Jinko Solar(SH:688223) Zheng Quan Zhi Xing·2025-07-31 11:41Core Viewpoint - The recent announcement by JinkoSolar regarding its roadshow and the emphasis on addressing "involution" in the solar industry highlights the company's commitment to high-quality development and innovation in the face of competitive pressures [1][2]. Industry Insights - The central government has prioritized resolving "involution" in the solar industry, indicating a focus on controlling new capacity and guiding prices back to rational levels [2]. - The China Photovoltaic Industry Association has revised its global solar installation forecast for 2025 from 531-583 GW to 570-630 GW, with China's forecast adjusted from 215-255 GW to 270-300 GW, reflecting a positive outlook for market demand [5]. Company Developments - JinkoSolar has completed technical upgrades at its facilities, with 40-50% of its production capacity expected to exceed 640W by the end of this year, and most production anticipated to reach 650-670W next year [3]. - The company is leading the industry in advancing TOPCon technology, aiming for a production efficiency of over 28% within the next 2-3 years, maintaining a competitive edge over peers [4]. - The company reported a significant decline in its Q1 2025 financials, with total revenue at 13.843 billion yuan, a year-on-year decrease of 40.03%, and a net loss of 1.39 billion yuan, a decline of 218.2% [6]. Market Demand - The domestic market is expected to stabilize after a surge in demand earlier this year, primarily driven by centralized projects, while emerging markets like the Middle East and Asia-Pacific are experiencing rapid growth [5]. - The overall market demand in the second half of the year is anticipated to align with the cautious supply adjustments due to the "anti-involution" measures, leading to more stable component prices [5].