Jinko Solar(SH:688223) Xin Lang Cai Jing·2025-09-02 10:08Core Insights - JinkoSolar reported a significant decline in revenue and a shift to net losses in the first half of 2025, reflecting broader challenges in the photovoltaic industry [1][2] Financial Performance - JinkoSolar's revenue for the first half of 2025 was 31.831 billion yuan, a year-on-year decrease of 32.63% [1] - The company recorded a net loss attributable to shareholders of 2.909 billion yuan, a stark contrast to a net profit of 1.2 billion yuan in the same period last year [1] - The gross margin fell to -2%, a decline of 10.6 percentage points year-on-year, while the net profit margin was -9.1%, down 11.7 percentage points [1] - In Q2 2025, revenue was 17.99 billion yuan, a year-on-year decrease of 25.6% but a quarter-on-quarter increase of 29.9% [1] - The net loss for Q2 was 1.52 billion yuan, a staggering year-on-year drop of 6336.8% [1] Industry Context - The photovoltaic industry is experiencing intensified competition and declining product prices, leading to widespread losses among major players [1] - Other significant companies in the sector, such as Longi Green Energy, Trina Solar, JA Solar, and Tongwei, also reported substantial losses in the first half of 2025 [1] Cash Flow and Operational Efficiency - As of June 2025, JinkoSolar's debt-to-asset ratio was 74.07%, an increase of 2.08 percentage points from the end of 2024, with interest-bearing debt rising by 5.92 percentage points [2] - The operating cash flow for the first half of 2025 was -3.81 billion yuan, with a net outflow that doubled year-on-year [2] - Inventory levels increased to 12.89 billion yuan, further straining cash flow and operational efficiency [2] - Accounts receivable turnover days increased to 79.52 days by the end of Q2 2025, indicating declining operational efficiency [2] Market Position - Despite challenges, JinkoSolar maintained its position as the world's largest module supplier with cumulative shipments of approximately 350 GW as of Q2 2025 [3] - The company is facing pressure to adopt a "price for volume" strategy to maintain its market share [3] Comparative Performance - Some companies in the photovoltaic sector, such as Sungrow Power, Zhengtai Electric, and Hengdian East Magnetic, reported growth in net profits, attributed to diversified business strategies or technological advantages [2]