Jinko Solar(SH:688223) Xin Lang Cai Jing·2025-08-27 11:59Core Viewpoint - JinkoSolar reported a significant decline in revenue and profit for the first half of 2025, indicating financial challenges in the solar energy sector [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 31.831 billion yuan, a year-on-year decrease of 32.63% [1]. - The net profit attributable to shareholders was -2.909 billion yuan, a year-on-year decline of 342.38% [1]. - The non-recurring net profit attributable to shareholders was -3.175 billion yuan, down 1560.33% year-on-year [1]. - Basic earnings per share were -0.29 yuan [2]. Profitability Metrics - The gross margin for the first half of 2025 was -2.01%, a decrease of 10.57 percentage points year-on-year [2]. - The net margin was -9.32%, down 11.86 percentage points compared to the same period last year [2]. - In Q2 2025, the gross margin was -1.02%, a year-on-year decline of 8.62 percentage points, but an increase of 2.27 percentage points from the previous quarter [2]. - The net margin for Q2 2025 was -8.40%, down 8.50 percentage points year-on-year, but up 2.10 percentage points from the previous quarter [2]. Expense Analysis - Total operating expenses for the first half of 2025 were 2.768 billion yuan, a decrease of 1.47 billion yuan year-on-year [2]. - The expense ratio was 8.69%, an increase of 2.53 percentage points compared to the same period last year [2]. - Sales expenses increased by 12.40% year-on-year, while management expenses decreased by 23.59%, R&D expenses decreased by 7.34%, and financial expenses increased by 90.42% [2]. Company Overview - JinkoSolar, established on December 13, 2006, is located in Shanghai and was listed on January 26, 2022 [3]. - The company specializes in the research, production, and sales of solar photovoltaic modules, cells, and wafers, providing high-quality solar products globally [3]. - The revenue composition includes photovoltaic modules (96.33%), other (2.62%), photovoltaic cells (0.89%), and wafers (0.16%) [3]. - JinkoSolar is classified under the power equipment industry, specifically in photovoltaic equipment and components [3].