Summary of Aoki Technology Conference Call Company Overview - **Company**: Aoki Technology - **Key Product**: Aoki Woodpecker, an AI-driven advertising tool focused on e-commerce Industry Insights - **Industry**: E-commerce and AI advertising - **Market Trends**: Shift from traditional search engines to AI applications for consumer engagement Core Points and Arguments - **Revenue Growth**: Aoki Woodpecker's AI advertising revenue increased by 30% year-over-year in the first three quarters of 2026 [2][3] - **Target Market**: Focus on major brands in fast-moving consumer goods (FMCG), including apparel, beauty, and 3C products [2][7] - **Data Utilization**: The company leverages consumer behavior data across platforms for precise targeting, enhancing return on investment (ROI) by 20%-30% compared to traditional brand advertising [2][3][7] - **Profit Margins**: Gross margin for major client advertising business is approximately 70%-80%, with net profit around 50% [2][6] - **Clientele**: Serves well-known international and domestic brands, which provides a strong data foundation for advertising strategies [3][6] Strategic Developments - **AI Partnerships**: Collaborating with applications like Doubao, Qianwen, Deepseek, and Yuanbao to enhance real-time consumer engagement and product recommendations [2][3] - **Product Development**: Aoki is developing standardized operational tools for small and medium-sized businesses, with expected annual costs for these tools ranging from 10,000 to 30,000 yuan [3][9] - **Investment Plans**: Plans to increase investment in AI technology by approximately 20% in 2026 to capitalize on the shift towards AI applications [3][10][11] Competitive Positioning - **Business Model Comparison**: Aoki's model is similar to competitors like Yidian Tianxia but differs in resource allocation and focus on internal needs before expanding to external clients [6] - **Operational Efficiency**: Aoki Woodpecker's advertising efficiency is 20%-30% higher than brands' self-managed campaigns, indicating a competitive edge in technology and service delivery [6][7] Future Outlook - **Market Predictions**: 2026 is anticipated to be a pivotal year for AI applications, particularly in the consumer market, as traditional search engine usage declines [5] - **Talent Acquisition**: Continued focus on recruiting talent to support AI initiatives and adapt to evolving market demands [10][11] - **Client Budget Expansion**: Aiming to increase the proportion of client budgets allocated to Aoki's services, potentially rising from 5% to 10%-20% [11] Additional Important Insights - **AI Agent Services**: As one of Alibaba's first AI Agent service providers, Aoki is enhancing its capabilities in automated customer service tools [8][9] - **SaaS Development**: The company is preparing to launch SaaS-based operational tools, leveraging its extensive experience in the apparel sector to address market needs [9][10]

Summary of Puhua Technology Conference Call Company Overview - Puhua Technology is a publicly listed company under China Electronics Corporation, primarily engaged in information communication, including public network communication, private network communication, and intelligent manufacturing [2][3]. Industry and Business Developments - Puhua Technology collaborates with Xi'an Electric ICN Key Laboratory to develop integrated information network technology, having completed the development of handheld terminals and actively participating in the formulation of national and industry standards, including 3 national standards and 20 industry standards [2][3]. - The company plays a critical role in the Trisolaris computing constellation, focusing on breakthroughs in laser and microwave inter-satellite communication technology, integrated computing and storage technology, and establishing inter-satellite transmission links [2][5]. Key Business Segments - Puhua Technology focuses on high-end PCB business, serving military, aerospace, and other specialized fields, with aerospace PCB accounting for 20%-30% of its revenue, approximately 1.4 billion yuan annually [2][7]. - The company anticipates a significant increase in commercial aerospace orders by 2025, with applications in projects like Tiangong and Tianwen [2][7]. Financial Performance and Projections - Despite facing profit pressure from government receivables, Puhua Technology's performance is expected to improve significantly due to technological innovation, product innovation, and breakthroughs in new businesses, particularly in PCB manufacturing by 2025 [2][8]. - The company has entered operator procurement for communication products, and its data governance services have scaled up [8]. Technological Innovations - Puhua Technology is advancing in laser-microwave composite transmission technology, with laser communication offering advantages such as stable bandwidth of up to 100 Gbps and longer communication distances [4][9]. - The company has developed handheld satellite terminals and integrated satellite functions into existing narrowband terminals to meet specific user needs [4][10]. Market Strategy and Licensing - Puhua Technology's business model includes leasing newly built transmission links to provide cross-border computing scheduling services, leveraging the cost advantages of space links [6]. - The company holds relevant licenses in the satellite operation sector and plans to build an aerial fiber network for cross-regional computing scheduling [6]. Future Directions - The company aims to enhance its market performance through high-quality development and potential mergers and acquisitions, as emphasized by the China Electronics Corporation's focus on increasing the asset securitization ratio of its listed companies [12].

Summary of Zhihua Co., Ltd. Conference Call Company Overview - **Company**: Zhihua Co., Ltd. - **Industry**: Chromium salt production Key Points Investment and Expansion Plans - Zhihua Co. plans to invest **30 billion CNY** in a new chromium salt base in Chongqing, aiming to become the world's largest single chromium salt plant, enhancing device advancement and optimizing product structure [2][3] - The new base will include a sulfuric acid project that utilizes liquid sulfur to produce sulfuric acid, generating steam as a byproduct, which will lower production costs and improve economic efficiency through cogeneration [2][4] - The company has a unique process for producing chromium oxide green from sodium dichromate waste, expected to yield **74,000 tons** annually, maximizing resource utilization and enhancing economic benefits [2][7] Production Capacity and Market Dynamics - The design capacity for sodium dichromate at the Chongqing base is **200,000 tons**, which is crucial for downstream compound production and accounts for **70%-80%** of production costs [3] - The company anticipates a **33,000 tons** production and sales volume for sodium dichromate in 2026, with a projected doubling of elemental chromium production compared to the previous year [3][21] - Current production capacity is approximately **2,000 tons** of elemental chromium per month, but there are challenges in delivery due to inventory and raw material requirements [3][15] Pricing Strategy - The company adjusts product prices based on market fundamentals, with rapid price decreases and slower increases. As of December, most compound prices have met expectations, but metal chromium prices have not yet reached anticipated levels due to social inventory and low-price orders [2][12][13] Market Conditions - The chemical market has shown no significant changes recently, with high operating rates and tight supply due to new demand. However, the market remains somewhat chaotic, requiring further observation for clarity [11][14] - Social inventory is currently around **60%-70%** of normal monthly levels, indicating a tight supply situation [15] Unique Technological Advantages - Zhihua Co. possesses a unique process for producing high-purity chromium oxide green, which is not patented to maintain its competitive edge. This process has been successfully applied for over two years [7][8] - The sulfuric acid facility is critical for the new base, producing significant amounts of steam necessary for initial product preparation, thus reducing costs [5] Management and Strategic Direction - The company has undergone management changes, with a younger generation taking leadership roles, focusing on quality improvement and new energy product development [16] - The company emphasizes advanced processes and cost control as key competitive barriers, rather than regulatory restrictions [22][23] Future Outlook - The company plans to expand production of single chromium in the first half of 2026, which is expected to increase overseas raw material demand [24] - The outlook for the chromium oxide green export volume is optimistic, with expectations of significant increases due to rising global demand [24] Customer Base and Applications - Zhihua Co. has made inroads into the commercial aerospace sector, with clients involved in high-temperature alloy products for space applications [25] Financial Instruments - The company is considering extending the trading period for its convertible bonds to enhance trading opportunities and improve market recognition [26]

Summary of Conference Call for Cangge Mining Company and Industry Overview - **Company**: Cangge Mining - **Industry**: Lithium and Potash Mining Key Points and Arguments Project Progress and Production Guidance - The Marito Salt Lake Phase I project is progressing as expected, with civil and steel structure works completed at 70%-80% [2][3] - The expected equity output for 2026 is between 4,500 to 6,000 tons, corresponding to a salt lake output of 20,000 to 25,000 tons [2][3] - The total investment for the project has been reduced to 2.8 to 3 billion yuan, with lithium carbonate investment costs around 600 million yuan per ton and production costs controlled under 30,000 yuan per ton, which is nearly 10,000 yuan lower than peers [2][4] Strategic Partnerships and Resource Development - The company is actively communicating with industrial funds and Sansteel Group to integrate the Mami Cuo Fund into the listed company system for consolidated reporting, although no clear timeline is set [2][5] - Cangge Mining indirectly holds a 21% stake in Guoneng Mining and plans to participate in the development of the Jide Chaka (planned 70,000 tons) and Longmucuo (planned 60,000 tons) salt lakes [2][6] Resource Expansion and Environmental Considerations - The company plans to inject resources from the Lagocuo and Mami Cuo salt lakes into the listed company to expand resource reserves and production capacity, with no specific timeline yet [2][7] - The company employs an adsorption-membrane coupling process for lithium extraction, minimizing ecological damage and achieving zero water consumption through self-produced fresh water [4] Production Recovery and Future Capacity - The production at the Chaka Salt Lake has returned to normal, with production guidance for potassium and lithium products in 2026 similar to previous years [2][7] - The company aims to explore further capacity enhancement and has initiated a new 1.5 million tons industrial salt project to recover sodium chloride, which meets environmental standards [2][8] Market Dynamics and Pricing Outlook - The lithium carbonate market is experiencing volatility, with prices driven by supply-demand dynamics and policy changes [11][12] - The expected price range for lithium carbonate is between 100,000 to 120,000 yuan, with the company maintaining a cautious inventory strategy [12] - The company plans to sell 70% of its products through long-term contracts and 30% through spot pricing, using industry-standard pricing for settlements [12] Geopolitical Risks and Strategic Development - The company has conducted extensive market research in South America but has not made investments due to high prices and geopolitical risks [13] - The development of the Laos potash mine is a core focus, with plans to construct a 2 million tons potassium chloride facility in two phases [15][16] Financial Health and Future Plans - The company maintains a healthy financial structure with low debt and good cash flow, supporting a stable dividend policy [27][28] - Future capital expenditures will focus on the Mami Cuo 50,000 tons project and the 200,000 tons potash project, with a cautious approach to new resource acquisitions [22][23] Operational Efficiency Improvements - Post-acquisition by Zijin Group, operational efficiency has improved through refined management practices and cost control measures [24][28] Conclusion - Cangge Mining is strategically positioned in the lithium and potash markets, with ongoing projects and a focus on sustainable practices. The company is navigating market volatility while planning for future growth and resource development.

Summary of Zhongtai Co., Ltd. Conference Call Company Overview - Zhongtai Co., Ltd. specializes in the production of cryogenic equipment, primarily used for processing small molecular weight gases such as methane, hydrogen, air, and ethylene [4][6][10]. Industry Insights - The global cryogenic equipment market is expanding rapidly, with a market size projected to reach $4-5 billion, driven by explosive growth in natural gas liquefaction projects [2][7]. - Key growth regions include the Middle East and Southeast Asia, with the petrochemical sector alone representing a market space of approximately $1.8 billion, 20% of which comes from the Middle East [7][12]. Competitive Landscape - Major competitors in the global cryogenic equipment market include Chart Industries and Air Liquide, with Chart expected to generate $1.2 billion in revenue in 2025, reflecting a 20% year-over-year growth [5][6]. - Zhongtai holds a significant market share, exceeding 50% in domestic sectors such as petrochemical cold boxes and LNG cold boxes, while competitors like Hangyang have lower profit margins around 10% [6][10]. Strategic Advantages - Zhongtai's competitive advantages include shorter delivery times (1-1.5 years compared to competitors' 3-4 years) and strong partnerships with top engineering firms, facilitating entry into North America and Europe [10][11]. - The company has established a partnership with Saudi Aramco, enhancing its position in the international market and potentially securing formal supplier status by 2026 [11]. Future Market Outlook - The petrochemical, industrial gas, and LNG markets are expected to maintain high growth rates over the next five years, with significant increases in new capacity for LNG projects [12][13]. - The global LNG market is projected to see new capacity additions significantly higher than previous averages, with annual production expected to fluctuate between $1-2 billion [13][14]. Financial Projections - Zhongtai's revenue from its cryogenic business is projected to reach $3 billion at full capacity, with expectations of $2 billion in overseas orders by 2028 [16]. - The company anticipates a net profit of approximately $1.2 billion, with a market valuation of around $24 billion based on a 20x P/E ratio [16]. Growth in Emerging Industries - Zhongtai is diversifying into growth sectors such as storage chips, nuclear fusion, and commercial aerospace, which are expected to contribute significantly to profits, with projections of a 17x increase in profits by 2026 [17][18]. - The company has established a major facility in Tangshan for producing specialty gases for the semiconductor industry, which is expected to generate substantial revenue [18]. Conclusion - Zhongtai Co., Ltd. is well-positioned for growth in the cryogenic equipment market, bolstered by strong international demand, strategic partnerships, and diversification into emerging industries, making it a compelling investment opportunity for the future [2][3][22].

Summary of Changhong Technology Conference Call Company Overview - **Company**: Changhong Technology - **Industry**: Semiconductor and related materials Key Points Industry and Market Developments - In December 2025, Changhong Technology surpassed imported products in the wafer carrier segment, securing significant orders from major storage clients, indicating recognition of product quality and delivery capabilities [2][3] - The first half of 2026 is expected to be crucial for expanding new customers in wafer carriers, with breakthroughs anticipated in photomask carriers and electronic chemical clean packaging barrels, opening new market opportunities [2][5] - The current order volume from major storage clients is in the thousands, with a total value exceeding 10-20 million RMB, and plans to actively pursue orders from other storage and logic manufacturers [2][6] Product and Financial Performance - The gross margin for existing storage clients is low, but under normal pricing conditions, it can exceed 40% to 50%. As domestic production increases, gross margins and net profit levels are expected to remain substantial [4][14] - The wafer carrier market is broad, with a monthly capacity of 50,000 wafers requiring 40,000 to 50,000 FOUPs, with an annual loss rate of 10%-20%. Currently, domestic FOUP market share is 0%, but breakthroughs in large silicon wafers have been achieved, indicating significant future demand for Forcebee [7][8] Competitive Landscape - The photomask carrier market is primarily dominated by Taiwan's Jaden, with domestic market share below 2%. Jaden's revenue from photomask carriers accounts for 60% of its total, while wafer carriers account for 40% [8] - Changhong Technology aims to capture a share of the semiconductor supply chain, where leading companies typically hold over 70% of the market, while smaller firms account for 20%-30% [9] Future Growth and Strategy - The company anticipates significant growth in the semiconductor market over the next 1-2 years, driven by existing breakthroughs and new customer acquisitions [5][6] - There is a strong demand for domestic alternatives among clients, although execution challenges exist due to quality assurance concerns. Successful validation of domestic products could accelerate the overall replacement process [13] - The company is also expanding its medical segment, facing challenges in the European market but enhancing its position with international clients like Roche and Siemens [15] Operational Insights - The OA (Office Automation) segment remains stable, with new production lines in Vietnam expected to increase capacity by 30%-40% [16] - The company maintains a conservative outlook for overall performance, with specific targets set for stock incentive plans that do not account for semiconductor segment revenues [17] Strategic Focus - Future priorities include consolidating existing core businesses (OA and medical) to ensure stable revenue and cash flow, while accelerating the domestic wafer carrier process and expanding application clients in the semiconductor sector [19]

Summary of the Conference Call for Meihua Medical Company Overview - Meihua Medical primarily operates in the medical device sector, with approximately 90% of its business being export-oriented. The company provides upstream CDMO (Contract Development and Manufacturing Organization) services to leading global medical device firms. [2][3] - The business segments include cornerstone businesses (home ventilators, cochlear implants), emerging growth areas (blood glucose management devices), and emerging planning areas (brain-machine interfaces, humanoid robots). [2] Key Insights and Arguments Cornerstone Business - The cornerstone business, which includes home ventilators and cochlear implants, is experiencing a decline due to capacity relocation and rare earth control, with a recovery expected by Q3 2026. [2][3] - Cochlear implant revenue is projected to exceed 100 million yuan in 2025, with 50% derived from invasive electrode sheets, achieving a gross margin of 60-70%. [3][16] Emerging Growth Areas - The blood glucose management segment, particularly the injection pen business, is expected to enter the top five revenue sources by 2026, with two fully automated production lines already operating at full capacity. [2][4] - Continuous Glucose Monitoring (CGM) devices are anticipated to have good delivery performance in 2026 following mass deliveries in Q2 and Q3 of 2025. [4] Brain-Machine Interface Development - Meihua Medical's brain-machine interface (BMI) development is structured in three phases: output, input, and bidirectional interaction. The company leverages its existing cochlear implant technology to facilitate the development of invasive BMI products. [5][10] - The company is focusing on lightweight, miniaturized, and long-term implantable invasive BMI products, collaborating with downstream clients to design flexible electrodes and surgical robot solutions. [7][11] Market Potential and Strategic Planning - The company sees significant market potential in semi-invasive and non-invasive BMIs, planning to select suitable companies for upstream CDMO services to meet future market demands. [8][9] - The increasing interest in BMIs, highlighted by Neuralink's developments, has prompted Meihua Medical to intensify its R&D efforts and explore new application scenarios. [10][17] Additional Important Information - Meihua Medical's strategic layout in the BMI sector includes not only focusing on existing implants but also developing implant systems and related consumables in collaboration with downstream clients. [11] - The company emphasizes the importance of material safety and reliability in the production of implantable devices, ensuring that materials do not compromise physical properties or introduce harmful substances. [13] - The company does not produce raw materials but modifies and processes existing materials for use in its products. [22] - Meihua Medical's components account for approximately 20-30% of the overall value of cochlear implants, with chips being the most expensive part. [19] Future Outlook - The company is optimistic about the future of the BMI market, noting that demand is strong, particularly among patients with paralysis or neurological disorders. [17][18] - Meihua Medical aims to continue leveraging its existing resources and experience to support the development of this emerging field. [18] - The company is currently unable to provide specific revenue forecasts for 2026 due to regulatory constraints but is focused on customizing services based on downstream client needs. [20] Competitive Landscape - Meihua Medical holds a significant competitive advantage with a 70% market share among global leading clients, although potential competition may arise from companies in the cardiac pacemaker sector. [23]

Summary of Key Points from the Conference Call of Kaidi Co., Ltd. Company Overview - Kaidi Co., Ltd. focuses on linear drive systems, with product lines covering electric home appliances, height-adjustable desks, medical care equipment, and electric tailgates for vehicles, showcasing strong market competitiveness and deep technological accumulation [2][3][4] Core Industry Insights - The company performed exceptionally well during the pandemic, but has seen a decline in revenue and profit in recent years due to economic slowdowns in Europe and North America [2][5] - Increased market competition has led to a decrease in gross margins, although these margins are stabilizing and expected to recover as overseas production capacity is gradually utilized [2][5][6] Market Potential - The electric tailgate market is projected to experience explosive growth, with an expected global market size of $3 billion by 2030 and a compound annual growth rate (CAGR) of 80% [2][10] - The global new drive market is approximately $10 billion, with a CAGR of about 3%, while China's growth rate is close to 7% to 8% [2][7] - The electric height-adjustable desk market is anticipated to grow from $50 billion to $100 billion between 2024 and 2032, with a CAGR of 13%, and nearly 20% in China [2][8] Product Structure and Revenue - Major products include electric home appliances and height-adjustable desks, with a significant portion of revenue derived from overseas markets [2][6] - The company has established local production in North America to attract high-quality customers [6] Robotics and Technological Development - Kaidi is positioning itself in the robotics sector, driven by the upcoming release of Tesla's next-generation humanoid robot [3][4] - The company has a strong self-manufacturing capability in core components, which are essential for robotic linear joint modules [3][12] - Investments in partners like Huiying Power enhance the company's capabilities in reducer technology and joint module development [4][17][18] Competitive Advantages - Kaidi's complete self-owned industrial chain and 30 years of experience in electromechanical integration provide significant advantages in R&D speed and manufacturing cost [16][20] - The shift from hydraulic to electric drive systems in robotics is a notable trend, with Kaidi's technology supporting this transition [15][20] Future Outlook - The company is expected to maintain high growth potential due to its main business market trends and the emerging robotics sector [20] - Kaidi's strong technological foundation, high self-manufacturing rate, and collaborative partnerships will continue to enhance its competitive edge in the market [20]

Summary of the Conference Call for Muyuan Foods Co., Ltd. Company Overview - **Company**: Muyuan Foods Co., Ltd. - **Industry**: Pig farming and related agricultural sectors - **Market Focus**: Expansion into the Vietnamese market through collaboration with local leader BF Company Key Points and Arguments International Expansion Strategy - Muyuan Foods has partnered with BF Company in Vietnam to expand its farming facilities, aiming to quickly adapt to the local market and enhance its market share and profitability [2][4] - The company plans to invest approximately 3.2 billion yuan to build a pig farming facility with a capacity of 1.6 million pigs and a feed factory with a capacity of 60,000 tons [2][9] - The company is set to list on the Hong Kong Stock Exchange by the end of January 2026, further accelerating its internationalization efforts [3] Market Dynamics - The domestic pig farming industry in China is experiencing increased scale, with over 70% of farms expected to have more than 500 pigs by 2024 [6] - The top 20 companies (CR20) are projected to hold about 30% of the market share by 2024, but domestic capacity expansion is limited due to macroeconomic policies, prompting leading companies to seek overseas growth [6] Competitive Advantages for Overseas Expansion - Successful overseas expansion requires clear competitive advantages, such as advanced technology, differentiated products, and cost control capabilities [7] - Localized operations, including establishing factories and teams that understand local cultures and disease conditions, are crucial for success [7] Technological Innovations - Muyuan Foods has implemented advanced disease control measures, including a seven-stage air filtration system that intercepts aerosol particles larger than 0.3 microns, significantly reducing farming costs [5][12] - The company has achieved a daily weight gain of 880 grams for fattening pigs and a survival rate of 87%, with weaned piglet costs reduced to 230-240 yuan per head [10] Market Potential in Vietnam - Vietnam is the fourth-largest pork consumer globally, with a market that remains underdeveloped, presenting significant growth opportunities [13][14] - The commercial and scale of pig farming in Vietnam is approximately 51%, indicating room for improvement [14] Future Goals - Muyuan aims to reach a scale of 450,000 breeding sows and 11 million market pigs by 2030, with over 6 million being self-operated [16][17] - The company plans to establish localized R&D centers and production bases to enhance supply chain management and commercialize breeding [16] Challenges and Considerations - Effective disease control is critical in Vietnam, where past epidemics have impacted the industry; the company's health management systems are designed to monitor and intervene in pig health effectively [11] - The competitive landscape in Vietnam includes both multinational and local companies, with major players holding significant market shares [14][15] Additional Important Insights - The collaboration with BF Company is pivotal for Muyuan's strategy, leveraging local expertise to navigate the Vietnamese market effectively [4] - The company's focus on cost control and technological innovation positions it well to compete in the international market [10][12]

Summary of JinkoSolar's Conference Call Company and Industry Overview - **Company**: JinkoSolar - **Industry**: Photovoltaic (PV) Technology Key Points and Arguments 1. **Collaboration with Jintai Holdings**: JinkoSolar is partnering with Jintai Holdings to leverage AI and robotics in reshaping PV research and development, focusing on perovskite tandem technology to accelerate its commercialization [2][3] 2. **AI for Science Platform**: Jintai Holdings' AI platform is globally leading, with over 200 proprietary AI models and a large-scale data mining platform that enhances data collection efficiency [2][5] 3. **High-Throughput Laboratory**: The collaboration aims to establish a high-throughput intelligent perovskite laboratory and develop the first 1,000 square meter AI tandem solar demonstration line [2][6] 4. **Cost Reduction Potential**: Perovskite products are expected to reduce the levelized cost of electricity (LCOE) from traditional ground-mounted PV systems by over 20% [2][7] 5. **Market Applications**: The technology has broad applications in electric vehicles, consumer electronics, and space, with plans for commercial-scale production within three years and gigawatt-level production by 2028 [2][7] 6. **Technological Leadership**: JinkoSolar has invested over 20 billion in R&D, holding 32 world records in cell efficiency or module power, and achieved a record efficiency of 34.76% for TOPCon perovskite tandem cells [3][4] 7. **Stability Solutions**: AI models are being used to address material stability issues, accelerating the commercialization process [4][9] 8. **Space PV Development**: JinkoSolar is focusing on space PV, where perovskite cells show advantages in efficiency, weight, and cost compared to traditional gallium arsenide cells [10][14] 9. **Future Vision**: The company aims to develop all key elements of space PV over the next 20 years, ensuring equitable access to energy and computational resources [8][10] 10. **AI and Automation Impact**: The integration of quantum computing, AI, and robotics is expected to significantly enhance R&D efficiency and reduce costs, with potential reductions in R&D cycles by over 70% [16][19] Additional Important Content 1. **Data Acquisition Strategies**: Both companies are utilizing various data sources, including public literature and proprietary methods, to enhance their material science data capabilities [21] 2. **Material Science Advancements**: JinkoSolar has developed a ternary material system and is in the fine-tuning phase, achieving a device performance of 35% [22][23] 3. **Competitive Edge**: JinkoSolar maintains its technological edge through continuous upgrades and investments in new technologies, particularly in tandem technology [24]