Core Viewpoint - JinkoSolar has successfully commissioned 21.6 MWh of Energy Storage Systems in Massachusetts, marking a significant advancement in clean energy through the state's SMART program [1][2]. Group 1: Project Details - The three newly commissioned systems are operational under the SMART program, providing essential grid services and enhancing the performance and resiliency of solar energy assets in Massachusetts [2]. - Each system employs a combination of DC and AC coupled configurations to optimize operational flexibility and performance [2]. Group 2: Collaboration and Expertise - JinkoSolar's U.S.-based energy storage engineering team contributed significantly to the project's success by providing system design expertise and ensuring seamless integration with various Power Conditioning System (PCS) and Energy Management System (EMS) platforms [3]. - The collaboration with Distributed Energy Infrastructure (DEI) highlighted JinkoSolar's commitment to delivering high-performance energy storage solutions tailored to market needs [3][4]. Group 3: Company Background - JinkoSolar is recognized as one of the largest and most innovative solar module manufacturers globally, with a diverse international customer base [5]. - The company operates over 10 production facilities and has more than 20 overseas subsidiaries, showcasing its extensive global presence [6]. Group 4: Distributed Energy Infrastructure Overview - Distributed Energy Infrastructure specializes in providing EPC services for renewable energy generation and battery energy storage assets in the U.S., with over 1.2 GW of Solar PV and 400 MWh of battery energy storage projects executed [7].

Core Insights - JinkoSolar's EAGLE® G6R residential PV module has been awarded the 2025 Sustainable Product of the Year by Green Builder® Media, marking the fifth consecutive year the company has received this recognition, highlighting its leadership in sustainable solar solutions [1][2]. Product Innovation - The EAGLE® G6R is an ultra-high-powered residential PV module utilizing JinkoSolar's N-Type TOPCon technology, known for achieving multiple efficiency records. It is designed for superior performance in extreme weather, helping homeowners significantly reduce energy costs while enhancing aesthetic appeal [3]. Environmental Commitment - JinkoSolar is committed to sustainability beyond its products, being the first solar manufacturer to join the RE100 initiative, pledging to operate on 100% renewable energy. The company also had its net-zero goals validated by the Science Based Targets initiative (SBTi) [4]. Industry Recognition - The award from Green Builder® Media underscores JinkoSolar's consistent innovation and commitment to environmentally responsible manufacturing, positioning the company as a model for the industry [5].

Core Insights - JinkoSolar has successfully delivered its high-efficiency Tiger Neo modules for the Segovia solar cluster in Spain, marking a significant contribution to the country's clean energy initiatives [1][2][3] Company Overview - JinkoSolar is one of the largest and most innovative solar module manufacturers globally, with a diverse international customer base across multiple countries [4][5] - The company operates over 10 production facilities and has more than 20 overseas subsidiaries, enhancing its global reach and operational capabilities [5] Project Details - The Segovia solar cluster, developed by ib vogt, spans approximately 666 hectares and includes four utility-scale solar parks, contributing a total of 513 MWp of renewable energy capacity [2] - JinkoSolar's N-type TOPCon modules were utilized across all four sites, showcasing the company's advanced technology and commitment to sustainability [2][3] Strategic Partnerships - The collaboration between JinkoSolar and ib vogt exemplifies the effectiveness of strong partnerships in achieving ambitious clean energy goals [3] - JinkoSolar emphasizes its role as a trusted technology partner in Europe's energy transition, highlighting the importance of shared values in their collaboration [3]

Core Insights - JinkoSolar announced the release of a position paper titled "How to Finance Solar for All?" during the London Climate Week 2025, aimed at addressing challenges in scaling solar finance globally [1][2] - The paper provides actionable strategies to mobilize capital in underserved regions, reflecting a multi-stakeholder effort to promote financial inclusion in the solar transition [2] - JinkoSolar participated in a high-level Finance Roundtable focused on lowering solar finance costs, collaborating with policymakers, financial institutions, and industry experts [3][4] Company Overview - JinkoSolar is one of the largest and most innovative solar module manufacturers globally, distributing products and services to a diverse international customer base across multiple countries [5][6] - As of March 31, 2025, JinkoSolar operates over 10 production facilities and has more than 20 overseas subsidiaries in various countries, supported by a global sales network [6]

Core Insights - JinkoSolar has been recognized as the Overall Highest Achiever in the Renewable Energy Testing Center's 2025 PV Module Index Report, marking the sixth consecutive year of this distinction, reinforcing its leadership in the solar industry [1][4]. Company Performance - The RETC's PVMI evaluates solar modules over a 12-month period using advanced testing protocols, ensuring that only the most reliable and high-performing modules receive recognition [2]. - The Overall Highest Achiever award acknowledges excellence in reliability, performance, and quality, providing assurance to project developers and stakeholders regarding the consistent performance of JinkoSolar's modules [3][4]. Industry Recognition - JinkoSolar ranks 1 among 40 manufacturers in the Wood Mackenzie Global Solar Module Manufacturers list and has received AAA ratings in PV Tech's ModuleTech Bankability Report, highlighting its strong performance in key bankability indices [4]. - The company is the only manufacturer rated bankable by 100% of survey participants in the BNEF PV Module Bankability Survey, underscoring its commitment to quality and reliability [4]. Global Presence - JinkoSolar operates over 10 production facilities globally and has more than 20 overseas subsidiaries in various countries, including Japan, South Korea, and Germany, showcasing its extensive international footprint [6]. - The company has a global sales network with teams in multiple countries, including the United States, Canada, and Brazil, indicating a diversified customer base [6].

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 - The commercial energy storage market remains active with significant orders exceeding 8GWh, highlighting the ongoing growth and opportunities in the sector [12]. Group 1: Company Orders and Collaborations - Jinko Energy signed a strategic cooperation agreement with Meike Energy for a total of 100MWh, contributing to a total of 350MWh in new orders [2]. - Meike Energy's total signed contracts in commercial storage have surpassed 1.5GWh, covering various industries including steel, textiles, and new materials [4]. - Jinko Energy has also secured important overseas orders in Greece and Germany, totaling 250MWh, with plans for delivery by November 2025 [5]. - Ruipu Lanjun signed a cooperation agreement with Korea's Hyosung Heavy Industries to supply a 2.5GWh energy storage system, focusing on global strategic framework development [6][8]. - LG Energy Solution Vertech has partnered with OCI Energy LLC and CPS Energy to develop a 120MW/480MWh battery storage system in Texas, expected to be operational by 2027 [9][11]. Group 2: Market Trends and Implications - The recent surge in orders indicates a significant turning point for the commercial energy storage sector, with over 15GWh of orders being reported [13].

Group 1: Market Performance - Solar stocks generally rose, with Array up 7.64%, Canadian Solar ADR up 5.62%, Sunrun up 4.96%, First Solar up 4.32%, SolarEdge up 3.23%, and JinkoSolar ADR up 2.72% [1][2] - The S&P 500 index is currently down 0.45%, the Dow Jones is down 104 points (0.49%), while the Nasdaq is up 13 points (0.31%) [1] Group 2: Regulatory Environment - The U.S. believes that imports of solar products from Southeast Asia harm the domestic industry, laying the groundwork for tariffs on these imports [1]

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]

[First Quarter 2025 Highlights](index=1&type=section&id=First%20Quarter%202025%20Highlights) This section provides an overview of JinkoSolar's performance in Q1 2025, including CEO commentary, key metrics, and advancements in technology and energy storage [CEO Commentary and Market Environment](index=1&type=section&id=CEO%20Commentary%20and%20Market%20Environment) CEO Xiande Li highlighted a challenging first quarter with significant pressure on profit margins due to low prices and trade policy disruptions - Module shipments reached **17.5 GW**, generating revenues of **US$1.91 billion** in Q1 2025[4](index=4&type=chunk) - Profitability was pressured by low prices in the solar industrial chain and disruptions from international trade policies, leading to a net loss of **US$181.7 million**[4](index=4&type=chunk) - The company is flexibly adjusting its supply chain and regional shipment mix to adapt to market challenges[5](index=5&type=chunk) - The order book visibility for 2025 is currently **60% to 70%**, with the Indo-Pacific and Middle East/Africa regions exceeding **80%**[5](index=5&type=chunk)[7](index=7&type=chunk) [Key Operational and Financial Metrics](index=1&type=section&id=Key%20Operational%20and%20Financial%20Metrics) In Q1 2025, total shipments decreased, revenues fell significantly, and the company reported a gross loss and net loss Q1 2025 Key Metrics vs. Prior Periods | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | **Total Shipments** | 19,130 MW | 26,468 MW | 21,909 MW | | **Total Revenues** | US$1.91 billion | US$2.85 billion | US$3.18 billion | | **Gross (Loss)/Profit Margin** | -2.5% | 3.8% | 11.9% | | **Net (Loss)/Income** | (US$181.7 million) | (RMB 476.7 million) | RMB 609.4 million | | **Diluted (Loss)/Earnings per ADS** | (US$3.53) | (RMB 9.28) | RMB 5.36 | - The company became the first module manufacturer in the world to have delivered a total of over **320 GW** of solar modules[7](index=7&type=chunk) [Technology and R&D Advancements](index=1&type=section&id=Technology%20and%20R%26D%20Advancements) JinkoSolar continues to advance its N-type TOPCon technology, achieving high mass production cell efficiency and setting new laboratory records - Mass production cell efficiency for third-generation TOPCon products exceeded **26.6%**[6](index=6&type=chunk) - Set a new record laboratory conversion efficiency of **34.22%** for its N-type TOPCon-based perovskite tandem solar cell[6](index=6&type=chunk)[7](index=7&type=chunk) [Energy Storage Business](index=3&type=section&id=Energy%20Storage%20Business) The energy storage business shows significant growth, with Q1 shipments exceeding 300 MWh and strong full-year guidance - Q1 2025 energy storage system shipments exceeded **300 MWh**[8](index=8&type=chunk) - Full-year 2025 energy storage shipment guidance is approximately **6 GWh**, with a strategic focus on overseas markets[8](index=8&type=chunk) - Recognized as a Tier 1 energy storage provider by BNEF for the fourth consecutive quarter[7](index=7&type=chunk) [First Quarter 2025 Financial Results](index=3&type=section&id=First%20Quarter%202025%20Financial%20Results) This section details JinkoSolar's financial performance for Q1 2025, covering revenues, gross profit, operating loss, and net loss [Revenue](index=3&type=section&id=Total%20Revenues) Total revenues for Q1 2025 were RMB 13.84 billion (US$1.91 billion), significantly decreasing sequentially and year-over-year Revenue Performance (RMB) | Period | Revenue (in billions) | | :--- | :--- | | Q1 2025 | 13.84 | | Q4 2024 | 20.65 | | Q1 2024 | 23.04 | - The sequential decrease was mainly due to lower solar module shipments, while the year-over-year decrease was attributed to a lower average selling price[10](index=10&type=chunk) [Gross Profit/Loss and Margin](index=3&type=section&id=Gross%20Loss%2F%20Profit%20and%20Gross%20Margin) The company reported a gross loss of RMB 352.9 million (US$48.6 million) in Q1 2025, resulting in a negative gross margin Gross Profit/Loss and Margin | Period | Gross (Loss)/Profit (RMB) | Gross Margin | | :--- | :--- | :--- | | Q1 2025 | (352.9 million) | -2.5% | | Q4 2024 | 789.7 million | 3.8% | | Q1 2024 | 2.74 billion | 11.9% | [Operating Loss and Expenses](index=3&type=section&id=Loss%20from%20Operations%20and%20Operating%20Loss%20Margin) Loss from operations widened significantly in Q1 2025 to RMB 2.87 billion (US$394.8 million), with an operating loss margin of 20.7% - Loss from operations was **RMB 2.87 billion (US$394.8 million)** with an operating loss margin of **20.7%**[13](index=13&type=chunk) - Total operating expenses decreased by **8.1% sequentially** and **18.3% year-over-year** to **RMB 2.51 billion**[14](index=14&type=chunk) [Other Financial Items](index=3&type=section&id=Other%20Financial%20Items) Q1 2025 saw increased net interest expenses, significant subsidy income, a net exchange gain, and an income tax benefit - Net interest expenses increased **27.0% YoY** to **RMB 237.3 million (US$32.7 million)**[17](index=17&type=chunk) - Subsidy income was **RMB 536.0 million (US$73.9 million)**[18](index=18&type=chunk) - Recorded an income tax benefit of **RMB 699.5 million (US$96.4 million)**[27](index=27&type=chunk) [Net Loss and Earnings Per Share (EPS)](index=5&type=section&id=Net%20Loss%2FIncome%20and%20Losses%2FEarnings%20per%20Share) The company reported a net loss attributable to ordinary shareholders of RMB 1.32 billion (US$181.7 million) in Q1 2025 Net Loss and EPS Performance | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | **Net (Loss)/Income (attributable)** | (RMB 1.32 billion) | (RMB 476.7 million) | RMB 609.4 million | | **Adjusted Net (Loss)/Income** | (RMB 1.07 billion) | (RMB 430.8 million) | RMB 470.3 million | | **Diluted Loss per ADS** | (US$3.53) | (RMB 9.28) | RMB 5.36 | [Financial Position](index=7&type=section&id=Financial%20Position) As of March 31, 2025, JinkoSolar held significant cash, but also reported increased total interest-bearing debts Key Balance Sheet Items (as of March 31, 2025) | Item | Amount (RMB) | Amount (USD) | | :--- | :--- | :--- | | Cash, cash equivalents, and restricted cash | 27.38 billion | 3.77 billion | | Accounts Receivables | 12.79 billion | 1.76 billion | | Inventories | 13.26 billion | 1.83 billion | | Total Interest-bearing Debts | 46.54 billion | 6.41 billion | [Operational Highlights and Business Outlook](index=7&type=section&id=Operations%20and%20Business%20Outlook%20Highlights) This section covers JinkoSolar's Q1 2025 shipment performance, future guidance, production capacity targets, and recent business achievements [Q1 2025 Shipments](index=7&type=section&id=First%20Quarter%202025%20Operational%20Highlights) In Q1 2025, JinkoSolar's total shipments reached 19,130 MW, comprising solar modules, cells, and wafers Q1 2025 Total Shipments | Category | Shipments (MW) | | :--- | :--- | | Solar Modules | 17,504 | | Cells and Wafers | 1,626 | | **Total** | **19,130** | [Q2 and Full Year 2025 Guidance](index=7&type=section&id=Second%20Quarter%20and%20Full%20Year%202025%20Guidance) The company projects strong module shipment growth for Q2 and the full year 2025, indicating a positive outlook - Q2 2025 module shipment guidance is projected to be in the range of **20.0 GW to 25.0 GW**[9](index=9&type=chunk)[36](index=36&type=chunk) - Full year 2025 module shipment guidance is estimated to be between **85.0 GW and 100.0 GW**[9](index=9&type=chunk)[37](index=37&type=chunk) [Production Capacity Outlook](index=7&type=section&id=Solar%20Products%20Production%20Capacity) JinkoSolar plans significant expansion of its mono wafer, solar cell, and solar module production capacities by the end of 2025 Year-End 2025 Production Capacity Targets | Product | Target Capacity (GW) | | :--- | :--- | | Mono Wafer | 120.0 | | Solar Cell | 95.0 | | Solar Module | 130.0 | [Recent Business Developments](index=7&type=section&id=Recent%20Business%20Developments) In April 2025, JinkoSolar maintained its "AAA" rating in the PV Tech 2025 Q1 ModuleTech Bankability Report - In April 2025, the company once again received an **"AAA" rating** in the PV Tech 2025 Q1 ModuleTech Bankability Report[39](index=39&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements, including statements of operations, comprehensive income, and balance sheets [Statements of Operations](index=11&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This statement provides detailed unaudited consolidated operations for Q1 2025, itemizing revenues, costs, expenses, and net loss Q1 2025 Statement of Operations Highlights (in thousands USD) | Line Item | Q1 2025 | | :--- | :--- | | Revenues | 1,907,704 | | Gross Loss | (48,628) | | Loss from Operations | (394,829) | | Net Loss | (283,443) | | Net Loss Attributable to Shareholders | (181,747) | [Statement of Comprehensive Income](index=11&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME) This statement details the comprehensive loss for Q1 2025, including net loss and other comprehensive income items - The comprehensive loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was **RMB 2,767.4 million (US$381.4 million)**[51](index=51&type=chunk) [Balance Sheets](index=13&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section presents the company's financial position as of March 31, 2025, detailing assets, liabilities, and shareholders' equity Balance Sheet Highlights (as of March 31, 2025, in thousands USD) | Line Item | Amount | | :--- | :--- | | Total Current Assets | 9,277,492 | | Total Assets | 16,846,698 | | Total Current Liabilities | 6,990,959 | | Total Liabilities | 12,489,650 | | Total Shareholders' Equity | 4,142,901 |