Jinko Solar(SH:688223) Chang Jiang Shang Bao·2025-09-15 06:14Core Viewpoint - JinkoSolar's major shareholders plan to reduce their holdings through a block trade, indicating potential financial pressures within the company [1][5][7]. Group 1: Shareholder Actions - JinkoSolar's major shareholder, JinkoSolar Investment Co., along with its concerted parties, intends to transfer approximately 400 million shares, representing 4% of the company's total equity [1][3]. - This is the first time since the company's IPO that the major shareholders have planned a reduction in their holdings [5][6]. - The transfer is being organized by CITIC Securities, and the estimated total value of the transaction could reach 2 billion yuan based on the closing price of 5.69 yuan per share on September 12 [1][4]. Group 2: Financial Performance - JinkoSolar reported a significant decline in revenue and a rare loss in the first half of 2025, with revenue of approximately 31.8 billion yuan, down 32.63% year-on-year, and a net loss of about 2.9 billion yuan [2][12]. - The company's asset-liability ratio stood at approximately 74% as of June 30, 2025, indicating high financial leverage [2][12]. - The company's three main business segments—silicon wafers, solar cells, and solar modules—experienced negative gross margins in the first half of 2025, with the gross margin for solar modules turning negative for the first time [14]. Group 3: Market Conditions - The solar photovoltaic market is facing intensified competition and declining product prices, leading to structural imbalances in supply and demand [2][11]. - JinkoSolar's stock price has seen a significant decline, with a drop of about 68% over the past three years, resulting in a market capitalization reduction from over 190 billion yuan to approximately 56.93 billion yuan [9][10]. - The company is taking steps to optimize its asset structure, including plans to sell 80% of its stake in Jinko New Materials for 80 million yuan [15]. Group 4: Future Outlook - Despite current challenges, there is optimism that JinkoSolar's performance may improve as the photovoltaic industry recovers [16].