JinkoSolar Holding Co Ltd DR

Hello, ladies and gentlemen, and thank you for standing by for JNCO Solar Holding Co. Limited's fourth quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question and answer session. As a reminder, today's conference call is being recorded. I would now like to turn the meeting over to your host today for today's call, Ms. Stella Wang, JNCO Solar's Investor Relations. Please proceed, Stella.

Thank you, operator. Thank you, everyone, for joining us today for Zinco Solar's fourth quarter 2025 earnings conference call. The company's results were released earlier today and available on the company's IR website at www.zincosolar.com, as well as our news services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website. On the call today from Zinco Solar are Mr. Lee Hsien-de, Chairman and CEO of Zinco Solar Holding Company Limited, Mr. Ken Lee, CFO of Zinco Solar Holding Company Limited, and Mr. Charlie Cao, CEO of Zinco Solar Company Limited. Mr. Lee will discuss Zinco Solar's business operations and company highlights. Since our panel, Mr. Jenna Miao, is currently on a business trip, I will deliver the remarks on sales and marketing in his behalf. Following that, Mr. Panley will work through the financials. After that, we will open the call for questions. Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today. Further information regarding this and other risks is included in Jingkong Solar's public filings with the Securities and Exchange Commission. Jingkong Solar does not assume any obligation to update any forwarding statements except as required under the applicable law. It's now my pleasure to introduce Mr. Li Xiangde Chairman and CEO of Zinco Solar Holdings, Mr. Li will speak in Mandarin and I will translate his comments into English. Please go ahead, Mr. Li.

董事长,可以发言了。 2025年,全球光环业在供需结构调整与贸易环境变化中经历了较大波动。 产业链盈利阶段性承压。 在这充满挑战的环境中,我们坚持稳健经营和技术盈利。 在推进N型TopoCom技术升级和高效率产品的迭代, 2025年全年组件出货量达到86个GW, 第七次威力行业第一。 单数组件价格持续低位, 高功率的产品出货量尚比有待提升, 漏火产能淘汰等因素影响, 全年经营业续能接待性重压, 同比有盈利转位亏损。 4G is due to the increase in raw material prices such as raw materials such as raw materials and the influence of exchange rate fluctuation, and the decrease in interest rates, and the expansion of interest rates. But what is worth noting is that we continue to promote the transformation from product suppliers to comprehensive energy solution solutions providers. The size of the output of energy products is increased in the same way, reaching 5.2 GW. Of which, there is a little GW of confirmed income. The global PV industry continues to experience volatility due to structural imbalances and a shifting trade environment in 2025.