我们拆解了阿特斯“美国副本”，更高博弈在牌桌之外

Core Viewpoint - The article discusses how Chinese photovoltaic giant, Arctech (阿特斯), is adapting its business model in response to the U.S. Inflation Reduction Act (IRA) by establishing joint ventures in the U.S. to comply with regulatory requirements and secure tax incentives [6][10]. Group 1: Joint Venture Structure - Arctech announced the establishment of two joint ventures, M and N, with its parent company Canadian Solar Inc. (CSIQ), focusing on photovoltaic and energy storage businesses in the U.S. [3][7]. - Arctech holds a 24.9% stake in the joint ventures, while CSIQ holds 75.1%, strategically positioning itself below the 25% threshold that could classify it as a "Foreign Entity of Concern" (FEOC) under U.S. regulations [7][8]. - This structure aims to ensure compliance with U.S. regulations while allowing Arctech to operate in the American market [9][10]. Group 2: Supply Chain Restructuring - The joint venture model involves a restructuring of Arctech's existing supply chain, including the reallocation of control over three overseas factories located in Thailand, Vietnam, and Malaysia [8][9]. - The goal is to ensure that the entire supply chain, from components to final products, meets U.S. compliance standards, thereby mitigating risks associated with FEOC classification [9][10]. - Arctech's operational model will shift from a global approach to a dual-track system, focusing on non-U.S. markets while CSIQ manages U.S. operations [8][10]. Group 3: Strategic Implications - The restructuring is seen as a proactive measure to secure significant tax credits under the IRA, which are crucial for offsetting high production costs in the U.S. [10][11]. - Arctech's approach serves as a potential blueprint for other Chinese renewable energy companies facing similar compliance challenges in the U.S. market [10][11]. - The article highlights the strategic evolution of Chinese companies from merely exporting products and capital to developing compliant operational frameworks [11]. Group 4: Compliance Challenges - Despite the strategic restructuring, challenges remain regarding the "cleanliness" of the supply chain, as U.S. regulations require thorough documentation and traceability of materials used in production [12][13]. - The complexity of the supply chain, particularly in sourcing high-purity silicon, poses significant hurdles for compliance with U.S. standards [12][13]. - Companies must invest in comprehensive supply chain management systems and may face increased operational costs due to compliance requirements [12][13]. Group 5: Regulatory Environment - The article warns that the U.S. regulatory landscape is dynamic, with potential changes to FEOC definitions and compliance requirements that could impact Arctech and similar companies [13][15]. - The evolving nature of U.S. regulations necessitates ongoing adaptation and vigilance from companies operating in the renewable energy sector [15].