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 ...

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]

Financial Data and Key Metrics Changes - Model shipments reached 17.5 gigawatts with revenues of $1.91 billion for Q1 2025, reflecting a year-over-year decline in shipments and profitability [4][5] - Net loss was approximately $100 million for the first quarter, with total revenue down 33% sequentially and 40% year-over-year [5][19] - Gross margin decreased both sequentially and year-over-year, primarily due to a decrease in average selling price (ASP) of solar modules [19][20] Business Line Data and Key Metrics Changes - Total shipments for Q1 were 19.1 gigawatts, with module shipments accounting for approximately 90% [12] - 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 [13] - U.S. shipments accounted for approximately 5% of total shipments, in line with guidance [13] Market Data and Key Metrics Changes - New installations in China for Q1 amounted to 59.7 gigawatts, an increase of 31% year-over-year [5] - 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 [16] - China is expected to grow by 10% to 15% this year, while the U.S. market is projected to reach around 50 to 55 gigawatts [60][64] 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 [11] - The focus is on high-efficiency cell capacity and high-power products, which are expected to provide a competitive advantage [9] - The company plans to expand its energy storage business globally while continuing to explore technological innovations [15] 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 [5][7] - There is optimism about long-term demand in the U.S. market despite current uncertainties, with a commitment to local production and joint ventures [27][36] - The company expects gross margins to improve slightly in Q2 due to an upward trend in module prices driven by demand [32][33] Other Important Information - By the end of Q1, cash and cash equivalents were $3.77 billion, a significant increase from $2.44 billion at the end of the same quarter last year [18] - The company plans to buy back shares and defer dividends, with an initial buyback plan of at least $100 million [51][54] Q&A Session Summary Question: Can you provide details on ESS shipments? - ESS shipments are mainly targeted at the Asia Pacific, Europe, and emerging markets, with the U.S. being challenging due to trade barriers [26] Question: What are the expectations for margins in Q2 and Q3? - Margins are expected to improve slightly in Q2, with a stable outlook for the second half of the year [32][33] Question: What is the update on U.S. cell manufacturing plans? - Local production in the U.S. is seen as a long-term trend, but current uncertainties make short-term plans difficult [35][36] Question: What are the expected margins for ESS? - The target gross margin for ESS is expected to be in the range of 5% to 10% [41][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 45 gigawatts [48][50] Question: How does the company plan to handle market share? - The strategy focuses on balancing shipments and profitability rather than aggressively increasing market share [58] Question: What regions will contribute to the expected growth? - China, Europe, and the U.S. are expected to be the largest markets, with China growing by 10% to 15% [60][64]

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].

Market Overview - US stock index futures are all down before the market opens, with Dow futures down 0.06%, S&P 500 futures down 0.12%, and Nasdaq futures down 0.07% [1] - Major European indices show positive performance, with Germany's DAX up 0.52%, UK's FTSE 100 up 0.11%, France's CAC40 up 0.72%, and the Euro Stoxx 50 up 0.50% [2][3] - WTI crude oil is down 0.33% at $62.81 per barrel, while Brent crude oil is down 0.36% at $65.56 per barrel [3][4] Economic Data and Corporate Earnings - The upcoming week is significant for economic data and corporate earnings, with the April non-farm payroll report and Q1 inflation data being key focuses [5] - 180 S&P 500 companies are set to report quarterly earnings, with major companies like Apple, Amazon, Coca-Cola, Eli Lilly, Meta, Microsoft, and Chevron in the spotlight [5] Corporate Actions - Spirit AeroSystems has reached an agreement with Airbus for the acquisition of certain assets, with Boeing repurchasing its previously divested business for $4.7 billion in stock [8] - Merck has announced a $3.9 billion acquisition of SpringWorks Therapeutics to enhance its oncology drug portfolio, with the deal valued at approximately $3.4 billion in enterprise value [9] - Amazon has seen prices of nearly 1,000 products rise by an average of 30% due to the impact of tariffs, affecting various categories from electronics to clothing [10] Earnings Forecast - Upcoming earnings reports include companies such as NXP Semiconductors, AstraZeneca, BP, Novartis, Deutsche Bank, HSBC, Coca-Cola, Pfizer, UPS, General Motors, Daqo New Energy, and JinkoSolar [11]

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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ENVISION GREENWISE HOLDINGS LIMITED 晉景新能控股有限公司 自願性公告 有關 與浙江晶科儲能有限公司 簽署戰略合作諒解備忘錄之 業務更新資料 本公告乃由晉景新能控股有限公司（「本公司」）自願作出，以知會其股東及潛在投資者有 關本公司之最新發展。 諒解備忘錄 於2025年3月16日，本公司與浙江晶科儲能有限公司（「晶科」）訂立諒解備忘錄（「備忘錄」）。 根據備忘錄的條款（其中包括），本公司與晶科將在綠色能源業務領域密切合作，包括以 下內容： — 1 — (a) 在全球回收市場合作，專注於建立全面的回收網絡，本公司將在全球開放其回收點， 與晶科共同使用，促進資源共享，並最大限度地提高營運效率及全球回收影響；及 (b) 在全球範圍內探索特定戰略市場的合作機會，以實現全球夥伴關係。 有關訂約方的資料 本公司從事逆向供應鏈管理及綠色能源解決方案業務。 （股份代號：1783） （於 ...