Core Viewpoint - JinkoSolar is taking significant steps in response to rising silver prices and export competition by planning a capital increase through its subsidiary, Haining Jinko, to raise up to 3 billion yuan, which will primarily be used to repay financial and operational debts [1][3]. Group 1: Capital Increase and Strategic Investors - JinkoSolar's subsidiary, Haining Jinko, plans to introduce strategic investors, including Xingyin Financial Asset Investment Co. and China Orient Asset Management Co., to raise up to 3 billion yuan, with the investors expected to hold no more than 24.6771% of Haining Jinko post-increase [1][2]. - The capital increase is based on a pre-investment valuation of Haining Jinko at 9.157 billion yuan, considering its market competitiveness and transitional losses during the capital increase [2][3]. - JinkoSolar will maintain a controlling stake in Haining Jinko, holding at least 68.9419% of its shares, ensuring that Haining Jinko remains consolidated in JinkoSolar's financial statements [2]. Group 2: Financial Performance and Cash Flow - As of September 30, 2025, Haining Jinko reported total assets of 20.537 billion yuan and a net asset of 8.476 billion yuan, with a debt ratio of approximately 59% [2]. - JinkoSolar experienced a net cash outflow of 1.341 billion yuan from operating activities and 1.772 billion yuan from investing activities in the first three quarters of 2025, while financing activities generated a net inflow of 1.451 billion yuan, leading to a total cash decrease of 1.681 billion yuan [3]. - The company's cash flow turned negative in the latter half of 2025, attributed to intensified price competition and declining profitability in the component segment [3]. Group 3: Industry Context and Future Opportunities - The capital increase is seen as a crucial move for JinkoSolar to break out of the competitive "red ocean" in the solar industry, allowing for necessary investments in technology upgrades, particularly in next-generation TOPCon components [2][4]. - The industry is undergoing a phase of consolidation, where companies lacking sufficient capital and technological reserves may be forced to eliminate outdated production capacities due to an inability to secure orders [4][5]. - Increased capital expenditure is essential for TOPCon manufacturers to enhance product efficiency and gain market share in high-efficiency products, creating a technological gap with competitors [5].

Group 1 - Canada will grant China an annual quota of 49,000 electric vehicles, which will enjoy a 6.1% Most Favored Nation tariff rate, with the quota increasing at a certain rate each year [1] - The Ministry of Commerce of China expects both countries' industries to seize opportunities for mutual benefit and win-win cooperation [1] - The State Council of China is focusing on boosting consumption and supporting new service consumption growth points, aiming to enhance service quality and consumer willingness [1] Group 2 - The China Securities Regulatory Commission (CSRC) is strengthening market monitoring and regulation to prevent excessive speculation and market manipulation [1] - The CSRC is drafting a trial management method for derivative trading, emphasizing prudent regulation and maintaining reasonable leverage levels in the derivatives market [1] - The market supervision authority approved the acquisition of Dole Group by American Axle Manufacturing with additional restrictive conditions to ensure fair competition in the automotive parts sector [2] Group 3 - TCL Zhonghuan signed a cooperation framework agreement to invest in a new energy project [4] - Huatai Hotel's controlling shareholder is planning a merger and reorganization, which may lead to a change in actual control [4] - Cheng Tian Wei Ye plans to raise no more than 800 million yuan through a private placement for liquid cooling system projects [4]

Summary of Key Points Core Viewpoint The announcement details the provision of guarantees by JinkoSolar Holding Co., Ltd. for its subsidiaries to secure financing, totaling RMB 1.846 billion, which is part of a larger approved guarantee limit of RMB 69.96 billion for the year 2026. Group 1: Guarantee Details - The total amount of guarantees provided by the company is RMB 1.846 billion [2][3] - The company has provided a total of RMB 47.514 billion in guarantees to its subsidiaries [2][23] - The guarantees do not involve any counter-guarantees [2] Group 2: Subsidiary Information - Shanxi Jinko Energy No. 2 Intelligent Manufacturing Co., Ltd. is guaranteed for a credit limit of up to RMB 300 million [3] - Jinko Energy (Haining) Co., Ltd. has a guarantee for a credit limit of up to RMB 200 million [3] - Zhejiang Jinko Energy Storage Co., Ltd. is guaranteed for a credit limit of up to RMB 250 million [4] Group 3: Financial Health of Subsidiaries - Shanxi Jinko Energy No. 2 has a registered capital of RMB 170 million and is in good credit standing [7][8] - Jinko Energy (Haining) has a registered capital of RMB 357 million and is also in good credit standing [9][11] - Zhejiang Jinko Energy Storage has a registered capital of RMB 100 million and maintains a good credit status [12][14] Group 4: Board Approval and Compliance - The guarantees have been approved by the company's board and shareholders [5][6] - The guarantees fall within the approved limit and do not require further board or shareholder approval [6] - The board believes that the guarantees will not harm the interests of the company or its shareholders [23]

Core Insights - The Ninth World Zhejiang Business Forum and the 2025 Shanghai Zhejiang Chamber of Commerce Annual Meeting will open on January 18 at the Shanghai International Conference Center, focusing on the theme "Surging" which highlights the resilience, innovation, and aspirations of Zhejiang merchants in the context of China's economic waves [3][22] - The forum aims to facilitate a two-way engagement between scientists and entrepreneurs, promoting high-quality development [3][22] Group 1: Key Themes and Speakers - The theme "Surging" symbolizes the pulse of Zhejiang merchants in sync with the times, representing a spirit forged through challenges in the business world [3][22] - Notable speakers include Zheng Qinghua, Wang Jianyu, Guo Guangchang, Lu Chaoyang, Xie Xin, Zhu Junhong, Zhao Yanping, and Ren Bin, who will share insights to propel Zhejiang merchants forward [3][22] - Zheng Qinghua, an academician, will discuss the transformative power of AI and its applications in driving global change [4][22] Group 2: Perspectives on Innovation and Future Directions - Xie Xin, CEO of Feishu, will present on how AI is increasingly understanding business needs, reflecting an "AI-first" approach [6][24] - The forum will explore diverse perspectives in the hard technology sector, emphasizing the collaboration between scientific exploration and practical innovation [9][27] - South Cunhui, a prominent figure in Zhejiang's business community, will address the crossroads faced by Zhejiang merchants in the context of AI trends and international expansion [11][29] Group 3: Commitment to Progress - Guo Guangchang, honorary chairman of the chamber, will highlight the pioneering spirit of Zhejiang merchants as they navigate the global market [15][33] - Li Xiande, the rotating chairman, will emphasize the importance of ambition and leadership in achieving high-quality development [17][35]

Core Viewpoint - JinkoSolar (688223) announced that its subsidiary, Haining Jinko, plans to raise up to RMB 3 billion through equity financing to introduce strategic investors, primarily for repaying financial and operational debts [1] Group 1: Financing Details - Haining Jinko aims to attract strategic investors such as Xingyin Asset and Dongfang Asset, with a total cash investment not exceeding RMB 3 billion [1] - The investors are expected to acquire a combined equity stake of no more than 24.6771% in Haining Jinko post-financing [1] - The funds raised will mainly be used for repaying financial liabilities or operational debts [1] Group 2: Ownership Structure - Following the completion of this financing, JinkoSolar will hold a direct and indirect stake in Haining Jinko of no less than 68.9419% [1] - Haining Jinko will continue to be included in JinkoSolar's consolidated financial statements [1]

Core Viewpoint - Jinko Energy (688223.SH) aims to enhance its capital strength and optimize asset structure through a capital increase and share expansion by introducing strategic investors such as Xingyin Asset and Dongfang Asset [1] Group 1: Capital Increase and Share Expansion - Haining Jinko plans to raise no more than 3 billion yuan through the capital increase, with a pre-investment valuation of 9.157 billion yuan [1] - The capital raised will primarily be used to repay financial institution debts [1] - After the capital increase, the company will maintain a direct and indirect ownership of Haining Jinko of no less than 68.9419% [1] Group 2: Financial Position - As of June 30, 2025, Haining Jinko's audited equity is 8.672 billion yuan [1] - The capital increase is expected to improve the operational efficiency of the company's assets and strengthen its competitive position in the photovoltaic industry [1]

晶科能源（海宁）有限公司 2025 年 1-6 月 审计报告 致同会计师事务所（特殊普通合伙） 目 录 | 审计报告 | 1-3 | | --- | --- | | 资产负债表 | 1-2 | | 利润表 | 3 | | 现金流量表 | 4 | | 股东权益变动表 | 5-6 | | 财务报表附注 | 7-47 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2026）第 332C000030 号 晶科能源（海宁）有限公司全体股东： 一、审计意见 我们审计了晶科能源（海宁）有限公司（以下简称晶科海宁公司）财务 报表，包括 2025 年 6 月 30 日的资产负债表，2025 年 1-6 月的利润表、现金流 量表、股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了晶科海宁公司 2025 年 6 月 30 日的财务状况以及 2025 年 1-6 ...

晶科能源 (海宁) 有限公司 二〇二五年 1-9 月 审计报告 致同会计师事务所（特殊普通合伙） t w 目 | 审计报告 | 1-3 | | --- | --- | | 资产负债表 | 1-2 | | 利润表 | 3 | | 现金流量表 · | 4 | | 股东权益变动表 | 5-6 | | 财务报表附注 | 7-46 | ） Grant Thornton 载 巨 审计报告 致同审字（2026）第【332C000019】号 晶科能源（海宁）有限公司全体股东: 一、审计意见 我们审计了晶科能源(海宁)有限公司(以下简称晶科海宁公司）财务 投表，包括 2025年 9 月 30 日的资产负债表，2025 年 1-9 月的利润表、现金流 量表、股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了晶科海宁公司 2025年 9月 30日的财务状况以及 2025 年 1-9 月 的经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下 的 ...

晶科能源(海宁)有限公司拟进行增资涉 及的公司股东全部权益价值评估项目 资 产 评 估 说 明 坤元评报〔2025〕1160 号 （共一册 第一册） 坤元资产评估有限公司 | | | | 第一部分 | 关于评估说明使用范围的声明 | 1 | | --- | --- | --- | | 第二部分 | 企业关于进行资产评估有关事项的说明 | 2 | | 第三部分 | 资产评估说明正文 | 24 | 晶科能源(海宁)有限公司拟进行增资涉及的公司股东全部权益价值评估项目 资产评估说明 第一部分 关于评估说明使用范围的声明 资产评估机构提供的《资产评估说明》仅供委托人、相关监管机构和部门使用。 除法律、行政法规规定外，材料的全部或者部分内容不得提供给其他任何单位或个 人，也不得见诸公开媒体。 坤元资产评估有限公司 2025 年 12 月 31 日 2025 年 12 月 31 日 1 坤元资产评估有限公司 第二部分 企业关于进行资产评估有关事项的说明 一、委托人与被评估单位概况 本次资产评估的委托人和被评估单位均为晶科能源(海宁)有限公司。 一) 企业名称、类型与组织形式 1. 名称：晶科能源(海宁)有限公司(以下简称 ...

目 录 | | | | 二、财务报表……………………………………………………… 第 | 4—7 | | 页 | | --- | --- | --- | --- | | （一）资产负债表………………………………………………… | 第 | 4 | 页 | | （二）利润表……………………………………………………… | 第 | 5 | 页 | | （三）现金流量表………………………………………………… | 第 | 6 | 页 | | （四）所有者权益变动表………………………………………… | 第 | 7 | 页 | | 8—67 | | --- | | 三、财务报表附注………………………………………………… 第 页 | 审 计 报 告 天健审〔2025〕11745 号 晶科能源（海宁）有限公司全体股东： 一、审计意见 我们审计了晶科能源（海宁）有限公司（以下简称海宁晶科公司）财务报表， 包括 2024 年 12 月 31 日的资产负债表，2024 年度的利润表、现金流量表、所有 者权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了海宁晶科公司 2024 ...