Jinko Solar(SH:688223) Zhong Guo Jing Ying Bao·2025-12-01 09:27Core Viewpoint - JinkoSolar has received a prepayment of 200 million yuan for fire insurance, which is expected to positively impact its financial performance in 2025, despite ongoing challenges in profitability due to market conditions in the photovoltaic industry [1][3]. Group 1: Financial Impact - JinkoSolar's subsidiary, Shanxi Jinko Energy No. 2 Manufacturing Co., has received a total of 220 million yuan in prepayments related to a fire incident that occurred in April 2024, which damaged some equipment and assets [1]. - The insurance compensation is expected to improve cash flow and financial performance, with the final impact to be determined by audit results [1]. - The company reported a net loss of approximately 3.9 billion yuan in the first three quarters of 2025, highlighting the financial pressures faced in the photovoltaic sector [1]. Group 2: Product Development and Market Strategy - JinkoSolar has officially launched the mass production of its Tiger Neo 3.0 solar module, achieving an efficiency of over 24.8% and a power output of up to 670W, with a bifacial rate of up to 90% [2]. - The company has secured contracts totaling 15GW during a recent global signing event, aligning with its strategy to optimize production capacity and enhance product competitiveness [2]. - JinkoSolar aims to focus on high-efficiency, high-power products, with a market shift expected towards products exceeding 650W, which are anticipated to have a stronger competitive edge [2]. Group 3: Energy Storage Business - JinkoSolar views its energy storage business as a crucial growth avenue, currently having a production capacity of 17GWh for storage systems and 5GWh for battery cells, with plans to exceed 30GWh by the end of 2026 [2][3]. - The company has set a target to double its energy storage system shipments to 6GWh in 2025, with over 80% expected to come from overseas markets, particularly in high-margin regions like Europe and North America [2][3]. - Despite not yet achieving profitability in its energy storage segment, JinkoSolar anticipates significant improvements in profitability as overseas orders are fulfilled and revenue is recognized in the fourth quarter and next year [3].