Core Viewpoint - The report highlights the recent research conducted by Baoying Fund on JinkoSolar, emphasizing the need for controlled capacity expansion and rational pricing in the photovoltaic industry to address intense competition [1] Company Summary - JinkoSolar is actively working on high-power product upgrades, with 640W and above products partially delivered in Q3 this year, and a majority of orders expected to transition to these products next year [1] - The company anticipates that its TOPCon production capacity will reach 670W next year, with a potential to achieve 680-700W in the next 2-3 years, and aims for battery mass production efficiency to exceed 28% [1] - JinkoSolar's production schedule for Q3 remains stable, supported by rapid growth in emerging markets such as the Asia-Pacific and Middle East-Africa regions [1] Industry Summary - The global photovoltaic market demand is expected to remain robust in the second half of the year, with a normalization of demand in the Chinese market and rapid growth in overseas emerging markets [1] - Component prices are stabilizing, indicating a potential shift towards a more balanced market environment [1]

Group 1 - The core viewpoint of the article highlights that JinkoSolar is addressing the intense competition in the photovoltaic industry by controlling new capacity and guiding prices towards rationality, while also promoting technological innovation [1] - JinkoSolar has made significant progress in upgrading its high-power products, with partial deliveries of products over 640W expected in Q3 of this year, and a majority of orders anticipated to switch to 640W and above in the coming year [1] - The company projects that its TOPCon capacity will reach 670W next year, with the potential to achieve 680-700W in the next 2-3 years, and aims to enhance battery mass production efficiency to over 28% [1] - The global photovoltaic market demand is expected to remain stable in the second half of the year, with a return to normal demand in the Chinese market and rapid growth in emerging overseas markets, leading to stabilized component prices [1] - JinkoSolar's production scheduling for Q3 is expected to remain stable on a quarter-on-quarter basis, benefiting from the rapid growth in emerging markets such as the Asia-Pacific and Middle East and Africa [1]

Core Viewpoint - The recent announcement by JinkoSolar regarding its roadshow and the emphasis on addressing "involution" in the solar industry highlights the company's commitment to high-quality development and innovation in the face of competitive pressures [1][2]. Industry Insights - The central government has prioritized resolving "involution" in the solar industry, indicating a focus on controlling new capacity and guiding prices back to rational levels [2]. - The China Photovoltaic Industry Association has revised its global solar installation forecast for 2025 from 531-583 GW to 570-630 GW, with China's forecast adjusted from 215-255 GW to 270-300 GW, reflecting a positive outlook for market demand [5]. Company Developments - JinkoSolar has completed technical upgrades at its facilities, with 40-50% of its production capacity expected to exceed 640W by the end of this year, and most production anticipated to reach 650-670W next year [3]. - The company is leading the industry in advancing TOPCon technology, aiming for a production efficiency of over 28% within the next 2-3 years, maintaining a competitive edge over peers [4]. - The company reported a significant decline in its Q1 2025 financials, with total revenue at 13.843 billion yuan, a year-on-year decrease of 40.03%, and a net loss of 1.39 billion yuan, a decline of 218.2% [6]. Market Demand - The domestic market is expected to stabilize after a surge in demand earlier this year, primarily driven by centralized projects, while emerging markets like the Middle East and Asia-Pacific are experiencing rapid growth [5]. - The overall market demand in the second half of the year is anticipated to align with the cautious supply adjustments due to the "anti-involution" measures, leading to more stable component prices [5].