Jinko Solar(SH:688223) Changjiang Securities·2025-09-04 15:31Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first half of 2025, the company achieved a revenue of 31.831 billion yuan, a year-on-year decrease of 32.63%, with a net loss attributable to shareholders of 2.909 billion yuan. In Q2 2025, revenue was 17.988 billion yuan, down 25.57% year-on-year but up 29.95% quarter-on-quarter, with a net loss of 1.519 billion yuan [2][5] - The company maintained its position as the global leader in module shipments, with 41.84 GW shipped in the first half of 2025, and over 60% of shipments were overseas. Q2 2025 saw a shipment of 24.3 GW due to seasonal demand [10] - The company has a strong cash position with 29.8 billion yuan in cash and cash equivalents, and has reduced its expense ratios due to increased shipment scale [10] Financial Performance - The gross margin for Q2 2025 was -1.02%, an improvement of 2.27 percentage points quarter-on-quarter. The non-recurring net profit loss was reduced by 55.7 million yuan quarter-on-quarter [10] - The company plans to ship 20-23 GW in Q3 2025, focusing on price and profit recovery, and aims to achieve a 6 GWh shipment target for energy storage throughout the year [10] - The company is expected to upgrade 40%-50% of its existing capacity to mainstream module power levels above 640W by the end of 2025, which is anticipated to generate a premium of 0.5-1 cent per watt compared to traditional products [10]