晶科能源 (JKS) 2022 Q1 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding First Quarter 2022 Conference Call. (Operator Instructions) As a reminder, today's conference call is being recorded.

女士們，先生們，您好，感謝您隨時準備參加晶科能源召開的 2022 年第一季度電話會議。 （操作員說明）作為提醒，今天的電話會議正在錄音中。

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

我現在想將會議轉交給今天電話會議的主持人，晶科能源投資者關係部的 Stella Wang 女士。請繼續，斯黛拉。

Thank you, operator. Thank you, everyone, for joining us today for JinkoSolar's first quarter 2022 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.

謝謝你，接線員。感謝大家今天參加晶科能源 2022 年第一季度財報電話會議。該公司的業績今天早些時候發布，可在公司的投資者關係網站 www.jinkosolar.com 以及 Newswire 服務上查閱。我們還為今天的財報電話會議提供了補充演示文稿，也可以在 IR 網站上找到。

On the call today from JinkoSolar are Mr. Li Xiande, Chairman of the Board of Directors and Chief Executive Officer of JinkoSolar Holding Co., Ltd.; Mr. Gener Miao, Chief Marketing Officer of Jinko Solar Co., Ltd.; Mr. Pan Li, Chief Financial Officer of JinkoSolar Holding Co., Ltd.; and Mr. Charlie Cao, Chief Financial Officer of Jinko Solar Co., Ltd. Mr. Li 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. They will all be available to answer your questions during Q&A session that follows.

晶科能源今天接聽電話的是晶科能源控股有限公司董事長兼首席執行官李顯德先生；晶科能源首席營銷官苗根先生；晶科能源首席財務官潘力先生；以及晶科能源首席財務官曹查理先生。李先生將討論晶科能源的業務運營和公司亮點，然後是苗先生，他將談論銷售和營銷。然後是潘力先生，他將通過財務。他們都將在隨後的問答環節中回答您的問題。

Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today. Further information regarding this and other risks is included in JinkoSolar's public filings with the Securities and Exchange Commission. JinkoSolar does not assume any obligation to update any forward-looking statements, except as required under the applicable law.

請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，我們未來的結果可能與今天表達的觀點大不相同。有關此風險和其他風險的更多信息包含在晶科能源向美國證券交易委員會提交的公開文件中。除適用法律要求外，晶科能源不承擔更新任何前瞻性陳述的任何義務。

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

現在很高興向大家介紹晶科能源董事長兼CEO李顯德先生。李先生會說普通話，我會把他的評論翻譯成英文。請繼續，李先生。

(foreign language)

（外語）

[Interpreted] Leveraging our competitive advantages in supply chain management and our global network, we delivered solid results in the first quarter of 2022 with total revenues of RMB 14.8 billion, an increase of 86% year-over-year and quarterly shipments up by 57% year-over-year to 8.4 gigawatts. Despite a very challenging environment due to macroeconomic uncertainties and supply chain disruptions from the resurgence of COVID-19 in many parts of the world, we continued to improve our in-house cost structure and our gross profit in the first quarter, increased by more than 60% year-over-year.

【解讀】憑藉我們在供應鏈管理和全球網絡方面的競爭優勢，我們在2022年第一季度實現了穩健的業績，總收入為人民幣148億元，同比增長86%，季度出貨量增長57同比增長 % 至 8.4 吉瓦。儘管由於宏觀經濟的不確定性和 COVID-19 在世界許多地區的死灰復燃導致供應鏈中斷，環境非常具有挑戰性，但我們繼續改善內部成本結構，第一季度的毛利潤增長超過同比增長 60%。

(foreign language)

（外語）

[Interpreted] Polysilicon prices and shipping costs remained high and volatile during the quarter. Since March, the surge in local COVID-19 cases in China triggered epidemic prevention and containment policies. This has led to logistics congestion and sharp reductions in transport capacity, further affecting the timeliness of materials and finished product deliveries and increasing cost pressures for many enterprises. To mitigate the risks and production uncertainties caused by the pandemic, we took early actions to ensure ample supply of new materials, as well as close cooperation and coordination of production, supply chain and sales department in order to meet production and delivery timelines.

[解讀]本季度多晶矽價格和運輸成本居高不下且波動較大。自 3 月以來，中國本地 COVID-19 病例激增引發了防疫和遏制政策。這導致物流擁堵，運力銳減，進一步影響材料和成品交付的及時性，增加了許多企業的成本壓力。為緩解疫情帶來的風險和生產不確定性，我們及早採取行動，確保新材料供應充足，生產、供應鍊和銷售部門密切配合和協調，以確保生產和交貨時間。

(foreign language)

（外語）

[Interpreted] In China, deliveries for some projects were to some extent delayed due to the slight imbalance and logistics disruptions as a result of COVID-19 resurgence in certain parts of the country. However, domestic demand has remained solid. Since the beginning of 2022, many Chinese provinces have issued time-of-use tariff policies, which have further stimulated demand for distributed generation, especially for systems designed for the industrial and commercial sectors.

[解釋] 在中國，由於 COVID-19 在該國某些地區的死灰復燃，導致輕微的不平衡和物流中斷，一些項目的交付在一定程度上有所延遲。然而，國內需求依然強勁。 2022年初以來，中國多個省份出台分時電價政策，進一步刺激了分佈式發電的需求，尤其是為工商業設計的系統。

For utility projects, consistently high prices along the slight trend convinced some of the customers to not wait any longer to start new projects. During the quarter, the number of biddings for large-scale projects grew gradually and by the end of March, the bidding business for more than 50 gigawatts of such projects had been completed.

對於公用事業項目，隨著輕微趨勢的持續高價說服一些客戶不再等待啟動新項目。本季度，大型項目招標數量逐步增加，截至3月底，已完成50吉瓦以上項目招標業務。

In Europe, the Russia-Ukraine war has largely boosted demand for solar energy and incremental demand is expected to be released within the year and will steadily increase over time. In addition, with the low carbon meter nature and economists of scale of PV, the demand for distributed generation will rapidly increase in countries with a high proportion of gas-fired power and thermal power in their energy mix. We remain confident and optimistic about the year's outlook with the total global installations expected to reach about 250 gigawatts.

在歐洲，俄羅斯與烏克蘭的戰爭在很大程度上提振了太陽能需求，預計增量需求將在年內釋放，並將隨著時間的推移穩步增長。此外，由於光伏發電的低碳電錶性質和規模經濟性，在天然氣和火電在能源結構中佔比較高的國家，分佈式發電的需求將迅速增加。我們對今年的前景充滿信心和樂觀，預計全球總裝機量將達到約 250 吉瓦。

(foreign language)

（外語）

[Interpreted] In short, we believe that the impact of the pandemic on production and operations is temporary and under control. The PV industry's resilience in the face of volatility and fluctuations has been increasing. With the gradual recovery of logistics and the gradual release of polysilicon, we are confident about the gradual recovery of the industry and the growth in shipments and installations. We reiterate our guidance on total shipments, which remains unchanged for the full year of 2022.

【解讀】總之，我們認為疫情對生產經營的影響是暫時的，是可控的。光伏行業面對波動和波動的韌性不斷增強。隨著物流的逐步恢復和多晶矽的逐步釋放，我們對行業的逐步復甦和出貨量和裝機量的增長充滿信心。我們重申對總出貨量的指導，該指導在 2022 年全年保持不變。

(foreign language)

（外語）

[Interpreted] Let's move on to our N-type R&D and commercialized the mass production sectors of our business. We continue to lead the industry in both areas of technical development and mass production volumes. Currently, over 16 gigawatts of N-type TOPCon cell capacity in Hefei and Jianshan is ramping up smoothly with mass produced cell conversion efficiency exceeding 24.6%. We are consistently investing in technology for new cell structure upgrades and new metallization methods to increase efficiency and reduce costs. Recently, we set a new world record for our N-type TOPCon cell with maximum conversion efficiency reaching 25.7%. At the same time, we are also performing iterations on the N-type cell technology platform to optimize and apply the latest technology for mass production and achieve technical leadership among our peers.

[解釋]讓我們繼續我們的N型研發並將我們業務的大規模生產部門商業化。我們繼續在技術開發和批量生產兩個領域引領行業。目前，合肥和尖山超過16吉瓦的N型TOPCon電池產能正在順利提升，量產電池轉換效率超過24.6%。我們不斷投資於新電池結構升級和新金屬化方法的技術，以提高效率並降低成本。最近，我們的 N 型 TOPCon 電池創造了新的世界紀錄，最高轉換效率達到 25.7%。同時，我們也在N型電池技術平台上進行迭代，優化和應用最新技術進行量產，實現同行技術領先。

(foreign language)

（外語）

[Interpreted] As the prominence and benefits of the N-type module growth, we have been seeing wider acceptance and increasing demand from global customers for our entire products. We are confident about ramping up to full capacity and increase sales for the Tiger Neo modules, giving us the advantage of growing our massive share and increase in profits. In addition, we are optimistic on China's demand and are expanding our resources and local deployment to grow in the domestic market for DG business in China at present, all our efforts on building different channels are already seeing readouts. In future, we will further coordinate our market strategy, pricing systems and brand development. We believe this will give us technical advantages in the distributed generation sector and bring low carbon, reliable and highly economical products and solutions to our customers.

[解讀]隨著N型組件增長的突出和優勢，我們已經看到全球客戶對我們整個產品的接受度和需求不斷增加。我們有信心全面提升 Tiger Neo 組件的產能並增加銷量，從而為我們提供擴大我們巨大份額和增加利潤的優勢。此外，我們看好中國的需求，目前正在擴大資源和本地佈局，以在中國DG業務的國內市場發展，我們在不同渠道建設方面的努力已經見分曉。未來，我們將進一步協調我們的市場戰略、定價體系和品牌發展。我們相信這將為我們在分佈式發電領域帶來技術優勢，並為我們的客戶帶來低碳、可靠和高度經濟的產品和解決方案。

(foreign language)

（外語）

[Interpreted] We have successfully ramped up the 16 gigawatts of N-type cells production capacity. Taking into account our advantages, the N-type cells and strong market demand, we plan to invest in the second phase of N-type cells with a total production capacity of approximately 16 gigawatts. The increase in N-type cell production capacity will further optimize our production, infrastructure and to reduce integration costs. As a result, we are increasing our full year guidance. At this time, we are expecting the annual production capacity of mono wafer solar cells and modules to reach 55 and 60 gigawatts respectively by the end of 2022.

【解讀】我們已成功提升16吉瓦N型電池產能。考慮到我們的優勢、N型電池和強勁的市場需求，我們計劃投資二期N型電池，總產能約16吉瓦。 N型電池產能的增加將進一步優化我們的生產、基礎設施並降低集成成本。因此，我們正在增加全年指導。目前，我們預計到2022年底，單晶太陽能電池和組件的年產能將分別達到55吉瓦和60吉瓦。

(foreign language)

（外語）

[Interpreted] Before turning over to Gener, I would like to go over our guidance for the second quarter of 2022. We expect the total shipments to be in the range of 8.5 to 9.5 gigawatts for the second quarter of 2022.

[解釋] 在轉交給 Gener 之前，我想回顧一下我們對 2022 年第二季度的指導。我們預計 2022 年第二季度的總出貨量將在 8.5 到 9.5 吉瓦之間。

Thank you, Mr. Li. Module shipments in the first quarter were up approximately 8 gigawatts and less than 400 megawatt of wafers and cells are sold in China additionally. By the first quarter, our accumulated global module shipment has surpassed 100 gigawatts, thus becoming the first company in the industry to achieve this historic milestone. Regarding regional landscape, Europe, Asia Pacific and emerging markets were the regions with the most shipments. In terms of absolute numbers, our shipments to Europe increased by more than 30% quarter-over-quarter and our shipments in China nearly tripled year-over-year.

謝謝李老師。第一季度的組件出貨量增加了約 8 吉瓦，另外還有不到 400 兆瓦的矽片和電池在中國銷售。截至一季度，我們的全球組件累計出貨量已超過100吉瓦，成為業內首家實現這一歷史性里程碑的公司。從區域格局來看，歐洲、亞太和新興市場是出貨量最多的地區。就絕對數量而言，我們對歐洲的出貨量環比增長了 30% 以上，我們在中國的出貨量同比增長了近兩倍。

In Europe, the Russia-Ukraine war boosted solar demand and it is expected to grow steadily in the future. The high demand of distributed generation, combined with successive bids for large-scale projects continue to demonstrate strong growth momentum in the Chinese market. Although deliveries for some domestic projects has been delayed due to logistic restrictions caused by the resurgence of COVID-19 and supply chain disruptions, we are still bullish on China's market demand and are moving forward with our trends to enhance deployment in China.

在歐洲，俄烏戰爭提振了太陽能需求，預計未來將穩步增長。分佈式發電的高需求，加上大型項目的連續競標，繼續顯示出中國市場強勁的增長勢頭。儘管由於 COVID-19 的死灰復燃和供應鏈中斷造成的物流限制，一些國內項目的交付已經延遲，但我們仍然看好中國的市場需求，並順應我們在中國加強部署的趨勢。

As a responsible global enterprise, we advocate the freedom of trade. We believe our competitive products and professional services are key to envision a wide adoption of clean and green energy on a global scale. In the U.S., policies have temporarily disrupted the market and the short-term supply becomes difficult, but we remain bullish about the market potential in the long term. Therefore, we have been proactively deploying and working with all parties to come up with a feasible solution.

作為一家負責任的全球企業，我們倡導貿易自由。我們相信，我們有競爭力的產品和專業服務是在全球範圍內廣泛採用清潔和綠色能源的關鍵。在美國，政策暫時擾亂了市場，短期供應變得困難，但我們仍然看好長期市場潛力。因此，我們一直在積極部署，並與各方合作，提出可行的解決方案。

The wafer cell module capacity of our integrated production facilities overseas have been ramping up very smoothly. With a sound and a comprehensive overseas supply chain, we are confident in our ability to flexibly respond to the changes in the U.S. market. In terms of contracts, we have high visibility for the full year's order book. Global customers are increasingly interested in our Tiger Neo products. We are confident about ramping up production to full capacity and sell out the Tiger Neo series. We hope N-type product will contribute more than 20% of our total shipments.

我們海外綜合生產設施的矽片電池組件產能提升非常順利。擁有完善完善的海外供應鏈，我們有信心靈活應對美國市場的變化。在合同方面，我們對全年的訂單有很高的知名度。全球客戶對我們的 Tiger Neo 產品越來越感興趣。我們有信心將產量提高到滿負荷並售罄 Tiger Neo 系列。我們希望 N 型產品占我們總出貨量的 20% 以上。

In the face of market and the price fluctuations, demand for distributed generation remains strong. We have proactively expanded our global market share in DG, for example, in Europe, APAC and emerging markets. The proportion of distributed generation in our shipment is expected to be in the range of 35% to 40% this year. And we expect that the proportion will steadily grow quarter-over-quarter. In terms of product mix, the proportion of our Tiger Pro 182-millimeter large-sized product has already exceeded 80% in the first quarter and is expected to exceed 90% in the whole year.

面對市場和價格波動，分佈式發電需求依然強勁。我們積極擴大我們在 DG 的全球市場份額，例如在歐洲、亞太地區和新興市場。今年我們出貨量中分佈式發電的比例預計在35%到40%之間。我們預計這一比例將環比穩步增長。從產品結構來看，我司Tiger Pro 182毫米大尺寸產品一季度佔比已經超過80%，全年有望超過90%。

Recently, we launched a new series of BIPV products covering 3 major application scenarios, including facades, industrial and commercial rooftops and residential rooftops. With high efficiency N-type technology adopted those new and innovative products will provide customers with high-quality and green building solutions.

近期，我們推出了BIPV新系列產品，涵蓋外牆、工商業屋頂、住宅屋頂3大應用場景。採用高效N型技術，這些創新產品將為客戶提供高品質的綠色建築解決方案。

To conclude, we remain optimistic about the global PV demand in 2022, complicated by dedicated future for global marketing network, as well as vertical integrated overseas supply chain advantage, we are confident about delivering the most competitive products and services to customers and further improve our market share.

總而言之，我們對 2022 年全球光伏需求保持樂觀，加之全球營銷網絡的專注未來，以及垂直整合的海外供應鏈優勢，我們有信心為客戶提供最具競爭力的產品和服務，並進一步提高我們的市場份額。

With that, I will turn it over to Pan.

有了這個，我會把它交給潘。

Thank you, Gener. For the first quarter of 2022, total revenues increased significantly year-over-year, as a result of strong shipment growth and competitive module prices. To mitigate the impact of higher raw material prices, we strengthened our supply chain management, nevertheless, gross margin decreased both sequentially and year-over-year as we ramp up capacity of more cost effective N-type modules and increased sales of premium N-type products, we expected a strong recovery and improvement in profitability for the coming quarters.

謝謝你，傑爾。由於出貨量強勁增長和模塊價格具有競爭力，2022 年第一季度總收入同比顯著增長。為了減輕原材料價格上漲的影響，我們加強了供應鏈管理，然而，隨著我們提高更具成本效益的 N 型模塊的產能和增加優質 N 型模塊的銷售，毛利率環比和同比均下降類型產品，我們預計未來幾個季度盈利能力將強勁復甦和改善。

Let me go into more details. Total revenue was $2.33 billion, a significant increase of about 86% year-over-year, gross margin was 15.1% compared with 16.1% in the fourth quarter last year and 17.1% in the first quarter last year. Total operating expenses were $344.8 million, basically flat sequentially by the significant increase year-over-year.

讓我詳細介紹一下。總收入為23.3億美元，同比大幅增長約86%，毛利率為15.1%，去年第四季度為16.1%，去年第一季度為17.1%。總運營費用為 3.448 億美元，與去年同期相比大幅增長，基本持平。

Logistic constraints in many parts of the world drove up shipping costs, increasing sales expenses. To mitigate this, we flexibly adjusted shipping arrangement domestically and overseas as the market conditions and we're able to benefit from several strategic agreements with major shipping companies. We also particularly adjusted to other means of transport in order to reduce the impact of shipping costs on profitability.

世界許多地區的物流限制推高了運輸成本，增加了銷售費用。為了緩解這種情況，我們根據市場情況靈活調整了國內外航運安排，我們能夠從與主要航運公司的多項戰略協議中受益。我們還特別調整了其他運輸方式，以減少運輸成本對盈利能力的影響。

Total operating expenses accounted for 14.8% of total revenues in the first quarter this year, up from 13% in the fourth quarter and down from 15% in the first quarter of last year. We'll continue to control operating expenses. And as revenues continue to grow as we scale up, we expect that the operating expense ratio will gradually decrease. EBITDA was $126 million compared with $183 million in the fourth quarter last year.

今年第一季度總運營費用佔總收入的14.8%，高於第四季度的13%，低於去年第一季度的15%。我們將繼續控制運營費用。隨著我們擴大規模，收入繼續增長，我們預計運營費用率將逐漸下降。 EBITDA 為 1.26 億美元，而去年第四季度為 1.83 億美元。

Net income attributable to JinkoSolar Holding's ordinary shareholders was $4.6 million, resulting in diluted earnings per ADS of $0.10. The change in fair value of convertible senior notes due to an increase in the company's stock price in the fourth quarter this year led to a loss of $16.6 million. Our foreign exchange hedging mechanism has proven to be effective. In the first quarter of 2022, we realized a net foreign exchange gain, including change in fair value of foreign exchange derivatives of approximately $12 million compared with a net loss of [$1.685 million] in the fourth quarter last year. We will continue our strategies to hedge against foreign exchange risk.

歸屬於晶科能源普通股股東的淨利潤為 460 萬美元，攤薄後每股 ADS 收益為 0.10 美元。今年第四季度公司股價上漲導致可轉換優先票據公允價值變動導致虧損1660萬美元。我們的外匯對沖機制已被證明是有效的。 2022 年第一季度，我們實現了外匯淨收益，包括外匯衍生品的公允價值變化約 1200 萬美元，而去年第四季度淨虧損 [168.5 萬美元]。我們將繼續採取對沖外匯風險的策略。

Moving to the balance sheet. At the end of the first quarter, the company had cash and cash equivalents of $2.66 billion, up from $1.4 billion at the end of fourth quarter and $1 billion at the end of first quarter last year. Our cash position has significantly improved and we will continue to strengthen our liquidity. AR turnover days were 66 days in the first quarter compared with 52 days in the fourth quarter last year. Inventory turnover days were 117 days in the first quarter this year compared with 88 days in the fourth quarter last year.

轉移到資產負債表。第一季度末，公司擁有現金和現金等價物26.6億美元，高於去年第四季度末的14億美元和去年第一季度末的10億美元。我們的現金狀況已顯著改善，我們將繼續加強我們的流動性。第一季度應收賬款周轉天數為 66 天，而去年第四季度為 52 天。今年第一季度庫存周轉天數為117天，而去年第四季度為88天。

Total debt was $4.33 billion at the end of the first quarter of 2022 compared with about $4 billion at the end of fourth quarter last year. Net debt was 1.6 billion compared with 2.56 billion at the end of fourth quarter last year. After the listing of the Jiangxi Jinko earlier this year, our finance structure is expected to improve with access to competitive financing.

截至 2022 年第一季度末，總債務為 43.3 億美元，而去年第四季度末約為 40 億美元。淨債務為 16 億美元，而去年第四季度末為 25.6 億美元。今年早些時候江西晶科上市後，我們的財務結構有望得到改善，獲得有競爭力的融資。

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

我們準備好的評論到此結束。我們現在很高興回答您的問題。接線員，請繼續。

(Operator Instructions) We have a first question from Philip Shen from ROTH Capital. (Operator Instructions) I have a question from Alan Lau from Jefferies.

（操作員說明）我們有來自 ROTH Capital 的 Philip Shen 的第一個問題。 （操作員說明）我有一個來自 Jefferies 的 Alan Lau 的問題。

And I had a couple of questions. So we have -- we note that for the Asia subsidiary of the company, they had issued a preliminary first quarter results, which indicates a net profit of around RMB 400 million. This number has -- is quite different from the net profit at the U.S. level. So, we have also noted that the company has no longer issued the non-GAAP income, which have excluded the changes in fair value of these compares. So I would like to know how to compare the profit levels? What is the difference between the profit levels in these 2 entities and what is the more fair estimates of the like core profits of the U.S. level?

我有幾個問題。所以我們有——我們注意到，對於公司的亞洲子公司，他們已經發布了初步的第一季度業績，這表明淨利潤約為人民幣 4 億元。這個數字與美國的淨利潤有很大不同。因此，我們還注意到該公司不再發布非公認會計原則收入，其中排除了這些比較的公允價值變化。所以我想知道如何比較利潤水平？這兩個實體的利潤水平有什麼區別？對美國類似核心利潤的更公平估計是什麼？

And this is Charlie speaking. And there's -- in terms of net income cancellations, basically, the JinkoSolar Holding, its holding companies reported under the U.S. GAAP and the subsidiaries the Asia is reported under on PRC GAAP. And one of the most significant difference is the holding company only have, let's say, 58%, right, of the Asia of the companies.

這是查理在說話。而且 - 就淨收入取消而言，基本上是晶科能源控股，其控股公司根據美國公認會計原則報告，以及亞洲子公司根據中國公認會計原則報告。最顯著的區別之一是控股公司只擁有，比如說，58%，對，公司的亞洲。

On top of that, the holding companies had a convertible bonds, which had, I think, a loss because of fair value triggering from the ADS sales is up during this first quarter. And on top of that, there's -- I assume there's some GAAP differences and -- except for that, there are also some, let's say -- the holding companies have some international projects. So, I think, in fact, your question, the big difference is because of the holding the difference of the 58% of the underlying Asia. On top of that, convertible bonds is a big change because of the increase of the share price. And there are some small differences because of the GAAP reporting differences, as well as some international party assets.

最重要的是，控股公司有可轉換債券，我認為，由於美國存託憑證銷售引發的公允價值在第一季度出現了虧損。最重要的是，我認為存在一些 GAAP 差異，除此之外，還有一些，比如說，控股公司有一些國際項目。所以，我認為，事實上，你的問題，很大的差異是因為持有58%的基礎亞洲的差異。最重要的是，由於股價的上漲，可轉債發生了很大的變化。由於 GAAP 報告差異以及一些國際方資產，存在一些小的差異。

Understood. And my second question is about the investment in polysilicon with Tongwei and also Xinte. So I would like to know, would that be material contribution and profits because we have seen that in other companies. So, I wonder if that will materialize later in -- in later quarters of this year. What is the magnitude of that amount?

明白了。我的第二個問題是關於通威和新特在多晶矽方面的投資。所以我想知道，這會是物質貢獻和利潤嗎，因為我們已經在其他公司看到了這一點。所以，我想知道這是否會在今年晚些時候實現。這個數額有多大？

Okay. So it's -- so the answer is no. We don't expect any income or investment income in the future because we did have arrangements with TBA. We invested 9% of equities for the polysilicon plant and which has the capacity, I think, 10,000 tons, and we hold 9% of equity and invested around, I think, RMB 300 million. From the accounting perspective, because we don't -- we only have 9%, it's a very small minority, and we recorded under the cost method.

好的。所以它 - 所以答案是否定的。我們預計未來不會有任何收入或投資收入，因為我們確實與 TBA 有安排。我們投資了9%的多晶矽廠，我認為它有10,000噸的產能，我們持有9%的股權並投資了大約3億元人民幣。從會計的角度來看，因為我們沒有——我們只有 9%，這是極少數，我們是按照成本法記錄的。

And if we hold, let's say, over 20%, we can pick up the net income from the accounting perspective. And we -- on top of that, we also have arrangement with the Tongwei polysilicon and we have -- we plan to have 1%. So, it's the same situation, and we -- from an accounting perspective, we are not record, let's say, investment income unless the underlying -- let's say, the subsidiaries declared dividends.

如果我們持有，比方說，超過 20%，我們可以從會計角度獲取淨收入。我們 - 最重要的是，我們還與通威多晶矽有安排，我們有 - 我們計劃擁有 1%。所以，情況也是一樣，我們——從會計的角度來看，我們沒有記錄，比如說，投資收入，除非基礎——比如說，子公司宣布了股息。

So it's basically because of cost method. Okay. So my last question is about the increased capacity guidance. So, I would like to know how much of shipment has been materialized in the first quarter for the N-type TOPCon or how much of orders have been secured for like second quarter for the N-type products because I suppose the amount is huge that the company is confident that spans capacity for another 16 gigawatt. Isn't it?

所以基本上是因為成本法。好的。所以我的最後一個問題是關於增加容量的指導。所以，我想知道 N 型 TOPCon 在第一季度實現了多少出貨量，或者 N 型產品在第二季度獲得了多少訂單，因為我認為數量巨大該公司有信心跨越另外 16 吉瓦的容量。不是嗎？

Sure, sure. For the N-type, the new capacity is 16 gigawatts, the large-sized N-type TOPCon capacity is under ramping up stage. The output is very small and were small in the first quarter and are expected to reach to full capacity by the end of the second quarter. So the first quarter, we didn't have the shipments from the new capacity. And from the order perspective, it's very attractive from the customer perspective. We are confident we are able to ship over 10 gigawatts shipments for the full year. And I think first -- second quarter may take 10%, 15%. And the second half of year is taking up around 85%, 90%.

一定一定。 N型方面，新增產能為16吉瓦，大型N型TOPCon產能正處於爬坡階段。產量非常小，一季度產量很小，預計二季度末將達到滿負荷生產。所以第一季度，我們沒有新產能的出貨量。從訂單的角度來看，從客戶的角度來看，它非常有吸引力。我們有信心全年出貨量超過 10 吉瓦。我認為第一 - 第二季度可能需要 10%、15%。而下半年則占到85%、90%左右。

(Operator Instructions) We have a following question from William Grippin from UBS.

（操作員說明）我們有來自 UBS 的 William Grippin 的以下問題。

Just curious if you could help us understand any initial impact you're seeing from the ongoing antidumping countervailing tariff investigation in the U.S. and how that's impacted your plan and potential future shipments as of now?

只是想知道您是否可以幫助我們了解您從美國正在進行的反傾銷反補貼關稅調查中看到的任何初步影響，以及這對您的計劃和目前潛在的未來出貨量有何影響？

So Gener, would you like to take the question?

Gener，你願意回答這個問題嗎？

Okay, Sure. Let me take that one. For the anti-circ investigation, yes, it is impacting the whole industry a lot, right? So because the potential risk of retroactive tariffs even the potential -- the higher end of the range of the possible tariffs might put a lot of uncertainty for the manufacturer side. That's why many factories and peers choose to take a stop and to wait to see the consequence or the announcement from the U.S. government side.

好的，當然。讓我拿那個。對於反圈調查，是的，對整個行業的影響很大，對吧？因此，由於追溯關稅的潛在風險甚至是潛在的——可能關稅範圍的高端可能會給製造商帶來很多不確定性。這就是為什麼許多工廠和同行選擇停下來，等待看到後果或美國政府方面的公告。

And for Jinko, I think we have established a vertical integrated supply from a wafer on to cell on a module together with long-term contract we have secured with many -- quite several key -- let's say key non-China polysilicon suppliers. So combine all those factors together, I think we are -- we can or we are capable to offer one of the -- let's say one of the most comfortable and reliable solutions from the solar panel manufacturing side. That's why we have seen many positive feedback about the customers from U.S. about their strong interest to secure the supply from Jinko side. But meanwhile, we are still cautiously manage the manufacturing process to make sure that the company's risk is within the tolerance we can afford.

對於晶科來說，我認為我們已經建立了從晶圓到模塊電池的垂直集成供應，以及我們與許多——相當多的關鍵——比方說主要的非中國多晶矽供應商簽訂的長期合同。因此，將所有這些因素結合在一起，我認為我們是——我們可以或有能力提供其中之一——讓我們說太陽能電池板製造方面最舒適、最可靠的解決方案之一。這就是為什麼我們看到許多來自美國的客戶的積極反饋，表明他們對確保晶科方面的供應有著濃厚的興趣。但與此同時，我們仍然謹慎地管理製造過程，以確保公司的風險在我們能夠承受的容忍範圍內。

And just a follow-up on that. I mean, could you speak to kind of how your contracts with your customers are structured in terms of -- should there be a retroactive tariff, who's actually responsible for that? Does it vary based on your contracts? And just help us understand kind of how that works?

只是對此的跟進。我的意思是，你能否談談你與客戶的合同是如何構建的——是否應該有追溯關稅，誰實際上對此負責？它會根據您的合同而有所不同嗎？只是幫助我們了解它是如何工作的？

I don't think we are capable to disclose the details of the contract. But from the company's perspective, definitely, we can -- we cannot afford the huge potential risk of anti-circ. That's why we are reaching different solutions with different customers, some of the customers choose to ship the modules themselves, some of the customers choose to take the risk, some of the customers may choose to delay the projects, some customers may take a stop for a while until the announcement happens, so different customer has different appetite and different solutions.

我認為我們無法透露合同的細節。但從公司的角度來看，我們絕對可以——我們無法承受反圈子的巨大潛在風險。這就是為什麼我們要與不同的客戶達成不同的解決方案，一些客戶選擇自己出貨模塊，一些客戶選擇承擔風險，一些客戶可能選擇延遲項目，一些客戶可能會停下來等待距離公告發布還有一段時間，因此不同的客戶有不同的胃口和不同的解決方案。

(Operator Instructions) We have a next question from Philip Shen from ROTH Capital.

（操作員說明）我們有來自 ROTH Capital 的 Philip Shen 的下一個問題。

Sorry about the mix up earlier. I was navigating 2 earnings calls. In terms of the anti-circumvention case, I think you guys had before the anti-circ came up a clear solution to address the U.S. market that would avoid the WRO situation. And so can you talk to us about how much you're expecting to ship into the U.S. before anti-circumvention hit in 2022? And then now how much do you expect the shipments into the U.S. could be? So maybe before you're in the 3 to 4 gigawatts and maybe now you're maybe sub-500 or something. Is that directionally accurate? Just trying to get a sense for the magnitude of the change. And then if -- given that difference in the change or that delta, because you didn't change your annual guidance, where do you expect those modules to be going if it's not the U.S.? Is Europe taking up the slack?

很抱歉之前混淆了。我正在處理 2 個收益電話會議。就反規避案而言，我認為你們在反規避之前提出了一個明確的解決方案來解決美國市場的問題，從而避免 WRO 的情況。那麼，您能否與我們談談您希望在 2022 年反規避襲擊之前向美國運送多少貨物？那麼現在你預計到美國的出貨量是多少？因此，也許在您處於 3 到 4 吉瓦之前，也許現在您可能低於 500 或其他。方向準確嗎？只是想了解變化的幅度。然後如果 - 考慮到變化或增量的差異，因為你沒有改變你的年度指導，如果不是美國，你預計這些模塊會去哪裡？歐洲是否正在填補空缺？

Thank you, Phil. For that, I think Jinko is one of the early victim of the WRO. We got disrupted I think by second half of last year. So, that's why we have prepared several solutions to make sure we can find our ultimate supply solutions to the U.S. market. That's why currently our wafer capacity in Vietnam is ramping up smoothly. And we believe we could be very -- we could offer a very unique solution to the U.S. market. And to quantify that -- quantify for the volume, it's still difficult to tell because the logistics is not very, let's say, predictable as the current status, especially considering the customer clearance timing is totally out of our control as well. So I -- sorry to say, but we don't have a very detailed number to disclose before the anti-circ case investigation starting. But in general, our current capacity ramping up plan is still on schedule and smooth and we are expecting to supply U.S. market with our unique solution very soon.

謝謝你，菲爾。為此，我認為晶科是 WRO 的早期受害者之一。我想我們在去年下半年就被打亂了。因此，這就是為什麼我們準備了多種解決方案，以確保我們能夠為美國市場找到最終的供應解決方案。這就是為什麼目前我們在越南的晶圓產能正在平穩增長。我們相信我們可以非常 - 我們可以為美國市場提供非常獨特的解決方案。並且要量化 - 量化數量，仍然很難說，因為物流不是很好，可以說，目前的狀態是可預測的，特別是考慮到客戶清關時間也完全超出了我們的控制。所以我 - 很抱歉，但在反循環案件調查開始之前，我們沒有非常詳細的數字可以透露。但總的來說，我們目前的產能提升計劃仍在如期順利進行，我們預計很快就會為美國市場提供我們獨特的解決方案。

And the second question for the guidance, we still are bullish about the global demand this year, especially for U.S. -- after the U.S. got the hit by this anti-circ thing, we have seen this European demand is booming rapidly and strongly. Together with the China demand picking up, we believe that's quite a lot in terms of demand. So, I think that will be good enough to cover the loss we had in U.S. market earlier this year.

關於指引的第二個問題，我們仍然看好今年的全球需求，尤其是對美國的需求——在美國受到這種反循環的打擊之後，我們看到歐洲的需求正在迅速而強勁地增長。加上中國需求的回升，我們認為這在需求方面是相當大的。所以，我認為這足以彌補我們今年早些時候在美國市場的損失。

Okay. Shifting gears to Q2, you gave some guidance there. I was wondering if you could talk through the margin outlook. Do you expect with the pricing power of module pricing going higher -- and just pricing through the whole supply chain going higher, is there any chance that you could expand margins in Q2? Or is there a risk that it can contract? Or do you expect it to be flat in Q2?

好的。換檔到第二季度，你在那裡給出了一些指導。我想知道你是否可以談談保證金前景。您是否期望隨著模塊定價的定價能力更高——並且僅通過整個供應鏈的定價更高，您是否有可能在第二季度擴大利潤率？還是有可能收縮的風險？還是您預計第二季度會持平？

So Pan, would you like to take the question?

那麼潘，你願意回答這個問題嗎？

This is Pan. For Q2, we expect the gross profit margin would be stable.

這是潘對於第二季度，我們預計毛利率將保持穩定。

Okay. stable versus Q1, Pan.

好的。穩定與第一季度，潘。

Yes. Versus Q1 this year.

是的。與今年的第一季度相比。

Great. Okay. And then in terms of the dividend that you guys talked about, the dividend at the shareholders for the ADR, since you guys received it from the subsidiary, do you expect to pay out to do a buyback? Or do you -- is there a chance that you just keep it? Or what's the -- can you talk through the plans a little more? Sorry if somebody addressed this earlier, again, I was now beginning 2 calls earlier.

偉大的。好的。然後就你們談到的股息而言，ADR 的股東股息，因為你們從子公司收到了股息，你是否期望支付回購？或者你——你有機會保留它嗎？或者是什麼——你能多談談計劃嗎？抱歉，如果有人早先解決了這個問題，我現在開始早點打 2 個電話。

Okay. For the dividend, it's not a big number. It's a small number. And we're expecting to receive the dividend after paying the tax, I think in late May, and we didn't -- we haven't taken the position how we are using the dividends and we may discuss with the board and make the decision later.

好的。對於股息來說，這不是一個大數字。這是一個很小的數字。我們預計在繳納稅款後會收到股息，我認為是在 5 月下旬，但我們沒有——我們還沒有就如何使用股息採取立場，我們可能會與董事會討論並製定後決定。

Okay. Can you talk through the options? Would you consider a buyback? Or is the -- what's on the table?

好的。你能談談選項嗎？你會考慮回購嗎？或者是——桌面上有什麼？

Yes, It could be -- the holding companies, we don't have any significant operating assets except for the equities for the Asia. And so, we may consider to take some investment opportunities, particularly for the solar -- for the companies which supply our equipment or the materials and which we can do the -- let's say, through the minority investment to build some ecosystem for the solar. This is one of the options. And the second option is we maybe pay dividend as well for the U.S. investors. But I think just as I talked about, it's a small number. And so, we didn't have the decision yet.

是的，可能是——控股公司，除了亞洲股票，我們沒有任何重要的經營資產。因此，我們可能會考慮採取一些投資機會，特別是對於太陽能 - 對於提供我們的設備或材料並且我們可以做到的公司 - 比如說，通過少數投資為太陽能建立一些生態系統.這是選項之一。第二種選擇是我們也可能為美國投資者支付股息。但我認為正如我所說，這是一個很小的數字。所以，我們還沒有決定權。

Got it. Okay. And then in terms of module pricing, can you talk about, Gener, how do you expect that to trend in Q2, Q3 and Q4? Is the idea that should we be forecasting or thinking about module pricing increasing as we get through the year? And do you think that continues into '23? Or do you think it comes back down in '23?

知道了。好的。然後在模塊定價方面，您能談談嗎，Gene，您預計第二季度、第三季度和第四季度的趨勢如何？隨著這一年的過去，我們應該預測或考慮模塊定價的想法是否會增加？你認為這種情況會持續到 23 年嗎？或者你認為它會在 23 年回歸嗎？

Thank you for the question. So, in our opinion, the module price is stabilizing. It's stabilizing in the range around the current market price, maybe up and down $0.05, $0.1, but it's more or less a stabilized range and which is broadly accepted by more and more customers and end customers day by day. The reason is we have seen a very, let's say, robust polysilicon prices from last year to this year.

感謝你的提問。因此，在我們看來，組件價格正在企穩。穩定在當前市場價格附近的區間內，可能上下0.05美元、0.1美元，但或多或少是一個穩定的區間，日益被越來越多的客戶和終端客戶廣泛接受。原因是我們已經看到從去年到今年的多晶矽價格非常強勁。

And also, meanwhile, we are picking -- we have seen the demand is picking up significantly, even if there are some turbulence in U.S. market, but considering other markets, for example, China, Europe, et cetera, the market demand is still there and it's strong as well. So considering both and many projects, many customers started to adjust their plan and they don't wish to wait for the -- they don't wish for the price sharply going down overnight, they started to build up their business plan based on the current, say, module pricing or the solar system cost, which will be -- will make the whole ecosystem of solar industry more sustainable, in my opinion.

同時，我們正在挑選——我們看到需求正在顯著回升，即使美國市場出現一些動盪，但考慮到其他市場，例如中國、歐洲等，市場需求仍然是在那裡，它也很強大。所以考慮到這兩個和很多項目，很多客戶開始調整他們的計劃，他們不希望等待——他們不希望價格在一夜之間急劇下降，他們開始根據在我看來，目前的模塊定價或太陽能係統成本將——將使太陽能產業的整個生態系統更具可持續性。

Meanwhile, Jinko's N-type product itself will provide added value to the customers, who has a very limited budget or have a very high IRR target. So, I think that give us a perfect window to promote the Tiger Neo products. And that's -- partially that's the reason why we are continuing to expand our entire capacity.

同時，晶科的N型產品本身將為預算非常有限或IRR目標非常高的客戶提供附加值。所以，我認為這給了我們一個推廣Tiger Neo產品的完美窗口。這就是 - 部分原因是我們繼續擴大我們的全部產能。

One last one. I appreciate taking all the questions. And that's on -- just a quick housekeeping question. Can you share what the Q1 cash flow from operations was?

最後一張。我很感激回答所有問題。這就是 - 只是一個快速的家務問題。你能分享一下第一季度的運營現金流是多少嗎？

We'll give the number back to you after the call. I think it's a positive. I cannot remember the exact numbers.

我們會在通話後將號碼返回給您。我認為這是積極的。我不記得確切的數字了。

We have a last question from Brian Lee.

我們有來自 Brian Lee 的最後一個問題。

Sorry, I jumped on late, so I apologize if some of this has already been covered. But I guess one question on the AD/CVD circumvention investigation as it relates to your operations or your shipments into the U.S. Have you, I guess, considered or are your customers asking you about taking products -- panel products from your Mainland China operations as opposed to buying from your sites in Southeast Asia? I guess is that an option that either you're exploring or your customers are asking you about, just so they can avoid some of the uncertainty that exists around the Southeast Asian countries right now?

抱歉，我跳得太晚了，所以如果其中一些內容已經涵蓋，我深表歉意。但我想關於 AD/CVD 規避調查的一個問題是，它與您的業務或您運往美國的貨物有關。我猜，您是否考慮過或者您的客戶是否在詢問您是否將產品——來自中國大陸業務的面板產品作為反對從您在東南亞的網站購買？我想這是您正在探索或您的客戶詢問您的選項，只是為了避免東南亞國家目前存在的一些不確定性？

Thank you for the question. I think we covered that a little bit in the previous answers, but let me briefly repeat it again. So, for the customer end, I think we have -- we are experiencing many different customers' appetite about the risk about these solutions. So, I think we -- from Jinko's perspective, we are not ruling out any solutions from a customer end, but our bottom line is very clear. We are only capable to accept the risk -- very limited risk from company's position, right?

感謝你的提問。我想我們在之前的答案中已經介紹了一點，但讓我再簡短地重複一遍。因此，對於客戶端，我認為我們已經 - 我們正在體驗許多不同的客戶對這些解決方案風險的偏好。所以，我認為我們 - 從晶科的角度來看，我們不排除來自客戶端的任何解決方案，但我們的底線非常明確。我們只能接受風險——來自公司立場的風險非常有限，對吧？

So anything beyond our tolerance, risk tolerance, we have to find out solutions. Otherwise, we prefer to stay quiet for a while like others to wait until more clarity on the tariff side. So, that's the direction we are going. And we are experiencing many different solutions again or some of them taking the goods themselves, some of them put it in a warehouse somewhere, some of them saying they want to delay, some of them saying -- just taking the product to the other markets or many different solutions. So every customer is different from one to another.

因此，任何超出我們承受能力、風險承受能力的事情，我們都必須找到解決方案。否則，我們寧願像其他人一樣保持沉默，等到關稅方面更加明朗化。所以，這就是我們要去的方向。我們又遇到了許多不同的解決方案，有些人自己拿貨，有些人把貨物放在某個地方的倉庫裡，有些人說他們想推遲，有些人說——只是把產品帶到其他市場或許多不同的解決方案。所以每個客戶都是不同的。

Yes. No, I can appreciate that. And I understand the situation is quite fluid and sensitive. Maybe just technically speaking, if a customer were to purchase panels from you that were shipped in from Mainland China, could you remind us, because I know these rates have changed over the years, what is your company-specific antidumping and countervailing duty tariff assessed on the Chinese-made products right now?

是的。不，我很感激。我知道情況非常不穩定和敏感。也許只是從技術上講，如果客戶要從您那裡購買從中國大陸運來的面板，您能否提醒我們，因為我知道這些費率多年來發生了變化，貴公司特定的反傾銷和反補貼關稅是多少？對中國製造的產品嗎？

Yes. It's just like what you said, different companies have different separate rates. And -- but some of the rate is still ongoing. And for example, we are expecting that the (inaudible) the final rate is going to come out. But based on the preliminary rate for Jinko, the AD/CVD is roughly, I think, 50%. On top of that, we do pay 201 and 14%, 15%; and the 301, I think 25%. So, it's totally, I think 90% to 100%.

是的。就像你說的，不同的公司有不同的單獨費率。而且——但其中一些速度仍在進行中。例如，我們預計（聽不清）最終費率將會出來。但根據晶科的初步比率，我認為 AD/CVD 大致為 50%。最重要的是，我們支付 201 和 14%、15%；而 301，我認為是 25%。所以，完全是，我認為是 90% 到 100%。

Okay. That's quite significant. -- helpful. And then last question for me. I'm sure you covered it, so apologies again, but the capacity increases here, I would assume it means there is a CapEx increase as well. What's the new CapEx budget you're outlining for 2022?

好的。這是相當重要的。 ——有幫助。然後是我的最後一個問題。我確定您已經涵蓋了它，因此再次道歉，但是這裡的容量增加了，我認為這意味著資本支出也增加了。您為 2022 年制定的新資本支出預算是多少？

Yes. So Pan, would you like to take? The CapEx?

是的。那麼潘，你要帶嗎？資本支出？

Okay. This is Pan. You mean the CapEx for this quarter?

好的。這是潘你是說本季度的資本支出？

Just the CapEx forecast for the full year?

只是全年的資本支出預測？

Okay. And for the full year of this year, the expected CapEx would be USD 3 billion.

好的。今年全年，預計資本支出為 30 億美元。

USD 3 billion?

30億美元？

Yes, exactly. Yes.

對，就是這樣。是的。

It's right, because we -- I think we got 1.5 billion through the China IPO and we're expecting to generate positive cash flows, as well as we also increased some project loans from financial institutions to build up the capacities for the next generation technology -- N-type TOPCon capacities.

是的，因為我們——我認為我們通過中國 IPO 獲得了 15 億美元，我們預計會產生正現金流，同時我們還增加了金融機構的一些項目貸款，以建立下一代技術的能力-- N 型 TOPCon 容量。

Okay. But just so I'm clear, I think in March, you had said USD 1.8 billion to USD 1.9 billion, so now that's going to USD 3 billion, correct?

好的。但是我很清楚，我想在 3 月份，你說 18 億美元到 19 億美元，所以現在是 30 億美元，對嗎？

Yes, yes, because we increased the capacity outlook by the end of this year and up to, I think, up to 55, 55, 60 gigawatts for wafers and cell modules.

是的，是的，因為我們在今年年底之前提高了產能前景，我認為晶圓和電池模塊的產能分別高達 55、55、60 吉瓦。

Okay. I guess this doesn't seem like -- this is the last question, I promise, and then I'll let you go. It doesn't seem like your -- this capacity increase isn't impacting your shipment guidance, which you reiterated, So this is all mainly going to be end of the year and then flow into '23. Any kind of early sense of what the growth you could anticipate in shipments for next year would be because it's a lot of CapEx and you're not getting any benefit of it in your P&L this year, it will be next year. So what's sort of the general sense of growth we should expect?

好的。我想這看起來不像——這是最後一個問題，我保證，然後我會讓你走。看起來你的 - 這種容量增加不會影響你重申的發貨指導，所以這一切主要是在今年年底，然後流入 23 年。任何關於明年出貨量增長預期的早期感覺都是因為資本支出很大，而且你今年的損益表沒有任何好處，明年就會發生。那麼我們應該期待什麼樣的一般增長感呢？

You're right, the price for, some more capacity, the new capacity starting up construction from second quarter is for the preparations next year. So, if you look at the capacity, 55, 55, 60, I think it's our range, at least, right, 55 to 60 gigawatts. And we are -- overall, I think we are optimistic for the next year. And this year, the polysilicon still at a high price and the volume -- poly volume is still relatively limited. And we believe next year with the bottleneck -- without the bottleneck of the polysilicon, where we think the market will accelerate rate again.

沒錯，價格，更多的產能，從第二季度開始建設的新產能是為明年做準備。所以，如果你看一下容量，55、55、60，我認為這是我們的範圍，至少，對，55 到 60 吉瓦。我們 - 總的來說，我認為我們對明年持樂觀態度。而今年，多晶矽仍處於高價位，而且量——多晶矽量還是比較有限的。我們相信明年會有瓶頸——沒有多晶矽的瓶頸，我們認為市場將再次加速。

We have no other questions. Ladies and gentlemen, thank you very much for your participation in this conference call. You may now all disconnect.

我們沒有其他問題。女士們，先生們，非常感謝你們參加本次電話會議。您現在可以全部斷開連接。