Core Insights - JinkoSolar has been recognized as a Top Performer across all seven reliability categories in the 2025 PV Module Reliability Scorecard by Kiwa PVEL [1][2] - This achievement marks the 11th consecutive time JinkoSolar has earned this status, making it one of only two manufacturers to do so [2] - JinkoSolar excelled particularly in the Hail Stress Sequence category, being the only manufacturer to achieve Top Performer recognition in both years the test has been conducted [3] Company Overview - JinkoSolar is one of the largest and most innovative solar module manufacturers globally, distributing products to a diverse international customer base [5] - The company operates over 10 production facilities and has more than 20 overseas subsidiaries across various countries, including the United States, Germany, and India [6] - JinkoSolar has a global sales network with teams in multiple countries, enhancing its market reach [6]

Core Viewpoint - JinkoSolar's EAGLE® Preserve program is the first end-of-life solar module stewardship program approved by the Washington State Department of Ecology, marking a significant step in sustainable solar module recycling in the U.S. [1][4] Group 1: EAGLE® Preserve Program - EAGLE® Preserve will provide a turnkey recycling solution for end-of-life solar modules from Commercial and Industrial (C&I) and utility project sites in Washington, starting July 1, 2025 [2][3] - The program ensures that all collected modules are recycled sustainably, aligning with Washington's laws that require manufacturers to implement end-of-life stewardship programs at no cost to project owners [3][4] Group 2: Compliance and Leadership - JinkoSolar emphasizes its commitment to compliance and responsible service in the Washington market through the EAGLE® Preserve program [4] - The company aims to lead in panel recycling within the state, reinforcing its position as a responsible manufacturer in the solar industry [4] Group 3: Company Overview - JinkoSolar is one of the largest solar module manufacturers globally, with a wide distribution network across multiple countries, including the U.S., China, and various European and Latin American nations [5][6] - As of March 31, 2025, JinkoSolar operates 10 production facilities and has over 20 subsidiaries worldwide, enhancing its global sales capabilities [6]

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was $1.9 billion, down 33% sequentially and down 40% year over year [20] - Net loss was approximately $100 million for the first quarter [6] - Gross margin decreased both sequentially and year over year, primarily due to a decrease in average selling price (ASP) of solar modules [20] - Total operating expenses were $350 million, down 8% sequentially and down 18% year over year [21] - Cash and cash equivalents at the end of the first quarter were $3.77 billion, a significant increase from $2.44 billion at the end of the first quarter last year [19] Business Line Data and Key Metrics Changes - Model shipments reached 17.5 gigawatts with revenues of $1.91 billion for the first quarter [5] - Total shipments were 19.1 gigawatts, with module shipments accounting for approximately 90% [13] - Shipments to the Indo Pacific market grew by nearly 10% year over year and 150% sequentially, while shipments to North Asia increased by nearly 20% year over year [14] Market Data and Key Metrics Changes - New installations in China in the first quarter amounted to 59.7 gigawatts, an increase of 31% year over year [6] - The global module demand is expected to remain about 700 gigawatts in 2025, with strong growth in Asia Pacific, Europe, and the Middle East [17] - The U.S. market is expected to see a wave of early purchases of cells and modules due to a current shortage in local cell production capacity [17] Company Strategy and Development Direction - The company aims to maintain a leading position in the industry by optimizing market strategies and supply chain management while improving technology and product competitiveness [12] - The focus is on high-efficiency cell capacity and high-power products, which are expected to have a competitive advantage in the market [10] - The company plans to explore innovative business models that integrate solar and storage solutions [12] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market environment is challenging due to low prices across the solar industrial chain and disruptions caused by changes in international trade policies [6] - There is optimism about long-term demand in the U.S. market despite current uncertainties [18] - Management expects gross margins to improve slightly in the second quarter due to an upward trend in module prices driven by demand from China and other regions [34] Other Important Information - The company expects annual production capacity for mono wafers, solar cells, and solar modules to reach 120, 95, and 130 gigawatts, respectively, by the end of 2025 [12] - Confirmed orders for energy storage systems accounted for 50% to 60%, with another 20% to 30% showing strong potential for signing [11] Q&A Session Summary Question: Details on ESS shipments - ESS shipment mix is mainly dominated by the Asia Pacific region, Europe, and emerging markets, with challenges in extending the ESS business in the U.S. due to trade barriers [27] Question: Future imports to the U.S. post-ADCVB - The company is exploring different options to provide more certainty and competitiveness in the U.S. market, despite uncertainties from preliminary tariffs [28] Question: Expectations for margins in Q2 and Q3 - Management expects gross margins to improve slightly in Q2 due to an upward trend in module prices, with potential for stabilization in the second half of the year [34] Question: Plans for U.S. cell manufacturing - Local production in the U.S. is seen as a long-term trend, but short-term uncertainties make it difficult to ramp up manufacturing [39] Question: Guidance on ESS margins - The target gross margin for ESS is expected to be in the range of 5% to 10% [46] Question: U.S. shipment target for the year - The shipment target for the U.S. is approximately 5% to 10% of total shipments, with current uncertainties impacting this range [50] Question: Shareholder return program - The company plans to buy back shares and defer dividends, with a minimum of $100 million allocated for dividends and repurchases [56]

APRIL 29, 2025 Disclaimer This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the "Company") in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The information herein has been prepared by the Company solely for use in this presentation. The information contained i ...

JinkoSolar (JKS) Q1 2025 Earnings Call April 29, 2025 08:30 AM ET Company Participants Stella Wang - Investor RelationsGener Miao - Chief Marketing OfficerMengmeng Li - Chief Financial OfficerTyler Bisset - Equity Research AssociateHaiyun Cao - DirectorRajiv Chaudhri - President Conference Call Participants Philip Shen - Managing Director, Senior Research AnalystAlan Lau - Analyst Operator a reminder, today's conference call is being recorded. I would now like to turn the meeting over to your host for today ...

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was $1.91 billion, down 33% sequentially and down 40% year over year [21] - Net loss was approximately $100 million for the first quarter [7] - Gross margin decreased both sequentially and year over year, primarily due to a decrease in the average selling price (ASP) of solar modules [21] - Total operating expenses were $350 million, down 8% sequentially and down 18% year over year [22] - The asset liability ratio was approximately 74%, down from nearly 75% at the end of the first quarter last year [20] Business Line Data and Key Metrics Changes - Total shipments reached 19.1 gigawatts, with module shipments accounting for approximately 90% [13] - Shipments to overseas markets accounted for around 70%, with significant growth in the Indo Pacific and North Asia markets [14] - Shipments to the Indo Pacific market grew by nearly 10% year over year and 150% sequentially [14] - Shipments of energy storage systems (ESS) exceeded 300 megawatt hours, with expectations of around 6 gigawatt hours for the full year 2025 [11] Market Data and Key Metrics Changes - New installations in China in the first quarter amounted to 59.7 gigawatts, an increase of 31% year over year [7] - The global module demand is expected to remain about 700 gigawatts in 2025, with strong growth anticipated in Asia Pacific, Europe, and the Middle East [18] - The U.S. market is expected to see a wave of early purchases of cells and modules due to a shortage in local production capacity and the impact of reciprocal tariffs [18] Company Strategy and Development Direction - The company aims to maintain a leading position in the industry by optimizing market strategies and supply chain management while improving technology and product competitiveness [12] - The focus is on high-efficiency cell capacity and high-power products, with expectations of a competitive advantage in the market [10] - The company plans to explore innovative business models that integrate solar and storage solutions to provide high-efficiency and smart green energy solutions [12] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market environment is challenging due to low prices across the solar supply chain and disruptions from international trade policies [7] - There is optimism about long-term demand in the U.S. market despite current uncertainties [18] - Management expects gross margins to improve slightly in the second quarter due to an upward trend in module prices driven by demand from China and other regions [34] Other Important Information - The company expects annual production capacity for mono wafers, solar cells, and solar modules to reach 120, 95, and 130 gigawatts, respectively, by the end of 2025 [12] - Confirmed orders for energy storage systems accounted for 50% to 60%, with another 20% to 30% showing strong potential for signing [11] Q&A Session Summary Question: Can you provide details on ESS shipments and sourcing of battery cells? - ESS shipments are mainly targeted at the Asia Pacific, Europe, and emerging markets, with challenges in extending the ESS business in the U.S. due to trade barriers [27] Question: What are the expectations for margins in Q2 and Q3? - Short-term expectations are for gross margins to improve slightly in Q2, with potential stabilization in the second half of the year [34] Question: What are the plans for U.S. cell manufacturing given the tariffs? - Local production in the U.S. is seen as a long-term trend, but current uncertainties make short-term plans difficult [38] Question: What is the expected gross margin for ESS? - The target gross margin for ESS is expected to be in the range of 5% to 10% [45] Question: What is the U.S. shipment target for this year? - The U.S. shipment target is approximately 5% to 10% of total shipments, with a low case of around 5% [50] Question: How does the company plan to manage shareholder returns? - The company plans to buy back shares and defer dividends, with an initial plan of at least $100 million for dividends and repurchases [56]

Core Viewpoint - JinkoSolar reported a challenging first quarter of 2025, with significant declines in revenue and profitability due to low module prices and disruptions in demand from international trade policy changes, resulting in a net loss of US$181.7 million [4][30]. Financial Performance - Total revenues for Q1 2025 were RMB13.84 billion (US$1.91 billion), down 33.0% sequentially and 39.9% year-over-year [11]. - Gross loss was RMB352.9 million (US$48.6 million), compared to a gross profit of RMB2.74 billion in Q1 2024 [12]. - Net loss attributable to ordinary shareholders was RMB1.32 billion (US$181.7 million), a significant increase from a net income of RMB609.4 million in Q1 2024 [30]. - Basic and diluted losses per ordinary share were RMB6.40 (US$0.88) [32]. Operational Highlights - Module shipments reached 17.5 GW, ranking first in the industry, with total shipments of 19,130 MW [6][35]. - The company became the first module manufacturer to deliver over 320 GW of solar modules globally [6]. - The order book visibility for 2025 is currently at 60% to 70%, with certain regions exceeding 80% [7]. Market Dynamics - New installations in China for Q1 2025 amounted to 59.7 GW, a 31% increase year-over-year, indicating resilience in domestic demand [5]. - Average monthly bidding prices for solar modules in China have started to recover, returning to more rational levels [5]. Research and Development - The N-type TOPCon-based perovskite tandem solar cell achieved a record conversion efficiency of 34.22% [6][8]. - The company expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 120.0 GW, 95.0 GW, and 130.0 GW, respectively, by the end of 2025 [10][38]. Energy Storage Developments - Shipments of energy storage systems exceeded 300 MWh in Q1 2025, with expectations of around 6 GWh for the full year [9]. - Confirmed orders for energy storage systems account for 50% to 60%, with an additional 20% to 30% showing strong potential for signing [9].

Core Viewpoint - JinkoSolar Holding Co., Ltd. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC, highlighting its position as a leading solar module manufacturer [1]. Company Overview - JinkoSolar is recognized as one of the largest and most innovative solar module manufacturers globally, distributing products and services to a diverse international customer base across multiple countries [3]. - The company operates over 10 production facilities and has more than 20 overseas subsidiaries in various countries, including Japan, South Korea, and the United States, as of March 31, 2025 [4]. Financial Reporting - The annual report on Form 20-F includes audited consolidated financial statements and is accessible on the company's website and the SEC's website [2]. - Shareholders can request a hard copy of the annual report, which contains complete audited financial statements, free of charge [2].

Financial Performance - The company recognized an impairment loss of RMB 1,242.2 million for long-lived assets, reflecting the excess of carrying values over fair value [657]. - The company recorded net foreign exchange gains of RMB 1.03 billion, RMB 0.94 billion, and RMB 484.4 million (US$66.4 million) in 2022, 2023, and 2024, respectively [806]. - Inflation in China was reported at 2.0%, 0.2%, and 0.2% for the years 2022, 2023, and 2024, respectively, with no material impact on the company's operations [803]. Cash and Borrowings - As of December 31, 2024, the company held RMB 25.05 billion (US$3.43 billion) in cash and cash equivalents, with RMB 5.83 billion (US$799.2 million) denominated in U.S. dollars [807]. - The company has short-term borrowings of RMB 6.93 billion (US$949.9 million) and long-term borrowings of RMB 20.64 billion (US$2.83 billion) as of December 31, 2024, with average interest rates of 2.7% [809]. - The company has a credit agreement with Wells Fargo, with a total credit facility of US$75.0 million under negotiation for renewal [810]. Risk Management - The company has entered into foreign exchange forward contracts with notional values of US$940.0 million and €330.0 million, maturing within 12 months [805]. - The company estimates a 1% expected failure rate for solar modules over the warranty period, with significant judgments applied in estimating warranty costs [653]. - The company’s allowance for credit losses is assessed quarterly, with estimates based on past collection experience and current economic conditions [647]. - The company’s accrued warranty liability would increase by RMB 38.4 million if the expected failure rate and replacement cost assumptions increased by 5% [656].

Core Viewpoint - JinkoSolar plans to release its unaudited financial results for the first quarter of 2025 on April 29, 2025, before U.S. market opening [1] Group 1: Earnings Conference Call - JinkoSolar's management will host an earnings conference call on April 29, 2025, at 8:30 a.m. U.S. Eastern Time [2] - Participants must register in advance to receive dial-in numbers, passcode, and unique access PIN [2] - A telephone replay of the call will be available starting 2 hours after the conclusion of the conference until May 6, 2025 [3] Group 2: Company Overview - JinkoSolar is one of the largest and most innovative solar module manufacturers globally, distributing products to a diverse international customer base [4] - The company operates over 10 production facilities and has more than 20 overseas subsidiaries in various countries [5]