晶科能源 (JKS) 2022 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for JinkoSolar Holding Co. Limited Second Quarter 2022 Earnings Conference Call.

你好，女士們，先生們。感謝您等待晶科能源控股有限公司 2022 年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, today's conference call is being recorded. I would like to now turn the meeting over to your host for today's call, to Ms. Stella Wang, JinkoSolar's Investor Relations. Please proceed, Stella. Over to you.

提醒一下，今天的電話會議正在錄音中。我現在想將會議轉交給今天的主持人，晶科能源投資者關係部的 Stella Wang 女士。請繼續，斯黛拉。交給你。

Thank you, operator. Thank you, everyone, for joining us today for JinkoSolar's Second Quarter 2022 Earnings Conference Call. The company's results were released earlier today and available on the company's IR website at www.jinkosolar.com as well as on Newswire services.

謝謝你，接線員。感謝大家今天參加晶科能源 2022 年第二季度收益電話會議。該公司的業績今天早些時候發布，可在公司的投資者關係網站 www.jinkosolar.com 以及 Newswire 服務上查閱。

We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website. On the call today from JinkoSolar are Mr. Xiande, Chairman of the Board of Directors and Chief Executive Officer of JinkoSolar Holding Co., Ltd; Mr. Gener Miao, Chief Marketing Officer of JinkoSolar Co., Ltd; Mr. Pan Li, Chief Financial Officer of JinkoSolar Holding Co., Ltd; and Mr. Charlie Cao, Chief Financial Officer of JinkoSolar Co., Ltd.

我們還為今天的財報電話會議提供了補充演示文稿，也可以在 IR 網站上找到。晶科能源今天接聽電話的是晶科能源控股有限公司董事長兼首席執行官先德先生；晶科能源首席營銷官苗根先生；晶科能源首席財務官潘力先生；以及晶科能源首席財務官曹查理先生。

Mr. Li will discuss JinkoSolar's business operations and company highlights; followed by Mr. Miao, who will talk about the sales and marketing; and then Mr. Pan Li, who will go through the financials. They will all be available to answer your questions during the Q&A session that follows. Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

李總將討論晶科能源的業務運營和公司亮點；接下來是苗先生，他會講銷售和營銷；然後是潘力先生，他將通過財務。在隨後的問答環節中，他們都可以回答您的問題。請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。

Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today. Further information regarding this and other risks is included in JinkoSolar's public filings with the Securities and Exchange Commission.

前瞻性陳述涉及固有風險和不確定性。因此，我們未來的結果可能與今天表達的觀點大不相同。有關此風險和其他風險的更多信息包含在晶科能源向美國證券交易委員會提交的公開文件中。

JinkoSolar does not assume any obligation to update any forward-looking statements except as required under the applicable law. It's now my pleasure to introduce Mr. Li Xiande, Chairman and CEO of JinkoSolar Holding. Mr. Li speak in Mandarin, and I will translate his comments into English. Please go ahead, Mr. Li.

除適用法律要求外，晶科能源不承擔更新任何前瞻性陳述的義務。現在很高興向大家介紹晶科能源董事長兼CEO李顯德先生。李先生說普通話，我會把他的評論翻譯成英文。請繼續，李先生。

(foreign language)

（外語）

[Interpreted] We had a good quarter and a difficult market conditions. Total solar shipments in the second quarter were 10.5 gigawatts. Module shipments in the second quarter were 10.2 gigawatts up roughly 27% sequentially, and total revenues were USD 2.81 billion, up 27.6% sequentially.

[解釋] 我們有一個良好的季度和艱難的市場條件。第二季度太陽能總出貨量為 10.5 吉瓦。第二季度組件出貨量為 10.2 吉瓦，環比增長約 27%，總收入為 28.1 億美元，環比增長 27.6%。

This upstream costs continue to rise. We actively worked to control internal costs through technical advancements and process improvement, which partially offset the impact of higher upstream costs on our profitability.

這使得上游成本不斷上升。我們通過技術進步和流程改進積極控制內部成本，部分抵消了上游成本上升對盈利能力的影響。

Gross margin was 14.7%, relatively flat compared with the first quarter. Excluding the impact of the convertible senior notes and the share-based compensation expenses, adjusted net income in the second quarter was USD 55 million, improving sequentially.

毛利率為14.7%，與第一季度相比基本持平。剔除可轉換優先票據和股權激勵費用的影響，第二季度調整後淨利潤為5500萬美元，環比改善。

(foreign language)

（外語）

[Interpreted] Driven by accelerating energy condition in several countries and the business as well as the energy supply prices caused by the Russia-Ukraine conflict. Demand for solar products has exploded in many markets.

[解讀] 受多個國家能源狀況和商業加速以及俄烏衝突導致的能源供應價格上漲的推動。許多市場對太陽能產品的需求呈爆炸式增長。

According to the statistics and analysis of China's Platform's Export Data by [Infolink], China's export of modules in the first half of the year reached 8.7 gigawatts, a year-over-year increase of around 2%. Exports to Europe reached a total of 42.4 gigawatts of PV modules, a year-over-year increase of 137%. Demand in the China market was also strong during the first half, Solar PV installations in China reached 7.9 gigawatts a year-over-year increase of 136%.

據【Infolink】對中國平台出口數據的統計分析，上半年中國組件出口達到8.7吉瓦，同比增長2%左右。對歐洲的光伏組件出口總量達到42.4吉瓦，同比增長137%。上半年中國市場的需求也很強勁，中國太陽能光伏裝機量達到 7.9 吉瓦，同比增長 136%。

Given this better-than-expected growth in demand release, the polysilicon production came up short and was further aggravated by a newer maintenance programs and power rationing and anti-pandemic restrictions in certain regions of China.

鑑於需求釋放的增長好於預期，多晶矽產量出現短缺，並因中國某些地區更新的維護計劃以及限電和抗疫限製而進一步加劇。

As a result, polysilicon prices rose continuously and reached a recent high of RMB 310 per kilogram, sending module prices higher. Regular discussions with our clients indicated that some of them found higher module prices to negatively affect project yields and, as a result, some demand slowed down.

受此影響，多晶矽價格持續上漲，達到每公斤310元的近期高位，帶動組件價格走高。與我們客戶的定期討論表明，他們中的一些人發現更高的組件價格會對項目產量產生負面影響，因此，一些需求放緩。

We believe polysilicon prices will continue to increase and reach the reach their peak in the third quarter. Then as polysilicon production ramps up in the fourth quarter, polysilicon price increases are expected to moderate, driving a recovery of downstream demand.

我們認為多晶矽價格將繼續上漲，並在第三季度達到峰值。然後隨著第四季度多晶矽產量的增加，預計多晶矽價格上漲將放緩，推動下游需求復蘇。

(foreign language)

（外語）

[Interpreted] Recently, the local government of Sichuan province has imposed the province wide power rationing measures and the production capacity of our manufacturing facilities in Sichuan province has been temporarily affected.

【解讀】近期，四川省地方政府實施了全省限電措施，我司在四川的生產設施產能暫時受到影響。

We are currently unable to evaluate the extent to which our business operations and financial performance for full year 2022 will be affected by the power rationing measures in Sichuan province.

我們目前無法評估我們 2022 年全年的業務運營和財務業績將在多大程度上受到四川省限電措施的影響。

As it remains uncertain how long the power rationing measures will persist and when our manufacturing facilities can resume for our production. We actively monitoring the situation and has implemented various measures to minimize the adverse impact from the power rationing on our business operations and financial performance, including, but not limited to, having our other manufacturing facilities assume more production and actively communicating with the local government about power supply-related matters.

由於仍不確定限電措施將持續多久，以及我們的製造設施何時可以恢復生產。我們積極監控情況並採取了各種措施，以盡量減少限電對我們的業務運營和財務業績的不利影響，包括但不限於讓我們的其他製造設施承擔更多生產，並積極與當地政府溝通關於電源相關事宜。

We also flexibly adjusted module production volume and shipment plan in order to meet delivery to our clients.

我們還靈活調整模塊生產量和出貨計劃，以滿足客戶的交付需求。

(foreign language)

（外語）

[Interpreted] In the second quarter, the proportion of large size capacity increased sequentially, further improving our integrated structure. The 16 gigawatts of TOPCon cell capacity, that started production at the beginning of the year, reached full production at the end of the second quarter with the mass production efficiency of over 24.8% and yield rates and integrated costs in line with our expectations.

【解讀】二季度，大容量佔比環比提升，綜合結構進一步優化。年初投產的16吉瓦TOPCon電池產能，二季度末達到滿產，量產效率超過24.8%，良率和綜合成本符合我們的預期。

We recently started production at an additional 8 gigawatts of N-type cell capacity in Hefei and commenced the construction of another production project with 11 gigawatts of N-type cell capacity in Haining. The increase in our in-house high-efficient capacity ratio will continuously improve our competitiveness.

我們最近在合肥開始了另外 8 吉瓦 N 型電池產能的生產，並開始在海寧建設另一個 11 吉瓦 N 型電池產能的生產項目。內部高效產能率的提升將不斷提升我們的競爭力。

(foreign language)

（外語）

[Interpreted] As an industry pioneer embracing the TOPCon technology, we have recently achieved the key technology breakthroughs in the currently selected TOPCon technology roles that we believe we have created an entry barrier related to core process and technology with industry-leading mass production efficiency, yield rate and cost levels.

【解讀】作為擁抱TOPCon技術的行業先行者，我們近期在目前選定的TOPCon技術角色中實現了關鍵技術突破，我們相信我們以行業領先的量產效率創造了與核心工藝和技術相關的進入壁壘，良率和成本水平。

We believe TOPCon is currently the high-efficiency cell with the greatest value for commercialization, mass production in the post-pandemic era and has relatively ample development opportunities. We will continue to maintain our leading position through technical iterations.

我們認為TOPCon是目前後疫情時代最具商業化、量產價值的高效電池，具有相對充足的發展機會。我們將通過技術迭代繼續保持領先地位。

(foreign language)

（外語）

[Interpreted]

[解釋]

Our N-type modules continue to be well received by global customers. And so far, we have high visibility in our order books. Compared with P-type products, N-type products command a competitive premium as a result of improved technical parameters and additional power generation gain.

我們的 N 型模塊繼續受到全球客戶的好評。到目前為止，我們在訂單簿中的知名度很高。與P型產品相比，N型產品由於技術參數的改進和額外的發電增益而具有競爭優勢。

We are confident that we will complete our 4-year N-type shipment goal. In addition, considering the release of new capacity in 2023 and the increase in marketing penetration, we expect that the proportion of N-type shipments to further increase.

我們有信心完成我們 4 年的 N 型出貨目標。此外，考慮到2023年新增產能的釋放以及市場滲透率的提升，我們預計N型出貨佔比將進一步提升。

(foreign language)

（外語）

[Interpreted] In view of the current and expected supply chain and market conditions, we have adjusted our capacity expansion phase for wafer cell and module for the rest of this year. And as a result, we are currently expecting the annual production capacity for mono wafer cells and modules to reach 55 and 65 gigawatts, respectively, by the end of 2022.

【解讀】鑑於當前和預期的供應鍊和市場情況，我們調整了今年剩餘時間矽片電池和組件的產能擴張階段。因此，我們目前預計到 2022 年底，單晶矽片電池和組件的年產能將分別達到 55 吉瓦和 65 吉瓦。

(foreign language)

（外語）

[Interpreted] Before turning over to Gener, I would like to go over our guidance for the first quarter of 2022. We expected that the total shipments to be in the range of 9 to 10 gigawatts for the third quarter this year and we reiterate our total shipments of 35 to 40 gigawatts for the full year of 2022.

[解釋] 在轉交給 Gener 之前，我想回顧一下我們對 2022 年第一季度的指導。我們預計今年第三季度的總出貨量將在 9 到 10 吉瓦之間，我們重申我們的2022 年全年的總出貨量為 35 至 40 吉瓦。

Thank you, Mr. Li. Total solar shipment in second quarter was 10.5 gigawatts, of which over 97% were module shipments, up nearly 27% quarter-over-quarter and double year-over-year. Since the Russia-Ukraine conflict, global energy transformation accelerated and showed strong growth momentum, especially in Europe.

謝謝李老師。第二季度太陽能總出貨量為 10.5 吉瓦，其中組件出貨量超過 97%，環比增長近 27%，同比增長近一倍。俄烏衝突以來，全球能源轉型加速並呈現強勁增長勢頭，尤其是在歐洲。

In second quarter, our shipments in European market grew steadily and the proportion of shipments in Europe remains high, reaching 25% to 30% range. In China, the distributed generation business demonstrated strong momentum. Newly added installation in China in the first half grew remarkably by 136% year-over-year.

第二季度，我們在歐洲市場的出貨量穩步增長，在歐洲的出貨量佔比依然很高，達到了25%到30%的區間。在中國，分佈式發電業務發展勢頭強勁。上半年中國新增裝機量同比顯著增長136%。

In second quarter, our shipment to the Chinese market grew exceptionally year-over-year, more than doubling sequentially. Our shipments to emerging markets also registered stable sequential growth. While demand was strong, we also noticed that some potential challenges.

第二季度，我們對中國市場的出貨量同比增長異常，環比增長了一倍多。我們對新興市場的出貨量也錄得穩定的環比增長。雖然需求強勁，但我們也注意到一些潛在的挑戰。

For example, demand in some European countries for the second half is expected to slow down sequentially as a result of the problems affecting the logistics chain. And some of our domestic clients are waiting to fully access the impact from continuous rise in supply chain costs.

例如，受物流鏈問題影響，預計歐洲部分國家下半年需求將環比放緩。我們的一些國內客戶正在等待充分了解供應鏈成本持續上升的影響。

In addition, the execution of some large-scale utility projects might be delayed to 2023 due to issues with grid connection and power transmission. Taking these challenges into considerations, we have been adjusting our geo-positioning basis as well as our sales and project timing strategy while keeping in close communication with our clients.

此外，由於電網連接和電力傳輸問題，一些大型公用事業項目的執行可能會推遲到 2023 年。考慮到這些挑戰，我們一直在調整我們的地理定位基礎以及我們的銷售和項目時間策略，同時與我們的客戶保持密切溝通。

So far, both our contract signing and the execution are maintained at satisfactory levels. In U.S. market, tightened supply chain tracking through dampened demand in the short term. In the long run, with the President Biden's express executive order to spur clean energy manufacturing and recently passed the inflation reduction tax of 2022, which includes booked USD 369 billion in climate and energy-related funding.

到目前為止，我們的合同簽訂和執行都保持在令人滿意的水平。在美國市場，短期內需求減弱，收緊了供應鏈跟踪。從長遠來看，拜登總統明確行政命令以刺激清潔能源製造業，並於近期通過了 2022 年的通脹減免稅，其中包括預定 3690 億美元的氣候和能源相關資金。

We expect the demand remains positive. In order to improve our resilience to risk, we will continue to closely monitor market and the quality developments, adjust the production and the marketing strategies accordingly, and to further strengthen our overseas supply chain and the global sales and marketing network.

我們預計需求仍然是積極的。為提高我們的風險抵禦能力，我們將繼續密切關注市場和質量發展，相應調整生產和營銷策略，進一步加強我們的海外供應鍊和全球營銷網絡。

The proportion of large-sized product shipments gradually increased to nearly 90% in the second quarter, further optimizing our product structure. Shipments through distribution channels, where growth in demand is strong, accounted for nearly 50%, with shipments through distribution channels in European and some APAC market accounting for more than half.

二季度大尺寸產品出貨佔比逐步提升至近90%，產品結構進一步優化。需求增長強勁的分銷渠道出貨量佔比接近50%，其中歐洲和部分亞太市場分銷渠道出貨量佔比過半。

Tiger Neo modules continue to be acclaimed by clients all over the world with high order book visibility and pricing premiums in line with our expectations. We estimate that Tiger Neo shipments for the full year of 2022 will reach approximately 10 gigawatts.

Tiger Neo 模塊憑藉高訂單可見度和符合我們預期的定價溢價繼續受到全球客戶的好評。我們估計，2022 年全年 Tiger Neo 的出貨量將達到 10 吉瓦左右。

The transformation to clean energy is now resettable trend and with the need for energy security. Global PV demand is expected to achieve rapid growth this year. Nevertheless, some markets are experiencing temporary pain this year due to the invisible short-term volatility that comes with rapid growth.

向清潔能源轉型現在是可重新調整的趨勢，並且需要能源安全。預計今年全球光伏需求將實現快速增長。儘管如此，由於快速增長帶來的無形的短期波動，今年一些市場正在經歷暫時的痛苦。

As the market continues to adjust, we remain optimistic about global PV development. We do provide a various view of materials and variance based on Tiger Neo to cater to diversified client needs in different countries. We expected to achieve shipment growth that exceed market growth, further increasing our competitiveness in global markets. With that, I will turn the call over to Pan.

隨著市場持續調整，我們對全球光伏發展保持樂觀。我們確實提供了基於 Tiger Neo 的各種材料和差異視圖，以滿足不同國家/地區的多樣化客戶需求。我們預計出貨量增長將超過市場增長，進一步提高我們在全球市場的競爭力。有了這個，我會把電話轉給潘。

Thank you, Gener. For second quarter of 2022, both solar module shipments and total revenue increased significantly year-over-year. Nevertheless, gross margin relatively flat with first quarter and decreased the year-over-year due -- primarily. Due to an increase in the material cost of solar modules due to significant increase in the company's stock price in the second quarter, we recognized a loss from a change in fair value of the convertible senior notes of USD 80 million in this second quarter.

謝謝你，傑爾。 2022年第二季度，太陽能組件出貨量和總收入均同比大幅增長。儘管如此，毛利率與第一季度相對持平，主要是同比下降。由於第二季度公司股價大幅上漲導致太陽能組件材料成本增加，我們在第二季度確認可轉換優先票據公允價值變動損失8000萬美元。

Excluding the impact of the convertible senior notes and the share-based compensation expenses, adjusted net income attributable to the JinkoSolar Holding Co., Ltd. ordinary shareholders in the second quarter was USD 55 million, improving sequentially. Let me go into more details.

剔除可轉換優先票據和股權激勵費用的影響，第二季度調整後歸屬於晶科能源普通股股東的淨利潤為5500萬美元，環比改善。讓我詳細介紹一下。

Total revenue was $2.8 billion, at about 27 percentage sequentially and a significant increase of 137 percentage year-on-year. Gross margin was 14.7 percentage compared with 15.1 percentage in the first quarter and 17.1 percentage in the second quarter last year.

總收入為 28 億美元，環比增長約 27%，同比大幅增長 137%。毛利率為 14.7%，而去年第一季度為 15.1%，第二季度為 17.1%。

Total operating expenses were $457 million, up 40 percentage sequentially. The increase is -- will mainly attributed to an increase in shipping costs for solar modules, an increase in disposal and impairment loss on property, plant and equipment, and an increase in share-based compensation expenses.

總運營費用為 4.57 億美元，環比增長 40%。增加主要是由於太陽能組件的運輸成本增加，物業、廠房和設備的處置和減值損失增加，以及股權補償費用增加。

Total operating expenses accounted for about 16 percentage of total revenues in the second quarter, up from about 15 percentage in the first quarter and 13 percentage in the second quarter last year. EBITDA was $186 million compared with $126 million in the first quarter this year.

第二季度總運營費用佔總收入的比例約為 16%，高於去年第一季度的約 15% 和第二季度的 13%。 EBITDA 為 1.86 億美元，而今年第一季度為 1.26 億美元。

Excluding the impact from a change in fair value of the notes and the share-based compensation expenses, adjusted net income attributed to the JinkoSolar Holding Co., Ltd. ordinary shareholders was $55 million, improving sequentially.

剔除票據公允價值變動和股權激勵費用的影響，調整後歸屬於晶科能源普通股股東的淨利潤為5500萬美元，環比改善。

Due to the continued appreciation of the U.S. dollar against RMB, we realized a net foreign exchange gain, including change in fair value of foreign exchange derivatives of approximately $34 million in the second quarter this year compared with a net gain of $12 million in the first quarter.

由於美元兌人民幣持續升值，我們實現了外匯淨收益，包括今年第二季度外匯衍生品公允價值變動約 3400 萬美元，而第一季度淨收益為 1200 萬美元四分之一。

Moving on to the balance sheet. At the end of the second quarter, the company had cash and cash equivalents of [$2.15 net billion] slightly down from $2.66 billion at the end of the first quarter and up from $1 billion at the end of the second quarter last year.

轉到資產負債表。在第二季度末，該公司的現金和現金等價物為 [21.5 億美元淨額]，略低於第一季度末的 26.6 億美元，高於去年第二季度末的 10 億美元。

AR turnover days were 69 days in the second quarter compared with 66 days in the first quarter. Inventory turnover days were 104 days in the second quarter compared with 117 days in the first quarter.

第二季度應收賬款周轉天數為 69 天，而第一季度為 66 天。第二季度庫存周轉天數為 104 天，而第一季度為 117 天。

Total debt was $3.8 billion at the end of the second quarter, down sequentially from $4.3 billion. Net debt was $1.7 billion compared with $1.6 billion at the end of the first quarter this year. This concludes our prepared remarks. We're now happy to take your questions. Operator, please proceed.

第二季度末總債務為 38 億美元，低於上一季度的 43 億美元。淨債務為 17 億美元，而今年第一季度末為 16 億美元。我們準備好的評論到此結束。我們現在很高興回答您的問題。接線員，請繼續。

(Operator Instructions)

（操作員說明）

First question of today we have from Lawrence Sun from ROTH Capital Partners.

今天的第一個問題來自 ROTH Capital Partners 的 Lawrence Sun。

This is Lawrence Sun on behalf of Philip Shen. I was wondering if we could get some more color on the Sichuan power shutoff. Specifically, from what we gathered, JinkoSolar is about 18 gigawatts of new capacity in Sichuan? It's about like half of your total capacity. So given that you've shut down for about 10 days, would that be an estimated 5% of Q3 in grid capacity offline so far?

我是代表 Philip Shen 的 Lawrence Sun。我想知道我們是否可以在四川斷電時獲得更多顏色。具體來看，晶科能源在四川新增產能約18吉瓦？這大約是您總容量的一半。因此，鑑於您已經關閉了大約 10 天，到目前為止，這是否會是第三季度離線電網容量的 5%？

Yes. So thinking about the impact from the China Sichuan province power cuts, the impact, right, for the full production from our factories in -- for the wafers, and it's a progressive impact, right, for Sichuan province. And we reach it because of the, I think, the drought compared to power cuts. And it did have, I think the 10 days to 15 days impact for our wafer capacities and -- which is roughly 25 gigawatts and -- 25 gigawatts for annual capacities.

是的。所以想想中國四川省停電的影響，對我們工廠全面生產的影響——對於晶圓，這是一個漸進的影響，對，四川省。我認為，與停電相比，乾旱是因為我們實現了這一目標。它確實有，我認為 10 天到 15 天對我們的晶圓產能產生影響，大約 25 吉瓦和 25 吉瓦的年產能。

So converting into monthly production, it's 2 gigawatts a month. So we estimate a rough -- is around 700 megawatts impact and -- for the wafer. But we have global -- let's say, we have 4 factories for the wafer in different ratings, including 3 factories in China.

所以換算成月產量，就是每月 2 吉瓦。所以我們估計一個粗略的 - 大約是 700 兆瓦的影響 - 對於晶圓。但是我們有全球性的——比方說，我們有 4 家不同等級的晶圓工廠，包括 3 家在中國的工廠。

So we try to maximize the production from our wafer capacities, our ratings. So from management teams, we try to minimize the impact and they did have some impact from the production side and our cost side in the third quarter.

因此，我們試圖通過我們的晶圓產能和評級來最大限度地提高產量。因此，從管理團隊來看，我們試圖將影響降到最低，他們確實在第三季度對生產方面和我們的成本方面產生了一些影響。

Okay. So -- I believe the impact to cost side -- would there be any impact from purchase of external wafers in order to meet your shipment guidance? If so...

好的。那麼——我相信對成本方面的影響——為了滿足你們的出貨指導，購買外部晶圓會產生任何影響嗎？如果是這樣...

Yes. I think no because -- if you look at our guidance, which is 9 gigawatts to 10 gigawatts, we have taken into -- this situation in consideration. So it's -- we don't have plan to purchase the wafer from third party.

是的。我認為不會，因為如果你看一下我們的指導，即 9 吉瓦到 10 吉瓦，我們已經考慮到了這種情況。所以它是 - 我們沒有計劃從第三方購買晶圓。

Okay. So would it be safe to say the leading indicator for recovery in TOPCon is the recovery water levels? You guys are mostly driven by hydro power, right?

好的。那麼，是否可以肯定地說 TOPCon 中恢復的領先指標是恢復水位？你們大多是由水力驅動的，對吧？

Yes. It's already in recovery stage standards. And it's getting better, particularly in addition to this. And our capacity are expected to -- basically for capacity in the next couple of days.

是的。它已經處於恢復階段標準。而且它正在變得更好，尤其是除此之外。我們的產能預計將——基本上是未來幾天的產能。

Okay. That's really great to hear. I had another set of questions on -- you previously said -- earlier in the call, you touched on it, tightened supply chain tracing, does that have to do with the U.S. LPA?

好的。聽到這真是太好了。我有另一組問題——你之前說過——在電話會議的早些時候，你談到了它，加強了供應鏈追踪，這與美國 LPA 有關係嗎？

And if it is related to the U.S. LPA, could you please help us quantify the number of gigawatts that you've maybe shifted from shipping into the U.S. towards you or other countries?

如果它與美國 LPA 有關，您能否幫助我們量化您可能從運往美國或其他國家/地區的千兆瓦數量？

Yes, I think we are preparing this traceability topic not only for U.S. market, but also for other markets as well. We have recent months or quarters, we have intensively getting inquiry from different countries or different customer about traceability topics, right?

是的，我認為我們不僅為美國市場準備了這個可追溯性主題，還為其他市場準備了這一主題。我們最近幾個月或幾個季度，我們密集地收到來自不同國家或不同客戶的關於可追溯性主題的詢問，對吧？

That's why we believe in the future, we have to prepare the capability of creating traceability of the product, including the polysilicon and some other key material has a necessary step for the future, right?

所以我們相信在未來，我們要準備好創造產品可追溯性的能力，包括多晶矽和其他一些關鍵材料對未來有必要的一步，對吧？

I think that includes the U.S. market. For U.S. market itself, we are still working hard together with the CVP and our consultant to make truce, right? So currently, the customer clearance is not that most as usual, especially under U.S. LPA. So we have to work on lots of details to make it happen, and we are working hard on it.

我認為這包括美國市場。對於美國市場本身，我們仍在與CVP和我們的顧問一起努力休戰，對吧？因此，目前，客戶清關並不像往常那樣，尤其是在美國 LPA 下。所以我們必須在很多細節上努力才能實現它，我們正在努力。

Okay. Could I just get a little bit more on the -- you said it's not smooth, right? So for what type of modules is it not smooth? Is it German poly, Southeast Asian modules; China poly, Southeast Asian modules; U.S. poly, Southeast Asian modules; or all? Just a little bit more color on that.

好的。我可以再多說一點——你說它不流暢，對吧？那麼對於什麼類型的模塊不流暢呢？是德國聚、東南亞模組嗎？華聚、東南亞組件；美國poly、東南亞組件；還是全部？只是多一點顏色。

Well let's say, based on what our knowledge -- based on our knowledge and awareness, I don't see there's any difference between China polysilicon or European polysilicon or American polysilicon, right? So we have to provide the right documents to meet the requirement from CBP officials.

好吧，比方說，根據我們的知識-根據我們的知識和意識，我看不出中國多晶矽或歐洲多晶矽或美國多晶矽之間有什麼區別，對嗎？因此，我們必須提供正確的文件以滿足 CBP 官員的要求。

Okay. One last question before I hand it off. What's the utilization rate of your Southeast Asian facilities? Can you keep it at around the same level by shifting module shipments to other countries? And what's the rough, like, mix, please?

好的。在我交出它之前的最後一個問題。你們東南亞設施的利用率是多少？通過將模塊出貨量轉移到其他國家，您能否將其保持在同一水平？什麼是粗糙的，比如，混合，好嗎？

Yes. Obviously, so we have to look into the different part across the whole value chain, right? For the upper stream wise like the wafer and cell, I think, is in short term supply there seems a pull of demand, not only for U.S. market, but also for the other market, right?

是的。顯然，所以我們必須研究整個價值鏈的不同部分，對吧？對於像晶圓和電池這樣的上游，我認為，短期供應似乎有需求拉動，不僅對美國市場，對其他市場也是如此，對吧？

And for the module side, since it's targeting the U.S. market, we have to be very careful to -- about the traceabilities. We won't ship or we won't manufacture the product if we cannot guarantee the traceabilities in the right place.

而對於模塊方面，由於它的目標是美國市場，我們必須非常小心——關於可追溯性。如果我們不能保證在正確位置的可追溯性，我們將不會發貨或不會生產產品。

(Operator Instructions)

（操作員說明）

Next, we have Alan from Jefferies.

接下來，我們有來自 Jefferies 的 Alan。

So my first question is about -- what is the expectation or the current situation of the TOPCon products? And what is the premium out there like? Is it USD 0.01 or USD 0.015 compared to PERC?

所以我的第一個問題是——TOPCon 產品的預期或現狀是什麼？那裡的溢價是多少？與 PERC 相比，是 0.01 美元還是 0.015 美元？

Yes. Firstly, about the product itself. I think the anti-TOPCon product that we call Tiger Neo is highly competitive compared with the standard PERC product, right? I think it's based on the 72 pieces product. Tiger Neo is almost 20-watt peak higher than the standard product, which also take the other features like the degradation and et cetera.

是的。首先，關於產品本身。我認為我們稱之為Tiger Neo的抗TOPCon產品與標準PERC產品相比具有很強的競爭力，對吧？我認為它是基於 72 件產品。 Tiger Neo 的峰值比標準產品高出近 20 瓦，同時還具有退化等其他特性。

So definitely, it's generating extra benefit for the customer end and bring additional value to the project side or to the installations of solar system. That's why we kept getting the premium from the market.

因此，毫無疑問，它為客戶帶來了額外的利益，並為項目方或太陽能係統的安裝帶來了額外的價值。這就是為什麼我們不斷從市場上獲得溢價。

Currently, the premium we are expecting or we are looking at is around $0.01 to $0.015 range. Sometimes it's up to $0.02, but let's say, the broader range, it will be $0.01 to $0.015.

目前，我們預期或正在關注的溢價在 0.01 美元至 0.015 美元之間。有時最高可達 0.02 美元，但假設範圍更廣，它將是 0.01 美元到 0.015 美元。

And so it's actually pretty decent. So when it comes to production cost perspective, so -- have we already achieved cost parity versus PERC in terms of the production cost of TOPCon? And what is the current yield like right now?

所以它實際上相當不錯。那麼，從生產成本的角度來看，就 TOPCon 的生產成本而言，我們是否已經實現了與 PERC 的成本平價？現在的收益率是多少？

In the second quarter, the TOPCon capacity is in the right hand stage and our R&D and the operational team is working very hard to improve the output efficiencies and -- as well as the cost.

在第二季度，TOPCon 產能處於右側階段，我們的研發和運營團隊正在努力提高產出效率和成本。

And right now, the integrated cost of the TOPCon, the modules, compared to the traditional P-type modules, it's -- the difference is within the range of lower than RMB 0.05.

而目前，TOPCon模組的綜合成本，與傳統的P型模組相比，相差在0.05元以下。

And our plan is we continue to improve the cost structures and we target by the end of this year, and the TOPCon integrated cost could reach to the same level of the PERC by the end of this year.

我們的計劃是繼續優化成本結構，我們的目標是到今年年底，到今年年底TOPCon綜合成本可以達到PERC的水平。

Understood. So that will -- in fact, it means that you will have same cost and then you will make an extra $0.01 or $0.015 of net profit on top of PERC, right?

明白了。所以這將 - 事實上，這意味著您將擁有相同的成本，然後您將在 PERC 之上額外獲得 0.01 美元或 0.015 美元的淨利潤，對嗎？

Yes, you're right. We did -- when we see the TOPCon modules, we did have the premium and -- Gener mentioned. And the cost structure, we need to work continuously and to improve, and it's good on the track. And we expect and we -- our target is by the end of this year, it could be reached the same level.

你是對的。我們確實 - 當我們看到 TOPCon 模塊時，我們確實有溢價，而且 - Gener 提到了。而成本結構，我們需要不斷努力和改進，而且在正軌上是好的。我們期望並且我們 - 我們的目標是到今年年底，它可以達到相同的水平。

Understood. And just another question is about -- what is your view on one of the major polysilicon player who is entering into the module space? So this is one of the hottest topics in the market. So what is your view on this?

明白了。另一個問題是——您對進入模塊領域的主要多晶矽廠商之一有何看法？因此，這是市場上最熱門的話題之一。那麼您對此有何看法？

And -- I think there is a very big market. Even for the existing market, the market goes straight in the next decades. And -- if you look at the top 5 companies, module companies, the market share now is 60%, 65%. There are a lot of Tier 2, 3 companies.

而且——我認為有一個非常大的市場。即使對於現有市場，市場在未來幾十年內也會直線上升。而且——如果你看看前5名的公司，模塊公司，現在的市場份額是60%、65%。有很多Tier 2、3公司。

They are taking 30%, 35% market share. And if you look at the growth rate, we expect 30% in the next couple of years. So we believe this is a lot of potential room for the, let's say, the big players to penetrate the markets.

他們佔據了 30%、35% 的市場份額。如果你看一下增長率，我們預計未來幾年將達到 30%。因此，我們相信這對於大玩家來說有很大的潛在空間來滲透市場。

And -- but the module, the business is not purely on production side, and we built this business for over 10 years. It is more likely in a global manufacturing and global marketing, sales, bankability and strong sales relationship with customers. So we -- what we are doing is we continue to solidify our strong branding, marketing and product competitiveness.

而且——但是模塊，業務並不純粹是在生產方面，我們建立這項業務已有 10 多年的時間。它更有可能在全球製造和全球營銷、銷售、可融資性和與客戶的強大銷售關係中。所以我們——我們正在做的是繼續鞏固我們強大的品牌、營銷和產品競爭力。

So -- also like to know the management has also mentioned the Inflation Reduction Act in the U.S. And one of the key incentives in the ages of course is the subsidies of the any installation. But also there are product subsidies on building factories in the U.S. So would like to know, is JinkoSolar is considering further expansion into U.S. in terms of factories?

所以 - 還想知道管理層也提到了美國的《通貨膨脹減少法》。當然，在這個時代的主要激勵措施之一是任何安裝的補貼。但是在美國建廠也有產品補貼。那麼想知道，晶科能源是否考慮在工廠方面進一步向美國擴張？

Yes. I think it's a very hot topic. And the IRA, the -- to be effective in the U.S. starting from next year, and it did provide a lot of subsidies from manufacturing in the U.S. And we already had a very small module capacity, it's 400 megawatts, which will be ineligible for the incentive.

是的。我認為這是一個非常熱門的話題。 IRA，從明年開始在美國生效，它確實提供了很多來自美國製造的補貼。我們已經有一個非常小的組件容量，它是 400 兆瓦，這將沒有資格激勵。

And for the expansion topic, and we are in the early stage to further evaluations, but I think it's -- we expect there will be more local U.S.-based local capacities in the next couple of years, given the strong support from the IRA policies. But we're at the early stage of evaluations.

對於擴展主題，我們處於進一步評估的早期階段，但我認為，鑑於愛爾蘭共和軍政策的大力支持，我們預計未來幾年將有更多的美國本土能力.但我們正處於評估的早期階段。

Understood. So I think my last question is, what is the -- your outlook on the solar installation in this year and next year, and -- probably in 2022 through 2025, the global installation and a brief breakdown if you may provide.

明白了。所以我認為我的最後一個問題是，你對今年和明年的太陽能裝置的展望是什麼，以及——可能在 2022 年到 2025 年，全球裝置和簡要細分（如果你可以提供的話）。

Yes. We estimate roughly 250 megawatts -- or gigawatts installations this year. And next year, given the bottleneck of the polysilicon will be gone, and we expect a strong growth in China, U.S. as well as the European market, and we estimate roughly 25% 30% the market growth next year.

是的。我們估計今年大約有 250 兆瓦或千兆瓦的安裝量。而明年，鑑於多晶矽的瓶頸將消失，我們預計中國、美國和歐洲市場將出現強勁增長，我們預計明年市場增長約為 25% 30%。

Understood. So that's more than 300 gigawatts? Probably we are talking about like 300 to 320 gigawatts, right?

明白了。那麼超過300吉瓦？可能我們談論的是 300 到 320 吉瓦，對吧？

Yes. In general, I think we are optimistic, not because the polysilicon is at a very high level. It did delay, particularly the utility scale projects in China, and as well as in other regions. So given the next year, more volume input, and we expect the installation will be at a very quick speed.

是的。總的來說，我認為我們是樂觀的，並不是因為多晶矽處於非常高的水平。它確實推遲了，尤其是在中國以及其他地區的公用事業規模項目。所以考慮到明年，更多的體積輸入，我們預計安裝速度會非常快。

So which the company will benefit from the strong demand and also the upside of the TOPCon product, and I will leave to some of your other investors.

因此，公司將受益於強勁的需求以及 TOPCon 產品的上行空間，我將留給你們的其他一些投資者。

(Operator Instructions)

（操作員說明）

We have question from Rajiv Chaudhri from Sunsara Capital.

我們有來自 Sunsara Capital 的 Rajiv Chaudhri 的問題。

Actually, I have a few questions. The first one is just on the model. As I look at the unit shipments that you had in the second quarter and compare them to the unit shipments in the first quarter, it seems that your average price realized per module went down quarter-to-quarter and quite significantly by almost -- by about $0.01 or maybe more than $0.01. Can you explain why that would be happening in an environment where prices in general were stable or up?

其實我有幾個問題。第一個只是在模型上。當我查看您在第二季度的單位出貨量並將它們與第一季度的單位出貨量進行比較時，您的每個模塊實現的平均價格似乎逐季度下降，並且幾乎顯著下降 -大約 0.01 美元或超過 0.01 美元。您能解釋一下為什麼在價格總體穩定或上漲的環境中會發生這種情況嗎？

Sorry, are you asking about the Q1, Q2 ASP changes?

抱歉，您問的是 Q1、Q2 ASP 的變化嗎？

Yes.

是的。

I think according to our data, the Q1, Q2 price are pretty close for -- Q2 average prices has a very tiny job compared with Q1 ASPs, mainly is because in some historical orders, we have to execute it, which is lower than market price. The rest are pretty normal. So -- in our view, we believe the quarterly ASP are staying in market condition. There's no big changes on that.

我認為根據我們的數據，Q1、Q2 價格非常接近——Q2 平均價格與 Q1 ASP 相比有很小的工作量，主要是因為在一些歷史訂單中，我們必須執行它，這低於市場價格。其餘的都很正常。所以——在我們看來，我們認為季度平均售價保持在市場狀態。這方面沒有什麼大的變化。

Yes. I mean, just based on the revenues and the unit shipments, it looked like the average selling price in the first quarter was around $0.284 and the second quarter was around $0.272. So that looks like a pretty decent drop. But you are saying that some of it was because of legacy shipments at a lower price? Are those legacy shipments behind you or these -- sorry.

是的。我的意思是，僅根據收入和單位出貨量，第一季度的平均售價約為 0.284 美元，第二季度約為 0.272 美元。所以這看起來是一個相當不錯的下降。但你是說其中一些是因為舊貨以較低的價格發貨？是那些遺留在你身後的貨物還是這些——對不起。

No. Let me correct you on this. So the revenues including many factors, right, not only module revenues. Even module revenues are the majority of it, but we're still including other parts included in the revenue. That's why you cannot use the revenue to divide the shipment to have ASPs, that's not accurate enough.

不，讓我糾正你。所以收入包括很多因素，對，不僅僅是模塊收入。甚至模塊收入也是其中的大部分，但我們仍然包括收入中包含的其他部分。這就是為什麼你不能用收入來劃分出貨量來獲得平均售價，這不夠準確。

I see I think there's an additional factor is maybe the RMB depreciation and you use the U.S. dollar, there's maybe reflecting as well as second quarter, China is taking more portion. But again, the ASP is stable and the second quarter is slightly a little bit down, a very small.

我看我認為還有一個額外的因素可能是人民幣貶值，而你使用美元，這可能是反映以及第二季度，中國正在佔據更多份額。但同樣，ASP 穩定，第二季度略有下降，非常小。

Yes. Okay. Sorry, I understand. So along the same lines, can you give us some feeling for what the ASP will be in the third quarter and the fourth quarter for the year?

是的。好的。對不起，我明白了。那麼按照同樣的思路，你能給我們一些關於今年第三季度和第四季度 ASP 的感覺嗎？

Yes. For the third quarter, the ASP will be as stable as the first quarter and second quarter. So the fourth quarter, even it has not been fully closed, but we are still closely monitoring the market situation, but we are expecting markets prices as upward.

是的。第三季度的平均售價將與第一季度和第二季度一樣穩定。所以第四季度，即使它還沒有完全關閉，但我們仍在密切關注市場情況，但我們預計市場價格會上漲。

You're expecting fourth quarter to be flat also?

你預計第四季度也會持平嗎？

Yes, more or less flat. But since it's still far away from the fourth quarter, so there are still unknown factors to factor in so we don't have any disclosure on the fourth quarter ASPs. But my personal expectation will be the first quarter -- the fourth quarter ASP, the market price will be more or less stable compared with Q3.

是的，或多或少是平坦的。但由於距離第四季度還有很遠，所以還有一些未知因素需要考慮，所以我們沒有任何關於第四季度平均售價的披露。但我個人的預期是第一季度——第四季度的ASP，市場價格與Q3相比或多或少會穩定。

And another question is on the stock-based compensation. Can you quantify roughly how much it is per quarter? And what it was in the second quarter? And how is it expected to trend in the third and fourth quarters?

另一個問題是基於股票的薪酬。你能粗略地量化每季度多少錢嗎？第二季度是什麼情況？第三季度和第四季度的走勢如何？

Okay. The stock-based compensation, we -- the company granted in the first quarter, second quarter. It's a one-off item. And given in the future, we expect the amount will be very small. And for the second quarter, the exact amount, you can calculate because we have disclosed adjusted net income which is $55 million.

好的。以股票為基礎的薪酬，我們——公司在第一季度、第二季度授予。這是一次性物品。並且在未來，我們預計金額將非常小。對於第二季度，您可以計算出確切的金額，因為我們已經披露了調整後的淨收入為 5500 萬美元。

And including the convertible bonds and stock-based compensation, I think it's roughly, I think, $20 million or $25 million, but you can do the calculation.

包括可轉換債券和基於股票的薪酬，我認為大概是 2000 萬美元或 2500 萬美元，但你可以計算一下。

So $20 million, $25 million. And you're saying that in the third and fourth quarter, that number is going to go down?

所以2000萬美元，2500萬美元。你是說在第三和第四季度，這個數字會下降嗎？

Yes, will -- very small -- will be very small in future. Yes.

是的，將——非常小——將來會非常小。是的。

Okay. So the shipment costs on a per watt basis, did the shipment costs go up quarter-to-quarter on a per watt basis?

好的。那麼每瓦特的運輸成本，每瓦特的運輸成本是否逐季度上升？

Yes, shipment cost is at high level. I think it's roughly USD 0.015 to USD 0.02 per watt. And quarter-by-quarter, it's relatively stable. And the shipping costs will maintain, I think, we're at a high level, but given more mix to China in the second half of the year, blended will be lower in the second quarter. Next year, we expect -- given the global economies were weak, and we expect next year, the ship logistics will be -- costs will be in a downward trend.

是的，運輸成本很高。我認為大約是每瓦 0.015 美元到 0.02 美元。而且每個季度都比較穩定。我認為，運輸成本將保持在較高水平，但考慮到下半年中國更多混合，第二季度混合將更低。明年，我們預計——鑑於全球經濟疲軟，我們預計明年，船舶物流將——成本將呈下降趨勢。

Okay. And can you also tell us what the depreciation and CapEx numbers were for the second quarter? And what your expectation is for the full year now?

好的。您能否告訴我們第二季度的折舊和資本支出數字是多少？你現在對全年的期望是什麼？

First, for CapEx. And the first -- in the first half of this year, it's reached $1.4 billion, and -- for the full year, we forecast it still remains on USD 3 billion.

首先，對於資本支出。第一個 - 在今年上半年，它達到了 14 億美元，而且 - 全年，我們預測它仍將保持在 30 億美元。

And depreciation?

和折舊？

Depreciation, I think, it's very roughly -- per watt basis, it's roughly -- I think per watt basis is RMB 0.05 to RMB 0.06 per watt. So it's roughly RMB 55 million to RMB 60 million for second quarter.

折舊，我認為，非常粗略——每瓦特，大致是——我認為每瓦特為每瓦人民幣 0.05 至 0.06 元人民幣。所以第二季度大約是5500萬元到6000萬元人民幣。

Okay. And the final question is on the polysilicon business. As you know, the polysilicon gross margins are right now in excess of 70%. And even though they will come down as prices come down, the expectation is that the polysilicon business will maintain gross margins that are maybe 35% or 40%, much higher than the module business.

好的。最後一個問題是關於多晶矽業務。如您所知，多晶矽目前的毛利率超過 70%。即使價格下降，它們也會下降，但預計多晶矽業務的毛利率將保持在 35% 或 40% 左右，遠高於組件業務。

Canadian Solar has expressed an intention to get into the polysilicon business. Do you have any thoughts about getting into the polysilicon business yourselves?

阿特斯太陽能表示有意進入多晶矽業務。您對自己進入多晶矽行業有什麼想法嗎？

Polysilicon, it's a bottleneck in recent 2 years. But next year, for sure, the supplies were sufficient and it's in a downward trend. So from the polysilicon side, we don't believe it's a bottleneck for our business in the future.

多晶矽，是近兩年的瓶頸。但明年，可以肯定的是，供應充足，而且呈下降趨勢。所以從多晶矽方面來看，我們認為這不會成為我們未來業務的瓶頸。

And we are -- our supply chain team is doing is we partnership with a leader of the polysilicon producers and design the long-term, the polysilicon supply contract -- and as well as we invest a minority investor, we invest to companies as minority interest and to strengthen our relationship for the top polysilicon supplier. So we don't have a plan, let's say, to do the business of the polysilicon so far.

我們是——我們的供應鏈團隊正在做的是，我們與多晶矽生產商的領導者合作，並設計長期的多晶矽供應合同——除了我們投資少數投資者，我們還以少數投資者的身份投資於公司興趣並加強我們與頂級多晶矽供應商的關係。因此，到目前為止，我們還沒有計劃開展多晶矽業務。

Okay. And my final question is about storage. Can you give us an update on what you are doing in the service space? What sort of orders and revenues and feedback you are looking from the marketplace?

好的。我的最後一個問題是關於存儲的。您能否向我們介紹一下您在服務領域所做的工作？您從市場上尋找什麼樣的訂單、收入和反饋？

Well, the storage business is still in the early stage. We believe it's not the right time to talk about it. And we will share our strategy and our plan once it is ready, right? Thank you for your question.

那麼，存儲業務還處於早期階段。我們認為現在不是談論它的合適時機。一旦準備好，我們將分享我們的戰略和計劃，對嗎？謝謝你的問題。

It's next Gary Zhou from Crédit Suisse .

下一個是瑞士信貸的 Gary Zhou。

So I have 3 questions. So firstly, on the module shipment, so just wondering if the company has a breakdown for our module shipment for this year for the China market and overseas market. And if possible, can we talk a little bit on the unit profit difference between China domestic sales versus overseas module sales?

所以我有3個問題。所以首先，關於模塊出貨量，所以想知道公司是否有我們今年在中國市場和海外市場的模塊出貨量的明細。如果可能的話，我們能否談談中國國內銷售與海外組件銷售的單位利潤差異？

And second question is on the TOPCon. So I noticed that some of our competitors, they also have some TOPCon capacity coming out in the first quarter this year. So just wondering, do we believe this USD 0.01 to USD 0.015 ASP premium can be maintained going forward? And also comparing our TOPCon product versus peers, do we -- so can management talk about what's the advantage of our product?

第二個問題是關於 TOPCon。所以我注意到我們的一些競爭對手，他們今年第一季度也有一些 TOPCon 產能出來。所以只是想知道，我們是否相信這種 0.01 美元至 0.015 美元的平均售價溢價可以維持下去？並且還將我們的 TOPCon 產品與同行進行比較，我們是否 - 管理層可以談論我們產品的優勢是什麼？

And lastly, a quick question on the polysilicon side. So basically, the near-term polysilicon price is still high, probably supported by the Sichuan kind of a supply disruption. But just wondering if the management has a view at what time or which months can we kind of start to see the polysilicon price to drop?

最後，關於多晶矽方面的一個快速問題。所以基本上，近期多晶矽價格仍然很高，可能是受到四川供應中斷的支撐。但只是想知道管理層是否有意見，我們可以在什麼時間或幾個月開始看到多晶矽價格下跌？

Thank you. There's a lot of questions. I will try to cover it as much as I can, right? So firstly, about geographic mix. For the full year, we are expecting the China and the Europe market are the 2 largest contributors to JinkoSolar's shipment for the full year, and -- which accounted around 25% to 30%.

謝謝你。有很多問題。我會盡量覆蓋它，對吧？首先，關於地理組合。全年，我們預計中國和歐洲市場是晶科能源全年出貨量的兩大貢獻者，佔 25% 至 30% 左右。

And followed by the emerging markets, which will be contributing -- we are expecting contributing between 20% to 25%. And the APAC market will be around to 15% to 20%. And the rest will followed by other markets, including North America and the Middle East, Africa, et cetera, right?

其次是新興市場，它們將做出貢獻——我們預計貢獻在 20% 到 25% 之間。而亞太市場將在 15% 到 20% 左右。其餘的市場將緊隨其後，包括北美和中東、非洲等，對吧？

And the second question about this Tiger Neo N-type product premium, but the way we are pricing the product is to sharing the benefit together with the customer is not a competitive -- competition for, let's say, gaining negotiation is really a benefit sharing model, which means that approximately, as I say, around -- by using Tiger Neo N-type products, the customers' project can get additional benefit of around $0.025 to $0.03 per watt.

第二個問題是關於這款 Tiger Neo N 型產品溢價，但我們定價產品的方式是與客戶一起分享利益，這不是競爭——比方說，獲得談判的競爭實際上是利益分享模型，這意味著，正如我所說，大約 - 通過使用 Tiger Neo N 型產品，客戶的項目可以獲得大約每瓦 0.025 美元到 0.03 美元的額外收益。

So then we are establishing the business model to share the benefit by approximately half to half with the customer. That's why we believe such business model is sustainable and consistent and it doesn't have to go through the price competition even with more and more peers joining the TOPCon group, we believe join today, leading the technology innovation and create a bigger market for solar industry.

因此，我們正在建立商業模式，與客戶分享大約一半到一半的利益。這就是為什麼我們相信這樣的商業模式是可持續和一致的，即使越來越多的同行加入 TOPCon 集團，它也不必經歷價格競爭，我們相信今天加入，引領技術創新，為太陽能創造更大的市場行業。

We don't have to go through the price competition. And compared with our followers or our peers at TOPCon technology, we believe at some point near in this area, our cost structure and our efficiency, including our product performance, will continue to have a competitive advantage or at least a leading position in this market, and we are so confident on that.

我們不必經歷價格競爭。與我們的追隨者或 TOPCon 技術的同行相比，我們相信在該領域附近的某個時間點，我們的成本結構和我們的效率，包括我們的產品性能，將繼續具有競爭優勢，或者至少在這個市場上處於領先地位，我們對此非常有信心。

Lastly, about the polysilicon prices, we believe in the long run, like Charlie is saying in the previous conversations, we believe the polysilicon will become -- will be debottlenecked in the next coming, let's say, quarters, and -- which will create a bigger market for solar installation in the downstream, especially for the utility project, which has been significantly delayed due to the CapEx problem. We are having a big hope on that. I hope that answers your question.

最後，關於多晶矽價格，我們相信從長遠來看，就像查理在之前的談話中所說的那樣，我們相信多晶矽將成為——將在下一個季度消除瓶頸，並且——這將創造下游太陽能裝置的更大市場，尤其是公用事業項目，由於資本支出問題，該項目已被大大推遲。我們對此寄予厚望。我希望這能回答你的問題。

Next question coming from Brian Li from Goldman Sachs.

下一個問題來自高盛的 Brian Li。

This is Grace on for Brian. Just a quick question on the margin expectations. Just given the elevated poly pricing and also the power controlling on Sichuan which may impact your utilization rate, how should we think about your gross margin in 3Q and also for the next couple of quarters?

這是布賴恩的格蕾絲。只是一個關於利潤率預期的快速問題。剛剛考慮到保利價格的上漲以及四川的電力控制可能會影響您的利用率，我們應該如何考慮您在第三季度以及未來幾個季度的毛利率？

The gross margin, we expect expanding a little bit, expansion in the next quarters. And we did face the elevated price of the polysilicon and as well as the power cuts from Sichuan province to -- our TOPCon module cell capacities is operating in a very good status and will contribute more (inaudible) revenue and the product mix and which has relatively higher gross margin profit contribution. So we have the confidence and the margin will be expanded in the second half year compared to the first half year.

毛利率，我們預計在接下來的幾個季度會有所擴大。我們確實面臨著多晶矽價格上漲以及四川省停電的情況——我們的 TOPCon 組件電池產能運行狀況良好，將貢獻更多（聽不清）收入和產品組合，毛利率利潤貢獻相對較高。所以我們有信心，下半年的利潤率會比上半年有所擴大。

Okay. Understood. And then on your OpEx, your OpEx increased pretty significantly in 3Q. I guess that's partially due to TOPCon. I think you mentioned TOPCon will be very minimal in 3Q. So can you talk about your OpEx expectation in the second half?

好的。明白了。然後在您的運營支出上，您的運營支出在第三季度顯著增加。我想這部分是由於 TOPCon。我認為您提到 TOPCon 在第三季度將非常少。那麼你能談談你對下半年的 OpEx 期望嗎？

So we're talking about operating expense, right? Operating expenses, I think -- given we have more shipments in the second half year and for the -- compared to first half year, we expect the operating expenses against the revenue will be slightly lower in the second half of year.

所以我們談論的是運營費用，對吧？運營費用，我認為 - 鑑於我們在下半年有更多的出貨量 - 與上半年相比，我們預計下半年運營費用與收入的比例將略低。

At this time, there are no further questions. So that does conclude our second quarter conference call. You may all disconnect now. Thank you so much all.

此時，沒有進一步的問題。所以這確實結束了我們的第二季度電話會議。你們現在都可以斷開連接了。非常感謝大家。