Core Viewpoint - JinkoSolar's performance has been significantly impacted by intensified market competition, resulting in a substantial decline in revenue and a shift from profit to loss in the first half of 2025 [1][6][12]. Financial Performance - In the first half of 2025, JinkoSolar reported revenue of 31.83 billion yuan, a year-on-year decrease of 32.63% [6][14]. - The company incurred a net loss of 2.91 billion yuan, compared to a net profit of 1.2 billion yuan in the same period last year, marking a significant shift from profit to loss [6][14]. - The basic earnings per share were -0.29 yuan, a decline of 341.67% compared to the previous year [8][14]. - Total assets at the end of the reporting period were 119.1 billion yuan, with a net asset value of 29.4 billion yuan, reflecting a decrease of 8.99% year-on-year [8][14]. Market Position and Competitors - JinkoSolar's stock price has been on a downward trend since October last year, with a cumulative decline of over 22% year-to-date, making it the worst performer among the top five companies in the photovoltaic equipment sector [2][4][5]. - In comparison, other major players like Tongwei Co., LONGi Green Energy, and Daqo New Energy have shown positive performance, with year-to-date increases of 30.72%, 5.35%, and 21.09% respectively [5]. Industry Context - The photovoltaic industry is experiencing a significant downturn, with many companies reporting declining revenues and increasing losses. Out of 30 listed photovoltaic companies that have released their half-year reports, 20 reported a year-on-year revenue decline, and 15 reported net losses [12][13]. - The overall market is facing severe supply-demand imbalances and significant price drops, with average prices for mainstream models decreasing by 66.4% to 89.6% since 2020 [15][16]. Future Outlook - JinkoSolar is focusing on technological advancements and operational efficiency to navigate the current challenges in the industry. The company aims to enhance product quality and reduce costs through lean operations [10][19]. - There are signs of potential recovery in the industry, driven by government policies aimed at regulating competition and improving product quality, which may lead to better performance in the second half of the year [19][21].
由盈转亏!光伏龙头半年亏损29亿,“反内卷”大考在三季度?