财务数据显示，截至2025年9月30日，海宁晶科资产总额约为205.37亿元，负债总额约为120.61亿元，经 计算，公司资产负债率约为58.73%。2024年及2025年前三季度，海宁晶科营收分别约为213.95亿元、 167.61亿元，净利润分别约为10.44亿元、2882.63万元。 又一家光伏巨头欲借子公司增资扩股进行融资。光伏组件龙头厂商晶科能源近日披露公告称，控股子公 司晶科能源（海宁）有限公司（以下简称"海宁晶科"）拟引入战略投资者实施增资扩股，各方拟合计以 现金增资不超过30亿元。对于增资款项用途，晶科能源方面坦言，将主要用于海宁晶科偿还金融负债或 经营性负债等。晶科能源子公司拟引入战投的背后，截至2025年前三季度末，海宁晶科、晶科能源的资 产负债率分别为58.73%、74.48%。 公告显示，海宁晶科拟实施增资扩股并引入兴银金融资产投资有限公司、中国东方资产管理股份有限公 司等战略投资者，各方拟合计以现金增资不超过30亿元，预计合计取得海宁晶科增资后的股权比例不超 过24.67%。 晶科能源方面告诉北京商报记者，海宁晶科主要涉及公司高效N型TOPCon产能，具有行业领先的技术 和成本优势； ...

Core Viewpoint - JinkoSolar is planning to raise up to 3 billion yuan through its subsidiary, JinkoSolar (Haining) Co., Ltd., to improve its financial structure and reduce debt levels amid a challenging solar industry environment [1][4]. Group 1: Financing and Investment - JinkoSolar's subsidiary, Haining Jinko, aims to introduce strategic investors, with a total cash increase not exceeding 3 billion yuan, to enhance its capital strength and optimize its capital structure [4]. - The strategic investors are expected to acquire no more than 24.6771% of Haining Jinko's equity post-increase [4]. Group 2: Financial Performance - As of September 30, 2025, Haining Jinko reported total assets of approximately 20.537 billion yuan and total liabilities of about 12.061 billion yuan, resulting in a debt-to-asset ratio of approximately 58.73% [5]. - For the first three quarters of 2025, JinkoSolar reported a revenue of approximately 47.986 billion yuan, a year-on-year decrease of 33.14%, and a net profit attributable to shareholders of approximately -3.92 billion yuan [5]. - JinkoSolar anticipates a negative net profit for the entire year of 2025 due to industry challenges, including overcapacity and rising raw material costs [5]. Group 3: Industry Context - The solar industry is currently facing a period of overcapacity, with other leading companies like LONGi Green Energy and Aiko Solar also reporting expected losses [6]. - JinkoSolar plans to focus on its core business and leverage its technological advantages to improve its financial situation and reduce its debt levels [7].

Core Viewpoint - JinkoSolar is planning to raise up to 3 billion yuan through its subsidiary, JinkoSolar (Haining) Co., Ltd., to improve its financial structure and reduce debt levels amid a challenging solar industry environment [1][2]. Group 1: Financing and Investment - JinkoSolar's subsidiary, Haining Jinko, aims to introduce strategic investors, including Xingyin Financial Asset Investment Co., Ltd. and China Orient Asset Management Co., Ltd., with a total cash investment not exceeding 3 billion yuan, potentially acquiring up to 24.6771% equity post-investment [2]. - The funds raised will primarily be used to repay financial and operational debts, addressing the high debt levels of Haining Jinko, which has a debt ratio of approximately 58.73% as of September 30, 2025 [1][3]. Group 2: Financial Performance - As of September 30, 2025, Haining Jinko reported total assets of approximately 20.537 billion yuan and total liabilities of about 12.061 billion yuan, resulting in a debt ratio of 58.73% [3]. - For the first three quarters of 2025, JinkoSolar reported a revenue of approximately 47.986 billion yuan, a year-on-year decline of 33.14%, and a net profit attributable to shareholders of approximately -3.92 billion yuan, indicating a significant loss [3]. - The company anticipates a challenging year in 2025 due to overcapacity and intense competition in the solar industry, alongside rising raw material costs and policy changes [3]. Group 3: Industry Context - Other leading solar manufacturers in the A-share market, such as Longi Green Energy and Aiko Solar, have also announced expected losses, reflecting a broader trend of financial difficulties within the solar industry [4]. - JinkoSolar's debt ratio reached 74.48% as of the end of the third quarter of 2025, highlighting the need for ongoing financial optimization [5]. - The company plans to focus on its core business and leverage its technological and market advantages to improve its financial situation, including the potential conversion of approximately 10 billion yuan in convertible bonds to enhance its financial structure [5].