APRIL 29, 2025 Disclaimer This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the "Company") in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The information herein has been prepared by the Company solely for use in this presentation. The information contained i ...

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was $1.91 billion, down 33% sequentially and down 40% year over year [21] - Net loss was approximately $100 million for the first quarter [7] - Gross margin decreased both sequentially and year over year, primarily due to a decrease in the average selling price (ASP) of solar modules [21] - Total operating expenses were $350 million, down 8% sequentially and down 18% year over year [22] - The asset liability ratio was approximately 74%, down from nearly 75% at the end of the first quarter last year [20] Business Line Data and Key Metrics Changes - Total shipments reached 19.1 gigawatts, with module shipments accounting for approximately 90% [13] - Shipments to overseas markets accounted for around 70%, with significant growth in the Indo Pacific and North Asia markets [14] - Shipments to the Indo Pacific market grew by nearly 10% year over year and 150% sequentially [14] - Shipments of energy storage systems (ESS) exceeded 300 megawatt hours, with expectations of around 6 gigawatt hours for the full year 2025 [11] Market Data and Key Metrics Changes - New installations in China in the first quarter amounted to 59.7 gigawatts, an increase of 31% year over year [7] - The global module demand is expected to remain about 700 gigawatts in 2025, with strong growth anticipated in Asia Pacific, Europe, and the Middle East [18] - The U.S. market is expected to see a wave of early purchases of cells and modules due to a shortage in local production capacity and the impact of reciprocal tariffs [18] Company Strategy and Development Direction - The company aims to maintain a leading position in the industry by optimizing market strategies and supply chain management while improving technology and product competitiveness [12] - The focus is on high-efficiency cell capacity and high-power products, with expectations of a competitive advantage in the market [10] - The company plans to explore innovative business models that integrate solar and storage solutions to provide high-efficiency and smart green energy solutions [12] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market environment is challenging due to low prices across the solar supply chain and disruptions from international trade policies [7] - There is optimism about long-term demand in the U.S. market despite current uncertainties [18] - Management expects gross margins to improve slightly in the second quarter due to an upward trend in module prices driven by demand from China and other regions [34] Other Important Information - The company expects annual production capacity for mono wafers, solar cells, and solar modules to reach 120, 95, and 130 gigawatts, respectively, by the end of 2025 [12] - Confirmed orders for energy storage systems accounted for 50% to 60%, with another 20% to 30% showing strong potential for signing [11] Q&A Session Summary Question: Can you provide details on ESS shipments and sourcing of battery cells? - ESS shipments are mainly targeted at the Asia Pacific, Europe, and emerging markets, with challenges in extending the ESS business in the U.S. due to trade barriers [27] Question: What are the expectations for margins in Q2 and Q3? - Short-term expectations are for gross margins to improve slightly in Q2, with potential stabilization in the second half of the year [34] Question: What are the plans for U.S. cell manufacturing given the tariffs? - Local production in the U.S. is seen as a long-term trend, but current uncertainties make short-term plans difficult [38] Question: What is the expected gross margin for ESS? - The target gross margin for ESS is expected to be in the range of 5% to 10% [45] Question: What is the U.S. shipment target for this year? - The U.S. shipment target is approximately 5% to 10% of total shipments, with a low case of around 5% [50] Question: How does the company plan to manage shareholder returns? - The company plans to buy back shares and defer dividends, with an initial plan of at least $100 million for dividends and repurchases [56]

Financial Data and Key Metrics Changes - Model shipments reached 17.5 gigawatts with revenues of $1.91 billion for Q1 2025, reflecting a year-over-year decline in shipments and profitability [4][5] - Net loss was approximately $100 million for the first quarter, with total revenue down 33% sequentially and 40% year-over-year [5][19] - Gross margin decreased both sequentially and year-over-year, primarily due to a decrease in average selling price (ASP) of solar modules [19][20] Business Line Data and Key Metrics Changes - Total shipments for Q1 were 19.1 gigawatts, with module shipments accounting for approximately 90% [12] - Shipments to the Indo Pacific market grew by nearly 10% year-over-year and 150% sequentially, while shipments to North Asia increased by nearly 20% year-over-year [13] - U.S. shipments accounted for approximately 5% of total shipments, in line with guidance [13] Market Data and Key Metrics Changes - New installations in China for Q1 amounted to 59.7 gigawatts, an increase of 31% year-over-year [5] - The global module demand is expected to remain about 700 gigawatts in 2025, with strong growth anticipated in Asia Pacific, Europe, and the Middle East [16] - China is expected to grow by 10% to 15% this year, while the U.S. market is projected to reach around 50 to 55 gigawatts [60][64] Company Strategy and Development Direction - The company aims to maintain a leading position in the industry by optimizing market strategies and supply chain management while improving technology and product competitiveness [11] - The focus is on high-efficiency cell capacity and high-power products, which are expected to provide a competitive advantage [9] - The company plans to expand its energy storage business globally while continuing to explore technological innovations [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market environment is challenging due to low prices across the solar supply chain and disruptions from international trade policies [5][7] - There is optimism about long-term demand in the U.S. market despite current uncertainties, with a commitment to local production and joint ventures [27][36] - The company expects gross margins to improve slightly in Q2 due to an upward trend in module prices driven by demand [32][33] Other Important Information - By the end of Q1, cash and cash equivalents were $3.77 billion, a significant increase from $2.44 billion at the end of the same quarter last year [18] - The company plans to buy back shares and defer dividends, with an initial buyback plan of at least $100 million [51][54] Q&A Session Summary Question: Can you provide details on ESS shipments? - ESS shipments are mainly targeted at the Asia Pacific, Europe, and emerging markets, with the U.S. being challenging due to trade barriers [26] Question: What are the expectations for margins in Q2 and Q3? - Margins are expected to improve slightly in Q2, with a stable outlook for the second half of the year [32][33] Question: What is the update on U.S. cell manufacturing plans? - Local production in the U.S. is seen as a long-term trend, but current uncertainties make short-term plans difficult [35][36] Question: What are the expected margins for ESS? - The target gross margin for ESS is expected to be in the range of 5% to 10% [41][45] Question: What is the U.S. shipment target for this year? - The U.S. shipment target is approximately 5% to 10% of total shipments, with a low case of around 45 gigawatts [48][50] Question: How does the company plan to handle market share? - The strategy focuses on balancing shipments and profitability rather than aggressively increasing market share [58] Question: What regions will contribute to the expected growth? - China, Europe, and the U.S. are expected to be the largest markets, with China growing by 10% to 15% [60][64]

Core Viewpoint - JinkoSolar reported a challenging first quarter of 2025, with significant declines in revenue and profitability due to low module prices and disruptions in demand from international trade policy changes, resulting in a net loss of US$181.7 million [4][30]. Financial Performance - Total revenues for Q1 2025 were RMB13.84 billion (US$1.91 billion), down 33.0% sequentially and 39.9% year-over-year [11]. - Gross loss was RMB352.9 million (US$48.6 million), compared to a gross profit of RMB2.74 billion in Q1 2024 [12]. - Net loss attributable to ordinary shareholders was RMB1.32 billion (US$181.7 million), a significant increase from a net income of RMB609.4 million in Q1 2024 [30]. - Basic and diluted losses per ordinary share were RMB6.40 (US$0.88) [32]. Operational Highlights - Module shipments reached 17.5 GW, ranking first in the industry, with total shipments of 19,130 MW [6][35]. - The company became the first module manufacturer to deliver over 320 GW of solar modules globally [6]. - The order book visibility for 2025 is currently at 60% to 70%, with certain regions exceeding 80% [7]. Market Dynamics - New installations in China for Q1 2025 amounted to 59.7 GW, a 31% increase year-over-year, indicating resilience in domestic demand [5]. - Average monthly bidding prices for solar modules in China have started to recover, returning to more rational levels [5]. Research and Development - The N-type TOPCon-based perovskite tandem solar cell achieved a record conversion efficiency of 34.22% [6][8]. - The company expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 120.0 GW, 95.0 GW, and 130.0 GW, respectively, by the end of 2025 [10][38]. Energy Storage Developments - Shipments of energy storage systems exceeded 300 MWh in Q1 2025, with expectations of around 6 GWh for the full year [9]. - Confirmed orders for energy storage systems account for 50% to 60%, with an additional 20% to 30% showing strong potential for signing [9].

Core Viewpoint - JinkoSolar Holding Co., Ltd. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC, highlighting its position as a leading solar module manufacturer [1]. Company Overview - JinkoSolar is recognized as one of the largest and most innovative solar module manufacturers globally, distributing products and services to a diverse international customer base across multiple countries [3]. - The company operates over 10 production facilities and has more than 20 overseas subsidiaries in various countries, including Japan, South Korea, and the United States, as of March 31, 2025 [4]. Financial Reporting - The annual report on Form 20-F includes audited consolidated financial statements and is accessible on the company's website and the SEC's website [2]. - Shareholders can request a hard copy of the annual report, which contains complete audited financial statements, free of charge [2].

Financial Performance - The company recognized an impairment loss of RMB 1,242.2 million for long-lived assets, reflecting the excess of carrying values over fair value [657]. - The company recorded net foreign exchange gains of RMB 1.03 billion, RMB 0.94 billion, and RMB 484.4 million (US$66.4 million) in 2022, 2023, and 2024, respectively [806]. - Inflation in China was reported at 2.0%, 0.2%, and 0.2% for the years 2022, 2023, and 2024, respectively, with no material impact on the company's operations [803]. Cash and Borrowings - As of December 31, 2024, the company held RMB 25.05 billion (US$3.43 billion) in cash and cash equivalents, with RMB 5.83 billion (US$799.2 million) denominated in U.S. dollars [807]. - The company has short-term borrowings of RMB 6.93 billion (US$949.9 million) and long-term borrowings of RMB 20.64 billion (US$2.83 billion) as of December 31, 2024, with average interest rates of 2.7% [809]. - The company has a credit agreement with Wells Fargo, with a total credit facility of US$75.0 million under negotiation for renewal [810]. Risk Management - The company has entered into foreign exchange forward contracts with notional values of US$940.0 million and €330.0 million, maturing within 12 months [805]. - The company estimates a 1% expected failure rate for solar modules over the warranty period, with significant judgments applied in estimating warranty costs [653]. - The company’s allowance for credit losses is assessed quarterly, with estimates based on past collection experience and current economic conditions [647]. - The company’s accrued warranty liability would increase by RMB 38.4 million if the expected failure rate and replacement cost assumptions increased by 5% [656].

Financial Data and Key Metrics Changes - Total revenue for 2024 was $2.83 billion, down 15.7% sequentially and down 37% year over year [26] - Gross margin was 3.6% in Q4 2024 compared to 15.7% in Q3 2024 and 12.5% in Q4 2023 [10][26] - Net income was $7.9 million, down 98% year over year, while net loss for Q4 was $64.9 million compared to net income of $3.2 million in Q3 [10][11] - Total module shipments for 2024 were 92.87 gigawatts, up 18.3% year over year [29] Business Line Data and Key Metrics Changes - Module shipments in Q4 were 25.2 gigawatts, with over 50% shipped to domestic markets where prices were lower [10] - The portion of N-type technology series exceeded 95% in Q4 and nearly 90% for the full year [22] - Total operating expenses were approximately $380 million, down about 26% sequentially [28] Market Data and Key Metrics Changes - Newly added installations in China reached 277 gigawatts in 2024, an increase of 28% year over year [11] - China's module exports reached 236 gigawatts in 2024, an increase of 13% year over year [11] - Global PV demand is expected to be around 700 gigawatts in 2025 [24] Company Strategy and Development Direction - The company aims to maintain technology leadership through continuous R&D investments and mass production of innovative products [13] - The average mass-produced N-type cell efficiency reached nearly 26.5% by the end of Q4 2024 [13] - The company is taking a cautious approach to capacity expansion in 2025, with no newly added capacity besides upgrades to existing technology [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the industry may have entered a deep adjustment period, with companies lacking competitive costs likely to be phased out [17] - The company remains optimistic about the long-term outlook for the solar sector, expecting significant demand growth driven by renewable energy [18] - Management expects Q1 margins to be lower than Q4 due to lower prices and a higher proportion of shipments to China [49] Other Important Information - The company was included in the S&P Global 2025 Sustainability Yearbook as the only solar module company [15] - The company has a strong patent portfolio with 462 granted Topcon patents, making it a leading holder in this area [16] - Cash and cash equivalents were RMB3.8 billion at the end of Q4, an increase from RMB3.2 billion in Q3 [31] Q&A Session Summary Question: Impact of U.S. import tariffs on margins and pricing strategy - Management indicated that they have prepared solutions for the AD/CVD tariffs and do not expect a significant negative impact on margins [37][38] Question: Expectations for U.S. shipments this year - Management stated it is too early to define shipment volumes to the U.S. due to uncertain policies [40] Question: Q1 margin expectations - Management expects Q1 margins to be lower than Q4 due to lower prices and volume [49] Question: CapEx expectations for 2025 - Management expects CapEx for 2025 to be approximately RMB 4 billion to RMB 5 billion, significantly lower than the previous year [54] Question: Updates on Saudi capacity - The Saudi super factory is in early preparation stages, targeting to break ground by the end of Q2 2025 [67]

Financial Data and Key Metrics Changes - In 2024, First Solar reported net sales of $4.2 billion, a 27% increase year-on-year, with a diluted EPS of $12.02, up from $7.74 in 2023 [7][31][88] - Gross margin for the full year was 44%, an increase of 5 percentage points from 2023, but Q4 gross margin dropped to 37% from 50% in the prior quarter [21][22] - The company ended 2024 with a cash balance of $1.8 billion, an increase of $0.5 billion from the prior quarter [32] Business Line Data and Key Metrics Changes - First Solar sold a record 14.1 gigawatts of modules in 2024, with a year-end contracted backlog of 68.5 gigawatts valued at $20.5 billion [6][12] - Manufacturing output included 15.5 gigawatts, comprising 9.6 gigawatts of Series 6 modules and 5.9 gigawatts of Series 7 modules [8][10] - The company began producing CuRe modules in Q4 2024 and is on track to ramp up production capacity to over 25 gigawatts by 2026 [10][72] Market Data and Key Metrics Changes - The contracted backlog included 37.1 gigawatts with potential adjusters that could generate an additional $0.7 billion in revenue [15] - The total pipeline of potential bookings decreased to 80.3 gigawatts, with mid to late-stage opportunities at 21 gigawatts [15][16] - The company faced challenges in international markets due to policy uncertainties and competition, particularly in Europe and India [67][68] Company Strategy and Development Direction - First Solar's strategy focuses on technology differentiation, emphasizing thin-film technologies and a three-pillar approach to innovation [36][41] - The company aims to leverage its strong balance sheet to support growth and navigate macroeconomic uncertainties [85] - The management plans to continue a selective approach to contracting, prioritizing long-term relationships with customers [17][56] Management Comments on Operating Environment and Future Outlook - Management highlighted the need for decisive actions to address China's dominance in the solar supply chain and the importance of US manufacturing [51][52] - The uncertain policy environment post-US elections is causing caution among customers, impacting procurement and project timelines [60][62] - Despite near-term challenges, management remains optimistic about long-term growth in solar demand due to its low-cost profile and speed to deployment [60][61] Other Important Information - The company is constructing a $1.1 billion manufacturing facility in Louisiana, expected to begin operations in the second half of 2025 [11] - Warranty charges related to Series 7 manufacturing issues are estimated to range from $56 million to $100 million [23][84] - The company has filed a lawsuit against JinkoSolar for patent infringement, reinforcing its commitment to protecting its intellectual property [44] Q&A Session Summary Question: What are the expectations for module sales in 2025? - First Solar expects module sales of 18 to 20 gigawatts in 2025, with a significant portion produced in the US [75][90] Question: How is the company addressing the challenges in international markets? - The company is reducing output from its Southeast Asian factories due to policy uncertainties and is focusing on optimizing its domestic production capabilities [72][67] Question: What is the outlook for gross margin in 2025? - Gross margin is expected to be between 47% for the full year 2025, factoring in ramp costs and the impact of Section 45X tax credits [88][90]

Building Your Trust in Solar JINKOSOLAR HOLDING CO., LTD. Q3 2024 EARNINGS CALL PRESENTATION OCTOBER 30, 2024 Disclaimer This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the "Company") in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The information herein ha ...

Financial Data and Key Metrics Changes - Total revenue was approximately $3.5 billion, up 2% sequentially but down 23% year-over-year, primarily due to a decrease in average selling price of solar modules [23][24] - Gross margin was 5.7%, compared to 11.1% in the second quarter and 19.3% in the same quarter last year, with the sequential increase attributed to higher average selling prices [24] - Net income attributable to ordinary shareholders was $3.2 million, with an adjusted net income of $14.8 million [26] Business Line Data and Key Metrics Changes - Total shipments were 25.9 gigawatts in the third quarter, with module shipments accounting for 92%, nearly flat sequentially [17] - Tiger Neo's shipments accounted for nearly 90% of total shipments, increasing from 85% in the second quarter [19] - Distribution business accounted for approximately 37% of total shipments, down from 45% in the second quarter [18] Market Data and Key Metrics Changes - Shipments to the U.S. market were approximately 15% to 18% of total shipments in Q3, with expectations for a decrease in Q4 due to seasonality and market turbulence [30] - In September, newly added installations in China were 20.89 gigawatts, up 32.4% year-over-year and 26.9% sequentially [9] Company Strategy and Development Direction - The company aims to balance market structure and profits while maintaining a leading position in N-type TOPCon technology and optimizing integrated costs [7][15] - Continued investment in R&D and digital transformation initiatives, such as the Jinko 360 Smart Platform, to enhance production efficiency and competitiveness [12][13] Management Comments on Operating Environment and Future Outlook - Management noted that the industry is facing pressure from supply-demand imbalances and price declines, but the company achieved relatively outstanding results [7][8] - The company expects model share to be between 90 gigawatts to 100 gigawatts for 2024 and 22.3 gigawatts to 32.3 gigawatts for Q4 [16] Other Important Information - The company has completed third-party ESG audits for most key suppliers and is committed to improving ESG management in its supply chain [14] - Total debt at the end of Q3 was $5.23 billion, up from $3.86 billion in the previous quarter [28] Q&A Session Summary Question: What was the volume of modules shipped into the U.S. in Q3? - Management confirmed that shipments to the U.S. were roughly 15% to 18% of total shipments [30] Question: What are the expectations for average selling prices (ASPs) in Q4? - ASPs are expected to decline moderately in Q4 due to a downward trend in market prices [35] Question: Can you provide an update on the storage business? - Management indicated that it is still early-stage and detailed numbers are not yet available [40] Question: What is the trend in shipping costs? - Shipping costs are expected to decrease starting in Q4 due to improved logistics conditions [41] Question: How much of the business is from the utility segment versus rooftop solar? - The utility segment accounts for approximately 63% of the business, while the rooftop solar segment is around 37% [52]