Park Aerospace Corp (PKE) 2026 Q4 法說會逐字稿

Good afternoon. My name is Julian, and I'll be your conference operator today. At this time, I would like to welcome everyone to Park Aerospace Corp.'s fiscal year '26 Q4 investor call and presentation. (Operator Instructions)

各位下午好。我叫 Julian，今天將擔任各位的電話會議接線員。此時，我謹代表公司歡迎各位參加 Park Aerospace Corp. 2026 財政年度第四季投資人電話會議與簡報。(接線員指示)

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 Brian Shore 先生。Shore 先生，您可以開始。

Thank you, operator. This is Brian. Welcome all to Park Aerospace's Q4 investor conference call. Thank you for joining us. With me, as usual, Mark Esquivel, our President and COO.

謝謝，接線員。我是 Brian。歡迎各位參加 Park Aerospace 第四季投資人電話會議。感謝各位撥冗參與。與我一同出席的，照例是我們的總裁兼營運長 Mark Esquivel。

We published our fourth-quarter earnings release just after the close. If you haven't accessed that, you probably want to do that. In the earnings release, there are instructions as to how to access the presentation that we're about to go over. You can -- there's a link that's provided. Also, you can access that presentation on our website. You want to do that, so the call will be meaningful.

我們在收盤後不久發布了第四季財報新聞稿。如果各位尚未取得，建議先去查看。在財報新聞稿中，有說明如何取得我們即將講解的簡報。各位可以——我們提供了一個連結。此外，各位也可以在我們的網站上取得該簡報。建議各位先打開，這樣電話會議內容才更有意義。

So we'll review our presentation, of course, with you, and then we'll be happy to answer questions. I just want to comment that we have a lot of new investors or potential investors at Park. During our third-quarter call in January, there were over 150 participants. That's a lot for us.

因此，我們會與各位一同檢視簡報內容，之後也很樂意回答問題。我想先提一下，我們在 Park 有很多新的投資人或潛在投資人。在 1 月的第三季電話會議中，參與者超過 150 人。對我們來說這是很多。

And I suspect that, that interest might continue. So the point is that we have a lot of new potential investors or investors and we have the veteran investors. So we have to balance between covering the old stuff again and not covering it too much. I know sometimes when we do that, the veteran investors get a little impatient that we're going over things we went over. But out of respect for our new blood, new investors, we want to go back and cover some of these things that we cover every quarter.

我猜想這樣的關注可能會持續。所以重點是：我們既有許多新的潛在投資人或投資人，也有資深投資人。因此我們必須在重新回顧舊內容與不要講太多之間取得平衡。我知道有時候我們這麼做，資深投資人會有點不耐煩，因為我們又在講之前講過的事情。但出於對新血、新投資人的尊重，我們希望回頭再涵蓋一些我們每季都會談到的內容。

So we'll do the best we can to find a middle ground and compromise. And that, of course, means that nobody is going to be happy. But anyway, we'll do our best, of course. Why don't we go ahead and proceed, and we'll go right to slide 2, which is our forward-looking disclaimer language. We're not going to read this for you. But if you have any questions about it, please let us know.

所以我們會盡力找到一個中間點並做出折衷。而這當然意味著沒有人會完全滿意。不過無論如何，我們會盡力而為。那我們就開始吧，直接到第 2 張投影片，也就是我們的前瞻性聲明免責語言。我們不會逐字念給各位聽。但如果各位對此有任何問題，請告訴我們。

Let's go to slide 3, table of contents. slide 1, we'll start with our investor presentation and in Appendix 1, your supplementary financial information. We don't normally cover that during our call, but please let us know if you have any questions about it. Our practice has been on our table of contents to feature something about the James Webb space telescope, discovered these little red dots, a new class of object.

我們看第 3 張投影片：目錄。投影片 1 我們將從投資人簡報開始；附錄 1 是補充財務資訊。我們通常不會在電話會議中講解那部分，但若各位有任何問題，請告訴我們。我們在目錄頁的慣例是放上一些與詹姆斯・韋伯太空望遠鏡相關的內容——它發現了這些小紅點，一種新的天體類別。

You think about the new class of object. I didn't know what to make of that, small extremely red points of light that represent a potential seeding of early supermassive black holes, challenging our understanding of Galactic formation and evolution. Thank you, James Webb. And the James Webb was produced 18 proprietary Park Sigma Strut. So this is not a high-volume program for us and probably not an opportunity for many spares since the James Webb is in orbit 1 million miles away.

談到這種新的天體類別。我一開始也不知道該怎麼理解：一些小而極度偏紅的光點，可能代表早期超大質量黑洞的潛在「播種」，挑戰我們對星系形成與演化的理解。謝謝你，詹姆斯・韋伯。而詹姆斯・韋伯使用了 18 支 Park 專有的 Sigma Strut。所以這對我們而言不是高產量的專案，而且由於詹姆斯・韋伯在距離 100 萬英里外的軌道上，可能也不會有太多備品需求。

We're probably not going to send anybody up to replace any of the Sigma Struts. But even though it's a small program in terms of revenue, we feature it every quarter now for the last, I don't know, couple of years because it's just such an incredible thing to be part of. It's just amazing. I mean, it's hard to describe. The words don't even get it amazing, doesn't really get it because we're -- almost everything you hear that comes from James Webb says everything we believe -- the smartest people in the world believe about the universe was not true.

我們大概也不會派人上去更換任何 Sigma Strut。但即使就營收而言這是個小專案，我們在過去——我不知道——大概這一兩年每一季都會提到它，因為能參與其中實在太不可思議了。真的令人驚嘆。我的意思是，很難形容。甚至「驚嘆」這個詞都不足以形容，因為——幾乎你從詹姆斯・韋伯聽到的每一件事，都在說明我們所相信的——世界上最聰明的人所相信的——關於宇宙的一切並不正確。

Sorry, we got to start all over again. So we're just -- I don't know how to say it, we're just so thrilled to be part of that -- the James Webb. Again, even though from a business financial perspective, it's not a big impact. And like I said, probably no more revenue from the James Webb anytime soon. Let's go on to slide 4, going from the -- I don't know the lofty to the -- I don't know if it's mundane, but a little different kind of level.

抱歉，我們得重新開始。所以我們——我不知道該怎麼說——能成為其中一部分真的非常興奮——詹姆斯・韋伯。再次強調，即使從商業與財務角度來看，它的影響並不大。而且如我所說，短期內詹姆斯・韋伯可能也不會再帶來更多營收。我們繼續到第 4 張投影片，從——我不知道——那種崇高的層次，回到——我不知道是否算平凡，但層次有點不同的內容。

Our own quarterly results, important, but maybe not quite in --important in terms of the -- I don't know the history of the universe perspective, but nevertheless, we'll go over our quarterly results. Q4 sales, $24.187 million, gross profit, $6.935 million. Gross margin, 28.7%, which, as you know, we don't like that too much. We don't like gross margin below 30%. But when we get the next slide or two, we'll explain what's going on here.

我們自己的季度業績，當然重要，但也許不像——從我不知道——宇宙歷史的角度那麼重要；不過無論如何，我們會檢視本季業績。第四季銷售額 2,418.7 萬美元，毛利 693.5 萬美元。毛利率 28.7%，如各位所知，我們不太喜歡這個水準。我們不喜歡毛利率低於 30%。但在接下來一兩張投影片，我們會解釋這裡發生了什麼。

That relates to the significant shipment sales of C2B fabric. Adjusted EBITDA, $5.171 million and EBITDA margin, 24.1% (sic - 21.4%). What did we say about our Q4 during our January 13 Q3 investor call. We said our sales estimates, $23.5 million to $24.5 million. So we came in within the range, maybe kind of the top half, but still within the range.

這與 C2B 布料的大量出貨銷售有關。調整後 EBITDA 為 517.1 萬美元，EBITDA 利潤率 24.1%（原文誤植 - 21.4%）。我們在 1 月 13 日第三季投資人電話會議中，對第四季說了什麼？我們說銷售額預估為 2,350 萬至 2,450 萬美元。所以我們落在區間內，可能偏上半段，但仍在區間內。

Adjusted EBITDA estimate for quarter -- sorry, $4.75 million to $5.25 million. And it seems like we came in within the range, maybe the top half of the range, which is good. I need to explain, especially for some of our new potential investors, investors that when we give an estimate, we're telling you what we think is going to happen. We don't like this kind of thing that people do where they give a number. But it's -- they haircut it by 10%.

本季調整後 EBITDA 預估——抱歉——為 475 萬至 525 萬美元。看起來我們也落在區間內，可能在區間上半部，這很好。我需要解釋一下，特別是對一些新的潛在投資人、投資人：當我們給出預估時，我們是在告訴各位我們認為將會發生什麼。我們不喜歡有些人那種做法：給出一個數字，但——他們會先把它打九折。

So they can beat the number, and they have a beat, I can't -- I don't like that term these analysts come up with this sort of stuff. Like it's some game. We're not playing a game here. We don't like that makes us uncomfortable. We're not playing the game, but the whole concept, it's a beat, it's a beat, it's a beat.

這樣他們就能「超越」那個數字，然後就有一個「beat」——我不——我不喜歡分析師 придум出來的這種說法與玩法。好像這是一場遊戲。我們不是在玩遊戲。我們不喜歡那樣，這讓我們不舒服。我們不玩這種遊戲，但整個概念就是：它超越了、它超越了、它超越了。

We don't want to beat. When we give you a number, we're telling you what we think is going to happen. And if we're wrong, that means we didn't do a very good job. Now sometimes we'll be wrong high, sometimes we'll be wrong low. But we're not trying to do that.

我們不想去「超越」。當我們給各位一個數字時，我們是在告訴各位我們認為將會發生什麼。如果我們錯了，那表示我們沒有把工作做好。當然有時候我們會高估，有時候會低估。但我們不是刻意要這麼做。

We're not trying to give you a number that we can beat so we could be hero. To us, that seems like such a childless waste of time. And I just want you to understand that. So when we say we're in the range, that's a good thing. That means our prediction was right.

我們不是想給你一個我們可以超越的數字，好讓我們成為英雄。對我們而言，那看起來像是非常幼稚且毫無意義的浪費時間。我只是希望你能理解這一點。所以當我們說我們落在區間內時，那是一件好事。那表示我們的預測是正確的。

So I probably cover that every quarter because it's a little different with many other companies how they do that kind of guidance thing and it's not something we really have to spend time with. Let's go on to slide 5, okay? Talk about Q4 a little bit more. ArianeGroup, here we go and now we're talking about that gross margin number. ArianeGroup business partner agreement, we talk about this every quarter, is significant from many perspectives.

所以我大概每一季都會說明這一點，因為很多其他公司在做那種指引時的方式有點不同，而這也不是我們真的需要花時間去處理的事情。我們來看第5頁投影片，好嗎？再多談一點第四季。ArianeGroup，來了，現在我們要談的是毛利率那個數字。ArianeGroup 的業務合作夥伴協議，我們每一季都會談，從很多角度來看都很重要。

But in terms of the quarterly P&L -- so we entered into the business partner agreement with Ariane in January '22 under which Ariane appointed Park as their exclusive North American distributor for their Raycarb C2B fabric used to produce ablative composite materials for advanced missile programs. Now, we had $7.1 million of C2B fabric sales in Q4. Well, that's a lot. I mean $7.1 million, what was our number, 24.1%. It's a very high percentage.

但就季度損益表而言——我們在2022年1月與 Ariane 簽訂了業務合作夥伴協議，依該協議 Ariane 指定 Park 為其在北美的獨家經銷商，經銷其用於生產先進飛彈計畫之燒蝕複合材料的 Raycarb C2B 織物。現在，我們在第四季的 C2B 織物銷售額為710萬美元。嗯，這很多。我是說710萬美元，我們的數字是多少，24.1%。這是非常高的比例。

As we previously explained, we sell C2B fabric to our defense industry customers for a small markup. That's not so good. But wait a minute, that's not the whole story. Park sold $1.3 million of ablative materials manufacturing with C2B fabric in Q4. And as we also previously explained, our margins producing and selling ablative materials manufactured with this fabric are significant.

如我們先前所說明，我們以小幅加價將 C2B 織物賣給國防產業客戶。這不太好。但等一下，這不是全部的故事。Park 在第四季以 C2B 織物進行的燒蝕材料製造銷售額為130萬美元。而且如我們先前也解釋過，我們生產並銷售使用此織物製造之燒蝕材料的毛利率相當可觀。

Now what's going on here? When we sell the product, we buy it from Ariane because we're exclusive. We have exclusive rights to buy it in North America. So we sell it to the OEMs because when they're doing -- they're stockpile the product, where does it go in a stockpile? In our factory.

那這裡發生了什麼？當我們銷售該產品時，我們向 Ariane 採購，因為我們是獨家。我們在北美擁有獨家採購權。所以我們把它賣給 OEM，因為當他們在做——他們在囤貨時，囤貨放在哪裡？在我們的工廠。

We don't even ship to them. We hold it for them in our factory. Why are we doing that? They're stockpiling it because obviously, you're going to tell us at some point, please make this into your prepreg material. Please produce the material for us. So everything that we stockpile will end up being produced by Park as ablative material, which is where those margins are very good.

我們甚至不把貨運給他們。我們在自家工廠替他們保管。我們為什麼要這麼做？他們囤貨是因為很顯然，你們終究會在某個時間點告訴我們：請把這些做成你們的預浸料。請替我們生產材料。所以我們囤放的所有材料最後都會由 Park 生產成燒蝕材料，而那正是毛利率非常好的地方。

And so stockpile is good. And they're doing it because the OEMs are doing it because they're concerned about the availability of this very critical C2B fabric. Let's go on to slide 6. The shipments. Now this is interesting because we started talking about this at the beginning of the pandemic.

因此，囤貨是好事。他們這麼做——OEM 之所以這麼做——是因為他們擔心這種非常關鍵的 C2B 織物的供應可得性。我們來看第6頁。出貨。這很有意思，因為我們在疫情一開始就開始談這件事。

The industry was not doing well, supply chain, international shipments, so one thing after another after another. And every quarter with a lot of missed shipments, that have come down quite a bit over the last couple of years as things kind of got close to normal based upon the post-pandemic levels, all right? But what's going on here is this is now reemerging as a problem because now the industry is accelerating, recovering and the program ramps are accelerating. So now the industry is kind of struggling once again with keeping up from a different perspective, but it's the same kind of phenomenon. It's just from a different perspective.

當時產業表現不佳，供應鏈、國際運輸，一個問題接著一個問題。而每一季都有很多未如期出貨的情況；在過去幾年，隨著狀況逐步接近正常、回到後疫情水準，這些情況已大幅下降，好嗎？但現在發生的是：這個問題又重新浮現，因為產業正在加速復甦，計畫的爬坡也在加速。所以產業現在又一次從不同角度面臨跟不上需求的困境，但現象其實相同。只是角度不同而已。

So now we're talking once again about missed shipments, 715,000. Well, that's a lot. And we talk about Q1 or Q1 forecast, it's going to be even more. So it's something to think about. Ultimately, all this product gets produced and shipped, but the industry is now struggling to keep up as the industry accelerates and ramps.

所以我們現在又在談未如期出貨，71.5萬美元。嗯，這很多。而我們談到第一季或第一季預測時，會更多。所以這是值得思考的事情。最終，這些產品都會被生產並出貨，但隨著產業加速與爬坡，整個產業現在正努力跟上。

Net impact of tariffs, tariff-related costs. Mark, could you help us with a little perspective on tariffs and tariff-related costs, please?

關稅的淨影響、與關稅相關的成本。Mark，你能否就關稅與關稅相關成本提供一些觀點？

Yes, it's the same story as the last few quarters, very minimal impact for us. Again, we typically passed these on to our customers through our pricing contracts or as we do pricing every few months with our regular business. So no impact for us, but maybe a few thousand dollars this quarter.

是的，跟過去幾季一樣，對我們的影響非常小。同樣地，我們通常會透過定價合約把這些轉嫁給客戶，或是在我們的例行業務中每隔幾個月進行一次定價調整。所以對我們沒有影響，但本季可能是幾千美元。

All right. Thanks, Mark. So why don't we keep going to hustle through here. So slide 7 for some of the new folks. This is something we do every quarter for, I don't know, as long as we've been doing presentations, I guess, our top five customers for the quarter, an alphabetic order.

好。謝謝你，Mark。那我們繼續加快節奏往下講。第7頁給一些新朋友。這是我們每一季都會做的內容，我不知道，應該從我們開始做簡報以來就一直如此：本季前五大客戶，按字母順序排列。

And we do a little picture that ties into each of the customers. The top right, you'll hear a lot about this, the PAC-3 Patriot Missile System. That's two for the price of one because that actually is AAE Aerospace and L3Harris, so that's nice. We got one picture for two. Kratos is obviously a Kratos BQM -- that's a target drone, middle of aerostructure, we'll talk more about them.

我們也會放一張與每位客戶相關的圖片。右上角，你會常聽到這個：PAC-3 愛國者飛彈系統。這是一圖兩用，因為那其實是 AAE Aerospace 和 L3Harris，所以很不錯。我們用一張圖代表兩家。Kratos 顯然是 Kratos BQM——那是一種靶機（target drone），位於機體結構的中間部分；我們會再多談他們。

That's the Airbus A320 with the LEAP-1A engine. And Nordam is the Boeing straddle tanker. So let's keep going. Pie charts. These have gotten a little boring, but they're becoming interesting again.

那是搭載 LEAP-1A 引擎的 Airbus A320。而 Nordam 是波音的跨式加油機（straddle tanker）。所以我們繼續。圓餅圖。這些有點無聊了，但現在又開始變得有趣。

So when we take a look at this, Park estimated revenue by aerospace market segment. See in '21, that was -- fiscal '21 -- remember our fiscal year ends in February, that was a pandemic year. Look what happened. It wasn't that military was so great, its just commercial was almost nothing. Remember that the -- you saw the pictures of like the 737s with two people lined on them or probably more likely really Park that weren't flying at all.

所以當我們看這個時，這是 Park 依航太市場區隔估算的營收。你看2021年——會計年度2021年——記得我們的會計年度在2月結束，那是疫情的一年。看看發生了什麼。不是軍用特別好，而是商用幾乎為零。記得那個——你看過那些照片，像是737停在那裡，上面排了兩個人，或更可能是 Park 的人，反正根本沒有在飛。

But commercial aerospace was terrible and the airlines weren't ordering the airplanes. They were canceling many as they could. So you see that happened in '21. In '22, '23, '24 and '25, it kind of normalized for the pandemic level, post-pandemic level, which was kind of anemic, let's call it. But look at '26, there is something emerging there where the military is actually increasing more than it had been.

但商用航太非常糟，航空公司也沒有在下訂飛機。他們能取消多少就取消多少。所以你看到2021年就是那樣。在2022、2023、2024、2025年，它大致回到疫情後的水準，也就是有點疲弱，我們就這麼說吧。但看看2026年，有些跡象正在浮現，軍用其實比過去增加得更多。

And if we showed you Q4 of '26, it would be kind of shocking how strong, how significant military is. We're not going to do that because we don't want to get hung up on one quarter. But we think there might be a trend going on here when we look at '26 was in -- is in the bottom middle of the slide. And let's go on to slide 9, a little more pie chart stuff. This is another slide we include for every quarter, Park loves niche military aerospace programs.

如果我們給你看2026年的第四季，軍用有多強、多顯著，可能會讓人有點震驚。我們不打算那麼做，因為我們不想被單一季度牽著走。但我們認為這裡可能正在形成一個趨勢，當我們看2026年——在這張投影片的下方中間。我們來看第9頁，再多一些圓餅圖的內容。這是我們每一季都會放的一張投影片，Park 很喜歡利基型軍用航太計畫。

The top 5 is -- that's done by Donna and this one is done by Elena. Elena is Head of Customer Service at Park. This is her thing she does every quarter, Park loves niche military aerospace programs. So these are not necessarily the big programs. These are just -- some are big, but some may not be.

前五名是——那是由 Donna 負責的，而這一頁是由 Elena 負責。Elena 是 Park 的客戶服務主管。這是她每一季都會做的內容，Park 很喜歡利基型的軍用航太計畫。所以這些不一定是大型計畫。這些只是——有些很大，但有些可能不是。

These are programs of interest, we thought you'd be interested in them. I just want to be clear, everything we show here -- everything we show every quarter, those are programs we're involved with. We're supplying into involved with. We're not just showing you nice pictures of rockets and planes and cool stuff like that. So we just want you to be aware of it.

這些是我們覺得你們會感興趣的計畫。我想先說清楚，我們在這裡展示的——我們每一季展示的所有內容，都是我們有參與的計畫。我們有供貨、並且參與其中。我們不是只給你們看火箭、飛機之類很酷的圖片。所以我們只是希望你們了解這一點。

We don't comment anymore on what we do with these programs because they just got to be too sensitive, but just understand these are all programs that we supply into. And the pie chart, look at Missile Systems, that's getting to be pretty big there. And that's not -- I don't think that's an anomaly. We'll talk about Missile Systems as we proceed with the presentation. I'm trying to hustle through because at the back end of the presentation, when we get to Missile Systems, there's a lot to talk about.

我們不再評論我們在這些計畫中具體做什麼，因為這些內容變得太敏感；但請理解，這些都是我們有供貨的計畫。再看那個圓餅圖，飛彈系統（Missile Systems）那一塊正在變得相當大。而且那——我不認為那是異常現象。我們會在簡報進行到後面時談到飛彈系統。我現在想加快一點，因為簡報後段談到飛彈系統時，有很多內容要講。

That's a lot of new stuff also. slide 10, GE Aerospace jet engine programs. We provide this slide almost every -- almost every quarter, very minor changes. I do need to explain for some of our new investors. The Firm Pricing LTA is a Requirements Contract from '19 to '29 with Middle River Aerostructure Systems, where they know -- they're a sub of ST Engineering Aerospace, they don't know.

那裡也有很多新內容。第 10 頁，GE Aerospace 噴射引擎計畫。我們幾乎每一季都會提供這張投影片，只有非常小的變動。我需要為一些新投資人解釋一下。Firm Pricing LTA 是一份從 2019 年到 2029 年、與 Middle River Aerostructure Systems 的需求合約（Requirements Contract），他們知道——他們是 ST Engineering Aerospace 的子公司，他們不知道。

We built a redundant factory. That was part of the deal that we actually made with GE Aerospace. When we entered into the LTA through '29, we agreed to build a redundant factory. That was done a while ago. It's in production.

我們建了一座備援工廠。那是我們實際上與 GE Aerospace 達成協議的一部分。當我們簽訂這份到 2029 年的 LTA 時，我們同意建置一座備援工廠。那在一段時間前就完成了。目前已投入量產。

Sole source for composite materials for various engine nacelles, thrust reverser components for multiple MRAS programs. We have the A320neo family, 747, the Comac 919, the Comac 909, the Global 7500. And the next slide is the 777X. Well, what's going on here? These are all GE engines, aren't they?

針對多種引擎短艙（nacelle）以及多個 MRAS 計畫的反推力裝置（thrust reverser）組件，提供複合材料的獨家供應（sole source）。我們涵蓋 A320neo 系列、747、Comac 919、Comac 909、Global 7500。下一張投影片是 777X。那這裡到底怎麼回事？這些不都是 GE 的引擎嗎？

We did say about GE and also CFM, which is a partnership with GE. Yes. So the thing is that when we entered into this contract, Middle River MRAS, where they produce the nacelle and thrust structures for these engines, was a sub of GE. And I think in '19 or '20, I don't remember when GE sold this MRAS to ST Engineering, which is a large Singapore aerospace company. That's the reason why all these programs are GE Aerospace, or GE Aerospace programs.

我們確實提到 GE，也提到 CFM——那是 GE 的合資夥伴關係。是的。重點是，當我們簽這份合約時，Middle River 的 MRAS（他們為這些引擎生產短艙與推力結構）當時是 GE 的子公司。我想在 2019 或 2020 年（我不記得確切時間）GE 把這個 MRAS 賣給了 ST Engineering——一家大型的新加坡航太公司。這就是為什麼這些計畫都歸在 GE Aerospace，或 GE Aerospace 的計畫之下。

So questions let me know, let's just keep moving here on slide 11. Okay. We already talked about this 777X, that's in those GE9X, that's a GE engine, of course. And in this LTA, we also included some of our new film -- proprietary Park film adhesive products and for composite bond and metal bond and all those products are under qualification. We've been talking about a Life of Program agreement to supersede the 10-year deal for every quarter now for a while.

有問題再告訴我，我們繼續往下看第 11 頁。好的。我們已經談過 777X，那搭載 GE9X——當然是 GE 的引擎。在這份 LTA 中，我們也納入了一些新的薄膜——Park 的專有薄膜膠黏產品，用於複材黏接與金屬黏接等；這些產品都在認證（qualification）中。我們已經有一段時間、每一季都在談一份「全計畫期（Life of Program）」協議，用來取代這份 10 年合約。

And this was requested by MRAS and STE, not by Park. We're happy to do what it's under negotiation. We actually made some progress recently, but we'll see. It's still a way to go to get to the finish line. As we always say, we're happy either way.

而這是 MRAS 與 STE 提出的要求，不是 Park。我們很樂意配合，目前仍在談判中。我們最近確實有一些進展，但再看看。距離完成仍有一段路要走。就像我們一向說的，無論結果如何我們都可以。

If we do the Life of Program, that's wonderful. If not, we're okay too. Let's go on to slide 12, keep moving along here, still in GE. Updated GE Aerospace jet engine programs. So let's go through the programs in a little more detail.

如果能簽成全計畫期（Life of Program），那當然很好。如果沒有，我們也沒問題。我們繼續到第 12 頁，往下走，仍然是 GE 的部分。更新的 GE Aerospace 噴射引擎計畫。我們把各個計畫再更詳細地過一遍。

First, we start with the big kahuna, which is the A320 aircraft family, includes all these different variants. As of March, Airbus has already delivered 4,553 (sic - 4,453) of these airplanes and had a backlog of 7,412 of these airplanes. So you add those two numbers together and that -- the total is a big number. This is a huge program and could be the biggest commercial aerospace program ever -- aircraft program ever. A320neo family aircraft deliveries, you see the pattern here, ramping up in '19, you got to 561 and the pandemic hit, everything collapsed to kind of 431, kind of going your way back to that 561 level, kind of got there in '23, '24, '25, inching forward the 50 a month, 51 per month.

首先從最大的重頭戲開始，也就是 A320 機型家族，包含各種不同的衍生型號。截至 3 月，Airbus 已交付 4,553 架（原文誤植—應為 4,453）這型飛機，且尚有 7,412 架的訂單積壓（backlog）。把這兩個數字加起來——總量非常可觀。這是一個龐大的計畫，可能是史上最大的商用航太——最大的飛機計畫。A320neo 家族交付量，你可以看到這個趨勢：2019 年開始爬升到 561 架，疫情來襲後整體崩落到大約 431 架，之後逐步回到 561 的水準，2023、2024、2025 年大致回到那附近，並且一點一點往前推進到每月 50 架、51 架。

But -- let's go to the next slide, slide 13. Well, just one more item before we get to that punchline. '26 year-to-date, only 136 deliveries, that's not so good, off to a slow start Airbus is for the A320neo aircraft family. Why is that? What's going on?

不過——我們看下一張投影片，第 13 頁。但在講重點之前再補充一點：2026 年截至目前只交付 136 架，這不太理想，Airbus 在 A320neo 家族的開局偏慢。為什麼會這樣？發生了什麼事？

Well, Airbus have been targeting 75 neos per month by '27. They've been very public about that. So you look at the prior page, we're kind of inching up to 51. We're nowhere close to 75. Airbus recently stated they expect to reach that delivery rate only of 75 -- 70, 75, so we're backing off a little bit by the end of '27, stabilizing, that's the return to a rate of 75 per month thereafter.

嗯，Airbus 的目標是到 2027 年達到每月 75 架 neo。他們對外一直很公開地談這件事。所以你看前一頁，我們目前大概只是慢慢爬到每月 51 架。離 75 還差很遠。Airbus 最近表示，他們預期要到 2027 年底才會達到 75 的交付速率——大概 70、75，所以他們稍微下修一點；之後再穩定下來，回到每月 75 架的水準。

So they're backing off a little bit. What's going on here? Why? What's the problem? Maybe we should consider the engine situation.

所以他們稍微退一步。那這裡到底怎麼了？為什麼？問題在哪？也許我們應該考慮引擎的狀況。

So -- sorry, it's a little complicated, but we need to give you a perspective, I think, the two approved engines for the A320neo aircraft family. There's the CFM LEAP-1A engine, that's what we're on and then there's the Pratt PW1100G engine. We're not on that program. So we supply into the A320neo family aircraft using the LEAP engine. But we don't any content on the A320neo family aircraft using the Pratt engine.

所以——抱歉，這有點複雜，但我想我們需要給你們一個視角：A320neo 家族有兩款獲核准的引擎。一款是 CFM LEAP-1A 引擎——我們是在這個平台上；另一款是 Pratt 的 PW1100G 引擎。我們沒有參與那個計畫。因此，我們供應的是採用 LEAP 引擎的 A320neo 家族飛機。但對於採用 Pratt 引擎的 A320neo 家族飛機，我們沒有任何供應內容（content）。

Important to know that. Let's go to slide 14. Now according to the first quarter 2026, edition of Aero Engine News, that's our bible. The CFM LEAP-1A market share firm engine orders for the A320neo was 66.2%. Now that's interesting, like what the heck is that number about?

這點很重要。我們看第 14 頁。根據《Aero Engine News》2026 年第一季版——那是我們的聖經。在 A320neo 的確定引擎訂單（firm engine orders）中，CFM LEAP-1A 的市占率是 66.2%。這很有意思，這個數字到底代表什麼？

We cover this every quarter. And the number has been like 60%, 61%, 60%, 66.2%, that's not our -- that's not the historical number. That market share moved up. It's sustainable. What is the trend, we'll see.

我們每一季都會涵蓋這個。而這個數字一直大概是60%、61%、60%、66.2%，那不是我們——那不是歷史上的數字。那個市占率上升了。這是可持續的。趨勢如何，我們再看看。

But at that -- at the delivery rate of 75 airplanes per month, 62.2% equals 1,192 LEAP engines. Can you remember that number? We'll get back to it later, interesting number. The Pratt engine -- here's the kind of the issue. The Pratt GTF engine has struggled with serious reliability issues.

但在——以每月交付75架飛機的速度來看，62.2%等於1,192具LEAP引擎。你能記住那個數字嗎？我們稍後會再回到它，這是個有意思的數字。Pratt引擎——這裡就是問題所在。Pratt的GTF引擎一直在嚴重的可靠性問題上掙扎。

You probably read about this. It's not a big secret. Reliability is a positive selling point for CFM LEAP-1A. They upgraded one of the components recently for better reliability. And according to Airbus, this is recent.

你可能讀過相關報導。這不是什麼大秘密。可靠性是CFM LEAP-1A的一個正面賣點。他們最近升級了其中一個零組件以提升可靠性。而根據Airbus的說法，這是近期的。

There is now a serious shortage of Pratt PW1100G engines. And Airbus indicated that's the main cause of their disappointing 2026 A320neo aircraft deliveries. They're kind of putting the blame on this Pratt engine, not only with the reliability issues now with shortages. Meanwhile, CFM has significantly ramped up production of their LEAP engine family, including the LEAP-1A. So let's keep going here.

目前Pratt PW1100G引擎出現嚴重短缺。而Airbus表示，這是他們2026年A320neo飛機交付令人失望的主要原因。他們某種程度上把責任歸咎於這款Pratt引擎，不只是可靠性問題，現在還有短缺。同時，CFM已大幅提升其LEAP引擎家族（包含LEAP-1A）的產量。所以我們繼續看下去。

Let's see if we can figure out what really is driving all this, slide 15. Could these factors lead to an even greater (inaudible) -- sorry, rushing CFM LEAP-1A engine market share for A320? I don't know. Interesting question. Now we sort of read recently something that surprised us, which is Airbus now saying, well, CFM is delayed on deliveries as well for the LEAP-1A. So I don't know what that means.

看看我們能不能弄清楚到底是什麼在驅動這一切，第15頁。這些因素是否可能導致A320的CFM LEAP-1A引擎市占率進一步（聽不清）——抱歉，CFM LEAP-1A引擎市占率進一步上升？我不知道。這是個有趣的問題。最近我們讀到一些讓我們意外的內容：Airbus現在也在說，嗯，CFM在LEAP-1A的交付上也有延遲。所以我不知道那代表什麼。

The focus has really been on the Pratt engine now and say, well, LEAP is fine as well. So I'm not sure what to make of it. My guess is that the CFM can produce the engines that they have an opportunity for more market share gains, but that's their business, not mine. As of March 31, there were 8,472 LEAP-1A engine orders. That's a lot of orders for engines.

焦點其實一直放在Pratt引擎上，然後說，嗯，LEAP也沒問題。所以我不太確定該怎麼解讀。我猜CFM能生產他們有機會取得更多市占的引擎，但那是他們的生意，不是我的。截至3月31日，LEAP-1A引擎訂單有8,472具。這是非常多的引擎訂單。

And if you look further later on in the presentation, we talk about our revenue per engine based upon current pricing. You can do your own math and figure it out, but we're talking about some very hard numbers here. A320neo aircraft family program could end up being the world's largest commercial aircraft program ever. So we're very happy to be on that program. The A320neo aircraft program could end up being part's largest nondefense program ever.

如果你在簡報後面再往下看，我們會談到依照目前定價計算的每具引擎收入。你可以自己算一算並推導出來，但我們在這裡談的是一些非常硬的數字。A320neo機型家族計畫最終可能成為全球史上最大的商用飛機計畫。所以我們非常高興能參與這個計畫。A320neo飛機計畫最終可能成為本公司史上最大的非國防計畫。

And that goes back a long, long time. We're talking electronics back in the '90s and everything else. So that's a big statement. Let's go on to another LEAP program, which is the Comac 919. That's a Chinese single-aisle to compete with the A320 and Boeing 737.

而這要追溯到非常非常久以前。我們在談的是90年代的電子業務以及其他一切。所以這是一個很重大的說法。我們再看另一個LEAP計畫，也就是中國商飛C919。這是一款中國的單走道機型，用來與A320和波音737競爭。

Comac is increasing manufacturing capacity to achieve production rates of 150, 919 aircraft a year by '27 and 200 by '29. And they reportedly have over 1,200 orders for the 919 aircraft. Let's go on the slides we got here. We're at slide 16. COMAC delivering two of these airplanes in '23, 14 in '24 and 18 in '25.

中國商飛正在提升製造產能，目標是在27年達到每年生產150架C919、在29年達到200架。據報導，他們對C919已經有超過1,200架訂單。我們繼續看手上的投影片。現在是第16頁。COMAC在23年交付兩架、24年交付14架、25年交付18架。

That's not a lot. Comac was targeting 25 -- that's not a lot -- 25 in '25, but can get there. So there are reports that CFM may be favoring Boeing Airbus with LEAP engine availability. Now these are different -- three different engines. They're not interchangeable, but there's still a capacity question as to how many LEAP engines that CFM can produce.

這不算多。中國商飛原本目標是25——這不算多——在25年交付25架，但也許能達成。因此有報導稱，CFM在LEAP引擎供應上可能更偏向波音與Airbus。現在這些是不同的——三種不同的引擎。它們不能互換，但仍然存在一個產能問題：CFM到底能生產多少具LEAP引擎。

So -- and the lack of availability of CFM LEAP-1C engines may explain the shortfall and may be emerging as more impactful to -- emerging as more impactful to the ramp of the 919 aircraft program than originally anticipated by Comac. Now will this change improve for CFM -- sorry, for Comac, not for CFM, as a result of the recent summit between President Trump and President Xi? The answer may be yes. There are reports that there is some plan to increase CFM LEAP-1C engine deliveries to Comac as a result of that summit. So we'll see what happens with that.

所以——而CFM LEAP-1C引擎供應不足，可能解釋了交付缺口，並且可能正逐漸成為——正逐漸成為——對C919計畫爬坡更具影響力的因素，超出中國商飛原先的預期。那麼，最近川普總統與習近平主席的峰會之後，這個情況對——抱歉，是對中國商飛，不是對CFM——是否會改善？答案可能是會。有報導稱，作為該峰會的結果，有某項計畫要增加對中國商飛的CFM LEAP-1C引擎交付。所以我們看看會發生什麼。

But you get the theme here, it seems like the engines are often the gating items on these programs, interesting. slide 17, let's talk about the 777X program. That's the other third big program that we're dealing with, with GE Aerospace engines. The 777X program, the GE9X engines, the 777X test program has masked over 1,500 flights, nearly 4,400 flight hours. We have 652 Boeing -- 652 open orders for the 777X and the certification test program seems to be moving along reasonably.

但你可以看出這裡的主題：在這些計畫中，引擎似乎常常是限制因素，很有意思。第17頁，我們來談談777X計畫。這是我們正在處理的第三個大型計畫，搭載GE Aerospace引擎。777X計畫、GE9X引擎，777X測試計畫已累計超過1,500次飛行、接近4,400飛行小時。我們有652架波音——652架777X未交付訂單，而認證測試計畫看起來進展得還算合理。

Boeing anticipates FAA certification entering into service and first delivery of the 777X next year. This program is very, very, very delayed a long time. I happen to be at Everett Field and -- where Boeing makes these airplanes, I think the biggest building in the world actually. And they're all over the field, everywhere. A lot of cases, they don't have engines waiting for engines and obviously waiting for certification.

波音預期FAA認證、投入營運以及777X的首次交付將在明年發生。這個計畫已經延宕非常、非常、非常久。我剛好去過埃弗里特機場——波音在那裡製造這些飛機，我想那其實是世界上最大的建築。而飛機遍布整個場區，到處都是。很多情況下，它們沒有引擎、在等引擎，當然也在等認證。

The can't -- certification -- can't start delivering the airplane until they get the FAA certification. Now let's go on to slide 18. So these points are kind of key. Our understanding is that the Comac 919 aircraft and the Global 8000 aircraft are already being produced and delivered at or close to targeted rates. We covered that in that original slide where we broke down the different programs, and we didn't really deal with them in any detail.

他們無法——認證——在取得FAA認證之前，無法開始交付飛機。現在我們到第18頁。所以這些重點算是關鍵。我們的理解是，中國商飛C919與Global 8000飛機已經在以或接近目標速度生產並交付。我們在最初那張把不同計畫拆解的投影片裡提過，但沒有深入細談。

The point is that we're not expecting much upside from those programs. These are already being produced at their targeted rates. Clearly, the Commercial Aircraft Juggernaut, as we call it, will be driven by the ramp-up of the A320neo aircraft family, the Boeing 777X and the Comac 919 aircraft. Okay. Let's go on to slide 19.

重點是，我們不預期這些計畫會帶來太多上行空間。這些已經以其目標速度在生產。很明顯地，我們所稱的「商用飛機巨無霸」將由A320neo機型家族、波音777X以及中國商飛C919的產能爬坡所驅動。好。我們到第19頁。

We're still talking GE Aerospace. Just some numbers for you here, GE Aerospace and Engine program sales history forecast estimates. So in Q4, $8.1 million and in fiscal '26, $29.3 million. See what happens here. Look at '20 -- we're kind of almost at $29 million right before the pandemic and then wow, look what happened in '21, just dropped off a cliff.

我們仍在談GE Aerospace。這裡給你一些數字：GE Aerospace與引擎計畫銷售歷史與預測估計。所以在第四季是810萬美元，在26財年是2,930萬美元。看看這裡會發生什麼。看看20年——我們在疫情前其實幾乎接近2,900萬美元，然後哇，看看21年發生了什麼，簡直是斷崖式下滑。

And we're clawing our way back in '26 to kind of get back to where we were in '20 right before the pandemic. So -- and -- it's been long five years for the special commercial aircraft industry. That's for sure. So our forecast for Q1 for GE Aerospace program sales, $6.8 million to $7.4 million. Our forecast for the year, $34 million to $38 million.

而我們正在於 '26 年努力爬回來，某種程度上回到 '20 年、也就是疫情前的水準。所以——而且——對於特殊商用飛機產業而言，這是漫長的五年。這是肯定的。因此，我們對第一季 GE Aerospace 專案銷售的預測為 680 萬至 740 萬美元。我們對全年預測為 3,400 萬至 3,800 萬美元。

It would be a mistake for you to take Q1 for anything, multiply by 4 and think that's what we're thinking about. It doesn't really work that way. The forecast for the year, that's based upon what we have, we call it a build plan from our customer. And we haircut a little bit. The number we got from our customer is actually higher than the forecast we're providing you.

如果你把第一季的任何數字乘以 4，然後以為那就是我們的想法，那會是個錯誤。實際上不是那樣運作的。全年預測是基於我們從客戶那裡取得的、我們稱之為建造計畫（build plan）的內容。而我們會稍微打個折扣（保守調整）一下。我們從客戶拿到的數字其實高於我們提供給你們的預測。

We're trying to be more conservative here. Let's go on to slide 20. Okay. Now let's talk about Park numbers, Park financial performance history and forecast estimates. Too obvious is history, totals, you already know about, the Q4 you know about, totals you know about.

我們在這裡試著更保守一些。我們來看第 20 頁投影片。好的。現在來談談 Park 的數字、Park 的財務表現歷史以及預測估計。太明顯的是歷史、合計數，你們已經知道了；第四季你們也知道了；合計數你們也知道了。

We know about now anyway. Forecast estimate for Q1, $17.7 million to $18.4 million in sales, $4.1 million to $4.6 million EBITDA. Now remember, we talked about missed shipments in Q1, we're expecting $1.3 million approximately significant amount of missed shipments. We don't know yet. Q1 ends on Sunday, we're so close to the end of the quarter that we can give you some perspective.

反正我們現在也都知道了。第一季的預測估計：銷售額 1,770 萬至 1,840 萬美元，EBITDA 410 萬至 460 萬美元。現在請記得，我們談過第一季的出貨落空（missed shipments），我們預期約有 130 萬美元、相當可觀的出貨落空。我們還不確定。第一季在週日結束，我們離季度末非常近，所以可以給你們一些觀點。

Normally, when we announce -- the missed shipments normally really end up being a phenomenon in the last few weeks of the quarter. So normally, we announced, we can't give you any perspective on it, but we're so close to the end of the quarter, we give a perspective. It's the same kind of thing, supply chain thing. We're not getting components as quickly as we need, some shipping issues where if the freight forwarder doesn't pick it up, international shipment is not a sale. We normally sell cutoff issues at Park.

通常，當我們宣布——出貨落空通常真的會在季度最後幾週才成為一個現象。所以通常我們宣布時，無法給你們任何觀點，但我們現在離季度末太近了，所以可以提供一些觀點。這是同樣類型的事情，供應鏈的問題。我們拿到零組件的速度不如所需；也有一些運輸問題，例如貨運代理若沒有把貨提走，國際出貨就不算銷售。在 Park，我們通常會遇到銷售截止（cutoff）問題。

It's a sale when it leaves our dock. So you see we're kind of back in that mode now When the industry is struggling because the industry is starting to struggle like, because things are ramping up aggressively. Things were quiet and things were kind of normalized and the industry kind of caught up, but now we're back to maybe getting behind the power curve a little bit. And let's see how that pans out, but it may -- I don't know. It may take, I don't know, a couple of years for the industry to get back up to speed or maybe it will always be behind because things are ramping so aggressively.

貨物離開我們的碼頭時才算銷售。所以你會看到我們現在某種程度又回到那種模式：當產業在掙扎時——因為產業開始掙扎，因為各項需求正在積極爬坡。先前比較安靜、也比較正常化，產業某種程度追上了進度，但現在我們又回到可能稍微落後於趨勢曲線（power curve）的狀態。我們看看後續會如何發展，但可能——我不知道。可能需要——我不知道——幾年時間讓產業回到速度；或者也可能因為爬坡太激進而永遠都會落後。

As soon as they catch up and they'll turn around, we ramp more. We'll have to see about that. slide 21. We're just trying to share the full perspective with you. slide 21, let's stop here for a second.

他們一追上、回頭一看，我們又再加速爬坡。這點我們得再觀察。第 21 頁。我們只是想把完整觀點分享給你們。第 21 頁，我們先在這裡停一下。

I know we're kind of running late here, but our historical fiscal year, results because it tells a story that's kind of interesting, I think, look at the sales -- this is aerospace only. We sold electronics, I think, in '19, but this is aerospace only, $31.8 million going year-over-year, $40.2 million, $51.1 million, $60 million. So from '17 to '20, we kind of were going up $10 million per year in aerospace, which is a lot. Then look what happened in '21. We're just kind of fell off a cliff.

我知道我們這裡有點拖到時間了，但我們的歷史會計年度結果——因為它講了一個我覺得挺有意思的故事——看看銷售額：這裡只包含航太。我想我們在 '19 年賣掉了電子業務，但這裡只看航太：3,180 萬美元逐年到 4,020 萬、5,110 萬、6,000 萬。所以從 '17 到 '20，我們航太業務大概每年增加 1,000 萬美元，這很多。然後看看 '21 年發生了什麼。我們幾乎是斷崖式下滑。

There's a pandemic year. And '22, '23, '24, maybe '25, we try to crawl our way back to the '20, the pre-pandemic fiscal year and maybe just got there in fiscal '25. But it has been a -- it's been a difficult five years post pandemic for the industry, that's for sure. Now '26, it seems like we're breaking out a little bit with the sales of $73.3 million, but '26 is a little bit of a maybe departure, which is a good thing. Important thing, supply chain limitations and industry malaise affecting aerospace industry post pandemic.

那是疫情年度。而在 '22、'23、'24，可能還有 '25，我們試著一路爬回到 '20 年、也就是疫情前的會計年度水準，或許在 '25 會計年度才剛回到那裡。但疫情後對產業而言——這確實是艱難的五年。現在到 '26 年，看起來我們以 7,330 萬美元的銷售額稍微突破了一些，但 '26 年可能有點像是一個（正向的）轉折。重點是：供應鏈限制與產業低迷在疫情後影響航太產業。

Yes, yes, the industry to us was kind of sleepwalking through those five years with a state of malaise. And it was a long five years, long five years for us, that's for sure. I think a lot of people were -- didn't really believe in us very much. We believe in ourselves, but we didn't -- not too many people. I think we're kind of forgotten company that we're kind of lost and we know what to do, and we never felt that way.

是的，是的，對我們而言，這個產業在那五年裡有點像在低迷狀態下夢遊。而那是漫長的五年，對我們來說確實是漫長的五年。我想很多人——並不太相信我們。我們相信自己，但——相信的人不多。我想我們有點像被遺忘的公司，彷彿迷失了；但我們知道該怎麼做，我們從來不覺得自己是那樣。

We always stayed focused. I think we worked very hard in our quarters. That's for sure. I know that. I don't think it.

我們一直保持專注。我想我們在每個季度都非常努力工作。這是肯定的。我知道。我不只是覺得而已。

We had to listen to people telling us to sell the company at $12 or $13 per share. You like that? That's the kind of crap to listen to. It was a long five years. And we're in the industry, so there's not much we can do about it, but the aero industry was to us sleep walking now.

我們還得聽人家告訴我們，以每股 12 或 13 美元把公司賣掉。你喜歡那樣嗎？那就是得聽的那種狗屁。那是漫長的五年。而我們身在這個產業，所以也沒太多能做的，但對我們而言，航太產業當時就是在夢遊。

We'll get to that in a little while, but I think that that's over. The industry has gotten a pretty serious wake-up call, maybe shock treatment. We always want to remind you how many -- how much fabric sales were in these years because they do drive top line numbers and the bottom line as well. So I hope you don't mind that commentary, but we thought -- we're not complaining. We just thought you should know how we feel about things. If you want to invest in Park, you should know what we feel.

我們稍後會談到，但我認為那已經結束了。這個產業已經受到相當嚴重的警鐘，或許是震撼療法。我們總是想提醒你們：這些年度的布料（fabric）銷售有多少，因為它們確實會推動營收（top line）以及獲利（bottom line）。所以希望你們不介意這些評論，但我們覺得——我們不是在抱怨。我們只是覺得你們應該知道我們對事情的感受。如果你想投資 Park，你應該知道我們的感受。

Slide 22. Okay. So let's talk about this. This is interesting stuff. Our buyback authorization, yes, we purchased 718,000 shares of our common stock, $12.94 per share, $9.2 million, $9.3 million. We didn't buy any stock in our Q4, Q1. I -- probably I'm not shock to hear that. So we used to comment that we really don't like buybacks so much. And we don't comment on our stock price and only as can do that, except this is one exception.

第 22 頁。好的。那我們來談這個。這很有意思。我們的庫藏股回購授權：是的，我們以每股 12.94 美元回購了 718,000 股普通股，金額 920 萬到 930 萬美元。我們在第四季、第一季都沒有買任何股票。我——你們聽到應該不會太震驚。所以我們以前常說，我們其實不太喜歡回購。而我們也不評論股價，只有——除了這一次例外。

We said when the price gets so stupid, we don't have a choice but to buy the stock. So we thought the price was goddamn stupid, and we bought a lot of stock at $12.94. So let's go on to the next slide. We just got these two slides for intentionally. Our recently announced public offering, that's slide 23, we announced this during the last quarter call.

我們說過，當價格蠢到一個程度時，我們別無選擇只能買股票。所以我們覺得那個價格他媽的蠢，於是我們在 12.94 美元買了很多股票。那我們到下一頁。我們刻意只放這兩頁投影片。我們最近宣布的公開發行，也就是第 23 頁，我們在上一季的電話會議中宣布了這件事。

We filed the necessary Registration Statement and Prospectus Supplement for $15 million at-the-market public offering. It was the purpose to replenish a portion of the $50 million plus, we've got plus sign, that we plan to invest in our major new manufacturing plant. We'll get back to that later. Other investments under serious consideration, we'll talk about that soon as well to ensure -- this is an important one -- that Park has the necessary funds to be in a position to take advantage of and exploit the key opportunities currently being presented to Park and the new key opportunities as they arise in the future. That's a little bit more of kind of an amorphous thing, but I think equally important.

我們已提交必要的註冊聲明（Registration Statement）與募股補充說明書（Prospectus Supplement），以進行1,500萬美元的隨市發行（at-the-market）公開募股。其目的在於補充我們計畫投資於主要新製造工廠的5,000萬美元以上（我們這裡還有個加號）的其中一部分資金。我們稍後會再回到這點。另外，還有其他正在嚴肅考量中的投資，我們也會很快談到，以確保——這點很重要——Park擁有必要資金，能夠把握並充分利用目前呈現在Park面前的關鍵機會，以及未來出現的新關鍵機會。這部分有點偏向較抽象的概念，但我認為同樣重要。

Now let's go to the numbers. During our Q4 under this Registration Statement, we sold 943 approximately shares of common stock before -- for proceeds of $22.8 million at a price of $24.21 per share. So we bought -- let's see. We bought the stock at $12.94. We sold it at $24.21.

現在我們來看數字。在本註冊聲明項下的第四季期間，我們出售了約943股普通股，募集資金2,280萬美元，每股價格為24.21美元。所以我們買了——讓我看看。我們以12.94美元買進該股票，並以24.21美元賣出。

I'll tell you some -- I don't know the NBA, I don't know how to read economics, but where we come from, that's a pretty good deal, I think. So I just wanted to mention those two numbers to you. Let's go on to slide 24. Here, still the same kind of theme, Park's balance sheet cash and very incredible cash dividend history in our opinion, of course. We have zero long-term debt.

我跟你說——我不懂NBA，我也不懂怎麼解讀經濟，但以我們的角度來看，我覺得這是一筆相當不錯的交易。所以我只是想向各位提一下這兩個數字。我們繼續到第24頁投影片。在這裡，主題仍然相同：Park的資產負債表現金部位，以及（我們認為）非常驚人的現金股利歷史，當然這是我們的看法。我們沒有任何長期負債。

That's in our opinion. Park reported about $89.4 million in cash and marketable securities at the end of the quarter. And you say, well, that's a lot for Park. And actually, it's not. I mean probably it isn't even enough.

這是我們的看法。Park在本季末持有約8,940萬美元的現金與有價證券。你可能會說，嗯，對Park來說這很多。但其實並不是。我的意思是，可能甚至還不夠。

We'll get to that later in the presentation. We talk about the expansion plan and then other potential investments that we're seriously negotiating is probably not enough money for Park. 41 consecutive years of dividends. Park has paid $613.7 million, $29.975 per share since 2005. So our next dividend, which we're announcing soon, that will put us over $30 per share since 2005.

我們稍後在簡報中會談到。我們會談擴產計畫，以及我們正在嚴肅洽談的其他潛在投資——對Park來說，這筆錢可能不夠。連續41年發放股利。自2005年以來，Park已支付6.137億美元、每股29.975美元。因此，我們下一次股利（我們很快就會宣布）將使我們自2005年以來的累計每股股利超過30美元。

We'd like to show the picture of our founders back in -- Park was founded in 1954 with about $30,000, a small, wasn't a factory, was a garage in Woodside Queens. This actually is a step up. It is about three years later. It's actually the real factory in Westbury, New York, which I think was about 10,000 feet, with our founders in a picture. slide 25.

我們想展示一張創辦人的照片——Park成立於1954年，資本約3萬美元，當時是一個小地方，不算工廠，而是在皇后區伍德賽德（Woodside Queens）的一間車庫。這張其實已經是升級版。大約是三年後。這其實是位於紐約州韋斯特伯里（Westbury, New York）的真正工廠，我記得大約有10,000平方英尺，照片中是我們的創辦人。第25頁投影片。

I'll try to hustle. I know we're taking too much time here. Financial outlook for GE Aerospace engine programs, the Commercial Aircraft Juggernaut. So for those of you who have been listening to our presentations every quarter, we say what? We say the juggernaut is coming, it can't be stopped and we better be ready.

我會盡量加快。我知道我們在這裡花太多時間了。GE Aerospace引擎專案的財務展望——商用飛機的「巨獸」（Juggernaut）。所以對於那些每季都在聽我們簡報的各位，我們一直說什麼？我們說巨獸正在來臨，無法阻擋，而我們必須做好準備。

We're not saying that anymore. We're saying that juggernaut is here. Commercial Aircraft Juggernaut is now. So let's going to go through this quickly, slide -- this is slide 26. We show you this every quarter.

我們現在不再那樣說了。我們說巨獸已經到了。商用飛機巨獸就是現在。所以我們會快速帶過，這是第26頁投影片。我們每季都會給各位看這張。

I just want to remind you, the A320neo engine assumptions per year 1,080, that's based upon a 60% -- that based on 75 airplanes per year and 60% market share. But that market share, the actual market share, that gives us 1,192 engines, not 1,080. We're still sticking with 1,080 being conservative here. That's millions of dollars of additional revenue. I just want you to be aware of that.

我只是想提醒各位，A320neo引擎的年度假設是1,080具，這是基於——以每年75架飛機與60%的市占率為基礎。但那個市占率，實際市占率，會讓我們得到1,192具引擎，而不是1,080具。我們仍然採用1,080具，這裡是保守估計。那代表額外數百萬美元的營收。我只是希望各位注意到這點。

And slide 27 goes through a lot of the math as to how we computed the numbers on slide 26. So we won't spend time on slide 27.

第27頁投影片包含大量計算，用來說明我們如何推導第26頁投影片上的數字。所以我們不會在第27頁花時間。

Slide 28. Okay. So here we go. And now we need to spend some serious time on this whole new juggernaut extreme, we call it. Let's just go through some basics, Park's Missile Systems niche.

第28頁投影片。好。那我們開始。現在我們需要在我們所稱的這個全新的「巨獸極端版」上花一些認真的時間。先快速講一些基本面：Park在飛彈系統的利基領域。

Park specializes in the design and manufacture of advanced composite ablative materials used to produce solid rocket motor structures and heat shields for critical missile systems, including the PAC-3 Patriot Missile System. We talk about that a lot, and we keep -- we'll talk about it a lot during the presentation. I just want to flag here before I forget that there are dozens of missile systems that we work on. It's just the Patriot is so much known variety, so well known, so we tend to focus on that more just as an example. And the other programs are probably we want to talk about is it's maybe not something for public consumption, but there are dozens of missile programs that we're on.

Park專精於設計與製造先進複合材料燒蝕材料（ablative materials），用於生產固體火箭發動機結構與關鍵飛彈系統的隔熱罩（heat shields），包括PAC-3愛國者飛彈系統（Patriot Missile System）。我們常常談到這點，而且——我們在整個簡報中也會多次談到。我在這裡想先提醒一下，避免我忘了：我們參與的飛彈系統有數十種。只是愛國者的知名度很高、大家都很熟悉，所以我們傾向以它作為例子而多談一些。而其他專案我們可能想談的部分，或許不太適合公開討論，但我們確實參與了數十個飛彈專案。

Park also designs and manufactures advanced composite structure materials used to produce other missile system components. Depletion of the depleted, okay. Here we go. It's well understood that critical missile system stockpiles were already badly plated by the ongoing brutal war in Europe in last June's 12-day war in the Middle East. And now we have the war with Iran.

Park也設計與製造先進複合結構材料，用於生產其他飛彈系統零組件。耗盡中的耗盡，好吧。我們開始。眾所周知，關鍵飛彈系統的庫存早已因歐洲持續的殘酷戰爭，以及去年6月中東為期12天的戰爭而被嚴重消耗。而現在又有與伊朗的戰爭。

The shell game, what's a shell game. That means moving the Patriot battle -- batteries from one country to another, one country to another to try to be ready for the incomings. The shell game has been tried. The law of diminishing returns is in play. There's only so many times the shells can be moved before there are no shells left.

「貝殼遊戲」（shell game），什麼是貝殼遊戲？意思是把愛國者防空作戰——防空連（batteries）從一個國家移到另一個國家、再移到另一個國家，試圖隨時準備應對來襲威脅。這種貝殼遊戲已經試過了。邊際效益遞減法則正在發生作用。貝殼能被移動的次數有限，移到最後就沒有貝殼可移了。

That's the problem. That's really the problem. slide 29. There is much reporting about how badly stockpiles of critical missile systems are growing the Patriot PAC-3, and Other systems report have been depleted as a result of the war with Iran. We're not going to report -- the reporting here is going to be responsible to do so.

這就是問題。這真的是問題。第29頁投影片。有大量報導指出，關鍵飛彈系統的庫存被嚴重消耗，例如愛國者PAC-3，以及其他系統；報導稱其因與伊朗的戰爭而被耗盡。我們不會去報導——在這裡轉述那些報導並不負責任。

But you can check it out yourself. You can go find yourself. We just don't want to go into that. Running empty, yes, running empty. Replenishing the depleted stockpiles.

但你可以自己去查。你可以自己去找資料。我們只是不想深入那部分。快要見底，是的，快要見底。補充已被耗盡的庫存。

Well, that's obviously very urgent. There clearly is a highly urgent need to replenish the depleted missile system stockpiles. Is that enough? Does it end there? Maybe not.

嗯，那顯然非常緊迫。顯然存在高度緊迫的需求，要補充已被耗盡的飛彈系統庫存。這樣就夠了嗎？事情到此為止嗎？也許不會。

Quadrupling the production of exquisite class of weapon systems. What? Quadrupling? You kidding me? I don't know, maybe not.

將這類頂級武器系統的產量提高到四倍。什麼？四倍？你在開玩笑嗎？我不知道，也許不是。

Let's go on to slide -- is it 30? March 29, 2026, I guess, a couple of months ago, President Trump met with the White House with six top defense contractors, including Lockheed and L3Harris Missile Solutions. The reason we mentioned those two is they're both very key for us on the PAC-3 missile system. After many contractors report agreed to quadruple production of exquisite class of weapon systems as rapidly as possible, importantly -- now reported by President Trump, I think, actually. This is a new world order for the defense industry, a radical and likely lasting change of defense industry.

我們繼續看下一張投影片——是第30張嗎？我想是2026年3月29日，也就是幾個月前，川普總統在白宮與六家頂尖國防承包商會面，其中包括洛克希德（Lockheed）與 L3Harris 飛彈解決方案（L3Harris Missile Solutions）。我們提到這兩家的原因是：它們在 PAC-3 飛彈系統上對我們都非常關鍵。在多家承包商據報同意以最快速度將「高端（exquisite）級」武器系統的產量提高至四倍之後——而且重要的是，這件事現在據報是由川普總統親自對外說明的，我想是這樣。這對國防產業而言是一種新的世界秩序（NWO），是一場激進且很可能會持續的國防產業變革。

The old days are likely gone for the defense industry. And that is a good thing in our opinion. So like I said, the industry generally had been sleepwalking for five years, defense and commercial, but there's now this wake-up call. We have the NWO. We have the extreme depletion of the supply and then this quadrupling scenario, which is more than a wake-up call, more than lock -- more than clock, I would say, it's shock treatment.

國防產業的舊日子很可能已經一去不復返。而我們認為這是一件好事。所以如我所說，過去五年整個產業（國防與商用）大致上一直在「夢遊」，但現在出現了這個警鐘。我們有 NWO。我們有供應端的極度耗竭，接著又出現這個四倍增產的情境；這不只是警鐘，不只是「敲鐘」——我會說，這是震撼療法。

What does the NWO mean for Park? So this is really important for you to understand. Our experience is that the defense industry has entered into hypersonic mode. That's our personal Park experience. Not just what we hear, that's our experience, our day-to-day experience.

那麼 NWO 對 Park 代表什麼？所以這點對你理解非常重要。我們的經驗是，國防產業已經進入「超音速模式」。這是我們 Park 的親身經驗。不只是我們聽到的消息，而是我們的經驗、我們每天的實際感受。

All years we have never seen anything like this, particularly for ablative materials, for solid rocket motors, that enclosed. I've been at Park since 1988. I've never seen anything like this in electronics or aerospace. The coating activity, especially for ablative materials for solid rocket missile systems, has been hyper and frenetic, almost too much to bear really. It's something we've never seen before.

這些年來我們從未見過這樣的情況，尤其是在燒蝕材料（ablative materials）與固體火箭發動機（solid rocket motors）方面，就是那種被「包住」的需求。我自 1988 年就在 Park。我在電子或航太領域從未見過這樣的情況。塗層活動，特別是用於固體火箭飛彈系統的燒蝕材料塗層，已經到了亢奮且狂亂的程度，幾乎讓人難以承受。這是我們以前從未見過的。

And it's hard to really describe and help you understand what we're experiencing. We're just trying to do the best we can here. And just in case it's not obvious, the PAC-3 missile systems and many other missile systems which Park supports are very key members of that, quote-unquote, exquisite class of weapon systems. So let's keep going here. Missile Systems on slide 31. We're not talking about specifically the PAC-3 Patriot Missile System.

而且這真的很難描述，也很難讓你理解我們正在經歷什麼。我們只是在這裡盡我們所能做到最好。另外，以防這點不夠明顯：PAC-3 飛彈系統以及 Park 所支援的許多其他飛彈系統，都是所謂「高端（exquisite）級」武器系統中非常關鍵的成員。所以我們繼續往下。第31張投影片的「飛彈系統」。我們並不是只在談 PAC-3 愛國者飛彈系統。

Park is sole source qualified for advanced composite ablative materials for solid rocket motors for the PAC-3 Missile System program. The PAC-3 Missile System is considered by many to be the world's premier missile defense system. So a lot of discussion about maybe it's not great for shooting down little drones, but for incoming ballistic missiles, yes, that's the system every wants to have, highly effective, highly effective. We have covered the PAC-3 Missile System extensively in recent quarterly investor presentation. So we'll just hit the high points and new items here.

Park 是 PAC-3 飛彈系統計畫中，固體火箭發動機用先進複合燒蝕材料的唯一合格供應來源（sole source qualified）。PAC-3 飛彈系統被許多人視為全球首屈一指的飛彈防禦系統。因此有很多討論說它可能不太適合擊落小型無人機，但對於來襲彈道飛彈，是的，那就是大家都想擁有的系統，效果非常好、非常有效。我們在近期的季度投資人簡報中已經廣泛介紹 PAC-3 飛彈系統。所以這裡我們只講重點與新的事項。

Stockpiles of the PAC-3 Missile System interceptors were already badly depleted by the war in Europe and last June's 12-day Middle East war. So we don't want to go into repeating reporting here because it may not be appropriate and responsible to do so. But suffice to say the current war with Iran, it's very badly depleted, already depleted stockpile of PAC-3 interceptors. The PAC-3 Missile System interceptors have been extensively and very effectively, maybe too effectively, meaning so effective that everybody in the world wants them, used by US allies in the region, the Middle East region during this war, including Saudi Arabia, UAE, Kuwait, Qatar, Bahrain, Israel, defending against incomings during this Iran war.

PAC-3 飛彈系統攔截彈的庫存，早已因歐洲戰爭以及去年6月為期12天的中東戰爭而嚴重耗竭。因此我們不想在這裡重複報導內容，因為那樣做可能不適當、也不負責任。但簡而言之：目前與伊朗的戰爭，使得原本就已經耗竭的 PAC-3 攔截彈庫存更加嚴重不足。PAC-3 飛彈系統攔截彈在這場戰爭期間已被該區域（中東地區）的美國盟友廣泛且非常有效地使用——甚至可以說有效到「太有效」，意思是有效到全世界都想要；使用國包括沙烏地阿拉伯、阿聯、科威特、卡達、巴林、以色列，用於防禦這場伊朗戰爭中的來襲目標。

Slide 32, just a little side note here. Israel, you probably know this also uses its own system called Arrow 3 and Arrow 4 missile defense, and Park is qualified and supports both those programs. Back to the PAC-3, as previously reported, on January 26, Lockheed announced it reached a seven-year agreement with the Department of War to increase PAC-3 MSE interceptor production from 600 to 2,000. That's a lot. That's almost 4, isn't it, 4x.

第32張投影片，這裡補充一個小旁註。以色列，你可能也知道，還使用其自有系統，稱為 Arrow 3 與 Arrow 4 飛彈防禦；而 Park 也已取得資格並支援這兩個計畫。回到 PAC-3，如先前報導，1月26日洛克希德宣布已與戰爭部（Department of War，DoW）達成一項為期七年的協議，將 PAC-3 MSE 攔截彈產量從 600 枚提高到 2,000 枚。這很多。這幾乎是 4 倍，對吧，大概 4 倍。

Now what about us? What have we been told by our customer, we're not going to tell you, we're not at liberty to, but we can tell you it's more than 2,000 on January 13, 2026. I think we covered this last time as well. The DoW announced investing $1 billion in the L3Harris solid rocket motor business to boost solid rocket motor production for PAC-3 and other missile systems. That transaction is already closed apparently.

那我們呢？客戶告訴我們什麼？我們不會告訴你，因為我們沒有權利這麼做；但我們可以告訴你，在 2026 年 1 月 13 日，數量會超過 2,000。我想我們上次也提過這點。DoW 宣布投資 10 億美元於 L3Harris 的固體火箭發動機業務，以提升 PAC-3 與其他飛彈系統的固體火箭發動機產能。顯然那筆交易已經完成交割。

Slide 33, continuing with Missile Systems. ArianeGroup, we got to talk about ArianeGroup. We talked about PAC-3, now we talk about ArianeGroup. So ArianeGroup is a joint venture. It's a large French company between Airbus and Safran.

第33張投影片，繼續談飛彈系統。ArianeGroup，我們得談談 ArianeGroup。我們談完 PAC-3，現在談 ArianeGroup。ArianeGroup 是一家合資企業。它是由空中巴士（Airbus）與賽峰（Safran）共同成立的大型法國公司。

Our relationship with ArianeGroup and its predecessors goes back to early 2000s. We have a very special relationship with Ariane and we're proud to be their partner. And we don't take liberty to a partner. That's their term. We don't do that. That's the term they use for us. I just want you to be aware of that.

我們與 ArianeGroup 及其前身的合作關係可追溯到 2000 年代初期。我們與 Ariane 有非常特殊的關係，我們也以成為他們的合作夥伴為榮。而且我們不會擅自使用「合作夥伴」這個詞。那是他們的用語。我們不會這麼做。那是他們用來稱呼我們的詞。我只是希望你知道這一點。

ArianeGroup produces a proprietary product called Raycarb C2B, which is -- sorry, proprietary fabric Raycarb C2B, which is used to produce ablative composite materials for solid rocket missile programs. So here's something highlighted. Park is sole source qualified on the solid rocket motor for the PAC-3 Missile Program for specialty ablative materials produced with ArianeGroup's proprietary C2B fabric.

ArianeGroup 生產一項專有產品，稱為 Raycarb C2B——抱歉，是專有布料 Raycarb C2B——用於製造固體火箭飛彈計畫所需的燒蝕複合材料。所以這裡有一點要特別強調。在 PAC-3 飛彈計畫的固體火箭發動機上，Park 是使用 ArianeGroup 專有 C2B 布料所製成之特殊燒蝕材料的唯一合格供應來源（sole source qualified）。

So we're kind of double sole source qualified. We're sole sourced, but also ArianeGroup with the C2B fabric is sole sourced. Park entered into a business partner agreement with Ariane in January of '22, under which they appointed us as their exclusive North American distributor for C2B fabric. On March -- this is something worth noting, March of '25, we entered into, what they call the new agreement with Ariane under which Park agreed to advance Ariane EUR4,587,000 to Ariane, that's about EUR5 million, I guess, against payments for future purchases by Park C2B fabric. Why do we do that?

所以我們某種程度上是「雙重唯一合格供應來源」。我們是唯一來源，但同時 ArianeGroup 的 C2B 布料本身也是唯一來源。Park 於 2022 年 1 月與 Ariane 簽訂商業合作夥伴協議，依該協議他們指定我們為 C2B 布料在北美的獨家經銷商。在 3 月——這點值得注意——2025 年 3 月，我們與 Ariane 簽訂他們所稱的「新協議」，依該協議 Park 同意預付 Ariane 4,587,000 歐元，約略是 500 萬歐元，我想；此預付款將抵扣 Park 未來採購 C2B 布料的付款。我們為什麼要這麼做？

slide 34. Yes, we paid the first installment in Q1 of '26. We paid a second installment in Q1 of '27. And third installment we paid last, I think, in Q1 of '28. What's the purpose of this big advance is approximately EUR5 million to fund 50-50 with Ariane, the construction of additional C2B fabric manufacturing capacity in France.

第34張投影片。是的，我們在 2026 年第一季支付了第一期款。我們在 2027 年第一季支付了第二期款。第三期款我們在去年支付了，我想是在 2028 年第一季。這筆約 500 萬歐元的大額預付款，其目的在於與 Ariane 各出 50%，共同資助在法國建置額外的 C2B 布料製造產能。

Will this capacity -- that capacity will be online and maybe, I think, in '28. Will this additional capacity be adequate to support the ramp-up of the -- just the Patriot missile programs. So when we talk about the other programs in which C2B is getting qualified or is qualified, the answer is no, not even close, not even close. So what do we do now? Park has engaged in serious discussions with ArianeGroup relating to an agreement to significantly increase C2B manufacturing -- fabric manufacturing capacity in the US to support critical Department of missile programs, including the PAC-3 missile programs.

這項產能——該產能將會上線，而且我想可能在 2028 年。這些新增產能是否足以支援——僅就愛國者飛彈計畫的增產爬坡而言。因此，當我們談到 C2B 正在取得資格認證或已取得資格認證的其他計畫時，答案是否定的，遠遠不夠，遠遠不夠。那我們現在怎麼做？Park 已與 ArianeGroup 就一項協議展開嚴肅討論，該協議旨在於美國大幅提升 C2B 製造——布料製造產能，以支援國防部關鍵飛彈計畫，包括 PAC-3 飛彈計畫。

Agreement under negotiation contemplates this important Park making a significant investment in this C2B fabric manufacturing plant. I mentioned our own expansion and there is another investment here. We'll get to our own expansion in a minute. In our opinion, it's urgent that this C2B fabric manufacturing plant is built.

目前談判中的協議設想，Park 將對這座 C2B 布料製造工廠進行一筆重大的投資。我提到我們自身的擴產，而這裡還有另一項投資。我們稍後會談到我們自身的擴產。在我們看來，這座 C2B 布料製造工廠必須建成，情況非常緊迫。

So the interest in C2B is hyper and phonetic. So there are a lot of companies, a lot of customers, a lot of OEMs looking to sign up for C2B on their programs. The obvious challenge is the supply, probably take about four years for this plant to be built. When we got going here, we got the NWO. We have the war where systems have been badly depleted and quadrupling.

因此，市場對 C2B 的興趣極度高漲。所以有很多公司、很多客戶、很多 OEM 都希望在其專案中簽約採用 C2B。顯而易見的挑戰在於供應，這座工廠建成可能需要大約四年。當我們開始推進時，我們遇上了新的世界秩序（NWO）。我們面臨戰爭，導致各種系統被大量消耗，需求還在成倍增加。

So that's driving a very, very, very hyper need for the C2B fabric, which is, like I said, considered, my understanding, the premier product for missile systems, for solid rocket motors for missile systems. Let's go on to slide 35. This will tie together a little bit as well. Our new manufacturing plant -- sorry, we're going so long here. An update, we talked about this for the last couple of quarters, but we're regrouping with our new manufacturing plant.

因此這推動了對 C2B 布料非常、非常、非常迫切的需求；如我所說，據我理解，它被視為飛彈系統——用於飛彈系統固體火箭發動機——的頂級產品。我們繼續看第 35 頁投影片。這也會把一些內容串起來。我們的新製造工廠——抱歉，我們講得有點久。更新一下：過去幾個季度我們都談過，但我們正在就新製造工廠重新整隊規劃。

Why is that? We're planning -- okay, let's go through it. Park is planning to build a major new manufacturing plant. New plant will include the following manufacturing lines. This is going to review solution treating, hot melt film, hot melt tape, what else.

為什麼？我們正在規劃——好，我們逐項說明。Park 計畫興建一座大型新製造工廠。新工廠將包含以下製造產線。這將涵蓋溶液熱處理（solution treating）、熱熔膜（hot melt film）、熱熔膠帶（hot melt tape），還有什麼。

What else? Because we're always looking to expand and develop our business. We don't want to limit ourselves to all what we're doing now. New plant is being designed to produce and support our complete composite materials product line, including specialty ablative materials, solid rocket motors, film adhesive materials and lighting strike protection materials. What else?

還有什麼？因為我們一直在尋求擴張並發展業務。我們不想把自己限制在目前所做的一切。新工廠的設計將用於生產並支援我們完整的複合材料產品線，包括特種耐燒蝕材料、固體火箭發動機、薄膜膠黏材料以及防雷擊保護材料。還有什麼？

Well, again, we're looking always to develop into new areas, I mean, new related areas, not looking to go into making Park Mary go rounds or something like that. What has changed from the original plant design discussed just in our Q3 investor call in January? So hot mill, let's break it down. Is hot mill film and tape manufacturing capacity contemplated by the original plant adequate? Yes, it probably is actually.

嗯，再次強調，我們一直希望發展到新的領域——我是說新的相關領域，不是要去做什麼 Park 旋轉木馬之類的。相較於我們在 1 月 Q3 投資人電話會議中討論的原始工廠設計，現在有什麼改變？所以，熱熔——我們把它拆開來看。原始工廠規劃的熱熔膜與膠帶製造產能是否足夠？是的，實際上可能是足夠的。

Let's go on to slide 36. The hot mill film and tape lines primarily support Park's commercial aircraft programs, Commercial Aircraft Juggernaut. So we think we're okay with the Commercial Aircraft Juggernaut. How about those solution -- how about the solution treating capacity though contemplated by the original plant design? Is it adequate?

我們看第 36 頁投影片。熱熔膜與膠帶產線主要支援 Park 的商用飛機計畫——商用飛機的龐大需求引擎。所以我們認為商用飛機這一塊應該沒問題。那麼，原始工廠設計所規劃的溶液熱處理產能呢？夠不夠？

No, it's not adequate. But the current plant design contemplates the current -- I'm not talking about the original plant design for three and four months ago, the current plant design, the one we're working with now contemplates additional solution capacity, but it still may not be enough. And we're evaluating increasing solution treating capacity even further. Why is that? The solution treating lines support, among other things, Park's missile system programs, yes, the missile systems juggernaut.

不夠。但目前的工廠設計——我不是在說三、四個月前的原始設計——我們現在正在採用的這個設計，已規劃增加溶液熱處理產能，但可能仍然不夠。而我們正在評估進一步提高溶液熱處理產能。為什麼？溶液熱處理產線支援的項目之一，就是 Park 的飛彈系統計畫——沒錯，就是飛彈系統的龐大需求引擎。

So you see the connection here. The original plant design contemplated a plant design of 120,000 square feet. Will that be enough? Probably not, because again, we're looking at increasing the solution treating capacity to support the missile systems juggernaut. So 120,000 square feet may not be enough.

所以你可以看到這裡的關聯。原始工廠設計規劃的廠房面積為 120,000 平方英尺。那會夠嗎？可能不夠，因為如前所述，我們正考慮提高溶液熱處理產能以支援飛彈系統的龐大需求引擎。因此 120,000 平方英尺可能不夠。

This is all coming at us pretty recently. So like I said, we're regrouping. It's only -- we didn't know that there will be another war in Iran. We didn't know that President Trump would bring these guys in and say, we got a new world order here, new sheriff in town, you increase your missile production by 4 times. We didn't know that was coming. So we're trying to regroup and make the adjustments that are good for Park for the future.

這些情況都是最近才突然湧現。所以如我所說，我們正在重新整隊。我們並不知道伊朗會再爆發另一場戰爭。我們也不知道川普總統會把這些人叫來，說：我們現在有新的世界秩序，新警長上任，你們把飛彈產量提高到 4 倍。我們不知道這些會發生。所以我們正試著重新整隊，做出對 Park 未來有利的調整。

How much land we're looking for? This is important. We're looking for 20 acres. And why is that? Because the original plant, even with, let's say, expanded footprint, let's say, it's a little bit more than 120,000, that would fit within 10 acres very nicely.

我們要找多少土地？這很重要。我們在找 20 英畝。為什麼？因為原始工廠即使——比方說——擴大占地面積，比方說略大於 120,000 平方英尺，也能很舒服地放在 10 英畝之內。

But we're looking for 20 acres because we want to have the ability to add another plant of approximately the same size at some point in the future. It's important for us that the plants are in the same campus, in a second plant across town, it doesn't work too well for us. So we want to have that ability to expand. That's why we're -- our spec is approximately 20 acres, that's not exactly, but that's the concept anyway. slide 37.

但我們在找 20 英畝，因為我們希望未來某個時間點能夠再加建一座規模大致相同的工廠。對我們而言，工廠位於同一園區很重要；如果第二座工廠在城的另一頭，對我們運作不太理想。所以我們希望具備擴張的能力。這就是為什麼——我們的規格大約是 20 英畝，不是精確數字，但概念就是如此。第 37 頁投影片。

Will the new plant still approximately double Park's current composite materials manufacturing capacity? No, it will more than double Park's current solution treating manufacturing capacity. Will the capital budget for the new plant still be approximately $50 million? I don't think so. It should be more than that.

新工廠是否仍將使 Park 目前的複合材料製造產能大約翻倍？不，它將使 Park 目前的溶液熱處理製造產能增加到超過兩倍。新工廠的資本預算是否仍約為 5,000 萬美元？我不這麼認為。應該會高於這個數字。

And I should say something. This is the capital budget. What about working capital and startup costs, significant. We're not even talking about that. Going back to that cash number of $90 million approximately, plus the amount we're seriously negotiating, investing with the plant in the US. When you add those two things together, you say, yes, we don't -- I don't have enough money, likely be more.

我還要補充一點。這只是資本預算。那營運資金與啟動成本呢？那是相當可觀的。我們甚至還沒談到那部分。回到大約 9,000 萬美元的現金數字，再加上我們正在嚴肅談判、要在美國那座工廠投入的金額。把這兩件事加在一起，你會說：是的，我們——我可能沒有足夠的錢，金額很可能會更高。

Where will the new plant site be located? In the US Heartland at a location which is supportive of, conducive to and inspirational for Park's future development and growth as a company. So we're not just looking at it from a mundane perspective, we just need these many machines to make this much product. It's about our future.

新工廠廠址會在哪裡？在美國中部（Heartland）的一個地點，能夠支持、促進並激勵 Park 作為一家公司未來的發展與成長。所以我們不只是從很務實的角度來看：我們需要多少台機器來做出多少產品。這關乎我們的未來。

We're going to go for our future. The next -- we build a plant, we'll be there for 30 years. You got to think 30 years out. slide 38 -- sorry, it's taking so long folks. We're building this new manufacturing plant.

我們要為我們的未來而努力。下一個——我們建一座工廠，我們會在那裡待 30 年。你必須以 30 年為尺度來思考。投影片 38——抱歉，各位，花了這麼久。我們正在興建這座新的製造工廠。

Why? Why are we doing it? Because our commercial aircraft juggernauts and missile systems juggernauts require it. That's just basic math. We need the capacity to support those juggernauts.

為什麼？我們為什麼要這麼做？因為我們的商用飛機主力業務與飛彈系統主力業務需要它。這就是基本的數學。我們需要產能來支撐那些主力業務。

Also, though, to enable -- this is more futuristic thing to enable, to facilitate and inspire Park's holistic growth and development as a company for the future. After all, we're only 72 years young.

另外，這也是為了促成——這比較偏未來導向——去啟動、促進並激勵 Park 作為一家公司在未來的整體成長與發展。畢竟，我們才 72 歲，還很年輕。

So thank you, everybody, for hanging in there. Operator, we're done with the presentation. We'll be happy to answer any questions that investors may have at this point.

所以謝謝大家一路聽到這裡。接線員，我們的簡報到此結束。接下來我們很樂意回答投資人此刻可能有的任何問題。

(Operator Instructions) Nick Ripostella, NR Management.

(接線員指示) Nick Ripostella，NR Management。

Can you hear me?

你聽得到我嗎？

Yes, we can hear you fine, Nick.

是的，我們聽得很清楚，Nick。

Okay. I just wanted to -- I've been thinking about this one for a while. On the C2B fabric, is there any alternative that's used in any missile programs that you know of?

好的。我只是想——我想這個問題想了一陣子了。關於 C2B 織物，你所知道的是否有任何在飛彈計畫中使用的替代品？

Okay. Let's deal with that. That's a complicated question. There are stockpiles of two different types of fabric, which are available, but they're not in production anymore and no plan to put back production. So interesting since you brought it up.

好的。我們來處理這個。這是個複雜的問題。目前有兩種不同類型的織物庫存可用，但它們已不再生產，也沒有計畫恢復生產。所以你提到這點很有意思。

This is my perspective on it, but not only mine. Until a couple of months ago, I think some of the defense contractors were kind of counting on using those stockpiles, and we got a long stockpile last for many, many years. But when you take everything multiply by 4, they start to panic like these stockpiles are not going to last very long at all. And that probably is one of the reasons that there's kind of a hyper interest in C2B. Now there are always going to be efforts to develop new products that maybe would be, let's say, equivalent to C2B or could serve the same purpose that C2B serves.

這是我的看法，但不只我這麼認為。直到幾個月前，我想一些國防承包商還有點指望使用那些庫存，而且我們認為那批庫存可以撐很多很多年。但當你把所有需求乘以 4，他們就開始恐慌，覺得這些庫存根本撐不了多久。而這可能也是大家對 C2B 出現某種「高度關注」的原因之一。當然，總會有人努力開發新產品，可能——比方說——在性能上等同於 C2B，或能達到 C2B 所扮演的同樣用途。

But what's existing in the market now, there are -- that are at the level of C2B, there are other ablative products that are at the level of C2B in terms of capability. There are two products that are kind of close, but there are stockpiles that are being depleted and limited. So it's important. It's an interesting question, and the answer is maybe a little more complicated.

但就目前市場上既有的產品而言——能達到 C2B 等級的——在能力上確實還有其他燒蝕產品可達到 C2B 的水準。有兩種產品算是接近，但它們的庫存正在消耗且數量有限。所以這很重要。這是個有意思的問題，而答案可能更複雜一些。

Okay. So do you consider that a risk? I mean, necessity is the mother of invention.

好的。所以你認為這是一項風險嗎？我的意思是，需求是發明之母。

Yes. But new products will be developed. Yes, sure, it's a risk. But of course, we would like to be involved. And that's our attitude.

是的。但新產品會被開發出來。是的，當然，這是一項風險。但當然，我們希望能參與其中。這就是我們的態度。

We don't -- I don't want to say too much more about it, actually, Nick. But yes, we're not sitting back passively and saying, okay, I mean, we want to be the driver of new products as well. And at the same time, supporting everything we're doing with Ariane, our partner. We would never undermine them or do anything to hurt them that -- we would not do that.

我其實不想再多說了，Nick。但沒錯，我們不是被動地坐著說，好吧——我的意思是——我們也希望成為新產品的推動者。同時，也會支持我們與合作夥伴 Ariane 正在做的一切。我們絕不會削弱他們，或做任何會傷害他們的事——我們不會那樣做。

Okay. So by the way, so all the manufacturing that Ariane -- they have plants in France. So is that where tariffs would hit if there were any like -- on a product like that? Or are you shielded from that somewhat?

好的。順帶一提，Ariane 的所有製造——他們在法國有工廠。所以如果有關稅的話——像那種產品——關稅會在那裡產生影響嗎？還是你們在某種程度上能避開？

Would tariffs apply to the product that's been shipped?

你是問關稅是否會適用於已經出貨的產品？

Yes. In other words -- yes.

是的。換句話說——是的。

Yes. Well, I think the answer would be yes. I mean, I think it's pretty obvious. The answer is yes. Now the tariff situation is changing, of course, and dynamic, but tariffs did apply to products that are being imported from France.

是的。嗯，我想答案會是會。我的意思是，我覺得這很明顯。答案是會。當然，關稅情勢在變動、也很動態，但關稅確實適用於從法國進口的產品。

Well, it's just -- I find it interesting that the Department of War wants to kind of quadruple -- the material is important. And it would seem like they're shooting themselves in the foot by tariffing and something that...

嗯，只是——我覺得很有意思，戰爭部想要把——需求大概提高到四倍——材料很重要。但看起來他們卻又對那類東西課關稅，像是……等於是在自傷其足。

Yes. That's -- Sorry, that's an interesting point. It's been brought up by us, I mean, to the Department of War.

是的。那——抱歉，那是個有意思的觀點。我們確實也向戰爭部提出過這點。

Okay. So is it fair to say that the missile programs throughout the world that are using -- mostly using C2B? Or is that an incorrect statement?

好的。所以可以這麼說嗎：全球各地正在使用的飛彈計畫——大多是在用 C2B？還是這樣說不正確？

Missile programs. Other programs?

飛彈計畫。其他計畫呢？

Yes.

是的。

So as for other missile programs, there's many different missiles and many different ablative materials. C2B is considered to be my opinion, but not only my opinion, the premier material, ablative material fabric for stop rocket motors.

至於其他飛彈計畫，有很多不同的飛彈，也有很多不同的燒蝕材料。依我看——但不只我這麼認為——C2B 被視為用於固體火箭發動機的頂級材料、也就是頂級燒蝕材料織物。

Okay. All right. Fair enough. Okay. I'm sorry, you can stop me if I'm going too much.

好的。好。了解。好的。抱歉，如果我問太多你可以打斷我。

But I've asked this before, and you already have a lot on your plate. But is there any content or work developing on anything with SpaceX or Blue Origin or others?

不過我之前問過這個，而你們手上已經有很多事情要忙。但你們是否有任何內容或工作是在與 SpaceX、Blue Origin 或其他公司合作開發？

So we Mark, do you want to chime in that. I think we do a little bit of work with Blue Origin. My opinion is we'd love to do work with SpaceX. They're not solid rocket motor people. Solid rocket motors are for defense.

那我們——Mark，你要不要補充一下？我想我們和 Blue Origin 有做一點點工作。我的看法是，我們很想和 SpaceX 合作。他們不是做固體火箭發動機的。固體火箭發動機是用於國防。

They're one shot. You can't reuse solid rocket motor. So when you think about SpaceX, they're big into reusing their rocket systems. They have a whole different kind of psychology about it. My opinion, and we talk about, I love to build, work with SpaceX.

那是一次性的。固體火箭發動機無法重複使用。所以當你想到 SpaceX，他們非常重視火箭系統的重複使用。他們在這方面有一套完全不同的思維。以我個人看法，而且我們也有討論過，我很想與 SpaceX 合作、一起做。

I'm not sure we're doing very much. Mark, Blue Origin, I think we're doing a little bit Blue Origin, are we?

我不確定我們目前做得多不多。Mark，Blue Origin，我想我們有做一點 Blue Origin 的案子，對嗎？

Yes, we're doing a little bit. I think most of that works in our parts business, Brian, our structure -- but we supply some material. But lately, it's been -- we've been building some parts for that.

是的，我們有做一點。我想那大多是在我們的零組件業務上，Brian，也就是結構件——但我們也供應一些材料。不過最近——我們也在替他們製作一些零件。

Okay. Fair enough. One other thing. So are we expecting to do additional at-the-market stock sales, maybe you need to raise more capital?

好的。了解。還有一件事。所以我們是否預期會再進行額外的「隨行就市」（ATM）股票出售，也許你們需要再募集更多資金？

Yes. So it was a $50 million ATM. I think we explained how much we raised so far. And it was only in our Q4 as we explained. We didn't -- we haven't raised any since the end of Q4.

是的。所以那是一個5,000萬美元的ATM（隨時市場發行）。我想我們已經說明了到目前為止我們募集了多少資金。而且如我們所解釋的，那只發生在我們的第四季（Q4）。自從Q4結束以來，我們沒有再募集任何資金。

So the balance is still available and we'll see. I think we try to be very intelligent and very disciplined about the ATM. We said no a lot. In other words, on pricing. So no, it's not going to work for us.

所以額度仍然可用，我們再看看。我認為我們在ATM上力求非常聰明、非常自律。我們很多次都說不。換句話說，在定價方面。所以不，這對我們行不通。

We're trying to protect our existing shareholders. And I think we did quite an outstanding job with that, if you don't mind my saying so, Nick. We're quite disciplined and we get offers. No, no, that's not going to work for us. So we want to be careful about how we do it.

我們正努力保護現有股東。而且我認為我們在這方面做得相當出色，如果你不介意我這麼說的話，Nick。我們相當自律，也會收到一些提案。不，不，這對我們不合適。所以我們希望在如何執行上保持謹慎。

And I think we're quite disciplined, like I said. And I think it worked out fine. I was very happy with the results. And yes, we'd like to raise more money, and we'll have to see what happens. We'll update you every quarter, though.

而且我認為如我所說，我們相當自律。我覺得結果很好。我對結果非常滿意。是的，我們也希望再募集更多資金，但還得看接下來的情況。不過我們會每一季向各位更新。

So go ahead. What were you about to say, Nick?

那請繼續。Nick，你剛才想說什麼？

You know how I feel, you've done, yes, an excellent job of caring for shareholders. There's no question about that. And just one little other thing here. You've been in this business for a long time, as you said. So the new facilities you're building, are they much different?

你知道我的感受，你確實——是的——在照顧股東方面做得非常出色。這點毫無疑問。另外還有一個小問題。如你所說，你在這個行業很久了。那你們正在建的新設施，是否有很大的不同？

I know you highlighted some things in the call. But in terms of the technology -- because, I don't know, at some point in the last couple of years, you've talked about automation and things like that. I'm just curious because there is a lot going on in terms of extensive robotics and things like that. But maybe you're just not the type of process that could avail yourself of those things. But I'm just curious about your role?

我知道你在電話會議中提到了一些重點。但就技術而言——因為我不知道，在過去一兩年中的某個時候，你們談過自動化之類的事情。我只是好奇，因為在大量機器人等方面有很多進展。但也許你們的製程並不是那種能充分利用這些技術的類型。不過我只是想了解你們在這方面的做法？

Yes. So we want to use those things as tools intelligently. We don't want to go into automation because it's, quote-unquote, cool, so we could show people in the factory, look how automated it is. Automation is complicated. And it's not -- it's probably multiple edge to that sword.

是的。所以我們希望把那些東西當作工具，聰明地使用。我們不想因為自動化「看起來很酷」就一頭栽進去，好讓我們帶人參觀工廠時說：你看多麼自動化。自動化很複雜。而且它並不是——這把劍可能有多重刃。

We talked to this internally, but it's an important point. Often automation is really good if you want to do the same exact thing every time because machine you're going to not make the mistakes people make. But if your culture is about flexibility, responsiveness urgency, change things quickly, that's not really what automation is best at. That's what people are best at. So that's why I say, yes, we want to use automation, but we want to be intelligent about it.

我們內部討論過這點，但這是一個重要觀點。通常，如果你每次都要做完全相同的事情，自動化會非常好，因為機器不會犯人會犯的錯。但如果你的文化是強調彈性、快速回應、緊迫感、快速變更，那就不是自動化最擅長的。那是人最擅長的。所以我才說，是的，我們想用自動化，但要聰明地使用。

We want to think it through where would we like to use automation and where it can be helpful to us.

我們希望把它想清楚：哪些地方我們想用自動化、以及它在哪些方面能對我們有幫助。

I hear you. I guess I'm just -- on one of those nodes where I watch too many videos of aircraft engines being built and autos, I find them fascinating. So I just thought things that are -- people don't realize how complex it is, particularly on aircraft engines. But, anyway. And I just have to say there's an old Bruce Springsteen tone, From Small Things Mama, big things one day come, and that is Park.

我懂你的意思。我想我只是——我算是那種節點（類型）的人，我看了太多飛機引擎和汽車的製造影片，我覺得很著迷。所以我只是覺得，有些事情——人們沒有意識到它有多複雜，尤其是飛機引擎。不過，總之。我還得說，有一首老的Bruce Springsteen歌曲，〈From Small Things Mama, Big Things One Day Come〉，那就是Park。

Thank you very much. I've looked that one up, I'm not familiar with that one, but I'll go check it out.

非常感謝。我去查了一下，我不熟那首歌，但我會去聽聽看。

(Operator Instructions) That looks like there are no further questions at this time. So I'd like to turn the floor back to Brian Shore for closing remarks.

（接線員指示）看起來目前沒有其他問題。那我想把時間交回給Brian Shore作結語。

Thank you, operator, and thank all of you for listening and being patient with us. I know we went on really long. I appreciate you taking the time to listen. And so it's, I guess, the beginning of the summer, have a wonderful summer. We'll talk to you again pretty soon, I guess, mid-July when we announce our Q1.

謝謝你，接線員，也謝謝各位收聽並耐心等候。我知道我們講得很久。感謝各位撥冗聆聽。那麼，我想現在算是夏天的開始，祝各位有個美好的夏天。我們很快會再和各位通話，我想是在7月中旬，當我們公布第一季（Q1）時。

And of course, if you have any questions, any follow-up questions, feel free to give us a call any time. Thanks. Have a great day. Take care. Bye.

當然，如果各位有任何問題、任何後續問題，隨時都歡迎打電話給我們。謝謝。祝各位有美好的一天。保重。再見。

Thank you. And with that, ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time. And have a wonderful rest of your day.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位的參與。各位現在可以掛線。祝各位今天剩下的時間愉快。