晶科能源 (JKS) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Co Limited's second and third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded.

各位女士、先生，大家好，感謝各位耐心等待參加晶科能源控股有限公司2025年第二季及第三季業績電話會議。（操作員說明）提醒各位，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. Please proceed, Stella.

現在我將把會議交給今天的主持人，晶科能源投資者關係部門的王女士。請繼續，斯特拉。

Thank you, operator. Thank you, everyone, for joining us today for JinkoSolar's second and third 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 on Newswire services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website.

謝謝接線生。感謝各位今天參加晶科能源2025年第二季及第三季財報電話會議。該公司業績報告已於今日早些時候發布，可在公司投資者關係網站 www.jinkosolar.com 以及新聞專線服務上查閱。我們還為今天的財報電話會議準備了一份補充演示文稿，該演示文稿也可以在投資者關係網站上找到。

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

今天出席電話會議的晶科能源代表有：晶科能源股份有限公司董事長兼首席執行官賢德先生；晶科能源股份有限公司首席營銷官苗根先生；晶科能源控股有限公司首席財務官李攀先生；以及晶科能源股份有限公司首席財務官曹查理先生。

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

李先生將介紹晶科能源的業務營運和公司亮點，隨後苗先生將介紹銷售和行銷，最後潘力先生將介紹財務狀況。他們都將在隨後的問答環節中回答問題。

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. Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today.

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安全港條款所作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，我們未來的業績可能與今天表達的觀點有重大差異。

Further information regarding this and other risks is included in JinkoSolar's public filings with the Securities and Exchange Commission. JinkoSolar does not assume any obligation to update any forward-looking statements except as required under the applicable law.

有關此項風險及其他風險的更多信息，請參閱晶科能源向美國證券交易委員會提交的公開文件。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。

Now it's my pleasure to introduce Mr. 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.

現在我榮幸地向大家介紹晶科能源控股有限公司董事長兼執行長賢德先生。李先生將用普通話發言，我將把他的發言翻譯成英語。請講，李先生。

(spoken in foreign language)

（用外語說）

(interpreted) In the first of three quarters of 2025, our global module shipments totaled 61.9 gigawatts once again ranking number one worldwide. Driven by our outstanding product performance and a strong presence in high-value overseas market, gross margin improved sequentially for two consecutive quarters to 2.9% in the second quarter and 7.3% in the third quarter. Net loss continue to narrow sequentially. We are pleased to see that our intensive efforts devoted to storage, R&D and products in the past two years started to bear fruit gradually.

（譯文）2025 年前三個季度，我們的全球組件出貨量總計 61.9 吉瓦，再次位居全球第一。憑藉出色的產品表現和在高價值海外市場的強大影響力，毛利率連續兩季環比提高，第二季達到 2.9%，第三季達到 7.3%。淨虧損季減比持續收窄。我們很高興地看到，過去兩年我們在倉儲、研發和產品方面投入的大量努力開始逐漸取得成果。

In the first three quarters, our cumulative energy storage system, ESS shipments extend 3.3 gigawatts hour, increasing significantly for two consecutive quarters. This, combined with the rising share of overseas markets has helped the profitability of our energy storage business improved noticeably.

前三個季度，我們的儲能係統 (ESS) 累積出貨量達到 3.3 吉瓦時，連續兩季大幅成長。這一點，再加上海外市場份額的不斷增長，顯著提高了我們儲能業務的獲利能力。

Considering that energy store products and the process of installation, positions and acceptance, there will be a lag in revenue recognition in our financial statements. We are confident that at economics of sale accelerate and the competitiveness continues to improve, our energy storage business will more than double next year as revenue distribution is expected to rise significantly and the third as a key driver of our overall gross margin expansion.

考慮到儲能產品及其安裝、定位和驗收過程，我們的財務報表中收入確認將存在滯後。我們相信，隨著銷售經濟效益的提升和競爭力的持續增強，我們的儲能業務明年將增長一倍以上，因為收入分配預計將大幅增長，而這將成為我們整體毛利率擴張的關鍵驅動因素。

(spoken in foreign language)

（用外語說）

(interpreted) In the second and third quarter, we continue to keep modeling to that utilization rates at a reasonable level. Since third quarter, prices of polysilicon wafers and the cells have all run and the module prices showed some upward trends. Given that bidding will see all provinces are still in implementation stage, centered on enterprises need some time to recalculate their IR returns and adjust their business model for end projects. It is expected that (inaudible) take some time to release. However, we have seen some positive signals in the raw materials segment supported by rising raw material prices, module prices in overseas markets have also increased.

（解釋）在第二季和第三季度，我們繼續保持合理的使用率模型。自第三季以來，多晶矽晶片和電池的價格均有所下降，組件價格也呈現出一定的上漲趨勢。鑑於所有省份的招標仍處於實施階段，以企業為中心的企業需要一些時間重新計算其工業關係回報並調整其最終專案的商業模式。預計（聽不清楚）需要一段時間才能發布。然而，在原物料價格上漲的支撐下，原物料領域出現了一些正面訊號，海外市場的模組價格也有所上漲。

(spoken in foreign language)

（用外語說）

(interpreted) The upgrade to world's high power production capacity has become an important direction for evaluating industry high-quality development. This technical upgrade automates end customers' demand for high-power products to achieve more reliable investment return. As an industry pioneer to upgrade existing TOPCon capacity through technology enhancements, we made steady progress in high-power product upgrade in the third quarter.

（譯文）向世界高功率生產能力的升級已成為評估產業高品質發展的重要方向。這項技術升級實現了終端客戶對高功率產品需求的自動化，從而獲得了更可靠的投資回報。作為透過技術改進提升現有拓普康產能的產業先驅，我們在第三季高功率產品升級方面取得了穩步進展。

We have already delivered some high power products, carrying a premium of USD0.01 to USD0.02 for work, compared to the conventional products. As upgrade of the first-generation Tiger Neo product service maximum power 670 watts is completed. We expect the shipment proportion of high-power products to increase quarter over quarter next year, accounting for 60% or above 2026.

我們已經交付了一些高功率產品，與傳統產品相比，每件產品的加工費高出 0.01 至 0.02 美元。第一代 Tiger Neo 產品升級服務最大功率 670 瓦完成。我們預計明年高功率產品的出貨比例將逐季成長，到 2026 年將達到 60% 或更高。

(spoken in foreign language)

（用外語說）

(interpreted) Since the market elasticity reform has removed the mandatory energy storage requirements, China's energy store industry is accelerating its market-oriented development with the increasing gap between peak and off-peak electricity prices and the implementation of policies by storage capacity pricing and capacity compensation, independent energy storage projects in multiple provinces that can achieve uneconomic returns.

（解讀）由於市場彈性改革取消了強制性儲能要求，隨著峰谷電價差距的擴大以及儲能容量定價和容量補償政策的實施，中國的儲能行業正在加速市場化發展，多個省份的獨立儲能項目可能獲得非經濟效益。

Driven by both improving economics and global energization, demand is increasing in Europe, Asia Pacific, Middle East and Latin America. US, the rapid expansion of AI-based -- in the US, a rapid expansion of AI data centers have led to unprecedented surge in electricity demand, streaming domestic electricity supply, storage has therefore emerged as a safer and more easily deployed solution.

受經濟改善和全球能源化進程的雙重推動，歐洲、亞太地區、中東和拉丁美洲的需求正在成長。在美國，基於人工智慧的資料中心迅速擴張，導致電力需求空前激增，國內電力供應受到影響，因此儲能成為更安全、更容易部署的解決方案。

We expect global demand for energy storage to experience exploded growth driven by creating renewable energy penetration and declining storage on cost. This once again validates our strategic decision to invest in the energy storage business in line with other industry trends, and it has helped us to build a long-term competitive advantage.

我們預計，隨著再生能源滲透率的提高和儲能成本的下降，全球對儲能的需求將爆發式增長。這再次驗證了我們順應產業趨勢，投資儲能業務的策略決策是正確的，也幫助我們建立了長期的競爭優勢。

As a leading enterprise in the PV sector, we possessed long-established advantages in channels, brand reputation and customer resources enabling us to provide a localized one-stop solar plus storage solutions. On the manufacturing side, we currently have 12 gigawatt hour of pack capacity and 5 gigawatts hour of battery cell capacity and continuously improve product performance through self-developed technology call breakthrough.

作為光伏產業的領導者，我們在通路、品牌聲譽和客戶資源方面擁有長期累積的優勢，使我們能夠提供在地化的一站式太陽能+儲能解決方案。在製造方面，我們目前擁有 12 吉瓦時的電池組產能和 5 吉瓦時的電池單體產能，並透過自主研發的技術突破不斷提高產品性能。

On the market side, we focus on high margin overseas markets, particularly utility scale and industry and commercial projects. Although delivery cycles are relatively long, demand remains strong, providing stable and sustainable growth momentum for the company's energy storage.

在市場方面，我們專注於高利潤的海外市場，特別是公用事業規模、工業和商業項目。儘管交付週期相對較長，但需求仍然強勁，為公司儲能業務提供了穩定且可持續的成長動力。

(spoken in foreign language)

（用外語說）

(interpreted) In summary, the global supply chain is a recipe for the balance between slide and is gradually proven. As technological upgrades accelerated industry high development, the market share of high power and high-value products will continue to expand and become a dominant force in market pricing as market competition, particularly in project increasingly favors leading enterprises that demonstrates strong technology cost capabilities and the long-term reliability results such as bank financing are also concentrating to both leading enterprises, further strengthening their market share.

（解釋）總而言之，全球供應鏈是實現滑坡與成長之間平衡的良方，並且正在逐步證明。隨著技術升級加速產業高發展，高功率、高價值產品的市場份額將繼續擴大，並在市場定價中佔據主導地位。市場競爭，尤其是在專案方面，越來越有利於那些展現出強大技術成本能力和長期可靠性的領導企業，而銀行融資等長期可靠性成果也集中在領導企業身上，進一步鞏固了它們的市場份額。

With strong technological capabilities, long-term reliability and global diversification of our energy storage business, we are well positioned to further strengthen our competitiveness and benefit from the industry's next upward cycle.

憑藉強大的技術能力、長期可靠性和全球多元化的儲能業務，我們已做好充分準備，進一步增強競爭力，並從行業下一個上升週期中受益。

(spoken in foreign language)

（用外語說）

(interpreted) The 15th fife year plan proposed accelerating the decarbonization of both the energy supply and the construction sectors, the National Development and Reform Commission, NDRC and the National Energy Administration, NEA, have all recently issued guidance on promoting renewable energy integration and power system regulation, further emphasizing the critical role of energy storage in the construction of a new energy. We expect these matters will further strengthen the competitiveness of China's renewable energy sector and steer the industry back on to a healthy and rational development path.

（譯註）第十五年規劃提出加速能源供應和建築業脫碳，國家發展和改革委員會、國家能源局近期均發布了關於促進再生能源併網和電力系統調控的指導意見，進一步強調了儲能在新能源建設中的關鍵作用。我們預計這些措施將進一步增強中國再生能源產業的競爭力，並引導該產業重返健康合理的發展道路。

(spoken in foreign language)

（用外語說）

(interpreted) Looking forward to fourth quarter and the full year, we will continue to actively respond to the industry's for rational development by mention with reasonable production levels and focusing on upgrading and transforming high efficiency capacity. At the same time, we will proactively adapted to changes in over displaces to ensure sustainable slide for our customers.

（譯文）展望第四季及全年，我們將持續積極回應產業合理發展的需求，維持合理的生產水平，並專注於升級改造高效產能。同時，我們將積極適應過度位移的變化，以確保為我們的客戶提供可持續的滑坡體驗。

We will keep strengthening our competitive advantages in technology and global operations achieve a balance between scale and the profitability while consolidating our industry-leading position. We expect the total shipments, including solar modules, sales and wafers to be between 85 gigawatts to 500 gigawatts for the full year of 2025, and ESS shipments to be 6 gigawatts over for the full year 2025.

我們將繼續加強在技術和全球營運方面的競爭優勢，在規模和獲利能力之間取得平衡，同時鞏固我們行業領先的地位。我們預計 2025 年全年太陽能組件、銷售額和矽片的總出貨量將在 85 吉瓦至 500 吉瓦之間，儲能係統出貨量將在 2025 年全年超過 6 吉瓦。

Thank you, Mr. Li. Total shipments were 25 gigawatts in the third quarter, with market shipments of 93%. By the end of the quarter, we paid the first module manufacturing in the industry to achieve but cumulative global model shipments of 370 gigawatts with total cumulative shipments of Tiger Neo series surpassing 200 gigawatts, the best-selling module series in history. In terms of a geographic mix in the third quarter, we focused on high-value overseas markets, with shipments account for over 55%, achieving strong growth in Asia Pacific, emerging markets and Europe.

謝謝您，李先生。第三季總出貨量為 25 吉瓦，市場出貨率為 93%。到本季末，我們支付了業內首個組件製造費用，實現了全球累計出貨量 370 吉瓦，其中 Tiger Neo 系列累計出貨量超過 200 吉瓦，成為史上最暢銷的組件系列。從第三季的地域組成來看，我們專注於高價值的海外市場，出貨量佔比超過 55%，在亞太地區、新興市場和歐洲實現了強勁成長。

Shipments to the US were near a 1.3 gigawatts in the third quarter of stable sequentially. Against the backdrop of the electricity market reform, customer demand for high-power products continues to rise. Our high-power Tiger Neo 3.0 series with this difficulty rate of 85% and excellent low-life performance can generate stable electricity during storms and the cloudy weather effectively extending power generation hours.

第三季對美國的電力出貨量接近 1.3 吉瓦，季比穩定。在電力市場改革的背景下，消費者對高功率產品的需求持續成長。我們的高功率 Tiger Neo 3.0 系列發電機，難度係數為 85%，低壽命性能優異，即使在暴風雨和陰天也能穩定發電，有效延長發電時間。

At the same time, in a market environment with increasing volatility in electricity spot prices, the outstanding power generation performance of Tiger Neo 3.0 enables more power generation during peak price superior in the morning and evening, creating higher yield and more reliable returns for clients. According to our field test data in Chengdu, China and in low lights conditions such as storm and dust, Tiger Neo achieved 7.2% gain compared to BC products. And in Kagoshima, Japan, Tiger Neo shows 10.79% gain over BC products in low-light conditions.

同時，在電力現貨價格波動性日益增大的市場環境下，Tiger Neo 3.0 出色的發電性能使其能夠在早晚高峰時段發電量更大，為客戶創造更高的收益和更可靠的回報。根據我們在中國成都進行的實地測試數據，在暴風雨和沙塵等低光照條件下，Tiger Neo 與 BC 產品相比實現了 7.2% 的增益。在日本鹿兒島，Tiger Neo 在低光源條件下比 BC 產品提高了 10.79%。

In the third quarter, we delivered some high-power products that carries USD1 to USD2 premium compared to conventional products. We expect our high power Tiger Neo 3.0 products with maximum power of up to 670 watts to be produced in large scale next year, further strengthening our competitiveness on the product side.

第三季度，我們交付了一些高功率產品，與傳統產品相比，這些產品的溢價為 1 至 2 美元。我們預計明年將大規模生產功率高達 670 瓦的高功率 Tiger Neo 3.0 產品，進一步增強我們在產品方面的競爭力。

We once again started the PVEL 2025 Q3 volume track, ability reported with (inaudible) thanks to our solid operational capabilities, outstanding not innovation and a strong recognition from global customers. As once the few interest prices to continuously maintain top-tier credit worthiness and technological strength in the global PV industry. In the last -- latest, the release of BN energy storage Tier 1 list of 4Q 2025, we were recognized as Tier 1 energy storage provider for the seventh consecutive quarter.

我們再次啟動了 PVEL 2025 年第三季銷售計劃，憑藉我們強大的營運能力、卓越的創新能力以及全球客戶的強烈認可，我們取得了（聽不清楚）的成績。曾經，少數幾家公司憑藉其利率優勢，持續保持全球光電產業一流的信用評級和技術實力。在最近發布的 BN 儲能一級供應商名單（2025 年第四季）中，我們連續第七個季度被評為一級儲能供應商。

Our continuous efforts in sustainable development have also earned the international recognition reps. In the recent MSCI ESG, we were upgraded to an A rating, maintaining our position in the top tier of ESG performers in the global PV industry. Additionally, our S&P score continues to improve from 2024 rising significantly to 78, far ahead of the industry.

我們在永續發展方面持續不斷的努力也贏得了國際代表的認可。在最近的MSCI ESG評級中，我們的評級被提升至A級，並保持了我們在全球光伏行業ESG表現最佳企業中的領先地位。此外，我們的標普評分從 2024 年開始持續提高，將大幅上升至 78 分，遠遠領先於行業平均水平。

On the demand side, we expect global PV demand to slightly contract in 2026. In China, due to the implementation of policy reform 136, the pace of carry out 15th five year plan as well as industry self-discipline and anti-evolution measures, demand is expected to slightly increase year over year in 2026.

需求方面，我們預計2026年全球光電需求將略有下降。在中國，由於「136」政策改革的實施、「十五」規劃的推進以及產業自律和反演措施，預計2026年需求將逐年小幅增長。

Markets outside China are generally expected to remain healthy. In the mid to long term, the urgent power demand from AI data center, combined with most countries commitments to reduce coverage emissions will jointly drive growth in the global deployment of clean energy and a new grid infrastructure over the next three to five years.

中國以外的市場普遍預計將保持健康發展。從中長期來看，人工智慧資料中心迫切的電力需求，加上大多數國家減少排放的承諾，將共同推動未來三到五年內全球清潔能源部署和新型電網基礎設施的發展。

The information office of state council recently released the white paper of China's action on carbon picking and carbon neutrality, which emphasizes that energy storage is a key support for building a new type of power system and actively developing the renewable energy plus energy storage solutions.

國務院新聞辦公室近日發布了《中國碳拾荒和碳中和行動白皮書》，強調儲能是建構新型電力系統的關鍵支撐，並積極發展再生能源+儲能解決方案。

In the United States, we are already seeing some tech giants deploying co-located or nearby solar plus storage at their data centers to meet rapidly growing electricity needs. We believe renewable energy club energy storage has become an invisible and accelerate interest. We remain optimistic about the long-term prospects of the US market, although trade policies impose certain constraints on the manufacturing side, we have taken proactive matters and make early strategic deployments adjusting our manufacturing and supply chain in response to quality changes to provide US customers with long-term, stable and reliable solutions.

在美國，我們已經看到一些科技巨頭在其資料中心部署並置或鄰近的太陽能+儲能係統，以滿足快速成長的電力需求。我們認為再生能源俱樂部的儲能技術已經成為一種隱形且迅速發展的技術。儘管貿易政策對製造業造成了一定的限制，但我們對美國市場的長期前景仍保持樂觀。我們積極採取措施，提前進行策略部署，根據品質變化調整我們的製造和供應鏈，為美國客戶提供長期、穩定和可靠的解決方案。

We are confident that leveraging our advantage in technology innovation, high power products and global network, we can continue to satisfy our global client demand for clean, safe, high-efficiency and a reliable integrated solar and storage solutions. We will also continue to improve our competitiveness in global markets.

我們相信，憑藉我們在技術創新、高功率產品和全球網路方面的優勢，我們能夠繼續滿足全球客戶對清潔、安全、高效和可靠的整合式太陽能和儲能解決方案的需求。我們將持續提昇在全球市場的競爭力。

Thank you, Gener. We are pleased that our focus on high-performance products and high-value markets as well as our efforts in cost expenses control have delivered steadily improved financial results.

謝謝你，Gener。我們很高興看到，我們對高性能產品和高價值市場的關注，以及我們在成本控制方面的努力，都帶來了財務表現的穩定提升。

Gross profit margin turned positive in the second quarter and continued to improve by 4.4 percentage-points in the third quarter. Net loss and adjusted net loss narrowed sequentially for two consecutive quarters. Operating cash flow was $340 million in the third quarter, improving significantly quarter over quarter. Operating cash flow is expected to be positive for the full year '25.

第二季毛利率轉正，第三季持續調高 4.4 個百分點。淨虧損和調整後淨虧損連續兩季收窄。第三季經營現金流為 3.4 億美元，季減顯著改善。預計2025年全年經營現金流為正。

Moving to the details in the third quarter. Total revenue was $2.27 billion, down 10% sequentially and 34% year over year. The sequential decrease was mainly due to a decrease in the total module shipment and the year over year decrease was primarily due to a decrease in average selling price of solar modules. Gross margin was 7.3%. The sequential improvement was mainly due to a lower unit cost product sold and year on year decrease was mainly due to a decrease in ASP of solar modules.

第三季將深入探討細節。總營收為 22.7 億美元，季減 10%，年減 34%。環比下降主要是由於組件總出貨量下降，年減主要是由於太陽能組件平均售價下降。毛利率為7.3%。環比成長主要歸功於單位成本較低的產品銷售，而年減主要歸功於太陽能模組平均售價的下降。

Total operating expenses was $363 million up 36% sequentially and down 32% over year. The sequential decrease -- increase was primarily due to an increase in the impairment of long lead assets. For the year on year decrease was mainly due to a decrease in shipping costs, our solar module shipment decreased and an average freight rate decline during the third quarter this year.

總營運支出為 3.63 億美元，季增 36%，年減 32%。環比下降 - 環比成長主要是由於長期資產減損增加所致。年比下降主要是由於運輸成本下降，我們的太陽能組件出貨量減少，以及今年第三季平均運費下降。

Total operating expenses accounted for 16% of total revenues compared to 10.6% in the second quarter and 15.4% in the third quarter last year. Operating loss margin was 8.7% compared with operating loss margin of 10.7% in the second quarter this year and operating profit margin of 0.3% in the second quarter last year.

本季總營運支出佔總收入的 16%，而去年第二季為 10.6%，去年第三季為 15.4%。營業虧損率為 8.7%，而今年第二季的營業虧損率為 10.7%，去年第二季的營業利益率為 0.3%。

Moving to the balance sheet. At the end of the third quarter, our cash and cash equivalents was $3.3 billion compared with $3.4 billion at the end of the second quarter of '25 and $3.2 billion at the end of the third quarter of '24.

接下來查看資產負債表。第三季末，我們的現金及現金等價物為 33 億美元，而 2025 年第二季末為 34 億美元，2024 年第三季末為 32 億美元。

AR turnover days, were 105 days compared with 97 days in the second quarter, inventory turnover days were 90 days compared with 66 days in the second quarter this year. At the end of the third quarter, total debt was $6.4 billion compared to $6.7 billion at the end of second quarter. Net debt was $3.1 billion compared with $3.3 billion at the end of second quarter this year. Debt conditions improved sequentially.

應收帳款週轉天數為 105 天，而第二季為 97 天；存貨週轉天數為 90 天，而今年第二季為 66 天。第三季末，總負債為 64 億美元，而第二季末為 67 億美元。淨債務為31億美元，而今年第二季末為33億美元。債務狀況較上季改善。

Let me go into more details of the second quarter. Total revenue was $2.51 billion, up 30% sequentially and down 25% year over year. The sequential increase was primarily due to increase in solar module shipments, while year over year decrease was mainly due to a decrease in ASP of solar modules. Gross margin was 2.9%. The sequential improvement was mainly due to lower unit cost of products sold, while year on year decrease was mainly due to the decrease in ASP of modules.

讓我更詳細地介紹一下第二季的情況。總營收為 25.1 億美元，季增 30%，年減 25%。環比增長主要歸因於太陽能組件出貨量的增加，而同比下降主要歸因於太陽能組件平均售價的下降。毛利率為2.9%。環比改善主要歸功於所售產品的單位成本降低，而年減主要歸功於模組平均售價的下降。

Total operating expenses were $266 million, down 24% sequentially and 15% year over year. The sequential decrease was mainly due to the reduced expected credit loss expense in the same quarter, while the year over year decrease were mainly due to 3 points, a decrease in the impairment of loan assets reduced expected credit loss expenses and decreased shrink cost as the average rate declined during the second quarter this year.

總營運支出為 2.66 億美元，季減 24%，年減 15%。環比下降主要是由於當季預期信貸損失費用減少，而同比下降主要是由於利率下降 3 個百分點，貸款資產減值減少降低了預期信貸損失費用，以及由於今年第二季度平均利率下降而導致損耗成本降低。

Total operating expenses accounted for 10.6% of total revenues compared to 18.1% in the first quarter of '25 and 16.9% in the second quarter of '24. Operating loss margin was 7.7% compared to 20.7% in the first quarter this year and 4.7% in the second quarter last year.

總營運費用佔總收入的 10.6%，而 2025 年第一季為 18.1%，2024 年第二季為 16.9%。營業虧損率為 7.7%，而今年第一季為 20.7%，去年第二季為 4.7%。

Moving to the balance sheet. At end of the second quarter, our cash and cash equivalent was $3.4 billion compared with $3.77 billion at the end of the first quarter this year and $1.9 billion at the end of second quarter last year. AR turnover days were 97 days compared with 111 days in the first quarter this year. Inventory turnover days was 66 days compared to 84 days in the first quarter, our operating efficiency is improving.

接下來查看資產負債表。截至第二季末，我們的現金及現金等價物為 34 億美元，而今年第一季末為 37.7 億美元，去年第二季末為 19 億美元。應收帳款週轉天數為 97 天，而今年第一季為 111 天。庫存週轉天數為 66 天，而第一季為 84 天，我們的營運效率正在提高。

At the end of the second quarter, total debt was $6.7 billion compared to $6.4 billion at the end of the first quarter. Net debt was $3.3 billion compared to $2.6 billion at the end of the first quarter this year.

第二季末，總負債為 67 億美元，而第一季末為 64 億美元。淨債務為 33 億美元，而今年第一季末為 26 億美元。

This concludes our prepared remarks. We are now happy to take your questions. Operator, please proceed.

我們的發言稿到此結束。現在我們很樂意回答您的問題。操作員，請繼續。

(Operator Instructions)

（操作說明）

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

First one is on your gross margins. Can you share some color on what you see as the difference between your's and Canadian Solar's, they reported recently 15% you guys have Q3 gross margins at about 7%. And what was the main driver you think for that underperformance? And then can you provide some color on the storage and solar gross margin difference? And then finally, what do you think margins look like for Q4?

第一個問題是關於你的毛利率。您能否詳細說明一下您認為貴公司與加拿大太陽能公司之間的差異？他們最近公佈的毛利率為 15%，而貴公司第三季的毛利率約為 7%。你認為導致業績不佳的主要原因是什麼？那麼，您能否詳細說明儲能和太陽能發電的毛利率差異？最後，您認為第四季的利潤率會是多少？

Thanks, Philip. And I think compared to our peers, particularly the Chinese order, the gross margin difference is different revenue contribution from the energy storage business. And -- but if you look at the Jinko quarter by quarter, we did improve gross margin dramatically, it's coming from majority of the module business. But for the energy storage sectors, we did want to have a very, very positive update, I think, in the prepared remarks, so Chairman Li, and we think we -- our energy storage business is really for the dramatically growth in next year 2026 and we are expecting significant revenue contributions and gross margin expansions.

謝謝你，菲利普。我認為與我們的同行，特別是中國訂單相比，毛利率的差異體現在儲能業務不同的收入貢獻。但是——如果你逐季度看晶科能源，我們的毛利率確實大幅提高了，這主要得益於模組業務。但就儲能領域而言，我們確實希望在準備好的發言稿中帶來非常非常積極的更新，李董事長也表示，我們認為——我們的儲能業務將在2026年實現大幅增長，我們預計收入貢獻和毛利率將顯著提高。

And the story is really in supply shortage. And this year, we shipped around 6 gigawatt hours shipments. And next year, we expect to double -- at least double. And in terms of the revenue recognition, it different because the revenue is recognized for the Siemens with the final acceptance. It's a little bit delayed one quarter to two quarters. And therefore, the energy storage business, the gross margin is at a decent level. We expect at least 15%, 20% gross margin.

而真正的問題在於供應短缺。今年，我們的出貨量約為 6 吉瓦。明年，我們預計至少會翻倍。就收入確認而言，情況有所不同，因為西門子的收入是在最終驗收時確認的。比預計晚了一個季度到兩個季度。因此，儲能業務的毛利率處於一個不錯的水平。我們預計毛利率至少為 15% 至 20%。

And looking forward, particularly for the ESS business out of China, and we target 70%, 80% in the ESS business next year. And in terms of revenue contribution from the energy storage business, we expect 10% to 15%. I mean, the revenue from ESS business compared to the total revenues of Jinko next year. So it's -- we are actually -- we think our business is shifting from surely module business to module plus ESS next year.

展望未來，特別是中國的儲能係統業務，我們的目標是明年儲能係統業務佔比達到 70% 到 80%。至於儲能業務的營收貢獻，我們預期為 10% 至 15%。我的意思是，ESS業務的收入與晶科明年的總收入相比如何。所以——實際上——我們認為我們的業務明年將從純粹的模組業務轉向模組加ESS業務。

Great, Charlie. Thank you very much for the color. And can you share also a little bit more color on your view. You've given us some color on the storage market. You shared that next year could be 6 gigawatt hours, what might be geographic even mix be for 2026? And how much to the US, how much to China and then maybe Europe and others?

太好了，查理。非常感謝您提供的顏色。能否再詳細闡述您的觀點？您為我們介紹了儲存市場的一些情況。您提到明年可能達到 6 吉瓦時，那麼 2026 年的地域分佈情況會是怎麼樣的呢？那麼，美國能分到多少？中國能分到多少？歐洲和其他國家又能分到多少？

Yeah. This year, it's 6 gigawatts hours and next year is double, okay? That is the total volume in terms of geographical distribution and non-China roughly we think 70%, 80%, including United States. And United States, we are discussing with a lot of potential customers and is developing, and we believe step-by-step, we are gaining more and more orders from the US, but we are gaining a lot -- we have a strong pipeline, particularly I think from Europe, Latin America and Asia Pacific.

是的。今年是 6 吉瓦時，明年翻一番，懂嗎？這是按地理分佈劃分的總數量，我們認為中國以外的數量約佔 70% 到 80%，包括美國。至於美國市場，我們正在與許多潛在客戶進行洽談並進行開發，我們相信，一步一步地，我們將從美國獲得越來越多的訂單，而且我們獲得的訂單量很大——我們擁有強大的銷售管道，特別是來自歐洲、拉丁美洲和亞太地區的訂單。

Got it. Okay. Great. Shifting over to -- one more question here, on the foreign entity of concern for the US Peak. Can you help us understand, you plan to -- you have a big business shipping US -- sorry, shipping solar modules to the US. Now you plan to ship batteries also to the US. Can you help us understand how you plan to comply with foreign entity of concern requirements for the US market?

知道了。好的。偉大的。接下來還有一個問題，關於美國峰會關注的外國實體。您能幫我們理解一下嗎？您的計劃是——您有一項龐大的業務，向美國——抱歉，是向美國運送太陽能組件。現在你們打算將電池也運往美國。您能否幫助我們了解您計劃如何遵守美國市場對外國實體的相關規定？

Yeah. And looking for the next year, we don't believe there's a lot of kind of impact -- negative impact from the FERC, let's say, BBB compliance, we think a lot of safe harbor projects, particularly for the solar plus some storage projects, and we committed to -- from long term, and we -- I think we reshaped our supply chain globally and including, and we're exploring options for our solar module facilities in Florida. And we think from the long term and there is going to be demand for both FERC and non-FERC. And we are in the -- if there is some kind of development, particularly for transforming our solar module facilities in the United States to the non-FERC entities, and we will let investors know. But we have been in the positive discussion with potential investors.

是的。展望明年，我們認為不會有太大的影響——例如來自聯邦能源監管委員會（FERC）的負面影響，例如商業改進局（BBB）的合規性，我們認為很多安全港項目，特別是太陽能加儲能項目，都得到了保障，我們承諾——從長遠來看，我們——我認為我們已經在全球範圍內重塑了我們的供應鏈，並且我們正在探索我們在佛羅裡達州的太陽能組件。我們認為從長遠來看，對 FERC 認證和非 FERC 認證的產品都會有需求。如果有任何進展，特別是將我們在美國的太陽能組件設施改造為非聯邦能源監管委員會（FERC）實體，我們會通知投資者。但我們一直與潛在投資者保持積極的溝通。

Alan Lau, Jefferies.

艾倫·劉，傑富瑞集團。

Alan from Jefferies. So my first question is about the ESS business. I would like to know if there's any discussion with any of the AI data centers or hyperscaler clients? And what type of demand are they requiring? Like are they more like 2 to 4 hours of good capability, compatible demand? Or it's more like even longer our storage required?

來自傑富瑞的艾倫。所以我的第一個問題是關於 ESS 業務的。我想知道是否與任何人工智慧資料中心或超大規模資料中心客戶進行過任何討論？他們提出了什麼樣的需求？例如，它們更像是能提供 2 到 4 小時的良好性能，並且能夠滿足需求？或者更像是我們需要更長的儲存空間？

We think the AI-driven data center, it's going to put a lot of demand for the global electricities from long term. And we're -- our ESS team is in discussion with potential pipeline for the data center, including your US, Europe and including China. But it's still is in progress, and we believe we are able to reach a significant milestone early next year.

我們認為，從長遠來看，人工智慧驅動的資料中心將對全球電力提出很大的需求。我們的 ESS 團隊正在與資料中心的潛在專案方進行討論，包括美國、歐洲和中國。但這項工作仍在進行中，我們相信明年年初能夠取得重大進展。

Okay, clear. So in relation to the geographic group breakdown, I would like to know if the gross margin of ESS is similar across the regions? Or it should be higher in Europe or US? Like how do you see the margins in different regions that you operate?

好的，明白了。因此，就地理分組而言，我想知道 ESS 的毛利率在各個地區是否相似？或者說，歐洲或美國的價格應該更高？例如，您如何看待您在不同營運區域的利潤率？

You mean, ESS margin different regions, right? Yes. It's depending on different markets, and China is still a little bit low, but I think it's recovering a little bit. ESS is very competitive in China. But Europe and the US is still, we think that there is a decent gross margin. So -- and the Middle East is a little bit low. And I think China and Middle East is, yes, is the pricing, the competitiveness and the margin is relatively low to 100 regions, but we think it's still a very healthy and business and the next two years.

你的意思是，ESS在不同地區之間存在差異，對嗎？是的。這取決於不同的市場，中國的市場仍然有點低迷，但我認為它正在逐漸復甦。ESS在中國的競爭力非常強。但是，我們認為歐洲和美國仍然有相當可觀的毛利率。所以——中東地區的水平略低。我認為中國和中東的定價、競爭力以及利潤率確實比其他100個地區要低，但我們認為未來兩年​​內，這仍然是一個非常健康的市場。

Yeah. I would like to know on the cost side of ESS because I've noticed that the upstream raw materials or the cost of raw materials are increasing or surging. Any plans to lock in any raw materials or your view on different raw materials like batteries or like even more upstream battery materials like within carbon, et cetera?

是的。我想了解儲能係統的成本方面情況，因為我注意到上游原材料或原材料成本正在增加或飆升。是否有鎖定任何原料的計劃？或者您對不同的原料（例如電池）或更上游的電池材料（例如碳等）有何看法？

Yeah. And we -- because the strong demand is materially in upward, firstly, we have 5 gigawatts and batteries capacities and which put us a relative advantage. And the second one, we partner with key materials and suppliers, and the second one, when we negotiate contracts, we did anticipate some kind of material cost upwards. So as a combination, I think it's a little bit challenged, but we think we can manage and how to minimize the impact of the material, the pricing.

是的。而且，由於強勁的需求正在實質地增長，首先，我們擁有 5 吉瓦的儲能和電池容量，這使我們具有相對優勢。第二點，我們與關鍵材料和供應商建立了合作關係，在談判合約時，我們確實預料到材料成本會有所上漲。所以，綜合來看，我認為這有點挑戰性，但我們認為我們可以應對，並盡量減少材料和價格的影響。

I see. I think my next question is about the demand on the solar module market. So how do you see the demand growth in next year for maybe both solar and like what is the growth rate you see?

我懂了。我想問的下一個問題是關於太陽能模組市場的需求。那麼，您如何看待明年太陽能的需求成長？您預計成長率是多少？

Yeah. For the demand side, definitely, we should looking separately for both for PV and BEVs, right? So for PV side, I think we are -- in a conservative way, we are expecting more or less a flat year in 2026 versus 2025. The main reason is because China demand, we believe to have a drop compared with 2025 which because the weight of trend demand is so high in the global demand, which drives even with the other markets booming or other markets growth, we still expect the demand of the globe in the PV industry for next year will be more or less flat year.

是的。從需求方面來看，我們當然應該分別考慮光電發電和電動車，對吧？所以就光伏發電方面而言，我認為——保守估計——我們預計 2026 年將與 2025 年相比基本持平。主要原因是，我們認為中國的需求與 2025 年相比會下降，因為趨勢需求在全球需求中的權重非常高，即使其他市場蓬勃發展或成長，我們仍然預計明年全球光電產業的需求將基本持平。

However, when we look into the best, it is in a different scenario, right? So with more and more renewable installed, there needs more security for the best contribution. Certainly, we are seeing a sharp increase for the BEV side. That's why from the BEV, we are still keeping optimistic opinion or expectation for next year's installation. If we need to quantize that, we think it will be at least 25% increase for the BEVs year over year.

但是，當我們審視最好的情況時，情況就不同了，對吧？因此，隨著越來越多的再生能源裝置容量增加，為了發揮最大效用，需要加強安全保障。當然，我們看到電動車領域出現了急劇增長。這就是為什麼我們對明年電動車的安裝仍然保持樂觀或期望。如果需要量化，我們認為電動車的年增長率至少會達到 25%。

I see I would like to know what type of installation in China are you looking at, like, because there are different numbers flowing around. Like are you looking at low 200s or even below 200 gigawatts in China?

我想了解您在中國關注的是哪種類型的安裝項目，因為現在流傳著各種不同的數據。例如，你在中國看到的是200吉瓦出頭，甚至低於200吉瓦的裝置容量嗎？

I'm not that that conservative for China because recently, I visited a lot of our distributors and even installers in China in all the different processes, I think most of them are still keeping an optimistic view for next year. So that having said all those, I believe that it will be around let's say, module-wise, it will be around mid 200 -- let's say, around 250 about. And if we look into the grid connection number, it should be somewhere around low 200.

我對中國市場並沒有那麼保守，因為最近我走訪了我們在中國的許多經銷商，甚至包括各個環節的安裝商，我認為他們中的大多數人仍然對明年保持樂觀態度。綜上所述，我認為模組數量大概會在 200 個左右，比如說，250 個左右。如果我們查看併網連線數，應該在 200 左右。

Okay. That's very clear. I think my last question is on the buyback. I would like to know if the company will start buyback after the blackout period which basically this result? And how is the pace of the buyback will look like?

好的。這一點很清楚。我想我最後一個問題是關於股票回購的。我想知道，在經歷了這段靜默期後，公司是否會開始回購股票，而這基本上就是目前的結果？回購計畫的進度會是怎樣的？

We monetized 3% shares. And I think end of October, and we're in a process to get money out of China and after regulatory approval, and we have paid withholding tax, and we expect to get the money by the end of this month -- very soon.

我們出售了3%的股份。我認為十月底就能到帳了。我們正在辦理從中國匯款的手續，在獲得監管部門批准並繳納預扣稅後，預計本月底就能收到款項——很快就能到賬了。

And for the shareholder returns, and we commit at least USD100 million a year and we had deferred dividend early this year. And we bought some shares, certain shares. And I think in last quarter, middle of this year. And after the window after the earnings release and we plan to purchase the share through out of the end of the year.

至於股東回報，我們承諾每年投入至少 1 億美元，今年年初我們已經發放了遞延股息。我們買了一些股票，特定的股票。我認為在今年年中，也就是上個季度。在財報發布後的窗口期過後，我們計劃在年底前繼續購買股票。

Is there like how much shares have been purchased or like will the company looking to basically buy all the remaining amount in the buyback program in the remaining one month?

已經回購了多少股份？或者說，公司是否會在剩下的一個月內回購計畫中剩餘的所有股份？

Yeah. And I think we we plan to use the proceed right monetization issues as the key funding and which is available and the around USD170 million, USD180 million. So I think we -- depending how the market moves, but we -- definitely, we will repurchase shares by the end of this year. And roughly, I think this year, USD100 million, and we had declared dividend, I think $50 million, $60 million. So that's our -- the base plan. It's a year over year trend and next year, it's roughly the same trend.

是的。我認為我們計劃利用發行權變現作為主要資金來源，這筆資金約為 1.7 億美元至 1.8 億美元。所以我認為，這取決於市場走勢，但我們肯定會在今年年底前回購股票。粗略估計，今年收入為 1 億美元，我們已宣布派發股息，我認為是 5000 萬美元到 6000 萬美元。這就是我們的基本計劃。這是逐年遞減的趨勢，明年大致上也會是同樣的趨勢。

(Operator Instructions)

（操作說明）

Rajiv Chaudhri, Sunsara Capital.

Rajiv Chaudhri，Sunsara Capital。

My first question is regarding your guidance for module shipments for the fourth quarter. It's a very big range, 18 to 33 gigawatts, and you have essentially kept to the same range that you gave for the full year back in the early part of the year. But now we are halfway through the fourth quarter. Could you help us narrow down what the range would be for Q4 for module shipments?

我的第一個問題是關於您對第四季度模組出貨量的預測。這是一個非常大的範圍，從 18 吉瓦到 33 吉瓦，而且你基本上保持了與年初給出的全年範圍相同的範圍。但現在我們已經進入第四季的一半了。您能否幫我們縮小一下第四季模組出貨量的範圍？

Yeah. I think we were close to the lower end of the range. I think because of the regulatory requirement, we have to keep that range as before. But from the operational level, we believe the lower end of the range is more, let's say, realistic.

是的。我認為我們接近了範圍的下限。我認為由於監管要求，我們必須保持先前的這個範圍。但從實際操作層面來看，我們認為較低的範圍比較現實一些。

I see. So related to that, what do you think the global shipments of modules would be for the industry as a whole in 2025?

我懂了。那麼，您認為到 2025 年，整個產業的全球模組出貨量會是多少呢？

Well, we -- technically, we believe from the production wise, we are looking at roughly 700 gigawatts that's the the high-level numbers we are estimating for the whole industry. And do you believe that 700 gigawatts would actually have been shipped out by the industry as well? Or that was just the production?

嗯，從技術角度來看，我們認為從生產方面來看，整個產業的發電量大約是 700 吉瓦，這是我們對整個產業的高水準估計。你認為業界實際上也會交付 700 吉瓦的電力嗎？還是那隻是製作上的效果？

Well, I think it's more realized to a production closer to the production side, but because every company has a slightly different ways to calculate or announce their shipment numbers. So that's why it's difficult to figure out what the real shipment number. But production-wise, I think the number is more realistic.

嗯，我認為這更體現在生產環節，因為每家公司計算或公佈出貨量的方式都略有不同。所以這就是為什麼很難確定真正的發貨單號的原因。但就生產而言，我認為這個數字更現實。

I see. Okay. So moving on to another question relating to CapEx. Could you give us the CapEx target for 2025 and also for 2026?

我懂了。好的。接下來我們來討論另一個與資本支出相關的問題。能否提供一下2025年和2026年的資本支出目標？

It's roughly RMB5 billion this year and next year. And next -- we didn't have any plan to expand capacity and it's kind of upgraded in next-generation top count technology, and it's going to have significant high-end, high-power output solar modules we are able to provide to our customers next year roughly 60%. With price premium and a relatively good margin contributions next year quarter over quarter, the capacity was a high-end upgraded, high-end module capacity will be released quarter by quarter.

今年和明年大約是50億元。接下來——我們沒有任何擴大產能的計劃，它已經升級為下一代頂級技術，明年我們將能夠向客戶提供約 60% 的高端、高功率輸出太陽能組件。由於價格溢價和相對良好的利潤貢獻，明年各季度的產能將逐季釋放，高端升級的高端模組產能將逐季釋放。

So Charlie, just to be clear, this year, the CapEx is RMB5 billion. And next year, it will be flat at RMB5 billion.

所以查理，我再說一遍，今年的資本支出是人民幣50億元。明年將維持在50億元。

Yeah, roughly, roughly. But next year -- I talked about it. This year, it's roughly payment of outstanding amount, RMB5 billion next year. we are doing the upgrade. We are doing an upgrade existing capacity and to the next high-level top-down capacity, and we foresee a lot of strong demand and with higher motor price and higher gross margin contributions.

嗯，差不多吧。但明年——我談到了這件事。今年大約要償還未償款項，明年大約要償還人民幣50億元。我們正在進行升級改造。我們正在對現有產能進行升級，並向更高水準的自上而下的產能邁進，我們預計會有強勁的需求，馬達價格也會上漲，毛利率也會提高。

So you made a very interesting point that operating cash flow will be positive in 2025. It looks like you will be generating operating cash flow positive in 2026 as well. And may be substantially higher than 2025 because gross margin will be higher. Is that a correct assessment?

您提出了一個非常有趣的觀點，即 2025 年的經營現金流將為正值。看來您在 2026 年也將實現正的經營現金流。而且可能比 2025 年高得多，因為毛利率會更高。這種評估是否正確？

Yeah. That's right. That's right. And we talk about, firstly, I think the catalyst is first one is ESS storage business next year. We are looking to 10% to 15% revenue contributing from ESS with decent gross margin and net profitabilities.

是的。這是正確的。這是正確的。首先，我認為明年最重要的催化劑是ESS儲能業務。我們希望 ESS 能貢獻 10% 到 15% 的收入，並具有可觀的毛利率和淨利潤。

And second one is the module business. We have, I think, the most on the top on upgrade capacities in the industries and developed by ourselves, our technology and which will roughly have 60% shipments of the modules coming from the next generation Jinko-developed top capacities with higher gross margins.

第二點是模組業務。我認為，我們在業界擁有最頂尖的升級能力，這些能力都是我們自己開發的，我們的技術，大約 60% 的模組出貨量將來自下一代晶科開發的頂級產能，這些產能具有更高的毛利率。

And second one, we're thinking from the high-level centers industry anti involuting taking -- take the effect step by step and the capacity will accelerate phase out and leading by the -- on top of that industry-leading self-disciplined control production volume and the renewable pricing based on the cost will take further, I think, enforcement.

其次，我們正在從高層中心思考行業反介入措施——逐步採取措施，產能將加速逐步淘汰，並由行業領先的自律控制產量和基於成本的可再生能源定價來引領——我認為，這將進一步加強執法。

So combined together, I think the industry is reaching the low point is recovering step-by-step, and Jinko, we are ready for the -- from the market and product perspective and the plus, we are setting solar plus ESS story and the business. So the basic plan next year, we are -- we are trying -- no, we are confident that we are able to navigate the cycles and turn to positive earnings. That's kind of the business plan next year.

綜上所述，我認為整個產業正在觸底反彈，逐步復甦，而晶科能源已經做好了準備——從市場和產品角度來看，我們正在打造太陽能+儲能係統（ESS）的商業模式。所以明年的基本計劃是，我們正在努力——不，我們有信心能夠應對週期性波動並實現正收益。這就是明年的商業計劃。

So should we -- you talked about the premium products and the fact that they've got premium pricing. But on the cost side, will your cost for these premium products will still be lower than the cost for the standard products this year? In other words, do the costs keep going down even as the price goes up?

所以我們也應該這樣做——你剛才提到了高端產品以及它們定價較高的事實。但就成本而言，今年這些高端產品的成本是否會低於標準產品的成本？換句話說，即使價格上漲，成本是否仍在下降？

Yeah. Initially, by design, the cost is a little bit higher, but a very, very small incremental costs. And -- but we -- our R&D team continue to dive into the details and to try to further improve the cost. But back to your question, I think the high-end product costs -- it's a very, very small incremental cost increase at the beginning. But we believe over time, our R&D team with our operational teams will continue to improve the cost.

是的。最初，出於設計考慮，成本會略高一些，但增量成本非常非常小。但是——我們的研發團隊將繼續深入研究細節，並努力進一步降低成本。但回到你的問題，我認為高端產品的成本——一開始成本的增量非常非常小。但我們相信，隨著時間的推移，我們的研發團隊和營運團隊將持續降低成本。

Final question, Charlie, on market share. In the past, in 2023 and '24, your global market share had gone up to somewhere between 15% and 16% of the global market. This year, it is down a little bit, I guess, partly because you have restrained production because of the pricing. Should we expect that our market share next year will go up again and maybe go up a lot more than 16% because the industry itself is consolidating? So -- and what do you think the range for next year module shipments?

查理，最後一個問題，關於市場佔有率。過去，在 2023 年和 2024 年，您的全球市佔率已上升至全球市場的 15% 至 16% 之間。今年產量略有下降，我想部分原因是因為價格原因，你們限制了產量。我們是否應該預期明年我們的市佔率會再次上升，甚至可能遠超 16%，因為產業本身正在整合？那麼—您認為明年模組出貨量的範圍是多少？

The consolidated market share after consolidation of the industry consolidation and phase out the capacity, the industry turn into the kind of normal situation is, for sure, it's very good for Tier 1 companies. If you look at the long term, we are confident that we will continue to penetrate the market share. And next year is still, I think, from the top town port and I think China will continue to implement the anti involution policies, we don't expect significant shipments increase for the module brands. But yes, it's different stories.

產業整合和產能逐步淘汰後，市佔率趨於穩定，產業逐漸恢復正常狀態，對一級企業來說無疑是件好事。從長遠來看，我們有信心繼續擴大市場份額。我認為明年仍然會是從頂級城鎮港口發貨，而且我認為中國將繼續實施反內捲政策，我們預計組件品牌的出貨量不會大幅增長。但沒錯，情況就不同了。

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

I wanted to check-in was take back with you in terms of Q4 margin outlook, what kind of solar mindful ASP could you see in Q4? And then what kind of margin for the overall quarter we see?

我想跟你確認一下第四季的利潤率預期，你認為第四季太陽能產品的平均售價會是多少？那麼，本季整體利潤率會是多少呢？

We expect a relatively stable Q4 versus Q3. And -- but the ESS business is contributing more revenues and we estimate our ESS business in fourth quarter is going to reach a positive profitability levels. And -- but the contribution is not significant, but next year is a different story that we have talked about. And for the module business, we expect relatively stable.

我們預計第四季與第三季相比將保持相對穩定。而且——但 ESS 業務正在貢獻更多收入，我們預計我們的 ESS 業務將在第四季度達到正盈利水平。而且——但貢獻並不大，不過明年情況就不同了，我們已經討論過了。至於模組業務，我們預期會相對穩定。

Okay. Got it. And then can you talk about module ASPs for Q1 and Q2 of next year? And then also the trajectory for margins as you blend in more battery?

好的。知道了。那麼，您能否談談明年第一季和第二季的模組平均售價（ASP）？那麼，隨著電池使用量的增加，利潤率的走勢又會如何呢？

Yeah. So I think it's difficult to share those numbers or estimations right now because you know what is happening is like some of the key markets, they are still -- there are some key or some important policy is upcoming. For example, the US, the guidance of the FERC or material systems, or even upcoming to 32, which will significantly impact the market prices, like in China, there's anti-evolution policies and there's even more rumors coming out regarding the polysilicon even to the other part of the manufacturing value chain as well. So those changes could significantly change the market price overnight. That's why we believe it is still too early to share our estimation on the prices for next year.

是的。所以我覺得現在很難分享這些數字或估計，因為你知道，目前的情況是，一些關鍵市場仍然——一些關鍵或重要的政策即將到來。例如，美國聯邦能源監管委員會 (FERC) 的指導意見或材料體系，甚至即將到來的 32，都將對市場價格產生重大影響，就像在中國一樣，存在著反進化政策，而且關於多晶矽的傳言越來越多，甚至影響到製造價值鏈的其他部分。因此，這些變化可能會在一夜之間顯著改變市場價格。因此，我們認為現在分享我們對明年價格的預測還為時過早。

Okay, Gener. That makes sense. You talked about the rumors on poly. Can you give us a little bit more color on that?

好的，Gener。這很有道理。你談到了有關保利的傳聞。能再詳細說說嗎？

I don't have too much more to share based on there's a lot of rumors on the market or on the Internet. So I don't know what you're referring to.

基於目前市場上和網路上的許多傳言，我沒有太多可以分享的內容。所以我不知道你指的是什麼。

Yeah. I was just -- you mentioned it. So I thought I would try to see if there's more color.

是的。我只是——你剛才提到了。所以我決定看看有沒有更多顏色。

We are not part of the game, so I don't have too much to share with everyone. But thank you for your question.

我們並非遊戲參與者，所以我沒有什麼可以跟大家分享的。不過，謝謝你的提問。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

This is Tyler Bisset on for Brian. Just a quick housekeeping question. Can you share what was D&A and CapEx in 2Q and 3Q?

這裡是泰勒·比塞特，他正在為布萊恩報道。問個簡單的家事問題。能否分享一下第二季和第三季的折舊和攤提以及資本支出分別是多少？

You mean the absolute percentage, right? Hello?

您指的是絕對百分比，對嗎？你好？

Yeah, like the actual number.

對，就像實際數字一樣。

I think in the financial statement, you've got to check out the financial statements, the R&D and the operating expenses and we have disclosed quarter by quarter. So what would be key questing your and expo.

我認為在財務報表中，你需要查看財務報表、研發費用和營運費用，我們已經按季度揭露了這些資訊。那麼，你和博覽會的關鍵問題是什麼？

Sorry, D&A and CapEx in 2Q and 3Q, like the absolute numbers.

抱歉，第二季和第三季的折舊和資本支出，請提供絕對數字。

You mean the depreciation or CapEx?

您指的是折舊還是資本支出？

Depreciation and CapEx.

折舊和資本支出。

Okay. Differentiation by quarter, I think, is roughly and I think USD300 million a quarter. And the CapEx, I think in the first half year, we spent roughly RMB2 billion.

好的。我認為，按季度劃分的差異大約是每季 3 億美元。資本支出方面，我認為上半年我們大約花了20億元人民幣。

That is our last question, and that does conclude our conference for today. Thank you for participating. You may now disconnect.

這是我們的最後一個問題，今天的會議也就到此結束了。感謝您的參與。您現在可以斷開連線了。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。