Canadian Solar Inc. (CSIQ) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Canadian Solar's fourth-quarter 2025 earnings conference call. My name is Melissa 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年第四季財報電話會議。我叫梅麗莎，今天將由我來為您服務。（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 call over to Wina Huang, Head of Investor Relations at Canadian Solar. Please go ahead.

現在我將把電話交給加拿大太陽能公司投資者關係主管黃薇娜 (Wina Huang)。請繼續。

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

謝謝接線員，歡迎各位參加加拿大太陽能公司 2025 年第四季電話會議。請注意，今天的電話會議和公司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」部分找到。

Joining us today are Dr. Shawn Qu, Chairman and CEO; and Colin Parkin, President of Canadian Solar and President of e-STORAGE; Ismael Guerrero, Corporate VP and President of Canadian Solar subsidiary, Recurrent Energy; and Xinbo Zhu, Senior VP and CFO. All company executives will participate in the Q&A session after management's formal remarks.

今天與我們一同出席的有：董事長兼執行長 Shawn Qu 博士；加拿大太陽能公司總裁兼 e-STORAGE 總裁 Colin Parkin；加拿大太陽能公司企業副總裁兼子公司 Recurrent Energy 總裁 Ismael Guerrero；以及高級副總裁兼財務長 Xinbo Zhu。在管理階層正式致詞後，所有公司主管將參加問答環節。

On this call, Shawn will go over some key messages for the quarter. Colin and Ismael will review business highlights for manufacturing and Recurrent Energy, respectively, and Xinbo will go through the financial results. Colin will conclude the prepared remarks with the business outlook, after which we will have time for questions.

在本次電話會議上，肖恩將介紹本季的一些關鍵訊息。Colin 和 Ismael 將分別回顧製造業和循環能源的業務亮點，Xinbo 將介紹財務表現。科林將在發言結束時展望一下商業前景，之後我們將有時間回答問題。

Before we begin, I would like to remind listeners and 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，我想提醒各位聽眾和管理層，今天他們準備的發言稿以及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.

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。

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.

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。管理階層的發言稿將依照美國證券交易委員會G條例關於公認會計原則（GAAP）的要求進行陳述。

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.

本次電話會議中提供的部分財務資訊將以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 all for joining our fourth quarter earnings call. 2025 was another challenging year, marked by persistent market headwinds and a shifting regulatory landscape. Through these turbulence conditions, we demonstrated strategic resilience and operational discipline. We prioritized margin and diversified our profit drivers particularly in energy storage.

謝謝Wina，也謝謝各位參加我們第四季財報電話會議。 2025年又是充滿挑戰的一年，市場持續面臨不利因素，監管環境也不斷變化。在這些動盪的情況下，我們展現了策略韌性和營運紀律。我們優先考慮利潤率，並實現了利潤來源多元化，尤其是在儲能領域。

Now let's review our operating and financial results. Please turn to Slide 3. In the fourth quarter, we shipped 4.3 gigawatts of solar modules bringing total shipments to global customers to 24.3 gigawatts for the year. In response to the prolonged solar downturn, we have pivoted away from industry's traditional focus on shipment volumes. Instead, we are concentrating on strategic high-value markets.

現在讓我們來回顧一下我們的營運和財務表現。請翻到幻燈片3。第四季度，我們向全球客戶交付了 4.3 吉瓦的太陽能組件，使全年交付量達到 24.3 吉瓦。鑑於太陽能產業長期低迷，我們不再像以往那樣注重出貨量。相反，我們專注於具有戰略意義的高價值市場。

Notably, in US market, we continue to build on our historically strong track record. In 2025, we delivered a record 8.1 gigawatts to the United States. In energy storage, the volatile tariff environment shifted some shipment volumes into 2026. Even so, we ended the year with a record 7.8 gigawatt hours of global shipments, including 3.9 gigawatt hours delivered to the United States.

值得一提的是，在美國市場，我們繼續鞏固我們歷來強勁的業績記錄。2025年，我們向美國輸送了創紀錄的8.1吉瓦電力。在儲能領域，波動的關稅環境將部分出貨量推遲到了 2026 年。即便如此，我們今年的全球出貨量仍創下 7.8 吉瓦時的紀錄，其中向美國交付了 3.9 吉瓦時。

Given downward adjustments in both solar modules and energy storage volumes, along with lighter project sales from Recurrent Energy. Our total revenue of 2025 was $5.6 billion. Gross margin improved by 160 basis points year-over-year. This was driven by a higher mix of module shipments to high-value regions and a larger shares of storage volumes delivered under third-party contracts.

鑑於太陽能模組和儲能裝置的產量均下調，以及 Recurrent Energy 的專案銷售額減少。我們2025年的總收入為56億美元。毛利率年增160個基點。這主要是由於運往高價值地區的模組出貨量佔比增加，以及根據第三方合約交付的儲存容量佔比增大所致。

We maintained tight control over operating expenses and achieved operating income of $43 million for the full year. However, our volatile macro environment increased FX losses and interest costs grew as we increase the debt to support our IPP build-out. As a result, we recorded a net loss attributable to Canadian Solar of $104 million or $2.5 per diluted share.

我們嚴格控制了營運費用，全年實現了 4,300 萬美元的營業收入。然而，由於我們為支持獨立發電項目建設而增加債務，導致我們動盪的宏觀環境加劇了外匯損失和利息成本上升。因此，我們確認歸屬於加拿大太陽能公司的淨虧損為 1.04 億美元，即每股攤薄虧損 2.5 美元。

Canadian Solar has continuously evolved over more than two decades in the renewable industry. Global opportunities have shifted over time and we have built a strong global track record across solar manufacturing, storage manufacturing and project development. Today, we see a compelling opportunity to create value by returning to our home base in North America. In December 2025, we announced a strategic initiative to resume direct oversight of our US operations by forming our new US manufacturing platform, CS PowerTech.

二十多年來，加拿大太陽能公司在再生能源產業中不斷發展壯大。隨著時間的推移，全球機會發生了變化，我們在太陽能製造、儲能製造和專案開發方面建立了強大的全球業績記錄。今天，我們看到了一個透過回歸北美本土來創造價值的絕佳機會。2025 年 12 月，我們宣布了一項策略性舉措，透過組成新的美國製造平台 CS PowerTech，恢復對我們美國業務的直接監管。

For an update on our US manufacturing road map, please turn to Slide 4. Canadian Solar is spearheading the effort to reshore manufacturing to North America. In Mesquite, Texas we have successfully ramped our solar module factory to an annual production run rate exceeding 5 gigawatts, supported by 1,500 local employees. As we have previously noted, we believe the United States is best served by resilient domestic supply chain.

有關我們美國製造路線圖的最新信息，請參閱第 4 頁幻燈片。加拿大太陽能公司正帶頭推動製造業回流北美。在德州梅斯基特，我們已成功將太陽能模組工廠的年產量提升至超過 5 吉瓦，並僱用了 1500 名當地員工。正如我們先前所指出的，我們認為，對美國而言，擁有具有韌性的國內供應鏈才是最佳選擇。

Consistent with this view, we are doubling our nameplate capacity to 10 gigawatt peak by the end of 2026. This expansion is expected to increase our local workforce to 1,700 employees. This will make us the largest crystalline silicon solar module manufacturer in the country.

基於此觀點，我們將在 2026 年底前把額定容量翻一番，達到 10 吉瓦高峰。此次擴張預計將使我們當地的員工人數增加到 1700 人。這將使我們成為全國最大的晶體矽太陽能組件製造商。

We are also pleased to report progress as our flagship solar cell factory in Jeffersonville, Indiana. In response to strong customer demand, we're expanding our initial nameplate capacity beyond the originally planned 5 gigawatt peak as we install and commission additional production lines through 2026. Phase 1 will have a nameplate capacity of 2.1 gigawatt peak and will use state of art, heterojunction technology or HJT. Trial production is scheduled to begin next month. Phase 1 will represent the only commercially operational HJT solar cell facility in the United States.

我們也很高興地報告，我們在印第安納州傑斐遜維爾的旗艦太陽能電池工廠取得了進展。為回應客戶的強烈需求，我們將擴大初始銘牌產能，使其超過原計劃的 5 吉瓦峰值，並在 2026 年前安裝和調試額外的生產線。第一階段的額定峰值容量為 2.1 吉瓦，並將採用最先進的異質接面技術或 HJT。試生產計劃於下個月開始。第一階段將成為美國唯一一座商業營運的HJT太陽能電池設施。

Phase 2 will add 4.2 gigawatts of capacity, bringing our total US solar cell nameplate capacity to 6.3 gigawatt peak. This will make us the largest crystalline silicon solar cell manufacturer in the country. We expect the trial production of Phase 2 to begin by the end of 2026.

第二階段將新增 4.2 吉瓦的產能，使我們在美國的太陽能電池總額定產能達到 6.3 吉瓦高峰。這將使我們成為全國最大的晶體矽太陽能電池製造商。我們預計第二階段的試產將於 2026 年底開始。

We recognize the significant value of adding Phase 2 to our solar cell facility and we believe the market does as well. This was demonstrated by our recently completed $230 million convertible bond issuance. Demand for storage in US also continues to grow strongly. The rapid build-out of data centers to support AI growth is driving increase in power demand for data center infrastructure. Our OBBBA compliant storage solutions produced in Southeast Asia have seen very strong demand. As a result, we plan to scale the resources there to increase both system and battery cell capacity throughout 2026.

我們認識到為我們的太陽能電池工廠增加第二期工程的巨大價值，我們相信市場也意識到了這一點。我們近期完成的 2.3 億美元可轉換債券發行就證明了這一點。美國對儲存的需求也持續強勁成長。為支援人工智慧發展而快速建置的資料中心，正在推動資料中心基礎設施電力需求的成長。我們在東南亞生產的符合 OBBBA 標準的儲存解決方案需求非常強勁。因此，我們計劃在 2026 年擴大那裡的資源規模，以提高系統和電池單元的容量。

Hence, we will be both expanding our Southeast Asia and the storage manufacturing capacity and advancing Phase 2 of our US solar cell factory in Tandem. Given the commercial priority of these two significant investments, we are strategically delaying progress at our battery cell and BESS production facility in Shelbyville, Kentucky. Given our long-term commitment to US manufacturing, Recurrent Energy will proactively rebalance its business towards monetizing, in construction and operating assets in order to optimize cash flow and manage leverage.

因此，我們將同時擴大我們在東南亞的業務和儲能製造能力，並推動我們在美國太陽能電池工廠的第二期工程。鑑於這兩項重大投資的商業優先性，我們正在策略性地推遲位於肯塔基州謝爾比維爾的電池單元和儲能係統生產設施的建設進度。鑑於我們對美國製造業的長期承諾，Recurrent Energy 將積極調整其業務重心，透過出售在建和營運資產來實現盈利，從而優化現金流並控制槓桿。

In conclusion, I'm proud of our team for delivering strong performance this year and I look forward to continue the momentum we are building in our US manufacturing initiatives.

總之，我為我們團隊今年取得的優異成績感到自豪，並期待我們繼續保持在美國製造業發展方面取得的良好勢頭。

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

接下來，我將把電話交給科林，他將詳細介紹我們的製造業業務。科林，請繼續。

Thank you, Shawn. Please turn to Slide 5. In the fourth quarter, we continued to operate against a challenging solar market backdrop upstream cost increases, particularly in silver, along with the costs associated with underutilization across our global solar supply chain required careful volume management to protect margins. As a result, we delivered 4.3 gigawatts of solar modules below our guidance.

謝謝你，肖恩。請翻到第5張投影片。第四季度，我們繼續在充滿挑戰的太陽能市場背景下運營，上游成本上漲，尤其是白銀成本上漲，以及全球太陽能供應鏈利用率不足帶來的相關成本，需要我們謹慎地進行產量管理以保護利潤率。因此，我們交付的太陽能組件比預期少了 4.3 吉瓦。

In storage, shipments were delayed into the first quarter of 2026, and due to construction delays at one of our customer sites. As a result, we delivered 2 gigawatt hours slightly below our guidance. These two volume shortfalls resulted in lower-than-expected revenue of $1.3 billion.

由於我們一位客戶現場的施工延誤，倉儲出貨被推遲到 2026 年第一季。因此，我們交付了 2 吉瓦時電力，略低於預期。這兩大銷售下滑導致營收低於預期，僅 13 億美元。

Solar module ASPs remained at record lows throughout 2025, we have been an industry leader in pivoting away from volume growth towards value growth. By controlling shipments to less profitable markets and increasing shipments to the US market, we maintain blended pricing above the industry average. In 2025, the US accounted for approximately one third of our global module shipments.

2025 年太陽能模組平均售價一直處於歷史低位，我們一直是產業領導者，從追求數量成長轉向追求價值成長。透過控制對利潤較低的市場的出貨量，並增加對美國市場的出貨量，我們維持了高於行業平均的綜合價格。到 2025 年，美國將占我們全球模組出貨量的約三分之一。

Meanwhile, our storage business in 2025 faced challenges created by tariff volatility and the passage of the One Big Beautiful Bill Act. These policy uncertainties materially impacted customers' project planning. While we did not lose any opportunities, some volumes shifted into 2026 as we work closely with customers to navigate these trials. Margins normalized in the second half of the year as we delivered more recently signed contracts with the increase in lithium carbonate prices, we are actively managing our exposure.

同時，我們的倉儲業務在 2025 年面臨關稅波動和《一項偉大的法案》通過帶來的挑戰。這些政策的不確定性對客戶的專案規劃產生了重大影響。雖然我們沒有錯失任何機會，但由於我們與客戶密切合作以應對這些考驗，一些訂單量被推遲到 2026 年完成。隨著碳酸鋰價格上漲，我們兌現了近期簽訂的更多合同，下半年利潤率趨於正常，我們正在積極管理我們的風險敞口。

Today, the two most important drivers of our manufacturing margin are the mix of solar module shipments to the US and the performance of our storage business. Within US module shipments, domestic manufacturing is becoming increasingly important to margin as we reshore production and deliver a greater portion of our strategy through our own domestic capacity.

如今，影響我們製造利潤率的兩個最重要因素是太陽能組件對美國的出貨量以及我們儲能業務的表現。在美國模組出貨量中，隨著我們將生產遷回國內，並透過我們自己的國內產能實現更大比例的戰略目標，國內製造對利潤率的重要性日益增加。

Now let me walk you through the latest updates on our battery energy storage business. Please turn to Slide 6. We delivered 2 gigawatt hours in the fourth quarter, corresponding to $297 million in revenue after accounting for volumes delivered to our own projects. Despite the delays caused by policy changes, we ended the year with a record 7.8 gigawatt hours of energy storage shipments delivered globally, a year-over-year increase of 19%. Over the past three years, we have tripled our sales in this business.

現在讓我帶您了解我們電池儲能業務的最新進展。請翻到第6張投影片。我們在第四季度交付了 2 吉瓦時電力，扣除交付給我們自己專案的電力後，相當於 2.97 億美元的收入。儘管政策變化造成了延誤，但我們最終以全球儲能產品交付量創紀錄的 7.8 吉瓦時結束了這一年，同比增長 19%。過去三年，我們這項業務的銷售額成長了兩倍。

Our momentum is further reflected in our record contracting backlog of $3.6 billion as of March 13, 2026. This includes contracted long-term service agreements covering 29 gigawatt hours of projects. Today, we are the market leader in our country of Canada in terms of contracted volume with multiple gigawatt hours under contract. We maintain a strong presence in key markets, including the United States and the United Kingdom, while scaling delivery in new markets such as Australia and Latin America.

截至 2026 年 3 月 13 日，我們的合約積壓額達到創紀錄的 36 億美元，這進一步體現了我們的發展動能。這包括涵蓋 29 吉瓦時專案的長期服務合約。如今，就合約容量而言，我們在加拿大市場處於領先地位，合約容量已達數吉瓦時。我們在包括美國和英國在內的主要市場保持強大的影響力，同時也在澳洲和拉丁美洲等新興市場擴大業務規模。

At the same time, we continue to actively engage in markets such as Japan and Mainland Europe, where we see attractive new opportunities. In terms of applications, we see a significant opportunity driven by the rapid build-out of data centers. For example, the 2.5 gigawatt hour supply agreement we recently signed with a major US utility reflects the sharp increase in electricity demand driven by AI and hyperscale data center development.

同時，我們繼續積極開拓日本和歐洲大陸等市場，因為我們在這些市場看到了有吸引力的新機會。從應用角度來看，資料中心的快速建置帶來了巨大的機會。例如，我們最近與美國一家大型公用事業公司簽署的 2.5 吉瓦時供電協議反映了人工智慧和超大規模資料中心發展帶來的電力需求急劇增長。

Battery energy storage is playing an increasingly critical role in supporting the additional power requirements of data center infrastructure. By strengthening regional grid capacity, our storage solutions help ensure reliable power for these emerging loads. We have built a dedicated team focused specifically on the requirements of data centers and related infrastructure and we are beginning to see the strong results from that effort.

電池儲能正在為滿足資料中心基礎設施日益增長的電力需求發揮越來越重要的作用。透過增強區域電網容量，我們的儲能解決方案有助於確保為這些新興負載提供可靠的電力。我們組建了一支專門負責資料中心及相關基礎設施需求的團隊，並且我們已經開始看到這項努力的顯著成果。

Our focus is on delivering comprehensive power solutions, including support for data centers and long-duration applications. Our differentiation lies in providing compatible -- competitive and reliable total solutions. We combine strong execution capabilities deep experience in complex grid interconnection and commissioning and long-term service expertise with a proven product platform and track record. This allows us to deliver the value our customers are seeking as they navigate the changing demands created by rapidly growing electricity loads.

我們專注於提供全面的電源解決方案，包括為資料中心和長時間應用提供支援。我們的優勢在於提供相容、具競爭力和可靠的整體解決方案。我們結合了強大的執行能力、在複雜電網互聯和調試方面的深厚經驗、長期的服務專業知識以及成熟的產品平台和業績記錄。這使我們能夠滿足客戶的需求，並幫助他們應對快速增長的電力負荷所帶來的不斷變化的需求。

Now let me hand the call over to Ismael, who will provide an overview of Recurrent Energy, Canadian Solar's Global Project Development business. Ismael, please go ahead.

現在讓我把電話交給伊斯梅爾，他將概述加拿大太陽能公司旗下的全球專案開發業務—循環能源公司的狀況。伊斯梅爾，請繼續。

Thank you, Colin. Please turn to Slide 7. In the fourth quarter, we sold a few small PV projects in Japan, bringing total full year 2025 sales to nearly 1 gigawatt. Revenues from operating solar and battery energy storage projects decreased sequentially due to seasonality, while power services performance remained stable. Two major project sales originally planned for the fourth quarter have now shifted into 2026.

謝謝你，科林。請翻到第7頁投影片。第四季度，我們在日本售出了一些小型光電項目，使 2025 年全年總銷售額接近 1 吉瓦。受季節性因素影響，太陽能和電池儲能專案的營運收入環比下降，而電力服務業績保持穩定。原計劃在第四季度完成的兩項重大項目銷售現已推遲至 2026 年。

One of these projects has already been sold in the first quarter. Gross margin was further pressured by impairments to project assets within our pipeline. Moreover, without sufficient scale from project sales during the quarter, we were unable to cover operating expenses, resulting in an operating loss of $69 million.

其中一個項目已於第一季售出。由於專案儲備中的資產減值，毛利率進一步承壓。此外，由於本季專案銷售規模不足，我們無法支付營運費用，導致營運虧損 6,900 萬美元。

We continue to shift our business mix towards the monetization of operating and under construction assets in order to strengthen our balance sheet and improve cash flow. As we manage the pace of construction activities, we are also optimizing our pipeline for quality, focusing on generating value from existing opportunities.

我們將繼續調整業務結構，將營運資產和在建資產貨幣化，以增強資產負債表並改善現金流。在控制施工進度的同時，我們也在優化施工流程，以提高質量，專注於從現有機會中創造價值。

Please turn to Slide 8 for an update on our pipeline. As of December 2025, we have secured interconnections for around 7 gigawatts of solar and 15 gigawatt hours of energy storage globally, excluding projects already in operation. As part of our continued effort to streamline our pipeline, we have removed projects that have been impaired this quarter. Following these adjustments, our total project pipeline now stands at 24 gigawatts of solar and 83 gigawatt hours of energy storage.

請翻到第 8 頁查看我們產品線的最新進展。截至 2025 年 12 月，我們已在全球範圍內實現了約 7 吉瓦太陽能和 15 吉瓦時儲能的併網，還不包括已投入運營的項目。作為我們持續精簡專案流程的一部分，我們已剔除了本季出現減損的項目。經過這些調整，我們目前的總項目儲備為 24 吉瓦太陽能和 83 吉瓦時儲能。

Now let me hand the call over to Xinbo, who will go through our financial results in more detail. Xinbo, please go ahead.

現在我把電話交給辛博，他將更詳細地介紹我們的財務表現。欣博，請繼續。

Thank you, Ismael. Please turn to Slide 9. In the fourth quarter, we delivered revenue of $1.2 billion, revenue was below guidance due to project sales delayed into 2026 and lower-than-expected volumes in both solar and storage.

謝謝你，伊斯梅爾。請翻到第9頁投影片。第四季度，我們實現了 12 億美元的收入，由於項目銷售推遲到 2026 年以及太陽能和儲能的銷量均低於預期，收入低於預期。

Gross margin was 10.2% impacted by project asset impairments and Recurrent Energy and inventory write-down in our manufacturing business. Selling and distribution expenses decreased 20% sequentially, primarily due to lower shipping costs associated with reduced shipment volumes. General and administrative expenses decreased 8% sequentially, driven by continued cost control measures.

受專案資產減損以及製造業經常性能源和庫存減損的影響，毛利率為 10.2%。銷售和分銷費用較上月下降 20%，主要原因是出貨量減少導致運輸成本降低。受持續成本控制措施的影響，一般及行政費用較上月下降 8%。

Net interest expense in the fourth quarter was $39 million, up $10 million from the prior quarter. This increase was driven by a modest rise in total debt balances. Net foreign exchange loss in the fourth quarter was $15 million, driven by a weaker US dollar and a stronger Chinese renminbi. Total net loss for the quarter was $131 million.

第四季淨利息支出為 3,900 萬美元，較上一季增加 1,000 萬美元。這一增長是由債務總額的小幅上升所致。第四季淨外匯損失為 1500 萬美元，主要原因是美元走軟和人民幣走強。本季淨虧損總額為1.31億美元。

Net loss attributable to Canadian Solar shareholders was $86 million or $1.66 per diluted share.

歸屬於加拿大太陽能公司股東的淨虧損為 8,600 萬美元，即每股攤薄虧損 1.66 美元。

Now let's turn to cash flow and the balance sheet. Please turn to Slide 10. In the fourth quarter, net cash flow used in operating activities was $65 million, driven by a change in working capital, specifically an increase in project assets, partially offset by a decrease in inventories. As inventory in the prior quarter had increased in anticipation of higher input costs. Capital expenditures for the year totaled $962 million, slightly below forecast.

現在我們來看看現金流量和資產負債表。請翻到第10頁投影片。第四季度，經營活動使用的淨現金流為 6,500 萬美元，主要原因是營運資本的變化，特別是專案資產的增加，部分被庫存的減少所抵銷。由於上一季庫存增加，預計投入成本將上漲。本年度資本支出總額為 9.62 億美元，略低於預期。

This was primarily due to payment timing which we expect to occur in 2026.

這主要是由於付款時間安排，我們預計將在 2026 年進行。

Net cash provided by financing activities was $22 million, as that increased incrementally to provide additional financial flexibility for the group. Of our $6.5 billion in gross debt, non-recourse debt under Recurrent Energy as of December 31, 2025, was $2.2 billion. We ended the year with a cash balance of $1.9 billion, which we will deploy prudently in line with our strategic priorities.

融資活動產生的淨現金為 2,200 萬美元，這筆資金逐步增加，為集團提供了額外的財務彈性。截至 2025 年 12 月 31 日，我們 65 億美元的總債務中，根據經常性能源條款的無追索權債務為 22 億美元。年底我們現金餘額為 19 億美元，我們將根據我們的策略重點謹慎地運用這些資金。

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

現在讓我把電話轉回給科林，他將總結我們的指導和業務展望。科林，請繼續。

Thank you, Xinbo. Please turn to Slide 11. For the first quarter of 2026, we expect our Manufacturing segment to deliver solar module shipments between 2.2 to 2.4 gigawatts. For energy storage, we expect shipments between 1.7 to 1.9 gigawatt hours. We forecast total revenue for the first quarter to be between $900 million and $1.1 billion, with gross margin expected to range from 13% to 15%.

謝謝你，新博。請翻到第11頁投影片。我們預計，到 2026 年第一季度，我們的製造部門將交付 2.2 至 2.4 吉瓦的太陽能組件。對於儲能產品，我們預計出貨量在 1.7 至 1.9 吉瓦時之間。我們預測第一季總營收將在 9 億美元至 11 億美元之間，毛利率預計在 13% 至 15% 之間。

Margins in the first quarter are expected to remain soft across both the Manufacturing segment and Recurrent Energy. This reflects cost increases across the solar supply chain as well as delayed project sales at Recurrent Energy.

預計第一季製造業和經常性能源業務的利潤率都將保持疲軟。這反映了太陽能供應鏈成本的上漲，以及 Recurrent Energy 專案銷售的延遲。

For the full year of 2026, we are issuing new guidance. We expect to deliver 6.5 to 7 gigawatts of module shipments and between 4.5 to 5.5 gigawatt hours of energy storage shipments to the US market. Our solar module shipments in the US are expected to be slightly lower in 2026 compared with 2025.

針對 2026 年全年，我們將發布新的指導方針。我們預計將向美國市場交付 6.5 至 7 吉瓦的組件，以及 4.5 至 5.5 吉瓦時的儲能產品。預計2026年我們在美國的太陽能模組出貨量將比2025年略有下降。

This is due to a limited supply of solar cells qualified as non-PFE under the OBBBA during the first half of the year. The elevated cost of these cells will also affect profitability. We believe this constraint will be temporary as our own domestic solar cell production ramps during the second and third quarters.

這是由於今年上半年符合 OBBBA 標準的非 PFE 太陽能電池供應有限所致。這些電池成本高昂，也會影響獲利能力。我們相信，隨著我們國內太陽能電池產量在第二季和第三季逐步提高，這種限制將是暫時的。

Similarly, battery energy storage shipments are expected to be weighted towards the second half of the year. Within our project development business, our focus remains on rebalancing the portfolio towards asset monetization while continuing to optimize our cost structure.

同樣，電池儲能設備的出貨量也預計將集中在下半年。在我們的專案開發業務中，我們的重點仍然是重新平衡投資組合，以實現資產貨幣化，同時繼續優化我們的成本結構。

Overall, 2026 will be a transition year as we accelerate our US manufacturing road map to further diversify our long-term profitability drivers.

整體而言，2026 年將是過渡之年，我們將加速美國製造業發展路線圖，進一步實現長期獲利驅動因素的多元化。

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)

（操作說明）

Colin Rusch, Oppenheimer & Company.

科林魯什，奧本海默公司。

Thanks so much guys and Congratulations on being able to shift the business so aggressively here. I'm curious about the pricing environment in the US. What are you guys seeing in terms of trend lines here and long-term support for pricing that supports the aggressive capacity expansion?

非常感謝各位，也祝賀你們能夠如此迅速地推動業務轉型。我對美國的定價環境很有興趣。你們從目前的趨勢線和長期價格支撐來看，看到了哪些因素能夠支撐正向的產能擴張？

Yeah. Colin, this is Shawn speaking. I guess you mean the solar pricing.

是的。科林，我是肖恩。我想你指的是太陽能定價。

Yes. Correct.

是的。正確的。

Solar long-term pricing in US is stable. And as a matter of fact, we see -- I mean we -- our main market in US is the utility-scale project market, which are usually like large scale project, big orders and with a few quarters of lead time in general. So in this market, we have seen the pricing, the pricing per watt going up.

美國太陽能的長期價格保持穩定。事實上，我們看到——我的意思是，我們——我們在美國的主要市場是公用事業規模的項目市場，這些項目通常是大型項目，訂單量大，而且通常需要幾個季度的提前期。所以在這個市場中，我們已經看到價格，每瓦的價格上漲了。

And for example, for the beginning of the year to now, we have seen the US pricing on average go up like USD0.02 to USD0.03 some more, mainly in response to, I think, number one, the tight supply of the so-called OBBBA compliant solar cell supply, but also response to the higher material cost, especially the silver cost. So I think this will allow us to sustain the margin in the US market.

例如，從年初到現在，我們看到美國的平均價格上漲了 0.02 美元到 0.03 美元，我認為這主要是由於以下原因：第一，符合 OBBBA 標準的太陽能電池供應緊張；第二，材料成本上漲，尤其是銀的成本上漲。所以我認為這將使我們能夠在美國市場維持利潤率。

Now for the storage, we also see the price stable and also respond to the higher lithium price, as you probably know, the lithium price, lithium carbonate price also went up along with other commodities, major commodity prices also went up, the lithium carbonate price also went up this year, since late December. So the current new price reflected this. And so this will allow us to maintain the gross margin more or less for the US market, Colin.

至於儲存方面，我們也看到價格保持穩定，並且對鋰價上漲做出了反應。正如您可能知道的那樣，鋰價、碳酸鋰價格以及其他大宗商品價格都上漲了，主要大宗商品價格也上漲了，碳酸鋰價格自去年 12 月下旬以來也上漲了。所以，目前的新價格反映了這一點。這樣一來，柯林，我們就能基本維持美國市場的毛利率。

Thank you so much Shawn. That super helpful. And then just from an organizational perspective, as you look at a different strategy around revenue in margin. How should we be thinking about the operating expenses and the baseline there and how that allows for some significant operating leverage as you start to grow again on the top line?

肖恩，非常感謝你。太有幫助了。然後，從組織的角度來看，當你審視圍繞收入和利潤率的不同策略時。我們該如何看待營運費用和基準線，以及這如何能在您開始再次實現營收成長時帶來顯著的營運槓桿效應？

Yes. In terms of operating expenses, we see it going down like proportional to the shipment volume because a large part of the operating expenses is the shipping cost and also the overhead cost to support the volume. So if the volume growth and the operating expenses also grow, but the volume go down, these operating expenses also go down. That's in case of.

是的。就營運費用而言，我們看到它隨著出貨量的成長而下降，因為營運費用的大部分是運輸成本以及支援出貨量的間接成本。因此，如果銷售成長和營運費用也成長，但銷售量下降，那麼營運費用也會下降。以防萬一。

So in June, we will see some increase of operating costs for the energy storage. But meanwhile, we'll see operating cost reduction in the solar area. I think moving forward, the challenges in the solar -- if solar price continue to go down, then that will make the percentage of operating expenses for solar bigger.

因此，6月份我們將看到儲能營運成本增加。但同時，我們將看到太陽能領域的營運成本降低。我認為展望未來，太陽能面臨的挑戰是——如果太陽能價格繼續下降，那麼太陽能營運成本的比例將會更大。

However, fortunately, I mean since Q1 -- I mean, since January this year, we don't see the absolute ASP of solar module going down anymore. We actually see it go up. And also, we don't see the energy storage price going down, and it is also going up. So I think as long as we can continue to control and operating expenses and make our operation will grow more efficient, we'll be able to grow the bottom line. I think that you will see that happen in -- starting from Q2, I believe.

不過幸運的是，我的意思是，從今年第一季開始——我的意思是，從今年一月開始，我們沒有再看到太陽能組件的絕對平均售價下降了。我們實際上看到它上漲了。而且，我們並沒有看到儲能價格下降，反而還在上漲。所以我認為，只要我們能夠繼續控制營運成本，提高營運效率，我們就能提高利潤。我認為你會看到這種情況發生——我相信從第二季開始。

Perfect. Thanks so much guys.

完美的。非常感謝各位。

Thanks, Colin.

謝謝你，科林。

Philip Shen, Roth Capital Partners.

Philip Shen，Roth Capital Partners。

Hello, thanks for taking my questions. On the project delays, I'm sorry if I missed, but what drove the project sale delays from Q4 into '26? Can you give some additional color also on the impairments that you guys experienced? Thanks.

您好，感謝您回答我的問題。關於專案延期，如果我錯過了什麼，請見諒，但是什麼原因導致專案銷售從第四季延期到 2026 年？能否再詳細介紹一下你們所遇到的困難？謝謝。

Yeah. I'll ask Ismael to address this question. And Xinbo to make any supplement necessary. Ismael?

是的。我會請伊斯梅爾回答這個問題。以及欣博提供任何必要的補充劑。伊斯梅爾？

Sure, man, thank you, Shawn. Look, there were a couple of projects that delayed mainly due to permitting delays. One of them was already finalized, the other one is under exclusivity, so it should be finalized on, hopefully, mainly permitting delays.

當然，謝謝你，肖恩。你看，有幾個專案延期主要是因為審核延誤。其中一項已經敲定，另一項處於獨家談判階段，因此應該能夠敲定，希望主要不會出現延誤。

Look, the impairments are on -- I mean, the main reasons are twofold. One is change on legislation in some of the countries quickly and many projects that we were developing earlier stage, we believe, might not mean making sense anymore, and we stop putting capital into them with the changes on the regulations.

你看，這些缺陷確實存在──我的意思是，主要原因有兩個。一是某些國家的法律法規變化迅速，我們認為，我們早期開發的許多項目可能不再有意義，因此隨著法規的變化，我們停止向這些項目投入資金。

So there were a bunch of them on that part. And some others on which interconnection suddenly, the interconnection cost went to the roof, and we don't see them viable not for us and not for anyone. We also decided to stop investing on. So those are the two main drivers.

所以那部分有很多這樣的人。還有一些網絡，互聯成本突然飆升，我們認為這些網絡既不可行，對我們也不可行。我們也決定停止對某項投資。所以，以上就是兩個主要驅動因素。

Got it, Ismael. Thanks. Can you share which countries and that had there -- where you might be downsizing your efforts, either due to legislation or to the interconnection cost?

明白了，伊斯梅爾。謝謝。能否分享一下您在哪些國家/地區縮減了工作規模，以及由於立法或互聯成本等原因，您可能正在縮減哪些國家/地區的工作規模？

The biggest bulk and solar in the US because of the changes in regulation there. And Italy also because of the grid reform, also a little bit in France, so those are the main three. A little bit in Spain also, but not major.

由於美國監管政策的變化，美國最大的散貨和太陽能企業應運而生。義大利也因為電網改革而受到影響，法國也略有影響，所以這三個是主要的。西班牙也有一點，但不多。

Great, thanks. Great. And then shifting over to the guidance. For -- if you can, can you explain a little bit more why the '26 guidance is only focused on the US? Although Q1 has global numbers there. And so I was wondering if you could also share what the US mix for Q1 might be? And then also what the 2026 CapEx might be? Thanks.

太好了，謝謝。偉大的。然後轉入指導部分。如果可以的話，能否再解釋為什麼 2026 年的指導意見只針對美國？雖然第一季有全球數據。所以我想知道您是否也能分享一下美國第一季的產品組合情況？那麼，2026 年的資本支出可能是多少呢？謝謝。

Philip, again, this is Shawn. We have already provided a global guidance in November last year. And so we only added the new guidance for US, which we -- usually we mentioned during the call, but we don't put it in writing. So this time, we put it on writing for the US guidance.

菲利普，我再說一遍，我是肖恩。我們已於去年11月發布了全球指導意見。因此，我們只添加了針對美國的新指導方針，我們——通常我們會在電話會議中提到，但我們不會將其寫下來。所以這次，我們把它寫成書面文件，提交給美國政府參考。

In terms of CapEx, I'll let Xinbo to address. I want to mention that the new CapEx for 2026 is mainly in United States. We have some remaining payments for the capacity in the other places, but most of the CapEx in United States. But we also have a new CapEx in Southeastern Asia for the energy storage production and the lithium battery energy storage production, but those capacity are mainly prepared for US. Now Xinbo, would you -- do you have some new numbers to share?

至於資本支出方面，我會讓辛博來回答。我想提一下，2026 年的新資本支出主要集中在美國。我們還有一些其他地方的產能款項尚未支付，但大部分資本支出都在美國。但是，我們在東南亞也有新的資本支出，用於儲能生產和鋰電池儲能生產，但這些產能主要是為美國市場準備的。欣博，有什麼新的數據可以分享嗎？

Yes. It's not new number, it's the same as what we guided in the last earnings call, it's around $1.2 billion for this year, in the CapEx. There might be some uncertainties because of the -- hopefully, the lower tariff to the US.

是的。這不是新的數字，和我們上次財報電話會議上給出的預期一樣，今年的資本支出約為 12 億美元。由於——希望——對美國的關稅會降低，可能會出現一些不確定性。

Great. Okay. One more, if I may. As it relates to the Section 337 and that investigation, I was wondering if you might be able to provide some color on that as well as, I think, the USPTO recently projected your attempt to invalidate the First Solar TOPCon patent lawsuits. And so just if you can give us some perspective on the IP situation.

偉大的。好的。如果可以的話，我再問一個問題。關於第 337 條款和那項調查，我想知道您是否能提供一些相關信息，另外，我認為，美國專利商標局最近預測您將試圖使 First Solar TOPCon 專利訴訟無效。所以，您能否就知識產權現況給我們一些看法？

It looks like you're focused more on heterojunction, so maybe it's not that relevant. Just wanted to touch on this for a bit. Thanks.

看來你更關注異質結，所以這可能不太相關。我想簡單談談這件事。謝謝。

First of all, Philip, we have decided to use heterojunction, HJT, technology for our US domestic solar cell factory a few years ago. Before the legal challenge from First Solar.

首先，Philip，幾年前我們就決定在美國國內的太陽能電池工廠採用異質接面（HJT）技術。在First Solar提起法律訴訟之前。

So we made a decision independently, because we believe we are a master of the HJT technology. And this technology has some very distinguished advantages. First of all, HJT has higher theoretical efficiency limit than the TOPCon solar cell. And second, although both TOPCon and HJT are N-type for the application on earth, it's N-type. For the operation in the space, some scholars believe P-type HJT has more advantage.

所以我們獨立做出了決定，因為我們相信我們是HJT技術的專家。這項技術具有一些非常顯著的優勢。首先，HJT 的理論效率極限比 TOPCon 太陽能電池更高。其次，雖然 TOPCon 和 HJT 在地球上的應用都是 N 型晶體管，但它是 N 型電晶體。對於太空中的運行，一些學者認為 P 型 HJT 具有更大的優勢。

But although the TOPCon and HJT are both N-type, HJT does have higher efficiency and also thinner wafers. It has the potential to go thin wafers, therefore, further reduce the cost. Also, there was another advantage of HJT technology which just appeared, become more significant recently, which is the low silver use. When we decided on the -- to use HJT for the US factory, the silver cost was not that high like two, three years ago, polysilicon cost is still number one, not like today, the silver cost all of a sudden become number one.

雖然 TOPCon 和 HJT 都是 N 型晶體管，但 HJT 的效率更高，晶圓也更薄。它有可能實現超薄晶圓，從而進一步降低成本。此外，HJT 技術還有另一個最近才出現並變得更加重要的優勢，那就是銀的使用量低。當我們決定在美國工廠使用 HJT 時，銀的成本不像兩三年前那麼高，多晶矽的成本仍然是第一位的，不像現在，銀的成本突然變成了第一位。

But the HJT use the so-called low-temperature process, as you probably know, the processing temperature -- the highest processing temperature is around 200 degrees C rather than for N-type TOPCon, which have to go through some 800, 900 degrees C process. Because it's low temperature, we can potentially use less silver and more copper in the paste. Therefore, it will have very significant savings in terms of silver cost.

但 HJT 採用所謂的低溫工藝，您可能知道，其加工溫度最高約為攝氏 200 度，而 N 型 TOPCon 則必須經過 800、900 攝氏度的加工。由於溫度較低，我們可以在焊膏中減少銀的用量，增加銅的用量。因此，這將大大節省白銀成本。

Recently, I have called the R&D team in our company to focus on what I call the zero silver technology. And for zero silver, we can see that the HJT will go faster than the TOPCon technology. So because of those event, also, HJT is more of -- is a more automated and equipment-dependent process than operators dependent. And its operator per watt capacity is much less than the TOPCon. So it will make -- reduce the initial operator training burden for us in US. That's why we do introduced HJT.

最近，我召集公司研發團隊，專注於研究我稱之為零銀技術的東西。而且，在不含銀的情況下，我們可以看到 HJT 的速度將比 TOPCon 技術更快。因此，由於這些事件，HJT 也更加自動化，更加依賴設備，而不是依賴操作員。而且它的每瓦操作能力遠低於 TOPCon。這樣一來，就能減輕我們在美國的操作人員初期訓練負擔。這就是我們引入HJT的原因。

And as I said in my remarks, we will see the first piece of HJT cells of our lines in Jeffersonville, Indiana by the end of this month. So next quarter, we will start the ramp-up process for the Phase 1. So I think that the result today, what happened today shows that we made the right decision on the technology selection, also showed our steps in the R&D and technology reserve in the company.

正如我在演講中所說，到本月底，我們將在印第安納州傑斐遜維爾看到我們生產線的第一批 HJT 細胞。因此，下個季度我們將啟動第一階段的產能提升過程。所以我認為今天的結果，今天發生的事情表明我們在技術選擇上做出了正確的決定，也表明了我們在公司研發和技術儲備方面所採取的措施。

Now turning to the -- on the legal patent side, I don't want to comment too much on the legal cases. But I do want to emphasize that USPTO pretty much rejected all the review request for patents. It's not specific to us, but it's rather a change of their practice. I don't think it affect or it will weaken our position in front of the court. We have -- we firmly believe that our technology is found. And also, we have not infringed any of other patents.

現在轉向——在專利法律方面，我不想對法律案件發表太多評論。但我確實想強調，美國專利商標局幾乎駁回了所有專利申請的複審請求。這並非我們特有的情況，而是他們做法上的改變。我認為這不會影響或削弱我們在法庭上的地位。我們堅信我們的技術已被找到。此外，我們也沒有侵犯任何其他專利。

Now in terms of 337, it's going to be approximately a 1-year process or more than 1 year. So it's a process in front of ITC. So we'll let the process go. But as I said, we are confident on our technology and our patent determination. And -- but meanwhile, we have -- also have flexibility as you see that we have the HJT technology going in US already.

至於 337 號法案，大概需要 1 年或更長時間才能完成。所以這是國際貿易委員會 (ITC) 的一個流程。所以我們就讓這個過程繼續下去。但正如我所說，我們對我們的技術和專利認定充滿信心。而且——但同時，我們也擁有——靈活性，正如你所看到的，我們已經在美國投入使用 HJT 技術。

And by the end of this year, we will be ramping up the Phase 2. So in Q1 next year, you will start to see 6 gigawatts, 6.3 gigawatts of nameplate capacity running in the United States. That will more or less cover a large part of our solar cell requirement of our Mesquite solar module factory. As I also said that our -- we increased our nameplate capacity of the solar module (inaudible) factory in Mesquite, Texas to 10 gigawatt.

到今年年底，我們將加快第二階段的步伐。因此，明年第一季度，您將看到美國有 6 吉瓦、6.3 吉瓦的額定容量投入運作。這差不多可以滿足我們位於梅斯基特的太陽能模組工廠的大部分太陽能電池需求。正如我之前所說，我們已將位於德克薩斯州梅斯基特的太陽能組件（聽不清楚）工廠的銘牌產能提高到 10 吉瓦。

So for the remaining 3 gigawatts, we will either use TOPCon to supplement or we might use PERC technology. So altogether, I'm confident that right now, what we are seeing right now is a transition process ongoing. But starting from second half of this year, overall, you will see the result of this transition. So I think we are the -- one of the most -- will be the most stable players in the global market, especially in the US market.

所以對於剩下的 3 吉瓦，我們將要么使用 TOPCon 進行補充，要么可能會使用 PERC 技術。所以總的來說，我相信我們現在看到的是一個正在進行的過渡過程。但從今年下半年開始，總體而言，您將會看到這種轉變的結果。所以我認為我們是——最——將會是全球市場，尤其是美國市場中最穩定的參與者之一。

John, thank you very much for the comprehensive answer. I'll pass it on.

約翰，非常感謝你詳盡的解答。我會轉達的。

Maheep Mandloi, Mizuho Securities.

Maheep Mandloi，瑞穗證券。

Hey, hello and thanks for the questions here. On the HJT expansion and even the model expansion, could you just talk about like the capital needs or CapEx needs for those? And then separately, on the FEOC side or compliance with FEOC, can you just touch upon that with this new strategy that you still need the 45x? Or how do you plan to address the material assistance or any other rules around the foreign entity of concern language in the OBBBA?

嘿，你好，感謝你在這裡提出問題。關於 HJT 的擴張，甚至是車型的擴張，您能否談談這些擴張所需的資金或資本支出？另外，關於聯邦僱員資格審查委員會 (FEOC) 方面或遵守 FEOC 的規定，您能否談談這項新策略是否仍需要 45x？或者，您打算如何處理《海外商業、商業和商業法案》（OBBBA）中關於物質援助或有關外國關注實體的任何其他規則？

Yes. This is Shawn. I also, as we said, in remark, we are more or less completed our restructuring necessary to be compliant to the OBBBA by December. Reformed a new entity, which is called CS PowerTech for US manufacturing.

是的。這是肖恩。正如我們之前所說，我們也基本上完成了必要的重組，以便在 12 月之前符合 OBBBA 的要求。重組了一個名為 CS PowerTech 的新實體，專門從事美國製造業。

This is the CS PowerTech. And all the subsidiary and (inaudible) as have has 75.1% ownership from Canadian Solar. And Canadian Solar is headquartered in Kitchener, Ontario. And Canadian Solar -- I mean we actually just completed all -- we just had our first Board meeting of 2026 in Kitchener, Ontario. And we will have the second Board meeting in Kitchener, Ontario very soon by May.

這是 CS PowerTech。而所有子公司和（聽不清楚）都持有加拿大太陽能公司 75.1% 的股份。加拿大太陽能公司總部位於安大略省基奇納市。加拿大太陽能公司——我的意思是，我們實際上剛剛完成了所有工作——我們剛剛在安大略省基奇納市召開了 2026 年的第一次董事會。我們將在五月之前在安大略省基奇納市召開第二次董事會會議。

So as you see, the major decision-making and those corporate activities are wholly in Canada, which make Canadian Solar clear Canadian operating company. So which -- so with this structure, we believe we are compliant with the OBBBA. In terms of CapEx, most of happened for 2026 will happen in United States. There are some CapEx spending for the Mesquite factory in the solar module factory, we mentioned that we expanded the capacity there from 5 gigawatts to 10 gigawatt. That will add a little bit equipment, but the buildings there, most of the facilities there.

因此，正如你所看到的，主要的決策和公司活動完全在加拿大進行，這使得加拿大太陽能公司成為一家明確的加拿大營運公司。因此，我們相信，透過這種結構，我們符合 OBBBA 的要求。就資本支出而言，2026 年的大部分支出將發生在美國。我們提到過，我們在梅斯基特工廠的太陽能組件工廠進行了一些資本支出，該工廠的產能已從 5 吉瓦擴大到 10 吉瓦。那會增加一些設備，但那裡的建築物，那裡的大部分設施。

So the expanding cost -- expansion costs as we lower proportional to compare with the historical spending. So that's a very -- I think there is a very efficient expansion. And for the Mesquite solar cell Phase 1 and Phase 2 altogether, the total CapEx will be over USD1 billion. That's why you see the numbers most of the CapEx numbers for 2026 happened in -- occurred in Jeffersonville, Indiana for the solar cell Phase 1 and Phase 2. However, the Phase 1 is pretty much already there, all the equipment are there.

因此，擴張成本—隨著我們降低擴張成本與歷史支出相比的比例，擴張成本也在降低。所以我認為這是一個非常有效率的擴張。而 Mesquite 太陽能電池第一期和第二期的總資本支出將超過 10 億美元。這就是為什麼你會看到 2026 年的大部分資本支出數字都發生在印第安納州傑斐遜維爾的太陽能電池一期和二期項目上。然而，第一階段基本上已經完成，所有設備都已到位。

Now we are adding the Phase 2 there. There are also some CapEx expansion in Southeastern Asia for the lithium battery energy storage factory. So those are where the expansion and new CapEx happening this year.

現在我們正在那裡增加第二階段。此外，東南亞地區還有一些鋰電池儲能工廠的資本支出擴張計畫。所以，這些就是今年擴張新增資本支出項目所在的地區。

Got it. I appreciate the clarity there. And maybe just a follow-up on the manufacturing for the US. Any thoughts on what gross margins you are targeting for either the solar module or the battery manufacturing in the US? And secondly, if you could just talk about any orders you've received for the manufacturing for '27 or '28 at this stage in the US factories.

知道了。我很欣賞這種清晰的解釋。或許還可以跟進一下美國製造業的情況。對於在美國生產的太陽能模組或電池，你們的目標毛利率是多少？其次，能否請您談談目前美國工廠收到的 2027 年或 2028 年的生產訂單情況？

Yes, the US factory, first of all, we typically don't guide the gross margin for future quarters and future years. However, I do share that -- I can share that for the solar module manufacturing, the typical gross margin. The gross margin demonstrated previous year in 2025 is more than 20% for the US, manufacturing and US orders.

是的，首先，對於美國工廠，我們通常不會對未來幾季和幾年的毛利率進行預測。不過，我確實可以分享一下——我可以分享一下太陽能組件製造的典型毛利率。2025 年，美國、製造業和美國訂單的毛利率均超過 20%。

This year, for this first half of the year, the margin might be a little bit tight because of the tight supply of the so-called OBBBA compliant solar cell supply, as I mentioned in my call and also because we are waiting for our Jeffersonville solar cell factory to contribute for the second part of the year.

今年上半年，利潤空間可能會比較緊張，因為所謂的符合 OBBBA 標準的太陽能電池供應緊張，正如我在電話會議中提到的那樣，而且我們還在等待傑斐遜維爾太陽能電池工廠在下半年投產。

And so that tight supply caused a little bit reduced the volume in US, also as we guided and also a little bit high priced for the solar cell supply to the US. However, I think this is pure transitional. First of all, if I -- when I address the one of previous question, I said that the US market seem to be able to respond total cost increase when we tell our customers that cost increase because of the silver and also because of the tight supply of OBBBA compliance sort of sales and our customers are willing to most of our customers are willing to shoulder some of these costs.

因此，供應緊張導緻美國市場銷量略有下降，正如我們之前所預測的那樣，同時美國太陽能電池的供應價格也略高。但我認為這純粹是過渡性的。首先，當我回答上一個問題時，我說過，當我們告訴客戶成本上漲是由於白銀價格上漲以及OBBBA合規銷售供應緊張時，美國市場似乎能夠接受總成本的上漲，而且我們的客戶大多願意承擔其中的一些成本。

But I also want to mention that from now on, it looks like we will see less tariff impact on the cost. I don't know how long it will last, but I do know that for at least in Q2 or the benefit of lower tariffs. But moving into the second half and move into next year, we start to switch more and more into our domestic manufacturer solar cell, the tariff will become a small question. So to repeat, historically, we do see over 20% gross margin for US solar manufacturing.

但我還想提一下，從現在開始，關稅對成本的影響似乎會減少。我不知道這種情況會持續多久，但我知道至少在第二季度，較低的關稅會帶來好處。但到了下半年和明年，隨著我們越來越多地轉向使用國內製造商生產的太陽能電池，關稅問題將不再是問題。所以重申一下，從歷史數據來看，美國太陽能製造業的毛利率確實超過 20%。

Now for the energy battery, we did say that we are targeting like 20% of higher gross margin. For global shipments, including US and non-US.

至於能量電池，我們確實說過，我們的目標是提高 20% 的毛利率。適用於全球出貨，包括美國和非美國地區。

Now Colin, do you want to -- do you have additional comment on this topic? That's okay. I think we can just move on.

科林，你還有什麼想補充的嗎？關於這個話題，你還有什麼要說的嗎？沒關係。我覺得我們可以翻篇了。

Nothing else on that. But like a quick clarification just on the 25 to 30 gigawatts of shipments which previously for '26. That's still implies? Or is that something that will guide later or the revise that later?

就這些了。但需要快速澄清一下先前在 2026 年宣布的 25 至 30 吉瓦的出貨量。那仍然意味著什麼？或者說，這會成為以後的指導原則，或是以後會進行修改？

Can you repeat your question?

您能再說一次您的問題嗎？

Yes, sure. The -- we previously guided 25 to 30 gigawatts of solar shipments for 2026, right? So does that still hold? Or that's something in revised in second quarter?

當然可以。我們之前預測 2026 年太陽能出貨量將達到 25 至 30 吉瓦，對吧？那麼這個結論現在仍然成立嗎？或者說，那是第二季修訂的內容？

Well, first of all, we didn't provide any new guidance this year. However, as we see at this point, we think the volume target for 2026, yes, it's not our priority, but rather the profit is our priority. This is due to, number one, the increase of cost of the solar cell. And number two, you see that total volume in US will go down a little bit compared with last year, but it's more due to the supply chain issue before we bounce back next year for the US shipment.

首先，我們今年沒有發布任何新的指導意見。但是，就目前來看，我們認為 2026 年的銷售目標並不是我們的首要任務，利潤才是我們的首要任務。第一，這是由於太陽能電池成本增加所造成的。第二，與去年相比，美國的總銷售量會略有下降，但這更多是由於供應鏈問題，預計明年美國出貨量將反彈。

And the current conflict in Middle East will also, I think, impact the market, especially the demand from the Middle East. So it hasn't materialized yet, but we do expect some turbulence there. So for the volume -- the megawatt volume of solar, we think is getting challenging, and we are not focusing on that for this year.

我認為，當前中東衝突也將對市場產生影響，尤其是對中東的需求。所以這件事目前還沒有真正發生，但我們預計那裡會出現一些動盪。所以就太陽能發電量而言——兆瓦級的太陽能發電量，我們認為正面臨挑戰，因此我們今年不會把重點放在這方面。

However, we are still early. We're still in March. I have been in the solar industry for 30 years and Canadian Solar has been operating for 25 years. So we do see in turbulent year, sometimes the volume can switch off and on very fast. So we will provide the annual global guidance on volumes in later quarters for we have more clarity.

然而，我們現在還處於早期階段。現在還是三月。我從事太陽能產業已有 30 年，加拿大太陽能公司也已經營運了 25 年。因此，在動蕩的年份裡，我們有時會看到音量快速地關閉和開啟。因此，我們將在稍後的幾季提供年度全球銷售指引，因為屆時情況會更加明朗。

Thank you, appreciate it.

謝謝，感激不盡。

Alan Lau with Jefferies.

Alan Lau 與 Jefferies 合作。

Thank you for taking my question. Congratulations on winning a major orders in relation to a data center for energy storage. I would like to know -- so how does that project works like? Do you sell power to the utility company, which in turns house or where it is supplying the power to a data center? And do you know how big is the load for the data center?

感謝您回答我的問題。恭喜貴公司贏得與儲能資料中心相關的重大訂單。我想知道——這個計畫是如何運作的？你們是否向電力公司出售電力，而電力公司又將電力輸送到資料中心？你知道資料中心的負載有多大嗎？

I think you're asking the question about our new press release, right, on the 2.5 gigawatt hour order. Now Colin is the President for Canadian Solar as well as our subsidiary e-STORAGE. So Colin, do you want to comment on this question?

我想您問的應該是關於我們最新新聞稿中提到的 2.5 吉瓦時訂單的問題，對吧？現在，Colin 是 Canadian Solar 以及我們子公司 e-STORAGE 的總裁。科林，你對這個問題有什麼看法嗎？

Sure. Thanks, Alan, for your question. That particular project, although we can't name the customer, is for a major US utility. And it is part of their strategy to build-out power supply for a major hyperscale investments.

當然。謝謝你的提問，艾倫。雖然我們不能透露客戶的名字，但這個專案是為一家美國大型公用事業公司所做的。這是他們為大型超大規模投資項目建立電力供應策略的一部分。

That is a front-of-the-meter solution. And what we're seeing right now is luxury utilities and infrastructure is being formed around the additional power demands for data centers front-of-the-meter.

這是電錶前的解決方案。我們現在看到的是，圍繞資料中心在電錶前端的額外電力需求，正在形成豪華的公用設施和基礎設施。

We're also seeing trends for behind-the-meter and direct connected data centers, which this is not the case. This is an infrastructure support project. But we do expect to see the trend moving towards more behind-the-meter total power solutions for data centers, which is why we mentioned in our commentary earlier that we are focusing on providing total power solutions to address both front-of-the-meter and direct behind-the-meter connections for data centers.

我們也看到了用戶側資料中心和直接連接資料中心的趨勢，但這種情況並非如此。這是一個基礎設施支援項目。但我們預計，資料中心的發展趨勢將更多地轉向表後整體電力解決方案，這也是為什麼我們在先前的評論中提到，我們專注於提供整體電力解決方案，以解決資料中心的表前和表後直接連接問題。

And part of that is the modeling, understanding the modeling and the requirements for the data centers, particular application, the load flow requirements and response requirements, which are very stringent and testing those requirements in advance doing hardware in the loop testing and configuring our total solutions to support the complex needs for data centers.

其中一部分是建模，了解資料中心的建模和要求，特別是特定應用的負載潮流要求和響應要求，這些要求非常嚴格，需要提前測試這些要求，進行硬體在環測試，並配置我們的整體解決方案以支援資料中心的複雜需求。

But as I mentioned, we're seeing both front-of-the-meter and behind-the-meter, but more this particular one is a front-of-the-meter, and we'll see more of that as well. Did that answer your question, Alan?

但正如我所提到的，我們看到既有儀表前的犯罪，也有儀表後的犯罪，但這次更多的是儀表前的犯罪，而且我們會看到更多這樣的犯罪。艾倫，這樣回答你的問題了嗎？

That's clear. Just a quick follow-up on that. So for the behind-the-meter discussion ongoing, you mentioned about a total power solutions. So does it mean that you also have to consider the grid connection requirement to stabilize the load requirement from the data center storage parts from the grid. Is it part of the package on top of powering data center?

這一點很清楚。關於這件事，我再補充一點。所以，對於正在進行的表後討論，您提到了整體電力解決方案。那麼，是否也需要考慮併網要求，以穩定資料中心儲存部分從電網獲得的負載需求？除了為資料中心供電之外，它是否也包含在套餐內？

That's right. That's part of the total solution that we're looking at. We're in some cases, auxiliary equipment, power supply equipment and even potentially generation equipment completes the total power solution. And we can do some part of that with partners. But we're looking at the data center opportunities in a much more holistic power solution approach.

這是正確的。這是我們正在研究的整體解決方案的一部分。在某些情況下，輔助設備、電源設備甚至發電設備可以完善整個電力解決方案。我們可以與合作夥伴一起完成其中的一部分工作。但我們正在以更全面的電力解決方案方法來看待資料中心的機會。

And we think that's part of the value that we'll be adding as we look forward to participating in the AIDC markets. So I think you'll see more coming from us in terms of our advancement of technologies beyond just the known capabilities that we have with our battery technology.

我們認為，這是我們參與 AIDC 市場時將要創造的價值的一部分。所以我認為，除了我們目前已知的電池技術能力之外，我們還將在技術進步方面取得更多成就。

And the other thing that I think we've mentioned earlier is we're focusing on how to bring that additional value to our customer in terms of executing projects, servicing and supporting equipment with long-term performance and guarantees to meet the specific requirements for data centers.

還有一點，我們之前也提到過，我們專注於如何為客戶帶來額外的價值，包括執行專案、服務和支援設備，並提供長期效能保證，以滿足資料中心的特定要求。

Thank you.

謝謝。

Thank you, Alan.

謝謝你，艾倫。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to management for any final comments.

謝謝。女士們、先生們，我們的問答環節到此結束。我將把發言權交還給管理階層，請他們作最後的總結性發言。

All right. And thank you for joining us today and also for your continued support. And if you have any questions or like to set up a call, please contact our Investor Relations team. Take care, and have a great day.

好的。感謝各位今天蒞臨，也感謝你們一直以來的支持。如果您有任何疑問或想安排通話，請聯絡我們的投資者關係團隊。保重，祝你今天過得愉快。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。