JinkoSolar Holding Co., Ltd., one of the largest and most innovative solar module manufacturers in the world, has announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Business Highlights

• Module shipments for the full year 2024 increased 18.3% year-over-year to 92.9 GW, ranking first in the industry.
• At the end of the fourth quarter, we became the first module manufacturer in the world to have delivered a total of over 300 GW solar modules.
• By the end of the fourth quarter, the mass production efficiency of N-type TOPCon cells reached approximately 26.5%.
• By the end of the fourth quarter, we had been granted 462 TOPCon patents, overtaking most brands on the N-type TOPCon patent list.
• We were ranked as the most bankable solar module company in the 2024 PV Module Bankability Survey by Bloomberg New Energy Finance (BloombergNEF).

Fourth Quarter 2024 Operational and Financial Highlights

• Quarterly shipments were 26,462 MW (25,221 MW for solar modules and 1,241 MW for cells and wafers), up 2.1% sequentially, and down 5.0% year-over-year.
• Total revenues were RMB20.65 billion (US$2.83 billion), down 15.7% sequentially and down 37.1% year-over-year.
• Gross profit was RMB747.4 million (US$102.4 million), down 80.6% sequentially and down 81.7% year-over-year.
• Gross margin was 3.6%, compared with 15.7% in Q3 2024 and 12.5% in Q4 2023.
• Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB473.7 million (US$64.9 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB22.5 million in Q3 2024 and of RMB29.3 million in Q4 2023.
• Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB381.3 million (US$52.2 million), which excludes the impact of (i) the change in fair value of convertible senior notes, (ii) the change in fair value of long-term investment, (iii) share based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB103.9 million in Q3 2024 and RMB462.7 million in Q4 2023.
• Basic and diluted losses per ordinary share were RMB2.31 (US$0.32) and RMB2.31 (US$0.32), respectively. This translates into basic and diluted losses per ADS of RMB9.22 (US$1.26) and RMB9.22 (US$1.26), respectively.

Full Year 2024 Operational and Financial Highlights

• Annual shipments were 99,596 MW (92,873 MW for solar modules and 6,723 MW for cells and wafers), up 19.2% year-over-year.
• Total revenues were RMB92.26 billion (US$12.64 billion), down 22.3% year-over-year.
• Gross profit was RMB10.01 billion (US$1.37 billion), down 47.4% year-over-year.
• Gross margin of 10.9%, compared with 16.0% for the full year of 2023.
• Loss from operations of RMB3.42 billion (US$469.1 million), compared with income from operations of RMB6.09 billion for the full year of 2023.
• Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB57.5 million (US$7.9 million), down 98.3% year-over-year.
• Adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB571.4 million (US$78.3 million), which excludes the impact of (i) the change in fair value of convertible senior notes, (ii) the change in fair value of long-term investment, (iii) share based compensation expenses, (iv) the net loss resulting from a fire accident at one of our production bases in Shanxi Province in April 2024 (the “Fire Accident”) and (v) the impairment of long-lived assets, compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB4.07 billion in 2023.
• Basic earnings per ordinary share were RMB0.28 (US$0.04), and diluted losses per ordinary share were RMB 1.25 (US$0.17). This translates into basic earnings per ADS of RMB1.10 (US$0.15) and diluted losses per ADS of RMB5.00 (US$0.69), respectively.

JinkoSolar’s Chairman and CEO, Mr. Xiande Li, highlighted the company’s resilient performance in 2024 despite challenges, with annual module shipments increasing by 18.3% to 92.9 GW, maintaining its position as the industry leader. However, imbalances in supply and demand led to a decline in module prices, resulting in a gross margin of 10.9% and net income of $7.9 million. The fourth-quarter gross margin dropped to 3.6%, with a net loss of $64.9 million due to lower-priced domestic shipments and a decline in overseas orders.

In 2024, the global PV industry continued strong growth, with China adding 277 GW in installations (up 28% YoY) and exporting 236 GW of modules (up 13% YoY). However, supply and demand imbalances led to declining prices and profits across the sector. To address this, authorities implemented policies to limit production, curb low-price competition, and reform pricing, leading to a market rebound after the Spring Festival.

The company remains committed to technology leadership through ongoing R&D and mass production of innovative products. By Q4 2024, average N-type cell efficiency reached 26.5%, with top lines exceeding 26.7%. By 2025, they expect 27% efficiency. They’ve also begun large-scale production of Tiger Neo products.

Outdated production capacity is being phased out while global manufacturing capabilities are enhanced. In the U.S., their 2GW N-type module production is near full capacity, and the Saudi project progresses well.

The industry may be entering an adjustment phase, with financially struggling companies likely phased out, restoring supply and demand balance. The IEA predicts renewable energy will meet 50% of global electricity demand by 2030, doubling wind and solar PV’s share to 30%.

The company expects module shipments of 16.0-18.0 GW in Q1 2025, and 85.0-100.0 GW for the year. Production capacity for mono wafers, solar cells, and modules will reach 120.0 GW, 95.0 GW, and 130.0 GW by 2025. They will focus on TOPCon upgrades and maintaining a healthy cash reserve.