SHANGRAO, China, Feb. 27,
2025 /PRNewswire/ -- JinkoSolar Holding Co., Ltd.
("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and
most innovative solar module manufacturers in the world, 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.
The preliminary unaudited financial results for Jiangxi Jinko
for full year 2024 included in this press release (the "Jiangxi
Jinko Preliminary Unaudited Financial Results") differ from
JinkoSolar's consolidated financial results (the "Consolidated
Financials"), due to (i) the consolidation scope of the Jiangxi
Jinko Preliminary Unaudited Financial Results differing from that
of the Consolidated Financials as the former are prepared solely
for Jiangxi Jinko, whereas the Consolidated Financials also include
financial statements from JinkoSolar and its other subsidiaries,
and (ii) differences in accounting standards and principles used to
prepare the Jiangxi Jinko Preliminary Unaudited Financial Results
and the Consolidated Financials. Specifically, the Jiangxi Jinko
Preliminary Unaudited Financial Results are prepared in accordance
with PRC GAAP, whereas the Consolidated Financials are prepared in
accordance with accounting principles generally accepted in
the United States. As such,
investors in JinkoSolar should exercise caution when reviewing the
Jiangxi Jinko Preliminary Unaudited Financial Results included in
this press release and are advised not to base their investment
decisions solely on such preliminary unaudited financial
results.
Jiangxi Jinko Preliminary Unaudited Financial Results included
in this press release are unaudited and are subject to change upon
the completion of the audit process for full year 2024. Jiangxi
Jinko Preliminary Unaudited Financial Results should not be viewed
as a substitute for the full financial statements of Jiangxi Jinko
prepared in accordance with PRC GAAP.
JinkoSolar currently owns approximately 58.59% equity interest
in Jiangxi Jinko.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative
solar module manufacturers in the world. JinkoSolar distributes its
solar products and sells its solutions and services to a
diversified international utility, commercial and residential
customer base in China,
the United States, Japan, Germany, the United
Kingdom, Chile,
South Africa, India, Mexico, Brazil, the United
Arab Emirates, Italy,
Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.
JinkoSolar had over 10 productions facilities globally, over 20
overseas subsidiaries in Japan,
South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the
United States, Mexico,
Brazil, Chile, Australia, Canada, Malaysia, the United
Arab Emirates, Denmark,
Indonesia, Nigeria and Saudi
Arabia, and a global sales network with sales teams in
China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan,
the United Arab Emirates,
Netherlands, Vietnam and India, as of September
30, 2024.
To find out more, please see: www.jinkosolar.com
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook, contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in
JinkoSolar's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. Except as
required by law, the Company does not undertake any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
For investor and media inquiries, please contact:
In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com
Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com
In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale,
Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
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SOURCE JinkoSolar Holding Co., Ltd.
