#China #JinkoSolar #Shangrao #Solar Modules #TOPCon Technology

JinkoSolar Reports Q4 and Full Year 2024 Financial Results

On March 26, 2025, JinkoSolar Holding Co., Ltd. (NYSE: JKS), a leading player in the solar module manufacturing sector, disclosed its unaudited financial results for the fourth quarter and the full year ending December 31, 2024. This report showcases the company's growth amidst market challenges and its ongoing commitment to innovation in solar technology.

Business Highlights

During 2024, JinkoSolar's module shipments exhibited an impressive increase of 18.3% from the previous year, totaling 92.9 gigawatts (GW). This remarkable achievement positioned the company as the largest module supplier globally. Additionally, JinkoSolar reached a significant milestone by surpassing the delivery of 300 GW of solar modules, the first manufacturer to do so.

Technological advancements were also prominent, with the N-type TOPCon cell efficiency achieving approximately 26.5% by Q4's end. This achievement is underscored by an extensive patent portfolio, with JinkoSolar securing 462 TOPCon patents, leading its competitors in this technology.

Furthermore, the company has been recognized as the most bankable solar module producer in Bloomberg New Energy Finance's 2024 PV Module Bankability Survey, reinforcing its reputation in the industry.

Financial Overview

Q4 2024 Performance

In Q4 2024, JinkoSolar's total quarterly shipments reached 26,462 MW, encompassing both 25,221 MW of solar modules and 1,241 MW of cells and wafers. Despite showing a 2.1% increase sequentially, this performance marked a 5.0% decline year-over-year. The total revenue for the quarter amounted to RMB 20.65 billion (approximately $2.83 billion), reflecting a notable decrease of 15.7% from the previous quarter and a staggering 37.1% drop compared to the same quarter the previous year.

The company's gross profit plummeted to RMB 747.4 million, down 80.6% sequentially and 81.7% from Q4 2023, resulting in a gross margin of merely 3.6%, compared to 15.7% from the previous quarter. This decline in profitability was primarily attributed to a fall in module prices exacerbated by excess supply.

Moreover, the company reported a net loss attributable to ordinary shareholders of RMB 473.7 million, contrasting sharply with a net income of RMB 22.5 million in Q3 and RMB 29.3 million in Q4 2023, highlighting the significant challenges faced within the quarter.

Full Year 2024 Results

The total revenue for the full year 2024 was RMB 92.26 billion, down 22.3% year-over-year. JinkoSolar's gross profit for the year fell to RMB 10.01 billion, down 47.4% from the previous year, resulting in a gross margin of 10.9%, down from 16.0% in 2023.

Operating losses for the year reached RMB 3.42 billion, a stark contrast to the income from operations reported in 2023. Net income attributable to ordinary shareholders fell dramatically to RMB 57.5 million, showing a decrease of 98.3% from the previous year.

As a response to market dynamics, the company is taking a prudent approach to capacity expansion, focusing on optimizing existing operations rather than adding new capacities. New initiatives include enhancing manufacturing efficiencies with automation and improving product technology through continued R&D investments.

Future Outlook

Looking ahead, JinkoSolar has provided guidance for Q1 2025, estimating module shipments between 16.0 GW to 18.0 GW. For the full year 2025, projections suggest shipments will range from 85.0 GW to 100.0 GW. The company aims to boost its production capacity for mono wafers, solar cells, and modules substantially by 2025. JinkoSolar’s strategic focus includes adapting to market fluctuations, enhancing product quality, and fostering sustainable business practices, setting a strong foundation for future growth.

Mr. Xiande Li, CEO of JinkoSolar, emphasized that despite the challenging market conditions, the company is poised to navigate these complexities successfully through its commitment to innovation and operational resilience. He remains optimistic about the renewable energy sector, citing expectations from the International Energy Agency that renewables could supply half of the global electricity demand by 2030.

In conclusion, JinkoSolar’s ongoing efforts in technology leadership and market adaptability underscore its position as a key player in the evolving global PV market. By continuing to innovate and address operational challenges, JinkoSolar aims to seize upcoming opportunities within the renewable energy landscape.