Core Viewpoint - Jinko Power Technology Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to respond to various issues raised, particularly concerning revenue and accounts receivable [1][2]. Revenue Summary - The company reported a revenue of 4.775 billion yuan for 2024, representing a year-on-year increase of 9.25%. The revenue growth was driven by the photovoltaic power station development and operation transfer business, which saw an increase of 11.38%, while the EPC business revenue declined by 5.07% [1][2]. - The gross profit margin for the photovoltaic power station development and operation transfer business decreased by 2.64 percentage points, while the EPC business saw an increase in gross profit margin by 7.56 percentage points [1][2]. Accounts Receivable and Contract Assets - As of the end of the reporting period, the total accounts receivable and contract assets for the EPC business amounted to 438 million yuan, exceeding the current period's revenue, with a bad debt provision ratio of 57.86% [1][2]. - The balance of accounts receivable aged over five years was reported at 1.05 billion yuan, indicating potential collection issues [1][2]. Client and Supplier Information - The company provided details on its top five clients and suppliers across different business segments, including transaction amounts, balances, and aging of accounts. The majority of the accounts receivable were linked to state-owned power companies, with significant balances attributed to renewable energy subsidy payments from the government [5][6]. - The company highlighted that the high balances with clients were primarily due to delays in receiving government subsidies for renewable energy, which have longer payment cycles [5][6]. Business Segment Analysis - The photovoltaic power station development and operation transfer business included various services such as power generation sales, operation maintenance, and development consulting. The revenue from this segment was significantly impacted by the subsidy payment delays [3][4]. - The EPC business's revenue and gross profit margins were affected by project execution timelines and the nature of contracts, with some projects experiencing lower margins due to competitive bidding and high material costs [6][7]. Future Considerations - The company is actively working on collecting outstanding receivables and has made provisions for bad debts based on aging analysis. The management is also reviewing its revenue recognition practices to ensure compliance with accounting standards [1][2][6].

证券代码：300118 证券简称：东方日升 东方日升新能源股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系活 | □特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 动类别 | □路演活动 √业绩说明会 □新闻发布会 | | | □现场参观 □其他 | | 参与单位名称 | 投资者网上提问 | | 及人员姓名 | | | 时间 | 2025 年 5 月 16 日 (周五) 下午 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | 用网络远程的方式召开业绩说明会 | | | 公司董事、总裁：伍学纲先生 公司副总裁、董事会秘书：雪山行先生 | | 上市公司接待 | | | 人员姓名 | 公司财务总监：张徐李先生 | | | 公司独立董事：陈柳先生 | | | 公司保荐代表人：杨传霄先生 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、公司是否有光伏发电站 | | | 亲爱的投资者，您好！公司主营业务以太阳能电 ...

Group 1 - The company announced a share buyback plan with a total fund of between 150 million to 300 million yuan to enhance investor confidence and stabilize company value [1] - The buyback shares will primarily be used for employee stock ownership plans or equity incentives, and if not utilized within 36 months, they will be legally canceled [1] - The company has a strong confidence in its future development and emphasizes the long-term interests of shareholders, which helps stabilize market sentiment [1] Group 2 - The company has implemented a "construction + new energy" dual-driven development strategy, aiming to create an integrated industrial chain [2] - The company signed an EPC contract for a 170MW photovoltaic power generation project, with a contract value of 653 million yuan and a project duration of 365 days [2] - This collaboration marks significant progress in the company's distributed photovoltaic power station EPC contracting business, reinforcing its market position and facilitating the strategic transition towards "construction + new energy" [3] Group 3 - The share buyback enhances investor confidence, while participation in large photovoltaic projects deepens the company's dual-driven development strategy [3] - The company's continuous expansion in the new energy sector positions it as a significant player in the industry, potentially leading new trends in development [3]

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