Financial Performance - Total revenues reached US$4.36 billion, a 3.7% increase QoQ and a 63.1% increase YoY[8] - Gross margin was 19.3%, compared to 15.6% in Q2 2023 and 15.7% in Q3 2022[8] - Adjusted net income attributable to JinkoSolar Holding Co., Ltd's ordinary shareholders was US$184.6 million, up 215.1% YoY[8] - Module shipments in Q3 2023 were 21,384 MW, up 20.4% QoQ and 107.9% YoY[8, 11] - Cash and short-term restricted cash amounted to US$1.93 billion as of the end of Q3 2023[8] N-Type Technology and Products - N-type module shipments accounted for more than 60% of all module shipments globally in Q3[15, 25] - Mass production efficiency of N-type TOPCon cells reached 25.6%[15, 17] - Power output of N-type modules was 25-30wp higher than that of similar P-type modules[15, 17] - The company expects mass production efficiency of N-type cells to reach 25.8% by the end of 2023[31] Production and Capacity - The company had delivered a total of 190GW solar modules globally by the end of Q3[13, 17] - Module shipments for the nine months of 2023 exceeded 52GW[17] - The company anticipates 2023 module shipments to exceed 70~75GW, with around 23GW in Q4 2023[31]

[JinkoSolar Third Quarter 2023 Financial Results](index=1&type=section&id=JinkoSolar%20Announces%20Third%20Quarter%202023%20Financial%20Results) [Third Quarter 2023 Business Highlights](index=1&type=section&id=Third%20Quarter%202023%20Business%20Highlights) JinkoSolar achieved significant growth in Q3 2023, with module shipments up 107.9% year-over-year, driven by N-type technology and cumulative deliveries reaching 190 GW globally - Module shipments experienced substantial growth, increasing **20.4% sequentially** and **107.9% year-over-year**, driven by N-type technology and global operations[2](index=2&type=chunk) - The company became the first global module manufacturer to achieve **190 GW** in cumulative solar module deliveries across over 190 countries[2](index=2&type=chunk) - N-type modules comprised over **60% of total shipments**, maintaining a competitive premium, with N-type TOPCon cell mass production efficiency reaching **25.6%**[2](index=2&type=chunk) [Third Quarter 2023 Operational and Financial Highlights](index=1&type=section&id=Third%20Quarter%202023%20Operational%20and%20Financial%20Highlights) JinkoSolar reported strong Q3 2023 financial performance with total revenues of **RMB 31.83 billion** (+63.1% YoY) and gross margin improving to **19.3%** Q3 2023 Key Financial and Operational Metrics | Metric | Q3 2023 | Q2 2023 | Q3 2022 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Shipments (MW)** | 22,597 | 18,612 (implied) | 10,853 (implied) | +108.2% | +21.4% | | **Total Revenues (RMB Billion)** | 31.83 | 30.69 | 19.52 | +63.1% | +3.7% | | **Gross Profit (RMB Billion)** | 6.13 | 4.78 | 3.07 | +99.7% | +28.2% | | **Gross Margin** | 19.3% | 15.6% | 15.7% | +3.6 percentage points | +3.7 percentage points | | **Net Income (RMB Billion)** | 1.32 | 1.31 | 0.55 | +140.0% | +0.8% | | **Adjusted Net Income (RMB Billion)** | 1.35 | 1.43 | 0.43 | +214.0% | -5.6% | | **Diluted EPS (RMB)** | 4.61 | 5.55 | 1.60 | +188.1% | -16.9% | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Xiande Li attributed strong Q3 results to N-type TOPCon technology leadership and global operations, driving significant growth despite market volatility - The CEO highlighted significant year-over-year increases in module shipments (**+107.9%**), net income (**+140.7%**), and gross margin (from **15.7% to 19.3%**), driven by N-type TOPCon technology and global network advantages despite market volatility[4](index=4&type=chunk) - The company expresses confidence in navigating industry competition and cyclical volatility by leveraging its global sales, operational capabilities, and continuous R&D for competitive advantage[5](index=5&type=chunk) - The company believes TOPCon technology will remain the mainstream technical path for the next **3-5 years**, leading the industry in power output, cost efficiency, and product competitiveness[7](index=7&type=chunk) - Full-year module shipments are projected to exceed the **70-75 GW** guidance, with N-type modules comprising approximately **60%** of the total[8](index=8&type=chunk) [Detailed Financial Results](index=3&type=section&id=Third%20Quarter%202023%20Financial%20Results) [Total Revenues](index=3&type=section&id=Total%20Revenues) Total revenues for Q3 2023 reached **RMB 31.83 billion** (US$4.36 billion), increasing **63.1%** year-over-year due to higher solar module shipments Revenue Performance (RMB billions) | Period | Revenue (RMB Billion) | Sequential Change | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Q3 2023 | 31.83 | +3.7% | +63.1% | | Q2 2023 | 30.69 | - | - | | Q3 2022 | 19.52 | - | - | [Gross Profit and Gross Margin](index=3&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit in Q3 2023 significantly increased to **RMB 6.13 billion**, with gross margin improving to **19.3%** due to decreased raw material costs Gross Profit and Margin Performance | Metric | Q3 2023 | Q2 2023 | Q3 2022 | | :--- | :--- | :--- | :--- | | **Gross Profit (RMB Billion)** | 6.13 | 4.78 | 3.07 | | **Gross Margin** | 19.3% | 15.6% | 15.7% | [Income from Operations and Operating Margin](index=3&type=section&id=Income%20from%20Operations%20and%20Operating%20Margin) Income from operations for Q3 2023 rose substantially to **RMB 2.99 billion**, expanding the operating margin to **9.4%** due to higher revenues and gross margin Operating Income and Margin Performance | Metric | Q3 2023 | Q2 2023 | Q3 2022 | | :--- | :--- | :--- | :--- | | **Income from Operations (RMB Billion)** | 2.99 | 1.54 | 0.063 | | **Operating Margin** | 9.4% | 5.0% | 0.3% | [Net Income and Earnings per Share](index=4&type=section&id=Net%20Income%20and%20Earnings%20per%20Share) Net income attributable to shareholders in Q3 2023 was **RMB 1.32 billion** (US$181.4 million), a significant increase from Q3 2022 Net Income and EPS Performance | Metric | Q3 2023 | Q2 2023 | Q3 2022 | | :--- | :--- | :--- | :--- | | **Net Income (RMB Billion)** | 1.32 | 1.31 | 0.55 | | **Adjusted Net Income (RMB Billion)** | 1.35 | 1.43 | 0.43 | | **Diluted EPS (RMB)** | 4.61 | 5.55 | 1.60 | | **Diluted Earnings per ADS (USD)** | 2.53 | 22.20 (RMB) | 6.39 (RMB) | [Financial Position and Operational Highlights](index=5&type=section&id=Financial%20Position%20and%20Operational%20Highlights) [Financial Position](index=5&type=section&id=Financial%20Position) As of September 30, 2023, the company reported **RMB 14.11 billion** in cash, **RMB 25.78 billion** in receivables, and reduced total interest-bearing debt to **RMB 30.83 billion** Key Balance Sheet Items (RMB billions) | Account | Sep 30, 2023 | Jun 30, 2023 | | :--- | :--- | :--- | | **Cash & Cash Equivalents (RMB Billion)** | 14.11 | 17.03 | | **Accounts Receivables (RMB Billion)** | 25.78 | 21.59 | | **Inventories (RMB Billion)** | 19.15 | 20.09 | | **Total Interest-bearing Debts (RMB Billion)** | 30.83 | 34.31 | [Operational Highlights](index=5&type=section&id=Third%20Quarter%202023%20Operational%20Highlights) JinkoSolar's total shipments in Q3 2023 reached **22,597 MW**, comprising **21,384 MW** of solar modules and **1,213 MW** of cells and wafers - Total shipments in Q3 2023 amounted to **22,597 MW**, consisting of **21,384 MW** of solar modules and **1,213 MW** of cells and wafers[18](index=18&type=chunk) [Business Outlook and Recent Developments](index=5&type=section&id=Business%20Outlook%20and%20Recent%20Developments) [Business Outlook](index=5&type=section&id=Operations%20and%20Business%20Outlook%20Highlights) JinkoSolar anticipates N-type module shipments to comprise **60%** of total 2023 shipments, with N-type cell efficiency reaching **25.8%** and overseas integrated capacity expanding to over **12 GW** - N-type module shipments are expected to constitute approximately **60%** of total module shipments in 2023[19](index=19&type=chunk) - Mass-produced N-type cell efficiency is projected to reach **25.8%** by the end of 2023[19](index=19&type=chunk) - Overseas integrated capacity is planned to expand to over **12 GW** by year-end 2023, with N-type production exceeding **75%** of this capacity[20](index=20&type=chunk) [Q4 and Full Year 2023 Guidance](index=5&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Guidance) JinkoSolar anticipates Q4 2023 module shipments of approximately **23 GW** and expects to exceed its full-year target of **70 to 75 GW** Shipment Guidance | Period | Module Shipment Guidance | | :--- | :--- | | **Q4 2023** | Approx. 23 GW | | **Full Year 2023** | Exceeding 70 to 75 GW | [Production Capacity Guidance](index=5&type=section&id=Solar%20Products%20Production%20Capacity) By year-end 2023, JinkoSolar targets annual production capacity of **85.0 GW** for mono wafers, **90.0 GW** for solar cells, and **110.0 GW** for solar modules End-of-2023 Production Capacity Targets | Product | Annual Capacity (GW) | | :--- | :--- | | **Mono Wafer** | 85.0 | | **Solar Cell** | 90.0 | | **Solar Module** | 110.0 | [Recent Business Developments](index=5&type=section&id=Recent%20Business%20Developments) Recent developments include a **3.8 GW** N-type module supply agreement with ACWA Power, a new N-type cell efficiency record of **26.89%**, and a **US$1.50** per ADS cash dividend declaration - Signed the largest ever supply agreement with ACWA Power for **3.8 GW** of N-type Tiger Neo modules for two Saudi Arabian projects[21](index=21&type=chunk) - The board declared a cash dividend of **US$0.375** per ordinary share, equivalent to **US$1.50** per ADS[21](index=21&type=chunk) - Set a new world record for high-efficiency N-Type monocrystalline silicon solar cell with a maximum conversion efficiency of **26.89%**[22](index=22&type=chunk) [Financial Statements](index=8&type=section&id=Financial%20Statements) [Unaudited Condensed Consolidated Statements of Operations](index=8&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The Q3 2023 unaudited condensed consolidated statement of operations shows total revenues of **RMB 31.83 billion** and net income attributable to shareholders of **RMB 1.32 billion** Statement of Operations Summary (RMB Thousand) | Line Item | Q3 2023 (RMB Thousand) | Q3 2022 (RMB Thousand) | | :--- | :--- | :--- | | **Total revenues** | 31,834,258 | 19,519,316 | | **Gross profit** | 6,133,211 | 3,071,667 | | **Income from operations** | 2,990,204 | 63,128 | | **Net income** | 2,324,576 | 797,633 | | **Net income attributable to shareholders** | 1,323,373 | 549,822 | [Unaudited Condensed Consolidated Balance Sheets](index=10&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) The unaudited consolidated balance sheet as of September 30, 2023, shows total assets of **RMB 127.35 billion**, total liabilities of **RMB 94.26 billion**, and total shareholders' equity of **RMB 33.09 billion** Balance Sheet Summary (RMB Thousand) | Account | Sep 30, 2023 (RMB Thousand) | Dec 31, 2022 (RMB Thousand) | | :--- | :--- | :--- | | **Total current assets** | 80,814,111 | 68,327,294 | | **Total assets** | 127,348,439 | 108,662,182 | | **Total current liabilities** | 73,325,829 | 64,936,186 | | **Total liabilities** | 94,258,027 | 81,658,289 | | **Total shareholders' equity** | 33,090,412 | 27,003,893 |

JinkoSolar Holding Co., Ltd. (NYSE:JKS) Q2 2023 Earnings Conference Call August 14, 2023 8:30 AM ET Company Participants Stella Wang - Investor Relations Li Xiande - Chief Executive Officer Gener Miao - Chief Marketing Officer Pan Li - Chief Financial Officer Charlie Cao - Chief Financial Officer Conference Call Participants Rajiv Chaudhri - Sunsara Capital Alan Lau - Jefferies Operator Hello, ladies and gentlemen and thank you for standing by for JinkoSolar Holdings Co. Ltd. Second Quarter 2023 Earnings Co ...

Exhibit 99.2 JinkoSolar Announces Second Quarter 2023 Financial Results 08/14/2023 SHANGRAO, China, Aug. 14, 2023 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the second quarter ended June 30, 2023. Second Quarter 2023 Business Highlights ● Leveraging our outstanding global supply chain management, high quality products and extensive ...

JinkoSolar Holding Co., Ltd. (NYSE:JKS) Q1 2023 Results Conference Call April 28, 2023 8:00 AM ET Company Participants Stella Wang - Investor Relations Li Xiande - Chief Executive Officer Gener Miao - Chief Marketing Officer Pan Li - Chief Financial Officer Charlie Cao - Chief Financial Officer Conference Call Participants Brian Lee - Goldman Sachs & Company Philip Shen - ROTH MKM Alan Lau - Jefferies Operator Hello, thank you for standing by, and welcome to the Q1 2023 JinkoSolar Holding Company Limited Ea ...

Table of Contents New York Stock Exchange Ordinary shares, par value US$0.00002 per share* * Not for trading, but only in connection with the listing of the American depositary shares on New York Stock Exchange. Securities registered or to be registered pursuant to Section 12(g) of the Act: | --- | --- | --- | |----------------------------------|-------------------|--------------------------------| | | | | | | | Name of each exchange on which | | Title of each class | Trading Symbol(s) | registered | | Amer ...

First Quarter 2023 Overview [Business Highlights](index=1&type=section&id=First%20Quarter%202023%20Business%20Highlights) JinkoSolar saw strong Q1 2023 module demand, achieving over **60% YoY shipment growth** and advancing **N-type technology** - Polysilicon price decline stimulated module demand in Q1 2023[2](index=2&type=chunk) - Quarterly module shipments increased by more than **60% year-over-year**, with shipments to the Chinese market increasing by over **2 times year-over-year**[2](index=2&type=chunk) - N-type module shipments were approximately **6 GW** and retained a competitive premium over P-type modules[2](index=2&type=chunk) - Mass production efficiency of N-type TOPCon cells reached **25.3%**[2](index=2&type=chunk) - Jiangxi Jinko issued **RMB10 billion** in convertible bonds to support capacity expansion for advanced N-type technology[2](index=2&type=chunk) [Operational and Financial Highlights](index=1&type=section&id=First%20Quarter%202023%20Operational%20and%20Financial%20Highlights) JinkoSolar achieved robust Q1 2023 year-over-year growth in key operational and financial metrics, improving gross margin Q1 2023 Key Operational & Financial Metrics | Metric | Q1 2023 (RMB) | Q4 2022 (RMB) | Q1 2022 (RMB) | Sequential Change | Year-over-Year Change | | :-------------------------------- | :------------ | :------------ | :------------ | :---------------- | :-------------------- | | Quarterly Shipments (MW) | 14,490 | - | - | -12.8% | +72.7% | | Total Revenues | 23.33 billion | 30.00 billion | 14.76 billion | -22.2% | +58.0% | | Gross Profit | 4.04 billion | 4.21 billion | 2.23 billion | -4.0% | +81.5% | | Gross Margin | 17.3% | 14.0% | 15.1% | +3.3 pp | +2.2 pp | | Net Income Attributable to JKS | 788.7 million | 665.0 million | 28.9 million | +18.6% | +2629.0% | | Adjusted Net Income Attributable to JKS | 836.4 million | 267.8 million | 328.4 million | +212.3% | +154.7% | | Basic EPS (RMB) | 3.91 | 3.31 | 0.15 | +18.1% | +2506.7% | | Diluted EPS (RMB) | 3.74 | 1.25 | 0.15 | +199.2% | +2393.3% | [Management Commentary](index=1&type=section&id=Mr.%20Xiande%20Li%2C%20JinkoSolar's%20Chairman%20and%20Chief%20Executive%20Officer%2C%20commented) Management noted strong Q1 2023 year-over-year growth, driven by N-type products and cost control, while investing in N-type R&D - Delivered year-over-year improvements in module shipments, total revenues, and gross margin[4](index=4&type=chunk) - Adjusted supply chain strategy to effectively control costs amidst polysilicon price volatility[4](index=4&type=chunk) - N-type products shipment ratio approached nearly **50% of total module shipments**, contributing to profitability[4](index=4&type=chunk) - Profitability in Q1 remained under pressure from demurrage costs in the U.S. market, but measures are being taken to improve customs clearance and shipment efficiency[4](index=4&type=chunk) - Optimistic about global market demand and opportunities from new technology in 2023, with continued investment in R&D and advanced N-type capacity[5](index=5&type=chunk) Market Dynamics and Technology Advancement [Global PV Market Trends](index=1&type=section&id=Global%20PV%20Market%20Trends) Global PV demand remained strong in Q1 2023, with China's installations surging **154.8% YoY**, anticipating further market stimulation - Growth in PV demand remained strong in Q1 2023 despite seasonal factors[5](index=5&type=chunk) - China's new PV installations reached **33.7 GWac**, an increase of **154.8% year-over-year**, making PV the second-largest power source in China[5](index=5&type=chunk) - Total overseas shipments of modules and cells from China reached **US$13.1 billion** in Q1, representing a **15.3% increase year-over-year**[5](index=5&type=chunk) - Polysilicon supply shortages are expected to ease, and price declines will release large market demand[5](index=5&type=chunk) [N-type Technology and Product Development](index=1&type=section&id=N-type%20Technology%20and%20Product%20Development) JinkoSolar's 11 GW TOPCon cell capacity reached full production, with **182mm N-type TOPCon cell efficiency at 25.3%**, and expects **N-type cell capacity to exceed 70%** by year-end - The second phase of **11 GW TOPCon cell capacity** in Jianshan has reached full production[6](index=6&type=chunk) - Average mass-produced efficiency of **182 mm N-type TOPCon cells** reached **25.3%**[6](index=6&type=chunk) - Accumulated N-type module shipments exceeded **16 GW** by the end of Q1 2023[8](index=8&type=chunk) - Launched the Second-Generation Tiger Neo panel family in January 2023, with module efficiencies up to **23.23%**[8](index=8&type=chunk) - Expects mass-produced N-type cell efficiency to reach **25.8%** by the end of 2023[8](index=8&type=chunk) - Expects N-type cell capacity to account for over **70% of total solar cell capacity** by the end of 2023[9](index=9&type=chunk) Detailed Financial Results for Q1 2023 [Total Revenues](index=3&type=section&id=Total%20Revenues) Total revenues in Q1 2023 were **RMB23.33 billion**, a **22.2% sequential decrease** but a **58.0% year-over-year increase** Total Revenues (RMB billions) | Period | Amount | Sequential Change | Year-over-Year Change | | :----- | :----- | :---------------- | :-------------------- | | Q1 2023 | 23.33 | -22.2% | +58.0% | | Q4 2022 | 30.00 | - | - | | Q1 2022 | 14.76 | - | - | - Sequential decrease mainly attributable to a decrease in solar module shipments[10](index=10&type=chunk) - Year-over-year increase mainly attributable to an increase in solar module shipments due to increasing global market demand[10](index=10&type=chunk) [Gross Profit and Gross Margin](index=3&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit for Q1 2023 was **RMB4.04 billion**, with gross margin improving to **17.3%** due to decreased polysilicon costs Gross Profit and Gross Margin | Metric | Q1 2023 | Q4 2022 | Q1 2022 | Sequential Change | Year-over-Year Change | | :----------- | :------ | :------ | :------ | :---------------- | :-------------------- | | Gross Profit (RMB billion) | 4.04 | 4.21 | 2.23 | -4.0% | +81.5% | | Gross Margin | 17.3% | 14.0% | 15.1% | +3.3 pp | +2.2 pp | - Sequential and year-over-year increases in gross margin were mainly due to a decrease in the cost of polysilicon[10](index=10&type=chunk) [Operating Income and Expenses](index=3&type=section&id=Income%20from%20Operations%20and%20Operating%20Margin) Income from operations significantly increased to **RMB1.21 billion** in Q1 2023, with operating profit margin rising to **5.2%**, despite increased operating expenses year-over-year Operating Income and Margin | Metric | Q1 2023 | Q4 2022 | Q1 2022 | Sequential Change | Year-over-Year Change | | :----------------------- | :------ | :------ | :------ | :---------------- | :-------------------- | | Income from Operations (RMB million) | 1,211.75 | 614.4 | 40.8 | +97.2% | +2870.0% | | Operating Profit Margin | 5.2% | 2.0% | 0.3% | +3.2 pp | +4.9 pp | Total Operating Expenses (RMB billion) | Period | Amount | Sequential Change | Year-over-Year Change | | :----- | :----- | :---------------- | :-------------------- | | Q1 2023 | 2.83 | -21.3% | +29.4% | | Q4 2022 | 3.59 | - | - | | Q1 2022 | 2.19 | - | - | - Sequential decrease in operating expenses mainly due to a decrease in shipping costs for solar modules and a decrease in impairment loss on property, plant and equipment[11](index=11&type=chunk) - Year-over-year increase in operating expenses mainly attributable to an increasing loss of disposal on property, plant and equipment and an increase in demurrage charges[11](index=11&type=chunk) [Other Income and Expenses](index=3&type=section&id=Other%20Income%20and%20Expenses) Jink

JinkoSolar Holding Co., Ltd (NYSE:JKS) Q4 2022 Earnings Conference Call March 10, 2023 7:30 AM ET Company Participants Stella Wang – Investor Relations Li Xiande – Chairman and Chief Executive Officer Pan Li – Chief Financial Officer Gener Miao – Chief Marketing Officer Charlie Cao – Chief Financial Officer Conference Call Participants Philip Shen – ROTH MKM Rajiv Chaudhri – Sunsara Capital Alan Lau – Jefferies Operator Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Compan ...

JINKOSOLAR HOLDING CO., LTD. Q4 2022 EARNINGS CALL PRESENTATION Disclaimer ThispresentationdoesnotconstituteanoffertosellorissueorthesolicitationofanoffertobuyoracquiresecuritiesofJinkoSolarHoldingCo., Ltd. (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be reliedoninconnectionwithanycontractorcommitmentwhatsoever. The information herein has been prepared by the Company solely for use in this presentation. The informat ...

Financial Data and Key Metrics Changes - Total solar shipments in Q3 2022 were approximately 10.92 gigawatts, doubling year-over-year [6] - Total revenues reached $2.74 billion, an increase of 127.8% year-over-year [6] - Gross margin improved to 15.7% from 14.7% in the previous quarter [7] - Net income was $77.3 million, up 183.1% year-over-year, with adjusted net income of $60.1 million, improving 16.1% sequentially [7][18] - Cash and cash equivalents at the end of Q3 were $2.1 billion, slightly down from the previous quarter but up from $1.1 billion year-over-year [18] Business Line Data and Key Metrics Changes - Shipments of N-type modules were approximately 3 gigawatts in Q3, an increase of nearly 160% sequentially [9][12] - The second phase of 8-gigawatt TOPCon cell capacity is ramping up smoothly, with an additional 11-gigawatt capacity expected to start production by year-end [10][11] - The company expects N-type products to account for about 60% of total shipments in 2023 [14][52] Market Data and Key Metrics Changes - Solar module shipments to the Chinese market increased fivefold year-over-year, while emerging markets grew approximately 180% [12] - The European market saw over 60% growth in solar module shipments [12] - The company anticipates that the Chinese market will contribute significantly to total installations, expecting over 40 gigawatts in Q4 2022 [7][12] Company Strategy and Development Direction - The company is focused on executing a globalization strategy while enhancing resource input in key markets [8] - Plans to control inventory turnover at a reasonable level through efficient supply chain management [8] - The company aims for around 50% growth in shipments in 2023 compared to 2022, maintaining a solid global competitive position [15] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand in the China market, supported by renewable consumption packages and utility-scale projects [7] - The company expects polysilicon prices to fall in 2023, stimulating pent-up demand [8] - Management expressed optimism about the impact of the Inflation Reduction Act (IRA) on U.S. capacity expansion [23] Other Important Information - The company reported a net foreign exchange gain of approximately $73 million in Q3 2022 [18] - Total debt at the end of Q3 was about $4.2 billion, up from $3.8 billion [19] Q&A Session Summary Question: What is the strategy regarding U.S. capacity expansion in light of the IRA? - Management views the IRA positively and is evaluating potential expansion of module capacity in the U.S. [23] Question: How much of the gross margin improvement is attributed to N-type shipments? - N-type shipments accounted for around 30% of total shipments, contributing to a higher gross margin compared to P-type [25] Question: What are the CapEx plans for 2022 and G&A expenses in Q3? - CapEx for the year is maintained at $3 billion, with G&A expenses around 4-5% of total revenues [26] Question: What is the outlook for gross margin in the next quarter? - Gross margin is expected to continue expanding due to increased N-type shipments and market share in China [47] Question: When will shipping costs be reflected in the numbers? - Shipping costs are expected to positively impact results starting from next year, though the effect in Q4 may be limited due to long-term contracts [58] Question: When do you expect polysilicon costs to start coming down? - Polysilicon prices are anticipated to trend downward starting in December, with significant capacity ramp-up expected in 2023 [60] Question: What percentage of Q4 shipments will be to China? - China is expected to account for around 50% to 55% of Q4 shipments due to strong demand from utility-scale developers [66]