Core Insights - The commissioning of Terminal 3 at Guangzhou Baiyun International Airport marks a significant milestone, enhancing the airport's operational capacity to "five runways and three terminals" and supporting Guangzhou's ambition to become a major international aviation hub [1][9]. Infrastructure Development - Terminal 3 features a design inspired by local characteristics, resembling a blooming flower, and integrates smart technology with human-centric design to improve passenger experience [6][8]. - The terminal includes 199 check-in counters, 60 self-service kiosks, 59 baggage drop units, and 31 domestic and 9 international security lanes, enhancing operational efficiency [7]. Technological Advancements - Terminal 3 is the first large-scale hub airport terminal in China to fully implement Building Information Modeling (BIM) for smart construction, setting a new industry standard [8]. - It is also the first terminal in China to achieve paperless archives, storing all building information electronically for better future management [8]. Operational Capacity and Connectivity - The expansion from "two runways and one terminal" to "five runways and three terminals" significantly boosts Baiyun Airport's hub capacity, attracting more airlines and increasing flight frequencies [9]. - Since the beginning of the year, over 30 international passenger routes have been launched or resumed, enhancing the airport's role as a core node of the "Air Silk Road" [10]. Future Development - Baiyun Airport aims to leverage the opening of Terminal 3 to foster synergistic development within the Guangdong-Hong Kong-Macao Greater Bay Area, striving to become a benchmark for high-quality development in China's civil aviation sector [11].

Financial Data and Key Metrics Changes - Sales for Q4 FY '25 were $60 million, exceeding the previous estimate of $15.5 million to $16.3 million [8][9] - Gross margin was reported at 29.3%, which is considered acceptable despite the challenges faced [8][10] - Adjusted EBITDA for Q4 was within the estimated range of $3.3 million to $3.9 million [10] Business Line Data and Key Metrics Changes - C2B fabric sales accounted for $4.4 million in Q4, which was $500,000 more than predicted [18] - The company produced $420,000 worth of materials using C2B fabric in Q4, contributing significantly to the bottom line [20] Market Data and Key Metrics Changes - The company is focusing on niche military aerospace programs, including radomes and rocket nozzles, which are expected to yield attractive margins [31] - The A320neo family has a backlog of 7,256 aircraft, indicating strong demand despite supply chain issues [38] Company Strategy and Development Direction - The company is ramping up a new manufacturing facility to support increased demand in defense and missile programs, with a capital budget estimated at $35 million [86][92] - There is a strategic emphasis on defense markets due to a lack of new commercial aircraft opportunities [75] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong production performance in Q4 and a recovery from previous shortfalls [16][17] - The company is preparing for potential impacts from tariffs but has not yet seen significant effects on operations [70][72] Other Important Information - The company has entered into a new agreement to advance €4.58 million to Aireon for new manufacturing equipment, which will enhance C2B fabric production capacity [59] - A new certification for lightning strike protection material on the PAS 420 engine is expected to generate $500,000 annually starting later this year [60] Q&A Session Summary Question: Will the C2B fabric manufacturing equipment funded by Park be located at Aireon's facility or Park's facility? - The equipment will be located at Aireon's facility, and Aireon will own and operate it [77] Question: Does the Park MRAS LTA provide for any further price increases through '29? - No, except for price increases related to certain raw material costs [78] Question: What is the status of the hypersonic missile program trials? - Trials are progressing well, with materials being built and tested [64]