JinkoSolar(JKS) Prnewswire·2025-02-27 12:32Core 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]