Financial Data and Key Metrics Changes - For Q3 2025, the company reported positive EBITDA of USD 45.8 million, compared to negative USD 48 million in Q3 2024 and negative USD 34 million in Q2 2025 [7][19] - Revenue increased to USD 244.6 million from USD 75.2 million in Q2 2025 and USD 198.5 million in Q3 2024, primarily due to increased sales volume and average selling price [16] - Gross profit was USD 9.7 million, a significant improvement from a gross loss of USD 81 million in Q2 2025 and a gross loss of USD 60 million in Q3 2024 [17] - Cash balance as of September 30, 2025, was USD 552 million, down from USD 599 million at the end of Q2 2025 [20] Business Line Data and Key Metrics Changes - Total polysilicon production for Q3 2025 was 30,650 metric tons, slightly above the guidance range of 27,000 to 30,000 metric tons [9] - Sales volume surged to 42,406 metric tons from 18,126 metric tons in the previous quarter, reflecting strong customer confidence [9] - Production costs declined by 12% to USD 6.38 per kilogram from USD 7.26 in Q2 2025, with cash costs decreasing by 11% to USD 4.54 per kilogram, the lowest in the company's history [10][19] Market Data and Key Metrics Changes - The polysilicon market is recovering, with prices rebounding significantly, driven by supply constraints and government regulations [7][12] - China's effective capacity for polysilicon production is expected to decline to 2.4 million metric tons per year, a decrease of 16.4% from 2024 [13] - The average selling price of polysilicon increased to RMB 49-55 per kilogram by the end of Q3 2025, up from RMB 32-35 in June [13] Company Strategy and Development Direction - The company aims to enhance its competitive edge through higher efficiency N-type technology and digital transformation [14] - The management believes that the combination of industry self-discipline and government regulations will foster a healthier solar PV industry [14] - The company is well-positioned to capitalize on market recovery and long-term growth opportunities in the global solar PV market [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the solar PV market, citing improved industry fundamentals and government support for renewable energy [7][12] - The company expects to maintain positive gross margins in Q4 2025, driven by stable average selling prices and continued cost reductions [27] - The management anticipates that production volume in 2026 could exceed 50% utilization, reflecting a more favorable demand outlook [61] Other Important Information - The company has a strong balance sheet with no bank loans, providing strategic flexibility to navigate market conditions [8][14] - The management is monitoring the market closely regarding share repurchase plans, pending clarity on consolidation efforts [48] Q&A Session Summary Question: Expectations for gross margins in Q3 and Q4 - Management expects positive gross margins to continue in Q4, driven by increased selling prices and reduced costs [26][27] Question: Industry overcapacity and actions to address it - Management acknowledged ongoing overcapacity but emphasized balancing production volume with demand rather than operating at full capacity [31] Question: Consolidation agreement timeline and mechanisms - Conversations regarding consolidation are ongoing, with management hopeful for a consensus soon to support price recovery [40] Question: ASP expectations post-consolidation - Management anticipates ASPs to remain stable in Q4, with potential increases following consolidation efforts [46] Question: Share repurchase program progress - The company is waiting for clarity on consolidation costs before resuming share repurchases [48] Question: Production cost and electricity consumption - Current unit electricity consumption is between 52 to 55 kilowatt-hours per kilogram [57] Question: Production plan adjustments and demand outlook - The company raised its production plan for Q4, expecting to capitalize on improved market conditions [59] Question: Solar installation expectations for 2026 - Management forecasts stable installation growth in China, with additional installations expected to be in the range of 270 to 280 gigawatts [71]

Financial Data and Key Metrics Changes - The company's annual module shipments increased by 18.3% year-over-year to approximately 93 gigawatts, ranking first in the industry [9] - Gross margin dropped to 10.9% in 2024 from 16% in 2023, while net income fell by 98% year-over-year to $7.9 million [10] - In Q4, gross margin was 3.6%, down from 15.7% in Q3, with a net loss of $64.9 million compared to net income of $3.2 million in Q3 [11][33] Business Line Data and Key Metrics Changes - Total module shipments for Q4 were approximately 25.2 gigawatts, with over 50% shipped to domestic markets where prices were lower [11] - The proportion of higher-priced overseas orders declined sequentially, leading to decreased average selling price (ASP) and profits [11] - The N-type Tiger Neo series accounted for over 95% of shipments in Q4 and nearly 90% for the full year [28] Market Data and Key Metrics Changes - Newly added installations in China reached 277 gigawatts in 2024, a 28% increase year-over-year, setting a record high [12] - China's module exports reached 236 gigawatts in 2024, an increase of 13% year-over-year [12] - The global PV industry maintained fast growth momentum, with expectations for newly added installations in China to be around 270 gigawatts or higher in 2025 [29] Company Strategy and Development Direction - The company is committed to maintaining technology leadership through continuous R&D investments and mass production of innovative products [15] - A cautious approach to capacity expansion is being taken, with no new capacity added aside from upgrades to TOPCon technology [24] - The company aims to optimize its asset and liability structure while maintaining healthy cash reserves to strengthen resilience to risks [25][32] Management's Comments on Operating Environment and Future Outlook - Management noted that the industry may have entered a deep adjustment period, with companies lacking competitive costs likely to be phased out [21] - In the medium to long term, renewable energy is expected to supply half of global electricity demand by 2030, highlighting the growth potential of the PV industry [22] - The company expects module shipments to be between 16 to 18 gigawatts for Q1 2025 and between 85 and 100 gigawatts for the full year [24] Other Important Information - The company received a BBB rating for the second consecutive year in the MSCI ESG ratings, reflecting its commitment to ESG [18] - A strong patent portfolio was built, including 462 granted TOPCon patents, making the company a leading holder of such patents globally [19] - The company is actively responding to patent infringement claims from competitors, asserting that the allegations lack merit [20] Q&A Session Summary Question: Impact of increased import tariffs from Vietnam on margins and pricing strategy - Management indicated that they have prepared solutions for AD/CVD tariffs and do not expect a significant negative impact on margins [45] Question: Expectations for U.S. shipments and potential pullback due to higher tariffs - Management stated it is too early to define shipment volumes to the U.S. due to uncertain policies [48] Question: Q1 margin expectations - Management expects Q1 margins to be lower than Q4 due to lower prices from previous orders [58] Question: CapEx expectations for 2025 - Management expects CapEx to be much lower than the previous year, approximately RMB4 billion to RMB5 billion [65] Question: Updates on Saudi capacity and operational timeline - The Saudi Super Factory is in early preparation, with ground-breaking targeted by the end of Q2 and full operational status expected by the end of next year [82] Question: Market share expectations for 2025 - Management anticipates a slight decrease in market share this year due to industry consolidation but expects to be in a good position for future growth [89]