晶科能源 (JKS) 2023 Q2 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holdings Co. Ltd. Second Quarter 2023 Earnings Conference Call.

女士們、先生們，大家好，感謝您出席晶科能源控股有限公司2023年第二季度盈利電話會議。

(Operator Instructions)

（操作員說明）

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

提醒一下，今天的電話會議正在錄音。現在我想將會議轉交給今天電話會議的東道主，晶科能源投資者關係部的 Stella Wang 女士。

Thank you, operator. Thank you, everyone, for joining us today for JinkoSolar's Second Quarter 2023 Earnings Conference Call. The company's results were released early today and available on the company's IR website at www.jinkosolar.com as well as on Newswire Services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website.

謝謝你，接線員。感謝大家今天參加我們晶科能源 2023 年第二季度收益電話會議。該公司的業績於今日早些時候發布，並可在該公司的投資者關係網站 www.jinkosolar.com 以及 Newswire Services 上查閱。我們還為今天的財報電話會議提供了補充演示文稿，您也可以在 IR 網站上找到該演示文稿。

On the call today from JinkoSolar are Mr. Xiande, Chairman of the Board of Directors and the 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.

今天接聽晶科能源電話的是晶科能源控股有限公司董事長兼首席執行官顯德先生；苗根先生，晶科能源有限公司首席營銷官；潘力先生，晶科能源控股有限公司首席財務官；晶科能源有限公司首席財務官曹查理先生

Mr. Li will discuss JinkoSolar's business operations and company's highlights, followed by Mr. Miao, who will talk about the sales and marketing and then Mr. Pan Li, who will go through the financials. We will all be available to answer your questions during the Q&A session that follows.

李先生將討論晶科能源的業務運營和公司亮點，隨後苗先生將討論銷售和營銷，然後潘力先生將介紹財務狀況。我們將在接下來的問答環節回答您的問題。

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. 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.

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做出的前瞻性陳述。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.

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。

It's now my pleasure to introduce Mr. Li Xiande, Chairman and CEO of JinkoSolar Holdings. Mr. Li will speak in Mandarin, and I will translate his comments into English. Please go ahead, Mr. Li.

現在我很高興向大家介紹晶科能源董事長兼首席執行官李顯德先生。李先生會用普通話發言，我會將他的評論翻譯成英文。請李先生繼續。

(foreign language)

（外語）

[Interpreted] We are pleased to report solid growth as we overcame volatility in module prices and TOPCon. Thanks to our excellent market network, the highly quality products and our highly effective supply chain management.

[解讀]我們很高興地報告，由於我們克服了組件價格和 TOPCon 的波動性，實現了穩健的增長。得益於我們優秀的市場網絡、高質量的產品和高效的供應鏈管理。

Module shipments in the second quarter were approximately 17.8 gigawatts, up 36.2% sequentially. Shipments of the competitive N-type module were approximately 10.4 gigawatts, up 74.1% sequentially. We are happy and proud to be the first module manufacturer to reach the milestone of shipping 10 gigawatts of N-type modules in a single quarter.

第二季度組件出貨量約為17.8吉瓦，環比增長36.2%。競爭產品N型組件的出貨量約為10.4吉瓦，環比增長74.1%。我們很高興也很自豪能夠成為第一家實現單季度出貨 10 吉瓦 N 型組件這一里程碑的組件製造商。

Besides, our shipments to the U.S. market increased from the first quarter, largely reducing demurrage charges. Our efforts in supply chain management, technology advancement and process improvement also improved our profitability. Net income was $180.1 million in the second quarter, up 65.6% sequentially. Adjusted net income was $196.7 million, up 70.5% sequentially. Diluted earnings per ordinary share were USD 0.77, up 48.5% sequentially.

此外，我們對美國市場的出貨量比第一季度有所增加，很大程度上減少了滯期費。我們在供應鏈管理、技術進步和流程改進方面的努力也提高了我們的盈利能力。第二季度淨利潤為 1.801 億美元，比上一季度增長 65.6%。調整後淨利潤為 1.967 億美元，比上一季度增長 70.5%。稀釋後每股普通股收益為 0.77 美元，比上一季度增長 48.5%。

(foreign language)

（外語）

[Interpreted] Due to the substantial release of polysilicon production volumes and excessive inventory, polysilicon prices declined sharply in the second quarter, which also caused a certain volatility in module prices. Since most customers are sensitive to price, they were cautious and slowed down their orders, which, to some extent, affected our module demand.

【解讀】由於多晶矽產能大量釋放，庫存過多，二季度多晶矽價格大幅下滑，也造成組件價格出現一定波動。由於大部分客戶對價格比較敏感，所以訂單比較謹慎，訂單放緩，一定程度上影響了我們的組件需求。

As the lower supply chain prices stabilized in the third quarter, domestic customers started to place orders, and major projects were initiated and started construction in China. The lower prices also led to a surge in demand from some overseas markets. We expect production and sales in the PV market to rebound in the second half.

第三季度，隨著下游供應鏈價格企穩，國內客戶開始下訂單，國內重大項目陸續啟動和開工建設。價格下降也導致一些海外市場的需求激增。我們預計下半年光伏市場產銷將出現反彈。

(foreign language)

（外語）

[Interpreted] There's more and more players deploying TOPCon production capacity. N-type TOPCon is certain to become the next-gen technology in the industry. However, some of the new entrants experienced product delays, and slower-than-expected production and efficiency ramped up due to insufficient technical know-how and differences in technology and the process, keeping competitive N-type production in [short slide].

【解讀】部署TOPCon產能的玩家越來越多。 N型TOPCon必將成為業界的下一代技術。然而，一些新進入者由於技術知識不足以及技術和工藝差異而出現了產品延遲、生產和效率提升低於預期的情況，使得N型生產的競爭力保持在[短滑]。

As of the end of the second quarter, the mass produced efficiency of our 182 N-type TOPCon capacity had reached 25.5%. This N-type module power up to of around 580-watt P, which is about 25 to 30 watt P, more than P type modules of the same variant.

截至二季度末，我司182 N型TOPCon產能量產效率已達25.5%。該N型組件功率可達580瓦P左右，比同型號的P型組件功率高出25至30瓦P左右。

The integrated cost of N-type module remained competitive compared to P-type modules. We are confident we will continue to lead in efficiency and cost through technology integration and process optimization.

N型組件的綜合成本相對於P型組件仍然具有競爭力。我們相信，通過技術集成和流程優化，我們將繼續在效率和成本方面處於領先地位。

(foreign language)

（外語）

[Interpreted] At the end of May, we announced the construction of a major production base of 56 gigawatts integrated wafer-cell module capacity in Shanxi, which will become the largest N-type-integrated production facility in the industry. Our Shanxi integrated base is another strategic expansion of the production model campaigned by JinkoSolar in the PV industry that will fully demonstrate our advantages in highly efficient technology and products, lower investment costs and greater operational efficiency as well as intelligent and smart manufacturing capabilities.

【解讀】5月底，我們宣佈在山西建設56吉瓦集成矽片組件產能的主要生產基地，該基地將成為行業最大的N型集成生產設施。山西一體化基地是晶科能源在光伏行業生產模式的又一次戰略拓展，將充分展現晶科能源高效的技術和產品優勢、更低的投資成本和更高的運營效率以及智能化、智能製造能力。

Meanwhile, we proactively responded to shifts in the global PV landscape by expanding our overseas industrial chain. The 1 gigawatt capacity expansion for N-type modules in the U.S. is expected to start production in September this year. So far, we have established an industry-leading overseas industrial chain network with integrated production capabilities from wafer sales to modules with feasibility and excellent product competitiveness.

同時，我們積極應對全球光伏格局變化，拓展海外產業鏈。美國N型組件1吉瓦產能擴建預計今年9月投產。目前，我們已經建立了行業領先的海外產業鍊網絡，具備從矽片銷售到組件的一體化生產能力，具有可行性和卓越的產品競爭力。

As we continue to invest in N-type capacity expansion overseas in the second half, we will reach an integrated capacity of over 12 gigawatts overseas by the end of 2023, with N-type accounting for over 75%. We will continuously strengthen and expand our global industrial chain to provide premium and high-quality products and services to our global clients.

隨著下半年我們繼續投資海外N型產能擴張，預計2023年底海外綜合產能將超過12吉瓦，其中N型占比超過75%。我們將不斷做強和拓展全球產業鏈，為全球客戶提供優質、高品質的產品和服務。

(foreign language)

（外語）

[Interpreted] As one of the largest and the most innovative solar module manufacturers in the world, we have always carried on social responsibility and have taken a continuous improvement of our ESG management.

【解讀】作為全球最大、最具創新力的太陽能組件製造商之一，我們始終承擔社會責任，持續改進ESG管理。

As a key matter for our sustainable development, in the second quarter, we set up a goal and a road map to net-zero emission based on methods and requirements advised by the science-based targets initiative, SBTi, actively promoting our global carbon emissions reduction and addressing climate change with concrete actions. With outstanding performance in social responsibility fulfillment, we led the mainstream PV industry in the S&P Global Corporate Sustainability Assessment.

作為可持續發展的關鍵，第二季度我們根據科學目標倡議SBTi建議的方法和要求，制定了淨零排放的目標和路線圖，積極推動全球碳排放以實際行動減少和應對氣候變化。憑藉出色的社會責任履行表現，我們在標準普爾全球企業可持續發展評估中領先於主流光伏行業。

We improved our feasibility system and independent third-party audit mechanism to enhance other supply chain reliability. Meanwhile, we enhanced our cooperation with leading institutions and professionals in global renewable energy development and joined the International Renewable Energy Agency, IRENA. So sharing best practice and experience, we are dedicated to making a positive contribution to the sustainable advancement of renewable energy globally.

我們完善了可行性體系和獨立第三方審核機制，以提高其他供應鏈的可靠性。同時，我們加強了與全球可再生能源發展領先機構和專業人士的合作，加入了國際可再生​​能源機構IRENA。因此，我們分享最佳實踐和經驗，致力於為全球可再生能源的可持續發展做出積極貢獻。

(foreign language)

（外語）

[Interpreted] In summary, we are confident in the development of the PV industry. We will continue to enhance our integrated operations and management. We are positive about the long-term prospects of PV plus energy storage model and will continue to grow our competitiveness by actively developing our energy storage business.

【解讀】綜上所述，我們對光伏產業的發展充滿信心。我們將繼續加強一體化經營和管理。我們看好光伏+儲能模式的長期前景，將繼續積極發展儲能業務，增強競爭力。

Before turning over to Gener, I would like to go over our guidance for the third quarter and the full year of 2023. By the end of 2023, we expect to mass produce the N-type cell efficiency to reach 25.8%. We are optimistic that demand will grow as industrial chain prices stabilize and reach our full year module shipments to be in the range of 70 to 75 gigawatts, with N-type model accounting for approximately 60% of the total module shipments.

在轉向 Gener 之前，我想回顧一下我們對 2023 年第三季度和全年的指導。到 2023 年底，我們預計量產的 N 型電池效率將達到 25.8%。我們樂觀地認為，隨著產業鏈價格的穩定，需求將會增長，全年組件出貨量將達到70至75吉瓦，其中N型型號約佔組件總出貨量的60%。

As demand for N-type products continues to increase in the global market, we will move on to invest the N-type capacity, which is competitive, both in technology and costs. We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 85, 90 and 110 gigawatts, respectively, by the end of 2023, with N-type capacity accounting for over 75% of the total capacity. We expect module shipments to be in the range of 19 to 21 gigawatts for the third quarter of 2023.

隨著全球市場對N型產品的需求不斷增加，我們將繼續投資在技術和成本上都具有競爭力的N型產能。我們預計到2023年底，單晶矽片、太陽能電池和太陽能組件的年產能將分別達到85、90和110吉瓦，其中N型產能佔總產能的75%以上。我們預計 2023 年第三季度組件出貨量將在 19 至 21 吉瓦之間。

Thank you, Mr. Li. Total shipments in the second quarter were around 18.6 gigawatts, over 95% of which were module shipments. We are glad that total module shipment in the first half of 2023 exceeds 30 gigawatts, making us the #1 in the PV industry for the first half module shipments.

謝謝李先生。第二季度總出貨量約為18.6吉瓦，其中超過95%為組件出貨量。我們很高興2023年上半年組件總出貨量超過30吉瓦，使我們成為光伏行業上半年組件出貨量第一。

In terms of product mix, N-type Tiger Neo accounted for 58% of the module shipment in the second quarter, a steady increase from nearly 50% in the previous quarter, thanks to its high power output, quality and reliability.

從產品結構來看，N型Tiger Neo憑藉其高功率輸出、質量和可靠性，佔據第二季度組件出貨量的58%，較上季度近50%穩步增長。

In terms of geographic mix, China and Europe remained the largest regions in the second quarter accounting for over 50% together. The proportions of other markets remained relatively stable. Most importantly, we are glad and proud to see both the efficiency of customer clearance and the size of our shipment to the U.S. market improved sequentially, benefiting from our dedicated efforts.

從地域結構來看，第二季度中國和歐洲仍然是最大的地區，合計佔比超過50%。其他市場佔比保持相對穩定。最重要的是，我們很高興也很自豪地看到，得益於我們的不懈努力，客戶清關效率和我們向美國市場發貨的規模都在逐年提高。

As we continue to make effective progress, we expect our shipments to the U.S. market to gradually increase in the second half. For orders and prices, visibility of our order book has reached about 80% for the whole year of 2023, improving compared with the first quarter with overseas orders making the majority.

隨著我們不斷取得有效進展，我們預計下半年對美國市場的出貨量將逐漸增加。從訂單和價格來看，2023年全年訂單可見度達到80%左右，較一季度有所改善，其中海外訂單佔多數。

Declines in raw material prices drove module price lower. Recent prices for our new contracts have fluctuated within a reasonable range, in line with market trends. And Tiger Neo retained a competitive premium over P type. With the gradual release of our untapped capacity, we expect the Tiger Neo to accelerate its penetration into China, Europe and emerging markets in the second half.

原材料價格下跌帶動組件價格走低。近期新合約價格在合理範圍內波動，符合市場走勢。 Tiger Neo 相對於 P 型保留了具有競爭力的溢價。隨著我們未開發產能的逐步釋放，我們預計下半年Tiger Neo將加速對中國、歐洲和新興市場的滲透。

The proportion of Tiger Neo shipment for the full year 2023 to reach around 60% of our total module shipments and its product strength to continue to lead the industry. Recently, we were awarded the Top Brand PV Europe Seal 2023 by the EUPD Research. This recognition by our downstream partners does not only prove that JinkoSolar is one of the preferred European brand for installers to work with, but also reflect our strong reputation and commitment to our customers as a leading supplier and N-type TOPCon technology leader.

2023年全年Tiger Neo出貨量佔組件總出貨量比例達到60%左右，產品實力繼續領先行業。最近，我們被 EUPD Research 授予 2023 年歐洲光伏頂級品牌印章。此次下游合作夥伴的認可不僅證明了晶科能源是安裝商首選合作的歐洲品牌之一，也體現了我們作為領先供應商和N型TOPCon技術領導者的良好聲譽和對客戶的承諾。

In addition, we are recognized as 2023 Overall Highest Achiever for the first consecutive year in renewable energy testing centers PV module Index report, a reaffirmation of quality, makeability and the reliability of our product.

此外，我們連續第一年在可再生能源測試中心光伏組件指數報告中被評為 2023 年總體最高成就者，這再次肯定了我們產品的質量、可製造性和可靠性。

In summary, we are happy to navigate through volatility in supply chain prices and end demand in second quarter, leveraging our advantage in terms of global marketing network, industrial chain layout and product competitiveness. Meanwhile, we continued to improve our mechanism to cope with risks and enhance our customer relations and marketing network.

綜上所述，我們很高興能夠利用我們在全球營銷網絡、產業鏈佈局和產品競爭力方面的優勢，度過第二季度供應鏈價格和終端需求的波動。同時，我們不斷完善風險應對機制，完善客戶關係和營銷網絡。

As supply chain prices stabilized recently, we are optimistic about the return of demand in the global market for the second half. In medium and the long term as the economy of solar power becomes more and more prominent, the PV market will move forward at a healthy and sustainable growth pace. We expect China, the U.S., Europe and other developed markets to grow at a steady pace and emerging markets to continuously expand insight. We are confident we will provide more economic value to our customers with excellent products and services and continue to grow our market share.

隨著近期供應鏈價格企穩，我們對下半年全球市場需求的恢復持樂觀態度。中長期來看，隨著太陽能經濟性的日益凸顯，光伏市場將健康持續發展。我們預計中國、美國、歐洲等發達市場將穩步增長，新興市場將不斷拓展洞察力。我們有信心以優質的產品和服務為客戶提供更多的經濟價值，並不斷擴大我們的市場份額。

With that, I will turn the call to Pan.

這樣，我就把電話轉給潘。

Thank you, Gener. We are pleased to report strong financial results in the second quarter, with quarterly total revenues, gross profit, income from operations and net income all reaching historical new high. Recently, our majority-owned principal operating subsidiary, JinkoSolar Co. Ltd., announced its intention to issue ordinary shares for no more than RMB 9.7 billion to fund construction of our N type-integrated production facility in Shanxi.

謝謝你，將軍。我們很高興地報告第二季度強勁的財務業績，季度總收入、毛利潤、營業收入和淨利潤均創歷史新高。近期，我們控股的主要運營子公司晶科能源有限公司宣布擬發行不超過人民幣97億元的普通股，以資助我們在山西的N型一體化生產設施的建設。

This expansion of an advanced integrated production capacity will help us to continuously improve our cost structure and increase in equity capital will also help us improve our capital structure. As we keep enhancing our global industrial chain, marketing network and product competitiveness, we hope to achieve healthy and sustainable profitability. Let me go into more details now.

此次先進綜合產能的擴張將有助於我們不斷改善成本結構，增加自有資本也將有助於我們改善資本結構。隨著我們不斷增強全球產業鏈、營銷網絡和產品競爭力，我們希望實現健康、可持續的盈利能力。現在讓我詳細介紹一下。

Total revenue was over $4.2 billion, up 32 percentage sequentially and up 63 percentage year-over-year. Gross margin was 15.6 percentage compared to 14.7% in the second quarter last year. We continue to make good progress in clearing customs in the U.S. market, significantly reducing demurrage charges compared with the first quarter this year.

總收入超過 42 億美元，環比增長 32%，同比增長 63%。毛利率為 15.6%，而去年第二季度為 14.7%。我們在美國市場的清關工作繼續取得良好進展，滯期費較今年一季度大幅降低。

Total operating expenses accounted for 11 percentage of total revenues compared with 12 percentage in the first quarter this year and 16 percentage in the second quarter last year, improving sequentially and year-over-year.

總運營費用佔總收入的11%，而今年第一季度為12%，去年第二季度為16%，環比和同比都有所提高。

Income from operations was $212 million compared with income from operations of $176 million in the first quarter this year and loss from operations of $43 million in the second quarter last year, improving sequentially and year-over-year.

運營收入為 2.12 億美元，而今年第一季度運營收入為 1.76 億美元，去年第二季度運營虧損為 4300 萬美元，環比和同比都有所改善。

Operating margin was about 5 percentage, flat compared with first quarter this year and loss margin of 1.5 percentage in the second quarter last year, also improving year-on-year. Net income attributed to JinkoSolar Holdings ordinary shareholders was about $180 million, up 66 percentage sequentially and compared to a net loss attributed to the JinkoSolar Holdings ordinary shareholders of about $93 million, improving year-over-year.

營業利潤率約為5%，與今年第一季度持平，去年第二季度虧損率為1.5%，同比也有所改善。歸屬於晶科能源普通股股東的淨利潤約為1.8億美元，環比增長66%，而歸屬於晶科能源普通股股東的淨虧損約為9300萬美元，同比有所改善。

Excluding the impact from a change in fair value of notes, a change in fair value of long-term investments and share-based compensation expenses, adjusted net income attributable to the ordinary shareholders was about $197 million, up about 71 percentage sequentially and up 2.9x year-over-year.

剔除票據公允價值變動、長期投資公允價值變動和股權激勵費用的影響，調整後歸屬於普通股股東的淨利潤約為1.97億美元，環比增長約71%，增長2.9% x 年同比。

Diluted earnings per share was $0.77 in the second quarter, up about 49 percentage sequentially and compared to diluted loss per share of $0.47 in the second quarter last year, improving year-over-year.

第二季度稀釋後每股收益為 0.77 美元，環比增長約 49%，而去年第二季度稀釋後每股虧損為 0.47 美元，同比有所改善。

Moving to the balance sheet. At the end of the second quarter, our cash and cash equivalents were about $2.35 billion, up from $1.48 billion at the end of the first quarter this year, improving sequentially. Accounts receivable turnover days were 79 days compared with 95 days in the first quarter. Inventory turnover days decreased to 17 days in the second quarter from 100 days in the first quarter.

轉向資產負債表。第二季度末，我們的現金和現金等價物約為23.5億美元，高於今年第一季度末的14.8億美元，環比有所改善。應收賬款周轉天數為 79 天，而一季度為 95 天。庫存周轉天數從第一季度的 100 天減少到第二季度的 17 天。

Total debt was $4.7 billion at the end of the second quarter compared to $4.4 billion at the end of first quarter. Net debt was $2.4 billion compared to $2.9 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.

第二季度末債務總額為 47 億美元，而第一季度末債務總額為 44 億美元。淨債務為 24 億美元，而今年第一季度末為 29 億美元。我們準備好的發言到此結束。我們現在很樂意回答您的問題。接線員，請繼續。

(Operator Instructions)

（操作員說明）

The first question today comes from Brian Lee with Goldman Sachs.

今天的第一個問題來自高盛的布萊恩·李。

This is Grace on for Brian. I guess first question around ASP trajectory. Obviously, it's always TOPCon had a big decline in 2Q, though we have stabilized in recent weeks. At the same time, like we are hearing some oversupplied in certain areas of the market. So just wonder if you can talk about the ASP and maybe the margin trajectory moving through the rest of the year and maybe into 2024?

這是布萊恩的格蕾絲。我想第一個問題是關於 ASP 軌蹟的。顯然，儘管最近幾週我們已經穩定下來，但 TOPCon 在第二季度總是出現大幅下滑。與此同時，我們也聽到市場某些領域出現供應過剩的情況。所以想知道您是否可以談談 ASP 以及今年剩餘時間甚至 2024 年的利潤率軌跡？

This is Charlie speaking. And firstly, I want to talk, this year, it's a very big solar market, and a lot of markets are very strong, including China, United States and European markets, and we delivered a very strong performance for the first half year. And in terms of the revenue shipments, the next-generation and in TOPCon, we are leading the industries and take about 50% market share. Now 50% of our portfolio is from N type. And we believe we will continue the momentum throughout the year.

這是查理在講話。首先，我想說，今年是一個非常大的太陽能市場，很多市場都非常強勁，包括中國、美國和歐洲市場，我們上半年的表現非常強勁。從營收出貨量來看，下一代和TOPCon，我們處於行業領先地位，佔據了50%左右的市場份額。現在我們的投資組合中有50%是N型的。我們相信我們將在全年繼續保持這一勢頭。

And N type, because of the cutting edge and it's a very strong, great fun things for end customers and have advanced, more power output for the end customer. And we are seeing the market is accepting the N type. It's going to dominate the market. And we'll continue to supply relatively shortage even throughout next year.

而N型，因為具有尖端性，對於最終客戶來說是非常強大、非常有趣的事情，並且為最終客戶提供先進、更大的功率輸出。我們看到市場正在接受 N 型。它將主導市場。即使明年全年我們仍將繼續供應相對短缺的情況。

So back to questions in ASP, it's no. The first half is pretty relatively stable and starting from June this year because of the polysilicon relatively oversupply situations and make the solar modules have the relatively adjustments. It's -- if you're looking for the midterm perspective, we think it's very good for the downstream and accelerate the demand from different markets. And it will also generate solar and storage, the big markets in the future.

回到 ASP 中的問題，答案是否定的。上半年相對穩定，從今年6月份開始，由於多晶矽相對供給過剩的情況，使得太陽能電池組件出現了相對的調整。如果你尋找中期前景，我們認為這對下游非常有利，並會加速不同市場的需求。它還將產生太陽能和存儲，這是未來的大市場。

And for the ASP trends, it's relatively in line with the industry. The second half year is, for sure, in a downward trend, but it has been stabilized. And we believe, thanks to the very, very strong China installations, particularly in Q4 this year, the ASP will -- may turn and maybe possible relatively in upward trends.

而對於ASP的趨勢來說，也比較符合行業。下半年確實是有下降趨勢，但已經趨於穩定。我們相信，由於中國的安裝量非常非常強勁，特別是在今年第四季度，平均售價可能會轉向，而且可能會呈相對上升趨勢。

And for the profit margins in profitability, and just we were -- we strongly believe and we almost closed out the sales order this year, and over 80% is boxed. And so we are planning actually for the next year. And for this year, we believe the momentum will continue and year-over-year. It's a very good year for Jinko in terms of the profitability, even in the second half year. And we -- the N type will take the more shipments for Jinko in the second half year, 60% to 65%, which is 50% in the first half year.

至於盈利能力方面的利潤率，我們堅信，今年我們幾乎完成了銷售訂單，超過 80% 都已裝箱。所以我們實際上正在為明年做計劃。今年，我們相信這一勢頭將持續下去，並且逐年持續。就盈利能力而言，今年對於晶科來說是非常好的一年，即使是下半年也是如此。而我們——N型將在下半年為晶科帶來更多的出貨量，60%到65%，這是上半年的50%。

And on top of that, U.S. market is very positive for us for the -- starting from the third quarter. And our modules was detained starting from last year. And we have done a lot of work feasibilities, ESGs and communications with relevant address regulators. And starting from July and our modules speed of the -- let's say, going through the customs has been sped up, and we are expecting our shipments to the U.S. market will be accelerated, starting in the third quarter.

最重要的是，從第三季度開始，美國市場對我們來說非常積極。我們的模塊從去年開始就被扣留了。我們已經做了很多工作可行性、ESG 以及與相關地址監管機構的溝通。從7月份開始，我們的模塊通過海關的速度已經加快，我們預計從第三季度開始，我們對美國市場的發貨將會加快。

And we have also get ready for the overseas capacities, 12 gigawatts integrated, starting from wafer to modules and to -- for the U.S. market next year. So next year will be a very big marked year for Jinko to have more markets here in the U.S. and as well as we have been in expansion for the U.S. module capacities, 1 gigawatt is in place, and we plan to start operations from this end of the third quarter. So yes, that's back to your questions, overall.

我們還為海外產能做好了準備，集成產能為 12 吉瓦，從晶圓到組件，再到明年的美國市場。所以明年對晶科來說是非常重要的一年，在美國有更多的市場，而且我們一直在擴大美國的組件產能，1GW已經到位，我們計劃從今年開始運營第三季度。所以，是的，總的來說，這又回到了你的問題。

Maybe I missed it. Can you provide us your updated CapEx number for '23? And then also, you talked about like 12 gigawatts for overseas capacity next year. So just wondering if you can provide us the CapEx number and how are you thinking about funding it? Because I think you mentioned like these -- the equity or the capital that you raised in China cannot be used in the U.S. So I just wonder how you think about the capital raise here.

也許我錯過了。您能否向我們提供 23 年更新的資本支出數字？另外，您談到明年的海外裝機容量約為 12 吉瓦。所以想知道您是否可以向我們提供資本支出數字以及您如何考慮為其提供資金？因為我認為你提到過——你在中國籌集的股權或資金不能在美國使用，所以我只是想知道你如何看待這裡的融資。

And for the CapEx this year, it's roughly RMB 15 billion. And we estimate first half year, we have generated around roughly, let's say, RMB 35 billion -- RMB 5.5 billion in operating cash flows. And this year, we estimate over RMB 10 billion operating cash flows this year. And as well as we have completed the convertible loans in the second quarter in this year. So we have sufficient cash to support the CapEx. And next year, the oversea capacity is almost -- we will complete it by the end of this year. So we don't foresee any additional cash needs next year for the 12 gigawatts integrated capacities.

今年的資本支出約為150億元人民幣。我們估計上半年，我們大約產生了大約350億元人民幣至55億元人民幣的經營現金流。今年，我們預計今年經營現金流將超過100億元人民幣。我們已經在今年第二季度完成了可轉換貸款。所以我們有足夠的現金來支持資本支出。明年，海外產能幾乎——我們將在今年年底完成。因此，我們預計明年 12 吉瓦的綜合產能不會有任何額外的現金需求。

Next question comes from Philip Shen with ROTH MKM.

下一個問題來自 ROTH MKM 的 Philip Shen。

This is Matt on for Phil. Looking at the U.S. market, there is this expectation in the industry that modules made with China poly that was not from Xinjiang could get into the U.S., but we haven't really been seeing that yet. Do you know what might be taking so long and when non-Xinjiang China poly modules made in Southeast Asia might get cleared by CBP?

這是馬特為菲爾代言的。看看美國市場，業界有這樣的預期，即非新疆產的中國多晶矽可以進入美國，但我們還沒有真正看到這一點。您知道東南亞製造的非新疆中國多晶矽組件可能需要這麼長時間才能獲得 CBP 的批准嗎？

Yes. We -- for Jinko, we focus on 100% polysilicon out of China to serve the U.S. market. And just like I said, we are very -- pretty smooth and speed up the process, starting from the third quarter. And for the China-based party, and the probabilities order, we are not sure, but it's possible -- impossible that from Jinko perspective, we will continue. We have set long-term contract with the Tier 1 and the poly makers out of China, and we will continue to increase the source and the volume from the poly producers.

是的。對於晶科來說，我們專注於 100% 來自中國的多晶矽來服務美國市場。就像我說的，從第三季度開始，我們非常非常順利並加快了進程。對於中國政黨和概率順序，我們不確定，但從晶科的角度來看，我們可能會繼續下去。我們已經與中國以外的一級和多晶生產商簽訂了長期合同，我們將繼續增加來自多晶生產商的來源和數量。

And the poly out of China, the volume is roughly 10,000 metric tonnes, which we believe is sufficient to supply the U.S. market. As Tier 1 companies, we can take the advantage and we have the largest integrated capacity, 12 gigawatts, including 75% TOPCon, the N type. So I think we can take the lead in terms of the market share as well as the poly sourcing from the suppliers out of China.

來自中國的多晶矽產量約為 10,000 噸，我們認為足以供應美國市場。作為Tier 1公司，我們可以佔據優勢，我們擁有最大的綜合容量，12吉瓦，其中75%是TOPCon，N型。因此，我認為我們可以在市場份額以及從中國以外的供應商那裡進行多采購方面處於領先地位。

Do you think it's possible that non-China poly not made in Xinjiang either makes it into the U.S.? Just kind of curious on your view.

您認為非新疆生產的非中國聚酯有可能進入美國嗎？只是對你的觀點感到好奇。

I'm not in a position to make the predictions on the judgment. But from the legal perspective, the traceability is -- and if you can do but from the implementation perspective from the relevant regulators, we are not sure in their positions.

我無法對判決做出預測。但從法律角度來看，可追溯性是——如果可以的話，但從相關監管機構的實施角度來看，我們不確定他們的立場。

(Operator Instructions)

（操作員說明）

The next question comes from Rajiv Chaudhri with Sunsara Capital.

下一個問題來自 Sunsara Capital 的 Rajiv Chaudhri。

And first of all, congratulations on a superb quarter and for the very strong guidance. One question that has not been asked yet and is about the inventory reserve that you have taken in the quarter. Normally, your inventories tend to go up every quarter because you are growing the business, and they grow up by $200 million to $250 million a quarter. This time, your inventory sequentially were down about $200 million quarter-to-quarter.

首先，祝賀一個出色的季度和非常強有力的指導。尚未提出的一個問題是關於您在本季度採取的庫存儲備的。通常情況下，您的庫存往往每個季度都會增加，因為您的業務正在增長，並且每個季度庫存會增加 2 億至 2.5 億美元。這次，您的庫存環比下降了約 2 億美元。

And so my first question is, is it reasonable to think that the inventory reserve that you took was actually in the neighborhood of $400 million, which would make sense given the sharp decline in the prices of poly? And obviously, at any point in time, you have a lot of poly in your working process. So the first question is, is the inventory reserve in the ballpark of $350 million or $400 million? And that your gross margin, without this inventory reserve, would actually be in the mid-20s in the second quarter?

所以我的第一個問題是，考慮到多晶矽價格的急劇下跌，您所採取的庫存儲備實際上約為 4 億美元，這是否合理？顯然，在任何時候，你的工作過程中都會有很多多邊形。那麼第一個問題是，庫存儲備大約是 3.5 億美元還是 4 億美元？如果沒有庫存儲備，第二季度的毛利率實際上會達到 20 多美元？

Hello, Rajiv, this is Pan. And as I mentioned to the inventory reserve, yes, actually, we made some inventory reserve in the second quarter. And this has also impacted our margin -- gross margin, yes. At this stage, only a temporary treatment of the inventory. We don't think it will be a long-term treatment to our inventory.

你好，拉吉夫，我是潘。正如我提到的庫存儲備，是的，實際上，我們在第二季度做了一些庫存儲備。這也影響了我們的利潤——毛利率，是的。現階段，僅對庫存進行臨時處理。我們認為這不會是對我們庫存的長期處理。

I understand that part. Obviously, it's a one-time thing. The question is, was it in the ballpark of $400 million? And that you are -- if the reserve was not taken, your true earnings would be $400 million higher?

我理解那部分。顯然，這是一次性的事情。問題是，這個金額大約是 4 億美元嗎？如果不提取儲備金，您的真實收入會高出 4 億美元嗎？

You mean $400 million is one number. We provided roughly, I think, RMB 500 million inventory provisions. But the second quarter, we -- I think we do pretty good, and we anticipated, let's say, the poly decline starting from June. So we split up the inventory, good delivery and control the inventories very tight. That is why you are saying our total inventory, the numbers is relatively lower quarter-over-quarter. But we still have some kind of the orders and targeting the residential markets.

你的意思是4億美元只是一個數字。我認為我們提供了大約5億元人民幣的庫存準備金。但第二季度，我們——我認為我們做得很好，我們預計，比方說，保利從六月開始下降。所以我們拆分庫存，做好交期，把庫存控制得很緊。這就是為什麼你說我們的總庫存數字環比相對較低。但我們仍然有一些針對住宅市場的訂單。

The residential markets are the -- it's the kind of to stay customers, and they are typically, when the supply chain in particular, the end price has a significant, let's say, adjustment, which we typically will offer some price discounts to the natural customers.

住宅市場是一種留住客戶的市場，通常，當供應鏈特別是最終價格發生重大調整時，我們通常會向自然價格提供一些價格折扣。顧客。

That is why from an accounting perspective, by the end of the second quarter, we recorded additional inventory onetime provisions, and we don't believe that is recurring items in the future.

這就是為什麼從會計角度來看，到第二季度末，我們記錄了額外的一次性庫存撥備，並且我們認為這不會是未來的經常性項目。

Charlie, I understand this is not an ongoing thing. My question simply is reflecting what was the true earning power of the company in the second quarter. And what I'm trying to get at is that if the poly -- if you exclude the impact that the sharp decline in poly prices have had on the inventory reserve, that your earnings would have been a lot higher, not just somewhat higher, but a lot higher, maybe as much as $400 million higher.

查理，我知道這不是一個持續的事情。我的問題只是反映了公司第二季度的真實盈利能力。我想要表達的是，如果排除多晶矽價格大幅下跌對庫存儲備的影響，那麼你的收益會高得多，而不僅僅是稍微高一點，但要高得多，可能高出 4 億美元。

You mean, if let's say, the poly price has relatively stabilized, the module prices is very, very stable. And for sure, it's not this case, and we are able to generate more earnings significantly.

你的意思是，如果可以說，多晶矽價格已經相對穩定，那麼組件價格也非常非常穩定。當然，情況並非如此，我們能夠顯著創造更多收入。

So is it fair to say that without this inventory reserve, the gross margin could have been in the mid-20s, 24%, 25%?

那麼，如果沒有這個庫存儲備，毛利率可能會在20多歲、24%、25%左右嗎？

Well, I think it's roughly -- I think without that, it's roughly up to 20%.

嗯，我認為這大約是——我認為如果沒有這個，大約會達到 20%。

And you expect it to be higher in the third quarter because the rate at which the price of modules is coming down is slower than the rate at which the poly price is coming down?

您預計第三季度會更高，因為組件價格下降的速度慢於多晶矽價格下降的速度？

We expect strong -- continued strong earnings. And because the N-type modules, they have strong earnings' generating power, we get more percentage shipments. And the second one is, we have higher shipments in the U.S. markets. And so that is a combination of the 2, the key factors. And of course, the poly is down to be stabilized, and module still it's reaching kind of the stabilized point.

我們預計盈利將持續強勁。而且由於N型組件具有很強的盈利能力，我們獲得了更多的出貨百分比。第二個是，我們在美國市場的出貨量更高。這是關鍵因素 2 的結合。當然，多晶矽正在趨於穩定，而模塊仍然達到了穩定點。

Also, my next question is about the storage business. Did the storage business contribute any revenues in the second quarter? And what should we expect for the full year?

另外，我的下一個問題是關於存儲業務的。存儲業務第二季度有貢獻收入嗎？我們對全年應該期待什麼？

Yes. Storage is, from a long-term perspective, our kind of the -- we expect it's going to be a very big, very important business unit from the long-term 3 to 5 years. But this year is a kind of investment year. We invest on the teams, sales channels and R&D, even we still invest some small capacities.

是的。從長遠來看，存儲是我們的業務——我們預計從長遠來看，3 到 5 年內它將成為一個非常大、非常重要的業務部門。但今年是一種投資年。我們對團隊、銷售渠道和研發進行投資，甚至我們仍然投資一些小產能。

The revenue contract base using for this year is not significant. And we even made some -- we are expecting this year to be investment year. We will make some kind of small losses for the business. But for the future, looking to the next year, it's going to be a very big, let's say, high-growth segment for Jinko.

本年度使用的收入合同基數並不重大。我們甚至做了一些——我們預計今年將是投資年。我們會給企業帶來一些小損失。但對於未來，展望明年，這對晶科來說將是一個非常大的、可以說是高增長的領域。

So will you hit a few hundred million dollars this year or not really?

那麼今年你是否真的會達到幾億美元呢？

Not this year. No, not this year. No. This year, I think, maybe I think -- probably we don't disclose the numbers. But again, it's kind of early investment segment, the business unit. But we have roughly reached sizable teams, including the key functions and by the end of the fourth quarter. And we are -- we think we are in a good position for next year to penetrate the storage market.

今年不行。不，今年不行。不。今年，我想，也許我們不會透露這些數字。但同樣，這是一種早期投資部門，即業務部門。但到第四季度末，我們已經大致達到了相當規模的團隊，包括關鍵職能部門。我們認為我們明年處於有利地位，可以滲透存儲市場。

Right. Also, going back to the cost of polysilicon. Is it fair to think that the average cost of the polysilicon in the second quarter was roughly $0.03 lower than the cost of polysilicon that you had in the first quarter?

正確的。另外，回到多晶矽的成本。認為第二季度多晶矽的平均成本比第一季度的多晶矽成本大約低 0.03 美元是否公平？

Sorry, could you repeat your question?

抱歉，您能重複一下您的問題嗎？

Yes. My question is on the cost of polysilicon. And I'm talking not about the cost of polysilicon in the market, but the cost of polysilicon that you embedded in your earnings -- in your operations and therefore, your earnings. Is it fair to think that the cost of polysilicon in the second quarter was roughly -- excluding the inventory reserve was roughly $0.03 lower than the first quarter cost of polysilicon?

是的。我的問題是關於多晶矽的成本。我說的不是市場上多晶矽的成本，而是你嵌入到你的收入中的多晶矽的成本——你的運營，因此，你的收入。不計庫存儲備，第二季度多晶矽成本比第一季度多晶矽成本大約低 0.03 美元，這是否公平？

I didn't have the numbers. I know your questions. And Q1, I think the poly, starting January, is kind of a very big rebound and slightly down month-over-month and significantly decline starting from June. And I'm saying is -- but starting in June, it's a small impact on the Q2 financial figures because we have the inventory turnover is 60 days, 30 days. So it's -- we can get back to you after the call, but I think it's slightly lower, the poly, from the financial statement perspective second quarter, which is Q1.

我沒有號碼。我知道你的問題。第一季度，我認為從 1 月份開始，保利出現了非常大的反彈，逐月略有下降，從 6 月份開始大幅下降。我想說的是，但從 6 月份開始，這對第二季度的財務數據影響很小，因為我們的庫存周轉時間是 60 天、30 天。因此，我們可以在電話會議後回复您，但我認為從第二季度（即第一季度）財務報表的角度來看，保利略低。

And also, one last question. Is it fair to say that at this point, in the third quarter, your average cost, your total cost per watt is under $0.15?

還有最後一個問題。可以公平地說，在第三季度，您的平均成本（每瓦總成本）低於 0.15 美元嗎？

We don't disclose the numbers. It's a kind of competitive advantage and that's the information. But it's a significant improvement. Back to your questions in third quarter, starting from July, and as well as we continue to improve our internal operations, which is the supply chain, the cost. And so it's a significant improvement. But we don't disclose the cost structure even the -- including a total operating costs, yes.

我們不透露具體數字。這是一種競爭優勢，這就是信息。但這是一個重大改進。回到你的問題，第三季度，從7月份開始，我們繼續改善我們的內部運營，就是供應鏈、成本。所以這是一個重大的改進。但我們沒有透露成本結構，甚至包括總運營成本，是的。

Right. And a final question, Charlie. First, Solar has made a point of noting that they have a lot of long-term contracts going out multiple years, going out 2, 3, 4 years, and Maxion has said the same thing.

正確的。最後一個問題，查理。首先，Solar 指出他們有很多長期合同，為期多年，為期 2 年、3 年、4 年，Maxion 也說了同樣的話。

And these contracts are for prices in the high 20s, going out multiple years. Do you think that, that kind of pricing that far out is really sustainable given what is actually happening to prices in the market right now?

這些合同的價格在 20 多美元左右，為期多年。考慮到目前市場價格的實際情況，您認為這種遙遠的定價是否真正可持續？

Yes. I think U.S. market generates a very big market, sustainable loan growth. And there are a lot of disruptions from the recent 2 years because of, let's say, the WRO, UFLPA, so it makes the supply tight. And so some of the -- let's say, the local producers takes out a lot of this, sign a lot of long-term contracts. But from the long-term perspective, we see the silicon-based technology at the absolute, 100% advantage versus other technologies.

是的。我認為美國市場產生了一個非常大的市場，貸款可持續增長。最近兩年，由於 WRO、UFLPA 等原因，出現了很多中斷，因此供應緊張。因此，一些——比方說，當地生產商拿出了很多這樣的產品，簽署了很多長期合同。但從長遠來看，我們認為矽基技術相對於其他技術具有絕對的、100%的優勢。

And so now the focus is overseas polysilicon supply relative shortage. And we are able to -- let's say, next year, we are -- it's going to be a very big year for Jinko, and we have secured the sufficient, I think, poly out of China. And so we are able to sign -- very -- I think very decent contracts. And with, let's say, the poly has stabilized, and we are able to get more contracts not only next year, maybe next 2 or 3 years. So that's historically, we take the majority, a very big market share in U.S., 25% because of the disruptions, but we have overcome the disruptions. And so for the long term, we think we are in a good position with our peers.

所以現在的焦點是海外多晶矽供應相對短缺。我們能夠——比方說，明年——這對晶科來說將是非常重要的一年，我認為我們已經從中國獲得了足夠的多晶矽。所以我們能夠簽署——非常——我認為非常體面的合同。可以說，保利已經穩定下來，我們不僅能夠在明年甚至未來兩三年獲得更多合同。從歷史上看，由於受到干擾，我們在美國占據了大多數，非常大的市場份額，25%，但我們已經克服了乾擾。因此，從長遠來看，我們認為我們與同行相比處於有利地位。

Final question. Will you be able to take advantage of the IRA in terms of the production that you are starting with the 1 gigawatt N-type product in the U.S.?

最後一個問題。在美國開始生產 1 吉瓦 N 型產品時，您能否利用 IRA 的優勢？

In the IRA, you mean Jinko is, let's say, applicable or not? We think that IRA is kind of very transparent in policies, and it's for the local productions in the U.S. And when we do that, we don't, let's say, depend on why is IRA -- we think a relatively sized local productions and global content makes Jinko more competitive in the market. But we strongly believe that we are qualified, let's say, the IRA.

在 IRA 中，你的意思是 Jinko 是否適用？我們認為 IRA 在政策上非常透明，而且是針對美國本地製作的。當我們這樣做時，我們不會，比方說，依賴於 IRA 的原因——我們認為相對規模較大的本地製作和全球內容讓晶科更具市場競爭力。但我們堅信我們有資格，比如說愛爾蘭共和軍。

Okay. So you expect that you will be able to benefit from it, but you're not counting on it?

好的。那麼您期望能夠從中受益，但您並不指望它？

Yes, we don't count on it. We do very conservative accounting. I know some peers, the U.S. producers that do accrue basis even the quality or the cost of goods sales. That's a different accounting perspective but we didn't do that. We want to do it on a cash basis based on the casing and the fund of the higher in the future.

是的，我們不指望它。我們的會計處理非常保守。我認識一些同行，美國生產商，他們甚至會根據商品銷售的質量或成本來計算。這是一個不同的會計視角，但我們沒有這樣做。我們希望根據未來的情況和資金以現金為基礎進行。

(Operator Instructions)

（操作員說明）

The next question comes from Alan Lau with Jefferies.

下一個問題來自 Jefferies 的 Alan Lau。

Congratulations for the great results. So a couple of questions to follow up. So first of all, I would like to clarify, so the amount -- because in Asia reporting the overall impairment in 2Q was around RMB 1.6 billion. So in U.S. reporting, around RMB 500 million is recorded in cost of revenue and the remaining is under the impairment of long-life assets. So is this understanding correct?

祝賀取得的優異成績。有幾個問題需要跟進。首先，我想澄清一下金額，因為亞洲報告第二季度的總體減值約為 16 億元人民幣。因此，在美國的報告中，大約 5 億元人民幣記錄在收入成本中，其餘的則計入長期資產減值。那麼這種理解正確嗎？

Yes, you are right. It's a kind of different presentations in different accounting standards. And the U.S., inventory provisions is typically an item of cost of goods sold. But in China, the PRC standards, they have separate line called kind of the assets impairments, including everything, the fixed assets and as well as inventory. So that's kind of the presentation different accounting standards.

是的你是對的。這是不同會計準則下的不同表述。在美國，庫存準備金通常是銷售成本的一個項目。但在中國，中國的標準，他們有一個單獨的行，稱為資產減值，包括所有東西，固定資產和庫存。這就是不同會計準則的表述。

So if we add back RMB 500 million of inventory impairment, so the gross margin in Q2 was actually improving compared to Q1, right?

那麼如果我們再加上5億元人民幣的庫存減值，那麼第二季度的毛利率實際上比第一季度有所改善，對嗎？

Yes, you are right.

是的你是對的。

Yes. And then another thing is the impairment of long-lived assets, to my understanding, they are those equipment which we can also expect as the one-off thing, right? Because the impairment of equipment will happen at the quarter?

是的。然後另一件事是長期資產的減值，據我了解，它們是我們也可以期望一次性的設備，對吧？因為設備的減值會在季度發生？

It's a one-off, and we provided for the small size and small-sized modules to our competitors. And we -- to make our assets to be more competitive on the balance sheet.

這是一次性的，我們為競爭對手提供了小尺寸和小尺寸的模塊。我們——讓我們的資產在資產負債表上更具競爭力。

And then another question is in relation to the port charges. Because I recall that in 4Q last and first -- and the first quarter this year, the port charges affecting the margin. So what is the situation of the port charges in the U.S. in 2Q? And what do you expect in 3Q with the acceleration in the clearance of the products?

另一個問題與港口費用有關。因為我記得去年第四季度和今年第一季度，港口費用影響了利潤率。那麼二季度美國港口費用情況如何呢？您對第三季度產品清倉加速有何預期？

So for the port charges and the -- in the first quarter, we have RMB 400 million port charges for the U.S. And because it's decline in modules and very high storage costs and the second quarter and they improved a lot to RMB 200 million 1 quarter. And starting from the third quarter, we believe the port charges where they are very small numbers and because our modules have been cleaned up and speed up on the U.S. cost side.

因此，對於港口費用而言，第一季度，我們為美國支付了4 億元人民幣的港口費用，因為模塊數量下降，存儲成本非常高，第二季度，我們的港口費用大幅提高，達到2 億元人民幣。 。從第三季度開始，我們認為港口費用非常少，因為我們的模塊已經在美國成本方面得到了清理和加快。

This is an excellent second development action. So it leads to the next question as to how much U.S. shipment has been sold to the U.S. in the first and second quarter?

這是一次優秀的二次開發動作。那麼這就引出了下一個問題，第一季度和第二季度向美國銷售了多少美國貨物？

You mean the shipment percentage, right, the total...

你指的是出貨量百分比，對吧，總量……

Yes.

是的。

Against the total segments, it's 5% to 10% in that range.

相對於總細分市場，該比例在 5% 到 10% 之間。

Understood. So for this year, after we raised our guidance to 70 to 75 gigawatt, 5 to 7 -- 5% to 10% is around like 4 to 7 gigawatts. So next year, our target is TOPCon. Is it correct?

明白了。因此，今年，在我們將指導值提高到 70 至 75 吉瓦後，5 至 7——5% 至 10% 大約為 4 至 7 吉瓦。所以明年我們的目標是 TOPCon。這是對的嗎？

It's roughly 10% of mark is shipments next year. And it could be in a range, let's say, above 10 gigawatts and depending on the -- let's say, particularly the supply part, the poly part, we are confident with the 10% -- the 10 gigawatts is kind of the base.

明年的出貨量大約佔 10%。它可能在一個範圍內，比方說，超過 10 吉瓦，具體取決於——比方說，特別是供應部分、多晶矽部分，我們對 10% 充滿信心——10 吉瓦是基礎。

So that's actually quite a strong improvement from this year, like 4 to 7 gigawatts to 10 gigawatts still. So I would like to know what is your expectation on U.S. installation next year on this part. But at this year, probably U.S., I don't think the base case (inaudible).

因此，與今年相比，這實際上是一個相當大的進步，比如 4 到 7 吉瓦到 10 吉瓦。所以我想知道您對明年美國在這方面的安裝有何期望。但今年，可能是在美國，我不認為基本情況（聽不清）。

So I think the company is implying market share gains next year, right?

所以我認為該公司暗示明年市場份額會增加，對吧？

Yes. It's kind of a go back to normal strategy, right? So in the last 2 years' time, we have got -- let's say, we got stocked by different regions, different reasons. And now we have seen positively since go back -- start to go back to normal. That's why we are expecting a kind of normal market share or normal stable supply from Jinko to U.S. market. That's why we expect around 10% of our total shipment that goes to U.S. market next year.

是的。這有點回歸正常策略，對吧？因此，在過去兩年的時間裡，我們有不同的地區、不同的原因庫存。現在我們看到了積極的一面——開始恢復正常。這就是為什麼我們期望晶科對美國市場有正常的市場份額或正常穩定的供應。這就是為什麼我們預計明年總出貨量的 10% 左右將銷往美國市場。

So it's -- so what is your expectation on U.S. installation 2024 then?

那麼您對 ​​2024 年美國安裝的期望是什麼？

Well, it depends. It's really -- we see a robust demand there. So it's really a question of whether the supply will be normal or it will be, let's say, strictly under the UFLPA inspection, right? That will decide what could be the size of U.S. market. It could be somewhere from 30 gigawatts to even up to 50 gigawatts. It really depends on the supply side.

這得看情況。我們確實看到了那裡的強勁需求。所以這確實是一個問題：供應是否正常，或者是否會嚴格接受 UFLPA 檢查，對嗎？這將決定美國市場的規模。功率可能在 30 吉瓦到 50 吉瓦之間。這實際上取決於供給側。

So my last question is basically the -- for the polysilicon supply correspondent. Because 12 gigawatts, approximately, you still need quite a lot of polysilicon like probably around like 20,000 or 30,000 tonnes. So have we locked in that supply already?

所以我的最後一個問題基本上是針對多晶矽供應通訊員的。因為大約 12 吉瓦，您仍然需要相當多的多晶矽，可能大約 20,000 或 30,000 噸。那麼我們已經鎖定了供應了嗎？

Majority part, we have locked. And the overseas capacity is 100,000 -- sorry, 10,000 metric tonnes -- 100,000 metric tonnes, which can support, let's say, I think here roughly 50 gigawatts. And we take 20% market share from the -- let's say, poly supply side, we are confident and as well as some of the overseas capacity, we still have some flexibility to increase the capacity. So we're thinking we can achieve that.

大多數部分，我們已經鎖定。海外容量是 100,000——抱歉，10,000 公噸——100,000 公噸，可以支持，比方說，我認為這里大約是 50 吉瓦。我們從多晶供應方面獲得了20%的市場份額，我們有信心，以及一些海外產能，我們仍然有一定的靈活性來增加產能。所以我們認為我們可以實現這一目標。

So I've got a final question on Asia placement. So will that eventually lead to dilution of the U.S. share, U.S. shareholding?

我還有一個關於亞洲排名的最後一個問題。那麼這最終會導緻美國股份、美國股權的稀釋嗎？

Yes, it's probably maybe 7% to 9% dilution. It's not significant, and we take -- the U.S. has 58%, the CR holding of the Asia. And if -- let's assume 10% of the maximum maybe should be lower. It's roughly 53%, right? 5%, the difference, lower.

是的，可能稀釋了 7% 到 9%。這並不重要，我們認為美國持有亞洲華潤 58% 的股份。如果——讓我們假設最大值的 10% 可能應該更低。大約是53%，對吧？ 5%，差異較小。

This does conclude our question-and-answer session and our conference for today. Thank you for participating. You may now disconnect.

我們今天的問答環節和會議到此結束。感謝您的參與。您現在可以斷開連接。