Thank you, operator. Thank you, everyone, for joining us today for JinkoSolar's first quarter 2026 earnings conference call.

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

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

Gener Miao, Miao of JinkoSolar Company Limited; Mr. Tan Yi, CFO of JinkoSolar Holding Company Limited; and Mr.

Charlie Cao, CFO of JinkoSolar Company Limited. Mr.

Li will discuss JinkoSolar's business operations and company highlights, followed by Mr. Miao, who will talk about the sales and marketing, and then Mr.

Tan Yi will go through the financials. They will all be available to answer your questions during the Q&A session that follows.

Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

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

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

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.

一季度组件出货量为13.7个吉瓦，位列行业第一，其中超80%的海外出货。截至2026年一季度末，我们成为了行业首家全球累计出货量超过400吉瓦的组件企业，其中Tiger Neo系列组件的累计出货量约240个吉瓦。一季度在行业供需格局改善及海外需求推动下，组件价格环比四季度有所回升，经营业绩较四季度大幅改善，毛利率环比提升至8.3%，净亏损环比收窄。

In the first quarter, total module shipments reached 13.7 gigawatts, ranking first in the industry, with over 80% shipped to overseas markets. We closed the quarter as the world's first module manufacturer to surpass 400 gigawatts in cumulative deliveries, and also became the industry leader with our Tiger Neo series contributing to approximately 240 gigawatts to that total.

Module prices rebounded sequentially, driven by stronger supply and demand dynamics, especially from overseas. This improved our operating performance sequentially, with our gross margin increasing to 8.3% and our net loss narrowing.

近期地缘政治扰乱对部分航线造成影响，短期内对我们的物流成本和交付节奏带来一定压力。但地缘冲突强化了全球对能源安全的关注。我们也看到来自工商业、居民及电力客户对光储解决方案的持续增长。4月17日，国内主管部门就规范光伏产业竞争秩序做出了进一步部署，强化高质量发展的指引，有助于推动行业供需关系逐步优化，促进行业回归理性。面对市场变化，我们持续优化排产及区域布局，并与客户保持着紧密的沟通与协商。随着行业竞争秩序的逐步修复以及我们高功率产品的逐步放量，我们认为组件价格有望保持相对稳定。同时，顺应全球电力需求增长和能源结构向清洁化和分布式转型的趋势，我们也在积极推进分布式市场的布局，进一步拓展多元化的细分应用场景。依托这些布局，叠加我们深厚的技术积累和品牌优势，我们将持续提升在全球市场的竞争力。 Recent geopolitical disruptions have impacted key logistics lines, adding temporary pressure on our shipping costs and delivery schedules.

At the same time, these disruptions have increased the importance of energy security globally. We are seeing growing momentum among industrial, commercial, residential, and utility customers to adopt solar-plus-storage solutions.

In addition, regulators in China outlined further policy guidance on April 17th, strengthening regulations on competition across the solar industry to support its high-quality development. We believe these measures will help improve supply and demand dynamics and support a more rational, competitive environment.

In response to market dynamics, we continue to optimize our production pipeline and geographic mix and remain in close communication and negotiations with our customers. With industry competition gradually normalizing, as we scale up our high-efficiency Tiger Neo series, we expect module prices to remain relatively stable.

We continue to grow our footprint in the distributed solar market and are further expanding into diverse, niche application scenarios that align with rising power demand globally and shifts towards cleaner and more distributed energy systems. These trends, combined with our deep technological expertise and brand strength, will allow us to continue enhancing our competitiveness in the global market.

截至一季度末，我们的三代产品量产功率达到655瓦到660瓦。三代产品的产能已具备一定规模，并将持续释放。预计到2026年底，650瓦以上的三代产品产能将超过40个吉瓦。随着高功率的产能在下半年逐步爬坡释放及规模效应显现，成本结构有望持续优化。

By the end of the first quarter, average power output for the third-generation Tiger Neo series reached 655 watts to 660 watt-peak, and we continue to ramp up our capacity. We expect production capacity for this high-efficiency series with power output above 650 watt-peak to exceed 40 gigawatts by the end of this year.

As capacity gradually ramps up and generates economies of scale in the second half of this year, we expect the cost structure to continue to improve.

一季度640瓦以上的高功率产品出货量占比环比提升，接近25%，并已实现一定溢价，体现了我们通过持续技术迭代和产品升级所形成的差异化优势。同时，银包铜技术的量产导入持续推进，导入进度和规模领先行业。

In the first quarter, high-efficiency products above 640 watt-peak increased sequentially and accounted for nearly 25% of total shipments. These products also command a premium, reflecting the differentiated advantages built through our continued technical iterations and product upgrades.

Separately, we continue to make solid progress in mass production of silver-coated copper technology, where our pace and scale are leading the industry.

储能业务方面，一季度储能出货量约1.42个吉瓦时，其中520兆瓦时左右确认为收入，相较去年同期有大幅增长，其中欧美等海外高价值市场占比较高，市场结构持续优化，毛利率环比提升。由于部分项目的收入确认存在一定周期，对利润的贡献仍有待释放。2026年，我们将持续优化储能产品产能和供应链布局，聚焦高价值市场，推动业务规模及盈利能力的提升。预计2026年储能系统出货量同比实现翻倍以上的增长，成为公司整体盈利改善的重要驱动。

In terms of our ESS business, first-quarter ESS shipments on a FOB basis reached approximately 1.42 gigawatt-hours, with around 520 megawatt-hours recognized as revenue. A higher contribution from high-value overseas markets, such as Europe and the United States, supported a more optimized market mix and drove sequential improvements in our gross margin.

Because of the time lag in revenue recognition of some projects, profit contribution has yet to be fully realized. In 2026, we will continue to optimize our ESS capacity and supply chain footprint and focus on high-value markets to drive improvements in both scale and profitability.

We expect ESS shipments to be to more than double year to more than double year-over-year in 2026, enhancing our profitability profile and contribute meaningfully to our overall bottom line.

话题交给Gener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100个吉瓦，其中海外一体化产能14个吉瓦。2026年全年组件出货量在75个吉瓦到85个吉瓦之间，高功率产品的出货量占比将达到60%以上。2026年的第二季度，组件出货量在14个吉瓦到16个吉瓦之间。我们将持续强化技术创新和产品竞争力的优势，深化全球化布局，加快光储协同发展，提升运营效率，推动公司盈利能力的逐步改善。

Before I turn it over to Gener, I would like to go over our guidance for the second quarter and the full year of 2026. We expect annual and integrated production capacity to reach approximately 100 gigawatts by the end of this year, including 14 gigawatts from overseas facilities.

We expect module shipments to be between 14 gigawatts and 16 gigawatts for the second quarter of 2026 and between 75 gigawatts and 85 gigawatts for the full year 2026, with high-efficiency products accounting for over 60%. We will continue to enhance our technological leadership and product competitiveness, deepen our global footprint, accelerate the development of our integrated solar-plus-storage strategy, improve operating efficiency, and drive gradual improvements in profitability.

Thank you, Mr. Li.

Total module shipments were 13.7 gigawatts in the first quarter. We capitalized on opportunities arising from demand shifts in overseas markets by leveraging our outstanding global sales network and product competitiveness.

Non-China markets accounted for over 80% of our total shipments over the quarter, mainly from Europe, Asia-Pacific, and emerging markets. Shipments to the U.S.

United States accounted for about 4%. For the full year, we expect overseas markets to remain our primary growth driver, as domestic demand face temporary pressure while overseas demand grow steadily.

The proportion of high-efficiency product shipment continued to rise sequentially. This included deliveries of a small amount of 3.0 products.

High-efficiency products command a premium of approximately $0.01 over conventional products. With capacity of Tiger Neo 3.0 series gradually ramping up and being released, we expect high-efficiency product shipments to account for over 60% of total shipments for the full year.

To address increasing scenario-based nature of PV demand, we launched a series of specialized products in the first quarter, including anti-glare, flare-resistant, dust-resistant, and AIDC modules. These products are designed to target premium and high-specification application segments with more demanding requirements.

Far, the products have been widespread market interest and positive customer feedback. This will further strengthen our premium positioning and market reach, as we continue to build on years of accumulated technology expertise and advantage in product performance.

Global computing power demand continues to grow. Data centers are becoming a major new category of power consumption.

To address this shift, we launched a full-scenario PV plus energy storage solution tailored for AIDC, which provides all-weather renewable energy security for power demands requiring high reliability, and continuously expands the boundaries of PV applications. Recently, we have made significant progress in our strategic markets.

For example, in the Middle East, we supplied our high-performance Tiger Neo modules to a world-leading solar-plus-storage benchmark project that integrates energy and computing applications. This further validate our competitive advantages in large-scale project delivery and global service capabilities.

With deep market insights and disciplined, efficient execution, we are confident we will continue to capture opportunities from market and industry shifts. By continuously enhancing our technologies, products, and brand strength, we will continue to deliver high-performance, high-reliability solar-plus-ESS solutions while continuously growing our market competitiveness.

Thank you, Gener. We're pleased to report steadily improving financial results, driven by our high-performance products and expanding footprint in high-value markets.

Gross profit increased by 17 times sequentially and fourfold year-over-year, while gross margin expanded by 8 percentage points sequentially and 10.8 percentage points year-over-year. Operating loss margin improved both sequentially and year-over-year.

As we head into 2026, we're focused on improving our operating performance, optimizing our asset and liability structure, and maintaining healthy operating cash flow to enhance our resilience against risks. Looking at our first-quarter results in more detail: Total revenue was $1.78 billion, down 13 percentage sequentially and 11 11.5% year-over-year, driven primarily by lower solar module shipment volumes.

Gross margin was 8.3%, compared with gross margin of 0.3% in the fourth quarter of 2025 and gross loss margin of 2.5% in the first quarter of 2025. The sequential and year-over-year increases were primarily due to the higher average selling prices of solar modules.

Total operating expenses were about $233 million, down 51.5% from $473.6 million in the fourth quarter last year and 36% from $346 million in the first quarter last year. The sequential decreases were primarily due to the impairment of long-lived assets in the fourth quarter, while the year-over-year decrease was primarily driven by lower expected credit losses in the fourth quarter this year.

Total operating expenses accounted for 13.1% of total revenues during the quarter, compared to 18.9% in the fourth quarter of 2025 and 18.1% in the first quarter of 2025. Operating loss margin was 4.8%, compared with 18.6% in fourth quarter last year and 20.7% in the first quarter.

Excluding the impact of changes in the fair value of convertible notes issued by JinkoSolar in 2023, changes in the fair value of long-term investments, and share-based compensation expenses, adjusted net loss attributable to JinkoSolar Holding's ordinary shareholders was about $79.6 million in the first quarter, compared with $119.8 million in the fourth quarter last year and $147.4 million in the first quarter last year, representing the significant improvement both sequentially and year-over-year. Net loss attributable to JinkoSolar Holding's ordinary shareholders was $63 $67.2 million in the first quarter, compared with $214.5 million in fourth quarter of 2025 and $181.7 million in the first quarter of 2025, improving significantly both sequentially and year-over-year.

Moving to the balance sheet: As of end of the first quarter this year, cash and cash equivalents were $3.3 $3.3 billion, compared with $3.28 billion at the end of fourth quarter of 2025. AR turnover days was 128 days, compared with 94 days in the fourth quarter of last year.

Inventory turnover was 142 days, compared to 75 days in fourth quarter of last year. As of end of first quarter, total debt was $6.85 billion, compared to $6.72 billion at the end of the fourth quarter of 2025.

Net debt was $3.55 billion, compared to $3.4 billion at end of fourth quarter of 2025. This concludes our prepared remarks.

We're now happy to take your questions. Operator, please proceed.

Hi, everyone. Thank you for taking my questions.

First one is just on margins. Was wondering if you could give us your outlook for margins for Q2, 3, and 4.

You just hosted your Q4 call and your Q1 margin came in much better than expected. Was wondering if Q2 should be at a similar level or if not, maybe better.

Then what's your sense for Q3 and 4? Thanks.

Philip, this is Charlie. The Q4, the gross margin jumped a lot quarter-by-quarter.

I think it's a combination the efforts we are trying to push up the price as well as optimize the cost. Looking to the second quarter, we expect it's relatively stable because we need to manage some the impact from the old orders.

Looking to the second half year, given our new high-efficiency capacity platform is going to deliver more and more percentage as well as we optimize the cost structures. We expect the gross margin second half year will jump compared to the first half year.

Thank you, Charlie. Next one for me is on your full-year guidance of 80 gigawatts.

The run rate in the first half is 14 14 gigawatts, then you might need more than 25 gigawatts on a quarterly run rate in the second half of 2026. This growth in quarterly run rate from 14 to 25 gigawatts, is that expected to come from market growth, or do you think you take share or maybe another source?

Thanks.

I think the first half year, and each quarter we get roughly 15 gigawatts. The market is relatively soft, right, given last year is a very, very high numbers.

On top of that, a lot of projects in China is expected to be implemented in the second half year. For the market out of China, we expect relatively in growths.

Back to your questions, and we guide 75 to 85. I think the first priority for us is to improve the gross margin profitabilities, and we will be more selective.

I think one of the factors we are more confident for the shipments is

we get very, very strong demands for the Tiger Neo 3, the next-generation TOPCon products. The second one is we believe relatively good positions to take the market shares from our peers.

It's a combination. Back to your questions, and second half year, we definitely will have more shipments for first half year.

It's a relatively higher shipments, but we are quite flexible in terms of range, 75 to 85. We expect to get more customers from the next-generation TOPCon customers and get more market share from our peers.

Great. Thank you for the details.

I'll pass it on.

Thanks for taking my question. It's actually seen a quite strong momentum in ESS business on the company.

Would like to know if there's any updates to the order book the company has on ESS and the regional split or anything to share? Because I'm seeing in the results that resi ESS is also quite strong in Europe, wonder if there's any updates on ESS.

Thanks. Yeah.

For

the ESS, definitely we are expecting more business opportunities in Europe, particularly the impact from the Middle East conflict. In terms of the global mix from different regions, and we are trying to minimize the China exposures, it's roughly 10% to 15%.

Remaining part, 85%, it's combination of the first target market is in Europe, as well as we have relatively good target for the Asia-Pacific regions, and the Middle East, and Latin America. We also expect some shipments in the U.S.

as well.

Understood. How's the margin profile across these regions?

In Europe and the U.S. and is relatively higher, it's over 20%.

In other regions, and it's relatively lower, and I think it's roughly 10% to 15%. In the first quarter, we deliver 16% gross margin, but I think we expect to continue challenge from the higher material cost.

Combination-wise, we expect we ship 10 gigawatt-hours shipments this year with roughly 15% gross margin.

Understood. This has already factored in the increasing lithium carbonate costs, right?

The 15%

gross margin guide.

Yes,

yes. Understood.

Switching gear to solar business, would like to know what's the view of the company on the FEOC compliance and also on the Section 232 investigation on polysilicon?

I think 232, we don't know what exactly the timetable, the policy will come out. We have, I think, separate independent suppliers from polysilicon to manufacturing wafer cell and module.

If 2 232 come out, I think we have Plan B and to deal with the situations. Your first question is talking about non-FEOC, right, in the U.S.?

Yes, yes. On FEOC as well.

You mean the supply side or the manufacturing side?

How confident is the company to get the credits, and at the same time, are your clients confident that using Jinko's product will also enable them to get their ITC as well?

Yes, yes. I think in the next 2 years, I think that there's a lot of demand for the FEOC modules because of safe harbor regulations.

At the same time, and we have manufacturing in the U.S. and we expect to convert to non-FEOC, and joint venture manufacturings very soon, by the end of second quarter.

It's highly possible the joint venture the majority is the new comer is going to expand the capacity as well. From the supply side, we have several non-FEOC solar cell manufacturings suppliers in different regions, out of China, out of the Asia-Pacific regions.

We are confident for the shipments in this year, as well as we try to build more resources and to have a good foundation for next year.

The JV partner will be known by end of second quarter, which is basically 2 months from now, and is it a U.S. player?

It's a non-China investor. It's definitely complied with the FEOC regulations.

Understood. We will know in 2 months.

Yes, yes.

Understood. Is there any plan for capacity expansion like and and speaking of capacity expansion, there there is quite some concern on the export of solar equipment from China.

Wonder if what what's your view on that, like?

I think in upcoming years, there's maybe possible some kind of export restrictions. We didn't get a final confirmations or any signed documents.

In terms of what I'm talking about the capacity expansions and they could be go through the merger acquisition existing module capacity in the U.S. I think the joint venture is start working for it.

For the big expansions it's doable through other ways.

Understood. Switching gear to space-based solar.

Wonder if the progress on that front, are there any products dedicated to AI data centers in space, and are there any relevant updates on that part of the business?

I think our R&D team has do some kind of preparations for the solar panels depending on different technologies, like the silicon, like the perovskite, and we made some progress on the silicon-based technology for space testing. Our target is by the end of the second quarter, we can get the example ready, and it could be work with some space companies to do the testing.

Understood. The panels will be launched in satellites and be tested in Q2?

It's not determined, but we are trying to explore the different plan, but definitely, when we'll do some space-based solar panels, definitely we try to test in the space.

Understood, that's clear. My final question is what's your view on the demand second half, because the demand now is quite weak.

Wonder if you are expecting any policies or any signs that demand will recover in second half on solar?

Yeah. From demand side, we expect the current slowing down in Q2 or early Q2 is perfectly night nature, because of the rush hour by end of Q1 has pull in a lot of demand from Q2, right, everyone tried to get the benefit for the last-minute rush before the China VAT policy change.

I think that the slowing down in Q2 is within the expectations, but we still are looking to the whole-year demand, especially for second half, we are still kind of optimistic. I think three reasons behind it.

One reason is because after the recent conflict in the Middle East, we heard a lot of the energy security topics, right, the solar, or wind, BESS, can provide more energy securities. Many countries put that into a national strategy.

That potentially trigger more demand. Secondly, it's because of the rising demand from AIDC topics, we see a massive upcoming projects combined between renewables and AIDCs all over the world.

Third important reason is because of we call it the C&I or distributed generation market demand is still very robust, and we can feel a very strong demand from that perspective. Even in the emerging market, the C&I sectors, DG sectors demand are pretty solid and robust even for the whole year.

Combine everything together, we still expect a healthy or at least a solid demand in second half. That's from the high levels.

If you break into details, because of the strong demand in China in last year, we believe the China demand will drop roughly 20% compared to last year. If we talking about non-China demand, we can see a roughly 10% increase year-over-year.

Combined everything together, I think it will be roughly 5% to 10% demand decrease in 2026 versus 2025. If you looking to the seasonality, the second half definitely will be stronger than first half.

Understood. That's very clear.

I'll pass on. Thank you.

Thank you.

Good morning, and thank you for taking my question. The first question I have is about average selling prices.

You have mentioned that prices are stable going into the second quarter versus the first quarter. I want to get your sense on how the second-half pricing is going to be.

Also, you have been doing a lot of product development focusing on higher efficiencies, or a better positioning of the product in terms of market segments, like trying to aim for markets where there's a lot of dust, for example. You have been positioning, segmenting the market and trying to bring out products for these different use cases.

My question is, does this allow you to get better pricing than the market on average, and could we see your average selling prices actually be inching up, both because of higher performance as well as because of market segmentation as we go through the year? That's my first question.

Yeah. Thank you for the question, and thank you for insight.

Actually, that's our target. What you're just saying is exactly what we are targeting at, but nobody has a crystal ball to know the future.

We are working hard. On one side, there's a strong government push in China try to have the whole that industry get rid of or get out of from the price competition.

Another way we are looking to is we try to target the customers and the business at a value-added perspective instead of price competition perspective. In that case, we hope we can work with the scenario of a steady, healthy market prices.

Actually, if you take a deeper look into the prices recent days versus the price in Q1, you can feel that even the policy change, demand is weak in Q2, actually the market price is not dropping as many people expected, right? It's really because of the manufacturing side has suffered so much, and nobody would like to sell at a huge loss-makings.

Another reason is it's really the market itself, the market demand itself is still capable to absorb the higher prices. It doesn't have to be a price competition.

We could make the market competition more healthy way instead of a number game. Back to your question, I personally, I'm optimistic about the market prices in the rest of the year, and hopefully it would remain at a healthy range for everyone.

Great. Thank you.

My second question is about costs. As you're pushing towards the higher value-added products, does that automatically mean that your costs will also be higher, or the costs are going to keep on coming down because you are just getting better and the scale is getting better in terms of the size of the business?

The high-efficiency product like the Neo 3 definitely is going to generate more profitabilities and gross margins. You are talking about the scenario-based product, right?

That is what we are trying to build used for different scenarios, like AIDC, like anti-dust, and whatever. The channel penetrations, which will definitely bring, I think additional profitabilities.

I think we are upgrading our capacity to next higher-efficiency products, and with economy of scales, the cost will be optimized as well.

Great. Thank you.

Thank you. Thank you.