晶科能源 (JKS) 2026 Q2 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holdings Company Limited's second quarter 2026 earnings conference call. (Operator Instructions)As a reminder, today's conference call is being recorded.

各位女士、先生，大家好，感謝您撥冗參加晶科能源控股有限公司（JinkoSolar Holdings Company Limited）2026年第二季財報電話會議。(接線員指示)提醒各位，今天的電話會議將被錄音。

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

現在我想把會議交給今天的主持人——晶科能源投資人關係經理Stella Wang女士。Stella，請開始。

Thank you, Operator. Hello, everyone, and thank you for joining us today for JinkoSolar's second quarter 2026 earnings conference call. The company's results were released earlier today and available on the company's IR website at ir@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.

謝謝接線員。各位好，感謝大家參加晶科能源2026年第二季財報電話會議。公司業績已於今日稍早發布，並可於公司投資人關係網站 ir@jinkosolar.com 查閱，同時也透過新聞稿服務發布。我們也為今天的財報電話會議提供了補充簡報，同樣可在投資人關係網站上找到。

On a call today from JinkoSolar are Dimi Du, CEO of JinkoSolar Holding Company Limited; Mr. Gener Miao, CMO of JinkoSolar Compnay Limited; Mr. Pan Li, CFO of JinkoSolar Holding Company Limited; and Mr. Charlie Tao, CEO of JinkoSolar Compnay Limited.

今天出席電話會議的晶科能源代表包括：晶科能源控股有限公司執行長Dimi Du先生；晶科能源股份有限公司行銷長（CMO）Gener Miao先生；晶科能源控股有限公司財務長（CFO）Pan Li先生；以及晶科能源股份有限公司執行長Charlie Tao先生。

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

Du先生將先介紹晶科能源的營運狀況與公司重點，接著由Miao先生說明銷售與行銷，之後由Pan Li先生帶領大家回顧財務表現。管理團隊將在問答環節回答各位提問。

Please note that today's discussion will contain forward-looking statements made under the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherit risks and uncertainty. As such, our future results may be materially different from the views expressed today. Further information regarding this and other risks is included in JinkoSolar's public filings with the securities and.

請注意，今天的討論將包含依據1995年《美國私人證券訴訟改革法》安全港條款所作出的前瞻性陳述。前瞻性陳述涉及固有風險與不確定性。因此，我們未來的實際結果可能與今天所表達的觀點存在重大差異。有關此項及其他風險的進一步資訊，已載於晶科能源向證券及相關機構提交的公開文件中。

JinkoSolar does not assume any obligation to update any forward-looking sentence except as required under the applicable law.

除非適用法律另有要求，晶科能源不承擔更新任何前瞻性陳述的義務。

It's now my pleasure to turn the call over to Mr. Dimi Du, CEO of JinkoSolar. Please go ahead, Dimi.

現在我很高興把電話交給晶科能源執行長Dimi Du先生。Dimi，請開始。

Hello, everyone. This is Dimi Du, and thank you for joining JinkoSolar's second quarter 2026 earnings call. It is an honor to take the role of CEO, and I appreciate the trust the Board of Directors and management team have placed in me.

各位好。我是Dimi Du，感謝各位參加晶科能源2026年第二季財報電話會議。能夠擔任執行長一職我深感榮幸，也感謝董事會與管理團隊對我的信任。

Standing at this milestone of our 20th anniversary as we embark on the next stage of development, I look forward to working closely together to further enhance our operating performance and strategic execution to drive sustainable high-quality growth. I will begin by reviewing our operational performance in the second quarter and then outline our key priorities going forward.

在公司迎來20週年這一里程碑、並邁向下一階段發展之際，我期待與各位密切合作，進一步提升營運表現與策略執行力，推動可持續的高品質成長。我將先回顧第二季的營運表現，接著說明未來的關鍵優先事項。

In the second quarter, module shipments increased sequentially to approximately 16 gigawatt. Supply and demand imbalances across the PV industry remain dynamic. These pressures were further compounded by shift in domestic and overseas policies, with prices across the supply chain and industry profitability remaining under pressure.

第二季，組件出貨量較上一季增加至約16吉瓦。光伏（PV）產業供需失衡仍在動態變化。國內外政策變動進一步加劇了這些壓力，使得供應鏈各環節價格與產業獲利能力持續承壓。

As the cost of ramping up, our high-efficiency products remained evaluated during the quarter, together with impact of delivering certain low-value orders, gross margin decreased sequentially during the quarter while our net loss expanded.

由於產能爬坡成本影響，本季我們的高效率產品仍處於評估與優化階段，加上交付部分低價值訂單的影響，毛利率較上一季下滑，淨虧損亦擴大。

Facing this operating pressure, we optimized our order books and geographic mix, rationally managed utilization rates and continued to expand the proportion of high-efficiency products within shipments while introducing technologies that lower costs. These measures are driving a gradual recovery in profitability.

面對上述營運壓力，我們優化訂單結構與區域組合，理性管理產能利用率，並持續提高出貨中高效率產品的占比，同時導入可降低成本的技術。這些措施正推動獲利能力逐步回升。

The underlying pattern of PV industry competition is gradually shifting from capacity and shipment scale to effective supply, product value and earnings quality. The mandatory new national standard on energy efficiency for modules and inventors released in July will take effect in January 2027.

光伏產業競爭的底層邏輯正逐步從產能與出貨規模，轉向有效供給、產品價值與獲利品質。7月發布的組件與逆變器能效強制性新國家標準，將於2027年1月起生效。

The new standard set level three energy efficiency as a minimum threshold for market access. Products that fail to meet these minimum [stakeholds] will not be permitted for production or sale, placing high-efficiency products in a stronger position for large-scale renewable energy project tenders.

新標準將三級能效設定為市場准入的最低門檻。未達到上述最低[門檻]的產品將不允許生產或銷售，使高效率產品在大型再生能源專案招標中處於更有利的位置。

Meanwhile, the implementation of market-based pricing for renewable power is pushing customers to increasingly focusing on energy yield, reliability and the lifetime value of modules. These changes are beneficiary to industry leaders with advanced manufacturing capacity, technological expertise, global delivery and long-term service capabilities, which will accelerate the phase-out of inefficient production capacity.

同時，再生能源電力市場化定價的推行，正促使客戶愈發關注發電量、可靠性以及組件全生命週期價值。這些變化將利好具備先進製造能力、技術專長、全球交付與長期服務能力的產業領導者，並將加速低效率產能的淘汰。

By the end of 2026, we expect to become more than 140 GW TOPCon 3.0 production capacity. Based on the new standard thresholds, these products are expected to meet Level 1 energy efficiency requirements and strengthen or analyze production capacity for high-efficiency products to lead the industry.

預計到2026年底，我們的TOPCon 3.0產能將超過140吉瓦。基於新標準門檻，這些產品預期可滿足一級能效要求，並強化我們在高效率產品方面的產能優勢，以引領產業。

We continue to advance our product portfolio and build a solid base for next-generation technologies based on our TOPCon technology roadmap.

我們將持續推進產品組合，並依託TOPCon技術路線圖，為下一代技術奠定堅實基礎。

In June, we unveiled our newest next-generation TOPCon Tiger Neo 5.0 modules. By optimizing multiple core technologies, the Tiger Neo 5.0 achieved mass-produced efficiency of 25.91% and power outputs of over 700 watts, setting a new benchmark for Tiger Neo product performance once again.

6月，我們發布了最新一代TOPCon Tiger Neo 5.0組件。透過多項核心技術的優化，Tiger Neo 5.0實現量產效率25.91%，功率輸出超過700瓦，再次刷新Tiger Neo產品性能標竿。

ESS shipments in the first half of the year were 3.1 gigawatt hour, increased significantly year-over-year. Benefiting from our presence in high-value market, gross margin improved year-over-year in the first half of 2026.

今年上半年，儲能系統（ESS）出貨量為3.1吉瓦時，年增幅顯著。受益於我們在高價值市場的布局，2026年上半年毛利率較去年同期提升。

Due to uncertainties in timing of project delivery and other factors, recognized revenue remains in ramp-up stage, approximately 1.5 gigawatt hour were recognized as revenue in first half, including more than 1 gigawatt hour in the second quarter.

由於專案交付時點及其他因素存在不確定性，已確認收入仍處於爬坡階段；上半年約有1.5吉瓦時確認為收入，其中第二季超過1吉瓦時。

As project dealer rates increase, alongside ongoing enhancement of our in-house PCS, EMS and other capabilities, we will continue to boost efficiency of both revenue recognition and profit realization, driving high-quality growth for our ESS business.

隨著專案交付率提升，並配合我們持續強化自研PCS、EMS及其他能力，我們將持續提升收入確認與利潤實現的效率，推動儲能業務的高品質成長。

Now, I will move on to our guidance for the third quarter and the full year of 2026. We expect our annual integrated production capacity to reach approximately 100 gigawatts by year-end 2026, including approximately 14 gigawatts from overseas facilities.

接下來，我將說明我們對2026年第三季及全年業績的指引。我們預期到2026年底，全年一體化產能將達到約100吉瓦，其中海外產能約14吉瓦。

Considering demand dynamics in certain markets, we will place greater emphasis on balancing shipment volume, profitability, cash flow and order quality going forward. And adjusting guidance for full year 2026, module shipments to between 60 gigawatts and 70 gigawatts and high-efficiency products accounting for over 60%. We expect module shipments to between 15 gigawatts and 17 gigawatts in first quarter of 2026.

考量部分市場的需求動態，未來我們將更強調在出貨量、獲利能力、現金流與訂單品質之間取得平衡。並調整2026年全年指引：組件出貨量預計介於60吉瓦至70吉瓦，高效率產品占比超過60%。我們預期2026年第一季組件出貨量介於15吉瓦至17吉瓦。

For full year 2026, we expect our energy storage system shipments to more than double year-over-year. As we continue to strengthen the competitiveness of our core solar and energy storage businesses, we are also building an investment platform through disciplined capital allocation and professional investment management that will act as a complementary driver for long-term value creation.

2026年全年，我們預期儲能系統出貨量將較去年同期翻倍以上。在持續強化核心太陽能與儲能業務競爭力的同時，我們也將透過嚴謹的資本配置與專業投資管理打造投資平台，作為長期價值創造的補充驅動力。

Over the past several years, leveraging our deep industry expertise and long-term perspective on technological trends, we have made disciplined and selective investments directly or through some platforms.

過去幾年，我們憑藉深厚的產業專業與對技術趨勢的長期視角，直接或透過部分平台進行了嚴謹且有選擇性的投資。

Focusing on strategic synergies, technological innovation and long-term value creation. Our earlier investment primarily focused on the solar and energy storage value chain. In recent years, as AI drives demand for computing power and electricity demand, we have selectively expanded our investment scope to the AI ecosystem and other frontier technologies.

聚焦策略協同、技術創新與長期價值創造。我們早期的投資主要聚焦於太陽能與儲能價值鏈。近年來，隨著AI帶動算力需求與用電需求成長，我們也有選擇性地將投資範圍擴展至AI生態系及其他前沿技術。

To date, we have invested in more than 40 companies in total. As of June 30, 2026, we have invested an aggregate of approximately RMB1.86 billion in cash. The original cash cost of the investments remaining in our portfolio is approximately RMB1.5 billion with a fair value of approximately RMB1.99 billion as of the same date.

截至目前，我們累計已投資超過40家公司。截至2026年6月30日，我們已投入合計約人民幣18.6億元現金。截至同日，我們投資組合中仍持有之投資的原始現金成本約為人民幣15億元，公允價值約為人民幣19.9億元。

Our investment portfolio has generated cumulative value appreciation of approximately RMB880 million, comprising of approximately RMB410 million in realized gain from exit and approximately RMB470 million in unrealized fair value from remaining investments in the portfolio.

我們的投資組合累計產生約人民幣8.8億元的價值增值，其中包括退出所實現收益約人民幣4.1億元，以及投資組合中剩餘投資的未實現公允價值約人民幣4.7億元。

During the first half of 2026, our portfolio generated gains of approximately RMB490 million, comprising approximately RMB110 million in realized gains and approximately RMB380 million in unrealized fair value gains.

2026年上半年，我們的投資組合產生約人民幣4.9億元收益，其中包括約人民幣1.1億元的已實現收益及約人民幣3.8億元的未實現公允價值收益。

In the first half of 2026, we divested a substantial portion of our equity interest in LAPLACE Renewable Energy Technology Company Limited, receiving over RMB300 million in cash proceeds. Since our initial investment in LAPLACE, the cumulative realized gain on this disposal exceeded RMB250 million.

2026年上半年，我們出售了LAPLACE Renewable Energy Technology Company Limited的大部分股權，獲得超過人民幣3億元的現金回收。自我們對LAPLACE的初始投資以來，本次處置的累計已實現收益超過人民幣2.5億元。

This gain was recognized over multiple periods through fair value adjustments following its IPO in late 2024, with over RMB100 million recorded in changing fair value of long-term investments upon settlement in the first half of 2026.

該收益在其於2024年末IPO後，透過公允價值調整於多個期間確認；並於2026年上半年結算時，在長期投資公允價值變動中記錄超過人民幣1億元。

In addition, Hangzhou Gold Electronic Equipment Company Limited successfully completed its listing on ChiNext Market of Shenzhen Stock Exchange during the second quarter creating an additional pathway for future value realization.

此外，杭州金電子設備股份有限公司於第二季度成功在深圳證券交易所創業板上市，為未來價值實現提供了另一條途徑。

Looking ahead, we will continue to maintain a disciplined approach to capital allocation, supporting the long-term development of our core solar and energy storage business will remain our top priority.

展望未來，我們將持續保持嚴謹的資本配置策略，支持我們核心光伏與儲能業務的長期發展仍將是我們的首要任務。

At the same time, we will continue to evaluate our existing strategic investments based on the operating performance, strategic synergies and the long-term value creation potential of each portfolio company. While remaining disciplined and selective in pursuing new opportunities.

同時，我們將根據各投資組合公司的經營表現、策略協同以及長期價值創造潛力，持續評估現有策略性投資。並在尋求新機會時保持紀律與審慎選擇。

Through strengthening our core businesses, realizing portfolio value and improving capital utilization efficiency, we remain committed to creating sustainable long-term value for our shareholders. This concludes my remarks.

透過強化核心業務、實現投資組合價值並提升資本使用效率，我們仍致力於為股東創造可持續的長期價值。我的發言到此結束。

I will now turn the call over to Gener.

接下來我把電話會議交給Gener。

Total shipments were 32.9 gigawatt in the first half, with total module shipment accounting for over 90%, leveraging sales network covering nearly 200 countries and regions and 35 service centers globally. We continue to optimize our geographic mix and the customer structure overseas.

上半年總出貨量為32.9吉瓦，其中組件出貨占比超過90%，依託覆蓋近200個國家和地區的銷售網絡以及全球35個服務中心。我們持續優化海外的區域結構與客戶結構。

In the first half, shipment to the overseas markets accounted for over 70% mainly across Asia Pacific, Europe and emerging markets.

上半年，海外市場出貨占比超過70%，主要分佈於亞太、歐洲及新興市場。

In the second quarter, the proportion of high-efficiency product shipments improved sequentially. Our Tiger Neo 3.0 series continued to command a premium of approximate [$0.01] per watt over conventional products.

第二季度，高效產品出貨占比環比提升。我們的Tiger Neo 3.0系列相較於常規產品持續保持約每瓦[$0.01]的溢價。

We also began to ship a small number of scenario-based products in the second quarter and gradually planned to increase delivery in the second-half.

我們也在第二季度開始小批量出貨場景化產品，並逐步規劃在下半年提升交付量。

Those products already command a premium of approximately $0.5 to $1 per watt over conventional products.

這些產品相較於常規產品已具備約每瓦0.5至1美元的溢價。

Following the launch of AIDC and other scenario-based module products in the first quarter. We recently released the Sunny 365 Smart Solar Storage System. This comprehensive series of integrated PV storage solutions covers several scenarios, such as retail, supermarkets, AIDC, and the manufacturing sectors.

繼第一季度推出AIDC等場景化組件產品後，我們近期發布了Sunny 365智慧光儲系統。該一體化光儲解決方案的完整系列覆蓋多種場景，如零售、超市、AIDC以及製造業等。

Especially, the AIDC solution is built around our Tiger Neo 3.0 module platform technology and the SunTera energy storage system. Capable of meeting the demand from data center for power supply reliability, energy economics, and the sustainable low-carbon development through the coordinated control of energy storage system, PCS, EMS, and smart operations and maintenance.

其中，AIDC解決方案以我們Tiger Neo 3.0組件平台技術與SunTera儲能系統為核心構建。透過儲能系統、PCS、EMS以及智慧運維的協同控制，可滿足資料中心對供電可靠性、能源經濟性以及可持續低碳發展的需求。

We recently received the highest AAA bankability rating in the Q2 2026 Bankability Rating Report for module manufacturers released by PV Tech. Since first participating in the evaluation in 2014, we have maintained A grade rating for 12 consecutive years. Also, we were recognized as a Tier 1 energy storage provider by BNEF for the 10th consecutive quarter.

我們近期在PV Tech發布的《2026年第二季度組件製造商可融資性評級報告》中獲得最高AAA可融資性評級。自2014年首次參與評估以來，我們已連續12年保持A級評級。此外，我們亦連續第10個季度被BNEF評為Tier 1儲能供應商。

These ratings reinforce our bankability, project implementation capabilities and long-term delivery capabilities for the international market, impacted by the market-based pricing mechanism for renewable energy and the pace of project investment, domestic installation demand has slowed.

這些評級進一步強化了我們在國際市場的可融資性、專案落地能力及長期交付能力；受可再生能源市場化定價機制及專案投資節奏影響，國內裝機需求有所放緩。

Yes, we observed the positive signs of shifting structural demand with national-level large-scale renewable energy-based projects led by the central and state-owned enterprises maintaining a steady pace of progress.

是的，我們觀察到結構性需求轉變的積極信號：由央企與國企主導的國家級大型可再生能源基地專案仍保持穩定推進節奏。

The share of tenders for high-efficiency modules has increased significantly in decentralized procurement and the criteria has shifted from simply pursuing lowest bidding price to greater emphasis on module efficiency, life cycle power generation performance, reliability and long-term delivery capability.

在分散式採購中，高效組件的招標占比顯著提升，評標標準也從單純追求最低投標價轉向更重視組件效率、全生命週期發電表現、可靠性以及長期交付能力。

High efficiency modules have already commanded a reasonable premium in tenders. At the same time, the distributed generation market is transitioning from scale-driven growth towards a focus on scenarios and operational value.

高效組件在招標中已獲得合理溢價。同時，分散式發電市場正從規模驅動的增長轉向聚焦場景與運營價值。

Brand reputation, channel, local services, and scenario adaptabilities are becoming increasingly critical. This trend benefits enterprises with global channels, established brands, and differentiated products, which enable conversion of technology and product power into more stable client relationship and product value.

品牌口碑、渠道、本地化服務以及場景適配能力正變得愈發關鍵。這一趨勢有利於具備全球渠道、成熟品牌與差異化產品的企業，能將技術與產品力轉化為更穩定的客戶關係與產品價值。

Looking forward to 2027, as electricity pricing marketization policies are gradually absorbed and mechanism-based pricing and project ROI models become clear. Several projects that were delayed due to insufficient returns are expected to gradually resume.

展望2027年，隨著電價市場化政策逐步被消化，機制電價與專案投資回報（ROI）模型逐漸清晰，部分因回報不足而延後的專案預計將逐步恢復。

Large-scale renewable energy-based products, direct green power connection and distributed scenario-based application will continue to drive domestic demand. The overseas market is expected to maintain some growth resilience, benefiting from energy security, growing power demand and improve the solar plus storage economics.

大型可再生能源基地專案、綠電直連以及分散式場景化應用將持續帶動國內需求。海外市場預計仍將保持一定的增長韌性，受益於能源安全、用電需求增長以及光伏+儲能經濟性的改善。

Leveraging our global sales network, leading high-efficiency products and continuously expanding solar plus storage solutions, we will capitalize on the opportunities arising from changes in demand structure and expanding application scenarios.

依託我們的全球銷售網絡、領先的高效產品以及持續擴展的光伏+儲能解決方案，我們將把握需求結構變化與應用場景擴張帶來的機遇。

We will continue to optimize our market and product mix and leverage our technological advantages to strengthen our presence in high-value markets, enhance product value and improve the quality of our operations. With that, I will turn the call over to Pan.

我們將持續優化市場與產品結構，發揮技術優勢，強化在高價值市場的佈局，提升產品價值並改善經營品質。接下來我把電話會議交給Pan。

Thank you, Gener. Leveraging our leading position and the high-efficiency products, we optimized our sales mix. During the quarter, resulting gross margin reaching 4.2%, up 1.3 percentage points year-over-year. We also continued to optimize our capital structure and cash flow management and generated positive operating cash flow during the period, a significant improvement compared to last quarter.

謝謝你，Gener。依託我們的領先地位與高效產品，我們優化了銷售結構。本季度毛利率達到4.2%，同比提升1.3個百分點。我們亦持續優化資本結構與現金流管理，本期經營活動現金流轉正，較上季度顯著改善。

Our asset to liability ratio declined by approximately 1.5 percentage points from the beginning of the year. For the remainder of the year, our focus will be on balancing scale and earnings quality while carefully controlling cash flow. We expect full year operating cash flow to improve compared to '25.

我們的資產負債率較年初下降約1.5個百分點。在今年剩餘時間，我們將重點在平衡規模與盈利品質的同時，審慎控制現金流。我們預期全年經營活動現金流將較2025年有所改善。

Looking at our second quarter financials in more detail. Total revenue was RMB1.82 billion, up 0.9% sequentially and down 31% year-over-year.

更詳細地看第二季度財務表現。總收入為人民幣18.2億元，環比增長0.9%，同比下降31%。

The sequential and year-over-year changes were mainly due to the fluctuation in the shipment volume of modules.

環比及同比變動主要由組件出貨量波動所致。

Gross margin was 4.2% compared with 8.3% in the first quarter and 2.9% in the second quarter last year. The sequential decrease was mainly due to lower average selling price of solar modules while the year-over-year increase were primarily due to a higher ASP.

毛利率為4.2%，相比第一季度的8.3%以及去年第二季度的2.9%。環比下降主要由於光伏組件平均售價下降；同比上升則主要由於平均售價（ASP）較高。

So the operating expenses were RMB287 million, up 21% sequentially and 2% year-over-year. The sequential and year-over-year increases were mainly due to higher expected credit losses in the second quarter this year.

因此，營運費用為人民幣2.87億元，較上季成長21%，較去年同期成長2%。環比與同比的增加主要是由於今年第二季預期信用損失較高所致。

Operating expenses accounted for 15.8% of total revenues compared to 13.1% in the first quarter this year and 10.6% in the second quarter last year. Operating loss margin was 11.6% compared with 4.8% in the first quarter this year and 7.7% in the second quarter last year.

營運費用占總營收的15.8%，相比之下，今年第一季為13.1%，去年第二季為10.6%。營運虧損率為11.6%，相比之下，今年第一季為4.8%，去年第二季為7.7%。

Moving to the balance sheet, at end of second quarter, our cash and cash equivalent were about RMB2.5 billion compared with about RMB3.3 billion at the end of the first quarter this year. AR turnover days was 113 days compared with 128 days in the first quarter of '26.

接著看資產負債表，截至第二季末，我們的現金及現金等價物約為人民幣25億元，相較於今年第一季末約人民幣33億元。應收帳款周轉天數為113天，相較於'26年第一季的128天。

Inventory turnover was 125 days compared to [145] days in the first quarter this year.

存貨周轉天數為125天，相較於今年第一季的[145]天。

At the end of the second quarter, total debt was about RMB6.6 billion compared to about RMB6.8 billion at the end of the first quarter of '26. Net debt was RMB4.1 billion compared to RMB3.5 billion at the end of the first quarter of '26.

截至第二季末，總負債約為人民幣66億元，相較於'26年第一季末約人民幣68億元。淨負債為人民幣41億元，相較於'26年第一季末的人民幣35億元。

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

以上為我們事先準備的發言。我們現在很高興回答各位的提問。接線員，請繼續。

(Operator Instructions)

(接線員指示)

Brian Lee, Goldman Sachs & Company.

Brian Lee，高盛公司（Goldman Sachs & Company）。

Hey, guys. This is Tyler Bisset on for Brian. Thanks for taking our questions. ASPs declined pretty meaningfully sequentially. So curious how you're viewing ASPs so far in Q3 and how much of an impact you could see from greater shipments of Tiger Neo 3.0 modules?

嗨，各位。我是Tyler Bisset，代替Brian發言。感謝讓我們提問。ASP（平均售價）環比下滑相當明顯。因此想請教你們如何看待第三季迄今的ASP，以及Tiger Neo 3.0模組出貨占比提升可能帶來多大影響？

So yeah, for the ASP side, we are expect firstly, apple to apple, we are expecting the price goes up a little bit in Q3. And if we look into the average prices, it will go up as well. The first reason is because from the current market situation, the price is going up because of different reasons, but spot market goes up.

是的，關於ASP方面，我們預期首先，在可比口徑（apple to apple）下，第三季價格會小幅上升。如果看平均價格，也會上升。第一個原因是，從目前市場情況來看，價格因多種因素上行，現貨市場價格在上漲。

So, most of the DG prices are following the spot market, so we're expecting the price of Q2 goes up. The second reason is requires a mix of different products. Our 3.0 product, which is the premium product ratio in Q3 will be definitely higher than Q2, which will be helpful to list up the ASP in Q3 as well.

因此，大多數DG價格都跟隨現貨市場，我們預期第二季的價格會上升。第二個原因是產品組合的變化。我們的3.0產品在第三季的高端產品占比肯定會高於第二季，這也將有助於推升第三季的ASP。

Super helpful. And we've seen pricing for wafers and cells increase pretty meaningfully over the past month. We've also seen futures prices for [poly] also increasing following some industry self-regulation. So wanted to see how you're thinking about your input costs over the near term and whether you're expecting any impacts from some of these recent moves in input costs?

非常有幫助。我們也看到過去一個月晶圓與電池片的價格明顯上漲。同時也看到在一些行業自律之後，[poly]的期貨價格也在上升。因此想了解你們如何看待短期內的投入成本，以及是否預期近期這些投入成本變動會帶來任何影響？

So you are talking about the increase of cost, right? So what is the impact? We believe it's a kind of healthy rebound, including polysilicon, glasses and a couple of materials. And that is why I think the industry pair and the increased margin price, we don't believe this is going to have negative impact on the customer side.

你是在談成本上升，對吧？那影響是什麼？我們認為這是一種健康的反彈，包括多晶矽、玻璃以及一些材料。也正因如此，我認為行業供需與毛利改善，我們不認為這會在客戶端造成負面影響。

And if you look at landscape and the solar is the cheapest energy sources and now there's a huge demand for storage and solar plus storage will be the dominator of the energy diversification for most of the ratings.

而且如果你看整體格局，太陽能仍是最便宜的能源來源；目前對儲能的需求很大，太陽能加儲能將成為多數地區能源多元化的主導方案。

Okay. And just one more from us. Can you provide any more details on how you're balancing shipment volumes and profitability and how that weighed on your shipment volume guidance for the year? Are there certain markets that you are prioritizing or de-emphasizing?

好的。我們還有最後一個問題。能否提供更多細節，說明你們如何在出貨量與獲利能力之間取得平衡，以及這如何影響你們今年的出貨量指引？是否有特定市場是你們優先或降低投入的？

We guided down the shipment, right, to 30 -- 60 to 70. That's where clear message and we don't believe it's the right time to focus on the scale and the preferabilities and the operating cash flow is the key. So we do a lot of optimization of the structures. Not only the markets as well as the products and efficiencies, even our employee resources.

我們下調了出貨指引，對吧，到30——60到70。這是一個明確訊息：我們不認為現在是只追求規模的合適時點；獲利能力與營運現金流才是關鍵。因此我們在結構上做了大量優化。不僅是市場，還包括產品與效率，甚至我們的員工資源配置。

And particularly if you look at 2026 and the demand in China is 30% to 40% lower than last year. So definitely we have less and less exposure in China and China is still relatively competitive and the prices is one of the lowest markets. But what we are doing is not only the country by country as well as the customer by customer.

特別是如果你看2026年，中國需求比去年低30%到40%。因此我們在中國的曝險會越來越少；中國仍然相對競爭激烈，而且價格是最低的市場之一。但我們做的不僅是按國家，也按客戶逐一調整。

And on top of that, because we are zoning out the Tiger Neo 3, that is one of the key markets and targeting the central markets, and particularly for the premium markets, including United, including Europe. So that is one of the areas we like to penetrate more market share and to get relatively good profitabilities.

此外，因為我們正在推進Tiger Neo 3，這是我們的關鍵產品之一，並鎖定核心市場，尤其是高端市場，包括美國、包括歐洲。因此這是我們希望進一步提升市占、並取得相對較好獲利能力的領域之一。

Thank you very much.

非常感謝。

I'd just like to take the opportunity to, I think the investor on the call and one, this quarterly meeting, earnings rates are relatively different. And if you look at the JPEs and the US companies, we like to requisition the company's strategies.

我也想藉此機會，我想在電話會議上的投資人，以及在這次季度會議上，盈餘表現相對有所不同。如果你看JPEs以及美國公司，我們希望重申公司的策略。

And firstly, [JKS] is kind of the controlling shareholder of Jinko China, the company which is the focus on integration of the solar plus storage. But now JKS has more capabilities. In the last five years, we built up very strong strategic investment teams, invest dozens of investments, a lot of investments are very successful.

首先，[JKS]算是晶科中國的控股股東；該公司聚焦於「光伏+儲能」的一體化。但現在JKS具備更多能力。過去五年，我們建立了非常強的策略投資團隊，做了數十筆投資，其中很多投資非常成功。

And in the last five years, we focused on solar, storage-related upstream, downstream kind of the high growth potential companies to make the financial investment and to get the investment returns and as well as get some synergies for Jinko China.

過去五年，我們聚焦於光伏、儲能相關的上游與下游等高成長潛力公司進行財務投資，以獲取投資回報，同時也為晶科中國帶來一些協同效應。

On top of that, because China is more kind of the more competitive on the new technology like the AI, quantum and computing, robotics and the team is shifting the focus to more kind of strategic broad industries, particularly the next generation.

此外，由於中國在AI、量子與運算、機器人等新技術方面競爭更為激烈，團隊也在把重點轉向更廣泛的策略性產業，特別是下一代產業。

So we think the details is kind of shifting to both. One is the controlling or theJinko China and the focus on renewable energy. And on top of that, JKS and the US companies were shifting more capabilities to invest on the high growth opportunities.

因此我們認為，重點正在向兩個方向轉移。一是作為晶科中國的控股方，聚焦再生能源。另一方面，JKS以及美國公司正把更多能力轉向投資高成長機會。

China is the second most powerful country. There's a lot of massive opportunities and we are able to -- our teams are able to take advantage. So we would like to invest gradually to have the communication with our IR teams and to understand what is the progress, particularly for the strategic investment we are planning and we have made, which we believe will get a very strong return for the decades in the next two or three years.

中國是第二強大的國家。有大量的機會，而我們的團隊能夠加以把握。因此我們希望逐步投資，並與我們的投資人關係（IR）團隊保持溝通，讓大家了解進展，特別是我們正在規劃及已經完成的策略投資；我們相信這些投資在未來兩到三年、並在接下來的數十年都將帶來非常強勁的回報。

Again, we think it's good for the valuation of JKS. If you look at purely the China versus US, there's a very big valuation gap, the US is just 20%, 30% valuation. And plus, we have a lot of portfolios investment and unique investment, which we are able to monetize and so I'd like to take the opportunity to bring this key topic and have the investor understand what we are going to do in the future.

再次強調，我們認為這對JKS的估值是有利的。如果單純看中國與美國之間，估值差距非常大；美國只有20%、30%的估值。此外，我們還有大量投資組合與獨特投資，能夠變現；因此我想藉此機會提出這個關鍵議題，讓投資人了解我們未來要做什麼。

Philip Shen, Roth Capital Partners.

Philip Shen，Roth Capital Partners。

Hey guys, thanks for taking my questions. Dimi, nice to meet you. Congratulations on the new position. Wanted to check in with you guys on the Section 232. Specifically, given your recent transition and sale of your US assets to FH Capital, can you talk about the impacts of the 232 on that JV?

各位好，謝謝讓我提問。Dimi，很高興認識你。恭喜你上任新職。想跟各位確認一下第232條款（Section 232）的情況。具體來說，鑑於你們近期完成交接並將美國資產出售給FH Capital，你們能談談232對該合資企業（JV）的影響嗎？

What kind of -- how do you expect module pricing to be impacted and then ultimately how do you expect the landscape of manufacturers to shift as a result of the Section 232? Thanks.

你們預期模組定價會受到什麼影響？以及最終你們預期在第232條款之下，製造商版圖會如何轉變？謝謝。

In general, we believe it's kind of very good for Jinko's strategy to die in fresh. Our manufacturing is shifting to long-fill entities in the United States. And specifically, I think JV, because we are the financial minority investors, we are not in a position to discuss the plan for the joint ventures because the majority shareholders take the leadership and we are not involved in any operations.

整體而言，我們認為這對晶科的策略是相當有利的。我們的製造正在轉向在美國的在地實體。至於合資企業（JV），因為我們是財務性的少數股權投資人，我們不便討論合資公司的規劃；多數股東主導決策，而我們不參與任何營運。

But for the 232, in general, we believe that is consistent with Trump administration to bring manufacturing back to the United States, not only the module capacity as well as the wafer, polysilicon and the solar cell capabilities. And we have expectation, anticipation the 232 will be coming in the early year, but it's come a little bit late, but we have some kind of diversified the potential supply chain to minimize the impact.

但就232而言，整體上我們認為這與川普政府將製造業帶回美國的方向一致，不僅是模組產能，也包括晶圓、多晶矽與太陽能電池的製造能力。我們原本預期232會在年初推出，但實際上稍晚；不過我們已對潛在供應鏈做了一些多元化配置，以將影響降到最低。

But anyway, we believe that is going to be increased cost of the solar modules, that is going to have the impact to the solar development cost. But we believe because of the it's a little bit significant increase for the potential solar module price, but it does not have a significant impact for the solar farm investment returns given the US PPA prices in recent years gradually increased to a relatively comparative but a little bit higher level.

無論如何，我們認為這將提高太陽能模組成本，進而影響太陽能開發成本。但我們認為，雖然模組價格可能會有較明顯的上升，但在美國近年PPA價格逐步上升、來到相對具競爭力但略高的水準之下，對太陽能電站投資報酬率不會造成重大影響。

So back to your question, and we're thinking it's anticipated, but it's a little bit. Exceeding expectations because the input price tax rate is a little bit higher, but it's not so high to make the industry demand dramatically go down.

回到你的問題，我們原本就有預期，但確實有一點超出預期，因為進口價格的稅率稍微高一些；但也沒有高到會讓產業需求大幅下滑。

We still believe US is good market in next few years. And Jinko cost minority interest value, the joint venture will penetrate the US market to take the opportunity in the US market.

我們仍然認為美國在未來幾年會是個不錯的市場。而晶科作為少數股權投資人，該合資企業將會切入美國市場，把握美國市場的機會。

Okay, thanks, Charlie. So, would you expect pricing to -- going to -- go to, $0.42, $0.44 in the US. You guys -- are a JV minority owner now, but I got to imagine you have some views on pricing. So what's your sense of where module pricing goes in the US? Thanks.

好的，謝謝，Charlie。那你會預期美國的價格會——會到0.42、0.44美元嗎？你們現在是合資公司的少數股東，但我想你們應該對定價有一些看法。所以你對美國模組價格走勢的判斷是什麼？謝謝。

If I look at the minimum price, [38], right, $0.38, 15% tariff, it's -- I think the market is evaluating the potential impact and customer is evaluating how they are going to proceed their project plan. And I think we don't have definitive answer from customers, but the initial feedback is that most project will continue even under the kind of 232 policy disruptions. That is my initial preliminary information.

如果我看最低價格，[38]，對吧，0.38美元，加上15%的關稅——我認為市場正在評估可能的影響，客戶也在評估他們將如何推進其專案計畫。我們目前還沒有從客戶那邊得到明確答案，但初步回饋是，即使在232政策干擾之下，多數專案仍會繼續。這是我目前初步掌握的資訊。

Okay. Great. That's very helpful. And then as it relates to -- you just mentioned two elements of the 232, the minimum import price and then the 15% adds alarm tariffs. There's also a third part, which is the tariff rebate program that is based on US CapEx would you expect your JV to qualify for that tariff rebate program?

好的。很好。這非常有幫助。另外，關於——你剛提到232的兩個要素：最低進口價格，以及15%的附加關稅。還有第三部分，也就是依據美國資本支出（CapEx）的關稅退稅計畫；你預期你們的合資企業會符合該關稅退稅計畫的資格嗎？

It's still the JV question. I'm not in position, but based on interpretation of policy, my understanding is first is the kind of new capacity expansion. Secondly, it should include wafer sale and maybe polysilicon, right? It's a new capacity addition. It's not included in the solar module is not included. And it looks like it's targeting for the wafer sale and as well as product silicon.

這仍然是合資企業（JV）相關的問題。我不便回答，但就政策解讀而言，我的理解是：第一，它是針對新增產能擴張。第二，它應該涵蓋晶圓與可能的多晶矽，對吧？它是新增產能。不包含太陽能模組，不包含。看起來它的目標是晶圓以及多晶矽產品。

Right. That's true. It's based on new capacity, but it can support manufacturers to expand capacity. So okay, I'll pass it on.

對。沒錯。它是以新增產能為基礎，但可以支持製造商擴產。好的，那我會把這點轉達。

Rajiv Chowdhury, Sunsera Capital.

Rajiv Chowdhury，Sunsera Capital。

Good morning, everybody. I have a few questions starting with -- can you calibrate for us the size of the market that you expect globally this year in 2026. And then break it down between the total size in China and international?

各位早安。我有幾個問題，首先——你們能否幫我們校準一下，你們預期今年、也就是2026年，全球市場規模大概是多少？並且再拆分一下中國與海外的總量？

So you mean the 2026 total demand, right?

你的意思是2026年的總需求，對嗎？

Yes.

是的。

Yes. So I think 2026, we are expecting a low year because of the sharp drop of the China domestic demand. If you are looking number-wise, we are thinking around module it will be roughly 600 gigawatts or slightly below that. That will be our expectations.

是的。我認為2026年我們預期會是相對偏弱的一年，因為中國國內需求會大幅下滑。如果以數字來看，我們認為模組需求大約在600GW左右或略低於此。這是我們的預期。

And if you break them into different categories, you will find out. For example, in China, you will find out is mainly demand to disappear from the utility market. But the distribution markets are still strong or robust during the first half. And if you look at the non-China market demand, you will find out the European market has some up and downs during the first half.

如果你把它拆分到不同類別，你會發現，例如在中國，主要是公用事業（utility）市場的需求消失。但分布式市場在上半年仍然強勁或具韌性。而如果你看非中國市場需求，你會發現歐洲市場在上半年有一些起伏。

But if you -- we look into the total numbers because of the first quarter rush of the VAT policy change in China. Most of the non-China demand is almost in line with the expectations, even higher than last year. So that's what we had for the first half and our expectation for this year.

但如果——我們看總量，因為中國增值稅（VAT）政策變更帶來第一季的搶裝，多數非中國需求基本符合預期，甚至高於去年。以上是我們對上半年以及今年的預期。

And for next year, we believe there will be some recovery in the utility market in China. So we are expecting a better 2027 demand than 2026. So if you want to quantify that, we will look at roughly 600-something between 600 to 650 gigawatts in 2027 versus around 600 gigawatt or slightly below 600 gigawatt in 2026.

至於明年，我們認為中國的公用事業市場會有一些復甦。因此我們預期2027年的需求會比2026年更好。如果要量化，我們會看2027年大約在600多GW、約600到650GW之間；相較之下，2026年約600GW或略低於600GW。

Okay, so if the 2026 is around 600, that means that you're now looking at your market share globally going down from last year. Because your market share would be about 11%, right?

好的，所以如果2026年大約是600GW，那表示你們現在預期你們的全球市占率會比去年下降。因為你們的市占率大概會是11%，對嗎？

Yes, there are some reasons behind it, right? First one is we call accessible market is reducing, right? So there are certain cycle market is introducing more and more strict barriers, trade barriers or policy barriers, which is not easy to access, right?

是的，背後有一些原因，對吧？第一個原因是我們所說的「可進入市場」（accessible market）正在縮小。有些終端市場正在引入越來越嚴格的壁壘、貿易壁壘或政策壁壘，使得不容易進入，對吧？

So the second reason is because the competitions across the manufacturers where some of the Tier 3, Tier 2 players, they are playing low price strategy, sacrificing the quality, et cetera, to attack the market or even protect their own cash flow, which is not what Jinko can do. So Jinko is still taking care of the long-term reputation and the qualities. So that's why we have to give up some of the low price deal and protect our own interest.

第二個原因是製造商之間的競爭，有些三線、二線廠商採取低價策略，犧牲品質等方式來攻擊市場，或甚至是為了維持自身現金流；這不是晶科能做的事。晶科仍然重視長期聲譽與品質。因此我們必須放棄部分低價訂單，以保護自身利益。

So breaking it down, when you said about some markets becoming less easy to access, I assume you're talking primarily about the United States. Can you give us a sense of what you expect out of that 65 million gigawatts that you expect this year, roughly what percentage will be the US and what do you think going forward longer-term your US sales will be as a percentage.

所以拆開來看，當你提到有些市場變得比較不容易進入時，我猜你主要是在說美國。你能否讓我們了解一下，在你們今年預期的6,500萬千瓦（gigawatts）當中，大約有多少百分比會來自美國？以及從更長期來看，你認為美國銷售占比會是多少？

Yeah, sorry to jump in, but not only US, even for example, Europe, they have this kind of rules. For all the EU funded projects or financed projects cannot use China-based or Chinese factories.

對，不好意思插一句，但不只是美國，例如歐洲也有這類規定。所有由歐盟出資或融資的專案，都不能使用以中國為基地或中國工廠的產品。

So for India, it's a kind of technical barrier, but for a Chinese -- China-based manufacturing, it's not accessible at all as well. Together with some other mid or small size of the market as well, like Turkey, like other markets. So I won't name all of them, but definitely US is one of them or one of the big ones, but it's not the only one that's many more because of different reasons, geopolitical or securities.

所以對印度來說，這算是一種技術性壁壘；但對於中國——以中國為基地的製造來說，也同樣完全無法進入。再加上一些其他中型或小型市場，例如土耳其，以及其他市場。所以我不會把它們全部點名，但美國肯定是其中之一、也是較大的之一；但不是唯一，還有更多市場，原因各不相同，可能是地緣政治或安全因素。

I see. Okay. Moving on to another question about credit losses. Can you elaborate on what you mean by that and what happened actually in the second quarter?

了解。好。接著換個問題，關於信用損失。你能否說明一下你所指的是什麼，以及第二季實際發生了什麼？

Rajiv, while you're talking about the credit loss for accounts receivable, are you talking about that?

Rajiv，你在談應收帳款的信用損失，是指那個嗎？

Yes, and can you just give us more details on that?

是的，你能否就此提供更多細節？

So you mean kind of prevention empowerment or whatever you are looking at, right?

所以你的意思是某種預防性提列或你想了解的那類內容，對嗎？

Yes, you mentioned in your comments that one of the reasons for higher operating expenses in the second quarter was that you experienced some credit losses, and I was just looking for some elaboration. Was it some particular customers who went delinquent?

是的，你在評論中提到第二季營業費用較高的原因之一，是你們出現了一些信用損失，我只是想請你多做一些說明。是某些特定客戶逾期未付嗎？

Let us check, but based on my understanding, it's the kind of we didn't have any kind of deteriorated credit from customers and it's kind of accounting perspective based on the aging. And actually, if you look at the operating cash flow, we delivered positive RMB600 million in the first half of the year.

我們再確認一下，但就我的理解，客戶端並沒有任何信用惡化的情況，這比較是從會計角度、依據帳齡所做的處理。而且如果你看營運現金流，我們上半年交出正的人民幣6億元。

And the healthy operating cash flow as well or the key focus from management perspective. And we don't see any significant bad debits or whatever from customer perspective.

健康的營運現金流也是管理層的重點關注。從客戶角度來看，我們沒有看到任何顯著的壞帳之類的情況。

Another question is on, you mentioned that the cost of production of the newer product line, the 3.0, remained elevated. Can you explain some of the reasons why, because we were expecting actually the cost to start to come down as you ramped up, what happened?

另一個問題是，你提到新產品線3.0的生產成本仍然偏高。你能否解釋一下原因？因為我們原本預期隨著你們拉升產能，成本應該開始下降，發生了什麼？

The second quarter, we ramped up the new facility, the Tiger Neo 3. And in the ramping up, typically, the cost is relatively higher. On top of that, the second quarter, because the first quarter, the raw material cost, the shiver cost is relatively higher. So carry forward to the second quarter, the cost is relatively higher, but it's a kind of combination of two factors together to resolve the relatively higher cost.

第二季我們把新的工廠、Tiger Neo 3拉升產能。在爬坡期間，通常成本會相對較高。此外，第二季因為第一季的原材料成本、shiver成本相對較高，所以延續到第二季，成本也相對較高；這是兩個因素疊加造成成本偏高。

But we expect the cost will be lower in the third quarter with the capacity reaching to four operational standards, as well as the input cost is relatively lower compared to the second quarter.

但我們預期第三季成本會下降，因為產能將達到全面運作標準，同時投入成本也會相較第二季更低。

So, and given that you are expecting the ASPs also to be up in the third quarter, are you suggesting that gross margin could bounce up quite nicely in the third quarter?

那麼，鑑於你也預期第三季ASP會上升，你的意思是第三季毛利率可能會明顯回升嗎？

We did expect gross margin moderate improvement in the third quarter.

我們確實預期第三季毛利率會溫和改善。

Okay. And can you also talk a little bit about the -- Mr. Xiande Li stepping down from the CEO's position. This is obviously a tough time for the company. Can you just elaborate on why he's chosen to do it at this time?

好的。另外也請你談一下——李仙德先生卸任CEO職位這件事。這顯然是公司一段艱難的時期。你能否說明一下他為何選擇在這個時間點這麼做？

Xiande Li, our Chairman, is the Founder. He is always focused on the strategic long-term revisions. And I don't believe there's any change because of the change of the Chief Executive Officer because JKS is the controlling shareholder of Jinko China.

李仙德是我們的董事長，也是創辦人。他一直專注於長期的策略性規劃。而且我不認為因為CEO的變動就會有任何改變，因為JKS是晶科中國的控股股東。

And -- so the key business of JKS on top of the controlling shareholder of Jinko China, that is the primary entities to operate the business. And the Chairman believes this is the right time, JKS on top of the controlling shareholder business and doing the strategic investment because our Chairman built up the teams, the strategic investment teams and five years ago, there is a strong track record in the last five years and it is the right time to catch up the massive opportunities in China, not only in the last five years, there's solar and storage investment opportunity as well as AI, robotics, content computing, a lot of investment opportunities.

而且——所以JKS的核心業務，加上作為晶科中國控股股東的業務，是營運業務的主要實體。董事長認為現在是合適的時機：JKS在控股股東業務之上，進行策略投資；因為董事長已建立起團隊、策略投資團隊，五年前就開始布局，過去五年有很強的成績紀錄；現在是把握中國巨大機會的好時機。不僅是過去五年的太陽能與儲能投資機會，還有AI、機器人、內容運算等許多投資機會。

So that is why I think, I just like -- I think I talked about in the beginning of the conference call and we like doing investments to have taken the time to understand, okay, what we have done in the last five years for strategic investment, overturned investment, cash out maybe 60%.

所以這就是原因。我想——就像我在電話會議一開始提到的，我們做投資也花時間去理解：好，我們過去五年做了哪些策略投資、退出投資，可能已經套現約60%。

And there is a very good investment opportunity, the team have invested, including the recent large model, the AI model. Can we, K3, maybe you heard from the news and we believe there will be a good opportunity to take the -- to make the investment return through the TK's certificates and the investment team platform.

而且有非常好的投資機會，團隊也已經投資，包括近期的大模型、AI模型。我們的K3，你可能從新聞上聽過；我們相信會有很好的機會，透過TK的證書以及投資團隊的平台，來取得投資回報。

Okay. Moving on to capital spending. Can you tell us what the capital spending plan is for this year and how you're thinking about 2027? Obviously, you are running well below the 100-gigawatt capacity that you have. Should we expect basically very little capital spending in the next two years?

好的。接著談資本支出。你能否告訴我們今年的資本支出計畫是什麼，以及你們如何看待到2027年？顯然你們目前的產能利用率遠低於你們擁有的100GW產能。我們是否可以預期未來兩年基本上資本支出會非常少？

Yes, correct. There will be very small minimum and minor upgrades, and we don't expect any significant investment. Even if we want to do some -- in the future, we do the local manufacturing in the key countries out of China for the local market, we will do through the joint venture structures that will be minimize our CapEx as well. That is depending on if the market is getting the bond.

是的，沒錯。只會有非常小、最低限度的升級與小幅改造，我們不預期會有任何重大投資。即使未來我們想做一些——在中國以外的關鍵國家做在地製造、供應當地市場，我們也會透過合資架構來進行，以同樣把我們的資本支出降到最低。這也取決於市場是否正在形成（getting the bond）。

And so back to your question, I don't believe it is significant. And it should be very small under maintenance CapEx in the next two years.

所以回到你的問題，我不認為會是顯著的支出。未來兩年應該只是非常小的維護性資本支出。

So is the RMB5 billion number a maintenance CapEx or even less than that?

所以人民幣50億元這個數字是維護性CapEx，還是甚至更低？

It should be significantly lower, maybe RMB500 million or maybe RMB1 billion, and then it should be very small.

應該會顯著更低，可能人民幣5億元，或人民幣10億元，總之會非常小。

I see, okay. And how much CapEx is required in the storage business?

了解，好。那儲能業務需要多少CapEx？

Storage, we don't have capacity plan. Currently, we have roughly 5 gigawatts battery cell and 20 gigawatts battery pack. We don't have plans to do the capacity expansion.

儲能方面，我們沒有產能規劃。目前我們大約有5GW的電芯產能，以及20GW的電池包產能。我們沒有擴產計畫。

And we would like to take a live approach and to partner with different suppliers and the key part is the solution for AIDC, solution for different case, different projects and the technical branding and marketing capability and the technical services that will be the key investment by the investment on the -- I think the teams is not equivalent.

我們會採取較輕資產的方式，與不同供應商合作；關鍵在於針對AIDC的解決方案、針對不同情境與不同專案的解決方案，以及技術品牌與行銷能力、技術服務，這些將是主要投入——我想團隊的投入不等同於（not equivalent）。

I see, okay. So your business model in storage is basically an asset-like model.

我了解，好的。所以你們在儲能方面的商業模式基本上是一種類似資產型的模式。

Yes.

是的。

Now, going back to module market share, do you think that in the second quarter also you are number one in the world?

現在回到模組市占率，你認為第二季你們也仍是全球第一嗎？

Yeah, in the first half year, I think we are still the number one, but that is now our target and the key is we need to get through the cycles and we develop our capabilities. And the volume does not show any capabilities shows, we are able to have more good planning and we have -- make sure our, we have more capabilities to select different customers and different markets and branding and marketing activities and they start, we don't believe the volume say something.

是的，上半年我認為我們仍是第一，但這也是我們現在的目標；關鍵在於我們需要穿越景氣循環並提升我們的能力。而出貨量並不能體現能力；我們能做更好的規劃，並且——確保我們有更多能力去選擇不同客戶、不同市場，以及品牌與行銷活動；它們正在開始，我們不認為出貨量能說明什麼。

Okay, so at what level do you think you're, given that some markets are becoming more difficult as Jenner mentioned? At what level do you think your market share globally bottoms out? At the peak, it was around 15%, roughly the last couple of years ago, and now you're heading toward 11% to 12%, where do you think that number bottoms out?

好的，那你認為在某些市場如 Jenner 提到的正變得更困難的情況下，你們的市占率大概會在什麼水準觸底？你認為你們全球市占率的底部會在哪個水準？高峰時大約是 15%，大概是前幾年；現在你們正走向 11% 到 12%，你認為那個數字會在什麼地方觸底？

Firstly, I don't have the target number, but I think 10% is a renewable number for current stage. The markets go pick up, we think we have good -- we should be ready to get more market share.

首先，我沒有一個目標數字，但我認為 10% 對於目前階段是一個可持續的數字。當市場回升時，我們認為我們具備良好——我們應該已準備好取得更多市占率。

Okay. Thank you very much.

好的。非常感謝。

Alan Lau, Jefferies.

Jefferies 的 Alan Lau。

Thanks for taking my question. Also, congratulations to the CEO of the company. So I would like to follow-up on a couple of stuff. First of all, the Section 232 heard there are already quite significant inventory in the US. Like BNEF is quoting close to 100 gigawatts. Not sure if you are aware of it. And we would like to know how much inventory we have to get prepared for the policy change.

謝謝讓我提問。也恭喜公司新任 CEO。我想追問幾個事項。首先，關於 232 條款，聽說美國目前已經有相當可觀的庫存。例如 BNEF 引用的數字接近 100 吉瓦。不確定你們是否也注意到。我們想了解，面對政策變動，我們需要準備消化多少庫存。

We did have preparations, but it's based on the short-term sales contract, right, in the next two or three months. And typically, we will arrange some kind of purchase agreement. But because there is still a sufficient time, right, two or three months, and we will purchase on a regular basis.

我們確實有做準備，但主要是基於短期銷售合約，也就是接下來兩到三個月。通常我們會安排某種採購協議。但因為仍有足夠時間，也就是兩到三個月，我們會按常規節奏進行採購。

And we believe that because the cost of cash structure is a little bit higher, we believe the market are able to observe the potential cost increase.

而且我們認為，由於現金成本結構略高，我們相信市場能夠觀察到潛在的成本上升。

So how much inventory in the market do you see?

那你們看到市場上有多少庫存？

We don't have the information, you mean in module, right?

我們沒有這方面資訊，你是指模組的庫存，對嗎？

Yes.

是的。

I think you can check the customer data, maybe two, three months later, you will see the US customer data, so it will have a better understanding about how many or how much megawatt has been imported.

我想你可以查看客戶端數據，可能兩、三個月後你會看到美國客戶的數據，這樣就能更清楚了解進口了多少、或多少兆瓦已被進口。

Understood. Thanks. So also heard some feedbacks on the section 337 investigation regarding to the top coin patent. I wonder if how do you see it and is it affecting any of the top coin sales in the US?

了解。謝謝。另外也聽到一些關於 337 條款調查、涉及 TOPCon 專利的回饋。我想請問你們怎麼看，這是否會影響 TOPCon 在美國的銷售？

Is that the first solar patent?

你是指 First Solar 的專利嗎？

Yeah, they have a patent case and also there is a section 337 investigation and yeah, there's some feedback suggesting that this might impact or this might create some problems for selling TOPCon into the US market.

對，他們有一個專利案件，也有一個 337 條款調查；有些回饋認為這可能會影響、或對在美國市場銷售 TOPCon 造成一些問題。

I didn't hear the information or any update. But -- again, based on our internal, external teams and we are quite confident in our patent capabilities and we don't see any disruption for JinkoSolar so far.

我沒有聽到相關資訊或任何更新。但——同樣地，基於我們內部、外部團隊的評估，我們對自身的專利能力相當有信心，目前也沒有看到對晶科能源造成任何干擾。

Understood. So and regarding the strategic cooperation with one of the US major players, wonder if you might share the progress on that front, like is there updates or because there is a recent announcement of $10 billion of investment into building solar capacities by that largest player in the ESS. So wonder if what the progress of our discussion with that player?

了解。另外，關於與美國某家主要業者的策略合作，想請你分享一下進展，例如是否有更新？因為最近有消息稱該 ESS 領域最大玩家將投資 100 億美元建置太陽能產能。想請問我們與該業者的討論進度如何？

We didn't have any progress so far, any significant improvement, any progress where I think we may take the list on the news. But globalization in our strategy is cooperation with different partners, not only in the United States, in different countries.

到目前為止我們沒有任何進展，沒有顯著改善，也沒有我認為可以對外發布的進度。但我們的全球化策略是與不同夥伴合作，不僅在美國，也在其他國家。

It's what are the key area we like to take and explore the different opportunities and if we reach through significant progress, we definitely will share the news.

這些是我們希望切入並探索的關鍵領域與不同機會；如果取得重大進展，我們一定會分享消息。

So my last question is on the ESS business. So I think in the last quarter in the PowerPoint, it showed around 1.42 gigawatt hour of ESS shipment POD, while in this quarter, since the number is revised or I'm not sure if the way of calculating the shipments is different, but it seems that Q1 has a lower number of shipments, whereas Q2, there's one hour plus shipment. And it seems the company is reiterating its annual target. So does it mean that in second-half there would be close to 8 gigawatt hour of shipment?

我最後一個問題是關於 ESS 業務。我記得上一季簡報顯示 ESS 出貨（POD）約 1.42 吉瓦時；但這一季，因為數字被修訂，或我不確定是否出貨計算方式不同，看起來 Q1 的出貨較低，而 Q2 則有 1 吉瓦時以上的出貨。而公司似乎重申全年目標。這是否意味著下半年出貨量會接近 8 吉瓦時？

It's second-half year loaded and because a lot of projects we shift but we need to go through different stages including testing, commissioning and particularly for the large-scale ESS project and we have the confidence that we are able to achieve our guidance by the end of the year. And if you look into next year and third quarter, it could be able to recognize maybe 3 to 4 gigawatt hours a quarter next quarter.

出貨會集中在下半年，因為很多專案我們會移轉，但需要經過不同階段，包括測試、試運轉，尤其是大型 ESS 專案；我們有信心在年底前達成指引。如果你看明年以及第三季，下一季每季可能可以認列約 3 到 4 吉瓦時。

So how much was shipped in the first quarter because it seems there is a change in the method of calculation or what?

那第一季到底出貨了多少？因為看起來計算方法有變，還是怎麼回事？

First half, we shipped, I think, 3 gigawatt hours. And again, last year, we shipped, I think, over 5 gigawatt hours. But last year, we looked at just 1 gigawatt hours. So there's a gap, 4 gigawatts carved forward into this year. Anyway, I understand.

上半年我們出貨，我想是 3 吉瓦時。另外，去年我們出貨，我想超過 5 吉瓦時。但去年我們只看了 1 吉瓦時。所以有落差，有 4 吉瓦被結轉到今年。不管怎樣，我了解。

Thank you. Thanks, Charlie, for taking my question. Thanks, Dimi and Gener. So yeah, thank you.

謝謝。謝謝 Charlie 讓我提問。也謝謝 Dimi 和 Gener。是的，謝謝。

Thank you.

謝謝。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。