Q2 2024 JinkoSolar Holding Co Ltd Earnings Call

Operator: Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Co., Ltd. Second Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode.

Hello, ladies and gentlemen, and thank you for standing by for Genco, Stella holding co Ltd second quarter 'twenty 'twenty four earnings conference call.

Speaker Change: At this time, all participants are in listen only mode.

Operator: After minutes and prepared remarks, there will be a question-and-answer session. As a reminder, today's conference call is being recorded.

Speaker Change: After management's prepared remarks, there will be a question and answer session.

Speaker Change: A reminder, today's conference call is being recorded I would now like to turn the meeting over to your host for today's call. Mr. TV Genco Sellers Investor Relations. Please proceed sir.

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

Stella Wang: Please proceed, Stella. Thank you, operator. Thank you, everyone, for joining us today for JinkoSolar's second quarter 2024 earnings conference call.

Speaker Change: Thank you operator, thank you everyone for John yesterday for Genco Solar second quarter, 2000, and plentiful earnings conference call. The combination results were released earlier today and available on the Companys IR website at Www Dot tinkle for Dot com as well as use of wireless services. We have also.

Stella Wang: The company's results were released earlier today and available on the company's I.I. website at www.jinkoSolar.com, as well as on your survival services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the I.I. website.

Speaker Change: I did a supplemental presentation for today's earnings call, which can also be found on the IR website.

Unknown Executive: On the call today from JinkoSolar, Mr. Dicendo, Chairman of the Yo of JinkoSolar Holding Co., Ltd. Mr. Janamio, CMO of JinkoSolar Company Ltd. Mr. Pandy, CFO of JinkoSolar Holding Co., Ltd. and Mr. Chalitao, CFO of JinkoSolar Company Ltd.

Speaker Change: On the call today are from thing called Solar Amie said he sent the chairman Mr. Yao of gene cultural or holding company limited Mr. Gendron meal CMO all between coastal a company as I mentioned, Mr. Attendee CFO of Genco solo holding company limited and then they search Holly Paul Seattle, All between coastal company limited.

Unknown Executive: Mr. DiccoSolar's Investants Operations and a company highlights, followed by Mr. Miao, who will talk about the sales and the marketing, and then Mr. Pandy, who will go through the financials. They will all be available to answer your questions during the Q&A session that follows.

Speaker Change: You said it well it disgusts equals all those business operations and company a company highlights followed by Mr. Miao, who will talk about ourselves on the marketing and then Mr. <unk> will go through the financials. They will all be available to answer your questions. During the Q&A session that follows.

Stella Wang: Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Security Litigation Reform Act of 1995, followed-looking statements involving heritage 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 filing with the Securities and Exchange Commission. JinkoSolar does not assume any obligation to update any forward-looking statements except as required under the optical law.

Speaker Change: 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 extra.

Today further information regarding this and other risks is included when you think of public filings that are she Cortez Shanda Exchange Commission singles.

Speaker Change: Single solar does not assume any obligation to update any forward looking statements, except as required it ended up optical law.

Lee Sender: It's now my pleasure to introduce Mr. Lee Sender, Chairman and CEO of JinkoSolar Holding. Mr. Lee will speak in Mandarin, and I will translate his comments into English.

Sheng Zhou: It's now my pleasure to introduce the new studies gender chairman and CEO of zinc also lobby me study will speak in Mandarin and I will translate his comments into English physical ahead to be studied.

Lee Sender: Please go ahead, Mr. Lee. Mr. Lee Sender, Chairman and CEO of JinkoSolar Holding.

Angie: Yes, Angie so come Q2.

Speaker Change: And you want to use outlets.

Speaker Change: Gotcha.

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Speaker Change: I don't know.

Speaker Change: Yeah.

Speaker Change: Yes, yes, you're doing more women.

Speaker Change: That's cool.

Speaker Change: California.

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Speaker Change: That's the GPO chenzhou obsolete.

Speaker Change: To be appointed as the pone bundle.

Speaker Change: Keep yourself with Patheon.

Speaker Change: Well, Jonathan I'm, sorry, I was going to answer that.

Speaker Change: Yes.

Speaker Change: How did the <unk>.

Keith: Keith and James Allison leaves only used.

Speaker Change: Thank you.

Yeah.

Speaker Change: On the shelf with stop loss.

Speaker Change: We are pleased to announce that that's to our leading position in type telecom technology competitive products as well as global sales down the manufacturing that's work or the module shipments grew by 34 points of 1% year over year to 23.82 Gigawatts in the second quarter ranking first thing in our industry.

Speaker Change: By the end of the second quarter, we had a lot to the industry as a first solar company in the world to reach a total module shipments of 200 and a six two gigawatts to nearly 200 countries in our region.

Speaker Change: Again demonstrated the power of our globalization strategy in the second quarter of prizes in several segments of the industry churn declined to slightly Oh I see.

Speaker Change: The opposite way flexibility adjusted all of our production scheduling strategy and the utilization rates for different thought process and also optimized our supply chain strategy to control costs gross.

Lee Sender: Growth margin was 11.1% in the second quarter, almost a flat and coincidentally adjusted in that income was US$52.1 million slightly down to In the last half of the year, the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50 was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.

Speaker Change: John was 11.21% in the second quarter, almost a flat sequentially. Adjusted net income was U S dollars 15 to one to 1 million slightly down sequentially.

Speaker Change: And you're shipping.

Speaker Change: Hum.

Speaker Change: Sometimes it doesn't fall seasons on Tuesday morning.

Speaker Change: Yes.

Speaker Change: Uh huh.

Speaker Change: It's a linear components again just to point out.

Speaker Change: Right.

Speaker Change: It also.

Speaker Change: What are some of the country.

Speaker Change: Yes.

Speaker Change: Ladies and gentlemen, thank you very much.

Speaker Change: So she's.

Speaker Change: Got it.

Thank you.

Speaker Change: Question.

Speaker Change: And you can see that's so funny charger.

Mike: Hello, Mike.

Dave: Thank you Dave.

Jack: Well Jack.

Speaker Change: Please go ahead.

Jack: Okay.

Speaker Change: Let me see if I'm thinking about Boston Congress and she bought one machine.

Speaker Change: If you look at two things out.

Speaker Change: Yeah.

Speaker Change: So you have to keep the country.

Speaker Change: Now, let me turn back.

Speaker Change: That's fantastic.

Speaker Change: Yes.

Johnson: Welcome to Johnson.

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Johnson: Okay.

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Johnson: Yes.

Johnson: Oh 50 logos.

I just simply charter in fleet.

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Johnson: With regard to California.

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Speaker Change: Global demand is showing faster growth momentum in the first half of absorbing that in 'twenty for the newly added installations mean, China totaled 400, and the two gigawatts in the first half opposite extend that year over year from January to drawn towards on the solar module exports increased by around 20% year over year at the same time.

We saw an increase in capacity expansion projects are delayed suspended there's even some terminated as 215 capacity. Some manufacturers have caught all suspended production coming into the third quarter prices in the industry churn were low and a low and volatile.

Lee Sender: US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 million was the first year of the US$50.2 was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.2 million was the last year of the US$50.

Speaker Change: There's a process in most of the Sacramento falling below cash cost so utilization rates across the industry declined compared to the second quarter to our overall low level. We view. This irrationally low prices as asked is tenable. Meanwhile, governments around the industry lunch the control policies to promote.

Speaker Change: To the healthy and orderly development of the solar industry.

Speaker Change: That's all it needs to do Oshatz became more selective preferring to a flavor straw and excellent companies with technology innovation and of course cost of control capabilities as well as branded channels advantages.

Speaker Change: We believe that all of this matter will further accelerated the elimination of the outdated capacities as well as industrial which integration in the future, we expect to companies with robust and sustainable operations to reinforce their inkjet industrial leadership.

Speaker Change: That ain't that our industry in industrial or just nice upbringing, both challenges and opportunities to accomplish what we all continue to improve our management efficiency strength that suggest that our.

Speaker Change: Strengthen and expand our globalization of the vantage taking on challenges in the industry, there's a resource advantages and our innovative capabilities.

Lee Sender: innovative capabilities. Thanks to our global print and the competitiveness of our products, by the end of the second and order, the visibility of our order book for 2024 exceeds 80%. We have a maintained and overall leading utilization rates in the industry, especially for end time sales utilization rates nearly at the end of the second and quarter lap efficiency of our end-type top-com base, the Peruvian Sky point 33% last year. The mass produced the efficiency of our 182 top-com sales exceeds 26.1%. We firmly believe that top-com remains the past with the best economic performance in terms of cost, mass production, production yield, intellectual property protection, and customer acceptance and still has room for further cost reduction and efficiency increase.

Thank you Ginger.

Speaker Change: Do you believe it.

Speaker Change: Yeah.

Ginger: I believe you said that.

Ginger: Yes.

Ginger: Yes, that's right.

Speaker Change: Thanks to our global footprint and the competitiveness of our products by the end of the second quarter. The visibility of our order book for 2024 X says eight papers that we have maintained our overall leading utilization rates in the industry, especially for N type cells.

Speaker Change: They shouldn't reached nearly 100%.

Speaker Change: Uh huh.

Speaker Change: Gotcha.

Speaker Change: Oh geez.

Speaker Change: Yes.

Speaker Change: Not at all.

Speaker Change: Got it.

Speaker Change: Okay.

Speaker Change: Uh huh.

Speaker Change: Okay.

Speaker Change: Yeah.

Okay.

Speaker Change: That's a couple of others.

Speaker Change: Yes, you bet.

Speaker Change: That's useful.

Yeah Yeah.

Speaker Change:

Speaker Change: A couple of just real quickly on this.

Speaker Change: You see that.

Speaker Change: Sure.

Speaker Change: So she's jumbo Syngenta syngenta.

Speaker Change: I'm going to show you said, you're introducing she's sitting in backlog actually check.

Speaker Change: The cap the refreshing of our records for cell efficiencies at the end of the second quarter lap and efficiency of our N type top combat perovskite dependent solar cell breaks those 33 points at 24% a significant leap beyond our previous record of 32 point, 33% last year.

Speaker Change: The mass produced the efficiency of our Wow 82 top car cells. It says 26 point to 1%, we firmly believe that top car redness the past with the best economics farmers in terms of the cost mass production production yield intellectual property protection and a customer.

Speaker Change: Baptist and it still has room for further cost reduction and efficiency increased we intended to keep our leading position by gradually adopting new technologies, while consider both efficiency improvement and economic return.

Lee Sender: We intend to keep our leading predation by gradually adopting new technologies while consider both efficiency improvements and economic returns. We continue to optimize our supply chain to cater to the demands of global clients for low-carbon, clean, high-efficient, and reliable products. In the first quarter of this year, we unveiled new-grim panels to produce the real carbon factory as certified by TUV Inland for compliance with relevant criteria and the requirements. So far, we have received positive feedback from our clients.

Speaker Change: I'm not too sure.

Speaker Change: Yeah.

Speaker Change: So a couple of big E G.

Speaker Change: All the time in future.

Bob.

Speaker Change: Okay.

Speaker Change: Uh huh.

Speaker Change: Green thumb team.

Speaker Change: Even with that one.

Speaker Change: Excuse me got tougher comps.

Speaker Change: So I'm asking for Televisa sensor hubs hunting touches about more what.

Speaker Change: Well continue to optimize our supply chain to cater to the demands of our global clients for low carbon clean high efficient and reliable products and the first of all quarter over this yet we unveiled Neil grand panels to produce the their gold copper and factory.

Speaker Change: So take a step certified by T O V E Atlanta full compliance of its a relevant criteria and the requirements. So far we have received positive feedback from our clients. This once again confirmed our commitment to clean manufacturing and product innovation.

Lee Sender: This once again confirmed our commitment to clean, manufacturing, and the product innovation.

Speaker Change: Yes.

Speaker Change: Gotcha Gotcha.

Speaker Change: G C.

Speaker Change: As a woman.

Speaker Change: Got it.

Speaker Change: Right.

Speaker Change: Okay.

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Speaker Change: Yes.

Speaker Change: Just to go into some central and south options versus other countries.

Speaker Change: So it goes from Central Bank yesterday woman Sonya.

Speaker Change: Yes.

Speaker Change: Central Hudson.

Speaker Change: Gotcha.

Speaker Change: So sometimes.

Speaker Change: Yes, yes, yes.

Speaker Change: Okay.

Speaker Change: The central pharmacy.

Lee Sender: This is the International Trade Continuing Expansion of our Globalization capabilities, as becoming increasingly important. At the recently announced, we have entered into a strategic partnership with Renewable Energy Localization Company, a wholly-oriented subsidiary of the PIF, and the Vision Industries Company to form a joint venture in Saudi Arabia for the production of 10 gigahertz of high-efficiency solar cells and solar modules. This is another step in our innovative transformation from global cells to global manufacturing and importance in mouth-themed for our globalization strategy. This year's of experience overseas, we are dedicated to building localized solar ecosystems together with our partners to achieve synergy of resources and complementarity of advantages and further grow our competitiveness in a global market.

Speaker Change: That being said for your international I'd say the continuous expansion of our globalization capabilities is becoming increasingly important as originally announced that we have entered into a strategic partnership with renewable energy look like localization company a wholly owned subsidiary of a P I F and fishing.

Speaker Change: Industrial company to form a joint venture in Saudi Arabia for the production of a 10 gigawatt of our high efficiency solar cells and the solar module. This is another step in our innovative and transformation from a global sales to a global manufacturing and an important milestone for our globalization strategy.

Speaker Change: Yes, Alex Drs over says we are dedicated to building local lifestyle solar X systems together with our partners to achieve synergy of our resources and the complementarity of our advantages and further grow our competitiveness in a global market.

Speaker Change: It's also taking people.

Speaker Change: C G Dawn Hudson.

Speaker Change: That's M D.

Speaker Change: Okay got it.

Speaker Change: You bet.

Speaker Change: Yeah.

Bob: Thank you Bob.

Speaker Change: Excuse me.

Speaker Change: So she didn't you.

Lee Sender: We are accelerating the clearing out of a P-type capacity to optimize our capacity structure. We expect our annual production capacity for modern wafers, solar cells, and solar modules to reach the global market. We expect our advanced capacity structure to continue to lay to the industry. This is our advanced capacity structure to continue to lay to the industry. We expect our advanced capacity structure to continue to lay to the industry. Overall, we are holding a healthy cash flow. We will continue to optimize the structure of our assets and liabilities as well as our cash flow levels.

Speaker Change: We are accelerating the clarient out of a P type capacity to optimize our capacity structure, we expect our annual production capacity for mono wafers solar cells and the solar modules to reach 120, 95, and a 100 and a 30 gigawatts respectively by the end of this year.

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

Speaker Change: Yes.

Speaker Change: It's useful for you to them.

Speaker Change: Jim do you want a job.

Jim: Already to China.

Speaker Change: You spoke a geological again or not.

Sure.

Speaker Change: Geez.

Speaker Change: So again for quite some time.

Speaker Change: Awesome.

Speaker Change: Yeah.

Jonathan: And she did for Saudi Jonathan.

Jonathan: Yeah.

Jonathan: Also since you shouldn't have some issues.

Speaker Change: You'll have to talk to that gene pool and University.

Speaker Change: Do you see for that piece of content.

Speaker Change: This offer advantages and N type tough com technology competitive product as well as global sell off in the manufacturing network, where are we reiterate our guidance for module shipments to be between 100 and 110 Gigawatts for the four year with all of them. Then 24, and then we will continue to implant.

Speaker Change: Our globalization strategy two activities, there's market opportunities and mitigate market risks like that.

Speaker Change: The module shipments to be between 23 to 25 gigawatts for the third quarter, but with all that and 24 by the end of this year, we expect to mass produce the N type cell efficiency to age 26 appointed 5% overall, we are holding our healthy cash flow, we will continue to optimize the structure of our assets.

Speaker Change: And the liabilities as well as all of our cash flow levels strengthening hours or they raise this tends to risks.

Gener Miao: Thank you, Miss Lee. Toto shipments were 25.3 kg in the second quarter with modern ships on the upcoming tour approximately 94%. We are pleased that we continue to write sample why in the world for the modern shipments as we are increasing labor tonight by global times for our high-efficient and reliable products and services. In terms of geographic mix, approximately 60% of our module shipments went to oversee market in the second quarter, with Asia-Pacific and the Europe coming for a majority. Sequentially shipment to the U.S. were relatively stable, and shipment to Europe increased by 40%. Thanks to the continuous improvement of the entire new product strength, Tiger News shipments accounted for 85% of puzzle shipments in the second quarter.

Missy: Thank you Missy.

Speaker Change: Shipments were 25, three gigawatts in the second quarter with modern ships on the accounting for approximately 94%.

Speaker Change: Any statements containing correct. That's the one that works for the partnership.

Speaker Change: We are increasingly recognized by global pricing for our highly efficient and reliable products and services.

Speaker Change: In terms of geographic mix, approximately 60% of our module shipment and a way to oversea market.

Speaker Change: Quarter with Asia Pacific on the Europe accounting for the majority.

Speaker Change: Sequentially shipments to the U S were relatively stable on shipment to Europe increased by 40%.

Speaker Change: Thanks to the continuous improvement type of products.

Speaker Change: Shipment of Comdata.

Speaker Change: 85% of total shipment in the second quarter, a steady increase from near to 80% in the first quarter.

Operator: Hello ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Co., Ltd. Second Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode.

Gener Miao: A steady increase from near to 80% in the first quarter as these modules are increasingly accepted by clients, particularly in China, Europe, and North America. Currently, we lead the industry as the first solar company in the world to reach a cumulative anti-module shipment of 100 million dollars. They continue to enjoy a premium in global market, with premiums in some market like Europe, U.S., and the Middle East, especially high. On the strength of our extensive global self-network, we will continue to optimize our shipments and the product performance. We were recognized as the top performer across our reliable categories, reliability categories in the PV module reliable.

Speaker Change: Crazy.

Speaker Change: Bye bye.

Speaker Change: Particularly in China, Europe, and North America.

Speaker Change: Currently we lead the industry as the first solar companies to work for reach Accumulative N type module shipment.

Operator: After minutes and prepared remarks, there will be a question and answer session. As a reminder, today's conference call is being recorded.

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

Speaker Change: Sure.

Speaker Change: They continue to enjoy a premium global mark treated with premiums in some markets like Europe U S and the middle.

Speaker Change: Middle East, especially July.

Speaker Change: On the strength of our extensive global network, we will continue to optimize our shipment.

Stella Wang: Thank you, everyone for joining us today for JinkoSolar's second quarter 2024 Earnings Conference Call. The company's results were released earlier today and available on the company's I.I, website at www.jinkoSolar.com, as well as on your survival services. We have also provided a supplemental presentation for today's Earnings Call, which can also be found on the I.I, website.

Speaker Change: Oh boy.

Speaker Change: We were recognized as the top performer across all reliable categories reliability category and the PV module reliability scorecard as part of this relationship I keep on T V.

Gener Miao: It is more part of our relationship by Kiva TVEL for the 10th consecutive time. And we topped the PV text on 2422 module text bankability reported with the highest typical A and B. This is a continuous recognition of our commitment to quality, innovation, and RB over the long term, as well as clients' long-standing trust in our product quality, bankability, and reliability. Recently, we became one of the few companies to have one of those Tier 1 energy storage providers and the Tier 1 PV module manufactured by Bloomberg. These orders are not only a testament to the power of our outstanding brand but also an affirmation of our proactive contributions to global energy transformation.

Speaker Change: [noise] consequences.

Speaker Change: And we talked with the TV test.

Xiande Li: On the call today from JinkoSolar, Mr. Dicendo, chairman of the Yo of JinkoSolar Holding Co., Ltd.

Speaker Change: Okay.

Speaker Change: Importantly, the highest such people.

Speaker Change: Right.

Gener Miao: Mr. Janamio, CMO of JinkoSolar Company Ltd.

Speaker Change: This is a continuous origination of our continued commitment to quality innovation and R&D over the long term as well as a crime longstanding trust.

Charlie Cao: Mr. Pandy, CFO of JinkoSolar Holding Co., Ltd.

Unknown Executive: and Mr. Chalitao, CFO of JinkoSolar Company Ltd. Mr. DiccoSolar's Investants Operations and a company highlights followed by Mr. Miao, who will talk about the sales and the marketing and then Mr. Pandy, who will go through the financials. They will all be available to answer your questions during the Q&A session that follows.

Speaker Change: Quality.

Speaker Change: On the reliability.

Speaker Change: Recently, we became one of the few companies to have one of those tier one service provider in the tier one TV market manufacture by Bloomberg.

Speaker Change: This honor.

Stella Wang: Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S, private security litigation reform act of 1995, followed-looking statements involving heritage 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 following with the Securities and Exchange Commission. JinkoSolar does not assume any obligation to update any forward-looking statements except as required under the optical law.

Speaker Change: Not only a testament to the power of outstanding brands, but also affirmed the nature of our proactive contribution to global energy transformation.

Gener Miao: As the economic offshore energy become more apparent, we expect amount in the global market to stay around 600 gigawatts in 2024 and the growth of that in 2025. In addition, from mainstream market like China to U.S., the emerging market, such as Middle East and some countries in Asia Pacific, I also show in strong growth potential. With our accumulated experience in global self and the growing industry chance for print, we are confident we will. Over time, see the opportunities brought about by the growth in global market demand more rapidly and more high efficiently, and optimize over the supply chain to effectively accomplish changes in international trade policy.

Speaker Change: I think on the call sort of energy to become more apparent.

Speaker Change: We came out in the local market to stay around 600 gigawatt.

Stephanie: Q4 on the gross Stephanie.

Stephanie: In addition to a mainstream marketers like triangle USA Europe emerging markets, such as middle East out of some countries in Asia Pacific are also showing strong growth potential.

Stephanie: With our accumulated.

Stephanie: It's in global sales in the grocery industry trends, but we are constantly will overtime to seize the opportunities brought about by the growth in global markets and Mount them more rapidly.

Xiande Li: It's now my pleasure to introduce Mr. Lee Sender, chairman and CEO of JinkoSolar Holding. Mr. Lee will speak in Mandarin and I will translate his comments into English. Please go ahead, Mr. Lee. [inaudible] Growth margin was 11.1% in the second quarter, almost a flat and coincidentally adjusted in that income was US$52.1 million slightly down to coincidentally. [inaudible] Thanks to our global print and the competitiveness of our products, by the end of the second and order, the visibility of our order book for 2024 exceeds 80%.

Stephanie: More efficiently and optimize the supply chain, so effectively incorporate changes in international trade policies.

Gener Miao: We will continue to optimize our products and the services, constantly enhancing our competitiveness, global grassroots strategic market, market positioning, and outstanding climate relationship management.

Stephanie: We will continue to optimize our products and services constantly enhancing our competitiveness globally.

Speaker Change: J J park market positioning and outstanding client relationships.

Pat: With that, I will turn it all over to Pat. Thank you, Jiner. We are pleased to report differential groups in modes of shipments and total revenues in a very challenging second quarter. Our module price has declined. We reduced costs through high-chain optimization and technology upgrade, improved operating efficiency, up-optimized assets and liability structures. First margin was relatively flat sequentially, and our asset liability ratio was done by one percentage point compared to the year beginning. Despite the challenging situation in the industry, we did not stop returning value to our shareholders for their long-term support.

With that I will turn the call over to Pat.

Pat: Thank you Ginger.

Pat: We're pleased to record sequential groups.

Pat: Most of the shipments and total revenues in a very challenging second quarter.

Pat: Our module prices decline were reduced cost through supply chain.

Pat: Optimization and the technology upgrades.

Pat: Improved operating efficiency optimize the asset and liability structure.

Pat: Gross margin was relatively flat sequentially and our asset liability ratio.

Pat: It's done by one percentage point compared to the beginning.

Pat: Despite the challenging situation in the industry.

We did not stop return.

Pat: Returning value to our shareholders for their long term support.

Pat: At the beginning of August, we announced a cash dividend of $1.5 per ADA, which was paid today as planned. In addition, as of today, we have repurchased a total of 5.6 million ADA in an aggregate amount of over 113 million in the open market. Our ship repurchased program announced in July 2022, and the extended ship repurchased program announced in December last year.

Pat: At the beginning of August we announced a cash dividend of one.

Pat: One five dollar per ath.

Pat: Which was paid to date.

Pat: In addition as of today we.

Pat: We have repurchased a total of $5 6 million 88.

Pat: And then that very good amount of over.

Speaker Change: I'll handle it in a certain many.

In the open market.

Speaker Change: And our share repurchase program announced in July 2022.

Speaker Change: The extended share repurchase program announced in December last year.

Pat: Let me go into more details now. Total revenue was about 3.3 billion, up 4.4 percentage sequentially and down 21 percentage year-to-year. The year-to-year decrease was mainly due to a decrease in average selling price of solar modules. Gross margin was 11.1 percentage compared with 11.9 percentage in the first quarter this year, and the 15.6 percentage in the second quarter last year. The year-to-year decrease was mainly due to the decrease in average selling price of modules. Total of trading expenses were about 5.25 million, up 24 percentage sequentially and about 18 percentage year-to-year.

Speaker Change: Let me go into more detail now.

Speaker Change: Total revenue was about $3 3 billion up four full percentage sequentially.

Hum.

Speaker Change: One percentage year over year.

The year over year decrease was mainly due to a decrease in the.

Speaker Change: Average selling price of solar modules.

Speaker Change: Gross margin was.

Speaker Change: 11.1 percentage compared with 11, 9% first quarter this year.

Speaker Change: And the 56% in the second quarter last year.

Speaker Change: The year over year decrease was.

Speaker Change: Due to the decrease.

Speaker Change: Average selling price.

Speaker Change: Modules.

Speaker Change: Total operating expenses.

Speaker Change: We're about 525 million.

Speaker Change: 24% sequentially.

Speaker Change: That's all I've got.

Speaker Change: About 80% to see every year.

Pat: The sequentially and year-to-year increases were mainly due to the right of the net-book value of the equipment resulted from the high-activity exchange to province, which was partially offset by estimated insurance per seat from the high-activity in the second quarter this year. So the operating expenses accounted for about 16 percentage of total revenues in the second quarter compared to 13 percentage and about 11% in the seventh quarter last year.

Speaker Change: The sequential and year over year increases.

Speaker Change: Well many due to the write off that met Matti I'll say Cleveland resulted from the fight did he say.

Speaker Change: She problems.

Speaker Change: Which was partially offset by estimated insurance proceed.

Speaker Change: From the fire accident in the second quarter of this year.

Speaker Change: Total operating expenses accounted for about 16 percentage of the total revenues in the second quarter.

Speaker Change: Compared to 13% is in the first quarter.

Speaker Change: And about 11% ish in the second quarter last year.

Pat: Net loss, attributable to the JinkoSolar Holding Co., Ltd. Auditorial shareholders were 13.9 million in the second quarter this year, excluding the impact of the change in fair value of the convertible signals, fair value loss related to the investment in solar supply chain companies, share bets, compensation, expenses, and net loss resulted from a five accident in Changxi, adjusting income attribute to the JinkoSolar Holding Co., Ltd. Auditorial shareholders were about 52 million moving to the balance sheet. At the end of the second quarter, cash and cash equivalent were 1.91 billion compared with 2.4 billion in the first quarter this year.

Speaker Change: Yeah.

Speaker Change: Net loss attribute to the Pimco solar holding company limited ordinary shareholders.

Speaker Change: Our starting point.

Speaker Change: 9 million in the second quarter this year.

Speaker Change: Excluding the impact of the change in fair value of convertible senior notes that are lost religious investment in solar supply chain companies.

Speaker Change: Share based compensation expenses, our net loss resulted from a five accidents essentially.

Speaker Change: Adjusted net income attribute to the genco sort of holding company.

Speaker Change: Ordinary shareholders.

Speaker Change: What about.

Speaker Change: 52 minutes.

Speaker Change: Moving to the balance sheet.

Speaker Change: At the end of the second quarter, our cash and cash equivalents.

Speaker Change: Well 1.91 billion compared with two point full.

Speaker Change: Really in the first quarter of this year.

Pat: A.O. to Notre-Days were 89 days compared with 100 days in the first quarter this year, even to Notre-Days were 82 days compared with 89 days in the first quarter this year, as a result of improving operating efficiency. At the end of the seventh quarter, total debt was 3.86 billion compared to 3.66 billion in the first quarter.

Speaker Change: Hey at the number of days.

Speaker Change: For 89 days compared with 100 days in the first quarter this year.

Speaker Change: Inventory turnover days were 82 days compared with 89 days in the first quarter this year.

Speaker Change: As a result of improving operating efficiency.

Speaker Change: At the end of the second quarter total debt.

With 3.6 billion compared to 3.66 billion.

Speaker Change: In the first quarter.

Speaker Change: Let's say was lump point 95 billion compared with 1.22 billion in the first quarter this year.

Pat: Net price can go out prepared remarks. We are now happy to take some questions.

Speaker Change: This concludes our prepared remarks, we are now happy to take some questions.

Operator: I'll pray to you. Please proceed. Thank you.

Speaker Change: Uh huh.

Speaker Change: Please proceed.

Speaker Change: Thank you if you wish to ask a question. Please press star one on your telephone and might be the name to Vietnam.

Operator: If you wish to ask questions, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two.

Speaker Change: If you wish to cancel your request please press star two.

Matthew Ingraham: Your first question comes from Simlipsion with Ross Capital Partners. Hi, this is Matt Ingram on for Phil. Thank you for taking our questions.

Speaker Change: Your first question comes from Philip Shen with Roth Capital Partners.

Matt Ingram: Hi, This is Matt Ingram on for Phil. Thank you for taking our questions you know looking into the back half of the year in 2025, how do you see module pricing trending and then on gross margins what is it going to take to return to the mid teens margin levels and do you think this could be achievable in 'twenty five.

Matthew Ingraham: Looking into the back after the year in 2025, how do you see module pricing, trending, and then on gross margins, was it going to take to return to the mid-teens, margins levels, and do you think this could be achievable in 25? Thank you for the question.

Speaker Change: Yeah.

Xiande Li: We have a maintained and overall leading utilization rates in the industry, especially for end time sales utilization rates nearly at the end of the second and quarter lap efficiency of our end-type top-com base, the Peruvian Sky point 33% last year. The mass produced the efficiency of our 182 top-com sales exceeds 26.1%. We firmly believe that top-com remains the past with the best economic performance in terms of cost, mass production, production yield, intellectual property protection and customer acceptance and still has room for further cost reduction and efficiency increase.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Sure.

Lee Sender: This is general. I think in general the market price will stay at a relatively low level for a while for most of the market. It's really because, in general, the oversupply situation is quite obvious across the industry.

Jennifer: Jennifer I think.

Jennifer: In general the market price will stay as a.

Speaker Change #102: Let's say I'm ready to bid low level for for a while for most of the market.

Speaker Change #103: For me it would be of course in general the oversupply situation quite old.

Speaker Change #103: Property industry.

Lee Sender: But for sure, the market wise, it depends on the cost. How fast a cost reduction can take up with low price situation right now. At least from what we are seeing right now, quarter by quarter or month by month, the cost reduction is happening almost every day. Hopefully, with the improvement of from the cost control and also the, you know, all the actions we are taking or the whole industry is working on. The margin could go back to at least a healthy level as early as possible.

Speaker Change #104: For sure.

Speaker Change #104: The market wise it depends on the Costa how fast that cost reduction can't catch up with.

Speaker Change #104: Low price configuration right now so are we at least from what we have.

Speaker Change #104: Seeing right now quarter by quarter or month by month.

Speaker Change #104: Cost reductions happening almost everyday so hopefully I believe.

Speaker Change #105: Improvements are from the call.

Speaker Change #105: Cost control and also the you know all of the actions we're taking over the whole industry is working on.

Speaker Change #105: So margin could go back to at least a healthy level.

Speaker Change #105: Yeah.

Matthew Ingraham: Okay, great. Thank you.

Speaker Change #106: Okay, great. Thank you and then kind of on supply and demand.

Lee Sender: And then kind of on supply and demand, you know, with model prices so low for so long, is that resulting in any demand elasticity, and if so, which countries or regions could we see upside, surprise and demand? And then on the supply side, when do you think this oversupply situation across the supply chain gets resolved? Does this happen, you know, next few quarters, next 12 months, or longer?

Speaker Change #107: Prices so low for so long is that resulting in any demand elasticity and if so which countries or regions could we see upside surprise in demand and then on the supply side. When do you think this oversupply situation across the supply chain gets resolved does this happened you know next few quarters next 12 months or longer.

Speaker Change #107: Yeah.

Okay.

Lee Sender: It's really difficult to forecast the right weekdays; the market will turn upside down. But the week we see everything is gradually going to that direction; everyone, from the demand side, no matter US, Europe, or China, or other emerging markets. We still foresee healthy growth year over year.

Speaker Change #108: It's really difficult.

Speaker Change #109: Ooh forecast right, we say.

Xiande Li: We intend to keep our leading predation by gradually adopting new technologies while consider both efficiency improvements and economic returns. We continue to optimize our supply chain to cater to the demands of global clients for low-carbon, clean, high-efficient and reliable products. In the first quarter of this year, we unveiled new-grim panels to produce the real carbon factory as certified by TUV inland for compliance with relevant criteria and the requirements. So far, we have received the positive feedback from our clients.

Speaker Change #109: The market is about to turn it upside down.

Speaker Change #109: But the we see everything is gradually going into that direction everyone.

Speaker Change #109: From the outside.

Speaker Change #109: No matter, it's U S Europe or China.

Speaker Change #109: The market, we still foresee.

Speaker Change #109: Healthy.

Speaker Change #110: Gross year over year.

Lee Sender: Meanwhile, when we see the supply side, for sure, we have seen some newcomers that have dropped their plan to give up on what they planned to previously. And also from the policy wise, we see some China government policy initiative, which is trying to control the new expansion of the capacity, which shows a pretty strong signal to the constraint, the capacity supply side as well. So, and also the current lot-making market will shake out some of the weak players across the industry too. So, adding all those up together, you know, supply side, we see aesthetic growth year over year.

Speaker Change #110: Meanwhile, when we see the supply side for sure and we haven't seen something.

Speaker Change #111: New Congress the house jobs out there that will give us what are the.

Speaker Change #111: They plan to do previously and also reaffirms our policy wise, we see some China government policy initiative wishes financial controls and you expand channels to capacity, which.

Speaker Change #112: Those are pretty big node too.

Speaker Change #113: That's a fast friends the capacity supply side as well so and also the current loss makes me Martin Currie that will shakeout in some of.

Xiande Li: This once again confirmed our commitment to clean, manufacturing and the product innovation. This is the International Trade Continuing Expansion of our Globalization capabilities, as becoming increasingly important. At the recently announced, we have entered into a strategic partnership with Renewable Energy Localization Company, a wholly-oriented subsidiary of the PIF, and the Vision Industries Company to form a joint venture in Saudi Arabia for the production of 10 gigahertz of high-efficiency solar cells and solar modules.

Speaker Change #113: Our players across the industry too so.

Speaker Change #113: So, adding all those up together with enough supply side that we see a steady growth.

Lee Sender: And the supply side, you know, we see some actions taking; it might take some time, but it's moving in the direction to restrict the supply into more rational levels.

Speaker Change #113: And the supply side.

Speaker Change #113: We see some actions taking it might take some time.

Speaker Change #113: Moving on the directions, who are treated as a supplier into a more rational levels. So adding those two together, we hope to do better.

Lee Sender: So, adding those two together, we hope to give it another several quarters; the things will get back to our rational level.

Speaker Change #113: Several quarters are the same so we'll get back to a rationale.

Matthew Ingraham: I hope. Great.

Speaker Change #114: Uh huh.

Unknown Executive: Thank you all, Pasadol.

Speaker Change #115: Great. Thank you I'll pass it along.

Speaker Change #115: Okay.

Alan Lau: Thank you. Your next question comes from Alan and I with Jeffries. Thank you for taking my question.

Speaker Change #116: Thank you.

Alan <unk>: Your next question comes from Alan <unk> with Jefferies.

Speaker Change #116: Yeah.

Alan <unk>: Thank you for taking my question I guess I am from Jefferies. So first of all that's actually quite impressive, especially during the backdrop bauxite right really changing at home all.

Alan Lau: That is Alan from Jeffries. So, first of all, the research is quite impressive, especially during the backdrop of a very challenging market environment. So, I got a couple of questions.

Speaker Change #118: Market environment, So I got a couple of questions or like tag with the management are first of all.

Lee Sender: I would like to talk with the management. First of all, what is the US shipment amount and also the US shipment expectation in the second half of this year? And what is your view on the policy risk in the US market, especially there were recently filings of critical circumstances? So, for the US, it's a very special market. We see the market is, first of all, we are gradually getting back our market share gradually after the efforts we have taken in the last two years' time. So, if you look into the total shipment numbers, we have provided the range of 5 to 10% as the annual shipment range, but if we look into Q4, it's roughly 5 to 6%.

Speaker Change #119: What is the are you at shipment amount and also the U S shipment Oh expect patient in second half of this year and what is your view on that.

Xiande Li: This is another step in our innovative transformation from global cells to global manufacturing and importance in mouth-themed for our globalization strategy. This year's of experience overseas, we are dedicated to building localized solar ecosystems together with our partners to achieve synergy of resources and complementarity of advantages and further grow our competitiveness in a global market. [inaudible] We expect our advanced capacity structure to continue to lay to the industry. We expect our advanced capacity structure to continue to lay to the industry.

Speaker Change #119: Policy risk in the U S market, especially recently.

Speaker Change #120: Recently violate yourself pretty cool circumstances.

Speaker Change #119: Okay.

Speaker Change #119: Yeah.

Speaker Change #121: So for us it's a it's a.

Speaker Change #121: They are a special market we see.

The market is.

Speaker Change #121: In the first half of June call, we are gradually getting back our market share congratulate <unk>.

After the efforts we have taken in the last two years time.

Speaker Change #121: So if you look into the total shipment numbers, we have provided us with a grand total of 5% to 10% annually.

Speaker Change #121: But if we look into Q4 as roughly 5% to 6% so seasonal seasonally.

Lee Sender: So, seasonally, you know, a change requires, for example, right now, there's a rush before the efforts taking, or the market that the amount is kicking off. So, season quarter by quarter, there will be some more changes, but in general, I think they still falling to their range to be 5 to 10%.

Speaker Change #122: I can hear you sequence for example, right now.

Speaker Change #122: Rush before the tariffs kicking in or out of the.

Speaker Change #122: Market demand is kicking off shore.

Speaker Change #122: The quarterback but if I put out there will be some small changes, but in general I think the steel forgings with advantage between 5% to 10%.

Lee Sender: of our project management in the U.S. and for the long term we still believe U.S. is a great market because of the demand thanks to the AI driving. You know the electricity demand is strong, and also the AI actually is strong support to the new capacities, goes on the manufacturing side and on the utility project management side as well. So in long term we have still a big fan of U.S. solar market, and we believe we will continue to be there to find a stable supply that will serve our clients in the U.S. Even there might be some turbulence on the trade policy side, but we still have some prepared solution.

Speaker Change #122: I'll follow total shipments of U S.

Speaker Change #122: And therefore, the long term, we still believe U S cities.

Speaker Change #122: Great Martin I'd be course upset the mountain <unk>.

Speaker Change #122: Okay.

Speaker Change #123: Electricity demand is strong and also as I already rfps are struck that flock to the.

Speaker Change #124: New capacity so both on the manufacturing side and on the utility predictive asthma side as well.

Speaker Change #124: In long term, let's do a big House U S solar market.

Speaker Change #125: We will we believe even though we will continue to be there to sign.

Xiande Li: This is our advanced capacity structure to continue to lay to the industry. We expect our advanced capacity structure to continue to lay to the industry. Overall, we are holding a healthy cash flow. We will continue to optimize the structure of our assets and liabilities as well as our cash flow levels.

Speaker Change #125: Stable subsides.

Speaker Change #126: We serve our clients.

Speaker Change #127: There are some there might be some concerns with us on their trade policy size. That's a week, we do have some pre prepared a solution on it.

Lee Sender: Yeah, for the second, I think we know a couple of other urgent circumstances for the industry. It's really a little bit of risk. But we have practically managed the situations and quite some of the regulations, and we think we are the risk to Jinko is relatively low. It's because of the relatively stable volume from Janko. Like there was no spike in volume. So you think it's actually compliant with the rules, right? It's a relatively complicated, but you know where the managerate is found into the case in the U.S. So if you are going to be qualified for the situations, you must be in the wall and shimmons after the finding data case and the resistance before, and the should be a significant increase of shimmons.

Speaker Change #128: Yeah for the second of the thing.

Speaker Change #128: But I think we've got something out of it.

Speaker Change #128: Second as soon as this cause.

Speaker Change #129: Yep Yep.

Speaker Change #129: I know it's.

Speaker Change #129:

Speaker Change #129: Got it.

Speaker Change #129: And if not what do you have a crack to manage the situations in place.

Speaker Change #130: Okay sounds good.

Speaker Change #130: Yes.

Speaker Change #131: We simply nobody.

Speaker Change #130: No.

Speaker Change #130: Yeah.

Speaker Change #130: So it's usually a sensitivity.

Speaker Change #132: Is it because of the relatively stable freedom from jingle.

Speaker Change #133: Oh, Oh spiking volume.

Gener Miao: Thank you, Miss Lee. Toto Shipments were 25.3 kg in the second quarter with modern ships on the upcoming tour approximately 94%. We are pleased that we continue to write sample why in the world for the modern shipments as we are increasing labor tonight by global times for our high-efficient and reliable products and services.

Speaker Change #133: So you think it's actually complying with the rules right.

Speaker Change #133: It's a little.

Speaker Change #134: Complicated, but whereas the 19th straight is funded to the tune of case 80 series D. So.

Speaker Change #134: If you're off going into the economy by influences.

Speaker Change #134: This situation.

Speaker Change #134: And the one in humans after the final data in this case.

Gener Miao: In terms of geographic mix, approximately 60% of our module shipmen went to oversee market in the second quarter with Asia-Pacific and the Europe are coming for a majority. Sequentially shipment to the U.S, were relatively stable and shipment to Europe increased by 40%. Thanks to the continuous improvement of the entire new product strength, Tiger News Shipments accounted for 85% of puzzle shipmen in the second quarter. A steady increase from near to 80% in the first quarter as these modules are increasingly accepted by clients, particularly in China, Europe, and North America.

Speaker Change #135: And the resistant so it shouldn't be a significant increase of shipments so we proactively manage.

Lee Sender: So we are actually managed under the volume. So that is what I'm saying. But there's still some kind of risk. I think the risk is low.

Speaker Change #136: The water so that it's not that there's a lot of times I understand that.

Speaker Change #137: That's a yes.

Speaker Change #137: Yes, sometimes at risk when I was thinking that as this gets resolved.

Speaker Change #137: Cool.

Alan Lau: Thank you, exactly.

Speaker Change #138: Thank you accurately so and also would like to know.

Lee Sender: And also would like to know what is the progress in our Middle East? Because there was a huge announcement on the capacity of Janko in Saudi Arabia. So we would like to know what is the estimated timeline of that capacity and what type of policy you expect would be benefited? You know, it's really a worry-strategic move for our international manufacturing. And it's not only a purely facilities in the Saudi Arabia. And we are working with the PI and the Wishing Industries. And the Saudi Arabia, we have a very big ambition for any traditions by the 20th century.

Speaker Change #139: Oh, what is the progress in or a middle east because there was a switch and I was born on I said do you think.

Speaker Change #140: And Saudi Arabia, So who would like to know what is the estimated timeline of bed capacity and.

Gener Miao: Currently, we lead the industry as the first solar company in the world to reach a cumulative anti-module shipment of 100 million dollars. They continue to enjoy a premium in global market with premiums in some market like Europe, U.S., and the Middle East, especially high. On the strength of our extensive global self-network, we will continue to optimize our shipments and the product performance. We were recognized as the top performer across our reliable categories, reliability categories in the PV module reliable.

What type of what else do you expect would be benefited.

Speaker Change #140:

Speaker Change #141: It's really a very strategic move for our international manufacturing.

Speaker Change #142: The nice thing is it's not.

Speaker Change #142: It's not only Australia.

Speaker Change #142: No facilities in Saudi Arabia.

Speaker Change #143: We are working with the Pis and as you.

Speaker Change #144: You know the reason industries.

Speaker Change #144: The Saudi Arabia, you have very big ambitions.

Gener Miao: It is more part of our relationship by Kiva TVEL for the 10th consecutive time. And we topped the PV text on 2422 module text bankability reported with the highest typical A and B. This is a continuous recognition of our commitment to quality, innovation, and RB over the long term as well as clients long-standing trust in our product quality, bankability, and reliability.

Speaker Change #145: Right for the English translation as fine tuned as Suri.

Lee Sender: And we work together to localize the production of our advanced capacities to give us the modern capacities. And the Saudi, I think the government has all of the departments which is, you know, the goal is to, you know, to help promote local production. in Saudi Arabia. So, we wait back after our operational, you know, in 2006 and the modules in Saudi Arabia, locally, we have, I think, have a premium compared to, you know, the modules out of Saudi Arabia. And on top of that, the government has, you know, has strong support policies to join the renters in Saudi Arabia as well.

Speaker Change #146: We work together to localize our productions.

Speaker Change #146: The lost capacity as it's going to be less so on the module capacity is.

And as Saudi I think that the government has oh.

Speaker Change #147: Honest with your comments, which is which is you know there's always two two.

Speaker Change #147: To choose to hop to promote local productions.

Speaker Change #148: Yeah Arabia so.

Gener Miao: Recently, we became one of the few companies to have one of those Tier 1 energy storage provider and the Tier 1 PV module manufactured by Bloomberg. These orders are not only a testament to the power of our outstanding brand but also an affirmation of our proactive contributions to global energy transformation. As the economic offshore energy become more apparent, we expect amount in the global market to stay around 600 gigawatts in 2024 and the growth of that in 2025.

We expect no after operational.

Speaker Change #148: You know into 'twenty as many as six and then the modules.

Speaker Change #148: Saudi Arabia locally what else do you have.

Speaker Change #149: Yeah have a premium.

Compared to you know the module so I don't know the Saudi Arabia.

Speaker Change #149: And on top of a graduate Garmin has.

Speaker Change #149: Yeah.

Speaker Change #150: So for pharmacies.

Speaker Change #150: Our two joint ventures in Saudi as well.

Lee Sender: So, would there be any localization requirement on tender and so that you can ensure all the modules will be sold and also even some of your competitors will have to buy your modules of that localization requirement? I would like to be more confident; you know, we will have the worry beneath competitiveness in Saudi and for the Saudi market. And the Saudi, if you look at the total market science, it's roughly 50-60% of the total melodies and the renderings where we are worried about asking, you know, in the next few to five years. And, you know, I think you want to expose your data policies.

So would there be any.

Speaker Change #150: Localized patient requirement on tendering so that.

Gener Miao: In addition, from mainstream market like China to U.S., the emerging market, such as Middle East and some countries in Asia Pacific, I also show in strong growth potential. With our accumulated experience in global self and the growing industry chance for print, we are confident we will. Over time, see the opportunities brought about by the growth in global market demand more rapidly and more high efficiently and optimize over the supply chain to effectively accomplish changes in international trade policy. We will continue to optimize our products and the services constantly enhancing our competitiveness, global grassroots strategic market, market positioning, and outstanding climate relationship management.

Speaker Change #150: You've been ensure Oscar modules will be sold and also even some of your competitors.

Speaker Change #151: Have to buy you a boardroom.

Speaker Change #151: That localized climate.

Hum.

Speaker Change #152: I would like to be weren't comprehended.

Speaker Change #153: We will pass the word at least some positive news in the Saudi tender for the Saudi market and it's all the if you look at the total market size is shrunk as a 56% of the homes.

Speaker Change #153: Total megawatts.

Speaker Change #153: And our regulators.

Speaker Change #154: About two months ago.

Speaker Change #154: The next three to five years.

Speaker Change #155: And Oh, you know what I think you want to have exposure with Utah policies Theres some policies.

Lee Sender: There are some policies existing, but it's going to be developed, I think, by the government as well. And the current policy is a 20% local conference for some kind of additional penalty. But the big issue is in Saudi Arabia, there is no any, you know, qualified module producers. So, most of the developers at this stage, they get the river neither, by understanding, because there is no available local producers. But, you know, we, you know, I think we are in a good position to penetrate the markets and, you know, have to announce our joint venture. So, you'll be technically the only qualified producers by 106.

Speaker Change #155: But it's going to be there for now I think by the government as well.

Charlie Cao: With that, I will turn it all over to Pat. Thank you, Jiner. We are pleased to report differential groups in modes of shipments and total revenues in a very challenging second quarter.

Speaker Change #155: I'm going to kind of the policy is a 20% local content based on kind of additional counties.

Speaker Change #155: Big issue as you know Saudi Arabia there.

Speaker Change #155: There is no.

Speaker Change #155: No.

Charlie Cao: Our module price is declined. We reduced costs through high-chain optimization and technology upgrade, improved operating efficiency up-optimized assets and liability structures. First margin was relatively flat sequentially, and our asset liability ratio was done by one percentage point compared to the year beginning. Despite the challenging situation in the industry, we did not stop returning value to our shareholders for their long-term support. At the beginning of August, we announced a cash dividend of $1.5 per ADA, which was paid today as planned.

I'll qualify it.

Speaker Change #155: Joe.

Speaker Change #155: Producers. So most of the developers are the stages they they get levered neither.

My understanding you just various Noah available local you know.

Speaker Change #155: Local producers, but you know we you know I think we are you know.

Speaker Change #155: Good positioned to penetrate the market and.

Speaker Change #155: Yeah.

Speaker Change #155: Sure.

Speaker Change #156: So I'll work during the winter.

Speaker Change #157: So you tend to be the only qualified producers, but by generating a six so that might bring you premium down right.

Lee Sender: So, that might bring you premium there, right? I would love to say that, but I think you know, we will be the first more, you know. So, we take that around it.

Speaker Change #157: I would love.

Speaker Change #157: You can see that.

Speaker Change #157: But we will be the first board.

Speaker Change #157: So it takes out a lot of it.

Speaker Change #157: Peter.

Alan Lau: And then, a counting question on the financials, because I saw in the adjusted, the calculations of adjusted earnings, actually it's around 380 million. So, isn't it like RMB 665, and then you take 58% of shareholding on the loss of that? So you, and you saw that you get 280 million? So, you're talking about the GPS or really average? I just, they're just at that income. So, it's shown as 378 million RMB. So, there's a net loss due to the signed C fire accident of 380 million. So, I would like to know if this 380 million is 58% of 665 million in the Asia-Left.

Charlie Cao: In addition, as of today, we have repurchased a total of 5.6 million ADA in an aggregate amount of over 113 million in the open market. Our ship repurchased program announced in July 2022, and the extended ship repurchased program announced in December last year.

Speaker Change #157: And then.

Peter: Question on on on these.

Speaker Change #159: Financials, because I saw in India, just to Oh Hercules yourself adjusted earnings actually it's around 380 billion. So is it like RMB 665, and then you would take 58% of shareholding on deal on the loss of that so.

Speaker Change #160: So does it get to 18 minutes.

Charlie Cao: Let me go into more details now. Total revenue was about 3.3 billion up 4.4 percentage sequentially and down 21 percentage year-to-year. The year-to-year decrease was mainly due to a decrease in average selling price of solar modules. Gross margin was 11.1 percentage compared with 11.9 percentage in first quarter this year, and the 15.6 percentage in the second quarter last year. The year-to-year decrease was mainly due to the decrease in average selling price of modules.

Speaker Change #160: Oh.

Speaker Change #161: So you have something like this yes or.

Speaker Change #161: Really average.

Speaker Change #161: Yeah.

Speaker Change #161: Yeah, I'd just put net income so it's shown at 378.

Speaker Change #161: RMB.

Speaker Change #163: So theres a net loss due to the signs you fire accident free 80 million. So we'd like to know if this creates a million is 58% of 660 possibility into Asia level.

Pat: Yeah, I think about, you know, the total numbers for the age here is kind of, you know, the numbers I'm talking about, and that, because the rest of the 58 percent, so 55, close 58 percent, so the minority, I think there's a civil line, net income, actually there's a long time so many interests, that's consolidated all, you know, all that, you know, net income should be allocated to the minority interests from the perspective of the U.S. net income. Including the loss from the Sanxi Province, right? It's also proportionated. Thank you, thank you.

Speaker Change #163: Yeah, Yeah, that's been about the total numbers for the easier. It is kind of you know the numbers I'm talking about because yeah yeah.

Speaker Change #163: Oh, the 58% so perfect for serious but since there was a minority of it.

Charlie Cao: Total of trading expenses were about 5.25 million up 24 percentage sequentially and about 18 percentage year-to-year. The sequentially and year-to-year increases were mainly due to the right of the net-book value of the equipment resulted from the high-activity exchange to province, which was partially offset by estimated insurance per seat from the high-activity in the second quarter this year. So the operating expenses accounted for about 16 percentage of total revenues in the second quarter compared to 13 percentage and about 11% in the seventh quarter last year.

There's a I think a similar line net income attributed to the Noncontrolling interests.

Speaker Change #163: That's consolidated.

Speaker Change #164: Or is that you know.

Speaker Change #165: Net income should be allocated to that.

Speaker Change #165: The minority interest from the constructive.

Speaker Change #166: That's cool.

Speaker Change #166: I noticed the including the loss from the Sanchez properties right.

Speaker Change #166: Yes.

Nathan: So Nathan.

Nathan: Yes.

Nathan: Yes.

Nathan: Thank you.

Lee Sender: So my final question is, what is the U.S. stage of FBL policy system? Now, can you use 100 percent of that to save cost? Oh, you mean the policy out of China, right? I do FBL, the, yeah. I think we, we, you know, I think we, we, we, we, we, we get kind of, you know, improvement on the television levels. And typically it's kind of 70 percent, you know, 50 percent. Thank you, thank you.

Nathan: So finally my final question is.

What is the use stage of F B L.

Speaker Change #168: Polysilicon now.

Speaker Change #169: Can you just 100% of debt to save cost.

Speaker Change #168: Okay.

Speaker Change #168: Oh, yes.

Speaker Change #170: I don't know China.

Speaker Change #170: I do Oh, yeah the.

Charlie Cao: Net loss, attribute to the JinkoSolar Holding Co., Ltd. Auditorial shareholders were 13.9 million in the second quarter this year, excluding the impact of the change in fair value of the convertable signals, fair value loss related to the investment in solar supply chain companies, share bets, compensation, expenses, and net loss resulted from a five accident in Changxi, adjusting income attribute to the JinkoSolar Holding Co., Ltd. Auditorial shareholders were about 52 million moving to the balance sheet at the end of the second quarter of cash and cash equivalent were 1.91 billion compared with 2.4 billion in the first quarter this year. A.O, to Notre-Days were 89 days compared with 100 days in the first quarter this year, even to Notre-Days were 82 days compared with 89 days in the first quarter this year, as a result of improving operating efficiency. At the end of the seventh quarter total debt was 3.86 billion compared to 3.66 billion in the first quarter.

Speaker Change #170: Oh, Yes, Brendan pointed pretty good yep.

Speaker Change #170: Yes.

Speaker Change #170: All right.

Speaker Change #170: You know I.

Speaker Change #170: We agree with some of the you know.

Speaker Change #171: Uh huh.

Speaker Change #171: The improvement.

Speaker Change #171: Yes.

Speaker Change #171: And typically it's been a steady person.

Speaker Change #172: It was 8%.

Speaker Change #172: Okay.

Speaker Change #172: Thank you. Thank you I'll pass it on thanks, a lot Charlie.

Charlie Cao: I'll pass on, thanks a lot, Charlie. Thank you.

Speaker Change #172: Thank you.

Operator: Once again, if you were to ask a question, please press star one on your telephone and wait for your name to be announced.

Speaker Change #173: Once again, if you wish to ask a question. Please press star one on your telephone and wipe their name to Vietnam.

William Griffin: Your next question comes from William Griffin with UBS. Hi, thanks a lot for the time. Just a couple for me. The first one was on the tandem cell efficiency that you noted in the press release. Because you just talk about kind of where you are in the development process for that technology. And how long before you think we could see something become commercially available?

Speaker Change #173: Your next question comes from William Griffin with UBS.

Speaker Change #173: Okay.

William Griffin: Hi, Thanks, a lot for the time just a couple for me. The first one was on the tandem.

William Griffin: Tandem cell efficiency that you noted in the press release could you just talk about kind of where you are in the development process for that technology and how long before you think we could see something become commercially available.

William Griffin: Okay.

Lee Sender: Yeah, the time time, the time is still in our stage. But we are optimistic, of course, you know, for the future, the commercialization of the top kind plus the, you know, the time time in technology. But still, you know, it's, if you look at the time, time scheme, it's a way we believe it in the next five years. And, you know, it's still in a, you know, a matter of space. And it's possible that after five years, it could be commercialized, but it depends a lot on, you know, progress. So it's, so back to the present, we don't believe it's commercialized.

Yeah, you touched on it it's hard to remember is still in the R&D stage, that's a way off domestic up whether you know you sort of try to come to commercialization on the tough comps in the process.

Speaker Change #175: You know it was tension excuse mileage as T O.

Speaker Change #175: If you look at the top 10 scheme, it's a way we believe it.

Speaker Change #175: In the next five years and you know it's still you know you know.

And as possible after the five years it could be commercialized.

Speaker Change #175: It depends a lot on you know.

Charlie Cao: Net price can go out prepared remarks.

Speaker Change #175: Progress so it's so Bachelor impressive, we don't get easier to commercial van.

Unknown Executive: We are now happy to take some questions.

Operator: I'll pray to you. Please proceed. Thank you. If you wish to ask questions, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two.

Lee Sender: One hundred percent of its ability is at this stage. And, you know, the earlier time, maybe after five years.

Speaker Change #175: 100% visibility is at this stage and.

Speaker Change #175: You know it was an earlier time, maybe after five years.

William Griffin: Got it. Thank you.

Speaker Change #176: Got it. Thank you and then just on on the top card side.

Matthew Ingraham: Your first question comes from Simlipsion with Ross Capital Partners. Hi, this is Matt Ingram on for Phil. Thank you for taking our questions.

William Griffin: And then just on, on the top con side, obviously, there's been a lot of, you know, headlines and reports of litigation companies claiming IP around top con. A little bit hard to get a good handle on, you know, the patent landscape there. Just wondering if you could speak to, you know, how comfortable you are with.

Speaker Change #177: Obviously, there's been a lot of headlines and reports of litigation companies, claiming.

Gener Miao: Looking into the back after the year in 2025, how do you see module pricing, trending, and then on gross margins, was it going to take to return to the mid-teens, margins levels, and do you think this could be achievable in 25? Thank you for the question. This is general. I think in general the market price will stay at a relatively low level for a while for most of the market. It's really because in general, the oversupply situation is quite obvious across the industry.

Speaker Change #178: IP around talk on.

Speaker Change #178: A little bit hard to get a good handle on the.

Speaker Change #179: The patent landscape there just wondering if you could speak to how comfortable you are with.

Lee Sender: Your position in the top-con IP landscape across your key markets and maybe any sort of discussions around licensing or other legal actions that maybe you've been having. So the patterns, if you look at the things where it's the top-con promoter, the leader of economic knowledge, and in the recent three years we invested around five to six percent total revenue on R&D. From this significant part, we're moving into the top-con. So we're really, we're talking about our patents, particularly on top-con. If you look at the total volume, if you look at the quality, if you look at the patterns and the spread in different countries, particularly out of China.

Speaker Change #179: Your position sort of in the talk on IP landscape across your key markets and maybe any sort of discussions around.

Speaker Change #180: Licensing or.

Speaker Change #179: Other legal actions that maybe you've been having.

Speaker Change #179: Hum.

Speaker Change #181: So the patents.

If you look at the two.

Speaker Change #181: And what is the kind of the top car promoter.

Speaker Change #182: Oh the <unk>.

Speaker Change #182: Neither of them taken on it.

Gener Miao: But for sure, the market wise, it depends on the cost. How fast a cost reduction can take up with low price situation right now. At least from what we are seeing right now, quarter by quarter or month by month, the cost reduction is happening almost every day. Hopefully with the improvement of from the cost control and also the, you know, all the actions we are taking or the whole industry is working on. The margin could go back to at least a healthy level as early as possible. Okay, great. Thank you.

Speaker Change #182: In addition to say, yes, where you asked is around 5% to 6% of total revenue R&D.

Speaker Change #183: A significant part of a prudent use of that tough comp so well really broke homeless.

Speaker Change #184: How 'bout, our patents, but to go out on top.

Speaker Change #183: The total volume.

No kind of quality if you look at the you know the compounds.

Speaker Change #183: Expressed in different countries, particularly out of China.

Lee Sender: So I think at the beginning of this year, we also announced some kind of news. We granted some kind of patents to one sort of company, one sort of another company is one sort of sale company. So that, you know, demonstrate that strong capabilities on R&D and patent position.

Speaker Change #183: So I think at the beginning of this year, we also announced some kind of news we granted it sounds kind of patents to.

Speaker Change #183: One sort of companies, while solar module company its Ross silver sale companies. So not you know.

Gener Miao: And then kind of on supply and demand, you know, with model prices so low for so long, is that resulting in any demand elasticity and if so, which countries or regions could we see upside, surprise and demand? And then on the supply side, when do you think this oversupply situation across the supply chain gets resolved? Does this happen, you know, next few quarters, next 12 months or longer? It's really difficult to forecast the right weekdays, the market will turn upside down.

Speaker Change #183: Demonstrating our strong to me, but it is on the unfunded position.

William Griffin: All right, thank you very much. Thank you.

Speaker Change #183: Okay.

Speaker Change #185: Alright, thanks very much.

Speaker Change #185: Thank you.

Unknown Executive: Your next question comes from a tea chondri with Sinclair Capital. Good morning. I have a few questions. The first couple of questions are just housekeeping.

Speaker Change #187: Your next question comes from I teach laundry with some sorry capital.

Speaker Change #187: Yeah.

Speaker Change #188: Good morning.

Speaker Change #189: I have a few questions.

Speaker Change #190: First a couple of questions I just housekeeping.

Unknown Executive: Can you tell us what the depreciation and the capital spending numbers were for the second quarter and what the targets are right now for the full year? Okay, thank you for the question. I mean, the second quarter, the way it reduced the our Quebec's as compared with a first quarter, which was the total Quebec's in the first half year.

Speaker Change #191: Can you tell us what the depreciation and the capital spending numbers were for the second quarter and what the targets are like now for the full year.

Gener Miao: But the week we see everything is gradually going to that direction, everyone, from the demand side, no matter US, Europe or China or other emerging markets. We still foresee healthy growth year over year. Meanwhile, when we see the supply side, for sure, we have seen some newcomers that have dropped their plan to give up on what they planned to previously. And also from the policy wise, we see some China government policy initiative, which is trying to control the new expansion of the capacity, which shows a pretty strong signal to the constraint, the capacity supply side as well.

Speaker Change #192: Okay. Okay. Thank.

Speaker Change #192: Thank you for the question.

In the second quarter, but what.

Speaker Change #194: Well you have refused because he hover cemex has comparatively.

Speaker Change #195: Yeah, the first quarter.

Speaker Change #196: Uh huh.

Speaker Change #196: They sure was.

Speaker Change #196: That's total capex and the like in the first half year.

Unknown Executive: What about the full billing R&B? And our perspective, total Quebec's in the whole year would be adjusted to about nine billing R&B. I think the big question is, you know, the big picture is, you know, it's a past year since right in the industry once, but the industry has suffered in the Sinclair or four quarters. And as top one companies, we help them manage the companies and, you know, sustainable growth. And we manage the Siemens for granted and the Federalist Federal, you know, so either by our positions on the cash flows, particularly. On top of that, we, we significant cut off cut to the tax, you see, as far as the next year, as well as lower operating expenses and optimize our operation and including, you know, the train some labor, you know, labor force.

Speaker Change #197: What about the full billing RMB.

Speaker Change #197: And our perspective.

Speaker Change #197: Total capex in the whole year would.

Speaker Change #197: It would be adjusted to about 9 billion RMB.

Rajeev: Hey, Rajeev.

Rajeev: Big question yet.

Rajeev: The Big Pictures.

Gener Miao: So, and also the current lot-making market will shake out some of the week players across the industry too. So, adding all those up together, you know, supply side, we see aesthetic growth year over year. And the supply side, you know, we see some actions taking, it might take some time, but it's a moving on the direction to restrict the supply into more rational levels. So, adding those two together, we hope to give it another several quarters, the things will get back to our rational level. I hope. Great. Thank you all, Pasadol. Thank you.

Rajeev: So it's a tough situations right or you can get three months, but are you just seeing the suburbs and I think it's three or four quarters and that is.

Speaker Change #200: I was talking about companies we.

Helping them manage their companies.

Speaker Change #201: It's not sustainable.

Speaker Change #201: And we balance assuming for granted.

Speaker Change #201: To further solidify our position on the cash flows, particularly on top of that the really.

Speaker Change #202: Significant cargo classes Uh huh.

Speaker Change #203: Yes, that's what I was next to you.

Speaker Change #203: Nowhere is the operating expenses and optimize our accretion and recruiting yeah no yeah.

Alan Lau: Your next question comes from Alan and I with Jeffries. Thank you for taking my question. That is Alan from Jeffries.

Speaker Change #203: The training some labor.

Unknown Executive: So, and let's look at our cat-packs in the next year. We don't have a cat-packs pass except for the Saudi Arabia, you know, capacities, which is a strategic move. So just, you know, for the administration, we understand. But we, we think, you know, after several quarters, we cannot bring a cat-packs pass. So, you know, it's a strategic move. So, just, you know, for the administration, we understand. But we, we think, you know, after several quarters, we cannot bring a cat-packs pass. So, we cannot bring a cat-packs pass. We cannot bring a cat-packs pass.

Speaker Change #203: The name or force so and.

Speaker Change #203: What kind of our Capex next year.

Alan Lau: So, first of all, the research is quite impressive, especially during the backdrop of a very challenging market environment. So, I got a couple of questions. I would like to talk with the management.

Speaker Change #204: I don't have any impact.

Speaker Change #204: Except for the.

Speaker Change #205: Saudi Arabia.

Speaker Change #205: Capacities, which is S S excuse me.

Speaker Change #205: Okay.

Gener Miao: First of all, what is the US shipment amount and also the US shipment expectation in second half of this year? And what is your view on the policy risk in the US market, especially there were recently filings of critical circumstances? So, for US, it's a very special market. We see the market is, first of all, we are gradually getting back our market share gradually after the efforts we have taken in the last two years time.

Speaker Change #205: So definitely not slow.

Speaker Change #205: Yes.

Speaker Change #205: Yes.

Speaker Change #205: But we think you know.

Speaker Change #205: After several quarters, where we cannot.

Speaker Change #205: Exactly.

Speaker Change #206: Oh by.

I believe we.

Speaker Change #206: We have seen you know the big players talk to for free even if I'm kind of.

Speaker Change #207: Random fares have been consolidated for you freeze offs.

Speaker Change #207: And juniors.

Speaker Change #207: The downtime and some downward cycle. So we were I guess I think we are getting prepared.

Speaker Change #207: As it relates to Silversea.

Speaker Change #207: Okay.

Unknown Executive: So, are you suggesting that cat-packs in 2025 will be even less than the 9 billion in 2024? Yes, and it's definitely, and if you're Saudi Arabia, it's already even, you know, because we take 40% equity, and really, you know, equity will be 100 million U.S. dollars in the next year. So, except for that, I think we have some kind of within this cat-packs as well as some kind of U.S. among the, you know, R&D cat-packs. So, definitely it's going to be, you know, lower next year.

Gener Miao: So, if you look into the total shipment numbers, we have provided the range of 5 to 10% as the annual shipment range, but if we look into Q4, it's roughly 5 to 6%. So, seasonally, you know, a change requires, for example, right now, there's a rush before the efforts taking, or the market that the amount is kicking off. So, season quarter by quarter, there will be some more changes, but in general, I think they still falling to their range to be 5 to 10%, of our project management in the U.S, and for the long term we still believe U.S, is a great market because of the demand thanks to the AI driving, you know the electricity demand is strong and also the AI actually is strong support to the new capacities, goes on the manufacturing side and on the utility project management side as well.

Speaker Change #208: So are you, suggesting that the capex in 'twenty 25 will be even less than the 9 billion in like what are you going to cool.

Speaker Change #208: Yes definitely.

Speaker Change #209: Saudi Arabia is unique.

Speaker Change #210: Because if we take 20% equity.

Speaker Change #211: The reality is equity.

Speaker Change #212: The 100 million U S dollars.

Speaker Change #212: Next year, so except for that I think we have some kind of maintenance capex as we have some kind of those investments on the R&D.

Speaker Change #212: On the Capex, so definitely it's going to be.

Speaker Change #212: Lower next year.

Unknown Executive: Okay, and what about depreciation in the second quarter? So, each month roughly, you know, if you want to choose your financial model, it's kind of 500 million. On V to 600 million, on V you can put in your financial model.

Speaker Change #213: Okay, and what about depreciation in the in the second quarter.

Speaker Change #213: Yes.

Speaker Change #214: So it's two months roughly I don't know if you want to share with you and financing.

Speaker Change #215: Is that kind of five times a month.

Speaker Change #215: RMB, two 600 million on visa.

Gener Miao: So in long term we have still a big fan of U.S, solar market and we believe we will continue to be there to find a stable supply that will serve our clients in the U.S. Even there might be some turbulence on the trade policy side but we still have some prepared solution.

Speaker Change #216: As you model.

Unknown Executive: But anyway, if you have detailed number of questions, I would suggest you can have a follow-up with, you know, I am actually sending to give you detailed number.

Speaker Change #217: I don't know if you have detailed number no crashes, which suggests that you got.

Speaker Change #217: Oh, you know what we saw.

Speaker Change #219: I don't have to send them.

Speaker Change #220: Can you give any detail on them.

Unknown Executive: Okay, okay. So, moving on to the next question. That is on your average selling prices. Your average selling price in the second quarter was down quite a bit. It was down actually more than 10%, 15% from the first quarter. And part of the reason I get from reading the presentation is that DG was 50% of sales. And most of DG is, I think, in China. So, the combination of focus on China and DG led to more than a pretty sharp decline in ASP. Now, as you go into the second half of the year and shipments as a proportion of total shift away from China, shift away from DG, will that provide a more benign backdrop for pricing for you?

Speaker Change #220: Okay.

Speaker Change #221: So moving on to the next question.

Speaker Change #222: That is on the average selling prices average selling price in the second quarter was down quite a bit that was down actually more than a 10% 15% from the first quarter and part of the reason I get from a reading the presentation is that the D. G was what.

Gener Miao: Yeah, for the second, I think we know a couple of other urgent circumstances for the industry. It's really a little bit of risk. But we have practically managed the situations and quite some of the regulations and we think we are the risk to Jinko is relatively low. It's because of the relatively stable volume from Janko. Like there was no spike in volume. So you think it's actually compliant with the rules, right?

Speaker Change #222: 50% of sales and most of <unk> is I think in China. So the combination of focus on China, and ER and D. G led to.

Speaker Change #222: More than a pretty sharp decline in ESP now as you're going through the second half of the year and shipments as a proportion of total shift away from China shift away from D. G.

Speaker Change #223: What does that provide a more benign backdrop for pricing for you.

Lee Sender: You know, the spoken market price, you know, in the last three or six months, it's coming to a decline. But we think it's going to be, you know, the lowest level to be stabilized. But if you look at financial numbers, because we have different pockets in your sales scale, the DG, DG, DG sentiment. We have different markets, U.S., you know, Japan, different, different regions and different regions for signing contracts. So, if you look at the ASP in your life, it's affecting the industry wide. The down, forward, forward, forward, and forward market price for the modules, because we have different, in the meantime, different countries.

Gener Miao: It's a relatively complicated, but you know where the managerate is found into the case in the U.S. So if you are going to be qualified for the situations, you must be in the wall and shimmons after the finding data case and the resistance before and the should be a significant increase of shimmons. So we are actually managed under the volume. So that is what I'm saying. But there's still some kind of risk. I think the risk is low. Thank you, exactly.

Speaker Change #224: You know the spot market price.

Speaker Change #224: Yeah, Yeah yeah.

Speaker Change #224: Yes, it was three or six months excuse me in Q2.

Speaker Change #224: The decline, but we think it's going to be.

Speaker Change #226: Doris levels to be stable not by doing what kind of financing.

Speaker Change #227: The numbers don't forget we have different buckets, you taste it scares the D D D.

Speaker Change #228: T D D G sibs in mens wearhouse different market U S.

Speaker Change #228: It's different in different regions.

Speaker Change #228: You can see sounds cool signing of contracts.

Speaker Change #229: Uh huh.

Speaker Change #229: Okay.

Speaker Change #230: S T and you're right I think it is affecting the industry wide.

Gener Miao: And also would like to know what is the progress in our Middle East? Because there was a huge announcement on the capacity of Janko in Saudi Arabia. So we would like to know what is the estimated timeline of that capacity and what type of policy you expect would be benefited?

Speaker Change #230: This is on for John.

Noninterest loss for the modules.

Speaker Change #231: You know because we have a difference in these different countries.

Lee Sender: So, in each quarter, in a few two, Q1, the average is about one size, but we expect that I will continue to train in a third quarter, about three to three, four quarter. So, you know, on our side, if you look at the supply chain perspective, the material costs coming up to your current. So, can we expect that the decline in ASPs will moderate in from Q2 to Q3 relative to what we saw in Q1 to Q2? Yes, I will have to say, you know, if you look at Q4 with Q3, it's going to be relatively modernized.

Speaker Change #232: It would be a cool each.

Speaker Change #232: Each quarter to Q1.

Speaker Change #232: The average is facing more science around the we're expecting on the computer.

Speaker Change #232: Continuing the trend from here.

Speaker Change #232: Third quarter grass root cause is.

Speaker Change #232: They were in the fourth quarter so.

Speaker Change #232:

Gener Miao: You know, it's really a worry-strategic move for our international manufacturing. And it's not only a purely facilities in the Saudi Arabia. And we are working with the PI and the Wishing Industries. And the Saudi Arabia, we have a very big ambition for any traditions by the 20th century. And we work together to localize the production of our advanced capacities to give us the modern capacities. And the Saudi, I think the government has all of the departments which is, you know, the goal is to, you know, to help promote local production.

Speaker Change #233: On the other side is kind of a surprise.

Speaker Change #233: And it goes back to the material cost going into Q2, two to two new trains.

Speaker Change #233: Yeah.

Speaker Change #233: So.

Speaker Change #234: Can we expect that the decline in our ESP will moderate and and from Q2 to Q3 relative to what we saw in Q1.

Speaker Change #234: You too.

Speaker Change #236: Yes, I will.

Speaker Change #237: We like to say you know if you're looking at Q4 versus Q3s tend to be less.

Speaker Change #238: There is no modernize.

Lee Sender: Okay, but can you say that we are at the point where pricing can be expected to be stable, or we are not there yet?

Okay, but.

Speaker Change #239: Can you say that Oh.

Speaker Change #240: We are at the point, where the pricing can be expected to be stable, although we're not there yet.

Lee Sender: I think, you know, it's kind of in a time scheme, you know. If you look at the sectors, most of the sectors is suffering in cash losses, and we don't believe there is a significant room further, and with the retail capacity, it should be kind of stabilized. If you look at the sort of vapor price, in a recent way, the top players, they have increased the 12 market price on elevators and even in the party price has been stabilized. So, step by step, step by step, you know, you will see the module and the solar cell in the price.

Speaker Change #240: Right.

Speaker Change #241: I'd say, you know what kind of time.

Speaker Change #241: Kind of a scheme.

Speaker Change #243: If you look kind of sectors most of it.

Speaker Change #243: Six years, who's suffering a cat losses that were going to dig theres a significant zoom.

Speaker Change #244: No that's fair.

Speaker Change #245: Based on the capacity it should be about 10.

Mengmeng Li: [inaudible] Li, Wangmeng Li, Wangmeng Li, Wangmeng Li, Wangmeng Li, Wangmeng Li, Wangmeng Li, Wangmeng Li, Wangmeng Li,[inaudible] Yeah, I think about, you know, the total numbers for the age here is kind of, you know, the numbers I'm talking about, and that, because the rest of the 58 percent, so 55, close 58 percent, so the minority, I think there's a civil line, net income, actually there's a long time so many interests, that's consolidated all, you know, all that, you know, net income should be allocated to the minority interests from the perspective of the U.S, net income. Including the loss from the Sanxi province, right? It's also proportionated.

Speaker Change #245: 10 of these stand when I say, if you look at it sort of a wafer price recently.

Speaker Change #245:

Speaker Change #246: They actually have the increases are slowing and that takes time, so I don't have it.

Speaker Change #247: You didn't.

Speaker Change #247: Price has been stabilized so step by step by step by step I see.

Speaker Change #247: You will see the module.

Or is it a similar sale price.

Lee Sender: I see.

Lee Sender: Okay, Charlie, your costs were down; apart from the decline in polysilicon prices, your production costs were down quite significantly also in the second quarter, and that helped you maintain the gross margin at a double-digit level. Can you break down some of the reasons why the costs were down, and can we expect costs to keep on coming down at the same rates that we saw from Q4 to Q1 and then Q1 to Q2? We have had some pretty dramatic declines and costs here, and that is separate from the polysilicon prices. Yes, you know, there are a lot of efforts we are working on, you know, the continuous to optimize our design, you know, and the key materials, the purchase price come here to be helping improve.

Speaker Change #248: I see okay.

Italia: Italia your costs went down.

Italia: Apart from the the.

Speaker Change #250: Client and poly silicon prices your production costs were down quite significantly also in the second quarter and that helped you maintained the gross margin at the at the double digit level can.

Speaker Change #251: Can you break down some of the reasons why the costs were down and then we expect yeah talk to keep on coming down at the same rates that we saw from Q4 to Q1, and then Q1 to Q2.

Speaker Change #252: We have had some pretty dramatic declines in Costco and that is separate from the policy.

Speaker Change #253: Yeah. So you know there's a lot of efforts we are working on.

Speaker Change #254: No no.

Speaker Change #255: Continuous shoes.

You know two to optimize some of the design and the key materials.

Speaker Change #255: And then as far.

Speaker Change #255: The last 10 years to be happening in cruise.

Lee Sender: And the impact of working increases and labor costs, you know, and the operating expenses, you know, optimizations. So, there are a lot of, you know, efforts we are working on. So, does that mean that gross margin can go up in the third quarter relative to the second quarter? No, I, you know, I don't believe that, you know, frankly, but I think, you know, we are competent, you know, the growth margin, the bottom and the way we try to, you know, to be stable, you know, try to stabilize. You know, if we look at our peers, you know, we are in a relatively good position and stabilize, and the face-on takes time.

Speaker Change #255: The improved increasing fees and labor costs, you know kind of.

Speaker Change #256: Uh huh.

Speaker Change #256: Operating expenses, you know optimization so no.

Speaker Change #257: Oh no no no.

Speaker Change #257: Our efforts were working on.

Speaker Change #257: Okay.

Speaker Change #258: So does that mean that gross margin can go up in the third quarter relative to the second quarter.

No what I said.

Speaker Change #259: <unk> believes that you know frankly, I think as you know we're out of Congress.

Speaker Change #260: Is it gross margin your thoughts around to where you were trying to you know to be stable.

Speaker Change #260: So stay with us.

Speaker Change #260: Yeah.

Speaker Change #261: But you're not confident that it can go up from Q2 did you see it.

Speaker Change #262: No I I you know.

Speaker Change #262: I would like to say you know stabilize or kind of the you know if you know kind of our peers.

Speaker Change #263: Not really.

Speaker Change #264: They are in good positions.

Speaker Change #264: Stabilize Santa Fe Summit, and it takes time, but I think it is.

Lee Sender: I think it's not going to take one or two years, but maybe take up couple of course, you know, several quarters. And on top of that, we, we, you know, we take the every hour, you know, the global manufacturing and marketing capabilities and optimize the, you know, the economics.

Speaker Change #265: Not going to take one or two years, but maybe just take a couple of course, several corners and on top of that agrees with me.

Speaker Change #266: We take the average Alberta.

Speaker Change #267: Cobalt manufacturing and marketing capabilities.

Speaker Change #267: Awesome.

Speaker Change #267: We know the economics.

Lee Sender: Okay, another question is on the end, the end type market. What do you think the size of the end type market will be in 2024 this year? I mean, and what will your market share be? If you do 90 to 95 gigawatts.

Okay. Another question is on the <unk>.

Speaker Change #268: The N type market.

Speaker Change #269: What do you think the size of the N type market will be in 'twenty 'twenty four.

Speaker Change #269: For this year.

Speaker Change #270: I mean, yeah.

What was your market share would be.

Speaker Change #271: If you do 90 to 95 Gigawatts.

Lee Sender: Hi, we just wanted to interrupt you. We want to take this as a final question. And for more questions, we can discuss after the call. Is that okay? Yes. Okay, thank you. I think in time this year is 10 of the, you know, the top count dollar. This is a domination year for intact, intact top count. And the market is kind of tricky for top count. Roughly, I say maybe 70 to 75 percent. And the jingle, roughly 90, 90 percent. So that's, if you look at, look for next year, I think it should be why it's, you know, constraints for impact.

Speaker Change #272: Have you decided to interrupt you I will take this as a final question I have one more question. So he can discuss after after the call is that okay.

Speaker Change #272: Yeah.

Speaker Change #273: Okay. Thank you.

And then Tom just theaters kind of at the.

Tom: Top comes on and is this just a domination.

Speaker Change #273:

Speaker Change #275: And in terms of truck huh.

Speaker Change #275: I'm doing.

Speaker Change #275: The market penetration for telecom.

Unknown Executive: Thank you, thank you.

Speaker Change #277: Rockford assay may be 70% to 75% and zinc ores are roughly 99%. So that's.

Speaker Change #277: Okay that looks for next year.

Speaker Change #277: I think it should be my accent penetrations for impact.

Unknown Executive: So my final question is, what is the U.S, stage of FBL policy system? Now, can you use 100 percent of that to save cost? Oh, you mean the policy out of China, right? I do FBL, the, yeah. I think we, we, you know, I think we, we, we, we, we, we get kind of, you know, improvement on the television levels. And typically it's kind of 70 percent, you know, 50 percent. Thank you, thank you.

Speaker Change #278: [noise] there are no further questions at this time that does.

Operator: There are no further questions at this time.

Operator: That does conclude our conference for today. Thank you for participating. You may down disconnect.

Conclude our conference for today. Thank you for participating you may Dan disconnect.

Okay.

Speaker Change #278: [music].

Speaker Change #278: Yeah.

Unknown Executive: I'll pass on, thanks a lot, Charlie. Thank you.

Speaker Change #278: Yeah.

Speaker Change #278: Okay.

Speaker Change #278: Okay.

Operator: Once again, if you were to ask a question, please press star one on your telephone and wait for your name to be announced.

Speaker Change #278: Yeah.

Speaker Change #278: Okay.

William Griffin: Your next question comes from William Griffin with UBS. Hi, thanks a lot for the time. Just a couple for me. The first one was on the tandem cell efficiency that you noted in the press release. Because you just talk about kind of where you are in the development process for that technology.

Speaker Change #278: Okay.

Speaker Change #278: Hum.

Speaker Change #278: [music].

Gener Miao: And how long before you think we could see something become commercially available? Yeah, the time time, the time is still in our stage. But we are optimistic, of course, you know, for the future, the commercialization of the top kind plus the, you know, the time time in technology. But still, you know, it's, if you look at the time, time scheme, it's a way we believe it in the next five years. And, you know, it's still in a, you know, a matter of space.

Gener Miao: And it's possible after five years, it could be commercialized, but it depends a lot on, you know, progress. So it's, so back to the present, we don't believe it's commercialized. One hundred percent of its ability is at this stage. And, you know, the earlier time, maybe after five years.

Speaker Change #278: Yes.

Speaker Change #278: [music].

Speaker Change #278: Okay.

Speaker Change #278: Okay.

William Griffin: Got it. Thank you.

Speaker Change #278: [music].

Speaker Change #278: Uh huh.

Gener Miao: And then just on, on the top con side, obviously, there's been a lot of, you know, headlines and reports of litigation companies claiming IP around top con. A little bit hard to get a good handle on, you know, the patent landscape there. Just wondering if you could speak to, you know, how comfortable you are with. Your position in the top-con IP landscape across your key markets and maybe any sort of discussions around licensing or other legal actions that maybe you've been having.

Speaker Change #278: [music].

Speaker Change #278: Yes.

Speaker Change #278: [music].

Yes.

Speaker Change #278: Okay.

Gener Miao: So the patterns, if you look at the things where it's the top-con promoter, the leader of economic knowledge, and in the recent three years we invested around five to six percent total revenue on R&D from this significant part, we're moving into the top-con. So we're really, we're talking about our patents, particularly on top-con, if you look at the total volume, if you look at the quality, if you look at the patterns and the spread in different countries, particularly out of China.

Speaker Change #278:

Speaker Change #278: [music].

Gener Miao: So I think at the beginning of this year, we also announced some kind of news. We granted some kind of patents to one sort of company, one sort of another company is one sort of sale company. So that, you know, demonstrate that strong capabilities on R&D and patent position.

William Griffin: All right, thank you very much. Thank you.

Unknown Executive: Your next question comes from a tea chondri with Sinclair Capital. Good morning. I have a few questions, the first couple of questions are just housekeeping.

Charlie Cao: Can you tell us what the depreciation and the capital spending numbers were for the second quarter and what the targets are right now for the full year? Okay, thank you for the question. I mean, the second quarter, the way it reduced the our Quebec's as compared with a first quarter, which was the total Quebec's in the first half year. What about the full billing R&B? And our perspective, total Quebec's in the whole year would be adjusted to about nine billing R&B.

Charlie Cao: I think the big question is, you know, the big picture is, you know, it's a past year since right in the industry once, but the industry has suffered in the Sinclair or four quarters. And as top one companies, we help them manage the companies and, you know, sustainable growth. And we manage the Siemens for granted and the Federalist Federal, you know, so either by our positions on the cash flows, particularly. On top of that, we, we significant cut off cut to the tax, you see, as far as the next year, as well as lower operating expenses and optimize our operation and including, you know, the train some labor, you know, labor force.

Speaker Change #278: Okay.

Speaker Change #278: [music].

Charlie Cao: So, and let's look at our cat-packs in the next year. We don't have a cat-packs pass except for the Saudi Arabia, you know, capacities, which is a strategic move. So just, you know, for the administration, we understand. But we, we think, you know, after several quarters, we cannot bring a cat-packs pass. So, you know, it's a strategic move. So, just, you know, for the administration, we understand. But we, we think, you know, after several quarters, we cannot bring a cat-packs pass.

Charlie Cao: [inaudible] So, are you suggesting that cat-packs in 2025 will be even less than the 9 billion in 2024? Yes, and it's definitely, and if you're Saudi Arabia, it's already even, you know, because we take 40% equity, and really, you know, equity will be 100 million U.S, dollars in the next year. So, except for that, I think we have some kind of within this cat-packs as well as some kind of U.S, among the, you know, R&D cat-packs. So, definitely it's going to be, you know, lower next year.

Charlie Cao: Okay, and what about depreciation in the second quarter? So, each month roughly, you know, if you want to choose your financial model, it's kind of 500 million. On V to 600 million, on V you can put in your financial model. But anyway, if you have detailed number of questions, I would suggest you can have a follow-up with, you know, I am actually sending to give you detailed number. Okay, okay.

Charlie Cao: So, moving on to the next question. That is on your average selling prices. Your average selling price in the second quarter was down quite a bit. It was down actually more than 10%, 15% from the first quarter. And part of the reason I get from reading the presentation is that DG was 50% of sales. And most of DG is, I think, in China. So, the combination of focus on China and DG led to more than a pretty sharp decline in ASP.

Charlie Cao: Now, as you go into the second half of the year and shipments as a proportion of total shift away from China, shift away from DG, will that provide a more benign backdrop for pricing for you? You know, the spoken market price, you know, in the last three or six months, it's coming to a decline. But we think it's going to be, you know, the lowest level to be stabilized. But if you look at financial numbers, because we have different pockets in your sales scale, the DG, DG, DG sentiment.

Speaker Change #278: Yeah.

Speaker Change #278: Yeah.

Okay.

Speaker Change #278: Yeah.

Yeah.

Speaker Change #278: Okay.

Speaker Change #278: Okay.

Speaker Change #278: Yeah.

Speaker Change #278:

Speaker Change #278: [music].

Charlie Cao: We have different markets, U.S., you know, Japan, different, different regions and different regions for signing contracts. So, if you look at the ASP in your life, it's affecting the industry wide. The down, forward, forward, forward, and forward market price for the modules, because we have different, in the meantime, different countries. So, in each quarter, in a few two, Q1, the average is about one size, but we expect that I will continue to train in a third quarter, about three to three, four quarter.

Charlie Cao: So, you know, on our side, if you look at the supply chain perspective, the material costs coming up to your current. So, can we expect that the decline in ASPs will moderate in from Q2 to Q3 relative to what we saw in Q1 to Q2? Yes, I will have to say, you know, if you look at Q4 with Q3, it's going to be relatively modernized. Okay, but can you say that we are at the point where pricing can be expected to be stable or we are not there yet?

Charlie Cao: I think, you know, it's kind of in a time scheme, you know, if you look at the sectors, most of the sectors is suffering in cash losses and we don't believe there is a significant room further and with the retail capacity, it should be kind of stabilized. If you look at the sort of vapor price, in a recent way, the top players, they have increased the 12 market price on elevators and even in the party price has been stabilized. So, step by step, step by step, you know, you will see the module and the solar cell in the price. I see.

Charlie Cao: Okay, Charlie, your costs were down, apart from the decline in polysilicon prices, your production costs were down quite significantly also in the second quarter and that helped you maintain the gross margin at a double digit level. Can you break down some of the reasons why the costs were down and can we expect costs to keep on coming down at the same rates that we saw from Q4 to Q1 and then Q1 to Q2?

Charlie Cao: We have had some pretty dramatic declines and costs here and that is separate from the polysilicon prices. Yes, you know, there are a lot of efforts we are working on, you know, the continuous to optimize our design, you know, and the key materials, the purchase price come here to be helping improve. And the impact of working increases and labor costs, you know, and the operating expenses, you know, optimizations. So, there are a lot of, you know, efforts we are working on.

Charlie Cao: So, does that mean that gross margin can go up in the third quarter relative to the second quarter? No, I, you know, I don't believe that, you know, frankly, but I think, you know, we are competent, you know, the growth margin, the bottom and the way we try to, you know, to be stable, you know, try to stabilize. You know, if we look at our peers, you know, we are in a relatively good position and stabilize and the face-on takes time.

Charlie Cao: I think it's not going to take one or two years, but maybe take up couple of course, you know, several quarters. And on top of that, we, we, you know, we take the every hour, you know, the global manufacturing and marketing capabilities and optimize the, you know, the economics.

Gener Miao: Okay, another question is on the end, the end type market. What do you think the size of the end type market will be in 2024 this year? I mean, and what will your market share be? If you do 90 to 95 gigawatts.

Gener Miao: Hi, we just wanted to interrupt you. We want to take this as a final question. And for more questions, we can discuss after the call. Is that okay? Yes. Okay, thank you. I think in time this year is 10 of the, you know, the top count dollar. This is a domination year for intact, intact top count. And the market is kind of tricky for top count. Roughly, I say maybe 70 to 75 percent. And the jingle roughly 90, 90 percent. So that's, if you look at, look for next year, I think it should be why it's, you know, constraints for impact.

Operator: There are no further questions at this time. That does conclude our conference for today. Thank you for participating.

Operator: You may down disconnect.