Park Aerospace Corp (PKE) 2027 Q2 法說會逐字稿

Good afternoon, my name is Cleo, and I will be your conference operator today. At this time, I would like to welcome everyone to the Park Aerospace Corp second quarter fiscal year 2027 earnings release conference call and Investor Presentation. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

各位下午好，我叫 Cleo，今天將擔任本次會議的接線員。此時，我想歡迎各位參加 Park Aerospace Corp 2027 會計年度第二季財報發布電話會議及投資人簡報。為避免任何背景雜音，目前所有線路均已設為靜音。在講者致詞後，將進行問答環節。

(Operator Instructions)

(接線員指示)

At this time, I will turn the call over to Mr. Brian Shore, Chairman and Chief Executive Officer. Mr. Shore, you may begin your conference.

此時，我將把電話會議交給董事長兼執行長 Brian Shore 先生。Shore 先生，您可以開始您的會議。

Thank you, Operator. This is Brian. Welcome all to Park Aerospace's fiscal year '27 second quarter investor call. I have with me, as usual, Mark Esquival, our President and COO. We just, I guess, right after the close, published our second quarter earnings release.

謝謝，接線員。我是 Brian。歡迎各位參加 Park Aerospace 2027 會計年度第二季投資人電話會議。我和往常一樣，與我們的總裁兼營運長 Mark Esquival 一起出席。我們剛剛，我想是在收盤後不久，發布了第二季財報新聞稿。

And in the earnings release, you'll find instructions as to how to access the presentation we're about to go through, either through a link, and there's also a toll-free number on our website.

在財報新聞稿中，您會看到如何取得我們即將進行之簡報的說明，可透過連結存取，我們網站上也有免付費電話號碼。

And you'll want to pull it up in order to make this presentation discussion more meaningful. It's kind of a common theme for the last couple of quarters. We have a lot of new investors. I think last call we had about 170 people who participated in the call.

您會想把它打開，讓這次簡報討論更有意義。這在過去幾季算是一個共同主題。我們有很多新投資人。我記得上次電話會議大約有 170 人參與。

And we have a lot of new investors. We have a lot of the veteran investors. We have to find a balance between the old and the new. We do the best we can to maybe find a middle ground or compromise.

而且我們有很多新投資人。也有很多資深投資人。我們必須在老投資人與新投資人之間取得平衡。我們會盡力找出一個中間點或折衷方式。

Obviously, the legacy investors probably don't want to hear the same material being covered every time, but some of the new investors may find it more interesting and useful.

顯然，既有投資人可能不想每次都聽到相同內容，但部分新投資人可能會覺得更有趣也更有用。

So we'll do the best we can with that. And after we're done with the presentation, we'll be happy to answer questions. So why don't we get started? Let's proceed onto slide 2, for looking disclaimer information. Let us know if you have any questions about the forward-looking disclaimer information.

所以我們會盡力做到這點。在我們完成簡報後，也很樂意回答問題。那我們就開始吧？請進到第 2 張投影片，查看免責聲明資訊。若您對前瞻性聲明的免責資訊有任何問題，請告訴我們。

Slide 3, our table of contents. First of all, slide 1, sorry, the first item in the table of contents is the investor presentation, which we're about to get to. And there's also a supplementary financial information attached as appendix 1 to the presentation.

第 3 張投影片，我們的目錄。首先，目錄中的第一項是投資人簡報，我們馬上就要開始。此外，簡報的附錄 1 還附有補充財務資訊。

We're not going to go through that information, but let us know if you have any questions about it. As usual, we feature the James Webb Space Telescope in our table of contents.

我們不會逐一說明那部分資訊，但若您有任何問題，請告訴我們。如同往常，我們在目錄中展示詹姆斯・韋伯太空望遠鏡。

James Webb Space Telescope recently identified a mysterious new class of cosmic objects called black hole stars. They look like gigantic stars which shine up to 100 billion times brighter. So that sounds like a lot to me. Thank you. Thank you, James Webb Space Telescope, and Park.

詹姆斯・韋伯太空望遠鏡最近辨識出一類神祕的新型宇宙天體，稱為黑洞恆星。它們看起來像巨大的恆星，亮度可高達 1,000 億倍。對我來說這聽起來非常驚人。謝謝。謝謝詹姆斯・韋伯太空望遠鏡，也謝謝 Park。

James Webb was produced with 18 Park proprietary Sigma struts, as you probably all know. Let's go into slide 4. So we go from the sublime to the mundane here. These are the second quarter results. So let's just go through right-hand column, second quarter, the quarter we're just announcing.

如各位可能都知道，詹姆斯・韋伯使用了 18 支 Park 專有的 Sigma 支撐桿製造。我們進到第 4 張投影片。所以我們在這裡從崇高回到日常。以下是第二季的結果。我們就看右欄，也就是我們剛剛公布的第二季。

Sales of $20,791,000. Gross profit, $7,135,000. Gross margin, 34.3%. We like that. We like our gross margins to be in the 30s.

銷售額 20,791,000 美元。毛利 7,135,000 美元。毛利率 34.3%。我們喜歡這個數字。我們希望毛利率維持在 30% 多。

Adjusted EBITDA, $5,285,000. Adjusted EBITDA margin, 25.4%. What did we say about our Q2 during our Q1 investor call? We said our sales estimate was $19.5 million to $21 million. So we came in within the range, maybe kind of toward the upper end, but within the range.

調整後 EBITDA 為 5,285,000 美元。調整後 EBITDA 利潤率 25.4%。我們在第一季投資人電話會議時，對第二季是怎麼說的？我們說銷售額預估為 1,950 萬至 2,100 萬美元。所以我們落在區間內，可能偏上緣，但仍在區間內。

Adjusted EBITDA estimate, we said $4.3 million to $5.1 million. So we came in a little bit above the range with our EBITDA number.

調整後 EBITDA 的預估，我們說是 430 萬至 510 萬美元。因此我們的 EBITDA 數字略高於該區間。

Significance of our forecast estimates, we remind you of this. Probably often when we give these estimates, we're telling you what we think will happen. Sometimes we're wrong, sometimes we're not, but we're telling you what we think.

關於我們預測估計的意義，我們提醒各位這一點。通常當我們給出這些估計時，我們是在告訴各位我們認為會發生什麼。有時我們會錯，有時不會，但我們是在告訴各位我們的看法。

Mark and I usually spend a lot of time going through this and come up with the ranges for you. We don't pad the numbers. I know a lot of other people do that. We don't give you a number, then subtract 10% from it, so when we announce the number, we can beat it. That's just not what we do.

Mark 和我通常會花很多時間檢視這些內容，並為各位提出區間。我們不會灌水數字。我知道很多其他人會這麼做。我們不會先給你一個數字，再把它減 10%，這樣在公布結果時就能「超越預期」。那不是我們的作法。

We understand that pretty much everybody else does that, but we're not like everybody else, as you probably know. That's actually a Kinks song if you want to check that out. Pretty good one. Slide 5. So we're mixing things up a little bit.

我們理解幾乎所有其他人都這麼做，但我們不像其他人，各位可能也知道。這其實是一首 The Kinks 的歌，如果你想去聽聽看。相當不錯。第 5 張投影片。所以我們稍微把內容混搭一下。

I maybe should have explained at the beginning. We're changing the sequence of things, and we're changing the content a little bit just to try to make it a little more interesting for you.

我也許一開始就該先說明。我們正在調整順序，也稍微改變內容，只是想讓各位覺得更有趣一些。

I don't know if it will be successful, but that's the objective here. So what we're doing with this slide here, slide 5, the top, as we're talking about some key product groups that we'll circle back to in many cases. C2B Fabric, we cover that a lot, $1.5 million of sales.

我不知道是否會成功，但這就是我們的目標。所以在這張投影片（第 5 張）上方，我們談的是一些關鍵產品群，之後在許多地方我們會再回頭提到。C2B Fabric，我們常常提到，銷售額 150 萬美元。

Applied Materials produced with C2B Fabric, $1.8 million. Often we discuss those two numbers because if they're really out of sync, out of alignment, they could distort the product.

使用 C2B Fabric 製造的 Applied Materials 產品，180 萬美元。我們經常一起討論這兩個數字，因為如果它們差異很大、不同步，可能會扭曲產品表現。

And quarterly P&L, but those numbers are fairly close, so we're not going to get into that. But just for information, we'd always like to know. Missile system programs, so $5.7 million.

以及季度損益表（P&L），但這兩個數字相當接近，所以我們就不深入了。不過僅供參考，我們總是希望掌握。飛彈系統專案，為 570 萬美元。

Obviously, we emphasize missile systems a lot, so we thought you'd be interested in that number. Advanced composite materials for GE Aerospace jet engine programs, $8.5 million. We'll circle back on that. We cover that every quarter. And here's something a little interesting with what we provide for you.

顯然，我們非常強調飛彈系統，所以我們認為各位會對這個數字感興趣。用於 GE Aerospace 噴射引擎專案的先進複合材料，850 萬美元。我們會再回頭談這個。我們每一季都會提到。另外，這裡有一個我們提供給各位、稍微有趣的內容。

Our second quarter Sales Value of Production, we called SVP, was $21.1 million. That's not inventory value. That's actually sales value.

我們第二季的生產銷售價值（Sales Value of Production），我們稱之為 SVP，為 2,110 萬美元。那不是存貨價值。那其實是以銷售價值計算。

And that's a modern-day record, we think, post-sale of our electronics business. And that's a really good thing, and we've got to give a lot of credit to our factory people or four people for producing and getting out the door that much product.

我們認為這是出售電子事業之後、近代以來的紀錄。這是非常好的事情，我們必須高度肯定我們工廠同仁——我們的四位同仁——能生產並出貨這麼多產品。

That's actually a pretty nice accomplishment under maybe not ideal circumstances, but when are there ideal circumstances?

在也許並非理想的情況下，這其實是相當不錯的成就，但什麼時候才會有理想的情況呢？

So we wanted to acknowledge our production people in terms of how much product was produced during the quarter. One other thing we never cover in these investor calls is EPS. We don't get into that. But we just wanted to mention something to you.

因此，我們想就本季生產了多少產品，向我們的生產團隊致意。另外一件我們在這些投資人電話會議中從不談的事情是 EPS（每股盈餘）。我們不會深入討論那個。但我們只是想跟各位提一下某件事。

It will be discussed in more detail with our 10-Q, which I think will be filed on Tuesday, Monday is a holiday. So you can look forward to it there. But you might have noticed already, and I just want to get ahead of this a little bit, that our tax rate for Q1 is 1%. Q2 is 18.6%. That's not a normal tax rate.

這會在我們的 10-Q 中更詳細地討論，我想會在週二提交，因為週一是假日。所以你們可以到那裡再看。不過你們可能已經注意到了，我也想先稍微說明一下，我們第一季的稅率是 1%。第二季是 18.6%。那不是正常的稅率。

There are significant benefits from stock option exercises which took place in Q2. There are a lot of stock option exercises in Q2, significant benefit.

第二季發生的員工股票選擇權行使帶來了顯著的稅務利益。第二季有很多股票選擇權行使，帶來顯著利益。

Our normal tax rate without that, that benefit the stock option exercise benefit, if you will, for the tax rate would be probably around 26.5%, something like that. And just so you know, if we had that more, let's say, quote-unquote normal tax provision or tax rate rather of 26.5%, probably looking at 19 cents rather than 21 cents. Like I said, we're reluctant to get into EPS stuff.

如果不計入那個——也就是股票選擇權行使帶來的利益——我們的正常稅率大概會在 26.5% 左右，差不多是那樣。也讓各位知道一下，如果我們採用較「正常」的稅負提列或稅率（也就是 26.5%），那麼每股盈餘大概會是 19 美分，而不是 21 美分。如我所說，我們不太願意談 EPS 相關的事情。

We don't normally cover that, but I thought it's such a significant difference in a tax rate that you'd probably be interested to know how that information. If you want more information about that, you really should call and talk to Gus and Chris.

我們通常不會談這個，但我覺得稅率差異這麼大，你們應該會想知道這方面的資訊。如果你想要更多資訊，真的應該打電話跟 Gus 和 Chris 聊聊。

But like I said, when we publish our 10-Q, there will be a little bit more information about that particular item. Okay, let's not get too hung up on that. So let's go on to slide 6, our top five customers for Q2, in alphabetical order.

不過如我所說，當我們發布 10-Q 時，會就那個特定項目提供更多一點資訊。好，我們不要在這上面卡太久。那我們繼續到第 6 張投影片，第二季前五大客戶，按字母順序排列。

Let's see, let's tie the customers to the pictures. Easy one is Kratos, the BQM-177A, that's a target unmanned aircraft that obviously ties to Kratos Defense & Security. Airbus A320neo with the LEAP 1A engines that ties to the Middle River Aerostructure Systems, we call it MRAS.

我們來看看，把客戶和圖片對起來。最簡單的是 Kratos，BQM-177A，那是一款靶機無人機，顯然對應到 Kratos Defense & Security。Airbus A320neo 搭載 LEAP 1A 引擎，對應到 Middle River Aerostructure Systems，我們稱它為 MRAS。

And let's see, the Patriot, we talk about that a lot, PAC-3 MSE, Defense and Missile System, that's a two for the price of one, that ties to Lockheed Martin and L3Harris Missile Systems, that's nice and efficient. The bottom right, Bombardier Global 8000 business aircraft, and that ties to the Loring Group.

再來，Patriot（愛國者），我們常常提到，PAC-3 MSE 防空與飛彈系統，這是一魚兩吃，對應到洛克希德馬丁（Lockheed Martin）以及 L3Harris Missile Systems，這樣很有效率。右下角是龐巴迪 Global 8000 商務機，對應到 Loring Group。

Okay, let's go on to slide 7, our pie charts. Nothing too remarkable here, you know, pretty consistent. So let's not spend too much time on slide 7. Just keep moving. Let's go on to this.

好，我們繼續到第 7 張投影片，我們的圓餅圖。這裡沒有什麼特別值得一提的，你知道的，整體相當一致。所以第 7 張我們不要花太多時間。繼續往下。我們來看這個。

Of course, you have questions, let us know later, but we're going to move to slide 8. This is a little more interesting. Park's niche military aerospace program. This is the slide we give you every quarter. This is a Landis project.

當然，如果你們有問題，之後再告訴我們，但我們先移到第 8 張投影片。這個比較有意思。Park 的利基型軍用航太專案。這張投影片我們每季都會給各位。這是 Landis 的專案。

She always does a real nice job. So the pie chart is interesting. Just look at the missile systems percentage. It is growing. Now, this is just one quarter, so we'll see what happens quarter to quarter.

她總是做得非常好。所以這個圓餅圖很有意思。只要看看飛彈系統的占比。它正在成長。當然，這只是單一季度，所以我們會看看季度之間的變化。

These things change, of course. But we've been talking a lot about missile systems and missile systems' portion of the pie chart is growing.

這些當然都會變動。但我們一直談很多關於飛彈系統，而飛彈系統在圓餅圖中的占比正在增加。

We won't go through a description of the individual programs, except we always say that we don't provide photos of programs that we're not somehow involved with. But we used to give you more information. Right now, at this point, we don't feel we can do that.

我們不會逐一說明各個專案，除了我們一向會說：我們不會提供我們未以某種方式參與之專案的照片。但我們以前會提供更多資訊。目前在這個時間點，我們覺得我們不能那樣做。

It's just too sensitive. We just don't know where the line is as to what we can say. We can't, so we don't want to push the envelope too much. Let's go on to slide 9. Okay, GE Aerospace jet engine programs.

這太敏感了。我們真的不知道界線在哪裡、哪些能說。我們不能，所以也不想把界線推得太過。我們繼續到第 9 張投影片。好，GE Aerospace 噴射引擎專案。

Like I said, we're changing things up in terms of sequence a little bit, trying to make it a little more interesting.

如我所說，我們在順序上稍微調整一下，試著讓內容更有趣一點。

And this slide's a little different than it was in the past. Park's advanced composite materials and sole source qualified and multiple engine cell and thrust reverser components are the following GE Aerospace and CFM engine programs. So quickly, there's a Boeing 747-8 with a Gen X-2B engine. Those are for spares.

而且這張投影片跟過去有點不一樣。Park 的先進複合材料，以及單一來源合格（sole source qualified）與多款引擎短艙（engine cell）及推力反向器（thrust reverser）零組件，涵蓋以下 GE Aerospace 與 CFM 引擎專案。快速帶過：波音 747-8 搭載 Gen X-2B 引擎。那些是用於備品（spares）。

Our program is canceled. LEAP 1A engines for the A320neo or family, that's the big kahuna. LEAP 1C, that's for the COMAC C919, that's Chinese single aisle. CF34-10A, that's for the COMAC C919, that's a Chinese regional jet, and the CRJ 200, we already talked about that, Bombardier Global 8000 aircraft. With the Parasport 20 engine.

我們的專案已取消。A320neo 或其系列使用的 LEAP 1A 引擎，那是最大的主力。LEAP 1C，是用於中國商飛（COMAC）C919，也就是中國的單走道機型。CF34-10A，是用於中國商飛（COMAC）C919，那是中國的區域噴射機，以及 CRJ 200；我們已經談過了龐巴迪 Global 8000 飛機。搭載 Parasport 20 引擎。

So what's going on here? Park has an LTA requirements contract, again, to 29 for the above programs with MRAS, a sub of ST Engineering Singapore. Now, what's going on here? These look like they're all GE programs. You've got to read the little footnote.

那這裡到底在講什麼？Park 與 MRAS（新加坡 ST Engineering 的子公司）針對上述專案簽有一份 LTA（長期協議）需求合約（requirements contract），同樣延續到 29（年）。那麼，這裡發生了什麼？看起來這些都是 GE 的專案。你得看一下那個小註腳。

Footnote, MRAS is formally a sub of GE Aerospace. So that's the. When we got on to these programs, MRAS was part of the GE Aerospace, and then I think in maybe 2018 or 2019, GE Aerospace sold MRAS to ST Engineering, which is a large Singapore aerospace company. Park is also an exclusive supplier of AFP composite materials for the same case for the GE9X. Next engine for the Boeing Triple 7 aircraft.

註腳：MRAS 先前正式隸屬於 GE Aerospace。所以就是這樣。當我們加入這些專案時，MRAS 是 GE Aerospace 的一部分；之後我想大概在 2018 或 2019 年，GE Aerospace 把 MRAS 賣給了 ST Engineering，那是一家大型的新加坡航太公司。Park 也是 GE9X（用於同一類別）的 AFP 複合材料獨家供應商。這是波音 777（Triple 7）飛機的下一代引擎。

Let's go on to slide 10. Update on GE Aerospace Challenger Programs. We're starting out with the Big Kahuna, the A320neo aircraft family.

我們繼續到第 10 張投影片。GE Aerospace Challenger 專案更新。我們先從最大的主力開始，也就是 A320neo 飛機家族。

We're not going to read the variants for you, but you can see them for yourself. So as of August, Airbus had delivered 4,741 of these airplanes, and they have a backlog of firm orders, 7,571.

我們不會把各個衍生型號念給你們聽，但你們可以自己看。截至 8 月，空中巴士已交付 4,741 架，且尚有確定訂單（firm orders）積壓 7,571 架。

That's just a huge, huge, huge, huge program, probably the biggest ever for commercial aircraft. So we're fortunate to be on that program. And here's the history of the ramp up. You can see what's going on. They were ramping up their program until they hit the skids with 2020.

那真的是一個非常、非常、非常、非常龐大的專案，可能是商用飛機史上最大的專案。所以我們很幸運能參與這個專案。這裡是產能爬坡（ramp up）的歷史。你們可以看到發生了什麼。他們原本在提升產量，直到 2020 年遭遇重挫。

That's the pandemic year. And then clawing their way back. 2021, 607 airplanes were delivered. And 2022 year to date, you don't want to analyze this number. That's not a good idea.

那是疫情年。然後再一步步爬回來。2021 年交付了 607 架飛機。而 2022 年截至目前的數字，你不會想去分析它。那不是個好主意。

You can do it if you want. That's not how it works because these aircraft companies, they make the years, if you will, in the last couple of months.

如果你想，你可以這麼做。但事情不是這樣運作的，因為這些飛機公司會在過去幾個月把年度數字（如果你願意這麼說）做出來。

But what's significant is that that number is quite a bit larger than the same period from 2025, which was 333 deliveries in year to date August of 2022. So that's good. It means that GE Aerospace and Airbus are ramping up this program, which is good news.

但重要的是，這個數字比 2025 年同期大了不少；2022 年截至 8 月的年初至今交付量是 333 架。所以這是好事。這表示 GE Aerospace 和空中巴士正在加速推進這個計畫，這是好消息。

So 511. Okay, what are we doing here? Airbus is targeting A320 aircraft family delivery rate of 70 to 75 per month by the end of '27. Remember the prior page, I think, when we say 25, it was like 51 per month, so we still have a way to go here. Okay, and stabilizing to a rate of '27 thereafter.

所以是 511。好，我們在這裡要做什麼？空中巴士的目標是在 27 年底前，將 A320 機型家族的交付速率提升到每月 70 到 75 架。記得前一頁，我想我們提到 25 年時大概是每月 51 架，所以我們距離目標還有一段路要走。好，之後在 27 年維持穩定的速率。

Approved engines, this is important, these are two approved engines for the A320 aircraft, NEO aircraft family. One is the CFM LEAP 1A engine.

核准的引擎，這很重要；A320（NEO 機型家族）有兩款核准的引擎。其中一款是 CFM LEAP 1A 引擎。

That's the program we're on. We're on the A320neo aircraft family with the LEAP 1A engine, CFM, and we're not on the A320 aircraft family program with the Pratt engine. So we covered that in the first and second bullet item.

這就是我們所在的計畫。我們是在搭載 CFM 的 LEAP 1A 引擎的 A320neo 機型家族上，而不是在搭載 Pratt 引擎的 A320 機型家族計畫上。所以我們在第一個和第二個重點項目已經說明過了。

Here's some interesting info, third bullet item. The CFM LEAP 1A market share of firm engine orders for the A320neo family of aircraft was 66.9% as of June 30.

這裡有些有趣的資訊，第三個重點項目。截至 6 月 30 日，A320neo 機型家族的確定引擎訂單中，CFM LEAP 1A 的市占率為 66.9%。

So the CFM LEAP 1A market share continues to grow very nicely. And in the prior quarters we explained why that is, what's going on. We're not going to go into it here, but if you have any questions about that, let us know.

所以 CFM LEAP 1A 的市占率持續非常漂亮地成長。在前幾季我們解釋過為什麼會這樣、發生了什麼。我們這裡就不展開說了，但如果你對此有任何問題，請告訴我們。

The key thing is that the LEAP 1A market share, that's the program we're on, continues to grow. I think when we started these presentations, it was maybe less than 60%. I don't remember, but it's grown quite a bit and it continues to grow.

關鍵是 LEAP 1A 的市占率——也就是我們所在的計畫——持續成長。我想我們剛開始做這些簡報時，可能還不到 60%。我不太記得了，但它成長了不少，而且還在繼續成長。

And there's a huge backlog, so there's a lot of ballast, if you will, in that market share. You know, it's not easy to change the market share so much month to month or quarter in quarter.

而且有龐大的積壓訂單，所以在那個市占率上有很大的「底盤」（如果你願意這麼說）。你知道，市占率不容易在每個月或每一季之間大幅改變。

But nevertheless, that's what's happening. At that delivery rate of 75 A320neo family aircraft per month and at 66.9% market share, that translates into 1,204 LEAP engines per year, which is a lot of damn engines, pardon my French.

但無論如何，事情就是這樣發展。以 A320neo 機型家族每月 75 架的交付速率、以及 66.9% 的市占率來看，換算下來每年是 1,204 具 LEAP 引擎，這真的是一大堆該死的引擎，恕我失言。

Let's go on to slide 12. So still with the same program as of June 30, there were 8,546 firm LEAP-1A engine orders.

我們繼續看第 12 張投影片。同樣是這個計畫，截至 6 月 30 日，LEAP-1A 引擎的確定訂單有 8,546 具。

And that's a heck of a lot of engine orders. I think if you go to slide, what is it? Slide 16, you can kind of figure out what that's worth. You can do your own math. Because in slide 16 it tells you what a revenue per unit is.

這真的是非常大量的引擎訂單。我想如果你看第幾張？第 16 張投影片，你大概可以算出這值多少。你可以自己算。因為第 16 張投影片會告訴你每單位的營收是多少。

It's, let me just say it's a big number. And that's not it, that's just the firm engine orders. That doesn't mean that's it. Obviously it's going to take more orders as time goes on. So let's go, let's continue on slide 12.

我只能說，這是一個很大的數字。而且這還不是全部，這只是確定的引擎訂單。這不代表就到此為止。顯然隨著時間推進，還會有更多訂單。所以我們繼續看第 12 張投影片。

A new, a different program, the COMAC C919, that's the Chinese aircraft with the LEAP engine. It's a LEAP 1C engine. They reportedly have over 1,200 orders. And you can see the deliveries, they're trying to ramp up. They haven't been doing, you know, I'm sure they're not achieving the rates that they want.

一個新的、不同的計畫：COMAC C919，也就是中國的飛機，搭載 LEAP 引擎。它用的是 LEAP 1C 引擎。據報導他們有超過 1,200 架訂單。你也可以看到交付量，他們正試圖加速提升。他們目前的表現，你知道的，我相信他們還沒有達到他們想要的速率。

Their deliveries are expected to ramp to 59, 28, and 93. Those are airplanes, not engines, by the way. This is the single aisle, the Chinese single aisle airplane that's designed to compete against the 737, the A320. Let's go on to slide 13. The 777X with the GE9X engines.

他們的交付量預期將提升到 59、28、以及 93。順帶一提，那些是飛機，不是引擎。這是單走道的中國單走道客機，設計用來與 737、A320 競爭。我們繼續看第 13 張投影片。搭載 GE9X 引擎的 777X。

This is a very delayed program, but still a very important program for COMAC. The test program has amassed over 1,700 flights. That's a lot. Over 4,000 flight hours. That's a lot.

這是一個延宕非常久的計畫，但仍然是 COMAC 的一個非常重要的計畫。測試計畫已累積超過 1,700 次飛行。很多。超過 4,000 小時飛行時數。也很多。

Reportedly, they have over 670 open orders for the aircraft. And Boeing anticipates a certification entry to service and first delivery next year.

據報導，該機型仍有超過 670 架未完成的訂單。波音預期明年取得認證、投入營運並完成首架交付。

This has been pushed back a lot, a lot of delays, but just my opinion is I have some optimism that this will happen next year, which will be really important for Park, an important program for Park. So let's get a nice picture of the 777X undergoing cold weather testing at Fairbanks. A friend of mine took that picture.

這個計畫被往後推了很多次、延誤很多，但就我個人看法，我對它明年能成真抱持一些樂觀，這對 Park 會非常重要，是 Park 的一個重要計畫。所以我們來看一張 777X 在費爾班克斯進行寒冷天候測試的漂亮照片。那張照片是我一位朋友拍的。

Let's go on to slide 14. Here we go. So, GE Engine Program Sales History and Forecast Estimates. We don't go through all the history, we don't need to do that. What you might look at is look at fiscal year '20.

我們繼續看第 14 張投影片。來了。GE 引擎計畫銷售歷史與預估。我們不會把所有歷史都走一遍，沒必要。你可以注意的是 20 會計年度。

That was like the year before the pandemic, just about $29 million. It took up to fiscal year '26. Look at the right end side of the slide kind of halfway down, '26 to get back to $29 million numbers.

那大概是疫情前的一年，約 2,900 萬美元。一直到 26 會計年度。看投影片右側大概中間偏下的位置，要到 26 年才回到 2,900 萬美元的水準。

So, you know, we really had a setback with the pandemic. And it took us a while to even get back to the pre-pandemic numbers for these jet engine program sales.

所以，你知道的，疫情讓我們遭遇了很大的挫折。而且我們花了一段時間，才回到這些噴射引擎計畫銷售在疫情前的水準。

In fiscal, in our second quarter, $8.3 million of sales. Our forecast for Q3, this is GE Engine Program sales forecast, $8 million to $8.5 million.

在我們第二季，銷售額是 830 萬美元。我們對第三季的預測——這是 GE 引擎計畫的銷售預測——是 800 萬到 850 萬美元。

For fiscal year '27, the whole year, we brought that number down with 32 to 35. It was a little higher. That number was based upon the input we have from our customers called a bill plan.

至於 27 會計年度全年，我們把那個數字下修到 3,200 萬到 3,500 萬美元。之前略高一些。那個數字是根據我們從客戶那裡取得的輸入，稱為 bill plan（開單計畫）。

And we haven't gotten a revised bill plan, but, you know, we're a little skeptical as to whether we'll achieve that bill plan because we have our first two quarters in the books. We've got a forecast of Q3. And we're trying to be a little more conservative in terms of where we're going to go with the fiscal year. We'll see what happens. All right, let's go on to slide 15.

我們還沒有拿到修訂後的 bill plan，但你知道的，我們對是否能達成該 bill plan 有點保留，因為我們前兩季已經入帳了。我們也有第三季的預測。我們希望在全年走勢上採取更保守一些的看法。我們再看看會怎麼發展。好，我們繼續看第 15 張投影片。

So the GE programs outlook that we call our Juggernaut part Commercial Aircraft Juggernaut. This is our first Juggernaut.

所以我們稱之為「Juggernaut」的 GE 計畫展望——商用飛機 Juggernaut。這是我們的第一個 Juggernaut。

Remember GE Aerospace Engines and Programs. What's the timing for the Commercial Aircraft Juggernaut? For a long time, for years we were saying, when's it going to happen, when's it going to happen?

記得 GE Aerospace 的引擎與計畫。商用飛機 Juggernaut 的時點是什麼？很長一段時間、好幾年，我們一直在說，什麼時候會發生、什麼時候會發生？

We don't know, we'll see. But we're no longer saying that. We're saying that commercial aircraft juggernaut's here because the programs are clearly ramping up. Commercial aircraft juggernaut drivers, what are they? They're the A320neo aircraft family production as it ramps up to the 75 airplane for a month.

我們不知道，走著瞧。但我們不再那樣說了。我們的說法是，商用飛機的「巨無霸」已經來了，因為各項計畫顯然正在加速爬坡。商用飛機巨無霸的驅動因素是什麼？就是 A320neo 機型家族的產量，正爬坡至每月 75 架。

The expected certification and free interservice of the Triple 7X and COMAC's plan. Ramp up the C919 aircraft.

預期的 Triple 7X 認證與投入營運，以及 COMAC 的計畫。推升 C919 機型的產量。

The other two, GE Aerospace programs, the Global 8000 and the C909, those programs are pretty much at rate, so that's good, but they're probably not going to be key drivers in terms of the ramp up of current rates, the current revenues rather to that aircraft juggernaut kind of revenue level. So let's continue. Slide, what is it, slide 16 we're on, yep, continuing with the juggernaut.

另外兩個 GE Aerospace 的專案——Global 8000 與 C909——這些專案基本上已達到既定產能水準，這很好，但就目前產能爬坡、以及目前營收進一步提升到那種「飛機巨無霸」等級的營收水準而言，它們可能不會是關鍵驅動因素。所以我們繼續。投影片，現在是第 16 頁對吧，是的，繼續談這個巨無霸。

So here is kind of how we lay out the juggernaut and get to that $62,340,000 number. There are a couple changes here though in the assumptions and slide 17 has footnotes in terms of how we computed, how we arrived at assumptions and how we did the math.

這裡大致說明我們如何拆解這個巨無霸，並推導出 62,340,000 美元這個數字。不過這裡的假設有幾個變動，而第 17 頁投影片有註腳，說明我們如何計算、如何形成假設，以及如何做數學推導。

We actually increased A320neo to 1,200 units because we decided we really should look at the current market share. We're holding off using like 60% market share, but we thought that doesn't make any sense anymore. And we brought down the number for the C919 just because they seem to be struggling to get that level.

我們其實把 A320neo 提高到 1,200 架，因為我們認為確實應該看目前的市占率。我們原本先不採用像 60% 這樣的市占率，但我們覺得那樣已經不合理了。而 C919 的數量我們下修，因為他們看起來在達到那個水準上有些吃力。

Now, remember, these are engines, so we've got to multiply the airplanes by two, so 200 engines means 100 airplanes.

現在，請記得，這些是引擎，所以我們必須把飛機數量乘以二；因此 200 具引擎代表 100 架飛機。

So, and we do the math and we get to $62.3 million. Or $62.3 million. And that compares to about, what, $30 million last year or something like that. So it's still a long way to go in terms of the ramp up.

所以，我們算一算，就得到 6,230 萬美元。或 6,230 萬美元。而這和去年大概 3,000 萬美元左右相比。所以就爬坡而言，距離目標還有很長一段路。

Yes. Slide 17, uh Slide 17 rather, these are the footnotes I referred to. We're not going to go through these. Any questions, let us know. Slide 18, okay, we're changing gears and we probably have to pick up the pace a little bit.

是。第 17 頁，呃，應該說第 17 頁，這些就是我提到的註腳。我們不會逐條講。有任何問題請告訴我們。第 18 頁，好，我們要換個主題，而且可能得把節奏稍微加快一點。

Missile systems. Now, the good news about missile systems is they're really, even though there's so much going on for us with missile systems, it's like, you know, a frenetic pace for us to keep up with. But there's not a lot of new developments that are being reported in the presentation as compared to Q1. So a lot of this is just review. That's our new juggernaut.

飛彈系統。關於飛彈系統的好消息是，雖然我們在飛彈系統這塊有很多事情在進行，對我們來說節奏非常緊湊、要跟上很不容易，但相較於第一季，這份簡報中並沒有太多新的進展被報告。所以這裡很多內容只是回顧。那就是我們新的巨無霸。

Next big thing, missile systems, Park missile systems, Niche we call it. We specialize in design and manufacture advanced composite ablative materials used to produce solid rocket motor structures for critical missile systems, including the PAC-3 MSE Patriot missile system, which we talk about a lot.

下一個大題材：飛彈系統，Park 飛彈系統，我們稱之為利基市場。我們專精於設計與製造先進複合材料耐燒蝕材料，用於生產關鍵飛彈系統的固體火箭發動機結構，包括我們常常提到的 PAC-3 MSE 愛國者飛彈系統。

We also design and manufacture advanced composite material to produce other missile systems components.

我們也設計與製造先進複合材料，用於生產其他飛彈系統的零組件。

Depletion of the depleted, we covered this last time. It's well understood, widely known that the missile system stockpiles have been badly depleted by all these horrible wars that we've been involved with the last couple years, running empty, replenishing the depleted stockpiles.

庫存被消耗殆盡，我們上次已經談過。大家都很清楚、也廣為人知，過去幾年我們捲入的這些可怕戰爭，已嚴重消耗了飛彈系統的庫存，幾乎見底；因此需要補充已被消耗的庫存。

So there clearly is a highly urgent need to replenish the depleted stockpiles. But is that it? Does it end there? Maybe not. Let's go on to slide 19.

所以顯然有非常迫切的需求，要補充已被消耗的庫存。但就只有這樣嗎？到此為止嗎？也許不。我們看第 19 頁。

Okay, here we go. Quadrupling the production of the exquisite class of weapon systems. Quadrupling, that's quite a concept for our industry. The aerospace industry usually doesn't move that quickly in our experience. On March 6, beginning of the year 2006, President Trump met with the White House with seven top defense contractors.

好，來了。將高端（exquisite）級別武器系統的產量提高四倍。四倍，對我們這個產業來說是相當驚人的概念。以我們的經驗，航太產業通常不會動得這麼快。3 月 6 日，2006 年年初，川普總統在白宮與七家頂尖國防承包商會面。

At the meeting, these contractors reported they agreed to a quadruple production of the exquisite class of weapon systems as rapidly as possible.

在會議上，這些承包商表示，他們同意以最快速度將高端級別武器系統的產量提高四倍。

That's really quite something, kind of shocking. And the PAC-3 missile system, of course, has a class of weapon systems, plus other things that other programs focus on. Let's talk about PAC-3, the PAC-3 MSE Patriot Missile System.

這真的很不得了，有點令人震驚。而 PAC-3 飛彈系統當然屬於這一類武器系統，另外還有其他計畫所聚焦的項目。我們來談 PAC-3，也就是 PAC-3 MSE 愛國者飛彈系統。

Park also has qualified Vansco composite ablative materials for solid rocket motors for the PAC-3 MSE missile system program.

Park 也已為 PAC-3 MSE 飛彈系統計畫，完成 Vansco 複合材料耐燒蝕材料（用於固體火箭發動機）的資格認證。

The PAC-3 missile system interceptors have been extensively and very effectively used by US allies in the Mideast, including all these countries. And why are they using them? Because the bad people are shooting missiles at them.

PAC-3 飛彈系統攔截彈已被美國在中東的盟友廣泛且非常有效地使用，包括這些國家。那他們為什麼要用？因為壞人正在對他們發射飛彈。

So they've been using the PAC-3 missile systems to intercept and destroy the incoming missiles, ballistic missiles that are being shot at their countries, launched toward their countries, and in particular, civilian population centers.

所以他們一直使用 PAC-3 飛彈系統來攔截並摧毀來襲飛彈，也就是射向他們國家的彈道飛彈、朝他們國家發射的彈道飛彈，尤其是針對平民人口中心。

Let's go on to slide 20. The Patriot MSE missile system. It's an extremely effective missile defense system, very high rates of successful intercepts and destruction of incoming ballistic missiles and other threats.

我們看第 20 頁。愛國者 MSE 飛彈系統。這是一套極其有效的飛彈防禦系統，對來襲彈道飛彈與其他威脅的攔截與摧毀成功率非常高。

But the stockpiles of those factory MSE missile systems have reportedly been badly depleted by all these horrible wars. I don't think we're talking out of school.

但據報導，這些工廠生產的 MSE 飛彈系統庫存，已被這些可怕的戰爭嚴重消耗。我想我們不是在亂講。

We're not talking about anything confidential, no website information here. Just it's been widely reported that these -- the system stockpiles have been depleted by these horrible wars.

我們沒有談任何機密，也不是什麼網站上的資訊。只是各方廣泛報導，這些——這些系統庫存已被這些可怕的戰爭消耗殆盡。

And the thing is that the Patriot missiles, they don't do any good if not available, wonderful as they are. According to reports, there were dozens of people killed recently in Ukraine by Russian ballistic missiles.

問題在於，愛國者飛彈如果無法取得，再怎麼好也沒有用。根據報導，最近在烏克蘭有數十人被俄羅斯彈道飛彈殺害。

Incoming, which Ukraine was not able to intercept and shoot down because of a serious shortage, that's their terminology, of Patriot missile interceptors. It's just heartbreaking. I mean, you know, these are people that died, right? It's not funny. It's heartbreaking.

來襲時，烏克蘭無法攔截並擊落，因為愛國者攔截彈嚴重短缺——這是他們用的措辭。這真的令人心碎。我的意思是，你知道，這些人死了，對吧？這一點也不好笑。令人心碎。

Heartbreaking. On January 6, 2026, this is now kind of falling on what are we doing about it? What's our government trying to do about it?

令人心碎。2026 年 1 月 6 日，這就回到「我們正在做什麼」這個問題。我們的政府打算怎麼做？

Lockheed announced it reached a seven-year agreement with the Department of Defense, increased the PAC-3 MSE interceptor production capacity from 600 per year to 2,000. Well, that's, you know, quite an assignment.

洛克希德宣布已與國防部達成一項為期七年的協議，將 PAC-3 MSE 攔截彈的產能從每年 600 枚提高到 2,000 枚。嗯，這你知道，是相當艱鉅的任務。

600 to 2,000. Let's go on to slide 21, more activity by the government. January 13, like a week later, the Department of Defense announces investing $1 billion in L3Harris, the L3Harris solid rocket motor business, to boost solid rocket motor production for the PAC-3 MSE and other missile systems. This is all public stuff. We're not talking out of school here.

從 600 到 2,000。我們看第 21 頁，政府還有更多動作。1 月 13 日，大約一週後，國防部宣布投資 10 億美元於 L3Harris（L3Harris 的固體火箭發動機業務），以提升 PAC-3 MSE 與其他飛彈系統的固體火箭發動機產量。這些都是公開資訊。我們沒有在亂講。

ArianeGroup of France, let's talk about them for a while. ArianeGroup is a joint venture between Airbus and Safran. Ariane is an iconic and legendary missile launch system development and manufacturing company with very deep legacy technology.

法國的 ArianeGroup，我們先花點時間談談他們。ArianeGroup 是 Airbus 與 Safran 的合資企業。Ariane 是一家具有代表性、傳奇色彩的飛彈發射系統研發與製造公司，擁有非常深厚的技術傳承。

Ariane's rocket and missile system programs include Ariane 6 heavy lift launcher used by the European Space Agency, M51s, submarine launch, ballistic, nuclear, different missiles. This is a very special company.

Ariane 的火箭與飛彈系統計畫包括歐洲太空總署使用的 Ariane 6 重型運載火箭、M51 系列、潛射彈道核子等不同飛彈。這是一家非常特別的公司。

Our relationship with them and its predecessors go back to the early 2000s. We're very proud and fortunate to be their partner.

我們與他們及其前身的合作關係可追溯到 2000 年代初期。我們非常自豪也很幸運能成為他們的合作夥伴。

Like I said, they're a very special company, very special people, wonderful people, actually. We just want to go on the record to make sure everybody knows how we feel.

如我所說，他們是一家非常特別的公司，也是一群非常特別的人，實際上都是很棒的人。我們只是想正式記錄在案，確保大家都知道我們的感受。

Feel about this wonderful company, how privileged we feel we are to be connected with them, and how privileged our country should feel to be connected with ArianeGroup.

我們對這家優秀公司的感受、我們能與他們有所連結是多麼榮幸，以及我們的國家能與 ArianeGroup 有所連結也應該感到多麼榮幸。

So let's go on to slide 22. They produce, ArianeGroup produces a proprietary fabric called Raycarb C2B, which is used to produce a plate of composite materials for advanced solid rocket missiles.

那我們繼續到第 22 張投影片。他們生產——ArianeGroup 生產一種專有布料，稱為 Raycarb C2B，用於製作先進固體火箭飛彈所需的複合材料板材。

Missile programs. We're sole source qualified on a solid rocket motor for the PAC-3 MSE missile program for for specialty-ablated materials produced with ArianeGroup's proprietary C2B fabric. So we're qualified with our pre-preg material, but it's also qualified with ArianeGroup's C2B fabric.

飛彈計畫。在 PAC-3 MSE 飛彈計畫中，我們是固體火箭發動機用特殊燒蝕材料的唯一合格供應來源（sole source qualified），該材料是使用 ArianeGroup 的專有 C2B 布料製成。因此，我們的預浸料（pre-preg）材料已取得資格認證，同時也與 ArianeGroup 的 C2B 布料一併取得資格認證。

Park entered into a business partner agreement, that's what they call it, with ArianeGroup in 2022, under which ArianeGroup appointed Park as its exclusive North American distributor of their C2B fabric. I think formally we were doing that for a long time, but they wanted to formalize it.

Park 於 2022 年與 ArianeGroup 簽訂他們所稱的商業夥伴協議，依該協議 ArianeGroup 指定 Park 為其 C2B 布料在北美的獨家經銷商。我想我們實際上早就做這件事很久了，但他們希望把它正式化。

That was that came from them, not us. On March 27, 2025, we entered into what they call the new agreement with ArianeGroup under which Park agreed to advance ArianeGroup EUR4,587,000 against payments for future purchases by Park of C2B fabric. We paid the first installment in our fiscal year 2026, we'll be there second installment in our fiscal year 2027.

這是他們提出的，不是我們。2025 年 3 月 27 日，我們與 ArianeGroup 簽訂他們所稱的新版協議，依該協議 Park 同意預付 ArianeGroup 4,587,000 歐元，作為 Park 未來購買 C2B 布料款項的預付款。我們已在 2026 會計年度支付第一期款，第二期款將在 2027 會計年度支付。

Let's go on to slide 23. Our third installment is basically being paid now. And we actually accelerated that. It was supposed to be April next year. It's now, I think, next month.

我們繼續到第 23 張投影片。第三期款基本上現在正在支付。而且我們其實把它提前了。原本應該是明年四月。現在我想是下個月。

And that was in exchange for ArianeGroup increasing the allocation and pulling in the allocation, you know, accelerating the allocation.

這是交換條件：ArianeGroup 提高配額並把配額提前，也就是加速配額供應。

And then also in exchange for at least our asking if they can even do more. We have a wonderful relationship with these people and it's worked very, very well.

另外也作為交換條件，至少我們提出請求，看他們是否還能做得更多。我們與這些人的關係非常好，而且合作一直非常、非常順利。

What's the purpose of this EUR4,587,000 advance payment to fund 50/50 with ArianeGroup construction of additional C2B fabric manufacturing capacity in France. This additional French manufacturing capacity expect to come online 2028.

這筆 4,587,000 歐元預付款的目的，是與 ArianeGroup 各出 50% 資金，用於在法國建置額外的 C2B 布料製造產能。這項新增的法國製造產能預計於 2028 年投產。

Approximately half of it is for us and half of it's for them because they need it for their own programs at ArianeGroup.

其中約一半是給我們使用，另一半是給他們使用，因為 ArianeGroup 自己的計畫也需要。

So, we went 50-50 on the I think on this additional capacity, we're 50-50 on the output. But unfortunately, this additional French capacity, manufacturing capacity, not the adequate support to ramp up the PAC-3 MSE program, not completely anyway, to that 2,000 interceptors per year rate. So now what do we do? Let's go on to slide 24.

所以，我們在這項新增產能上採 50/50，我想在產出分配上也是 50/50。但不幸的是，這個新增的法國產能——製造產能——不足以支援 PAC-3 MSE 計畫的擴產爬坡，至少無法完全支援到每年 2,000 枚攔截彈的水準。那接下來怎麼辦？我們到第 24 張投影片。

I'll try to pick up the pace a little bit here. Sorry, I'm taking too long. On July 18, this is all covered at our last uh our Q1 investor call. This all just, you know, happened right at that point. July 18, Park and ArianeGroup entered into a term sheet agreement leading to the construction establishment.

我會試著加快一點節奏。抱歉，我講太久了。7 月 18 日——這些在我們上次的 Q1 投資人電話會議都有提到。這些事情就在那個時間點剛發生。7 月 18 日，Park 與 ArianeGroup 簽署了一份條款書（term sheet）協議，將導向建設與設立。

This is big. By ArianeGroup, of a US-based C2B fabric manufacturing plant with expected capacity more than adequate to fully support the needs of the PAC-3 MSE missile program at that 2,000 interceptor per year rate.

這很重大。由 ArianeGroup 在美國建置一座 C2B 布料製造工廠，預期產能將遠高於完全支援 PAC-3 MSE 飛彈計畫在每年 2,000 枚攔截彈需求所需的水準。

The term sheet agreement provides a definitive agreement, also will need to be entered into before the end of the year. But what's the significance of the signing of the term sheet? I mean before the definitive agreement is signed.

該條款書也規定，在年底前還需要簽訂最終協議（definitive agreement）。但簽署條款書的意義是什麼？也就是在最終協議簽署之前。

Based on the term sheet signed by ArianeGroup and Park last July, ArianeGroup is proceeding with the construction and establishment of our US-based C2B fabric manufacturing plant. That's really important. Let's go on to slide 25. And that's provided in the term sheet. 100% of the output of that US

根據 ArianeGroup 與 Park 去年 7 月簽署的條款書，ArianeGroup 正在推進我們這座位於美國的 C2B 布料製造工廠的建設與設立。這點非常重要。我們到第 25 張投影片。而這在條款書中已有規定。該美國工廠的 100% 產出

plant, the US plant will be allocated to Park, which will use the support to Patriot Three and other missile programs. That's really important because the capacity in France, we share that with ArianeGroup.

——也就是美國工廠——將全部分配給 Park，Park 會用來支援 Patriot Three（愛國者三型）及其他飛彈計畫。這非常重要，因為法國的產能我們需要與 ArianeGroup 共享。

This capacity is all for us and our programs. Also, under the terms of the term sheet, committed to invest $25 million in ArianeGroup's US-based manufacturing plant.

而這個產能將全部供我們及我們的計畫使用。此外，依條款書條件，我們承諾對 ArianeGroup 位於美國的製造工廠投資 2,500 萬美元。

Now, it's not equity or debt kind of investment. The $25 million investment will be made by Park in the form of advanced payments to be fully applied against future purchases by Park of C2B fabric.

現在，這不是股權或債務性質的投資。這筆 2,500 萬美元投資將由 Park 以預付款形式支付，並將全數抵扣 Park 未來購買 C2B 布料的款項。

The $25 million advanced payments are expected to be made by Park in 2026 and 2027, and expect to be applied by Park against future C2B fabric purchased at the beginning of 2030. So why did we do that? It's kind of a strange thing to do, you think.

這 2,500 萬美元預付款預計由 Park 於 2026 年與 2027 年支付，並預計在 2030 年初 Park 未來購買 C2B 布料時開始抵扣。那我們為什麼要這麼做？你可能會覺得這做法有點奇怪。

Why did Park enter into the term sheet agreement with ArianeGroup, and why did we make the commitment to $25 million advance payment commitments?

為什麼 Park 要與 ArianeGroup 簽署條款書協議？又為什麼我們要承諾 2,500 萬美元的預付款？

Because it was necessary to provide ArianeGroup with the green light to proceed with the construction of the US based C2B fabric manufacturing plant, and we at Park believe it is urgent that Park, that ArianeGroup rather, builds its US plant as soon as possible.

因為這是必要的，才能給 ArianeGroup 開綠燈，讓他們得以推進美國 C2B 布料製造工廠的建設；而我們 Park 認為非常迫切的是，Park——更正，是 ArianeGroup——必須盡快把美國工廠建起來。

So let's go on to slide, what is it, 26 here? Yes, slide 26.

那我們到第幾張投影片？第 26 張對吧？是的，第 26 張。

Although we're not at liberty to disclose a specific C2B fabric manufacturing capacity expected from ArianeGroup's US plant, when a plant is completed online, its manufacturing capacity, together with the C2B fabric allocation from ArianeGroup's European operations, will be more than adequate to support the needs of the PAC-3 MSE program at the 2,000 interceptors per year rate and numerous other critical missile programs.

雖然我們無法披露 ArianeGroup 美國工廠預期的具體 C2B 布料製造產能，但當工廠完工並投產後，其製造產能加上 ArianeGroup 歐洲營運所分配的 C2B 布料配額，將綽綽有餘，可支援 PAC-3 MSE 計畫在每年 2,000 枚攔截彈的需求，以及眾多其他關鍵飛彈計畫。

So what's the timing of the ArianeGroup US C2B, rather, fabric manufacturing plant in the US? According to ArianeGroup, their plant was originally expected to take four years.

那 ArianeGroup 在美國的 C2B——更正，是 C2B 布料——製造工廠時程如何？根據 ArianeGroup 的說法，他們的工廠原本預計需要四年。

That's a long time to be completed online. But ArianeGroup recently agreed with Park to accelerate the timeline for the completion and bringing online of the US plant by six months in exchange for a Park's agreement to accelerate the $25 million advancement payment schedule, it's very good news because we want to get that plant up and running as soon as possible.

要完工投產需要那麼久。但 ArianeGroup 最近同意與 Park 將美國工廠完工並投產的時程加速六個月，交換條件是 Park 同意加快 2,500 萬美元預付款的支付進度；這是非常好的消息，因為我們希望盡快讓那座工廠建成並開始運轉。

As a result of this recent agreement, Park is now expected to make advance payments of $20 million this year and $5 million next year. That's all to be applied against future purchase by Park or C2B Fabric.

由於這項近期協議，Park 現預期今年將支付 2,000 萬美元的預付款，明年支付 500 萬美元。這些款項都將用於抵扣 Park 或 C2B Fabric 未來的採購。

Now, this is all obviously dependent on us entering into that definitive agreement, which is expected to happen before the end of the calendar year. So let's go on to slide 27.

現在，這一切顯然都取決於我們簽訂該最終協議，預計會在本曆年年底前完成。那我們繼續看第 27 頁投影片。

Okay, so just for the record, I want to cover this, even though we are in business to make money for our shareholders, thank you very much, it would be obvious.

好，為了記錄在案，我想說明這一點；雖然我們做生意的目的很明顯是為股東賺錢，謝謝大家。

It is not all dollars and cents for us, it's more to it for us. As we already alluded to, every time a Patriot missile is launched and successfully intercepts, destroys an incoming ballistic missile, it's likely that there are people who are alive and walking around on the Earth, or whether it would not be, you know, lives are being saved.

對我們而言，並不只是金錢數字而已，還有更多意義。如我們先前提到的，每當一枚愛國者飛彈發射並成功攔截、摧毀來襲的彈道飛彈時，很可能就有人因此仍然活著、在地球上行走；換句話說，生命正在被拯救。

This is reality. This is not, you know, theory. It's not a, you know, some interesting paper or some kind of, video game. That matters a lot to us. Okay, that matters a lot to us, so that motivates us a lot.

這是現實。這不是什麼理論。這不是什麼有趣的論文或某種電玩。這對我們非常重要。好，這對我們非常重要，所以也大大激勵著我們。

We don't like seeing people getting killed when they should be getting killed. But let's talk dollars and cents for a minute anyway. Under the terms of the term sheet, Park is expected to purchase a significant amount of C2B fabric from ArianeGroup during the period of 2032-2036.

我們不喜歡看到人們在不該被殺的情況下被殺。不過我們還是先談談金錢數字。根據條款清單的條件，Park 預期在 2032 至 2036 年期間，將向 ArianeGroup 採購相當數量的 C2B 織物。

So why is that a good thing? Well, it's also a good thing because Park will also be expected to sell all that fabric to which prearranged customers under prearranged arrangements with the customers with our decision.

那為什麼這是好事？嗯，這也是好事，因為 Park 也預期會在我們的決策下，依照與客戶事先安排好的條件，把所有這些織物賣給事先安排好的客戶。

Distributors markup. But in addition to that, Park will be expected to manufacture and sell a blend of materials produced for that C2B fabric for those customers.

經銷商加價。但除此之外，Park 也預期將為這些客戶製造並銷售一種由該 C2B 織物所用材料所製成的材料混合物。

So what kind of ROI do those sales of fabric and materials represent for Park? Well, we're not going to disclose that specifically, but let's just leave it at this. It's a very, very good business deal for Park and you should be happy about it, you know, from a business perspective.

那麼，這些織物與材料的銷售對 Park 代表什麼樣的投資報酬率（ROI）？我們不會具體揭露，但就先說到這裡：這對 Park 來說是一筆非常、非常好的生意，從商業角度你們應該會很高興。

Very good. Let's go on to slide 28. Okay, changing gears here, talking about a new plant. And again, this has all been covered pretty much, not too much news here. July 17, we entered into this lease agreement for land at the 18 acres at Tulsa International Airport.

非常好。我們繼續看第 28 頁投影片。好，這裡換個話題，談新廠。同樣地，這些幾乎都已經說過了，沒有太多新消息。7 月 17 日，我們就位於塔爾薩國際機場的 18 英畝土地簽訂了這份租賃協議。

That's where our new site will be. There's also going to be land for, space for additional plant. If need in the future, plant size, 150,000 square feet approximately, the budget, outflow, sorry, the capital budget, $65 million cash outflow, $10 million in '27, $45 million in '28, $10 million in '29. You probably noticed that this got pushed out a little bit. I think last quarter we said $25 million in fiscal year '27.

那裡將是我們的新基地。另外也會有土地、空間可供未來增建廠房。如未來有需要，廠房面積約 150,000 平方英尺；預算支出，抱歉，是資本預算，現金流出 6,500 萬美元：2027 年 1,000 萬美元、2028 年 4,500 萬美元、2029 年 1,000 萬美元。你們可能注意到這個時程稍微往後延了。我想上季我們說的是 2027 會計年度 2,500 萬美元。

It takes a little longer to work through all the incentive agreements with Tulsa and El. And they're wonderful people. That's not, they're not a problem. It's just more than we expected.

要把與塔爾薩以及 El 的所有獎勵協議都談妥，需要多花一點時間。他們都是很棒的人。這不是他們的問題。只是比我們預期的更繁瑣一些。

But the good news is if you look at the last arrow item is that facilities still expect to be complete in '28 and production shipment is supposed to commence in '29.

但好消息是，如果你看最後一個箭頭項目，設施仍預期在 2028 年完工，而量產出貨預計在 2029 年開始。

So that's not pushed back. This will '29, I should say, paid, sorry, Slide 29, continuing here, plant designed to produce our full product line. Second arrow item, expected to, this is important, approximately double Park's current hot melt prepreg and film use of manufacturing capacity.

所以這部分沒有延後。這會在 2029 年——我應該說，抱歉，第 29 頁投影片，繼續：工廠設計將可生產我們完整的產品線。第二個箭頭項目，預期——這很重要——可將 Park 目前的熱熔預浸料與薄膜製造產能大約提高一倍。

That's used to support the aerospace programs and other commercial aircraft programs. But here's the key thing, by staffing up our existing hot melt prepregs, we're going to melt manufacturing lines in Newton, Kansas, in a Newton facility, we'll be able to support the ramp up of GE Aerospace programs and the other commercial aircraft programs and hot melt programs we support.

這些產能用於支援航太專案以及其他商用飛機專案。但關鍵是：透過在堪薩斯州牛頓（Newton）既有的熱熔預浸料製造線增加人力配置（擴編），在牛頓廠區，我們將能支援 GE Aerospace 專案以及其他商用飛機專案與我們所支援的熱熔專案的產能爬坡。

We'll be able to do that, and people are asking about that, how are we going to bridge the gap until our new plant's online. We can do that with our plant in Newton by staffing up our lines.

我們能做到這點，大家也一直在問：在新廠上線之前，我們要如何銜接這段空窗？我們可以透過在牛頓廠增加人力配置來提升產線運作，以此完成銜接。

But the additional hot melt manufacturing capacity provided by our new Tulsa plant will be necessary to provide more properly and sustainably support those GE Aerospace programs and other commercial aircraft programs.

但由我們新的塔爾薩（Tulsa）工廠所提供的額外熱熔製造產能，仍將是必要的，才能更妥善且更可持續地支援這些 GE Aerospace 專案以及其他商用飛機專案。

So we'll be able to get through the transition with our current plant, but it's really good our new plants come in online soon. And it's the same, really, almost the exact same story with the solution treating on slide 30, manufacturing capacity.

所以我們可以用現有工廠度過轉換期，但新工廠能盡快上線真的很好。而在第 30 頁投影片的溶液處理（solution treating）製造產能方面，故事也幾乎完全一樣。

We're tripling our solution treating manufacturing capacity with a new plant. That's used to support among others. One other thing, missile system programs, the solution treating manufacturing capacity.

我們將透過新工廠把溶液處理製造產能提高到三倍。這些產能用於支援（其中包括）另外一件事：飛彈系統專案，溶液處理製造產能。

And the same story, by staffing up the existing solution treating lines in a Newton, Kansas facility, we'll be able to support the PAC-3 program at the 2,000 interceptors per year production rate.

同樣地，透過在堪薩斯州牛頓廠區既有的溶液處理產線增加人力配置，我們將能以每年 2,000 枚攔截彈的產量水準支援 PAC-3 專案。

Because that, according to what our customers are indicating, we're not going to give you specifics, we're supposed to be at that rate well before our new plants online, but we can handle it.

因為根據客戶所透露的訊息——我們不會提供具體細節——我們應該會在新工廠上線之前很久就達到那個產量水準，但我們能應付。

But the key part is the additional solution-treating manufacturing capacity provided by our new Tulsa plant will still be necessary to more properly and sustainably support the PAC-3 program and other critical missile programs in the future.

但關鍵在於：由新的塔爾薩工廠所提供的額外溶液處理製造產能，未來仍將是必要的，才能更妥善且更可持續地支援 PAC-3 專案以及其他關鍵飛彈專案。

Why are we building the plant? Pretty obvious, just because of our commercial aircraft juggernaut and missiles.

我們為什麼要蓋這座工廠？很明顯，就是因為我們商用飛機的強勁需求以及飛彈。

Systems, generally they require it, and also to enable, facilitate, and promote Park's growth and development as a company for the future. Okay, so slide 31, here's where we're kind of mixing things up again.

系統，一般而言它們都需要這些產能；同時也為了讓 Park 作為一家公司在未來能夠成長與發展，並加以促進與推動。好，所以第 31 頁投影片，這裡我們又有點把內容混在一起了。

These slides are somewhere in the middle of the prior presentation. Park's for financial performance history and forecast estimates.

這些投影片在上一份簡報中大概是在中段。Park 的財務表現歷史與預測估計。

We won't go through history, we just already did that. But Q2, so we already talked about Q2, $20.8 million sales, $5.3 million EBITDA, adjusted EBITDA, our forecast estimates for Q3, $21 million to $22.5 million of sales to $5.8 million of EBITDA.

我們不會再走一遍歷史，因為剛才已經講過了。但就第二季（Q2）而言，我們也已經談過：銷售額 2,080 萬美元、EBITDA 530 萬美元（調整後 EBITDA）。我們對第三季（Q3）的預測估計為：銷售額 2,100 萬至 2,250 萬美元，EBITDA 580 萬美元。

Let's go into 3.2. We show you this slide every quarter, except the new things, we're including the first six months, year, date, in the right-hand column.

我們進到 3.2。這張投影片我們每季都會給大家看；除了新增的部分之外，我們在右欄加入了今年前六個月的年初至今（YTD）數據。

We'll continue that, you know, like next quarter will be the first nine months, just for information. So, why don't we continue? Let's go on to slide 33.

我們會持續這樣做；例如下季就會是前九個月，僅供參考。那我們就繼續吧。我們看第 33 頁投影片。

Recent public offering. You know about this. There's no news about this. It was already complete when we did our first quarter investor call. All right.

近期公開發行。你們都知道這件事。這裡沒有新消息。我們在第一季投資人電話會議時就已經完成了。好。

It was a $50 million at-the-market public offering, ATM, I guess they call it. And we sold 1,812,000 shares at an average or for proceeds of $49,996,000, average price of $27.58 per share. And that at-the-market offering is complete. It was actually complete, I think, in June. Let's go on to slide 34.

這是一筆5,000萬美元的隨行就市（at-the-market）公開發行（ATM），我想他們是這麼稱呼的。我們以每股平均27.58美元的價格出售了1,812,000股，募集資金（或所得款項）為49,996,000美元。而這項隨行就市發行已經完成。我記得其實是在6月就完成了。我們繼續看第34頁投影片。

Our last slide, thankfully, I guess. Park's balance sheet, cash and cash dividend history, saving the best for last. Park has zero long-term debt. That's really important to us. I'm not saying we'll never have debt, but debt's kind of against our religion.

謝天謝地，我想這是我們最後一張投影片了。Park的資產負債表、現金與現金股利歷史，把最精彩的留到最後。Park沒有任何長期負債。這對我們非常重要。我不是說我們永遠不會有負債，但負債某種程度上違背我們的信條。

I hear these, sometimes watch financial news, all the small companies with all the debt, they're struggling. It's the big seven or whatever they call it, they're doing so great.

我有時候會聽、也會看一些財經新聞，那些負債纍纍的小公司都在掙扎。所謂的七大巨頭之類的，表現卻非常好。

Well, I don't know about that, but we're not big believers in debt either Park reported $114.75 million in cash and marketable securities as of the end of 2017 second quarter. That's a lot of money, I agree.

嗯，我不確定是不是那樣，但我們也不是負債的信徒；截至2017年第二季末，Park申報的現金與有價證券為1億1,475萬美元。我同意，這是一大筆錢。

But remember, as we previously discussed, we plan to invest $65 million on our major new Tulsa manufacturing plant and $25 million in ArianeGroup's US plant in the form of advanced payments.

但請記得，如同我們先前討論過的，我們計畫在主要的新塔爾薩（Tulsa）製造工廠投資6,500萬美元，並以預付款形式在ArianeGroup的美國工廠投入2,500萬美元。

Now, $25 million eventually comes back to us, but that could take four or five years. So you had $25 million and $65 million, you know, you get some real numbers there. I just want to mention something we haven't mentioned before, which maybe is obvious to you, but the $65 million.

其中2,500萬美元最終會回到我們這邊，但可能需要四到五年。所以你把2,500萬和6,500萬加起來，就會看到一些實際的數字。我想補充一點我們之前沒提到的，可能你也覺得很明顯，就是那6,500萬美元。

So those were the capital assets, that's the equipment and the factory and everything else. That's not the working capital. That's not the startup costs, which are going to be significant.

那是資本性資產，也就是設備、工廠以及其他一切。那不是營運資金。那也不是啟動成本，而啟動成本將會相當可觀。

That's over time, that's not just day 1, but just keep that in mind. So when you look at it that way, $114.75 million is a lot of cash, but maybe it's not all that.

這些是隨時間發生的，不是第一天就全部支出，但請把這點放在心上。所以用這種角度來看，1億1,475萬美元現金很多，但也許沒有想像中那麼多。

Park has paid 41 consecutive years of uninterrupted quarterly cash dividends. That's a nice thing for us. And saving maybe the very best for last, Park has paid $616.4 million, or $30.10 per share, in cash dividends since the beginning of fiscal year 2005.

Park已連續41年按季發放現金股利且從未中斷。這對我們來說是件好事。也許把最好的留到最後：自2005會計年度開始以來，Park已支付6億1,640萬美元（或每股30.10美元）的現金股利。

I always like to juxtapose that last comment to the picture of the Park founders back in the 1950s in a plant in 19, a plant in Flushing, New York, actually, not a first plant or second plant. These two guys, the founder and start of the company, was, you know, basically nothing.

我總喜歡把剛才那句話，和一張照片並列：1950年代時Park的創辦人在一間工廠裡——其實是在紐約法拉盛（Flushing, New York）的一間工廠，不是第一間或第二間工廠。這兩位創辦人、公司起步時，你知道的，基本上什麼都沒有。

I think a little money left over from the war duty. So I guess you could say Park has come a long way from those early days, but, you know, I'm going to spend a lot of time on this.

我想大概只有一些戰時服役留下來的餘款。所以我想你可以說，Park從那些早期一路走來已經走了很長一段路，但你知道，我不會在這上面花太多時間。

But I still think it's important for all of us at Park to remember where we come from, you know, and because those beginning days were so important for us and really set an example for what kind of, um, the way we want to deal with things, deal with problems, deal with obstacles, deal with hurdles, roadblocks that come up every day today. So, okay, I think that ends our presentation.

但我仍然認為，對我們Park的所有人來說，記得我們從哪裡來很重要；因為那些創業初期對我們非常關鍵，也真正為我們樹立了榜樣——我們希望用什麼方式來處理事情、處理問題、處理障礙、處理關卡，以及每天都會出現的路障。好，那我想我們的簡報就到這裡。

Yeah, it does, operator. I'd be happy to answer questions to the extent there are any.

是的，沒錯，接線員。如果有任何問題，我很樂意在可回答的範圍內回答。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在開始進行問答環節。

(Operator Instructions) James Ricchiuti, Needham & Co.

（接線員指示）James Ricchiuti，Needham & Co.。

Thank you. Good afternoon. First off, if my numbers are right, it looks like we had very strong growth in the missile systems, both sequential and year-over-year. So, you know, are these levels sustainable or are we going to, should we anticipate, you know, continued variability until we really see this missile ramp underway in earnest?

謝謝。下午好。首先，如果我的數字沒錯，看起來我們在飛彈系統方面，不論是季比季或年比年，都有非常強勁的成長。所以，你知道，這些水準是否可持續？還是我們應該預期在真正看到飛彈產能爬坡（ramp）全面展開之前，仍會持續有波動？

Hey, Jim, we're breaking up a little bit, but how are you doing? Fine, slide 32, a good question. I think it is sustainable.

嗨，Jim，你的聲音有點斷斷續續，不過你最近如何？好的，看第32頁投影片，這是個好問題。我認為這是可持續的。

And the reason you want to look at slide 32, look at the sales, it's from '17, '18, '19, '20, we're growing pretty aggressively, $10 million a year more or less. Then we hit '21, Fiscal Year '21, the pandemic, and that really kind of slowed us down for several years it took us through, you know, to '25 to really get back to levels of '20.

你之所以要看第32頁，是看銷售額：從'17、'18、'19、'20，我們相當積極地成長，大致上每年增加1,000萬美元。然後到了'21，也就是2021會計年度，疫情來了，這確實讓我們放慢了腳步好幾年；一直到'25我們才真正回到'20的水準。

But I think we're back on that trajectory, and I think it's pretty aggressive, probably more aggressive than it was before. It's going to be our to keep up with the growth both in the missile programs as well as the GE programs.

但我認為我們已經回到那條成長軌道上，而且我覺得這相當積極，可能比以前更積極。我們要跟上飛彈專案以及GE專案的成長，將會是我們的（挑戰）。

I think we talked about the juggernaut of $62 million for the GE programs. Last year was maybe, what, $31 million, something like that. So there's a long way to go there and certainly a long way to go with the missile programs as well.

我想我們談過GE專案那個6,200萬美元的龐然大物。去年大概是3,100萬美元左右，差不多那樣。所以那邊還有很長的路要走，飛彈專案當然也還有很長的路要走。

Brian, hopefully you can hear me clearly. I wanted to also go back to the commentary regarding your full year sales to and with the GE programs.

Brian，希望你能清楚聽到我。我也想回到你對全年銷售、以及GE專案相關的評論。

I mean, you have Q2, I think versus expectations, and yet you're trimming the full year. It sounds like you're being conservative, but again, this is based on build plans that you get. So I'm just trying to understand that a little better and reconcile that.

我的意思是，你們第二季我想是高於預期，但你們卻下修全年。聽起來你們是偏保守，但同樣地，這是基於你們拿到的建造計畫（build plans）。所以我只是想更了解一點，並把這些說法對起來。

Yeah, unfortunately, Jim, you're breaking up quite a bit. But I think you were asking about the GE programs of forecast. Let me see if I can actually pull it up for you. It was on, so the history, if I can't find it quickly, I won't. Slide 14.

是的，很不幸，Jim，你的聲音斷得很厲害。但我想你是在問GE專案的預測。我看看能不能把資料調出來給你。它在——如果我沒辦法很快找到，我就不找了。第14頁投影片。

Okay, thank you. So you're asking if the growth is sustainable, whether it be conservative. I don't know. The forecast for fiscal year '27, $32 million to $35 million, I don't think that's what we're trying to be conservative there. I do know there's a lot, what we can tell you.

好的，謝謝。所以你在問成長是否可持續、以及我們是否偏保守。我不知道。2027會計年度的預測是3,200萬到3,500萬美元，我不認為我們是想在那裡刻意保守。我確實知道有很多——我們能告訴你的。

Mark and I can tell you there's a lot of energy toward ramping up these programs, especially the A320neo program.

Mark和我可以告訴你，大家對於把這些專案拉升產能（ramp up）有很大的動能，特別是A320neo專案。

And then if the 777X gets certified next year, that program will have a lot of growth as well pretty quickly, I think. Got it. Like I said, you know, we have fiscal year '26. I would that was that the last fiscal year $29 million and the GE on of $62 million so long way to go to the GE programs.

然後如果777X明年取得認證，我認為那個專案也會很快帶來大量成長。了解。就像我說的，你知道，我們有2026會計年度。我會——那是上一個會計年度2,900萬美元，而GE那邊是6,200萬美元，所以GE專案還有很長的路要走。

Good. Thanks. Apologies for the back in the queue.

好的。謝謝。抱歉我再回到隊列後面。

Was there something else, Jim? We're having trouble hearing you.

Jim，還有其他問題嗎？我們聽你那邊有點困難。

Yeah, no, I'm sorry about the connection. I'll jump back in the queue. Thank you.

是的，不，對於連線問題我很抱歉。我會回到隊列重新排隊。謝謝。

Okay. Thank you, Jim.

好的。謝謝你，Jim。

Trevor Walsh, Citizens.

Trevor Walsh，Citizens。

Great. Hey, Brian and team, thanks for taking the questions. Maybe just to revisit that last question just to clarify.

太好了。嗨，Brian 和團隊，謝謝你們回答問題。也許我想回到上一個問題再確認一下、釐清一下。

So, yes, we saw you took the full year GE number down, and I understand a lot of moving pieces, but are you seeing your Q2, Q3 number look kind of right on with what we were expecting, so it seems like it's maybe a little bit more uncertainty with Q4. Is that a fair statement?

所以，是的，我們看到你們把全年 GE 的數字下修了，我理解有很多變動因素，但你們看到 Q2、Q3 的數字看起來大致符合我們原先的預期，所以似乎不確定性更多是在 Q4。這樣說公平嗎？

And then beyond that, are there any specific programs that are kind of creating that uncertainty, or is it more just kind of broad-based of just kind of what you're seeing, you know, within the group as a whole for you?

另外，是否有任何特定專案造成這種不確定性，還是比較偏向更廣泛的因素，也就是你們在整個集團層面所看到的情況？

Okay, I think we're misunderstanding this. No, just do the math. Look at Q1, Q2, and Q3, and then, you know, there would be a big jump in Q4 to get that number. The forecast that we provide was based on what's called a bill plan, right? And they're probably just ramping it up a little more slowly than they originally planned.

好的，我想我們誤解了這點。不，你只要算一下就好。看看 Q1、Q2 和 Q3，然後你知道，要達到那個數字，Q4 會需要大幅跳升。我們提供的預測是基於所謂的開立帳單計畫（bill plan），對吧？而他們可能只是比原先規劃的稍微慢一點拉升。

But I think it would be a mistake to read anything other than a pretty aggressive ramp up from this information. We're just trying to be more realistic with Q4. There's nothing holding back Q4, but we're thinking well maybe Q4 will be similar to Q3 and Q2, in that range anyway.

但我認為，從這些資訊解讀出除了相當積極的拉升之外的其他結論，會是個錯誤。我們只是想讓 Q4 更貼近現實。沒有任何因素在拖累 Q4，但我們在想，也許 Q4 會和 Q3、Q2 類似，大概落在那個區間。

And we could be wrong, but we're just trying to be realistic. Not trying to be conservative, realistic, but again, I want to emphasize, I think it would be a mistake to interpret this information in some kind of negative way that things are not going well, the programs aren't ramping up as quickly as possible.

我們也可能判斷錯，但我們只是想務實。不是想保守，而是務實；但我再次強調，我認為把這些資訊用某種負面方式解讀、認為情況不順利、專案沒有以最快速度拉升，會是個錯誤。

I think the key challenge, it's not us, it would be our customers, is their ability to keep up with the program ramps. You know, it's a challenge. It's a challenge.

我認為關鍵挑戰不在我們，而在我們的客戶，是他們跟上專案拉升速度的能力。你知道，這是個挑戰。這是個挑戰。

These are manufacturing companies, so it's a challenge for a manufacturing company to ramp up so quickly, but I would also say, just I don't want to beat a dead horse too much, that we're clearly out of that pandemic mode where everything was just kind of going sideways for so long and we just weren't seeing any growth at all the growth is aggressive.

這些是製造業公司，所以對製造業公司而言，要這麼快拉升產能確實是個挑戰；但我也想說，我不想一再重複強調，我們顯然已經走出疫情期間那種所有事情長期停滯、我們完全看不到成長的狀態——現在的成長是很積極的。

Yes. Okay. Fair enough. That makes sense, Brian. I appreciate the color. Maybe switching gears to missile systems a little bit. I appreciate the color around how the Newton facility can just generally support in this interim period before Tulsa gets up and running, both kind of the full extent of the GE.

是的。好的。可以，這樣說得通。Brian，這很合理。謝謝你補充說明。也許稍微換個話題談談飛彈系統。我很感謝你們說明 Newton 廠在 Tulsa 投產前的過渡期間，整體上如何提供支援，包含 GE 的完整拉升幅度。

Ramp and then as well as the PAC-3 2,000 rate as well. But obviously there was just a big announcement with the Navy and Raytheon around SM-6, which I know you guys have some content on. PAC-3 is not the only game in town.

以及 PAC-3 每年 2,000 的產能速率。但顯然海軍和 Raytheon 針對 SM-6 有一個重大公告，我知道你們在其中也有一些供應內容。PAC-3 並不是唯一的選項。

So is it fair to say that as these other missile programs are ramp up as well that you can, that the Newton facility can also support those as well?

所以，是否可以說，當這些其他飛彈專案也開始拉升時，你們的 Newton 廠也能提供支援？

Or do you kind of get to a point where you have to have to make some decisions about kind of what lines are doing and just maybe talk more broadly?

還是說你們會到某個點必須做一些取捨決策，例如哪些產線要做什麼；能否更廣泛地談一下？

I know there's sensitivities around it, but just how you, how comfortable you feel, like given the pace of the ramp that how, how Newton can kind of get us through to, to when Tulsa's up and running.

我知道這部分有敏感性，但就你們的感受而言，在目前拉升節奏下，你們對 Newton 能否支撐我們一路到 Tulsa 投產有多大把握？

Yeah, you know, we probably overemphasize the PAC-3 program. It's just we do that because there's so much visibility about it, so much knowing about it. We have companies publicly talking about the rates, you know, which is a little different than some other missile programs.

是的，你知道，我們可能過度強調 PAC-3 專案。我們這麼做只是因為它的能見度很高，大家對它很熟悉、資訊很多。有公司公開談論產能速率，你知道，這和其他一些飛彈專案有點不同。

So, and since we're sole source on the materials for the solid rocket motors, it's easy to kind of key in to the discussion about the PAC-3. But, you know, as I was going through just now, I was thinking, yes, we're really emphasizing PAC-3 maybe to the detriment of a lot of other programs that we're working on.

而且由於我們是固體火箭發動機材料的單一來源供應商，所以很容易把討論焦點放在 PAC-3 上。但你知道，當我剛才在說明時我在想，是的，我們確實很強調 PAC-3，可能反而讓我們正在進行的許多其他專案被忽略了。

PAC-3 is clearly the largest program that we have now, but there are many, many other missile programs that we're working on.

PAC-3 顯然是我們目前最大的專案，但我們也在做非常非常多其他飛彈專案。

Mark and I were just talking about that and it's a lot to keep up with. At this point, the answer is we plan to be able to handle everything with a new plant, but that will be by stretching, by staffing up the production lines quite aggressively and but we plan to be able to get there with a PAC-3 as well as the other missile programs.

Mark 和我剛才也在談這件事，確實要跟上這些專案很不容易。就目前而言，答案是：我們規劃透過新廠來承接所有需求，但這需要拉伸產能、非常積極地擴編人力來支援產線；不過我們的計畫是能做到，包含 PAC-3 以及其他飛彈專案。

I think we'll all be very relieved on the new capacity. And Tulsa comes online because we'll be stressed to get to that point.

我想等到新產能到位、Tulsa 上線時，我們都會鬆一口氣。因為在到那之前，我們會承受很大的壓力才能撐到那個時間點。

Got it. Great. Super helpful. Maybe one more for me and then I'll hop back in the queue. Good to hear that ArianeGroup is able to kind of pull forward their timetable around the build out for their facility.

了解。很好。非常有幫助。我再問最後一個問題，然後我會回到隊列。很高興聽到 ArianeGroup 能夠把他們建置設施的時程往前拉。

It seemed like it just took an additional infusing of funding and commitment from you to do that. If things got really kind of dire from just everything requiring C2B, is there a scenario where that can be pulled forward even more with additional funding, whether it's from you or some other kind of third party to help move that along or is that kind of is what it is at this point.

看起來這需要你們額外注入資金並做出承諾才能達成。如果因為所有事情都需要 C2B 而變得非常吃緊，是否存在一種情境：透過更多資金（不論是你們或某種第三方）讓時程再更往前？還是說目前大致就只能這樣了？

That's a funny question because people keep asking that. I think the answer is no, about money. That's all it is. And what we did, we pulled forward our advance payments. We didn't increase our advance payments.

這問題很有趣，因為大家一直在問。我想答案是否定的，跟錢無關。就只是這樣。我們做的是把預付款的支付時間往前移。我們並沒有增加預付款金額。

We pulled them forward. We accelerated them in order to help them get their plant up and running more quickly. So is there an opportunity for us, for ArianeGroup to squeeze that timeframe, let's say four years, three and a half years, less than three and a half years? I don't know. I think it would be a challenge.

我們只是把它提前。我們加速支付，以協助他們更快讓工廠投產。所以我們或 ArianeGroup 是否有機會再壓縮這個時程，比如說四年變三年半、甚至少於三年半？我不知道。我認為會很有挑戰。

I think it would be difficult. I'm not saying it's not possible. And, you know, maybe a couple of months you were there. But significantly, um, my guess is probably not. It's not a matter of money either.

我覺得會很困難。我不是說不可能。而且你知道，也許可以再提前幾個月。但若要大幅提前，嗯，我猜大概不太可能。而且這也不是錢的問題。

That's not the issue. The reason I'm kind of laughing is because people have offered that. What would it take? It's not money. Okay.

問題不在那裡。我之所以有點想笑，是因為有人提出過那樣的提議。需要什麼代價？不是錢。好。

Yes, got it. Okay, perfect. Thanks, Brian. Appreciate that, the questions. Thank you.

是的，了解。好的，完美。謝謝你，Brian。感謝你回答問題。謝謝。

Thank you.

謝謝。

(Operator Instructions) [Fabio Wolfinger Switzerland].

(接線員指示) [Fabio Wolfinger 瑞士]。

Good afternoon and thanks for your presentation. I'm calling from Switzerland. As you told, you lowered your full year sales forecast for some of the programs.

下午好，感謝您的簡報。我從瑞士來電。如您所說，您下調了部分專案的全年銷售預測。

For any shipments that have been delayed, have customers confirmed new delivery dates or are you still assuming those sales will return? Looking into fiscal year 2028, do your latest customer schedule support faster sales growth than this year or should investors lower their growth expectations for that year as well?

對於任何已延遲出貨的部分，客戶是否已確認新的交付日期，還是您仍假設這些銷售會回補？展望2028財年，您最新的客戶排程是否支持比今年更快的銷售成長，或投資人也應下調對該年度的成長預期？

Um, I'm asking especially about the difference between confirmed orders and expect the demand. Could you give a rough breakdown of the reduction and tell us when you expect any delayed sales to be recovered?

嗯，我特別想問的是已確認訂單與預期需求之間的差異。您能否大致拆解一下下調的部分，並告訴我們您預期延遲的銷售何時能回補？

I'm not sure I know what you're referring to in terms of reduction in delays. We haven't provided a forecast for this fiscal year or next fiscal year, but I'm not sure I understand what you're getting at in terms of these delays or reductions you're referring to. I'm sorry. All right. Maybe you can clarify or, yeah.

我不確定我是否理解您所指的、關於延遲減少的部分。我們尚未提供本財年或下一財年的預測，但我不太明白您提到的這些延遲或下調是指什麼。抱歉。好。也許您可以再釐清一下，或是，對。

No, I will listen about and I thought about some programs accounting for reduction approximately for these engine programs, right? The engine programs? So.

不，我會再聽聽看；我想到的是某些專案的下調大約是針對這些引擎專案，對嗎？引擎專案？所以。

I don't know what to say about it, the engine programs. If you're talking about the fact that we broke down the full year forecast, maybe that's what you're referring to. Yes, I think now I understand. For the GE programs, I thought you were referring to a forecast for all Park. Yes, we broke that down but yeah, a couple million.

我不知道該怎麼說，引擎專案。如果您指的是我們把全年預測做了拆分，也許您說的是這個。是的，我想我現在明白了。就GE的專案而言，我以為您指的是對所有Park的預測。是的，我們做了拆分，但對，幾百萬。

Yes, yes. Like I said, I think the original forecast we provided was based upon the bill plan we received from our customer. And we weren't aggressive with it.

是的，是的。如我所說，我認為我們先前提供的原始預測是基於我們從客戶收到的開票計畫（bill plan）。而且我們並沒有把它訂得很積極。

We didn't round up rates like that. And we're just saying now, based upon the fact we have two quarters in the books, and we have a forecast for Q3, that we want to bring the number down a little bit to be realistic.

我們沒有那樣把產量/速率往上湊整。我們現在只是說，基於我們已經有兩個季度的實績，且我們也有Q3的預測，我們希望把數字稍微下調一點，以更貼近現實。

But the ramp, in our opinion, is going to happen. Whether it moves a couple of quarters here or there, I think, is not relevant. We started talking about the GE Aerospace juggernaut.

但在我們看來，爬坡（ramp）是會發生的。至於它是往前或往後移動幾個季度，我認為並不重要。我們開始談到GE Aerospace這股「巨輪」般的動能。

I think our main point was we don't know exactly what the time frame is, but the key thing is it will get there, and we better be ready for it. So I think the second question about this, I think we're really over reading or overly focused on the fact that we brought that number down a little bit.

我想我們的重點是：我們不確定確切的時間表，但關鍵是它會到那個水準，而我們必須為此做好準備。所以我認為第二個問題，我們可能是過度解讀或過度聚焦在我們把那個數字稍微下調這件事上。

I don't think it really means anything in terms of long-term big picture. Those programs are still there and they're still ramping. I think, it's not a function like the, we talked about the COMAC program, the C919, so maybe that's what you're referring to. That program's a little delayed, but I don't think we had really big expectations for that this year at all. So it's not a function of the programs themselves.

我不認為這在長期的大局觀上代表什麼。那些專案仍然存在，而且仍在爬坡。我想這不是像——我們談到COMAC專案、C919，所以也許您指的是那個。那個專案確實有些延遲，但我不認為我們今年對它有很高的期待。所以這不是專案本身的問題。

It's a function of how quickly our customers can ramp up their production. We can meet their requirements as Park is not the problem. But I don't think it's the end market either. I don't think it's the programs or how many airplanes the OEMs are able to sell. I think it's just a function of how quickly the industry could ramp up.

而是取決於我們的客戶能多快把產能拉升。我們可以滿足他們的需求，Park不是問題。但我也不認為是終端市場的問題。我不認為是專案本身，或OEM能賣出多少架飛機的問題。我認為這只是整個產業能多快爬坡的問題。

And that's really been a story for several years now as we're trying to emerge from the pandemic. Because you probably know this, but Airbus had this target of 75 airplanes a month for years ago. And they really were struggling to get, you know, even up to 50, maybe past 50. It wasn't that the market wasn't there. Look at the backlog.

而這其實已經是好幾年的主軸了，因為我們正試圖從疫情中走出來。您可能知道，Airbus多年前就有每月75架的目標。而他們一直很吃力，甚至要拉到50架、也許超過50架都不容易。並不是市場不存在。看看訂單積壓（backlog）。

They got so many airplanes sold. Yes. So it's a function of the industry ramping up production, not Park only, but the whole industry ramping up production to get to those rates.

他們已經賣出非常多架飛機。是的。所以這取決於產業提升產能的速度——不只是Park，而是整個產業都要把產能拉升到那些速率。

But I think I would say that maybe we're overthinking this annual forecast because clearly, the, I don't know, the vibes, if we look at it that way, we're getting is that there's an aggressive ramp-up going on. And if we talk to our customer, they're talking about very aggressively ramping up.

但我想我會說，也許我們對這個年度預測想得太多了，因為很明顯地——我不知道，如果用那種說法——我們感受到的「氛圍」是正在進行積極的爬坡。而且如果我們和客戶談，他們也在談非常積極地提升產能。

I guess I would say maybe we're wrong. Maybe we're being too conservative. Maybe the original bill plan will end up coming true. We don't get revised bill plans every year from them. And say, what do you think about the bill plan?

我想我會說，也許我們錯了。也許我們太保守了。也許原本的開票計畫最終會成真。他們不會每年都給我們修訂後的開票計畫。然後問：你覺得這個開票計畫怎麼樣？

We're just trying to be a little bit more realistic based upon Q1, Q2, and Q3. But I think if we're, we don't want to overthink that or read too much into it, let me put it that way. That's my opinion anyway. The GE Aerospace Juggernaut, as we call it, I think is very much intact and very exciting for Park.

我們只是想根據Q1、Q2和Q3，讓預測更貼近現實一些。但我認為我們不想把它想得太多或過度解讀——我是這個意思。這只是我的看法。我們所稱的GE Aerospace「巨輪」動能，我認為仍然非常完整，對Park而言也非常令人振奮。

Okay thank you very much.

好的，非常感謝。

Yeah, thank you. I'm sorry I didn't understand your question at the beginning. It was just I was thinking. No worries. We'll see you in July. Yes. Thank you.

是的，謝謝。抱歉我一開始沒有理解您的問題。我只是當時在想。沒關係。我們七月見。是的。謝謝。

Yes, got it. Thank you.

是的，了解。謝謝。

Okay, thank you.

好的，謝謝。

Okay, thank you. Thank you. This now concludes our question and answer session. I would like to turn the floor back over to Brian Shore for closing comments.

好的，謝謝。謝謝。現在問答環節到此結束。我想把時間交回給Brian Shore做結語。

Okay, this is Brian again. Thank you all for listening in, and thank you for the questions. It's been very nice talking to you. Please give us a call if you have any follow-up questions. Happy to help you with that.

好的，我是Brian，再次發言。感謝各位收聽，也謝謝各位的提問。很高興能與各位交流。若您有任何後續問題，請致電給我們。我們很樂意協助。

Take care. Have a good day. Bye.

保重。祝您有美好的一天。再見。

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

各位女士、先生，感謝您的參與。今天的電話會議到此結束。請掛斷您的線路，祝您有美好的一天。