Core Viewpoint - The new time-of-use electricity pricing policy in Anhui province significantly enhances the investment attractiveness of commercial energy storage, providing a more favorable environment for investors amidst tightening policies in other regions like Jiangsu [3][4]. Group 1: Policy Changes and Impacts - The Anhui policy introduces additional low-cost electricity periods, including a 4-hour deep valley pricing window during holidays, which expands the peak-valley arbitrage opportunities for energy storage systems [2][3]. - The policy allows for two charge-discharge cycles in spring and autumn, and one charge-discharge cycle plus one charge at flat rates in summer and winter, thereby increasing the potential for profit [6][8]. - The new pricing structure is set to take effect on July 1, 2025, providing a clear timeline for investors [1]. Group 2: Financial Benefits - The financial analysis indicates that a 1MW/2MWh commercial energy storage project could see total revenue increase by 3.1836 million yuan over 15 years, with the payback period reduced by 18 months under the new policy [6][7]. - The internal rate of return (IRR) for projects could rise above 12% due to the enhanced arbitrage opportunities created by the new pricing structure [2][6]. Group 3: Market Trends - Nearly 40% of commercial energy storage companies are prioritizing Anhui as a key market, indicating strong confidence in the region's policy adjustments and their potential to foster business growth [10][8]. - The number of registered energy storage projects in Anhui has surged, with a 220.51% year-on-year increase in the first four months of 2025, reflecting a growing interest in the sector [8].

Group 1 - The 17th Shenzhen International Battery Technology Exchange Conference (CIBF2025) opened with over 3,200 global companies participating, covering an exhibition area of nearly 300,000 square meters, and is expected to attract over 400,000 professional visitors during the three-day event [1] - The conference focuses on trends such as solid-state batteries, fast charging, green manufacturing, and international standards, emphasizing the competition in the battery industry based on digital intelligence and closed-loop ecosystems [1][3] - Companies like CATL, BYD, and others showcased innovations in energy storage, cell manufacturing, and recycling, with a particular emphasis on high-nickel cathodes and molecular-level material innovations [1] Group 2 - Solid-state batteries emerged as a hot topic, with a report from CITIC Securities predicting global solid-state battery shipments to reach 642.6 GWh by 2030, with a compound annual growth rate exceeding 130% [2] - Hive Energy's CEO highlighted that solid-state batteries and ultra-fast charging are the future directions of battery technology, with the stacking process being the optimal path for mass production [2] - Hive Energy plans to introduce "end fast charging" technology in its mass-produced fast-charging batteries this year, optimizing charging time significantly compared to industry standards [2] Group 3 - The conference also featured over 200 thematic speeches and high-end forums, with reports such as the "Lithium-Ion Battery Industry Blue Book 2024" being released, focusing on emerging topics like energy storage and AI applications [3] - The chairman of the CIBF organizing committee stated that the transition from scale expansion to quality improvement is a critical turning point for China's new energy sector [3] - In the first quarter of 2025, China's newly installed renewable energy capacity reached 76.75 million kilowatts, a year-on-year increase of 21%, indicating the battery industry's role in supporting structural changes [3]

Core Viewpoint - JinkoSolar's 2024 Annual General Meeting will focus on maintaining shareholder rights and ensuring orderly proceedings, while addressing the company's operational performance and strategic initiatives in the photovoltaic industry. Group 1: Meeting Procedures and Regulations - The company has established guidelines for the 2024 Annual General Meeting to ensure the rights of shareholders and the orderly conduct of the meeting [2][3][4]. - Attendees must register and present necessary documentation, including securities account cards and identification, to participate in the meeting [3][4]. - Shareholders have the right to speak, consult, and vote, with specific procedures for registration and time limits for speaking [4][5]. Group 2: Company Performance and Industry Overview - In 2024, China's photovoltaic module exports reached 236 GW, a year-on-year increase of 13%, while the export value of photovoltaic products decreased by 34% to $32 billion [10][11]. - JinkoSolar achieved global module shipments of 92.87 GW, an increase of 18.28% year-on-year, maintaining its position as the industry leader for the sixth consecutive year [11][12]. - The company's revenue for 2024 was 92.47 billion yuan, a decrease of 22.08% compared to the previous year, with a net profit of 0.99 billion yuan, down 98.67% year-on-year [11][36]. Group 3: Technological Advancements and Strategic Initiatives - JinkoSolar continues to lead in N-type technology, with average efficiency exceeding 26.7% for mass-produced cells and 34.22% for laboratory TOPCon cells [11][12]. - The company has launched high-performance modules tailored for various market needs, including products with enhanced durability for extreme conditions [12][14]. - JinkoSolar's global sales strategy has resulted in nearly 57.8% of module shipments being overseas, contributing 68.6% to total sales [12][14]. Group 4: Financial Management and Risk Control - The company has implemented measures to enhance financial risk management and operational efficiency, including the sale of assets to optimize the asset structure [15][36]. - JinkoSolar's operating cash flow for 2024 was 7.87 billion yuan, with a decrease in the debt-to-asset ratio by 2 percentage points [15][36]. - The company is actively exploring diverse financing channels, including plans to issue Global Depositary Receipts (GDRs) and list on the Frankfurt Stock Exchange [15][36]. Group 5: Future Outlook and Strategic Plans - JinkoSolar aims to deepen its involvement in the energy storage sector, developing customized solutions for various applications [16][36]. - The company plans to enhance its manufacturing capabilities and global competitiveness through strategic investments, including a 10 GW production facility in Saudi Arabia [14][15]. - Future initiatives will focus on integrating solar and storage solutions to support the transition to sustainable energy [16][36].

晶科能源董事长李仙德表示，本轮光伏行业的供求失衡是多因素叠加作用的结果，长期维度包括行业从 补贴时代完全进入平价时代的切换，中期维度包括产业自身的扩张——收缩周期，以及主流电池技术从 PERC向TOPCon切换；短期维度包括2022年的一些国际事件对欧洲天然气价格和新能源需求的剧烈刺 激，造成本轮行业供需失衡的程度较大，时间较长。 阿特斯董事、总经理、首席执行官庄岩称，行业供过于求局面目前没有出现根本性变化，2025年公司在 行业产品价格有明显回升之前，继续平衡组件出货量和利润的关系，优先保证高价市场订单。 如何应对关税扰动：预计影响可消化，持续本土化与多元化布局 中国光伏产品作为出口新三样之一，在全球市场享有极高的份额，头部企业营收的相当部分来自海外市 场。近期国际关税政策的扰动也让企业再度思考出海策略。 5月13日，四家光伏组件头部企业晶科能源（688223.SH）、晶澳科技（002459）（002459.SZ）、天合 光能（688599.SH）、阿特斯（688472.SH）同日召开业绩会。 光伏行业曾是新能源板块最热门的赛道，但在供需失衡、贸易壁垒等多重因素冲击下，去年多家光伏企 业交出了史上最差成绩单 ...

在全球经贸局势瞬息万变的当下，我们欣于⻅到全球光伏市场装机容量持续增⻓，彭博新能源财 经预计2025年光伏新增装机容量将⽐2024年增⻓17%，达到698GW。然⽽，制造商继续在激 烈竞争和低廉价格中挣扎，⼤多数制造商在2025年将继续严重亏损。聚焦中国，电⼒市场改⾰ 正在加速，提前四年将⼏乎所有光伏发电纳⼊⾃由化电⼒市场进⾏交易。尽管存在可预⻅的收⼊ ⻛险，但在"⼗四五"规划（2021-2025年）的最后⼀年，中国⻛电和光伏新增装机容量仍有 望创下纪录，从⽽进⼀步加剧与燃煤电⼚的竞争。随着政府推动能源密集型⾏业增加绿电消费， 对清洁电⼒的需求势将增⻓。放眼世界，由于居⺠电价下降，⼀些欧洲市场正在萎缩。中东和东 南亚可能会成为不断增⻓的市场，⽽印度今年的新增装机容量将达到 .GW（交流侧），成为 亚太焦点。 彭博新能源财经将于今年的光伏⾏业盛会期间，于6⽉10⽇下午在上海虹桥举办年度光伏研讨 会，与业界同仁探讨光伏⾏业供应链博弈、区域政策更新、光储融合展望的重要议题。期待各位 客⼾及⾏业伙伴莅临交流。 06⽉10⽇ :-:pm: 签到 :-:pm: 开幕致辞 陈再添 彭博新能源财经南⽅区业务总监 :-:pm: ...

Core Viewpoint - JinkoSolar has demonstrated resilience in a challenging market, achieving significant component shipments and maintaining a strong financial position despite industry-wide losses [1][3][5]. Group 1: Company Performance - In 2024, JinkoSolar shipped 92.9 GW of solar modules, achieving a net profit of 99 million yuan, marking its sixth consecutive year as the global leader in module shipments [3]. - For Q1 2025, the company reported module shipments of 17.5 GW and a 34% year-on-year increase in energy storage system shipments to 310 MWh, although it faced a net loss of 1.39 billion yuan due to low industry prices and policy changes [5][6]. - The company aims for a total module shipment target of 85-100 GW and energy storage system shipments of 6 GWh for the full year 2025 [2][7]. Group 2: Technology and Innovation - JinkoSolar's high-efficiency TOPCon products can achieve a maximum power output of 670W, with actual generation performance exceeding market averages by 2-3% [3][7]. - The company plans to upgrade over 40% of its production capacity by the end of 2025 and is leveraging AI technology to accelerate the development of tandem solar cells [3][8]. Group 3: Global Expansion and Strategy - The company is advancing its projects in Saudi Arabia and has achieved full production capacity at its 2 GW facility in the U.S. by the end of 2024 [3][4]. - JinkoSolar is actively pursuing GDR issuance and listing in Germany to enhance its global financing capabilities [3][8]. Group 4: Financial Health and Outlook - JinkoSolar has successfully reduced its debt ratio by 2 percentage points year-on-year, maintaining healthy operating cash flow, with a target of achieving positive cash flow in 2025 [3][7]. - The company has reported asset impairments exceeding 400 million yuan in Q1 2025, primarily related to inventory, but expects manageable impairment pressure moving forward [9].

Core Viewpoint - JinkoSolar achieved a record shipment of 92.87GW in 2024, marking an 18.28% year-on-year increase, and maintained its position as the global leader in module shipments for the sixth consecutive year [1][2]. Group 1: Financial Performance - In 2024, JinkoSolar reported total revenue of 92.47 billion yuan and a net profit attributable to shareholders of 0.99 billion yuan [1]. - The company’s global module shipments reached 92.87GW, with N-type modules accounting for 81.29GW, representing approximately 88% of total shipments [2]. Group 2: Technological Advancements - JinkoSolar continued to focus on N-type technology, achieving an average efficiency of over 26.7% for mass-produced cells in its golden wafer area, and a laboratory efficiency of 34.22% for TOPCon perovskite tandem cells [2]. - The company introduced innovative "three superior products" designed for extreme environments, enhancing performance in hail resistance, wind load, and fire safety [3]. Group 3: Global Expansion - In 2024, nearly 70% of JinkoSolar's module sales came from overseas markets, with significant growth in the Middle East and Southeast Asia [3]. - The company is collaborating on a 10GW high-efficiency battery and module project in Saudi Arabia, expected to begin production in the second half of 2026 [3]. Group 4: Energy Storage Development - JinkoSolar's energy storage business emerged as a second growth curve, with system shipments exceeding 1GWh in 2024, reflecting substantial growth [4]. - The company plans to expand its energy storage solutions across various applications, targeting a shipment goal of 6GWh by 2025 [4][6]. Group 5: Future Outlook - The global photovoltaic market is projected to maintain a 17% growth rate in new installations in 2025, with TOPCon technology expected to remain dominant [5]. - JinkoSolar aims to achieve an annual shipment target of 85GW-100GW in 2025 while enhancing its production capacity for monocrystalline silicon wafers, high-efficiency cells, and modules [6].

Summary of JinkoSolar Conference Call Company Overview - **Company**: JinkoSolar - **Industry**: Solar Energy Key Points and Arguments 1. **Q1 Shipment and Financial Performance**: In Q1, JinkoSolar shipped 17.5 GW of solar modules and 310 MWh of energy storage systems, marking a 34% year-on-year increase. However, the company reported a net loss of 1.39 billion yuan due to price pressures in the supply chain and overseas trade policies [2][4][5]. 2. **Product Development**: The company's TOPCON third-generation products continue to lead the market, with mainstream models exceeding 670 watts and achieving 2-3% higher efficiency than BCC modules. JinkoSolar plans to upgrade over 40% of its production capacity by the end of 2025 to meet demand for high-power products [2][3][4]. 3. **Global Strategy**: JinkoSolar's global strategy is progressing steadily, with a project in Saudi Arabia expected to commence production in the second half of 2026. The company has fully utilized its 2 GW capacity in the U.S. and is actively promoting GDR listings in Germany to enhance capital strength [2][4][7]. 4. **Energy Storage Growth**: The company is exploring the integration of solar and storage solutions, with energy storage system shipments expected to exceed 1 GWh in 2024 and reach 6 GWh in 2025, positioning this segment as a second growth curve for the company [2][4][13]. 5. **Market Price Trends**: JinkoSolar anticipates that after recent price fluctuations, the solar industry will stabilize. Companies need to balance operational rates with demand, and leading firms are expected to gradually restore profitability, with more companies likely to return to profit in Q3 and Q4 of 2025 [2][5][19]. 6. **R&D Investment**: The company continues to invest in R&D, focusing on upgrading TOPCON products and utilizing AI to accelerate the development of tandem solar cells, achieving an experimental efficiency of 34.22% for TOPCON perovskite tandem cells [2][6][10]. 7. **Future Goals**: JinkoSolar aims to maintain parity in power output with BCB technology while ensuring advantages in bifacial rates and actual energy generation. The company plans to upgrade about 60% of its battery production lines, with most capacities reaching between 640 watts and 650 watts [3][9]. 8. **Cost Reduction and Efficiency**: The company acknowledges limited space for reducing BOM costs but is making progress with new materials in battery applications, expecting to apply these advancements in production by the second half of 2025 [11][12]. 9. **U.S. Market Challenges**: JinkoSolar expects U.S. shipments to account for 5-10% of total sales in 2025, a decrease from 2024, primarily due to uncertainties in U.S. policies, including tariffs and trade regulations. The company is exploring local manufacturing and optimizing supply chains in Southeast Asia to mitigate these challenges [22][26]. 10. **Domestic Market Outlook**: The peak of market rush has passed, but demand remains strong. In Q1 2025, the installation volume reached nearly 60 GW, setting a new record. The company maintains a positive outlook on industry self-regulation and orderly development [19][27]. Additional Important Content - **Financial Health**: JinkoSolar aims to achieve a positive operating cash flow, targeting 8 billion yuan for 2025, with a significant reduction in capital expenditure planned for the year [24][25]. - **Asset Impairment**: The company recorded an asset impairment of 2 billion yuan in 2024 due to a fire incident, with a further 480 million yuan in inventory impairment in Q1 2025 [25]. - **Industry Dynamics**: The domestic solar industry is facing operational pressures, but JinkoSolar is focused on improving operational efficiency and performance to achieve positive cash flow [27][28].

Core Viewpoint - JinkoSolar has demonstrated strong operational resilience and maintained its leading position in the global photovoltaic industry, achieving significant growth in both shipment volume and revenue despite a challenging market environment [1] Group 1: Performance and Financials - In 2024, JinkoSolar achieved a module shipment volume of 92.87 GW, representing a year-on-year increase of 18.28%, marking the sixth consecutive year as the global leader in module shipments [1] - The company reported total revenue of 92.47 billion yuan and a net profit attributable to shareholders of 0.99 billion yuan [1] - Operating cash flow reached 7.867 billion yuan, and the asset-liability ratio decreased by 2 percentage points [4] Group 2: Technological Advancements - JinkoSolar leads in N-type TOPCon technology, achieving an average efficiency of over 26.7% for mass-produced cells and a laboratory efficiency of 34.22% for TOPCon perovskite tandem cells [2] - The third-generation Tiger Neo photovoltaic module, based on the HOT4.0 technology platform, has a maximum power output of 670W and a conversion efficiency of 24.8% [2] - The company plans to upgrade over 40% of its production capacity by 2025, targeting 40-50 GW of high-power TOPCon capacity [2] Group 3: Global Strategy and Digital Transformation - JinkoSolar's overseas module sales accounted for nearly 70% of total sales in 2024, with significant growth in the Middle East and Southeast Asia [3] - The company is collaborating on a 10 GW efficient battery and module project in Saudi Arabia, expected to begin production in the second half of 2026 [3] - Digital transformation is a core driver of high-end manufacturing, with the introduction of advanced digital management platforms and smart production equipment [3] Group 4: Storage Business Development - The energy storage business has emerged as a second growth curve, with system shipments exceeding 1 GWh in 2024, showing substantial growth [5] - JinkoSolar offers customized energy storage solutions for various applications and has signed orders with multiple global power developers [5] - The company aims to achieve a storage system shipment target of 6 GWh by 2025, focusing on the integration of solar and storage solutions [5]

在全球经贸局势瞬息万变的当下，我们欣于⻅到全球光伏市场装机容量持续增⻓，彭博新能源财 经预计2025年光伏新增装机容量将⽐2024年增⻓17%，达到698GW。然⽽，制造商继续在激 烈竞争和低廉价格中挣扎，⼤多数制造商在2025年将继续严重亏损。聚焦中国，电⼒市场改⾰ 正在加速，提前四年将⼏乎所有光伏发电纳⼊⾃由化电⼒市场进⾏交易。尽管存在可预⻅的收⼊ ⻛险，但在"⼗四五"规划（2021-2025年）的最后⼀年，中国⻛电和光伏新增装机容量仍有 望创下纪录，从⽽进⼀步加剧与燃煤电⼚的竞争。随着政府推动能源密集型⾏业增加绿电消费， 对清洁电⼒的需求势将增⻓。放眼世界，由于居⺠电价下降，⼀些欧洲市场正在萎缩。中东和东 南亚可能会成为不断增⻓的市场，⽽印度今年的新增装机容量将达到 .GW（交流侧），成为 亚太焦点。 彭博新能源财经将于今年的光伏⾏业盛会期间，于6⽉10⽇下午在上海虹桥举办年度光伏研讨 会，与业界同仁探讨光伏⾏业供应链博弈、区域政策更新、光储融合展望的重要议题。期待各位 客⼾及⾏业伙伴莅临交流。 06⽉10⽇ :-:pm: 签到 :-:pm: 全球光伏市场展望 江亚俐 彭博新能源财经光伏产业链分析师 : ...