2月27日晚间，晶科能源公告称，2025年度营业总收入为654.92亿元，较上年同期减少29.18%；归属于 母公司所有者的净利润为-67.86亿元，同比盈转亏。 2025年末，公司总资产1191.59亿元，较期初减少1.61%；归属于母公司的所有者权益254.62亿元，较期 初减少21.19%。 晶科能源表示，报告期内，全球光伏产业链价格波动加剧，叠加海外市场贸易保护政策扰动， 光伏组 件一体化各环节的盈利水平总体承压。面对行业波动，公司坚持稳健经营、 技术引领，发布了行业领 先的新一代"飞虎3"高效组件产品，并持续推动产能技术升级改造，同时储能业务取得快速发展，光储 协同优势成效显著。 但报告期内，光伏组件价格整体处于低位，公司高功率产品出货占比仍较低，同时基于谨慎性原则，公 司对出现减值迹象的长期资产进行减值测试，经过审慎评估将按照企业会计准则计提资产减值准备，对 业绩有一定影响，综合导致全年经营业绩出现亏损。 在2月27日最新的投资者关系活动上，晶科能源介绍，高功率组件是行业未来发展趋势，可显著提升电 站发电能力，降低度电成本，提升电站项目收益率，并加速行业落后产能出清， 从而引导行业走向高 质量发展 ...

Core Viewpoint - JinkoSolar (688223) expects a significant decline in net profit for 2025, projecting a loss between 6.9 billion to 5.9 billion yuan, following a modest profit of approximately 98.93 million yuan in 2024, indicating a year-on-year shift to a loss in 2025 [1] Group 1: Financial Performance - The company attributes the anticipated losses to increased price volatility in the global photovoltaic industry and trade protection policies affecting overseas markets, which have pressured profitability across the integrated photovoltaic component supply chain [1] - JinkoSolar's high-power product shipment ratio remains low, and the company is conducting impairment tests on long-term assets, which will lead to asset impairment provisions affecting overall performance [1] Group 2: Strategic Moves - JinkoSolar's subsidiary, JinkoSolar (Haining) Co., Ltd., plans to introduce strategic investors for a capital increase of up to 3 billion yuan, primarily aimed at repaying financial and operational debts [1] Group 3: Market Performance - The company's stock price has seen a decline, with a cumulative drop of 13.44% over the trading period from January 13 to January 21, closing at 5.54 yuan per share, resulting in a total market capitalization of approximately 55.43 billion yuan [1]

Core Viewpoint - JinkoSolar expects a net loss attributable to shareholders of the parent company to be between 5.9 billion to 6.9 billion yuan for the year 2025, compared to a net loss of 77.06 million yuan in the same period last year [1] Group 1: Financial Performance - The primary reason for the significant change in performance is the intensified price fluctuations across the global photovoltaic industry chain [1] - The overall profitability of various segments in the integrated photovoltaic module supply chain is under pressure due to trade protection policies in overseas markets [1] - The company has a low shipment ratio of high-power products, contributing to the expected losses [1] Group 2: Asset Management - The company is conducting impairment tests on long-term assets that show signs of impairment, in line with prudent principles [1] - After careful assessment, the company will recognize asset impairment provisions according to accounting standards, which will impact overall performance [1]