Jinko Solar(SH:688223)2025-04-29 13:38Financial Performance - JinkoSolar reported a negative distributable profit for the fiscal year 2024, leading to no profit distribution or capital reserve transfer to shareholders[5]. - The company's operating revenue for 2024 was approximately ¥92.47 billion, a decrease of 22.08% compared to ¥118.68 billion in 2023[22]. - Net profit attributable to shareholders was ¥98.93 million, down 98.67% from ¥7.44 billion in the previous year[22]. - The net cash flow from operating activities decreased by 68.30%, from ¥24.82 billion in 2023 to ¥7.87 billion in 2024[25]. - Basic earnings per share dropped to ¥0.01, a decline of 98.65% compared to ¥0.74 in 2023[23]. - The weighted average return on equity fell to 0.30%, a decrease of 23.89 percentage points from 24.19% in 2023[24]. - The total assets decreased by 8.33% from ¥132.12 billion in 2023 to ¥121.11 billion in 2024[22]. - The company reported a significant decline in sales revenue due to intensified competition and falling prices in the photovoltaic market[25]. - The company experienced a net loss in the fourth quarter, with a net profit of -¥1.12 billion attributable to shareholders[27]. - The company's revenue for 2024 was 92.471 billion RMB, a decrease of 22.08% year-on-year, while net profit attributable to shareholders was 99 million RMB, down 98.67%[36]. Market Position and Strategy - Jinko Solar reported a revenue of RMB 10.5 billion for the last quarter, representing a year-over-year increase of 25%[21]. - The company shipped 5.2 GW of solar modules in the last quarter, a 30% increase compared to the same period last year[21]. - Jinko Solar expects to achieve a revenue target of RMB 45 billion for the full year 2024, indicating a growth of 20% from 2023[21]. - The company is exploring potential acquisitions in the European market to enhance its market presence and distribution channels[21]. - The company has established partnerships with three major utility companies to expand its project pipeline in North America[21]. - The company is focusing on developing customized solutions for zero-carbon parks and integrated solar-storage systems to enhance its market presence[41]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and diversify its offerings[174]. - The company plans to expand its market presence and is focusing on new product development to drive future growth[174]. Research and Development - Jinko Solar is investing RMB 1 billion in R&D for new solar technologies, aiming to improve conversion efficiency by 2% over the next two years[21]. - The total R&D expenditure for the year was approximately ¥4.41 billion, a decrease of 36.12% compared to the previous year's ¥6.90 billion[70]. - The company filed 796 new invention patents and obtained 387 patents during the reporting period, bringing the total number of valid patents to 3,010[68]. - The company is focusing on the commercialization of perovskite solar cells, achieving an efficiency of 21.68% and a record efficiency of 34.22% for tandem cells[73]. - The company has established a research laboratory dedicated to the development of next-generation high-efficiency battery components, ensuring a strong technological reserve[73]. - The company is committed to continuous optimization of its solar cell technology, with a focus on achieving industry-leading performance metrics[73]. - The company is actively participating in various international academic conferences, including the SNEC and IEEE PVSC, to stay updated on photovoltaic technology developments[67]. Governance and Risk Management - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[7]. - JinkoSolar's financial report received a standard unqualified audit opinion from Tianjian Accounting Firm[4]. - The company has no special arrangements for corporate governance that would affect the annual report's accuracy and completeness[8]. - The company has implemented a comprehensive risk management strategy to address global policy risks and market uncertainties[79]. - The company has established an industry-leading integrated production capacity of approximately 100GW by the end of 2024, focusing on N-type TOPCon battery technology for efficiency and cost reduction[43]. - The company has maintained a transparent information disclosure system, with no incidents of information leakage or insider trading reported[168]. Operational Efficiency - The company is enhancing its financial risk management and operational efficiency to navigate the cyclical fluctuations in the photovoltaic industry[40]. - The company has implemented a dual sales model, utilizing direct sales for large projects and distribution for smaller commercial and residential markets, optimizing service processes and quality management[51]. - The company is focusing on the development of dual-sided modules, which enhance energy generation and reduce internal losses, thereby improving overall competitiveness[74]. - The company has adjusted its R&D project investments based on strategic planning and technological needs, leading to changes in ongoing project funding[75]. Sustainability and Environmental Impact - The company has established nine "zero-carbon factories" certified by TÜV Rheinland, promoting a significant reduction in the carbon footprint of photovoltaic components[81]. - The company is committed to sustainability initiatives, aligning with global trends and consumer preferences[174]. - The company aims to enhance the ecological impact of photovoltaic systems through integrated design and lifecycle assessment technologies[74]. Future Outlook - Future guidance indicates a positive outlook with expected revenue growth driven by increased user adoption and market expansion strategies[174]. - The company plans to issue global depositary receipts and list them on the Frankfurt Stock Exchange, indicating a strategy for market expansion[170]. - The company aims for an annual shipment target of 85-100GW in 2025, reinforcing its market leadership position[164]. - The global photovoltaic market is expected to see a 17% year-on-year growth in new installations, reaching approximately 698GW in 2025[154].