Summary of JinkoSolar Q3 2025 Earnings Call Company Overview - **Company**: JinkoSolar - **Date of Call**: November 18, 2025 Key Financial Metrics - **Total Revenue**: $2.7 billion, a 10% increase quarter-over-quarter and a 34% increase year-over-year [2][8] - **Gross Margin**: Improved to 7.3%, up 4.4 percentage points due to lower unit costs [2][8] - **Net Loss**: Continued to narrow, with significant improvement in operating cash flow reaching $340 million [2][8] - **Operating Expenses**: $363 million, down 36% quarter-over-quarter and 32% year-over-year [10][11] Business Segments Solar Products - **High-Power Products**: New Tiger series has reached a maximum power of 670 watts, with expectations for high-power product shipments to exceed 60% by 2026 [2][6] - **Module Shipments**: Anticipated total shipments between 85 GW to 500 GW [3][9] Energy Storage - **Growth in Energy Storage**: Over 3.3 GWh shipped in the first three quarters, with expectations for over 100% growth by 2026 [2][4][7] - **Production Capacity**: 12 GWh assembly capacity and 5 GWh battery cell capacity, focusing on high-margin overseas markets [2][7] Market Outlook - **Solar Market Demand**: Expected to remain stable in 2026 compared to 2025, with a positive outlook for installations to grow by at least 25% [2][16] - **Global Market Share**: Increased to 15%-16%, with confidence in regaining market share despite recent price pressures [5][26] Strategic Initiatives - **Cost Management**: Strategies in place to mitigate the impact of raw material price fluctuations, including partnerships with key suppliers [2][17] - **Shareholder Returns**: Commitment to return at least $100 million annually to shareholders, with ongoing stock buyback plans [5][20] Regional Insights - **China Market**: Optimistic outlook for 2026, with expected module shipments between 200 MW to 250 MW [20] - **ESS Business**: Anticipated to contribute significantly to revenue and margin expansion, particularly in the U.S. and Europe [15][24] Risks and Challenges - **Raw Material Prices**: Ongoing management of raw material price volatility, with proactive measures to minimize impacts [17][18] - **Regulatory Environment**: Adapting to changing policies in key markets, including the U.S. and China [19][28] Conclusion - **Future Growth**: JinkoSolar is positioned for growth through technological advancements, strategic market focus, and robust financial management, aiming to enhance its competitive edge in the solar and energy storage sectors [9][24]

来源：市场资讯 （来源：金科之家网） 这份史无前例的方案并非毫无反对声。特斯拉第七大股东挪威主权财富基金明确投出反对票，核心担忧 是股权稀释和 "关键人物依赖"。 美国最大公共养老基金 Calpers 也表态反对，认为方案规模过大，可能让马斯克的持股比例从 13% 提升 至 25%，进一步集中控制权，削弱董事会的约束能力。 两家知名代理顾问公司 ISS 与 Glass Lewis 也持反对意见，质疑公司治理的平衡性。 支持者的逻辑则更为直接：马斯克是特斯拉的灵魂人物，他的远见和执行力已经得到验证。 从濒临破产的车企到市值万亿的科技巨头，从电动汽车到 SpaceX 的航天突破，再到 FSD 自动驾驶的持 续迭代，马斯克总能将 "不可能" 变为现实。 这不是一笔现金奖励，而是一份为期十年的股权激励计划，核心是 4.237 亿股特斯拉股票，约占公司总 股本的 12%。 按当前股价计算，这份股票价值约 1985 亿美元，但要解锁全部 "万亿价值"，特斯拉市值需从当前的 1.5 万亿美元飙升至 8.5 万亿美元，相当于增长近 5 倍，约为目前英伟达市值的两倍。 解锁条件堪称严苛：12 批股票需逐批达成市值与运营双重目标 ...

Core Viewpoint - JBB Builders (01903.HK) has been selected as a shortlisted bidder for a large solar photovoltaic power plant project in Malaysia, with a capacity of 99.99MWac, in collaboration with its joint venture partner, Samaiden Group Berhad [1] Group 1: Project Details - The project is located in Johor, Malaysia, and the consortium received a notification from the Malaysian Energy Commission [1] - The joint venture company formed for this project is owned 30% by JBB Builders (M) Sdn. Bhd. and 70% by its partner [1] - The total capital injection from JBB Builders (M) Sdn. Bhd. into the joint venture is expected to not exceed 65 million Malaysian Ringgit [1] Group 2: Joint Venture Agreement - An agreement for the establishment of the joint venture was signed on November 18, 2025 [1] - The capital contributions from each party will be proportional to their respective equity stakes in the joint venture [1]

继2025年录得强劲表现后，中国股市在2026年能否"再一次飞跃"？ 据追风交易台消息，11月17日，瑞银发布的最新研报《2026年中国股票策略展望：再一次飞跃？》认为，明年中国市场有望延续2025年的积极势头。 该行预测MSCI中国指数到2026年底将达到100点，较报告发布时的收盘价约有14%的上涨潜力。同时，恒生指数的目标位被设定在23000点，约有13%的 上涨潜力。 | | | UBS FY26 index target | | FY26 EPS growth forecasts | | Trailing P/E | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Last close | UBS-e UBSe vs Last close | | Consensus | UBS-e | UBSe P/E (Target Price/ FY26 EPS | Avg since 2017 | | | | | | | | | | | Std. dev. vs avg | | MSCI China | 87 | 100 | 14 ...

美联储降息概率一跌再跌，目前12月维持利率概率逼近60%，美股突现跳水，黄金今早开盘也继续走 低。 周一（11月17日），欧美股市集体收跌，美股在本来一度翻红，但在尾盘突然集体下挫，最终，道指跌 超1%，标普500指数、纳指跌近1%。其中，道指、标普500指数连跌三日。 中概股方面，纳斯达克中国金龙指数跌1.21%，个股方面，阿特斯太阳能跌超15%，满帮集团跌近 12%，小鹏汽车跌超10%。 黄金在周一也再度下跌，今日早盘，现货黄金开盘微涨后跳水，而COMEX黄金也突然跳水，截至发稿 跌幅超0.6%。 美联储理事沃勒表示，他支持在12月的会议上再次降息，因为他越来越担心劳动力市场和就业急剧放 缓。 沃勒称："我并不担心通胀加速或通胀预期显著上升，我的重点是劳动力市场，在经历了几个月的疲软 之后，本周晚些时候公布的9月就业报告或未来几周的任何其他数据都不太可能改变我的观点，即再次 降息是有必要的"。 不过，由于多位美联储官员对12月降息持谨慎甚至反对态度，12月降息概率一跌再跌，维持利率不变的 概率目前已经接近60%。 据CME"美联储观察"的最新预测，美联储12月降息25个基点的概率为42.9%，维持利率不变 ...

Market Performance - The three major US stock indices closed lower, with the Dow Jones down 1.18% at 46,590.24 points, the S&P 500 down 0.92% at 6,672.41 points, and the Nasdaq down 0.84% at 22,708.07 points [1] - Major US tech stocks mostly declined, with Google up over 3%, Tesla up more than 1%, while Apple fell nearly 2%, Nvidia down nearly 2%, Facebook down over 1%, Amazon down 0.78%, and Microsoft down 0.53% [1] - Popular Chinese concept stocks mostly fell, with Canadian Solar down over 15%, Manbang Group down nearly 12%, Xpeng Motors down over 10%, Hesai Technology down over 6%, Pony.ai down over 6%, while JinkoSolar rose over 13%, Kingsoft Cloud up nearly 9%, Daqo New Energy up over 3%, Alibaba up over 2%, and Huazhu Group up over 2% [1] - European stock indices closed lower, with Germany's DAX down 1.2% at 23,590.52 points, France's CAC40 down 0.63% at 8,119.02 points, and the UK's FTSE 100 down 0.24% at 9,675.43 points [1] Commodity and Currency Markets - International precious metal futures generally fell, with COMEX gold futures down 1.20% at $4,045.10 per ounce and COMEX silver futures down 1.25% at $50.05 per ounce [1] - US oil main contract fell 0.62% to $59.72 per barrel, while Brent crude oil main contract fell 0.61% to $64.00 per barrel [1] - The US dollar index rose 0.25% to 99.54, while the offshore RMB against the US dollar fell by 81 basis points to 7.1082 [1] - London base metals mostly declined, with LME aluminum down 1.84% at $2,806.00 per ton, LME nickel down 1.45% at $14,675.00 per ton, LME lead down 1.24% at $2,038.50 per ton, LME zinc down 1.03% at $2,989.50 per ton, LME copper down 0.79% at $10,766.50 per ton, and LME tin up 0.31% at $36,900.00 per ton [1] Bond Markets - US Treasury yields were mixed, with the 2-year yield up 0.63 basis points at 3.608%, the 3-year yield up 0.28 basis points at 3.611%, the 5-year yield unchanged at 3.728%, the 10-year yield down 0.78 basis points at 4.137%, and the 30-year yield down 1.20 basis points at 4.736% [1] - European bond yields collectively fell, with the UK 10-year yield down 3.9 basis points at 4.534%, France's 10-year yield down 0.6 basis points at 3.451%, Germany's 10-year yield down 0.8 basis points at 2.711%, Italy's 10-year yield down 2.6 basis points at 3.444%, and Spain's 10-year yield down 1.9 basis points at 3.206% [1]

Financial Data and Key Metrics Changes - For the first quarter of fiscal 2026, the company reported revenue of CAD 19.2 million, an increase of approximately 27% compared to CAD 15.1 million in the same period last year [11] - Gross margin improved significantly to approximately 45% from 27% in the same quarter last year [12] - Net income for the quarter was around CAD 1 million or CAD 0.03 per basic share, compared to a net loss of CAD 26.5 million or CAD 0.87 per basic share in the same quarter of fiscal 2025 [13] Business Line Data and Key Metrics Changes - Development fee revenue for Q1 fiscal 2026 was CAD 3.4 million, reflecting higher development activities, whereas no development fee revenue was recorded in the same period last year [11] - Revenue from EPC services increased by approximately 1% to CAD 11.9 million in the first quarter [12] - Independent Power Producer (IPP) revenue grew to CAD 3.8 million, up from CAD 3.3 million in the prior year, marking an 18% increase [5][12] Market Data and Key Metrics Changes - The company is focusing on expanding its IPP portfolio and advancing development pipelines, particularly in the U.S. and Canada [15] - The demand for battery storage is increasing, with the company shifting marketing and sales activities towards battery storage project development [18] Company Strategy and Development Direction - The company aims to deliver a significant number of solar projects before the end of 2030, leveraging U.S. government guidance and incentives [17] - The company is entering the data center market and exploring environmentally friendly solutions for data centers powered by solar energy [20][21] - A strategic development agreement has been established with Intellistic Technologies to focus on AI and blockchain technologies [23] Management's Comments on Operating Environment and Future Outlook - The management acknowledges challenges in the renewable energy industry over the past year but sees a clearer path forward due to supportive government policies [16] - The company remains positive about the outlook for battery storage, citing increasing electricity prices and demand for reliable power solutions [32] Other Important Information - The company has secured contracts for various solar projects in New York and Nova Scotia, indicating a strong project pipeline [8][9] - The company is also exploring a Crypto Treasury Strategy using revenue from its solar assets [22] Q&A Session Summary Question: Factors driving the company's gross margin increase from 27% to 45% - The increase is attributed to effective management of field activities and procurement strategies, shifting from international to domestic content [26][27] Question: Delays impacting key projects and outlook for the market - Delays are primarily due to permitting issues and interconnection challenges, but the company remains optimistic about the battery storage market [29][32] Question: Progress in monetizing and securing safe harbor for US pipelines - The company is focusing on project-specific long lead items to meet new guidelines and ensure timely project delivery [34][35]

Company Overview - Jeno Solar has seen a significant rally, reaching its highest level in over a year due to improving quarter-over-quarter profitability and rising momentum in its energy storage business [1][2] - The company is a dominant player in the solar industry, focusing on power distribution, solar wafers, modules, and global manufacturing [4] Financial Performance - Jeno Solar reported an adjusted loss of $21 per share, which was in line with estimates, while sales decreased by 2.27 billion, missing expectations by approximately 425 million [5] - Year-over-year sales were down about 34%, but the company anticipates a 90% increase in total orders going into 2026 [5] - Analyst estimates project sales of approximately 10.4 billion for this year and around 14.66 billion for the next fiscal year, indicating a potential 42% year-over-year growth [6] Market Dynamics - The energy market is experiencing shortages, leading to increased demand for alternative energy solutions, including solar [2][3] - The utility-grade solar market is expected to see improved economics, driven by demand from local utilities and government projects, contrasting with the saturated residential solar market [12][13] Future Outlook - Jeno Solar's earnings per share (EPS) is projected to improve significantly, with estimates suggesting a profit of $160 adjusted EPS by 2026, compared to a loss of $7.25 this year [13] - The company is well-positioned to benefit from the growing demand for utility-grade solar installations, which are supported by government funding [10][12]

Core Points - The company disclosed that as of September 30, the number of shareholders was 152,719 [1] Summary by Category Company Information - The company responded to investor inquiries on November 17, providing details about the number of shareholders as reported in its periodic report [1]

人民财讯11月17日电，近日，晶科能源宣布与日本企业DMM株式会社正式签署300MW的飞虎3(Tiger Neo3.0)高效组件供货协议。根据协议，这些产品将用于日本境内多个太阳能电站项目。 ...