Jinko Solar(SH:688223) Jin Rong Jie·2025-12-30 09:56Core Viewpoint - JinkoSolar has achieved a record battery efficiency of 27.79%, solidifying its position in the TOPCon technology mainstream and paving the way for future advancements in solar energy applications, particularly in space [1][2]. Group 1: Battery Efficiency and Technology Innovations - The company has integrated multiple core technological innovations, including new passivated contact technology and ultra-low optical parasitic absorption technology, to reach a new high in battery efficiency [2]. - The conversion efficiency of the perovskite tandem battery has reached 34.76%, establishing a strong foundation for space energy applications [4]. Group 2: Commodity Price Impact and Cost Reduction Strategies - The recent rise in silver and other commodity prices has prompted the company to accelerate the development of silver-coated copper technology, which is expected to provide a significant cost advantage in the industry [3]. - The company is implementing hedging strategies to mitigate the impact of raw material price fluctuations while pushing for the adoption of cheaper metal solutions [3]. Group 3: Market Demand and Pricing Dynamics - Domestic demand remains resilient, with approximately 60-70GW of large-scale projects not subject to mechanism pricing, supported by policies for green electricity direct connection [8]. - The company has adjusted its component pricing to account for raw material price increases, with short-term price stabilization expected and a long-term outlook for improved supply-demand dynamics and profitability recovery [5]. Group 4: High-Power Product Performance - The company has begun delivering high-power products (640W and above), achieving a premium of 1-2 cents per watt compared to non-upgraded products [6]. - With the anticipated release of high-power production capacity in the first half of next year, the company expects that high-power product shipments will account for no less than 60% of total shipments by 2026 [7].