Jinko Solar(SH:688223) Chang Jiang Shang Bao·2026-01-20 00:01Core Viewpoint - JinkoSolar, a leading photovoltaic module company, is raising up to 3 billion yuan through a capital increase to improve its financial situation and attract strategic investors [1][4][10] Group 1: Capital Increase and Strategic Investors - JinkoSolar's subsidiary, JinkoSolar (Haining) Co., Ltd., plans to introduce strategic investors, including Xingyin Financial Asset Investment Co., Ltd. and China Orient Asset Management Co., Ltd., with a total cash increase not exceeding 3 billion yuan [1][4] - After the capital increase, JinkoSolar will still hold at least 68.94% of Haining Jinko [2][5] - The funds raised will primarily be used to repay financial institution debts, significantly improving Haining Jinko's financial condition [3][4] Group 2: Financial Performance and Challenges - JinkoSolar's financial situation is under pressure, with a projected net loss for the entire year of 2025, marking the first annual loss in nearly a decade [3][9] - As of September 2025, the company's debt-to-asset ratio reached 74.48%, with financial expenses of approximately 626 million yuan for the first three quarters [3][9] - In the first three quarters of 2025, JinkoSolar reported a net loss of 3.92 billion yuan, a significant decline compared to previous years [8][9] Group 3: Business Operations and Market Position - JinkoSolar remains a global leader in photovoltaic product shipments, with a total shipment of 67.15 GW in the first three quarters of 2025 [7] - The company has invested heavily in R&D, with expenditures of 5.615 billion yuan in 2022, 6.899 billion yuan in 2023, and 4.407 billion yuan in 2024 [7] - The company is focusing on integrated photovoltaic product development and clean energy solutions, with a strong emphasis on overseas markets, which account for about 80% of its orders [8]