Canadian Solar Inc. (CSIQ) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Canadian Solar's second-quarter 2026 earnings conference call. My name is Melissa, and I will be your operator for today.

各位女士、先生，感謝您耐心等候，歡迎參加阿特斯太陽能（Canadian Solar）2026年第二季財報電話會議。我叫 Melissa，今天將擔任本次會議的接線員。

(Operator Instructions) As a reminder, this conference is being recorded for replay purposes. I'd now like to turn the call over to Wina Huang, Head of Investor Relations at Canadian Solar. Please go ahead.

(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 second 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.

謝謝接線員，也歡迎各位參加阿特斯太陽能2026年第二季電話會議。請注意，今天的電話會議搭配簡報投影片，已上傳至阿特斯太陽能投資人關係網站的「活動與簡報」專區。

Joining us today are Colin Parkin, CEO; Dylan Marx, CEO of Canadian Solar subsidiary, Recurrent Energy; Xinbo Zhu, Senior VP and CFO; and Dr. Shawn Qu, Executive Chairman and CTO. All company executives will participate in the Q&A session after management's formal remarks.

今天與會者包括執行長 Colin Parkin；阿特斯太陽能子公司 Recurrent Energy 的執行長 Dylan Marx；資深副總裁暨財務長（CFO）朱新波；以及執行董事長暨技術長（CTO）瞿曉鏵博士。在管理層正式發言後，所有公司高階主管都將參與問答環節。

On this call, Colin will deliver key messages for the quarter. Dylan will share updates for Recurrent Energy. Xinbo will go through the financial results, and Shawn will discuss sustainability and technology highlights.

在本次電話會議中，Colin 將傳達本季重點訊息。Dylan 將分享 Recurrent Energy 的最新進展。新波將說明財務結果，而 Shawn 將討論永續與技術亮點。

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.

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，這些陳述存在風險與不確定性。

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案》（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為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.

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）的相關要求呈現。

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. Management uses non-GAAP measures to better assess operating performance and to establish operational goals.

本次電話會議中呈現的部分財務資訊將同時以 GAAP 與非 GAAP 基礎提供。透過揭露若干非 GAAP 資訊，管理層旨在向投資人提供額外資訊，以便進一步分析公司的經營表現與基本趨勢。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。

Non-GAAP information should not be viewed by investors as a substitute for data provided in accordance with GAAP. And now I would like to turn the call over to Canadian Solar's CEO, Colin Parkin. Colin, please go ahead.

投資人不應將非 GAAP 資訊視為 GAAP 所提供資料的替代。現在我想把電話交給阿特斯太陽能執行長 Colin Parkin。Colin，請開始。

Thank you, Wina, and thank you all for joining our second quarter earnings call. Beginning on slide 3, we recognized revenue on 3.1 gigawatts of solar modules within guidance. We exceeded our storage guidance shipping 3.7 gigawatt hours and recognizing revenue on 3.3 gigawatt hours within the quarter. Revenue totaled $1.2 billion at the high end of guidance.

謝謝 Wina，也感謝各位參加我們的第二季財報電話會議。從投影片第3頁開始，我們在指引範圍內，對 3.1 吉瓦的太陽能模組確認了營收。我們的儲能出貨量達 3.7 吉瓦時，超越指引，並在本季對其中 3.3 吉瓦時確認營收，亦在本季範圍內。營收合計 12 億美元，位於指引區間的高端。

Gross margin was in line with guidance at 13.9%. Profitability was impacted by elevated freight costs from ongoing geopolitical uncertainties. We also faced near-term ramp-up costs for our solar cell manufacturing facility in Jeffersonville. These factors led to a net loss attributable to shareholders of $77 million or $1.40 per share.

毛利率為 13.9%，符合指引。獲利能力受到地緣政治不確定性持續導致的高企運費成本影響。我們也面臨位於 Jeffersonville 的太陽能電池製造設施短期爬坡成本。上述因素導致歸屬於股東的淨損為 7,700 萬美元，或每股 1.40 美元。

Turning now to slide 4. Our Manufacturing segment remains the key driver of our financial performance today. It is also where our strategic priorities lie. In our solar business, we continue to prioritize high-margin regions. We ship nearly half of our quarterly module volumes to our North America home base.

接著看投影片第4頁。目前，我們的製造業務部門仍是公司財務表現的關鍵驅動力。這也是我們策略重點所在。在太陽能業務方面，我們持續優先布局高毛利地區。我們將本季近一半的模組出貨量運往我們在北美的本土基地。

In our energy storage business, we are scaling rapidly and executing well globally. In a single quarter, we delivered to utility scale projects across North America, EMEA, Asia Pacific and Latin America. We outperformed guidance due to accelerated deliveries for two projects in the US and Canada.

在儲能業務方面，我們正快速擴張，並在全球執行表現良好。僅在單一季度內，我們即向北美、歐洲中東非（EMEA）、亞太與拉丁美洲的公用事業級專案完成交付。由於美國與加拿大兩個專案加速交付，我們的表現優於指引。

Higher unit shipping costs and ramp-up expenses led to an operating loss of $49 million. As we finish ramping Phase 1 of our solar cell facility and expand through Phase 2, these costs will normalize. We expect overall module margins to improve as a result.

較高的單位出貨成本與爬坡費用導致營業損失 4,900 萬美元。隨著我們完成太陽能電池工廠第一期的爬坡並透過第二期擴產，這些成本將回歸正常化。因此，我們預期整體模組毛利率將有所改善。

Now turning to slide 5. A major highlight this quarter was the official opening of our state-of-the-art HJT solar cell facility. This marks a historic milestone. Canadian Solar is now the first commercially operational HJT manufacturer in the United States.

接著看投影片第5頁。本季一大亮點是我們先進的 HJT 太陽能電池工廠正式啟用。這標誌著一個歷史性里程碑。阿特斯太陽能現已成為美國首家商業化營運的 HJT 製造商。

We are also proud of the facility's meaningful impact and contribution to the local economy and community. We are currently ramping up Phase 1 capacity to 2.1 gigawatt peak. Phase 1 is set to enter full-scale production on October 1. Before the end of the year, we will begin installing equipment for Phase 2, which will bring our Jeffersonville total nameplate cell capacity to 6.3 gigawatt peak in 2027.

我們也為該設施對當地經濟與社區所帶來的實質影響與貢獻感到自豪。目前我們正將第一期產能爬坡至 2.1 吉瓦峰值（gigawatt peak）。第一期預計於 10 月 1 日進入全面量產。在今年年底前，我們將開始安裝第二期設備，並於 2027 年將 Jeffersonville 的電池總名目產能提升至 6.3 吉瓦峰值。

This facility will be the largest crystalline silicon cell manufacturing plant in North America, paired with our 10-gigawatt peak module facility in Texas, CS PowerTech solidifies its place as one of North America's largest and premier integrated photovoltaic manufacturers. These expansions are backed up by strong customer demand for our high-performance US solar products, which offer valuable domestic content benefits.

該設施將成為北美最大的晶體矽電池製造工廠，並與我們位於德州、10 吉瓦峰值的模組工廠相互搭配，CS PowerTech 進一步鞏固其作為北美規模最大且領先的一體化光伏製造商之一的地位。這些擴產計畫有賴於客戶對我們高效能美國太陽能產品的強勁需求，該等產品可提供具價值的國內成分（domestic content）優惠。

Turning please to slide 6. CS PowerTech has secured over 13 gigawatt peak in contracted backlog for our domestically manufactured HJT and TOPCon, N-type bifacial modules. Deliveries are scheduled through 2029. This backlog includes multiple long-term master service agreements with leading US utilities, IPPs, developers and EPCs.

請看投影片第6頁。CS PowerTech 已取得超過 13 吉瓦峰值的合約在手訂單（contracted backlog），涵蓋我們在美國本土製造的 HJT 與 TOPCon、N 型雙面模組。交付排程已延伸至 2029 年。該在手訂單包含與美國領先的公用事業公司、獨立發電商（IPP）、開發商及工程採購施工（EPC）業者簽訂的多項長期主服務協議。

These commitments continue to grow daily and already represent north of $4.5 billion in value. On the policy front, President Trump released a new Section 232 announcement this month, which is focused on imported polysilicon and its derivative products. We view this new policy structure as supportive of our long-term investment in domestic manufacturing.

這些承諾每日持續增加，且其價值已超過 45 億美元。在政策方面，川普總統於本月發布新的《232條款》（Section 232）公告，重點聚焦於進口多晶矽及其衍生產品。我們認為這項新的政策架構有利於我們對本土製造的長期投資。

Key details include minimum import pricing, tariff provisions and potential manufacturing offsets for companies investing in domestic manufacturing capacity. The Department of Commerce will work to approve US investment plans. We will continue to be active, constructive ongoing dialogue with Department of Commerce and we will continue to participate throughout the 120-day implementation period.

關鍵細節包括最低進口價格、關稅條款，以及對投資本土製造產能的公司可能提供的製造抵減（manufacturing offsets）。商務部將協助審核並核准美國投資計畫。我們將持續與商務部進行積極且具建設性的對話，並在 120 天的實施期間持續參與相關流程。

Our current evaluation indicates that these measures will reinforce US solar pricing, and we are actively working with our customers to navigate this period of uncertainty. Overall, we view this policy direction as net positive for Canadian Solar, and we welcome the administration's support for American industrial growth.

我們目前的評估顯示，這些措施將強化美國太陽能價格，我們也正積極與客戶合作，以因應這段不確定時期。整體而言，我們認為此政策方向對阿特斯太陽能（Canadian Solar）屬淨正面影響，並歡迎政府對美國工業成長的支持。

Now turning to slide 7. For e-STORAGE, we shipped 3.7 gigawatt hours of energy storage solutions this quarter and recognized revenue on 3.3 gigawatt hours after accounting for the more than 400-megawatt hours to internal projects under execution. At the end of this quarter, our contracted backlog stood at $3.5 billion. This includes long-term service agreements covering 34 gigawatt hours of contracted projects.

現在請看第7頁。就 e-STORAGE 而言，本季我們出貨 3.7 吉瓦時的儲能解決方案；在扣除超過 400 兆瓦時供內部在建專案使用後，我們對 3.3 吉瓦時確認營收。截至本季末，我們已簽約的在手訂單（backlog）為 35 億美元。其中包含涵蓋 34 吉瓦時已簽約專案的長期服務協議。

We see demand from data centers transitioning from conversations to contracted opportunities. Earlier this year, e-STORAGE secured a contract with a major US utility for a 500-megawatt 2.5 gigawatt hour DC project designed to support data center grid infrastructure and resiliency. Energy-intensive data centers and their stakeholders face two primary hurdles, securing power and maintaining grid stability. Interconnection approvals and transmission builds require years to complete.

我們看到資料中心的需求正從洽談階段轉向已簽約的機會。今年稍早，e-STORAGE 與一家美國大型公用事業公司簽下合約，承接一個 500 兆瓦、2.5 吉瓦時的直流（DC）專案，旨在支援資料中心的電網基礎設施與韌性。高耗能資料中心及其利害關係人面臨兩項主要障礙：取得電力供應與維持電網穩定。併網核准與輸電建設往往需要多年才能完成。

Battery energy storage unlocks the higher throughput from existing infrastructure, responds dynamically to load swings, fortifies grid resilience and protects mission-critical computing hardware from power disruptions. For on-site behind-the-meter facilities, energy storage integrates seamlessly with other energy generation technology, including natural gas and renewable power generation.

電池儲能可在既有基礎設施上釋放更高的輸送能力，動態回應負載波動，強化電網韌性，並保護關鍵任務運算硬體免於停電或電力中斷的影響。對於現場的表後（behind-the-meter）設施，儲能可與其他發電技術無縫整合，包括天然氣與再生能源發電。

We are actively engaging with data center hyperscalers, developers and utility customers to deliver solutions that help overcome these challenges. Our market value extends well beyond supplying battery containers. We produce our own battery cells, design the SolBank platform, integrate the power conversion and proprietary energy management controls and deliver full EPC and commissioning services and provide ongoing support through long-term service agreements.

我們正積極與資料中心超大規模業者（hyperscalers）、開發商及公用事業客戶合作，提供有助於克服上述挑戰的解決方案。我們的市場價值遠不僅是供應電池貨櫃。我們自製電芯、設計 SolBank 平台、整合電力轉換與自有能源管理控制系統，並提供完整 EPC 與試運轉（commissioning）服務，同時透過長期服務協議提供持續支援。

This end-to-end full stack model offers customers a single accountable partner while supplying us with real-world operating data to refine future solutions. Now let me hand the call over to Dylan to review updates for Recurrent Energy, Canadian Solar's global project development business. Dylan, please go ahead.

這種端到端的全棧模式，讓客戶只需面對單一可負責的合作夥伴，同時也為我們提供真實世界的運行數據，以精進未來的解決方案。接下來我把電話交給 Dylan，請他回顧 Recurrent Energy（阿特斯太陽能的全球專案開發業務）的最新進展。Dylan，請開始。

Thank you, Colin. Starting on slide 8. We generated $117 million of revenue in the second quarter. Revenue declined sequentially primarily because several project sales moved into the second half of the year. Electricity sales revenue rose quarter-over-quarter, supported by the commercial operation of a large solar asset in Spain.

謝謝你，Colin。從第8頁開始。第二季我們創造了 1.17 億美元的營收。營收較前一季下滑，主要因為數筆專案出售遞延至下半年。電力銷售營收則季增，受惠於西班牙一座大型太陽能資產投入商轉。

With muted project sales during the quarter and a $24 million impairment charge related to an upcoming project sale in Latin America, operating expenses rose quarter-over-quarter. As a result, we recorded an operating loss of $19 million. Despite the lower financial performance, we continue to hit key operational milestones throughout the second quarter.

由於本季專案出售偏淡，加上與拉丁美洲一筆即將完成的專案出售相關的 2,400 萬美元減損費用，營業費用較前一季上升。因此，我們錄得 1,900 萬美元的營業損失。儘管財務表現較弱，我們在第二季仍持續達成多項關鍵營運里程碑。

Earlier in the quarter, we brought a 426-megawatt solar asset in Spain into commercial operation, which began contributing recurring energy. Our partnerships with leading global technology companies further validate our development platform.

本季稍早，我們已讓西班牙一座 426 兆瓦的太陽能資產投入商業運轉，開始貢獻經常性能源收入。我們與全球領先科技公司的合作夥伴關係，也進一步驗證了我們的開發平台。

In Australia, we recently connected the 150-megawatt Carwarp project, which is backed by a long-term power purchase agreement with Microsoft. We also continue to secure competitive large-scale project financing. Recently, we closed a $695 million construction financing tax equity package for our 330-megawatt Cobalt Solar facility in California.

在澳洲，我們近期已將 150 兆瓦的 Carwarp 專案併網，該專案由與微軟簽訂的長期購電協議（PPA）支持。我們也持續取得具競爭力的大型專案融資。近期，我們為加州 330 兆瓦的 Cobalt Solar 設施完成 6.95 億美元的建設融資與稅務股權（tax equity）方案。

MUFG and NORD/LB provided the construction loans, while Wells Fargo provided the tax equity. Turning to slide 9 for our portfolio pipeline update. As of June 30, 2026, we have secured grid interconnections for approximately 6 gigawatts of solar and 13 gigawatt hours of energy storage globally, excluding projects already in operation.

MUFG 與 NORD/LB 提供建設貸款，而 Wells Fargo 提供稅務股權。接著看第9頁的投資組合管線更新。截至 2026 年 6 月 30 日，我們在全球已取得約 6 吉瓦太陽能與 13 吉瓦時儲能的電網併網權（不含已投入運轉的專案）。

Our total development pipeline stands at nearly 22 gigawatts of solar and 84 gigawatt hours of energy storage. Our strategy for this pipeline remains focused on high-quality, high-margin opportunities that drive real value. We are actively pruning lower-margin assets. For instance, we scaled back our EMEA pipeline following detailed evaluations of permitting, technical and commercial viability. At the same time, we are moving decisively where we see attractive upside.

我們的總開發管線接近 22 吉瓦太陽能與 84 吉瓦時儲能。我們對此管線的策略仍聚焦於高品質、高毛利、能創造實質價值的機會。我們正積極修剪低毛利資產。例如，在對許可、技術與商業可行性進行詳細評估後，我們縮減了 EMEA（歐洲、中東與非洲）地區的管線。同時，對於我們看到具吸引力上行空間的領域，我們也正果斷推進。

Our team is actively positioning us to compete in Brazil's upcoming energy storage auction, which expanded our early-stage pipeline in Latin America. For the second half of the year, our priority remains the selective monetization of certain operating assets under construction and development assets.

我們的團隊正積極布局，以參與巴西即將舉行的儲能拍賣，並擴大我們在拉丁美洲的早期管線。對於下半年，我們的優先事項仍是選擇性地將部分已運轉資產、在建資產與開發中資產進行變現。

These transactions are intended to support our capital recycling strategy, improve financial flexibility and address leverage levels over time while preserving our ability to invest in high-return growth opportunities. Now let me hand the call over to Xinbo, who will go through our financial results in more detail. Xinbo, please go ahead.

這些交易旨在支持我們的資本循環（capital recycling）策略、提升財務彈性，並隨時間推進改善槓桿水準，同時保留我們投資高報酬成長機會的能力。接下來我把電話交給 Xinbo，他將更詳細說明我們的財務結果。Xinbo，請開始。

Thank you, Dylan. Beginning on slide 10. In the second quarter, we recognized revenue on 3.1 gigawatt of modules and 3.3 gigawatt hours of energy storage solutions, both sequentially higher. Module performance was bolstered by strong US volumes, while storage beat guidance due to accelerated project deliveries in North America.

謝謝你，Dylan。從第10頁開始。第二季我們對 3.1 吉瓦的模組與 3.3 吉瓦時的儲能解決方案確認營收，兩者皆較前一季增加。模組表現受強勁的美國出貨量帶動；儲能則因北美專案交付加速而優於指引。

Despite light contributions from recurrent due to deferred project sales, solid execution in the manufacturing segment lifted total revenue to $1.2 billion, reaching the high end of our guidance. Gross margin was 13.9%, in line with guidance. The sequential and year-over-year margin drops reflect nonrecurring items.

儘管 Recurrent 因專案出售遞延而貢獻較少，製造業務板塊的穩健執行仍將總營收推升至 12 億美元，達到我們指引區間的高端。毛利率為 13.9%，符合指引。毛利率較前一季及去年同期下滑，反映了非經常性項目的影響。

First, the tariff refund benefits recognized last quarter; and second, the release of unrealized profit upon sales completion of a US projects in the prior year period. Operating expenses rose 21% sequentially. This was driven by a combination of elevated freight rates and non-logistic ramp-up costs at our Jeffersonville solar cell plant.

第一，是上季認列的關稅退稅收益；第二，是在去年同期於美國專案完成出售時釋放的未實現利潤。營業費用較前一季上升 21%。主要由運費費率上升，以及我們位於 Jeffersonville 的太陽能電池廠非物流的爬坡成本所共同推動。

Net interest expense rose to $43 million from $36 million in the first quarter, primarily due to lower capitalized interest. We recorded a net foreign exchange loss of $9 million, primarily driven by strong appreciation in the Chinese yuan. CSI Solar recorded a $41 million mark-to-market gain in investment income from its equity investment in a battery equipment company, helping buffer our bottom line.

淨利息費用由第一季的 3,600 萬美元上升至 4,300 萬美元，主要因資本化利息減少。我們錄得 900 萬美元的淨外匯損失，主要受人民幣大幅升值所致。CSI Solar 因其對一家電池設備公司的股權投資，在投資收益中錄得 4,100 萬美元的按市價計量（mark-to-market）收益，有助於緩衝我們的獲利表現。

As a result, Canadian Solar recorded total net loss attributable to shareholders of $77 million or $1.40 per share. Now let's turn to cash flow and the balance sheet on slide 11. Net cash flow used in operating activities during the second quarter of 2026 was $181 million, driven primarily by change in working capital.

因此，阿特斯太陽能（Canadian Solar）錄得歸屬於股東的淨損失合計 7,700 萬美元，或每股 1.40 美元。現在讓我們看第11頁的現金流與資產負債表。2026 年第二季營運活動使用的淨現金流為 1.81 億美元，主要由營運資金變動所驅動。

Total assets grew to $16.1 billion. This increase primarily reflects ongoing construction of US solar and storage projects, along with inventory expansion to support our US manufacturing strategy. Total debt increased to $7.1 billion, mainly from nonrecourse construction financing for solar and storage projects under recurrent energy in the US.

總資產成長至161億美元。此增幅主要反映美國太陽能與儲能專案持續在建，以及為支援我們美國製造策略而擴增庫存。總負債增加至71億美元，主要來自美國 recurrent energy 旗下太陽能與儲能專案的無追索權建設融資。

As we monetize operating under construction and the development assets, we expect to deleverage the project's development business. At the same time, our manufacturing segment will take on incremental debt to fund strategic US manufacturing investments, which we expect to expand profitability and cash flow in 2027 and beyond. Capital expenditures in the second quarter were $172 million, primarily directed towards our US manufacturing initiatives -- we anticipate full year 2026 CapEx to total around $1.3 billion.

隨著我們將在營運中、在建中的資產以及開發資產變現，我們預期將降低專案開發業務的槓桿。同時，我們的製造事業部將承擔額外負債，以資助在美國的策略性製造投資；我們預期這將在2027年及之後擴大利潤率與現金流。第二季資本支出為1.72億美元，主要投入於我們的美國製造計畫——我們預期2026年全年資本支出合計約13億美元。

This implies higher capital outlays in the second half as we begin Phase 2 equipment installation at Jeffersonville, double capacity at our Mesquite module plant and scale up our energy storage facility in Southeast Asia. We closed the quarter with a cash balance of $1.9 billion, providing us with solid liquidity to execute on our strategic priorities. Now let me turn the call to Shawn, who will discuss our sustainability achievements and the technology road map. Shawn, please go ahead.

這意味著下半年資本支出將更高，因為我們將開始在傑佛遜維爾（Jeffersonville）進行第二階段設備安裝、將我們梅斯基特（Mesquite）組件工廠產能加倍，並擴大我們在東南亞的儲能設施規模。本季末我們的現金餘額為19億美元，為執行策略重點提供了充足的流動性。接下來我把電話交給Shawn，他將說明我們的永續成果與技術路線圖。Shawn，請開始。

Thank you, Xinbo. Turning to slide 12. In June, we published our 2025 corporate sustainability report. This highlights our commitment to driving the global clean energy transition through sustainable and responsible business practices. The report tracks our focus on value-driven growth, notably the Science Based Targets initiative then validated our net zero greenhouse gas target.

謝謝你，Xinbo。請看第12頁。6月，我們發布了2025年企業永續報告。該報告凸顯我們透過永續且負責任的商業實務，推動全球潔淨能源轉型的承諾。報告追蹤我們以價值驅動成長的重點，其中科學基礎減量目標倡議（Science Based Targets initiative）亦已驗證我們的溫室氣體淨零目標。

We also advanced our resource efficiency, achieving significant energy and water savings alongside two zero carbon factory certifications. Furthermore, we reinforced our supply chain transparency and ethical labor standards. These efforts are backed by independent audits and certifications across our manufacturing footprint and key suppliers.

我們也提升了資源效率，在顯著節能與節水的同時，取得兩項零碳工廠認證。此外，我們強化了供應鏈透明度與合乎道德的勞動標準。這些努力由我們製造據點與主要供應商的獨立稽核與認證所支持。

Overall, this report demonstrates that environmental stewardship, social responsibility and strong governance are fundamental to how we build long-term stakeholder value. At the core of everything we do is technological innovation.

整體而言，該報告顯示環境管理、社會責任與健全治理，是我們建立長期利害關係人價值的根本。我們一切工作的核心是技術創新。

Turning to slide 13. We continue to execute on a multi-generation technology road map across both solar PV and energy storage solutions. Starting with solar PV. Our near-term priority through 2028 is the mass production and optimization of our next-generation HJT, our heterojunction, and TOPCon architectures.

請看第13頁。我們持續在太陽能光伏（PV）與儲能解決方案兩大領域，推進多世代技術路線圖的執行。先從太陽能光伏談起。我們至2028年的近期優先事項，是下一代HJT（異質接面）與TOPCon架構的量產與最佳化。

Across our core utility, C&I and residential market, we are scaling module efficiency from 23.2% up to 24.4% with aggressively reducing -- while aggressively reducing silver consumption from 6.5 milligram per watt down to 3 milligram per watt to drive down this key input costs.

在我們核心的公用事業、工商業（C&I）與住宅市場中，我們正將組件效率由23.2%提升至24.4%，同時積極把銀耗用量從每瓦6.5毫克降至每瓦3毫克，以降低這項關鍵投入成本。

Looking slightly further ahead, we expect mass production of our premium TBC architecture by 2028, designed primarily for the premium residential market, TBC aims to deliver efficiency between 24.8% and 25.2% with ultra-low silver usage of just 1 to 2 milligrams per watt.

再往前看一些，我們預期於2028年量產我們的高階TBC架構，主要面向高端住宅市場；TBC目標提供24.8%至25.2%的效率，並將銀用量降至每瓦僅1至2毫克的超低水準。

Beyond terrestrial single junction silicon, we approach physical limit at around 25% to 26% module efficiency. We are expanding into frontier applications and multi-junction technologies.

在地面應用的單接面矽技術之外，組件效率的物理極限約在25%至26%。我們正擴展至前沿應用與多接面技術。

We have already begun collaborating on space PV opportunities using our HJT cell technology with planned shipment in 2029 for extreme space environment where radiation tolerance and thermal cycling resilience are critical. For long-term utility scale expansion, our ultimate efficiency frontier lies in tandem cells targeted for commercial shipment in 2030 to break through the 30% module efficiency area.

我們已開始以HJT電池技術合作開發太空光伏（PV）機會，並計畫於2029年出貨，用於極端太空環境，其中耐輻射能力與耐熱循環韌性至關重要。就長期公用事業規模擴張而言，我們最終的效率前沿在於叠層（tandem）電池，目標於2030年商業出貨，以突破30%組件效率門檻。

Given that perovskite reliability will require another 5 to 10 years of validation before large-scale ground deployment space applications may well serve as the initial commercial stepping stones to these next-generation tandem structures. Turning to our energy storage and power electronics road map on slide 14.

鑑於鈣鈦礦可靠性在大規模地面部署前仍需再經5至10年的驗證，太空應用很可能成為通往下一代叠層結構的初期商業墊腳石。接著請看第14頁，我們的儲能與電力電子技術路線圖。

We are building a foundation for sustainable high-density and long-duration storage assets. We are currently mass producing SolBank 3.0, which delivers 5-megawatt hours in a standard 20-foot enclosure using 314 MWh LFP cells. We will soon begin shipping the next iteration SolBank 4.0 starting 2027. This solution increases energy density by 25%, delivering 6.25 megawatt hours in the same 20-foot footprint, utilizing high capacity 588hour LFP cells.

我們正在為永續的高能量密度與長時儲能資產奠定基礎。目前我們正量產SolBank 3.0，其在標準20呎機櫃中使用314 MWh LFP電芯，可提供5兆瓦時。我們將於2027年起開始出貨下一代SolBank 4.0。該方案在相同20呎占地內將能量密度提升25%，可提供6.25兆瓦時，並採用高容量588hour LFP電芯。

To complement these larger battery systems, our power electronics hardware is scaling in tandem. We are transitioning from our air-cooled mid-voltage SCAD 1.0 to our liquid cooled mid-voltage Skit 2.0, which integrates 32 of 450-kilowatt inverters to achieve 14.4 megawatts in a 40-foot layout.

為了搭配這些更大型的電池系統，我們的電力電子硬體也同步擴充。我們正從風冷式中壓SCAD 1.0轉向液冷式中壓Skit 2.0；該方案整合32台450千瓦逆變器，在40呎配置中可達到14.4兆瓦。

Further out on our 2030 road map, we're exploring solid-state transformers at 2.5 megawatts, 34.5 kilovolt AC to 800 volt DC solutions, achieving over 98.5% conversion efficiency that has the potential to replace traditional PCS units and integrate directly into BESS platform as cost and reliability mature to address long duration storage and harsh environment requirements at a potentially lower levelized cost of storage or LCOS we are actively validating our containerized sodium ion platform.

在2030年路線圖的更長期規劃中，我們正在探索2.5兆瓦固態變壓器，提供34.5千伏交流至800伏直流的解決方案，轉換效率超過98.5%；隨著成本與可靠性成熟，該技術有潛力取代傳統PCS單元並直接整合至BESS平台，以在可能更低的儲能平準化成本（LCOS）下滿足長時儲能與嚴苛環境需求；我們也正積極驗證我們的貨櫃式鈉離子平台。

This will eventually deliver an exceptional cycle time of over 15,000 cycles. Sodium-ion technology offers compelling structural advantages, abundant raw materials free from geopolitical restraints, superior performance in extreme cold temperature and simplified cooling requirements that could meaningfully reduce long-term operational expenditures.

該平台最終可提供超過15,000次循環的卓越循環壽命。鈉離子技術具備具吸引力的結構性優勢：原材料豐富且不受地緣政治限制、在極低溫環境下表現更佳，並可簡化冷卻需求，從而有望顯著降低長期營運支出。

It also delivers important safety advantages such as significantly reduced thermal runaway risk. We are also developing a high-capacity energy storage product designed for deployment inside AIDC server room to deliver millisecond-scale energy management solutions.

它也帶來重要的安全優勢，例如大幅降低熱失控風險。我們也正在開發一款高容量儲能產品，設計用於部署於AIDC伺服器機房內，以提供毫秒級的能源管理解決方案。

Ultimately, unifying these solar and storage development advances our vision of Canadian Solar as a total energy technologies provider. By pairing these technology road maps with robust end-to-end capability and full visibility across our supply chain, we are uniquely positioned to deliver the mission-critical clean energy infrastructure of tomorrow to our global customers.

最終，整合這些太陽能與儲能的開發進展，將推動我們把Canadian Solar打造為全方位能源技術供應商的願景。透過將這些技術路線圖與強健的端到端能力，以及對供應鏈的全面可視性相結合，我們具備獨特優勢，能為全球客戶提供明日所需、任務關鍵的潔淨能源基礎設施。

We will unveil more cutting-edge energy technologies in the future. So stay tuned. Now let me turn the call back to Colin, who will conclude our guidance and business -- who will conclude with our guidance and business outlook. Colin, please go ahead.

未來我們將揭示更多尖端能源技術。敬請期待。現在我把電話交回Colin，他將完成我們的指引與業務——他將以我們的指引與業務展望作結。Colin，請開始。

Thank you, Shawn. Turning now to slide 15. For the third quarter of 2026, we expect to recognize revenue from 3.5 to 3.8 gigawatts of solar modules. We expect energy storage deliveries to range between 3.4 and 3.8 gigawatt hours. Driven by sequentially higher manufacturing volumes, we project third quarter revenue to be between $1.3 billion and $1.5 billion, with gross margin expected to range between 13.5% and 15.5%.

謝謝你，Shawn。請看第15頁。對於2026年第三季，我們預期將認列3.5至3.8吉瓦太陽能組件的營收。我們預期儲能出貨量介於3.4至3.8吉瓦時。在製造產量逐季提升的帶動下，我們預估第三季營收介於13億至15億美元，毛利率預期介於13.5%至15.5%。

We anticipate US solar and storage shipments to accelerate in the second half with each remaining quarter delivering higher volumes than the last. At Recurrent, we expect to finalize the project sales delayed from the second quarter. This will drive a sequentially stronger third quarter. For the full year of 2026, we reiterate our US volume guidance of 6.5 to 7 gigawatts of module shipments and 4.5 to 5.5 gigawatt hours of energy storage shipments. With that, I would now like to open the floor for questions. Operator, please go ahead.

我們預期美國太陽能與儲能出貨將在下半年加速，且接下來每一季的出貨量都將高於前一季。在 Recurrent，我們預計將完成第二季延後的專案出售。這將帶動第三季較前一季更為強勁。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，請開始。

(Operator Instructions)

(接線員指示)

Colin Rusch, Oppenheimer & Company.

Colin Rusch，Oppenheimer & Company。

Thanks so much, guys. Shawn, as you look at the road map that you just articulated from the technology perspective, it's pretty robust. There's a lot of activity. So I want to understand two dynamics.

非常感謝，各位。Shawn，從技術角度看你剛才闡述的路線圖相當扎實。有很多進展。所以我想了解兩個面向。

One, just trend lines on overall spending on the R&D line to bring all of this to fruition. And then secondarily, where -- from a regionalization perspective, where is that work going to happen? And where is the IP going to sit as you bring looks like 5 or 6 pretty significant technology evolutions to market.

第一，為了讓這些落地，整體研發（R&D）支出趨勢如何。第二，從區域化的角度來看，這些工作會在哪裡進行？當你們把看起來 5 或 6 項相當重大的技術演進推向市場時，智慧財產（IP）會放在哪裡？

Yes, Colin, thank you. Because our revenue base is big, so although the R&D spending is significant, but usually, typically is around 1% to 2% of the total revenue. So we are controlling it well.

是的，Colin，謝謝。因為我們的營收基礎很大，所以雖然研發支出金額可觀，但通常大約占總營收的 1% 到 2%。所以我們控制得很好。

And from an IP perspective, where -- is that going to sit in the US? Is it going to sit outside the US? Is that not a concern? Is it more around just know-how and understanding how to manufacture these things where you guys feel like you have an advantage?

那從 IP 的角度來看——會放在美國嗎？會放在美國以外嗎？這不是個疑慮嗎？還是更偏向於 know-how，以及如何製造這些產品的理解，而你們覺得自己在這方面有優勢？

Yes. Colin, this is a good question. Yes, we develop more and more of the manufacturing and also process R&D capabilities in US, we will see more and more IP sit with the -- in US. But meanwhile, we also develop a lot of good technology in Canada, but I also see more and more IP in Canada, especially the IP related to the power electronics and either from inverter PCS half or the energy storage system.

是的。Colin，這是個好問題。是的，隨著我們在美國建立越來越多的製造能力以及製程研發能力，我們會看到越來越多的 IP 會落在——在美國。但同時，我們也在加拿大開發了很多很好的技術，我也看到越來越多的 IP 會在加拿大，特別是與電力電子相關的 IP，無論是逆變器、PCS 端，或是儲能系統相關。

Excellent. And then just the follow-up here is really around shipping expense and kind of practical ways that you guys can manage that or start passing that on in a more material way to customers here over the next 6 to 12 months?

很好。接著追問主要是關於運輸費用，以及未來 6 到 12 個月你們有哪些務實的方法可以管理，或更實質地把這些成本轉嫁給客戶？

Yes. Colin, thanks for the question, Colin here. Regarding the shipping expense, yes, we do build that into our contracts and pass that along. But of course, the dynamic of the shipping cost, logistics costs start to change when we look at us continuing to scale in North America. Obviously, we don't have the significant overseas freight. So we'll start to see that shipping cost start to decrease just as primarily due to the onshoring in the US.

是的。Colin，謝謝你的問題，我是 Colin。關於運輸費用，是的，我們會把它納入合約並轉嫁出去。但當我們持續在北美擴大規模時，運輸成本、物流成本的動態也會改變。很明顯地，我們不會有大量的海外海運費。因此，隨著在美國本土化（onshoring），我們會開始看到運輸成本下降。

Okay, thanks guys.

好的，謝謝各位。

Thank you.

謝謝。

Thank you.

謝謝。

Maheep Mandloi, Mizuho Securities.

Maheep Mandloi，Mizuho Securities。

Hey, thanks for taking the questions and for the color on the new bookings. And one question on that. You talked about the 13 gigawatts of bookings through '29. The pricing seems to be mid-$0.30 per watt. Could you clarify if that already includes any impact of the new Section 232 on polysilicon? And if not, then what prices are you seeing? And is there any flexibility to go to the existing customers and on higher prices if the spot prices move up on Section 232?

嗨，謝謝讓我提問，也謝謝你們對新增訂單的補充說明。我有一個相關問題。你們提到截至 2029 年的訂單量為 13 吉瓦。價格看起來大約是每瓦 0.30 多美元的中位數。能否說明這是否已經包含新的《232 條款》（Section 232）對多晶矽的影響？如果沒有，那你們目前看到的價格是多少？如果因 232 導致現貨價格上升，對既有客戶是否有彈性調高價格？

Good morning, Maheep. Thanks for the question, Colin here. And we have Thomas on the line as well, but I'll start. Our contracts are structured with change in law and adjustment mechanisms with all this anticipated. So what we see is this is all very new. I think, as you know, this is only fresh in the last couple of weeks with the new Poly 232.

早安，Maheep。謝謝你的問題，我是 Colin。Thomas 也在線上，不過我先回答。我們的合約架構包含「法律變更」與調整機制，這些都是在預期之內。所以我們看到的是，這一切都非常新。我想你也知道，新的 Poly 232 才在過去幾週剛出來。

But we already see the market adjusting. We think it will definitely drive for accelerated deliveries in the second half of this year in advance of the proclamation implementation, I think, on December 4. So we're going to see a rush. And with that, we -- it's driving increase in price and demand and correlating demand. So we are seeing that start to adjust.

但我們已經看到市場在調整。我們認為這肯定會推動今年下半年在公告實施前加速交付，我想實施日期是 12 月 4 日。所以我們會看到一波搶運。在此情況下——它正在推升價格與需求，以及相互關聯的需求。所以我們看到這些開始調整。

We are seeing the market start to adjust, but it is a relatively new change to the market. But I think overall, from Canadian Solar standpoint, with the backlog that we mentioned, the 13 gigawatts backlog, it shows a strong demand for our US-based products, and our customers are certainly willing to work with us as they have to adjust as well. So Thomas, would you add anything to that, if you have anything to add on top of that?

我們看到市場開始調整，但這對市場而言仍是相對新的變化。但整體來看，從 Canadian Solar 的角度，結合我們提到的 13 吉瓦在手訂單（backlog），顯示市場對我們美國本土產品需求強勁，而客戶也願意與我們合作，因為他們也必須做出調整。Thomas，你是否要補充一些內容？

Colin is spot on. The only comment I would make is that this backlog and the respective revenue value does not include the 232 adjustment yet. So this is going to increase and grow further as we are adjusting contracts and agreements with customers.

Colin 說得很到位。我唯一想補充的是，這個在手訂單及其對應的營收價值目前尚未納入 232 的調整。因此，隨著我們與客戶調整合約與協議，這個數字還會進一步增加與成長。

But it includes, of course, a certain portion of down payments, certain shipment costs. Some are further away, some are closer away. So you can take that all into account. But the 232 announcement will push the respective value upwards as we discuss and readjust and renegotiate with customers. Hope this answers your question.

不過其中當然包含一定比例的預付款，以及部分運輸成本。有些交付期較遠，有些較近。所以你可以把這些都納入考量。但 232 的公告會在我們與客戶討論、重新調整與重新協商後，把相應價值往上推升。希望這回答了你的問題。

That's it. Thanks for the colour. And maybe just like a different follow-up on the tariff or the duty exemption in view with domestic CapEx I just want to understand like how much do you -- could we expect on that for you guys for CapEx? I think there's some language on the exemption is only applicable for new CapEx. So if the R&D CapEx would be good use for that or CapEx?

了解。謝謝補充說明。另外一個不同的追問是關於關稅或關稅豁免，從國內資本支出（CapEx）的角度來看，我想了解你們大概可以期待多少 CapEx 受惠？我記得有些條文寫到豁免只適用於新的 CapEx。那研發相關的 CapEx 會是適用的用途嗎，或哪些 CapEx 會適用？

Well, the Poly 232 that allows the US manufacturing project to offset the tariff duties. So as Colin said, we will actively engage with the Department of Commerce. I think we are in a good standing, and we'll try to go through this process. And yes, we will apply for the tariff and MIP exemptions related to our US manufacturing plant.

嗯，Poly 232 允許美國製造專案用以抵減關稅稅負。所以如 Colin 所說，我們會積極與商務部接洽。我認為我們目前的條件不錯，我們會努力走完這個流程。是的，我們會就美國製造工廠相關的關稅與 MIP 豁免提出申請。

Thanks for the color. I'll send back a look here.

感謝提供更多資訊。我會在這裡回覆我的看法。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

Thank you for taking my questions. As a follow-up to Maheep's second question on the tariff rebate program. Shawn, you just mentioned that you have good standing with the Commerce Department. So I was wondering if you might be able to elaborate on that? And specifically, do you expect to qualify for the tariff rebate program? And if so, can you give us some color on why and how?

感謝讓我提問。針對 Maheep 第二個關於關稅退稅計畫的問題做個追問。Shawn，你剛才提到你們與商務部保持良好狀態。所以我想請你能否進一步說明一下？具體而言，你們預期能符合關稅退稅計畫的資格嗎？如果可以，能否分享一些背景，說明為什麼以及如何？

Well, we do expect we are qualified. We qualify for the tariff relief program because we are the one who invest and really invested into US manufacturing through our solar module factory in Mesquite and also the solar cell factory in Jeffersonville plus the energy storage factory in Shelbyville.

我們確實預期自己具備資格。我們之所以符合關稅減免計畫，是因為我們透過位於 Mesquite 的太陽能模組工廠、Jeffersonville 的太陽能電池工廠，以及 Shelbyville 的儲能工廠，對美國製造進行投資，而且是實質投入。

So we are putting real dollars into onshoring the US manufacturing. So we believe we are qualified. However, as I mentioned, we will go through the process. So I guess I shouldn't comment too much before I finish -- before we finish the dialogue and the process with the Department of Commerce.

我們正在把真金白銀投入到美國製造的回流（onshoring）。因此我們相信我們具備資格。不過如我所提到的，我們會走完相關流程。所以在我們與商務部完成溝通與流程之前，我想我不應該評論太多。

Okay. And then earlier, Colin and Thomas talked about pricing already moving. And so I was wondering if you guys might be able to quantify the magnitude of the price increase that you've seen thus far and then where you expect things to change. So if your existing bookings are at x, do you think we see a $0.05 move in pricing to the upside? Or do you think it's $0.10 or maybe more?

了解。另外，稍早 Colin 和 Thomas 已經談到價格已經開始變動。所以我想請問你們是否能量化一下目前為止看到的漲價幅度，以及你們預期接下來會如何變化。也就是說，如果你們現有訂單的價格在 x，你們認為價格會上調 $0.05 嗎？還是 $0.10，或甚至更多？

Philip, I think we're -- just like everybody else, we're monitoring the market and seeing what the opportunity looks like. I think it might be a little premature for us to speculate how fast those changes and how -- and the magnitude.

Philip，我想我們——就像其他人一樣——正在觀察市場，看看機會長什麼樣子。我認為現在就推測這些變化會有多快、以及幅度多大，可能還有點太早。

So I think we're only a week or two into this new proclamation, and we're still waiting for, as a matter of fact, expecting new guidance to come. So that could also shape things as well. So I'd hesitate to give a specific amount, but I can tell you that we do feel it's going to be accretive to CS PowerTech overall.

我想我們才剛進入這項新公告後的一到兩週，我們也仍在等待——事實上也預期——會有新的指引出來。所以那也可能會影響後續走向。因此我會避免給出具體數字，但我可以告訴你，我們確實認為這整體上會對 CS PowerTech 具有增益（accretive）。

Okay. One last follow-up. As it relates to -- back to the tariff rebates program based on US CapEx, what happens and what do you guys do if you cannot qualify for that tariff rebate program?

好的。最後一個追問。回到以美國資本支出（CapEx）為基礎的關稅退稅計畫，如果你們無法符合該關稅退稅計畫資格，會發生什麼？你們會怎麼做？

Well, it's a good question. I think the MIP requirements will help to strengthen the US manufacturers advantages. The overall price will go up. If the overall solar module price go up, it will help us even in the case that we don't fully receive the rebate related to our CapEx. So overall, without rebate, we think that this decision will be accretive to CSI, to CS Powertech and any real meaningful manufacturers investing into US.

這是個好問題。我認為 MIP 的要求將有助於強化美國製造商的優勢。整體價格會上升。如果整體太陽能模組價格上升，即使我們未能完全取得與我們資本支出相關的退稅，也會對我們有幫助。因此整體而言，即便沒有退稅，我們仍認為這項決策將對 CSI、對 CS Powertech，以及對任何真正有意義、在美國投資製造的廠商帶來增益（accretive）。

Alan Lau, Jefferies.

Alan Lau，Jefferies。

Thanks for taking my question. I would like to -- ask management about the recent policy coming out from the White House last night on the bulk power system. So I would like to know because Canadian Solar actually have battery cell and pack plant in the US. So what's your view on complying to that US manufacturing requirement, especially in relation to energy storage?

感謝讓我提問。我想向管理層請教昨晚白宮針對大電力系統（bulk power system）發布的最新政策。我想了解的是，因為 Canadian Solar 其實在美國有電池電芯與電池包（pack）工廠。所以你們對於遵循美國製造要求的看法是什麼，特別是與儲能相關的部分？

Alan, I would like to just hold off responding on that because it's something very new, and we haven't had a chance to fully study that. I would just generally say that in all respects, our ability to comply to US requirements is strong generally because of our supply chain has already evolved to supporting the domestic content requirements.

Alan，這部分我想先暫緩回應，因為這是非常新的政策，我們還沒有機會完整研究。我只能先概括地說，就各方面而言，我們遵循美國要求的能力整體上是很強的，因為我們的供應鏈已經演進到能支援國產內容（domestic content）要求。

And our US manufacturing plans have been structured around that. I don't want to comment on such a recent policy change, but I would only say that at the moment, I expect we'll be able to address any changes.

而我們在美國的製造規劃也都是圍繞這些要求來設計的。我不想對如此近期的政策變動做評論，但我只能說，就目前而言，我預期我們能夠因應任何變化。

Understood. So regarding to another previous FCC investigation. I think there were clarification, I think, in 20th of August on basically for inverters that were produced in the US and is eligible for 45X would not be classified as currently produced.

了解。那關於先前的 FCC 調查。我記得在 8 月 20 日左右有一項澄清，基本上是說在美國生產且符合 45X 資格的逆變器，不會被歸類為「目前生產」（currently produced）。

So I recall the company previously was having third-party supplier for inverters, but also the company is also starting to do PCS as well. So I wonder if management has any comment in regards to previous restrictions on this front?

我記得公司先前的逆變器是由第三方供應商提供，但公司也開始做 PCS。所以我想請問管理層，對於這方面先前的限制是否有任何評論？

Yes. Alan, a good question. First of all, for our inverters are not currently being moved into the US So it's not an issue for us in terms of our current supply chain. But as you mentioned, we do procure significant amounts of third-party inverters, PCS, for example.

是的。Alan，這是個好問題。首先，我們的逆變器目前並沒有轉移到美國生產，所以就我們現行供應鏈而言，這不是問題。但如你所提到的，我們確實採購大量第三方的逆變器、例如 PCS。

And we are actively involved with our supply chain to ensure that they meet all the FCC requirements. And/or have the path to have those FCC requirements in place. We don't see any issues with any of our business activities at this time related to the recent changes.

我們也正積極與供應鏈合作，確保他們符合所有 FCC 的要求，以及／或具備導入這些 FCC 要求的路徑。就近期變動而言，我們目前看不出與之相關的任何業務活動會有問題。

I know they just -- there's just recent clarification provided with respect to the communication protocols, which we're looking at very carefully. But we don't see any impact to our business at the moment with respect to the new FCC requirements.

我知道他們剛針對通訊協定提供了最新澄清，我們正在非常仔細地檢視。但就新的 FCC 要求而言，我們目前看不出對業務有任何影響。

I would like to add a little color comment on top of what Colin just said. We also noticed that the new guidance is anything qualified for the 45X, which means qualified for the local manufacturing and eligible for 45X will be considered domestic. Therefore, will not require FCC approval. I think this is a very interesting policy clarification. As you mentioned, we do have our own PCS.

我想在 Colin 剛才所說的基礎上再補充一些背景。我們也注意到新的指引是：任何符合 45X 資格——也就是符合在地製造並可適用 45X——的產品，將被視為國產（domestic）。因此不需要 FCC 核准。我認為這是一項非常有意思的政策澄清。如你所提到的，我們確實有自有的 PCS。

We have that technology center in Canada. So we have started actively looking to the feasibility of manufacturing that PCS and inverter in US utilizing the advantage that Canadian Solar already have PowerTech, which is qualified structure in US So yes, we are actively reviewing the visibility of that.

我們在加拿大有那個技術中心。因此我們已開始積極評估在美國製造該 PCS 與逆變器的可行性，並利用 Canadian Solar 既有的 PowerTech 優勢——也就是在美國具備合格架構（qualified structure）。

I recall the company actually got a strong record in US manufacturing and has already secured 45 credits for other products like module already. So that might actually be a positive opportunity for the company to take share. So that's why the question is coming from. So switching gear to the technology path because I noticed that Shawn has spent quite a lot of time.

我記得公司在美國製造方面其實有很強的紀錄，而且也已經為其他產品（例如模組）取得 45 的抵免。所以這可能其實是公司擴大市占的正面機會。這也是我提出這個問題的原因。那把話題轉到技術路線，因為我注意到 Shawn 花了不少時間。

I think this is quite new, I think, in this quarterly results briefing. I would like to know because Shawn has mentioned about space PV. So I suspect if this has already been some form of discussion with major clients in the aerospace industry or it's more a product development stage or there's actually already some early-stage navigation already?

我認為這在本次季度業績簡報中算是相當新的內容。我想了解一下，因為 Shawn 提到了太空光伏（space PV）。所以我在想，這是否已經與航太產業的主要客戶進行過某種形式的討論，還是仍屬於產品開發階段，或其實已經有一些早期的導入/進展了？

Yes. Space PV is a very interesting direction, although I don't expect it to contribute meaningfully this next year. But in the long run, space is what everybody is looking at, including Canadian Solar and I myself. And you realize that Canadian Solar is a strong participant in the so-called HJT or heterojunction solar architecture. And this is what the industry consider very favorable for silicon-based space PV applications.

是的。太空光伏是一個非常有趣的方向，雖然我不預期它在明年會有實質性的貢獻。但從長期來看，太空是大家都在關注的方向，包括 Canadian Solar 以及我本人。而且你也知道，Canadian Solar 在所謂的 HJT（異質接面）太陽能電池架構方面是很強的參與者。而這正是業界認為對矽基太空光伏應用非常有利的技術路線。

And the research so far shows that the so-called P-type heterojunction will have better tolerance to the high energy particle radiation environment in the space. Therefore, P-type heterojunction, especially the thin-type heterojunction is considered to be a leading candidate for silicon-based solar cell application in the space.

目前的研究顯示，所謂的 P 型異質接面在太空高能粒子輻射環境下具有更好的耐受性。因此，P 型異質接面，尤其是薄型異質接面，被認為是矽基太空太陽能電池應用的領先候選技術。

So we do manufacture the P-type. As you know, our Jeffersonville solar cell factory adopted the heterojunction, the HJT solar cell structure. And so far, we use N-type for the terrestrial applications. However, it's very easy for us to convert that into P-type. And we are -- we already use very thin wafers and the wafer to be processed in our Jeffersonville factory averaged at 110 micron thickness, which is one of the thinnest wafer used for commercial production.

所以我們確實有製造 P 型產品。如你所知，我們位於 Jeffersonville 的太陽能電池工廠採用的是異質接面（HJT）電池結構。到目前為止，我們在地面應用使用的是 N 型。不過，對我們而言要轉換成 P 型非常容易。而且我們已經在使用非常薄的矽片；在 Jeffersonville 工廠加工的矽片平均厚度為 110 微米，這是商業化量產中使用的最薄矽片之一。

Now also on the R&D side, we have designed and processed even thinner to 50-micron wafer thickness with P-type heterojunction, and very successful so we can supply that. So we are the leading front of space PV. Now we are talking to other space and especially the satellite companies about this application, we are collaborating. Now I can't disclose the customer name. But yes, we have close collaboration with like space-related partners.

另外在研發端，我們也已設計並製程出更薄、厚度達 50 微米的 P 型異質接面矽片，而且非常成功，因此我們具備供應能力。所以我們在太空光伏方面走在最前沿。目前我們正在與其他太空相關、尤其是衛星公司就此應用進行洽談並合作。我無法披露客戶名稱。但可以確認的是，我們與太空相關的合作夥伴有非常緊密的合作。

Understood. So it's also interesting that your view on the space PV is on p-HJT. Having mentioned about HJTs, there are some market views that TOPCon might have some issues in relation to the Section 337 patent investigation. Is it one of the reasons that you are selecting HJT technology in the US because it is not the mainstream technology outside of the US Or is it really other reasons like labor or shorter production process?

了解。所以也很有意思的是，你對太空光伏的看法是聚焦在 p-HJT。提到 HJT，市場上有一些觀點認為 TOPCon 可能會在《第 337 條款》（Section 337）專利調查方面遇到一些問題。這是否是你們在美國選擇 HJT 技術的原因之一，因為它不是美國以外的主流技術？還是其實有其他原因，例如用工或更短的生產流程？

Yes, we choose HJT, heterojunction, for the US factory for several reasons, not one reason. So number one, yes, our strong R&D effort already into its HJT solar cell. As a matter of fact, we have studied the HJT structures as early as 2018, 2017 and 2018, and we have been doing pilot line HJT development for six, seven years already.

是的，我們為美國工廠選擇 HJT（異質接面）有好幾個原因，不是單一原因。第一，沒錯，我們在 HJT 太陽能電池方面已投入很強的研發力道。事實上，我們早在 2017、2018 年就開始研究 HJT 結構，並且已經進行 HJT 試產線開發六、七年了。

So we have very strong knowledge. By the way, that also explains why our ramp-up of the Jeffersonville solar cell line was so far successful, and I would say pretty smooth. Any ramp-up will have some issues. That's the point of the ramp-up, right, which is to discover and resolve and solve an issue.

因此我們具備非常扎實的知識與經驗。順帶一提，這也解釋了為什麼我們 Jeffersonville 太陽能電池產線的爬坡（ramp-up）迄今相當成功，我會說相當順利。任何爬坡都會遇到一些問題。這正是爬坡的意義，對吧？就是要發現問題並加以解決、排除。

But our ramp-up in Jeffersonville was very successful. So that's a technical side. And second, our HJT process is very neat. It's more like equipment dependent than human dependent. It does require much less operators than the TOPCon. And we think this is a very unique advantage for the US manufacturing. And IP is also an issue, no question about it.

但我們在 Jeffersonville 的爬坡非常成功。這是技術面的原因。第二，我們的 HJT 製程非常精簡。它更偏向設備依賴，而不是人力依賴。相較於 TOPCon，它需要的操作人員少得多。我們認為這對美國製造而言是一個非常獨特的優勢。而智慧財產權（IP）也確實是一個議題，這點毫無疑問。

On one hand, we are very confident that our TOPCon technology stand-alone on its own feet and does not have any conflict with other companies' TOPCon IPs. However, less IP conflict is also is even better. So the HJT IP is much cleaner than TOPCon.

一方面，我們非常有信心，我們的 TOPCon 技術本身站得住腳，且不會與其他公司的 TOPCon 智財產生任何衝突。不過，智財衝突更少當然更好。因此，HJT 的智財環境比 TOPCon 更乾淨。

That's also one reason for our decision to select HJT for the US cell manufacturing. Those are multiple -- there are quite a few factors. And all in all, we believe that HJT is. Also, as I mentioned, HJT is a leading candidate for the space application. We also consider this factor when we make this decision to around two years ago.

這也是我們決定在美國電池製造選擇 HJT 的原因之一。原因不只一個——因素相當多。總而言之，我們相信 HJT 是……另外，如我提到的，HJT 也是太空應用的領先候選技術。我們在大約兩年前做出這項決策時，也把這個因素納入考量。

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

謝謝。各位女士、先生，問答環節到此結束。我把時間交回給 Parkin 先生做最後的結語。

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, everybody, and have a great day. Thank you.

感謝各位今天的參與，以及一直以來的支持。如果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。各位保重，祝大家今天愉快。謝謝。

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。