Financial Data and Key Metrics Changes - CAE reported record revenue of $4.7 billion, an increase of 10% from the previous year [30] - Adjusted segment operating income reached $732 million, up 33% from $550 million in fiscal 2024 [30] - Free cash flow was $814 million, reflecting disciplined capital management [30] - Adjusted backlog increased to $20.1 billion, up 66%, indicating strong visibility and long-term stability [30] Business Line Data and Key Metrics Changes - Civil aviation revenue was $2.7 billion, up 11%, with adjusted segment operating income of $581.5 million, an increase of 6% [31] - Civil adjusted backlog reached a record $8.8 billion, reinforcing CAE's position as the leading training provider [31] - Defense segment revenue was $2 billion, up 8%, with significant improvements in adjusted segment operating income [34] Market Data and Key Metrics Changes - The global fleet of aircraft is expected to nearly double over the next two decades, with a demand for 300,000 new pilots in the next ten years [31] - Canada is set to reach 2% of GDP on defense spending this year, five years ahead of schedule, with a commitment to 5% by 2030 [34] - NATO is discussing defense spending targets as high as 5% in response to security concerns [34] Company Strategy and Development Direction - CAE aims to focus on long-term strategy, disciplined capital allocation, and creating sustainable value for shareholders [4] - The company is well-positioned to lead in defense and security markets, leveraging government contracts and modernization initiatives [34] - CAE plans to prioritize disciplined capital deployment and reduce leverage while generating strong free cash flow [39] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of customer relationships and the commitment to safety and performance as core values [41] - The fundamentals of civil aviation and defense spending remain strong, providing a solid foundation for future growth [39] - The new CEO emphasized the potential to leverage advanced defense technologies across CAE's portfolio [50] Other Important Information - The company underwent a leadership transition, with Matthew Bromberg appointed as the new president and CEO [6] - The adjusted backlog in defense doubled to $11.3 billion, reflecting strong market momentum [35] Q&A Session Summary Question: Role of the Executive Chair and collaboration with the new CEO - The Executive Chair will focus on long-term strategy and capital allocation while the CEO manages daily operations, ensuring a close working relationship [55][56] Question: Impact of American tariffs on CAE - CAE is well-positioned regarding tariffs, with approximately 70% of work done in-country and key products exempt under USMCA [59][60] Question: Timing of defense opportunities translating into revenue - Revenue from defense contracts is already being realized, although the procurement process can take time [62] Question: Profitability differences between civil and defense segments - Defense contracts often have limitations on profitability due to government regulations, but they provide stable long-term revenue streams [67][69] Question: Credit rating concerns despite stable business - The company has achieved deleveraging targets and is confident that credit agencies will recognize this progress [76][78]

Group 1 - The third Low Altitude (Suzhou) Industry Innovation Ecological Conference and 2025 Digital Low Altitude Conference was held in Suzhou, focusing on the development of the "digital low altitude" sector and attracting over 500 participating enterprises [1] - The conference emphasized the importance of low altitude economy as a new productive force and a key direction for cultivating new growth momentum, with Suzhou aiming to become a national low altitude economy demonstration zone [1][4] - A total of 88 low altitude projects have been signed in Suzhou since the second conference last October, with a total investment exceeding 230 billion yuan, and an additional 45 projects signed at the current conference with over 50 billion yuan in investment [2] Group 2 - The signed projects include 15 low altitude application scenario projects, such as JD's drone logistics, and various other innovative applications in healthcare and urban management [2] - Additionally, 15 low altitude manufacturing projects were signed, including the development of industrial-grade drones and hydrogen fuel cell projects [3] - The third category consists of 15 low altitude support projects, focusing on infrastructure and service enhancements, such as the establishment of testing services and training collaborations [3]

来源：中国新闻网 中新网北京6月21日电 (记者 孙自法)国际知名学术期刊《自然》最新发表一篇动物行为研究论文称，澳 大利亚的布冈夜蛾(Agrotis infusa)或为已知首个能够利用星辰导航的无脊椎动物。 布冈夜蛾(图片来自澳大利亚麦考瑞大学Ajay Narendra博士)。施普林格·自然 供图 夏季高山洞穴中的蛾类休眠现象，洞穴墙壁每平方米约有1.7万只蛾类，每个洞穴内有数百万只(图片来 自Eric Warrant)。施普林格·自然 供图 在本项研究中，论文共同通讯作者、瑞典隆德大学David Dreyer和Eric Warrant、英国弗朗西斯·克里克研 究所Andrea Adden与合作者研究发现，布冈夜蛾能利用星空作为指南针来辨别方向。他们在春季或秋季 迁徙开始的时候捕获布冈夜蛾，将之放在类似天象仪(模拟地球夜空)并屏蔽了地球磁场的飞行模拟器 中。 该研究表明，这些被捕获的蛾子飞行的方向与其季节迁徙方向一致。此外研究人员还发现，蛾子大脑中 的视神经对夜空的旋转有特异性反应，并会调整到同一天空方向，当蛾子朝向南方时这些神经元活动会 达到峰值。 靠近蛾类夏眠洞穴的高山地点景观(图片来自Eric War ...