JinkoSolar Holding Co Ltd (JKS, Financial), a leading solar module manufacturer, released its unaudited financial results for the fourth quarter and full year ending December 31, 2024, on March 26, 2025. The company reported a significant increase in module shipments, reaching 92.9 GW for the year, but faced financial challenges with a net loss of RMB473.7 million in Q4 2024. Despite these challenges, JinkoSolar maintained its position as the most bankable solar module company according to BloombergNEF.
Positive Highlights
- Module shipments increased by 18.3% year-over-year to 92.9 GW, ranking first in the industry.
- JinkoSolar became the first module manufacturer to deliver over 300 GW of solar modules.
- Mass production efficiency of N-type TOPCon cells reached approximately 26.5%.
- Ranked as the most bankable solar module company by BloombergNEF.
Negative Highlights
- Total revenues decreased by 37.1% year-over-year in Q4 2024.
- Gross profit dropped by 81.7% year-over-year in Q4 2024.
- Net loss attributable to shareholders was RMB473.7 million in Q4 2024.
- Gross margin fell to 3.6% in Q4 2024 from 12.5% in Q4 2023.
Financial Analyst Perspective
JinkoSolar's financial performance in 2024 reflects the challenges faced by the solar industry, including price pressures and supply-demand imbalances. The company's significant drop in gross margin and net income indicates the impact of these market conditions. However, JinkoSolar's leadership in module shipments and technological advancements in N-type TOPCon cells position it well for future growth. The company's focus on R&D and production efficiency improvements could help mitigate financial pressures in the coming year.
Market Research Analyst Perspective
The global solar industry continues to grow, with China leading in new installations. JinkoSolar's record module shipments highlight its strong market presence. However, the industry's profitability is under pressure due to declining module prices and supply-demand imbalances. JinkoSolar's strategic initiatives, including technology upgrades and capacity optimization, are crucial for maintaining competitiveness. The company's ability to navigate these challenges will be key to its long-term success.
Frequently Asked Questions
Q: What were JinkoSolar's total revenues for 2024?
A: Total revenues for 2024 were RMB92.26 billion (US$12.64 billion), down 22.3% year-over-year.
Q: How did JinkoSolar perform in terms of module shipments in 2024?
A: JinkoSolar shipped 92.9 GW of solar modules in 2024, an 18.3% increase year-over-year, ranking first in the industry.
Q: What was JinkoSolar's net loss in Q4 2024?
A: The net loss attributable to JinkoSolar's ordinary shareholders was RMB473.7 million (US$64.9 million) in Q4 2024.
Q: What are JinkoSolar's expectations for 2025?
A: JinkoSolar expects module shipments to be between 85.0 GW and 100.0 GW for the full year 2025.
Read the original press release here.
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