晶科科技：上半年净利同比增长近四成

Core Insights - JinkoSolar (601778) reported a revenue of 2.124 billion yuan for the first half of 2025, marking a year-on-year increase of 10.47% and a net profit attributable to the parent company of 123 million yuan, up 39.76% [1][2] Revenue and Profit Growth - The revenue growth is primarily attributed to the increase in the scale of household photovoltaic power station development [1] - The rise in net profit is due to the increased transaction scale of power station products, leading to higher earnings compared to the same period last year [1] Operational Highlights - As of the end of the reporting period, the company owned approximately 5,953 MW of power stations and 657 MWh of independent energy storage stations [1] - The company completed power generation of approximately 3.591 billion kWh in the first half of 2025 [1] - The company added approximately 233 MW of new installed capacity during the reporting period while actively controlling the investment pace of self-invested projects [1] Market Expansion and Partnerships - The company secured development indicators of 1,465 MW in the first half of 2025, including 330 MW of wind power [1] - In the commercial distributed sector, the company achieved an additional installed capacity of 124 MW, with partners including Alibaba Cloud, JD.com, SF Express, Ford, and Supor [1] Asset Management and Efficiency - The company demonstrated significant results in light asset operations, achieving a turnover rate of over 60% by selling 652 MW of household photovoltaic business compared to an initial inventory of 1,077 MW [2] - The company is focused on creating high-quality power station assets while expanding its comprehensive energy services [2] Energy Storage and Sales - The energy storage business saw substantial growth, with the addition of 360 MWh of grid-side independent energy storage in Gansu Province by June 30, 2025 [2] - The company developed a total of 3.9 GWh of new energy storage projects during the reporting period [2] - The electricity sales business remained profitable, signing 686 new customers across nine provinces, with a signed electricity volume of 1.6 billion kWh and a trading volume of 7.5 billion kWh [2]