Core Viewpoint - JinkoSolar announced that its stock experienced an abnormal fluctuation with a cumulative closing price deviation exceeding 20% over three consecutive trading days in December 2025, but confirmed that there are no undisclosed significant information affecting its operations [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of 3.122 billion yuan, representing a year-on-year decline of 19.73%, primarily due to lower income from the residential photovoltaic power station development business compared to the same period last year [1]

Core Viewpoint - JinkoSolar announced the transfer of 100% equity of its wholly-owned subsidiary Haining Jimei to advance its light asset strategy, which is expected to have minimal impact on the company's financials and operations [1] Group 1: Transaction Details - The transfer of Haining Jimei has been completed with the necessary business registration changes [1] - Haining Jimei will continue to engage in transactions with Jinko Energy, but it will no longer be included in the company's consolidated financial statements [1] - The annual revenue from the related transactions, including electricity sales and rooftop leasing, is projected to be approximately 10.51 million yuan [1] Group 2: Financial Impact - The transaction is expected to reduce the company's daily related party transactions, which will have a negligible effect on the overall financial and operational performance [1]

晶科科技 601778 2025 年第七次临时股东会会议资料 晶科电力科技股份有限公司 2025 年第七次临时股东会 会议资料 二〇二五年十二月 1 / 18 会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，以及股 东在股东会期间依法行使权利，根据有关法律法规及《晶科电力科技股份有限公 司章程》（以下简称"《公司章程》"）、《晶科电力科技股份有限公司股东会议事 规则》的有关规定，特制定本须知。 一、股东会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 | | | 晶科科技 601778 2025 年第七次临时股东会会议资料 八、本公司聘请君合律师事务所律师出席见证本次会议，并出具法律意见书。 3 / 18 二、股东会以现场会议的形式召开，并采取现场、网络相结合的方式投票。 晶科科技 601778 2025 年第七次临时股东会会议资料 现场会议议程 三、为保证股东会的严肃性和正常秩序，切实维护与会股东及股东代理人的 合法权益，除出席会议的股东及股东代理人、公司董事、高级管理人员、见证律 师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 四、股东参加本次会议现场会议依法享 ...

Summary of Jinko Technology Conference Call Company Overview - Jinko Technology reported a revenue of 2.1 billion yuan for the first half of 2025, representing a year-on-year growth of 10.47%, with an expected total revenue close to 4 billion yuan for the year [2][3] Core Business Insights - The company is focusing on the development, construction, investment, transfer, and operation of photovoltaic power stations, with a current scale of approximately 5.9 GW and an annual addition of about 2 GW [3] - The revenue from photovoltaic power station development was approximately 3.6 billion yuan in 2024, with a projected revenue of 4 billion yuan for 2025 [3] - The household photovoltaic project has been impacted by the 531 policy, reducing its scale from 1 GW at the beginning of the year to around 600 MW by mid-year [3] EPC Business - The EPC (Engineering, Procurement, and Construction) business generated around 200 million yuan in revenue in 2024 and is expected to maintain a similar level in 2025, with limited growth potential [4][5] Energy Storage Business - Energy storage is identified as a significant growth area, with a grid-connected storage capacity of 360 MWh in the first half of 2025 and an expected investment scale exceeding 1 GWh for the year [6] - The company has a project reserve of 10 GWh, including a 100 MW/400 MWh independent storage project in Qinhuangdao [6] - The profit margin for the transfer of a 200 MWh storage project in Anhui is approximately 0.2 yuan per watt-hour, translating to a profit of 40 million yuan to be recognized next year [6] - Future projections estimate that a 4 GWh storage project could yield profits ranging from 400 million yuan (conservative) to 800 million yuan (optimistic) [6] Operational Maintenance Revenue - The revenue from operational maintenance of storage power stations is estimated to be between 10 million to 20 million yuan per GWh annually, potentially contributing 100 million to 200 million yuan in profit over ten years for each GWh [6] International Market Contributions - The overseas market is a crucial growth point, with a 175 MW photovoltaic project in Spain expected to generate around 300 million yuan in profit, although progress is affected by natural conditions [7][8] - Other international projects include a 200 MW project in Colombia and an 800 MW project in the Middle East, which are anticipated to be significant sources of future revenue [8] Valuation and Market Position - Jinko Technology's market capitalization is currently undervalued, with net assets around 16 billion yuan. A price-to-book (PB) ratio of 1 would suggest a market cap of 16 billion yuan [9] - The energy storage segment is projected to contribute a market value of 12 billion yuan based on conservative profit estimates [9] - The overall market cap target for the company is estimated to be between 24 billion to 26 billion yuan, indicating substantial upside potential [9] Stock Performance and Market Sentiment - Recent stock performance has been positively influenced by announcements related to the establishment of a private equity fund for energy storage projects and the clear prospects of the Qinhuangdao independent storage project [10] - The company’s experience and advantages in transitioning to the energy storage sector have bolstered market confidence in its future growth [10]

Core Viewpoint - Jinko Power Technology Co., Ltd. is participating as a limited partner in establishing a private equity fund, contributing RMB 17 million, which accounts for 17% of the total fund commitment of RMB 100 million, aimed at investing in industrial-side energy storage projects [2][4][25]. Investment Details - The fund, named Quanzhou Fengquan Jinko Green Energy No. 1 Equity Investment Partnership (Limited Partnership), is established with a total commitment of RMB 100 million, with the first capital contribution being no less than 20% of each partner's commitment [4][16]. - Jinko's initial contribution is RMB 3.4 million, with the total investment being made in stages based on project progress [4][25]. Partnership Overview - The partnership includes several entities, such as Quanzhou Xing Shui Water Industry Investment Partnership and Shanghai Shuzheng Chuangxin Management Co., among others, to enhance strategic cooperation in the energy storage sector [4][25]. - The fund management will be handled by Fengquan Capital, which has a management scale of RMB 5 billion and has cumulatively committed over RMB 1.5 billion to external investments [8][25]. Fund Management and Operations - The fund will have a lifespan of 7 years, including a 3-year investment period, followed by 2 years of operational period and 2 years for exit [17][18]. - Management fees will be charged at 1% of the unpaid capital contributions annually, and profits will be distributed based on the contributions of each partner [22][23]. Strategic Impact - This investment allows the company to leverage professional investment institutions, broadening its investment channels and enhancing its strategic layout in the energy storage business [25]. - The investment aligns with the company's development goals and shareholder interests, without causing competition or affecting normal operations [25].

Market Overview - The Shanghai Composite Index closed down 0.55% at 3867.92 points on December 15, with 76 stocks listed on the Dragon and Tiger List [1] Top Stocks and Investment Trends - The top stocks with significant net buying include: - Dongfang Risen: 20.02% increase with a net buy of 213 million [2] - Leike Defense: 10.03% increase with a net buy of 196 million [2] - Jinko Technology: 10.09% increase with a net buy of 85.44 million [2] - Antai Group: 10.07% increase with a net buy of 75.47 million [2] - Xue Ren Group: 10.02% increase with a net buy of 58.71 million [2] Investment by Major Funds - Quantitative trading saw a net buy of 519 million, with notable purchases in: - Letong Co.: 4.76% increase with a net buy of 8.58 million [2] - Jinying Co.: 9.96% increase with a net buy of 7.77 million [2] - Chen Xiaoqun's net buy reached 288 million, focusing on: - Solar Cable: 10.01% increase with a net buy of 160 million [2] - Chengdu-based funds had a net buy of 194 million, particularly in: - Happy Home: 19.98% increase with a net buy of 70.66 million [2] Trading Activity - The trading activity on the Dragon and Tiger List indicates a mix of buying and selling, with some stocks experiencing significant declines: - Zhongzhou Special Materials: -4.92% with a net sell of 36.04 million [4] - Xinhe Shares: -7.82% with a net sell of 1.98 million [4] - Major selling activities were noted in: - Xue Ren Group: 10.02% increase but a net sell of 44.91 million [4] - China Uranium Industry: 8.20% increase but a net sell of 105 million [4] Brokerage Activity - The top brokerage seats by net buying include: - Kaiyuan Securities: 54.73 million in net buying across multiple stocks [6] - Dongfang Securities: 27.65 million in net buying [6] - Guotai Junan Securities: 20.70 million in net buying [6]

Core Viewpoint - Jinko Technology (601778.SH) is advancing its strategic investment in the energy storage business by establishing a partnership with multiple entities to create a fund focused on industrial energy storage projects [1] Group 1: Strategic Investment - The company has signed a partnership agreement with several firms, including Quanzhou Xingshui Water Industry Investment Partnership and others, to establish the Quanzhou Fengquan Jinko Green Energy No. 1 Equity Investment Partnership [1] - The fund aims to invest in industrial energy storage projects, enhancing the company's strategic layout in the energy storage sector [1] Group 2: Financial Commitment - Jinko Technology will participate as a limited partner with its own funds amounting to RMB 17 million, representing 17% of the total committed capital of the fund [1] - The initial investment amount is RMB 3.4 million [1] Group 3: Strategic Benefits - By participating in the equity investment fund, the company can leverage the advantages of professional investment institutions to broaden its investment channels [1] - The focus on industrial energy storage projects is expected to strengthen the company's strategic cooperation and collaboration with various stakeholders in the industry ecosystem, ultimately empowering future development and ensuring reasonable investment returns [1]

Core Viewpoint - Jinko Technology (601778.SH) is advancing its strategic investment in the energy storage business by participating as a limited partner in a new equity investment partnership, aiming to strengthen collaboration within the industry chain and ecosystem [1] Group 1 - The company plans to invest 17% of the total committed capital of 17 million yuan in the Quanzhou Fengquan Jinko Green Energy No. 1 Equity Investment Partnership (Limited Partnership) [1] - The fund aims to invest in energy storage projects on the industrial side through a holding platform [1]

Group 1 - The core viewpoint of the article is that Jinko Technology (601778.SH) is advancing its strategic investment in the energy storage business by participating in the establishment of a new equity investment partnership [1] - The company plans to invest 17% of the total committed capital of the fund, amounting to 17 million yuan, to strengthen strategic cooperation within the industry chain and ecosystem [1] - The fund aims to invest in industrial and commercial energy storage projects through its holding platform [1]

Group 1 - Jinko Technology (601778) experienced a trading halt today with a daily turnover rate of 7.02% and a transaction amount of 911 million yuan, showing a price fluctuation of 9.12% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 10.64%, with a net sell of 21.51 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments accounted for a total transaction of 308 million yuan, with a net buying amount of 76.84 million yuan [2] Group 2 - The company reported a revenue of 3.122 billion yuan for the first three quarters, a year-on-year decrease of 19.73%, while net profit reached 356 million yuan, an increase of 61.82% [3] - The latest margin trading data shows a total margin balance of 565 million yuan, with a financing balance of 564 million yuan and a securities lending balance of 716,500 yuan [2] - Over the past five days, the financing balance decreased by 901,300 yuan, a decline of 0.16%, while the securities lending balance decreased by 98,400 yuan, a decline of 12.07% [2]