JinkoSolar Holding Co., Ltd., one of the largest and most innovative solar module manufacturers in the world, has announced that its majority-owned principal operating subsidiary, JinkoSolar Co., Ltd. (“Jiangxi Jinko”), has published certain preliminary unaudited financial results under PRC GAAP for the year ended December 31, 2024.

For the year ended December 31, 2024, (i) the preliminary unaudited revenues of Jiangxi Jinko were RMB92.62 billion, decreasing by 21.96% year-on-year, (ii) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko was RMB90.54 million, decreasing by 98.78% year-on-year, and (iii) the preliminary unaudited net loss attributable to the shareholders of Jiangxi Jinko, excluding extraordinary gains and losses, was RMB1,011.98 million, decreasing by 114.66% year-on-year. These decreases were primarily attributable to a decline in the profitability of Jiangxi Jinko’s main business due to reduced selling prices of its photovoltaic products.

In 2024, demand for global photovoltaic installations and the scale of the industry continued to grow. However, intensified supply-demand mismatches across the industry resulted in downward pressure on the prices of end products, posing significant challenges to profitability across the industrial chain. During 2024, Jiangxi Jinko demonstrated stronger operational resilience when compared to its peers, resulting from its leading technological advantages, continuous optimization of capacity structure, and robust overseas market channels.

Jiangxi Jinko maintains a leading position in module shipments and has consistently launched initiatives to improve operational efficiency and reduce costs. It has also upgraded its globalization strategy and enhanced its digital management capabilities. However, Jiangxi Jinko experienced a substantial decline in its financial performance in 2024, due to prolonged pricing pressure across the industrial chain and short-term factors such as the elimination of obsolete production capacity and a fire accident.