Canadian Solar Inc. (CSIQ) 2026 Q1 法說會逐字稿

Welcome to Canadian Solar's first-quarter 2026 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. I would now like to turn the call over to Wina Huang, Head of Investor Relations at Canadian Solar. Please go ahead.

歡迎參加阿特斯太陽能（Canadian Solar）2026 年第一季財報電話會議。我叫 Melissa，今天將由我擔任接線員。（接線員指示）提醒各位，本次會議將錄音以供回放。現在我想把電話交給阿特斯太陽能投資人關係主管 Wina Huang。請開始。

Thank you, operator, and welcome, everyone, to Canadian Solar's first-quarter 2026 conference call. Please note that today's conference call is accompanied with slides, which are available on Canadian Solar's investor relations website within the events and presentations section. Joining us today are Dr. Xiaohua Qu, Executive Chairman and CTO; Colin Parkin, CEO; Ismael Arias, CEO of Canadian Solar subsidiary, Recurrent Energy; and Xinbo Zhu, Senior VP and CFO.

謝謝接線員，也歡迎各位參加阿特斯太陽能 2026 年第一季電話會議。請注意，今天的電話會議搭配簡報投影片，可於阿特斯太陽能投資人關係網站的「活動與簡報」專區取得。今天與會者包括瞿曉華博士（執行董事長兼技術長）；Colin Parkin（執行長）；Ismael Arias（阿特斯太陽能子公司 Recurrent Energy 執行長）；以及朱新波（資深副總裁兼財務長）。

All company executives will participate in the Q&A session after management's formal remarks. On this call, Xiaohua 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. Before we begin, I would like to remind listeners that management's prepared remarks today as well as their answers to questions will contain certain forward-looking statements that are subject to risks and uncertainties.

所有公司高階主管將在管理層正式發言後參與問答環節。在本次電話會議中，曉華將說明本季幾項重點訊息。Colin 與 Ismael 將分別回顧製造業務與 Recurrent Energy 的業務亮點，朱新波將說明財務結果。Colin 將以業務展望作為事先準備發言的結尾，之後我們將進入提問時間。在開始之前，我想提醒各位，管理層今天的事先準備發言以及對問題的回答將包含若干前瞻性陳述，並受風險與不確定性影響。

The company claims protection under the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. 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.

公司主張適用 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）中關於前瞻性陳述的「安全港」保護。實際結果可能與管理層目前的預期不同。任何對公司未來表現的預測均代表管理層截至今日的估計。除非適用法律另有要求，阿特斯太陽能不承擔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. Some financial information presented during the call will be provided on both a GAAP and non-GAAP basis.

關於風險與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（SEC）提交的 Form 20-F 年度報告。管理層的事先準備發言將依據 SEC Regulation G 對一般公認會計原則（GAAP）的相關要求進行呈現。本次電話會議中提供的部分財務資訊將同時以 GAAP 與非 GAAP 口徑呈現。

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

透過揭露若干非 GAAP 資訊，管理層旨在為投資人提供額外資訊，以便進一步分析公司的表現與基本趨勢。管理層使用非 GAAP 指標以更好地評估營運表現並制定營運目標。投資人不應將非 GAAP 資訊視為依 GAAP 提供之數據的替代。

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

現在我想把電話交給阿特斯太陽能執行董事長兼技術長瞿曉華博士。曉華，請開始。

Thank you, Wina, and thank you all for joining our first-quarter 2026 earnings call. Beginning on slide 3, we started the year with strong momentum. We recognized revenue of 2.5 gigawatts of solar modules and 2.1 gigawatt hours of energy storage solutions, both of which exceeded our guidance range. Revenue totaled $1.1 billion, reaching the high end of our expectations.

謝謝 Wina，也感謝各位參加我們 2026 年第一季財報電話會議。從第 3 頁投影片開始，我們以強勁動能展開新的一年。我們確認了 2.5 吉瓦的太陽能模組營收，以及 2.1 吉瓦時的儲能解決方案營收，兩者皆超出我們的指引區間。營收合計 11 億美元，達到我們預期的高端。

Gross margin of 25.1% outperformed our forecast, aided by the accrual of tariff refunds. Profitability was impacted by elevated non-logistics operating expenses, foreign exchange losses, and tax expense accruals related to the tariff refund. This led to a net loss attributable to shareholders of $32 million or $0.71 per diluted share.

毛利率 25.1% 優於我們的預測，主要受惠於關稅退稅的應計入帳。獲利能力受到偏高的（非物流）營運費用、外匯損失，以及與關稅退稅相關的稅費應計影響。因此，歸屬於股東的淨損為 3,200 萬美元，或稀釋後每股虧損 0.71 美元。

The Solar downturn has lasted longer than expected. Against this backdrop, we have consistently made the right strategic decisions. We have repositioned our Solar Module business to focus on key attractive markets, accumulating in the formation of CS PowerTech, which is now leading our efforts in the domestic reshoring of manufacturing in the United States.

太陽能產業的下行週期持續時間比預期更長。在此背景下，我們始終做出正確的策略決策。我們已重新定位太陽能模組業務，聚焦於具吸引力的關鍵市場，並促成 CS PowerTech 的成立；該平台目前正領導我們在美國推動製造回流（reshoring）的在地化製造工作。

At the same time, we have strategically dialed back volumes in less profitable markets, maintaining a steadfast profit-first strategy. Furthermore, energy storage represents a pioneering strategic move for us. Throughout this business, we have transformed from a pure PV module manufacturer into an integrated energy solutions provider. The boom in artificial intelligence has also provided new clarity. As the world chases digital breakthroughs, our core foundation is still physical power infrastructure.

同時，我們策略性地下調在獲利較低市場的出貨量，並堅持以獲利優先的策略。此外，儲能對我們而言是一項開創性的策略布局。透過這項業務，我們已從純粹的光伏（PV）模組製造商，轉型為整合型能源解決方案供應商。人工智慧的蓬勃發展也帶來了新的清晰方向。當世界追逐數位突破之際，我們的核心基礎仍是實體電力基礎設施。

With rising global geopolitical friction and the push for energy independence, nations are increasingly seeking self-sufficient, reliable, local energy solutions. Renewable energy paired with energy storage has become an inevitable imperative. Turning to slide 4. Our journey from our founding in Ontario, Canada to our current position as a global leader in integrated clean energy is a testament to our enduring resilience. We have consistently evolved. And today, we are navigating a pivotal shift from volume-driven expansion to value-driven leadership.

隨著全球地緣政治摩擦升溫以及能源自主的推動，各國愈發尋求自給自足、可靠且在地的能源解決方案。再生能源搭配儲能已成為不可避免的必然趨勢。接著看第 4 頁投影片。我們從加拿大安大略省創立至今，成為整合式潔淨能源的全球領導者，這段歷程證明了我們長期的韌性。我們持續進化。而今天，我們正處於從以量驅動的擴張，轉向以價值驅動的領導地位之關鍵轉折。

This evolution calls for strategic succession, and I am proud to transition the Chief Executive Officer's role to Colin Parkin. Colin is a veteran of the company and renewable energy industry. He previously served as President of Canadian Solar and was pivotal in establishing our first-mover advantage in the energy storage sector as President of e-STORAGE.

這樣的演進需要策略性的接班安排，我很自豪將執行長職務交棒給 Colin Parkin。Colin 是公司與再生能源產業的資深人士。他先前曾擔任阿特斯太陽能總裁，並在擔任 e-STORAGE 總裁期間，對我們在儲能領域建立先行者優勢發揮了關鍵作用。

This transition follows a thoughtful long-term succession planning process approved unanimously by the Board of Directors. I will transition to the role of Executive Chairman and Chief Technology Officer, focusing on our technology roadmap and long-term R&D strategy. We are working closely with Colin to execute this transition. With that, I will now turn the call over to Colin.

此次交接是經由董事會一致通過、審慎且長期的接班規劃流程所促成。我將轉任執行董事長兼技術長，聚焦於我們的技術路線圖與長期研發策略。我們正與 Colin 緊密合作以落實此次交接。接下來，我把電話交給 Colin。

Colin, please go ahead. Thank you, Xiaohua. It is an honor to take over the Chief Executive role, and I look forward to your continued guidance as we navigate our next phase of growth. Beginning on slide 5, as Xiaohua highlighted, the first pillar of our global strategy is US manufacturing. Since our last update, we have achieved critical milestones in reshoring the renewable energy supply chain.

Colin，請開始。謝謝你，曉華。能接任執行長一職我深感榮幸，也期待在我們邁向下一階段成長之際，持續獲得你的指導。從第 5 頁投影片開始，如曉華所強調，我們全球策略的第一支柱是美國製造。自上次更新以來，我們在推動再生能源供應鏈回流方面已達成多項關鍵里程碑。

Phase I of our flagship solar cell factory in Jeffersonville, Indiana, produced its first trial HJT solar cell at the end of March. With a nameplate capacity of 2.1 gigawatts peak, it will be the first and only commercial operational HJT solar cell facility in the United States once it ramps up over the next two quarters. In response to strong customer demand, we are increasing our domestic solar cell capacity beyond the original planned 5 gigawatts peak.

我們位於印第安納州傑佛遜維爾（Jeffersonville）的旗艦太陽能電池工廠第一期，已於 3 月底產出首批試製 HJT 太陽能電池。該廠名目產能為 2.1 吉瓦峰值（GWp），在未來兩個季度完成爬坡後，將成為美國第一且唯一投入商業營運的 HJT 太陽能電池設施。因應強勁的客戶需求，我們正把美國本土太陽能電池產能提高至原先規劃的 5 吉瓦峰值以上。

We expect to begin trial production for Phase II at the beginning of next year. This expansion will add 4.2 gigawatts peak of capacity, bringing our total US solar cell nameplate capacity to 6.3 gigawatts peak and making us the largest crystalline silicon solar cell manufacturing in the country. Parallel to this is the expansion of our successful solar module factory in Mesquite, Texas. This facility reached full ramp last year, and we are currently expanding capacity at the existing site.

我們預期將於明年年初開始第二期的試產。此次擴產將新增 4.2 吉瓦峰值（GWp）產能，使我們在美國的太陽能電池名目總產能達到 6.3 吉瓦峰值，並使我們成為全美最大的晶體矽太陽能電池製造商。與此同時，我們也在擴建位於德州梅斯基特（Mesquite）的成功太陽能模組工廠。該設施去年已完成全面爬坡，目前我們正在既有廠址擴充產能。

By the second half of this year, we expect nameplate capacity to double to 10 gigawatts peak, allowing us to fulfill all future US volumes from this Texas facility. Now let's walk through this quarter's manufacturing numbers. Turning to slide 6. In the first quarter of 2026, we delivered 2.5 gigawatts of solar modules globally. We maintained a disciplined approach, strategically managing volumes in response to elevated feedstock costs, including silver to mitigate losses.

預計到今年下半年，我們的名義產能將倍增至10吉瓦峰值，使我們能夠透過這座德州工廠滿足未來所有美國出貨量。現在讓我們回顧本季的製造數據。請看第6頁。在2026年第一季，我們在全球交付了2.5吉瓦的太陽能模組。我們維持嚴謹的策略，因應包括白銀在內的上游原料成本高企而策略性管理出貨量，以降低虧損。

Our domestic manufacturing in the US contributed robust margins as we maintained an optimized geographic mix of volumes. Storage shipments recognized as revenue reached 2.1 gigawatt hours, slightly above guidance, supported by steady construction progress across multiple customer sites. Revenue for the Manufacturing segment reached $950 million, and our gross margin was 29.1%. The sequential 1,460 basis point increase was driven by healthy energy storage volumes and the tariff refund. With unit shipping costs holding steady and disciplined management of operating expenses, we achieved operating income of $127 million.

我們在美國的本土製造，透過維持最佳化的區域出貨組合，貢獻了強勁的利潤率。儲能出貨認列為營收達2.1吉瓦時，略高於指引，並受惠於多個客戶工地的施工進度穩健。製造事業部營收達9.5億美元，毛利率為29.1%。季增1,460個基點主要由健康的儲能出貨量與關稅退稅所帶動。在單位運輸成本維持穩定且嚴格控管營運費用下，我們達成營業利益1.27億美元。

Now referring to slide 7 regarding e-STORAGE. We shipped 2.6 gigawatt hours of energy storage solutions this quarter, including 500-megawatt hours to internal and external projects under execution, recognizing revenue on 2.1 gigawatt hours of volume. We are now delivering to a diversified global customer base within a single quarter, what we delivered in a full year just a few years ago. We have also significantly advanced our manufacturing capabilities.

接著請參考第7頁，關於e-STORAGE。本季我們出貨2.6吉瓦時的儲能解決方案，其中包含對內部與外部執行中專案的500兆瓦時出貨，並就2.1吉瓦時的出貨量認列營收。我們現在在單一季度交付給多元化的全球客戶群的量，已相當於幾年前我們整整一年的交付量。我們也大幅提升了製造能力。

For example, our internal production of lithium-ion phosphate prismatic cells is proving to be a distinct advantage in today's market as we have now achieved a cost basis below the market price of third-party cells. This strategic vertical integration provides an economic buffer during cyclical fluctuations while equipping us with the proprietary technical expertise necessary to drive further innovation. To support our global momentum and markets, we are also expanding capacity at our integrated Battery Energy Storage System and battery cell factory in Southeast Asia.

例如，我們內部生產的磷酸鐵鋰（LFP）方形電芯，在當前市場中正展現出明顯優勢，因為我們目前已達到低於第三方電芯市場價格的成本基礎。此一策略性的垂直整合在景氣循環波動期間提供經濟緩衝，同時也讓我們具備推動進一步創新的專有技術專長。為支援我們的全球動能與市場，我們也正在擴建位於東南亞的一體化電池儲能系統（BESS）與電芯工廠產能。

We plan to double both our battery cell and SolBank capacities to ensure strong coverage of annual volumes with internally sourced compliant solutions. The new production lines are currently being constructed and will come online in the first half of 2027. As we focus on maintaining our stellar execution track record, we are also balancing growth and profitability.

我們計畫將電芯與SolBank產能各自倍增，以確保以內部供應的合規解決方案，對年度出貨量提供強力覆蓋。新產線目前正在建置中，並將於2027年上半年投產。在我們專注維持卓越的執行紀錄之際，也同時在成長與獲利之間取得平衡。

As of May 8, our contracted backlog totaled $3.5 billion, including 34 gigawatt hours of operating projects under long-term service agreements. As we continue to scale our storage business, these recurring revenue streams will also increase. Finally, we continue to actively pursue opportunities within both front-of-the-meter and behind-the-meter data center applications. While most commercialized demand today is manifesting through front-of-the-meter contracts, we are seeing steady industry progress in the planning, permitting and technical development required for future behind-the-meter opportunities.

截至5月8日，我們的已簽約在手訂單總額為35億美元，其中包含在長期服務協議下、合計34吉瓦時的營運中專案。隨著我們持續擴大儲能業務規模，這些經常性收入來源也將增加。最後，我們仍積極尋求在表前（front-of-the-meter）與表後（behind-the-meter）資料中心應用領域的機會。雖然目前大多數已商業化的需求主要透過表前合約呈現，但我們看到業界在未來表後機會所需的規劃、許可與技術開發方面正穩步推進。

As this market gradually matures, we remain closely aligned with the key stakeholders driving these opportunities forward. 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.

隨著此市場逐步成熟，我們仍與推動這些機會向前發展的關鍵利害關係人保持緊密一致。現在我把電話交給Ismael，他將概述Recurrent Energy，也就是Canadian Solar的全球專案開發業務。Ismael，請開始。

Thank you, Colin. Beginning with slide 8. We generated $139 million in revenue in the first quarter. Revenue improved sequentially, primarily driven by the sale of the Fort Duncan project. However, the overall contribution of this project sale was offset by related tax equity arrangement as we had recognized tax equity gains when the project was placed in service.

謝謝你，Colin。先從第8頁開始。我們在第一季創造了1.39億美元的營收。營收較前一季改善，主要由Fort Duncan專案出售所帶動。然而，由於相關的稅務股權（tax equity）安排抵銷了該專案出售的整體貢獻，因為在專案投入營運時我們已認列稅務股權收益。

Fort Duncan is a milestone. It is the first stand-alone BESS project in our portfolio that was financed with non-recourse project finance and had no capacity contract in place. We have now successfully monetized and sold the asset profitably, demonstrating that we can also achieve profitable sales for these merchant market project types. With relatively muted project sales this quarter and ongoing platform operating costs, we posted an operating loss of $60 million.

Fort Duncan是一個里程碑。它是我們投資組合中第一個獨立式BESS專案，採用無追索權的專案融資，且當時並未簽訂容量合約。我們如今已成功將該資產變現並以獲利方式出售，證明我們也能對這類商業市場（merchant market）型專案達成獲利出售。由於本季專案出售相對有限，加上平台持續的營運成本，我們錄得6,000萬美元的營業損失。

As we continue to monetize more operating and under construction assets, the P&L impact may not be optimal in the near term. However, this strategy remains necessary to delever our balance sheet and recycle capital. Turning to slide 9. As of March 31, 2026, we have secured interconnections for 7 gigawatts of solar and 14 gigawatt hours of storage globally, excluding projects already in operation.

隨著我們持續將更多已營運及在建資產變現，短期內對損益表的影響可能不會最理想。然而，這項策略仍是降低資產負債表槓桿並回收資本所必需。請看第9頁。截至2026年3月31日，扣除已投入營運的專案，我們已在全球取得7吉瓦太陽能與14吉瓦時儲能的併網（interconnection）資源。

Our total project pipeline is comprised of 24 gigawatts of solar and 81 gigawatt hours of energy storage. Our focus in 2026 is to reduce debt and mature our pipeline. Our pipeline is one of the largest in the industry with a focus on the most stable geographic markets. Our strategy will also allow us to reduce operating expenses by concentrating fewer geographies within our core footprint. We are now focused on unlocking the value of the existing pipeline as it matures. At the same time, we see the rising global energy demand trend and growing appetite for these projects.

我們的專案管線總計由24吉瓦太陽能與81吉瓦時儲能所構成。我們在2026年的重點是降低負債並推進管線成熟。我們的管線是業界最大之一，並聚焦於最穩定的地理市場。我們的策略也將透過在核心版圖內聚焦較少的地理區域，來降低營運費用。我們目前專注於在既有管線成熟之際釋放其價值。同時，我們也看到全球能源需求上升的趨勢，以及市場對這些專案日益增加的興趣。

Our O&M platform continues to grow steadily and holds a contracted portfolio of 15 gigawatts, of which 11.2 gigawatts are already operational. The remainder is currently under construction and will join our managed project portfolio over the coming quarters.

我們的運維（O&M）平台持續穩健成長，並持有已簽約的15吉瓦組合，其中11.2吉瓦已投入營運。其餘部分目前正在建置中，將在未來幾個季度加入我們的受管專案組合。

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Xinbo，他將更詳細說明我們的財務結果。Xinbo，請開始。

Thank you, Ismael. Beginning with slide 10. In the first quarter, we recognized revenue on 2.5 gigawatts of modules and 2.1 gigawatt hours of energy storage solutions, both slightly above guidance. As a result, revenue reached $1.1 billion at the high end of our forecast. Gross margin of 25.1% strongly exceeded guidance. It increased both sequentially and year over year due to the accrual of tariff refunds, which contributed 860 basis points.

謝謝你，Ismael。先從第10頁開始。第一季我們就2.5吉瓦模組與2.1吉瓦時儲能解決方案認列營收，兩者皆略高於指引。因此，營收達到11億美元，位於我們預測區間的高端。25.1%的毛利率大幅優於指引。由於關稅退稅的應計入帳（accrual），毛利率不僅較前一季提升，也較去年同期提升；其中關稅退稅貢獻了860個基點。

Without this one-time benefit, our gross margin still exceeded guidance on strong storage volumes and a healthy geographic mix of solar modules volumes. Operating expenses increased 5% sequentially as lower freight costs were offset by the absence of one-time gains recorded in previous quarter. Net interest expense in the first quarter was $36 million, down from $39 million in the first quarter of 2025.

即使不含這項一次性利益，我們的毛利率仍在強勁的儲能出貨量與健康的太陽能模組區域出貨組合帶動下優於指引。營運費用較前一季增加5%，因運費下降的效益被前一季認列的一次性收益本季不再出現所抵銷。第一季淨利息費用為3,600萬美元，低於2025年第一季的3,900萬美元。

Cost of debt was lower following refinancings in the project development business. Net foreign exchange loss was $29 million, driven by appreciation in the Chinese yuan and the weakness in the US dollar. Total net loss attributable to Canadian Solar was $32 million or $0.71 per diluted share. N

在專案開發業務完成再融資後，負債成本下降。淨外匯損失為2,900萬美元，主要由人民幣升值及美元走弱所致。歸屬於Canadian Solar的淨損為3,200萬美元，或每股稀釋後虧損0.71美元。N

ow let's turn to cash flow and the balance sheet on slide 11.Net cash flow used in operating activities during the first quarter of 2026 was $209 million. This outflow was primarily driven by increased inventories associated with the US Solar and Storage business. Total assets grew to $15.5 billion, driven by increased inventories to support the US Solar and Storage business as well as US manufacturing investments. In the first quarter, we invested $173 million in capital expenditures, primarily towards US manufacturing initiatives.

現在讓我們看第 11 頁的現金流量與資產負債表。2026 年第一季營運活動所使用的淨現金流為 2.09 億美元。此現金流出主要由於與美國太陽能與儲能業務相關的存貨增加所致。總資產增至 155 億美元，主要受存貨增加（以支援美國太陽能與儲能業務）以及美國製造投資所帶動。第一季我們投入 1.73 億美元的資本支出，主要用於美國製造相關計畫。

We expect 2026 CapEx to total around $1.3 billion. We ended the quarter with a cash balance of $1.9 billion and total debt of $6.8 billion. Total debt increased mainly due to new convertible notes issued to support US manufacturing.

我們預期 2026 年資本支出（CapEx）總額約為 13 億美元。本季末我們的現金餘額為 19 億美元，總負債為 68 億美元。總負債增加主要是因為為支援美國製造而新發行的可轉換公司債。

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

現在我把電話交回給 Colin，他將以我們的指引與業務展望作結。Colin，請繼續。

Thank you, Xinbo. Turning to slide 12. For the second quarter of 2026, we expect to recognize revenue on 3.1 and 3.3 gigawatts of solar modules. We expect to deliver between 2.8 and 3.2 gigawatt hours of energy storage solutions, including approximately 400 megawatt hours to internal and external projects under construction. Revenue and profit recognition for volumes delivered to these in-progress projects may be subject to timing lags. Furthermore, our storage guidance range is slightly more conservative and wider due to delays related to ongoing shipping congestion.

謝謝你，Xinbo。請看第 12 頁。對於 2026 年第二季，我們預期將就 3.1 至 3.3 吉瓦的太陽能模組確認營收。我們預期將交付 2.8 至 3.2 吉瓦時的儲能解決方案，其中包含約 400 兆瓦時交付至內部與外部在建專案。對於交付至這些在建專案的量，其營收與利潤認列可能會受到時點落差影響。此外，由於持續的航運壅塞造成延遲，我們的儲能指引區間略為保守且範圍更寬。

We project total second-quarter revenue to be in the range of $1 billion to $1.2 billion, with gross margin expected to be between 13% and 15%. The broader solar market remains complex as incremental price increases have not yet fully absorbed upstream cost pressures. In the storage business, we expect record volumes in the second half of the year, though margins are projected to normalize, and we remain partially exposed to fluctuations in the lithium carbonate pricing. In the face of these challenges, we remain committed to a balanced strategy focused on rigorous execution and continuous innovation.

我們預估第二季總營收將落在 10 億至 12 億美元之間，毛利率預期介於 13% 至 15%。整體太陽能市場仍然複雜，因為新增的價格上調尚未完全吸收上游成本壓力。在儲能業務方面，我們預期下半年出貨量將創新高，但毛利率預計將回歸常態，同時我們仍部分暴露於碳酸鋰價格波動的影響。面對這些挑戰，我們仍致力於一項均衡策略，聚焦於嚴謹執行與持續創新。

For the full year of 2026, we reiterate our US volume guidance, 6.5 to 7 gigawatts of module shipments and 4.5 to 5.5 gigawatt hours of energy storage shipments. With that, I would like to open the floor for questions. Operator?

就 2026 全年而言，我們重申美國出貨量指引：模組出貨 6.5 至 7 吉瓦，以及儲能出貨 4.5 至 5.5 吉瓦時。接下來我想開放提問。接線員？

(Operator Instructions) Colin Rusch, Oppenheimer & Company.

(接線員指示) Colin Rusch，Oppenheimer & Company。

Xiaohua, this is actually a question for you on the technology side. And congratulations on getting the battery costs down to where you've gotten them. I'm just curious about the evolution of the battery chemistry, notably around incremental silicon doping for the anode side as well as the form factor and chemistry optimization for data center duty cycles. Can you just talk about how quickly things are changing and how we can see that start to translate into some advantaged pricing over time?

Xiaohua，這其實是想在技術面向請教你。也恭喜你們把電池成本降到目前的水準。我想了解電池化學體系的演進，特別是負極端的增量矽摻雜，以及針對資料中心工作循環的外形尺寸（form factor）與化學體系最佳化。你能談談變化速度有多快，以及我們如何看到這些開始隨時間轉化為更具優勢的定價嗎？

Thanks, Colin. That's a good question. Now we are working on several fronts of the battery of the battery storage system. You mentioned the pre-lithium agent, I think, which is a way to dope additional lithium into the anode so that we can achieve almost no degradation in the first five years and also slow degradation in the future. It's a good technology and process-wise, we are all ready.

謝謝，Colin。這是個好問題。目前我們在電池儲能系統的電池方面同時從多個面向推進。你提到的我想是預鋰化添加劑（pre-lithium agent），這是一種在負極摻入額外鋰的方式，使我們在前五年幾乎沒有衰減，並在之後也能放緩衰減。這是一項很好的技術，就製程而言，我們都已準備就緒。

However, that indeed that will increase the cost of the battery because you have to do more lithium into it. So it becomes a cost balance issue. We propose this technology to our customers. And some customers see benefit, some customers get concerned about the cost because, as you know, the lithium carbonate price has been, has doubled in the past five months. So the technology is ready.

不過，這確實會提高電池成本，因為你必須加入更多鋰。因此就變成成本取捨的問題。我們已將這項技術提案給客戶。有些客戶看得到效益，但也有些客戶會擔心成本，因為如你所知，碳酸鋰價格在過去五個月已經翻倍。所以技術本身已經就緒。

We can implement it on any project where this technology can provide more volume. Another approach in the chemistry of the battery is the sodium-ion battery. We also have research in this area. Sodium is not subject to the fluctuation of raw material. Sodium is everywhere, not like lithium. So when the lithium carbonate price go to today's level, sodium become price competitive.

我們可以在任何這項技術能帶來更多容量（volume）的專案上導入。在電池化學體系方面的另一個方向是鈉離子電池。我們也在此領域進行研究。鈉不太受原材料價格波動影響。鈉到處都有，不像鋰那樣。因此當碳酸鋰價格升到今天這個水準時，鈉就具備價格競爭力。

And also the sodium will have better low temperature performance and almost doesn't require any thermal management. So you can also save the 2% annual thermal management electricity cost. So that's another chemistry we are doing research. And there are a few other technologies. I'm more than willing to go through that with you later on in any dedicated conversations, Colin.

此外，鈉在低溫性能方面更好，且幾乎不需要任何熱管理。因此你也可以節省每年約 2% 的熱管理用電成本。這是我們正在研究的另一種化學體系。另外還有一些其他技術。Colin，我很樂意之後在任何專門的討論中再與你逐一說明。

Perfect. That's super helpful, Xiaohua. And then on the recurrent side, given kind of where utility scale prices are in the US, I'm just curious about your ability to renegotiate PPAs or start cutting PPAs at substantially higher prices to support margins? Just curious about that dynamic and potential timing around that.

太好了。這非常有幫助，Xiaohua。另外在經常性（recurrent）這一塊，考量到美國公用事業級的價格水準，我想了解你們是否有能力重新協商 PPA，或以顯著更高的價格開始簽訂 PPA，以支撐毛利？想請教這個動態以及可能的時間點。

Yes. I would just make a quick comment here. Now for the mature product project or project already in operation, the PPA is fixed. The advantage is that PPA and cash flow is secure and you can do financing, the bank financing and non-recourse financing easily. However, it will be difficult to renegotiate PPA already signed in place. Usually, you will have to pay back your LCs, which guarantees or support PPA if you want to do a higher PPA. I think we did one project in the past, which we paid the LC and cancel PPA and renegotiate.

是的。我先簡單評論一下。目前對於成熟的產品專案或已投入營運的專案，PPA 是固定的。其優點是 PPA 與現金流具有確定性，因此你可以較容易進行融資，包括銀行融資與無追索權融資。然而，要重新協商已簽署生效的 PPA 會很困難。通常如果你想改成更高的 PPA，你必須先償還你的信用狀（LC），也就是用來保證或支撐 PPA 的擔保。我想我們過去做過一個專案，是先支付 LC、取消 PPA，然後再重新協商。

But normally, we don't. However, on the other hand, Colin, we have a large pipeline of middle stage and early-stage project. This project, we have not signed PPA yet. So we'll be able to repurpose it for, for example, the AIDC specific applications and therefore, drive higher values. So in short, the mature pipeline, operating pipeline with PPA give us certainty. Now meanwhile, our large pipeline of mid-stage and early-stage projects will help us to create more value in the future.

但一般而言，我們不會這麼做。不過另一方面，Colin，我們有一個很大的中期與早期專案管線。這些專案尚未簽署 PPA。因此我們可以將其重新定位，例如用於 AIDC 的特定應用，進而創造更高價值。總結來說，成熟管線、已營運且有 PPA 的管線帶給我們確定性。同時，我們龐大的中期與早期專案管線將有助於我們在未來創造更多價值。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

I wanted to check in with you guys more on the US cell manufacturing ramp, cell capacity ramp. You guys have had first cell out. Congratulations on that. When would you expect the commercial shipment of those cells to go into your modules? And when do you think your first US module with US cell is available commercially for your customers?

我想再多了解一下你們美國電池片製造的爬坡（ramp），也就是電池片產能的爬坡。你們已經有第一片電池片下線。恭喜。你們預期何時會開始將這些電池片商業出貨並用於你們的模組？以及你們認為第一款採用美國電池片的美國製模組，何時能夠商業化提供給客戶？

Philip, it's an interesting question. We have answered that and mentioned that in several places in the press release and also in the prepared speech. We expect somewhere in July or two months later to have commercial operation. And then we'll be able to make our own modules with the HJT solar cell and deliver to customer, that process should be fast if we can have the commercial delivery in July and probably in August, September, we will have the first module delivered to our customer.

Philip，這是個很有意思的問題。我們已經在新聞稿以及事先準備的講稿中多處回答並提到過。我們預期在7月左右、或兩個月後實現商業化運營。之後我們就能用HJT異質結太陽能電池自行製作模組並交付給客戶；如果我們能在7月開始商業交付，這個流程應該會很快，並且可能在8月、9月，我們會向客戶交付第一批模組。

Now I would like to caution you all these expectations right now. There are still two, three months to go. And this is the first time the industry ever start to produce HJT heterojunction cells in US It will be a milestone, and it's not an easy task. I just want to caution you about that. However, our expectation is in Q3.

現在我想提醒各位，這些都只是目前的預期。距離現在還有兩三個月。而且這將是產業首次在美國開始生產HJT異質結電池，這會是一個里程碑，但並不容易。我只是想就此提醒大家。不過，我們的預期是在第三季。

Great. And then as it relates to your sourcing of third-party cells, can you remind us what countries or places you're sourcing those cells from? And do you have any exposure to Ethiopia? There was that new petition that was filed a couple of days ago or yesterday on a potential new anti-circumvention tariff on cells coming from Ethiopia. And then finally, do you have, do you buy any blue wafers at all? Is that, or in your supply chain, do you have exposure to blue wafers?

很好。那麼，關於你們採購第三方電池，能否提醒我們你們是從哪些國家或地區採購這些電池？以及你們是否有曝險於衣索比亞？前幾天或昨天有人提交了一份新的請願，涉及對來自衣索比亞的電池可能新增反規避關稅。最後，你們是否有購買任何所謂的藍色晶圓？也就是說，在你們的供應鏈中是否有曝險於藍色晶圓？

Thanks, Philip. That's a very tricky question. However, I will give you a straightforward answer. Now we do source outside cells and also import cells from other countries to the United States. We will, we are transitioning to more and more domestic cells. So as I have mentioned in several previous calls, 2026 is a transition year for us. Now we don't provide the geographic distribution or sources of our cells in this transition period. However, as far as I know, we are not subject to the exposure of the recent condition, as you mentioned.

謝謝你，Philip。這是一個非常棘手的問題。不過我會給你一個直接的回答。我們確實會採購外部電池，也會從其他國家進口電池到美國。我們正在逐步轉向越來越多的國內電池。因此，正如我在之前幾次電話會議中提到的，2026年對我們而言是過渡年。在這段過渡期間，我們不會提供電池的地理分布或來源。不過，就我所知，我們不會受到你所提到的近期情況的影響。

Okay. And then again on blue wafers, do you have any thoughts on that? And is that in your supply chain?

好的。那再回到藍色晶圓，你對此有什麼看法？你們的供應鏈中有這個嗎？

No, there's no so called blue wafer. Whatever cell made in a certain country, those cells should go through the necessary solar cell steps. We, for our factory, we only use so-called green wafer and the cell production process are completed in the whatever country.

沒有，並不存在所謂的藍色晶圓。無論電池是在某個國家製造，這些電池都必須經過必要的太陽能電池製程步驟。就我們工廠而言，我們只使用所謂的綠色晶圓，而電池生產製程是在相應的國家完成的。

Great. Okay. And then one last one here. On the IEEPA tariff in the quarter, you guys booked it. Can you talk about the accounting for that? And specifically, do you guys secure cash with that refund? Or is that expected sometime in the future? And if it doesn't come, then what happens to the accounting?

很好。好的。最後一個問題。關於本季的IEEPA關稅，你們已經入帳了。能否談談相關的會計處理？具體來說，你們是否已經拿到這筆退稅的現金？還是預期在未來某個時間點收到？如果最後沒有收到，那會計處理會怎麼辦？

I will let XINBO to supplement. And now the refund, IEEPA tariff refund consists of basically, I guess I will say three components. One is the refund on the tariff or imported, let's say, imported solar cell or other manufacturing components. Now those refund, I believe, will be accrued in the COGS, which is the standard accounting. Now there are also some refund of the machines we shipped to US Those will not go into COGS. I think those will be used to reduce the cost base of our CapEx investment in US. Therefore, later on benefit on the depreciation of the machines.

我請Xinbo補充。目前這筆退稅——IEEPA關稅退稅——基本上我想可以說由三個部分構成。第一部分是對關稅的退還，或是對進口的、比如說進口太陽能電池或其他製造零組件的退還。這部分退稅，我相信會計入銷貨成本（COGS）中，這是標準的會計處理。另外還有一部分是我們運到美國的機器設備的退稅，這部分不會進入COGS。我認為這部分會用來降低我們在美國資本支出（CapEx）投資的成本基礎。因此，後續會反映在機器設備折舊費用的降低上。

And those refund, some of those will go into the CSI solar subsidiaries because CSI Solar have done importing last year. Now some of this, I believe, will go to the CSIQ companies because CSIQ also imported materials early this year. Now in terms of cash flow, I'm glad to report that we have already started to receive the IEEPA tax refund received the cash as of today, we have already received the cash. So you will see the cash component in the Q2 accounting. So in Q1, those IEEPA will be recorded as, but there will be an account receivable or something like that. And Q2, you will see real cash credit to those account receivable. I hope I answered the question right. Xinbo can supplement.

而這些退稅中，有一部分會進到CSI Solar的子公司，因為CSI Solar去年有進口。我相信其中也有一部分會進到CSIQ公司，因為CSIQ今年年初也進口了材料。就現金流而言，我很高興報告，截至今天我們已經開始收到IEEPA稅款退還，現金已經收到了。因此你會在第二季的會計中看到現金部分。所以在第一季，這些IEEPA會被記錄為——但會有應收帳款或類似科目。而在第二季，你會看到實際現金入帳，用來沖減這些應收帳款。希望我把問題回答清楚了。Xinbo可以補充。

Yes, not much to add. We received the cash together with interest. So far, we have started to receive tariff refund together with the interest.

是的，沒有太多要補充。我們收到現金時也一併收到了利息。到目前為止，我們已經開始收到包含利息在內的關稅退稅。

As you probably know, those refunds are batch by batch. It depends on the every entry of the import. So, what CBP does is to verify and refund entries by entries. Therefore, there will be like cash flow refund come to us depending on entry. So we will see lots of entries. So it will be a process. However, we have already started to receive cash. Some cash has already arrived in our bank accounts.

如你可能知道的，這些退稅是按批次進行的。它取決於每一筆進口報關。因此，CBP（美國海關與邊境保護局）所做的是逐筆核驗並逐筆退還。因此，現金流的退稅會依不同報關項目而陸續進來。所以我們會看到很多筆報關項目。這會是一個過程。不過，我們已經開始收到現金。部分現金已經進到我們的銀行帳戶。

Alan Lau, Jefferies.

Alan Lau，Jefferies。

So the margin in first quarter is very solid actually, even taking out the refund of tariff. So I would like to know how much of the module shipment is coming from the US plant? And as you mentioned, the margins from your US manufacturing plant was decent. I'd like to know approximately at what levels is it?

第一季的毛利率其實非常穩健，即使扣除關稅退稅也是如此。所以我想了解你們的模組出貨中，有多少是來自美國工廠？另外你們提到美國製造工廠的毛利率表現不錯。我想知道大概是在什麼水準？

Yes. I think around 30%, 40% of the module shipment come from US factory. It's more or less the same ratio as before. Now Wina, you have some color to provide?

是的。我想大約有30%到40%的模組出貨來自美國工廠。這個比例與之前大致相同。Wina，你有什麼補充說明嗎？

Yes. In line with our profit first strategy, we have been emphasizing our key strategic markets. So you'll see quarter-over-quarter, we've maintained a very healthy mix of North American volumes. This quarter, out of our 2.5 gigawatts, 45% came from North America. So a very healthy mix that supported our module margins.

有的。配合我們「利潤優先」的策略，我們一直強調我們的關鍵戰略市場。因此你會看到，環比來看，我們維持了非常健康的北美出貨量組合。本季在我們2.5GW的出貨中，有45%來自北美。這是一個非常健康的組合，支撐了我們的模組毛利率。

So basically, almost all of the shipment to the US is manufactured by the US plant.

所以基本上，幾乎所有運往美國的出貨都是由美國工廠製造的。

All of, not almost all.

是全部，不是幾乎全部。

So how about the margins there? Like what's the approximate margin of the US manufacturing plant?

那那邊的毛利率呢？比如說，美國製造工廠的大概毛利率是多少？

I will let Colin to provide color.

我請Colin補充說明。

Alan, thanks for your question. We're in a transitional period in the US as we transition our scale our Mesquite module operations but bring online our cell manufacturing in Jeffersonville. So there will be a transitional period. But I think what we can say is with the combination of the 45x manufacturing credits, but also with the economies of scale that we're building in the US and the fact that we're going to be using the most advanced HJT cell technology in our products that during this transitional transition, as we mentioned, we start to scale in Q3, Q4 and heavily into 2027, that those will all be combined and complementary to a pretty robust margin. So we strongly believe that all these factors are going to lead to a strong and robust US profitable business model.

Alan，感謝你的提問。我們在美國正處於一個過渡期，因為我們在擴大 Mesquite 模組營運規模的同時，也在 Jeffersonville 啟動電池製造產能。因此會有一段過渡期。但我認為我們可以說的是，結合 45x 製造稅收抵免，以及我們在美國建立的規模經濟，再加上我們將在產品中採用最先進的 HJT 電池技術，在這段過渡期間（如我們所提到的，我們會在 Q3、Q4 開始擴產，並在 2027 年大幅放量），這些因素將相互結合、彼此互補，支撐相當穩健的毛利率。因此我們堅信，所有這些因素將帶來一個強勁且穩健的美國獲利型商業模式。

Understood. So then, so actually, the company is already ramped up its HJT cells. So I wonder if you are seeing a premium of HJT products versus other products like PERC or TOPCon products in the US market?

了解。那麼，其實公司已經在拉升 HJT 電池的產能了。所以我想請問，在美國市場上，你們是否看到 HJT 產品相較於其他產品（例如 PERC 或 TOPCon 產品）有溢價？

Yes, Alan, we haven't commercially delivered the HJT cell yet. As I said, in the answer to a previous question, we expect in Q3, we start to deliver that. However, based on the contract booking, we do price a premium of HJT cell compared to the TOPCon cell. Yes, we do price for the contract we already signed the customers will accept a premium for the HJT cells.

是的，Alan，我們尚未開始商業交付 HJT 電池。如我在前一個問題的回答中所說，我們預期在 Q3 開始交付。不過，根據合約訂單的簽訂情況，我們對 HJT 電池的定價確實相較 TOPCon 電池有溢價。是的，對於我們已簽署的合約，客戶會接受 HJT 電池的溢價。

So how much is the premium like in terms of US sales?

那以美國銷售來看，溢價大概是多少？

Well it's still going process. We just started to book those contracts. As far as I remember, you are talking about over 10% or maybe 10%, 15% of the price premium of the HJT cell HJT modules versus TOPCon modules. But overall, give you better numbers. I think after Q4, when we have actual comparison of the module shipment.

嗯，這還在進行中。我們才剛開始簽這些合約。就我記得，你說的應該是超過 10%，或大約 10% 到 15% 的溢價，也就是 HJT 電池／HJT 模組相較於 TOPCon 模組的價格溢價。但整體而言，要給你更精確的數字，我想要等到 Q4 之後，當我們有實際的模組出貨比較時再說。

It's 10% to 15%, that's equivalent to more than $0.03 maybe is pretty impressive. So yes, switching gears to ESS segment. So I would like to know if the margin is around 20% level?

10% 到 15%，這相當於可能超過 0.03 美元，確實很令人印象深刻。那我們換個話題到 ESS 事業部。我想了解 ESS 的毛利率是否大約在 20% 左右？

Can you repeat which area?

你可以重複一下是哪個領域嗎？

ESS energy storage, what's the margin for ESS storage in the first quarter?

ESS 儲能，第一季 ESS 儲能的毛利率是多少？

Yes. Okay. I will let Colin to address this question.

是的。好的。我請 Colin 來回答這個問題。

Yes. I think, Alan, one of the things that I'd like to point out is that our backlog continues to be very healthy in energy storage, around $3.5 billion in order backlog. And so we have a reasonably long view on our energy storage pipeline and the margins. And with that, I think everybody recognizes that there's continued price pressures. But I think by diversifying our supply chain and giving ourselves a lot of flexibility in our supply chain that we're confident in our pipeline and in the margins associated with that. We do know that there is fluctuations in the commodity pricing and in lithium pricing. So, we may see some improvements on that, but perhaps more of a cautious approach in how we present our forecasted numbers with that in mind.

是的。Alan，我想指出的一點是，我們在儲能業務的在手訂單（backlog）仍然非常健康，訂單在手金額約 35 億美元。因此我們對儲能的管線與毛利率有相對長期的能見度。在此基礎上，我想大家都認同價格壓力仍在持續。但透過供應鏈多元化並讓供應鏈具備高度彈性，我們對管線以及相關毛利率仍有信心。我們也知道大宗商品價格與鋰價會有波動。因此我們可能會看到一些改善，但也會更審慎地呈現我們的預測數字，把這些因素納入考量。

Understood. So I wonder if, going forward, the local production of the battery pack would help the margins?

了解。那我想請問，往後電池包在地化生產是否有助於提升毛利率？

Yes. I think everything we're doing to control our own supply chain is giving us a very good strategic advantage, but also control of all aspects, logistics, manufacturing costs and seamless project integration. So, it continues to be our strategy to grow our capabilities all the way from our lithium cell manufacturing through our complete battery systems, but also in our total ESS solutions.

是的。我認為我們為了掌控自有供應鏈所做的一切，讓我們具備非常好的策略優勢，同時也能掌控各個面向，包括物流、製造成本以及專案的無縫整合。因此，從鋰電池製造一路延伸到完整電池系統，再到整體 ESS 解決方案，持續擴充我們的能力一直是我們的策略。

So total integrated ESS solutions, including software, technology, the PCS, the battery themselves and supporting that with a very strong engineering and execution team as part of our strategy to also deliver lots of value for our customers. And also, as we mentioned in the prepared remarks, our long-term service contracts to support this is also very valuable to our customers and to us as it continues to be ongoing recurring business for our energy storage business.

也就是提供完整整合的 ESS 解決方案，包括軟體、技術、PCS、電池本體，並以非常強的工程與執行團隊來支撐，這是我們策略的一部分，目標是為客戶交付大量價值。另外，如同我們在事先準備的發言中提到的，用以支援這些系統的長期服務合約，對客戶與我們都非常有價值，因為這會為我們的儲能業務帶來持續性的經常性收入。

Understood. So last question. So is there any difficulty or any challenges in expanding the cell capacities given there were some rumors saying that the export of solar cell capacities might be prohibited, et cetera. So I wonder if when you're expanding your capacities to 6.3 gigawatts, wonder if you get any challenges in getting the equipment in place?

了解。最後一個問題。在擴充電池產能方面是否有任何困難或挑戰？因為有一些傳聞說太陽能電池產能的出口可能會被禁止等等。所以我想請問，當你們把產能擴到 6.3GW 時，在設備到位方面會不會遇到任何挑戰？

So far, we don't see that challenge. I know what you are talking about, and I hope that the President Trump's visit to Beijing. I believe he just shook hands with President of China several hours ago; I hope that visit will help to smooth out the trade relationship. However, so far, we don't see any challenges for our Phase II equipment deliveries. We haven't started to take deliveries of the Phase II those equipment. As we mentioned, Phase I, we plan to ramp up in Q3 and Phase II will start to moving equipment in Q4, probably in October, November time frame, and we'll start to ramp up of the Phase II of Jeffersonville early in next year. So we haven't taken deliveries of those machines yet.

到目前為止，我們沒有看到這方面的挑戰。我知道你在說什麼，我也希望川普總統訪問北京一事——我相信他幾個小時前才剛與中國國家主席握手——我希望這次訪問能有助於緩和貿易關係。不過，就目前而言，我們沒有看到第二期設備交付有任何挑戰。我們尚未開始接收第二期的設備交付。如我們所提到的，第一期我們計畫在 Q3 開始爬坡；第二期會在 Q4 開始進場搬入設備，可能在 10 月、11 月左右，並且我們會在明年初開始讓 Jeffersonville 的第二期產能爬坡。所以我們還沒有接收那些機台。

But so far, we don't have, we haven't seen any restriction at least not to our contract. By the way, we signed the related equipment contract for the Phase II machineries are very early. So that was before any noise around this issue. So I believe that the fact we have already signed those equipment contracts, we have also paid some down payment also give us advantage if there's any restriction. I think restriction may be to the future equipment, not for our machines. I think our machine is more or less grandfathered or whatever, if there's any restriction come out. However, I do hope that President Trump's vision will help to clear, further clear any of the uncertainties in this area.

但到目前為止，我們沒有、至少就我們的合約而言，我們尚未看到任何限制。順帶一提，我們很早就簽了第二期機台的相關設備合約。所以那是在這個議題出現任何雜音之前。因此我相信，我們已經簽署設備合約、也已支付部分訂金，若真的有任何限制，這也會讓我們更有優勢。我認為限制可能會針對未來的設備，而不是我們的機台。如果真的有任何限制出台，我想我們的機台多多少少算是既有案（grandfathered）之類的。不過，我也希望川普總統的訪問能進一步釐清並消除這方面的不確定性。

Maheep Mandloi, Mizuho Securities.

Maheep Mandloi，瑞穗證券。

Just a question on the guidance. If you could talk about like the mix of manufacturing versus recurrent in Q2, similar to what we saw in Q1? And also for the US or North America exposure, how to think about the mix in Q2 versus Q1?

我有一個關於財測指引的問題。你們能否談談 Q2 製造業務與經常性（recurrent）業務的組合占比，是否類似我們在 Q1 看到的情況？另外，就美國或北美的曝險而言，Q2 相較於 Q1 的組合占比應該如何看待？

Yes, I will let Colin to address this question.

是的，我請 Colin 來回答這個問題。

Well, I think, first of all, thank you for your question. With respect to the guidance, we are reiterating our US guidance from last quarter. So we feel confident in our current execution. So we don't expect any significant downside on our reiterated guidance as we put out in our prepared remarks.

好的，首先，謝謝你的提問。關於財測指引，我們重申上一季所提供的美國指引。因此我們對目前的執行狀況有信心。所以我們不預期在我們重申的指引上會有任何顯著下行風險，正如我們在事先準備的發言中所提到的。

Got it. And then just curious on the mix in Q2 versus Q1 as you, for the manufacturing versus the current and North America versus rest of the regions?

了解。另外我也想請教一下，Q2 相較於 Q1 的組合變化：就製造端相較於現有業務，以及北美相較於其他地區的占比如何？

I think most of our, if I understand the question correctly, most of our shipments are to third parties, very little to our recurrent operations in terms of our product shipment. I'm not sure if that is at the root of your question.

我想如果我正確理解你的問題，我們大多數出貨是給第三方；就產品出貨而言，出給我們自有的經常性營運的比例非常小。我不確定這是否正是你問題的核心。

I'll follow up offline on detail on that. But separately, a question on the e-STORAGE business. How much of the backlog is North America for you guys and for CS PowerTech? And also are you seeing any interest or any orders in the pipeline from data center customers or hyperscalers looking to deploy batteries on site?

我會在會後再跟進這部分的細節。不過另外一個問題是關於 e-STORAGE 業務。你們以及 CS PowerTech 的在手訂單（backlog）中，有多少是在北美？另外，你們是否看到來自資料中心客戶或超大規模業者（hyperscalers）想在場址部署電池的興趣，或是管線中的訂單？

Yes. Two good questions, I appreciate you raising it. About 40% of our business is in the US right now. And obviously, we're seeing that demand increase, both build-out of infrastructure, front-of-the-meter, and now we're starting to see a lot of progression into behind-the-meter opportunities. So today, we're pretty happy about our global pipeline and that we're diversified. We have, just to talk, before I come back to the US and the data center question, we have about 60% of the US, or sorry, the Canadian battery market. We have over, I think, 4.5 gigawatt hours contracted there. We're I think, in the leading position in the U.K. market. We're starting to see a lot of progress in Europe now as those key markets in Europe are starting to become very active.

是的。兩個很好的問題，謝謝你提出。目前我們大約 40% 的業務在美國。而且很明顯地，我們看到需求在增加，包含基礎設施的建置、表前（front-of-the-meter），以及現在也開始看到大量進展到表後（behind-the-meter）的機會。所以就目前而言，我們對全球管線很滿意，而且我們的布局是分散的。在我回到美國與資料中心的問題之前，先補充一下：我們在加拿大電池市場大約有 60% 的市占（或份額）。我們在那裡已簽約的容量超過，我想，大約 4.5 吉瓦時。我們在英國市場我想也處於領先地位。而且我們現在也開始看到歐洲有很大的進展，因為歐洲那些關鍵市場正變得非常活躍。

Similarly, in Japan as the BESS market is maturing in Japan, we're seeing a lot of opportunity for that market. And as well, we continue to be steady with a couple of gigawatt hours a year in Australia. So having that diversification, I think, is good for our e-STORAGE business. But with respect to the question about AIDC. Well, we have been working on this for quite a while. Last quarter, we announced a front-of-the-meter infrastructure project, 2.5 gigawatt hours to support data center growth. And we have developed a very focused business development and technology teams focusing on making sure that our solutions have the right technical requirements, the stringent requirements for fast response for data centers and the other requirements.

同樣地，在日本，隨著日本的 BESS 市場逐漸成熟，我們也看到那個市場有很多機會。此外，我們在澳洲也持續穩定，每年大約有數吉瓦時的規模。因此具備這樣的多元化，我認為對我們的 e-STORAGE 業務是有利的。至於你提到的 AIDC 問題。我們其實已經在這方面投入一段時間了。上一季我們宣布了一個表前基礎設施專案，2.5 吉瓦時，用以支援資料中心成長。我們也建立了非常聚焦的商務開發與技術團隊，確保我們的解決方案符合正確的技術規格，包括資料中心對快速反應的嚴格要求以及其他要求。

And that's getting a lot of traction as well as the fact that we're able to offer fully compliant solutions for data centers. So while we cannot actually disclose who we're working with, I can tell you that we're very engaged right now on data center opportunities. And that it's a big part of our program and our focus, and we expect it to yield some pretty exciting results for us in the next quarters. Hopefully, we'll be able to be a little more forthcoming about as we get further along in the contracting processes.

這也獲得了很大的進展（traction），再加上我們能為資料中心提供完全合規的解決方案。因此，雖然我們無法披露我們正在合作的對象，但我可以告訴你，我們目前在資料中心機會上投入得非常深。這是我們計畫與重點聚焦的一大部分，我們預期在接下來幾個季度會為我們帶來相當令人振奮的成果。希望隨著合約簽訂流程更往前推進，我們能夠透露更多資訊。

That's great. I appreciate the detailed color on the different markets as well. And maybe just one last one on the guidance for the rest of the year. I know you obviously haven't guided for Q3, Q4 or the full year. But directionally, like how should we think about the business here with the US factories ramping up? Should we be looking something similar to last year's cadence or something different here? Any color would be helpful.

太好了。也謝謝你對不同市場提供這麼詳細的補充說明。最後再問一個關於今年剩餘時間的指引（guidance）。我知道你們顯然還沒有對 Q3、Q4 或全年提供指引。但就方向性而言，隨著美國工廠逐步爬坡（ramping up），我們應該如何看待這裡的業務走勢？我們應該預期與去年相似的節奏，還是會有所不同？任何補充說明都會很有幫助。

Well, I guess if we look at the solar side first, there's been a lot of volatility in that market. There continues to be a lot of volatility. And our approach, as you know, has been to focus on profitable business over volume. And so we're, on that basis, we've been reserving guidance, but keeping an opportunistic position to strike with more volume as the market support it. So we see, I think, on the solar side, hopefully, some improvement that we can take advantage in terms of volume on the second half, but reserving a little bit our position on guidance and focusing on the US where we have a strong line of sight on our volumes and our guidance.

嗯，我想如果先看太陽能這一端，這個市場一直有很大的波動。而且波動仍在持續。如你所知，我們的策略一直是優先聚焦獲利性的業務，而不是追求量。因此基於這個前提，我們在指引上採取較保留的態度，但同時也保持機動性，當市場條件支持時就能以更大的量出手。所以我認為在太陽能端，我們希望下半年在出貨量方面能看到一些改善並加以把握，但在指引上仍會稍微保留立場，並聚焦在美國，因為我們對那裡的量與指引有很高的能見度。

With storage, our pipeline remains strong, as we've mentioned. And we have also, in our prepared remarks, expressed that we will hit record deliveries in our storage side for the second half of this year. These are projects that go through a very sophisticated level of planning and logistics. It's based on that, that we're very confident in the second half of the year on our storage side. We don't see barring any unexpected circumstances, a very strong second half for our energy storage business, probably in record deliveries.

至於儲能，我們的管線仍然強勁，如同我們提到的。而且我們在事先準備的講稿中也表示，今年下半年我們的儲能業務交付量將創下新高。這些專案都需要非常精密的規劃與物流安排。基於這些因素，我們對今年下半年儲能端非常有信心。除非出現任何非預期狀況，我們預期能源儲存業務下半年會非常強勁，交付量很可能創下紀錄。

Thank you. Ladies and gentlemen, that concludes our time allowed for questions. I'll turn the floor back to management for any final comments.

謝謝。各位女士先生，提問時間到此結束。我把時間交還給管理層做最後的補充。

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

感謝各位今天參與並持續支持我們。若您有任何問題或希望安排電話會議，請聯絡我們的投資人關係團隊。請多保重，祝各位有美好的一天。謝謝大家。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。