Canadian Solar Inc (CSIQ) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Canadian Solar's second quarter 2025 earnings conference call. My name is Daryl, and I will be your operator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

女士們、先生們，感謝你們的支持。歡迎參加阿特斯陽光電力 2025 年第二季財報電話會議。我叫達裡爾 (Daryl)，今天我將擔任您的接線生。（操作員指示）提醒一下，本次會議將會被錄音以供重播。

I would now like to turn the call over to Wina Huang, Head of Investor Relations at Canadian Solar. Please go ahead.

現在我想將電話轉給阿特斯陽光電力公司投資者關係主管 Wina Huang。請繼續。

Thank you, operator, and welcome, everyone, to Canadian Solar's Second Quarter 2025 Conference Call. Please note that today's conference call is accompanied with slides, which are available on Canadian Solar's Investor Relations website within the Events and Presentations section.

謝謝接線員，歡迎大家參加阿特斯陽光電力 2025 年第二季電話會議。請注意，今天的電話會議附有幻燈片，可在阿特斯陽光電力公司投資者關係網站的「活動和簡報」部分找到。

Joining us today are Dr. Shawn Qu, Chairman and CEO; Yan Zhuang, President of Canadian Solar subsidiary, CSI Solar, Ismael Guerrero, Corporate VP and President of Canadian Solar subsidiary, Recurrent Energy; and Xinbo Zhu, Senior VP and CFO.

今天與我們一起出席的有董事長兼首席執行官 Shawn Qu 博士、阿特斯陽光電力子公司 CSI Solar 總裁 Yan Zhuang、阿特斯陽光電力子公司 Recurrent Energy 公司副總裁兼總裁 Ismael Guerrero 以及高級副總裁兼首席財務官朱新波。

All company executives will participate in the Q&A session after management's formal remarks. On this call, Shawn will we go over some key messages for the quarter. Yan and Ismael will give business highlights for CSI Solar and Recurrent Energy respective. Xinbo will go through the financial results. Shawn will conclude the prepared remarks with the business outlook, after which we will have time for questions.

管理階層正式發言後，所有公司主管都將參加問答環節。在這次電話會議上，肖恩將討論本季的一些關鍵訊息。Yan 和 Ismael 將分別介紹 CSI Solar 和 Recurrent Energy 的業務亮點。新博將會回顧財務表現。肖恩將以商業展望結束準備好的發言，之後我們將有時間回答問題。

Before we begin, I would like to remind listeners that management's prepared remarks today as well as their answers to questions contain forward-looking statements that are subject to risks and uncertainties. The company claims protection under the safe harbor where forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒聽眾，管理層今天準備的發言以及他們對問題的回答包含前瞻性陳述，這些陳述受風險和不確定性的影響。該公司聲稱受到《1995 年私人證券訴訟改革法案》中前瞻性陳述的安全港保護。

Actual results may differ from management's current expectations. Any projections of the company's future performance represent management's estimates as of today. Canadian Solar assumes no obligation to update these projections in the future unless otherwise required by applicable law.

實際結果可能與管理層目前的預期不同。對公司未來業績的任何預測均代表管理層截至今天的估計。除非適用法律另有要求，否則阿特斯陽光電力不承擔將來更新這些預測的義務。

A more detailed discussion of risks and uncertainties can be found in the company's annual report on Form 20-F filed with the Securities and Exchange Commission. Management's prepared remarks will be presented within the requirements of SEC Regulation G regarding generally accepted accounting principles or GAAP. Some financial information presented during the call will be provided on both a GAAP and non-GAAP basis.

有關風險和不確定性的更詳細討論，請參閱公司向美國證券交易委員會提交的 20-F 表年度報告。管理階層的準備意見將按照美國證券交易委員會 (SEC) G 條例關於公認會計原則 (GAAP) 的要求進行呈現。電話會議中提供的一些財務資訊將以 GAAP 和非 GAAP 為基礎提供。

By disclosing certain non-GAAP information, management intends to provide investors with additional information to enable further analysis of the company's performance and underlying trends. Management uses non-GAAP measures to better assess operating performance and to establish operational goals. Non-GAAP information should not be viewed by investors as a substitute for data prepared in accordance with GAAP.

透過披露某些非公認會計準則信息，管理層希望向投資者提供更多信息，以便進一步分析公司的業績和潛在趨勢。管理階層使用非公認會計準則指標來更好地評估經營績效並制定營運目標。投資者不應將非 GAAP 資訊視為按照 GAAP 編制的數據的替代品。

And now I would like to turn the call over to Canadian Solar's Chairman and CEO, Dr. Shawn, please go ahead.

現在我想將電話轉給加拿大太陽能公司董事長兼執行長肖恩博士，請繼續。

Thank you, Wina, and thank you all for joining our second quarter earnings call. Please turn to slide 3. In the second quarter, we delivered 7.9 gigawatts of modules near the end of our guidance -- near the high end of our guidance. Storage shipment reached 2.2 gigawatt hours below guidance. Due to tariff impacts, we shifted deliveries into the second half. Revenue totaled $1.7 billion for the quarter also impacted from certain project sales delay.

謝謝你，Wina，也謝謝大家參加我們第二季的財報電話會議。請翻到幻燈片 3。在第二季度，我們交付了 7.9 千兆瓦的模組，接近我們預期的末端 - 接近我們預期的高端。儲能出貨量低於預期，為 2.2 千兆瓦時。由於關稅的影響，我們將交貨時間推遲到下半年。本季總收入 17 億美元，也受到某些項目銷售延遲的影響。

Gross margin exceeded guidance at 29.8%, driven by a higher mix of North America module shipments with notable contributions from our Texas module factory, which has made strong progress in ramping up. Robust storage performance, further supported margins. Profitability was weighted down by certain nonrecurring operating expenses, including the impairment of remaining legacy manufacturing assets.

毛利率超過預期，達到 29.8%，這得益於北美組件出貨量增加，其中德克薩斯州組件工廠的貢獻顯著，該工廠在產能提升方面取得了長足進步。強大的儲存效能，進一步支援利潤率。獲利能力受到某些非經常性營運費用的影響，包括剩餘遺留製造資產的減損。

As a result, we reported net income attributable to shareholders of $7 million or a net loss of $0.08 per diluted share due to the PIK accounting for our preferred shareholder of recurrent.

結果，由於我們優先股股東的經常性 PIK 會計，我們報告的歸屬於股東的淨收入為 700 萬美元，或每股淨虧損 0.08 美元。

Over the past few months, our industry has faced a challenging policy environment. While the industry continues to adjust the recently passed One Big Beautiful Bill Act, I would like to discuss some potential impacts at this time. Please turn to slide 4.

過去幾個月，我們的產業面臨著充滿挑戰的政策環境。在業界繼續調整最近通過的「一項偉大的美麗法案」的同時，我想討論此時的一些潛在影響。請翻到幻燈片 4。

The One Big Beautiful Bill act as stacking implications for both supply and demand in the US On the supply side, solar and storage domestic onshoring is challenging by increasingly strengthened FEOC requirements and higher import duties on both equipment and components. According to Wood McKinsey, up to 23 gigawatts of operating solar module capacity could be affected.

《美麗新法案》對美國的供需雙方都產生了疊加影響。在供應方面，由於 FEOC 要求日益加強以及設備和零件進口關稅提高，太陽能和儲能國內在岸專案面臨挑戰。據伍德麥肯錫稱，高達 23 千兆瓦的太陽能電池組件運作容量可能會受到影響。

Cell capacity, which requires more complex manufacturing process and higher capital expenditure could also moderate. On the demand side, outlook across solar, energy storage and distributed generation appear mixed.

電池產能需要更複雜的製造流程和更高的資本支出，因此也可能放緩。在需求方面，太陽能、儲能和分散式發電的前景看起來好壞參半。

Other than projects that have been safe harbored, the investment tax credit, or ITC for solar will phase out by the end of 2027. Meanwhile, energy storage project must navigate annual FEOC to maintain developer credits.

除已獲安全保障的項目外，太陽能投資稅收抵免（ITC）將於 2027 年底逐步取消。同時，儲能專案必須透過年度 FEOC 來維持開發商信用。

Despite this near-term uncertainty, the long-term outlook of our industry remains strong. AI, cryptocurrency and other energy-intensive applications are driving rising electricity demand and solar plus storage is among the most cost competitive solution to meet this demand. Future growth will continue to be underpinned by solid fundamentals.

儘管短期內存在不確定性，但我們行業的長期前景仍然強勁。人工智慧、加密貨幣和其他能源密集型應用正在推動電力需求的成長，而太陽能加儲能是滿足這一需求的最具成本競爭力的解決方案之一。未來的成長將繼續受到堅實基本面的支撐。

As with challenges we have overcome in the past two decades, we believe that a new paradigm creates new opportunities. Today, every part of our business is deeply engaged in the US market. We deliver both solar and storage solutions across utility scale, C&I and residential applications. We are a domestic manufacturer and a local project developer.

正如我們在過去二十年中克服的挑戰一樣，我們相信新的範式會創造新的機會。如今，我們的每一項業務都深深紮根於美國市場。我們提供涵蓋公用事業規模、商業與工業 (C&I) 和住宅應用的太陽能和儲存解決方案。我們是國內製造商和本地專案開發商。

We remain committed and will do what is necessary to continue prioritizing this market. Another ongoing commitment is our focus on sustainability. On May 29, we released our 2024 sustainability report. Please turn to slide 5.

我們將繼續致力於並盡一切必要努力繼續優先考慮這個市場。我們持續進行的另一項承諾是關注永續性。5月29日，我們發布了2024年永續發展報告。請翻到投影片 5。

We are proud of our continued progress in our sustainability journey and reporting standards. In 2024, Canadian Solar reduced greenhouse gas emissions, energy, water and waste intensities by 54%, 37%, 75% and 53%, respectively, compared to 2017 levels. Consistent with our commitment to improving our environmental footprint, we increased the percentage of recycled and reduced waste to 94% in 2024, while maintaining 100% recycling or reuse of all packaging materials used in our production process.

我們為永續發展之路和報告標準的持續進步感到自豪。到2024年，阿特斯陽光電力集團的溫室氣體排放量、能源、水和廢棄物強度將分別比2017年的水準降低54%、37%、75%和53%。為了履行我們改善環境足跡的承諾，到 2024 年，我們將廢棄物回收和減少的比例提高到 94%，同時保持生產過程中使用的所有包裝材料的 100% 回收或再利用。

We also continue to uphold the highest standards of ethical business conduct across our supply chain. After receiving silver level recognition in 2023 for the RBA VAP audit of our Thailand module facility, we achieved another silver level recognition this year for our solar cell factory in Province, China. In 2024, we conducted 147 supplier ESG audit, including 31 on-site evaluation, surpassing our 2023 totals. Following collaborative consultations and corrective action plans, all suppliers met our strengthened ESG criteria.

我們也將繼續在整個供應鏈中堅持最高的道德商業行為標準。繼 2023 年我們泰國組件工廠的 RBA VAP 審核獲得銀級認證後，今年我們位於中國江蘇省的太陽能電池工廠再次獲得銀級認證。2024年，我們進行了147次供應商ESG審計，其中包括31次現場評估，超過了2023年的總數。經過協作協商和糾正行動計劃，所有供應商都符合我們加強的 ESG 標準。

With that, I will now turn the call over to Yan, who will provide more details of our CSI Solar business. Yan, please go ahead.

現在，我將把電話轉給 Yan，他將提供有關我們 CSI Solar 業務的更多詳細資訊。嚴先生，請說。

Thank you, Shawn. Please turn to slide 6. In the second quarter of 2025, module shipments reached 7.9 gigawatts near the high end of our expectations. Energy storage deliveries were below guidance due to tariff impacts shifting some shipments to the second half. Despite this, we still delivered one of our strongest quarter with 2.2 gigawatt hours of storage shipments.

謝謝你，肖恩。請翻到幻燈片 6。2025年第二季度，組件出貨量達到7.9吉瓦，接近我們預期的高端。由於關稅影響導致部分貨物運輸轉移到下半年，儲能交付量低於預期。儘管如此，我們仍創下了最強勁的一個季度，儲存出貨量達到 2.2 千兆瓦時。

Revenue reached $1.7 billion, with gross margin expanded 890 basis points quarter-over-quarter to 22.3%. This increase was primarily driven by a stronger mix of North American module volumes and the installation surge in China, which increased both industry-wide volumes and pricing. As a result, we achieved a sequentially higher average selling price in our module business.

營收達 17 億美元，毛利率較上月擴大 890 個基點至 22.3%。這一成長主要得益於北美組件產量的強勁增長以及中國安裝量的激增，這同時提高了整個行業的產量和價格。因此，我們的模組業務實現了連續更高的平均售價。

Strong storage volumes and healthy margin further reinforced gross margin performance. Given the phase-out of legacy PERC technology, we wrote down our remaining related assets, together with other smaller nonrecurring items.

強勁的儲存量和健康的利潤率進一步增強了毛利率表現。鑑於傳統 PERC 技術的逐步淘汰，我們減記了剩餘的相關資產以及其他較小的非經常性項目。

Operating expenses rose sequentially from 13.2% to 15.3% of revenue, and we delivered $121 million in operating income. Although costs in the module business remained stable in the second quarter, we are now seeing rising supply chain costs, driven by the anti involution campaign in China, combined with tariffs, duties and the incremental impact of underutilization.

營業費用佔收入的比例從 13.2% 上升至 15.3%，而我們的營業收入為 1.21 億美元。儘管第二季組件業務的成本保持穩定，但我們現在看到供應鏈成本上升，這是受中國反過度化運動、關稅、關稅以及利用不足的增量影響所致。

These factors will raise unit costs in the second half. While module pricing shows signs of improvement, we expect price increases to lack rising costs, creating pressure on module profitability. We expect additional pressure from normalizing storage margins.

這些因素將導致下半年單位成本上升。儘管組件定價顯示出改善的跡象，但我們預計價格上漲將缺乏成本上升，對組件獲利能力造成壓力。我們預計儲存利潤率的正常化將帶來額外的壓力。

The cost benefit from decreasing leasing carbonate prices, which supported gains in 2024 and the first half of this year is now tapering off. For more details on this business, please turn to slide 7. In the second quarter, we recognized revenue on 2.2 gigawatt hours of storage solutions with sizable deliveries to customers in Europe, North America and Latin America.

碳酸鹽租賃價格下降帶來的成本效益曾支撐了 2024 年和今年上半年的成長，但現在這種效益正在逐漸減弱。有關此業務的更多詳細信息，請翻到幻燈片7。在第二季度，我們確認了 2.2 千兆瓦時的儲存解決方案收入，並向歐洲、北美和拉丁美洲的客戶進行了大規模交付。

Due to tariffs, some opportunities shifted into the second half and 2026. Importantly, these are not lost opportunities. Demand remains robust, and we continue to actively support customers in navigating trade-related uncertainties.

由於關稅，一些機會轉移到了下半年和2026年。重要的是，這些都不是失去的機會。需求依然強勁，我們將持續積極支持客戶應對貿易相關的不確定性。

As of June 30, contracted backlog, including long-term service agreement, was $3 billion. To support our growth, we are expanding our globally diversified capacities from 10 gigawatt hours of BESS and 3 gigawatt hours of battery cell today to 24 gigawatt hours and 9 gigawatt hours, respectively, by 2026 year-end. The expanded BESS capacity will enable us to scale shipments as needed from quarter-to-quarter with additional headroom if we add working shifts.

截至 6 月 30 日，包括長期服務協議在內的合約積壓金額為 30 億美元。為了支持我們的成長，我們正在將全球多元化產能從目前的 10 千兆瓦時 BESS 和 3 千兆瓦時電池單元分別擴大到 2026 年底的 24 千兆瓦時和 9 千兆瓦時。擴大後的 BESS 容量將使我們能夠根據需要逐季度擴大出貨量，如果我們增加工作班次，還可以增加額外的空間。

Our battery cell capacity also strengthens our upstream strategy by helping us manage risk across cycles while providing customers with greater supply chain flexibility. The market is growing quickly, and we are scaling alongside it. To remain competitive, we must continue to uphold the highest safety standards and drive product innovation.

我們的電池產能也加強了我們的上游策略，幫助我們管理跨週期風險，同時為客戶提供更大的供應鏈彈性。市場正在快速成長，我們也隨之擴大規模。為了保持競爭力，我們必須繼續堅持最高的安全標準並推動產品創新。

Please turn to slide 8. In June, we successfully completed large-scale fire testing for our SolBank 3.0 energy storage system. The test confirmed that our system meets key fire safety criteria by containing thermal events within the single enclosure. The results were independently witnessed and verified by both CSC Group and the Energy Safety Responses group.

請翻到第 8 張投影片。6 月，我們成功完成了 SolBank 3.0 儲能係統的大規模防火測試。測試證實，我們的系統透過將熱事件控制在單一外殼內，滿足關鍵的防火安全標準。此結果由 CSC 集團和能源安全應變小組獨立見證和驗證。

In residential storage, EP Cube won the Japan International Pioneer Design Award for IDPA in the electrical products category. This award was established in 2018 in Tokyo and has since become one of the most influential international design awards for pioneering design globally. This quarter, our proprietary residential energy storage system also earned the prestigious RedDot award, often described as the Oscars of industrial design.

在住宅儲能領域，EP Cube榮獲日本國際先鋒設計獎IDPA電氣產品類獎項。該獎項於2018年在東京設立，現已成為全球最具影響力的國際先鋒設計獎之一。本季度，我們專有的住宅儲能係統也獲得了享有盛譽的紅點獎，該獎項常被譽為工業設計界的奧斯卡。

These recognitions are in addition to the If Design Award and the Mus Design Go Award that EP Cube received earlier this year.

這些認可是 EP Cube 今年稍早獲得的 If 設計獎和 Mus Design Go 獎的補充。

EP Cube has made strong progress in its target markets since we earned the prestigious Jet compliance certification. Shipments to Japan have surged, now approaching 1,000 units per month. We're also steadily advancing in Europe and the US We expect significant growth ahead in this business, and we continue to develop other emerging profit drivers such as bundled cell solutions.

自從獲得著名的 Jet 合規認證以來，EP Cube 在其目標市場取得了長足的進步。出口至日本的出貨量激增，目前已接近每月 1,000 台。我們在歐洲和美國的業務也正在穩步推進，我們預計這項業務未來將實現顯著增長，並且我們將繼續開發其他新興的利潤驅動因素，例如捆綁蜂窩解決方案。

With that, let me hand the call over to Ismael, who will provide an update on recurrent energy, Canadian Solar's global project development business. Ismael, please go ahead.

說完這些，讓我把電話交給伊斯梅爾，他將提供有關加拿大太陽能公司全球專案開發業務 Recurrent Energy 的最新情況。伊斯梅爾，請繼續。

Thank you, Yan. Please turn to slide 9. In the second quarter, we generated $106 million in revenue. Revenue was sequentially lower, primarily due to lighter project sales. We monetized over 200 megawatts of projects in Europe and Japan, including our first profitable sale of a battery storage project in Italy. While a large project sale in Latin America shifted into the second half of the year.

謝謝你，Yan。請翻到第 9 張投影片。第二季度，我們的營收為 1.06 億美元。收入環比下降，主要原因是項目銷售減少。我們將歐洲和日本超過 200 兆瓦的專案貨幣化，其中包括我們在義大利首次獲利的電池儲存專案銷售。而拉丁美洲的大型專案銷售則轉移到了下半年。

Gross margin was 32.4% and reflecting healthy project sales returns and a stable margin in electricity sales from our operating portfolio and growing power services business. The solar power system write-down in Latin America, combined with other nonrecurring expenses, led to elevated operating expenses and an operating loss of $74 million. We remain focused on disciplined execution while managing ongoing trade and policy risks. We energized our first merchant 200-megawatt hour for Duncan storage project in Texas. Despite Duncan being a merchant storage project, we were able to secure both project finance and tax equity for this project.

毛利率為 32.4%，反映了健康的專案銷售回報以及我們營運組合和不斷增長的電力服務業務的穩定電力銷售利潤率。拉丁美洲太陽能發電系統的減記，加上其他非經常性支出，導致營運費用增加，營運虧損達 7,400 萬美元。我們將繼續注重嚴格執行，同時管理持續的貿易和政策風險。我們為德州鄧肯儲存計畫啟動了首個 200 兆瓦時的商用電力。儘管鄧肯是一個商業倉儲項目，但我們能夠為該項目獲得項目融資和稅收權益。

Within the quarter, we also achieved an important milestone at Bluemont Solar in Kentucky, closing $260 million of project financing and tax equity. The offtake for this project is Constellation who will purchase power and renewable energy certificates generating by this nearly 100-megawatt facility.

本季度，我們也在肯塔基州的 Bluemont Solar 實現了一個重要里程碑，完成了 2.6 億美元的專案融資和稅收股權。該項目的承購方是 Constellation，它將購買這座近 100 兆瓦發電廠產生的電力和再生能源證書。

Please turn to slide 10 for an update on our pipeline. As of June 30, 2025, we own interconnections for 8 gigawatts of solar and 16 gigawatt hours of storage globally, excluding projects already in operation. Our total pipeline now stands at 27 gigawatts of solar and 80 gigawatt hours of storage. In the US and Europe, we have 500 megawatts of solar and about 1.7 gigawatt hours of storage already in operation. Meanwhile, we are building more than 1.3 gigawatts of solar and 600 megawatts of storage in these markets as we speak. This positions us with one of the largest and most globally diversified pipelines in the industry, giving us significant runway to grow in the future and the flexibility to focus our resources to advance the most attractive projects and markets.

請翻到投影片 10 來了解我們的管道最新情況。截至 2025 年 6 月 30 日，我們在全球擁有 8 千兆瓦太陽能和 16 千兆瓦時儲存的互連（不包括已投入營運的項目）。我們目前的太陽能總容量為 27 千兆瓦，儲存容量為 80 千兆瓦時。在美國和歐洲，我們已經有 500 兆瓦的太陽能和約 1.7 千兆瓦時的儲能係統投入運作。同時，我們正在這些市場建造超過 1.3 千兆瓦的太陽能和 600 兆瓦的儲能設施。這使我們成為業內規模最大、全球最多樣化的管道之一，為我們未來成長提供了巨大的空間，並使我們能夠靈活地集中資源來推進最具吸引力的項目和市場。

In the US, we have already safe harbored 1.6 gigawatts of solar projects that are in execution or late-stage development. We continue to execute our safe harbor strategy on an additional 2.3 gigawatts of solar through off-site start of construction, providing both increased flexibility over the coming years and a competitive advantage as US assets gain value under the updated tax credit policies. At the same time, we are expanding our battery storage pipeline, particularly in the US, Europe and Japan, where we already hold a strong market positions.

在美國，我們已經安全保衛了1.6千兆瓦正在實施或處於後期開發的太陽能專案。我們將繼續透過異地開工建設，對另外 2.3 千兆瓦的太陽能實施安全港戰略，這不僅為未來幾年提供了更大的靈活性，而且隨著美國資產在更新的稅收抵免政策下升值，我們還將獲得競爭優勢。同時，我們正在擴大我們的電池儲存管道，特別是在美國、歐洲和日本，我們已經在這些地區佔據了強大的市場地位。

Our O&M business continues to gain traction with 10.5 gigawatts currently in operation and 3.2 gigawatts contracted coming into service in the next quarters. Finally, we are advancing development of our data center sites in both the US and Spain, where we expect to have the first products ready within the next few quarters.

我們的 O&M 業務繼續獲得發展，目前已投入營運的發電量為 10.5 千兆瓦，另有 3.2 千兆瓦的合約將於下個季度投入使用。最後，我們正在推動美國和西班牙資料中心站點的開發，預計首批產品將在未來幾季內準備好。

Now I will hand the call to Xinbo to review our financial results. Xinbo, please go ahead.

現在我將把電話交給新博來審查我們的財務結果。新博，請說。

Thank you, Ismael. Please turn to slide 11. In the second quarter, we delivered 7.9 gigawatts of modules near the high end of our guidance. We shipped 2.2 gigawatt hours of storage, below expectations due to delayed shipments. With the additional impact of delayed project sales, total revenue was $1.7 billion. Gross margin was 29.8%, elevated by a sale type C is related to a US project and AD/CVD adjustments. Excluding this onetime impact, gross margin would have been 21.6%, sequentially higher due to a stronger North America module mix and the storage volumes.

謝謝你，伊斯梅爾。請翻到第 11 張投影片。在第二季度，我們交付了 7.9 千兆瓦的模組，接近我們預期的高端。我們運送了 2.2 千兆瓦時的儲存量，由於發貨延遲而低於預期。加上項目銷售延遲的額外影響，總收入為 17 億美元。毛利率為 29.8%，因與美國項目和 AD/CVD 調整相關的銷售類型 C 而上升。不計入這一一次性影響，毛利率將達到 21.6%，由於北美模組組合和儲存量增加，毛利率將持續上升。

Operating expenses increased to $378 million, primarily due to nonrecurring items, including impairment charge related to certain solar and storage assets as well as manufacturing assets. Without these items, operating expenses would have been $259 million or 15.3% of revenue compared to 16.3% in the fourth quarter. Net interest expense rose from $28 million in the first quarter to $35 million, reflecting higher borrowings and recurring energy and lower interest income.

營業費用增加至 3.78 億美元，主要原因是非經常性項目，包括與某些太陽能和儲存資產以及製造資產相關的減損費用。若不計入這些項目，營運費用將達到 2.59 億美元，佔營收的 15.3%，而第四季這一比例為 16.3%。淨利息支出從第一季的 2,800 萬美元增至 3,500 萬美元，反映出借款和經常性能源支出增加以及利息收入減少。

Net foreign exchange loss was $13 million, primarily driven by dollar weakness. Net income attributable to shareholders was $7 million or a net loss of $0.08 per diluted share. This result included a positive $30 million HLBV impact or $0.45 per share from tax equity arrangements tied to certain US projects. $0.19 per diluted share of preferred dividend impact led to the diluted loss per share to shareholders.

淨外匯損失為 1,300 萬美元，主要原因是美元疲軟。歸屬於股東的淨利為 700 萬美元，每股攤薄淨虧損 0.08 美元。這一結果包括與某些美國項目相關的稅收股權安排產生的 3000 萬美元 HLBV 正影響或每股 0.45 美元。每股稀釋後的優先股股息影響 0.19 美元導致股東每股稀釋虧損。

Please turn to slide 12 for cash flow and the balance sheet. Net cash inflow from operating activities was $189 million, compared with an outflow of $264 million in the first quarter. Cash inflow was primarily driven by change in working capital, specifically a decrease in inventory. Total assets grew to $14.8 billion with project assets rising to $1.7 billion. Solar power systems and battery energy storage systems now stand at $2 billion.

請翻到第 12 張投影片查看現金流量和資產負債表。經營活動淨現金流入為 1.89 億美元，而第一季流出為 2.64 億美元。現金流入主要受營運資本變動（特別是庫存減少）的推動。總資產成長至 148 億美元，其中專案資產增至 17 億美元。太陽能發電系統和電池儲能係統目前的價值已達 20 億美元。

CapEx totaled $173 million, mainly reflecting payments for existing capacities. Our full year 2025 CapEx outlook remains unchanged and approximately $1.2 billion, primarily driven by investment in US manufacturing initiatives. Total debt increased to $6.3 billion, mainly due to new borrowings for project development and operational assets. We closed the quarter with a cash position of $2.3 billion.

資本支出總計 1.73 億美元，主要反映了現有產能的支付。我們對 2025 年全年資本支出的預期保持不變，約 12 億美元，主要受對美國製造業計畫的投資所推動。總債務增加至 63 億美元，主要原因是專案開發和營運資產的新借款。本季結束時，我們的現金部位為 23 億美元。

Looking ahead, we remain focused on disciplined debt management and prudent liquidity oversight, aligned with industry dynamics and our financial fundamentals. In light of ongoing profitability pressures in both manufacturing and the project development businesses, we expect to gradually reduce leverage from current levels over the next month.

展望未來，我們將繼續專注於嚴格的債務管理和審慎的流動性監督，並與產業動態和我們的財務基本面保持一致。鑑於製造業和專案開發業務持續面臨的獲利壓力，我們預計下個月槓桿率將從目前水準逐步降低。

Now let me turn the call back to Shawn, who will conclude with our guidance and the business outlook. Shawn, please go ahead.

現在，讓我把電話轉回給肖恩，他將總結我們的指導和業務展望。肖恩，請繼續。

Thank you, Xinbo. Please turn to slide 13. For the third quarter of 2025, we expect to deliver module volumes between 5 to 5.3 gigawatts. For energy storage shipments, we expect to deliver 2.1 to 2.3 gigawatt hours, including about 250-megawatt hours to our own projects. We project third quarter revenue to be in the range of $1.3 billion to $1.5 billion, with gross margin expected to be between 14% to 16%. Sequential lower margins reflect the impact of rising solar manufacturing costs, driven in part by supply chain price increases and normalizing storage margins.

謝謝你，新博。請翻到第 13 張投影片。到 2025 年第三季度，我們預計模組交付量將在 5 至 5.3 千兆瓦之間。對於儲能出貨量，我們預計將交付 2.1 至 2.3 千兆瓦時，其中包括向我們自己的專案交付約 250 兆瓦時。我們預計第三季營收將在 13 億美元至 15 億美元之間，毛利率預計在 14% 至 16% 之間。利潤率連續下降反映了太陽能製造成本上升的影響，部分原因是供應鏈價格上漲和儲存利潤率正常化。

For the full year of 2025, we are narrowing our module volume guidance to 25 to 27 gigawatts, including approximately 1 gigawatt to our own project. The reduced midpoint of our module guidance primarily reflect our self-restraint, which results in a decision to reduce exposure to less profitable markets. For energy storage shipments, given increased near-term visibility in the trade environment, we are maintaining our storage shipment guidance of 7 to 9 gigawatt hours for the full year of 2025, including approximately 1 gigawatt hour allocated to our own projects.

對於 2025 年全年，我們將組件產量指導範圍縮小至 25 至 27 千兆瓦，其中包括我們自己專案的約 1 千兆瓦。我們的模組指導中點的降低主要反映了我們的自我克制，這導致我們決定減少對利潤較低的市場的投資。對於儲能出貨量，鑑於近期貿易環境的可見性增強，我們將維持 2025 年全年 7 至 9 千兆瓦時的儲能出貨量指導，其中包括分配給我們自己項目的約 1 千兆瓦時。

We are revising our full year revenue guidance to between $5.6 billion and $6.3 billion. This reflects the delay of certain project sales into 2026 and more conservative module pricing in the second half, driven by weakening demand in China.

我們將全年營收預期修改為 56 億美元至 63 億美元之間。這反映出，受中國需求減弱的影響，某些項目銷售將推遲到 2026 年，下半年模組定價將更加保守。

With that, I would like to now open the floor for questions. Operator?

現在，我想開始回答大家的提問。操作員？

(Operator Instructions)

（操作員指示）

Colin Rusch with Oppenheimer.

奧本海默的柯林‧拉許 (Colin Rusch)。

Thanks, so much guys. Now, can you talk a little bit about the PERC write-down here and the impact ultimately on margins? I'm just trying to get a sense of how much that really impacts from a percentage basis on your margin sale or on your module sales. Does that start to look like 2 or 3 points or it's a little bit more than that?

非常感謝大家。現在，您能否談談 PERC 減記以及最終對利潤率的影響？我只是想了解一下從百分比角度來看這對您的利潤銷售或模組銷售的實際影響有多大。這看起來像是 2 分或 3 分，還是稍微多一點？

Well, we decided to write off pretty much all of our PERC equipment asset this quarter because in Q2, we stopped the manufacturing of PERC product. So we think this is the right time to the write-off. Now the write-off was -- I believe, was quite a big impact. Yes, it's $46 million.

嗯，我們決定本季註銷幾乎所有的 PERC 設備資產，因為在第二季度，我們停止了 PERC 產品的生產。因此我們認為現在是註銷的正確時機。現在註銷——我相信，影響相當大。是的，是 4600 萬美元。

Okay. I'll follow up on the manufacturing afterwards. Just with the treasury rules that have come out, I think everybody is trying to understand how developers are going to approach their safe harbor and strategy and qualification. Can you guys give us a sense of where you're at from a safe harboring perspective? What you're seeing from any of your customers on the module side and how you anticipate some of the enforcement realities for the industry, given just your first look in less than a week of being able to evaluate the new rules?

好的。之後我會跟進製造情況。隨著財政規則的出台，我想每個人都在試圖了解開發商將如何處理他們的安全港、策略和資格。你們能否從安全港的角度告訴我們你們的處境？在不到一周的時間內您才首次評估新規則，您從模組方面的客戶那裡看到了什麼？您如何預測該行業的一些執法現實？

Yeah, Colin, as you know, our subsidiary Recurrent is a long-term player with 20 years of operating in the US market. So we have been safe harboring several times because ITC reached the debt line several times in the past 10, 13 years. Every time we approach the deadline, we safe harbor. So we are very -- we are very familiar with the rules. So -- and we are pleased to see that the newly released guidance -- the new guidance for the safe harbor pretty much confirms that our standard strategy for safe harbor is correct and also its prudent.

是的，科林，如您所知，我們的子公司 Recurrent 是一家長期參與者，在美國市場運營了 20 年。因此，我們多次獲得安全庇護，因為 ITC 在過去 10 到 13 年裡多次達到債務線。每當我們接近最後期限時，我們就會有一個安全港。所以我們非常——我們非常熟悉這些規則。因此，我們很高興看到新發布的指南——安全港的新指南幾乎證實了我們的標準安全港策略是正確的，也是審慎的。

So our current safe harbor project, we see no change. And as Ismael said in his speech, we are safe harboring a little bit more. Well, actually, we're safe harboring 2.3 gigawatt more of project, so you Recurrent achieve this goal then 1.6 plus 2.3, 1.6 plus 2.3, We will be able to safe harbor somewhere close to go 4 gigawatts. So that will give us a very strong pipeline in US 4 gigawatts is almost equal to 1 gigawatt each year. So you can see that for four years safe harbor is pretty significant. This shows our strong ability recurrent the strong ability and very solid practice in the development procedure.

因此，我們目前的安全港項目沒有發生任何變化。正如伊斯梅爾在演講中所說，我們的安全庇護又多了一些。嗯，實際上，我們安全地保有 2.3 千兆瓦以上的項目，因此，如果 Recurrent 實現這個目標，那麼 1.6 加 2.3，1.6 加 2.3，我們將能夠安全地保有接近 4 千兆瓦的容量。因此，這將為我們在美國提供非常強大的管道，4 千兆瓦幾乎相當於每年 1 千兆瓦。所以你可以看到，四年的安全港非常重要。這表明我們的強大能力在發展過程中不斷湧現，實踐非常紮實。

As for the whole industry, that's a good question. Our -- we have been sending our that up. And -- but it has only been a few days. So I don't have that much industry-wide safe harbor information. However, I would say for the developers who have similar experience, they should see the same thing as Recurrent. So I think the industry has believed that at least their work so far has been recognized. Ismael, you want to add some more color?

對於整個行業來說，這是一個很好的問題。我們的——我們一直在發送這個。而且——但這才過了幾天。所以我沒有那麼多全行業的安全港資訊。然而，我想說，對於有類似經驗的開發人員來說，他們應該看到與 Recurrent 相同的東西。所以我認為業界相信至少他們的工作迄今為止已經得到了認可。伊斯梅爾，你想添加更多顏色嗎？

Thank you, Shawn. Look, I think, Colin, thanks for the question. I think we've been a little bit lucky to because many of our projects have local community others. So we started to safe harbor to make sure that we enjoy those others. And as a result, we have a pretty advanced pipeline of safe harbor already online. And we always use the offside the start of construction. So it looks like the current regulation is not changing that. So we've been a little bit lucky to stay.

謝謝你，肖恩。聽著，我想，科林，謝謝你的提問。我認為我們有點幸運，因為我們的許多項目都有當地社區的參與。因此，我們開始尋求安全港，以確保我們能享受其他人的樂趣。因此，我們已經擁有了相當先進的安全港管道。我們總是利用越位開始進攻。因此看起來當前法規並沒有改變這一點。所以我們很幸運能夠留下來。

Okay, thanks so much.

好的，非常感謝。

Philip Shen with ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Philip Shen。

Hi, this is Matt Ingram on for Phil. Given the OBBB and FEOC in the US, do you believe Canadian Solar and its subsidiaries are currently FEOC-compliant? If so, could you please give some details around what gives you confidence? And then if not, like what steps are you taking comply with FEOC? And then lastly, on FEOC, how are you planning for potentially stricter FEOC IRS guidance that could come out sometime next year?

大家好，我是馬特‧英格拉姆 (Matt Ingram)，代表菲爾 (Phil) 報道。鑑於美國的 OBBB 和 FEOC，您是否認為阿特斯陽光電力及其子公司目前符合 FEOC 規定？如果是的話，您能否詳細說明一下是什麼讓您有信心？如果沒有，那麼您將採取什麼措施來遵守 FEOC？最後，關於 FEOC，您如何計劃明年某個時候可能出台的更嚴格的 FEOC IRS 指導？

Mark, thank you for the question. I kind of expected this question. Now as you know, OBBB different FEOC requirement for different years. So based on that yearly FEOC requirement, yes, Canadian Solar is compliant with OBBA requirement at this moment and we will continue -- we believe we will continue to be compliant for the future years.

馬克，謝謝你的提問。我有點預料到這個問題。現在如您所知，OBBB 對不同年份的 FEOC 要求不同。因此，根據每年的 FEOC 要求，是的，阿特斯陽光電力目前符合 OBBA 要求，我們將繼續 - 我們相信我們將在未來幾年繼續遵守要求。

As you know, every year, the FEOC condition change, including the percentage change. So we have a plan to make sure that the Canadian Solar has three factories, which is solar module factory cell factory and also the energy storage factory continue to meet the OBBA requirement each year.

眾所周知，每年 FEOC 狀況都會發生變化，包括百分比變化。因此，我們有一個計劃，確保阿特斯太陽能的三個工廠，即太陽能組件工廠、電池工廠和儲能工廠每年繼續滿足 OBBA 要求。

And just on potential guidance, they're going to release guidance on the FEOC restrictions and those potentially could be a little bit stricter than kind of the language that's in the bill. How are you guys planning for that kind of situation?

就潛在指導而言，他們將發布有關 FEOC 限制的指導，這些指導可能比法案中的語言更嚴格一些。你們針對這種情況做了什麼準備？

Well, we -- our internal legal team, accounting team and the external teams have debated and due diligence in past more than a month, ever since July 4 when the OBBB was. We have been studying and debating and doing due diligence.

嗯，自 7 月 4 日 OBBB 成立以來，我們的內部法律團隊、會計團隊和外部團隊在過去一個多月裡一直在進行辯論和盡職調查。我們一直在研究、辯論並盡職盡責。

So we think our understanding of the bill is pretty conservative. And while there may be some change or some clarifications of the guidance, well, I mean, the IRS guidance might clarify some of the points. And -- but I believe as long as those are the guidance to interpret the OBBB, then it can't change very much from the legal language itself in the bill.

所以我們認為我們對該法案的理解是相當保守的。雖然該指南可能會有一些變化或澄清，但我的意思是，美國國稅局的指南可能會澄清一些觀點。而且——但我相信，只要這些是解釋 OBBB 的指導，那麼它就不會與法案中的法律語言本身有太大變化。

Therefore, we believe -- so well, a little bit more restrictive or a little bit less restrictive guidance from IRS will not change our judgment call. So I think our current strategy is quite solid to -- so that we can -- first of all, we will make sure our customers will be able to claim their ITC because our shipment meet the OBBBA rule of that particular year and also our factory, three factories in the US will be able to claim the 45X for any of the particular year.

因此，我們相信—美國國稅局稍微加強或放鬆限制的指導不會改變我們的判斷。所以我認為我們目前的策略非常穩固——這樣我們就可以——首先，我們將確保我們的客戶能夠申請他們的 ITC，因為我們的貨物符合該特定年份的 OBBBA 規則，而且我們的工廠，美國的三家工廠將能夠在任何特定年份申請 45X。

Great. Really appreciate the color there, Shawn. If I could just squeeze in one more on policy. Given like the upcoming Section 232 case on polysilicon and its derivatives as well as it seems like they're reinforcing USLPA Q-cells getting recently detained. How are you guys looking at your upstream supply chain and maybe different strategies there for the US capacity?

偉大的。真的很欣賞那裡的色彩，肖恩。如果我可以在政策方面再多說一點的話。考慮到即將對多晶矽及其衍生物提起的第 232 條訴訟，以及他們似乎正在加強最近被扣留的 USLPA Q 電池。你們如何看待上游供應鏈以及針對美國產能的不同策略？

Well, you probably know that Canadian Solar filed our comment to the Department of Commerce for the Section 232 polysilicon. And I believe you can get access to our filings through url or whatever. So basically, we believe that polysilicon for solar is not a national security because I don't think US even want that much solar.

好吧，您可能知道，阿特斯陽光電力已向商務部提交了針對第 232 條多晶矽的評論。我相信您可以透過 URL 或其他方式存取我們的文件。所以基本上，我們認為太陽能多晶矽並不構成國家安全，因為我認為美國甚至不想要那麼多太陽能。

Anyway, so why is solar grade polysilicon, a national security control -- concern? The country has enough coal, oil, gas everything, right? The country is very also plant. So based on that, we don't feel like polysilicon solar is -- should be a national secure concern. However, we are waiting for the process to run to the end. And at this moment, I don't want to speculate.

無論如何，為什麼太陽能級多晶矽會受到國家安全管制——令人擔憂呢？這個國家有足夠的煤炭、石油、天然氣等等，對嗎？國家也十分植物。因此，基於此，我們認為多晶矽太陽能不應該成為國家安全關注的問題。然而，我們正在等待該過程運行結束。而此刻，我不想去猜測。

Okay, great. Thanks for the answer, Shawn.

好的，太好了。謝謝你的回答，肖恩。

Maheep Mandloi from Securities.

來自證券公司的 Maheep Mandloi。

Hey, hi, thanks for taking the questions. Let me follow maybe one more on the FEOC side. I appreciate the color there. But could you just talk more about the 45X eligibility for the US assets -- the US manufacturing line, the strategy to be compliant there? Or do you need more information from treasury guidance to help with that? And then I have a follow-up.

嘿，你好，謝謝你回答這些問題。讓我再跟進一下 FEOC 方面的一個問題。我很欣賞那裡的色彩。但是，您能否更多地談談美國資產的 45X 資格——美國生產線以及在那裡合規的策略？或者您需要更多來自財務指導的資訊來幫助解決這個問題？然後我有一個後續問題。

Yeah, Well, I think our team, including our internal legal team and our external consults believe that OBBBA is quite clear in terms of the FEOC and the material assistance definition requirement. So we pretty much understand the meaning of those language and clauses. As I mentioned, that the IRS guidance may clarify a few points. But so long as those guidance follows the language in the OBBBA itself, then I think our strategy is we have a good understanding. Therefore, our assessment is solid. And for 45X both the 45X and for energy storage and for solar will continue according to the previous schedule.

是的，嗯，我認為我們的團隊，包括我們的內部法律團隊和外部顧問都認為 OBBBA 在 FEOC 和物質援助定義要求方面非常明確。所以我們基本上理解這些語言和條款的含義。正如我所提到的，美國國稅局的指導可能會澄清幾點。但只要這些指導遵循 OBBBA 本身的語言，那麼我認為我們的策略就是我們有很好的理解。因此，我們的評估是可靠的。對於 45X，45X 以及能源儲存和太陽能都將按照先前的計劃繼續進行。

As you know, there's no change on the -- like in terms of the schedule, in terms of the time frame and also the run down schedule of those incentives. And however, there are different material systems table for each year. So we just have to -- every year, we do due diligence and calculate and just to make sure that our products meet or stable. And fortunately, solar as a global manufacturing energy storage is also more or less a global manufacturer. So there are suppliers of the key material for both solar and for energy storage from several different countries.

如您所知，在時間表、時間框架以及這些激勵措施的實施時間表方面沒有任何變化。但每年都有不同的材料系統表。所以我們必須——每年，我們都會進行盡職調查和計算，以確保我們的產品符合或穩定。幸運的是，太陽能作為全球製造能源儲存也或多或少是一個全球製造商。因此，太陽能和儲能的關鍵材料供應商來自不同的國家。

So I believe that gives us the ability to navigate the -- navigate and to meet to comply with the material assistance requirement percentage for each year. Now you mentioned IRS guidance, well, people are happy speculate how much -- maybe the IRS guidance can help people a little bit. For example IRS published a table for the domestic companies in the past, which stopped guessing each component. The guidance specified percentage. So it makes the job easy and also. So we will see whether the IRS guidance for material assistance follow the same path or maybe for a different path. So for me, that's something we are waiting to see. If somehow we follow the same path, well, they stop then at least everybody were used to side but maybe you will follow a different path for material assistance.

因此我相信這使我們能夠導航並滿足每年的物質援助需求百分比。現在您提到了 IRS 指導，那麼，人們很高興猜測 IRS 指導可能在多大程度上可以幫助人們一點。例如IRS以前就出過一個針對國內公司的表格，不用再去猜測各個組成部分了。該指導規定了百分比。因此它也使工作變得簡單。因此，我們將看看美國國稅局對物質援助的指導是否遵循相同的路徑，或者可能遵循不同的路徑。所以對我來說，這是我們正在等待看到的事情。如果我們以某種方式遵循相同的道路，那麼，他們就會停下來，至少每個人都習慣於站在一邊，但也許你會走一條不同的道路來獲得物質援助。

So that's something we are waiting to see. However, the -- as I said, the OBBBA itself is already quite clear. for example, it defined the component like to be -- for example, over 60% of Chinese6 for energy storage, and I believe 55%, right, or 50% or solar. So that's pretty clear. Any company who have employed a few capable content can do their calculation. So yes, just with this language we can already calculate our percentage. But if IRS instead publish a table for everybody to use, that will also work. So I say we -- we already calculate, look at our product. We think our -- so far, at this moment, our percentage will be way over above the minimal requirement for the next few years. So that's why I think we are we have a good strategy to be OBBB compliant.

所以這是我們正在等待看到的事情。然而，正如我所說，OBBBA 本身已經非常明確。例如，它將組件定義為 - 例如，超過 60％ 的中國6 用於儲能，我相信 55％ 或 50％ 是太陽能。這很清楚。任何僱用過一些有能力的內容的公司都可以進行計算。是的，僅使用這種語言我們就可以計算出我們的百分比。但如果國稅局發布一個表格供大家使用，那也是可行的。所以我說我們——我們已經計算過了，看看我們的產品。我們認為，到目前為止，我們的百分比將遠遠超過未來幾年的最低要求。所以我認為我們有一個符合 OBBB 標準的良好策略。

Thanks, a bit of color on the materials, Shawn. Let me just like a quick 1 on the 45X to get that. Do you anticipate reducing CSI Solar's ownership in the US manufacturing? Just trying to understand like the strategy there and the time line on when to expect any changes in the structures of the US manufacturing business?

謝謝，材料上有點顏色，肖恩。讓我在 45X 上快速獲取它。您是否預計會減少 CSI Solar 在美國製造業的所有權？只是想了解那裡的策略以及美國製造業結構何時會改變的時間表？

Yes. This year, we don't have to -- our structure comply. Next year and the year after, we will -- many company will have to do something to make sure they always compliant with the OBBB Act. Canadian Solar do the same. As I said, we have a strategy, so we will be able to be -- will be -- I think we have a solid strategy to the OBBBA compliant every year.

是的。今年，我們不需要──我們的結構必須遵守。明年和後年，我們將——許多公司將不得不採取措施，確保他們始終遵守 OBBB 法案。阿特斯陽光電力公司也採取了同樣的做法。正如我所說，我們有一個策略，所以我們將能夠——將會——我認為我們每年都有一個符合 OBBBA 要求的堅實策略。

Yeah, thanks for the color. I'll take the software.

是的，謝謝你的顏色。我要拿走這個軟體。

Thank you.

謝謝。

Alan Lau with Jefferies.

傑富瑞 (Jefferies) 的艾倫劉 (Alan Lau)。

I would like to ask on -- there was a new in China, I think it was probably on Tuesday in the Ministry of Industry and even technology. So first of all, I would like to know if but Canadian Solar has participated in that meeting? And then secondly is, do you think the price hike in China would lead to a price hike in the rest of the world as well?

我想問一下——中國有一個新消息，我想可能是在周二工業和資訊化部甚至技術部發布的。首先，我想知道阿特斯陽光電力是否參加了該會議？第二，您認為中國的價格上漲是否也會導致世界其他地區的價格上漲？

Canadian Solar representative -- well, the Canadian Solar China factories have received invitation so we sent representative to the meeting. And the government in Beijing is trying to resolve the -- some of the -- like the supply-demand balance issues.

阿特斯陽光電力代表——嗯，阿特斯陽光電力中國工廠已收到邀請，因此我們派代表參加會議。北京政府正努力解決一些問題，例如供需平衡問題。

So I think it's a good approach. And this is -- also, I think this is what other countries has been expecting China to do. So I'm glad the Chinese government got the message and start to work with the industry to put a better balance of supply and demand.

所以我認為這是一個很好的方法。而且我認為這也是其他國家一直期待中國會做的事。因此，我很高興中國政府收到了這個訊息，並開始與業界合作，實現供需更好的平衡。

So I heard there was clear guidance on a higher module price after the meeting. So -- because in the results briefing, I remember we mentioned that we expect this manufacturing cost hike, I guess, it's the cost hike in polysilicon and wafer. But if module prices are higher, do you think that would actually improve your margins?

所以我聽說會議結束後對更高的模組價格給了明確的指導。所以——因為在業績發布會上，我記得我們提到過，我們預計製造成本會上漲，我想，是多晶矽和晶圓的成本上漲。但如果模組價格更高，您認為這實際上會提高您的利潤率嗎？

Well, I think Yan answered your question. Yan said, we have seen upstream material price increase. I'm not going to say hike, how much, we saw some increase, especially the polysilicon and wafer. And Yan said, we expect the module price to go up or maybe lack the movement of the materials. Yan, do you want to.

嗯，我認為 Yan 回答了你的問題。嚴先生表示，我們已經看到上游材料價格上漲。我不會說漲幅是多少，我們看到了一些成長，尤其是多晶矽和晶圓。嚴先生表示，我們預計模組價格將會上漲，或者可能缺乏材料的流動。燕，你想嗎。

So there's no top-down minimum pricing on module. However, there's an industry -- there's companies volunteered to actually put out some more discipline on pricing, some predefined price, but that's not a top down. And the execution will have price was not carried high efficiency. It's I have to say. So it's basically still mostly market-driven.

因此，模組沒有自上而下的最低定價。然而，有一個行業——有些公司自願在定價方面製定更多的紀律，一些預先確定的價格，但這並不是自上而下的。而執行的代價就是執行效率不高。這是我必須說的。所以它基本上仍然主要由市場驅動。

The up stream is actually price went up because it's easier upper stream because the lack of a number of players. So that's why I said module price likely to go up as well, but maybe not as much as the upper stream.

上游的價格實際上是上漲的，因為由於缺乏大量參與者，上游變得更容易。所以我說模組價格也可能會上漲，但可能不會像上游那麼高。

Sorry, you were breaking. We can't hear you.

抱歉，您打破了。我們聽不到你的聲音。

I You're breaking Donald.

我你正在破壞唐納德。

Trump you're breaking.

川普，你太失敗了。

Sorry you were breaking. We hear you.

抱歉，您打擾了。我們聽到了。

Seems to be some.

好像有的。

Yeah, now I know.

是的，現在我知道了。

Can you hear me?

你聽得到我嗎？

Yeah. now it is.

是的，現在是。

Yeah, So I would like to know your view on the US solar demand because President Trump yesterday has posted that kind of he would not approve any projects, et cetera. So how do you think like the demand in US and how much projects might be affected with the federal land approval requirement?

是的，所以我想知道您對美國太陽能需求的看法，因為川普總統昨天表示他不會批准任何項目等等。那麼您如何看待美國的需求以及聯邦土地審批要求會對多大程度的計畫產生影響？

I don't know. Well, we're not a market survey company. So, you are asking the wrong person and I don't want to comment on White House speech also. I don't want to comment.

我不知道。嗯，我們不是一家市場調查公司。所以，你問錯人了，我也不想對白宮的演講發表評論。我不想評論。

Thank you. Yes, sir.

謝謝。是的，先生。

Thanks a lot.

多謝。

Vikram Bagri with Citi.

花旗銀行的 Vikram Bagri。

Hi, good morning, everyone, and I apologize in advance for asking another question on FEOC, but the press release mentioned that there has been some pushouts and I saw that the storage backlog declined marginally also in second quarter. I didn't see a pipeline number in the presentation I was wondering if you saw any cancellations in the quarter?

大家早安，我提前為在 FEOC 上提出另一個問題而道歉，但新聞稿中提到已經出現了一些延期，而且我發現第二季度的存儲積壓也略有下降。我在簡報中沒有看到管道編號，我想知道您是否在本季看到任何取消？

And if there is a common theme that explains the pushouts, cancellations in the quarter, is FEOC playing a role? Are customers asking for confirmation of compliance in a contract before signing a contract? And that's sort of like creating an uncertainty or slowdown in backlog bookings? If you can just explain the pushouts and cancellations and if it's somehow related to FEOC.

如果有一個共同的主題可以解釋本季的延遲和取消，那麼 FEOC 是否發揮了作用？客戶在簽訂合約之前是否要求確認合約合規性？這是否會造成不確定性或導致積壓訂單放緩？如果您可以解釋一下延遲和取消的原因，以及這是否與 FEOC 有某種關聯。

The new FEOC requirement also take effect next year. So this year's project is a project, which reached COD this year, and there's no new FEOC requirement. So -- however, I mean, we mentioned that there are some projects pushed to second half due to tariff issues. So tariff is different from foc. I also want to clarify now our pipeline didn't go down. We delivered 2.3 gigawatt hour, but we add new pipeline. Our new energy storage pipeline, in terms of dollar value actually went up a little bit. You can find that in our press release.

新的 FEOC 要求也將於明年生效。因此，今年的項目是今年達到 COD 的項目，並且沒有新的 FEOC 要求。所以——但是，我的意思是，我們提到由於關稅問題，一些項目被推遲到下半年。因此關稅與焦點不同。我現在還想澄清一下，我們的管道沒有中斷。我們交付了 2.3 千兆瓦時，但我們增加了新的管道。我們的新能源儲存管道，以美元價值計算，實際上有所上漲。您可以在我們的新聞稿中找到它。

So actually, we do have some major deals that is at the very last stage of negotiation. So there's some big numbers there.

實際上，我們確實有一些重大交易正處於談判的最後階段。這裡面有一些很大的數字。

Got it. And as a follow-up, you mentioned that the storage margins without the benefit of falling lithium carbonate pricing have been normalizing. Historically, you've mentioned 20% margins and later on, 15% to 17% margins. Is the second half lower than 15%, any indication on current margins or margin on backlog would be helpful?

知道了。另外，您提到，在沒有碳酸鋰價格下跌的情況下，儲存利潤率已經趨於正常化。從歷史上看，您提到過 20% 的利潤率，後來又提到了 15% 到 17% 的利潤率。下半年是否會低於 15%？有關當前利潤率或積壓訂單利潤率的任何跡像是否有幫助？

We are working on 20% as a target.

我們正努力將目標定為 20%。

Got it. Thank you.

知道了。謝謝。

Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back over to management for any closing comments.

謝謝。我們的問答環節已經結束。現在我想將發言權交還給管理階層，請他們發表最後評論。

Thank you for joining us today and for your continued support. If you have any questions, or would like to set up a call, please contact our Investor Relations team. Take care, and have a great day.

感謝您今天的加入我們並感謝您一直以來的支持。如果您有任何疑問或想要撥打電話，請聯絡我們的投資者關係團隊。保重，祝您有美好的一天。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受剩餘的一天。