JinkoSolar's Subsidiary, Jinko Solar Co., Ltd., Announces Certain Preliminary Unaudited Financial Results for Full Year 2024
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: [email protected]
Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: [email protected]
In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: [email protected]
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SOURCE JinkoSolar Holding Co., Ltd.