第一太陽能 (FSLR) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to First Solar's second-quarter 2026 earnings conference call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. (Operator Instructions) And please note that today's call is being recorded.

下午好，歡迎參加 First Solar 2026 年第二季財報電話會議。本次會議將於 First Solar 官網投資人專區 investor.firstsolar.com 進行即時網路直播。（接線員指示）並請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的主持人——投資人關係主管 Byron Jeffers。

Good afternoon and thank you for joining First Solar's second-quarter 2026 earnings call. With me today are Mark Widmar, Chief Executive Officer; and Alex Bradley, Chief Financial Officer. Mark will begin with second-quarter highlights, followed by Alex, and then we'll open the line for questions.

下午好，感謝各位參加 First Solar 2026 年第二季財報電話會議。今天與我一同出席的有執行長 Mark Widmar，以及財務長 Alex Bradley。Mark 將先分享第二季重點，接著由 Alex 說明，之後我們將開放提問。

Today's discussion contains forward-looking statements. Actual results may differ materially due to risks and uncertainties as described in our earnings press release and other SEC filings and the earnings material available at investor.firstsolar.com. We undertake no obligation to update these statements due to new information or future events.

今天的討論包含前瞻性陳述。由於風險與不確定性，實際結果可能與預期有重大差異，相關內容已載於我們的財報新聞稿、其他 SEC 申報文件，以及 investor.firstsolar.com 上提供的財報資料。我們不承擔因新資訊或未來事件而更新這些陳述的義務。

We will also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are in our earnings press release and presentation. This non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with US GAAP.

我們也將提及若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 指標之調節表，已載於我們的財報新聞稿與簡報中。此等非 GAAP 財務資訊不應被單獨視為依據，亦不應取代依照美國 GAAP 編製之財務資訊。

With that, I will turn it over to Mark.

接下來，我把時間交給 Mark。

Thank you, and good afternoon. Beginning on slide 4. We delivered both record second quarter and first-half sales volume and improved financial performance relative to the prior year. During the quarter, we generated over $1 billion in net sales, expanded gross margin to approximately 57%, and delivered strong adjusted EBITDA performance. We also surpassed an important milestone for First Solar, exceeding 100 gigawatts of cumulative module sales globally.

謝謝，下午好。請看第 4 頁投影片。我們在第二季與上半年皆創下銷售出貨量新高，且相較去年同期財務表現有所改善。本季我們創造超過 10 億美元的淨銷售額，毛利率擴大至約 57%，並繳出強勁的調整後 EBITDA 表現。我們也達成 First Solar 的重要里程碑：全球累計模組銷售量突破 100 吉瓦。

We view this as a reflection of the trust customers have placed in First Solar over the more than 2.5 decades and the durability of our technology and manufacturing platform. We ended the quarter with approximately 45.1 gigawatts of contracted backlog. We delivered -- with deliveries extending through the end of the decade, demonstrating the demand for our differentiated technology platform, domestic manufacturing footprint, and delivery certainty.

我們認為，這反映了客戶在超過 25 年的時間裡對 First Solar 的信任，以及我們技術與製造平台的耐久性。本季末我們的已簽約在手訂單（backlog）約為 45.1 吉瓦。我們已交付——且交付排程延伸至本十年末，顯示市場對我們差異化技術平台、國內製造布局與交付確定性的需求。

Turning to manufacturing. Our US facilities continue to operate at high utilization rates during the quarter. In South Carolina, the first phase of the finishing facility remains on track to begin production in the second half of 2026, with equipment installations progressing as expected. For the second phase, we now expect completion in mid-2027. While the revised time reflects a number of factors associated with optimizing the facilities launch, it also enables the earlier incorporation of CuRe technology.

接著談製造。本季我們在美國的廠區持續以高稼動率運作。在南卡羅來納州，精加工（finishing）廠第一期仍按計畫於 2026 年下半年開始投產，設備安裝進度符合預期。至於第二期，我們目前預期將於 2027 年年中完工。雖然時程調整反映了多項與優化廠區啟動相關的因素，但也使我們能更早導入 CuRe 技術。

We are pleased with the performance of CuRe with both high-volume manufacturing at our Perrysburg facility and performance data from field deployments across multiple climates exceeding expectations. We believe incorporating the technology closer to the onset of the facility's commercial launch will simplify execution, accelerate value realization and enhance customer value and the facility's long-term financial performance. Once completed, the South Carolina facility is expected to provide up to 3.5 gigawatts of finishing capacity for modules initiated at our international manufacturing sites, giving us greater flexibility to optimize our supply chain flexibility while also optimizing freight, tariffs, domestic content, and Section 45X economics.

我們對 CuRe 的表現感到滿意，無論是在 Perrysburg 廠的高產量製造，或是在多種氣候條件下的實地部署數據，皆優於預期。我們相信，在廠區商轉啟動更接近的時間點導入該技術，將可簡化執行、加速價值實現，並提升客戶價值與廠區長期財務表現。南卡羅來納州廠完工後，預計可提供最高 3.5 吉瓦的精加工產能，用於處理在我們國際製造基地啟動的模組，讓我們在優化供應鏈彈性的同時，也能優化運費、關稅、國內含量以及第 45X 條款的經濟效益。

With respect to our international manufacturing fleet, production planning and utilization levels in Malaysia and Vietnam continue to be influenced by US market demand drivers and economics, including the pending Section 232 polysilicon and derivative investigation and tariffs. We expect greater policy clarity will help inform the long-term operating profile for the approximately 1.8 gigawatts of fully finished international capacity that remains available after accounting for capacity being used to produce semi-finished product destined for our new South Carolina finishing line.

就我們的國際製造產能而言，馬來西亞與越南的生產規劃與稼動率水準，仍持續受到美國市場需求驅動因素與經濟性影響，包括尚待定案的第 232 條多晶矽及其衍生品調查與關稅。我們預期，政策更明朗將有助於我們判斷在扣除用於生產半成品（供應南卡羅來納州新精加工產線）的產能後，仍可用的約 1.8 吉瓦全製程國際成品產能之長期營運輪廓。

A note on manufacturing optimization and allocation. Approximately 41 gigawatts of our 45 gigawatt backlog includes some form of domestic content requirements. These requirements vary significantly and range from requiring exclusive supply from US fully integrated factories to blending US-made supply with both fully integrated domestic factories as well as product from our upcoming South Carolina finishing line to a domestic content points requirement, which is factory-agnostic, allowing blending of product from across our global fleet.

補充說明製造優化與產能分配。在我們約 45 吉瓦的在手訂單中，約 41 吉瓦包含某種形式的國內含量（domestic content）要求。這些要求差異很大，範圍從要求完全由美國全製程工廠獨家供應，到將美國製供應與美國全製程工廠產品及即將投產的南卡羅來納州精加工產線產品混合供應，再到以國內含量點數為要求（不限定工廠），允許混合使用我們全球產能的產品。

We therefore continually balance and refine our module supply and demand allocation across the fleet to meet customer contractual obligations, optimize factory throughput, and optimize gross margin. This typically means that over a period of time, we will seek to maximize production and sales firstly, from our fully integrated US factories; secondly, from our South Carolina finishing line; and thirdly, from our international facilities.

因此，我們會持續在整體產能中平衡並精進模組供需分配，以滿足客戶合約義務、優化工廠產出並提升毛利率。這通常意味著，在一段時間內，我們會依序力求最大化生產與銷售：第一，來自美國全製程工廠；第二，來自南卡羅來納州精加工產線；第三，來自國際廠區。

As it relates to prospects, we continue to advance our development program for this potentially significant technology platform. Our previously announced development line continues to progress -- to process improved efficiency and reliability attributes on smaller form factor modules, while our Series 6 form factor pilot line remains on schedule and is expected to reach operational readiness in the first half of 2027. Our continued progress has given us confidence as we continue to invest substantial capital in our efforts to realize the commercialization of prospects.

就 Prospects 而言，我們持續推進此一可能具重大意義的技術平台之開發計畫。我們先前宣布的開發產線持續取得進展——在較小尺寸（form factor）的模組上展現更佳的效率與可靠性特性；同時，我們的 Series 6 尺寸試點產線仍按計畫進行，預計於 2027 年上半年達到可運作就緒狀態。我們持續的進展使我們更具信心，並將持續投入可觀資本，以實現 Prospects 的商業化。

Earlier today, we published our latest corporate responsibility report, reinforcing our conviction that how and where solar technology is made matters. The report details how we create enduring value by developing, sourcing, manufacturing, and recycling solar modules domestically, supporting jobs and communities, strengthening industrial capacity, and help ensure the benefits are realized locally. It also highlights our continued focus on responsible manufacturing, supply chain transparency, workforce development, and resource efficiency. The report reflects the effectiveness of a business model where corp responsibility isn't a construct, but the default.

今天稍早，我們發布了最新的企業責任報告，強化我們的信念：太陽能技術如何製造、在哪裡製造，至關重要。報告詳述我們如何透過在國內開發、採購、製造與回收太陽能模組來創造長期價值，支持就業與社區、強化產業能力，並協助確保效益在地實現。報告也強調我們持續聚焦於負責任製造、供應鏈透明度、人才培育與資源效率。該報告反映了一種商業模式的有效性：企業責任不是一種架構，而是預設。

Before turning the call over to Alex, I want to briefly address the market and policy environment and how it is informing our commercial approach. The underlying drivers for utility-scale solar remain intact, including load growth, data center development, electrification, aging generation assets, and the need for affordable, scalable new capacity. The policy landscape continues to evolve, particularly as it relates to pending outcome for the Section 232 polysilicon and derivatives investigation as well as final FEOC regulations.

在把電話交給 Alex 之前，我想簡要談談市場與政策環境，以及其如何影響我們的商業策略。公用事業級太陽能的基本驅動因素仍然存在，包括負載成長、資料中心開發、電氣化、老舊發電資產，以及對可負擔、可擴展之新增容量的需求。政策面仍在演變，特別是與第 232 條多晶矽及其衍生品調查的待定結果，以及最終 FEOC 規範相關。

In this environment, we continue to prioritize pricing, contract quality, appropriate risk allocation, and long-term value over short-term bookings volume. Relative to the beginning of the year, we are seeing increased customer engagement. And as policy clarity improves, we believe First Solar remains well positioned to capitalize on these opportunities.

在此環境下，我們持續優先考量定價、合約品質、適當的風險分配與長期價值，而非短期的簽約量。相較年初，我們看到客戶互動增加。隨著政策更趨明朗，我們相信 First Solar 仍具備良好定位以把握這些機會。

With that, I'll now turn the call over to Alex to discuss our bookings, financial results, and outlook.

接下來，我把電話交給 Alex，請他說明我們的接單、財務結果與展望。

Thanks, Mark. Beginning on slide 5. As of June 30, 2026, our contracted backlog totaled 45.1 gigawatts with an aggregate transaction value of $13.6 billion, exclusive of technology adjusters, with scheduled deliveries extending through 2030.

謝謝，Mark。請看第 5 頁投影片。截至 2026 年 6 月 30 日，我們的已簽約在手訂單合計 45.1 吉瓦，總交易價值為 136 億美元（不含技術調整項），交付排程延伸至 2030 年。

Early this month, Cypress Creek Energy broke ground on the Steel River Energy Center in Arkansas, a project utilizing First Solar modules and previously included in our contracted backlog. The initial phase is expected to provide approximately 1.6 gigawatts of solar generation capacity and 1.9 gigawatt hours of battery storage to support Google's growing energy needs with the opportunity for future expansion.

本月初，Cypress Creek Energy 在阿肯色州為 Steel River Energy Center 舉行動工儀式，該專案採用 First Solar 模組，且先前已納入我們的已簽約在手訂單。第一期預計可提供約 1.6 吉瓦的太陽能發電容量，以及 1.9 吉瓦時的電池儲能，以支援 Google 不斷成長的能源需求，並具備未來擴建的機會。

Since our last earnings call, we recorded approximately 1.9 gigawatts of additional US gross bookings at an average selling price of approximately $0.36 per watt, inclusive of applicable technology adjusters. While near-term customer activity continues to be influenced by the current policy environment discussed by Mark, our fully integrated domestic manufacturing fleet remains substantially committed through 2028, providing a high degree of volume and pricing visibility. Given the limited amount of uncommitted domestic capacity available over the next several years, we continue to be disciplined in evaluating incremental contracting opportunities.

自上次財報電話會議以來，我們在美國新增約1.9吉瓦的總預訂量，平均售價約為每瓦0.36美元，已包含適用的技術調整項。雖然短期客戶活動仍持續受到 Mark 所提及之當前政策環境影響，我們完全集成的國內製造產能群在2028年前仍大致已被承諾鎖定，提供高度的出貨量與價格能見度。鑑於未來數年可用的未承諾國內產能有限，我們仍以審慎態度評估新增合約機會。

We also initiated our first customer notifications related to contractual CuRe adjusters during the quarter, an important milestone in beginning to translate CuRe's performance benefits from potential ASP adjusters into backlog value and future revenue realization. We expect the contribution from these adjusters to increase as CuRe deployment expands across our contracted portfolio. As a reminder, we expect limited ASP upside from CuRe sales in 2026, largely as a function of contractual notification deadlines relative to the timing of the decision to recommence CuRe production.

本季我們也首次就合約中的 CuRe 調整項向客戶發出通知，這是一項重要里程碑，代表我們開始將 CuRe 的性能優勢，從潛在的 ASP 調整項轉化為在手訂單價值與未來營收實現。隨著 CuRe 在我們已簽約的產品組合中擴大部署，我們預期這些調整項的貢獻將增加。提醒一下，我們預期2026年 CuRe 銷售帶來的 ASP 上行空間有限，主要是因為合約通知期限相對於我們決定恢復 CuRe 生產的時點之關係所致。

Turning to India. Our guidance continues to assume production is largely sold domestically in a short-cycle book-and-bill market, with the factory operating at high utilization rates. India gross bookings during the first half of the year totaled approximately 1.1 gigawatts and average selling price of approximately $0.20 per watt. Given the shorter contracting cycle of the domestic Indian market, booking economics generally provide a reasonable indicator of near-term revenue realization, subject to normal foreign currency movements.

接著談印度。我們的指引仍假設產出主要在國內銷售，屬於短週期的接單與開票（book-and-bill）市場，且工廠維持高稼動率運轉。今年上半年印度的總預訂量合計約1.1吉瓦，平均售價約為每瓦0.20美元。由於印度國內市場的簽約週期較短，預訂的經濟條件通常可合理反映短期營收實現情況，但仍需考量一般性的外匯波動。

Turning to slide 6. Net sales for the second quarter were approximately $1.06 billion, a decrease of approximately 4% year-over-year. The decrease was primarily driven by lower revenue associated with customer contract terminations recognized in the prior-year period, partially offset by higher module volumes sold. Gross margin was approximately 57%, an increase of approximately 12 percentage points compared to the second quarter of 2025. The increase was primarily driven by an estimated $89 million net IEEPA tariff-related benefit, a higher mix of modules qualifying for Section 45X tax credits and lower logistics costs.

接著看第6頁投影片。第二季淨銷售額約為10.6億美元，年減約4%。下降主要是因為前一年同期認列了與客戶合約終止相關的較高營收，本季該項較低；部分被更高的模組銷售量所抵銷。毛利率約為57%，較2025年第二季增加約12個百分點。增加主要來自估計約8,900萬美元的 IEEPA 關稅相關淨收益、符合第45X條稅收抵免的模組組合占比提高，以及物流成本下降。

The net IEEPA per tariff-related benefit reflects our current estimate of expected recoveries related to commercial obligations and other tariff-related considerations and remains subject to refinement as additional information becomes available. These benefits were partially offset by lower termination-related revenue and higher duties and tariffs.

IEEPA 關稅相關淨收益反映我們目前對與商業義務及其他關稅相關考量之預期可回收金額的估計，且在取得更多資訊後仍可能進一步修正。上述收益部分被較低的終止相關營收以及較高的關稅與稅費所抵銷。

While logistics costs improved year-over-year, the quarter includes higher over-the-road freight costs driven by overall capacity tightening and volatility in diesel costs. These impacts were partially offset by higher sales rate recovery. Operating expenses were approximately $155 million, including $76 million of R&D expense. R&D increased year-over-year, primarily affecting continued investment in perovskite development and the impairment of certain R&D equipment that is no longer expected to be used as part of our technology roadmap.

雖然物流成本年比改善，但本季包含較高的公路運輸費用，主要受整體運能趨緊及柴油成本波動所驅動。這些影響部分被較高的銷售率回收所抵銷。營業費用約為1.55億美元，其中研發費用為7,600萬美元。研發費用年比增加，主要反映我們持續投資鈣鈦礦（perovskite）開發，以及對部分研發設備認列減損，因該等設備預期不再作為我們技術路線圖的一部分而使用。

Net income was $423 million, up approximately 24% year-over-year. Adjusted EBITDA was $644 million, above the high end of our previously communicated Q2 preview range, with an adjusted EBITDA margin of 61%.

淨利為4.23億美元，年增約24%。調整後 EBITDA 為6.44億美元，高於我們先前溝通之第二季預覽區間上緣，調整後 EBITDA 利潤率為61%。

Moving to slide 7. We ended the quarter with approximately $1.7 billion of net cash, providing substantial balance sheet strength and financial flexibility while remaining within our targeted long-term cash range of $1.5 billion to $2 billion. Operating cash outflows year-to-date were $360 million, reflecting first-half working capital dynamics and improved compared to outflows of $458 million during the first half of 2025. First half capital expenditures were $280 million, primarily supporting our South Carolina finishing facility and technology investments. We completed the full prepayment of our India DFC loan during the quarter.

接著看第7頁投影片。本季末我們的淨現金約為17億美元，在維持長期目標現金區間15億至20億美元之內的同時，提供強健的資產負債表與財務彈性。年初至今營運現金流出為3.60億美元，反映上半年營運資金變動，且較2025年上半年流出4.58億美元有所改善。上半年資本支出為2.80億美元，主要用於支持南卡羅來納州的後段加工（finishing）設施與技術投資。本季我們完成印度 DFC 貸款的全額提前償還。

Turning to slide 8. Our full-year 2026 guidance remains unchanged. With that said, our guidance now assumes a net tariff impact of $60 million to $80 million, with updates including the previously mentioned net IEEPA recovery and the assumption of Section 301 tariffs in the second half of the year. We also forecast offsetting updates between production start-up expense and R&D expense, as well as incremental freight costs due to certain nonrecoverable domestic trade expenses above our previously assumed forecast, largely driven by changes in module delivery locations. And note, in some cases, domestic freight costs are now approaching international shipping economics. For the third quarter, we expect volumes sold between 3.9 and 4.5 gigawatts and adjusted EBITDA between $625 million and $775 million.

接著看第8頁投影片。我們2026年全年指引維持不變。不過，我們的指引目前假設關稅淨影響為6,000萬至8,000萬美元，更新內容包括前述 IEEPA 淨回收，以及假設下半年將適用第301條關稅。我們也預測在生產啟動費用與研發費用之間會有相互抵銷的更新，並因部分不可回收的國內貿易費用高於先前假設（主要由模組交付地點變更所致）而增加額外運費成本。並請注意，在某些情況下，國內運費成本目前已接近國際海運的經濟性。第三季我們預期銷售量介於3.9至4.5吉瓦，調整後 EBITDA 介於6.25億至7.75億美元。

In summary, our first half performance and reaffirmed outlook reflect the strength of our strategy of reshoring and scaling domestic manufacturing, progressing our technology roadmap, and maintaining a selective approach to new bookings in light of key pending trade and policy dissemination. As we look ahead, our priorities remain unchanged. We remain focused on disciplined execution, serving our customers, advancing our technology roadmap, managing capital prudently, and maintaining financial flexibility.

總結而言，我們上半年表現與重申的展望，反映我們將製造回流並擴大國內製造規模、推進技術路線圖，以及在關鍵貿易與政策資訊尚待明朗之際，對新增預訂採取選擇性策略的成效。展望未來，我們的優先事項維持不變。我們仍專注於嚴謹執行、服務客戶、推進技術路線圖、審慎管理資本，並維持財務彈性。

And with that, operator, please open the line for questions.

接下來，請接線生開放提問。

(Operator Instructions) Jon Windham, UBS.

(接線生指示) Jon Windham，瑞銀（UBS）。

So obviously, the SEC had a ruling about solar inverters a couple of days ago. And I think on one side, it goes along to show how serious the government is in promoting domestic content within -- especially electrical equipment, hardware, which is obviously very good for you given your position in domestic solar modules. But just curious if you have any early thoughts on potential impact on broader solar installations and the ability to work around the industry to work around that provision?

很明顯地，SEC 在幾天前對太陽能逆變器做出了一項裁決。我認為從某個角度來看，這也顯示政府在推動國內含量方面的嚴肅態度——尤其是在電氣設備、硬體方面；鑑於你們在國內太陽能模組的地位，這對你們顯然非常有利。但我想了解的是，你們是否有任何初步看法：這可能對更廣泛的太陽能裝置量，以及產業是否能繞開該項規定的能力，會造成什麼影響？

I think if it continues the same of -- our US government trying to ensure that we don't have any overreliance on that serial countries. And obviously, China being one of them in particular. I think the good thing about this is that the industry has started to get ahead of trying to find domestic supply chains, comprehensive domestic supply chains. We obviously were an early industry leader in that regard of reshoring manufacturing and creating a supply chain here in the US for our US operations. You're seeing this now really across all components of equipment suppliers, all the way up even to try to find localization for the battery supply chain as much as you can.

我認為這延續了——我們美國政府試圖確保我們不會過度依賴那些特定國家。而中國顯然是其中之一，尤其如此。我認為這件事的好處在於，產業已開始超前部署，嘗試建立國內供應鏈、完整的國內供應鏈。我們顯然在這方面是較早的產業領導者，推動製造回流，並在美國為我們的美國營運建立供應鏈。你現在也看到這種趨勢擴及所有設備供應商的各個零組件，甚至也在盡可能推動電池供應鏈的在地化。

So I don't see it being a constraint near term. I think the current models that have been shipping into the US will continue to be allowed to be shipped into the US. I do think there is a theme or a message there, though, that, that scrutiny may be stepped up as we move forward. But I think it just sends another great signal to domestic manufacturers of, look, we need to move forward. We need to create domestic supply chain resiliency to enable not only the solar industry aside, but really all of the industries that as we reindustrialize in the US economy, right? So again, I think it's a good indicator of a continuing theme and message that this administration has, and we fully support it.

因此我不認為短期內會形成限制。我認為目前運往美國的現有機型仍將被允許繼續運往美國。不過我確實認為，這裡有一個主題或訊息：隨著我們往前走，審查可能會加強。但我認為這也向國內製造商釋放了另一個非常正面的訊號：看，我們需要往前推進。我們需要建立國內供應鏈韌性，不僅是為了太陽能產業，更是為了當我們在美國經濟中重新工業化時，所有相關產業都能受益，對吧？所以再一次，我認為這是此政府持續主題與訊息的良好指標，我們也完全支持。

Brian Lee, Goldman Sachs & Co.

Brian Lee，高盛（Goldman Sachs & Co.）。

I just had two. I guess, first, on this Google-Steel River project, I appreciate you guys commenting on that. I might have missed it, but how much of the 1.9 gigawatts in US gross bookings came from that one project in the quarter? And then how much more bookings potential exists on that project side? And then your bigger picture, maybe speak to how you're seeing general interest from that hyperscaler data center community?

我有兩個問題。首先，關於這個 Google–Steel River 專案，感謝你們對此發表看法。我可能漏聽了，但本季美國1.9吉瓦的總預訂量中，有多少是來自那一個專案？另外，在該專案方面，還有多少潛在的新增預訂空間？再從更宏觀的角度，你們能否談談你們如何看待超大規模（hyperscaler）資料中心社群的整體興趣？

And then second question I have is just the customary latest thoughts, timing, visibility into Section 232, how you're viewing the potential for floor prices in the $0.40 per watt or higher range? And then how quickly do you move on your bookings funnel in Southeast Asia strategy once you get clarity on this presumably, hopefully in the next few months?

然後我第二個問題是，想請教一下你們對於第 232 條的最新慣例性看法：時點、能見度，以及你們如何看待地板價有可能落在每瓦 0.40 美元或更高區間的可能性？另外，一旦你們對此有了明確性（推測、也希望是在接下來幾個月內），你們在東南亞策略上的訂單漏斗會多快開始推進？

All right, Brian, I'll try to take kind of the first two, and then Alex will talk maybe a little bit about the views of Southeast Asia. So make sure it's clear on the project that we announced with our partner that we supplied models to for Cypress Creek, that is already in our bookings, okay? So that was just a highlight. It's a great project.

好的，Brian，我先試著回答前兩個部分，然後 Alex 可能會再談一點關於東南亞的看法。先把我們與合作夥伴一起宣布、且我們已向其供應模組、用於 Cypress Creek 的那個專案說清楚：那個專案已經在我們的訂單（bookings）裡了，好嗎？所以那只是個重點提示。那是一個很棒的專案。

If you actually look at some of the more recent announcements that have been made over the last several weeks, I think you kind of see a theme there. You've got a very large project with Cypress, the one that we've referenced that it will be Phase 1 of kind of call it the 1.6 gigawatts, then it goes to Phase 2, which we believe is about 2.5 gigs. So that's a very large project. And I think the battery component of that as well is going to be north of 2 gigawatts of -- megawatt hours from a battery standpoint.

如果你去看過去幾週一些較新的公告，我想你會看到一個主題。你有一個與 Cypress 的非常大型專案，我們提到它會是所謂 1.6 吉瓦的第一期（Phase 1），接著進入第二期（Phase 2），我們認為大約是 2.5 吉瓦。所以那是一個非常大型的專案。而且我認為其中的電池部分，從電池角度來看也會超過 2 吉瓦的——以兆瓦時（MWh）計的電池容量。

Really important strategic project. It's there to support Google. We have two other projects that have been announced over the last couple of weeks, 1 with Terra-Gen, which was about 1.4 gigawatts. And then we had another one with Panamint, which was another gig plus. So those three projects that have been announced recently are about 5 gigawatts of capacity.

這是一個非常重要的策略性專案。它是用來支援 Google 的。過去幾週我們還宣布了另外兩個專案：一個是與 Terra-Gen，約 1.4 吉瓦。然後還有一個與 Panamint，另外超過 1 吉瓦。所以最近宣布的這三個專案合計約 5 吉瓦的容量。

The Panamint part of the Panamint volume was actually announced last quarter. So when we did the announcement last week -- last quarter around bookings volumes, which I think we had in total around 1.4, Panamint was actually included in that volume.

Panamint 的那部分量其實是在上一季就已經宣布了。所以當我們上週——上一季在談訂單量（bookings volumes）的公告時，我想我們總共大約是 1.4（吉瓦），Panamint 其實已經包含在那個量裡。

But I think it's a great message that the demands there, half of that volume of that 5 gigawatts I referenced is directly communicated and tied to Google as a hyperscaler. The other 2.5 gigs, I haven't disclosed the counterparties. But if you look at the verbiage around the announcements on that, they'll reference a very large corporate account, one of the largest companies in the US You can kind of get a sense of the likelihood of who that counterparty is going to be for that project.

但我認為這傳遞了一個很好的訊息：需求就在那裡。我剛才提到的 5 吉瓦裡面，有一半的量是直接對外溝通、並且與作為超大規模雲端業者（hyperscaler）的 Google 綁定。另外 2.5 吉瓦，我還沒有揭露交易對手方。但如果你看那些公告的措辭，會提到一個非常大型的企業客戶、也是美國最大的公司之一。你大概可以推測那個專案的對手方很可能是誰。

So strong demand for continued demand for hyperscalers, really strong relationships and partnerships with First Solar to support those types of strategic projects that really kind of thrive on the importance of certainty. Right? Those projects are strategic. They're important. They obviously include stores as reflected in the Cypress Creek project.

所以，對 hyperscaler 的需求依然強勁、而且持續；First Solar 也與他們建立了非常強的關係與合作夥伴關係，來支援這類真正仰賴「確定性」重要性的策略性專案。對吧？這些專案是策略性的。它們很重要。它們顯然也包含儲能，如同在 Cypress Creek 專案中所反映的。

As I've always said, the first thing you need to do is you're building out your projects and derisking is that you need to make sure that you have a reliable partner who can make sure the photons become electrons. Without that, the whole project is going to sit at risk. And we can deliver that certainty and that great technology and that reliability. So we're seeing that in the marketplace and continued strong interest, but driven by -- as currently still somewhat insatiable demand from hyperscalers.

正如我一直說的，當你在建置專案並進行去風險化（derisking）時，第一件事是你必須確保你有一個可靠的合作夥伴，能確保光子變成電子。沒有這一點，整個專案都會處於風險之中。而我們可以提供那種確定性、優異的技術與可靠性。所以我們在市場上看到了這一點，持續有強勁的興趣，但其驅動因素是——目前仍然在某種程度上近乎無止盡的 hyperscaler 需求。

As it relates to 232, I'll take the pricing piece and then Alex will talk to kind of how we throw that into our views around Southeast Asia. Look, it's still -- there's still a lot of views out there. I think everybody has a view of how the construct may be with minimum import price and then maybe with the tariff on top of that, there's some views of whether there's quarters or not.

至於第 232 條，我先談價格的部分，然後 Alex 會談談我們如何把這些納入對東南亞的看法。你看，現在——外界仍然有很多不同的看法。我想每個人對於可能的架構都有自己的看法：可能會有最低進口價格（minimum import price），然後也許在此之上再加徵關稅；也有人在看是否會有配額（quotas）之類的安排。

All I can say is still evolving. And we do believe it will be constructive. I don't want to give kind of our internal read of what we think it potentially could be because there's still a lot of open pieces. I can say that we're still in constant contact with the appropriate parties at USTR and commerce to continue to bring our voice into the conversation. And we're still optimistic that the outcome will be constructive.

我能說的是，這仍在演變中。而我們確實相信結果會是建設性的。我不想給出我們內部對於它可能長什麼樣的解讀，因為仍然有很多未定的部分。我可以說的是，我們仍然持續與美國貿易代表署（USTR）以及商務部的相關人士保持密切聯繫，持續把我們的聲音帶進討論中。而我們仍然樂觀地認為結果會是建設性的。

And we've used it as a reason to be disciplined, and we'll see what happens once it's finally announced.

而我們也把這當作保持紀律的理由，等它最終宣布後再看看會發生什麼。

And there's demand that's still sitting there on the sidelines. If you look at our cadence and our momentum around our bookings, just here in the month of July, we booked almost 2 gigawatts in the US at very good prices, as Alex indicated. There's about 2 more gigawatts, north of 2 gigawatts, it sits into a contracted subject to CP. And then I've got another 2 gigawatts of active conversations with customers that there's a high probability we can close through by the end of the year.

而且仍有需求在場邊觀望。如果你看我們在訂單（bookings）上的節奏與動能，就在 7 月這個月，我們在美國以非常好的價格（如 Alex 所指出）簽下了將近 2 吉瓦。另外還有大約 2 吉瓦、超過 2 吉瓦，處於已簽約但需滿足先決條件（contracted subject to CP）的狀態。然後我還有另外 2 吉瓦正在與客戶積極洽談，我們很有機會在年底前把它們結案。

So -- and we'll see how much that gets further catalyzed by decision around 232.

所以——我們也會看看第 232 條的決策會在多大程度上進一步催化這些。

Brian, as it relates to Southeast Asia capacity, we talked on the last couple of calls around looking at this a bit like an option. So we're running somewhere around $30 million quarter of underutilization associated with running Southeast Asia manufacturing well below its theoretical capacity, about half of that cash, about half noncash. Given that we've been holding through the first half of the year, making a decision on the long-term future there pending the outcome of 232, it makes sense to continue to do that. So I still view this as we're waiting for the outcome of that policy. And just to frame the amount, if you were to go back and look at the slides we put out in our February call, it shows you nameplate capacity of production.

Brian，關於東南亞產能，我們在前幾次電話會議中談過，我們把這件事有點當作一個選擇權（option）來看。因此，我們目前因為東南亞製造的運轉遠低於其理論產能，產生了每季約 3,000 萬美元的產能未充分利用成本，其中約一半是現金、約一半是非現金。鑑於我們在上半年一直維持這種狀態、並在等待第 232 條結果以決定那裡的長期未來，繼續這麼做是合理的。所以我仍然認為我們是在等待那項政策的結果。為了讓大家理解規模，如果你回去看我們 2 月那次電話會議所提供的投影片，上面有列出名目產能（nameplate capacity）的產量。

So we originally had about 7 gigawatts of total capacity sitting in Malaysia, Vietnam. About half of that is going to be dedicated to production that will feed our new finishing line in South Carolina. So there's about 3.5 gigawatts left. Of that, we did take out some tools, bring them over to the US to reuse in our broad scope work.

所以我們原本在馬來西亞、越南合計大約有 7 吉瓦的總產能。其中大約一半會用於供應我們在南卡羅來納州新的後段加工線（finishing line）。所以剩下大約 3.5 吉瓦。在那之中，我們確實拆了一些設備，把它們運到美國，重新用於我們的廣泛範疇工程（broad scope work）。

So ultimately, it leaves us with about 1.8 gigawatts of end-to-end fully finished capacity that we could ramp up across Malaysia, Vietnam. So it's about that 1.8 that we're talking about. We're thinking -- we're holding a decision on pending the outcome of the 232.

所以最終，我們在馬來西亞、越南可用來端到端（end-to-end）完成品的產能大約剩下 1.8 吉瓦，而且我們可以把它拉升（ramp up）。所以我們談的就是那個約 1.8 吉瓦。我們正在——把決策先保留，等待第 232 條的結果。

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行（Wells Fargo）。

Maybe just going back to Section 232. Obviously, there's a lot in play, and I recognize that. But we've heard and you mentioned the potential for waivers or quotas being allowed for certain domestic cell producers that could exempt them from some of these policy changes. I guess I'm just curious, conceptually, from your perspective, if some of these waivers are granted, do you think that could mute some of the price upside from Section 232? Or do you still see a constructive supply/demand set up? Just trying to think conceptually, how you think about that.

我想再回到第 232 條。顯然有很多變數在運作中，我也理解這點。但我們聽到、而你也提到，可能會允許對某些國內電池（cell）生產商提供豁免或配額，讓他們得以免於部分政策變更的影響。我想問的是，從概念上、以你們的角度來看，如果真的核准了部分豁免，你認為這會不會削弱第 232 條帶來的部分價格上行空間？或者你仍然認為供需格局會是建設性的？只是想從概念上理解你們如何看待這件事。

I mean, obviously, any modifications versus a 100% restriction will create some potential dilutive impact to the strategic incentive to 232. It also depends on if there is a waiver or some type of quota of some type. I mean, how big is it? Does it scale down over time? I mean, is it something that as it looked at it initially? And then that will walk down to maybe complete elimination of it.

我的意思是，很明顯，相較於100%限制的任何修改，都可能對第232條的策略性誘因造成一些潛在的稀釋影響。這也取決於是否有豁免或某種形式的配額之類的安排。我的意思是，規模有多大？會不會隨時間逐步縮小？我的意思是，這是否是當初一開始看起來的那種安排？然後再逐步下調，最後可能完全取消。

So it's hard to give you a great insight to the impact. Clearly, we're not -- we're advocating to try to minimize any of those impacts and as well as they should only be a limited duration to the extent that they're enabled or allowed in all. We really want to create a domestic supply chain. And any type of workarounds that you get will disincentivize the investments that need to be made here in the US, right, to scale up those capabilities that -- and I think it's much easier for people to understand the policy environment certainty versus creating uncertainty by waivers of forwards and those types of things that they can create.

所以很難給你一個很精準的影響洞見。很明確地，我們並不是——我們是在倡議盡量把這些影響降到最低，而且即便在某種程度上被啟用或允許，也應該只限於有限的期間。我們真的希望建立一條國內供應鏈。而你所得到的任何形式的繞道作法，都會削弱在美國本土必須進行的投資誘因，對吧，用以擴大那些能力——而且我認為，讓大家理解政策環境的確定性要容易得多；相較之下，透過豁免、前瞻性安排以及那些可能造成不確定性的做法，只會製造不確定性。

So we'll have to wait and see. We're firm in our position that we don't believe that they should be allowed, but we'll have to see how the final outcome is.

所以我們得等著看。我們在立場上很堅定：我們不認為應該允許這些作法，但我們還是得看最終結果會是什麼。

And there's some history here, too. If you look back at the Section 201 tariffs and the exemption was put in face-by-facial technology. It was clear that, that exemption effectively gutted that provision. So I think the administration has seen how those exemptions can effectively underline what they're trying to do. If there's a belief that the 232 provides a need around the national security interest, it doesn't make a lot of sense to have a carve-out or a quota piece associated with a national security interest provision.

而且這裡也有一些歷史可循。如果你回頭看第201條關稅，當時針對「面對面技術」設了豁免。很明顯，那個豁免實際上把那項條款的效果掏空了。所以我認為政府已經看過，這些豁免如何會實質上削弱他們想要達成的目標。如果相信第232條是基於國家安全利益的需要，那麼在一項與國家安全利益相關的條款上再設置例外或配額，並不太合理。

Got it. That makes sense. And then if we say that Section 232 goes through, you get some kind of reasonable outcome, positive outcome. You kind of mentioned that there's 4 gigawatts. It sounds like 4 gigawatts plus of kind of pending deals for the second half.

了解。這很有道理。那如果我們假設第232條確實通過，而且你們得到某種合理的結果、正面的結果。你剛剛提到大約有4吉瓦。聽起來下半年還有4吉瓦以上、某種程度上仍在洽談中的交易。

But do you get the sense that there's more demand sitting on the sidelines that's waiting for policy clarity? And once we get clarity, you could see that number move up significantly higher?

但你是否覺得還有更多需求在觀望、在等待政策明朗？一旦有了明確性，你可能會看到那個數字大幅往上走？

And then just a point of clarification. I guess, again, if Section 232 goes through, you get a good outcome. On the Southeast Asia capacity, would you bring that volume into the US as finished products? Or would you -- would it come through as unfinished, and you would expand your US finishing line?

另外再釐清一點。我想，再次，如果第232條通過而且結果不錯。針對東南亞的產能，你們會把那個量以成品形式輸入美國嗎？還是——會以未完成品進來，然後你們擴充美國的後段加工（finishing）產線？

So I guess, on the 232, and I'll let Alex take the other question around how we think through Southeast Asia and whether it comes in has finished or partially finished in order to expand capacity for finishing here in the US, I'll let Alex take that one.

所以我想，關於232的部分——至於另一個問題，也就是我們如何看待東南亞，以及是以成品或半成品進口、以便在美國擴大後段加工產能——我讓Alex來回答。

The -- there are clearly are customers that are sitting on the sidelines. There is absolutely no doubt about that. And even some of these, that will -- even some of the stuff subject to CP is somewhat tethered to posting a security. So one of the challenges that, especially as you get longer dated in terms of contracting some of this volume -- and we are really trying to enforce having cash and liquid security against new bookings. That's been a priority of ours.

——確實有客戶在觀望。這點毫無疑問。甚至其中一些——甚至有些受CP約束的事項，在某種程度上也與提供擔保（posting a security）綁在一起。所以其中一個挑戰是，特別是當你在合約期限拉得更長、去簽下部分量的合約時——我們真的在強化：針對新的訂單（new bookings）必須有現金與高流動性的擔保。這一直是我們的優先事項。

In some cases, some of the counterparties can't post to the required security now, but working towards having that available, and makes sense that the security as opposed have been and kind of closes out of some of the CPs. So that's a piece of it.

在某些情況下，有些交易對手目前無法提供所要求的擔保，但他們正在努力讓擔保到位；而以擔保的方式——相對於過去的做法——也有助於把部分CP事項結清。所以這是其中一部分。

But there's clearly people sitting on the sidelines, waiting to see what happens. We have a couple of counterparties that are they're hedging their way. And they know that the risk is the ASPs may go up. But at this point in time, they're trying to wait and see how it plays out. And again, kind of a conversation last time are the quotas or not and what are the options they have and so forth.

但很明顯有人在觀望，等著看會發生什麼。我們有幾個交易對手正在用避險的方式來應對。他們知道風險在於平均銷售價格（ASPs）可能會上升。但在目前這個時間點，他們想先觀望事情會如何發展。而且同樣地，有點像上次的對話：到底會不會有配額、有哪些選項等等。

So that's all in is in the mix right now. And as we've always said, the best thing for this industry is we just have clarity and certainty. 232, we just really need a decision on that because we can all understand how we move forward.

所以這些現在都在同時發酵。而且我們一直說，對這個產業最好的事情就是有清楚與確定性。對於232，我們真的需要一個決定，因為這樣我們才能都理解接下來要如何往前走。

As it relates to what we could do with the Southeast Asia facilities, we could bring fully finished product in subject of demand and pricing in the US It's not only a function of where the 232 sits, it's also a function of where other tariff provisions sits. So right now, we have a Section 301 that's just gone into effect replacing the Section 122 tariffs that were in effect to the first half of this year. Those relate to forced labor. There is still risk around 301 related to excess capacity.

至於我們能如何運用東南亞的設施，我們可以視美國的需求與價格，把完全成品輸入美國。這不只是取決於232的狀態，也取決於其他關稅條款的狀態。所以目前，我們有一個第301條，剛剛生效，取代了今年上半年生效的第122條關稅。那些與強迫勞動有關。而且第301條在「產能過剩」相關議題上仍然存在風險。

So that investigation is ongoing. Pending the outcome of that obviously will determine what the total tariff impact could be then to product coming in from Malaysia, Vietnam. We could bring some of it in as semi-finished WIP share product and finish it in our existing US facilities. There's a limited amount, probably in the couple of hundred-megawatt range of incremental capacity in our finishing lines across existing fleet in Ohio.

所以那項調查仍在進行中。其結果顯然將決定，從馬來西亞、越南進口的產品，總體關稅影響可能會是多少。我們也可以把其中一部分以半成品的在製品（WIP）形式進口，並在我們現有的美國設施完成後段加工。在俄亥俄州現有廠群的後段加工產線上，可增加的產能有限，大概是數百MW等級的增量。

So we could do a little bit of that. But it's not effective to run Malaysia at lower throughput as you're seeing with the underutilization costs we're having this year. So really, what we're looking for is an ability to run that factory at close to full capacity.

所以我們可以做一點。但讓馬來西亞以較低的產出運轉並不划算，正如你今年看到我們承擔的產能利用不足成本。所以我們真正想要的是，能讓那座工廠接近滿載運轉的能力。

So then either it's selling fully finished international product, subject to where tariffs end up, or there is the potential to build another finishing line in the US that's subject again to finding available site with power and the time it would take to build that out. So I think that's less likely, but it is still an option.

因此，要嘛是銷售完全成品的海外產品——取決於關稅最後落在哪裡——要嘛也有可能在美國再建一條後段加工產線；但這同樣取決於能否找到具備電力的可用場址，以及建置所需的時間。所以我認為那種情況比較不可能，但仍然是一個選項。

Julien Dumoulin-Smith, Jefferies LLC.

Julien Dumoulin-Smith，Jefferies LLC。

Quickly, actually to follow up on that last line of thinking on bookings. How to think about the Safe Harbor having played into the latest quarter here? Obviously, July 4 being a relevant threshold. And also, again, that being a leading indicator for future sales into the later part of the decade, how are you thinking about that? Obviously, that's a big part of your open book. What are you thinking in terms of having Safe Harbor go over your initial customer conversations?

很快地，其實是延續你剛剛那條關於訂單（bookings）的思路。要如何看待「安全港」（Safe Harbor）在本季最新季度中所扮演的角色？很顯然，7月4日是一個相關的門檻。另外，同樣地，作為未來十年後段銷售的領先指標，你們怎麼看這件事？顯然，這是你們未結訂單（open book）的一大部分。就Safe Harbor在你們最初與客戶的對話中，你們是怎麼思考它的影響？

And then as a follow-up, on what you were just alluding to there. Can you elaborate a little bit more around the permutations and the time line for that remaining piece in Southeast Asia? I know it's a little bit of just an extension of the logic you were just delineating there. But can you expand a little bit on the time line? It sounds like it's not that far off that you make a decision.

然後作為追問，關於你剛剛提到的那點。你能否再多談一點，關於東南亞剩餘那一部分的各種可能組合（permutations）以及時間表？我知道這有點只是延伸你剛剛闡述的邏輯。但你能否再多說一些時間表？聽起來你們做決定的時間點應該不會太遠。

Let me put it more bluntly.

讓我講得更直白一點。

Maybe I'll just take that one. On the Southeast Asia, we're really waiting for the outcome of the 232. We would expect to evaluate that and have a view shortly thereafter. It doesn't necessarily mean that we will have an immediate action plan that relates to, say, a shutdown or a full capacity. But once we have a sense of where the policy is, it allow us to evaluate it.

也許我就先回答這一題。關於東南亞，我們確實在等待 232 的結果。我們預期在那之後不久就會進行評估並形成看法。這不一定代表我們會立刻有一個行動方案，例如停產或滿載生產。但一旦我們掌握政策走向，就能據此進行評估。

It will take a little bit of time, though, we want to make sure whatever policy comes through, we understand it, and our customers also have a chance to evaluate it, and we can have discussions around whether there's a view of long-term offtake potential from those facilities.

不過這會需要一點時間；我們想確保無論最後出來的是什麼政策，我們都能理解，而我們的客戶也有機會評估，並且我們可以就這些設施是否具備長期承購（offtake）潛力的看法進行討論。

Yes. And then on the -- I just want to make sure a couple of things. The bookings that we're reporting most of the bookings that we recorded 1.9 of US volume, I think almost all of that was outside of the quarter close. So most of that happened in July, which would also been outside of the Safe Harbor date.

是的。另外，關於——我只是想確認幾件事。我們所揭露的訂單（bookings），我們記錄的美國量 1.9（我想是 1.9 的美國出貨量/訂單量），幾乎全部都發生在季度結束之後。所以大多是在 7 月發生的，這也會是在 Safe Harbor 日期之外。

And most -- everyone has Safe Harbor with transformers. There's really no Safe Harbor. I know there was a -- I don't know, it was like maybe 10 days left in the quarter where there was a ruling that was made that the decision that came out in August of the prior year, where it said that you eliminated the ability to use modular 5% CapEx rule to Safe Harbor. There was a ruling, but 1 of the courts that came out, I think, I don't know, somewhere like June 20 at that was hardly any time less than the quarter. In that theory you could use, assuming that, that wasn't challenged that you could use modules to potentially Safe Harbor projects.

而且大多數——每個人在變壓器（transformers）上都有 Safe Harbor。其實並沒有真正的 Safe Harbor。我知道曾經有——我不確定，大概是在季度剩下約 10 天時，有一項裁定指出：前一年 8 月出來的那個決定，已經取消了使用模組化 5% 資本支出（CapEx）規則來取得 Safe Harbor 的能力。有一個裁定，是某個法院在大概 6 月 20 日左右作出的，那距離季度結束幾乎沒有多少時間。在那個理論下，你可以使用模組來讓專案可能符合 Safe Harbor，前提是那個裁定沒有被挑戰。

But I mean, that was really not an opportunity. It just happened way too late. And most of that already safe harbored with the inverters -- or transformers, excuse me, anyways. But as you go forward, it is an important component, especially for anything that was safe harbored the first half of this year with the ability to COD them out in 2030, there are stricter requirements from a FEOC standpoint at the project level that has to be met that I think positions us well to serve that demand as you get out into '29 and '30 for when those products most likely could be commissioned.

但我的意思是，那其實不是什麼機會。發生得太晚了。而且大多數其實已經用逆變器——或變壓器，抱歉——總之已經完成 Safe Harbor 了。但往後看，這是一個重要的組成部分，特別是對於今年上半年已取得 Safe Harbor、且可在 2030 年前完成商轉（COD）的項目，在專案層級從 FEOC 的角度會有更嚴格的要求必須滿足；我認為這讓我們在 2029、2030 年、也就是那些產品最可能被併網投運（commissioned）的時點，能更好地服務那個需求。

Plus, the other thing I would say is we are seeing -- there's a lot of kind of rigid interpretations a little bit. And there are some people that are interpreting that even if something with Safe Harbor, let's say, in the second half of '25, that if you do anything with a change order or assuming it was something from a MSA to a PAPO or until a PAPO, First Solar, excuse me, is actually generated, you have to always be mindful of is there a restriction that you could have to comply with from a foreign entity perspective. So there's a lot of very conservative, which is right. People want to be airtight and not taking any risk to jeopardize their either ITC or PTC. I think there's a view towards maybe being overly conservative, advice they're getting from tax counsel and others.

另外我想說的是，我們看到——有很多相當嚴格的解讀。有些人解讀為：即使某件事已取得 Safe Harbor，假設是在 2025 年下半年，如果你做任何變更單（change order），或假設是從 MSA 變成 PAPO，或直到 PAPO、First Solar（抱歉）實際生成之前，你都必須時刻留意：從外國實體（foreign entity）的角度，是否存在你必須遵循的限制。所以有很多非常保守的做法，而這是對的。大家希望滴水不漏，不冒任何風險去危及他們的 ITC 或 PTC。我認為有一種傾向是可能過度保守，這是他們從稅務法律顧問等那裡得到的建議。

And I think that's, if I was in their situation, I clearly would do that as well. I don't want to put anything at risk. So there's that Safe Harbor and those requirements under 40AD as it relates to FEOC's restrictions or requirements, I think will continue to play well for us as we look to book out through the end of this decade.

我想如果我是他們，我也一定會這麼做。我不想讓任何事情承擔風險。因此，這個 Safe Harbor 以及 40AD 之下與 FEOC 限制或要求相關的那些規定，我認為在我們展望把訂單簿排到本十年末時，仍會對我們有利。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

Just wanted to follow up on the 232, specifically on timing. We've been thinking it's August, but we've seen a bunch of delays. The issue is if it slips past August, then we go into September, and then that gets closer to the midterms, then there's a chance that decision could push on that. Are they still August? (technical difficulty) has shared that from an authorization standpoint --

我想追問一下 232，特別是時間點。我們一直認為會在 8 月，但我們看到一連串延遲。問題是如果拖過 8 月，就進入 9 月，然後就更接近期中選舉，那就有可能決策會因此被往後推。他們仍然是 8 月嗎？(technical difficulty) 從授權的角度已經分享了--

Phil, we're really having a hard time. You're breaking up.

Phil，我們真的聽得很吃力。你的聲音斷斷續續。

Is it better?

這樣比較好嗎？

Again, because it was really hard to get that.

再說一次，因為剛才真的很難聽清楚。

So talking about the 232 -- is it all much better? Okay. Anyway, we've been thinking it's August, but there's a stat the 232 come out in September or beyond. (technical difficulty) I have the policy 232 front and center. So what's your view, based on the folks that you guys are in touch with, that this should be August? Do you think there's a greater probability that this could slip into the fall, or even beyond?

所以在談 232——現在好很多嗎？好。總之，我們一直認為是 8 月，但也有一種說法是 232 會在 9 月或更晚才出來。(technical difficulty) 我把 232 政策放在最優先的位置。所以根據你們接觸到的人士，你們的看法是應該會在 8 月嗎？你覺得更大的機率是會拖到秋季，甚至更晚嗎？

So I think I got the question. Look, we share -- look, there's -- I know there's a lot that's in the mix and what the administration is trying to evaluate when this is implemented, and we also want to make sure they do -- and what is implemented achieves the strategic intent and the spirit of what it was set out to do.

我想我理解你的問題。你看，我們也同樣——我知道目前有很多因素在交織，政府正在評估在實施時機上的各種面向；我們也希望他們——以及最後實施的內容——能達成其策略意圖與當初設定的精神。

So we are patient. We continue to be engaged. We are anxious as well as you are and others. And as I indicated, the industry really needs the certainty of understanding. I can't give you any level of conviction maybe more than what you have right now.

所以我們保持耐心。我們持續參與溝通。我們也跟你以及其他人一樣焦急。而如我所說，產業確實需要確定性，才能理解到底會怎麼做。我沒辦法給你比你現在掌握的更高程度的把握。

We are still getting signaled that decisions will be made. There are meetings that are being had that would indicate they're close to making a decision.

我們仍然收到訊號，表示決策會做出。也有一些會議正在進行，顯示他們接近做出決定。

But we also want to make sure that it is done right. And so to give you some sense of my level of confidence in August or whether it waits until September, I can't really give you a strong view on that. I can just tell you we want this to be implemented with the achieving strategic intended spirit of what it was set out to do. And that's the most important thing, and we're going to continue to be engaged with the administration to ensure that, that happens.

但我們也希望確保事情做對。因此，要我就 8 月的信心程度、或是否會等到 9 月，給出很強的看法，我做不到。我只能說，我們希望它的實施能達成其策略意圖與當初設定的精神。那是最重要的事；我們也會持續與政府保持互動，確保這件事發生。

Colin Rusch, Oppenheimer & Co.

Colin Rusch，Oppenheimer & Co.。

Guys, are there opportunities for you to reduce input costs on the US manufacturing? And can you talk a little bit about the supply chain and how that's evolving? I know you had some discussions with glass makers around a capacity expansion and the capital needs that they have, but just curious about how you might look at that trend on a multiyear basis?

各位，你們在美國製造端是否有機會降低投入成本？也能否談談供應鏈以及它如何演變？我知道你們曾與玻璃製造商討論過擴產以及他們所需的資本投入，但我想了解你們如何以多年期的角度看待這個趨勢？

Yes. Colin, I mean, it's challenging. We're still in this -- especially in the US, as you see more reshoring, pressure on commodities, the data center is being built out. I mean, things, obviously, as you would expect, steel, aluminum, a little bit of copper. We don't use silver, but obviously, our competitors do.

是的。Colin，我的意思是，這很具挑戰性。我們仍處在這樣的環境——尤其在美國，隨著更多製造回流（reshoring），大宗商品承受壓力，資料中心也在擴建。我的意思是，事情顯然如你所預期，鋼、鋁，還有一點銅。我們不使用白銀，但顯然我們的競爭對手會用。

I mean, there's just a lot of pressure. Those -- but you can look at fuel costs, you can look at what's happened in the Middle East, and I see that as more transitory in nature. And they once that's resolved, and I think we'll see much more competitive fuel prices and what have you. The electricity prices and some of the locations in which we operate, and we're dealing with some of those same adverse impacts that others are. So we're in a pretty challenging rising commodity cost environment.

我的意思是，壓力確實很大。那些——不過你可以看看燃料成本，也可以看看中東發生的事情，而我認為那在本質上比較偏向短期因素。而一旦那件事解決了，我想我們會看到更具競爭力的燃料價格等等。電力價格以及我們營運的一些地點，我們也正面臨與其他人相同的一些不利影響。所以我們正處於一個相當具挑戰性的、商品成本上升的環境中。

Now are we able to do things like drive more throughput through our operations? Absolutely, we're focusing on continuing to do that. Are we finding ways to create further automation and capabilities that can reduce labor costs? So there's levers that we're focused on. There's some redesign of the product that we're looking at and trying to take cost out of the back rails of the frame.

那麼我們是否能做一些事情，例如讓我們的營運提高更多的產出量（throughput）？當然可以，我們正專注於持續推進這件事。我們是否在尋找方法，進一步導入自動化與能力以降低勞動成本？所以我們正聚焦在一些槓桿上。我們也在看一些產品重新設計，嘗試從框架的背軌（back rails）把成本降下來。

We continue to look at glass and thickness and other things that we could do from that standpoint. But it's a pretty challenging environment from a commodity cost standpoint. And our ability to get a lot of both that I think is probably 1 of the most challenging times that we've been in. Now I will say that when you look at it on the cost per watt, not necessarily our cost per module, the great thing about CuRe is that we have the opportunity to drive the efficiency up. So as we drive the efficiency up as we go from kind of where we are right now and add another 10, 15, 20, 30 watts, that will help the CPW numbers, right, cost per watt.

我們也持續從玻璃、厚度以及其他面向去看有哪些事情可以做。但就商品成本而言，這是一個相當具挑戰性的環境。而我們在取得大量供應方面的能力，我認為這可能是我們所經歷過最具挑戰的時期之一。不過我會說，當你從每瓦成本（cost per watt）來看，而不一定是我們每片模組的成本時，CuRe 的優勢在於我們有機會把效率往上拉。因此，當我們提升效率、從目前的水準再增加 10、15、20、30 瓦時，這會改善 CPW 指標，也就是每瓦成本。

Which is important, right? You didn't need to drive that number down. And then the ASP, the value uplift because of the energy attributes and the higher efficiency of CuRe that, that drives to an entitlement for higher ASPs and the like. So that's what we're focused on, and we're never going to give up on the input cost. We got to do the best we can to get cost out, but it is a pretty challenging environment right now.

這很重要，對吧？你確實需要把那個數字降下來。另外，ASP（平均售價）方面，因為 CuRe 的能量屬性與更高效率所帶來的價值提升，會支撐我們有權利（entitlement）取得更高的 ASP 等等。所以這就是我們正在聚焦的方向，而我們也絕不會放棄在投入成本上的努力。我們必須盡最大努力把成本降下來，但目前確實是一個相當具挑戰性的環境。

I'd also say there's the potential to use the balance sheet to work with suppliers who are looking at expansion or needing funding. This an option there we could try and leverage our position of financial strength to get forward pricing that makes more sense that has to be done in the right risk premium risk profile.

我也想說，還有一個可能性是運用資產負債表，去與那些正在擴產或需要資金的供應商合作。這是一個選項：我們可以嘗試運用我們的財務實力，取得更合理的遠期定價；但這必須在正確的風險溢酬與風險輪廓下進行。

And then the other thing I'd say is outside of just billed material costs. Obviously, we're having a challenging time around period costs going from cost per watt produced over the cost per watt what sold. So again, we're seeing freight challenges as it relates to cost of trucking. And I think I mentioned in the prepared remarks that we're seeing costs now to deliver product from Perrysburg over to the West Coast of the US, they're equivalent of delivering product from Asia to West Coast of the US So we continue to look how we can optimize our domestic transport routes, freight, and try and ultimate between factories so that we can reduce those costs to grow as possible.

另外我想說的是，除了單純的材料成本之外。很明顯地，我們在期間費用方面也面臨挑戰，因為每瓦生產成本與每瓦銷售成本之間出現落差。所以同樣地，我們在運輸方面也看到挑戰，尤其是卡車運輸成本。我想我在事先準備的發言中提到，我們現在把產品從 Perrysburg 運到美國西岸的成本，已經相當於從亞洲運到美國西岸的成本。因此我們持續檢視如何優化國內運輸路線、貨運安排，以及最終在工廠之間的調度，以便盡可能降低這些成本。

Corinne Blanchard, Deutsche Bank.

Corinne Blanchard，德意志銀行。

I actually wanted to come back on the last question regarding M&A, and I think you just added a little bit to it. But can you explain a little bit, what you -- what are you targeting with the current balance sheet that you have? And can't help feel like you were mentioning that you could use M&A to maybe help manage the input cost. But where else do you see maybe an option or a possibility for First Solar?

我其實想回到上一個關於併購（M&A）問題，我想你剛剛也補充了一點。但你能否再多解釋一下，你——你在目前這個資產負債表狀況下，鎖定的目標是什麼？而且我不禁覺得你提到你可能可以用併購來協助管理投入成本。但除此之外，你還在哪些地方看到 First Solar 可能的選項或機會？

So when we talk about uses of cash, M&A is something that's been on the list for us for a long time. Generally, we focus more on the working capital reserve piece and then growing capacity and replicating technology. That's where the company has been, if you look over the last decade or so.

所以當我們談到現金用途時，併購一直是我們清單上的項目，而且已經很久了。一般而言，我們更聚焦在營運資金準備（working capital reserve）這一塊，然後是擴充產能與複製技術。如果你回顧過去十年左右，這就是公司主要的方向。

We've also put more money into R&D. And I think when you think about M&A, the obvious area for us to expand into would be do we spend more on and technology adjacent things, which could either be companies, it could be buying teams, it could be buying intellectual property, anything that could accelerate the technology transition we see going forward as we invest a lot into potential perovskite development. So I think there's options there.

我們也投入更多資金在研發（R&D）。而我認為當你想到併購時，對我們而言最明顯的擴張方向會是：我們是否要在與技術相鄰（technology adjacent）的領域投入更多，可能是公司、可能是收購團隊、可能是收購智慧財產權——任何能加速我們所看到的技術轉型的事物，尤其是我們正大量投資於潛在的鈣鈦礦（perovskite）開發。所以我認為那裡有一些選項。

We're also taking a look at things that are adjacent to the technology, but we want to do it with a disciplined focus around where do we see opportunities where we have a skill set that we can bring. So it's something where we look at our strength in high-volume thin film manufacturing and very high throughput efficiency. How can we leverage that set of skills and take it into an adjacent product, but also look at the overall market environment we're playing in.

我們也在檢視一些與技術相鄰的事物，但我們希望以有紀律的方式聚焦：我們在哪裡看到機會，而我們又能帶來哪些技能組合。因此我們會看我們在高產量薄膜製造以及非常高的產出效率方面的優勢。我們如何運用這套技能，把它帶到相鄰的產品上，同時也要看我們所處的整體市場環境。

We compete in a challenging industry where the vast majority of our competitors are Chinese and tend to play by a different set of rules. As we think about how we could move into adjacent areas across M&A, I want to evaluate what does the competitive landscape look like? What is the market that we will be accessing look like? What does the policy environment look like?

我們在一個具挑戰性的產業中競爭，我們的競爭對手絕大多數是中國公司，而且往往遵循不同的一套規則。當我們思考如何透過併購進入相鄰領域時，我想評估競爭格局長什麼樣子？我們將要進入的市場會是什麼樣子？政策環境又是什麼樣子？

So we are starting to look through that. Clearly, given our position in the industry, a lot of stuff comes across our desk and has done over the last 10 years or so. We haven't done a lot on the M&A side. So we are more willing to do that. We're more open to it, but we want to make sure we do it with a disciplined focus.

所以我們正開始逐一檢視這些。很明顯地，鑑於我們在產業中的地位，過去十年左右有很多案子會送到我們桌上。我們在併購方面做得不多。因此我們現在更願意去做。我們對此更開放，但我們要確保以有紀律的聚焦來執行。

We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.

問答環節到此結束。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。