Core Viewpoint - JinkoSolar maintains a strong credit rating of AA+ with a stable outlook, reflecting its robust position in the global photovoltaic (PV) market and ongoing technological advancements [1][2] Group 1: Company Performance - JinkoSolar is projected to achieve a global PV module shipment of 92.87 GW in 2024, representing an 18.28% year-on-year increase, with N-type TOPCon modules accounting for 88% of shipments, showcasing its technological leadership [1] - The company has made significant R&D investments of 4.407 billion yuan, resulting in 679 new patents and a record battery efficiency of 34.22% for its TOPCon perovskite tandem cells [1] - JinkoSolar's vertical integration strategy is optimizing its cost structure, enhancing profitability amid fierce market competition [1] Group 2: Industry Outlook - The global energy transition is accelerating, with a projected 35% year-on-year increase in new PV installations, reaching 599 GW in 2024, driven by favorable policies and market demand [2] - China's "dual carbon" goals are leading to a favorable policy environment, with a long-term high demand outlook for the PV industry [2] - JinkoSolar's international revenue accounts for nearly 70% of its total, and the company is enhancing production efficiency and product quality through digital transformation [2] Group 3: Future Plans - JinkoSolar plans to achieve over 40 GW of high-power TOPCon capacity by 2025 and aims to enhance battery mass production efficiency to 27% [2] - The company is advancing its energy storage business with projects including a 12 GWh energy storage integration system and a 12 GWh energy storage cell project [2] - JinkoSolar's order backlog stands at $8.566 billion as of the end of Q1 2025, laying a solid foundation for future performance recovery [2]

Group 1 - The core achievement of JinkoSolar is the development of the 182N high-efficiency monocrystalline silicon battery (TOPCon) with a conversion efficiency of 27.02%, setting a new record for large-area N-type monocrystalline passivated contact (TOPCon) batteries [2] - JinkoSolar's N-type TOPCon high-efficiency photovoltaic modules have achieved a maximum conversion efficiency of 25.58%, creating a new global record for similar modules [2] - The advancements are attributed to the company's strong technical foundation and relentless pursuit of innovation, utilizing advanced technologies such as metallization laser enhancement and high-quality emitter passivation [2] Group 2 - The certification of the battery and module conversion efficiencies marks a significant breakthrough for JinkoSolar's N-type TOPCon technology, enhancing the market competitiveness of its mainstream products [3] - JinkoSolar expects that nearly 90% of its N-type TOPCon module shipments will occur in 2024, with plans to upgrade over 40% of its capacity by 2025, aiming for a production capacity of 40-50GW of high-power TOPCon by the end of 2025 [3] - The ongoing innovation based on N-type TOPCon technology and existing capacity upgrades will help accelerate industry capacity clearance and promote sustainable long-term development in the photovoltaic sector [3]

Group 1 - Wanyi Technology and Hefei Comprehensive National Science Center Energy Research Institute signed an agreement to establish a joint laboratory for the research and development of key vacuum measurement equipment for nuclear fusion [1] - The joint laboratory will focus on developing tritium-compatible leak detection technology and vacuum measurement equipment resistant to neutron radiation and electromagnetic interference [1] - This collaboration is expected to accelerate the development of the domestic vacuum equipment industry and enhance Wanyi Technology's competitive advantage in the nuclear fusion sector [1] Group 2 - Dangsheng Technology has developed high ionic conductivity sulfide solid electrolytes with controllable micro-nano particle sizes, achieving stable production and scalability [2] - Multiple electrolyte products have received certification and integration from leading battery manufacturers and automotive companies, indicating a significant breakthrough in solid-state electrolyte technology [2] - This advancement is expected to improve battery performance and accelerate the development of the electric vehicle industry, solidifying Dangsheng Technology's leading position in the market [2] Group 3 - JinkoSolar's subsidiary achieved a record conversion efficiency of 27.02% for its 182N-type high-efficiency monocrystalline silicon cells, certified by a third-party testing center [3] - The N-type TOPCon high-efficiency photovoltaic modules also received certification, with a maximum conversion efficiency of 25.58%, setting a new record for similar products globally [3] - These breakthroughs in conversion efficiency highlight JinkoSolar's innovation capabilities and are expected to enhance the competitiveness of its products, promoting the adoption of solar energy and contributing to global energy transition [3]

Core Viewpoint - JinkoSolar has provided a detailed response to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, addressing various concerns including overseas operations, cash flow, receivables, fixed assets, and inventory. Group 1: Overseas Operations - In 2024, the photovoltaic industry experienced a significant supply-demand mismatch, leading to a substantial decline in prices across the industry chain. JinkoSolar's product prices in Europe and Asia saw a notable decrease, resulting in a significant reduction in gross margins. However, the company's gross margin in the European market remains relatively high at 7.35% compared to peers. In contrast, gross margins in the Americas increased due to favorable local trade policies and strategic partnerships ensuring high-price market supply and market share stability. The Middle East market also showed high gross margins due to JinkoSolar's strong reputation and market share in the region [1][2]. Group 2: Cash Flow and Debt - As of the end of 2024, JinkoSolar reported cash and cash equivalents of 30.3 billion yuan, with restricted cash of 6.44 billion yuan, a significant decrease of 41.28% from the end of 2023. The proportion of non-restricted cash to operating income is 25.80%, which has been steadily increasing over the past three years, placing the company in a strong liquidity position compared to peers. The company has a reasonable structure of interest-bearing debt, with over half of it maturing in more than three years, and only 16.93% of short-term debt due within one year. JinkoSolar has ample credit lines from financial institutions and secured 14.5 billion yuan in new long-term loans in 2024 at a minimum interest rate of 2.45%. The company has multiple financing channels, indicating a low overall debt repayment risk for the next three years [2]. Group 3: Receivables - JinkoSolar explained that its accounts receivable are primarily from large, reputable clients with strong industry positions and good operational conditions, resulting in relatively low collection risks. As of May 25, 2025, 93.34% of receivables from the top ten clients had been collected, indicating a high post-period collection rate. The company’s bad debt provision ratios for 2022 to 2024 were 2.51%, 2.23%, and 4.84%, while actual bad debt losses were significantly lower at 0.29%, 0.02%, and 0%, respectively, indicating effective risk management [3]. Group 4: Product Innovation and Market Position - Despite facing intense industry competition and international trade barriers in 2024, JinkoSolar maintained its position as the world's leading solar module supplier, being the only profitable company among the top four in the photovoltaic sector. In 2025, the company plans to launch the third generation of its Tiger Neo solar modules based on the TOPCon HOT4.0 technology platform, featuring power ratings exceeding 650W and up to 670W, with a conversion efficiency of 24.8% and a bifacial rate of 85%. This innovation is expected to generate a 10% premium over traditional TOPCon products, positioning JinkoSolar favorably for potential market breakthroughs [3]. Group 5: Asset Management - JinkoSolar provided comprehensive responses regarding asset disposal, fixed assets, and inventory management in its announcement, indicating a proactive approach to addressing regulatory inquiries and maintaining operational transparency [4].

Core Viewpoint - JinkoSolar is facing significant financial challenges due to delayed payments from the buyer of its subsidiary, with a total of 11 billion RMB owed and an additional performance compensation of 3.9 billion RMB required [1][4][5] Group 1: Financial Transactions - JinkoSolar sold its subsidiary, Xinjiang Shibang Photovoltaic Technology Co., Ltd., for a total of 4.3 billion RMB, with payments structured in three phases [2] - The first payment of 1.2 billion RMB was received, but the second payment of 1.5 billion RMB has not been fully paid, with only 394 million RMB received to date [2][3] - The buyer, Sichuan Shiyang Green Energy Technology Co., Ltd., has committed to pay the remaining amount in installments, with 1.06 billion RMB due in 2025 and 1 billion RMB due from 2026 to 2028 [3] Group 2: Performance Compensation - JinkoSolar is obligated to pay a performance compensation of 3.9 billion RMB if the subsidiary does not meet the agreed net profit target of 500 million RMB for 2024 [4][5] - The company has recognized a financial liability of approximately 600 million RMB related to this performance compensation in its financial statements [5] - JinkoSolar has stated that it will not pay the performance compensation until the buyer fulfills its payment obligations for the second phase of the equity transfer [5]

根据《上市公司证券发行注册管理办法》《上海证券交易所科创板股票上市 规则》等相关法律法规规定，晶 科 能 源股份有限公司（以下简称"公司"）委托 信用评级机构东方金诚国际信用评估有限公司（以下简称"东方金诚"）对公司 行了跟踪信用评级。 公司前次主体信用评级结果为"AA+"，评级展望为"稳定"，"晶能转债" 前次债券信用评级结果为"AA+"，评级机构为东方金诚，评级时间为 2024 年 评级机构东方金诚在对公司经营状况及相关行业进行综合分析与评估的基 础上，于近期出具了《晶 科 能 源股份有限公司主体及"晶能转债"2025 年度跟 踪评级报告》（东方金诚债跟踪评字【2025】0190 号），评级结果如下：公司主 体信用等级维持为"AA+"，评级展望维持为"稳定"，"晶能转债"信用等级 维持为"AA+"。 证券代码：688223 证券简称：晶 科 能 源 公告编号：2025-035 转债代码：118034 转债简称：晶能转债 晶 科 能 源股份有限公司 关于"晶能转债"跟踪信用评级结果的公告 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 ...

Core Viewpoint - The company has received an inquiry letter regarding its 2024 annual report disclosure, prompting a thorough review of its overseas business performance and customer relationships, particularly in Europe, the Americas, and Asia [1][2][3] Overseas Business Performance - The company's overseas component shipment accounted for approximately 57.8% of total sales in 2024, with overseas sales revenue making up 68.6% of total revenue [1] - Sales revenue from different regions includes: Europe (¥137.02 billion), Americas (¥224.32 billion), Asia-Pacific (¥136.54 billion), and others (¥113.60 billion) [1] - The gross profit margins in various regions showed significant fluctuations, with Europe experiencing a decrease of 13.19 percentage points, the Americas an increase of 9.10 percentage points, and Asia-Pacific a decrease of 15.64 percentage points [1][2] Customer Analysis - The company is required to disclose detailed information about its top five customers in each region, including customer names, main businesses, countries, cooperation duration, and sales specifics [1][2] - The top customers in Europe include major photovoltaic distributors, while in the Americas, leading renewable energy developers are highlighted [2][3] Cost Structure and Pricing Trends - The overall cost structure has shown a downward trend due to significant price reductions in raw materials such as silicon, photovoltaic glass, and encapsulation films [5][6] - The average procurement price of silicon materials dropped by 50.37% from 2023 to 2024, reflecting a broader market trend [10] - The company’s gross profit margin is primarily influenced by the photovoltaic component business, with significant price declines observed in Europe and Asia [8][9] Market Demand and Trade Policies - The global demand for photovoltaic components is expected to grow slightly, with emerging markets in Asia and the Middle East showing positive trends, while European demand is weakening [14] - Trade policies in different regions are affecting market dynamics, with the Americas facing significant impacts from tariffs, while Asia remains relatively stable [13][14] Financial Verification - The company has established overseas production bases and sales subsidiaries to support its global operations, ensuring the authenticity of its overseas revenue through various verification methods [15][16] - The export tax refund verification indicates a significant difference between reported export income and actual overseas revenue due to the global operational strategy [16]

Core Viewpoint - The credit rating agency maintains the credit rating of Jinko Solar Co., Ltd. and its convertible bond "Jinko Convertible Bond" at AA+ with a stable outlook, reflecting the company's strong position in the solar photovoltaic industry and its ongoing competitive advantages despite facing challenges in profitability and debt burden [1][6][9]. Company Overview - Jinko Solar primarily engages in the research, production, and sales of solar photovoltaic modules, battery cells, and silicon wafers, with its main product being solar photovoltaic modules [10]. - As of March 2025, the company had total assets of 1190.33 billion yuan and equity of 324.72 billion yuan, with a debt-to-asset ratio of 72.72% [12]. Financial Performance - The company reported total operating revenue of 924.71 billion yuan in 2024 and 138.43 billion yuan in the first quarter of 2025, with a total profit of -0.77 billion yuan and -21.36 billion yuan respectively [12]. - The total debt of the company was 540.22 billion yuan in 2024, increasing to 582.59 billion yuan in 2025 [12]. Industry Analysis - The photovoltaic industry plays a crucial role in global energy transition, with significant growth in installed capacity driven by policy guidance and market demand, leading to record-high component demand [8][15]. - In 2024, Jinko Solar's global photovoltaic module shipment reached 92.87 GW, maintaining a strong competitive position with a market share of approximately 88% for N-type products [8][15]. - The company continues to enhance its technological competitiveness through substantial R&D investments, focusing on high-efficiency products like N-type TOPCon cells [8][15]. Market Challenges - The photovoltaic industry faces intense price competition, leading to rapid declines in component prices and pressure on profitability, with expectations of continued low pricing in 2025 [9][15]. - Jinko Solar's overseas sales account for over 60% of its revenue, exposing the company to risks from exchange rate fluctuations, geopolitical changes, and trade protection policies [9][15]. Future Outlook - The stable rating outlook reflects the broad prospects for the global photovoltaic industry under the "dual carbon" goals, with expectations of continued strong competitiveness as the company expands its integrated production capacity and develops new products [9][15].

Overview of Overseas Business - The company has concentrated its overseas business in regions such as the United States, Europe, Japan, South Korea, and Southeast Asia, with products sold to nearly 200 countries and regions globally. In 2024, overseas component shipments accounted for approximately 57.8% of total shipments, while overseas sales represented 68.6% of total revenue [2][3]. Sales Performance by Region - Sales revenue for different regions in 2024 was as follows: Europe: 13.702 billion yuan, Americas: 22.432 billion yuan, Asia-Pacific: 13.654 billion yuan, and other regions: 11.360 billion yuan. The gross profit margins for these regions were 7.35%, 26.21%, 0.23%, and 24.60%, respectively, showing significant variations compared to the previous year [2][3]. Customer Analysis - The company is required to disclose detailed information about its top five customers in each region, including customer names, main businesses, countries, cooperation duration, and sales specifics. This includes whether they are new major customers and any relationships with the company or its controlling shareholders [2][3]. Gross Margin Variations - The gross margin for the company’s products showed significant changes across regions. The gross margin in Europe and Asia-Pacific decreased, while it increased in the Americas and other regions. This was attributed to variations in sales prices and unit costs, with the Americas maintaining higher sales prices due to existing contracts and local demand [5][6]. Cost Structure and Material Prices - The overall cost structure of the company showed a downward trend in 2024, primarily due to a significant drop in the prices of key raw materials such as silicon, photovoltaic glass, and encapsulation films. The direct material costs accounted for a substantial portion of total costs, with direct materials making up 65.65% of the total cost structure [6][7]. Market Demand and Trade Policies - The company anticipates a slight increase in global installation demand in 2025, with emerging markets continuing to grow. However, demand in Europe is expected to weaken, while the Americas and Asia-Pacific markets show positive trends. Trade policies, particularly in North America and India, have a significant impact on market access and costs [6][7]. Competitive Positioning - The company has maintained a leading position in the photovoltaic industry by continuously improving its product efficiency and technology, particularly with its N-type TOPCon technology. The average efficiency of mass-produced batteries and the introduction of innovative photovoltaic modules have further solidified its competitive edge [7].

Group 1 - The company’s subsidiary, Zhejiang Jinko Energy, achieved a record conversion efficiency of 27.02% for its 182N high-efficiency monocrystalline silicon cells, certified by a third-party testing organization [1] - The N-type TOPCon high-efficiency photovoltaic modules developed by the company reached a maximum conversion efficiency of 25.58%, setting a new global record for similar products [1] - The breakthroughs in conversion efficiency are attributed to the company's strong technological foundation and continuous innovation, including advanced techniques for large-size cells and key innovations in module design [2] Group 2 - The certification of the cell and module conversion efficiencies highlights the company's strong capability in leading photovoltaic technology and industry development, enhancing the competitiveness of its mainstream products [2] - The company anticipates that nearly 90% of its N-type TOPCon module shipments will occur in 2024, with plans to upgrade over 40% of its production capacity by 2025, focusing on continuous innovation and existing capacity upgrades [2]