赛峰短舱维修服务（苏州）有限公司总经理 特洛伊·史密斯：2024年与2023年相比，我们的维修数量增 加了一倍。从去年到今年，业务量进一步增加了90%，所以我们对明年非常乐观。 在江苏苏州的一家飞机零部件企业，刚刚下线的各类发动机零部件等待出口。企业负责人告诉记者，随 着技术持续积累，难度更高、附加值更大的订单日益增多，带动出口规模稳步上升。 在苏州的一家航空维修企业，工人们正有序地对四架直升机开展维修作业。作为"保税维修"这一外贸新 业态的代表，企业可以在海关特殊监管区域内，对来自境外的飞机进行检测、维修并复运出境，全程享 受保税政策，有效降低了企业的资金占用和运营成本。 捷德集团副总裁郭振波告诉记者，近年来，技术成熟的工程师队伍带来了稳定的生产效率，推动着保税 航空维修快速发展，也带动更多航空零部件加速"出海"。 （央视财经《经济信息联播》）前11个月，我国高新技术产品出口额5.7万亿元，同比增长7.4% 。其 中，生物技术、电子技术、航空航天技术等高附加值产品出口表现亮眼。眼下，江苏苏州工业园区聚集 了100多家航空航天产业上下游企业。 苏州工业园区海关副关长 吴林：航空航天装备产业近年来稳中求进，今年 ...

《中国民航报》、中国民航网 记者钱擘、胡夕姮 通讯员陆赛杰、黄金 报道：2014年，中国东航旗下东方航空技术有限公司自黄浦江畔启航，见证了中国民 航维修力量向着"专业化、产业化、市场化、国际化"的目标奋进。十一年，在历史长河中或许只是短暂一瞬，但对矢志建设成为"世界一流"航空维修企业的 东航技术而言，这是一段从整合蜕变到引领发展的壮阔征程。 从最初的飞机维修基地，到整合升级为工程技术公司，再到今天成为独立运行、布局全球的现代化航空维修服务企业，东航技术的每一次跨越，都与中国民 航业的蓬勃脉动同频共振。2025年，东航技术走过了承前启后的第十一个年头，在十年辉煌积淀之上，整装再出发，面向未来深化发展、奋力改革攻坚。 安全基石，匠心护航：以更高标准守护航路坦途 安全，是刻入东航技术基因的信仰，是全体机务人至高无上的职责。迈入第十一年，这份对安全的执着从未因时间流逝而褪色，反而在风雨洗礼中愈发厚重 深沉。这绝非仅仅是数字指标的达成，而是一场关于责任、匠心与生命敬畏的永恒考验。 远见，是引领企业穿越周期的灯塔；定力，是支撑宏大蓝图化为现实的基石。迈入第十一年，东航技术在十年积淀的雄厚基础上，将发展的罗盘校准至更为 辽 ...

Core Insights - The article highlights the significant role of China's Free Trade Zones (FTZs) in driving institutional innovation and expanding openness over the past decade, contributing to approximately 20% of the country's foreign investment and import-export volume despite occupying less than 0.4% of the national land area [4][3]. Group 1: Institutional Innovation and Economic Impact - Over the past ten years, 22 FTZs have been established, leading to the replication and promotion of 302 institutional innovations at the national level and over 2800 innovations at the provincial level [3][4]. - The implementation of the "direct release" regulatory model in the Yangshan Special Comprehensive Bonded Zone has significantly improved customs efficiency, reducing logistics costs by 12% and transportation time by 25% for vehicles [2][4]. Group 2: Sector-Specific Innovations - The Fujian FTZ has developed a safety standard for lithium battery exports, facilitating compliance and enhancing export efficiency, with exports exceeding 100 billion yuan for two consecutive years [5][6]. - The Tianjin FTZ has introduced a green channel for urgently needed imported drugs, allowing for expedited approval processes that can be completed in as little as three weeks, significantly benefiting patients [7][11]. Group 3: Financial Services and International Standards - The Guangdong FTZ has pioneered financial innovations, such as cross-border currency settlement services, attracting high-tech enterprises and enhancing the region's financial ecosystem [8][9]. - The Shanghai International Reinsurance Registration and Trading Center aims to establish a globally recognized standard for reinsurance transactions, enhancing operational efficiency through standardized documentation and blockchain technology [11][12]. Group 4: Future Directions and Challenges - The FTZs are expected to continue exploring higher levels of openness and deeper reforms, addressing challenges such as insufficient top-level design and the need for more systematic pilot experiences [16][17]. - The Chinese government plans to enhance the policy framework for FTZs, focusing on facilitating trade, investment, and data flow while integrating technological and industrial innovation [18][19].

Core Insights - The establishment of a global bonded repair service for medical devices in Xiamen represents a significant policy innovation that supports industry upgrades [1] - The project has successfully transitioned from domestic repairs to global repairs, with over 200 types of imported medical device components and repair equipment recorded, valued at over 1.5 million yuan [1] Group 1: Medical Device Repair Industry - Beileisheng Electronics (Xiamen) Co., Ltd. has undertaken multiple bonded repair orders for medical devices from overseas, benefiting from the support of the Xiamen Free Trade Zone and customs authorities [1] - The global bonded repair project for medical devices has achieved a breakthrough from "repairing domestic products" to "repairing global products" within a year [1] Group 2: Service Trade and Supply Chain - The bonded repair service is identified as a new and promising service trade sector, significantly reducing after-sales costs and enhancing international competitiveness by leveraging domestic supply chains [2] - The Xiamen Free Trade Zone has developed a new ecosystem for bonded repairs across various sectors, including headphones, computer accessories, medical devices, and automotive parts [2] Group 3: Aviation Maintenance Industry - Xiamen has become a leading region for aviation maintenance in China, establishing a globally recognized one-stop aviation maintenance base [2] - The Xiamen Customs has initiated a pilot program for "bonded repairs outside the comprehensive bonded zone," allowing damaged goods to be repaired domestically before being exported [2]

Core Insights - The construction of Hainan Free Trade Port has led to significant increases in foreign trade, with an average annual growth rate of 25.1% since 2020, indicating a continuous improvement in trade openness and convenience [1] Group 1: Policy Implementation and Economic Impact - Hainan's customs have implemented several policies to support high-level openness and quality development, including zero tariffs on three lists of imports, which have totaled 27.2 billion yuan in value and resulted in tax reductions of 5.15 billion yuan [1] - The processing and value-added tax exemption policy has been expanded to the entire island, benefiting 129 enterprises with a total domestic sales value of 11.1 billion yuan and tax reductions of 860 million yuan [1] - The "temporary export repair" and "temporary import repair" policies have shown positive results, with over 100 aircraft repaired under customs supervision and a total value of 2.7 billion yuan benefiting from the temporary export repair policy [2] Group 2: Innovation in Customs Regulation - Customs have introduced innovative regulatory measures for Hainan's key industries, such as seed industry revitalization and duty-free shopping, with seven innovative measures filed with the General Administration of Customs and 18 results selected as integrated innovation cases [2] - The duty-free shopping sector has seen over 210 billion yuan in monitored sales since 2020, with recent policy upgrades enhancing the variety of goods and allowing more purchases for departing travelers, resulting in monitored sales of 1.57 billion yuan in just 20 days [3] Group 3: Trade Facilitation and Logistics Efficiency - The customs have implemented over a hundred measures to optimize the business environment and promote cross-border trade facilitation, significantly benefiting key parks and industries [3] - The introduction of the "three same, three trace" regulatory model in the Yangpu Free Trade Port Area has reduced customs clearance times for food and raw materials by 70% [4] - The overall customs clearance time for imports and exports has been reduced by nearly 70%, with the customs laboratory recognized by the World Customs Organization, enhancing its capabilities [4][5]

Core Insights - Hainan Free Trade Port has become a preferred location for foreign airlines to conduct aircraft maintenance due to its policy advantages and high-quality services [1][2] Group 1: Aircraft Maintenance Achievements - Since its launch in 2022, the one-stop aircraft maintenance industrial base in Hainan Free Trade Port has completed over 2,400 aircraft maintenance tasks, 278 complete aircraft spray paint jobs, and 60,000 aviation component repairs [1] - The first inbound aircraft maintenance job was successfully completed for Philippine Airlines' Airbus A320, marking a significant milestone for Hainan's aircraft maintenance industry [1] Group 2: Policy Advantages - The policy benefits of Hainan Free Trade Port, such as zero tariffs on imported equipment for self-use and simplified customs processes, significantly reduce operational costs for airlines [2][3] - The introduction of a "one-stop" aircraft maintenance industrial center aims to meet the growing demand for comprehensive aircraft inspection, painting, and component repair services [2] Group 3: Growth in Maintenance Business - In 2024, the Haikou Meilan Airport Customs supervised 49 aircraft and 16 engines entering the Haikou Airport Comprehensive Bonded Zone for bonded maintenance, with a total value of 31.13 billion yuan, representing a 3.3-fold increase year-on-year [3] - From January to August 2025, the customs supervised 58 aircraft, 9 engines, and 6 batches of materials for bonded maintenance, with a total value of 37.02 billion yuan, reflecting a 67.4% year-on-year growth [3]

Core Insights - The Hainan Free Trade Port is emerging as a new choice in the global aircraft maintenance market, with over 20 foreign airlines utilizing its services since its establishment in 2022 [2][3] - The maintenance base has completed over 2,300 aircraft repairs and 270 complete aircraft paint jobs, along with the repair of 55,000 aviation components, gaining recognition from multiple international aviation management authorities [2] - The supportive policies of the Hainan Free Trade Port, such as exemption from guarantee deposits and bonded maintenance for materials, have significantly reduced costs and improved service efficiency for clients [2][3] Industry Developments - The international reputation of Hainan's aircraft maintenance is growing, with more foreign airlines transitioning from trial collaborations to long-term partnerships, particularly with airlines from Vietnam and Cambodia [3] - Qatar Airways has signed a long-term painting contract, indicating a shift towards sustained business relationships [3] - The industry is evolving from a focus on single aircraft maintenance to a comprehensive service chain covering components, complete aircraft, and engines, driven by high-level openness and policy support [3] Future Prospects - With the upcoming full closure operation, the Hainan aircraft maintenance industry is poised for new growth opportunities, including the development of multi-type passenger-to-freighter conversion capabilities and advancements in domestic aircraft inspections and painting [3][4] - The company plans to enhance its capabilities in composite material maintenance and wide-body aircraft APU maintenance, thereby improving its service offerings [3][4] - The global network of flight routes is expected to expand, leading to sustained growth in maintenance demand, as the company aims to deepen its presence in Southeast Asia, the Middle East, and Europe [4]

Core Insights - Yiwu is transforming its global image with the launch of the "6.0 generation market," integrating digital trade elements such as AI navigation and smart settlement, making global buying and selling accessible via mobile devices [1] - The Yangtze River Delta (YRD) region is enhancing digital infrastructure and trade efficiency through collaborative efforts in data circulation and government services, exemplified by the rapid flow of orders and reduced operational costs for businesses [1][2] Digital Infrastructure - The YRD's digital trade efficiency relies on robust digital infrastructure, including extensive 5G networks and data circulation facilities, ensuring low-latency and high-efficiency data flow [2] - The region has established a "soft connection" for data elements, creating a trading platform and standard recognition system to facilitate data circulation [2] Government Data Collaboration - The YRD has broken down bureaucratic barriers by implementing shared electronic certificate standards, allowing for cross-province recognition of over 40 types of high-frequency electronic certificates [3] - More than 6.7 billion pieces of government data have been shared, supporting 173 government services that can be accessed online, significantly reducing time and cost for businesses [3] Cross-Border E-Commerce Optimization - The YRD is enhancing cross-border e-commerce efficiency through institutional innovations, such as the "single window" for international trade and a collaborative customs model that reduces costs for businesses [4] - The signing of the "Silk Road E-commerce" digital technology application cooperation agreement aims to streamline customs processes, potentially allowing for faster clearance times [4] Industry Digitalization - The YRD is focusing on digital transformation in manufacturing, with initiatives like "smart upgrades" and "digital transformations" to enhance production efficiency and support digital trade [6] - The region's manufacturing capabilities are being bolstered by smart factories and platforms that leverage AI to optimize supply chains and order fulfillment [7] Replicable Efficiency Models - The YRD is developing replicable models for digital trade efficiency, aiming to streamline processes and reduce administrative burdens for cross-border businesses [8] - The region is fostering collaboration across cities and provinces to create industry alliances that support standardized practices and shared services [8]

Core Insights - The Turkish aviation maintenance system is rapidly transforming towards technology-driven and predictive management, enhancing its competitiveness in the international aviation supply chain [1][2] - The global flight and passenger numbers are expected to double in the next twenty years, highlighting the urgent need for upgrading technological infrastructure and improving operational efficiency [1] - Increasing use of digital tools such as predictive analytics, AI diagnostics, and route optimization systems is being adopted by airlines to enhance maintenance planning and fleet management [1] Industry Trends - The aviation maintenance demand is experiencing explosive growth due to increased flight durations, creating unprecedented pressure on maintenance services and rapid market expansion opportunities [2] - MYT has fully integrated digital maintenance and intelligent management systems over the past two years, including online smart procurement and engine performance monitoring, to improve efficiency and reduce maintenance cycles [2] - MYT's primary market now covers multiple countries involved in the Belt and Road Initiative, positioning its specialized maintenance services as a crucial component for the efficient operation of regional aviation networks [2]

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]