Thank you, operator. Thank you, everyone, for joining us today for JinkoSolar's fourth quarter 2025 earnings conference call.

The company's results were released earlier today and are available on the company's IR website at www.jinkosolar.com as well as on newswire services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website.

On the call today from JinkoSolar are Mr. Li Xiande, Chairman and CEO of JinkoSolar Holding Company Limited; Mr.

Pan Li, CFO of JinkoSolar Holding Company Limited; and Mr. Charlie Cao, CFO of JinkoSolar Company Limited.

Mr. Li will discuss JinkoSolar's business operations and the company highlights.

Since our CMO, Mr. Gener Miao, is currently on a business trip, I will deliver the remarks on sales and marketing in his behalf.

Following that, Mr. Pan Li will walk through the financials.

After that, we will open the call for questions. Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S.

Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

As such, our future results may be materially different from the views expressed today. Further information regarding this and other risks is included in JinkoSolar's public filings with the Securities and Exchange Commission.

JinkoSolar does not assume any obligation to update any forward-looking statements, except as required under the applicable laws. It's now my pleasure to introduce Mr.

Li Xiande, Chairman and CEO of JinkoSolar Holding. Mr.

Li will speak in Mandarin, and I will translate his comments into English. Please go ahead, Mr.

Li. 董事长，请发言了。

2025年，全球光伏行业在供需结构调整与贸易环境变化中经历了较大波动。产业链盈利阶段性承压。在这充满挑战的环境中，我们坚持稳健经营和技术引领，在推进N型TOPCon技术升级和高效率产品的迭代。2025年全年组件出货量达到86个GW，第七次位列行业第一。但受组件价格持续低位、高功率的产品出货量占比有待提升、落后产能淘汰等因素影响，全年经营业绩仍阶段性承压，同比由盈利转为亏损。四季度由于硅料、白银等原材料价格上涨以及汇率波动的影响，毛利率环比下降，净亏损环比扩大。但值得欣喜的是，我们持续推进从产品供应商到综合能源解决方案提供商的转型，储能产品的出货量规模同比显著提升，达到5.2个GWh，其中有1.7个GWh确认收入。我们有信心在高价值市场持续渗透，将推动2026年储能系统出货量实现翻倍的增长，成为推动整体盈利改善的重要引擎。

The global PV industry continued to experience volatility due to structural imbalances and a shifting trade environment in 2025, impacting financials across the industrial chain. In this challenging environment, we maintained disciplined operations and our technological leadership, continuously driving upgrades of our n-type TOPCon technology and iterating our high-efficiency products.

For the full year 2025, total module shipments reached 86 GW, ranking first globally for the seventh consecutive year. Impacted by persistently low module prices, the elimination of obsolete production capacity, and a still-evolving product mix as high-efficiency products ramp up, we incurred a net loss for the full year.

In the fourth quarter, gross margin decreased sequentially, and our net loss expanded due to rising costs of raw materials such as polysilicon and silver, as well as foreign exchange rate fluctuations. However, our energy storage business maintained its rapid growth trajectory, marking an important step in our ongoing transformation into an integrated energy solutions provider.

Shipments of ESS grew significantly year-over-year to 5.2 GWh in 2025, with approximately 1.7 GWh recognized as revenue. Our deepening penetration into high-value markets is expected to more than double ESS shipments in 2026, serving as a primary driver for enhancing our profitability profile.

四季度以来，国家对光伏行业高质量发展的引导持续加强。一系列政策组合拳持续推进落后产能出清和竞争秩序规范，引导行业从规模和价格的竞争逐步走向质量与价值的竞争。头部企业主动响应行业高质量发展的要求，推动组件价格逐渐回归理性水平。一季度，在白银等大宗商品价格上涨的成本压力传导下，叠加出口退税政策对组件出口的驱动的拉需需求的拉动，组件价格环比四季度已出现明显回升。随着行业竞争秩序的逐步规范和供需关系的边际改善，组件价格有望保持相对稳定，高功率及差异化产品仍具备一定溢价空间。 Since the fourth quarter, government guidance supporting the high-quality development of the PV industry has continued to strengthen.

A series of policy measures has steadily accelerated the phasing out of outdated capacity and the normalization of market competition, guiding the industry to gradually transition from competing on scale and price to quality and value. Leading companies have actively responded to these high-quality development directives, pushing module prices back to reasonable levels.

In the first quarter of 2026, driven by the pass-through of cost pressures from rising commodity prices such as silver, coupled with the impact of export tax rebates on demand, module prices rebounded significantly sequentially. As the industry's competitive landscape continues to normalize, and supply and demand dynamics marginally improve, module prices are expected to remain relatively stable, with the high-efficiency and differentiated products continue to command a premium.

我们持续推动技术突破与引领行业创新发展。截至2025年底，N型TOPCon电池实验室效率达到27.79%，N型TOPCon钙钛矿叠层的电池效率达到34.76%。作为全球TOPCon技术的引领者，截至四季度末，我们已经获得超700件N型TOPCon电池授权专利，成为全球持有TOPCon授权专利最多的公司之一。此外，我们与晶泰科技合作，推动AI在钙钛矿叠层电池研发中的应用，加速下一代技术的产业化进程。

We continue to drive technological breakthroughs and lead the direction of industry innovation. As of the end of 2025, the maximum lab efficiency of our n-type TOPCon cells reached 27.79%, while conversion efficiency of our n-type TOPCon-based perovskite tandem cell reached 34.76%.

As a global leader for TOPCon technology, we held over 700 TOPCon patents by the end of the fourth quarter, surpassing most of our competitors. Furthermore, we partner with XtalPi to drive the application of AI in the R&D of perovskite tandem cells and accelerate the commercialization of next-generation technologies.

我们持续推动产品升级和性能迭代，不断提升产品竞争力。四季度640瓦以上的高功率产品出货量环比提升，达到三个GW。相较常规产品有一美分的溢价。随着最高效率可达到670瓦的Tiger Neo三代系列产品在今年逐步放量，并在多样化场景中加快渗透，高性能产品的价值优势将逐步体现，其溢价能力有望持续释放。

We continue to drive product upgrades and performance iterations, consistently enhancing product competitiveness. In the fourth quarter, shipments of high-efficiency products that exceed 640 Wp increased sequentially to approximately 3 GW, a $0.01 premium compared to our conventional products.

As the third generation of Tiger Neo series, which delivers maximum power output of 670 Wp, sequentially scales up production volume and shipments this year, and accelerates market penetration across diverse application scenarios, the value proposition of our high-performance products will increasingly stand out, and is expected to command a higher premium.

我们持续强化穿越周期的成本控制能力，通过供应链优化、技术升级对冲原材料价格波动影响。银包铜的技术开发符合预期，预计2026年将实现大规模放量。我们在智能端 的努力也逐步体现成效。以山西超级工厂为代表的灯塔工厂项目，一体化贯通的生产模式持续提升我们生产效率和成本的竞争力，为全球制造布局提供了可复制的经验。

We continued to enhance our cost-control capabilities across market cycles, offsetting the impact from raw material price fluctuations through supply chain optimization and technological upgrades. Development of silver-coated copper technology is progressing as planned, with large-scale production expected to gradually ramp up in 2026.

Our initiatives in smart manufacturing have already begun to generate initial results. Through our lighthouse projects represented by Shanxi Super Factory, our vertically integrated production model continues to improve production efficiency and cost competitiveness, providing replicable blueprints for our global manufacturing footprint.

储能业务方面，公司将其作为重要培育的第二增长曲线。我们持续强化关键技术研发，提升系统解决方案的竞争力，优化本土化客服服务及全生命周期服务响应能力。同时，依托光伏业务快速构建的全球渠道，有序放大储能系统的出货规模，光储协同效应逐步显现。截至目前，2026年储能已签订单和高潜订单合计超过十个GWh。随着全球能源转型推进及电力系统对应灵活性需求的提升，储能在新型能源体系中的作用持续增强。展望2026年，我们将持续聚焦高价值市场的布局，探索包括零碳园区、数据中心在内的应用市场。

We view our energy storage business as a strategically vital second growth engine. We continue to strengthen our R&D for our core technologies, enhance our system solution capabilities, and improve localized customer service and lifecycle support.

Leveraging our global PV distribution channels, we are steadily scaling ESS shipments, and greater synergies between our solar and storage solutions are increasingly materializing. Currently, our signed and high-potential ESS orders exceeded 10 GWh in total.

As the global energy transition advances and the demand for grid flexibility increases, the role of energy storage within renewable energy system continues to strengthen. Looking ahead to 2026, we will continue to deepen penetration into high-value markets and explore application scenarios, including zero-carbon industrial parks and data centers.

我们持续优化全球制造和供应链布局，提升对不同市场政策与客户需求的适应能力。美国两吉瓦新型组件产能保持在较高利用率，本土化制造和服务能力持续增强。我们也在积极探索在重要市场的长期参与模式，以更好满足客户对高效产品和解决方案的需求。 We continue to optimize our global manufacturing and supply chain footprint, enhancing our ability to adapt to diverse market policies and customer needs.

Our 2 GW n-type module facility in the U.S. maintained high utilization rates as we continue to strengthen local manufacturing and service capabilities.

We are also actively developing new models for long-term engagement in key markets to better address customer demand for high-efficiency products and solutions.

2025年是“十四五”规划的收官之年，风光累计装机首次超越火电，成为第一大电源。与此同时，光伏发电全面进入市场化阶段。行业的发展逻辑正由规模化扩张转向更加注重运营能力和综合价值的提升，对企业的技术和产品竞争力提出了更高要求。近期全球能源市场波动进一步凸显能源安全的重要性，也在持续强化可再生能源的长期价值。展望中长期，随着新型电力系统建设推进、数据中心等新型复合快速发展，光伏加储能的应用场景持续拓展，绿色电力的价值在不断提升。行业竞争将从以成本 规模为主导向，逐渐转向以技术创新、产品竞争力和光储系统解决方案的能力为核心的竞争。

2025 marked the final year of the 14th Five-Year Plan, during which cumulative installed capacity of wind and solar power surpassed coal-fired power for the first time, becoming the largest source of electricity generation. At the same time, solar power generation has fully entered a market-driven phase.

The industry's development framework is shifting from scaled expansion towards greater emphasis on operational capabilities and comprehensive value creation, which raises the competitive bar for technology and products. At the same time, recent volatility in global energy markets has highlighted the critical need for energy security, reinforcing the long-term value of renewable energy.

Looking forward to the medium to long-term, as the construction of new power systems advances and new load demand grows from data centers, for example, application scenarios for solar and storage will continue to broaden, enhancing the value of green power. Industry competition will gradually transition from being cost- and scale-driven to a model centered on technological innovation, product competitiveness, and the ability to deliver integrated solar plus storage solutions.

我们将持续巩固技术领先优势，深化全球化布局，加快光储一体化发展，不断提升综合解决方案能力，在行业格局和重塑过程中持续增强公司的长期竞争力和盈利能力。话底交给阶段之前，我来介绍一下业绩指引。预计2026年底，我们的一体化产能将达到约100个GW，其中海外一体化产能是14个GW。2026年全年组件出货量在70个GW，75个GW到85个GW之间。2026年第一季度组件出货量在13个GW到14个GW之间。

We will continue to consolidate our technological leadership, deepen our global footprint, accelerate the development of our integrated solar plus storage strategy, and consistently improve our capabilities to deliver comprehensive solutions. This will steadily strengthen our long-term competitiveness and profitability as the industry landscape reshapes.

Before turning over to Gener, I would like to go over our guidance for the full year of 2026. We expect annual integrated production capacity to reach approximately 100 GW by the end of 2026, including 14 GW from overseas facilities.

We expect module shipments to be between 13 GW and 14 GW for the first year first quarter of 2026, and between 75 GW and 85 GW for the full year 2026. Thank you, Mr.

Li. We are pleased to report that both our robust robust global sales network and strong product competitiveness drove quarter- drove quarterly and annual module shipments to once again ranking first across the industry.

Total shipments were 26 GW in the fourth quarter, with solar module accounting for nearly 93% of the mix. For full year, total module shipments were 86 GW.

Geographically, overseas markets remained our primary driver, accounting for about 60% of total module shipments in 2025. We actively capitalized on growing demand across Asia-Pacific and emerging markets, which together accounted for nearly 40%.

Shipments to the U.S. were in line with our expectations, and accounted for approximately 5%.

We continued to optimize our product mix, increasing the proportion of high-efficiency product shipments and focusing on high-value application scenarios. These high-efficiency modules, highlighted by the Tiger Neo the third-gen- the third generation of Tiger Neo series, have earned widespread recognition for their higher power generation and better LCOE.

The order book for these modules has grown steadily since the fourth quarter, allowing us to command a premium over conventional products. As we continue to enhance our product competitiveness, our brand reputation and customer recognition have strengthened in tandem.

In In BNEF's latest global energy storage Tier 1 list for the first quarter of 2026, we are recognized as a Tier 1 energy storage provider for eighth consecutive quarter. Furthermore, we achieved an S&P Global CSA score of 78 points, the highest one among PV module companies, and we were included in their 2026 Sustainability Yearbook.

On the demand side, recent policy guidance and discussions during China's Two Sessions and subsequent industry forums have re- reinforced the strategic focus on energy efficiency, carbon reduction, and zero-carbon industrial parks. This provides a solid foundation for the continued growth in China's solar market during the 15th Five-Year Plan.

Globally, the ongoing global electrification pro- pro- process, the continuous growth of new power loads from data centers, and increased focus on energy security following recent energy crises are collectively driving demand. Low-cost solar and solar plus storage solutions and their deployment flexibility are ideally positioned to address these issues, enhancing energy system resilience and facilitating seamless incremental power demand for countries.

By the end of the fourth quarter of 2025, cumulative global module shipments surpassed 390 GW, with our sales network covering nearly 20 200 countries and regions. Notably, total cumulative shipments of our Tiger Neo series exceeded 2 220 GW, ranking first in the industry, as we continue to reinforce our global market leadership and strong customer base.

2026 marks our 20th anniversary, and we are using this milestone as an opportunity to further strengthen our product, brand, and customer service systems, to continuously enhance our competitiveness in the global market. With that, I'll turn the call over to Pan.

Thank you, Stella. In the challenging fourth quarter, we achieved a 20.9% sequential increase in solar module shipments and a slight sequential increase in total revenues.

Our operating efficiency improved significantly from last quarter. Operating cash flow was approximately $470 million in the fourth quarter and $280 million for the full year '25, hitting the target we set at the beginning of the year to reach positive full-year operating cash flow.

Looking ahead to '26, we expect full-year operating cash flow to remain positive. Looking at our fourth-quarter financials in more details.

Total revenue was $2.5 billion, up 8.3% sequentially and down 15% year-over-year. The sequential increase was primarily driven by increasing solar module shipments, while the year-over-year decrease was mainly due to a decrease in average selling price of modules.

Gross margin was 0.3% compared with 7.3% in the third quarter '25 and 3.8% in the fourth quarter '24. The sequential decrease was mainly due to a higher unit cost for product sold, while the year-over-year decrease was mainly due to a decrease in average selling price of modules.

Total operating expenses were $473.6 million, up 28% sequentially and 21% year-over-year. The sequential and year-over-year increases were mainly due to a increase in the impairment of long-lived assets in the fourth quarter of '25.

Total operating expenses accounted for 18.9% of total revenues compared to 16% in the third quarter. Operating loss margin was 18.6% compared with 8.7% in the third quarter.

Now let me briefly review our '25 full-year financial results. Total module shipments were 86 GW, down 7.3% year-over-year.

Total revenues were about $9.4 billion, down 29% year-over-year. The decrease was mainly attributed to decrease in the average selling price of solar modules.

For the full year, gross profit was US$201 million, a decrease of 86% year-over-year. Gross margin was 2.2% compared to 9.9 10.9% in '24, primarily due to a decrease in the average selling price of modules.

Total operating expenses were $1.8 $1.48 billion, down 23% year-over-year, primarily due to a reduction in shipping cost driven by lower volumes of solar module shipments and declining average freight rate in '25, as well as lower employee compensation cost. Operating loss margin for full year of '25 was 13.6% compared with 3.6% for the full year of '24.

Excluding the impact of the changes in fair value of convertible notes issued by JinkoSolar in '23, changes in the fair value of long-term investments, share-based compensation expenses, the net loss resulting from a fire incident at one of our production facilities in Shanxi Province in 2024, and the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding's ordinary shareholders was about $448 million in 2025. Moving to the balance sheet.

At the end of the fourth quarter, our cash and cash equivalents were $3.3 billion compared even at the end of the third quarter of '25, and $3.8 billion at the end of fourth quarter of '24. AR turnover days were 94 days compared with 105 days in the third quarter.

Inventory turnover days was 75 days compared to 90 days in the third quarter. As these metrics show, operating efficiency is steadily improving.

At the end of the fourth quarter, total debt was about $6.7 billion compared to $5.56 billion at the end of the fourth quarter of '24. Net debt was $3.44 billion compared to $1.76 billion at the end of the fourth quarter of '24.

This concludes our prepared remarks. We're now happy to take your questions.

Operator, please proceed.

Hey, everyone. Thank you for taking my questions.

Wanted to get your outlook and assumptions for pricing for Q1 and Q2. I think in your prepared remarks, you said you expect the global ASP to be stable, but are you assuming $0.10 a watt in Q1 and Q2?

Then can you also talk about your gross margin cadence as we get through the year? Do you think Q1 is lower than Q4, and can it go higher from here?

Thanks. Hello, are you guys speaking?

Did you guys hear my question?

Oh, sorry. Philip, this is Charlie.

I muted my phone. Can you hear me?

Okay. Hey, Charlie.

I can hear you now. We didn't...

Okay.

Let's get back to your question. If you look at the price index, the market pricing, and I think the module price and is rebounding and in the last 3 to 5 months.

Reflecting the cost inflation, and as well as I think the most of the Tier 1 companies is more disciplined. As well as there's a backdrop is anti-involutions.

If talk to specifically Q1 and Q2 the ASP, we expect quarter-by-quarter the ASP will improve, and gradually. It's a combination of the price inflation as well as we are marketing the next generation, Tiger Neo 3 high-efficiency products.

That is, I think, we get a lot of attention from our customers. There is a price premium.

It's a combination. I think the market price is up, and a players are more disciplined, and we have more mix on the high-efficiency products.

Great. We can see the pricing improved.

Can you quantify it at all? Q1, do we see $0.11?

Q2, do we see $0.12? Then can you also speak Q1 and Q2?

Thanks, Charlie.

Yeah. I think we're not in a position to disclose detailed ASP forward-looking.

If we look at the market price, I think you're right. It's kind of the price level, depending on different products and different regions, it's roughly in the range of, I think, 11.5 or maybe to 14, depending on different markets, different products in different regions.

Okay. Then the gross...

Thank you.

Good morning. I just have a few questions.

The first one is on the gross margin impact of the three factors you mentioned in Q4: the foreign exchange, the U.S. dollar rate, cost of silver, and the cost of polysilicon.

Can you break down for us the significance of each of these factors, and just give us a sort of if these factors had not shifted from Q3, what the gross margin could have been in Q4 so we understand what the impact was?

Yes. I think, back to the questions, I think if nothing changed, I would expect the Q4 margin should be stable or maybe a little bit higher in the fourth quarter.

Fourth quarter, there are some headwinds. Just you are talking about, if we look at the magnitude, the first one will definitely be the commodities, particularly the silver.

I think the market price is up 250% to 300%. That's a dramatic change.

Second one will be the RMB appreciations. Polysilicon is not the price a little bit higher in Q4, but it's not a significant impact.

Okay. Silver was number one, the exchange rate number two, and polysilicon much less.

Great. Thanks.

Next question is on depreciation and CapEx. What were the depreciation and CapEx numbers for '25?

What is your target for '26?

The depreciation a year per year in 2025, it's roughly a one Sorry, and $1 billion $1 billion and per year.

Okay.

The CapEx and in 2025, I think roughly it's the same number. It's $1 billion.

It's a totally different number. Okay.

It's a coincidence. Definitely, '26, we will further cut the CapEx is roughly, I think roughly RMB5 billion and roughly $700 million.

We make the investment on the CapEx, particularly the last year, it's the purpose is upgrade the roughly 40 GW capacities to the next-generation technology. We call it Tiger Neo 3.

We don't have any additional investment plan in 2026. But 2026, the payment is the outstanding the payable to the suppliers.

I see. Thank you.

Okay. The other question is on market share and size of market.

Can you give us an idea what you think the market size was in 2025? Obviously, that'll allow me to calculate your market share.

Related to that is a question of your guidance and the market share that you expect to get in 2026.

Last year we delivered roughly 85 GW, the top one in the industries, I think roughly we get 13%, maybe 13% to 14% market share. We expect the 2026, the global demand a little bit flat or maybe down a little bit small percentage given last year China reached to the world high peak over 300 GW.

Overseas market continue to grow in 2026. It's a kind of the short-term, the total market size a little bit down in 2026 because China's specific situations.

For the next year and long-term, we are optimistic. If we look at the conflict in Middle East, I think more and more countries, including China, have more determinations to push more renewable energy.

The energy independence and securities will become more first priorities and for a lot of governments. For the 2026, we guided 75 to 85 GW.

It's flat with last year, maybe a little bit lower, reflecting the total market size in 2026. I'm talking about the 2026, the total market could be a little bit lower compared last year.

Basically, I think market share will be relatively stable, but the key operational target will be significantly improve our financial performance, maintain our healthy operational cash flows. We will more focus on the high-value customers and both from the utility segment and DG segment as well.

I see. Would you expect in this scenario that the share of international will be even higher than last year in your sales?

I think so, because we are trying to lower our exposure in China. Definitely, China last year it took around 40% of our shipments in 2025 for Jinko.

I expect 2026, China the percentage will be lowered to 30%, maybe a little bit lower, and we get more market share from overseas market, particularly the markets with more disciplined and the customer like to pay for the branding, the qualities, and the high-efficiency products.

Charlie, if some of the Tier 3 and the weaker companies are getting out of the market, shouldn't we expect your market share to grow in 2026, even if the market overall is down? Are you just being very conservative here?

No. Unfortunately, it's not a conservative estimation.

We think this year is kind of the transition year. Next year, we are looking forward a lot of good opportunities.

We believe this year, you're right, a lot of Tier 2, Tier 3, even relatively bigger guys will be facing, I think, liquidation issues or maybe consolidation issues. What we want to do is we penetrate the market with the customers who is willing to pay a reasonable price, and we are able to get a, I think, reasonable profitability.

Charlie, final question. On the exchange rate, obviously, you experienced a negative margin pressure because the dollar weakened, sorry, the dollar weakened against the renminbi, and your products are priced in dollars globally.

Would you consider shifting that into pricing globally in RMB so that in future, as the dollar continues to weaken against RMB, that you will you are not punished for it? Because it seems to me that it makes sense to consider this as an as a strategic rethink.

Yes. We are trying to minimize the risk of fluctuations of currencies.

If you look at the price determinations in sales orders, it really depends on the customers, how they view their exposure. Most of customers, I think, their PPA is still U.S.

dollars. It's a kind of natural hedge when they buy the modules from the module makers.

Some customer is willing to pay in RMB denominated, and we are encouraging the customers who is willing to switch to RMB to a little bit lower the currency exposure. On top of that, I think the currency hedging, we are continue to do that.

It's a little bit difficult, but we're trying to minimize the impact. For the pricing impact, we periodically reassess the possible exchange rates and put into the pricing for the future sales order.

Thank you.

I see. Thank you very much.

Hello, can you hear me?

Yes, please go ahead.

Thanks, Charlie. Thanks for taking my question.

Would like to understand the company's view on its potential collaboration with as a U.S. leader in its local plan in both the space-based solar, and also its huge local like 100 GW deployment.

Heard that Gener was on the ground with some progress. Would like to know if the company would share updates on that front.

Another thing is, recently, seems there's market discussion on China may be prohibiting or stopping the export of solar equipment as well. Would this impact that collaboration?

Thank you.

Thanks for the questions. For the second questions, I didn't have any information to comment.

I know there's some kind of message, even public news from overseas media channels. I think you are talking about the U.S., the Tesla, SpaceX, and it's a public information.

Elon Musk is making very bullish and the plan to build and 100 GW by Tesla, and 100 GW by the SpaceX. I think why they have such bullish plan, I think particularly from Tesla perspective.

I think the public news show, okay, because the AI, there's a lot of demand for electricity, renewable energies, and the U.S. is lack of the electricity, and the renewable energy will be the final solutions.

I think Tesla, I think they have visited a lot of equipment suppliers and manufacturing including JinkoSolar. They have decided their technology could be TOPCon.

We don't have any further information to disclose. Again, and Jinko is a pioneer and innovators for the TOPCon technology.

We have, I think, is the most powerful capabilities to build integrated capacities, digitalizations, and have a very strong powerful patents as well in the globe. We are quite open to explore the cooperation opportunities and with partners in different countries.

That is the information I think I can share. In summary, I think it's the public information show, okay, the Tesla, SpaceX has a plan to build capacities.

They're doing a lot of work and including visiting Chinese manufacturings. From Jinko perspective, we didn't have any further information to disclose.

We are open for the business opportunities, if any.

Good luck for the, yeah, for the potential chance on collaboration. Then to follow up, what's your view on the TOPCon patent lawsuit raised by First Solar?

Are you seeing this is impacting your shipment in the U.S., or it's not really affecting the shipment for now?

Yeah. We don't expect any disruptions or impact in our business and ongoing business in the United States.

The First Solar litigations, and we have been actively engaged experienced lawyers and to fight, and we don't believe we infringe the relevant patents of First Solar. We did research for the production process.

We don't believe it is relevant. On top of that, we have a very solid experience couple of years ago and to deal with 337 with Hanwha Solar, and we win in the final.

Again, we do a lot of preparation work, and but we are confident, and there is no any impact for our operations in the United States.

Understood. Clear.

Switching gear to the FEOC-related issues. Would like to know, I think probably for this year, there are sufficient projects already safe-harbored for this year.

Wonder if you may share with investors on your plan on meeting the FEOC requirement going forward, like is there any progress in sourcing partner, etc.?

Yeah. I think there's a lot of the safe harbor downstream projects, and the project will get through the constructions and connections in the next 2 or 3 years.

For the non-FEOC compliance for the manufacturing in our Florida facility, and we are in the final stage, and with the negotiations with potential investors. If there is significant breakthrough, we will make the announcement.

We expect could be to be closed in the next couple of months.

Understood, and that's very good news. Then would like to switch gear to ESS, I think the Chairman has guided on the shipment that in 2026, the shipment may be doubled.

Wonder if you might share in which region are those shipment is going to be? Is there any AI data center-related deals that is being negotiated or in discussion?

For the storage, ESS business and AIDC, definitely it's our hot topic, and we are actively in early stage and discussion with few potential customers. We plan and I think hopefully we are able to finalize some deal by the end of this year.

For the storage segment shipment by regions, and China really take our small percentage, and it's roughly 10% to 15%. Our focus will be the Europe, Latin America, and some projects from Middle East and Asia-Pacific regions.

That's the breakdowns. The U.S., last year we shipped around 600 MWh, and we are building, solidifying our teams, and hopefully we can make significant breakthrough in the U.S.

market in 2026 as well.

Understood. Is there an expected gross margin target on the ESS side of the business?

We estimate could be 10% to 15%. It's we did have a very good backlog last year, and the industry is facing the increase of price of lithium.

We're trying to manage and minimize exposures, but we estimate could be in a range of 10% to 15%.

Understood. That's very clear.

I think my last question is on the shareholder return. Wonder if the company, what's the pace of the buyback of the company?

Like is there any further shareholder return program for this year? We

I think we will continue to make the investment return in a combination of the share repurchase and dividend. It could be the magnitude we have not determined, but we'll definitely do that.

In the past, the plan was around $200 million per year, but not sure if this is still the plan, different situation in the industry for now.

This is U.S. holding companies, and I think now this company has roughly $200 million in cash.

We try to make some investment on the through the including the solar, robotics, and some kind of relevant and industries. We need to allocate between the equity investment and shareholder returns.

We have sufficient, I think, the cash, and to return the investment to return to the investors maybe in a range of $50 to $100 million a year.

Understood. That's very clear.

Thanks a lot for taking my question, Charlie.

Thank you.

Thank you.

Hey, thanks for letting me jump back in here. Hey, I wanted to ask about the perovskite outlook.

You guys have highlighted your efficiencies there in the laboratory and was interested in getting your perspective on when perovskite could be commercialized in your capacity footprint. Are we looking at, maybe 2 to 5 years, or do you think it's beyond 5 years?

Thanks.

We did make some through through in the laboratory for the perovskite technology, and it's reaching roughly 34% to 35%. Talking to commercial mass productions, we think still have a lot of R&D work to do.

It could be in the next maybe 3 to 5 years, and but definitely it's not in the near term.

Yep. Okay.

Thanks, Charlie. Then in terms of your shipments to the U.S.

market, I think you had in your deck 5% of your shipments went to the U.S. What is your expectation for shipments to the U.S.

market in 2026? Thanks.

It's 5% to 10%, and it's a little bit challenge because of the shortage of the solar cell in supplies. We are trying to reach to the at least the middle point.

The midpoint of the 5% to 10%, is that what you mean?

Yes. Midpoint, yes.

Got it. Okay.

Can you talk about the source of your non-FEOC cells? Are you sourcing them from the Middle East, or where are they coming from?

Thanks.

In general, there are several different players and manufacturing, I think, in Africa, in different continents, and we I think we are able to secure some of the productions from the suppliers.

Okay. Thanks.

Then in terms of the war, just wanted to see if there are any impacts to the business at all, and then you have your large manufacturing facility you're building in Saudi Arabia. Wanted to see if you have any thoughts on that.

Thanks.

Thanks for the question. The Saudi, the joint ventures, we didn't make any I think the big one.

It's still in the early preparations, and waiting for the implementations of the policies, local policies. We didn't make any investment, a significant investment in the joint ventures.

The Middle East conflict, it has several impacts, but I don't believe it's a long-term. Firstly, it will have impact our shipment to the Middle East, and we take a sizable market share in the Middle East.

Given the logistics challenge, we need to replan, work with our customers, reschedule the shipment plans. There is a significant push for the oil price, and it's a kind of the fundamental cost for a lot of materials, particularly the chemicals, and as well as the logistic cost.

There is some kind of push for the cost from shipping costs, EVA, and but we are trying to manage it in a reasonable level. I don't believe that's a long-term, but short-term, there's a some kind of impact.

We can get it through.

Right. Charlie, what's the plan for shipments to the Middle East before the war in 2026?

What percentage of your '26 shipments were you thinking?

You mean by year? A year, right?

For the full year, pre-war, were you thinking like 20%?

Yes. Thank you.

Yes. I think it's roughly 20%.

It's not impacting all the countries. Impacts some countries, right, in the short term.

Right. In the short term, maybe it's a because half of that is maybe challenged by the war.

Yes.

Okay. Thank you very much.

I'll pass it on.

Thank you.