绿色低碳发展成为时代潮流，世界能源转型正在向高效、清洁、低碳、多元化方向加快推进。 截止2025年一季度，全球光伏组件出货量达到320GW，产品销往近200个国家和地区。这家来自浙江的 光伏制造企业，晶科能源用亮眼的成绩单，勾勒出中国制造全球突围的路径密码。 中国贸促会副会长于健龙在第三届链博会上表示，中国已建成全球最大、最完整的新能源产业链，进一 步将绿色发展提升至核心战略地位。同时，中国也是全球绿色转型的重要贡献者，推动共建"一带一 路"清洁能源产业生态圈，与一百多个国家和地区开展绿色能源项目合作，向世界提供80%以上的光伏 组建和70%的风电装备，成为全球清洁能源产供链的稳定器。 "N型TOPCon未来3-5年会保持市场主流技术地位。"李嵩坦言，"我们从2021年正式发布TOPCon 1.0，到 今年发布3.0，一年半左右更新一次，保持快速而稳定的技术迭代。" "今年推出的第三代Tiger Neo光伏组件，最高功率达670W，组件转化效率高达24.8%，组件适合全场景 应用，在大型分布式工商业屋顶、水泥场地、沙漠光伏基地等多类复杂应用中，仍可展现出良好的系统 兼容性和结构适应性。发电性能优势对比BC类产 ...

Core Viewpoint - JinkoSolar has provided a detailed response to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, addressing various concerns including overseas operations, cash flow, receivables, fixed assets, and inventory. Group 1: Overseas Operations - In 2024, the photovoltaic industry experienced a significant supply-demand mismatch, leading to a substantial decline in prices across the industry chain. JinkoSolar's product prices in Europe and Asia saw a notable decrease, resulting in a significant reduction in gross margins. However, the company's gross margin in the European market remains relatively high at 7.35% compared to peers. In contrast, gross margins in the Americas increased due to favorable local trade policies and strategic partnerships ensuring high-price market supply and market share stability. The Middle East market also showed high gross margins due to JinkoSolar's strong reputation and market share in the region [1][2]. Group 2: Cash Flow and Debt - As of the end of 2024, JinkoSolar reported cash and cash equivalents of 30.3 billion yuan, with restricted cash of 6.44 billion yuan, a significant decrease of 41.28% from the end of 2023. The proportion of non-restricted cash to operating income is 25.80%, which has been steadily increasing over the past three years, placing the company in a strong liquidity position compared to peers. The company has a reasonable structure of interest-bearing debt, with over half of it maturing in more than three years, and only 16.93% of short-term debt due within one year. JinkoSolar has ample credit lines from financial institutions and secured 14.5 billion yuan in new long-term loans in 2024 at a minimum interest rate of 2.45%. The company has multiple financing channels, indicating a low overall debt repayment risk for the next three years [2]. Group 3: Receivables - JinkoSolar explained that its accounts receivable are primarily from large, reputable clients with strong industry positions and good operational conditions, resulting in relatively low collection risks. As of May 25, 2025, 93.34% of receivables from the top ten clients had been collected, indicating a high post-period collection rate. The company’s bad debt provision ratios for 2022 to 2024 were 2.51%, 2.23%, and 4.84%, while actual bad debt losses were significantly lower at 0.29%, 0.02%, and 0%, respectively, indicating effective risk management [3]. Group 4: Product Innovation and Market Position - Despite facing intense industry competition and international trade barriers in 2024, JinkoSolar maintained its position as the world's leading solar module supplier, being the only profitable company among the top four in the photovoltaic sector. In 2025, the company plans to launch the third generation of its Tiger Neo solar modules based on the TOPCon HOT4.0 technology platform, featuring power ratings exceeding 650W and up to 670W, with a conversion efficiency of 24.8% and a bifacial rate of 85%. This innovation is expected to generate a 10% premium over traditional TOPCon products, positioning JinkoSolar favorably for potential market breakthroughs [3]. Group 5: Asset Management - JinkoSolar provided comprehensive responses regarding asset disposal, fixed assets, and inventory management in its announcement, indicating a proactive approach to addressing regulatory inquiries and maintaining operational transparency [4].

Core Viewpoint - JinkoSolar (688223.SH) maintains its position as the global leader in solar module shipments for 2024, achieving a shipment volume of 92.87GW, marking its sixth consecutive year at the top [1] Group 1: Technological Advancements - N-type TOPCon technology has become the industry mainstream, with JinkoSolar leading in this area, achieving an average efficiency of over 26.7% for mass-produced cells and a laboratory efficiency of 34.22% for TOPCon perovskite tandem cells [2] - The third-generation Tiger Neo photovoltaic module, based on the HOT4.0 technology platform, has a maximum power output of 670W and a conversion efficiency of 24.8%, with a bifacial rate of 85% [2] - The company plans to upgrade over 40% of its production capacity by 2025, aiming to establish 40-50GW of high-power TOPCon capacity [2] Group 2: Digital Transformation and Manufacturing - JinkoSolar is focusing on digital transformation as a core engine for high-end manufacturing, implementing advanced digital management platforms and intelligent production equipment [3] - The company is developing a lighthouse factory project in Shanxi, integrating AI, cloud computing, and big data to create a replicable model for global capacity layout [3] Group 3: Financial Management and Global Strategy - In 2024, JinkoSolar optimized its asset structure and diversified financing to enhance risk resistance, achieving an operating cash flow of 7.867 billion yuan and a 2% reduction in the asset-liability ratio [4] - The company’s global strategy is deepening, with nearly 70% of overseas module sales and significant growth in high-margin markets, including a nearly 10GW shipment to the Middle East and over 50% growth in Southeast Asia [5] Group 4: Energy Storage Business Growth - JinkoSolar's energy storage business is rapidly growing, with a shipment volume exceeding 1GWh in 2024, showcasing significant year-on-year growth [6] - The company plans to achieve a storage shipment target of 6GWh by 2025, nearly five times the 2024 volume, focusing on overseas zero-carbon parks and integrated solar-storage solutions [7] - Collaborations with global power developers and distributors are underway, covering multiple regions, which will support the expansion of the energy storage business [7] Group 5: Future Outlook - JinkoSolar's ability to leverage its N-type technology, deep global market penetration, and cost control will be crucial in navigating price wars and capacity oversupply [8] - The company is positioned to replicate its success in the solar sector within the energy storage market, capitalizing on the accelerating global energy transition [8]

Core Viewpoint - JinkoSolar has demonstrated strong operational resilience and maintained its leading position in the global photovoltaic industry, achieving significant growth in both shipment volume and revenue despite a challenging market environment [1] Group 1: Performance and Financials - In 2024, JinkoSolar achieved a module shipment volume of 92.87 GW, representing a year-on-year increase of 18.28%, marking the sixth consecutive year as the global leader in module shipments [1] - The company reported total revenue of 92.47 billion yuan and a net profit attributable to shareholders of 0.99 billion yuan [1] - Operating cash flow reached 7.867 billion yuan, and the asset-liability ratio decreased by 2 percentage points [4] Group 2: Technological Advancements - JinkoSolar leads in N-type TOPCon technology, achieving an average efficiency of over 26.7% for mass-produced cells and a laboratory efficiency of 34.22% for TOPCon perovskite tandem cells [2] - The third-generation Tiger Neo photovoltaic module, based on the HOT4.0 technology platform, has a maximum power output of 670W and a conversion efficiency of 24.8% [2] - The company plans to upgrade over 40% of its production capacity by 2025, targeting 40-50 GW of high-power TOPCon capacity [2] Group 3: Global Strategy and Digital Transformation - JinkoSolar's overseas module sales accounted for nearly 70% of total sales in 2024, with significant growth in the Middle East and Southeast Asia [3] - The company is collaborating on a 10 GW efficient battery and module project in Saudi Arabia, expected to begin production in the second half of 2026 [3] - Digital transformation is a core driver of high-end manufacturing, with the introduction of advanced digital management platforms and smart production equipment [3] Group 4: Storage Business Development - The energy storage business has emerged as a second growth curve, with system shipments exceeding 1 GWh in 2024, showing substantial growth [5] - JinkoSolar offers customized energy storage solutions for various applications and has signed orders with multiple global power developers [5] - The company aims to achieve a storage system shipment target of 6 GWh by 2025, focusing on the integration of solar and storage solutions [5]