Core Insights - JinkoSolar reported significant business highlights for the first half of 2025, emphasizing its position as a leading solar module manufacturer globally [1][2]. Business Performance - Total module shipments reached 41.8 GW, with over 60% directed to overseas markets [9]. - JinkoSolar became the first module manufacturer to deliver a cumulative total of 350 GW of solar modules by June 30, 2025 [9]. Efficiency and Technology - The company achieved new records in cell and module efficiencies, with 182 N-type high-efficiency TOPCon cells reaching a full-area laboratory conversion efficiency of 27.02% and N-type TOPCon modules achieving a maximum efficiency of 25.58% [9]. - Mass-produced efficiency for TOPCon cells exceeded 26.5%, with high-efficiency series reaching 27.1% [9]. - By June 30, 2025, JinkoSolar upgraded its existing TOPCon capacity to over 20 GW of high-efficiency capacity [9]. Production Capacity and Future Outlook - For the third quarter of 2025, JinkoSolar expects module shipments to be between 20.0 GW and 23.0 GW [4]. - The company estimates full-year module shipments for 2025 to be in the range of 85.0 GW to 100.0 GW [4]. - By the end of 2025, JinkoSolar anticipates its annual production capacity to reach 120.0 GW for mono wafers, 95.0 GW for solar cells, and 130.0 GW for solar modules [5]. Global Presence - JinkoSolar operates over 10 production facilities and has more than 20 overseas subsidiaries across various countries, including Japan, South Korea, and the United States [7].

外贸是观察经济的重要窗口。过去，我国在海外市场走俏的主要是服装、家具、家电这些"老三样"，如 今"新旧交替"，以电动载人汽车、锂电池、太阳能电池等为代表的"新三样"在出口领域持续领跑。这类 产品兼具高技术含量、高附加值的特点，且契合绿色转型趋势，正逐步成为我国出口的新增长点，也在 成长为我国新的优势产业。 从点的突破到面的铺开，从"新三样"到"更多样"，中国经济的创新脉搏，在这样的迭代中愈发强劲。由 此带来的创新力量，也让我们有更充足的底气和自信去战胜困难挑战，让高质量发展成色更足、底色更 亮。 不管是新产业，还是潮文化，回顾"新三样"的发展历程，可得到不少经验启示。"新"的含金量，既因为 精准对接了消费者对"高品质、新体验"的需求，也得益于成熟供应链、新质生产力的坚实托底。这背 后，同样离不开海关在进出境口岸为创新创造提供的保驾护航。比如，围绕知识产权保护，海关总署介 绍，今年以来全国海关拦截183万件假LABUBU。同时还特别强调，中国海关的知识产权保护不仅服务 强国建设，更体现大国担当：对内对外一视同仁，既保护自主知识产权，也保护国外企业在我国的合法 权益，既阻止境外侵权产品流入国内，也打击国内侵权产品 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a comprehensive update on the fixed - income market, including bond price movements, macro - news, and company - specific financial and operational information. It also highlights potential investment opportunities, such as the recommendation to buy INCLEN 4.5 04/18/27 in the RNW complex [15]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new DBS 3.989 28 was 3bps tighter from RO at par. In Asia IG, HYUELE 2.375 31s was 1bp tighter. SK Hynix repaid KRW3.4tn (cUSD2.5bn) [2]. - In financials, there was selling in STANLNs due to USD9.6bn unlawful transactions allegations. STANLN Perps were down 0.1pt. Yankee AT1s were weaker [2]. - In lifers, JP DAIL 6.2 Perps/MYLIFE 5.8 54s/NIPLIF 6.5 55s were down 0.4pt. KR TYANLI 35 was 1bp tighter. Tongyang Life announced the redemption of USD300mn TYANLI 5.25 Perp on 22 Sep'25 [2]. - In Chinese AMCs, CFAMCI 25/29s were 0.1 - 0.2pt higher. China CITIC FAMC expects its 1H25 net profit to increase 12.5 - 16.3% yoy to RMB6 - 6.2bn [2]. - In HK Corp, there was selling in HYSAN/CPREIT/CKHH/MTRC for profit - taking. HYSAN 4.85/7.2 Perps was 0.4 - 1.1pts lower. MTRC 55 was 1bp wider and MTRC Perps were 0.1 - 0.2pt lower [2]. - In Chinese HY, HONGQI 28s were 1bp tighter. China Hongqiao announced the buy - back of 10.2mn shares for cHKD234mn. GWFOOD 30 was 1.1pts lower. WESCHI 26 was 0.1pt higher [2]. - In Chinese properties, FTLNHD 25 - 26 were 0.2pt higher, FUTLAN 28 was unchanged. Seazen obtained approval for up to RMB1.1bn (cUSD147.5mn) onshore ABS offering and announced a profit warning for 1H25 results [2]. - In SEA, PTTGCs were 0.2 - 1.4pts higher (1 - 4bps tighter). PTT Global Chemical eyes THB30bn (cUSD923mn) from non - core assets monetization. PERTIJs were 1 - 2bps tighter. VLLPM 27 - 29 were down 0.1 - 1.5pts [2]. - This morning, the new ALVGR 6.55 Perp was up 0.5pt from RO at par. China and KR IGs were 1 - 3bps wider. There was profit - taking from BNKEAs/NANYANs. BBLTB subs were 2bps wider. SHIKON 35 was 1bp tighter [3]. - INCLEN 27s/INGPHL 27s/RPVIN27 - 28s were 0.1 - 0.4pt higher after results announcement. CTFSHK 29 was 0.4pt lower this morning [3]. - In the LGFV space, flows were mixed. Higher - yielding (8%+) papers were sought after by HF and RM, while there was profit - taking on 5% - 7% yielding papers. TSIVMG 1.55 29 was up 0.7pt [4]. Macro News Recap On Tuesday, S&P was down 0.59%, Dow was up 0.02%, and Nasdaq was down 1.46%. UST yield was lower, with 2/5/10/30 yields at 3.75%/3.82%/4.30%/4.90% [7]. Desk Analyst Comments - INCLEN's module and cell manufacturing drove 1QFY26 revenue and adj. EBITDA growth [8]. - ReNew Energy (RNW) reported a 71% yoy increase in 1QFY26 revenue to INR39.0bn, with adj. EBITDA rising 43% yoy to INR27.2bn. The manufacturing segment contributed significantly [8]. - In May'25, RNW secured INR8.7bn (cUSD100mn) from Marquee Investment for a 10% stake in its solar manufacturing subsidiary. The investment will expand manufacturing capacity [9]. - RNW's total operational capacity reached 11.1GW in 1QFY26, up 16% yoy. The PLF for wind assets improved to 32.8%, while solar PLF declined to 24.6% [10]. - RNW reiterates its FY26 guidance for adj. EBITDA at INR87 - 93bn and maintains CFe guidance at INR14 - 17bn. 1QFY26 adj. EBITDA represents 29 - 31% of the full - year target [11]. - As of Jun'25, cash and bank balance was INR76.1bn, 6% lower than in Mar'25. 1QFY26 capex was INR5.1bn, down 86% yoy [12]. - RNW's net debt/LTM adj. EBITDA was down to 7.5x in Jun'25 from 8.3x in Dec'24 [13]. - On 2 Jul'25, RNW received a final non - binding offer to be taken private at USD8 per share, a 13.2% increase from the previous proposal [14]. - The analyst maintains a buy on INCLEN 4.5 04/18/27 in the RNW complex [15]. Offshore Asia New Issues - Priced: Ganzhou Urban Investment Holding issued USD250mn, 3 - year bonds at a 4.8% coupon. Tongling State - owned Capital Operation Holding Group issued USD200mn, 3 - year bonds at a 4.65% coupon [20]. - Pipeline: No new issues pipeline today [20]. News and Market Color - Yesterday, 118 credit bonds were issued onshore with an amount of RMB114bn. Month - to - date, 1,319 credit bonds were issued, raising RMB1,183bn, a 3.7% yoy increase [22]. - The US government is exploring ways to get stakes in companies like Taiwan Semiconductor Manufacturing, Micron, and Samsung [22]. - BHP plans to cut annual capex to USD10bn in FY28 - 30 from USD11bn in FY26 - 27 and will sell Carajas copper assets in Brazil for up to USD465mn [22]. - Media reported CK Asset was approached for short - term financing or equity investment opportunities [22]. - Seazen expects 1H25 profit to fall by up to 48% yoy to RMB500 - 700mn (cUSD69.6 - 97.5mn) [22]. - HPCL - Mittal Energy will purchase USD56.39mn of HMELIN 5.45 10/22/26 and USD85.55mn of HMELIN 5.25 04/28/27 in tender offers [22]. - LG Electronics aims to expand in the Indian home electronics market [22]. - Powerlong 1H25 loss will widen to up to RMB2.9bn (cUSD403mn) [22]. - West China Cement will hold fixed income investor meetings from 26 Aug'25 [22]. - Xiaomi 1H25 revenue rose 38.2% yoy to RMB227.3bn (cUSD31.6bn) and plans to enter the European EV market by 2027 [22].

Q1 FY26 Results Presentation August 14, 2025 Disclaimer Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "w ...

Core Viewpoint - T1 Energy Inc. is positioned to benefit from U.S. trade investigations into foreign polysilicon, which may lead to tariffs or import restrictions, enhancing its competitive advantage in the solar manufacturing sector [1][2][3]. Group 1: Trade Investigations and Policies - The U.S. Secretary of Commerce is initiating an investigation under Section 232 of the Trade Expansion Act regarding foreign-sourced polysilicon, which could favor T1 Energy's existing supply contract for American polysilicon [1]. - T1 Energy plans to support tariffs under the Solar 4 anti-dumping and countervailing duty case, which targets imports from Indonesia, Laos, and India, aligning with its strategy to build a domestic solar supply chain [2]. - The company believes that these trade actions will strengthen U.S. energy security and promote advanced manufacturing in the country [1][3]. Group 2: Company Strategy and Operations - T1 Energy is actively developing a domestic solar supply chain, which includes the operational 5 GW G1_Dallas solar module facility and the planned G2_Austin solar cell facility [4]. - The company aims to advocate for strong trade policies that support the strategic development of the U.S. solar value chain, consistent with the previous administration's focus on American manufacturing [2][4]. - T1 Energy's transformative transaction in December 2024 has positioned it as a leading solar manufacturing company in the U.S., with plans to expand operations domestically and explore opportunities in Europe [5].

Summary of the China Solar Sector Conference Call Industry Overview - The conference call focused on the **China Solar Sector**, particularly the implications of the **Draft Amendment to the Price Law** issued by the NDRC and the State Administration for Market Regulation on July 24, 2025, which aims to regulate "involutionary" competition in the market [1][2]. Key Points and Arguments 1. **Revised Low-Price Dumping Definition**: - The Draft Amendment clarifies that business operators are prohibited from engaging in dumping sales below cost prices to gain market dominance [2]. - This change is expected to standardize market pricing and prevent unfair competition, which has been prevalent in the solar sector [1]. 2. **Simplified Law Enforcement Procedure**: - The amendment simplifies the process for identifying illegal low-price dumping, allowing for more effective enforcement of the Price Law [3]. - This is anticipated to enhance the regulatory environment for solar companies, potentially stabilizing prices in the sector [1]. 3. **Positive Impact on Solar Sector**: - The amendment is viewed positively for the solar sector, as many solar products have been sold below cost since the second half of 2024 [1]. - Companies like **GCL Technology**, **Tongwei**, and **Daqo Energy** are expected to benefit from higher average selling prices (ASP) and potential capacity consolidation [1]. 4. **Downstream Segments**: - Downstream segments such as solar glass, wafers, and solar cell manufacturers are also likely to benefit from the regulatory changes [1]. - The focus is on cost leaders within each segment to capitalize on the improved pricing environment [1]. Company Valuations and Risks 1. **Daqo New Energy**: - Target price set at **US$27.00** based on DCF valuation, with a WACC of **11.7%** [9]. - Risks include slower-than-expected polysilicon capacity reduction and higher power costs [10]. 2. **GCL Technology**: - Target price set at **HK$1.70**, with a WACC of **9.1%** [11]. - Similar risks as Daqo, including polysilicon demand fluctuations [12]. 3. **Tongwei**: - Target price set at **Rmb25.00/share**, with a WACC of **9.7%** [13]. - Risks include potential government support for less efficient solar equipment makers [14]. Additional Insights - The conference highlighted the importance of regulatory changes in shaping the competitive landscape of the solar industry in China. - The focus on preventing dumping practices is expected to lead to a healthier market environment, benefiting both upstream and downstream players in the solar supply chain [1][2][3].

Financial Data and Key Metrics Changes - T1 Energy generated revenue of $64.4 million in Q1 2025, primarily from initial deliveries under the Trina cost-plus offtake contract [28] - The company revised its 2025 EBITDA guidance down to a range of $30 million to $50 million from a previous range of $75 million to $125 million due to lower sales outlook [24][30] - T1 expects to have cash and liquidity of more than $100 million at year-end 2025, which includes a payment of $71 million related to debt services [25][30] Business Line Data and Key Metrics Changes - The production guidance for G1 Dallas was lowered to a range of 2.6 to 3 gigawatts from a prior guidance of 3.4 gigawatts, reflecting lower sales due to market uncertainty [23] - T1 has 1.7 gigawatts of committed offtake volumes for 2025, with revenues and operating cash flow expected to ramp up in the second half of the year [11][17] Market Data and Key Metrics Changes - The company is facing near-term headwinds due to tariff uncertainty, which has affected visibility into bill of materials costs for pricing [10][11] - T1 is supportive of tariffs that level the competitive playing field for the US solar industry, including antidumping and countervailing duties [10] Company Strategy and Development Direction - T1 Energy is focused on building a domestic solar and battery supply chain to provide scalable, reliable, and low-cost energy [5][12] - The company aims to produce US modules with more than 70% domestic content by 2027, aligning with potential modifications to the IRA [34] - T1 is advancing the development of G2 Austin, a planned US solar cell manufacturing facility, which is expected to be a cash flow engine for the company [21][22] Management's Comments on Operating Environment and Future Outlook - Management highlighted ongoing uncertainties around trade policy and the Inflation Reduction Act, which are creating near-term complexities [5][6] - Despite these uncertainties, the fundamentals of the US solar industry remain healthy and supportive of T1's strategy [11][12] - The company is committed to pursuing merchant sales only when it can generate appropriate risk-adjusted margins [37] Other Important Information - T1 has signed its first new corporate customer sales agreement for 253 megawatts of 2025 module volumes [14] - The company is engaged in productive capital formation discussions for G2 Austin with several potential partners, including a nonbinding agreement with a third-party partner aligned with the Kingdom of Saudi Arabia [16][17] Q&A Session Summary Question: Was the new 253 megawatt sales agreement with an existing customer or a new one? - The new agreement was with a new client developed with the help of the Trina sales team, not part of the previous backlog [42][43] Question: What is the expected timing for the ramp in production over the next couple of quarters? - Management indicated that the ramp in production is expected to continue through the back half of the year, with a focus on margin sales [44][46] Question: Does the $100 million liquidity outlook include potential asset sales? - The liquidity outlook does not include any potential asset sale proceeds, which would be incremental [50][51] Question: What is the structure of the heads of agreement with the Saudi partner? - The structure is still being finalized, but it is expected to involve a minority investment into G1 and G2 assets [52]

Core Viewpoint - T1 Energy Inc. has signed a Heads of Agreement with a Saudi partner to explore a strategic investment in the G2_Austin solar cell manufacturing facility, which is planned to have a capacity of 5 GW, highlighting the collaboration between the U.S. and Saudi Arabia in advancing solar manufacturing and energy infrastructure [1][2]. Company Overview - T1 Energy Inc. is focused on building an integrated U.S. supply chain for solar and batteries, having completed a transformative transaction in December 2024 that positioned the company as a leading solar manufacturer in the U.S. [4]. Strategic Investment - The agreement aims to bring in strategic capital to support the U.S. advanced manufacturing sector, with T1 Energy emphasizing the need for a domestic solar manufacturing supply chain [2][3]. - The signing ceremony took place in Riyadh, attended by representatives from T1 and Manaar Gulf Saudi Arabia Ltd., promoting Gulf Cooperation Council investment in the U.S. [2]. Future Plans - T1 Energy plans to secure capital through this agreement to advance its mission of bringing investment, jobs, and key supply chains to America, while also exploring complementary investment opportunities in Saudi Arabia's solar manufacturing sector [3].

Core Viewpoint - JinkoSolar reported a challenging first quarter of 2025, with significant declines in revenue and profitability due to low module prices and disruptions in demand from international trade policy changes, resulting in a net loss of US$181.7 million [4][30]. Financial Performance - Total revenues for Q1 2025 were RMB13.84 billion (US$1.91 billion), down 33.0% sequentially and 39.9% year-over-year [11]. - Gross loss was RMB352.9 million (US$48.6 million), compared to a gross profit of RMB2.74 billion in Q1 2024 [12]. - Net loss attributable to ordinary shareholders was RMB1.32 billion (US$181.7 million), a significant increase from a net income of RMB609.4 million in Q1 2024 [30]. - Basic and diluted losses per ordinary share were RMB6.40 (US$0.88) [32]. Operational Highlights - Module shipments reached 17.5 GW, ranking first in the industry, with total shipments of 19,130 MW [6][35]. - The company became the first module manufacturer to deliver over 320 GW of solar modules globally [6]. - The order book visibility for 2025 is currently at 60% to 70%, with certain regions exceeding 80% [7]. Market Dynamics - New installations in China for Q1 2025 amounted to 59.7 GW, a 31% increase year-over-year, indicating resilience in domestic demand [5]. - Average monthly bidding prices for solar modules in China have started to recover, returning to more rational levels [5]. Research and Development - The N-type TOPCon-based perovskite tandem solar cell achieved a record conversion efficiency of 34.22% [6][8]. - The company expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 120.0 GW, 95.0 GW, and 130.0 GW, respectively, by the end of 2025 [10][38]. Energy Storage Developments - Shipments of energy storage systems exceeded 300 MWh in Q1 2025, with expectations of around 6 GWh for the full year [9]. - Confirmed orders for energy storage systems account for 50% to 60%, with an additional 20% to 30% showing strong potential for signing [9].

Core Insights - TOYO Co., Ltd has commenced production at its new facility in Ethiopia, aiming to deliver over 80 MW of solar cells by the end of April 2025 [1] - The Ethiopian plant is expected to reach full operational capacity of 150 to 200 MW per month by May and June 2025, with plans to expand nameplate capacity to 4 GW due to strong customer demand [2][4] - The establishment of the Ethiopian facility is part of TOYO's strategy to diversify manufacturing locations and enhance its global solar manufacturing footprint [3] Company Strategy - TOYO aims to become a full-service solar solutions provider, integrating various stages of the solar power supply chain, including upstream production of wafers and silicon, midstream production of solar cells, and downstream production of photovoltaic modules [4] - The company is optimistic about the strong market demand and is working on an additional 2 GW expansion in Ethiopia, indicating a significant growth trajectory for 2025 [4] Market Position - The new facility in Ethiopia supports TOYO's commitment to sustainable energy solutions and positions the company to meet the increasing global demand for renewable energy [3][4]