Jinko Solar(SH:688223)2025-10-30 10:45Financial Performance - The company's operating revenue for the third quarter was CNY 16,154,763,616.53, a decrease of 34.11% compared to the same period last year[5]. - The total profit for the quarter was a loss of CNY 1,290,920,103.26, with a year-to-date loss of CNY 5,506,731,309.65, reflecting a significant decline of 437.87%[5]. - The net profit attributable to shareholders was a loss of CNY 1,011,528,837.55 for the quarter, marking a decrease of 6,900.55% year-over-year[5]. - Total operating revenue for the first three quarters of 2025 was CNY 47.99 billion, a decrease from CNY 71.77 billion in the same period of 2024, representing a decline of approximately 33.1%[22]. - Net profit for the first three quarters of 2025 was a loss of CNY 3.94 billion, contrasting with a net profit of CNY 1.24 billion in 2024[23]. - The net profit attributable to the parent company was -3,920,337,446.24 RMB, compared to a profit of 1,214,955,566.32 RMB in the previous year[24]. - The total comprehensive income amounted to -3,959,800,010.42 RMB, down from 1,165,455,185.41 RMB year-over-year[24]. - The basic and diluted earnings per share were both -0.39 RMB, compared to 0.12 RMB in the same period last year[24]. Research and Development - Research and development expenses totaled CNY 674,316,848.92 for the quarter, down 23.49% from the previous year, while the R&D expenditure as a percentage of operating revenue increased to 4.17%[6]. - The company reported a significant increase in research and development expenses, totaling CNY 649.70 million in 2025 compared to CNY 642.12 million in 2024, showing a slight increase of about 1.2%[23]. Assets and Liabilities - The company's total assets at the end of the quarter were CNY 117,198,376,908.76, a decrease of 3.23% from the end of the previous year[6]. - The total assets decreased from CNY 121.11 billion in the previous year to CNY 117.20 billion in the current year, a decline of approximately 3.2%[19]. - Total liabilities increased slightly from CNY 87.19 billion to CNY 87.29 billion, reflecting a growth of about 0.1%[19]. - Non-current liabilities decreased from CNY 37.10 billion to CNY 36.10 billion, a reduction of approximately 2.7%[19]. Cash Flow - The cash flow from operating activities showed a year-to-date net outflow of CNY 1,341,418,982.62, an increase of 267.83% compared to the previous year[6]. - Cash inflows from operating activities were 47,228,087,274.60 RMB, a decrease from 75,236,735,990.62 RMB year-over-year[27]. - The net cash flow from operating activities was -1,341,418,982.62 RMB, compared to -364,680,394.61 RMB in the previous year[27]. - The net cash flow from investing activities was -1,771,672,685.08 RMB, improving from -4,487,478,177.04 RMB year-over-year[28]. - The net cash flow from financing activities was 1,450,878,107.19 RMB, down from 7,187,639,985.34 RMB in the previous year[28]. - The ending cash and cash equivalents balance was 22,178,961,323.28 RMB, compared to 19,488,781,956.00 RMB at the end of the previous year[28]. - The company reported a significant decrease in cash received from sales, totaling 42,664,428,895.63 RMB, compared to 67,612,108,713.73 RMB in the prior year[27]. Market Conditions - The company reported a significant decline in net profit due to intensified competition in the photovoltaic market and continuous price drops in photovoltaic products[11]. - The forecasted shipment and capacity data are subject to uncertainties based on market conditions, customer demand, and international trade environments[16]. Strategic Focus - The company plans to focus on efficient capacity upgrades and control operating rates in response to industry supply-side reforms[16]. - The company is committed to maintaining its industry-leading position and contributing to high-quality development in the solar industry[16]. - The company is focusing on cost control measures to improve profitability in the upcoming quarters, as indicated by the reduction in operating costs despite the decline in revenue[23]. Shareholder Information - The company has a strong shareholder base, with JinkoSolar Investment Co., Ltd. holding approximately 5.56 billion shares, representing a significant portion of the total shares outstanding[15]. Inventory and Receivables - Accounts receivable increased to approximately RMB 14.39 billion from RMB 13.52 billion in the previous year, indicating a growth in sales[17]. - Inventory levels rose to approximately RMB 14.94 billion, up from RMB 12.51 billion at the end of 2024, reflecting increased production capacity[17]. Other Information - The company will not apply new accounting standards starting from 2025[29].