江西“首富”李仙德，财富缩水超235亿

Core Viewpoint - The photovoltaic industry is experiencing significant differentiation, with JinkoSolar's performance in Q1 2025 being particularly alarming as it reported a substantial increase in losses compared to its peers [3][9]. Financial Performance - JinkoSolar reported Q1 2025 revenue of 13.84 billion, a year-on-year decline of 40.03% and a quarter-on-quarter decline of 33.13% [4]. - The net profit for the same period was -1.39 billion, representing a year-on-year decrease of 218.2% and a quarter-on-quarter decrease of 24.52% [4]. - In contrast, Longi Green Energy reported revenue of 13.65 billion with a year-on-year decline of 22.75% and a net profit loss of -1.44 billion, but with a net profit growth rate of 38.89% [3][4]. Market Position and Challenges - JinkoSolar's stock price has plummeted over 70% since its peak in 2022, with a market value loss exceeding 138 billion [5]. - The company has faced challenges due to the oversupply of TOPCon technology, which has led to increased competition and reduced profit margins [9][10]. - JinkoSolar's gross margin for photovoltaic modules dropped to 7.79% in 2024, nearly halving from 14.43% in the previous year [10]. Future Outlook - The company is at risk of further losses as the oversupply of TOPCon technology continues, and it has begun to experience significant financial strain [12][15]. - JinkoSolar's debt levels are concerning, with a debt ratio of 72.72% and total liabilities of 865.6 billion as of Q1 2025 [15]. - The company is exploring transitions to new technologies like TBC or perovskite tandem cells, but faces challenges in terms of time and market readiness [13][14].