Core Viewpoint - The resolution between Longi Green Energy and JinkoSolar marks the end of a prolonged patent dispute, reflecting the survival wisdom of the photovoltaic industry during a period of deep adjustment [1][4]. Group 1: Patent Dispute and Resolution - Longi Green Energy and JinkoSolar have reached a settlement agreement to end all ongoing patent disputes globally, including cross-licensing of core patents [1][3]. - The patent conflict escalated to 13 public cases across key markets such as Japan, Australia, and Europe, indicating a significant technological rivalry in the photovoltaic sector [2]. - Both companies possess substantial patent portfolios, with Longi holding 480 BC battery component patents and Jinko having over 5,500 patents, leading to a complex interdependence in their technologies [2][3]. Group 2: Financial Performance and R&D Investment - In the first half of 2025, JinkoSolar's revenue fell by 32.63% with a net loss of 2.909 billion yuan, while Longi Green Energy's revenue decreased by 14.83% with a net loss of 2.569 billion yuan [3]. - Both companies have invested heavily in R&D, with JinkoSolar and Longi Green Energy spending 6.899 billion yuan and 7.721 billion yuan respectively in 2023, totaling 14.620 billion yuan [3]. Group 3: Industry Implications and Future Collaboration - The settlement is seen as a shift from internal competition to collaborative synergy within the photovoltaic industry, with seven of the top ten global manufacturers involved in patent disputes [4][5]. - The agreement allows for a "technology alliance" that enhances global competitiveness and addresses the slow clearance of low-tech production capacity in the industry [4][5]. - The resolution encourages a transition from price competition to value competition, promoting innovation and reducing market homogenization [5][6]. Group 4: Strategic Response to Market Challenges - The collaboration between Longi and Jinko is a strategic response to global market uncertainties, as both companies now hold a significant number of patents, enabling them to set industry standards [5][6]. - The ongoing trade barriers and regulatory challenges in overseas markets necessitate a united front among leading companies to avoid giving competitors an advantage [5][6]. - Future discussions between Longi and Jinko may include deeper cooperation in overseas project development and supply chain collaboration, enhancing their risk resilience [5][6].

Core Viewpoint - JinkoSolar has shown a positive market performance with a 4.31% increase in stock price, reaching a market capitalization of 53.228 billion yuan [1] Company Overview - JinkoSolar, established on December 13, 2006, is based in Shanghai and specializes in the research, production, and sales of solar photovoltaic components, battery cells, and silicon wafers [6] - The company aims to provide high-quality solar products globally, focusing on clean energy solutions [6] - As of June 30, 2023, JinkoSolar reported a revenue of 31.831 billion yuan, a year-on-year decrease of 32.63%, and a net profit loss of 2.909 billion yuan, a significant decline of 342.38% [6] Product and Technology Development - The company has successfully mass-produced high-efficiency N-type TOPCon technology batteries and is actively developing new technologies and processes [2] - JinkoSolar has a strong technical reserve in the N-type TOPCon field, with clear paths for cost reduction and efficiency improvement [2] - The company has launched three energy storage product solutions, catering to residential, commercial, and grid-side applications [2] Market Activity and Financials - On September 24, 2023, JinkoSolar's trading volume was 773 million yuan with a turnover rate of 1.48% [1] - The main capital inflow for the day was 17.4138 million yuan, with the stock showing no significant trend in capital movement [3][4] - The average trading cost of the stock is 5.99 yuan, with the current price approaching a resistance level of 5.33 yuan [5] Shareholder and Institutional Holdings - As of June 30, 2023, JinkoSolar had 74,200 shareholders, with an average of 134,811 shares held per shareholder [6] - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 438 million shares, an increase of 57.206 million shares from the previous period [8]

Core Insights - The photovoltaic industry is transitioning from a solitary approach to a collaborative model, emphasizing the integration of energy storage systems with solar power to meet overseas customer demands [1][3] - Companies are increasingly focusing on establishing complete supply chain systems abroad, which enhances stability in raw material supply and accelerates the release of synergistic effects from solar and storage integration [2][4] Group 1: Industry Trends - The shift from "single factory" operations to a comprehensive industry chain presence abroad is evident, with companies like JinkoSolar leading the way in establishing global manufacturing models [2] - The collaboration between Chinese photovoltaic companies and local suppliers is crucial for overcoming challenges related to raw material imports and local support [2][3] - The integration of energy storage with solar power is becoming essential, especially in markets with high solar penetration, as it addresses the intermittent nature of solar energy [3][4] Group 2: Company Strategies - Trina Solar has established a global engineering technology center, with energy storage systems having shipped nearly 12 GWh globally by mid-2023, including over 2 GWh in Europe [5] - JinkoSolar aims to increase its energy storage system shipments to 6 GWh this year, a fivefold increase from the previous year, with a significant portion coming from overseas markets [5] - Canadian Solar is leveraging its localized teams in various regions to provide immediate response services, enhancing the efficiency of green energy utilization and optimizing project returns [5] Group 3: Market Opportunities - The global renewable energy projects are projected to reach hundreds of gigawatts, with storage needs expected to enter the terawatt-hour level in the next decade, representing a vast new market [5] - The Middle East is viewed as a high-potential market for solar and storage, driven by abundant natural resources and strategic investments in green technologies [6] - The demand for energy storage is anticipated to grow significantly due to the surge in AI computing power and energy consumption, positioning storage as a new growth driver in the industry [7]

Group 1 - JinkoSolar's stock price increased by 2.16% on September 24, reaching 5.21 CNY per share, with a trading volume of 280 million CNY and a turnover rate of 0.55%, resulting in a total market capitalization of 52.127 billion CNY [1] - The company experienced a net inflow of 8.6198 million CNY from main funds, with large orders accounting for 32.80% of purchases and 29.73% of sales [1] - Year-to-date, JinkoSolar's stock price has decreased by 26.72%, with a 5-day drop of 5.10%, a 20-day drop of 5.96%, and a 60-day drop of 1.51% [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% to 134,811 shares [2] - For the first half of 2025, JinkoSolar reported revenue of 31.831 billion CNY, a year-on-year decrease of 32.63%, and a net profit attributable to shareholders of -2.909 billion CNY, a decrease of 342.38% [2] Group 3 - JinkoSolar has distributed a total of 3.355 billion CNY in dividends since its A-share listing, with 3.125 billion CNY distributed over the past 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]

Group 1 - JinkoSolar's stock price decreased by 1.54% on September 23, with a trading volume of 584 million yuan [1] - The financing data for JinkoSolar on the same day showed a net financing buy of -1.08 million yuan, with a total financing balance of 988 million yuan, accounting for 1.93% of the circulating market value [1] - The company has a high financing balance, exceeding the 90th percentile level over 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 31.83 billion yuan, a year-on-year decrease of 32.63%, and a net profit attributable to shareholders of -2.91 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 over the past 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 57.21 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]

Core Viewpoint - The recent settlement between leading photovoltaic companies Longi Green Energy and JinkoSolar regarding patent disputes marks a significant development in the solar industry, potentially reducing conflicts over technology dominance between TOPCon and BC cell technologies [1][3][7]. Group 1: Patent Dispute Resolution - Longi Green Energy and JinkoSolar have reached a settlement to end all ongoing patent litigation globally and have agreed on cross-licensing arrangements for their core patents [1][5]. - The resolution of the patent disputes may lead to a decrease in public arguments regarding which technology, TOPCon or BC, is superior [1][3]. - The settlement is seen as a potential technology alliance, which could help both companies navigate the current oversupply situation in the market [7][8]. 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 [3][4]. - Both companies have been involved in developing technologies outside their primary focus, with Longi having some TOPCon capacity and Jinko reportedly working on BC production lines [4][6]. - The ongoing technology and patent disputes reflect a broader market share competition rather than purely technical disagreements [6][8]. Group 3: Industry Implications - The resolution of the patent disputes is viewed as a landmark event for intellectual property protection in the photovoltaic industry, where many leading manufacturers have been embroiled in similar disputes [8][9]. - The complexity of patent litigation in the solar sector is attributed to high technical barriers and the involvement of multiple scientific disciplines, which complicates the litigation process [9][10]. - The Ministry of Industry and Information Technology has emphasized the importance of intellectual property in the solar manufacturing sector, aiming to curb vicious competition and promote industry transformation [9][10].

Core Insights - The photovoltaic industry is transitioning from a "single-player" approach to a collaborative model, emphasizing the importance of integrated supply chains for overseas expansion [3][4][5] - Companies like JinkoSolar and Trina Solar are actively establishing overseas supply chain systems to enhance stability and competitiveness in raw material supply [4][5] - The integration of energy storage with photovoltaic systems is becoming essential, as it addresses the intermittent nature of solar power and meets increasing market demands [6][7] Group 1: Industry Trends - The shift towards "full industry chain collaboration" is seen as crucial for the success of photovoltaic and energy storage companies in international markets [4][5] - JinkoSolar's new factory in Saudi Arabia represents a new global manufacturing model, focusing on joint ventures and local partnerships to secure supply chains [4] - The demand for energy storage solutions is rapidly increasing, with JinkoSolar setting a target of 6GWh for energy storage system shipments this year, a fivefold increase from last year [7] Group 2: Market Opportunities - The global renewable energy project pipeline is extensive, with planned projects reaching hundreds of gigawatts, indicating a significant future demand for energy storage solutions [7] - The Middle East is identified as a high-potential market for photovoltaic and energy storage, driven by abundant natural resources and capital [8] - Companies are leveraging local teams in various regions to provide immediate response services and enhance customer engagement [7][8] Group 3: Strategic Approaches - Companies are focusing on risk assessment and local financial partnerships to navigate challenges in overseas markets [9] - Trina Solar aims to balance scale and profitability while reinforcing its market share in Europe and Australia through continuous R&D [9] - The emphasis on collaborative strategies is seen as a core logic for Chinese companies expanding internationally, allowing for shared risk and resource optimization [5][9]

出品：新浪财经上市公司研究院 作者：昊 近日，晶科能源发布公告，晶科能源投资、上饶润嘉、上饶卓领贰号、上饶凯泰贰号等出让方拟转让股份合计4.00亿股，占晶科能源总股本的比例为4.00%。经向机构投资者询价后，确定转让 今年上半年，晶科能源巨亏29亿，毛利率已跌入负值，虽然公司转型N型组件较早，但产品因缺少差异化优势，盈利能力并未领先可比公司。更重要的是，晶科能源将大量研发投入长期进行了资 除业绩承压外，晶科能源资金和债务问题也日益严峻，在同行资金链有所改善的情况下，公司经营现金流逆势大幅净流出，有息负债持续增加。 为缓解压力，晶科能源选择变卖资产，但难以从根本上解决业绩和债务问题。面对处于低谷的股价，晶科能源多个大股东集中套现，进一步打击市场对公司前景的信心。 除业绩承压外，晶科能源的资金和债务问题也日益严峻。 毛利率落后丧失先发优势 研发投入长期资本化处理 上周，晶科能源发布公告称，公司控股股东晶科能源投资，以及上饶润嘉、上饶卓领贰号、上饶凯泰贰号等，计划转让股份合计4.00亿股，转让价格为4.90元/股，合计套现19.6亿元。 今年上半年，晶科能源实现营业收入318．亿元，同比减少32.6%，归母净利润- ...

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].

公司于2023年通过SBTi三大目标审验。在范围3层面，公司明确了减排路径：以2022年为基准年，不晚 于2032年将每单位光伏相关的产品外购商品与服务温室气体排放强度减少58.2%；不晚于2050年将每单 位光伏相关的产品外购商品与服务、上下游物流温室气体排放强度减少97%。公司还制定了短中长期供 应链减碳策略，包括减排试点机制、减排计分卡、价值链深化合作、激励机制等。 晶科能源构建了"二方+三方、线上+线下"的审核体系。2024年公司共完成44家重点供应商现场审计及 69家线上审计，并确保《供应链合作伙伴行为准则》签署率100%。通过全方位的审计，公司及时识别 供应商重大风险与改善机会，并要求供应商针对重大风险提出改善计划。 文/华夏ESG观察联盟 公司介绍 晶科能源股份有限公司（简称"晶科能源"，股票代码：688223）战略性布局光伏产业链核心环节，聚焦 光伏产品一体化研发制造和清洁能源整体解决方案提供，产品累计服务于全球近200个国家和地区的 4000家左右客户。 晶科能源建立了从硅片、电池片到组件生产的"垂直一体化"产能，在中国、美国、东南亚、中东共拥有 10余个全球化生产基地。预计到2025年末， ...