出售资产、大股东转让股份 晶科能源能否穿越“寒冬”？

Core Viewpoint - JinkoSolar, a leading company in the photovoltaic industry, is undergoing significant asset sales and share transfers amid a challenging market environment, aiming to improve operational efficiency and secure funding for future growth [1][3]. Group 1: Asset Sales and Share Transfers - JinkoSolar announced the sale of 80% of its subsidiary Jinko New Materials to Dike Co., with a transaction price of 80 million yuan, reflecting a premium of 299.08% [2][3]. - The company’s major shareholder plans to transfer approximately 400 million shares at an initial price of 4.90 yuan per share, potentially raising around 1.96 billion yuan [1][4]. - The first payment of 16 million yuan for the sale of Jinko New Materials has been received [2]. Group 2: Financial Performance - In the first half of 2025, JinkoSolar reported a net loss of approximately 2.91 billion yuan, a significant decline of 342.38% year-on-year, with total revenue dropping by 32.63% to 31.83 billion yuan [5]. - The company’s asset-liability ratio reached 74.07%, indicating a relatively high level of debt compared to peers [4]. Group 3: Industry Context - The photovoltaic industry is experiencing a downturn, with increased competition and declining prices across the supply chain, prompting companies to adopt measures such as asset sales and cost-cutting [3][5]. - JinkoSolar aims to achieve profitability by 2026, focusing on technological upgrades and market expansion, particularly in overseas markets [5][6]. Group 4: Strategic Initiatives - JinkoSolar is investing in next-generation technologies and expanding its global footprint, with significant sales revenue from international markets, accounting for over 60% of total sales in the first half of 2025 [6]. - The company is also developing its energy storage business, with a target of 6 GWh in shipments for the year, although it is not yet a major contributor to overall performance [8]. Group 5: Market Challenges - Trade protection policies, particularly from the U.S., are impacting JinkoSolar's international operations, but the company is adapting its supply chain to mitigate these effects [7].