晶科能源 (JKS) 2024 Q2 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Co. Ltd. second-quarter 2024 earnings conference call.

女士們、先生們，大家好，感謝大家出席晶科能源控股有限公司2024年第二季財報電話會議。

(Operator Instructions) As a reminder, today's conference call is being recorded.

（操作員說明）提醒一下，今天的電話會議正在錄音。

I would now like to turn the meeting over to your host for today's call, Ms. Stella Wang, JinkoSolar's Investor Relations.

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門的 Stella Wang 女士。

Please proceed, Stella.

請繼續，史黛拉。

Thank you, operator.

謝謝你，接線生。

Thank you, everyone, for joining us today for JinkoSolar's second-quarter 2024 earnings conference call.

感謝大家今天參加我們晶科能源 2024 年第二季財報電話會議。

The company's results were released earlier today and are available on the company's IR website at www.jinkosolar.com, as well as on Newswire services.

該公司的業績於今天稍早發布，可在該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.

我們也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 and CEO of JinkoSolar Holding Company Limited; Mr. Gener Miao, CMO of JinkoSolar Company Limited; Mr. Pan Li, CFO of JinkoSolar Holding Company Limited; and Mr. Charlie Cao, CFO of JinkoSolar Company Limited.

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執行長賢德先生；苗根二先生，晶科能源有限公司首席行銷長；潘力先生，晶科能源控股有限公司財務長；以及晶科能源有限公司財務長曹查理先生。

Mr. Li will discuss JinkoSolar's business operations and the company highlights followed by Mr. Miao, who will talk about the sales and marketing.

李先生將討論晶科能源的業務運作和公司亮點，隨後苗先生將討論銷售和行銷。

And then, Mr. Pan Li, who will go through the financials.

然後是潘力先生，他會介紹財務狀況。

We will be available to answer your questions during the Q&A session that follows.

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 US Private Securities Litigation Reform Act of 1995.

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。

Forward-looking statements involve inherent risks and uncertainties.

前瞻性陳述涉及固有風險和不確定性。

As such, our future results may be materially different from the views expressed today.

因此，我們未來的結果可能與今天表達的觀點大不相同。

Further information regarding this and other risks is included in JinkoSolar's public filings with the Securities and Exchange Commission.

有關此風險和其他風險的更多資訊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聲明的義務。

It's now my pleasure to introduce Mr. Xiande, Chairman and CEO of JinkoSolar Holdings.

現在我很高興向大家介紹晶科能源董事長兼執行長顯德先生。

Mr. Li will speak in Mandarin, and I’ll translate his comments into English.

李先生將用普通話發言，我將把他的評論翻譯成英語。

Please go ahead, Mr. Li.

請李先生繼續。

(interpreted) We are pleased to announce that thanks to our leading position in N-type TOPCon technology, competitive products as well as global sales and manufacturing network.

（解讀）我們很高興地宣布，得益於我們在N型TOPCon技術方面的領先地位、有競爭力的產品以及全球銷售和製造網絡。

Our module shipments grew by 34.1% year over year to 23.8 gigawatts in the second quarter, ranking first in the industry.

第二季組件出貨量年增34.1%至23.8吉瓦，位居產業第一。

By the end of the second quarter, we had led the industry as the first solar company in the world to reach a total module shipments of 260 gigawatts to nearly 200 countries and regions.

截至第二季末，我們已引領業界成為全球第一家組件總出貨量達260吉瓦，銷往近200個國家和地區的太陽能公司。

This again demonstrated the power of our globalization strategy.

這再次證明了我們全球化策略的威力。

In the second quarter, prices in several segments of the industry chain declined slightly on a sequential basis.

二季度，產業鏈多個環節價格較上季小幅下降。

We flexibly adjusted our production scheduling strategy and the utilization rates for different process and also optimized our supply chain strategy to control costs.

我們靈活調整生產排程策略和不同製程的利用率，並優化供應鏈策略以控製成本。

Gross margin was 11.1% in the second quarter, almost a flat sequentially.

第二季毛利率為 11.1%，與上一季幾乎持平。

Adjusted net income was USD52.1 million, slightly down sequentially.

調整後淨利為 5,210 萬美元，較上季略有下降。

Global demand shows faster growth momentum in the first half of 2024.

2024年上半年全球需求呈現較快成長動能。

The newly added installations in China totaled 102 gigawatts in the first half, up 30% year over year.

上半年中國新增裝置總量102吉瓦，較去年成長30%。

From January to June, total solar module exports increased by around 20% year over year.

1-6月，太陽能模組出口總額年增20%左右。

At the same time, we saw an increase in capacity expansion projects delayed, suspended, even some terminated as to existing capacity.

同時，新增產能項目被延後、暫停、甚至終止的產能也有所增加。

Some manufacturers have cut or suspended production.

一些製造商已經減產或暫停生產。

Coming into the third quarter, prices in the industry chain were low and volatile with prices in most segments falling below cash costs.

進入三季度，產業鏈價格低點震盪，大部分環節價格跌破現金成本。

The utilization rate across the industry declined compared to the second quarter to our overall low level.

與第二季相比，整個產業的利用率下降至整體較低水準。

We view this irrationally low prices as sustainable.

我們認為這種不合理的低價是可持續的。

Meanwhile, government and industry launched the control policies to promote the healthy and orderly development of the solar industry.

同時，政府和產業紛紛推出調控政策，促進太陽能產業健康有序發展。

Financial institutions became more selective, preferring to favor strong and excellent companies with technological innovation and of course, cost control capabilities as well as brand channel advantages.

金融機構的篩選變得更加挑剔，更青睞實力雄厚、技術創新、優秀的企業，當然還有成本控制能力以及品牌通路優勢。

We believe that all these matters will further accelerate the elimination of outdated capacities as well as industrial edge integration.

我們相信，這些都將進一步加速淘汰落後產能和產業優勢整合。

In the future, we expect to companies with robust and sustainable operations to reinforce their industrial leadership.

未來，我們期望營運穩健、永續的企業能夠鞏固其產業領先地位。

The industrial adjustments are bringing both challenges and opportunities to companies.

產業調整為企業帶來挑戰和機會。

We will continue to improve our management efficiency, strengthen our -- strengthen and expand our globalization advantage, taking on challenges in the industry with our resource advantages and innovative capabilities.

我們將持續提高管理效率，強化和擴大全球化優勢，以資源優勢和創新能力迎接產業挑戰。

Thanks to our global footprint and the competitiveness of our products.

得益於我們的全球足跡和產品的競爭力。

By the end of the second quarter, the visibility of our order book for 2024 exceeds 80%.

到第二季末，我們2024年的訂單可見度超過80%。

We have maintained our overall leading utilization rates in the industry, especially for N-type cells utilization rates, nearly 100%.

我們整體利用率保持業界領先，特別是N型電池利用率接近100%。

The capital refreshing our records for cell efficiencies.

該資本刷新了我們的電池效率記錄。

At the end of the second quarter, less efficiency of our N-type TOPCon based perovskite tandem solar cell reached the 33.24%, a significant leap beyond our previous record of 32.33% last year.

第二季末，我們的N型TOPCon鈣鈦礦疊層太陽能電池的效率達到了33.24%，大大超越了我們去年32.33%的紀錄。

The mass-produced efficiency of our 182 top count sales exceeds 26.1%.

我們182個頂級銷售量產效率超過26.1%。

We firmly believe that TOPCon remains the path with the best economic performance in terms of cost, mass production yield, intellectual property production and customer acceptance.

我們深信，從成本、量產良率、智慧財產權生產和客戶接受度來看，TOPCon仍然是經濟表現最好的路徑。

And it still has room for further cost reduction and efficiency increase.

並且還有進一步降本增效的空間。

We intend to keep our leading position by gradually adopting new technologies, while consider both efficiency improvement and economic returns.

我們打算透過逐步採用新技術來維持領先地位，同時兼顧效率提升和經濟效益。

We continued to optimize our supply chain to cater to the demands of global clients for low carbon and clean, highly efficient, and reliable products.

我們持續優化供應鏈，滿足全球客戶對低碳清潔、高效可靠產品的需求。

In the first quarter of this year, we unveiled new green panels to produce the zero-carbon factory as certified by TÜV inland for compliance with the relevant criteria and requirements.

今年第一季度，我們推出了新的綠色面板，用於生產零碳工廠，並通過了內陸 TäV 認證，符合相關標準和要求。

So far, we have received positive feedback from our clients.

到目前為止，我們已經收到了客戶的正面回饋。

This once again confirmed our commitment to clean manufacturing and product innovation.

這再次印證了我們對清潔製造和產品創新的承諾。

This shift in the international trade, continuing expansion of our globalization capabilities is becoming increasingly important.

在國際貿易的這種轉變中，我們全球化能力的持續擴張變得越來越重要。

As recently announced, we have entered into a strategic partnership with renewable energy localization company, a wholly owned subsidiary of PIS and the Vision Industries company to form a joint venture in Saudi Arabia for the production of 10 gigawatts of high efficiency solar cells and solar modules.

最近宣布，我們已與PIS全資子公司再生能源在地化公司和Vision Industries公司建立策略合作夥伴關係，在沙烏地阿拉伯組成合資企業，生產10吉瓦高效能太陽能電池和太陽能組件。

This is another step in our innovative transformation from global sales to global manufacturing and an important milestone for our globalization strategy.

這是我們從全球銷售轉型為全球製造創新的一步，也是我們全球化策略的重要里程碑。

With years of experience overseas, we are dedicated to building localized solar systems together with our partners to achieve synergy of resources and the complementarities of advantages and further grow our competitiveness in a global market.

憑藉多年的海外經驗，我們致力於與合作夥伴共同打造本土化的太陽能係統，實現資源協同和優勢互補，進一步增強我們在全球市場的競爭力。

We are accelerating the clearing out of a P-type capacity to optimize our capacity structure.

我們正在加快P型產能的出清，並優化產能結構。

We expect our annual production capacity for mono wafers, solar cells, and solar modules to reach 120, 95, and 130 gigawatts, respectively by the end of this year.

我們預計到今年年底，我們的單晶矽片、太陽能電池和太陽能組件的年產能將分別達到120、95和130吉瓦。

We expect our advanced capacity structure to continue to lead the industry.

我們預計我們先進的產能結構將繼續領先產業。

With our advantages in N-type TOPCon technology, competitive product as well as global sales and the manufacturing network, we reiterate our guidance for module shipments to be between 100 and 110 gigawatts for the full year 2024, and we will continue to implement our globalization strategy to actively assess market opportunities and mitigate market risks.

憑藉我們在N型TOPCon技術、競爭產品以及全球銷售和製造網路方面的優勢，我們重申2024年全年組件出貨量在100至110吉瓦之間的指導，並將繼續實施全球化積極評估市場機會並降低市場風險的策略。

We expect module shipments to be between 23 to 25 gigawatts for the third quarter of 2024.

我們預計 2024 年第三季組件出貨量將在 23 至 25 吉瓦之間。

By the end of this year, we expect to mass produce the N-type cell efficiency to reach 26.5%.

預計今年底量產的N型電池效率將達26.5%。

Overall, we are holding a healthy cash flow.

整體而言，我們擁有健康的現金流。

We will continue to optimize the structure of our assets and liabilities as well as our cash flow levels, strengthening our resistance to risks.

我們將持續優化資產負債結構和現金流水平，並增強抗風險能力。

Thank you, Mr. Li.

謝謝李先生。

Total shipments were 25.3 gigawatts in the second quarter with module shipment accounting for approximately 94%.

第二季總出貨量為25.3吉瓦，組件出貨量佔比約94%。

We are pleased that we continue to rank number one in the world for the market shipments as we are increasingly recognized by global clients for our high efficient and reliable products and services.

我們很高興我們的市場出貨量持續排名全球第一，因為我們高效、可靠的產品和服務越來越受到全球客戶的認可。

In terms of geographic mix, approximately 60% of our module shipment went to overseas market in the second quarter with Asia Pacific and Europe accounting for majority.

從地理架構來看，第二季我們的組件出貨量約有60%流向海外市場，其中亞太地區和歐洲佔大多數。

Sequentially, shipment to the US were relatively stable and shipment to Europe increased by 40%.

隨後，對美國的出貨量相對穩定，對歐洲的出貨量增加了40%。

Thanks to the continuous improvement in Tiger Neo product strength, Tiger Neo shipments accounted for 85% of total shipment in the second quarter, a steady increase from nearly 80% in the first quarter as these modules are increasingly accepted by clients, particularly in China, Europe and North America.

由於Tiger Neo產品實力的不斷提升，Tiger Neo的出貨量佔第二季總出貨量的85%，較第一季的近80%穩步上升，因為這些模組越來越被客戶（尤其是中國客戶）接受，歐洲和北美。

Currently, we lead the industry as the first solar company in the world to reach a cumulative N-type module shipment of 100 gigawatts.

目前，我們是全球第一家N型組件累積出貨量達到100吉瓦的太陽能公司，處於業界領先地位。

They continue to enjoy a premium in global market with premiums in some markets like Europe, US and the Middle East, especially high.

它們在全球市場上繼續享有溢價，其中歐洲、美國和中東等市場的溢價尤其高。

On the strength of our extensive global sales network, we will continue to optimize our shipments and the product portfolio.

憑藉我們廣泛的全球銷售網絡的優勢，我們將繼續優化我們的出貨量和產品組合。

We were recognized as a top performer across all reliable categories -- reliability categories in the PV Module Reliability Scorecard published by Kiwa PVEL for the tenth consecutive time.

我們連續第十次被評為所有可靠類別（Kiwa PVEL 發布的光伏組件可靠性記分卡可靠性類別）中的最佳表現者。

And we topped the PV Tech 2024 Q2 ModuleTech Bankability Report with the highest AAA rating.

我們在 PV Tech 2024 年第二季 ModuleTech 融資性報告中名列前茅，獲得最高 AAA 評級。

This is a continuous recognition of our commitment to quality, innovation and R&D over the long term as well as clients long-standing trust in our product quality, bankability and reliability.

這是對我們長期致力於品質、創新和研發的持續認可，也是客戶對我們產品品質、可融資性和可靠性的長期信任。

Recently, we became one of the few companies to have won both Tier 1 energy storage provider and the Tier 1 PV module manufacturer by Bloomberg.

最近，我們成為少數同時獲得彭博社一級儲能供應商和一級光伏組件製造商稱號的公司之一。

These orders are not only a testament to the power of our outstanding brand but also an affirmation of our proactive contribution to global energy transformation.

這些訂單不僅是對我們卓越品牌力量的證明，也是對我們為全球能源轉型做出正面貢獻的肯定。

As the economics of solar energy become more apparent, we expect demand in the global market to stay around 600 gigawatts in 2024 and a growth steadily in 2025.

隨著太陽能經濟性日益顯現，我們預計2024年全球市場需求將維持在600吉瓦左右，2025年將穩定成長。

In addition to mainstream markets like China, US, and Europe, emerging markets such as Middle East and some countries in Asia Pacific are also showing strong growth potential.

除了中國、美國、歐洲等主流市場外，中東和亞太部分國家等新興市場也展現出強勁的成長潛力。

With our accumulated experience in global sales and a growing industry trend footprint, we are confident we will, over time, cease the opportunity brought about by the growth in global market demand more rapidly and more high efficiently and optimize overseas supply chain to effectively cope with changes in international trade policies.

憑藉我們累積的全球銷售經驗和不斷增長的行業趨勢足跡，我們有信心隨著時間的推移，我們將更快、更有效率地抓住全球市場需求成長帶來的機遇，優化海外供應鏈，有效應對國際貿易政策的改變。

We will continue to optimize our products and the services, constantly enhancing our competitiveness globally through strategic market positioning and outstanding client relationship management.

我們將持續優化我們的產品和服務，透過策略市場定位和出色的客戶關係管理不斷增強我們的全球競爭力。

With that, I will turn the call over to Pan.

這樣，我就把電話轉給潘。

Thank you, Gener.

謝謝你，將軍。

We are pleased to report sequential growth in module shipments and total revenues in a very challenging second quarter.

我們很高興地報告，在充滿挑戰的第二季度，模組出貨量和總收入連續成長。

While module prices declined, we reduced cost through supply chain optimization and technology upgrade, improve operating efficiency of optimized assets and liability structure.

在組件價格下降的同時，我們透過供應鏈優化和技術升級降低成本，優化資產負債結構提高營運效率。

Gross margin was relatively flat sequentially and our asset liability ratio was down by 1 percentage point compared to the year beginning.

毛利率較上月持平，資產負債率較年初下降1個百分點。

Despite the challenging situation in the industry, we did not stop returning value to our shareholders for their long-term support.

儘管產業情勢充滿挑戰，我們並沒有停止回報股東的長期支持。

At the beginning of August, we announced a cash dividend of $1.5 per ADS, which was paid today as planned.

8月初，我們宣布派發每份ADS 1.5美元的現金股息，今天已按計畫支付。

In addition, as of today, we have repurchased a total of 5.6 million ADS in an aggregate amount of over $130 million in the open market, under our share repurchase program announced in July 2022 and the extended share repurchase program announced in December last year.

此外，根據2022 年7 月宣布的股票回購計劃和去年12 月宣布的延期股票回購計劃，截至今天，我們已在公開市場回購了總計560 萬股美國存託股，總金額超過1.3 億美元。

Let me go into more details now.

現在讓我詳細介紹一下。

Total revenue was about $3.3 billion, up 4.4% sequentially and down 21% year-over-year.

總營收約 33 億美元，季增 4.4%，年減 21%。

The year-over-year decrease was mainly due to a decrease in average selling price of solar modules.

年比下降主要是由於太陽能組件平均售價下降。

Gross margin was 11.1% compared with 11.9% in the first quarter this year and 15.6% in the second quarter last year.

毛利率為11.1%，而今年第一季為11.9%，去年第二季為15.6%。

The year-over-year decrease was mainly due to the decrease in average selling prices of modules.

年比下降主要是由於組件平均售價下降。

Total operating expenses were about $525 million, up 24% sequentially and up about 18% year-over-year.

總營運費用約 5.25 億美元，季增 24%，年增約 18%。

The sequential and year-over-year increases were mainly due to the write-off the net book value of the equipment resulted from the fire accident in Shanxi Province, which was partially offset by estimated insurance proceeds from the fire accident in the second quarter this year.

環比和年增長主要是由於山西省火災事故導致的設備帳面淨值被沖銷，部分被今年第二季火災事故預計保險收益所抵消。

Total operating expenses accounted for about 16% of the total revenues in the second quarter compared to 13% in the first quarter and about 11% in the second quarter last year.

第二季總營運費用約佔總收入的16%，而第一季為13%，去年第二季約為11%。

Net loss attributed to the JinkoSolar Holding Company Limited ordinary shareholders were $13.9 million in the second quarter this year.

今年第二季度，晶科能源控股有限公司普通股股東的淨虧損為1,390萬美元。

Excluding the impact of the change in fair value of the convertible senior notes, fair value loss related to the investment in solar supply chain companies, share-based compensation expenses and net loss resulted from a fire accident in Shanxi, adjusted net income attributed to the JinkoSolar Holding Company ordinary shareholders was about $52 million.

剔除可轉換優先票據公允價值變動、與太陽能供應鏈公司投資相關的公允價值損失、股權激勵費用以及山西火災事故造成的淨損失的影響，調整後歸屬於太陽能供應鏈公司的淨利潤晶科能源控股公司普通股東約5,200萬美元。

Moving to the balance sheet.

轉向資產負債表。

At the end of the second quarter, our cash and cash equivalents were $1.91 billion compared with $2.4 billion in the first quarter this year.

截至第二季末，我們的現金和現金等價物為 19.1 億美元，而今年第一季為 24 億美元。

AR turnover days were 89 days compared with 100 days in the first quarter this year.

AR週轉天數為89天，而今年第一季為100天。

Inventory turnover days were 82 days compared with 89 days in the first quarter this year, as a result of improving operating efficiency.

由於營運效率提高，庫存週轉天數由今年第一季的89天增加到82天。

At the end of the second quarter, total debt was $3.86 billion compared to $3.66 billion in the first quarter.

第二季末，債務總額為 38.6 億美元，而第一季為 36.6 億美元。

Net debt was $1.95 billion compared with $1.22 billion in the first quarter of this year.

淨債務為 19.5 億美元，而今年第一季為 12.2 億美元。

This concludes our prepared remarks.

我們準備好的演講到此結束。

We are now happy to take your questions.

我們現在很樂意回答您的問題。

Operator please proceed.

操作員請繼續。

(Operator Instructions) Philip Shen, ROTH Capital Partners.

（操作員指令）Philip Shen，羅仕資本合夥人。

Hi.

你好。

This is Matt Ingraham on for Phil.

這是菲爾的馬特·英格拉漢姆。

Thank you for taking our questions.

感謝您接受我們的提問。

Looking into the back half of the year and 2025, how do you see module pricing trending?

展望下半年和2025年，您如何看待組件定價趨勢？

And then on gross margins, what is it going to take to return to the mid-teens margin levels?

那麼在毛利率方面，如何才能回到十幾歲左右的利潤水準？

And do you think this could be achievable in 2025?

您認為這在 2025 年可以實現嗎？

Thanks for the question.

謝謝你的提問。

This is Gener.

這是將軍。

I think in general, market price will stay at the, let's say, a relatively low level for a while for most of the market.

我認為總的來說，對於大多數市場來說，市場價格將在一段時間內保持在相對較低的水平。

It's really because in general the oversupply situation is quite obvious across the industry.

究其原因，是因為整體來看，整個產業供過於求的情況十分明顯。

But for sure, margin-wise it depends on the cost, how fast the cost reduction can catch up with the low-price situation right now.

但可以肯定的是，從利潤率角度來看，這取決於成本，成本降低的速度能趕上目前的低價情況。

So we -- at least from what we are seeing right now, quarter by quarter or month by month, the cost reduction is happening almost every day.

因此，至少從我們現在所看到的情況來看，每個季度或每個月，成本下降幾乎每天都在發生。

So hopefully with the improvement from the cost control and also all the actions we are taking or the whole industry is working on, the margin could go back to at least a healthy level as early as possible.

因此，希望隨著成本控制的改善以及我們正在採取的或整個行業正在採取的所有行動，利潤率可以儘早回到至少健康的水平。

Okay, great, thank you.

好的，太好了，謝謝。

And then kind of on supply and demand, with module prices so low for so long, is that resulting in any demand elasticity?

然後就供需而言，組件價格長期處於低位，這是否會導致需求彈性？

And if so, which countries or regions could we see upside surprise in demand?

如果是這樣，哪些國家或地區的需求可能會意外上升？

And then on the supply side, when do you think this oversupply situation across the supply chain gets resolved?

那麼在供應方面，您認為整個供應鏈的供過於求的情況什麼時候能夠解決？

Does this happen next few quarters, next 12 months or longer?

這種情況會在接下來的幾個季度、接下來的 12 個月或更長時間內發生嗎？

It's really difficult to forecast the right which day the market will turn upside down.

很難預測哪一天市場會發生翻天覆地的變化。

But we see everything gradually going to that direction everyone.

但我們看到每個人一切都在逐漸朝這個方向發展。

From the demand side, no matter it's US, Europe or China or other emerging markets, we still foresee healthy growth year over year.

從需求方面來看，無論是美國、歐洲或中國或其他新興市場，我們仍預期將年比健康成長。

Meanwhile, when we see the supply side, for sure we have seen some newcomers that have dropped their plans to give up what they planned to do previously.

同時，當我們看到供應方面時，我們肯定看到一些新來者已經放棄了他們之前計劃要做的事情。

And also from the policy-wise, we see some China government policy initiative, which is trying to control the new expansion of the capacity, which shows a pretty strong signal to constrain the capacity supply side as well.

另外從政策方面，我們看到中國政府的一些政策舉措，試圖控制新增產能的擴張，也顯示出一個非常強烈的訊號，即抑制產能供給端。

So, and also the current loss-making market will shake out some of the weak players across industry too.

因此，目前的虧損市場也將淘汰整個產業中一些弱勢的企業。

So, adding all those up together, supply side where we see a steady growth year over year.

因此，將所有這些加在一起，我們看到供應方面逐年穩定成長。

And the supply side, we see some action taking.

在供應方面，我們看到一些行動正在採取。

It might take some time, but it's moving on the direction to restrict the supply into more rational levels.

這可能需要一些時間，但它正在朝著將供應限制在更合理水平的方向發展。

So adding those two together, we hope to give it several quarters, the things will get back to a rational level, I hope.

因此，將這兩者加在一起，我們希望再過幾個季度，我希望事情會恢復到理性水平。

Great.

偉大的。

Thank you.

謝謝。

I'll pass it along.

我會把它傳遞下去。

Alan Lau, Jefferies.

劉艾倫，杰弗里斯。

Thank you for taking my question.

感謝您回答我的問題。

This is Alan from Jefferies.

我是來自 Jefferies 的艾倫。

So first of all, the results are actually quite impressive, especially during the backdrop of a very challenging market environment.

首先，結果其實相當令人印象深刻，尤其是在充滿挑戰的市場環境背景下。

So I've got a couple of questions I would like to check with the management.

所以我有幾個問題想向管理階層諮詢。

First of all, what is the US shipment amount and also the US shipment expectation in second half of this year?

首先，今年下半年美國出貨量以及美國出貨量預期為何？

And what is your view on the policy risk in the US market, especially there were recently filings of critical circumstances?

您對美國市場的政策風險有何看法，尤其是最近出現的危急情況？

So for US, it's a very special market.

所以對美國來說，這是一個非常特別的市場。

We see the market is -- firstly, for Jinko, we are gradually getting back our market share gradually after the efforts we have taken in the last two years’ time.

我們看到的市場是——首先，對於晶科來說，經過過去兩年的努力，我們正在逐步奪回我們的市場份額。

So if you look into the total shipment numbers, we have provided the range of 5% to 10% as the annual shipment range.

因此，如果您查看總出貨量，我們提供的年度出貨量範圍為 5% 至 10%。

But if we look into Q4, it's roughly 5% to 6%.

但如果我們看看第四季度，大約是 5% 到 6%。

So seasonally, a change is required.

因此，季節性變化是必要的。

For example, right now, there's a rush before the tariffs kick in.

例如，現在，關稅生效之前就出現了搶購潮。

Also, the market demand is picking up.

此外，市場需求正在回升。

So season, quarter by quarter, there will be some small changes.

所以一季一季，都會有一些小變化。

But in general, I think it's still falling to the range between 5% to 10% of our total shipment in the US.

但總的來說，我認為它仍然下降到我們在美國總出貨量的 5% 到 10% 之間。

And for the long term, we still believe US is a great market because of the demand.

從長遠來看，由於需求，我們仍然相信美國是一個巨大的市場。

Thanks to the AI drivings.

感謝人工智慧駕駛。

The electricity demand is strong and also the IRA act is a strong support to the new capacities, both on the manufacturing side and on the utility project development side as well.

電力需求強勁，IRA 法案為製造和公用事業項目開發的新產能提供了強有力的支持。

So in long term, we are still a big fan of US solar market.

因此，從長遠來看，我們仍然是美國太陽能市場的忠實粉絲。

And we believe we will continue to be there to find a stable supply plan to serve our clients in US.

我們相信我們將繼續在那裡尋找穩定的供應計劃來服務我們在美國的客戶。

Even there are some -- there might be some turbulence on the trade policy side, but we still have some prepared solution on it.

即使有一些——貿易政策方面可能會出現一些動盪，但我們仍然有一些準備好的解決方案。

For the second, I think you are talking about

對於第二個，我認為你正在談論

[urging second responses].

[敦促第二次回應]。

It's really a little bit of risk, but we have proactively managed the situations based on the regulations.

這確實是有一點風險，但是我們已經按照規定積極應對了。

And we think the risk to Jinko is relatively low.

我們認為晶科面臨的風險相對較低。

Is it because of the relatively stable volume from Jinko?

是因為晶科的成交量相對穩定嗎？

Like there was no spiking volume, so you think it's actually compliant with the rules, right?

就像沒有出現峰值量一樣，所以你認為它實際上符合規則，對吧？

It's a little bit complicated, but the managed rate is funded through the

這有點複雜，但管理利率是透過

(inaudible).

（聽不清楚）。

And if you are going to be qualified for the situations you must be -- the volume shipments after the finding data case and the risks that they form and there should be a significant increase of shipments.

如果你想勝任你必須具備的條件——發現數據案例後的出貨量以及它們形成的風險，那麼出貨量應該會顯著增加。

So we proactively manage the volume.

因此，我們主動管理數量。

So that is what I'm saying.

這就是我要說的。

But there's still some kind of risk, but we think the risk is low for Jinko.

但仍存在某種風險，但我們認為晶科的風險較低。

Thank you.

謝謝。

It's very clear.

非常清楚。

Also, we'd like to know what is the progress in our Middle East because there was a huge announcement on the capacity (inaudible) in Saudi Arabia.

此外，我們想知道中東的進展如何，因為沙烏地阿拉伯發布了一項關於產能的重大公告（聽不清楚）。

So we would like to know what is the estimated timeline of that capacity and what type of policy you expect would be benefited?

因此，我們想知道該能力的預計時間表是什麼以及您預計哪種類型的政策會受益？

It's really a very strategic move for our international manufacturing.

對於我們的國際製造業來說，這確實是一個非常具有戰略意義的舉措。

And it's not only a purely facilities in Saudi Arabia and we are working with the PIF and the region industries.

這不僅僅是沙烏地阿拉伯的一個純粹的設施，我們正在與 PIF 和該地區的行業合作。

And in Saudi Arabia, we have a very big ambition for the energy transitions by 2030.

在沙烏地阿拉伯，我們對 2030 年實現能源轉型有著非常遠大的目標。

And we work together to localize the production of advanced capacities to gigawatt for the module capacities.

我們共同努力將組件產能的先進產能在地化至千兆瓦級。

And Saudi, I think the government has a policy department, which is -- the goal is to help to promote local productions in Saudi Arabia.

至於沙烏地，我認為政府有一個政策部門，目標是幫助促進沙烏地阿拉伯的本地生產。

So we wait back after our operational in 2026.

因此，我們會等到 2026 年營運後再回來。

And then the modules for Saudi Arabia locally will have a premium compared to the modules out of Saudi Arabia.

那麼沙烏地阿拉伯本地的組件會比沙烏地阿拉伯以外的組件有溢價。

And on top of that, the government has strong support policies to the joint ventures in Saudi as well.

除此之外，沙烏地阿拉伯政府對合資企業也有強而有力的支持政策。

So would there be any localization requirement on tendering so that you can ensure all of your modules will be sold and also even some of your competitors will have to buy your modules because of that localization requirement?

那麼招標時是否有任何本地化要求，以便您可以確保所有模組都將出售，甚至您的一些競爭對手也將因為本地化要求而不得不購買您的模組？

I would like to be more confident.

我想變得更有自信。

We will have very unique competitiveness in Saudi and for the Saudi market.

我們將在沙烏地阿拉伯以及沙烏地阿拉伯市場擁有非常獨特的競爭力。

And Saudi, if you look at the total market size, it's roughly 50%, 60% of the total Middle East.

而沙烏地，如果你看整個市場規模，它大約佔整個中東地區的50%、60%。

And the Middle East, we are very optimistic in the next three to five years.

而中東，我們對未來三到五年非常樂觀。

And I think you want to explore the detail policies.

我認為你想探索詳細的政策。

There is some policies existing, but it's going to be developed, I think by the government as well.

現有一些政策，但我認為政府也會制定這些政策。

And the current policies, 20% local content space with some kind of additional penalty.

目前的政策是，20% 的本地內容空間帶有某種額外的懲罰。

But the big issue is in Saudi Arabia there is no qualified module producers.

但最大的問題是沙烏地阿拉伯沒有合格的組件生產商。

So most of the developers at this stage is they get the waiver letter.

所以現階段大多數開發商都拿到了豁免信。

By my understanding, there is no available local producers.

據我了解，當地沒有可用的生產商。

But I think we are in a good position to penetrate the markets and absolutely announce our joint venture.

但我認為我們處於有利的位置，可以滲透市場並絕對宣布我們的合資企業。

So you will technically be the only qualified producer by 2026.

因此，從技術上講，到 2026 年，您將成為唯一合格的生產商。

So that might bring you premium there, right?

所以這可能會為你帶來溢價，對嗎？

I would love to say that.

我很想說。

I think we will be the first mover.

我認為我們將成為先行者。

So we take that along it.

所以我們把它放在一起。

We will be the first mover there.

我們將成為那裡的先行者。

And an accounting question on the financials.

還有一個關於財務的會計問題。

Because I saw in the adjusted -- calculations of adjusted earnings, actually it's around RMB380 million.

因為我看到調整後的獲利計算，其實是3.8億元左右。

So is it like RMB665 million and then you take 58% of shareholding on the loss of that.

那麼是6.65億元人民幣，然後你就拿走了58%的股權，以此來彌補損失。

So you showed that you get to

所以你表明你可以

[RMB80 million].

[8000萬元人民幣]。

So you're talking about EPS or really average?

所以你說的是每股盈餘還是平均？

The adjusted net income.

調整後的淨利。

So it's shown as RMB378 million.

所以顯示為人民幣3.78億元。

So there's a net loss due to the Shanxi fire accident of RMB380 million.

由此可見，山西火災事故淨損失達3.8億元。

So I'd like to know if this RMB380 million is 58% of RMB665 million in the Asia level.

所以我想知道這個3.8億元是不是亞洲等級的6.65億元的58%。

Yeah, you're talking about the total numbers.

是的，你說的是總數。

For Asia, it's kind of the number you're talking about.

對亞洲來說，這就是你所說的數字。

And because the US, called it 58%.

因為美國稱為58%。

So the minority, there's I think a separate line, net income attributable to non-controlling interest.

因此，我認為少數派有一條單獨的線，即歸屬於非控制權益的淨利。

That consolidated all -- the net income should be allocated to the minority interest from the perspective of US, Mexico.

這綜合了一切——從美國、墨西哥的角度來看，淨收入應該分配給少數股東權益。

Understood.

明白了。

Including the loss from the Shanxi province, right?

包括山西省的損失吧？

It's also proportionated.

也是成比例的。

Yes, proportionated.

是的，比例。

Yes.

是的。

Thank you.

謝謝。

So my final question is, what is the usage of FBR polysilicon now?

那我最後的問題是，現在FBR多晶矽的用途是什麼？

Can you use 100% of that to save cost?

你能100%使用它來節省成本嗎？

You mean the polysilicon out of China, right?

你說的是中國的多晶矽吧？

The FBR.

FBR。

The granular polysilicon.

粒狀多晶矽。

Yeah.

是的。

I think we get kind of improvement on utilization levels.

我認為我們的利用率有所提高。

And typically, it's kind of 30% to 50%.

通常是 30% 到 50%。

Thank you.

謝謝。

I'll pass on.

我會繼續。

Thanks a lot, Charlie.

非常感謝，查理。

(Operator Instructions) William Griffin, UBS.

（操作員說明）William Griffin，UBS。

Hi, thanks a lot for the time.

你好，非常感謝你抽出時間。

Just a couple for me.

對我來說只是一對。

The first one was on the tandem cell efficiency that you noted in the press release.

第一個是關於您在新聞稿中提到的串聯電池效率。

Could you just talk about kind of where you are in the development process for that technology?

您能談談您在該技術的開發過程中處於什麼階段嗎？

And how long before you think we could see something become commercially available?

您認為我們需要多久才能看到某些產品投入商業化？

The tandem is still in the early stage, but we are optimistic for the future commercialization of the TOPCon plus tandem technology.

該串聯仍處於早期階段，但我們對 TOPCon plus 串聯技術未來的商業化持樂觀態度。

But still, it's -- if you look at the time scheme, it's -- we believe in the next five years, it's still in a laboratory stage.

但是，如果你看一下時間計劃，我們相信在未來五年內，它仍處於實驗室階段。

And it's possible after five years, it could be commercialized, but it depends a lot on progress.

五年後，它可能會商業化，但這在很大程度上取決於進展。

So back to the question, we don't believe it's commercially 100% visibility at this stage and the earlier time, may be after five years.

回到問題上來，我們認為現階段商業可見度還不是 100%，更早的時間可能是五年後。

Got it.

知道了。

Thank you.

謝謝。

And then just on the TOPCon side, obviously there's been a lot of headlines and reports of litigation, companies claiming IP around TOPCon, a little bit hard to get a good handle on the patent landscape there.

然後就在 TOPCon 方面，顯然有很多頭條新聞和訴訟報道，公司在 TOPCon 周圍聲稱擁有智慧財產權，很難很好地掌握那裡的專利情況。

Just wondering if you could speak to how comfortable you are with your position sort of in the TOPCon IP landscape across your key markets and maybe any sort of discussions around licensing or other legal actions that maybe you've been having.

只是想知道您是否可以談談您對您在關鍵市場的 TOPCon 智慧財產權領域中的地位有多滿意，以及您可能一直在進行的有關許可或其他法律訴訟的任何形式的討論。

So the patents, if you look at Jinko is kind of the TOPCon promoter, the leader of technology, and in the recent three years, we invested around 5% to 6% total revenue on R&D, and the significant part we put into the TOPCon.

所以專利，如果你看看晶科，它是TOPCon的推動者，技術的領導者，在最近三年裡，我們在研發上投入了大約5%到6%的總收入，其中很大一部分是我們投入TOPCon上的。

So we're really very confident about our patents, particularly in TOPCon.

所以我們對我們的專利非常有信心，特別是在 TOPCon 方面。

If you look at the total volume, if you look at the quality, if you look at the patents, or the spread in different countries, particularly out of China.

如果你看看總量，如果你看看質量，如果你看看專利，或者在不同國家，特別是在中國之外的傳播。

So I think at the beginning of this year, we also announced some kind of news.

所以我想今年年初我們也宣布了一些消息。

We granted some kind of patents to one company, one module company, once sale company.

我們向一家公司、一家模組公司、一次銷售公司授予了某種專利。

So that demonstrates our strong capabilities on R&D and patent position.

這體現了我們強大的研發能力和專利地位。

All right, thanks very much.

好的，非常感謝。

Thank you.

謝謝。

Rajiv Chaudhri, Sunsara Capital.

Rajiv Chaudhri，Sunsara Capital。

Good morning.

早安.

I have a few questions.

我有幾個問題。

The first couple of questions are just housekeeping.

前幾個問題只是內務管理。

Can you tell us what the depreciation and the capital spending numbers were for the second quarter and what the targets are right now for the full year?

您能否告訴我們第二季的折舊和資本支出數字是多少，以及目前全年的目標是什麼？

Okay.

好的。

Thank you for the question.

謝謝你的提問。

In the second quarter, we reduced our CapEx as compared with the first quarter, which was -- the total CapEx in the first half year would about be RMB4 billion.

第二季度，我們的資本支出比第一季減少了－上半年的資本支出總額約為40億元人民幣。

And our prospective total CapEx in the whole year would be adjusted to about RMB9 billion.

我們預計全年資本支出總額將調整至人民幣90億元左右。

Rajiv, I think the big question -- the big picture is, it's a tough situation, right, in the industry wise.

拉吉夫，我認為最大的問題是，從整個產業來看，這是一個艱難的局面，對吧。

But the industry has suffered in the, I think, three or four quarters.

但我認為該行業在三、四個季度內遭受了損失。

And as TOPCon companies, we help them manage the companies and the sustainable growth.

作為 TOPCon 公司，我們幫助他們管理公司和永續成長。

And we balance the shipment for (inaudible) and further solidify our positions on the cash flows particularly.

我們平衡了發貨（聽不清楚），並進一步鞏固了我們在現金流方面的地位。

On top of that, we significantly cut the CapEx this year as well as next year as well as lower the operating expenses and optimize our operation, including training some labor force.

最重要的是，我們今年和明年大幅削減了資本支出，並降低了營運費用並優化了我們的運營，包括培訓一些勞動力。

And if you look at our CapEx, for next year, we don't have any CapEx plan, except for the Saudi Arabia capacities, which is a strategic movement.

如果你看看我們明年的資本支出，除了沙烏地阿拉伯的產能之外，我們沒有任何資本支出計劃，這是一項策略性舉措。

So just for illustration, we understand.

所以只是為了說明，我們理解。

But we think after several quarters, we cannot predict exactly.

但我們認為幾個季度之後，我們無法準確預測。

But we have seen the big players, top two or top three, even some kind of relatively (inaudible) payers have been consolidated or phased out in June -- the downward cycle.

但我們已經看到，大的參與者，前兩名或前三名，甚至某種相對（聽不清楚）的支付者已經在六月被整合或逐步淘汰——下行週期。

So we are getting -- I think we are getting prepared really to go through the cycle time.

所以我們正在——我認為我們正在為度過週期做真正的準備。

So are you suggesting that CapEx in 2025 will be even less than the RMB9 billion in 2024?

那麼您是否認為2025年的資本支出將低於2024年的90億元？

Yes, definitely.

是的，絕對是。

And Saudi Arabia is very unique.

沙烏地阿拉伯非常獨特。

Because we take 40% equity and really equity will be $100 million next year.

因為我們持有 40% 的股權，明年真正的股權將是 1 億美元。

So except for that, I think we have some kind of maintenance CapEx as well as some kind of investment on R&D, R&D CapEx.

除此之外，我認為我們還有某種維護資本支出以及某種研發投資、研發資本支出。

So definitely it's going to be lower next year.

所以明年一定會更低。

Okay, and what about depreciation in the second quarter?

好的，那麼第二季的折舊情況又如何呢？

So each month, roughly, if you want to use your financial model, it's kind of RMB500 million to RMB600 million, you can put in your financial model.

所以每個月，大致來說，如果你想用你的財務模型的話，大概有5億到6億人民幣，你可以把它放進你的財務模型裡。

Anyway, if you have detailed number questions, I would suggest you can follow up with our IR team to give you detailed number.

無論如何，如果您有詳細的號碼問題，我建議您可以聯絡我們的 IR 團隊，為您提供詳細的號碼。

Okay.

好的。

So moving on to the next question.

那麼繼續下一個問題。

That is on your average selling prices.

這是你的平均售價。

Your average selling price in the second quarter was down quite a bit.

你們第二季的平均售價下降了很多。

It was down actually more than 10%, 15% from the first quarter.

實際上比第一季下降了10%、15%以上。

And part of the reason I guess from reading the presentation is that DG was 50% of sales, and most of DG is, I think, in China.

透過閱讀簡報，我猜測部分原因是 DG 佔銷售額的 50%，而且我認為大部分 DG 都在中國。

So the combination of focus on China and DG led to more than a pretty sharp decline in ASPs.

因此，對中國的關注和 DG 的結合導致了平均售價的大幅下降。

Now, as you go into the second half of the year and shipments as a proportion of total shift away from China, shift away from DG, will that provide a more benign backdrop for pricing for you?

現在，當你進入下半年時，出貨量佔總出貨量的比例正在從中國轉移，從 DG 轉移，這會為你提供一個更有利的定價背景嗎？

The spot market price, in the last three or six months is continuing to decline, but we think it's going to be the lowest level to be stabilized.

現貨市場價格在過去三、六個月持續下跌，但我們認為這將是穩定的最低水準。

But if you look at financial numbers, because we have different markets, the utility scale, the DG segment.

但如果你看一下財務數據，因為我們有不同的市場、公用事業規模、DG 細分市場。

We have different markets, US, Japan, different regions and different lead time for signing the contracts.

我們有不同的市場，美國、日本、不同的地區和不同的合約簽訂週期。

So if you look at the ASP, you're right, I think it's affecting the industry-wide, the down in terms of -- as well as marketwise for the modules as of late.

因此，如果你看看 ASP，你是對的，我認為它正在影響整個產業，以及最近模組的市場下降。

Because we have different, in the meantime, different countries.

因為我們同時擁有不同的國家。

So each quarter Q2, Q1, the averages is in a downward sign.

因此，每季 Q2、Q1 的平均值都呈現下降趨勢。

We expect that continually trained in the third quarter, relatively stable in the fourth quarter.

我們預計第三季繼續訓練，第四季相對穩定。

But on the other side, if you look at the supply chain perspective, the material cost continue to trend.

但另一方面，如果從供應鏈的角度來看，材料成本持續呈現上升趨勢。

So can we expect that the decline in ASPs will moderate from Q2 to Q3 relative to what we saw in Q1 to Q2?

那麼，與第一季到第二季相比，我們是否可以預期第二季到第三季平均售價的下降將會放緩？

Yes, I would like to say, if you look at Q4 versus Q3, it's kind of modernized.

是的，我想說，如果你看看第四季和第三季度，你會發現它有點現代化。

Okay.

好的。

But can you say that we are at the point where pricing can be expected to be stable or we are not there yet?

但你能說我們已經到了定價可以穩定的地步，還是還沒有達到穩定的地步？

I think kind of in a time scheme, if you look at the sectors, most of the sectors is suffering cash losses.

我認為在一個時間計劃中，如果你看看這些部門，大多數部門都在遭受現金損失。

We don't believe there's a significant zoom further.

我們認為不會有進一步的大幅成長。

And with the rate of capacity, it should be kind of destabilized.

而且就容量而言，它應該有點不穩定。

If you look at the solar wafer price in recent week, some top players, they have increased the small market price a little bit.

如果你看看最近一週的太陽能矽片價格，一些頂級廠商，他們已經稍微提高了小市場價格。

And even, product price has been stabilized.

甚至，產品價格也趨於穩定。

So, step by step, I think, you will see the module and as well as the solar cell in the plants.

因此，我想，您將一步一步地看到植物中的模組和太陽能電池。

I see, okay.

我明白了，好吧。

Charlie, your costs were down -- apart from the decline in polysilicon prices, your production costs were down quite significantly also in the second quarter.

查理，你們的成本下降了──除了多晶矽價格下降之外，第二季你們的生產成本也大幅下降。

And that helped you maintain the gross margin at a double-digit level.

這有助於您將毛利率維持在兩位數的水平。

Can you break down some of the reasons why the costs were down, and can we expect costs to keep on coming down at the same rates that we saw from Q4 to Q1 and then Q1 to Q2?

您能否詳細分析一下成本下降的一些原因？

We have had some pretty dramatic declines in cost here and that is separate from the polysilicon prices.

我們的成本大幅下降，這與多晶矽價格無關。

Yes, there are a lot of efforts we are working on.

是的，我們正在做很多努力。

The contingent to optimize our design and the key materials, the purchase price to have been improved.

我們的隊伍優化了設計和關鍵材料，採購價格也提高了。

And the improved working efficiencies, and labor costs cut off, and the operating expenses optimizations.

且工作效率提高，勞動成本被削減，營運費用得到優化。

So there are a lot of efforts we are working on.

因此，我們正在做很多努力。

So does that mean that gross margin can go up in the third quarter relative to the second quarter?

那麼這是否意味著第三季的毛利率可能會比第二季上升？

No, I don't believe that, frankly, because I think we are confident.

不，坦白說，我不相信這一點，因為我認為我們有信心。

The gross margin is bottom and we try to be stable -- try to stabilize.

毛利率處於底部，我們努力保持穩定——努力保持穩定。

But you're not confident that it can go up from Q2 to Q3 yet?

但你還沒有信心它能從第二季上升到第三季嗎？

No, I would like to say stabilize -- if you look at our peers, we are in relatively good positions and stabilized and the phase-out takes time.

不，我想說的是穩定——如果你看看我們的同行，我們處於相對較好的位置並且穩定下來，逐步淘汰需要時間。

I think it's not going to take one or two years, but maybe take several quarters.

我認為這不會需要一兩年的時間，但可能需要幾個季度。

And on top of that, we take -- leverage our global manufacturing and the marketing capabilities and optimize the economics.

最重要的是，我們利用我們的全球製造和行銷能力並優化經濟效益。

Another question is on the N-type market.

另一個問題是關於N型市場。

What do you think the size of the N-type market will be in 2024, this year?

您認為今年 2024 年 N 型市場的規模會是多少？

I mean, and what will your market share be if you do 90 to 95 gigawatts?

我的意思是，如果你生產 90 到 95 吉瓦，你的市佔率會是多少？

Hi, Rajiv.

嗨，拉吉夫。

Sorry to interrupt you.

抱歉打擾你了。

We will take this as the final question.

我們將以此作為最後一個問題。

And for more questions, we can discuss after the call.

對於更多問題，我們可以在通話後進行討論。

Is that okay?

可以嗎？

Yes.

是的。

Okay.

好的。

Thank you.

謝謝。

I think N-type this year is kind of the TOPCon dominance.

我認為今年的 N 型是 TOPCon 的主導地位。

This is a dominating year for N-type TOPCon.

今年是N型TOPCon主導的一年。

And the market penetration for TOPCon roughly I think maybe 70% to 75% and Jinko roughly 90%.

我認為 TOPCon 的市場滲透率大約是 70% 到 75%，晶科大約是 90%。

So that's, if you look at it, look for next year, I think it should be 100% penetrations for N-type.

所以，如果你看看明年，我認為 N 型的滲透率應該是 100%。

There are no further questions at this time.

目前沒有其他問題。

That does conclude our conference for today.

我們今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。

The interpreter was provided by the company sponsoring this event.

口譯員由贊助本次活動的公司提供。