在机场联通赋能方面，邢台机场于2024年7月通航，2025年全年运营稳定，实现旅客吞吐量15.4万人 次；绥芬河机场和瑞金机场分别于2025年3月和9月正式通航，全年分别完成5.0万人次和4.3万人次，赋 能老区振兴，完善功能布局。 来源：北京日报客户端 转自：北京日报客户端 2025年，北京地区航空市场旅客数量再创新高。记者今天从首都机场集团了解到，2025年北京两座机场 完成旅客吞吐量1.24亿人次，同比增长6.5%。其中，首都机场旅客吞吐量7076万人次，同比增长5.0%； 大兴机场旅客吞吐量5361万人次，同比增长8.4%。 2025年，首都机场集团成员机场完成旅客吞吐量2.23亿人次，同比增长4.1%；保障运输航班起降149.5 万架次，同比增长1.9%；完成货邮吞吐量243.5万吨，同比增长6.0%。其中，石家庄、南昌机场旅客吞 吐量分别完成1200万人次、1194万人次，增速保持较高水平，同比分别增长6.1%、5.9%。哈尔滨机场 旅客吞吐量完成2465万人次，再次突破历史新高，冰雪季期间三大运输生产指标均突破单日历史纪录。 ...

Financial Data and Key Metrics Changes - Third quarter revenue increased by 14% to $46.2 million, up from $40.5 million in the same period last year, with year-to-date revenue growth exceeding 18% [9] - Gross profit increased by 37%, with gross margin expanding by 410 basis points to 25.1% compared to 21% in the third quarter last year [10] - Operating income reached $5.2 million, up by 52.6% year-over-year, while net income for the quarter was $4.8 million compared to $2.9 million a year ago [10] - Adjusted EBITDA increased by 34% to $6.8 million, translating to a record adjusted EBITDA margin of 14.6%, up from 12.4% in the same period last year [12] Business Line Data and Key Metrics Changes - APU revenue increased by 39% year-over-year and 27% sequentially, with year-to-date revenue up by 26% [14] - Heat exchanger revenue grew by 6% year-over-year, with a 14% increase on a year-to-date basis [14] - Landing gear revenue more than doubled year-over-year and nearly doubled sequentially, reflecting a surge in intake [15] - Trading and leasing revenue was down both sequentially and year-over-year, but up by 17% year-to-date [15] Market Data and Key Metrics Changes - The broader aviation market continues to benefit from high fleet utilization and lower aircraft retirements, driving sustained demand for maintenance, repairs, and overall activities [5] - The company maintains a backlog and LTA value at $520 million, indicating durable customer demand [9] Company Strategy and Development Direction - The company is focused on identifying strategic opportunities to accelerate growth, including potential acquisitions to expand capabilities [8] - TAT aims to leverage its strong balance sheet to pursue acquisitions that deepen customer relationships and expand its addressable market [16] - The company has added experienced corporate development executives to evaluate strategic M&A activities [8] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the future, citing a strong backlog and a large pipeline of opportunities [66] - The company is well-positioned to capture more market share, with operational discipline driving greater earning power [17] - Supply chain dynamics require active management, but significant progress has been made in inventory levels [17] Other Important Information - The company ended the quarter with $47.1 million in cash and $12.1 million in total debt, resulting in a low debt-to-EBITDA ratio of 0.5x [13] - Shareholders elected three new independent directors to enhance governance and leadership capabilities [8] Q&A Session Summary Question: How did TAT manage the change in demand this quarter, particularly the increase in landing gear? - Management emphasized the importance of viewing TAT's MRO business on a year-over-year basis rather than quarterly, noting that the increase in landing gear was expected due to entering a new cycle [22] Question: Can you discuss the characteristics of the underserved MRO opportunities? - Management highlighted that the post-COVID crisis and part shortages have created opportunities for flexible companies that can adjust to market needs and provide timely service [24] Question: Can you comment on the recent decline in backlog? - Management stated that the decline is a non-issue, as the backlog is still significantly higher than at the beginning of the year, and they have a strong opportunity pipeline [28] Question: How are operations affected by external disruptions like government shutdowns? - Management noted that while short-term hiccups may occur, there has been no major impact on growth patterns, thanks to a diverse customer base [30] Question: What is the outlook for cash flow sustainability? - Management expressed confidence in sustainable cash flow, citing improved collections and reduced inventory needs moving forward [44] Question: How do gross margins vary across business lines? - Management explained that gross margins can fluctuate due to product mix and operational leverage, emphasizing the importance of looking at long-term trends rather than quarterly comparisons [61]