Rajiv Chaudhri: Also, my next question is about the storage business. Did the storage business contribute any revenues in the second quarter? And what should we expect for the full year?
Charlie Cao: Yes. Storage is, from a long-term perspective, our kind of the — we expect it starts going to be a very big, very important business unit from the long-term 3 to 5 years. But this year is a kind of investment year. We invest on the teams, sales channels and R&D, even we still invest some small capacities. The revenue contract base [ph] using for this year is not significant. And we even made some — we are expecting this year investment year. We will make some kind of small losses for the business. But for the future, looking to the next year, it’s going to be a very big, let’s say, high-growth segment for Jinko.
Rajiv Chaudhri: So will you hit a few hundred million dollars this year or not really?
Charlie Cao: Not this year. No, not this year. No. This year, I think maybe I think — probably we don’t disclose the numbers. But again, it’s kind of early investment segment, the business unit. But we have roughly reached sizable teams, including the key functions and by the end of the fourth quarter. And we are — we think we are in a good position for next year to penetrate the storage market.
Rajiv Chaudhri: Right. Also, going back to the cost of polysilicon. Is it fair to think that the average cost of the polysilicon in the second quarter was roughly $0.03 lower than the cost of polysilicon that you had in the first quarter?
Charlie Cao: Sorry, could you repeat your question?
Rajiv Chaudhri: Yes. My question is on the cost of polysilicon. And I’m talking not about the cost of polysilicon in the market but the cost of polyciizen [ph] that you embedded in your earnings — in your operations and therefore, your earnings. Is it fair to think that the cost of polysilicon in the second quarter was roughly — excluding the inventory reserve was roughly $0.03 lower than the first quarter cost of polysilicon?
Charlie Cao: I didn’t have the numbers. I know your questions. And Q1, I think the poly, starting January, is kind of a very big rebound and slightly down month-over-month and significantly decline starting from June. And I’m saying is — but starting in June, it’s a small impact on the Q2 financial figures because we have the inventory turnover is 60 days, 30 days. So it’s — we can get back to you after the call but I think it’s slightly lower, the poly, from the financial statement perspective second quarter which is Q1 [ph].
Rajiv Chaudhri: And also, one last question. Is it fair to say that at this point, in the third quarter, your average cost, your total cost per watt is under $0.15.
Charlie Cao: We don’t disclose the numbers. It’s a kind of competitive advantage and that’s the information. But it’s a significant improvement. Back to your questions in third quarter, starting from July and as well as we continue to improve our internal operations which is the supply chain, the cost. And so it’s a significant improvement. But we don’t disclose the cost structure even the — including a total operating costs, yes.
Rajiv Chaudhri: Right. And a final question, Charlie. First, Solar has made a point of noting that they have a lot of long-term contracts going out multiple years, going out 2, 3, 4 years and Maxion has said the same thing.
Charlie Cao: Yes.
Rajiv Chaudhri: And these contracts are for prices in the high 20s, high 20s going out multiple years. Do you think that, that kind of pricing that far out is really sustainable given what is actually happening to prices in the market right now?
