JinkoSolar(JKS) - 2024 Q4 - Annual Report

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$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$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].