Core Viewpoint - JinkoSolar is facing significant financial challenges, including a substantial loss in the first half of the year and declining profit margins, leading to asset sales and shareholder cash-outs, which further undermine market confidence in the company's future [1][12]. Financial Performance - In the first half of the year, JinkoSolar reported a revenue of 31.8 billion yuan, a year-on-year decrease of 32.6%, and a net loss of 2.91 billion yuan compared to a profit of 1.2 billion yuan in the same period last year [3]. - The company's gross profit margin fell to -2.0%, a decline of 10.6 percentage points year-on-year, marking a rare entry into negative territory [3][5]. - In Q2, JinkoSolar's revenue was 17.99 billion yuan, down 25.6% year-on-year, with a net loss of 1.52 billion yuan, indicating a continued downward trend in performance [4]. Product Performance - JinkoSolar's component revenue decreased by 33.7% to 30.124 billion yuan, with a corresponding gross margin of -0.98%. The gross margin for battery cells plummeted by 27.18 percentage points to -29.95%, while silicon wafer margins fell by 25.92 percentage points to -27.29% [5]. - The company's overseas revenue also declined by 38.93% to 20.535 billion yuan, with a gross margin dropping to -0.05%, marking the first time in five years it has entered negative territory [5]. R&D and Competitive Position - Despite early investments in N-type components and a significant output of over 48 GW in 2023, JinkoSolar is losing its competitive edge as other companies rapidly increase their TOPCon production capacity, leading to intensified price competition [6]. Cash Flow and Debt Situation - JinkoSolar's operating cash flow showed a net outflow of 3.81 billion yuan in the first half of 2025, doubling year-on-year, primarily due to reduced receivables [6][8]. - The company's debt ratio reached 74.07% by mid-2025, an increase of 2.08 percentage points from the end of 2024, indicating a growing debt burden [8]. - Interest-bearing debt surged by 5.92 percentage points to 32.47%, with total interest-bearing liabilities nearing 30 billion yuan, including short-term and long-term borrowings [9]. Asset Sales and Strategic Moves - To alleviate financial pressure, JinkoSolar has opted to sell assets, including the 100% stake in Xinjiang Jinko for 4.3 billion yuan, which had shown promising profits [10]. - The company also plans to sell 80% of its subsidiary Zhejiang Jinko New Materials for 8 million yuan, despite the subsidiary's ongoing losses, which will provide a significant investment gain relative to its audited net profit [11]. Market Sentiment - The ongoing asset sales and the significant cash-outs by major shareholders amid declining stock prices have raised concerns about JinkoSolar's future prospects in the market [12].

Core Viewpoint - JinkoSolar is facing significant financial challenges, including a substantial loss in the first half of the year and declining profit margins, leading to asset sales to alleviate debt pressures [1][2][9][14]. Financial Performance - In the first half of the year, JinkoSolar reported a revenue of 31.8 billion yuan, a year-on-year decrease of 32.6%, and a net loss of 2.91 billion yuan compared to a profit of 1.2 billion yuan in the same period last year [2][5]. - The company's gross margin fell to -2.0%, a decline of 10.6 percentage points year-on-year, marking a rare instance of negative gross margin [2][3]. - In Q2, revenue was 17.99 billion yuan, down 25.6% year-on-year, with a net loss of 1.52 billion yuan, indicating a continued downward trend in performance [2]. Product Segment Performance - JinkoSolar's component revenue decreased by 33.7% to 30.124 billion yuan, with a gross margin of -0.98% [5]. - The gross margin for battery cells plummeted by 27.18 percentage points to -29.95%, while the gross margin for silicon wafers dropped by 25.92 percentage points to -27.29% [5]. - International revenue fell by 38.93% to 20.535 billion yuan, with a gross margin of -0.05%, marking the first time in five years that it has entered negative territory [5]. R&D and Competitive Position - JinkoSolar has heavily capitalized its R&D investments, with a cost capitalization rate of only about 20%, indicating potential overstatement of performance [5][8]. - Although JinkoSolar initially led in the adoption of TOPCon technology, increased competition has eroded its first-mover advantage, resulting in a rapid expansion of TOPCon capacity across the industry [8]. Cash Flow and Debt Situation - The company reported a negative operating cash flow of -3.81 billion yuan in the first half of 2025, with a year-on-year increase in cash outflow [9][11]. - As of June 2025, JinkoSolar's debt ratio reached 74.07%, an increase of 2.08 percentage points from the end of 2024, with interest-bearing debt rising significantly [11]. - The company has been selling assets to manage its financial strain, including the sale of its subsidiary Xinjiang Jinko for 4.3 billion yuan, despite the subsidiary's strong performance [11][12]. Asset Sales and Market Confidence - JinkoSolar's asset sales, while providing short-term relief, are unlikely to resolve underlying performance and debt issues [14]. - The stock price decline has led to significant shareholder sell-offs, further diminishing market confidence in the company's future prospects [14].

Company Overview - JinkoSolar Holding Co., Ltd. (stock code: 688223) strategically positions itself in the core segments of the photovoltaic industry, focusing on integrated research, manufacturing of photovoltaic products, and providing comprehensive clean energy solutions, serving approximately 4,000 customers across nearly 200 countries and regions [2] - The company has established a "vertically integrated" production capacity from silicon wafers, solar cells to module manufacturing, with over 10 global production bases in China, the USA, Southeast Asia, and the Middle East. By the end of 2025, JinkoSolar's design capacities for monocrystalline silicon wafers, cells, and modules are expected to reach 120 GW, 95 GW, and 130 GW respectively, maintaining industry leadership in N-type capacity [2] - JinkoSolar employs nearly 2,000 R&D and technical personnel, with over 4,400 patent applications and nearly 3,000 granted patents, making it one of the companies with the most patent applications and grants in the photovoltaic industry, including 467 patents related to N-type TOPCon technology [2] Sustainability Initiatives - In January 2025, the World Economic Forum's "Global Risks Report 2025" highlighted extreme weather events as a major short-term risk, prompting international cooperation in climate mitigation and adaptation [3] - JinkoSolar integrates sustainable development concepts into supply chain management, establishing clear regulations for supplier admission, classification, performance evaluation, and elimination, with environmental compliance and management system certification as core indicators [3] - In 2023, JinkoSolar passed the SBTi's three major target assessments, setting a reduction path for Scope 3 emissions: by 2032, it aims to reduce greenhouse gas emissions intensity from purchased goods and services related to photovoltaic products by 58.2% from 2022 levels, and by 2050, a 97% reduction is targeted [3] Supplier Management - JinkoSolar has developed a "two-party + three-party, online + offline" audit system, completing 44 on-site audits and 69 online audits of key suppliers in 2024, ensuring a 100% signing rate of the "Supply Chain Partner Code of Conduct" [4] - The company identifies major risks and improvement opportunities through comprehensive audits and requires suppliers to propose improvement plans for significant risks [5] - In 2024, JinkoSolar provided ESG-specific guidance to 113 key suppliers, representing 90% of total procurement, embedding environmental and occupational health safety clauses in procurement contracts, and incentivizing suppliers with strong ESG performance through enhanced business cooperation and recognition [5] Leadership and Impact - JinkoSolar's leadership emphasizes the construction of a green supply chain system, with the Risk Compliance and ESG Management Committee overseeing sustainable supplier development, integrating greenhouse gas management into new supplier admission and daily management processes [5] - The company has made significant achievements in environmental sustainability, being the first photovoltaic company globally to complete all SBTi target assessments, actively promoting "zero-carbon factory" initiatives, and facilitating photovoltaic projects in regions such as the Middle East, Africa, and South Asia, setting a new benchmark for green development in the photovoltaic industry [5]

Company Overview - JinkoSolar is a leading company in the solar energy sector, specializing in the research, production, and sales of solar photovoltaic modules, cells, and wafers, as well as the application and industrialization of photovoltaic technology [1] - The company was established on December 13, 2006, and went public on January 26, 2022 [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% [2] - The net profit attributable to shareholders was -2.909 billion yuan, reflecting a significant year-on-year decline of 342.38% [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 - As of September 23, JinkoSolar's stock price was 5.07 yuan per share, with a market capitalization of 50.726 billion yuan [1] - The stock has experienced a decline of 28.69% year-to-date, with a 7.14% drop over the last five trading days and an 11.67% drop over the last 20 days [1] - The stock's trading volume on September 23 was 149 million yuan, with a turnover rate of 0.29% [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 74,200, with an average of 134,811 circulating shares per person, a decrease of 0.88% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 438 million shares, an increase of 57.21 million shares from the previous period [3] - The fourth-largest shareholder is Huaxia SSE STAR 50 ETF, holding 220 million shares, a decrease of 5.7367 million shares from the previous period [3]

Core Viewpoint - JinkoSolar's stock experienced a decline of 3.18% on September 22, with a trading volume of 580 million yuan, indicating market volatility and investor sentiment towards the company [1]. Financing Summary - On September 22, JinkoSolar had a financing buy-in amount of 81.40 million yuan, with a net financing buy of 34.35 million yuan after repayments [1]. - The total financing and securities balance for JinkoSolar reached 990 million yuan, with the financing balance accounting for 1.91% of its market capitalization, indicating a high level of financing activity compared to the past year [1]. - In terms of securities lending, JinkoSolar had a total of 427,000 shares available for lending, with a balance of 2.21 million yuan, which is below the 30th percentile of the past year, suggesting lower short-selling interest [1]. Company Performance - As of June 30, JinkoSolar reported a total of 74,200 shareholders, a slight increase of 0.89%, while the average number of circulating shares per person decreased by 0.88% [2]. - For the first half of 2025, JinkoSolar achieved a revenue of 31.83 billion yuan, a significant year-on-year decrease of 32.63%, and reported a net loss of 2.91 billion yuan, a drastic decline of 342.38% compared to the previous year [2]. Dividend and Shareholding Structure - Since its A-share listing, JinkoSolar has distributed a total of 3.36 billion yuan in dividends, with 3.12 billion yuan distributed over the past three years [3]. - As of June 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 438 million shares, an increase of 57.21 million shares from the previous period [3]. - The fourth largest circulating shareholder, Huaxia SSE STAR 50 ETF, held 220 million shares, a decrease of 5.74 million shares, while the seventh largest, E Fund SSE STAR 50 ETF, increased its holdings to 166 million shares, up by 4.71 million shares [3].

Core Viewpoint - The recent agreement between Longi Green Energy and JinkoSolar to resolve their patent disputes marks a significant development in the photovoltaic industry, potentially reducing conflicts over technology dominance between TOPCon and BC cell technologies [3][12]. Group 1: Patent Dispute Resolution - Longi Green Energy and JinkoSolar announced a settlement regarding ongoing patent disputes, agreeing to end all legal proceedings globally and establish cross-licensing arrangements for their core patents [3][5][12]. - The resolution of these disputes is seen as a potential shift in the competitive landscape, allowing both companies to focus on innovation rather than litigation [12][13]. Group 2: Technology Competition - The competition between TOPCon and BC technologies has intensified, with TOPCon capturing approximately 23% of the market share in 2023, up from less than 10% the previous year [7][11]. - Despite their distinct technological preferences, both companies have invested in each other's technologies, indicating a complex relationship beyond mere competition [8][9]. Group 3: Industry Implications - The resolution of the patent disputes is viewed as a landmark event for intellectual property protection in the photovoltaic sector, with many leading companies previously embroiled in similar conflicts [13][14]. - The emphasis on protecting intellectual property is seen as a strategy to mitigate the risks of homogeneous competition within the industry, as highlighted by recent regulatory efforts to strengthen IP management [14][15].

Core Viewpoint - The recent settlement between Longi Green Energy and JinkoSolar marks a significant development in the photovoltaic industry, potentially ending the ongoing patent disputes and allowing both companies to focus on their respective technologies and market strategies [3][5][11]. Group 1: Settlement Details - Longi Green Energy and JinkoSolar announced a settlement regarding their global patent disputes, agreeing to end all ongoing legal proceedings and establish cross-licensing agreements for their core patents [3][5]. - The settlement suggests that both companies will no longer engage in public disputes over which technology, TOPCon or BC, is superior [5][11]. Group 2: Technology Competition - The competition between TOPCon and BC technologies has intensified, with TOPCon capturing approximately 23% of the market share in 2023, up from less than 10% the previous year [7]. - Despite their clear preferences for different technologies, both companies have been involved in developing each other's technologies, indicating a more complex competitive landscape [8][9]. Group 3: Industry Implications - The resolution of the patent disputes is seen as a pivotal moment for the photovoltaic industry, promoting the importance of intellectual property protection amid increasing competition [11][12]. - The settlement may lead to a more collaborative environment in the industry, as both companies hold significant patents in their respective technologies, which could help mitigate the risks of market saturation and price competition [11][13].

Core Viewpoint - JinkoSolar's stock experienced a decline of 3.18% on September 22, with a trading volume of 580 million yuan and a market capitalization of 51.827 billion yuan [1] Group 1: Company Performance and Developments - JinkoSolar has successfully mass-produced high-efficiency N-type TOPCon 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's main business includes the research, production, and sales of solar photovoltaic modules, battery cells, and silicon wafers, providing high-quality solar products globally [2][6] - As of June 30, JinkoSolar reported a revenue of 31.831 billion yuan for the first half of 2025, 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% [6] Group 2: Market and Financial Analysis - The main net inflow of funds for JinkoSolar was -93.958 million yuan, accounting for 0.18%, indicating a continuous reduction in main funds over three days [3][4] - The average trading cost of JinkoSolar's shares is 6.03 yuan, with recent reductions in holdings but at a slower pace; the current stock price is between resistance at 5.20 yuan and support at 5.17 yuan, suggesting potential for range trading [5] - JinkoSolar 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] Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder of JinkoSolar, holding 438 million shares, an increase of 57.206 million shares from the previous period [8] - The Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF are also among the top shareholders, with changes in their holdings noted [8]

Core Viewpoint - The recent settlement between leading photovoltaic companies Longi Green Energy and JinkoSolar marks a significant development in the solar industry, ending ongoing patent disputes and establishing cross-licensing agreements for core patents [1][3][8] Group 1: Settlement Details - Longi Green Energy and JinkoSolar announced a resolution to all ongoing patent disputes globally, agreeing to cross-licensing of certain core patents [1][3] - The settlement is expected to reduce conflicts over the dominance of TOPCon and BC technologies, which have been at the center of their rivalry [3][4] Group 2: Technology Competition - The competition between TOPCon and BC technologies has intensified since 2023, with TOPCon capturing approximately 23% of the market share in 2023, up from less than 10% the previous year [4] - Both companies have been involved in developing and utilizing each other's technologies, indicating a complex relationship despite their public rivalry [5][6] Group 3: Industry Implications - The resolution of the patent disputes is seen as a landmark event for intellectual property protection in the photovoltaic industry, which has been plagued by numerous patent litigations [8][9] - The settlement may lead to a more collaborative environment among major players, as the industry faces challenges related to overcapacity and homogenized competition [8][10] Group 4: Future Outlook - The focus on intellectual property rights is expected to play a crucial role in mitigating cutthroat competition within the solar industry, as highlighted by recent regulatory efforts to strengthen IP protections [9][10] - The ongoing complexity of patent litigation in the photovoltaic sector suggests that the industry will continue to navigate these challenges in the long term [11]

Policy - The National Standard Information Public Service Platform in China has released a notice seeking opinions on three mandatory national standards related to energy consumption limits for polysilicon and germanium products, crystalline silicon photovoltaic modules, and inverters. The implementation of these standards is expected to reduce polysilicon production capacity by 31.4% compared to existing capacity, improving the supply-demand balance in the polysilicon market [3] - The Ministry of Ecology and Environment of China will continue to promote the synergy of the "Man and the Biosphere Program" and the "Kunming-Montreal Framework" to enhance international cooperation in biodiversity protection and sustainable development [4] Events - Sunshine Power plans to establish a factory in Egypt with an annual production capacity of 10GW for energy storage batteries, aiming to localize the industry using existing infrastructure and renewable energy components [7] - LONGi Green Energy and JinkoSolar have reached a settlement agreement to resolve ongoing patent disputes globally, emphasizing a shift in the photovoltaic industry from price competition to high-quality development driven by technological innovation [8][9] - GCL-Poly Energy announced a strategic financing agreement with Infini Capital, a Middle Eastern sovereign wealth fund, to raise HKD 54.46 billion through a private placement, aimed at restructuring polysilicon production capacity and addressing industry overcapacity issues [10] - CATL and Li Auto signed a five-year comprehensive strategic cooperation agreement to enhance collaboration in battery safety and technology, with CATL supplying various battery types for Li Auto's products [11] Industry Developments - The largest onshore wind power project in China, located in Inner Mongolia, has commenced operations, featuring 150 units of 10 MW wind turbines, expected to generate 5.44 billion kWh annually and reduce carbon emissions by approximately 4.98 million tons [12] - A study published in "Global Change Biology" indicates that climate change is allowing invasive species to enter the Arctic marine areas of Canada, previously protected by cold water temperatures [13]