Summary of JinkoSolar's Conference Call Company Overview - **Company**: JinkoSolar - **Industry**: Solar Energy Key Financials - **Revenue**: 47.986 billion CNY for the first three quarters of 2025 - **Net Profit**: Loss of 3.92 billion CNY - **Net Profit Excluding Non-recurring Items**: Loss of 4.543 billion CNY - **Operating Cash Flow**: Improved to 2.47 billion CNY, with expectations for positive cash flow for the full year [2][3][4] Product and Market Developments - **High-Power TOPCon Products**: Steady upgrade with some deliveries of products over 640W, achieving a premium of 1-2 cents per watt. Expected that by 2026, high-power product shipments will account for no less than 60% of total shipments [2][3][4] - **Energy Storage Systems**: Delivered 3.3 GWh in the first three quarters, with significant improvement in profitability and a strong overseas presence. Expected to turn profitable in Q4 2025 and contribute to profits in 2026 [2][3][4][5] - **Component Shipments**: Achieved 61.85 GW in component shipments, maintaining the top position globally [3] Market Outlook - **2026 Solar Demand**: Anticipated slight contraction of 2-3% primarily due to fluctuations in the Chinese market, while Europe is expected to grow steadily, and emerging markets in the Middle East and Latin America are projected to grow by 10-15% [3][19] - **US Market**: Optimistic outlook for 2026 with expected significant increases in shipment volume and market share, despite initial restrictions from the Darwin Act [2][8][12] Strategic Focus - **Capacity Control**: Plans to rationally control operating rates and phase out outdated capacity while focusing on efficient capacity upgrades to ensure stable supply amid changing overseas policies [2][4] - **Investment in Technology**: Continued investment in high-efficiency products and technology upgrades, with a capital expenditure plan of approximately 5 billion CNY for 2026 [3][25] Competitive Landscape - **Market Position**: JinkoSolar is positioned as a leader in technology and product performance, with a strong brand and customer base, particularly in overseas markets [5][6] - **Response to Industry Trends**: The company is adapting to industry trends such as the integration of solar and storage solutions, with a focus on large-scale commercial projects [5][29] Challenges and Risks - **Price Fluctuations**: Rising raw material costs and the impact of policies such as the anti-involution policy are affecting component prices and market dynamics [9][26] - **Supply Chain Issues**: Ongoing adjustments to the supply chain in response to trade policies and tariffs, particularly in the US market [12][27] Future Growth Drivers - **Data Center Demand**: Anticipated significant growth in electricity demand driven by data centers and AI applications, expected to accelerate growth from 2027 to 2028 [20][11] - **Technological Advancements**: Continuous improvements in technology, including the introduction of perovskite tandem technology, which is expected to reach mass production within three years [22] Conclusion JinkoSolar is navigating a challenging market environment with strategic focus on high-efficiency products, energy storage solutions, and international market expansion. The company is optimistic about future growth driven by technological advancements and increasing electricity demand from emerging sectors.

Core Viewpoint - Longi Green Energy (601012.SH) is actively researching and focusing on perovskite tandem solar cell technology, achieving a significant milestone in efficiency [1] Group 1: Technological Advancements - The company has developed a large-area (260.9 cm²) silicon-perovskite tandem solar cell with a conversion efficiency of 33%, certified by the U.S. National Renewable Energy Laboratory (NREL) [1] - This achievement sets a new global record for large-area perovskite tandem cell efficiency [1] Group 2: Research and Development Focus - The company's perovskite tandem technology team is concentrating on mass production processes and component product development [1] - There has been significant progress in enhancing product reliability [1]

Core Viewpoint - Longi Green Energy is optimistic about achieving a breakeven point for its main business in the fourth quarter of 2025, despite challenges in the third quarter [1][2]. Financial Performance - In the first half of 2025, Longi Green Energy reported revenue of 32.813 billion yuan, a year-on-year decrease of 14.83% [2]. - The company recorded a net loss attributable to shareholders of 2.569 billion yuan, which is a reduction in loss by 2.661 billion yuan compared to the previous year [2]. - The reduction in loss was primarily due to improved operational efficiency, leading to significant decreases in sales and management expenses, as well as a substantial reduction in asset impairment losses [2]. Product Performance - The company experienced steady growth in the shipment of its main products, driven by a "rush installation" trend in the domestic market, with silicon wafer shipments reaching 52.08 GW, a year-on-year increase of 17%, and module shipments of 39.57 GW, a year-on-year increase of 26% [2]. - The share of BC products in total shipments has exceeded 20% [2]. - The HPBC 2.0 component product was gradually introduced to the market, with sales volume around 4 GW and a significant quarter-on-quarter increase of over 100% in the second quarter [2]. Cost Management - The company faces challenges in reducing costs for silicon products, which are relatively mature, but expects to maintain a non-silicon cost reduction rate of over 10% annually [2]. - Longi Green Energy believes that its Tai Rui silicon products have a technological advantage and, combined with ongoing cost reductions, will be able to achieve profitability in this segment at an appropriate time [2]. Technological Development - Progress in perovskite tandem technology was highlighted, with increased reliability indicators enhancing commercialization opportunities, although challenges remain regarding efficiency and stability [3]. - The company is adapting to changes in U.S. trade policies, particularly the "Inflation Reduction Act," which may impact its market presence and supply chain in the U.S. [3]. Market Outlook - The global photovoltaic market demand is expected to be uncertain in 2026, with potential fluctuations, and significant growth may face considerable pressure [4]. - Demand in regions with electricity shortages is increasing rapidly compared to traditional markets like China, the U.S., and Europe [4]. Industry Dynamics - The path for capacity reduction in the photovoltaic industry remains unclear, with a focus on maintaining market supply-demand balance rather than excessive competition [4]. - Longi Green Energy aims to enhance technology, product development, operational efficiency, and cost reduction, aligning with central government directives to promote industry progress through quality and technological standards [4].

Core Viewpoint - "Guangsu Technology" has successfully completed its angel round financing, amounting to several tens of millions, to enhance its perovskite inkjet printing equipment technology and related ink material development [4]. Company Overview - "Guangsu Technology" is the first domestic supplier to successfully deliver perovskite inkjet printing mass production equipment, focusing on the core manufacturing process of silicon-perovskite tandem solar cells [3][4]. - The company has achieved commercial delivery of its equipment, which is currently in trial applications at several leading photovoltaic enterprises [4]. Industry Context - The efficiency improvement of mainstream solar cells (silicon cells) is becoming increasingly challenging, leading to a shift towards the "tandem technology" that covers silicon cells with perovskite materials, which theoretically offers higher power generation efficiency [4]. - Major domestic and international companies are investing in research and development, supported by policy initiatives, but mass production faces equipment bottlenecks [4]. Technology and Innovation - "Guangsu Technology" has chosen inkjet printing as a breakthrough technology, which allows for precise material deposition and avoids defects associated with traditional methods [5]. - The company has developed a unique solution to prevent nozzle clogging, which can lead to significant financial losses during production [5]. - The product line covers the entire chain from basic research to mass production, and the company is transitioning from pure equipment sales to a "equipment + ink" model, which will reshape its business model [5][6]. Competitive Landscape - In the global perovskite equipment sector, European and American companies still dominate, but "Guangsu Technology" has integrated international experience with local needs [5][7]. - The company’s technical first-mover advantage is expected to last for a certain period, with future development dependent on production capacity and customer loyalty [7]. Team and Expertise - The core team of "Guangsu Technology" has over 20 years of experience in the semiconductor equipment field, with the founder, Wang Yingsong, having a strong background in optical research and laser technology [7]. - The company has established a perovskite inkjet printing R&D center, which will soon enable a one-stop solution for "process + materials + equipment" [7]. Investor Insights - Investors recognize the potential of perovskite-silicon tandem technology as a significant direction for photovoltaic technology iteration, with inkjet printing showing great promise in production [8][9]. - The innovative capabilities of "Guangsu Technology" are seen as crucial for breaking the current industry stagnation and driving new equipment demand, thus fostering a new cycle in the industry [9].

Core Insights - The SNEC photovoltaic exhibition showcased significant advancements in perovskite technology, with companies like Trina Solar presenting 800W+ perovskite tandem modules, indicating a shift towards innovative applications in the photovoltaic industry [1][5] - The industry is currently facing a homogenization of technology routes, with TOPCon technology becoming the dominant pathway, having fully replaced PERC since 2024, while HJT and BC technologies serve as supplementary options [2][3] - The over-concentration of production capacity in second-generation technologies like TOPCon, BC, and HJT has led to supply-demand imbalances, resulting in financial losses for many companies [3][4] Industry Trends - The photovoltaic industry is experiencing a shift towards perovskite technology, which offers higher theoretical efficiency (up to 43% when combined with traditional silicon) and lower production costs [4][5] - Trina Solar has achieved a world record with an 841W industrial standard perovskite tandem module, marking a significant step towards the commercialization of this technology [5][6] - The application boundaries of perovskite technology are expanding, moving from energy generation to energy services, with companies like BOE and Polysilicon Energy introducing innovative products for various sectors [7] Competitive Landscape - Major players in the photovoltaic sector are intensifying their focus on perovskite technology, with Trina Solar leading in patent holdings and aiming to establish a pilot production line for perovskite modules [5][6] - The competition is characterized by a race to enhance efficiency and reduce costs, as companies strive to differentiate themselves in a crowded market [3][4] - The emergence of perovskite technology is expected to disrupt traditional competition dynamics, paving the way for high-quality development in the industry [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to issue convertible bonds to raise nearly 2 billion RMB for expanding its production capacity in perovskite tandem solar cells [7] - The perovskite tandem technology is gaining traction, with multiple players entering the market, indicating a robust investment demand [7] - The company has developed the capability to deliver complete production lines for perovskite-silicon tandem solar cells, leveraging its existing technology in heterojunction solar cell manufacturing [7] Financial Projections - Total revenue is projected to reach 9,830 million RMB in 2024, with a year-on-year growth of 21.53%, followed by a decline to 7,561 million RMB in 2025 [1][8] - The net profit attributable to the parent company is expected to be 925.91 million RMB in 2024, with a slight increase of 1.31% from the previous year, and a forecast of 764.86 million RMB in 2025 [1][8] - The earnings per share (EPS) is estimated to be 3.31 RMB in 2024, decreasing to 2.74 RMB in 2025 [1][8] - The price-to-earnings (P/E) ratio is projected to be 20.97 in 2024 and 25.38 in 2025 [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to issue convertible bonds to raise nearly 2 billion RMB for expanding its production capacity in perovskite tandem solar cells [7] - The perovskite tandem technology is gaining traction, with multiple players entering the market, indicating a growing investment demand [7] - The company has developed the capability to deliver complete production lines for perovskite-silicon tandem solar cells, leveraging its existing technology in heterojunction cell manufacturing [7] - The projected annual revenue from the new perovskite tandem solar cell manufacturing equipment is estimated at 4 billion RMB, with a net profit of 600 million RMB [7] Financial Summary - Total revenue forecast for 2023 is 8,089 million RMB, with a year-on-year growth of 94.99% [1] - The net profit attributable to the parent company for 2023 is projected at 913.90 million RMB, reflecting a year-on-year increase of 6.03% [1] - Earnings per share (EPS) for 2023 is estimated at 3.27 RMB, with a price-to-earnings (P/E) ratio of 21.24 [1] - The company expects net profits of 764.86 million RMB in 2025, with a decline of 17.39% year-on-year, followed by a recovery in subsequent years [1][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to issue convertible bonds to raise nearly 2 billion RMB for expanding its production capacity in perovskite tandem solar cells, with a total investment of 2.138 billion RMB for the project [7] - The project aims to produce 20 sets of perovskite tandem solar cell manufacturing equipment annually, generating an expected annual revenue of 4 billion RMB (excluding tax) and a net profit of 600 million RMB [7] - The development of perovskite tandem technology is accelerating, with multiple players entering the market, indicating a growing investment demand in the industry [7] - The company has established the capability for complete line delivery of perovskite-silicon tandem battery equipment, leveraging its experience in heterojunction battery manufacturing [7] - The profit forecast for the company indicates a net profit of 764.86 million RMB in 2025, with a projected growth to 1.097 billion RMB by 2027 [7] Financial Summary - Total revenue is projected to be 8,089 million RMB in 2023, with a year-on-year growth of 94.99%, and is expected to reach 9,830 million RMB in 2024 [1] - The net profit attributable to the parent company is forecasted to be 913.90 million RMB in 2023, with a slight increase to 925.91 million RMB in 2024 [1] - The earnings per share (EPS) is expected to be 3.27 RMB in 2023, slightly increasing to 3.31 RMB in 2024 [1] - The price-to-earnings (P/E) ratio is projected to be 21.24 for 2023 and decrease to 20.97 for 2024 [1]

Core Viewpoint - The company is currently facing significant financial challenges and is in the process of restructuring and optimizing its operations to ensure sustainability and growth in the photovoltaic industry [4][5][6]. Group 1: Company Operations and Financial Status - The company is in the preliminary planning stage for a major asset sale, with further details to be disclosed in accordance with legal and regulatory requirements [2]. - The company is actively working to control its debt levels and optimize its debt structure while continuing to focus on the photovoltaic sector and exploring other business growth opportunities [5]. - The company has been issued a risk warning for its stock due to negative net profit figures, but it does not currently face any immediate delisting risks [4][6]. Group 2: Management and Governance - The company is in the process of recruiting new independent directors and a board secretary following the departure of some board members due to personal reasons [3]. - The company has confirmed that its current management, including the general manager, remains in place despite rumors of potential resignations [9]. Group 3: Strategic Direction and Technology - The company is committed to green development and is focusing on advancing its photovoltaic technology, particularly in heterojunction technology and cost-reduction techniques [4][13]. - The company has established a competitive advantage through its high-efficiency heterojunction technology and plans to expand its market presence internationally, with 45% of its revenue coming from overseas in 2024 [13]. Group 4: Shareholder and Market Engagement - The company acknowledges the low number of shareholders and the impact of its financial performance on investor confidence, emphasizing its commitment to improving future growth prospects [5][6]. - The company is actively engaging with investors and has maintained a 100% response rate to inquiries during its recent performance briefing [1].

Group 1: Company Strategy and Technology - The company focuses on high-efficiency heterojunction (HJT) technology, with the "Whale" series HJT modules achieving a maximum power of 752.3W in laboratory tests [1] - The company is also developing perovskite tandem technology, with laboratory efficiency reaching 26% and a target for mass production efficiency above 30% [1] - The "Whale" series is designed for diverse applications, including offshore photovoltaic and high-salinity environments, certified by TÜV [2] Group 2: Financial Performance and Market Position - In 2024, overseas revenue accounted for 45%, with projects in Switzerland, Germany, and India, and plans to expand into the Middle East, Africa, and Asia-Pacific [2] - The company has established a quality control system covering the entire lifecycle, offering a 25-year product quality guarantee and a 30-year power warranty, with a good product rate of 99.3% [2] - The company reported a significant financial challenge, with a negative net profit for 2024, leading to a warning of potential delisting by April 30, 2025 [10] Group 3: Corporate Governance and Investor Relations - The company has faced scrutiny regarding its capital increase plan, which has not been clearly terminated or postponed, raising concerns about compliance with disclosure rules [3] - The company is currently addressing issues related to non-compliance with internal controls and has not yet been investigated by the regulatory authority [6] - The company reassured investors that it is actively seeking solutions to alleviate temporary financial pressures and maintain employee salaries [4] Group 4: Future Outlook and Development Plans - The company is committed to green development and expanding its photovoltaic business, focusing on HJT technology and exploring cost-reduction and efficiency-enhancing technologies [10] - The company is also considering other business growth points, including EPC services, to improve its operational sustainability [10] - The company plans to continue its major research projects, including the perovskite tandem silicon photovoltaic cell project, as scheduled [9]