Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a revenue of 48 billion yuan for the first three quarters of 2025, a year-on-year decrease of 33%. The net profit attributable to shareholders was -3.92 billion yuan, with a non-recurring net profit of -4.54 billion yuan, indicating a significant loss compared to the previous year [2]. - In Q3, the company achieved a revenue of 16.2 billion yuan, down 34% year-on-year and 10% quarter-on-quarter. However, the gross profit margin turned positive at 3.75%, reflecting a 4.77 percentage point increase from the previous quarter [2]. - The company is experiencing a significant improvement in operating cash flow, with a net cash flow from operating activities of 2.47 billion yuan in Q3, marking a substantial turnaround [3]. - The company is focusing on technology upgrades, particularly with its TOPCon products, which are expected to enhance power output and profitability, potentially generating a premium of 0.5-1 cent per watt [3]. - The energy storage systems are entering a growth phase, with a target of 6 GWh in shipments for 2025, which is anticipated to contribute positively to the company's profitability [3]. Summary by Sections Performance Review - The company reported a revenue of 48 billion yuan for the first three quarters of 2025, down 33% year-on-year. The net profit attributable to shareholders was -3.92 billion yuan, with a non-recurring net profit of -4.54 billion yuan, indicating a significant loss compared to the previous year [2]. - In Q3, the revenue was 16.2 billion yuan, down 34% year-on-year and 10% quarter-on-quarter, with a gross profit margin of 3.75%, reflecting a recovery from previous losses [2]. Operational Analysis - The average delivery price of photovoltaic components has increased, leading to improved profitability. The company shipped 61.85 GW of photovoltaic components in the first three quarters, with Q3 shipments estimated at around 20 GW [2]. - The company has reported a significant improvement in operating cash flow, achieving a net cash flow from operating activities of 2.47 billion yuan in Q3 [3]. Technology and Growth Prospects - The company is continuously upgrading its TOPCon technology, with expectations that 40%-50% of its capacity will achieve power outputs above 640W by the end of 2025 [3]. - The energy storage systems are entering a growth phase, with a target of 6 GWh in shipments for 2025, which is expected to enhance profitability [3]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been adjusted to -4.92 billion yuan, 1.96 billion yuan, and 4.28 billion yuan, respectively, with expectations of gradual improvement in profitability due to technological advantages and the growth of energy storage systems [3].

Core Viewpoint - JinkoSolar reported a significant improvement in its financial performance for Q3 2025, with a notable reduction in net losses and a positive shift in gross margin, indicating a potential turnaround in profitability [1] Financial Performance - Revenue for the first three quarters reached 47.986 billion yuan, with a net loss attributable to shareholders of 3.92 billion yuan, showing a quarter-on-quarter reduction in losses by 0.508 billion yuan [1] - The gross margin turned positive, increasing by 4.77 percentage points quarter-on-quarter [1] - Operating cash flow improved significantly, reaching 2.471 billion yuan in Q3, compared to a negative 3.812 billion yuan in the first half of the year [1] Operational Highlights - The net loss attributable to shareholders in Q3 narrowed to 1.011 billion yuan from 1.519 billion yuan in Q2, marking a 33% reduction in losses [1] - JinkoSolar has established over 20 GW of high-power capacity, with expectations to achieve 40-50 GW of advanced capacity by year-end [1] - The Tiger Neo 3.0 product is expected to command a premium of around 10%, which will further enhance gross margins [1] Future Outlook - With the release of advanced capacity and expansion into high-priced overseas markets, JinkoSolar is positioned to potentially achieve profitability at an industry turning point [1]

Group 1 - JinkoSolar (688223.SH) reported its Q3 2025 results, with 26 institutional investors holding a total of 7.26 billion shares, accounting for 72.56% of the total share capital [1] - The top ten institutional investors collectively hold 71.88% of the shares, a decrease of 5.81 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds increased their holdings, while two funds decreased their holdings by 0.97% compared to the previous quarter [2] - Nine new public funds were disclosed this period, while 419 funds were not disclosed compared to the previous quarter [2] - Foreign investment sentiment showed a decrease in holdings from two foreign funds, accounting for a reduction of 4.32% [2]

Core Viewpoint - JinkoSolar (688223.SH) reported a significant decline in revenue and net profit for Q3 2025, primarily due to intensified competition in the photovoltaic market and a decrease in solar module prices [1] Financial Performance - Q3 revenue was 16.155 billion yuan, a year-on-year decrease of 34.11% [1] - Q3 net profit was -1.012 billion yuan, marking a shift to a loss compared to the previous year [1] - Revenue for the first three quarters was 47.986 billion yuan, down 33.14% year-on-year [1] - Net profit for the first three quarters was -3.920 billion yuan, also indicating a transition to a loss compared to the same period last year [1] Market Conditions - The decline in performance is attributed to increased competition in the photovoltaic market [1] - The drop in prices of solar modules has significantly impacted the main business profits [1]

Core Viewpoint - JinkoSolar, a leading solar photovoltaic company, is facing challenges in profitability despite strong revenue growth, with significant competition in the industry impacting its financial performance [2][6][7]. Group 1: Company Overview - JinkoSolar was established on December 13, 2006, and went public on January 26, 2022, on the Shanghai Stock Exchange, with its registered office in Jiangxi Province and operational headquarters in Shanghai [1]. - The company specializes in the research, production, and sales of solar photovoltaic modules, cells, and wafers, providing high-quality solar products to global customers [1]. Group 2: Financial Performance - For Q3 2025, JinkoSolar reported revenue of 47.986 billion yuan, ranking third in the industry, while the net profit was -3.938 billion yuan, ranking 22nd [2]. - The company's revenue is primarily derived from product sales, which accounted for 100% of its revenue [2]. Group 3: Financial Ratios - As of Q3 2025, JinkoSolar's debt-to-asset ratio was 74.48%, higher than the industry average of 70.17% [3]. - The gross margin for Q3 2025 was -0.07%, significantly lower than the industry average of 1.80% [3]. Group 4: Management Compensation - The total compensation for CEO Chen Kangping in 2024 was 4.3929 million yuan, reflecting an increase of 76,500 yuan from 2023 [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.14% to 77,300, while the average number of circulating A-shares held per shareholder decreased by 3.97% [5]. Group 6: Industry Outlook - Industry competition is intensifying, with JinkoSolar's revenue forecasted to decline by 30.1% in 2025, followed by growth in subsequent years [6]. - The company achieved a record module shipment of 41.84 GW in the first half of 2025, maintaining its position as the global leader in shipments [7].

Core Viewpoint - JinkoSolar reported a significant financial downturn in the first three quarters of 2025, with a net profit loss of approximately 3.92 billion yuan, marking a shift from profit to loss year-on-year [1] Financial Performance - For the first three quarters of 2025, JinkoSolar achieved operating revenue of approximately 47.986 billion yuan, representing a year-on-year decline of 33.14% [1] - The company's net profit attributable to shareholders was approximately -3.92 billion yuan, indicating a transition from profit to loss compared to the previous year [1]

Group 1 - JinkoSolar (SH 688223) announced on October 30 that its 2025 second board meeting was held via telecommunication, discussing the proposal for selecting the auditing firm for 2025 [1] - For the year 2024, JinkoSolar's revenue composition is 97.38% from the photovoltaic industry and 2.62% from other businesses [1] - As of the report, JinkoSolar's market capitalization stands at 58.4 billion yuan [1]

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于召开2025年第二次临时股东会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 （一） 股东会类型和届次 2025年第二次临时股东会 召开日期时间：2025 年 11 月 17 日 14 点 30 分 召开地点：上海市闵行区申长路 1466 弄 1 号晶科中心 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投 ...

| 证券代码：688223 | 证券简称：晶科能源 公告编号：2025-065 | | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | 晶科能源股份有限公司 第二届监事会第十三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 晶科能源股份有限公司（以下简称"公司"）第二届监事会第十三次会议（以 下简称"本次会议"）于 2025 年 10 月 30 日以通讯方式召开。本次会议通知及会 议资料已于 2025 年 10 月 24 日以邮件方式送达全体监事。本次会议由监事会主 席肖嬿珺女士召集并主持，应参与表决监事 3 名，实际参加监事 3 名。本次会议 的召集和召开程序符合有关法律、行政法规、部门规章、规范性文件和《晶科能 源股份有限公司章程》的规定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于 2025 年第三季度报告的议案》； 监事会认为：按照《中华人民共和国公司法》《中华人民共和国证券法》《上 海证券交易所科创板股票上市规则》等有关 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 一、董事会会议召开情况 晶科能源股份有限公司（以下简称"公司"）第二届董事会第二十一次会议 （以下简称"本次会议"）于 2025 年 10 月 24 日发出会议通知，于 2025 年 10 月 30 日以通讯方式召开，本次会议由公司董事长李仙德先生召集并主持，会议 应参加表决董事 7 人，实际参加表决董事 7 人。本次会议的召集和召开程序符合 有关法律、行政法规、部门规章、规范性文件和《晶科能源股份有限公司章程》 的规定，会议决议合法、有效。 二、董事会会议审议情况 经与会董事投票表决，审议通过了如下决议： 晶科能源股份有限公司 第二届董事会第二十一次会议决议公告 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。 （一）审议通过《关于 2025 年第三季度报告的议案》； 具体内容详见公司2025年10月31日于上海证券交易所网站（www.s ...