Investment Rating - The investment rating for the company is "Buy" (maintained) [6][13] Core Views - The company achieved a revenue of 31.83 billion yuan in H1 2025, a year-on-year decrease of 32.6%, and a net profit attributable to shareholders of -2.91 billion yuan, compared to a profit of 1.20 billion yuan in the same period last year. The gross profit margin was -2.0%, down 10.6 percentage points year-on-year. In Q2 2025, the revenue was 17.99 billion yuan, a year-on-year decrease of 25.6% but a quarter-on-quarter increase of 29.9%, with a net profit of -1.52 billion yuan, slightly widening the loss [4][10][11]. Summary by Sections Financial Performance - In H1 2025, the company's photovoltaic module business generated revenue of 11.09 billion yuan, a year-on-year decrease of 24.0%, with a gross margin of -15.1%, down 14.4 percentage points year-on-year. The total module shipments were 41.8 GW, a decrease of approximately 4% year-on-year. The company expects Q3 2025 module shipments to reach 20-23 GW [11][12]. Production Capacity and Technology - The company maintains a competitive advantage in N-type TOPCon products, with a cumulative global shipment of approximately 200 GW for the TigerNeo series high-efficiency modules, achieving a maximum conversion efficiency of 25.58%. By the end of June 2025, the company had upgraded some TOPCon production lines, with over 20 GW of high-power capacity. By the end of 2025, 40%-50% of existing capacity is expected to achieve a mainstream power rating of over 640W, with some models reaching 650-670W by 2026, which may allow the company to enjoy efficiency premiums [12][13]. Revenue and Profit Forecast - The company is expected to face continued pressure on profitability due to intensified industry competition. Revenue forecasts for 2025-2027 are 64.65 billion yuan, 80.73 billion yuan, and 91.31 billion yuan, with year-on-year growth rates of -30.1%, 24.9%, and 13.1%, respectively. The net profit attributable to shareholders is projected to be -3.01 billion yuan, 1.60 billion yuan, and 3.05 billion yuan, with growth rates of -3,139.53%, 153.27%, and 90.59% respectively. The EPS for these years is expected to be -0.30 yuan, 0.16 yuan, and 0.31 yuan [13][14].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 31.83 billion yuan in H1 2025, a year-on-year decrease of 32.63%, and a net profit attributable to shareholders of -2.91 billion yuan [1] - The company remains the industry leader in shipment volume, with a cumulative shipment of approximately 200GW for the N-type TigerNeo series high-efficiency modules, which is expected to generate a premium of 0.5-1 cent per watt due to better power generation benefits [2][3] - The company is expanding its global presence, with overseas shipments accounting for about 60% in H1 2025, and the energy storage business is expected to ramp up, with projected shipments of 6GWh for the year [3] Financial Forecasts - Revenue projections for 2025-2027 are 66.62 billion yuan, 85.64 billion yuan, and 96.92 billion yuan respectively, with net profits expected to be -3.87 billion yuan, 2.47 billion yuan, and 4.06 billion yuan [4][9] - The company is expected to achieve a PE ratio of 23x in 2026 and 14x in 2027 based on the closing price on August 29 [4][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company remains the industry leader in solar module shipments, with a forecast of 20-23GW shipments for Q3 2025. In H1 2025, it achieved 41.84GW in solar module shipments, maintaining its top position globally [2][4]. - Despite the leading market position, the company faces challenges due to declining product prices, resulting in a 33.70% year-on-year decrease in revenue to 301.24 billion yuan in H1 2025, with a gross margin drop of 9.65 percentage points to -0.98% [2][4]. - The company has made significant advancements in its N-type TOPCon products, achieving a maximum conversion efficiency of 25.58% and plans to upgrade 40%-50% of its existing capacity to mainstream power ratings above 640W by the end of 2025 [3][4]. - The company has successfully expanded its overseas market presence, with over 60% of shipments in H1 2025 coming from international markets, and it aims for a total of 6GWh in energy storage shipments for the year [4]. Financial Performance Summary - In H1 2025, the company reported a revenue of 318.31 billion yuan, a decrease of 32.63% year-on-year, and a net profit attributable to shareholders of -29.09 billion yuan, down 342.38% year-on-year [1][4]. - The revenue forecast for 2025 is projected at 66.202 billion yuan, with a significant decline in net profit expected at -32.01 billion yuan [5][10]. - The company's gross margin is expected to recover slightly to 2.0% by 2025, with a projected EBITDA margin of 10.9% [12]. Market Position and Competitive Advantage - The company continues to leverage its brand, distribution channels, and product competitiveness to ensure sustained growth in module shipments, despite increasing industry competition [4]. - The ongoing investment in technological innovation, particularly in TOPCon products, positions the company favorably in terms of capacity, shipment, yield, and cost efficiency [4].

Core Viewpoint - JinkoSolar reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the photovoltaic industry during a period of deep adjustment [1] Financial Performance - The company achieved operating revenue of 31.831 billion yuan, a year-on-year decrease of 32.63% [1] - The net profit attributable to shareholders was -2.909 billion yuan, compared to a net profit of 1.2 billion yuan in the same period last year [1] Strategic Initiatives - JinkoSolar focuses on technological innovation, global expansion, and efficient management as core strategies to build a differentiated competitive advantage [1] - The company has established a high-power capacity exceeding 20 GW and expects 40%-50% of existing capacity to upgrade to mainstream module power of over 640W by the end of 2025 [1] Market Position - JinkoSolar led global shipments in the mainstream photovoltaic market, with a total shipment of 41.84 GW in the first half of 2025, and expects shipments of 20-23 GW in Q3 2025 [1] - The company has maintained its position as the shipment champion in the Japanese photovoltaic market and has a significantly higher market share in Saudi Arabia compared to peers [1] Technological Advancements - The company has innovatively applied advanced manufacturing technology in its Shanxi base, achieving a vertical integration of production from silicon wafers to modules, reducing production time from 22 days to 7 days [1] - JinkoSolar's continuous innovation in N-type TOPCon technology is expected to generate a premium of 0.5-1 cent per watt, enhancing profitability and accelerating industry growth [1] Energy Storage Business - The company is focusing on energy storage, targeting commercial and large-scale energy storage projects, with significant improvements in product performance and competitiveness driven by self-developed technology [1]

Core Viewpoint - JinkoSolar's performance has been significantly impacted by intensified market competition, resulting in a substantial decline in revenue and a shift from profit to loss in the first half of 2025 [1][6][12]. Financial Performance - In the first half of 2025, JinkoSolar reported revenue of 31.83 billion yuan, a year-on-year decrease of 32.63% [6][14]. - The company incurred a net loss of 2.91 billion yuan, compared to a net profit of 1.2 billion yuan in the same period last year, marking a significant shift from profit to loss [6][14]. - The basic earnings per share were -0.29 yuan, a decline of 341.67% compared to the previous year [8][14]. - Total assets at the end of the reporting period were 119.1 billion yuan, with a net asset value of 29.4 billion yuan, reflecting a decrease of 8.99% year-on-year [8][14]. Market Position and Competitors - JinkoSolar's stock price has been on a downward trend since October last year, with a cumulative decline of over 22% year-to-date, making it the worst performer among the top five companies in the photovoltaic equipment sector [2][4][5]. - In comparison, other major players like Tongwei Co., LONGi Green Energy, and Daqo New Energy have shown positive performance, with year-to-date increases of 30.72%, 5.35%, and 21.09% respectively [5]. Industry Context - The photovoltaic industry is experiencing a significant downturn, with many companies reporting declining revenues and increasing losses. Out of 30 listed photovoltaic companies that have released their half-year reports, 20 reported a year-on-year revenue decline, and 15 reported net losses [12][13]. - The overall market is facing severe supply-demand imbalances and significant price drops, with average prices for mainstream models decreasing by 66.4% to 89.6% since 2020 [15][16]. Future Outlook - JinkoSolar is focusing on technological advancements and operational efficiency to navigate the current challenges in the industry. The company aims to enhance product quality and reduce costs through lean operations [10][19]. - There are signs of potential recovery in the industry, driven by government policies aimed at regulating competition and improving product quality, which may lead to better performance in the second half of the year [19][21].