Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Co, Ltd Third Quarter 2022 Earnings 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 now like to turn the meeting over to your host for today's call to Mrs. Stella Wang, JinkoSolar Investor Relations. Please proceed. Stella. Thank you, operator. Thank you everyone for joining us today for JinkoSolar's Third Quarter 2022 Earnings Conference Call. The company's results were released early 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 Co, Ltd, Mr. Gener Miao, Chief Marketing Officer of JinkoSolar Co, Ltd, Mr. Pan Li, Chief Financial Officer of JinkoSolar Holding Co, Ltd, and Mr. Charlie Cao, Chief Financial Officer of JinkoSolar Co, Ltd. 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. Pan Li, who 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 Co, Ltd. Mr. Li will speak in Mandarin, and I will translate his comments into English. Please go ahead, Mr. Li. We are pleased to announce better than expected results for the quarter, despite a number of headwinds, such as the continued rises in raw material prices, power rationing measures at our manufacturing facilities and an earthquake in Sichuan province, where one of our manufacturing facility is based. Total solar shipments in the third quarter were roughly 10.9 GW, doubling year-over-year. Total revenues were $2.74 billion, an increase of 107.8% year-over-year. We kept improving our supply chain management to enhance cost control. With release of newly invested N-type cell capacity, we further optimized our integrated cost structure. As shipments of more competitive N-type products increased significantly compared with the second quarter. Profitability in the third quarter largely improved sequentially. Gross margin was 15.7% compared with 14.7% in the second quarter. Net income was $77.3 million, an increase of 183.11% year-over-year. Excluding the impact of the convertible senior notes and share-based compensation expenses, adjusted net income was $60.1 million, improving 16.1% sequentially. [Non-English content] Since the start of the fourth quarter, polysilicon capacity has been gradually released. Demand is strong in the China market. Encouraged by non-hydro renewables consumption targets, both provincially guaranteed utility scale projects and utility scale projects in the liberalized power market are making rapid progress. Adding the demand from DG markets, we expect that the total installation in China will be over 40 GW in the fourth quarter. While supply has increased recently, strong demand is keeping polysilicon prices steady at a high level, and currently module prices remain stable. With substantial polysilicon capacity to be released in 2023, we expect the prices of raw material to fall and to stimulate pent-up demand. We will fully seize the growth opportunities in the market, executing our globalization strategy and enhancing resources inputs in key markets. Also, we will control inventory turnover at a reasonable level with our efficient supply chain management. Leveraging our extensive global industrial chain building and our reliable products, we are confident to achieve increases in both shipments and market share next year. [Non-English content] We made further progress in efficiency improvement and cost reduction for N-type products. Thanks to the continuous efforts of our R&D team. Expanding on our accumulated knowledge and our mass production experience. Mass production efficiency for TOPCon cell, as we reach the full capacity of 16 GW, reached 25% and we are narrowing the gap in integrated cost for N-type compared to P-type products. Recently, the maximum solar conversion efficiency for our 182 monocrystalline silicon TOPCon cell reached 26.1%, breaking the record of 25.7% we set in April this year. Combined with process optimization with SE technology, mass production efficiency is expected to further improve next year. [Non-English content] Benefiting from capacity release and higher client acceptance. Shipments for N-type modules were up roughly 3 GW in the third quarter, an increase of nearly 160% sequentially. We have always been committed to sharing the benefits from the gains in power generation with our clients. As our N-type products continue to be well received in the market, we are confident to lead the industry with increasing penetration and cost-effective performance. [Non-English content] The second phase of 8 GW TOPCon cell capacity in Hefei, which commenced production in the third quarter, is ramping up smoothly. The second phase of 11 GW TOPCon cell capacity in Jiangshan, which started construction in the third quarter, is expected to start production before the end of this year. Initiation and ramping up of new capacities will help further optimize our integrated capacity structure and drive blended costs lower. Based on our operating strategy and market demand, we adjusted the pace of capacity expansion for wafers, cells, and modules. By the end of this year, we expect our annual production capacity for mono wafers, solar cells, and solar modules to reach 65 GW, 55 GW, and 70 GW respectively. [Non-English content] Before turning over to Gener Miao, I would like to go over our guidance for the fourth quarter this year. We expected module shipments to be in the range of 13 GW-15 GW for the fourth quarter of 2022. We are bullish about demand growth in the global market and dedicated to keep on providing optimal solutions to our clients with technical innovations and reliable products. We expect that the full-year module shipments to be in the range of 41.5 GW-43.5 GW. Thank you, Miss Li. Despite short-term headwinds such as power rationing measures and earthquake in Sichuan, total shipments in the third quarter were 10.9 GW, of which approximately 95% were module shipments, doubling year-over-year on the back of strong global demand. In specific markets, China, Europe, and the emerging market contributed remarkable incremental growth. Solar module shipments to the Chinese market during the third quarter increased 5x year-over-year. While the emerging market grew approximately 180% year-over-year, and Europe over 60%. With a rush of installations in China in the fourth quarter, the Chinese market is expected to contribute an absolute majority, and we expect our penetrations in the Chinese market to further increase. DG demand was strong in Europe. However, the low logistics, turnover, inflation, and labor shortage during holidays remain short-term challenges. We accelerated inventory turnover through proactive coordination with logistics supply, as well as flexible methods and trade terms in order to support energy transformation in European market. In terms of the product, we enhanced the promotion and sales of our high-efficiency N-type Tiger Neo modules, leveraging our global marketing network layout and localized marketing team. In the third quarter, shipment for Tiger Neo modules approached approximately 3 GW, an increase of 160% sequentially. Acceptance from various client types and markets for the Tiger Neo further increased. The premium was in line with our expectation. We have been establishing a business model to share the benefits from the gain in power generation by Tiger Neo modules with our clients and are committed to providing them with solutions that continuously bring down LCOE. With gradual release of N-type capacity and increasing acceptance for Tiger Neo, shipments and the penetration for Tiger Neo continued to grow in the fourth quarter. The shipment proportion for Tiger Neo is expected to be about 60% of our total shipment in 2023. For business layout, DG demand remains strong in some markets, including Europe, emerging markets and China. DG business accounted for nearly 60% in the third quarter, about 10% higher than the last quarter. We expect the market demand to continue to increase in 2023, up over 30% year-over-year. Mainstream markets including China, Europe, U.S., are expected to contribute the growth. Under the backdrop of high prosperity in end markets, we will stick to our strategy for global market layout, focusing on Chinese market while enhancing attention to and explorations in emerging markets. We will strive to achieve around 50% growth in shipment next year compared to 2022, and keep solid position for global competitiveness. With that, I will turn the call over to Pan. Thank you, Gener. We are pleased to report another quarter of improved financial results. Total shipments doubled and total revenues increased by 128% year-over-year as a result of strong demand globally. Thanks to our further optimized integrated capacity structure and shipments mix, key metrics including gross margin, operating margin and net margin all improved sequentially. Short-term headwinds such as power rationing measures and an earthquake, as well as new capacity ramp up, all had some impact on profitability in the third quarter. We believe that as these negative factors gradually recede, we will see a gradual increase in profit contribution from additional release of N-type capacity and an increase in shipments proportion of N-type products. Let me go into more details. Total revenue was about RMB 2.7 billion, up sequentially and a significant increase year-over-year. Gross margin was 15.7% compared with 14.7% in the second quarter this year and 15.1% in third quarter last year. Total operating expenses were $423 million, slightly down sequentially and up year-over-year. The year-over-year increase was mainly attributed to an increase in shipping cost for solar modules. Total operating expenses accounted for 15.4% of total revenues in the third quarter, down from 16.2% in the second quarter this year and up from 13.8% in the third quarter last year. Excluding the impact from a change in the fair value of the notes and the share-based compensation expense, adjusted net income attributable to JinkoSolar Holding ordinary shareholders was $16 million, improving sequentially. During the quarter, we continued to optimize our foreign exchange hedging. We realized a net foreign exchange gain, which including change in fair value of foreign exchange derivatives of approximately RMB 73 million in the third quarter compared with a net gain of RMB 34 million in the second quarter of 2022. Moving on to the balance sheet. At the end of the third quarter, the company had cash and cash equivalents of about RMB 2.1 billion, slightly down at the end of the second quarter this year. Up from RMB 1.1 billion at the end of the third quarter last year. Payables turnover days were 69 days in both third quarter and second quarter of 2022. Inventory turnover days were 117 days in the third quarter compared with 104 days in the second quarter this year. Total debt was about RMB 4.2 billion at the end of the third quarter, up from RMB 3.8 billion. Net debt was about RMB 2 billion compared with RMB 1.7 billion at the end of the second quarter this year. This concludes our prepared remarks. We're now happy to take your questions. Operator, please proceed. Thank you. Ladies and gentlemen, if you wish to ask a question, please press zero one and zero two to unmute. The first question comes from Brian Lee from Goldman Sachs. Please go ahead. Hi. Thanks for taking the question. This is Grace on for Brian. I guess first one on your capacity, just given the passage of the Inflation Reduction Act, a number of your peers announced U.S. capacity expansion. I just wonder what's your strategy there in the U.S., if any, and how are you gonna fund that and what's the implication to your free cash flow? Thank you. Yeah. You are talking about the IRA, right? The impact on our strategies or capacity expansion in the United States. Yeah. Yes. Yeah. You know, it's, I think it's, you know, from the company perspective, based on the initial assessment of the IRA Act, we believe this is very, you know, positive and the incentive is very, I think, you know, significant and to make the, I think the production, local production in the United States, you know, relatively competitive. We are aware and the details of IRA is going to be released in Q1 next year. We are very closely following up the details. As you know, we have a very small module capacities in U.S., 400 MW. After we, you know, the release of the details IRA, it's possible, you know, we expand our module capacity in the United States. At this stage, we are, you know, still in the evaluation stage. Okay. Fair enough. Maybe switching gears to your gross margin. Interesting to see you print 15.7% this quarter. You mentioned it's helped by the module, the TOPCon module shipments. So I just wonder how much of your margin is helped by the N-type shipment module versus the currency, because I assume a lot of your operations is in China. Also, can you talk about your margin and ASP expectation for next several quarters? Thanks. Yeah. We improved the margins slightly, I think in this quarter quarter-over-quarter. We delivered the 3 GW as N-type TOPCon modules, which accounts for around 30% of our total shipments in this quarter. The gross margin for the N-type is relatively higher than the P-type. I think it's around, you know, 2%, you know, from the gross margin perspective. On top of that, as you know, the prepared remarks by Li, and in the third quarter, we faced the power outage in the Sichuan Province, which has some negative impact. We know overall we think that the N-type, you know, we are very. I think we're leading the industries from the product, from the, you know, efficiencies and as well as the cost perspective. Our penetrations on N-type will continue to improve quarter by quarter, which will help us to drive the, I think, the profitability increase, including the gross margin. Okay. Thank you. Can I squeeze in one more housekeeping question? You increase your module and wafer capacity. What's your CapEx plan for 2022, and what was your G&A in 3Q? Thanks. Thank you for question. The CapEx of this year, we still keep on the $3 billion. Okay. Thank you. The G&A for 3Q? Your question is G&A is an absolute number or percentage, or what is your specific regarding? Thank you for your question. About G&A expenses, it takes about around 4%-5% of the total earnings. Okay. Thank you. Thank you. The next question comes from Philip Shen from Roth Capital Partners. Please go ahead. Hi, everyone. Thanks for taking the questions. As a follow-up to some of those questions, was wondering if you could talk about CapEx expectations for 2023. You know, by the end of 2023, how much wafer, cell, and module capacity do you think you'll have? Thanks. you know, by end of this year, we have 65 GW, 55 GW, 20 GW, you know, gigawatts. I think we have sufficient capacities and to we are in a very good, you know, position and to deliver our results, you know, next year. We will continue evaluate the market conditions on next year. We are, you know, I think the markets were optimistic of, for next year. Our investment will continue to focus on N-type, I think cell and module capacities and next year. To build, you know, sufficient capacity, you know, for both next two years, you know, our shipping guidance. It is we are going to release, I think, you know, the guidance capacity expansion next year, you know, in the next quarter. you know, the key focus will continue on the N-type, the TOPCon, you know, the cell and module capacities. Okay. Thanks, Charlie. What's after TOPCon? I'm imagining you guys are already thinking about it, you know, with 60% N-type next year. Do you think you're gonna move on to heterojunction, or have you decided on the technology roadmap beyond TOPCon? Thanks. You know, we are leading the TOPCon technology and, you know, on capacity, on the product, let's say, the efficiencies. We believe there's a significant room, you know, to continue to deliver further high quality products based on the N-type TOPCon technology. Our R&D teams has released, you know, the laboratory testing and the efficiency will reach to 26.1%. Our target for the mass production efficiencies by the end of next year will be reached to over, I think, 25.7%. We, you know, have technology roadmap. We strongly believe that N-type TOPCon will dominate, you know, the markets in the next two or three years. The TOPCon is our focus. From R&D perspective, we closely, you know, monitor the HJT, you know, the BC technology. We strongly believe the TOPCon, you know, is a trend. Great. Okay. Thanks again. In terms of the U.S. market, you know, the UFLPA enforcement and the CBP process that you're going through, I was wondering if you could talk about and give an update as to where things stand. My understanding is the process has come to a close, and you're waiting on a decision. How much longer do you think we need to wait? Also, let's say you get released soon, does that mean you can freely ship into the U.S., or do you think you have to secure something like an advance letter of ruling to be able to freely ship into the U.S.? Thanks. Yeah. We did a lot of work, you know, under the UFLPA and the standards that were reported and the challenge, you know, for the traceability systems. We prepare documents and have several rounds, you know, discussing communication with CBP. We thinking, you know, our documentations are ready and waiting for the final, you know, feedback from CBP. We are optimistic for the results, but the detailed timing, you know, it's still uncertain. I think it's not so far. For your second question, after the, let's say, release of the, let's say, detained, you know, the modules, we try to improve our internal efficiencies and try to, you know, to continue to communicate with CBP to make sure that, let's say, the bottleneck will be, you know, departed. Now it's, you know, a lot of, you know, internal, external, you know, factors, including the capacities from CBP have the impact on the, you know, the efficiencies. We don't know, you know, what will be the, let's say, the efficiencies, I say, in the future. But I think after the learning curve, you know, in last two or three months, we think the. It's going to be getting, you know, more and more smooth. Charlie, can you talk about how many gigawatts of supply has been impacted for you since the first detention at the end of June? You know, between then and now, end of October, and then let's say it continues through the end of the year. What kind of numbers can you share? How many gigawatts? I know that the detained modules are smaller. I'm talking about the total impact, you know, to customers. Are we talking about 2 GW or maybe even more? Thanks. You know, you're right. The detained modules were small, but because of delayed deposits, right? It's going to have lasting impact to the shipment to our U.S. customers. We estimate this year, whole year, our shipments in U.S. will be around 5%. Which is, you know, the original. I think the planning, you know, from the beginning of this year, it's roughly, I think, significant impact. Okay. 5% of the 44 GW or 40+ GW, roughly 2 GW. Correct me if I'm wrong, of course. And then, one last question for me. In terms of the growth for next year, I think, Gener, you talked about a 50% growth that matches with your year-end module capacity, roughly. Can you talk about the geographic mix you expect? You know, for example, are you expecting for the U.S. in 2023? And then what do you think is the rest? How much will China be, Europe, emerging markets? Thanks. Gener, would you like to take the question? Okay, I think Gener is on a trip. Then, let me, you know, answer your questions. Incrementally, we think, you know, next year and the China will dominate, you know, take maybe 40% or 50% from the incremental value, the volume. The second one is the U.S. and the European markets. U.S., we don't believe it's demand, you know, concerns. It's purely the supply, you know, issues, including the potential impact from the UFLPA. We believe the U.S., you know, if everything is smooth and maybe 40 GW module demands and over 30 GW, you know, the installation. Yes. That is, you know. You know, this year, because the polysilicon is very high, the module price is high, which delayed we do a lot of you know utility scale projects installations. Next year with the bottleneck, you know, the polysilicon gone and the production volume will significantly increase, which will have a very good you know timing for the utility scale developers to buy the modules and connect to the grids. Right. Thanks, Charlie. Just to put numbers on it. Let's say China is 40%-50%. Do you think U.S. is 15%-20% and similar with Europe? Yes. You know, from the incremental perspective, you know, we think, I think you are talking about incremental, right? We believe the total market size maybe 30 GW or 40 GW. Sorry, Charlie. Sorry to interrupt. Just let's say it's 65 GW, you know, next year of shipments. You said 40%-50% of the 65 GW would be China. I'm just trying to figure out what percentage of that 65 GW might be Europe and U.S. Oh, okay. You mean the incremental, right? You know. It's not necessarily incremental. It's not the increment. Yeah. Just of the 65 GW, how much would be U.S.? You know, maybe 15% or 5%? I mean, assuming you're able to flow the modules freely. Thanks. Okay. Let's say the total size, you know, this year may be 250 GW, right? The installation, you know, the solar, and next year may be 320 GW or maybe some others think, you know, it's 350 GW. We believe China will take around, I think 35%-40% in market share, and the U.S. will take around, I think 10%, Europe will be around, I think, 20%. Great. Appreciate the color. Thanks for taking all the questions, Charlie. I'll pass it on. Welcome. Ladies and gentlemen, I would like to remind you that if you wish to ask a question, please press zero one. The next question comes from Alan Lau from Jefferies. Sir, please go ahead. Thank you for taking my question, and congratulations for the extremely good results. Would like to know what is the outlook of the gross margin in the next quarter. Also, as the company has maintained 10 GW of N-type shipment, in Q4, can I expect there will be around 6 GW-7 GW of TOPCon shipment? Yeah. I think, you know, we have capacity, I think by the end of this year, 35 GW. You're right. If you do the calculations quarter by quarter, our shipments, I think, you know, Q4 will be around 5 GW-6 GW, and next Q1 next year will be a little bit higher, you know, next year Q1. The gross margin, you know, it's, you know, because of the N-type, we'll take the more percentage in Q4. On top of that, China will take, you know, more market shares, more shipments in the Q4. As well as, you know, the RMB depreciations, you know, we believe there's a potential, you know, potential to the gross margin will continue to expand. Thank you. Another question is, the company has realized around 3 GW of TOPCon cells in 3Q. The company has mentioned it has reached the expected premium. Is it around RMB 0.10 of premium for the 3 GW that has been sold in Q3? The price premium around RMB 0.07-RMB 0.08. Given the consideration of the cost difference and the profitability, you know, per watt basis, the N-type is relatively higher than P-type by RMB 0.04. Understood. That's quite a lot actually. Okay. Yeah. In terms of net profit, right? RMB 0.04 higher. Sorry, could you repeat your questions? RMB 0.04 in terms of net profit, right? For the TOPCon profit- Yeah. You're right. RMB 0.04 higher. Yes. Understood. RMB 0.04 RMB. You know, per watt. Okay. Yes. Thank you. I've noted that the company has raised the TOPCon shipment in 2023 from 50% to 60%. What makes you raise the guidance? Should we expect a higher net profit for next year because of this increase? Yeah. You know, we will continue to invest in TOPCon module capacity next year. Based on our initial, you know, evaluations, we think we are able to deliver around 60% N-type, you know, TOPCon module next year. With relatively, you know, more the TOPCon modules, you know, more mix to TOPCon modules, we think, you know, the profitability will relatively, you know. With more percentage and more higher profitability is from the total results. Thank you. I think my last question is regarding to the partnership with the equipment provider, Autowell. Let me put it this way. Has JinkoSolar benefit from the partnership with them by having more competitively priced equipment? I think you're talking about the module equipment producers, right? The auto. They are producing the Autowell, and they are selling crystal growing equipment to Jinko. Yeah. What I heard is the price is cheaper, right? It's, you know, we also invested, yeah, as a minority interest, you know, for the business. I think the volume is not very big, and it's mainly for the R&D purpose. We want to, you know, have more development on technology and align with our suppliers to make the equipment more advanced, and particularly for the N-type, you know, the N-type wafer production. Understood. Thanks a lot. Once again, congratulations to the company, and I'll leave it now. Thanks. Thank you. The next question comes from Rajiv Chaudhri from Sunsara Capital. Please go ahead. Hello. I have two questions. One is on shipping costs. We know that shipping costs have come down very substantially in the last three to four months. Actually they are close to the levels they were at before COVID started. I'm wondering whether you have, you know, when we will start to see that in your numbers. How soon will those be reflected? When that gets reflected, can we expect that shipping costs can go from 6% of revenues to maybe 3% of revenues? So that's my first question. Rajiv? Yeah, you're right. The global economy is weak, right? The shipment costs in recent two months. The index has dropped a lot, you know, quarter-over-quarter, year-over-year. It's going to be very positive for starting from the next year. For this year, starting Q4, I think the impact is not so, you know, the parity impact is not so significant. Because, you know, we have long-term arrangements with the logistics companies, and the long-term contracts, the price is already, you know, below the market price. With the market price dropped a lot and the expectation of next year is continued to be back to our normal, you know, standards compared to a couple years ago. We will renegotiate the long-term arrangements for next year. That is going to be, you know, have the impact for next year. Okay. Charlie, the second question is about polysilicon cost. Can you give us your best guess or your best sense right now, judgment right now on when you expect polysilicon costs to start to come down and what rate they will come down in 2023? For example, you know, what do you think polysilicon cost might be by the end of 2023? Then related to that, what is your plan for sharing the benefit of this cost reduction with your customers? You know, you had mentioned in the last call that on the N-type, you are sharing the benefit of the N-type 50/50 with your customers. Are you planning to share the benefit of polysilicon cost reduction also 50/50 with your customers? This is very complicated questions and, you know, but we strongly believe the trend is there. A lot of, you know, the polysilicon capacities has been, you know, ramping up in the last two or three months. The polysilicon volume will increase month-over-month dramatically. Next year there are sufficient poly capacity and the volume to support the total demands on next year. Now the poly silicon prices is flat. We see some potential the poly silicon price will be in a downward trend starting from the December. We're not sure, but I think the trend is there. It's very difficult to estimate what is the exact timing, right? For the turnaround of the poly. From our perspective, we try to, you know, to have more signed orders for the next year, and particularly with our strategic customers. Some of customers, they may have, you know, intentions and to have the price adjustment mechanism and we think it's a win-win situation. We will, you know, based on case by case, negotiate with different customers. Can you give us an overall sense then that if price of polysilicon comes down by X number of cents on an overall basis how much of that you would pass on to the customers and how much you would keep to improve your own gross margin? It's, you know, it's not, you know, a very simple case. Some of customer, we have fixed price. Some of customers, we have variable price. With, you know, some mechanism and, you know, index to the, you know, market price. No, it's different case by case. Okay, thank you. Ladies and gentlemen, if you wish to ask a question, please press zero one on your telephone keypad. We have a new question from Robin Xiao from Y2 Capital. Sir, please go ahead. Hello, management. I would like to know on what percentage you expect your fourth quarter shipment will be shipped to China. Because I can see that in the third quarter it's around 40-something percent, maybe close to 50%. What do you expect in the fourth quarter? You know, China will take a very large market in the fourth quarter. You know, you know, by end of the year, a lot of utility scale developers, they have strong, you know, pressures and intentions to start and connect to the grids. We estimate in Q4 we will have, you know, in the China market around I think, you know, 50%-55%. Okay. Do you think that the domestic increase in COVID control could be a challenge? You've already well prepared for those kind of domestic SOE developers for their project demand? There are some challenges, you know, because of COVID situations. I think the challenge is the logistics perspective. We are seeing some improvement and, you know, in some regions, so we think there are sufficient time, you know, by end of this year to deliver the modules as scheduled. Okay, thank you. For the next question is about the TOPCon product. In the third quarter, where do you ship those products? Where is the major market for this product? It's like in Europe, U.S. or mainly in the Chinese market? You know, the majority part is Europe. We also have shipments in China, you know, Latin America and Asia Pacific. It's good, yeah. Basically, maybe most part sells in China and then basically everywhere you have some like a product demo for the global users? No, it's not product demos. We have, you know, promoting the products starting from last year. You know, it's a significant shipments and to different markets. European markets, the you know, it was very big. Following that, there are, you know, shipment to different countries and regions, including China, Latin America and, you know, Australia, et cetera. Okay. My final question is regarding about the upstream supply other than polysilicon. Do you think that the quartz sand material could be a bottleneck going forward in 2023 for your internal wafer production? What kind of bottleneck materials you are talking about? Quartz sand. Okay. Thank you. Yeah, it's you know, this has been talked about for a long time, and we think it's a little bit tight, you know, for these particular materials, but it still can support over, we believe 500 MW. You know, because on top of that, you know, there are capacity expansions, I think there are over, next year maybe 90,000 tons, you know. From technological perspective and where we think, you know, the, you know, it's feasible, you know, to use more percentage of domestic produced materials rather than the imported materials. You know, it's more like, you know, the impact is, let's say the efficiency or cost perspective rather than the volume perspective. Okay, thank you. Thank you. I'll pass on. We have no further question.