晶科能源出售资产“回血”明年或现盈利拐点

Core Viewpoint - JinkoSolar, a leading company in the photovoltaic industry, is undergoing significant capital operations, including asset sales and share transfers, in response to the industry's downturn, with expectations of returning to profitability by 2026 [2][6]. Group 1: Asset Sales and Financial Moves - JinkoSolar announced the sale of 80% of its subsidiary Jinko New Materials to Dike Co., Ltd. for 80 million yuan, with the first payment of 16 million yuan completed [2][4]. - The company’s major shareholder plans to transfer approximately 400 million shares at an initial price of 4.90 yuan per share, potentially raising about 1.96 billion yuan [2][5]. - Jinko New Materials, established in 2020, has been operating at a loss, with total assets of 65.08 million yuan and a net profit of -11.35 million yuan for the first half of 2025 [3][4]. Group 2: Industry Context and Challenges - The photovoltaic industry is experiencing a "winter," characterized by intensified competition and declining prices, affecting even leading companies like JinkoSolar [2][6]. - JinkoSolar reported a significant decline in revenue, with a 32.63% year-on-year decrease to 31.83 billion yuan and a net loss of 2.91 billion yuan for the first half of 2025 [6]. - The company’s asset-liability ratio reached 74.07%, indicating a relatively high level of debt compared to peers [5]. Group 3: Future Strategies and Market Outlook - JinkoSolar aims to enhance its operational efficiency and reduce management costs through these asset sales, with a focus on utilizing funds effectively [4]. - The company is investing in technology upgrades, particularly in TOPCon technology and perovskite tandem cells, to maintain competitiveness [7]. - JinkoSolar's global strategy includes establishing production bases in Southeast Asia and the U.S., with over 60% of its sales revenue coming from overseas markets in the first half of 2025 [7][8]. Group 4: Energy Storage Development - JinkoSolar is developing its energy storage business, with a focus on overseas markets, having shipped 1.5 GWh of storage systems in the first half of 2025, surpassing the total for the previous year [8]. - Despite rapid growth in the energy storage sector, it is not yet a major contributor to the company's overall performance, with expectations of improved profit margins in the future [8].