第一太陽能 (FSLR) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to First Solar's second-quarter 2025 earnings call. Today's call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. (Operator Instructions) Please note that today's call is being recorded.

下午好，歡迎參加 First Solar 2025 年第二季財報電話會議。今天的電話會議將在 First Solar 網站的「投資者」板塊（網址：investor.firstsolar.com）進行網路直播。 （操作員指示）請注意，今天的電話會議將會被錄音。

I would now like to turn the conference over to your host, Byron Jeffers, Head of Investor Relations. Please go ahead, sir.

現在，我想將會議交給主持人、投資者關係主管拜倫·傑弗斯 (Byron Jeffers)。先生，請繼續。

Good afternoon, and thank you for joining us on today's earnings call. Joining me today are our Chief Executive Officer, Mark Widmar; and our Chief Financial Officer, Alex Bradley.

下午好，感謝您參加今天的收益電話會議。今天與我一起出席的還有我們的執行長馬克威德瑪 (Mark Widmar) 和財務長亞歷克斯布拉德利 (Alex Bradley)。

During this call, we will review our financial performance for the quarter and discuss our business outlook for the remainder of 2025. Following our remarks, we will open the call for questions. Before we begin, please note that some statements made today are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We undertake no obligation to update these statements due to new information or future events.

在本次電話會議中，我們將回顧本季的財務業績，並討論 2025 年剩餘時間的業務前景。發言結束後，我們將開始提問。在我們開始之前，請注意，今天做出的一些聲明是前瞻性的，涉及風險和不確定性，可能導致實際結果與管理層目前的預期有重大差異。我們不承擔因新資訊或未來事件而更新這些聲明的義務。

For a discussion of factors that could cause these results to differ materially, please refer to today's earnings press release and our most recent annual report on Form 10-K as supplemented by our other filings with the SEC, including our most recent quarterly report on Form 10-Q. You can find these documents on our website at investor.firstsolar.com.

有關可能導致這些結果出現重大差異的因素的討論，請參閱今天的收益新聞稿和我們最新的 10-K 表年度報告以及我們向美國證券交易委員會提交的其他文件，包括我們最新的 10-Q 表季度報告。您可以在我們的網站 investor.firstsolar.com 上找到這些文件。

With that, I'm pleased to turn the call over to our CEO, Mark Widmar. Mark?

說完這些，我很高興將電話轉給我們的執行長馬克威德瑪 (Mark Widmar)。標記？

Good afternoon and thank you for joining us today. Beginning on slide 3, I will share some key highlights from Q2 2025. We recorded 3.6 gigawatts of module sales during the quarter, above the midpoint of what we forecasted on the previous earnings call. Our Q2 earnings per diluted share came in above the high end of our guidance range at $3.18 per share.

下午好，感謝您今天加入我們。從第 3 張投影片開始，我將分享 2025 年第二季的一些主要亮點。本季度，我們的模組銷售量為 3.6 千兆瓦，高於上次收益電話會議上預測的中位數。我們第二季每股攤薄收益達到每股 3.18 美元，高於我們的預期範圍上限。

From a manufacturing standpoint, we produced 4.2 gigawatts in Q2 and with 2.4 gigawatts produced from our US facilities and 1.8 gigawatts from our international facilities. We progressed our domestic capacity expansion during the quarter, continuing to ramp up at our Alabama facility. As of today, equipment installation and commissioning at our Louisiana site is complete. We have begun the integrated production run and expect to complete plant qualification in October.

從製造角度來看，我們在第二季度生產了 4.2 千兆瓦，其中美國工廠生產了 2.4 千兆瓦，國際工廠生產了 1.8 千兆瓦。本季度，我們推進了國內產能擴張，並繼續擴大阿拉巴馬州工廠的產能。截至今天，我們路易斯安那州工廠的設備安裝和調試已經完成。我們已經開始綜合生產運行，預計十月完成工廠資格認證。

Once fully ramped, this facility is projected to boost our US nameplate manufacturing capacity to over 14 gigawatts by 2026. As it relates to technology, we have seen further improvements regarding our Cure technology platform from both the performance and manufacturability standpoint over the course of the quarter. Recent field data from deployed cure modules continues to validate the enhanced energy profile expected from the improved temperature response and bifaciality of cure. This field data is consistent with the superior degradation rate that we have seen through laboratory accelerated life testing.

一旦全面投入使用，預計到 2026 年，該工廠將把我們的美國額定製造能力提升至 14 千兆瓦以上。就技術而言，我們在本季從效能和可製造性的角度看到了 Cure 技術平台的進一步改進。來自已部署固化模組的最新現場數據繼續驗證了改進的溫度響應和固化雙面性所預期的增強能量分佈。此現場數據與我們透過實驗室加速壽命測試看到的優異降解率一致。

In addition, progress continued during the quarter at our new perovskite development line located at our Perrysburg campus. The line on track for full in-line runs in August is expected to produce small form factor modules featuring a perovskite semiconductor. We have continued to timely meet our internal metrics for our perovskite development program, including the achievement of initial stage efficiency, stability and manufacturability objectives. We are pleased with the progress we are making towards commercializing our perovskite technology over the next several years.

此外，本季我們位於佩里斯堡園區的新型鈣鈦礦開發線持續取得進展。該生產線預計將於 8 月全面投入運行，生產採用鈣鈦礦半導體的小型模組。我們繼續及時滿足鈣鈦礦開發計畫的內部指標，包括實現初始階段的效率、穩定性和可製造性目標。我們對未來幾年鈣鈦礦技術商業化的進展感到非常高興。

Finally, we are proud to have published our annual corporate responsibility report yesterday. This report highlights First Solar's efforts to lead the way in strengthening support for solar by leveraging and extending our differentiation. As noted in the report, our vertical integration drives resource efficiency, enabling our products to deliver up to 5x greater energy return on investment than crystalline silicon panels made from components manufactured in China.

最後，我們很自豪地在昨天發布了我們的年度企業責任報告。本報告重點介紹了 First Solar 透過利用和擴展我們的差異化優勢，在加強對太陽能的支持方面所做的努力。如報告所指出的，我們的垂直整合提高了資源效率，使我們的產品比使用中國製造的組件製成的晶體矽板的能源投資回報率高出 5 倍。

This not only supports our nation's energy independence, it helps unleash American energy dominance. We also continue to achieve and SURPASS key metrics. For example, 2024 marked the second straight year that we have nearly doubled the volume of water we recycle conserving resources in water-scarce regions. We continued our focus on reducing waste, diverting 88% of waste from disposal and increasing recycling recovering a global average of 95% of materials from recycled panels. These are among just a few of the highlights of our approach to responsible corporate stewardship that can be found in the report, which is available through our website.

這不僅支持了我們國家的能源獨立，也有助於釋放美國的能源主導地位。我們也持續實現並超越關鍵指標。例如，2024 年是我們連續第二年將水循環利用量增加近一倍，節省了缺水地區的資源。我們繼續致力於減少廢棄物，將 88% 的廢棄物從處置中轉移，並提高回收率，全球平均可從回收面板中回收 95% 的材料。這些只是我們負責任的企業管理方法的幾個亮點，可以在報告中看到，該報告可透過我們的網站取得。

Turning to slide 4. I would like to focus on the current US policy and trade environment. From an industrial policy standpoint, earlier this month, the President signed the new reconciliation legislation, that we believe places First Solar in a greater position of strength than it was following the passage of the Inflation Reduction Act of 2022.

翻到幻燈片 4。我想重點談談目前的美國政策和貿易環境。從產業政策的角度來看，本月早些時候，總統簽署了新的和解法案，我們認為這將使 First Solar 的地位比《2022 年通膨削減法案》通過後更加強大。

As it relates to Section 45X advanced manufacturing tax credits, under this new law, key provisions for solar were maintained and new restrictions severely limit 45X eligibility for products manufactured by or with material assistance from foreign control -- foreign entities of control, or FEOCs, such as Chinese solar manufacturers. These restrictions address one of the biggest loopholes under the IRA, and we expect these FEOC provisions will factor into capital commitment decisions for US manufacturing by our Chinese competitors. In our view, it is not unreasonable to expect there will be limited Chinese solar manufacturing in the US in the foreseeable future, which, together with other recent industrial policy and trade developments that I will discuss momentarily may reduce the supply of domestic content.

就第 45X 條先進製造業稅收抵免而言，根據這項新法律，有關太陽能的關鍵條款得以保留，而新的限制則嚴重限制了由外國控制實體（即外國控制實體，或 FEOC，例如中國太陽能製造商）生產或在其物質援助下生產的產品的 45X 資格。這些限制解決了《個人退休帳法》下最大的漏洞之一，我們預期這些《公平就業機會法案》條款將成為我們中國競爭對手對美國製造業資本承諾決策的一個因素。我們認為，預計在可預見的未來，中國在美國的太陽能製造將會有限，這並非不合理，再加上我稍後將討論的其他近期產業政策和貿易發展，可能會減少國內產品的供應。

Turning to the investment tax credit. The legacy PTC and ITC, which support projects safe harbored by the end of 2024 and require placed in service by year-end 2028, remains unchanged by the new legislation. We expect that these projects will proceed as scheduled, thereby strengthening the resiliency of our existing contracted backlog. We have a strong contracted position for our US production through 2028, which we believe, coupled with the current policy environment creates a strategic foothold to integrate our international supply with US and potentially create a US finishing line to leverage our Series 6 and Series 7 international assets.

談到投資稅收抵免。傳統的 PTC 和 ITC 支援在 2024 年底前安全託管的項目，並要求在 2028 年底前投入使用，新立法對此保持不變。我們預計這些項目將按計劃進行，從而增強我們現有合約積壓的彈性。我們與美國簽訂了一份強有力的合同，有效期至 2028 年，我們相信，加上當前的政策環境，這將為整合我們的國際供應和美國供應創造戰略立足點，並有可能在美國建立一條成品線，以利用我們的 6 系列和 7 系列國際資產。

In addition, the provisions in the reconciliation legislation relating to the new technology neutral investment and production tax credits, potentially incentivize near-term demand for new bookings with deliveries through the end of this decade. There are three reasons for this potential demand catalyst. Firstly, under the new Tech Neutral credits, projects that commenced construction prior to July of 2026, will have a required placed in service deadline by the end of 2030, thereby potentially incentivizing new procurement to safe harbored projects through 2030.

此外，與新技術中性投資和生產稅收抵免相關的協調立法條款，可能會刺激近期對新訂單的需求，並將在本十年末交付。這種潛在需求催化劑有三個原因。首先，根據新的技術中立抵免政策，2026 年 7 月之前開工的專案必須在 2030 年底前投入使用，從而有可能激勵 2030 年前對安全港專案進行新採購。

Secondly, projects that commenced construction starting January 1, 2026, are subject to the new FEOC material assistance restrictions in order to be eligible for the tech-neutral credits. And thirdly, projects that have not commenced construction before June 16, 2025, will be required to meet increasing domestic content thresholds should they seek to qualify for the related bonus.

其次，從 2026 年 1 月 1 日開始建造的專案必須遵守新的 FEOC 材料援助限制，才有資格獲得技術中立信貸。第三，對於尚未在 2025 年 6 月 16 日之前開工的項目，若要獲得相關獎勵，則需要滿足越來越高的國內含量門檻。

While there remains uncertainty around the structure and scope of the forthcoming begin construction guidance pursuant to a recent executive order, we expect this guidance will be consistent with long-standing rules. Note, the same executive order also mandates the development of FEOC guidance focusing on the threat to national security by “making the United States dependent on supply chains controlled by foreign adversaries.” As indicated earlier, these new demand drivers also potentially support a business case to establish one or more lines in the United States to finish front-end production initiated within our -- an international fleet. Leveraging existing overseas capital assets and our skilled workforce for front-end production, combined with new back-end factories in the US could enable additional near-term FEOC-free supply for the US market, as well as improve the gross margin profile of our sales by reducing tariff charges and logistics costs associated with importing finished modules.

儘管根據最近的行政命令即將開始的施工指導的結構和範圍仍然存在不確定性，但我們預計該指導將與長期規則一致。請注意，同一行政命令還要求制定 FEOC 指導，重點關注「使美國依賴外國對手控制的供應鏈」對國家安全造成的威脅。如前所述，這些新的需求驅動因素也可能支持在美國建立一條或多條生產線的商業案例，以完成我們國際船隊內啟動的前端生產。利用現有的海外資本資產和我們熟練的勞動力進行前端生產，再加上美國新的後端工廠，可以為美國市場提供更多近期無 FEOC 的供應，並透過降低與進口成品模組相關的關稅和物流成本來提高我們的銷售毛利率。

Moving from industrial policy to trade policy. We continue to see evidence that pursuing antidumping and countervailing duty or AD/CVD cases, while time-consuming and expensive, is effective at addressing illegal trade practices, imports of cells and modules from Cambodia, Malaysia, Thailand and Vietnam, which were subject of the SOLAR 3 AD/CVD case meaningfully decreased in the January through May of 2025 period as compared to the equivalent period in 2024.

從產業政策轉向貿易政策。我們不斷看到的證據表明，提起反傾銷和反補貼稅或 AD/CVD 案件雖然耗時且昂貴，但卻能有效解決非法貿易行為，與 2024 年同期相比，2025 年 1 月至 5 月期間從柬埔寨、馬來西亞、泰國和越南進口的電池和組件數量顯著減少，這些國家是 SOLAR 3/DCV 案件的 ADCV/DCV。

However, trade data also demonstrates an influx of cells and modules imported into the US from other countries as the Chinese crystalline silicon industry continues to move production to circumvent existing trade laws. Against this backdrop, the alliance for American solar manufacturing and trade, a distinct but similar coalition from that which launched SOLAR 3 AD/CVD case directed at Cambodia, Malaysia, Thailand and Vietnam has filed a new AD/CVD petition with the US International Trade Commission and the US Department of Commerce seeking investigations into the violation of trade laws by Chinese-owned companies operating through entities in Laos and Indonesia, as well as Indian headquartered companies, which we believe utilized a Chinese subsidized supply chain.

然而，貿易數據也顯示，隨著中國晶體矽產業繼續轉移生產以規避現有貿易法，大量電池和組件從其他國家進口到美國。在此背景下，美國太陽能製造與貿易聯盟（與發起針對柬埔寨、馬來西亞、泰國和越南的 SOLAR 3 反傾銷/反補貼案的聯盟不同但類似）已向美國國際貿易委員會和美國商務部提交了一份新的反傾銷/反補貼請願書，尋求調查通過在老撾和印度尼西亞的實體運營的中資公司以及總部位於印度的公司補貼的貿易法。

Separately, the Department of Commerce has made the decision to self-initiate a Section 232 investigation into imports of polysilicon and its derivatives. While the scope of derivatives is unclear, this could implicate downstream pricing for polysilicon-based products such as wafers, cells or modules introducing a new source of uncertainty for those relying on Chinese-tied crystalline silicon procurement. The scope of the investigation includes many of the strategic vulnerabilities created by China's dominance of the polysilicon production, such as the risks posed by overconcentrated supply chains, subsidy fueled mandatory trade practices, systematic overcapacity and the potential for export restrictions by US adversaries.

另外，美國商務部已決定對進口多晶矽及其衍生物自行啟動232調查。雖然衍生性商品的範圍尚不明確，但這可能會影響矽片、電池或模組等多晶矽產品的下游定價，為依賴中國晶體矽採購的企業帶來新的不確定性。調查範圍包括中國在多晶矽生產領域的主導地位所造成的許多戰略弱點，例如供應鏈過度集中帶來的風險、補貼推動的強制性貿易行為、系統性產能過剩以及美國對手可能採取的出口限制措施。

In addition, we are encouraged by recent -- recently available, though not broadly publicized data regarding the processing of cell and module entries by the US Custom and Border Protection, or CBP, that were imported during the Biden administration’s June 2022 to June 2024 solar moratorium. As a reminder, the moratorium provided AD/CVD duty free treatment for Southeast Asia imports if the entries were both circumventing the China solar AD/CVD orders and were utilized in projects no later than December of 2024.

此外，我們對最近獲得的、但尚未廣泛公佈的數據感到鼓舞，這些數據涉及美國海關和邊境保護局 (CBP) 對拜登政府 2022 年 6 月至 2024 年 6 月太陽能禁令期間進口的電池和模組入境的處理情況。需要提醒的是，如果東南亞進口產品既規避了中國太陽能反傾銷/反補貼稅令，又在2024年12月之前用於項目，則該禁令將為這些產品提供反傾銷/反補貼稅免稅待遇。

The US government recently reported that approximately 44,000 entries were processed during the moratorium window. And that more than half, roughly 24,000 entries did not qualify for the moratorium and remain subject to the application of AD/CVD tariffs. The government reports that it is taking multiple approaches to collect duties on these imports. The remaining approximately 20,000 continue to be under manual CBP review, which could take several months to complete and may become subject to the application of these tariffs.

美國政府最近報告稱，在暫停入境期間處理了大約 44,000 份入境申請。其中超過一半（約 24,000 件）的商品不符合暫停徵收的條件，仍需繳納反傾銷和反補貼稅。政府報告稱，正在採取多種方式對這些進口產品徵收關稅。其餘約 20,000 件商品仍需美國海關及邊境保護局進行人工審查，可能需要幾個月的時間才能完成，並且可能會受到這些關稅的約束。

In short, despite the Biden administration ill-advised enforcement suspension, no single entry has yet been closed with the benefits of the tariff moratorium and all remain subject to potential AD/CVD tariff payments, representing potentially significant contingent liabilities for the importers of record of these foreign produced crystalline silicon modules. We applaud CBP for the thorough entry by entry process they are running. Our determination to advocate for strong industrial policy represented by the new reconciliation legislation is matched by our commitment to employ the rule of law to help create a level playing field for domestic manufacturers.

簡而言之，儘管拜登政府不明智地暫停了執法，但尚未有任何一個入境點因關稅暫停而關閉，所有入境點仍需繳納潛在的反傾銷/反補貼關稅，這對這些外國生產的晶體矽模組的進口商來說可能意味著重大的或有負債。我們讚揚美國海關及邊境保護局實施的全面入境程序。我們決心倡導以新的和解立法為代表的強有力的產業政策，並致力於運用法治為國內製造商創造公平的競爭環境。

As we have long stated, we are supportive of free trade and international competition so long as this trade is also fair and within the constructs of the law. Unfortunately, in our industry, China relentlessly engages in an unfair in our view, illegal trade practices, leaving us no choice but to seek the enforcement of existing law that are designated to address these practices.

正如我們長期以來所說，只要貿易是公平的並且符合法律規定，我們就支持自由貿易和國際競爭。不幸的是，在我們的行業中，中國不斷從事我們認為不公平、非法的貿易行為，讓我們別無選擇，只能尋求執行旨在解決這些行為的現行法律。

This respect for the rule of law also underpins our effort to enforce our TOPCon patent portfolio against potential infringements. For example, following our previously announced filing of a complaint against various Jinko Solar entities, alleging infringement of our US TOPCon patents. During the quarter, we filed a similar lawsuit against various Canadian solar entities. These actions reflect our intention to actively enforce our intellectual property rights against companies that we believe are infringing upon our long-standing TOPCon technology patents.

對法治的尊重也支撐了我們努力執行 TOPCon 專利組合以防止潛在的侵權行為。例如，我們先前宣布對晶科能源各實體提起訴訟，指控侵犯了我們的美國 TOPCon 專利。本季度，我們對多家加拿大太陽能實體提起了類似的訴訟。這些行動反映了我們積極維護智慧財產權的意圖，並對那些我們認為侵犯我們長期擁有的 TOPCon 技術專利的公司採取這些行動。

In summary, our policy, trade and legal efforts can be viewed as a consistent three-pronged approach. Firstly, a dedicated commitment to continuously advocate for strong industrial policies that enable domestic solar manufacturers in the face of a foreign adversary seeking to dominate critical aspects of the US energy supply chain.

總而言之，我們的政策、貿易和法律努力可以被視為一種一致的三管齊下的方針。首先，致力於不斷倡導強而有力的產業政策，使國內太陽能製造商能夠應對試圖主導美國能源供應鏈關鍵環節的外國對手。

Secondly, a commitment to employ the rule of law against the industrial representation of those adversaries who seek to violate our trade laws. And thirdly, a commitment to employ the rule of law to enforce long-established principles of intellectual property rights protection. As discussed during our previous earnings call, we are not immune from adverse effects related to trade policy.

其次，承諾運用法治來打擊那些試圖違反我們貿易法的對手的工業代表。第三，承諾運用法治來執行長期確立的智慧財產權保護原則。正如我們上次財報電話會議上所討論的那樣，我們並不能免受貿易政策相關的不利影響。

Later in the call, Alex will address the impact of the global tariff measures on our international production capacity considerations as well as on our bill of material costs. That said, notwithstanding these headwinds, together with the uncertainty related to the executive order mentioned earlier as well as the potential implications for the recent Department of Interior Directive ordering Secretary's approval of many renewable project development activities, we believe that the recent policy and trade developments have on balance strengthens First Solar's relative position in the solar manufacturing industry.

在稍後的電話會議中，亞歷克斯將討論全球關稅措施對我們的國際生產能力考量以及物料清單成本的影響。儘管如此，儘管存在這些不利因素，加上前面提到的行政命令的不確定性以及最近內政部指令部長批准許多可再生項目開發活動的潛在影響，我們相信最近的政策和貿易發展總體上加強了 First Solar 在太陽能製造業中的相對地位。

As illustrated on slide 5, at a broader macro level, we believe the long-term position of the utility scale solar industry as a whole remains strong. given significantly increasing demand for electricity and the ability of solar generation to meet this demand. As we stated previously, American leadership in AI cryptocurrency and reshored manufacturing needs abundant cost-competitive electricity generation.

如投影片 5 所示，從更廣泛的宏觀層面來看，鑑於電力需求的大幅增長以及太陽能發電滿足這一需求的能力，我們認為整個公用事業規模太陽能產業的長期地位仍然強勁。正如我們之前所說，美國在人工智慧加密貨幣和製造業回流方面的領導地位需要充足的、具有成本競爭力的電力生產。

Absent new generating capacity coming online quickly, there are risks of not being enough electricity to power these strategically important industries to their full potential before the current administration ends. Given its attributes of low cost and high speed to deployment relative to other sources of energy generation, solar should clearly be a significant part of the near-term solution mix.

如果新的發電能力無法迅速投入使用，在本屆政府任期結束之前，這些具有戰略意義的產業就有可能沒有足夠的電力來充分發揮其潛力。鑑於其相對於其他能源發電的低成本和高部署速度的特性，太陽能顯然應該成為近期解決方案組合的重要組成部分。

This argument is supported by numerous recent reports, for example, in June, Lazard, the most recent levelized cost of energy report demonstrates that utility scale PV is cost competitive with conventional forms of energy generation, including natural gas and nuclear. This fact does not consider the practicalities of the typical natural gas project development timeline which requires approximately five years to complete, assuming it is untethered by supply chain constraints or the availability of pipeline infrastructure or nuclear projects, which take about twice as long and creates a potential supply chain strategic vulnerability requiring sourcing uranium from Russia and China.

這一論點得到了許多近期報告的支持，例如，今年 6 月，Lazard 發布的最新平準化能源成本報告表明，公用事業規模的光伏發電在成本上可與包括天然氣和核能在內的傳統能源生產方式相媲美。這一事實並未考慮典型的天然氣項目開發時間表的實用性，假設它不受供應鏈限製或管道基礎設施或核項目的可用性的束縛，該時間表大約需要五年才能完成，而核項目則需要大約兩倍的時間，並造成潛在的供應鏈戰略脆弱性，需要從俄羅斯和中國採購鈾。

We believe that on a fundamental basis with its cost-competitive energy and faster time to power profile, the case for utility scale solar generation is compelling regardless of the policy environment. This case is underpinned by the role that utility scale solar can play alongside energy storage, as a viable, reliable, cost competitive complement to the eventual scale-up in nuclear power generation capacity.

我們認為，從根本上講，由於其具有成本競爭力的能源和更快的發電時間，無論政策環境如何，公用事業規模太陽能發電的前景都是十分光明的。這個案例的基礎是公用事業規模的太陽能可以與能源儲存一起發揮作用，作為最終擴大核電發電能力的可行、可靠、具有成本競爭力的補充。

Utility scale solar has also been shown to help lower electricity prices, dampening the effects of inflation, while supporting grid reliability and helping utilities navigate peak demand in extreme conditions, lowering the likelihood of blackouts. Utility scale Solar is mission-ready today to help power the key pillars of economic growth, which we believe places First Solar a utility scale leader in a position of strength. I'll now turn the call over to Alex to discuss shipments, bookings, Q2 financials and guidance.

事實證明，公用事業規模的太陽能有助於降低電價，減輕通貨膨脹的影響，同時支持電網可靠性，並幫助公用事業在極端條件下應對尖峰需求，降低停電的可能性。公用事業規模太陽能現已做好準備，為經濟成長的關鍵支柱提供動力，我們相信，這使 First Solar 成為公用事業規模的領先者，並佔據優勢地位。現在我將把電話轉給亞歷克斯，討論發貨、預訂、第二季度財務狀況和指導。

Thanks, Mark. Beginning on slide 6, as of December 31, 2024, our contracted backlog totaled 68.5 gigawatts valued at $20.5 billion or approximately $0.299 per watt. Through Q2, we recognized 6.5 gigawatts in sales. We continued our disciplined approach to new bookings, strategically leveraging the strength of our customer backlog amid the policy uncertainty that continued during the quarter and limited pricing visibility.

謝謝，馬克。從第 6 張投影片開始，截至 2024 年 12 月 31 日，我們的合約積壓總量為 68.5 千兆瓦，價值 205 億美元，約合每瓦 0.299 美元。截至第二季度，我們的銷售額已達 6.5 千兆瓦。我們繼續採取嚴謹的方法來處理新訂單，在本季持續的政策不確定性和有限的價格可見性的情況下，策略性地利用客戶積壓的優勢。

As a result, we recorded 0.9 gigawatts of gross bookings in the first half of the year. Offsetting this, we recorded 1.1 gigawatts of debookings driven by contract terminations, resulting in net debookings of 0.2 gigawatts through June 30, 2025. Notably, 0.9 gigawatts of the debookings related to our Series 6 international products and were recorded in our Q2 results.

結果，我們在今年上半年錄得0.9千兆瓦的總預訂量。與此相抵銷的是，我們記錄了因合約終止而導致的 1.1 千兆瓦的取消預訂量，導致截至 2025 年 6 月 30 日的淨取消預訂量為 0.2 千兆瓦。值得注意的是，其中 0.9 千兆瓦的取消預訂與我們的 6 系列國際產品有關，並記錄在我們的第二季度業績中。

As a result, our quarter-end contracted backlog stood at 61.9 gigawatts valued at $18.5 billion or approximately [$0.299] (corrected by company after the call) per watt. As a reminder, a significant portion of this contracted backlog includes pricing adjustors that provide the opportunity to increase the base ASP contingent on meeting specific milestones within our current technology road map by the time of delivery. These figures exclude such potential adjustments, including additional changes tied to module bin, freight overages, commodity price shifts, committed wattage, US content volumes and tariff changes.

因此，我們本季末的合約積壓訂單為 61.9 千兆瓦，價值 185 億美元，或約為每瓦 [0.299 美元]（電話會議後公司進行了更正）。提醒一下，該合約積壓訂單的很大一部分包括定價調整器，這些調整器提供了在交付時滿足當前技術路線圖中的特定里程碑的情況下增加基本 ASP 的機會。這些數字不包括此類潛在調整，包括與模組箱、運費超額、商品價格變化、承諾瓦數、美國內容量和關稅變化相關的額外變化。

Following the enactment of the recent reconciliation bill, we saw an increase in customer engagement, resulting in 2.1 gigawatts of new bookings as customers pursue near-term opportunities. Of this total, approximately 1.4 gigawatts was Series 6 international product, 0.9 gigawatts of which was re-contracted volume that was previously terminated in Q2. Including the associated termination payment, this re-contracted volume was effectively sold at approximately $0.33 per watt. The remaining 0.7 gigawatts of the 2.1 gigawatts was contracted at approximately $0.32 per watt excluding the impact of adjustors in India domestic sales.

在最近的和解法案頒布之後，我們看到客戶參與度有所提高，隨著客戶尋求近期機會，新訂單量達到 2.1 千兆瓦。其中約1.4千兆瓦為第6系列國際產品，0.9千兆瓦為先前於第二季終止的重新簽約量。包括相關的終止付款在內，重新簽訂的合約量實際上以每瓦約 0.33 美元的價格出售。2.1 千兆瓦中剩餘的 0.7 千兆瓦的合約價格約為每瓦 0.32 美元，不包括印度國內銷售調整因素的影響。

As of today, our total contracted backlog stands at 64 gigawatts. While demand for our US manufactured products remains strong, we continue to face an under-allocation of Series 6 production from our Malaysia and Vietnam facilities. This imbalance initially resulted from customers exercising contractual delivery shift rights out of 2025 due to policy uncertainty and has more recently been exacerbated by increased tariff pressure. These factors contributed to the termination of a portion of our Series 6 international backlog this quarter.

截至今天，我們的合約積壓總量為 64 千兆瓦。儘管對我們在美國製造的產品的需求依然強勁，但我們馬來西亞和越南工廠的 6 系列生產仍然面臨供應不足的問題。這種不平衡最初是由於客戶由於政策不確定性而行使 2025 年以後的合約交付轉移權造成的，而最近由於關稅壓力的增加而加劇了這種不平衡。這些因素導致我們本季終止了部分第 6 系列國際積壓訂單。

Of our total 64 gigawatt backlog, approximately 11 gigawatts consist of International Series 6 product. Of that, approximately 10.1 gigawatts is planned for sale into the US with the vast majority under contracts that include circuit breaker provisions designed to mitigate tariff exposure as referenced in our previous earnings call. Accordingly, the inclusion of tariff mitigation provisions in our contracts serve as a strategic safeguard, enabling us to proactively manage and limit potential gross margin erosion should tariff-related impacts not be resolved through customer engagement. Beyond these immediate drivers and contractual mitigants, we are also continuing to observe indicators of a broader strategic shift among multinational oil and gas and power utilities companies, particularly those headquartered in Europe, away from renewable project development and back towards fossil fuel investments.

在我們總計 64 千兆瓦的積壓訂單中，約有 11 千兆瓦是國際 6 系列產品。其中約有 10.1 吉瓦計劃銷往美國，絕大多數是根據包含斷路器條款的合約出售的，旨在減輕我們先前的收益電話會議中提到的關稅風險。因此，在我們的合約中加入關稅減免條款是一種策略性保障，使我們能夠在無法透過客戶參與解決關稅相關影響的情況下主動管理和限制潛在的毛利率下降。除了這些直接驅動因素和合約緩解措施之外，我們還繼續觀察到跨國石油、天然氣和電力公用事業公司（尤其是總部位於歐洲的公司）更廣泛的戰略轉變指標，即從再生能源項目開發轉向化石燃料投資。

Moving to slide 7. Our total pipeline of mid- to late-stage booking opportunities remain strong with booking opportunity of 83.3 gigawatts and mid- to late-stage booking opportunities of 20.1 gigawatts. Our mid- to late-stage pipeline includes 3.9 gigawatts of opportunities that are contracted subject to conditions precedent. As a reminder, signed contracts in India will not be recognized as bookings until we've received full security against the offtake.

移至幻燈片 7。我們的中後期預訂機會總量依然強勁，預訂機會為 83.3 吉瓦，中後期預訂機會為 20.1 吉瓦。我們的中後期管道包括 3.9 千兆瓦的機會，這些機會是根據先決條件簽訂的。提醒一下，在我們收到全部承購擔保之前，在印度簽署的合約將不會被承認為預訂。

Turning to slide 8, I'll cover our second-quarter financial results. We recognized 3.6 gigawatts of module sales, including 2.3 gigawatts from our US manufacturing facilities. This resulted in second-quarter net sales of $1.1 billion, an increase of $0.3 billion from the first quarter. The increase was primarily driven by an anticipated increase in shipment volumes and stronger demand for domestically produced modules.

翻到第 8 張投影片，我將介紹我們的第二季財務表現。我們的組件銷售額達到 3.6 千兆瓦，其中 2.3 千兆瓦來自我們美國製造工廠。這使得第二季淨銷售額達到 11 億美元，比第一季增加了 3 億美元。成長主要得益於預期出貨量增加以及對國產模組的需求增強。

Our second-quarter results included $63 million in contract termination payments tied to 1.1 gigawatts of volume, with $50 million related to 0.9 gigawatts of terminated Series 6 international volume. Note this 1.1 gigawatts of terminated volume represented only less than 2% of our contracted backlog as of second quarter end.

我們第二季的業績包括與 1.1 千兆瓦容量相關的 6,300 萬美元合約終止付款，其中 5,000 萬美元與 0.9 千兆瓦終止的 6 系列國際容量相關。請注意，截至第二季末，這 1.1 千兆瓦的終止量僅占我們合約積壓量的不到 2%。

Gross margin for the quarter was 46%, up from 41% in Q1. The increase was primarily driven by higher contract termination revenue and a greater proportion of modules sold from our US manufacturing facilities which are eligible for Section 45X tax credits. These factors were partially offset by increased detention and demurrage charges, higher core costs associated with the sales mix weighted towards US produced modules and a change in Section 45X credit valuation between periods.

本季毛利率為 46%，高於第一季的 41%。成長的主要原因是合約終止收入增加，以及從我們的美國製造工廠銷售的模組比例增加（這些模組符合第 45X 條稅收抵免的條件）。這些因素被增加的滯留費和滯期費、與美國生產的模組相關的銷售組合相關的更高核心成本以及期間內第 45X 條信貸估值的變化部分抵消。

The sale of a portion of these credits through an agreement with a leading financial institution, combined with our expectation to sell the majority of credits generated in 2025 resulted in a cumulative $29 million reduction to cost of sales, reflecting the anticipated value of the remaining credits generated through Q2.

透過與一家領先的金融機構達成協議出售部分信用額度，加上我們預計在 2025 年出售大部分產生信用額度，導致銷售成本累計減少 2900 萬美元，反映了第二季度產生的剩餘信用額度的預期價值。

As an update on warranty related matters, we did not incur any new warranty charges this quarter related to the Series 7 modules affected by prior manufacturing issues. As of the end of Q2, we continue to hold approximately 0.7 gigawatts of potentially impacted Series 7 inventory. We're making continued progress in reaching settlement agreements for impacted Series 7 modules from our initial production, consistent with our disclosed warranty range.

作為保固相關事宜的最新消息，本季我們沒有產生與先前製造問題影響的 7 系列模組相關的任何新的保固費用。截至第二季末，我們仍持有約 0.7 千兆瓦可能受影響的 7 系列庫存。我們正在就初始生產中受影響的 7 系列模組達成和解協議，這與我們揭露的保固範圍一致。

SG&A, R&D and production start-up expenses totaled $138 million in the second quarter reflecting an increase of approximately $15 million as compared to the first quarter. The primarily driver of this increase was production start-up costs associated with the ramp-up of our Louisiana facility. Additional one-time expenses included broker fees related to the sale of our Section 45X tax credits and legal costs tied to the previously disclosed SEC division of enforcement investigation.

第二季銷售、一般及行政費用、研發和生產啟動費用總計 1.38 億美元，較第一季增加約 1,500 萬美元。這一成長的主要原因是與路易斯安那州工廠產能提升相關的生產啟動成本。額外的一次性費用包括與出售我們的第 45X 條稅收抵免相關的經紀費用以及與先前披露的美國證券交易委員會執法部門調查相關的法律費用。

And we're pleased to report that the SEC has concluded its inquiry into First Solar and the staff does not intend to recommend any enforcement action against the company. Operating income for the quarter was $362 million, which included $125 million in depreciation, amortization and accretion, $15 million ramp and underutilization costs, $31 million in production start-up expense and $7 million in share-based compensation.

我們很高興地報告，美國證券交易委員會已經結束了對 First Solar 的調查，工作人員不打算對該公司採取任何執法行動。本季營業收入為 3.62 億美元，其中包括 1.25 億美元的折舊、攤提和增值、1,500 萬美元的產能提升和未充分利用成本、3,100 萬美元的生產啟動費用以及 700 萬美元的股權激勵費用。

Non-operating income resulted in a net expense of $9 million in the second quarter, representing a decline of approximately $5 million as compared to the prior quarter. This was primarily driven by lower interest income as a result of a decrease in investable cash, cash equivalents and marketable securities. Tax expense for the second quarter was $10 million compared to $8 million in the first quarter. This increase was primarily driven by a change in pretax income and the jurisdictional mix of such income. And this resulted in second-quarter earnings of $3.18 per diluted share.

非營業收入導致第二季淨支出為 900 萬美元，與上一季相比減少約 500 萬美元。這主要是由於可投資現金、現金等價物和有價證券減少導致利息收入下降。第二季的稅費為 1000 萬美元，而第一季的稅費為 800 萬美元。這一增長主要是由於稅前收入的變化以及此類收入的管轄組合所致。這使得第二季每股收益達到 3.18 美元。

Turning to slide 9, I'll discuss select balance sheet items and summary cash flow information. As of the end of Q2, our total balance of cash, cash equivalents, restricted cash, restricted cash equivalents and marketable securities was $1.2 billion, an increase of approximately $0.3 billion from the prior quarter.

前往投影片 9，我將討論選定的資產負債表項目和匯總現金流量資訊。截至第二季末，我們的現金、現金等價物、受限現金、受限現金等價物及有價證券的總餘額為 12 億美元，較上一季增加約 3 億美元。

This increase was primarily driven by the sale of certain of our Section 45X tax credits generated in the first half of 2025. Furthermore, as disclosed in our Form 8-K filed yesterday, on July 28, we entered into a new tax credit transfer agreement to sell up to $391 million of Section 45X tax credits, generating up to approximately $373 million in proceeds. The transaction is structured in 3 installments with approximately $124 million received in connection with closing and the remaining payments expected in the fourth quarter of 2025. This transaction further demonstrates the liquidity of the 45X credit market and the proceeds will continue to support our near-term working capital and capital expansion priorities.

這一增長主要得益於 2025 年上半年產生的部分第 45X 條稅收抵免的出售。此外，正如我們昨天提交的 8-K 表格所披露的那樣，7 月 28 日，我們簽訂了一項新的稅收抵免轉讓協議，出售高達 3.91 億美元的第 45X 條稅收抵免，產生高達約 3.73 億美元的收益。該交易分三期支付，其中約 1.24 億美元在交易完成時收到，剩餘款項預計將於 2025 年第四季支付。此交易進一步證明了 45X 信貸市場的流動性，所得收益將繼續支持我們的近期營運資金和資本擴張重點。

The quarterly increase in accounts receivable was primarily driven by higher sales volumes with approximately 2/3 of our quarterly revenue being recognized in June, resulting in back-end weighted receivables. As of quarter end, total overdue balances stood at approximately $394 million. This includes a previously negotiated settlement with a customer following a payment default, which deferred payments to Q4, which $93 million remains outstanding with interest payments being currently made on schedule. Also included is $70 million in cumulative uncollected receivables related to customer termination payments.

應收帳款的季度成長主要是由於銷售量增加，我們約 2/3 的季度收入是在 6 月確認的，從而產生了後端加權應收帳款。截至季末，逾期餘額總額約為 3.94 億美元。其中包括在付款違約後與客戶協商達成的和解協議，該協議將付款推遲到第四季度，目前仍有 9,300 萬美元未償還，利息正在按計劃支付。其中還包括與客戶終止付款相關的 7,000 萬美元累計未收回的應收帳款。

These overdue termination related receivables corresponds to approximately 1.8 gigawatts of contract -- of canceled volume. In such cases we’re actively pursuing litigation or arbitration to enforce our contractual rights and recover the payments owed. Inventory balances increased by $121 million, consistent with expectations reflecting the backloaded revenue profile tied to continuous production throughout the year to fulfill contracted commitments. We anticipate our working capital position to improve throughout the year as our module shipment and sales profile increases relative to production, inventories decline, and we continue to collect on our accounts receivable.

這些逾期終止相關應收款相當於約 1.8 千兆瓦的合約取消量。在這種情況下，我們會積極尋求訴訟或仲裁來執行我們的合約權利並追回所欠的款項。庫存餘額增加了 1.21 億美元，與預期一致，反映了與全年持續生產相關的積壓收入狀況，以履行合約承諾。我們預計，隨著我們的模組出貨量和銷售狀況相對於產量增加、庫存下降以及我們繼續收取應收帳款，我們的營運資金狀況將在全年得到改善。

While they remain contractually due, overdue termination payments are expected to remain outstanding, pending resolution of arbitration and litigation proceedings. Capital expenses totaled $288 million in the second quarter, primarily driven by investments in our newest facility in Louisiana, where we've begun the integrated production run and expect to complete plant qualification in October.

雖然根據合約規定仍需支付逾期終止合約款項，但預計仍將無法支付，等待仲裁和訴訟程序的解決。第二季度的資本支出總計 2.88 億美元，主要來自對我們位於路易斯安那州的最新工廠的投資，我們已經在該工廠開始了綜合生產運行，預計將於 10 月份完成工廠資格認證。

Our net cash position increased by approximately $0.2 billion to $0.6 billion as a result of the aforementioned factors. Before we turn to our updated financial outlook, I'd like to revisit the key assumptions informing our current guidance in light of recent policy and trade developments. These include tariff-related impacts on anticipated international module sales volumes and their associated logistics costs.

由於上述因素，我們的淨現金狀況增加了約 2 億美元至 6 億美元。在我們討論最新的財務展望之前，我想根據最近的政策和貿易發展情況，重新審視我們當前指導方針的關鍵假設。其中包括關稅對預期國際模組銷售量及其相關物流成本的影響。

As outlined on slide 10, our prior guidance was based on a binary set of tariff policy scenarios, each with distinct operational and financial implications. At the upper end of our guide, we assume the continuation of the universal tariff regime through year-end 2025 applying a 10% tariff and maintaining the suspension of country-specific reciprocal tariffs excluding China. The lower end reflected the same baseline but incorporated the impact of reciprocal tariffs taking effect as of July 9, with rates of 26% for India, 24% for Malaysia and 46% for Vietnam.

如第 10 張投影片所述，我們先前的指導是基於二元關稅政策情景，每種情景都有不同的營運和財務影響。在我們的指南的上限，我們假設普遍關稅制度將持續到 2025 年底，實施 10% 的關稅，並繼續暫停中國以外的特定國家之間的互惠關稅。下限反映了相同的基準，但納入了 7 月 9 日生效的互惠關稅的影響，印度的稅率為 26%，馬來西亞為 24%，越南為 46%。

Our revised guidance incorporates the anticipated implementation of recently negotiated tariffs of 25% for Malaysia and 20% for Vietnam. As it relates to India, our revised guidance incorporates the previously announced reciprocal tariff rate of 26% for India and does not incorporate the President's announcement yesterday of a 25% rate plus an unquantified penalty for India's purchase of military equipment and energy from Russia.

我們修訂後的指南涵蓋了最近談判的對馬來西亞徵收 25% 關稅和對越南徵收 20% 關稅的預期實施情況。就印度而言，我們修訂後的指南納入了先前宣布的對印度 26% 的互惠關稅稅率，並不包括總統昨天宣布的對印度從俄羅斯購買軍事裝備和能源徵收 25% 的關稅以及未量化的罰款。

Our volume sold outlook for US manufactured modules remains unchanged at 9.5 to 9.8 gigawatts. Our forecast of sales from our India manufacturing entity remains unchanged. And combined with an increase at the low end of the Series 6 international range, we now forecast international module sales of 7.2 to 9.5 gigawatts for total module sales of 16.7 to 19.3 gigawatts.

我們對美國製造的模組銷售預期保持不變，為 9.5 至 9.8 千兆瓦。我們對印度製造實體的銷售預測保持不變。再加上 6 系列國際市場低階產品銷售的成長，我們現在預測國際模組銷售量為 7.2 至 9.5 千兆瓦，總模組銷售量為 16.7 至 19.3 千兆瓦。

The international volume sold range remains wide and reflects both uncertainty and opportunity related to the outcome of tariff cost discussions with customers, the Section 232 action related to polysilicon and its derivatives, FEOC-related restrictions and the SOLAR4 AD/CVD investigation. In the event of customer terminations resulting from an inability or unwillingness to absorb tariff impact on our international product, we plan to address the resulting supply-demand imbalance through additional curtailments, including the potential temporary idling of production.

國際銷售量範圍仍然很廣，反映了與客戶關稅成本討論結果、與多晶矽及其衍生物相關的第 232 條行動、FEOC 相關限制以及 SOLAR4 AD/CVD 調查相關的不確定性和機會。如果由於無力或不願承擔我們國際產品的關稅影響而導致客戶終止合作，我們計劃透過額外的減產（包括可能暫時停產）來解決由此造成的供需失衡。

As such, the lower end of our guidance range reflects increased underutilization period costs and the associated lost margin tied to these volume assumptions. Accordingly, this curtailment strategy does not assume any incremental costs related to the warehousing, detention, demurrage or other logistics associated with internationally produced modules. It’s important to note that certain indirect or currently unknown costs related to these tariffs, including potential restructuring charges or asset impairments are excluded from the guidance provided today.

因此，我們指導範圍的下限反映了未充分利用期間成本的增加以及與這些數量假設相關的利潤損失。因此，此削減策略不承擔與國際生產模組相關的倉儲、滯期費、滯期費或其他物流的任何增量成本。值得注意的是，與這些關稅相關的某些間接或目前未知的成本，包括潛在的重組費用或資產減值，不包括在今天提供的指導中。

As it relates to tariff impacts, based on a doubling of Section 232 tariffs on aluminum and steel from 25% to 50% as well as updated rates applicable to other imports, including substrate glass and interlayer, we anticipate a full year production cost impact from tariffs of approximately $70 million. We forecast approximately $80 million to $130 million in tariffs on finished goods imports net of contractual recoveries from customers. It's important to note that without tariff recovery, international module sales may be dilutive to earnings.

至於關稅影響，根據第 232 條對鋁和鋼徵收的關稅從 25% 增加一倍至 50% 以及適用於其他進口產品（包括基板玻璃和夾層）的最新稅率，我們預計關稅將對全年生產成本造成約 7000 萬美元的影響。我們預測，扣除與客戶簽訂的合約回收費用後，成品進口關稅將達到約 8,000 萬至 1.3 億美元。值得注意的是，如果關稅沒有恢復，國際組件銷售可能會稀釋收益。

As such, the ability to recover tariffs is a key factor in our production and sales volume guidance. If we are unable to effectively negotiate these recoveries, we may further reduce International Series 6 production below current assumptions, which would result in additional underutilization charges. Underutilization charges related to running our International Series 6 production below full production capacity with other absorption costs accounted for as period expenses are forecast to total approximately $95 million to $180 million for the full year.

因此，收回關稅的能力是我們生產和銷售量指導的關鍵因素。如果我們不能有效地協商這些回收措施，我們可能會進一步將國際系列 6 的產量降低到低於目前的假設水平，這將導致額外的未充分利用費用。由於我們的國際系列 6 產量未達到滿載生產能力而產生未充分利用費用，而其他吸收成本則計入期間費用，預計全年總額約為 9500 萬美元至 1.8 億美元。

Additionally, nonstandard freight, warehousing, detention, demurrage and other logistics-related costs have increased approximately $100 million, to $400 million for the full year. This increase was driven by several factors: accelerated imports ahead of the July 9 and subsequently revised August 1 tariff implementation dates, shorter ocean freight transit times, which led to an earlier-than-expected port arrivals, Q2 customer terminations of Series 6 international products, lower-than-forecasted Series 6 international sales, resulting in a short notice inventory buildup and ongoing efforts to avoid anticipated Section 301 tonnage fees on Chinese built vessels beginning in Q4.

此外，非標準運費、倉儲費、滯期費、滯期費和其他物流相關成本增加了約 1 億美元，全年達到 4 億美元。這一增長是由多種因素推動的：在 7 月 9 日和隨後修訂的 8 月 1 日關稅實施日期之前進口加速，海運運輸時間縮短，導致港口到達時間早於預期，第二季度客戶終止 6 系列國際產品，6 系列國際銷售額低於預期，導致短期庫存增加，以及持續努力避免從第四季度開始對中國建造的船舶預期的噸位費。

And lastly, although our forecast value of 2025 Section 45X tax credits generated remains unchanged. our updated guidance now assumes the sale of these credits from all but one of our US facilities. For the remaining facility, we plan to utilize the credits to offset taxable income and claim any residual benefit via direct pay. Accordingly, we've reduced the projected value of Section 45X tax credits in our guidance by approximately $75 million.

最後，儘管我們對 2025 年第 45X 條稅收抵免的預測價值保持不變，但我們更新後的指南現在假設這些抵免額是從我們除一家美國工廠外的所有工廠出售的。對於剩餘的設施，我們計劃利用抵免額來抵消應稅收入，並透過直接支付索取任何剩餘利益。因此，我們在指導意見中將第 45X 條稅收抵免的預期價值減少了約 7,500 萬美元。

I'll now cover the full year 2025 guidance ranges on slide 11. Our net sales guidance is between $4.9 billion and $5.7 billion, which includes an unchanged range of US manufactured volume and India-manufactured volume sold, our updated narrower range of international Series 6 volume sold and includes contract termination revenue of $63 million recognized in our Q2 results.

我現在將在第 11 張投影片上介紹 2025 年全年指導範圍。我們的淨銷售額預期在 49 億美元至 57 億美元之間，其中包括美國製造量和印度製造量不變的範圍、我們更新後的國際 6 系列銷售量的較窄範圍，以及包括我們第二季度業績中確認的 6300 萬美元的合約終止收入。

Gross margin is expected to be between $2.05 billion and $2.35 billion or approximately 42%, which includes approximately $1.58 billion to $1.63 billion of Section 45X tax credits, $95 million to $180 million of ramp and underutilization costs. $80 million to $130 million of tariffs on finished goods imports and $70 million of tariffs on bill of material imports.

毛利率預計將在 20.5 億美元至 23.5 億美元之間，或約 42%，其中包括約 15.8 億美元至 16.3 億美元的第 45X 條款稅收抵免、9500 萬至 1.8 億美元的坡道和未充分利用成本、8000 萬美元的進口關稅和進口關稅和進口關稅的材料。

SG&A expense is expected to total $185 million to $195 million, and R&D expense is expected to total $230 million to $250 million. SG&A and R&D combined expense is expected to total $415 million to $445 million and total operating expenses, which include $65 million to $75 million of production start-up expense are expected to be between $480 million and $520 million.

預計銷售、一般及行政費用總計 1.85 億美元至 1.95 億美元，研發費用總計 2.3 億美元至 2.5 億美元。銷售、一般及行政費用及研發費用預計合併費用總額為 4.15 億美元至 4.45 億美元，總營運費用（包括 6,500 萬至 7,500 萬美元的生產啟動費用）預計在 4.8 億美元至 5.2 億美元之間。

Operating income is expected to range between $1.53 billion and $1.87 billion implying an operating margin range of approximately 32%. This guidance includes $160 million to $255 million in combined ramp, underutilization and plant start-up costs, as well as approximately $1.58 billion to $1.63 billion in Section 45x credits net of the anticipated loss associated with the sale of these credits.

預計營業收入在 15.3 億美元至 18.7 億美元之間，意味著營業利潤率約為 32%。該指引包括 1.6 億至 2.55 億美元的綜合產能提升、未充分利用和工廠啟動成本，以及約 15.8 億至 16.3 億美元的第 45x 條款信貸額度（扣除與出售這些信貸額度相關的預期損失）。

This results in a full year 2025 earnings per diluted share guidance range of $13.50 to $16.50, the midpoint of which is unchanged from our previous guidance notwithstanding the approximately $0.70 of impact to forecasted diluted EPS from our updated guidance now assuming the sale of 2025 section 45X credits from all but one of our US facilities.

這導致 2025 年全年每股攤薄收益指引範圍為 13.50 美元至 16.50 美元，其中點與我們先前的指引保持不變，儘管我們更新後的指引對預測的攤薄每股收益產生了約 0.70 美元的影響，現在假設除一家美國工廠外，所有工廠都出售 2025 年第 45X 條信貸。

From an earnings cadence perspective, we anticipate module sales of 5 to 6 gigawatts for the third quarter with $390 million to $425 million in Section 45X credits, resulting in earnings per diluted share of between $3.30 and $4.70. Capital expenditures for 2025 remain consistent with prior guidance, expected to range between $1 billion and $1.5 billion. Our year-end 2025 net cash balance is anticipated to be between $1.3 billion and $2 billion.

從獲利節奏來看，我們預計第三季組件銷量將達到5至6吉瓦，其中45X條款抵免額度為3.9億至4.25億美元，攤薄每股收益將在3.30美元至4.70美元之間。 2025年的資本支出與先前的指引保持一致，預計在10億美元至15億美元之間。我們預計 2025 年底的淨現金餘額將在 13 億至 20 億美元之間。

Turn to slide 12, I'll summarize the key messages from today's call. Our Q2 earnings per diluted share came in above the high end of our guidance range at $3.18 per share, primarily due to customer contract termination payments and a favorable mix of US versus international products sold within the quarter. Our forecast for US produced volume sold remains unchanged for the year.

翻到第 12 張投影片，我將總結今天電話會議的關鍵資訊。我們第二季每股攤薄收益達到每股 3.18 美元，高於我們預期範圍的高端，這主要歸功於客戶合約終止付款以及本季度美國產品與國際產品的良好銷售組合。我們對今年美國產量銷售量的預測保持不變。

In the near term, ongoing trade policy uncertainty, particularly around the tariff regime has introduced challenges that were not anticipated at the start of the year and have persisted and continuously evolved throughout. We've updated our guidance to reflect the expected impact of the most recent proposed tariffs, other than the president’s indication yesterday of a potential penalty rate applying to India and our current outlook on their implications. We note that the midpoint of our diluted EPS guidance remains unchanged even with the approximately $0.70 of the impact to forecasted diluted EPS in our updated guidance, which assumed the sale of 2025 Section 45X credits from all but one of our US facilities.

短期內，持續的貿易政策不確定性，特別是圍繞關稅制度的不確定性，帶來了年初未曾預料到的挑戰，而這種挑戰一直持續存在並不斷演變。除了總統昨天表示可能對印度徵收罰款稅率以及我們目前對其影響的看法外，我們還更新了指導意見，以反映最近提議的關稅的預期影響。我們注意到，即使我們更新後的指引對預測的稀釋每股收益產生了約 0.70 美元的影響，我們的稀釋每股收益指引的中點仍然保持不變，該指引假設除一家美國工廠外，所有工廠都出售 2025 年第 45X 條信貸。

Looking ahead, we are on balance, pleased with the overall industrial and trade policy environment that has emerged over recent weeks. We continue to remain confident in the long-term outlook for US solar energy demand and First Solar's continued leadership underpinned by a vertically integrated manufacturing platform, domestic supply chain, non-FEOC profile and proprietary CadTel technology.

展望未來，整體而言，我們對最近幾週出現的整體產業和貿易政策環境感到滿意。我們繼續對美國太陽能需求的長期前景充滿信心，並相信 First Solar 憑藉垂直整合的製造平台、國內供應鏈、非 FEOC 概況和專有的 CadTel 技術將繼續保持領先地位。

Demand for our US manufactured product remains strong, and our updated outlook continues to reflect the potential long-term resilience of our Series 6 international product, contingent on the US market's ability to adapt amid ongoing policy and trade uncertainty.

對我們美國製造的產品的需求仍然強勁，我們最新的展望繼續反映出我們的 6 系列國際產品的潛在長期彈性，這取決於美國市場在持續的政策和貿易不確定性中的適應能力。

With that, we conclude our prepared remarks and open the call for questions. Operator?

至此，我們結束了準備好的發言並開始提問。操作員？

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

Kudos on the nice execution. I think obviously, there's going to be a lot of focus here on what seems to be incremental improvement in the booking's environment as well as some expansion in kind of your pricing power based on some of the numbers you handed off. So maybe just digging into that a bit.

對出色的執行表示讚賞。我認為，顯然，我們會專注於預訂環境的逐步改善，以及根據您提供的一些數據，在一定程度上擴大您的定價能力。所以也許只需深入研究一下即可。

So you 2-plus gigawatts bookings just in the month of July, presumably pent-up demand waiting for OBBBA to get through to the finish line. What kind of run rate bookings kind of are you seeing real time? Like what can we read into the 2-plus gigawatts of bookings just in the month of July?

因此，僅在 7 月份，您的預訂量就已超過 2 千兆瓦，這大概是等待 OBBBA 到達終點線的被壓抑的需求。您即時看到的運行率預訂情況是什麼樣的？例如，光是 7 月的訂單量就超過 2 千兆瓦，我們能從中讀出什麼資訊呢？

And then maybe as a follow-up, just on the pricing side, the $0.32 to $0.33 per watt depending on which portion of the bookings you're talking about, a couple of pennies higher, several pennies higher than what you had been run rating at -- what does that reflect? Is that AD/CVD? Is it FEOC? Is it domestic content entitlement? Like how much of that is actually being captured already? And what do you think could still be part of that pricing picture as you move through the next couple of quarters and into 2026?

然後也許作為後續問題，僅在定價方面，每瓦 0.32 美元到 0.33 美元，具體取決於您所談論的預訂部分，比您之前的評級高出幾美分，高出幾美分 - 這反映了什麼？那是 AD/CVD 嗎？是 FEOC 嗎？這是國內內容權嗎？那麼，其中有多少實際上已經被捕獲了？您認為在接下來的幾個季度以及進入 2026 年時，哪些因素仍可能成為定價格局的一部分？

All right. Thanks, Brian. I'll take that. Look, first off, I would say that we're still learning. We're kind of filling our way around in terms of what's happening in the market and what are the implications around pricing. Clearly, after July 4th when Bill was signed, we had a lot of inbounds, a lot of questions, a lot of inquiries, a lot of people trying to think through their safe harbor strategy.

好的。謝謝，布萊恩。我會接受的。首先，我想說我們仍在學習。我們正在了解市場正在發生的事情以及對定價的影響。顯然，在 7 月 4 日法案簽署後，我們收到了很多來電、很多問題、很多詢問，很多人都在試圖思考他們的安全港策略。

And what's really nice when you think about -- well, we already had safe harbor largely was through '28, okay, and really robust demand for that period of window. Now with the kind of where we are right now, you've got a window now that it will take that activity all the way out through 2030, right? So another two more years of safe harbor -- contingent depending on what ultimately happens to the executive order -- it's given us a nice -- the industry a nice runway to move forward to the end of this decade, which is what we all love to have in terms of long-term visibility and certainty.

想想看，這真是太好了——嗯，我們已經有了安全港，基本上是通過 28 年，好吧，那段時期的需求真的很強勁。現在，就我們目前所處的情況而言，您現在有一個窗口可以推動這項活動一直持續到 2030 年，對嗎？因此，還有另外兩年的安全港——取決於行政命令的最終結果——它為我們提供了一個很好的——該行業在2020年前後向前邁進的良好跑道，就長期可見性和確定性而言，這是我們所有人都希望擁有的。

When we look at the individual drivers and trying to translate that into what sort of created the ongoing engagement, I would argue is in the bookings we saw in July, it's a little bit of everything. Some of it is on in the safe harbor for projects that would then be completed in 2029. Some of it is you call it FEOC or you could call it AD/CVD related, and we had a large volume of -- the bookings was related to a customer who had already committed volume or believe they had committed volume from a Chinese supplier and the Chinese supplier reneged on that volume.

當我們觀察個別司機並試圖將其轉化為創造持續參與的因素時，我認為，從我們在 7 月看到的預訂情況來看，這涉及方方面面。其中一些項目位於安全港，將於 2029 年完工。其中一些你稱之為 FEOC 或者你可以稱之為與 AD/CVD 相關，我們有大量的預訂與已經承諾數量或認為他們已經從中國供應商那裡承諾數量但中國供應商違背了該數量要求的客戶有關。

And that volume was actually needed in kind of the '26 time frame. And so they needed to react very quickly in order to recover and get a certainty of a supply chain available, and we were able to leverage kind of the opportunistic debooking that we saw in the quarter, plus some inventory position we had on international volumes in order to fill that requirement for that particular customer. So I would say there's still good momentum. I was talking with our Chief Commercial Officer today, and we've got a number of deals near term that we would expect to close that could add up to another gigawatt here near term.

而這個數量實際上是在 26 年的時間範圍內所需要的。因此，他們需要迅速做出反應，以恢復並確定可用的供應鏈，並且我們能夠利用本季度看到的機會性取消預訂，加上我們在國際銷售上的一些庫存情況，以滿足特定客戶的需求。所以我想說，勢頭仍然良好。我今天與我們的首席商務官進行了交談，我們近期有多項交易預計完成，這些交易可能在近期增加到另外 10 千兆瓦。

So we're encouraged. We're going to continue to sort of fill our way through it, and we'll do a little price discovery and kind of see where everything settles in. But as we said, we've done a lot here to try to best position this market and to address a level playing field. And we think we're finally getting into that position. And we think there's opportunity for additional price in terms of our average ASPs, we'll have to sort of discover where that ultimately lands, but we're encouraged with what we're seeing right now.

因此我們感到鼓舞。我們將繼續填補這一空白，並進行一些價格探索，看看一切是否穩定下來。但正如我們所說，我們在這裡做了很多工作，試圖在這個市場上佔據最佳地位並創造公平的競爭環境。我們認為我們最終會達到這個水平。我們認為，就我們的平均銷售價格而言，還有進一步提高價格的機會，我們必須找到最終的落腳點，但我們對目前看到的情況感到鼓舞。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯。

Just going back to the last point, Mark, on some of your customers that are contracted out through year-end 28. To the extent that there is a negative change in the -- I'm sorry, in the safe harbor language from the executive order. Can you just talk about kind of the percentage of that backlog that could potentially be at risk that's contractually open for them to cancel.

馬克，回到最後一點，關於你們在 28 年底前簽約的一些客戶。在某種程度上，行政命令中的安全港語言發生了負面變化——對不起。您能否談談積壓訂單中可能存在風險且可以透過合約取消的百分比？

First off, I just want to make sure we're clear on 1 thing. The executive order was not intended to address the Section 48 and 45 ITC and PTC that was safe harbor at the end of '24. And from that point in time, we have four calendar years in order to complete and build your projects and place them in service.

首先，我只想確保我們清楚一件事。該行政命令並非旨在解決 24 年底的安全港第 48 和 45 條 ITC 和 PTC。從那時起，我們有四年的時間來完成和建立你們的專案並投入使用。

So that executive order shouldn't have any impact relative to the legacy Section 48 and Section 45. The intent of the executive order was to focus on the tech neutral ITC, PTC and to focus on a couple of different things. One is to ensure there's true substance and appropriate guidance as it relates to what determined commenced construction, and there's a couple of different ways to do that. One is through committing 5% or so of the CapEx of a project or implementing physical activities at the project at the site physical work.

因此，該行政命令不會對遺留的第 48 條和第 45 條產生任何影響。該行政命令的目的是關注技術中立的 ITC、PTC 以及一些不同的事情。一是確保在確定開始施工的內容方面有真實的實質內容和適當的指導，有幾種不同的方法可以做到這一點。一種是透過承諾專案資本支出的5%左右或在專案現場實施實體活動。

So that -- those are being looked at to provide definition and guidance. The reconciliation Bill alluded to that, a need for guidance. I think the guidance was originally to be placed out no later than into 2026 executive order came out after the bill was signed saying, hey, we want that closer dated. So it has effectively a 45-day window, which I think goes out to August 18, where that guidance was to be provided or notice of guidance. It also has some FEOC provisions in there as well.

因此——我們正在研究這些以提供定義和指導。和解法案暗示需要指導。我認為該指導意見最初應在 2026 年之前發布，但法案簽署後發布的行政命令卻說，嘿，我們希望該指導的日期更近一些。因此，它實際上有一個 45 天的窗口期，我認為該窗口期將持續到 8 月 18 日，屆時將提供指導或發布指導通知。其中也包含一些 FEOC 條款。

So it's not just to address the commenced construction. It's also to address some of FEOC provisions and to effectively ensure that the investments that we're making, we're not tethering back into nations that could be adversaries such as Russia and China and others.

因此，這不僅僅要解決已開始的建設問題。這也是為了解決《聯邦自由法案》的一些規定，並有效地確保我們所做的投資不會受到俄羅斯、中國等可能成為對手的國家的束縛。

So the 48 legacy, as it relates then to our project contracted backlog that carries through '28, should be unaffected by whatever comes out through the executive order. But the opportunity is what are the catalysts going beyond that. And that is the new tech neutral guidance, which will have some clarity around definition for commenced construction in FEOC. But assuming that those are all amenable and manageable by the market, then now we have a new window that we can continue to book out and see strong demand through 2029 into 2030, which we think is highly encouraging from that standpoint.

因此，48 項遺產與我們延續至 28 年的專案合約積壓相關，不應受到行政命令的影響。但機會在於超越這一點的催化劑。這就是新的技術中立指導，它將對 FEOC 中已開始建造的定義做出一些澄清。但假設這些都是市場可以接受和管理的，那麼現在我們就有了一個新的窗口，我們可以繼續預訂，並看到 2029 年至 2030 年的強勁需求，從這個角度來看，我們認為這是非常令人鼓舞的。

[Praneeth Satish], Wells Fargo.

[Praneeth Satish]，富國銀行。

Yes. So in terms of the bookings in July, it looks like it included Series 6 and recontracted volumes. But it doesn't look like you tapped into your 2027 and beyond US Series 7 capacity yet. And so should we interpret that to mean that pricing in that $0.32 to $0.33 range just isn't compelling enough for you to commit your '27 to 2030 US capacity?

是的。因此，就 7 月的預訂情況而言，它似乎包括了第 6 季和重新簽約的數量。但看起來您尚未充分利用 2027 年及以後的美國 7 系列產能。那麼我們是否應該將其解讀為，0.32 美元到 0.33 美元範圍內的定價不足以讓您承諾 2027 年至 2030 年的美國產能？

I mean you mentioned you've got 1 gigawatt of bookings here in advanced stages. So kind of putting two and two together here, should we assume that at a minimum. You're trying to look for some price discovery above $0.32, $0.33. And maybe just as a follow-up to that, I mean, why even sell capacity at these levels? You've got the Section 232 polysilicon probe underway. And if that's successful and its full intent, it could really boost pricing.

我的意思是，您提到過，您在後期階段已經有 1 千兆瓦的預訂。因此，把兩個和兩個結合起來，我們至少應該假設這一點。您正在嘗試尋找高於 0.32 美元或 0.33 美元的價格發現機會。接下來我想問一下，為什麼要以這樣的價格出售產能呢？第 232 項多晶矽調查正在進行中。如果這項措施成功並完全實現其目的，那麼它確實可以提高價格。

So maybe if you could just kind of talk through that rationale.

所以也許您可以簡單地談談這個理由。

Yes. So you're right, a good percentage of the bookings that we had in July were for S6 international. And really, even the bookings through the first half of the year, we had, call it, 1.2 gigawatts or something like that and slightly less than half of it was international product. And so, as we think about, okay, how do we want to position the product and knowing the backdrop of everything that's going on around us and how do we ensure getting what we think is full entitlement for for the product. What I like about some of the safe harbor.

是的。所以你說得對，我們 7 月的預訂中很大一部分是針對 S6 國際航班的。事實上，就今年上半年的訂單量而言，我們的訂單量約為 1.2 千兆瓦左右，其中略少於一半是國際產品。因此，當我們思考時，好吧，我們如何定位產品並了解周圍發生的一切的背景，以及我們如何確保獲得我們認為對產品的全部權利。我喜歡一些安全港。

So let me back up first. If I look at the Series 6 that we recontracted, to me, that was a great transaction with a great price and to clear out the inventory that was largely sitting either in a warehouse or sitting in an a port and incurring D&D charges because the customer defaulted on that obligation. So I wanted to get that inventory cleared as quickly as possible. So this inventory, while it won't be deployed until 2026 with the customer, it is actually they're taking ownership and is going to their warehouse and I'm not incurring any cost. And that's pretty important and pretty critical for us. We got to get the warehousing and D&D cost down in particular.

因此，讓我先回顧一下。如果我看一下我們重新簽約的 6 系列，對我來說，這是一筆很棒的交易，價格很優惠，並且可以清理大部分存放在倉庫或港口的庫存，並產生 D&D 費用，因為客戶違反了該義務。所以我想盡快清空庫存。因此，雖然這些庫存要到 2026 年才會部署到客戶手中，但實際上他們已經擁有了這些庫存，並將其轉入他們的倉庫，而我不會承擔任何費用。這對我們來說非常重要且非常關鍵。我們必須特別降低倉儲和 D&D 成本。

The other thing I like about the feathering in some safe harbor, taking some of the safe harbor volume that we did in July is under the new 48E tech neutral. The safe harbor requirements in the tech neutral either investment tax credit or production tax credit has to be done at the inverter level, okay?

我喜歡的一些安全港的羽化的另一個原因是，我們在 7 月進行的一些安全港交易量是在新的 48E 技術中性之下。技術中立的安全港要求，無論是投資稅收抵免還是生產稅收抵免，都必須在逆變器層面完成，好嗎？

Now once I committed to some percentage of a project right? I think I have a very strong position to capture the balance of that opportunity. So as you think about it right now, if we safe harbor 200 megawatts if you kind of do the math, that potentially creates 2 to 3 gigawatts of opportunity, a follow-on, right? Because it's going to be very difficult to take our technology at the inverter level and try to blend it with crystalline silicon. We have different voltages and string lengths and everything else. It's very, very difficult and costly.

現在我承諾了一定比例的項目，對嗎？我認為我擁有非常有利的地位來抓住這個機會。所以，正如您現在所想，如果我們安全儲存 200 兆瓦的電力，如果您算一下，這可能會創造 2 到 3 千兆瓦的機會，後續的機會，對嗎？因為將我們的技術應用於逆變器層面並嘗試將其與晶體矽混合將非常困難。我們有不同的電壓和串長以及其他一切。這是非常非常困難且昂貴的。

So I'm looking at, look, if I can take some near-term safe harbor seed those projects and then create a follow-on opportunity for the balance of that. That's a good thing for us to do. And I do fully take your comments about, yes, the -- we very much are appreciative of the self-initiated 232 case and poly and associated derivatives. So that, obviously, could be another catalyst for us. So we're being very selective in that regard.

因此，我正在考慮，我是否可以採取一些近期的安全港措施來為這些項目播下種子，然後為平衡這些項目創造後續機會。這對我們來說是一件好事。是的，我完全接受了您的評論——我們非常讚賞自行發起的 232 案以及多項相關衍生品。因此，這顯然可以成為我們的另一個催化劑。因此，我們在這方面非常謹慎。

But I do think what we did here near term with the bookings was to be very strategic. And I do like doing some safe harboring that allows me to be better positioned for follow-on volumes when those projects will ultimately get built.

但我確實認為，我們近期在預訂方面所採取的措施是非常有策略性的。我確實喜歡做一些安全的保護措施，這樣當這些項目最終建成時，我就能更好地為後續工作做好準備。

Philip Shen, ROTH Capital Partners.

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

A few here. Just as a follow-up on the pricing. Prior question talked about the 232, there's also what we've read about, which is the ramping UFLPA reinforcement. And so that's yet another potential catalyst. So Mark, as you think through pricing mean if international is at this $0.32 level, domestic content must be -- I mean, I got to imagine high 30s is possible. So wondering if you can comment on that at all. And then how much inventory might be left in the warehouse?

這裡有幾個。只是作為定價的後續跟進。先前的問題談到了 232，我們也讀到了有關不斷增加的 UFLPA 增援的內容。這又是另一個潛在的催化劑。所以馬克，當你考慮定價時，如果國際價格處於 0.32 美元的水平，那麼國內價格就必須——我的意思是，我可以想像 30 多美元是可能的。我想知道您是否可以對此發表評論。那麼倉庫裡可能還剩下多少庫存呢？

And then finally, as it relates to capacity expansion, now that we're past OBB and we have the strong FEOC rules the 232 and the line of catalysts that you have, to what degree are you starting to think about new capacity? What are the things that you need to see before you make that next announcement?

最後，關於產能擴張，既然我們已經過了 OBB，並且擁有強大的 FEOC 規則 232 和您擁有的催化劑系列，那麼您在多大程度上開始考慮新產能？在做出下一次宣布之前，您需要了解哪些事情？

Look, on the last one in terms of what do I need to see it, we kind of, I think, need to let all the dust settle and this also includes kind of understanding what comes out with this executive order to see what implications it has that I think is a piece of the puzzle that hopefully, we'll see in the near term.

你看，關於最後一個問題，就我需要看到什麼而言，我認為我們需要讓一切塵埃落定，這也包括了解這項行政命令的內容，看看它有什麼影響，我認為這是解開謎團的一塊拼圖，希望我們能在短期內看到它。

Look, I think the thing I want to -- maybe I want to make sure it was said in our prepared remarks, but I want to make sure it's clear as well. Our domestic supply and our contract for that domestic supply is pretty solid through 2028, okay? So our levers to -- for the domestic, discrete domestic is -- sits further out in the horizon, okay? But what we have supplied for is with that -- I think I said in my prepared remarks, that domestic position that we have created is a strategic foothold in my mind, to leverage our international volume as both Series 6 and Series 7, okay?

聽著，我想我要確保的是——也許我想確保它在我們準備好的發言中已經提到過，但我也想確保它是清楚的。我們的國內供應以及到 2028 年的國內供應合約都相當穩定，好嗎？因此，對於國內市場而言，我們的槓桿作用，特別是離散國內市場，還在更遠的距離上，對嗎？但我們所提供的是——我想我在準備好的發言中說過，我們所創造的國內地位在我看來是一個戰略立足點，以利用我們的國際銷量作為第 6 系列和第 7 系列，好嗎？

And what we're looking to do, and I think we've alluded to this in the past because this ties back to your capacity expansion question is to bring finishing capability into the US. So we can bring finishing capabilities into the US for both Series 6 and for Series 7, and the other thing that, that does for us is we can get to market faster with new volume, which is great, but it helps mitigate the exposure to the tariffs because at these price points that we're seeing, they do simple math at a 25% tariff, the tariffs are pretty hefty. The opportunity to bring it into the US. And to do that on a semi-finished product drops my declared value upon import to about 1/3 of that.

我們希望做的是，將精加工能力引入美國，我想我們過去曾提到過這一點，因為這與您的產能擴張問題有關。因此，我們可以將 6 系列和 7 系列的精加工能力引入美國，而這對我們來說的另一個好處是，我們可以將新產量更快地推向市場，這很好，但它有助於減輕關稅的影響，因為在我們看到的這些價格點上，他們以 25% 的關稅進行簡單的計算，關稅相當高。將其引入美國的機會。對半成品進行這樣的處理會使我的進口申報價值下降到原來的 1/3 左右。

So now I'm bringing it in and it's costing me call it, $0.10, $0.11 kind of number versus something in the 30s and therefore my tariffs are much lower. The other thing that it does is it allows us to qualify for the manufacturing tax credit for assembly. So that's another lever that gets played into the math for the fundamental economics that we alluded to, the business case is very attractive to doing that. And so -- and then what happens is I have the opportunity because of the constructs that are put in place right now to determine domestic content requirements, I can actually blend some more international and with my domestic, and it allows that opportunity to be multiplied significantly in terms of its value lever.

所以現在我把它引進來，它的成本大約是 0.10 美元、0.11 美元，而不是 30 美元左右，因此我的關稅要低得多。它做的另一件事是它使我們有資格獲得組裝製造業的稅收抵免。因此，這是我們提到的基本經濟學數學中發揮作用的另一個槓桿，這樣做的商業案例非常有吸引力。所以——接下來發生的事情是，我有機會，因為現在已經建立了確定國內內容要求的結構，我實際上可以將更多的國際內容與國內內容融合在一起，這使得這個機會在價值槓桿方面大大增加。

So there's a lot that's in play in that regard, Phil. We're working through each one of those items. We're trying to triangulate our insights, understanding what direction we want to go. But I've been telling our team that, hey, we've got to be ready for this. We've already been working through and identifying site selection. We've already thinking through the transferring of tools and equipment.

因此，在這方面有很多事情要做，菲爾。我們正在處理每一件事。我們正在嘗試對我們的見解進行三角測量，以了解我們想要走的方向。但我一直告訴我們的團隊，我們必須為此做好準備。我們已開始研究並確定選址。我們已經考慮過工具和設備的轉移。

The nice thing about running Malaysia, Vietnam at lower capacity right now means there's excess tools that are available. That means we can go after those tools if the decision is that as the rates have come now with the announcement of the tariff rates, it really is going to be uneconomic to continue to import from those markets. It’s going to be more beneficial for us to bring in semifinished products, do that here in the US, take advantage of manufacturing tax credit environment, and then give a little bit more -- there will be some domestic content associated with that product, get some more value in that regard as well.

目前以較低的產能運作馬來西亞、越南的好處是，有多餘的工具可用。這意味著，如果決定是，隨著關稅稅率的公佈，稅率已經出來，繼續從這些市場進口確實不經濟，那麼我們就可以採取這些工具。對我們來說，進口半成品、在美國生產、利用製造業稅收抵免環境，然後再給予更多一點優惠，會更有利——該產品會有一些國內內容，在這方面也會獲得更多價值。

So just one thing I'll add in terms of what do we need to see, and Mark just touched on a little bit on the periphery there is related to tariffs, tariffs impact both how we might price our international fully finished products but also as impactful as we think through if we do a finishing line, how do we source the early-stage product and bring it over. Is it coming from Malaysia, Vietnam just given that if you go back to our previous guide, we gave you two discrete scenarios because there was so much uncertainty around long-term tariff outcomes.

因此，關於我們需要看到什麼，我只想補充一點，馬克剛才稍微提到了與關稅相關的外圍問題，關稅不僅影響我們如何為國際成品定價，而且如果我們做一個最終產品線，我們如何採購早期產品並將其帶過來，這也會產生同樣大的影響。它是否來自馬來西亞、越南？因為如果你回顧我們之前的指南，我們會給你兩個離散場景，因為長期關稅結果存在太多的不確定性。

Would it be at that 10% or would it be at the more reciprocal rates. We have updated that on our current guide to what we believe the current outlook is today. So clearly, we have some better visibility. But I'd say it's far from perfect. And even as we're putting the guide together, there was information that came out yesterday that could have potentially changed the view around India. So what do we still need to see? We still need to have a bit more understanding of how the tariff regime is going to play out.

是依照 10% 還是依照更互惠的稅率？我們已在當前指南中更新了我們認為的當前前景。顯然，我們的能見度有所提高。但我想說它遠非完美。就在我們整理指南的時候，昨天發布的一些資訊可能會改變人們對印度的看法。那我們還需要看到什麼？我們仍然需要對關稅制度將如何發揮作用有更多的了解。

Moses Sutton, BNP Paribas.

法國巴黎銀行的摩西·薩頓。

If I look at the North America booking opportunity pipeline, so it's up a gigawatt, maybe 3 gigawatts aside gross, up the 2 that you booked in July. Slide 7. How do we think of this? Because there's 70 gigawatts of North America booking opportunity, there's your suit in contracted backlog. And then there's like an industry that has a bunch of panels.

如果我看一下北美的預訂機會管道，那麼它增加了 1 千兆瓦，也許總共增加了 3 千兆瓦，比 7 月預訂的 2 千兆瓦增加了。幻燈片 7。我們如何看待這個問題？由於北美有 70 千兆瓦的預訂機會，因此在合約積壓中存在您的訴訟。然後就出現了一個擁有大量面板的行業。

If I add all that up, it almost looks like it's the whole industry volume for the next few years. So is there a signal there that we could even see that there's more coming into the plant? Or are you just seeing everything in the market already and that's reflected in that metric?

如果我把所有這些加起來，它幾乎看起來就是未來幾年整個行業的規模。那麼是否有訊號表明我們甚至可以看到有更多的物質進入工廠？或者您只是已經看到了市場上的一切，而這些都反映在了該指標中？

Moses, I think there's a lot going on right now, and we've had a number of inbounds that are very large. Now what I don't fully know. I'll use an example of this. As I indicated, we had a customer who had a near-term need who because their supplier, a Chinese supplier reneged on that deal, and they came to us.

摩西，我認為現在有很多事情發生，而且我們收到了很多非常大的來訪。現在我還不完全清楚。我將用這個例子來說明。正如我所指出的，我們有一位客戶近期有需求，但由於他們的供應商，一家中國供應商違背了協議，所以他們來找我們。

And I've got others that are coming to us as well. And what I -- and that particular customer is looking to do something even bigger than what we've done meaningfully larger for us in '27 and '28. Again, that volume we sold to them this time around was for '26. What I don't know is that if others are getting -- those who -- in this particular customer is not one that we've actually sold to over the last several years.

還有其他一些人也來找我們。我和那位特定的客戶希望做一些比我們在 27 年和 28 年所做的事情更有意義的事情。再一次，我們這次賣給他們的那卷是 26 年的。我不知道的是，其他人是否得到了——那些——這個特定的客戶並不是我們在過去幾年中實際銷售過產品的客戶。

I don't know if they're all getting signaled the same way that the commitments they thought they had from their supply chain have now been reneged on and they're coming to First Solar. So our pipeline is -- could be just a reallocation of demand that's already in the marketplace because of disruption to their supply chain or people pivoting away from what they had initially envisioned that they were going to do. So I don't know. It's hard for me to determine if what I'm seeing because I've seen a handful of very large commitments. Some of it, I think, is more incremental.

我不知道他們是否都得到了同樣的信號：他們認為自己從供應鏈中得到的承諾現在已經被違背，因此他們來到了 First Solar。因此，我們的管道可能只是對市場上現有需求的重新分配，因為供應鏈中斷或人們不再按照他們最初的設想行事。所以我不知道。我很難確定我所看到的是否正確，因為我已經看到了一些非常大的承諾。我認為其中一些是漸進的。

Some of that I do think is, call it, put it in that hyperscaler bucket, AI-related, there could be an incremental catalyst to maybe near-term visibility of market demand. But I think there's many things that are adding up right now that may be influencing a bigger view of the market than it would be otherwise.

我確實認為，將其放入超大規模儲存桶中，與人工智慧相關，可能會成為近期市場需求可見度的增量催化劑。但我認為，現在有許多因素正在累積，可能會對市場產生比其他情況更大的影響。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies

Excellent. Thanks for the opportunity to clean up here. See, if I can, just on the use of cash, right? Obviously, you've got yourself in a nice position here coming into the back half of the year. got this at least chunk of clarity coming out of OBBB.

出色的。感謝有機會在這裡清理。看看，如果可以的話，就用現金，對嗎？顯然，進入下半年，您的處境很有利。從 OBBB 中至少獲得了一些清晰的認識。

Pending tariffs, how do you think about use of cash here? Again, obviously, you've got a final incision on the fishing line. You've now disclosed that you're moving forward on a Perovskite line in Ohio. How do you think about the palatability of use of cash, the different decision trees and the timeline for it? Again, pending tariff seems to be a big consideration for your prior comments. But when and how do you think about it, both in the R&D sense and as well as in shareholder returns.

等待關稅，您如何看待在這裡使用現金？再次，顯然，你已經在釣魚線上做了最後的切口。您現在透露，您正在俄亥俄州推進鈣鈦礦生產線。您如何看待使用現金的可行性、不同的決策樹和時間表？再次，待定關稅似乎是您之前評論的一個重要考慮因素。但是您何時以及如何考慮這個問題，無論是從研發角度還是從股東回報角度。

Yes. So Julien, I'd say we've shored up the liquidity position from where we were at the last call, pretty meaningfully this year. I think I mentioned on the call, we were at a lower cash point than we've been historically not something I was worried about necessarily, but we wanted to make sure we put some more resilience in there, which is what we've done.

是的。所以朱利安，我想說，今年我們的流動性狀況比上次有了顯著改善，而且意義重大。我想我在電話中提到過，我們的現金流比歷史上任何時候都要低，這並不是我必然擔心的事情，但我們希望確保我們能夠增強韌性，而這正是我們所做的。

We continue to expect that to get better over the year as we get back to somewhat of a more normalized working capital position across both AR and inventory. So that's helpful. If you look at where we end the year, absent significant new investment, we're through a large amount of the CapEx cycle that we've been through over the last couple of years. So there still will be some spend to finish up on the Louisiana side, although that's getting up and running now some of the cash payments that the holdbacks will happen in 2026.

我們繼續預計，隨著應收帳款和庫存的營運資金狀況恢復到更正常的水平，今年的情況將會好轉。這很有幫助。如果你看看我們今年年底的情況，如果沒有大量的新投資，我們就已經經歷了過去幾年所經歷的大部分資本支出週期。因此，路易斯安那州方面仍需要完成一些支出，儘管現在已經開始實施部分現金支付，但保留款項將在 2026 年支付。

As Mark mentioned, there's an opportunity around the finishing line. That will depend on if we're bringing back-end tools from Asia that exist today and repurposing in here. Are we adding any new tools, whether we lease the building, whether we buy a building, that will change the CapEx profile here as well. The Perovskite line, the development line is up and running, if that goes well, as opportunity to expand around that.

正如馬克所提到的，終點線附近就有機會。這取決於我們是否從亞洲引進現有的後端工具並在這裡重新利用。我們是否會添加任何新工具，是否租賃建築物，是否購買建築物，這也會改變這裡的資本支出狀況。鈣鈦礦生產線，開發生產線已經啟動並運行，如果進展順利的話，將有機會圍繞它進行擴展。

But in general, I would say I'm viewing this year, let's get through the year, let's figure out how we stand around tariffs and as the doses and the executive order, we should have a lot more clarity going into Q3, Q4 of this year of what that longer-term position looks like. When you combine that with the clarity we had out of the OBBBA being passed, that's helpful for the longer-term view. The fundamental waterfall approach we have to cash hasn't changed.

但總的來說，我想說，我正在觀察今年，讓我們度過這一年，讓我們弄清楚我們如何應對關稅以及劑量和行政命令，我們應該在今年第三季和第四季更加清楚地了解長期狀況。如果將其與 OBBBA 通過後我們所獲得的清晰度結合起來，這對於長期觀點是有幫助的。我們兌現的基本瀑布方法並沒有改變。

So we still look at core running the business, can we expand either new manufacturing sites or finishing lines. Are we willing to spend more in R&D and the answer recently has been yes, both internally and potentially looking at M&A around the R&D side. And then if we can't find accretive uses of cash through there, then we'll potentially look at how we return capital. So there's a lot more still, I think, to happen this year, as Mark mentioned, there's still tough to sell around a lot of the policy that's really very fresh. Once we have better clarity on that and we sense what we're going through next year, we'll update you on the cash position, most likely as we go into the 2026 guide towards early year early next year.

因此，我們仍然專注於核心業務的運營，我們是否可以擴展新的生產基地或精加工生產線。我們是否願意在研發上投入更多資金？最近的答案是肯定的，無論是內部還是潛在地考慮研發方面的併購。然後，如果我們無法透過那裡找到現金的增值用途，那麼我們可能會研究如何返還資本。所以我認為今年還會有很多事情發生，正如馬克所提到的，許多非常新的政策仍然很難推銷。一旦我們對此有了更清晰的認識，並了解明年我們將經歷什麼，我們將向您更新現金狀況，最有可能的是，當我們進入 2026 年指南時，也就是明年年初。

And ladies and gentlemen, that does conclude our question-and-answer session. It also does conclude our conference for today. We would like to thank you all for your participation. You may now disconnect.

女士們、先生們，我們的問答環節到此結束。這也確實結束了我們今天的會議。我們感謝大家的參與。您現在可以斷開連線。