Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding's First Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer session. As a reminder, today's conference call is being recorded. I would like now to turn the meeting over to your host for today's call, Ms. Stella Wang, JinkoSolar's Investor Relations. Please proceed, Stella. Thank you, operator. Thank you everyone for joining us today for JinkoSolar's First Quarter 2022 Earnings Conference Call. The company's results were released earlier today and available on the company's IR website at www.jinkosolar.com, as well as on Newswire services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website. On the call today from JinkoSolar are Mr. Li Xiande, Chairman of the Board of Directors and Chief Executive Officer of JinkoSolar Holding Company Limited. Mr. Gener Miao, Chief Marketing Officer of JinkoSolar Company Limited. Mr. Pan Li, Chief Financial Officer of JinkoSolar Holding Company Limited, and Mr. Charlie Cao, Chief Financial Officer 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. Then Mr. Pan Li, who will go through the financials. They will all be available to answer your questions during Q&A session that follows. 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 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. Leveraging our competitive advantages in supply chain management and a global network, we delivered solid results in the first quarter of 2022, with total revenues of CNY 14.8 billion, an increase of 86% year-over-year, and quarterly shipments up by 57% year-over-year to 8.4 GW. Despite a very challenging environment due to macroeconomic uncertainties and supply chain disruptions from the resurgence of COVID-19 in many parts of the world, we continued to improve our in-house cost structure and our gross profit in the first quarter increased by more than 60% year-over-year. Polysilicon prices and shipping costs remained high and volatile during the quarter. Since March, the surge in local COVID-19 cases in China triggered epidemic prevention and containment policies. This has led to logistics congestion and sharp reductions in transport capacity, further affecting the timeliness of materials and finished products deliveries and increasing cost pressures for many enterprises. To mitigate the risks and production uncertainties caused by the pandemic, we took early actions to ensure ample supply of new materials as well as close cooperation and coordination of production, supply chains, and sales departments in order to meet production and delivery timelines. 并在未来稳步提升。此外，光伏凭借低碳性和经济性，使得全球以汽电、火电等占比结构比较高的国家对于分布式光伏的需求将迅速攀升。今年市场装机规模需求乐观看到250吉瓦左右。 In China, deliveries for some projects were to some extent delayed due to the supply chain imbalance and logistic disruptions as a result of COVID-19 resurgence in certain parts of the country. However, domestic demand has remained solid. Since the beginning of 2022, many Chinese provinces have issued time of use tariff policies, which have further stimulated demand for distributed generation, especially for systems designed for the industrial and commercial sectors. For utility projects, consistently high prices along the supply chain convince some of the customers to not wait any longer to start new projects. During the quarter, the number of biddings for large scale projects grow gradually, and by the end of March, the bidding phases for more than 50 GW of such projects had been completed. In Europe, the Russia-Ukraine war has largely boosted demand for solar energy, and incremental demand is expected. Is expected to be released within the year, and will steadily increase over time. In addition, with the low carbon nature and economies of scale of PV, the demand for distributed generation will rapidly increase in countries with a high proportion of gas-fired power and thermal power in their energy mix. We remain confident and optimistic about the year's outlook, with total global installations expected to reach about 250 GW. 总之，我们认为疫情对生产经营的影响偏短期且可控。光伏行业面对波动，自我调节能力已越发强劲。随着物流的陆续恢复，硅料产量持续释放，我们看好行业的出货和终端装机规模逐渐恢复和增长。我们维持全年出货指引不变。 In short, we believe that the impact of the pandemic on production and operations is temporary and under control. The PV industry's resilience in the face of volatility and fluctuations has been increasing. With the gradual recovery of logistics and the gradual release of polysilicon, we are confident about the gradual recovery of the industry and growth in shipments and installations. We reiterate our guidance on total shipments, which remains unchanged for the full year of 2022. N型研发和商业量产方面，我们持续领跑行业。目前我们合肥和海宁十六个吉瓦的电池厂能爬坡顺利。电池量产效率已超过24.6%。我们预留了电池新结构升级和新型金属化技术，以持续提效降本。近期我们的高效N型单晶硅单结电池效率达25.7%，刷新世界纪录。我们在N型的电池技术平台储备了大量的升级技术，通过不断优化和量产落地最新的技术来实现对同行业技术的领先。 Let's move on to our N-type R&D and commercialize the mass production sectors of our business. We continue to lead the industry in both areas of technical development and mass production volumes. Currently, our 16 GW of N-type TOPCon cell capacity in Hefei and Haining is ramping up smoothly, with mass-produced cell conversion efficiency exceeding 24.6%. We are consistently investing in technology for new cell structure upgrades and new metallization methods to increase efficiency and reduce costs. Recently, we set a new world record for our N-type TOPCon cell, with maximum conversion efficiency reaching 25.7%. At the same time, we are also performing iterations on the N-type cell technology platform to optimize and apply the latest technology for mass production and achieve technical leadership among our peers. 伴随着N型经济效应的凸显，我们看到全球客户对N型产品的接受度和需求日益增加。我们有信心实现Tiger Neo满产满销，并希望我们的N型市场份额优势逐渐转变为盈利的提升。此外，我们对中国市场持续看好，并加码布局。国内分销业务方面，目前各销售渠道建设活动已享有成效，未来将进一步协同市场策略、价格体系、品牌建设等，依托场景和技术优势，为广大分销市场客户带去低碳、可靠、高科技性的产品和价值。 As the prominence and benefits of the N-type module grows, we have been seeing wider acceptance and increasing demand from global customers for our N-type products. We are confident about ramping up to full capacity and increase sales for the Tiger Neo modules, giving us the advantage of growing our market share and increasing profits. In addition, we are optimistic on China's demand and are expanding our resources and local deployment to grow in the domestic market. For DG business in China, at present, all our efforts on building different channels are already seeing results. In the future, we will further coordinate our market strategy, pricing systems, and brand development. We believe this will give us technical advantages in the distributed generation sector and bring low carbon, reliable, and highly economical products and solutions to our customers. We have successfully ramped up the 16 GW of N-type cells production capacity. Taking into account our advantages in the N-type cells and strong market demand, we plan to invest in the second phase of N-type cells with a total production capacity of approximately 16 GW. The increase in N-type cell production capacity will further optimize our production infrastructures and to reduce integration costs. As a result, we are increasing our full year guidance. At this time, we are expecting the annual production capacity of mono wafers, solar cells, and modules to reach 55 GW, 55 GW, and 60 GW, respectively, by the end of 2022. Before turning over to Gener, I would like to go over our guidance for the second quarter of 2022. We expect the total shipments to be in the range of 8.5 GW-9.5 GW for the second quarter of 2022. Thank you, Ms. Li. Module shipments in the first quarter were approximately 8 GW, and less than 400 MW of wafers and cells are sold in China additionally. By the first quarter, our accumulated global module shipment has surpassed 100 GW, thus becoming the first company in the industry to achieve this historic milestone. Regarding regional landscape, Europe, Asia Pacific, and emerging markets were the regions with the most shipments. In terms of absolute numbers, our shipments to Europe increased by more than 30% quarter-over-quarter, and our shipments in China nearly tripled year-over-year. In Europe, the Russia-Ukraine war boosted solar demand, and it is expected to grow steadily in the future. The high demand of distributed generation, combined with successive bids for large scale projects, continue to demonstrate strong growth momentum in the Chinese market. Although deliveries for some domestic projects have been delayed due to logistic restrictions caused by the resurgence of COVID-19 and supply chain disruptions, we are still bullish on China's market demand and are moving forward with our plans to enhance deployment in China. As a responsible global enterprise, we advocate the freedom of trade. We believe our competitive products and professional services are key to envision the wide adoption of clean and green energy on a global scale. In the U.S., policies have temporarily disrupted the market, and short-term supply becomes difficult. We remain bullish about the market potential in the long term. Therefore, we have been proactively deploying and working with all parties to come up with a feasible solution. The wafer cell module capacity of our integrated production facilities overseas has been ramping up very smoothly. With a sound and comprehensive overseas supply chain, we are confident in our ability to flexibly respond to the changes in the U.S. market. In terms of contracts, we have high visibility for the full year's order book. Global customers are increasingly interested in our Tiger Neo products. We are confident about ramping up production to full capacity and sell out the Tiger Neo series. We hope N-type product will contribute more than 20% of our total shipment. In the face of market and the price fluctuations, demand for distributed generation remains strong. We have proactively expanded our global market share in DG. For example, in Europe, APAC, and emerging markets. The proportion of distributed generation in our shipment is expected to be in the range of 35%-40% this year. We expect that the proportion will steadily grow quarter-over-quarter. In terms of product mix, the proportion of our Tiger Pro 182 mm large size product has already exceeded 80% in the first quarter, and it's expected to exceed 90% in the whole year. Recently, we launched a new series of BIPV products covering three major application scenarios, including facades, industrial and commercial rooftops, and residential rooftops. With high efficiency N-type technology adopted, those new and innovative products will provide customers with high quality and green building solutions. To conclude, we remain optimistic about the global PV demand in 2022. Propelled by dedicated effort for global marketing network, as well as vertically integrated overseas supply chain advantage, we are confident about delivering the most competitive products and services to customers, and further improve our market share. With that, I will turn it over to Pan Li. Thank you, Gener Miao. For the first quarter of 2022, total revenues increased significantly year-over-year as a result of strong shipment growth and competitive module prices. To mitigate the impact of higher raw material prices, we strengthened our supply chain management. Nevertheless, gross margin decreased both sequentially and year-over-year. As we ramp up capacity of more cost-effective N-type modules and increase sales of premium N-type products, we expected a strong recovery and improvement in profitability for the coming quarters. Let me go into more details. Total revenue was CNY 2.33 billion, a significant increase of about 86% year-over-year. Gross margin was 16.1%, compared with 16.1% in the fourth quarter last year and 17.1% in the first quarter last year. Total operating expenses were CNY 344.8 million, basically flat sequentially, but a significant increase year over year. Logistic constraints in many parts of the world drove up shipping costs, increasing sales expenses. To mitigate this, we flexibly adjusted shipping arrangement domestically and overseas based on market conditions and were able to benefit from several strategic agreements with major shipping companies. We also flexibly adjusted to other means of transport in order to reduce the impact of shipping costs on profitability. Total operating expenses accounted for 14.8% of total revenues in the first quarter this year, up from 13% in the fourth quarter and down from 15% in the first quarter of last year. We will continue to control operating expenses, and as revenues continue to grow as we scale up, we expect that the operating expense ratio will gradually decrease. EBITDA was $126 million, compared with $183 million in the fourth quarter last year. Net income attributable to JinkoSolar Holding ordinary shareholders was $4.6 million, resulting in diluted earnings per ADS of $0.01. The change in fair value of convertible senior notes due to an increase in the company's stock price in the first quarter this year led to a loss of $16.6 million. Our foreign exchange hedging mechanism has proven to be effective. In the first quarter of 2022, we realized a net foreign exchange gain, including change in fair value of foreign exchange derivatives, of approximately $12 million, compared with a net loss of $1.65 million in the first quarter last year. We will continue our strategies to hedge against foreign exchange risk. Moving to the balance sheet. At the end of the first quarter, the company had cash and cash equivalents of CNY 2.66 billion, up from CNY 1.4 billion at the end of fourth quarter and CNY 1 billion at the end of first quarter last year. Our cash position has significantly improved, and we will continue to strengthen our liquidity. AR turnover days were 66 days in the first quarter, compared with 52 days in the fourth quarter last year. Inventory turnover days were 117 days in the first quarter this year, compared with 88 days in the fourth quarter last year. Total debt was CNY 4.33 billion at the end of the first quarter of 2022, compared with about CNY 4 billion at the end of fourth quarter last year. Net debt was 1.6 billion compared with CNY 2.56 billion at end of fourth quarter last year. After the listing of the Jiangxi Jinko earlier this year, our financial structure is expected to improve with access to competitive financing. This concludes our prepared remarks. We are now happy to take your questions. Operator, please proceed. Thank you. Ladies and gentlemen, if you wish to ask a question, please dial zero one on your telephone keypad. We have a first question from Philip Shen from Roth Capital Partners. Please go ahead. Mr. Philip Shen, please, your line is open. You may ask your questions. The person from Roth Capital Partners, please, your line is open. You may ask your questions. Okay. Apologies, ladies and gentlemen, for this. Once again, ladies and gentlemen, if you wish to ask a question, please dial zero one on your telephone keypad. I have a question from Alan Lau from Jefferies. Please go ahead. Thank you, operator. Thanks a lot management for taking my questions. Here's a couple of questions. We note that for the A-share subsidiary of the company has issued a preliminary first quarter results, which indicates a net profit of around CNY 400 billion. This number is quite different from the net profit at the U.S. level. We also note that the company has no longer issued the non-GAAP incomes, which have excluded the changes in fair value of these convertible bonds. We'd like to know how to compare the profit levels. What is the difference between the profit levels in these two entities? What is a more fair estimates of the like core profits of the U.S. level? This is Charlie speaking, you know, there's in terms of net income reconciliations, basically, you know, the JinkoSolar Holding, its holding companies and they report it under the U.S. GAAP, and the subsidiaries, the A-shares is reported under PRC GAAP. One of the most significant differences the holding companies is only have, let's say 58%, right, of the A-share of the companies. On top of that, you know, the holding companies and they had their convertible bonds, which had, I think a loss of because of fair value triggering from the ADS shares is up, you know, during this first quarter. I think there are some GAAP differences and except for that, there are also some, let's say, the holding companies have some international projects. I think in fact, your questions, the big difference is because of the holding, the difference of the 58% of the underlying A-share, on top of that convertible bonds is a big change because of the increase of the share price. There are some small differences because of the GAAP reporting differences as well as some international project assets. Understood. Thanks a lot. My second question is about the investment in polysilicon with Tongwei and also Xinte. Would like to know, would that be material contribution in profits? Because we have seen that in other companies. That will materialize later in later quarters of this year. What is the magnitude of that amount? Okay. You know, the answer is no. We don't expect any, you know, income or investment income, you know, in the future because we did have arrangements with TBEA. You know, we invested 9% of equity for the solar silicon plant and which has the capacity, I think it's 10,000 tons. We hold 9% of equity and invested, uh, around, I think CNY 300 million. From the accounting perspective, because we only have 9%, it's a very small minority and we record it under the cost method. If we hold, let's say over 20%, we can pick up the net income from the accounting perspective. On top of that, we also have arrangement with Tongwei polysilicon, and we plan to have 15%. It's the same situation. From the accounting perspective, we are not record any, let's say, investment income unless the underlying, let's say, the subsidiaries declare dividends. Understood. Thanks a lot. It's basically because of cost method. Okay. My last question is about the increased capacity guidance. Would like to know how much of shipment has been materialized in the first quarter for the N-type TOPCon and, or how much of orders has been secured for like second quarter for the N-type products? Because I suppose the amount is huge, that the company is confident to expand its capacity for another 16 GW, isn't it? Sure, sure. For the N-type, you know, the new capacity is 16 GW. You know, the large size N-type TOPCon capacities is, you know, under ramping up stage. The output is very small in the first quarter. Expected to, you know, reach full capacity by end of the second quarter. The first quarter we didn't have, you know, the shipments from the new capacity. From the order perspective, it's very, you know, attractive from the customer perspective. We are confident we are able to ship over, you know, 10 GW shipments for the full year. I think first and second quarter may take 10%-15%. The second half year is, you know, taking up around you know, 85%-90%. Thanks a lot. Thanks a lot for Charlie, I'll release the floor to others. Thanks. Once again, thank you. Thank you. Thank you. Ladies and gentlemen, as a reminder, if you wish to ask a question, please dial zero one on your telephone keypad. We have a following question from William Grippin from UBS. Please go ahead. Thanks and good morning. Just curious if you could, you know, help us understand any initial impact you're seeing from the ongoing anti-dumping, countervailing tariff investigation in the U.S. and how that's impacted, you know, your planned and potential future shipments, as of now. Gener, would you like to take the question? Okay, sure. Let me take that one. For the anti-circ investigation, yes, it is impacting the whole industry a lot, right? Of course, you know, the potential risk of retroactive tariff, even the potential, you know, the higher end of the range of the possible tariff might, you know, put a lot of uncertainty for the manufacturer side. That's why, you know, many factories and peers choose to take a stop and to wait to see the consequence or the announcement from the U.S. government side. For Jinko, I think we have established a vertically integrated supply from a wafer down to cell and a module together with the long-term contract we have secured with many quite several key, let's say, key non-China polysilicon suppliers. Combine all those factors together, I think we can or we are capable to offer one of the, let's say, one of the most comfortable and, you know, reliable solutions from the solar panel manufacturing side. That's why we have seen many positive feedback about the customers from U.S. about their strong interest to secure, you know, the supply from Jinko side. Meanwhile, you know, we are still cautiously manage the manufacturing process to make sure that, you know, the company's risk is within the tolerance we can afford. Thanks. Just to follow up on that, I mean, could you speak to kind of how your contracts with your customers are structured in terms of, you know, should there be a retroactive tariff? Who's actually responsible for that? Does it vary based on your contracts? Just help us understand kind of how that works. Thank you. I don't think we are capable to disclose the detail of the contract. From the company's perspective, definitely we cannot afford, you know, the huge potential risk of anti-circ. That's why we are reaching different solutions with different customers, you know. Some of the customers choose to ship the modules themselves. Some of the customers choose to, you know, take the risk. Some of the customers may choose to delay the project. Some customers, you know, may take a stop for a while until the announcement happens, or a different customer has different appetite and different solutions. Got it. Very helpful. Thanks. Appreciate the help. Thank you very much. Thank you. Ladies and gentlemen, as a reminder, please dial zero one on your telephone keypad if you wish to ask a question. We have a next question from Philip Shen from Roth Capital. Please go ahead. Hi, guys. Thanks for taking my questions. Sorry about the mix-up earlier. I was navigating two earnings calls. In terms of the anti-circumvention case, you know, I think you guys had, before the anti-circ case came up, you know, a clear solution to address the U.S. market that would avoid the WRO situation. Can you talk to us about how much you were expecting to ship into the U.S. before anti-circumvention hit in 2022? Now how much do you expect the shipments into the U.S. could be? You know, so maybe before you're in the 3 GW-4 GW, and maybe now you're, you know, maybe sub 500 or something. Is that directionally accurate? Just trying to get a sense for the magnitude of the change. Then, given that difference in the change or that delta, because you didn't change your annual guidance, where do you expect those modules to be going, if it's not the U.S.? Is Europe taking up the slack? Thanks. Thank you, Phil, for that. I think Jinko is one of the early victim of the WRO. We got disrupted, I think by second half of last year. That's why we have prepared several solutions to make sure we can find our ultimate supply solutions to the U.S. market. That's why currently our wafer capacity in Vietnam is ramping up smoothly. We believe we could offer a very unique solution to the U.S. market. To quantify that, the volume is still difficult to tell because the logistics is not very, let's say, predictable in the current status, especially considering this customs clearance timing is totally out of our control as well. I'm sorry to say, but we don't have a very detailed number to disclose before the anti-circ case investigation started. But in general, our current capacity ramping up plan is still, you know, on schedule and smooth, and we are expecting to supply U.S. market with our unique solution, you know, very soon. The second question for the guidance, we still are bullish about the global demand this year, especially for the U.S., after the U.S. got hit by this anti-circ thing. We have seen this European demand is booming rapidly and strongly. Together with the China demand picking up, we believe that's quite a lot in terms of the demand. I think that will be, you know, good enough to cover the loss we had in U.S. market earlier this year. Okay. Thank you for the color. Hope that answered your question. Yep. Thank you. Thank you. Shifting gears to Q2, you gave some guidance there. Was wondering if you could talk through the margin outlook. Do you expect, you know, with the pricing power of module pricing going higher and just pricing through the whole supply chain going higher, is there any chance that you could expand margins in Q2? Or is there a risk that it can contract, or do you expect it to be flat in Q2? Thanks. Pan Li, would you like to take the question? This is Pan. For Q2, we expect the gross profit margin would be stable. Okay. Stable versus Q1, Pan? Yeah. Versus Q1 this year. Yeah. Great. Okay. Thanks. Then, in terms of the dividend that you guys talked about, the dividend to shareholders for the ADR, since you guys received it from the subsidiary, do you expect to pay out a, you know, to do a buyback, or do you or is there a chance that you just keep it? Or what's the can you talk through the plans a little more? Sorry if somebody addressed this earlier. Again, I was navigating two calls earlier. Thanks. Okay. For the dividend, it's you know it's not big number. It's a very you know it's a small number. We're expecting to receive the dividend after you know paying the tax. I think in late May, we haven't taken the positions how we are to use the dividends. We may, you know, discuss with the board, you know, to make the decision later. Okay. Thanks, Charlie. Can you talk through the options? Would you consider a buyback or is there? You know, what's on the table? Thanks. Yeah. It could be, you know, the holding companies, you know, we don't have any, you know, significant operating assets except for the, you know, the equities, for the eight years. We may consider to take some investment opportunities, particularly for the, you know, the solar chain for the companies which supply our, you know, equipment or the materials and which we can, let's say, through the minority investment, to build some ecosystem for the solar. This is one of the options. The second option is we may pay dividend as well, for the U.S. investors. As I think, you know, just as talking about it's a small number and, you know, so we didn't have the, you know, the decision yet. Got it. Okay. Thanks, Charlie. In terms of module pricing, can you talk about, Gener Miao, how do you expect that to trend in Q2, Q3 and Q4? Is the idea that, you know, should we be forecasting or thinking about module pricing increasing as we get through the year? Do you think that continues into 2023, or do you think it comes back down in 2023? Thank you for the question, Philip. In our opinion, the module price is stabilizing. It's stabilizing in the range around the current market price. Maybe up and down $0.005-$0.01, but it's more or less a stabilized range, and which is broadly accepted by more and more customers and end customers day by day. The reason is, you know, we have seen a very, let's say, robust polysilicon prices from last year to this year. Also, meanwhile, we have seen the demand is picking up, you know, significantly, even there are some turbulence in U.S. market. Considering other markets, for example, China, Europe, et cetera, the market demand is still there and is strong as well. Considering, you know, both and many projects, many customers started to, you know, adjust their plan and they don't wish for the price, you know, sharply going down overnight. They started to build up their business plan based on the current, let's say, module pricing or the solar system cost, which will make the whole ecosystem of solar industry more sustainable, in my opinion. Meanwhile, JinkoSolar's N-type product itself will, you know, provide added value to the customers who has a very limited budget or have a very, you know, high IRR target. I think that gives us a perfect window to promote the Tiger Neo products and that's partially the reason why we are continuing to expand our N-type capacity. That's it. Thank you. Great. Thanks for the color. One last one. Appreciate all taking all the questions. That's on just a quick housekeeping question. Can you share what the Q1 cash flow from operations was? Thanks. Phil, let's take. Yeah. Oh, yeah. Yeah. Yeah. Charlie, Let's take the number back to you know, after the call. You know, I think it's a positive. I cannot remember the exact numbers. Okay. Great. Thank you very much, Charlie, Pan, and Gener. I'll pass it on. Thank you. Bye. Thank you. We have a last question from Brian Lee. If you would please unmute your line and go ahead for your questions. Hey, guys. Good evening. Thanks for taking the questions. Sorry, I jumped on late, so apologize if some of this has already been covered. I guess one question on the AD/CVD circumvention investigation, as it relates to, you know, your operations or your shipments into the U.S. Have you, I guess, considered or are your customers asking you about, taking products, panel products from your mainland China operations as opposed to buying from your sites in Southeast Asia? I guess just is that an option that either you're exploring or your customers are asking you about, just so they can avoid some of the uncertainty that exists around the Southeast Asian countries right now? Mm-hmm. Thank you for the question. I think we covered that a little bit in the previous answers, but let me briefly repeat it again. For the customer end, I think we are experiencing, you know, many different customers' appetite about the risk, about the solutions. I think we from a JinkoSolar's perspective, we are not ruling out any solutions from a customer end, but our bottom line is very clear. We are only capable to accept the risks, a very limited risk, you know, from company's position, right? Anything beyond our tolerance, risk tolerance, we have to find our solutions. Otherwise, we prefer to stay, you know, to stay quiet for a while, like others, to wait into, you know, more clarity on the tariff side. That's the direction we are going, and we are experiencing many different solutions again. Some of them taking the goods themselves, some of them, you know, put it in warehouse somewhere. Some of them saying they wanna delay. Some of them saying, you know, you know, just taking the product to the other markets. Many different solutions. Every customer is different from one to another. Yeah. No, I can appreciate that, and I understand the situation is quite fluid and sensitive. Maybe just technically speaking, if a customer were to, you know, purchase panels from you that were shipped in from mainland China, could you remind us, 'cause I know these rates have changed over the years. What is your company-specific antidumping and countervailing duty tariff assessed on the Chinese-made products right now? Uh, it's, uh... Uh. Yeah. Yeah. Yeah. Go ahead, Charlie. Yeah. It's just like what you said, you know. Different companies have different, you know, several rates. Some of the rate is still ongoing. For example, we're expecting, let's say, POR 8. The final rate is going to come out. Based on the preliminary rate, for Jinko, the AD/CVD is roughly, I think, 50%. On top of that, we do pay, you know, Section 201, and 14%-15%, and the Section 301, I think 25%. It's totally, I think 90%-100%. Okay. That's, yeah, that's quite significant. Helpful. Thank you, Charlie. Yeah. Last question from me, I'm sure you covered it, so apologies again. The capacity increases here, I would assume it means there's a CapEx increase as well. What's the new CapEx budget you're outlining for 2022? Yeah. Pan, would you like to take the CapEx? Hello? Okay. This is Pan. Do you mean the CapEx for this quarter? Yeah. Just the CapEx forecast for the full year. Okay. For the full year of this year, we expect that CapEx would be $3 billion. $3 billion. $3 billion? Yeah, exactly. Yeah. It's right. Because I think we got, you know, CNY 1.5 billion, you know, through the, you know, the China, you know, IPO. We're expecting generate, you know, positive cash flows as well as we also increase some, you know, project loans from financial institutions. Okay. Fair enough. Could Could you The purpose is to build up the capacities for the next generation, you know, technology and N-type TOPCon capacities. Okay. Just so I'm clear, I think in March, you had said $1.8 billion-$1.9 billion, so now that's going to $3 billion, correct? Yes. Because we increased the capacity outlook, you know, by end of this year, you know, and up to, I think, up to 55 GW-60 GW for wafer, cell, and module. Okay. I guess this doesn't seem like this is the last question, I promise, and I'll let you go. It doesn't seem like your, you know, this capacity increase isn't impacting your shipment guidance, which you reiterated. So this is all, you know, mainly gonna be end of the year and then flow into 2023. Any kind of early sense of what the growth you could anticipate in shipments for next year would be? 'Cause it's a lot of CapEx, and you're not getting any benefit. Yeah. of it in your P&L this year. It'll be next year. What's sort of the general sense of growth we should expect? Yeah. You're right. The plans for, you know, I think, some more capacities, the new capacity, starting up construction from second quarter is for the preparations next year. So if you look at the capacity, you know, 55, 60, I think it's a range at least, right? 55 GW-60 GW. We are, you know. Overall, I think we're optimistic for next year. This year, you know, the polysilicon still at a high price. The volume, you know, poly volume is still relatively limited. We believe next year with the bottleneck, you know, without the bottleneck of the polysilicon, we think the market will accelerate again. Okay. Fair enough. Makes sense. Thank you. Appreciate it. Thank you. Thank you. We have no other questions. Ladies and gentlemen, thank you very much for your participation in this conference call. You may now all disconnect.