晶澳科技有息负债、应付款均超380亿 关税上调越南工厂盈利承压、美国工厂被悄然变卖

Core Viewpoint - JinkoSolar Technology has submitted its application for H-share listing on the Hong Kong Stock Exchange, aiming to raise funds for expanding overseas production capacity and supporting R&D projects, amidst rising debt levels and operational challenges [1][5]. Group 1: Financial Performance and Debt Situation - As of the first quarter of this year, JinkoSolar's interest-bearing debt and payables exceeded 38 billion, with a debt ratio that has rapidly climbed to the highest in the industry [2][5]. - Since its reverse listing in 2019, JinkoSolar has raised a total of 26.7 billion through various financing rounds, yet its debt continues to rise, indicating a pressing need for new financing channels [3][5]. - The company reported a net loss of 4.7 billion in 2024, with significant contributions from its Vietnam factory, which generated a net profit of 2.2 billion [1][8]. Group 2: International Expansion and Challenges - JinkoSolar's internationalization strategy includes a planned investment of 3.957 billion to build a solar cell and module production facility in Oman, expected to commence production in early 2026 [8]. - The company faces significant challenges due to increased tariffs on its Vietnam operations, which are expected to severely impact future performance [9][11]. - The sale of its U.S. factory for approximately 1.57 billion further complicates its overseas capacity expansion efforts, as it navigates through multiple operational hurdles [10][11].