Jinko Power(SH:601778) Zheng Quan Shi Bao Wang·2025-09-05 03:51Core Viewpoint - JinkoSolar has reported significant growth in renewable energy subsidies and financial performance, indicating a positive outlook for its cash flow and operational efficiency in the photovoltaic sector [1][2][3] Financial Performance - The company received a total of 646 million yuan in renewable energy subsidies, with 633 million yuan from national sources, contributing to a total of 891 million yuan in subsidies from January to August 2025, a 248% increase year-on-year [1] - For the first half of 2025, JinkoSolar achieved revenue of 2.124 billion yuan, a year-on-year increase of 10.47%, and a net profit attributable to shareholders of 123 million yuan, up 39.76% from the previous year [1][2] Business Operations - JinkoSolar has established a comprehensive "development-construction-generation-trading" integrated operation system in the renewable energy sector, covering various types of photovoltaic power plants [2] - The company signed contracts with 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 during the reporting period [2] Cash Flow and Asset Management - The net cash flow from operating activities for the first half of 2025 was 1.990 billion yuan, a significant recovery from -726 million yuan in the same period last year [2] - JinkoSolar completed the transfer and sale of approximately 729 MW of power plants, including 77 MW of commercial distributed assets and 652 MW of household photovoltaic systems [2] Strategic Development - The company is actively managing its investment pace in self-invested projects and expanding regional markets while reserving more renewable energy indicators and signed projects for future growth [3] - As of June 2025, JinkoSolar's self-owned installed capacity reached 5,953 MW, with an independent energy storage capacity of approximately 657 MWh [3] Emerging Business Areas - JinkoSolar is focusing on energy storage as a core strategic area for 2025, with multiple deployments across the country covering various application scenarios [3] - The company has also initiated virtual power plant operations in five provinces, exploring diverse business models such as grid auxiliary services and market trading optimization [3] International Expansion - JinkoSolar has successfully developed its overseas power generation business, with an operational scale of 444 MW as of June 30, 2025, and has added 900 MW of new photovoltaic and energy storage projects during the reporting period [4]