Jinko Solar(SH:688223) Zheng Quan Zhi Xing·2025-06-23 12:01Overview of Overseas Business - The company has concentrated its overseas business in regions such as the United States, Europe, Japan, South Korea, and Southeast Asia, with products sold to nearly 200 countries and regions globally. In 2024, overseas component shipments accounted for approximately 57.8% of total shipments, while overseas sales represented 68.6% of total revenue [2][3]. Sales Performance by Region - Sales revenue for different regions in 2024 was as follows: Europe: 13.702 billion yuan, Americas: 22.432 billion yuan, Asia-Pacific: 13.654 billion yuan, and other regions: 11.360 billion yuan. The gross profit margins for these regions were 7.35%, 26.21%, 0.23%, and 24.60%, respectively, showing significant variations compared to the previous year [2][3]. Customer Analysis - The company is required to disclose detailed information about its top five customers in each region, including customer names, main businesses, countries, cooperation duration, and sales specifics. This includes whether they are new major customers and any relationships with the company or its controlling shareholders [2][3]. Gross Margin Variations - The gross margin for the company’s products showed significant changes across regions. The gross margin in Europe and Asia-Pacific decreased, while it increased in the Americas and other regions. This was attributed to variations in sales prices and unit costs, with the Americas maintaining higher sales prices due to existing contracts and local demand [5][6]. Cost Structure and Material Prices - The overall cost structure of the company showed a downward trend in 2024, primarily due to a significant drop in the prices of key raw materials such as silicon, photovoltaic glass, and encapsulation films. The direct material costs accounted for a substantial portion of total costs, with direct materials making up 65.65% of the total cost structure [6][7]. Market Demand and Trade Policies - The company anticipates a slight increase in global installation demand in 2025, with emerging markets continuing to grow. However, demand in Europe is expected to weaken, while the Americas and Asia-Pacific markets show positive trends. Trade policies, particularly in North America and India, have a significant impact on market access and costs [6][7]. Competitive Positioning - The company has maintained a leading position in the photovoltaic industry by continuously improving its product efficiency and technology, particularly with its N-type TOPCon technology. The average efficiency of mass-produced batteries and the introduction of innovative photovoltaic modules have further solidified its competitive edge [7].