Core Insights - JinkoSolar has signed a comprehensive strategic cooperation agreement with DKE in Shanghai on October 10, focusing on key areas such as innovative technologies for high-efficiency photovoltaic cell metallization paste and low-silver/no-silver metallization technology for photovoltaic cells [1] Group 1 - The partnership aims to enhance technological innovation in the photovoltaic industry [1] - The collaboration will specifically target advancements in metallization techniques, which are crucial for improving solar cell efficiency [1] - This agreement reflects a growing trend in the solar industry towards collaboration for technological advancements [1]

Core Viewpoint - JinkoSolar's stock experienced a decline of 2.59% on October 10, with a trading volume of 716 million yuan and a market capitalization of 56.529 billion yuan [1] Company Overview - JinkoSolar, established on December 13, 2006, is located in Shanghai and specializes in the research, production, and sales of solar photovoltaic modules, cells, and wafers, as well as the application and industrialization of photovoltaic technology [6] - The company’s main business revenue is derived entirely from product sales, with a focus on providing high-efficiency and high-quality solar photovoltaic products globally [6] Business Developments - As of June 2, 2023, JinkoSolar has begun mass production of high-efficiency N-type TOPCon technology batteries and is actively developing new technologies and processes, including IBC and calcium-titanate batteries [2] - The company has a strong technical reserve in the N-type TOPCon field, with clear paths for efficiency improvement and cost reduction, and plans to increase investment to maintain its leadership in the "N-type era" [2] - JinkoSolar has launched three energy storage product solutions: household storage (1kWh-50kWh), commercial storage (50kWh-1MWh), and grid-side storage, achieving diversified smart energy applications [2] Financial Performance - For the first half of 2025, JinkoSolar reported a revenue of 31.831 billion yuan, a year-on-year decrease of 32.63%, and a net profit attributable to shareholders of -2.909 billion yuan, a year-on-year decrease of 342.38% [6] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed over the past three years [7] Market Activity - On October 10, the main net inflow for JinkoSolar was -21.8124 million yuan, with a market ranking of 35 out of 70 in its industry, indicating a lack of significant trend in main capital [3][4] - The average trading cost of JinkoSolar's shares is 5.93 yuan, with the stock price approaching a resistance level of 5.69 yuan, suggesting potential for a price correction if this level is not surpassed [5]

Core Viewpoint - JinkoSolar's stock price increased by 4.32% on October 9, with a trading volume of 919 million yuan, indicating strong market interest despite recent financial challenges [1] Financing Summary - On October 9, JinkoSolar had a financing buy-in of 78.35 million yuan and a financing repayment of 102 million yuan, resulting in a net financing outflow of 23.54 million yuan [1] - The total financing balance as of October 9 was 892 million yuan, accounting for 1.53% of the circulating market value, which is above the 90th percentile of the past year [1] - The company had a securities lending repayment of 12,100 shares and a securities lending sell-out of 67,300 shares, with a sell-out amount of 390,500 yuan [1] Company Overview - JinkoSolar, established on December 13, 2006, and listed on January 26, 2022, is based in Shanghai and specializes in the research, production, and sales of solar photovoltaic components, battery cells, and silicon wafers [1] - The company's main business revenue is derived entirely from product sales [1] Financial Performance - For the first half of 2025, JinkoSolar reported a revenue of 31.83 billion yuan, a year-on-year decrease of 32.63%, and a net profit attributable to shareholders of -2.91 billion yuan, a significant decline of 342.38% [2] Shareholder Information - As of June 30, 2025, JinkoSolar had 74,200 shareholders, an increase of 0.89% from the previous period, with an average of 134,811 circulating shares per shareholder, a decrease of 0.88% [2] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 438 million shares, an increase of 57.21 million shares from the previous period [3]

Summary of Key Points from Conference Call Records Industry Overview Energy Storage Industry - **Price Increase**: In September, the price of energy storage cells rose significantly, with the last week of September seeing prices reach 0.26-0.295 RMB per watt-hour, a 4% increase from the lowest price in the third week [1][3][6]. - **Market Growth Forecast**: The global energy storage market is expected to grow at a compound annual growth rate (CAGR) of 30%-40% over the next 3 to 5 years, driven by domestic policies and easing trade tensions between China and the U.S. [1][7][8]. - **Key Projects**: Companies like Aters signed a 2.1 GWh energy storage project expected to start in Q1 2026 and go live in H1 2027. Sungrow Power has submitted a Hong Kong IPO application, which is anticipated to attract funding and foreign investment [1][3][6]. - **Lithium Battery Market**: The lithium battery market is benefiting from unexpected growth in storage demand and commercial vehicle sales, with industry companies raising their production and sales forecasts for 2026, expecting a 40% growth across the entire supply chain and over 50% for storage [1][14]. Photovoltaic Industry - **Policy-Driven Growth**: The photovoltaic industry is entering a period of intensive policy announcements in Q4, with expectations of component price increases [5][11]. - **Challenges**: The industry faces challenges such as the "anti-involution" issue, with ongoing discussions about silicon material mergers and energy consumption standards [11]. - **Investment Recommendations**: Recommended companies include Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and JA Solar, particularly those with undervalued positions due to rising component prices [12]. Wind Power Industry - **High Growth Phase**: The traditional power grid export sector remains robust, with liquid transformer exports increasing by approximately 50% year-on-year from January to August [2][24]. - **Future Outlook**: The offshore wind power sector in Brazil is expected to grow, with significant increases in installed capacity anticipated in both onshore and offshore segments [20][22][23]. Key Companies and Their Performance - **Ningde Times**: Received a 1.5 billion RMB advance payment and is expanding production capacity, indicating strong industry demand [1][15]. - **Sungrow Power**: Expected to achieve Q3 revenue between 4 billion to 4.3 billion RMB, showing slight growth [10]. - **Aters and Tongwei**: Both companies are highlighted for their strong performance and potential for future growth [10][12]. Investment Recommendations - **Direct Beneficiaries**: Companies such as Ningde Times and Yiwei Lithium Energy are recommended for their direct benefits from price increases in energy storage cells [9]. - **Secondary Targets**: Companies like Xinwangda, Penghui Energy, and Zhongchuang Innovation are also suggested as potential investment opportunities [4][9]. Additional Insights - **Market Dynamics**: The energy storage sector is expected to see a clear upward trend in demand and pricing, particularly in Q4, supported by favorable policies and market conditions [8][9]. - **Price Trends**: The prices of key materials like lithium hexafluorophosphate are expected to rise significantly if demand exceeds 35%, with potential price increases of 5,000-10,000 RMB per ton [16]. This summary encapsulates the critical insights and projections from the conference call records, focusing on the energy storage, photovoltaic, and wind power industries, along with key company performances and investment recommendations.

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 累计转股情况：截至2025年9月30日，"晶能转债"累计有人民币119,000 元已转换为晶科能源股份有限公司（以下简称"公司"）股票，累计转股数量为 8,695股，占"晶能转债"转股前公司已发行股份总额的0.000087%。 未转股可转债情况：截至2025年9月30日，"晶能转债"尚未转股的可转 债金额为人民币9,999,881,000元，占"晶能转债"发行总量的99.9988%。 本季度转股情况：自2025年7月1日至2025年9月30日期间，"晶能转债" 共有人民币5,000元已转换为公司股票，转股数量为370股，占"晶能转债"转股 前公司已发行股份总额的0.000004%。 一、可转债发行上市概况 根据中国证券监督管 ...

Group 1 - JinkoSolar's stock increased by 5.04%, reaching 5.84 CNY per share, with a trading volume of 626 million CNY and a turnover rate of 1.09%, resulting in a total market capitalization of 58.43 billion CNY [1] - JinkoSolar, established on December 13, 2006, and listed on January 26, 2022, specializes in the research, production, and sales of solar photovoltaic modules, cells, and wafers, providing high-quality solar products globally [1] - The company's main business revenue is entirely derived from product sales, accounting for 100% of its income [1] Group 2 - According to data, one fund from the Fortune Fund has a significant holding in JinkoSolar, with the Fortune SSE Sci-Tech Innovation Board New Energy ETF (588960) holding 880,900 shares, representing 7.82% of the fund's net value, making it the largest holding [2] - The Fortune SSE Sci-Tech Innovation Board New Energy ETF (588960) was established on February 6, 2025, with a latest scale of 584.587 million CNY and has achieved a return of 41.74% since inception [2] - The fund manager, Su Huaqing, has been in the position for 1 year and 357 days, overseeing total assets of 19.17 billion CNY, with the best fund return during his tenure being 123.52% and the worst being -6.04% [2]

Core Viewpoint - JinkoSolar, the world's largest photovoltaic module supplier, indicated that due to a policy window period demand surge in the first half of the year, the overall installation expectations for the second half of the year in China are significantly lower than in the first half, with uncertainties in terminal profitability leading to project delays [1] Group 1: Market Trends - The domestic photovoltaic installation surged in April and May due to a rush for installation, with May reaching a record high of 92.92 GW, a year-on-year increase of 388.03%. However, subsequent months saw a sharp decline in new installations, with June at 14.36 GW (down 38.45% year-on-year and 84.55% month-on-month), July at approximately 11 GW (down 47.7% year-on-year), and August at 7.36 GW (down 55.29% year-on-year and 33.33% month-on-month) [1] - The recent results of two provinces' renewable energy pricing auctions have elicited mixed reactions within the photovoltaic industry. Shandong province's auction revealed a mechanism price for photovoltaic projects at 0.225 yuan/kWh, which is 43% lower than the coal benchmark price, while Yunnan province's price was 0.33 yuan/kWh, 46.7% higher than Shandong's, providing a boost to the industry [3] Group 2: Investment Insights - The chairman of Chint New Energy emphasized that the predictability of returns is more critical for investors than fluctuations in the supply chain prices, indicating a need for clearer electricity pricing policies to guide investment decisions [2] - JinkoSolar's investor communications highlighted that while domestic year-end demand may recover, overseas markets in India, the Middle East, and Africa remain robust, with stable but slowing demand in Europe. The company maintains its production targets for the fourth quarter and its annual shipment goals [3] Group 3: Industry Challenges and Opportunities - JinkoSolar noted that the upstream capacity consolidation plan, if successfully implemented, could help balance supply and demand for silicon materials, leading to a gradual return of prices to reasonable levels. The details of this plan are still being finalized and depend on policy enforcement and market acceptance [4] - The company reported that its photovoltaic module shipments remained the highest in the industry in the first half of the year, despite facing losses. The development of energy storage, particularly through solar-storage integration, is seen as crucial for overcoming current challenges and creating a second growth curve [4] - The cancellation of mandatory energy storage in the domestic market is expected to widen the arbitrage space, and independent storage projects are projected to yield attractive returns. The integration of solar and storage solutions is becoming mainstream, particularly in markets like the U.S. and Europe [5]

Core Viewpoint - The integration of solar and energy storage (光储融合) is becoming a standard in the photovoltaic industry, with companies like 阳光电源 achieving significant profitability and market capitalization growth due to their strategic positioning in this sector [2][14]. Group 1: Industry Trends - The photovoltaic industry is witnessing a shift towards solar-storage integration, with major players like 隆基绿能 and 阿特斯 actively pursuing energy storage business opportunities [4][6]. - The demand for energy storage is driven by the need to stabilize the grid and enhance the efficiency of renewable energy consumption, particularly in the context of fluctuating electricity prices [10][11]. - Recent policy changes, such as the relaxation of market price limits, are expected to further enhance the economic viability of solar-storage models [10][12]. Group 2: Company Performance - 阳光电源 reported a revenue of 435 billion yuan in the first half of the year, a 40% year-on-year increase, with a net profit of 77 billion yuan, up 56% [2][14]. - 阿特斯 achieved a significant increase in energy storage system deliveries, reaching 3.1 GWh in the first half of the year, with a 140% quarter-on-quarter growth in the second quarter [14]. - Companies that have strategically integrated energy storage into their operations are experiencing improved profitability, while those without adequate preparation may struggle in the competitive landscape [16]. Group 3: Market Opportunities - The global energy storage market is projected to grow at a compound annual growth rate of 20% to 30% in the coming years, with strong demand anticipated in regions like Europe, the United States, and Australia [16]. - The integration of solar and energy storage is seen as a critical pathway for companies to navigate through industry cycles and achieve sustainable development [16][18]. - The upcoming ESIE 2026 event is expected to serve as a platform for showcasing technological advancements and fostering collaboration within the energy storage sector [17][18].

Company Overview - JinkoSolar is based in Shanghai and was established on December 13, 2006, with its listing date on January 26, 2022. The company specializes in the research, production, and sales of solar photovoltaic modules, cells, and wafers, providing high-quality solar products globally [1]. Financial Performance - As of June 30, 2025, JinkoSolar reported a revenue of 31.83 billion yuan, a year-on-year decrease of 32.63%. The net profit attributable to shareholders was -2.91 billion yuan, reflecting a significant decline of 342.38% compared to the previous period [2]. - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed over the past three years [3]. Stock Performance - On September 30, JinkoSolar's stock price increased by 2.03% to 5.53 yuan per share, with a trading volume of 113 million yuan and a turnover rate of 0.21%. The total market capitalization reached 55.329 billion yuan [1]. - Year-to-date, the stock has declined by 22.22%, but it has seen an increase of 8.43% over the last five trading days. In the last 20 days, the stock decreased by 0.36%, and over the last 60 days, it fell by 0.18% [1]. Shareholder Information - As of June 30, 2025, JinkoSolar had 74,200 shareholders, an increase of 0.89% from the previous period. The average number of circulating shares per shareholder was 134,811, a decrease of 0.88% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 438 million shares, an increase of 57.21 million shares from the previous period. Other notable shareholders include Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, with varying changes in their holdings [3]. Industry Classification - JinkoSolar is classified under the power equipment sector, specifically in photovoltaic equipment and photovoltaic cell modules. The company is associated with concepts such as photovoltaic recycling, BIPV, BC batteries, low pricing, and HJT batteries [1].

Group 1 - JinkoSolar's stock increased by 1.12% on September 29, with a trading volume of 439 million yuan [1] - The financing data shows a net financing outflow of 3.325 million yuan on the same day, with a total financing and securities balance of 946 million yuan [1] - The current financing balance of JinkoSolar is 943 million yuan, accounting for 1.74% of its market capitalization, indicating a high level compared to the past year [1] Group 2 - As of June 30, JinkoSolar had 74,200 shareholders, an increase of 0.89%, while the average circulating shares per person decreased by 0.88% [2] - For the first half of 2025, JinkoSolar reported a revenue of 31.831 billion yuan, a year-on-year decrease of 32.63%, and a net profit attributable to shareholders of -2.909 billion yuan, a decrease of 342.38% [2] Group 3 - JinkoSolar has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed in the last three years [3] - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 438 million shares, an increase of 57.206 million shares from the previous period [3] - The fourth-largest circulating shareholder is Huaxia SSE STAR 50 ETF, holding 220 million shares, a decrease of 5.7367 million shares from the previous period [3]