| 证券代码：688223 | 证券简称：晶科能源 公告编号：2025-010 | | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | 晶科能源股份有限公司 关于自愿披露间接控股股东 2024 年第四季度及 2024 年全年业绩以及 2025 年第一季度及 2025 年出货量 预测的公告 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承担法律责任。 重要内容及风险提示： JinkoSolar Holding Co., Ltd.（晶科能源控股有限公司，以下简称"晶科能源 控股"，股票代码：JKS）为晶科能源股份有限公司（以下简称"公司"）控股股 东 JinkoSolar Investment Limited（晶科能源投资有限公司，以下简称"晶科能源 投资"）的控股股东，系一家在美国纽约证券交易所上市的公司。晶科能源控股 于北京时间 2025 年 3 月 26 日在美国披露了 2024 年第四季度及 2024 年全年业 绩以及 2025 年第一季度及 2025 年出货量预测。截至本公告披露日，晶科能源控 股间 ...

Group 1 - The core point of the article is that JinkoSolar's total shipment volume for Q4 2024 reached 26,462 MW, a year-on-year decrease of 5.0% [1] - JinkoSolar's Q4 2024 revenue was 20.65 billion RMB (2.83 billion USD), reflecting a quarter-on-quarter decline of 15.7% and a year-on-year decline of 37.1%, primarily due to the decrease in average selling prices of solar modules [1] - For the full year of 2024, JinkoSolar's total shipment volume was 99,596 MW, which includes 92,873 MW of solar modules and 6,723 MW of battery cells and wafers, representing a year-on-year growth of 19.2% [2] Group 2 - The total revenue for 2024 was 92.26 billion RMB (12.64 billion USD), showing a year-on-year decline of 22.3%, again attributed to the drop in average selling prices of solar modules [2] - JinkoSolar expects its module shipment volume for Q1 2025 to be between 16 GW and 18 GW, and for the full year of 2025, the expected module shipment volume is between 85 GW and 100 GW [2]

Core Insights - The current price increase in the photovoltaic (PV) industry is attributed to a combination of strong demand and supply-side adjustments, particularly influenced by the "531 rush" for new energy projects [1][2] - The industry is experiencing a relatively optimistic clearing situation this year, with initial effects of capacity discipline led by major PV companies becoming evident [1] Group 1 - The price increase and improved capacity utilization are driven by the "531 rush" and supply-side structural adjustments [1] - High-efficiency N-type Topcon modules are in high demand, indicating a tightening supply situation [1] - The self-discipline in capacity and pricing initiated by leading companies in the PV sector is starting to show positive results [1] Group 2 - There may be some price pressure in the second half of the year, but the ongoing supply-side adjustments and the market exit of outdated capacities are expected to lead to a more favorable outlook in Q4 and into next year [2] - Domestic market demand was met by production in the first half of the year, while international orders were delayed, suggesting potential for further capacity release as these orders are fulfilled [2] - Overall efficiency improvements in the industry, including enhancements in module and battery efficiency, are expected to provide greater cost improvement opportunities for companies [2]

Core Viewpoint - JinkoSolar has established a new subsidiary, JinkoSolar (Baotou) Co., Ltd., with a registered capital of 1 million yuan, indicating the company's expansion in the photovoltaic sector [1] Company Summary - The new subsidiary is fully owned by JinkoSolar, reflecting the company's strategy to enhance its presence in the renewable energy market [1] - The business scope of the new entity includes photovoltaic equipment leasing, sales of casting machinery, metal materials, batteries, and battery components, showcasing a diversified approach to its operations [1]

Core Viewpoint - The article highlights the growing demand and significant contracts in the energy storage sector, particularly in Poland, showcasing various companies' strategic partnerships and project developments in this field [1][2]. Group 1: Major Contracts and Projects - LG Energy Solution signed a contract for a 262MW/981MWh battery storage project in Poland, with a total contract value of approximately 2.92 billion yuan, expected to be completed by Q2 2027 [3]. - CaiRi Energy entered a strategic cooperation with a Polish power developer for a 200MWh storage procurement contract, with delivery starting in May 2025 [4][6]. - Winco Energy secured multiple contracts totaling over 1.1GWh during the K.EY renewable energy exhibition in Italy, with an estimated order value exceeding 1 billion yuan [7][8]. - Jinko Energy successfully delivered 28 SunTera storage systems for an 84MWh project in Australia, marking a significant milestone in their international operations [9][10]. Group 2: Company Developments and Strategies - CaiRi Energy is enhancing its global supply chain capabilities by establishing a joint venture factory in Spain and a European headquarters in Frankfurt, focusing on localized service and agile supply chains [6]. - Jinko Energy has signed seven storage-related contracts internationally since 2025, indicating a robust expansion strategy in the energy storage market [11]. - Hunan Lake Sodium Energy signed a strategic cooperation agreement for a 1GWh storage system, leveraging its proprietary sodium-ion battery technology [13][14]. - Lepu Sodium signed a contract for a 2.5MW/5.015MWh storage system, indicating its focus on sodium-ion battery technology and partnerships with various companies [15][16].

Financial Performance - Total revenue for 2024 was RMB 9,262,137.41 million, a decrease of 21.96% compared to the previous year[4] - Operating profit fell to RMB 79,864.58 million, down 91.24% year-on-year[7] - Net profit attributable to shareholders was RMB 9,054.09 million, a decline of 98.78% from the previous year[7] - The company's basic earnings per share dropped to RMB 0.01, a decrease of 98.65% year-on-year[7] - The company's return on equity decreased to 0.27%, down 23.92 percentage points from the previous year[4] - The total equity attributable to shareholders decreased to RMB 3,236,346.80 million, a reduction of 5.81% year-on-year[4] Asset and Equity Status - Total assets at the end of 2024 were RMB 12,104,605.31 million, an 8.38% decrease from the beginning of the year[7] Challenges and Factors Affecting Performance - The decline in profits was primarily due to falling prices of photovoltaic products, impacting the main business profitability[8] - The company faced significant challenges due to industry price declines and short-term factors such as the elimination of outdated capacity and fire incidents[8] - Non-recurring gains and losses increased compared to the previous year, contributing to the financial results[8]

| 证券代码：688223 | 证券简称：晶科能源 公告编号：2025-008 | | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | 晶科能源股份有限公司 关于提供担保的进展公告 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。 1、晶科能源（上饶）有限公司（以下简称"上饶晶科"）向中国光大银行 股份有限公司上饶分行申请综合授信额度不超过人民币 2 亿元，敞口额度人民币 1.5 亿元，公司为上述敞口授信额度提供连带责任保证担保，担保金额为人民币 1.5 亿元，具体以签订的担保协议为准。 2、江西晶科光伏材料有限公司（以下简称"江西晶科光伏材料"）向中国 光大银行股份有限公司南昌分行申请综合授信额度不超过人民币 2 亿元，敞口额 度人民币 1.5 亿元，公司为上述敞口授信额度提供连带责任保证担保，担保金额 为人民币 1.5 亿元，具体以签订的担保协议为准。 3、浙江晶科能源有限公司（以下简称"浙江晶科"）向中国民生银行股份 有限公司嘉兴分行申请综合授信敞口额度不超过人民币 4 亿元，授信期限不 ...

东方金诚国际信用评估有限公司关于晶科能源股份有限公司 2024 年度业绩下滑的关注公告 1 东方金诚公告【2025】0050 号 东方金诚国际信用评估有限公司（以下简称"东方金诚"）受托对晶科能源股份有限公司（以 下简称"晶科能源"或"公司"）及其发行的"晶科能源股份有限公司向不特定对象发行可转换公 司债券"（以下简称"晶能转债"）进行了信用评级。2024 年 6 月 19 日，东方金诚对晶科能源主 体及"晶能转债"进行了定期跟踪评级，维持晶科能源主体信用等级为 AA+，评级展望稳定，维持 "晶能转债"信用等级为 AA+，评级结果自评级报告日起至到期兑付日有效。 东方金诚关注到，晶科能源于 2025 年 1 月 18 日发布《晶科能源股份有限公司 2024 年年度业 绩预告》，称预计公司 2024 年年度实现归属于母公司所有者的净利润为 8000.00 万元到 12000.00 万元，与上年同期（法定披露数据）相比，同比减少 98.39%到 98.92%；预计扣除非经常性损益后 的净利润为-105000.00 万元到-75000.00 万元，与上年同期（法定披露数据）相比，同比减少 110.86% 到 115 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-007 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于不向下修正"晶能转债"转股价格的公告 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承担法律责任。 重要内容提示： 截至2025年1月20日，晶科能源股份有限公司（以下简称"公司"）股价 已触发"晶能转债"转股价格向下修正条款。 经公司第二届董事会第十四次会议审议，公司董事会决定本次不向下修 正转股价格。同时在未来2个月内（即2025年1月21日起至2025年3月20日）如果 再次触发"晶能转债"转股价格向下修正条件，亦不提出向下修正方案。下一触 发转股价格修正条件的期间从2025年3月21日重新起算。 一、可转换公司债券基本情况 根据有关规定和《晶科能源股份有限公司向不特定对象发行可转换公司债 券募集说明书》（以下简称"《募集说明书》"）的约定，公司本次发行的可 转换公司债券的转股期自2023年10月26日至2029年4月1 ...

Investment Rating - The investment rating for JinkoSolar is "Buy" (maintained) [1] Core Views - The company is expected to achieve a component shipment of approximately 93GW in 2024, with Q4 shipments estimated at around 25GW, reflecting a quarter-on-quarter increase of about 5% [7] - The N-type technology remains a competitive advantage, with TOPCon cell production efficiency projected to reach 26.5% by the end of 2024, and an expected annual efficiency improvement of 0.5% over the next three years [7] - The forecast for net profit attributable to shareholders has been revised down to 100 million for 2024, with a significant year-on-year decline of 98.66% [7] Financial Summary - Total revenue for 2023 is projected at 118.68 billion, with a year-on-year growth of 43.55%, while 2024 revenue is expected to decline by 26% to 87.82 billion [1][8] - The net profit attributable to shareholders for 2023 is estimated at 7.44 billion, with a significant drop to 100 million in 2024, reflecting a year-on-year decrease of 98.66% [1][8] - The latest diluted EPS for 2023 is projected at 0.74 yuan, dropping to 0.01 yuan in 2024 [1][8]