A：JinkoSolar’s key operational results for the first quarter of 2026 included a cumulative shipment volume of 13.7 GW, placing it first in the industry. More than 80% of these shipments were directed to overseas markets. As of the end of the first quarter, JinkoSolar has become the world's first component company with a cumulative shipment of more than 400G watts, and the cumulative shipment of non-fluorine series components is about 240G watts. Driven by an improved industry supply-demand balance and strong overseas demand, module prices rebounded month-on-month, lifting the gross margin to 8.3% and narrowing the net loss sequentially.

A：The recent geopolitical situation has caused disruptions to certain shipping routes, leading to short-term pressure on logistics costs and delivery schedules for JinkoSolar. However, this situation has also heightened global attention to energy security, resulting in continued growth in demand for energy solutions from industrial, commercial, residential, and power customers. JinkoSolar is adapting by maintaining close communication with clients, optimizing production, and focusing on strategic market layouts, particularly in the distributed energy market. The company anticipates that the balance of power in the industry will normalize, and as its high-power products are scaled up, there will be a stabilization in component prices and a push towards more efficient energy solutions.

A：JinkoSolar's new generation of products, with a capacity of 655 to 660 watts, is now in full-scale production with a growing market presence. By the end of 2026, the company expects that the capacity of 650 watts and above will exceed 40 Gw. High-power products have demonstrated a 25% increase in market share for the 640-watt above segment, commanding a premium due to the company's ongoing technological improvements and product upgrades. This progression also applies to the ongoing implementation of silver-bonded copper technology, which is expected to enhance the company's competitive edge in the industry.

A：In the first quarter of 2026, JinkoSolar's energy storage business has shipped about 1.42g watt-hours, of which 520 megawatt-hours have been recognized as revenue, a significant increase over the same period last year. In particular, the company has achieved a high market share in overseas high-value markets such as Europe and the United States, and the market structure has been continuously optimized, and the gross profit margin has increased month-on-month. Although the revenue recognition of some projects is cyclical, its contribution to profits is still to be further released. For 2026, the company plans to continue to optimize its energy storage capacity and supply chain layout, focusing on high-value markets to drive business scale and profitability. It is expected that by the end of 2026, the shipments of energy storage systems will more than double year-on-year, becoming an important driving force for the company's overall profit improvement.

A：The projected growth for the EXS treatment on an APOD basis is around one point forty two gigabyte hours, which equates to approximately five hundred and twenty megawatt hours. The treatment is supported by a higher contribution from high value overseas markets like Europe and the United States, which in turn drives an optimized market mix and an improvement in growth margin.

A：The expected production capacity for 2026 is set to reach 100 GW, with 4 GW coming from overseas facilities. The projected shipment volume for the full year 2026 is between 75 GW and 85 GW, with the high power product's out-shipment expected to exceed 60%.

A：The company plans to enhance its technological leadership and product competitiveness by continuing to invest in innovation and product development, deepening its global footprint, accelerating the integration of its solar and cloud storage strategies, improving operational efficiency, and driving gradual improvements in profitability.

A：The total module shipment in the first quarter was thirteen point seven gigawatt hours, with non-China markets accounting for over eighty percent of the total shipments. The primary growth driver for the company is expected to be overseas markets, as domestic demand faces temporary pressure while overseas demand grows steadily.

A：High efficient products command a premium of approximately one U.S. dollar per watt over conventional products. With the capacity of the tiger neo three point oh series gradually ramping up and being released, the company expects high efficient products to account for over sixty percent of total shipments for the full year.

A：In the first quarter, the company launched a series of specialized products including anti-glare, weather-resistant, dust-resistant, and AIDC modules. These products are designed to target premium and high specification application segments with more demanding requirements.

A：The company views global computing power demand as a continuous growth trend, with data centers emerging as a major new category of power consumption. To address this, they have launched a full scenario PV Plus energy storage solution tailored for AI data centers (AIDC), which provides all-weather renewable energy security for power demands requiring high reliability.

A：The strategic progress in key markets includes supplying high-performance technology new modules to a leading solar plus storage benchmark project in the Middle East that integrates energy and computing power implications. This demonstrates the company's competitive advantages in large-scale project delivery and global services capabilities.

A：The key financial results for the first quarter include a significant increase in gross profit, expansion of gross margins, and improvement in operating loss margins. Factors influencing these results include higher average selling prices of solar modules, impairment of long-lived assets in the fourth quarter, and lower expected credit losses in the first quarter of this year.

A：The adjusted net loss attributable to Jinggong Solar Holding ordinary shareholders was approximately $7.96 million in the first quarter, a significant improvement from $11.98 million in the fourth quarter last year and $14.74 million in the first quarter last year.

A：The net loss to ordinary shareholders for the first quarter was $63.67 million, an improvement from $221.4 million in the fourth quarter of 2025 and $181.7 million in the first quarter of 2025.

A：The outlook for margins in the second quarter is expected to be relatively stable as they are still managing the impact from old orders. For the second half of the year, margins are expected to improve and increase compared to the first half due to new capacity and a new high efficiency capacity platform, as well as cost structure optimization.

A：The factors contributing to the improved margins and expected growth in the second half include an increase in capacity, better cost optimization, and a strategy to improve growth, profitability, and market share. This strategy involves being selective about shipments, particularly focusing on high-demand sectors like the tiger industry and expecting to take market share from peers.

A：The full-year guidance of 75 to 85 gigawatts is expected to come from market growth and possibly taking market share. The increase from the first half's run rate of 14 gigawatts to the guided range for the full year is likely due to a rebound from a relatively soft Chinese market and projects expected to be implemented in the second half, along with growth in markets outside of China.

A：The company's power supply is primarily from Europe, where the impact from the Middle East conflict is expected to play a role, and they are minimizing China exposure to roughly 10 to 15 percent. The remaining 85 percent comes from various regions including Asia Pacific, Middle East, and America with the potential for shipments in the U.S. as well. The margin profile varies by region, with Europe and the U.S. having a relatively higher margin over 20 percent, while other regions have a lower margin. The company expects an average gross margin return of about 15 percent for the year, factoring in higher lithium carbonate costs.

A：The company is confident about securing credits and meeting field compliance requirements, especially with the upcoming investigation and potential changes due to Section 232. They have a strategy in place with independent suppliers and are working towards joint venture manufacturing in the U.S. to ensure compliance. They are also confident in their ability to supply modules given current and future agreements with non-China players and are building resources for next year's demands.

A：The speaker mentions that there may be extra restrictions in the media regarding solar equipment export from China but states that they have not received final confirmation. The company is exploring capacity expansion through mergers and acquisitions in the US and is looking forward to repeating expansion via a joint venture.

A：The R&D team has been preparing solar panels for different technologies such as silicon and perovskite. They have made progress on silicon-based technology for space testing and plan to have an example ready by the end of the second quarter for testing with space companies.

A：The plan is to launch and test the new solar panels in space satellites, pending final determination on the testing phase.

A：The outlook for solar demand in the second half of the year is optimistic. The slowdown in the second quarter is seen as natural after the rush to meet VAT policy changes at the end of the first quarter. The company is still looking at the full-year demand and is optimistic about it, supported by three reasons: increased focus on energy security, growing demand from AIDC topics, and robust demand from the cni or distributed generation market.

A：The expected percentage change in solar demand between 2025 and 2026 is a decrease of about five to ten percent, with the China demand dropping roughly twenty percent compared to the previous year. However, non-China demand is expected to increase by roughly ten percent year over year. Consequently, the second half of the year is forecasted to have a healthy or at least solid demand, which will be stronger than the first half.

A：The company's view on pricing in the second half of the year is optimistic, influenced by a strong government push in China for industry consolidation and a move away from price competition, as well as by maintaining healthy market prices. Additionally, even with weaker demand and policy changes, the market prices have not dropped as expected due to manufacturers not wanting to sell at a loss. The speaker is optimistic that the pricing will remain in a healthy range for everyone involved.

A：Focusing on high-value products like the new高效产品 does not necessarily mean higher costs. Instead, it implies that these products will generate more profitability and gross margins. Furthermore, the process of building products for different scenarios, such as AIDC and those that can withstand added dust, is expected to bring additional profitability. With the upgrade of capacity to more advanced products and the scale of economy, costs are expected to be optimized.