Canadian Solar Inc (CSIQ) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Canadian Solar's third quarter 2025 earnings conference call. My name is Chuck, 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，感謝你們的耐心等待。歡迎參加加拿大太陽能公司2025年第三季財報電話會議。我叫查克，今天由我來為您接聽電話。（操作員說明）提醒各位，本次會議將進行錄音，以便重播。

I would now like to turn the conference over to Wina Huang, Head of Investor Relations at Canadian Solar.

現在我將把會議交給加拿大太陽能公司投資者關係主管黃薇娜女士。

Thank you, operator, and welcome, everyone, to Canadian Solar's third quarter 2025 conference call. Please note that today's conference call is accompanying slides, which are available on Canadian Solar's Investor Relations website within the Events and Presentations section. 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.

謝謝接線員，歡迎各位參加加拿大太陽能公司 2025 年第三季電話會議。請注意，今天的電話會議附帶幻燈片，可在加拿大太陽能公司投資者關係網站的「活動和簡報」部分查看。今天與我們一同出席的有：董事長兼執行長曲紹博士；加拿大太陽能子公司CSI Solar總裁莊岩；加拿大太陽能子公司Recurrent Energy公司副總裁兼總裁伊斯梅爾·格雷羅；以及高級副總裁兼財務長朱新波。

All company executives will participate in the Q&A session after management's formal remarks. On this call, Shawn will go over some key messages for the quarter. Yan and Ismael will review business highlights for CSI Solar and Recurrent Energy, respectively, and 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.

在管理階層正式致詞後，所有公司主管將參加問答環節。在本次電話會議上，肖恩將介紹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，Xinbo 將介紹財務表現。肖恩將以對業務前景的展望結束他的發言，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 will contain forward-looking statements that are subject to risks and uncertainties. The company claims protection under the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒各位聽眾，管理階層今天準備好的發言以及他們對問題的回答將包含前瞻性陳述，這些陳述存在風險和不確定性。該公司聲稱其前瞻性聲明受到 1995 年《私人證券訴訟改革法案》中「安全港」條款的保護。

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. 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.

實際結果可能與管理層目前的預期有所不同。公司對未來業績的任何預測均代表管理層截至今日的估計。除非適用法律另有規定，否則加拿大太陽能公司不承擔在未來更新這些預測的義務。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 表格年度報告。

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. 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.

管理層準備的發言將符合美國證券交易委員會G條例關於公認會計原則（GAAP）的要求。本次電話會議中提供的部分財務資訊將同時以GAAP和非GAAP兩種方式呈現。透過披露某些非GAAP信息，管理層旨在為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。

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.

管理階層使用非GAAP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資訊視為依照GAAP編製的資料的替代品。

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

現在，我想把電話交給加拿大太陽能公司董事長兼執行長瞿曉明博士。肖恩，請繼續。

Thank you, Wina, and thank you for all for joining our third quarter earnings call. Please turn to slide 3. In the third quarter, we delivered 5.1 gigawatts of solar modules, in line with our guidance range. In our energy storage business, we achieved a record quarterly shipment of 2.7 gigawatt hours. Total revenue reached USD1.5 billion, landing at the high end of expectations.

謝謝Wina，也謝謝各位參加我們第三季財報電話會議。請翻到第3張投影片。第三季度，我們交付了 5.1 吉瓦的太陽能組件，符合我們的預期範圍。在儲能業務方面，我們實現了創紀錄的季度出貨量，達到 2.7 吉瓦時。總收入達15億美元，超出預期。

Gross margin was 17.2%, exceeding guidance, primarily due to strong contribution from energy storage shipments. We also achieved a higher share of module deliveries to the profitable North American market. Our solar module factory in Mesquite, Texas, which has now successfully ramped up, contributed meaningfully to both shipment volume and margin.

毛利率為 17.2%，超出預期，主要得益於儲能產品出貨量的強勁貢獻。我們也提高了對利潤豐厚的北美市場的模組交付份額。我們在德州梅斯基特的太陽能模組工廠目前已成功投產，為出貨量和利潤率都做出了重要貢獻。

Absent non-recurring expenses for the previous quarter, operating expenses normalized, and we reported net income attributable to shareholders of $9 million or a net loss of $0.07 per diluted share due to the impact of paid in-kind of a preferred shareholder of Recurrent. Now please turn to slide 4. Solar industry is at an inflection point.

剔除上一季的非經常性支出，營運支出正常化後，我們報告歸屬於股東的淨利為 900 萬美元，或每股攤薄虧損 0.07 美元，這是由於向 Recurrent 的優先股股東支付實體款項所致。現在請翻到第4張投影片。太陽能產業正處於轉捩點。

Anti-involution policies in China are gradually taking effect and market conditions have stabilized following the most challenging phase of the solar downturn. A complex macro environment presents both challenges and opportunities. This year, during the anniversary celebration of Canadian Solar's 24th birthday, I reflected on how we have grown with technology innovation, business model evolution and global diversification.

中國的反內捲政策正在逐步生效，在經歷了太陽能產業低迷期最具挑戰性的階段後，市場狀況已經趨於穩定。複雜的宏觀環境既帶來挑戰，也帶來機會。今年，在加拿大太陽能公司成立 24 週年慶典之際，我回顧了我們是如何透過技術創新、商業模式演變和全球多元化發展壯大的。

Today's shifting geopolitical landscape allows us to once again differentiate ourselves through a resilient combination of strategy and execution. Most notably, we are making strong progress in our US manufacturing investments. Phase 1 of our solar cell factory in Indiana is expected to begin production in the first quarter of 2026, while Phase 1 of our lithium battery energy storage factory in Kentucky is on track to start production 2026 year-end.

當今不斷變化的地緣政治格局使我們能夠再次透過策略與執行的靈活結合來脫穎而出。尤其值得一提的是，我們在美國的製造業投資方面取得了顯著進展。我們在印第安納州的太陽能電池工廠第一期工程預計將於 2026 年第一季開始投產，而我們在肯塔基州的鋰電池儲能工廠第一期工程預計將於 2026 年底開始投產。

These factories will strengthen our US supply chain, support domestic energy security and reinforce our long-term commitment to the American market. At the same time, we are planning adjustments to our US business to comply with the One Big Beautiful Bill Act. We are progressing smoothly and remain confident we will be able to successfully position ourselves to continue servicing our US customers.

這些工廠將加強我們的美國供應鏈，支持國內能源安全，並鞏固我們對美國市場的長期承諾。同時，我們正在計劃調整我們在美國的業務，以遵守《一項偉大的美麗法案》。我們進展順利，並有信心能夠成功定位自身，並繼續為我們的美國客戶提供服務。

The rise of AI-driven data center is fueling unprecedented global electricity demand. As I have emphasized in my public speeches over the past two-years, the most flexible and cost-effective solution for powering data centers is solar-plus-storage. In contrast, traditional energy sources such as natural gas and nuclear power require long construction cycles and have limited scalability.

人工智慧驅動的資料中心的興起，正在推動全球電力需求空前高漲。正如我在過去兩年的公開演講中所強調的那樣，為資料中心供電最靈活、最具成本效益的解決方案是太陽能+儲能。相較之下，天然氣和核能等傳統能源需要較長的建設週期，且可擴展性有限。

We are now working closely with multiple data center customers to develop deeply integrated solutions. This requires advanced system engineering where our technical expertise provides a strong competitive advantage. I'm also pleased to share the significant progress we have made in our emerging business segments.

我們目前正與多家資料中心客戶緊密合作，開發深度整合的解決方案。這需要先進的系統工程技術，而我們的技術專長可以提供強大的競爭優勢。我也很高興與大家分享我們在新興業務領域的重大進展。

Residential energy storage is on track to become profitable in 2025. We have seen strong growth for our residential energy storage product in Japan, Italy and the US, and we are expanding into new markets like Germany and Australia. This marks a major milestone for our energy storage strategy and demonstrates how we are successfully broadening our revenue base beyond utility scale applications.

住宅儲能可望在 2025 年實現盈利。我們的住宅儲能產品在日本、義大利和美國市場實現了強勁成長，我們正在向德國和澳洲等新市場擴張。這標誌著我們儲能策略的一個重要里程碑，也表明我們正在成功地將收入來源擴展到公用事業規模應用之外。

Recurrent, our solar and energy storage project developer and operator will continue to balance the growth of our operational project fleet to generate recurring cash flow and selective sales of project asset ownership to manage near-term cash flow. Given the current market conditions, I have asked our team to keep the balance a little bit more towards sales of project assets in order to accelerate cash recycling and reduce debt.

作為一家太陽能和儲能專案開發商和營運商，我們將繼續平衡營運專案群的成長，以產生經常性現金流，並透過選擇性出售專案資產所有權來管理近期現金流。鑑於目前的市場狀況，我已經要求我們的團隊將資金重心更多地放在專案資產的出售上，以加快現金循環並減少債務。

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

接下來，我將把電話交給顏先生，他將詳細介紹我們的CSI太陽能業務。Yan，請繼續。

Thank you, Shawn. Please turn to slide 5. In the third quarter of 2025, module shipments totaled 5.1 gigawatts, in line with expectations. Earlier deliveries to two energy storage projects shifted volumes from the fourth quarter into the third. This led to our largest quarter to date with 2.7 gigawatt hours of storage shipments.

謝謝你，肖恩。請翻到第5張投影片。2025年第三季度，組件出貨量總計5.1吉瓦，符合預期。先前向兩個儲能項目交付的物料，將原本應在第四季度交付的物料轉移到了第三季。這使得我們實現了迄今為止最大的季度，儲能產品出貨量達到 2.7 吉瓦時。

Revenue was $1.4 billion and gross margin decreased by 730 basis points to 15%. The sequential decline was driven by margin change in both the solar and storage businesses. In solar, incremental upstream price increases and the underutilization raised unit costs. While module pricing in most global markets remained low in storage, second half margins reflect contracts signed at more normalized levels and the volatile tariff environment drove incremental cost increases.

營收為 14 億美元，毛利率下降 730 個基點至 15%。環比下滑是由太陽能和儲能業務的利潤率變化所致。在太陽能領域，上游價格的逐步上漲和利用率不足導致單位成本上升。雖然全球大多數市場的儲能模組價格仍然很低，但下半年的利潤率反映出合約是在更正常的水平上簽訂的，而波動的關稅環境也導致了成本的逐步增加。

Without last quarter's impairments and benefiting from internal cost controls, operating expenses decreased sequentially from 15.3% of revenue to 12.3% and we delivered $39 million of operating income. Please turn to slide 6 for an update on our e-STORAGE business. In the third quarter, we recognized revenue on 2.7 gigawatt hours of storage solutions.

剔除上一季的減損損失，並受益於內部成本控制，營運費用佔收入的比例從 15.3% 環比下降至 12.3%，我們實現了 3,900 萬美元的營運收入。請翻到第 6 頁，了解我們電子儲存業務的最新進展。第三季度，我們確認了 2.7 吉瓦時儲能解決方案的收入。

Our deliveries reached countries across North America, Europe, the Asia Pacific and Latin America. As of October 31, our contracted backlog, including long-term service agreements, increased to $3.1 billion, supported by newly signed projects in North America and Europe. We continue to build momentum in our established markets while entering new ones.

我們的產品已銷往北美、歐洲、亞太和拉丁美洲的各國。截至 10 月 31 日，我們的合約積壓訂單（包括長期服務協議）增加到 31 億美元，這得益於北美和歐洲新簽署的項目。我們在現有市場持續發展壯大的同時，也開拓新市場。

In Canada, we signed supply and 20-year long-term service agreements with Aypa Power for the Elora and Hedley projects. Together, they totaled more than 2.1-gigawatt hours and among the largest energy storage facilities under development in Ontario. Also in Ontario, we contracted to deliver a fully integrated energy storage solution and turnkey EPC services for the 1.6-gigawatt hour Skyview 2 energy storage projects.

在加拿大，我們與 Aypa Power 簽署了 Elora 和 Hedley 項目的供貨和 20 年長期服務協議。它們的總容量超過 2.1 吉瓦時，是安大略省正在開發的最大儲能設施之一。同樣在安大略省，我們承接了為 1.6 吉瓦時的 Skyview 2 儲能專案提供完全整合的儲能解決方案和交鑰匙 EPC 服務。

This marks our largest SolBank delivery to date. Once completed, Skyview 2 will be one of the largest battery storage facilities in nation. As a proud Canadian company, we're honored to help drive our country's clean energy transition. Across the Atlantic, we just signed a BESS supply agreement and 20-year long-term service agreement in Germany with Kyon Energy, a leading storage developer.

這是我們迄今為止交付的最大一批SolBank產品。Skyview 2建成後將成為全國最大的電池儲能設施之一。作為一家引以為傲的加拿大公司，我們很榮幸能夠協助推動我國的清潔能源轉型。在大西洋彼岸，我們剛與德國領先的儲能開發商 Kyon Energy 簽署了一份 BESS 供應協議和一份為期 20 年的長期服務協議。

As demand expands across both our existing and newly entered markets, we expect to continue scaling our backlog and diversifying its global footprint. In addition to our established utility-scale storage solutions, we continue to expand our offerings and strengthen our capability in both C&I and residential storage. Notably, the residential storage segment is gaining momentum, have turned profitable this year.

隨著現有市場和新進入市場的需求不斷增長，我們預計將繼續擴大訂單儲備並實現全球業務多元化。除了我們已建立的公用事業規模儲能解決方案外，我們還將繼續擴大我們的產品和服務範圍，並加強我們在工商業和住宅儲能方面的能力。值得注意的是，住宅儲存領域發展勢頭強勁，今年已實現獲利。

Building on the strong growth we have already achieved in Japan, Italy and UK, we will be launching our new 3-phase solution to drive further expansion in markets such as Germany. We also plan to enter Australia in the first half of next year. In the US, we have successfully introduced the second generation of our residential energy storage solution, which better caters to the needs of the market and is demonstrating strong initial performance.

憑藉我們在日本、義大利和英國已經取得的強勁成長，我們將推出新的三階段解決方案，以推動在德國等市場的進一步擴張。我們也計劃在明年上半年進入澳洲市場。在美國，我們已成功推出第二代住宅儲能解決方案，該方案更能滿足了市場需求，並展現出強勁的初期性能。

In the C&I storage segment, where we see promising market growth potential, we continue to refine and diversify our portfolio to better serve emerging opportunities. Though smaller in scale, these segments have proven to be profitable and we expect them to contribute more meaningfully next year.

在工商業儲存領域，我們看到了良好的市場成長潛力，我們將繼續完善和多元化我們的產品組合，以更好地掌握新興機會。雖然規模較小，但這些業務板塊已經證明是盈利的，我們預計它們明年將做出更有意義的貢獻。

With that, I will 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.

接下來，我將把電話交給伊斯梅爾，他將介紹加拿大太陽能公司旗下全球專案開發業務 Recurrent Energy 的最新情況。伊斯梅爾，請繼續。

Thank you, Yan. Please turn to slide 7. In the third quarter, we generated $102 million in revenue. We monetized over 500 megawatts of projects, including two high-margin sales, the battery storage project in Italy and a hybrid project in Australia. Gross margin was 46.1%, a sequential increase of 137 basis points, primarily driven by the contribution of more profitable project sales.

謝謝你，嚴。請翻到第7頁投影片。第三季度，我們創造了1.02億美元的收入。我們實現了超過 500 兆瓦項目的貨幣化，其中包括兩項高利潤銷售，分別是義大利的電池儲能項目和澳洲的混合動力項目。毛利率為 46.1%，季增 137 個基點，主要得益於利潤更高的項目銷售的貢獻。

During the quarter, we closed $825 million in construction financing and tax equity for the 600-megawatt hours Desert Bloom Storage and 150-megawatt Papago Solar projects, both parts of our multi-project partnership with Arizona Public Service. These assets are under construction and are expected to begin operations in the first half of 2026.

本季度，我們完成了 8.25 億美元的建設融資和稅收權益，用於 600 兆瓦時的 Desert Bloom Storage 項目和 150 兆瓦的 Papago Solar 項目，這兩個項目都是我們與 Arizona Public Service 合作的多項目項目的一部分。這些資產正在建設中，預計將於 2026 年上半年開始營運。

In the US, in addition to what we have in construction, we have already safe harbored 1.5-gigawatt peak of solar and 2.5 gigawatt hours of battery storage projects. By the summer of next year, we expect to have safe harbored at least 3-gigawatt peak of solar and 7 gigawatt hours of battery storage projects, giving us significant visibility over our execution pipeline for the next four-years.

在美國，除了我們正在建造的項目外，我們已經安全避難了 1.5 吉瓦峰值的太陽能項目和 2.5 吉瓦時的電池儲能項目。到明年夏天，我們預計將安全建成至少 3 吉瓦峰值的太陽能項目和 7 吉瓦時的電池儲能項目，這將使我們對未來四年的執行計劃有更清晰的了解。

Until our IPP business scales further, near-term profitability will continue to depend primarily on global project sales. As maintaining financial discipline remains our top priority, we will balance the growth of our operating portfolio and project assets with selective project ownership sales to prudently manage cash flow and debt levels.

在我們的獨立發電業務進一步擴大規模之前，近期獲利能力仍將主要取決於全球專案銷售。保持財務紀律仍然是我們的首要任務，我們將平衡營運組合和專案資產的成長與有選擇的專案所有權出售，以審慎地管理現金流和債務水準。

Looking ahead to 2026, we expect to increase the level of project ownership sales to enhance cash recycling and reduce leverage. Now for an update on our pipeline, please turn to slide 8. As of September 30, we have interconnection rights for approximately 8 gigawatts of solar and 15 gigawatt hours of storage globally, excluding operating projects.

展望 2026 年，我們預計將提高專案所有權銷售水平，以增強現金循環並降低槓桿率。現在，請翻到第 8 頁，了解我們管道的最新進展。截至 9 月 30 日，我們在全球擁有約 8 吉瓦太陽能和 15 吉瓦時儲能的併網權，還不包括營運項目。

Our total development pipeline now includes 25 gigawatts of solar and 81 gigawatt hours of storage capacity. The reduction in solar pipeline reflects a natural rebalancing. Some projects progress into more advanced stages, while others were removed. At our current scale, our focus is increasingly on executing our high-quality pipeline rather than expanding it.

我們目前的開發案總規模包括 25 吉瓦的太陽能發電和 81 吉瓦時的儲能容量。太陽能專案儲備的減少反映了一種自然的再平衡。有些項目進入了更高級的階段，而另一些項目則被移除。以我們目前的規模，我們的重點越來越放在執行我們高品質的產品線上，而不是擴大產品線。

For example, in the UK, we recently received government approval for our Tillbridge Solar and battery storage projects in Lincolnshire, UK. This project is planned to be an 800-megawatt PV plus 1,000 megawatt hour BESS project, making it the largest co-located project in the UK to date. We are proud that Tillbridge will connect to the grid through a substation that was previously used by a decommissioned coal plant.

例如，在英國，我們最近獲得了政府對我們在英國林肯郡的 Tillbridge 太陽能和電池儲能計畫的批准。該項目計劃建造一個800兆瓦光伏發電加1000兆瓦時電池儲能係統的項目，使其成為迄今為止英國最大的並置項目。我們很自豪，Tillbridge 將透過一個以前由一座已退役的燃煤電廠使用的變電站接入電網。

Continuing to support the UK's decarbonization goals while providing reliable and sustainable energy to the communities it will serve. Over time, energy storage continues to emerge as a key growth driver. Not only are battery energy storage systems becoming increasingly cost effective, but they are also profoundly reshaping energy markets from grid stabilization and peak shaving to enabling renewables to integrate at scale.

在繼續支持英國脫碳目標的同時，為所服務的社區提供可靠且永續的能源。隨著時間的推移，儲能技術將繼續成為關鍵的成長驅動力。電池儲能係統不僅成本效益越來越高，而且還在深刻地重塑能源市場，從電網穩定和削峰填谷到使再生能源能夠大規模併網。

Notably, data centers are now placing ever greater demands on power infrastructure, requiring round-the-clock reliability and often clean energy integration. In response, the opportunity set for longer duration, higher specification BESS is expanding rapidly. We have started to deep our toes into the data centers business through regional JVs with data center experts, mainly in Spain and the US.

值得注意的是，資料中心現在對電力基礎設施提出了越來越高的要求，需要全天候的可靠性，並且通常需要整合清潔能源。因此，更長使用壽命、更高規格的儲能係統（BESS）的市場需求正在迅速擴大。我們已開始透過與資料中心專家（主要在西班牙和美國）成立區域合資企業，逐步涉足資料中心業務。

We see significant synergies with our core expertise as land acquisitions, interconnection processes, permitting and community engagement are four of our core competencies that are crucial to the successful and timely deployment of data centers. Furthermore, powering data centers with clean and reliable electrons is one of the key bottlenecks to data center development, where we have significant expertise to bring to the table.

我們看到，這與我們的核心專長存在著顯著的協同效應，因為土地收購、互聯互通流程、許可審批和社區參與是我們的四個核心競爭力，對於資料中心的成功和及時部署至關重要。此外，為資料中心提供清潔可靠的電力是資料中心發展的關鍵瓶頸之一，而我們在這一領域擁有豐富的專業知識。

In Spain, we already have 112 megawatts of projects with interconnections and land secured in Barcelona, Bilbao and Madrid, plus an additional 40 megawatts with interconnections in Madrid waiting to secure land. Finally, our Operations and Management or O&M business also continues to grow healthily. This quarter, we earned two internationally recognized certifications from TUV Rheinland, ISO 9001:2015 and ISO 45001:2018.

在西班牙，我們已經在巴塞隆納、畢爾巴鄂和馬德里擁有 112 兆瓦的併網項目和已落實土地，此外，馬德里還有 40 兆瓦的併網項目正在等待落實土地。最後，我們的營運和管理（O&M）業務也持續保持健康成長。本季度，我們獲得了德國萊茵TÜV頒發的兩項國際認可的認證：ISO 9001:2015 和 ISO 45001:2018。

These certifications affirm that our power services meet globally recognized standards for quality and workplace safety. Today, Recurrent has over 14 gigawatts of solar and storage projects under O&M contracts across 11 countries.

這些認證證實，我們的電力服務符合全球公認的品質和工作場所安全標準。目前，Recurrent 在 11 個國家擁有超過 14 吉瓦的太陽能和儲能項目，並簽訂了維運合約。

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辛博，讓他來審核我們的財務表現。欣博，請繼續。

Thank you, Ismael. Please turn to slide 9. In the third quarter, we delivered 5.1 gigawatts of solar modules and 2.7 gigawatt hours of energy storage systems. With contributions from accelerated storage shipments, total revenue reached $1.5 billion. Gross margin was 17.2%. The sequential decline primarily reflected the absence of one-time benefits recorded in the second quarter, and the normalizing margins in both solar and storage manufacturing businesses.

謝謝你，伊斯梅爾。請翻到第9頁投影片。第三季度，我們交付了 5.1 吉瓦的太陽能組件和 2.7 吉瓦時的儲能係統。得益於倉儲運輸量的加快，總收入達到 15 億美元。毛利率為17.2%。環比下降主要反映了第二季一次性收益的取消，以及太陽能和儲能製造業務利潤率的正常化。

Operating expenses decreased sequentially to $222 million, reflecting lower shipping costs from reduced module volumes and ongoing internal cost reductions. Net interest expense declined to $29 million, driven by higher interest income. We recorded a net foreign exchange loss of $17 million, primarily driven by the appreciation of Chinese yuan.

營運費用環比下降至 2.22 億美元，反映出模組數量減少導致運輸成本降低以及持續的內部成本削減。淨利息支出下降至2,900萬美元，主要得益於利息收入增加。我們錄得1700萬美元的外匯淨虧損，主因是人民幣升值。

Net income attributable to shareholders was $9 million or a net loss of $0.07 per diluted share. This result included a positive $35 million HLBV impact equivalent to $0.51 per share from tax equity arrangements tied to certain US projects. The $0.20 per diluted share preferred dividend impact brought the total diluted loss per share to shareholders to $0.07. Please turn to slide 10 for cash flow and the balance sheet.

歸屬於股東的淨利潤為 900 萬美元，即每股攤薄虧損 0.07 美元。這一結果包括與某些美國項目相關的稅收權益安排的 3500 萬美元 HLBV 正向影響，相當於每股 0.51 美元。每股攤薄後0.20美元的優先股股利使股東每股攤薄虧損總額達0.07美元。請翻到第10頁查看現金流量表和資產負債表。

Net cash used in operating activities was $112 million compared with an inflow of $189 million in the second quarter. The difference was primarily driven by change in working capital, notably a decrease in inventories during the prior quarter. Total assets grew to $15.2 billion, with project assets rising to $1.9 billion. Solar power and battery energy storage systems remained steady at $2 billion as we paced the construction activity to manage leverage at the group level.

經營活動淨現金流出為 1.12 億美元，而第二季則為現金流入 1.89 億美元。這一差異主要由營運資本的變化引起，特別是上一季庫存的減少。總資產成長至 152 億美元，其中項目資產成長至 19 億美元。太陽能和電池儲能係統投資額穩定在 20 億美元，我們透過控制集團層面的槓桿率來管理建設活動。

Capital expenditures totaled $265 million, primarily related to US manufacturing investments and the existing capacity expansions. This implies a larger CapEx outlay in the fourth quarter and we expect to end the year slightly below our full year guidance of $1.2 billion. Looking ahead to 2026, we continue to refine CapEx plans amid an uncertain policy environment, but currently expect spending to remain at levels similar to this year.

資本支出總額為 2.65 億美元，主要用於美國製造業投資及現有產能擴張。這意味著第四季資本支出將增加，我們預計全年資本支出將略低於我們先前設定的 12 億美元全年目標。展望 2026 年，在政策環境不確定的情況下，我們將繼續完善資本支出計劃，但目前預計支出將與今年保持類似的水平。

Most investments will continue to target the US market. Total debt increased incrementally to $6.4 billion, mainly due to new borrowings tied to project development assets. We closed the quarter with a cash position of $2.2 billion.

大多數投資仍將瞄準美國市場。總債務逐步增加至 64 億美元，主要原因是與專案開發資產相關的新增借款。本季末，我們的現金儲備為22億美元。

Now let me turn the call back to Shawn, who will conclude with our guidance and 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 11. For the fourth quarter of 2025, we expect module shipments to be in the range of 4.6 to 4.8 gigawatts as we continue to maintain disciplined volume management. For our energy storage business, we expect shipments between 2.1 to 2.3 gigawatt hours, which includes approximately 600 megawatt hours delivered to our own projects.

謝謝你，新博。請翻到第11頁。我們預計，在 2025 年第四季度，組件出貨量將在 4.6 至 4.8 吉瓦之間，我們將繼續保持嚴格的產量管理。對於我們的儲能業務，我們預計出貨量在 2.1 至 2.3 吉瓦時之間，其中包括向我們自己的專案交付約 600 兆瓦時。

This guidance reflects the shift of certain volumes from the fourth quarter into the third. With Recurrent delivering its largest quarter of product sales this year, we project fourth quarter revenue to range between $1.3 billion to $1.5 billion. We expect gross margin to be between 14% to 16%. For the full year of 2026, we project total module shipments of 25 to 30 gigawatts, including approximately 1 gigawatt to our own projects.

該指引反映了部分銷售量從第四季轉移到第三季的情況。由於 Recurrent 今年實現了最大的季度產品銷售額，我們預計第四季度營收將在 13 億美元至 15 億美元之間。我們預計毛利率將在 14% 至 16% 之間。預計 2026 年全年組件總出貨量將達到 25 至 30 吉瓦，其中約 1 吉瓦將用於我們自己的專案。

Energy storage shipments are expected to range between 14 to 17 gigawatt hours. We will continue to focus on profitable solar market and drive growth in our storage business. While we will continue to develop solar and energy storage projects, financial prudence remains our top priority. Accordingly, Recurrent Energy will increase project ownership sales in 2026 to recycle more capital and manage the overall debt level.

預計儲能設備出貨量將在 14 至 17 吉瓦時之間。我們將繼續專注於獲利的太陽能市場，並推動儲能業務的成長。雖然我們將繼續開發太陽能和儲能項目，但財務審慎仍然是我們的首要任務。因此，Recurrent Energy 將在 2026 年增加專案所有權銷售，以回收更多資金並管理整體債務水準。

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

接下來，我想請各位提問。操作員？

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作說明）Colin Rusch，奧本海默。

Congratulations on all the progress. On the project sales, can you talk a little bit about the strategy of timing and leverage that you guys are going to deploy in these sales? You obviously have a great land position, nice interconnection queues and certainly potentially can leverage some of those positions into data center deals.

祝賀你們取得的所有進展。關於專案銷售，您能否談談您將在這些銷售中採用的時機把握和策略？你們顯然擁有優越的土地位置、良好的互聯線路，並且肯定可以利用這些優勢達成資料中心交易。

And also you potentially can monetize these things earlier in the process and generate a little bit better returns in select areas. So I just want to get a better sense of where you're coming out in terms of timing and kind of relationships that are going to come out of some of these sales.

此外，你還可以更早地將這些資源變現，並在某些特定領域獲得更好的回報。所以我想更了解一下，就時間安排以及這些銷售將帶來哪些關係而言，你們的預期是什麼。

Yes. Colin, we are still working on the 2026 AOP. So I don't have the quarter-by-quarter Recurrent project sales number in my hand right now. We target to get that down by February. So when we talk in March, in the March earnings call, we'll give you more detail. However, we have enough COD operational project to sell. So we don't have to sell project early.

是的。Colin，我們仍在製定 2026 年年度營運計劃 (AOP)。所以我現在手邊沒有按季度統計的經常性項目銷售數據。我們的目標是在二月之前把這個數字降下來。所以，當我們在三月的財報電話會議上談到這個問題時，我們會提供更多細節。但是，我們有足夠的COD營運項目可以出售。所以我們不必提前出售項目。

When I say project early -- sell project early, I assume you mean sometimes sell at NTP or even before NTP. But before NTP, you don't get the value, right? You leave too much money on the table. So if we can sell after COD, we can not only get the value of the project development, but also the project financing because Canadian Solar, especially Recurrent, is also an expert in the tax equity financing deal in the US market and there's a value there. So we do have enough project.

我說儘早推出項目——儘早出售項目，我猜你的意思是有時在 NTP 時出售，甚至在 NTP 之前出售。但在 NTP 出現之前，你是無法取得這個價值的，對吧？你白白浪費了太多錢。因此，如果我們能在商業營運完成後出售，我們不僅可以獲得專案開發的價值，還可以獲得專案融資，因為加拿大太陽能公司，特別是 Recurrent 公司，也是美國市場稅收股權融資交易的專家，這其中蘊含著價值。所以我們確實有足夠的項目。

We have a budget like roughly how many projects we will -- how many megawatts of project ownership we will sell each year. But for next year, I guess, we have enough COD project to sell. And that's for US, but we also sell projects in other markets, for example, in LatAm and also in Australia. Now Ismael, you have anything to add?

我們有預算，大致可以估算出我們將進行多少個專案——每年我們將出售多少兆瓦的專案所有權。但就明年而言，我想我們應該有足夠的《決勝時刻》項目可以出售。這是針對美國的，但我們也向其他市場銷售項目，例如拉丁美洲和澳洲。伊斯梅爾，你還有什麼要補充的嗎？

Just say, it's great, Shawn. Thank you, Colin. Nice to talk to you. Colin, we have a very strong pipeline and very mature. So we are seeing good opportunities to sell with good margins, and we are likely going to take them. That's the overall underlying reasons.

你就說，太好了，肖恩。謝謝你，科林。很高興和你聊天。科林，我們的產品線非常強大，而且非常成熟。因此，我們看到了一些利潤豐厚的銷售機會，我們很可能會抓住這些機會。這就是根本原因。

Okay. Perfect, guys. And then thinking about the battery manufacturing and the supply chain, can you talk a little bit about the maturity of your relationships with suppliers to deliver input materials into the US. Obviously, 70% of the supply chain is in China and the vast majority is still in Asia. And so shifting things into North America is a pretty substantial effort.

好的。太棒了，夥計們。那麼，考慮到電池製造和供應鏈，您能否談談您與供應商建立的、向美國供應原材料的關係的成熟度？顯然，70%的供應鏈在中國，絕大多數仍在亞洲。因此，將業務轉移到北美是一項相當大的工程。

I just want to get a sense of how easily that's coming along for you guys? And any sort of risk that we should be thinking about as you start to ramp up that capacity?

我只是想了解你們那邊進展得是否順利？在逐步提高產能的過程中，我們應該考慮哪些風險？

Actually, there are a lot of supply chain also supplier outside China these days. So we have good selection, good choice for both solar and for energy storage. So we will -- as you know, the OBBBA have some requirement of the material -- non-material assistance level for both storage and for solar. And there's also the domestic content booster, right, 10% booster for both the energy storage and solar.

事實上，如今許多供應鏈供應商也來自中國境外。所以我們有很多不錯的選擇，無論是太陽能還是儲能產品都是很好的選擇。所以，正如您所知，OBBBA 對儲能和太陽能的物質和非物質援助水平有一些要求。此外，還有國產化率提升政策，對吧？儲能和太陽能產品均可獲得 10% 的提升。

And we have calculated that. So just by those percentage requirement, we think we will be able to meet those requirements in 2026, no problem. I think 2027, the number will go up 5% also. I think it's roughly 5% each year and we should be able to manage that stack. So we'll be able to meet the OBBBA requirement. And also if we do -- if we make both cell and module in US, we will be able to meet the domestic content rule as well.

我們已經計算過了。所以僅從這些百分比要求來看，我們認為我們能夠在 2026 年滿足這些要求，沒有問題。我認為到2027年，這個數字還會增加5%。我認為每年大約是 5%，我們應該能夠控制住這個成長幅度。這樣我們就能滿足 OBBBA 的要求了。而且，如果我們在美國生產電池和組件，我們也能滿足國內含量規定。

As I said, we will start production of our own solar cell in US by March. So throughout Q2, we will ramp up. So by second half of next year, we should have reasonable volumes already. And those volume will go -- will come with the domestic content, the 10% domestic content boost. And for solar -- and for energy storage, our plan is to start the battery cell and pack manufacturing in US at the same time.

正如我所說，我們將在3月開始在美國生產我們自己的太陽能電池。因此，在第二季我們將逐步加大生產力。因此，到明年下半年，我們應該就能達到相當可觀的銷售量了。而這些銷售量將會下降──將會隨著國產內容的增加而下降，隨著國產內容成長10%而下降。至於太陽能和儲能，我們的計畫是同時在美國啟動電池單體和電池組的製造。

So I said in the -- in my speech that we expect to start production in December. So in 2027, we will have -- we'll be able to provide the energy storage project, which also mee the domestic boost requirement -- domestic content requirement to let our customers to enjoy the 10% ITC boost.

所以我在演講中說過，我們預計12月開始生產。因此，到 2027 年，我們將能夠提供儲能項目，該項目也滿足國內增值要求——國內含量要求，讓我們的客戶享受 10% 的投資稅收抵免增值。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

First one is on margins. I think your A-share subsidy reported a 7% gross margin in Q3, but you guys reported a 17% gross margin today. So I was wondering if you could help us bridge that gap.

第一個是在頁邊距上。我認為你們A股子公司第三季的毛利率為7%，但你們今天公佈的毛利率為17%。所以我想知道您是否能幫助我們彌補這一差距。

I don't think we reported seven, do we?

我想我們沒報告過七起吧？

17.

17.

17% is for CSIQ, together CSIQ, right? And CSI Solar have a different mix.

17% 是 CSIQ 的分數，CSIQ 就是 17%，對吧？而CSI Solar則採用了不同的配方。

Yes. Ismael just commented that the project sales in Q3 were with 46% gross margin.

是的。Ismael 剛剛提到，第三季的專案銷售額毛利率為 46%。

Okay. So it's the project business that really supported and offset the manufacturing 7% gross margin. Is that right?

好的。所以正是專案業務真正支撐並抵消了製造業 7% 的毛利率。是這樣嗎？

Actually, solar may be low, but solar plus the energy storage.

實際上，太陽能發電量可能不高，但太陽能加上儲能技術就能彌補這一點。

15% for all the manufacturing.

所有製造業環節佔15%。

For all the manufacturing, the gross margin in Q3 is over 15%. Now if it's only module, it's low, it's below 10% because there are some where we don't have much margin.

第三季所有製造業的毛利率均超過 15%。如果只看模組的話，比例很低，低於 10%，因為有些地方我們的利潤空間不大。

Okay. Moving on to the next question. As it relates to your 2026 guide, you gave us some color there, which is great, and you continue to talk about the ramping of US manufacturing. But how -- can you give us color on how you're able to do that even though there's still substantial FEOC risk as it relates to either ownership or just meeting the OBBBA FEOC requirements could be challenging.

好的。接下來是下一個問題。關於您的 2026 年指南，您為我們提供了一些細節，這很好，而且您還在繼續談論美國製造業的快速發展。但是，您如何做到這一點——您能否詳細說明一下，即使仍然存在與所有權相關的重大 FEOC 風險，或者僅僅是滿足 OBBBA FEOC 要求也可能具有挑戰性，您又是如何做到的？

Yes. Philip, I answered this question in the last earnings call. Philip, we believe we can meet the requirement, the OBBBA requirement by doing certain adjustment.

是的。菲利普，我在上次財報電話會議上回答過這個問題。Philip，我們相信透過進行一些調整，我們可以滿足 OBBBA 的要求。

Okay. And then as it relates to the AD/CVD reserve or with the auction case, there could be meaningful retroactive duties. And I was wondering, can you quantify how much exposure that might be? And as a result, do you think you might need to reserve for that situation on the balance sheet?

好的。此外，就反傾銷稅/反補貼稅儲備金或拍賣案件而言，可能會產生實質的追溯性稅款。我想知道，您能否量化一下這可能造成的暴露程度？因此，您認為是否需要在資產負債表上為此情況預留準備金？

Yes, it could be. I would say also could not be, right? So the court process is still moving along and there will be a long -- there will be quite a while before there's a final decision if they go to the appeal court. And we have discussed this with our external lawyers and the -- also the audit firms. We don't think we need to book any reserve at this moment.

是的，有可能。我也覺得不可能，對吧？所以，訴訟程序仍在進行中，如果他們上訴到上訴法院，在做出最終決定之前，還需要很長時間。我們已經和外部律師以及審計公司討論過這個問題。我們認為目前不需要預訂。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

Maybe just a follow-up to Phil's question. I know you guys are wanting to see the AD/CVD process through litigation and the case is still pretty early on. But in the event that you did have to accrue a liability or reserve some amount of funds for a potential negative decision, can you help to kind of quantify the range? I guess, back of the envelope math suggests it could be well over $1 billion if we estimate your US shipments over the past couple of years.

或許可以作為對菲爾問題的補充。我知道你們都想透過訴訟來了解反傾銷/反補貼稅的流程，但目前案件還處於早期階段。但是，如果您確實需要承擔負債或為可能出現的不利決定預留一些資金，您能否幫忙量化範圍？我粗略估算一下，如果以你們過去幾年在美國的出貨量來計算，金額可能遠超 10 億美元。

I guess, first, is that the right way to think about it? And then second, how would you -- again, just playing devil's advocate, hypothetically, if you had to do that, what would be your sort of funding strategy to finance that amount just given the cash burn and the high degree of net debt you have right now?

首先，我想問的是，這種思考方式是否正確？其次，我只是假設一下，如果你必須這樣做，考慮到你目前的現金消耗和高淨債務，你會採取怎樣的融資策略來為這筆金額籌集資金？

Well, Ben, I guess you are also talking about the auction case. And as I said, when I answered Philip's question, we don't think that we have to make reserve. Therefore, there's no like -- no, I just -- I don't have to do any backup envelope at this moment. This is what my lawyer told me. This is what my auditing firm told me. So I don't want to speculate here. Why don't you ask the petitioner to speculate how much money they can get or how much money they will be able to get for US government?

本，我想你也是在說拍賣案吧。正如我回答菲利普的問題時所說，我們認為沒有必要做儲備。因此，目前不需要做任何備份信封。這是我律師告訴我的。這是我的審計公司告訴我的。所以我不想在這裡妄加猜測。為什麼不問問請願者，他們能為美國政府爭取到多少錢，或是他們將來能爭取多少錢呢？

Yes. No, I mean, I think there are published research around potential value of the claim here. I don't know how accurate they are, but I do think there is a published number, which again counts into the billions of dollars. But yes, I'll take that offline. I guess maybe just bigger picture question. We're all just trying to gather more detail.

是的。不，我的意思是，我認為已經有研究公開探討了這項主張的潛在價值。我不知道這些數字有多準確，但我認為確實有一個已公佈的數字，而這個數字又高達數十億美元。是的，我會把這件事私下解決。我想這或許只是個更宏觀的問題。我們都在努力收集更多細節資訊。

We know there's no finite answer, but it'd just be helpful if you could elaborate, let's say, on the FEOC question as well. You're obviously telling your customers -- your actions you contemplate taking to make sure you're FEOC compliant. Is there any insight into those conversations you can provide to give the financial community the same level of like confidence around what steps you may be taking to make sure that your US manufacturing investments are going to be justified?

我們知道這個問題沒有確切的答案，但如果您能詳細說明一下，比如說，關於 FEOC 的問題，那就很有幫助了。您顯然是在告訴您的客戶—您正在考慮採取哪些行動來確保您符合 FEOC 的規定。您能否就這些對話提供一些見解，以便讓金融界對您為確保您在美國製造業投資的合理性而可能採取的措施抱有同樣的信心？

Well, OBBBA has very simple and clear rules, which says, a big picture, it will require 75% from -- not from the FEOC and no more than 25% from the FEOC if there's two partners, right? If there's only like one plus, one partner. If there are two partners, two shareholders from the FEOC countries that the two together should take no more than 40%. So there are very clear rules there.

OBBBA 的規則非常簡單明了，從大局來看，它要求 75% 的資金來自——而不是來自 FEOC，如果是兩個合夥人，則來自 FEOC 的資金不得超過 25%，對嗎？如果只有一個伴侶，一個配偶。如果有兩位合夥人，即來自 FEOC 國家的兩位股東，則兩人合計持股比例不得超過 40%。所以那裡有非常明確的規則。

So when I said we will make adjustment to meet the OBBBA, so I think it's quite clear. It's something like a five-year -- like Grade 5 student or no. As long as you are structured yet with these percentage numbers, then you are OBBBA compliant. What else do I have to tell you?

所以當我說我們會做出調整以符合 OBBBA 的要求時，我認為這一點已經很清楚了。這大概相當於五年級學生的水平——或者說，相當於五年級學生的水平。只要你的結構符合這些百分比數字，那麼你就符合 OBBBA 的規定。我還有什麼要告訴你的嗎？

Okay. No, that's helpful color. And then last question for me, I'll pass it on, is on the asset sales. It sounds like that's definitely going to ramp up in '26, which is a bit of a reverse from the past couple of years as you've been moving towards this IPP model. It sounds like it's focused on cash generation and delevering.

好的。不，那是很有幫助的顏色。最後一個問題，我會把它轉給其他人，是關於資產出售的。聽起來這種情況在 2026 年肯定會加劇，這與過去幾年你們一直在向 IPP 模式發展的情況有些相反。聽起來這家公司專注於創造現金流和降低槓桿。

Can you quantify kind of what volume megawatts, megawatt hours you anticipate monetizing through asset sales as opposed to keeping on the balance sheet for '26? And what kind of delevering potential that might result in for the balance sheet next year?

您能否量化一下您預計在 2026 年透過資產出售而非保留在資產負債表上實現的兆瓦或兆瓦時容量？那麼，這可能會為明年的資產負債表帶來怎樣的去槓桿化潛力呢？

Well, as I said, we'll continue to build IPP portfolio. However, given the current market condition, we are going to keep the balance a little bit to be a little bit more cautious. And also, as I said when I answered Colin's question, I haven't brought my -- let my Board approve my 2026 AOP annual operation plan yet. So I will give you more details in March, because typically, our Board approved the AOP in February.

正如我所說，我們將繼續建立獨立發電項目組合。但是，鑑於目前的市場狀況，我們將保持一定的平衡，以更加謹慎一些。而且，正如我在回答科林的問題時所說，我還沒有提交我的——讓我的董事會批准我的 2026 年 AOP 年度運營計劃。因此，我將在三月提供更多細節，因為通常情況下，我們的董事會會在二月批准年度營運計劃。

So what I can say now is that given the current market situation, we are going to be a little bit more cautious. And I also said that we have enough operational projects, high-quality projects, which we can cash in. But see, every year, we always sell some projects. And Ismael mentioned that we sold some high gross margin projects in Q3 that helped to boost our gross margin in Q3, right, overall gross margin.

所以我現在可以說的是，鑑於目前的市場形勢，我們將更加謹慎。我還說過，我們有足夠的營運項目，高品質的項目，我們可以從中獲利。但是你看，每年我們總是會賣掉一些項目。Ismael提到，我們在第三季售出了一些高毛利率項目，這有助於提高我們第三季的毛利率，對吧，整體毛利率。

So I don't have the number yet, but I will let you know. What I can let you know now is that we will be a little bit more cautious. So we are going to recycle more cash.

所以我目前還沒有號碼，但我一旦知道就會通知你。我現在可以告訴你們的是，我們會更加謹慎。所以我們要回收更多現金。

Alan Lau, Jefferies.

艾倫·劉，傑富瑞集團。

This is Alan from Jefferies. I would like to know there's a lot of questions on US projects already. So I would like to have a more overview on the market demand on 2026. What do you think the US installation on solar and energy storage separately?

我是傑富瑞集團的艾倫。我想知道目前關於美國計畫的問題已經很多了。因此，我想更全面地了解一下2026年的市場需求。你認為美國在太陽能和儲能方面的安裝情況如何？

Okay. I will ask Yan to share his thought.

好的。我會請顏分享他的想法。

So you're asking for the installation demand in the US in 2026, right, on both storage and solar?

所以您問的是2026年美國儲能和太陽能的安裝需求，對嗎？

Yes.

是的。

Yes. I think -- so the demand is there, right? Also, the OBBB compliant -- the safe harbor actually made the storage pipelines there. So I think for 2026, the storage project will be there. And the solar as well, the safe harbor also helped to actually to preserve a lot of demand. But on the solar side, I think the cell supply can be a bottleneck for the total demand. So although we have a good solution, but does not mean everybody has that.

是的。我認為——所以市場需求是存在的，對吧？此外，符合 OBBB 標準——安全港實際上在那裡建造了儲存管道。所以我認為到 2026 年，這個儲能計畫將會啟動。太陽能發電也起到了作用，安全港灣實際上也幫助維持了很大一部分需求。但就太陽能方面而言，我認為電池供應可能會成為滿足總需求的瓶頸。所以，雖然我們找到了一個很好的解決方案，但這並不代表每個人都能找到。

So I think -- I hope US will be -- continue to maintain the similar level compared to this year. That's what I hope. But I do not see any significant growth. But energy storage, I think next year, US will continue to be strong. That's my view. Shawn, if you --

所以我認為——我希望美國能夠——繼續保持與今年類似的水平。我希望如此。但我沒有看到任何顯著的成長。但我認為明年美國在儲能領域仍將保持強勁勢頭。這是我的看法。肖恩，如果你--

Yes. So I think investors' focus are concentrated or overwhelmingly concentrated on ESS. So I would like to know what type of growth rate you are looking at? Like is it like 20%, 30% growth or 50% or even in China, I think people are talking about even more aggressive growth rates? And then within that growth, how much do you think is coming from AIDC demand?

是的。所以我認為投資人的關注點集中在ESS上，或者說絕大多數都集中在ESS上。所以我想知道你們期望的成長率是多少？比如說，成長率是 20%、30% 還是 50%？甚至在中國，我認為人們正在討論的是更激進的成長率？那麼，在這些成長中，您認為有多少來自AIDC需求？

Well, so you're talking about the growth globally or US-China? Sorry.

所以，您指的是全球成長還是美中成長？對不起。

Mainly US.

主要來自美國。

I think that the data center -- yes, worldwide, you talked about data center worldwide, more than half of the data centers built in the US. But I think we see a very strong future demand in our portfolio on data center-related storage demand. But I think in terms of start installation construction, next year is not yet. It's not yet. It's going to be -- you got to wait for a little longer time.

我認為資料中心——是的，全球範圍內，你談到了全球範圍內的資料中心，超過一半的資料中心建在美國。但我認為，我們產品組合中與資料中心相關的儲存需求未來將非常強勁。但我認為，就啟動安裝施工而言，明年還不是時候。還沒到時候。還需要再等一段時間。

So for next year, the storage growth will still come from the harbor projects. So this is a regular storage -- those regular storage projects. Solar, as I said, I'm expecting flat. That's my hope. But storage, you're talking about growth rate, I don't have the number, but you can check the industry reports. They vary a lot, the industry reports. On average, I think there's a growth. I don't know, it's like 20% growth? Yes. I remember I saw some reports number.

因此，明年的倉儲成長仍將來自港口計畫。所以這是一個常規的儲存項目——就是那些常規的儲存項目。正如我所說，我預計太陽能發電量會很低。我希望如此。但是關於存儲，你談到的是增長率，我沒有具體數字，但你可以查閱行業報告。據業內人士透露，它們之間的差異很大。平均而言，我認為是有成長的。我不知道，大概成長了20%吧？是的。我記得我看過一些報告編號。

I see. So for demand -- ESS demand related to AIDC, you think probably it's after 2026, right? And then like what type of installation you think will be more relevant? Like is it like two to four-hours of system that is for clipping the peak demand or you are seeing even longer hours acting as some off-grid solution or like the main power supply for the AIDC? Like what type of backlog do you see or request from clients are you seeing?

我懂了。所以對於需求－與AIDC相關的ESS需求，你認為可能要到2026年以後，對嗎？那麼，你認為哪種類型的安裝方式會比較適合呢？例如，這個系統運作兩到四個小時是為了削減高峰需求，還是運行時間更長，作為某種離網解決方案，或者作為 AIDC 的主電源？你看到客戶有哪些類型的積壓工作或需求？

I think for regular storage, conventional storage projects, you're talking about mostly in the US, it's actually load shift -- peak shift. So it's rather like three, four-hours, around four-hours. But for data center, to begin with, I think my knowledge, okay, it's more like two, three-hours. It's mainly for smoothing out the load. That's what I -- our study shows.

我認為對於常規存儲、傳統存儲項目，你主要指的是美國的，實際上是負載轉移——峰值轉移。所以大概要三、四個小時，大約四個小時。但就資料中心而言，首先，我認為我的知識水平，好吧，大概需要兩到三個小時。主要目的是為了平穩負載。我們的研究也證實了這一點。

Of course, longer term -- for longer term, the storage project for data centers will progress into longer and longer period of storage, but the cost is also going up. So the challenge is how do we control costs while increasing the length, the duration. But to begin with, the most important application for data center storage is smooth out the load, smooth out the curve. So that's the most important starting point.

當然，從長遠來看——從長遠來看，資料中心的儲存專案將發展到儲存週期越來越長，但成本也會隨之上升。因此，我們面臨的挑戰是如何在增加時長的同時控製成本。但首先，資料中心儲存最重要的應用是平滑負載，平滑曲線。所以，這是最重要的出發點。

I see. So just to confirm, it's more like there are some rules in ERCOT, maybe like the Senate Bill 6, et cetera, requiring more stability on the load. So the demand you are seeing, at least for now as a start is to cope with that request from the grid, right, instead of having long duration ESS for supplying as the main power supply of AIDC. Is this understanding, correct?

我懂了。所以，為了確認一下，ERCOT 中似乎有一些規定，例如參議院第 6 號法案等等，要求負載更加穩定。所以，至少目前來看，你們所看到的需求是為了滿足電網的需求，對吧，而不是為了將儲能係統長期用作 AIDC 的主要電源。這樣理解對嗎？

Well, I think, as I said, right, for longer term, it will progress, right? But to begin with, I told you, it's more like smoothing up the load, so to stabilizing the supply. And so that's my answer.

嗯，我想，就像我剛才說的，從長遠來看，它會取得進展，對吧？但首先，我告訴過你，這更像是平穩負荷，從而穩定供應。這就是我的答案。

That's good. And then finally, I would like to ask on how much of the 14 to 17 gigawatt hours of shipment is going to be in the US?

那挺好的。最後，我想問一下，這 14 至 17 吉瓦時的出貨量中有多少會銷往美國？

Actually, we have well diversified our portfolio, our backlog. So I would say around 2/3 will be outside of the US out of the total guided volume next year.

事實上，我們的投資組合和積壓訂單已經實現了良好的多元化。因此，我認為明年總指導產量中大約有三分之二將來自美國以外地區。

I see. That's pretty diversified --

我懂了。這相當多元化。--

Yes, but also a small -- it's small in China and mostly it is between -- outside of China, outside of the US. So that's the kind of distribution.

是的，但也有一小部分——在中國很小，而且主要分佈在中國以外、美國以外的地方。這就是分佈情況。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想把會議交還給管理階層，請他們作總結發言。請繼續。

Well, thank you very much for everyone to come to our call. And also thanks for your continued support. And if you have any questions or would like to sign up a call, please contact our Investor Relations team. Take care, and have a great day.

非常感謝大家參加我們的電話會議。也感謝您一直以來的支持。如果您有任何疑問或想預約電話會議，請聯絡我們的投資者關係團隊。保重，祝你今天過得愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。