒有看到更高的 EBITDA 數據。

And then while we’re at it, let’s look at the total forecast for '26. This is just adding down, taking into account the Q4 forecast. $72.5 million-$73.5 million. And here’s your EBITDA number. And again, look at the footnote, three asterisks. Forecasted to include approximately $9.8 million of C2B fabric sales, mostly in Q4, it looks like. All right?

然後，趁此機會，讓我們來看看 2026 年的總預測。這只是向下累加，已經考慮了第四季的預測。 7250萬美元至7350萬美元。這是您的 EBITDA 資料。再看看腳註，上面有三個星號。預計其中將包括約 980 萬美元的 C2B 布料銷售額，主要集中在第四季。好的？

Okay. Let’s go on to Slide 21. So this is just some history on the right-hand column. The '26 forecast estimate included. The estimate we just went over with you, so we won’t go over that again. I think what’s interesting is look at the top line of sales. Starting in '17, '18, '19, '20, went up $10 million approximately per year from '17 to '20, and then it fell off a cliff. Because there you have the pandemic and the supply chain issues and the industry chaos that resulted for a long time.

好的。讓我們繼續看第 21 張投影片。右側欄位是一些歷史背景介紹。2026 年的預測估計值已包含在內。我們剛才已經和您討論過估價了，所以我們不會再討論第二次。我認為有趣的是要看看銷售額的最高值。從 2017 年、2018 年、2019 年、2020 年開始，每年約成長 1,000 萬美元，然後就斷崖式下跌。因為疫情導致供應鏈問題，並由此造成了長期的產業混亂。

And even last year in 2025, we still had barely gotten back to that fiscal '20 number. Now we start to see in fiscal '26, we start to see some acceleration getting out of that rut that the industry has been in for a long time, like five years. It’s been a long five years, I would say. So it is what it is, but it’s been a long five years.

即使到了 2025 年，我們也僅僅勉強恢復到 2020 財年的數字。現在我們開始看到，在 2026 財年，我們開始看到一些加速發展，擺脫了該行業長期以來（大約五年）一直處於的困境。可以說，這五年過得很長。事情就是這樣，但這五年過得真漫長。

Let’s look at the notes down here. Supply chain limitations affecting your airplane industry. That’s what we just discussed when we looked at the sales numbers, ramping up the cost for the juggernaut, and again, reminding you, the fiscal 2025 sales include $7.5 million of C2B fabric, and the '26 sales include $9.8 million of C2B fabric. Very important to understand those things, okay? Until now, I should just go back and say the OEMs have been stockpiling lots and lots of C2B fabric, much more than what we’re producing in terms of how that would translate into producing, meaning producing prepreg with the C2B fabric.

讓我們看看下面的筆記。影響航空業的供應鏈限制。這就是我們剛才在查看銷售數據時討論的內容，即提高巨頭的成本，再次提醒大家，2025 財年的銷售額包括 750 萬美元的 C2B 面料，2026 財年的銷售額包括 980 萬美元的 C2B 面料。理解這些事情非常重要，好嗎？到目前為止，我應該回顧一下，OEM廠商一直在囤積大量的C2B布料，遠遠超過我們實際生產的數量，這意味著用C2B布料生產預浸料的數量遠遠超過我們實際生產的數量。

So let’s go on to Slide 22. Change of gears a little bit. Our buyback authorization and activity, an update. Okay, so we announced in May 2022, our Board authorized the purchase of 1.5 million shares of our common stock. Under this authorization, Park has purchased a total of 718,000 shares of its common stock at an average price of $12.94. So you have to say we’re some kind of geniuses, considering what stock price is now. I mean, I don’t know what you think, but we probably should be invited on CNBC or maybe to talk and be a guest lecturer at Wharton School of Economics. Let’s keep going. We don’t have to talk about -- well, except that we didn’t buy any stock in Q2 or Q3. We haven’t bought any stock so far in Q4.

那麼，讓我們繼續看第 22 張投影片。稍微換個檔位。我們的回購授權和活動最新進展。好的，我們在 2022 年 5 月宣布，董事會已授權購買 150 萬股普通股。根據這項授權，樸先生以平均每股 12.94 美元的價格購買了總計 718,000 股普通股。考慮到目前的股價，你不得不說我們簡直是天才。我的意思是，我不知道你怎麼想，但我們或許應該受邀上 CNBC，或是去華頓商學院當客座講師。讓我們繼續前進。我們不必談論——好吧，除了我們在第二季和第三季沒有購買任何股票之外。第四季至今，我們還沒有買進任何股票。

Let’s go on to Slide 23. Trying to rush here a little bit. Sorry. Our balance sheet, cash, and very incredible cash dividend history. We have zero long-term debt, $63.6 million of cash at the end of Q3, 41 consecutive years of uninterrupted regular quarterly cash dividends, and now paid $608.6 million or $29.725 per share in cash dividends since the beginning of 2005. We’re kind of sneaking up on that $30 per share number. Park founders always kind of like to include this photo with the cash dividend history because this is really the beginning of Park when we really had almost nothing. We started with basically nothing.

讓我們繼續看第 23 張投影片。我有點趕時間。對不起。我們的資產負債表、現金以及非常優秀的現金分紅記錄。我們沒有長期債務，第三季末擁有 6,360 萬美元現金，連續 41 年不間斷地定期派發季度現金股息，自 2005 年初以來已支付 6.086 億美元（每股 29.725 美元）現金股息。我們正悄悄接近每股 30 美元的目標價位。Park 的創辦人總是喜歡把這張照片和現金分紅歷史放在一起，因為這張照片真正代表了 Park 的起步階段，當時我們幾乎一無所有。我們起步時幾乎一無所有。

Let’s go on to Slide 24. It’s a lot of money, a lot of dividends, I would say, for a company that started with basically nothing. Slide 24. Financial outlook for GE Aerospace Jet Engine Programs, the juggernaut. We’ve used that term for a while now. Timing, we’re not sure. The juggernaut is coming at us now with a capital NOW. Can’t be stopped. Better be ready.

讓我們繼續看第 24 張投影片。對於一家白手起家的公司來說，這筆錢和分紅可真不少。第24頁。通用電氣航空航太噴射發動機計畫（巨頭）的財務前景。我們已經使用這個術語一段時間了。時間方面，我們還不確定。這股勢不可擋的力量現在正以迅雷不及掩耳之勢向我們襲來。無法阻止。最好做好準備。

Let’s go on to slide 25. I’m rushing a little bit. I just want to stop and say for a second, for some of you new shareholders, if you want a more detailed explanation of some of these things, please just call us. We’re happy to go over these items in more detail. We’re kind of rushing through them. We just want to get to some of the newer items toward the end of the presentation.

讓我們繼續看第25張投影片。我有點趕時間。我想停下來說一下，對於一些新股東，如果您想更詳細地了解這些事項，請給我們打電話。我們很樂意更詳細地介紹這些項目。我們有點趕時間了。我們只想在演示的最後部分介紹一些較新的內容。

Slide 25. So we’re talking about engines per year assumptions, and there is a footnote explaining how we came up with those assumptions. Revenue per engine. Sorry, that information is provided to us by our customer, and the annual revenue per program, just multiplying across. And we end up with a total of $61.8 million at the outlook year.

第25頁。所以我們討論的是每年引擎數量的假設，並且有一個腳註解釋了我們是如何得出這些假設的。每台發動機的收入。抱歉，這些資訊是由我們的客戶提供的，我們只是將每個項目的年度收入相乘而已。最終，我們在展望年度的總收入為 6,180 萬美元。

So a couple of notes here. Our revenue per engine unit estimates are updated. We’ve been given updated information from our customer, and here’s something we haven’t really touched on. Why the engine units per year assumptions may be conservative. Let’s just try to explain this quickly, so A320neo, let’s look at that one. We have 1,080 engines we’re talking about per year. That’s based upon 75 airplanes per month, two engines per airplane, a 60% market share for LEAP. Just do the math. That’s 1,080. All right?

這裡需要說明幾點。我們已更新每台引擎單位的收入估算值。我們從客戶那裡獲得了更新的信息，以下是我們尚未真正涉及的內容。為什麼每年引擎數量的假設可能比較保守。讓我們來快速解釋一下，所以A320neo，我們來看看這個。我們每年要生產1080台發動機。這是基於每月 75 架飛機，每架飛機兩個發動機，LEAP 的市佔率為 60% 計算得出的。算算就知道了。那是1080。好的？

So that’s based on how many LEAP -- how many A320 airplanes will be built with LEAP engines. Do you think that every engine and cell structure that’s produced will end up on those engines? That would be a really ideal situation, but there’s something called scrap and fallout and things get rejected sometimes. We’re not taking that into account at all. We’re not taking spares into account either. So that’s why this assumption about engine units per year might be a little conservative. I just want to touch on that, okay?

所以，這取決於將建造多少架配備 LEAP 引擎的 A320 飛機。你認為生產出來的每台引擎和每個電池結構最終都會用到這些引擎上嗎？那將是一個非常理想的情況，但現實中總會有廢料和殘次品，有些東西會被淘汰。我們完全沒有考慮這一點。我們也沒有把備用零件考慮在內。所以，關於每年引擎數量的這個假設可能有點保守。我只想簡單提一下這一點，好嗎？

Slide 26. We don’t have to go over this. These are all footnotes related to how we computed the numbers and did the math on Slide 25. Let’s keep going. Okay. Now we’re going to change gears completely. War and peace, Park’s new juggernaut. Actually, that term, the new juggernaut, came from one of our investors. We liked it, so we decided to stick with it.

第26頁。我們不必再討論這個問題了。這些都是與我們在第 25 張投影片上計算數字和進行數學運算的方法相關的腳註。讓我們繼續前進。好的。現在我們要徹底改變策略。戰爭與和平，帕克的新鉅作。事實上，「新巨頭」這個詞，來自我們的一位投資者。我們很喜歡，所以決定繼續用下去。

Some of this is a review from last quarter. Some of it’s a little new. Unprecedented demand for missile systems. Missile system stockpiles have been seriously depleted by the wars in Europe and the Middle East. There’s an urgent need to replenish those 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. That’s a direct quote, obviously.

其中一些內容是對上個季度的回顧。有些內容是比較新的。飛彈系統需求空前高漲。歐洲和中東的戰爭嚴重消耗了飛彈系統庫存。迫切需要補充那些已經耗盡的飛彈系統庫存。根據《華爾街日報》報道，五角大廈正在敦促國防設備製造商以驚人的速度將飛彈系統產量提高一倍甚至四倍。這顯然是直接引用。

The list of Pentagon targeted missile systems include the Patriot missile system, the LRASM, and the SM-6, Patriot probably being a particular priority. Park actively participates in all of those missile systems. Review of and update on the Patriot missile defense system. That’s the big one for us. Also, we focus on it because it’s public. We’re not providing any confidential inside information. Everything we’re providing you is based upon public information. There’s just lots and lots of public information about the Patriot missile system. President Trump talks about it sometimes.

五角大廈的目標飛彈系統清單包括愛國者飛彈系統、遠程反艦飛彈系統（LRASM）和SM-6飛彈系統，其中愛國者飛彈系統可能是重點目標。朴正熙積極參與所有這些飛彈系統。對愛國者飛彈防禦系統進行評估和更新。這對我們來說是件大事。此外，我們關注它是因為它是公共的。我們不會提供任何機密內幕資訊。我們向您提供的所有資訊均基於公開資訊。關於愛國者飛彈系統的公開資訊非常多。川普總統有時會談到這件事。

The large deployment of PAC-3 Patriot missile defense systems, largest, sorry, in history, occurred in response to Iran’s ballistic missile strikes on our Forward Air Base in Qatar. That was, I guess, a few months ago after we bombed Iran, bombed our nuclear sites.

史上規模最大的PAC-3愛國者飛彈防禦系統部署，是為了回應伊朗對我們在卡達的前線空軍基地的彈道飛彈攻擊。我想，那大概是幾個月前，在我們轟炸伊朗、轟炸我們的核設施之後的事了。

On Slide 28. So what happened here is we moved the Patriot missile systems to Qatar in anticipation of this attack from South Korea and Japan. But I don’t know if South Korea and Japan are so happy about that. The Department of War wants a very significant increase in Patriot missile stockpiles in Asia. So we just took a lot of them out of Asia. So obviously, we’ve got a problem on our hands in terms of Patriot missile systems availability.

第 28 頁投影片。所以，我們把愛國者飛彈系統轉移到卡達，是為了回應韓國和日本的這次攻擊。但我不知道韓國和日本對此是否感到高興。美國戰爭部希望大幅增加在亞洲的愛國者飛彈庫存。所以我們把很多都從亞洲撤了出來。顯然，我們在愛國者飛彈系統的可用性方面遇到了問題。

Israel’s and Ukraine’s supplies of Patriot missile systems have been seriously depleted as a result of those wars. Recent news from US defense OEMs, including RTX, Boeing, Lockheed, L3, indicating significant ramp-up of Patriot missile system production. It’s apparent that US plans to do much more than just replenish the depleted stockpiles. On 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. That’s the branch that uses the Patriot systems for about 2,000, just a little less than 2,000 Patriot missiles. It’s a lot.

由於這些戰爭，以色列和烏克蘭的愛國者飛彈系統儲備嚴重減少。來自美國國防設備製造商（包括RTX、波音、洛克希德、L3）的最新消息表明，愛國者飛彈系統的產量將大幅提升。顯然，美國的計劃遠不止於補充耗盡的庫存。2025 年 9 月 3 日，洛克希德飛彈與火控部門獲得了其歷史上最大的合同，這是美國陸軍授予的價值 98 億美元的合約。這是使用愛國者飛彈系統的軍種，大約使用了 2000 枚愛國者飛彈，略少於 2000 枚。很多。

Slide 29. Here’s some big stuff. Slide 29. All new. On January 6, 2025, what was that? About a week ago? Yeah, about a week ago. Lockheed announced it reached a seven-year agreement. This is all being driven by the Department of War, with the US Department of War to increase its Patriot PAC-3 missile segment enhancement, MSE Interceptor. These are basically Patriot missiles.

第29頁。這裡有一些大事。第29頁。全新。2025年1月6日，那是什麼？大約一週前？是的，大概一週前。洛克希德公司宣布已達成為期七年的協議。這一切都是由美國戰爭部推動的，美國戰爭部希望藉此提升其愛國者PAC-3飛彈段的增強能力，即MSE攔截器。這些基本上就是愛國者飛彈。

Production to a capacity from 600 to 2,000. 600 to 2,000. Did you see that number? Over the last two years, this is even more interesting in a way. Lockheed already increased its production of Patriot PAC-3 Interceptors by 60%. So do the math. If it was increased by 60% to get to 600, that means it was 375, two years ago. So we’re going from, I’m just doing the math, 375 to 2,000. You get those numbers? It’s kind of unheard of. Unheard of.

產能從 600 提升至 2,000。600 至 2,000。你看到那個號碼了嗎？過去兩年，這件事在某種程度上變得更有趣了。洛克希德公司已經將愛國者PAC-3攔截器的產量提高了60%。所以，算算帳吧。如果成長了 60% 達到 600，那就意味著兩年前是 375。所以，我們是從，我只是算了一下，375 到 2,000。你拿到那些數字了嗎？這簡直是聞所未聞。聞所未聞。

The new seven-year agreement framework is designed to encourage Lockheed and its suppliers to make the capital investments necessary. This is a theme again for the Department of War. They want the Defense Department to be making capital investments rather than paying dividends and buybacks and stuff like that, necessary to boost production capacity to levels needed to support the dramatically increased PAC-3 missile program requirements. Do we need encouragement? No. We don’t need any encouragement. We’re already building our factory. We’ll get to that in a minute. We’re planning to build a factory to support this program.

新的七年期協議框架旨在鼓勵洛克希德及其供應商進行必要的資本投資。這又是戰爭部關注的主題。他們希望國防部進行資本投資，而不是支付股息、回購股票等等，這對於提高產能到足以支持大幅增長的 PAC-3 導彈計劃需求的水平是必要的。我們需要鼓勵嗎？不。我們不需要任何鼓勵。我們的工廠已經在興建中了。我們稍後會談到這一點。我們計劃建造一座工廠來支持這個項目。

Lockheed reportedly supplied PAC-3 missile supplies, sorry, missile systems to the US and 16 other countries. There are a lot of countries that want this system and aren’t getting it right now. Breaking news. This is this morning. The US Department of War is investing $1 billion in L3Harris solid rocket business. That’s Aerojet, to boost critical solid rocket production for Patriot and other missile systems.

據報道，洛克希德公司向美國和其他 16 個國家提供了 PAC-3 飛彈系統。很多國家都想要這套系統，但目前還沒有得到。突發新聞。這是今天早上的情況。美國戰爭部將向L3Harris固體火箭業務投資10億美元。這將使 Aerojet 公司能夠提高愛國者飛彈和其他飛彈系統所需的關鍵固體火箭的生產能力。

This is a separate -- a new separate publicly traded company will be created in connection with this investment. This is a big deal, and it’s a big deal for Park as well. But you see what’s going on here? This is the Department of War driving all this stuff. It’s a new world order, as we say later on in the presentation.

這是一項獨立的投資——將為此成立一家新的、獨立的上市公司。這是一件大事，對朴槿惠來說也是一件大事。但你明白這裡發生了什麼事嗎？這一切都是戰爭部在背後操縱。正如我們稍後在演講中提到的，這是一個新的世界秩序。

Let’s go to slide 30. The story continues. So what do we have to do with the Patriot missile system? Park supports for the Patriot missile system with specialty ablative materials produced with ArianeGroup. There’s an ArianeGroup name again. Their proprietary C2B fabric. This one probably should be in bold, but we’re trying to be modest about it. Park is sole source qualified for specialty ablative materials on the PAC-3 missile system program.

讓我們來看第30張投影片。故事仍在繼續。那麼，我們和愛國者飛彈系統有什麼關係呢？公園為愛國者飛彈系統提供支撐，採用與 ArianeGroup 合作生產的特殊燒蝕材料。又出現了ArianeGroup這個名字。他們自主研發的C2B布料。這則訊息或許應該用粗體標出，但我們想保持低調。Park 是 PAC-3 飛彈系統計劃中特種燒蝕材料的唯一合格供應商。

You just think about that and think about all we just talked about, what we discussed regarding this program. Park has recently been asked to increase our expected output, especially ablative materials for the program, by a significantly larger magnitude. So how are we going to do that? We’ll fully support this request with the additional manufacturing capacity provided by Park’s major facilities expansion discussed below. We didn’t need any incentive or encouragement. We’re already there.

你想想這件事，再想想我們剛才談的所有內容，我們討論的關於這個項目的所有內容。最近，樸某被要求大幅提高我們預期產量，特別是該專案所需的燒蝕材料產量。那我們該如何做到這一點呢？我們將全力支持這項請求，Park公司將在下文討論其主要設施擴建項目所提供的額外生產能力。我們不需要任何激勵或鼓勵。我們已經到達那裡了。

Okay, let’s keep going. Now we’re going to go back and talk about the ArianeGroup a little bit more, not from the perspective of how it affects our quarters from a kind of bigger picture perspective. We have agreements with ArianeGroup, that really wonderful French aerospace company, JV between Airbus and Safran, relating to their proprietary C2B fabric used by Park to produce ablative composite materials for the Patriot missile system and other missile systems.

好的，我們繼續。現在我們要回去再多談談 ArianeGroup，不是從它如何影響我們這個領域的角度，而是從更宏觀的角度來談談。我們與 ArianeGroup（一家非常優秀的法國航空航天公司，由空中巴士和賽峰集團合資成立）達成了協議，該協議涉及 Park 公司使用的專有 C2B 織物，用於生產愛國者導彈系統和其他導彈系統的燒蝕複合材料。

Then we entered into a business partner agreement. That’s what they call it. They refer to us as their partner. Very nice. With ArianeGroup in January 2022, under which ArianeGroup appointed Park as its exclusive North American distributor of their C2B fabric. Now, that was a 50/50 deal. Park -- this advance is to be used by ArianeGroup to increase its C2B manufacturing capacity in Europe. So they kicked in the same amount. We went 50/50 on this investment to increase their capacity in Europe, and we already paid our first installment of that amount. Sorry.

然後我們簽訂了商業夥伴協議。他們就這麼稱呼它。他們稱我們為合作夥伴。很不錯。2022 年 1 月，ArianeGroup 與 Park 達成協議，ArianeGroup 指定 Park 為其 C2B 布料在北美的獨家經銷商。那可是五五開的交易。Park——ArianeGroup 將利用這項技術來提高其在歐洲的 C2B 製造能力。所以他們也捐了同樣的金額。我們以 50/50 的比例共同投資，以擴大他們在歐洲的產能，我們已經支付了第一筆款項。對不起。

ArianeGroup and Park are partnering on a study to investigate the economic and other considerations relating to potential establishment of a major C2B fabric manufacturing facility in the US. Park committed to contribute, again, it’s a 50/50 deal, EUR 350,000 to the study. We expect that amount to be expensed in our Q4. Originally, we said Q3. It’s probably Q4, but that’s another 50/50 deal. This is something we’re partnering on this study. At the bottom, Park is engaged in ongoing discussions with ArianeGroup relating to potentially significantly increasing C2B fabric manufacturing capacity in the US to support critical Department of War missile programs, including the Patriot missile system program.

ArianeGroup 和 Park 正在合作進行一項研究，以調查在美國建立大型 C2B 布料製造工廠的經濟和其他相關因素。Park承諾再次出資35萬歐元用於這項研究，雙方各出資50%。我們預計這筆款項將在第四季計入費用。最初，我們說的是 Q3。可能要等到第四季度，但這又是另一件五五開的事了。這是我們正在合作的一項研究。在底部，Park 正在與 ArianeGroup 進行持續的討論，討論內容涉及大幅提高美國 C2B 織物製造能力，以支持美國戰爭部的關鍵導彈項目，包括愛國者導彈系統項目。

It’s very important that we highlight this because there’s a significant need for much more C2B fabric capacity. So it’s very important that this additional capacity be installed to support these programs as they ramp up aggressively.

強調這一點非常重要，因為目前對C2B布料產能有著巨大的需求。因此，為了支持這些項目快速發展，增設這些產能至關重要。

Let’s go on to Slide 32. So we’ve referenced the Patriot missile systems. I’m already explaining this a little bit above because they’re very high profile, well-known, numerous other critical missile programs currently in production or in development, which Park is actively supporting. Unfortunately, many of these programs are too confidential or sensitive for us to identify at this time. But please understand that certain of these programs represent very significant revenue opportunities for Park over long periods of time.

讓我們繼續看第 32 張投影片。所以我們提到了愛國者飛彈系統。我上面已經稍微解釋過了，因為它們是備受矚目的、眾所周知的，還有許多其他重要的導彈項目目前正在生產或開發中，而朴正熙正在積極支持這些項目。遺憾的是，這些項目中有許多過於機密或敏感，我們目前無法透露具體內容。但請理解，其中一些項目在很長一段時間內將為帕克帶來非常可觀的收入機會。

So last thing on war and peace. How about the US defense industry’s new world order? We already talked about this a little bit. President Trump wants to increase the US defense budget to $1.5 trillion with a T in order to build our dream military. So this is a two-edged sword for the defense industry. It’s being, what is it? Somebody give us and take us away. Here’s the take us away. But according to President Trump, the defense industry needs to get its act together.

最後再談戰爭與和平。那麼，美國國防工業的新世界秩序又如何呢？我們之前已經稍微討論過這個問題了。川普總統希望將美國國防預算增加到 1.5 兆美元（注意是 1.5 兆美元），以打造我們夢想中的軍隊。所以這對國防工業來說是一把雙面刃。它是什麼？請賜給我們，也請帶走我們。帶我們離開吧。但據川普總統稱，國防工業需要振作起來。

So buybacks, dividends. No, why don’t you invest in defense programs? CEO, even CEO pay limits. So there’s been a real issue with the aerospace industry generally, programs getting -- being not on time and not on budget. And I think that the Department of War doesn’t really like that very much. They’re asking the defense industry to kind of get its act together. What do we think about the new world order? We think it’s great. Park thinks it’s great. We think it’s wonderful.

所以，股票回購和分紅。不，為什麼不投資國防項目？連CEO的薪資上限也是如此。所以，航空航太產業普遍存在一個真正的問題，那就是專案無法準時完成，也無法在預算內完成。我認為戰爭部對此非常不滿。他們要求國防工業振作起來。我們如何看待新的世界秩序？我們認為它很棒。樸先生覺得很棒。我們認為這很棒。

Slide 33. Okay, let’s talk about our new plant. Sorry, it’s going on so long. I’m rushing, as you probably can hear through this as quickly as I can. Park’s new major new composite materials manufacturing plant. So now we’re going to give you a little bit more information about this new plant. We’re planning to build a major new composite material manufacturing plant. New plant is being designed to be fully functioning and integrated, a fully functioning, sorry, and integrated composite material manufacturing plant. It will include the following manufacturing line: solution screening, hot melt film, hot melt tape, confidential manufacturing lines and support equipment.

幻燈片 33。好的，我們來談談我們的新工廠。抱歉，時間太長了。我正在趕時間，你可能也能聽出來，我盡可能快地講完了。Park公司新建了一座大型複合材料製造廠。現在我們將為您詳細介紹這家新工廠。我們計劃建造一座大型新型複合材料製造廠。新工廠的設計目標是成為一個功能齊全、一體化的複合材料製造廠。它將包括以下生產線：溶液篩選、熱熔膜、熱熔膠帶、保密生產線和配套設備。

The new plant will also include full production, lab facilities, office space, storage, and freezer and ancillary equipment necessary to support all plant manufacturing activities and operations. So it’s like a fully integrated plant with everything that’s needed. The new plant is being designed to produce Park’s, to produce and support Park’s complete composite materials product line, including film adhesives and lightning strike materials.

新工廠還將包括完整的生產設施、實驗室設施、辦公空間、倉庫、冷凍庫以及支援工廠所有生產活動和運作所需的輔助設備。所以它就像一個完全一體化的工廠，擁有所需的一切。新工廠的設計目標是生產 Park® 產品，並支援 Park® 的全系列複合材料產品，包括薄膜黏合劑和防雷材料。

Slide 34, but the plant is not being designed currently anyway to produce our composite parts, structures, and assemblies, okay? Plant size, it’s getting pretty big, 120,000 sq ft. This could change, but that’s our current guesstimate on the plant size. When the plant is complete and operational, and get this, new plant will approximately double Park’s current composite materials manufacturing capacity. So that’s -- you can see why the plant is that big.

投影片 34，但是工廠目前並沒有設計用於生產我們的複合材料零件、結構和組件，好嗎？工廠規模相當大，佔地 12 萬平方英尺。這可能會有所改變，但這是我們目前對植物大小的估計。當該工廠建成投產並投入運作後，據悉，新工廠將使 Park 目前的複合材料製造能力約翻倍。所以，你就能明白為什麼這株植物這麼大了。

When will the new plant be completed? We have some internal discussion about that, maybe debate. Let’s just say for now, the second half of calendar 2027. When we’ll be operational, what do we mean by operational? Not fully ramped up. That means we’re producing and selling some product, some product that’s been qualified for production and sale. Maybe second half of, let’s say, calendar '28 would be a target for when the plant will be operational.

新工廠何時竣工？我們內部對此進行了一些討論，或許還會進行一些辯論。暫且就說是 2027 年下半年吧。我們何時才能開始營運？我們所說的營運是指什麼？尚未完全啟動。這意味著我們正在生產和銷售一些產品，一些已經符合生產和銷售條件的產品。或許，比如說，2028 年下半年，將是該工廠投入營運的目標時間。

Estimated capital budget for new plant, approximately $50 million. What’s the timing of the capital spend on the plant? Again, this is plenty in flux. At this point, fiscal year '27, that’s the coming fiscal year, probably 60% of that money. Fiscal year '28, maybe 30% of the money. Fiscal year '29, maybe 10% of the money. That’s how the money will be going out the door.

新工廠預計資本預算約 5,000 萬美元。該工廠的資本支出時間安排是怎麼樣的？同樣，這種情況瞬息萬變。截至目前，也就是 2027 財年（也就是即將到來的財年），這筆錢可能佔 60%。2028 財年，可能佔 30% 的資金。2029財年，可能占到總資金的10%。這就是資金流出的方式。

How will we fund the capital spend for the new plant? Well, with our cash, with our cash flow, and to some extent from the offering that we just announced, if that offering is successful. But is a new plant project dependent on the public offering discussed below? Absolutely not. We’re doing this. There’s no question about it. Nothing has to be decided. It’s going to be done. We’re just finishing the planning. It’s not dependent on anything. It’s something we’re committed to doing for very good reasons for Park and for our investors.

我們將如何籌措新工廠的資本支出？嗯，憑藉我們的現金、現金流，以及我們剛剛宣布的發行計劃（如果發行成功的話）在某種程度上，我們也能實現目標。但是，新建工廠專案是否取決於下文討論的公開發行？絕對不是。我們正在這樣做。這點毋庸置疑。無需做出任何決定。這件事一定會完成的。我們正在完成規劃工作。它不依賴任何事物。這是我們出於對樸先生和我們投資者的充分理由而致力於做的事情。

Okay, let’s go on to Slide 35. Still on the new plant. Where will the new plant be located? We have a finalist location in Midwest, but we’re still waiting for approvals from local community, economic development. These things for us go much more slowly than we like. Why are we building this new plant? That’s obviously the $64,000 question, or maybe the $50 million question. Our juggernauts plural, both our juggernauts we’ve talked about require it. Our long-term business and sales outlooks require it. Significant additional composite materials manufacturing capacity is required to support our juggernauts and long-term business and sales outlooks.

好的，我們繼續看第35張投影片。仍在新工廠。新工廠將建在哪裡？我們在中西部地區選定了一個最終候選地點，但我們仍在等待當地社區和經濟發展部門的批准。這些事情對我們來說進展得比我們希望的要慢得多。我們為什麼要建造這座新工廠？這顯然是一個價值 64,000 美元的問題，或者說是一個價值 5,000 萬美元的問題。我們所說的這兩台巨型機器都需要它。從長遠來看，我們的業務和銷售前景需要它。我們需要大幅增加複合材料製造能力，以支持我們的大型專案以及長期的業務和銷售前景。

We’re doing this to ensure we continue to have the manufacturing capacity needed for Park to be Park. We’re doing this to ensure Park is able to continue to be the company of yes, the can-do company, the yes-we-can company. We’re not looking to become a mill. We’re not going to abandon how we got here. Why we have the great, in my opinion, success we have. Why we have more opportunities than we could ever handle.

我們這樣做是為了確保我們繼續擁有Park所需的生產能力，使Park成為Park。我們這樣做是為了確保 Park 能夠繼續成為一家積極進取、勇於擔當的公司，一家相信我們能做到的公司。我們不想成為一家工廠。我們不會放棄我們走到今天這一步的方式。我認為，這就是我們取得如此巨大成功的原因。為什麼我們擁有的機會遠遠超過我們所能應付的。

So it would be really foolish for us to abandon how we got here and become a mill company where we just run our factory like a mill, and then somebody -- a customer wants something. Okay, we can help you out maybe a year from next month. I’m not exaggerating. That’s really what happened in this industry. That’s not for us.

所以，如果我們放棄現在的經營方式，變成像普通工廠一樣運作的工廠，然後有人──客戶想要什麼東西，那就太愚蠢了。好的，我們或許一年後，也就是下個月，可以幫到你。我一點也沒誇張。這個行業裡確實發生了這樣的事。那不適合我們。

Let’s go on to Slide 36. What are our calling cards? Flexibility, responsiveness, and urgency. So we’re doing this to ensure Park is able to continue to do those things which got us here. It would be a very unfortunate mistake for us to abandon the things which got us here. A very bad mistake. So our new plant needs to be designed with being Park in mind, meaning being flexible, being responsive, having urgency, saying, yes, we can. You need something. We’re going to move everything around. We just talked yesterday, maybe Friday, about whatever large customers, they want to move so many things around.

讓我們繼續看第 36 張投影片。我們的名片是什麼？靈活性、回應性和緊迫性。因此，我們這樣做是為了確保朴正熙能夠繼續做那些讓我們走到今天的事情。如果我們放棄那些讓我們走到今天這一步的事物，那將是一個非常不幸的錯誤。一個非常嚴重的錯誤。因此，我們的新工廠在設計時需要考慮到公園的理念，這意味著要靈活、反應迅速、有緊迫感，並且要說：是的，我們可以。你需要一些東西。我們要重新佈置所有東西。我們昨天，大概是星期五，剛談過一些大客戶，他們想調整很多東西的擺放位置。

If it was any other supplier, we’d say, well, sorry. We don’t ever say sorry. Sure, we’ll move everything around. A lot. It requires us to juggle a lot. It requires production to juggle a lot. But that’s what we do for a living, okay? And that’s why we have the success that we have, in my opinion.

如果是其他供應商，我們會說，好吧，很抱歉。我們從不說對不起。當然，我們會把所有東西重新移開。很多。這需要我們兼顧很多事情。這需要生產部門兼顧很多方面。但這就是我們的工作，好嗎？在我看來，這就是我們取得如今成功的原因。

When our new manufacturing plant is complete and fully operational, what will Park’s total composite materials manufacturing capacity be? Well, it’s a question that isn’t so easy to answer. It depends on how do you define manufacturing capacity. Park being Park manufacturing capacity, that means run the business the way we want to run it so we have that maximum flexibility, responsiveness, and urgency. If we run a factory like a mill, I just plan it six days a week, 24 hours a day, we could do that, but then our flexibility is almost nil.

當我們的新製造工廠建成並全面投入運作後，Park公司的複合材料總產能將達到多少？嗯，這個問題不太容易回答。這取決於你如何定義生產能力。Park 代表 Park 的生產能力，這意味著以我們想要的方式經營業務，從而獲得最大的靈活性、回應能力和緊迫感。如果我們像經營工廠一樣經營一家工廠，我計劃每週六天、每天 24 小時運轉，我們當然可以這樣做，但那樣我們的靈活性就幾乎為零了。

But Park being Park manufacturing capacity, maybe about $220 million. Park being Park manufacturing capacity, but pushing it to some extent, still being Park, but pushing it to some extent, about $260 million. These are preliminary estimate numbers we’ve been asked by a number of investors. Please give us some help here. Please give us some perspective. On the manufacturing capacity, the maximum sustainable manufacturing capacity, this is what we don’t want, would be about $315 million or $320 million. That’s not what we want, okay? So when you ask, and we haven’t asked what the manufacturing capacity is, we have to say, well, it depends on what you mean by that.

但考慮到 Park 的生產能力，可能約為 2.2 億美元。Park 是 Park 的生產能力，但在某種程度上推動它，仍然是 Park，但在某種程度上推動它，大約 2.6 億美元。這些是一些投資者向我們提出的初步估計數字。請幫我們做些幫助。請您提供一些見解。就生產能力而言，最大永續生產能力（這是我們不希望達到的）約為 3.15 億美元或 3.2 億美元。這不是我們想要的結果，好嗎？所以當你問起的時候（我們還沒問過生產能力是多少），我們只能說，嗯，這取決於你問的是什麼。

Let’s go on to slide 37. And I just want to say these are numbers we’re working on. We’re doing a massive amount of work, Mark and the guys on the expansion plan. So a lot of work has been done, but we’re not quite finished with everything. And even after we’re finished, things can move. Mix can change and things like that, which will affect capacity and sales.

讓我們繼續看第37張投影片。我只想說，這些都是我們正在研究的數字。馬克和他的團隊正在為擴張計劃做大量的工作。我們已經做了很多工作，但還沒有完全完成所有的事情。即使我們完成了，事情也可能會改變。產品組合可能會發生變化，諸如此類的情況都會影響產能和銷售。

Slide 37. Park’s long-term sales outlook for composite materials, including film adhesive materials and lightning strike protection materials. So we got to say again, what does this mean? Our number is approximately $200 million. $200 million, okay? But how is this outlook computed? It’s really important to understand what this means because it’s not a forecast. It’s an outlook. And this is how this outlook was computed. With line items that are known items. These are known sales, unknown programs, unknown customers. There’s no other category.

第37頁。Park對複合材料（包括薄膜黏合劑和防雷材料）的長期銷售前景進行了展望。所以我們必須再次說明，這意味著什麼？我們的數字大約是2億美元。 2億美元，明白嗎？但這種預測是如何計算出來的呢？理解這句話的意思非常重要，因為它並非預測。這是一種觀點。這就是該預測結果的計算方法。包含已知項目的行項目。這些是已知的銷售項目、未知的項目和未知的客戶。沒有其他類別。

There’s all line items of known opportunities, known customers, known programs. That’s how it’s computed. That’s what that outlook includes. What does it not include? So do you think that in the next three or four years, will there be no other opportunities like six months from now or a year from now or tomorrow? We’ll get a call from an OEM about a program they want us to work on. My guess is it’ll probably be tomorrow because we’re getting so many opportunities. They’re not including any of that, which we don’t know what comes.

包含所有已知機會、已知客戶、已知項目明細。計算方法就是這樣。這就是這種觀點所包含的內容。它不包括哪些內容？那麼你認為在未來三、四年內，不會再有像六個月後、一年後甚至明天這樣的機會了嗎？我們會接到OEM廠商的電話，詢問他們希望我們參與的專案。我猜可能就是明天，因為我們有很多機會。他們沒有把這些都包括進去，我們也不知道接下來會發生什麼事。

So it’s important you understand it’s not a forecast. It’s just an outlook of how with the methodology that we use. What are the high and low risk of the outlook? So I think we feel pretty confident about the line items in the forecast. But it’s possible that we’ll either be on those programs or we’ll get in those programs. Those programs will be ours. But it’s possible those programs won’t pan out to the level that we’re being told by our customers.

所以，你必須明白，這並不是預測。這只是我們對所用方法的一種展望。前景的高風險和低風險分別是什麼？所以我覺得我們對預測中的各項指標都相當有信心。但我們有可能參加這些項目，或被這些項目錄取。這些項目將歸我們所有。但這些項目可能不會達到客戶告訴我們的那種程度。

Maybe they won’t be as strong. Maybe it’ll take them longer to ramp up. I don’t know. It’s possible. So there’s risk on the low side. What about the high side? The high side is all those things we just talked about, things we don’t know yet that are definitely going to come. There’s no way -- we don’t even use -- we haven’t provided another category in our forecast or outlook, rather, the way we computed it. Just things we know about.

或許他們不會那麼強大。或許他們需要更長時間才能達到目標。我不知道。有可能。所以風險很低。高位端的情況如何？好的一面就是我們剛才討論的那些事情，那些我們目前還不知道但肯定會發生的事情。絕對不可能——我們甚至不使用——我們在預測或展望中沒有提供另一個類別，而是按照我們計算的方式。只是我們知道的事情。

What’s the target year for the outlook? Well, that’s another controversial question internally. I think we’re saying fiscal year '31. And I’ll tell you, I would say the end of fiscal year '31. Fiscal year '31 sounds like a long time from now, but it starts four years from now. That means for us to be able to be at that level, everything has to be ramped up. The plant would have to be fully built and the new plant and qualified. All the programs have to be qualified. And we’d have hired all the people, all the staffing, and we’re fully ramped up.

展望報告的目標年份是哪一年？嗯，這又是內部另一個有爭議的問題。我想我們說的是 2031 財年。我告訴你，我認為是 2031 財年結束的時候。2031 財年聽起來好像是很久以後的事，但實際上它從四年後開始。這意味著，為了達到那個水平，所有方面都必須加快步伐。該工廠必須完全建成，新工廠必須通過驗收。所有項目都必須符合資格。我們已經招齊了所有人員，配備了所有工作人員，並且已經全面啟動。

So to me, to do that in four years, that’s a little aggressive. That’s why I think what we should think about to be a little more conservative is the end of fiscal '31, which is more like five years from now. Doesn’t mean we want to be sales, but to be ramped up that level, probably I would think to be more conservative. We might want to think five years from now, rather than four years from now.

所以我覺得，要在四年內完成這件事，有點過於激進了。所以我認為，為了更保守一些，我們應該考慮的是 2031 財年結束的時間，大約五年後。這並不意味著我們想要達到銷售水平，但要提升到那個水平，我認為或許應該更保守一些。我們或許應該考慮五年後的事情，而不是四年後的事。

Thoughts about our ROI for Park’s investment in the new plant, $50 million. We’re not going to go through what the bottom line impact is now, but you think about it. We have this year, what is $72 million of sales. We’re talking about $200 million of sales, $50 million investment. You could probably do the math a little bit on your own. We got some real smart investors. We’re not going to go to that number now, but we think that the ROI would be extremely attractive that we wouldn’t if -- we doubt any investor would ever have a problem with it.

關於 Park 公司在新廠投資 5000 萬美元的回報率思考。我們現在不打算深入探討最終影響，但你們可以想想。我們今年的銷售額是7,200萬美元。我們說的是2億美元的銷售額，5000萬美元的投資。你大概可以自己稍微算一下。我們找到了一些非常精明的投資人。我們現在不會達到那個數字，但我們認為投資回報率會非常誘人，我們不會——我們懷疑任何投資者都不會對此有異議。

Let’s go on to Slide 38. Park’s newly announced public offering. Just touch on this quickly. Today, sorry, it’s going on so long. Today, we filed a Form S-3 registration statement and prospectus supplement with the SEC for a $50 million at-the-market public offering of Park’s common stock. What’s the purpose of this offering and financing? Well, first of all, to replenish a portion of the $50 million that we plan to invest in our new composite plant, composite materials plant. That’s part of it.

讓我們繼續看第 38 張投影片。Park公司新近宣布的公開募股。簡單提一下。今天，抱歉，時間過得真慢。今天，我們向美國證券交易委員會提交了 S-3 表格註冊聲明和招股說明書補充文件，計劃在市場上公開發行價值 5,000 萬美元的 Park 普通股。此次發行和融資的目的是什麼？首先，是為了補充我們計劃投資於新複合材料工廠（複合材料廠）的 5000 萬美元中的部分資金。那是其中的一部分。

But very importantly, to ensure that Park has the necessary funds to be in a position to take advantage of and exploit key opportunities currently being presented to Park and new key opportunities as they arise in the future. The availability of funds necessary to exploit key opportunities has been a key strategic advantage to Park. So you’re probably thinking, well, can you give me an example? Yeah, I can give you an example. We talked about GE Aerospace. How many hundreds of millions of dollars of business was represented?

但更重要的是，確保 Park 擁有必要的資金，以便能夠抓住並利用目前擺在 Park 面前的關鍵機遇，以及未來出現的新的關鍵機會。擁有抓住關鍵機會所需的資金一直是樸氏集團的關鍵戰略優勢。所以你可能在想，你能舉個例子嗎？是的，我可以舉個例子給你聽。我們討論了通用電氣航空航天公司。涉及金額高達數億美元的業務有多少？

Well, remember what happened? GE said to us, it was GE at the time, not SEE. Yeah, we’ll give you the LTA through 2029. But Park, we’re concerned because you’re sole source qualified in these programs. We want you to build a redundant factory. And then if you commit to doing that, we’ll give it the LTA. And we said, Sure, we’ll do that. We didn’t say, sure, but we got to go see if we can get the money or go to banks. And it would have been terrible because GE, if they’re smart, would think, well, I don’t know if Park’s going to get the money. Let’s go talk to somebody else.

你還記得發生了什麼事嗎？GE 告訴我們，當時是 GE，不是 SEE。是的，我們將為您提供 LTA 直至 2029 年。但是樸先生，我們很擔心，因為您是這些項目中唯一合格的人員。我們希望你們建造一座備用工廠。如果你承諾這樣做，我們將授予它 LTA。我們說，當然，我們會這麼做。我們沒說“當然可以”，但我們得去看看能不能弄到錢，或者去銀行。那將會非常糟糕，因為如果通用電氣夠聰明的話，他們就會想，嗯，我不知道朴正熙能否拿到這筆錢。我們還是去找別人談談吧。

That never happened because we said right there on the spot, yep, we’ll do it. And we had the money to do it. It was about $20 million at the time. I think we believe if we had to do that plan now, it’d probably be twice as much based on inflation. We are quite sure it is in Park’s and our investors’ very best interest for Park to be able to continue to exploit such opportunities as they arise in the future.

那件事從未發生過，因為我們當場就說，好的，我們會做的事。而且我們有足夠的錢來做這件事。當時價值約2000萬美元。我認為，如果現在要實施這項計劃，考慮到通貨膨脹，成本可能會翻倍。我們非常確信，讓樸氏能夠繼續利用未來出現的各種機會，符合樸氏及其投資者的最大利益。

Just a little interesting information. I don’t know, footnote? You know where our last public offering was? It was -- well, Martina found a tombstone in our office. It was March 6, 1996, 30 years ago. It was a $100 million convertible note offering that was converted to all equity, almost all equity. I think 96% of it was converted to equity. Underwriters were Needham, Robertson Stephens, and Lehman. We didn't have until last two.

一點有趣的小訊息。我不知道，註腳？你知道我們上次公開發行是在哪裡進行的嗎？事情是這樣的——瑪蒂娜在我們辦公室發現了一塊墓碑。那是1996年3月6日，距今已經30年了。這是一筆 1 億美元的可轉換債券發行，後來幾乎全部轉換為股權。我認為其中96%都轉換成了股權。承銷商為 Needham、Robertson Stephens 和 Lehman。直到最後兩個我們才有時間。

Anyway, just a little interesting history. Sorry to go on for so long, everybody. But operator, we happy to take any questions at this time, to the extent there are any. Operator?

總之，這是一段有趣的小歷史。抱歉讓大家久等了。但是操作員，我們很樂意在這個時候回答您提出的任何問題（如果有的話）。操作員？

Thank you. Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。謝謝。接下來我們將進行問答環節。（操作說明）

It looks like we have no questions at this time. Therefore, I’ll turn the floor back over to Mr. Brian Shore for closing remarks.

目前看來我們沒有任何問題。因此，我將把發言權交還給布萊恩·肖爾先生，請他作總結發言。

Thank you, Operator, and thank you, everybody, for listening. We apologize that the presentation went on so long, there's been a lot to cover. Please feel free to give us a call if you have any follow-up questions, some of the items I think we kind of skimmed over a little bit quickly. So feel free to give us a call, we'd be happy to help you out with any follow-up questions. Have a good day and once again, Happy New Year, all the best to you and your family in 2026. Goodbye.

謝謝接線員，也謝謝大家的收聽。很抱歉演講時間過長，因為要講的內容很多。如果您有任何後續問題，請隨時致電我們，我覺得我們對某些項目只是略作簡要介紹。如有任何後續問題，歡迎隨時致電，我們很樂意為您解答。祝您今天過得愉快，再次祝您新年快樂，祝福您和您的家人在2026年一切順利。再見。

Thank you. And this concludes today's conference and you may disconnect your line at this time. Thank you for your participation.

謝謝。今天的會議到此結束，您可以掛斷電話了。感謝您的參與。