Core Viewpoint - The company has been deeply involved in the photovoltaic equipment power supply sector for over 20 years, providing products that cover various segments of the solar industry chain, including silicon materials, silicon wafers, and battery cells [2]. Group 1: Company Overview - The company’s power supply products are compatible with mainstream battery technologies such as PERC, TOPCon, and HJT, with most products already in mass application [2]. - The company is currently collaborating with relevant clients to conduct technological research and development for cutting-edge technologies like perovskite [2]. Group 2: Industry Context - The photovoltaic industry is currently experiencing a downward adjustment cycle, and the company has not seen significant growth in related orders [2]. - The company aims to continue enhancing its technological and product competitiveness to support high-quality development in the industry [2].

Group 1 - The company disclosed its investor relations activities, including participation in performance briefings and roadshows, with significant interest from institutions regarding its energy storage business progress [1] - For Q2 2025, the company expects module shipments to be between 7.5-8.0 GW, with an annual forecast of 25-30 GW, balancing price and volume considerations [1] - The company anticipates energy storage system shipments of 2.4-2.6 GWh for Q2 2025, with an annual estimate of 7.0-9.0 GWh, adjusting expectations due to uncertainties in tariffs [1] Group 2 - The company has approximately 91 GWh of energy storage system orders as of March 31, 2025, with a signed contract value of $3.2 billion, indicating strong future order support [2] - The company noted that the current tariff policies have eased, allowing for better order arrangements and normal shipment levels in markets outside the U.S. [2] - The company highlighted that the profitability of large-scale energy storage is influenced by upstream cell prices and downstream demand, with healthy margins in markets like the U.S., Canada, and the EU [2] Group 3 - The company recognizes high entry barriers in system integration compared to hardware sales, emphasizing the need for localized technical support and long-term service capabilities [3] - The company is cautious about domestic capacity expansion in the current photovoltaic market, focusing on optimizing capacity structure towards energy storage and high-profit overseas markets [3] - The company continues to invest in R&D for various technology routes, prioritizing commercial value during the industry's consolidation phase [3]