晶科能源 (JKS) 2025 Q1 法說會逐字稿

Hello ladies and gentlemen, and thank you for standing by for Jingo Solar Holding Co Limited's first-quarter 2025 earnings conference call. (Operator instructions) As a reminder, today's conference call is being recorded.

女士們、先生們，大家好，感謝您參加 Jingo Solar Holding Co Limited 2025 年第一季財報電話會議。（操作員指示）提醒一下，今天的電話會議正在被錄音。

I would now like to turn the meeting over to your host for today's call, Stella Wang, Jingo Solar's Investor Relations. Please proceed, Stella.

現在，我想將會議交給今天的電話會議主持人、Jingo Solar 投資者關係部門的 Stella Wang。請繼續，斯特拉。

Thank you operator. Thank you everyone for joining us today for Jink Solar's first quarter 2025 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 our news services. We have also provided a supplement for accreditation for today's earnings call, which can also be found on the IR website.

謝謝接線生。感謝大家今天參加 Jink Solar 2025 年第一季財報電話會議。該公司的業績已於今日早些時候發布，可在公司投資者關係網站 www.jinkosolar.com 以及我們的新聞服務上查閱。我們也為今天的收益電話會議提供了認證補充資料，也可以在 IR 網站上找到。

On a call today from Jinco Solar, Mr. Xiande Li, Chairman and CEO of Jinco Solar Holding Company Limited, [Mr. Jenner] M, CMO of Jinco Solar Company Limited; Mr. Pan Li, CFO of Jinco Solar Holding Company Limited, and Mr. Charlie Cao, CFO of Jinco Solar Company Limited. Mr. Li will discuss Jinco Solar's business operations and company highlights followed by Mr. (inaudible) who will talk about the sales and marketing and then Mr. Pan, who will go through the financials.

在今天與金科太陽能的電話會議上，金科太陽能控股有限公司董事長兼首席執行官李先德先生表示： Jenner] M，金科太陽能有限公司首席營銷官；金科太陽能控股有限公司首席財務官潘力先生和金科太陽能有限公司首席財務官曹查理先生。李先生將討論金科能源的業務運營和公司亮點，隨後（聽不清楚）先生將談論銷售和行銷，然後潘先生將介紹財務狀況。

They will be available to answer your questions during during the Q&A session that follows. Please note that today's discussion will contain forward-looking statements made under the provisions of the US Private Securities Litigation Reform Act of 1995 forward-looking statements involving (inaudible) risks and uncertainties.

他們將在隨後的問答環節中回答您的問題。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規定做出的前瞻性陳述，涉及（聽不清楚）風險和不確定性。

As such, our future results may be materially different from the views rest debate. Further information regarding this and other risks is included in Jinko Solar's public filings with the Securities and Exchange Commission. Jinko solar does not assume any obligation to update any forward looking statements except as required under the applicable law.

因此，我們未來的結果可能與其他辯論的觀點有重大差異。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。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. Li Qian the, Chairman and CEO of Jinko Solar Holding. Mr. Xiande Li will speak in Mandarin, and I will translate his comments into English. Please go ahead, Mr. Lee.

現在我很高興介紹晶科能源控股公司董事長兼執行長李謙先生。李先德先生將以普通話發言，我將把他的評論翻譯成英文。李先生，請繼續。

(spoken in foreign language)

（用外語說）

(inaudible)17.5 gigawatts with revenues of US dollars $1.91 billion for the first quarter of 2025. Prices across the Jinko solar's industrial were low in the first quarter. This combined with disruption in demand caused by changes in international trade policies, pressured profit margins in each segment of the integrated solar supply chain.

（聽不清楚）2025 年第一季，發電量為 17.5 千兆瓦，營收為 19.1 億美元。第一季晶科能源各產業價格處於低點。再加上國際貿易政策變化造成的需求中斷，綜合太陽能供應鏈各環節的利潤率都受到了壓力。

Despite this challenging market environment, we fulfilled our delivery commitment to our customers and reduced the cost through supply chain optimization, adjustments in production and operation plans and other measures. Due to a year-over-year decline in similar to the US market and a continued decline in higher price overseas orders, (inaudible) prices and profitability decreased both year over year and eventually in the first quarter. Net loss was approximately $180 million for the first quarter.

在充滿挑戰的市場環境下，我們透過優化供應鏈、調整生產經營計畫等措施，履行了對客戶的交付承諾，並降低了成本。由於與美國市場類似的同比下滑以及高價海外訂單的持續下滑，（聽不清楚）價格和盈利能力同比下降，並最終在第一季度出現下降。第一季淨虧損約1.8億美元。

(spoken in foreign language)

（用外語說）

According to data from the NDA, new installations in China in the first quarter amounted to 59.7 gigawatts, an increase of 31% year-over-year. Resilience was seen in domestic demand despite of the higher comparison in 2024. Market self-regulation and high quality development initiatives by manufacturers were gradually affected. From January to March, average monthly bidding prices for solar modules steadily recovered in the domestic market, and the bidding prices returned to a more rational level.

據NDA數據顯示，第一季中國風電新增裝置容量59.7吉瓦，年增31%。儘管 2024 年的同比數字較高，但國內需求仍表現出韌性。市場自律和製造業高品質發展的積極性逐漸受到影響。1-3月，國內市場組件月平均招標價格穩定回升，招標價格回歸較合理水準。

Recently, as the policy cut off deadlines for distributed solar regulations and the market-based renewable price reform on April 30 and May 31 approach, market sentiment has cooled down to some extent and the distributed module price have fallen back from their previous high.

近期，隨著分散式光電政策監管截止期限以及4月30日、5月31日市場化再生能源價格改革的臨近，市場情緒有所降溫，分散式組件價格較前期高點有所回落。

At the same time, changes in international trade policies such as reciprocal tariffs in the United States have continued to bring certain disruptions to the PV industry. In response to these challenges, we have flexible adjusted our supply chain strategy and the regional shipment mix while maintaining close communication and negotiation with our customers.

同時，美國互惠關稅等國際貿易政策的變化也持續為光電產業帶來一定的干擾。為了應對這些挑戰，我們靈活調整了供應鏈策略和區域出貨組合，同時與客戶保持密切的溝通和談判。

Relying on our extensive marketing site and efficient execution, we remain committed to meeting customer demand for our high efficient and reliable products, maintaining operations continuity while adapting to market dynamics. Currently, visibility of our audible stands at 60% to 70% with Indo Pacific and the Middle East and Africa exceeding 80%.

憑藉我們廣泛的行銷網絡和高效的執行力，我們始終致力於滿足客戶對我們高效、可靠產品的需求，在適應市場動態的同時保持營運的連續性。目前，我們的聲音可見度為 60% 至 70%，其中印度太平洋地區以及中東和非洲地區的可見度超過 80%。

(spoken in foreign language)

（用外語說）

Cost reduction and increasing efficiency remain the maintain in the development of the TV industry, and the customers' demand for high power products is growing rapidly to further reduce LCOE due to the limitation in the upgrading and the transformation of most conventional top (inaudible) Capacity in the industry, differences between manufacturers in top sale efficiency, product performance and cost are gradually widening. We believe that companies with high efficiency sale capacity and high power products will have a competitive advantage in the market.

降本增效仍是彩色電視產業發展的主旋律，由於業界大部分傳統產能升級改造受限，為進一步降低度電成本，客戶對高功率產品的需求快速增長，各廠商在功率轉換效率、產品性能、成本等方面的差距正在逐步拉大。我們相信，擁有高效銷售能力和高功率產品的公司將在市場上擁有競爭優勢。

(spoken in foreign language)

（用外語說）

By the end of the first quarter, the mass produced the essential. For our third generation topcorn products, exceeded 26.6%. We continued to upgrade the existing topcorn capacity with the introduction of technologies such as the half cell preservation, (inaudible)

到第一季末，量產基本完成。對於我們的第三代頂玉米產品，這一比例超過了26.6%。我們持續升級現有的頂玉米產能，引進半電池保存等技術，（聽不清楚）

We expect the power of our third generation Topcorn products to have a [20 to 30] would be advantage. Advantage compared to previous generation Topcom products in the industry. Meanwhile, we kept making breakthroughs in our R&D. By the end of the first quarter, our laboratory efficiency for [peroxide tandem] solar cells based on topcorn reached [34.22%]. Once again, setting a new record.

我們預計第三代Topcorn產品的功率將具有[20到30]的優勢。與業界上一代Topcom產品相比具有優勢。同時，我們的研發也不斷取得突破。截至第一季末，我們以topcorn為基礎的[過氧化物串聯]太陽能電池的實驗室效率達到[34.22%]。再次創下新紀錄。

(spoken in foreign language)

（用外語說）

Our investments in R&D manufacturing and after-sale service capabilities in energy storage and are gradually showing results. In the first quarter, shipments of our ES exceeded 300 megawatt hours, a large increase compared to the same period last year.

我們在儲能研發、製造和售後服務能力方面的投入正在逐步顯現成效。一季我們能源出貨量超過300兆瓦時，與去年同期相比有較大成長。

We expect our ESS to be shipments of our ES to be around 6 gigawatt hours for the full year 2025 with the overseas market as our strategic priority. So far, confirmed orders for energy storage systems accounted for 50% to 60%, with another 20% to 30% showing strong potential for sign, leveraging our leading position in the TV industry, we will proactively explore the innovative business models that integrate solar and the storage solutions, providing high efficiency and smart green energy solutions to global clients and the contributing to the sustainable development of the global energy.

我們預計，到 2025 年全年，我們的儲能係統出貨量將達到 6 吉瓦時左右，海外市場是我們的策略重點。目前儲能係統已確認訂單佔比50%-60%，另有20%-30%顯示出強勁的成長潛力，我們將憑藉在彩色電視產業的領先地位，積極探索太陽能與儲能融合的創新商業模式，為全球客戶提供高效、智慧的綠色能源解決方案，為全球能源的永續發展貢獻力量。

(spoken in foreign language)

（用外語說）

Before turning over to (inaudible), I would like to go over our guidance for the second quarter and the four year 2025. We set our annual production capacity for mono wafers, solar cells, and solar modules to reach 120, 95, and 130 gigawatts respectively. This annual production capacity of our third generation topcom modules to reach 40 gigawatts to 50 gigawatts by the end of 2025.

在轉到（聽不清楚）之前，我想先回顧一下我們對 2025 年第二季和四年的指導。我們將單晶矽片、太陽能電池和太陽能組件的年生產能力分別設定為達到120吉瓦、95吉瓦和130吉瓦。到2025年底，我們的第三代Topcom模組的年生產能力將達到40千兆瓦至50千兆瓦。

With that module shipment to be between 20 to 25 gigawatts in the second quarter of 2025 and between 85 to 100 gigawatts for the four year 2025, and we will actively respond to changes in market demand and policy continuously optimize market strategies and supply chain management and consistently improve technology and product competitiveness to maintain a leading position in the industry.

2025年第二季組件出貨量預計在20-25吉瓦之間，2025年全年組件出貨量預計在85-100吉瓦之間，我們將積極應對市場需求和政策變化，不斷優化市場策略和供應鏈管理，持續提昇技術和產品競爭力，保持行業領先地位。

Thank you, Ms. Li. First quarter total shipments were 19.1 gigawatts with module shipment accounting for approximately 90%. Although demand was impacted by the offseason, we sustain the industry's highest shipment levels by leveraging our global sales network and the strength of our products.

謝謝李女士。第一季總出貨量為19.1吉瓦，其中模組出貨量約佔90%。雖然需求受到淡季的影響，但我們憑藉全球銷售網路和產品優勢，維持了業界最高的出貨量水準。

Shipments to overseas markets accounted for rough around 70%. We proactively embrace the surge in the demand in the Indo-Pacific and the North Asia market. Shipments to Indo-Pacific market grew by nearly 10% year-over-year and 150% sequentially, while shipments to North Asia increased by nearly 20% a year-over- year. US shipment accounted for approximately 5% in the line with our guidance.

海外市場出貨量約佔70%。我們積極迎接印度-太平洋和北亞市場需求的激增。印度-太平洋市場的出貨量年增近10%，較上季成長150%，而對北亞市場的出貨量年增近20%。美國出貨量約佔5%，符合我們的預期。

On the product side, customer demand for our third generation high power topcom products continues to grow. Our third generation high power topcom is expected to have a mainstream output over 650 watt (inaudible) with a maximum of 670 watt (inaudible).

在產品方面，客戶對我們第三代高功率topcom產品的需求持續成長。我們的第三代高功率 Topcom 預計主流輸出功率超過 650 瓦（聽不清楚），最大輸出功率為 670 瓦（聽不清楚）。

Thanks to lower degradation, lower temperature coefficient, higher [bificiality], and enhance the reliability. It can deliver better power generation yields for end customers. Currently, customers are willing to pay a premium for such high power generation.

由於性能下降、溫度係數降低、[雙重性] 提高，可靠性得到增強。它可以為最終客戶提供更好的發電量。目前，客戶願意為如此高的發電量支付額外費用。

Recently, we were once again recognized as a Tier 1 energy storage provider by Bloomberg. We have been listed in the BNEF rankings for four consecutive quarters, a strong recognition from a third party and the customers of our safe and the reliable energy storage solution, as well as our timely delivery and the deployment capability.

近日，我們再次被彭博社評為一級儲能供應商。我們已連續四個季度入選BNEF排行榜，第三方和客戶對我們安全可靠的儲能解決方案以及及時的交付和部署能力的認可。

With the increasing economic of integrated solar and storage solutions and the continued expansion in the application scenarios, particularly against the backdrop of high energy consumption driven by AI integrated solar and storage solutions are increasingly become feasible. The overseas market has always been one of our strengths.

隨著光儲一體化解決方案經濟性的不斷提升以及應用場景的不斷拓展，特別是在人工智慧驅動的高能耗背景下，光儲一體化解決方案越來越具有可行性。海外市場一直是我們的優勢之一。

In 2025, we will further expand the energy storage business globally while continuing to focus on and explore technological innovation and application in specific application scenarios. We believe that the synergy between our solar and the storage business will further increase our market competitiveness.

2025年，我們將進一步拓展全球儲能業務，同時持續專注於並探索具體應用情境的技術創新與應用。我們相信，太陽能和儲能業務之間的協同作用將進一步提高我們的市場競爭力。

On the demand side, we expect a global market demand to remain about 700 gigawatts in 2025 with strong growth in Asia Pacific, Europe, and the Middle East, following the recent rush installation in China with initiation of utility scale projects in August and September, the overall demand is expected to continue to be in line with module supplies and as the industry high quality development initiatives.

在需求方面，我們預計到2025年全球市場需求將保持在700吉瓦左右，其中亞太地區、歐洲和中東地區將出現強勁增長，繼中國近期在8月和9月啟動公用事業規模項目的熱潮之後，預計整體需求將繼續與組件供應保持一致，並隨著行業高品質發展舉措的實施。

In US, due to current shortage in local cell production capacity and the impact of reciprocal tariffs, there is likely to be a wave of early purchases of sell and modules. We remain optimistic about the long term demand in the US market.

在美國，由於目前當地電池片產能不足，以及受到互惠關稅的影響，未來可能會出現一波電池片和組件的提前採購潮。我們對美國市場的長期需求仍然持樂觀態度。

In addition to the announced Saudi projects and existing US domestic operations, we are actively pursuing diverse solutions to strength our position in this market to enhance our long-term competitiveness. We are confident that our extensive self network and deeply localize the customer services system will help us respond to the market dynamics, make flexible adjustments, and continue to satisfy customers' demand for more high efficient, reliable, and sustainable products.

除了已宣布的沙烏地阿拉伯計畫和現有的美國國內業務外，我們還在積極尋求多種解決方案，以加強我們在這個市場的地位，從而提高我們的長期競爭力。我們堅信，我們廣泛的自有網路和深度在地化的客戶服務體系將有助於我們應對市場動態，靈活調整，持續滿足客戶對更有效率、更可靠、更永續產品的需求。

Thank you, [General]. Here is a challenging first quarter. We continue to control costs and expenses, leading to a significant year-on-year decrease in comprehensive costs and operating expenses. In addition, we continue to optimize our assets and liability structure as well as cash reserves by the end of the first quarter.

謝謝你，[一般的]。這是一個充滿挑戰的第一季。我們持續控製成本費用，綜合成本、營業費用較去年同期大幅下降。此外，我們在第一季末繼續優化資產負債結構和現金儲備。

Our asset liability ratio was approximately 74%, lower from nearly 75% at the end of the first quarter last year. By the end of the first quarter, our cash and cash equipment stood [$3.77 billion], a significant increase from $2.44 billion at the end of the first quarter last year. We will continue to optimize our assets and liability structure and maintain healthy cash reserves. In '25, further strengthening our receesing to risks.

我們的資產負債比率約為74%，低於去年第一季末的近75%。截至第一季末，我們的現金和現金設備總額為 37.7 億美元，較去年第一季末的 24.4 億美元大幅增加。我們將繼續優化資產負債結構，維持健康的現金儲備。2025年，進一步加強風險防範。

Let me go into more details now. Total revenue was $1.9 billion, down 33% sequentially and from 40% year-over-year. The sequential decrease was probably due to a decrease in shipments of solar modules. And a year-on-year decrease was also due to a decrease in averaging selling price of modules.

現在讓我來更詳細地講一下。總營收為 19 億美元，較上一季下降 33%，比去年同期下降 40%。環比下降可能是由於太陽能電池組件出貨量下降所致。而同比下降也是由於模組平均售價下降所致。

Gross margin decreased both sequentially and year-over-year, mainly due to the decrease in HP of solar modules. Total operation expenses was $350 million down 8% sequentially and some 18% year-over-year. The sequential decrease was made due to the decrease in the impairment of long-lived assets and a decrease in the losses resulting from disposal of (inaudible) assets. The year-over-year decrease or primarily due to the decrease in shipping costs as we shipped to fewer solar modules.

毛利率環比和年比均有所下降，主要由於太陽能電池組件HP的下降。總營運費用為 3.5 億美元，比上一季下降 8%，比去年同期下降約 18%。環比下降是由於長期資產減損減少以及處置（聽不清楚）資產造成的損失減少。與去年同期相比有所下降，主要是因為我們運送的太陽能模組數量減少，導致運輸成本下降。

Total operating expenses accounted for 18% of total revenues compared to 13% in the fourth quarter last year and 13% in the first quarter last year. Operating loss margin was about 20% compared with 9% in the fourth quarter last year and 1.5% in the first quarter last year.

總營運費用佔總收入的 18%，而去年第四季為 13%，去年第一季為 13%。營業虧損率約 20%，而去年第四季為 9%，去年第一季為 1.5%。

Moving to the balance sheet. At the end of the first quarter of cash and cash equivalent [$43.77 billion] compared with $3.8 billion at the end of the fourth quarter and $2.44 billion at the end of the first quarter last year.

轉到資產負債表。第一季末的現金和現金等價物為 [437.7 億美元]，而第四季末為 38 億美元，去年第一季末為 24.4 億美元。

(inaudible) asked another days were Henry. 11 days compared with 80 days in the fourth quarter and 100 days in the first quarter both last year. Inventory turnover days for 84 days compared with 57 days in the fourth quarter and 89 days in the first quarter of last year.

（聽不清楚）亨利又問了幾天。 11 天，而去年第四季為 80 天，第一季為 100 天。庫存週轉天數為84天，而第四季為57天，去年第一季為89天。

At the end of the first quarter, total debt was $6.4 billion compared to $5.5 billion at the end of the fourth quarter. Net debt was $2.6 billion compared to $1.7 billion at the end of the fourth quarter last year. This concludes our prepared remarks. We are now happy to take your questions.

第一季末，總債務為 64 億美元，而第四季末為 55 億美元。淨債務為 26 億美元，而去年第四季末為 17 億美元。我們的準備好的演講到此結束。我們現在很高興回答您的問題。

Operator, please proceed.

接線員，請繼續。

(Operator instructions)

（操作員指示）

Brian Lee, Goldman Sachs and Co.

布萊恩李（Brian Lee），高盛公司

Hey guys, this is Tyler (inaudible). I'm from Brian. Thanks for taking our questions. Appreciate the ESS guidance of 6 gigawatt hours, and wondering if you can give a little bit more details on kind of where these shipments are going. Is this more in line with your module shipments today and I'm also curious where you guys are sourcing your battery cells.

大家好，我是泰勒（聽不清楚）。我來自布萊恩。感謝您回答我們的問題。我很欣賞 6 千兆瓦時的 ESS 指導，想知道您是否可以提供一些有關這些貨物去向的更多細節。這是否與您今天的模組出貨量更一致？我也很好奇你們的電池單元來源在哪裡。

It's mainly dominant the ESS shipment makes it's mainly dominated by Asia Pacific region, Europe region, and the emerging markets. Well, those, together with China, those four regions are our main target in terms of 2025, so which is slightly different from what we have for modules, but for the key market it's a very, let's say, it's a very like to each other, but in terms of the geographic mix because of the trade barrier in US, et cetera. So it's difficult to extend the ESS business in US right now.

ESS出貨量主要集中在亞太地區、歐洲地區及新興市場。嗯，這四個地區加上中國，是我們 2025 年的主要目標，所以這與我們的模組略有不同，但對於關鍵市場來說，它們非常相似，但就地理分佈而言，由於美國的貿易壁壘等原因。因此，目前在美國擴展 ESS 業務很困難。

Thank you. And given the final determination on ADCBD, which was, I guess, relatively more favorable for Malaysia. How are you thinking about your future imports to the US? Could you see that potentially increasing at all, or do you think it's more likely to stay in the 5% range?

謝謝。鑑於對 ADCBD 的最終裁定，我猜這對馬來西亞來說相對更有利。您如何考慮未來向美國進口產品？您認為這一數字有可能會增加嗎？或者您認為它更有可能保持在 5% 的範圍內？

Well, I think the ADCBD is only a preliminary tariffs, so they still have what they call sunset termination after 12 months of customer clearance, which brings the company a lot of uncertainty. So in that case, we are trying to look into the different options we have in order to provide more certainty and providing more competitive in terms of the cost as well.

嗯，我認為 ADCBD 只是一個初步關稅，所以在客戶清關 12 個月後他們仍然有所謂的日落終止，這給公司帶來了很多不確定性。因此在這種情況下，我們正在嘗試研究不同的選擇，以提供更多的確定性並在成本方面提供更具競爭力。

So right now we are still working hard on that for the short term because the recent (inaudible) or change on the ADCBD together with trade barriers is pretty new, but in long term we still have our commitment to the US market with our strategy in the joint venture factories in the Middle East together with our local operation in US, we are still fully committed.

因此，目前我們仍在短期內努力實現這一目標，因為最近（聽不清楚）或 ADCBD 的變化以及貿易壁壘都是相當新的，但從長遠來看，我們仍然致力於美國市場，我們的戰略是在中東的合資工廠以及我們在美國當地的運營，我們仍然全力以赴。

All right, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Philip Shen, Roth Capital Partners.

菲利普‧沈 (Philip Shen)，羅斯資本合夥公司。

Hi everyone, thanks for taking my questions. So you guys had negative gross margins for the first time in a long time in Q1, and was wondering if you can talk through what you expect for margins for Q2 and Q3. And then when do you expect the margins to to go back positive? Thanks.

大家好，感謝你們回答我的問題。所以你們在第一季的毛利率是很長時間以來的第一次為負，想知道你們是否可以談談對第二季和第三季的利潤率的預期。那麼，您預期利潤率什麼時候會恢復正值？謝謝。

Yeah, the gross margin and (inaudible) to negative it's very extreme cases in the last five years and reflecting, the supply and demand imbalance and throughout your last year and on top of that, the first quarter is the [snack] season and we have more exposures to the China market.

是的，毛利率和（聽不清楚）為負數是過去五年中非常極端的情況，反映了去年供需不平衡的問題，最重要的是，第一季度是[零食]季節，我們更多地接觸中國市場。

And we expect in the short term, we expect the gross margin and to improve and slightly in the second quarter, given the module price is in upward trend with the push demand from China and other regions and in the second half year and we expected to be stable, maybe have the chance to improve and we believe and the current situation is not sustainable even for the top tier companies.

我們預計，短期內，我們預計毛利率將有所改善，第二季度略有改善，因為模組價格在中國和其他地區的推動需求下呈上升趨勢，我們預計下半年毛利率將保持穩定，可能有機會改善，我們相信，即使對於頂級公司來說，目前的狀況也是不可持續的。

And from supply side we are seeing more and more companies and and the face off in the solar industries on top of that there are uncertainty on international trade and we believe by the end of this year we'll we have more clarifications. Thank you.

從供應方面來看，我們看到越來越多的公司和太陽能產業的對峙，此外國際貿易也存在不確定性，我們相信到今年年底我們會有更多的澄清。謝謝。

Thank you, Charlie. So, shifting to the The US market. There is the 145% tariff. I wanted to understand what's your -- the update on your plans to ramp up US cell manufacturing in Florida or wherever that might be and so also and then also with the 145% tariff, are you able to import solar cell tools without, like, is there an exemption for the tools or is there no exemption for the tools, so it makes the ramping of US cell manufacturing more difficult. Thanks.

謝謝你，查理。因此，轉向美國市場。有145%的關稅。我想了解您關於在佛羅裡達州或任何可能的地方擴大美國電池製造業的計劃的最新進展，還有，在 145% 的關稅下，您是否能夠在沒有豁免的情況下進口太陽能電池工具，例如，這些工具是否有豁免，或者這些工具是否沒有豁免，因此這使得美國電池製造業的擴大更加困難。謝謝。

I think it's more kind of the (inaudible) questions, but from the long term belief, we believe local products in the US for local customers in the United States is the trend that is consistent with, I think, the long term policies from the current, Trump administrations. And the -- for the short term there's a lot of uncertainties. There's a, and the budget cuts, there's a IRA incentive.

我認為這更像是（聽不清楚）問題，但從長遠來看，我們相信在美國為美國本地客戶提供本地產品是一種趨勢，我認為這與當前川普政府的長期政策是一致的。而且——短期內存在著許多不確定性。有預算削減，有 IRA 激勵措施。

There is, maybe, what we are interesting, FBLO say, kind of, this kind of thing. And so while we take our approach is we consistently evaluate the policies from the different angles and as long as there is some kind of certainties and we strongly believe the US solar market will be bomb, next year and specifically for the -- if we want to build the solar cell facilities. And we import the equipment from China under the current in charge. It's a crazy rich, right? It's not make sense to make the decisions even from that specific angle.

也許，這就是我們感興趣的，FBLO 所說的這種事。因此，我們採取的方法是不斷從不同角度評估政策，只要存在某種確定性，我們就堅信美國太陽能市場明年將會蓬勃發展，特別是如果我們想要建造太陽能電池設施的話。並且我們依照現行收費標準從中國進口設備。這真是太有錢了，對吧？即使從那個特定角度做出決定也是沒有意義的。

So back to your questions and the -- we don't have the plan in the short term solar cell we build and the US, but we have the plan. And consistently evaluate the policies, the potential signs and the potential type situations.

所以回到你的問題——我們沒有短期內在美國建造太陽能電池的計劃，但我們有計劃。並持續評估政策、潛在跡象和潛在類型情況。

Okay, thank you very much. I'll pass it on.

好的，非常感謝。我會傳達的。

(Operator instructions)

（操作員指示）

Alan Lau, Jefferies.

傑富瑞 (Jefferies) 的艾倫劉 (Alan Lau)。

Thank you for taking my question. This is Alan. And my first question is, on, it is the first time I think the company has provided the guidance on ESS. We would like to know if there's any indication on the margins on ESS, like some ballpark range because, ESS has been quite competitive in the Middle East as well.

感謝您回答我的問題。這是艾倫。我的第一個問題是，我認為這是該公司第一次提供有關 ESS 的指導。我們想知道是否有關於 ESS 利潤率的跡象，例如大概的範圍，因為 ESS 在中東也具有相當的競爭力。

What do you mean the margin right?

右邊的邊距是什麼意思？

Yeah.

是的。

Yeah, gross margin, I think we target 5% to 10%. It's not very, big target and given, the business we develop, and starting from the kind of the very small scale last year, we achieved 1 gigawatt, but this year and we have a confidence, we have the confidence and to penetrate the market, particularly, Asia Pacific, North America, some emerging markets, and so the probabilities is not the first priorities, but in terms of those margin, we respect in kind of a range of 5% to 10%.

是的，我認為我們的目標是毛利率為 5% 至 10%。這不是一個很大的目標，考慮到我們所開發的業務，從去年非常小的規模開始，我們實現了 1 千兆瓦，但今年我們有信心，我們有信心滲透市場，特別是亞太地區、北美、一些新興市場，因此可能性不是首要任務，但就這些利潤率而言，我們尊重在 5% 到 10% 的範圍內。

5% to 7%, right?

5%到7%對吧？

5% to 10%.

5% 到 10%。

Okay. Thank you. And my next question is about, so did the company receive IRA credits for the production last year at this point in time, or if the company has sold any of the IRA [45x] credits already?

好的。謝謝。我的下一個問題是，那麼公司去年此時是否收到了生產的 IRA 積分，或者公司是否已經出售了任何 IRA [45x] 積分？

And last year I think we found the findings and the, it's a kind of the deduction of the tax payable for the facilities, and this year we are exploring the opportunities and to sell the credit to the outside investors and it's in the process.

我認為，去年我們發現了這些發現，這是一種對設施應付稅款的扣除，今年我們正在探索機會並將信貸出售給外部投資者，目前這項工作正在進行中。

So you managed to get the credit already, just managing to sell it to financial institutions, right, for this year?

所以你已經成功獲得信貸，只是設法將其出售給金融機構，對嗎，今年？

Yeah, this year we planned, it's because we have (inaudible), there's a lot of, potential investors who are interested to prepare the credit from the facilities and so we are in the process of the communication and negotiation.

是的，今年我們計劃了，因為我們有（聽不清楚），有很多潛在投資者有興趣從這些設施中準備信貸，所以我們正處於溝通和談判的過程中。

Thank you. So, and another question is, so, what is the US shipment target, approximately for this year because there's a lot of changes since last time we talked, and is there already some inventory in the US to support that shipment?

謝謝。那麼，另一個問題是，今年美國的出貨目標大約是多少，因為自上次談話以來發生了很多變化，美國是否已經有一些庫存來支持這批出貨？

The range is 5% to 10%, but you're right, uncertainty, I think the big head element. So, I think we are, if the, head in uncertainty is, will not be, let's be clear in the short term it will be have an impact on the shipment to the US. But I think 5%, it's kind of the face and let's say the low case, but we are confident and we can achieve at least 5% and if the uncertainty, it's a kind of to be, to have more priorities and if the supply chain is, there is a available supply chain to the US and we can ship more.

範圍是 5% 到 10%，但您說得對，不確定性，我認為是大頭因素。所以，我認為，如果不確定性仍然存在，那麼我們可以明確一點，短期內它將對美國的出貨產生影響。但我認為 5% 是一種面值，可以說是最低的情況，但我們有信心，我們至少可以實現 5%，如果存在不確定性，那就需要有更多的優先事項，如果供應鏈存在，那麼就有一條可用的供應鏈到美國，我們就可以運送更多貨物。

So 5%. Yeah, so 5% of total shipment, right, like, so if it's 85 to 100 giga for this year, it's around 4 to 5 gigawatt.

所以是5%。是的，佔總出貨量的 5%，對吧，所以如果今年是 85 到 100 千兆，那麼大約是 4 到 5 千兆瓦。

Yes.

是的。

I see. Thank you. So my last question is on the shareholder return program. So I think after the announcement of 4Q result and first Q result now. So wonder if the company can start buying back the shares given the shares actually have also went down quite a bit and what's the pace of the buyback will look like.

我懂了。謝謝。我的最後一個問題是關於股東回報計劃。所以我認為在第四季度結果和第一季結果公佈後。因此，鑑於股價實際上也已經下跌了不少，我們想知道該公司是否可以開始回購股票，以及回購的速度將會是如何的。

Yeah, but, after, and the release of the first quarter, and we plan to buy back from the market. We think that the timing given the valuation is very low and on top of that, we plan to declare dividends, but which is subject to (inaudible) but it's I think on our, the schedule.

是的，但是，在第一季發布之後，我們計劃從市場上回購。我們認為，考慮到估值，時機非常低，除此之外，我們計劃宣布派發股息，但這取決於（聽不清楚），但我認為這在我們的計劃中。

So, the -- to my understanding, the dividends will be approximately like $50 million right? If it's around $1 per share, say for example. So with the buyback will look like $150 million then.

那麼，據我了解，股息大約是 5000 萬美元，對嗎？舉例來說，如果每股價格約為 1 美元。那麼回購金額將達到 1.5 億美元。

We have not decided. But, it's roughly, I think at least $100 million. We split into the dividend plus the purchase. This is the first step, but, not, I think we communicate (inaudible) , we like to monetize the financial investment for some. companies which was listed in recent years, and on top of that we may explore options to monetize some assets from the US holding perspective.

我們還沒決定。但我認為大概至少有 1 億美元。我們分成股息和買進。這是第一步，但是，我認為我們不是要傳達（聽不清楚），我們想將某些金融投資貨幣化。近年來上市的公司，此外，我們可能會從美國控股的角度探索將部分資產貨幣化的選擇。

I see. So, but before that happens, actually you can already start and there's at least $100 million, which is like 10% of the outstanding shares, right?

我懂了。所以，但在此之前，實際上你已經可以開始了，而且至少有 1 億美元，相當於流通股的 10%，對嗎？

Yeah, $100 million. I think it's a kind of include, dividend plus the purchase here that's a plan.

是的，1億美元。我認為這是一種包括股息加上購買的計劃。

I see. So after you liquidate some of your financial assets, there may be upside to this $100 million dividend plus buyback.

我懂了。因此，在您清算部分金融資產後，這 1 億美元的股息加上回購可能會帶來上漲空間。

We may increase, but depending on how the timing and how quick we can monetize the assets.

我們可能會增加，但這取決於時機以及我們將資產貨幣化的速度。

Thanks a lot. I will pass on. Thank you, Charlie.

多謝。我會傳承下去。謝謝你，查理。

(Operator instructions)

（操作員指示）

Rajiv Chaudhri, Sunsara Capital.

Rajiv Chaudhri，Sunsara Capital。

Hello Charlie. The first question is about market share. You mentioned that this year the market might go to about 700 gigawatts and last year it was a little bit around 600 plus. And I'm wondering, even if you do the high end of your range, which is 100 gigawatts, your market share looks like it might be lower than last year and lower than 2023. Could you clarify that discrepancy?

你好，查理。第一個問題是關於市場佔有率。您提到今年市場容量可能會達到約 700 吉瓦，而去年則在 600 多吉瓦左右。我想知道，即使你的發電量達到最高水平，即 100 千兆瓦，你的市佔率看起來也可能低於去年，低於 2023 年。您能解釋一下這個差異嗎？

I think last time we talked about our strategy is not to increase on the penetrate more markets here under the imbalance of the supply and demand sides and particularly the industry is losing the money and what we are doing is we want to be flexible in the total shipments and which we guided and the 85 to 100 gigawatts.

我認為上次我們談到我們的策略是不增加滲透率，在供需失衡的情況下，特別是這個行業正在虧損，我們正在做的是，我們希望在總出貨量方面保持靈活性，我們指導的總出貨量為 85 至 100 千兆瓦。

And what it means is, we want to balance the utilization shipment and profitabilities and as well as the cash flow, perspective and on top of that we need to quite to select customers. We have a lot of potential customers and interest orders, but we need to be more selective.

這意味著，我們要平衡使用率、出貨量和獲利能力以及現金流、前景，最重要的是，我們需要選擇客戶。我們有很多潛在客戶和感興趣的訂單，但我們需要更有選擇性。

But for the long term, I think last time we talked about we target 20% at least 20% the market share for the module business. So, but it's not a long night in target and we need to be, what is the focus that we need to focus our product competitiveness. We continue to invest in R&D. And so, penetrate the key market with some kind of premium, make sure the business is sustainable.

但從長遠來看，我想上次我們談到我們的目標是模組業務的市場份額至少達到 20%。所以，但這並不是一個漫長的目標，我們需要專注的重點是什麼，以集中我們的產品競爭力。我們持續投資於研發。因此，以某種溢價方式滲透關鍵市場，確保業務可持續發展。

Okay, thanks. Along the same lines on the market growth. Can you talk about, where, which regions, geographic regions are going to get the 100 gigawatts of growth from last year? How much growth do you expect in China and the US, for example, and also in Europe and India?

好的，謝謝。市場成長也呈現同樣的趨勢。您能否談談哪些地區、哪些地理區域將實現去年 100 千兆瓦的成長？例如，您預期中國、美國以及歐洲和印度的成長幅度是多少？

Sure, I can roughly talk about it. So, in the, top level, so we are looking at the global demand at roughly 700 gigawatts, so of which the largest market is believed to be China, same as last year. But the volume side that China is expected to grow at roughly 10% to 15. So, and which accounted for around 45% of the global demand.

好的，我可以粗略地講一下。因此，從最高層面來看，我們看到全球需求約為 700 吉瓦，其中最大的市場被視為中國，與去年相同。但從產量方面來看，中國預計將成長約10%至15%。因此，這佔全球需求的 45% 左右。

And the second largest after China is believed to be, we we say Europe, the pan-Europe region. So the whole Europe will be over 100 gigawatt level. So I think that's the only two markets past the 100 gigawatt threshold in 2025, but for sure there are other markets, it's very interesting and sizable such like US. We are roughly looking at 50 to 55 gigawatt level. And India we are looking at around 30 to 35 gigawatt level. So and yeah, so that's the, all the big numbers in our mind.

我們認為繼中國之後的第二大市場是歐洲，也就是泛歐地區。因此整個歐洲的發電量將超過100千兆瓦。所以我認為這是 2025 年僅有的兩個超過 100 吉瓦門檻的市場，但肯定還有其他市場，非常有趣且規模可觀，例如美國。我們大致預期的是50至55千兆瓦的水平。而印度的發電量預計在 30 至 35 千兆瓦左右。是的，這就是我們心中所有的大數字。

But for sure, the attractive growth is mainly coming from the emerging markets, for example, the Asia Pacific region, and also the African regions because of the low base from last year, the growth rate is pretty high. But if you look into the absolute growth numbers in terms of the gigawatts, that the top floor market which I just mentioned is still the key focus.

但可以肯定的是，有吸引力的成長主要來自新興市場，例如亞太地區，以及非洲地區，因為去年基數較低，成長率相當高。但如果你看一下千兆瓦的絕對成長數字，我剛才提到的頂層市場仍然是重點。

So just to clarify, so you're expecting that China will grow by 10% to 15% this year.

所以需要澄清的是，您預計中國今年的經濟成長率將達到 10% 至 15%。

10% to 15% yes.

10% 到 15% 是的。

I see. Okay. And a final question. Are you still getting a premium pricing for your top one products based on the technology?

我懂了。好的。最後一個問題。您是否仍根據該技術為您的頂級產品獲得溢價？

It depends on which technology or which product you're comparing with, right? So definitely from the customer and as long as the product is generating more power output or technically more yield, more IRR returns, customers are more than happy to pay premium on such kind of product.

這取決於您要比較的是哪種技術或哪種產品，對嗎？因此，從客戶的角度來說，只要產品能夠產生更多的電力輸出或技術上更多的收益、更多的 IRR 回報，客戶就會非常樂意為此類產品支付溢價。

I see. Can you also give the the breakdown you expect between the DG and the utility scale for this year for for for Jinko?

我懂了。您能否也給出今年晶科能源的分散式發電和公用事業規模之間的預期細分？

Yeah, strategically we lower the DG numbers a little bit based on the price chain. So, last year the DG ratio is roughly [40s], so close to [40,50], but the high 40s, let's say (inaudible). This year the number will go down to roughly 30 to 35 range.

是的，我們根據價格鏈從策略上稍微降低了 DG 數字。因此，去年的 DG 比率大約是 [40s]，因此接近 [40,50]，但高於 40s，我們假設（聽不清楚）。今年這個數字將下降到大約30到35個左右。

I see. Okay. Thank you.

我懂了。好的。謝謝。

Yeah, thank you.

是的，謝謝。

(Operator instructions)

（操作員指示）

We are showing no further questions at that time. Thank you for your attendance today. That does conclude our conference. You may now disconnect.

我們現在不再提出其他問題。感謝您今天的出席。我們的會議到此結束。您現在可以斷開連線。