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财报解读|一季度净亏损13.9亿元,晶科能源更新沙特项目进展

Core Viewpoint - JinkoSolar reported a significant decline in revenue and net loss for Q1 2025, primarily due to falling prices of photovoltaic modules and changes in the macroeconomic environment [1][3]. Financial Performance - In Q1 2025, JinkoSolar achieved revenue of 13.843 billion yuan, a year-on-year decrease of 40.03%, and a net loss of 1.39 billion yuan [1][3]. - For the entire year of 2024, the company reported revenue of 92.471 billion yuan, down 22.08%, and a net profit of 99 million yuan, a decrease of 98.67% [5]. - The total shipment volume for Q1 2025 was 19,130 MW, with module shipments at 17,504 MW, reflecting a 12.68% decrease compared to the same period last year [3]. Market Dynamics - The decline in performance is attributed to the overall low prices in the photovoltaic industry chain and disruptions in demand due to changes in overseas trade policies [3]. - JinkoSolar's integrated production capacity reached approximately 100 GW by the end of 2024, covering various stages of the photovoltaic supply chain [3]. Future Strategies - The company plans to respond to market demand and policy changes by optimizing market strategies and supply chain management, while enhancing technology and product competitiveness [3]. - JinkoSolar anticipates module shipments of 20 GW to 25 GW for Q2 2025 [3]. Project Developments - The company is progressing with a $1 billion investment project in Saudi Arabia, aiming to establish 10 GW of efficient battery and module production capacity, expected to commence production in the second half of 2026 [5][6]. - JinkoSolar's U.S. factory has completed upgrades and is operating at a capacity of 2 GW [6]. Industry Trends - The company emphasizes the growing importance of energy storage in the renewable energy sector, highlighting the trend of integrated solar and storage solutions [6]. - In 2024, JinkoSolar plans to enhance its product solutions for various storage applications, achieving a significant increase in storage system shipments, surpassing 1 GWh [6].