Industry Overview - The solar industry is experiencing a significant impact from fluctuating solar panel prices, which are currently lower, affecting companies like Canadian Solar and JinkoSolar [1]. Company Analysis - Canadian Solar (NASDAQ: CSIQ) and JinkoSolar (NYSE: JKS) are both facing challenges due to the cyclical nature of the solar market, characterized by periods of high demand followed by downturns [1].

Financial Data and Key Metrics Changes - The company's annual module shipments increased by 18.3% year-over-year to approximately 93 gigawatts, ranking first in the industry [9] - Gross margin dropped to 10.9% in 2024 from 16% in 2023, while net income fell by 98% year-over-year to $7.9 million [10] - In Q4, gross margin was 3.6%, down from 15.7% in Q3, with a net loss of $64.9 million compared to net income of $3.2 million in Q3 [11][33] Business Line Data and Key Metrics Changes - Total module shipments for Q4 were approximately 25.2 gigawatts, with over 50% shipped to domestic markets where prices were lower [11] - The proportion of higher-priced overseas orders declined sequentially, leading to decreased average selling price (ASP) and profits [11] - The N-type Tiger Neo series accounted for over 95% of shipments in Q4 and nearly 90% for the full year [28] Market Data and Key Metrics Changes - Newly added installations in China reached 277 gigawatts in 2024, a 28% increase year-over-year, setting a record high [12] - China's module exports reached 236 gigawatts in 2024, an increase of 13% year-over-year [12] - The global PV industry maintained fast growth momentum, with expectations for newly added installations in China to be around 270 gigawatts or higher in 2025 [29] Company Strategy and Development Direction - The company is committed to maintaining technology leadership through continuous R&D investments and mass production of innovative products [15] - A cautious approach to capacity expansion is being taken, with no new capacity added aside from upgrades to TOPCon technology [24] - The company aims to optimize its asset and liability structure while maintaining healthy cash reserves to strengthen resilience to risks [25][32] Management's Comments on Operating Environment and Future Outlook - Management noted that the industry may have entered a deep adjustment period, with companies lacking competitive costs likely to be phased out [21] - In the medium to long term, renewable energy is expected to supply half of global electricity demand by 2030, highlighting the growth potential of the PV industry [22] - The company expects module shipments to be between 16 to 18 gigawatts for Q1 2025 and between 85 and 100 gigawatts for the full year [24] Other Important Information - The company received a BBB rating for the second consecutive year in the MSCI ESG ratings, reflecting its commitment to ESG [18] - A strong patent portfolio was built, including 462 granted TOPCon patents, making the company a leading holder of such patents globally [19] - The company is actively responding to patent infringement claims from competitors, asserting that the allegations lack merit [20] Q&A Session Summary Question: Impact of increased import tariffs from Vietnam on margins and pricing strategy - Management indicated that they have prepared solutions for AD/CVD tariffs and do not expect a significant negative impact on margins [45] Question: Expectations for U.S. shipments and potential pullback due to higher tariffs - Management stated it is too early to define shipment volumes to the U.S. due to uncertain policies [48] Question: Q1 margin expectations - Management expects Q1 margins to be lower than Q4 due to lower prices from previous orders [58] Question: CapEx expectations for 2025 - Management expects CapEx to be much lower than the previous year, approximately RMB4 billion to RMB5 billion [65] Question: Updates on Saudi capacity and operational timeline - The Saudi Super Factory is in early preparation, with ground-breaking targeted by the end of Q2 and full operational status expected by the end of next year [82] Question: Market share expectations for 2025 - Management anticipates a slight decrease in market share this year due to industry consolidation but expects to be in a good position for future growth [89]

Financial Data and Key Metrics Changes - Total revenue for 2024 was $2.83 billion, down 15.7% sequentially and down 37% year over year [26] - Gross margin was 3.6% in Q4 2024 compared to 15.7% in Q3 2024 and 12.5% in Q4 2023 [10][26] - Net income was $7.9 million, down 98% year over year, while net loss for Q4 was $64.9 million compared to net income of $3.2 million in Q3 [10][11] - Total module shipments for 2024 were 92.87 gigawatts, up 18.3% year over year [29] Business Line Data and Key Metrics Changes - Module shipments in Q4 were 25.2 gigawatts, with over 50% shipped to domestic markets where prices were lower [10] - The portion of N-type technology series exceeded 95% in Q4 and nearly 90% for the full year [22] - Total operating expenses were approximately $380 million, down about 26% sequentially [28] Market Data and Key Metrics Changes - Newly added installations in China reached 277 gigawatts in 2024, an increase of 28% year over year [11] - China's module exports reached 236 gigawatts in 2024, an increase of 13% year over year [11] - Global PV demand is expected to be around 700 gigawatts in 2025 [24] Company Strategy and Development Direction - The company aims to maintain technology leadership through continuous R&D investments and mass production of innovative products [13] - The average mass-produced N-type cell efficiency reached nearly 26.5% by the end of Q4 2024 [13] - The company is taking a cautious approach to capacity expansion in 2025, with no newly added capacity besides upgrades to existing technology [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the industry may have entered a deep adjustment period, with companies lacking competitive costs likely to be phased out [17] - The company remains optimistic about the long-term outlook for the solar sector, expecting significant demand growth driven by renewable energy [18] - Management expects Q1 margins to be lower than Q4 due to lower prices and a higher proportion of shipments to China [49] Other Important Information - The company was included in the S&P Global 2025 Sustainability Yearbook as the only solar module company [15] - The company has a strong patent portfolio with 462 granted Topcon patents, making it a leading holder in this area [16] - Cash and cash equivalents were RMB3.8 billion at the end of Q4, an increase from RMB3.2 billion in Q3 [31] Q&A Session Summary Question: Impact of U.S. import tariffs on margins and pricing strategy - Management indicated that they have prepared solutions for the AD/CVD tariffs and do not expect a significant negative impact on margins [37][38] Question: Expectations for U.S. shipments this year - Management stated it is too early to define shipment volumes to the U.S. due to uncertain policies [40] Question: Q1 margin expectations - Management expects Q1 margins to be lower than Q4 due to lower prices and volume [49] Question: CapEx expectations for 2025 - Management expects CapEx for 2025 to be approximately RMB 4 billion to RMB 5 billion, significantly lower than the previous year [54] Question: Updates on Saudi capacity - The Saudi super factory is in early preparation stages, targeting to break ground by the end of Q2 2025 [67]

JINKOSOLAR HOLDING CO., LTD. Q4 2024 EARNINGS CALL PRESENTATION MARCH 26, 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 ...

Core Viewpoint - JinkoSolar reported a challenging financial performance for 2024, with significant declines in revenue and profitability due to decreased module prices and operational challenges, despite maintaining a leading position in the solar industry and achieving record module shipments [4][34]. Group 1: Financial Performance - Total revenues for Q4 2024 were RMB20.65 billion (US$2.83 billion), down 15.7% sequentially and 37.1% year-over-year [10]. - Gross profit for Q4 2024 was RMB747.4 million (US$102.4 million), a decrease of 80.6% sequentially and 81.7% year-over-year [11]. - The net loss attributable to JinkoSolar's ordinary shareholders in Q4 2024 was RMB473.7 million (US$64.9 million), compared to net income of RMB22.5 million in Q3 2024 [29][31]. Group 2: Operational Highlights - Annual module shipments increased by 18.3% year-over-year to 92.9 GW, ranking first in the industry [4][49]. - Total shipments for the full year 2024 were 99,596 MW, including 92,873 MW for solar modules and 6,723 MW for cells and wafers [49]. - The average mass-produced N-type cell efficiency reached nearly 26.5% by the end of Q4 2024, with expectations to reach approximately 27% by the end of 2025 [6]. Group 3: Industry Context - The global PV industry saw a record high of 277 GW in newly added installations in China for 2024, marking a 28% year-over-year increase [5]. - The imbalance between supply and demand in the industry led to a downward trend in module prices, impacting profitability across the sector [5]. - National authorities in China have implemented measures to address supply-demand imbalances, including raising entry barriers for new manufacturing capacities and reducing export tax rebates [5]. Group 4: Future Outlook - For Q1 2025, JinkoSolar expects module shipments to be between 16.0 GW and 18.0 GW, and for the full year 2025, shipments are estimated to be between 85.0 GW and 100.0 GW [9][51]. - The company plans to maintain a cautious approach to capacity expansion in 2025, focusing on upgrades to TOPCon technology [10].

SHANGRAO, China, March 12, 2025 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it plans to release its unaudited financial results for the fourth quarter and full year ended December 31, 2024 before the open of U.S. markets on Wednesday, March 26, 2025. JinkoSolar's management will host an earnings conference call on Wednesday, March 26, 2025 at 8:00 a.m. U.S. Easte ...

Core Insights - JinkoSolar has been ranked as the most bankable solar module company in the 2024 PV Module Bankability Survey by Bloomberg New Energy Finance, achieving a 100% bankability rating [1][2] Company Performance - By the end of 2024, JinkoSolar's total module shipments exceeded 300GW, with the Tiger Neo series alone surpassing 140GW in cumulative shipments [3] - The latest Tiger Neo 3.0 series features power ratings over 670W, a maximum module efficiency of 24.8%, and bifaciality up to 85%, contributing to a 3.38% increase in overall power generation [3] Financial and Technological Strength - JinkoSolar's strong financial position, technological innovations, and product reliability have been key factors in its top ranking in bankability [1][2] - The enhanced bifaciality of the Tiger Neo series reduces the Levelized Cost of Electricity (LCOE) by 3.14%, providing greater financial benefits for solar investments [3] Future Outlook - The company plans to continue investing heavily in R&D, focusing on N-type technology and integrated "solar + storage" solutions to support the global transition to sustainable energy [4]

Core Viewpoint - JinkoSolar's majority-owned subsidiary, Jiangxi Jinko, reported significant declines in financial performance for the year ended December 31, 2024, primarily due to reduced selling prices of photovoltaic products and challenges in the industry [1][2][3]. Financial Performance - Preliminary unaudited revenues for Jiangxi Jinko were RMB 92.62 billion, a decrease of 21.96% year-on-year [2] - Preliminary unaudited net income attributable to shareholders was RMB 90.54 million, down 98.78% year-on-year [2] - Preliminary unaudited net loss attributable to shareholders, excluding extraordinary gains and losses, was RMB 1,011.98 million, a decrease of 114.66% year-on-year [2] Industry Context - The global photovoltaic installation demand continued to grow in 2024, but supply-demand mismatches led to downward pressure on end product prices, affecting profitability across the industry [3] - Jiangxi Jinko showed operational resilience compared to peers due to technological advantages and optimization of capacity structure [3] - The company maintained a leading position in module shipments and improved operational efficiency despite financial performance declines [3] Operational Developments - Jiangxi Jinko upgraded its globalization strategy and enhanced digital management capabilities [3] - The company faced challenges such as prolonged pricing pressure, elimination of obsolete production capacity, and a fire accident impacting financial results [3] Accounting and Reporting - The preliminary unaudited financial results for Jiangxi Jinko differ from JinkoSolar's consolidated financial results due to different consolidation scopes and accounting standards [4] - Investors are advised to exercise caution when reviewing the preliminary results, as they are subject to change upon the completion of the audit process [5]

Core Viewpoint - JinkoSolar (JKS) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which have shown a strong correlation with near-term stock price movements [4][6]. - Rising earnings estimates for JinkoSolar suggest an improvement in the company's underlying business, likely leading to an increase in stock price [5]. Zacks Rank System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - JinkoSolar's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10]. Earnings Estimate Revisions for JinkoSolar - For the fiscal year ending December 2024, JinkoSolar is expected to earn -$0.24 per share, reflecting a change of -102.4% from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for JinkoSolar has increased by 296.8%, indicating a significant upward revision in earnings expectations [8].

Core Viewpoint - The Schall Law Firm is investigating JinkoSolar Holding Co., Ltd. for potential violations of securities laws, particularly concerning misleading statements and undisclosed information that may have affected investors [1][2]. Group 1: Investigation Details - The investigation centers on whether JinkoSolar issued false or misleading statements and failed to disclose critical information to investors [2]. - On January 17, 2025, JinkoSolar reported a decline of over 98% in its majority-owned subsidiary, Jinko Solar Co., Ltd., and anticipated a significant net loss for the year [2]. - Following this announcement, JinkoSolar's American depositary receipt (ADR) price dropped by 9.77% on the same day [2]. Group 2: Legal Representation - The Schall Law Firm is representing investors globally and specializes in securities class action lawsuits and shareholder rights litigation [3]. - Shareholders who have suffered losses are encouraged to contact the firm for a free discussion of their rights [3].