JinkoSolar Co., Ltd. Reports Preliminary Financial Results for 2024

In a recent announcement, JinkoSolar Holding Co., Ltd. (NYSE: JKS), recognized as one of the globe's leading solar module manufacturers, shared the preliminary unaudited financial results of its key operating subsidiary, Jiangxi Jinko, for the fiscal year ending December 31, 2024. According to the report, Jiangxi Jinko generated revenues of RMB92.62 billion, reflecting a stark decline of 21.96% compared to the previous year.

Not only did the revenue decline, but the net income attributable to shareholders plunged dramatically by 98.78% to just RMB90.54 million. Furthermore, there was a substantial net loss of RMB1,011.98 million when extraordinary gains and losses are excluded. This downturn can largely be attributed to a decrease in the profitability of Jiangxi Jinko's principal business, primarily caused by falling selling prices for photovoltaic products.

Despite the turbulent landscape, the demand for photovoltaic installations globally continued to increase throughout 2024, suggesting a growing scale for the industry. However, supply-demand mismatches within the sector have exerted significant downward pressure on end product prices, creating substantial challenges for profitability.

Amidst these adversities, Jiangxi Jinko showcased notable operational resilience relative to its competitors. This strength is largely derived from its technological edge, ongoing optimization of its capacity structure, and strong performance in overseas markets. As a leader in module shipments, the company has launched various initiatives aimed at boosting operational efficiency and cost reduction while upgrading its global strategy and enhancing digital management.

However, despite these efforts, Jiangxi Jinko’s financial performance showed a drastic decline in 2024 caused by prolonged pricing pressures and factors like the removal of obsolete production capacity and unforeseen events such as a fire accident affecting operations.

It’s important to note that the preliminary financial figures reported differ from JinkoSolar’s consolidated financial results. These discrepancies arise because the results released for Jiangxi Jinko are prepared in accordance with PRC GAAP, while the consolidated financials are based on accounting principles widely accepted in the United States. This divergence in accounting standards necessitates caution from investors when interpreting the reported figures.

As of the end of 2024, JinkoSolar holds approximately 58.59% equity interest in Jiangxi Jinko. The company has established itself firmly in the market, influencing its broad international customer base, including but not limited to China, the U.S., and numerous markets across Europe, Asia, and Latin America.

JinkoSolar is committed to staying at the forefront of solar technology, continually innovating and expanding its global footprint. As of September 30, 2024, they operate more than ten production facilities and maintain a robust international sales network, showcasing their commitment to growth and customer engagement. With challenges ahead, the pathway for recovery and growth will depend on strategic adjustments and market responsiveness.

For more information about JinkoSolar and their diverse product range, interested parties can visit their official website at www.jinkosolar.com.