JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q4 2024 Earnings Presentation
16 slides from JinkoSolar's earnings presentation, Mar 26, 2025
Slide 1: Q4 2024 Earnings Call Presentation
JINKOSOLAR HOLDING CO., LTD. Q4 2024 EARNINGS CALL PRESENTATION MARCH 26, 2025
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis
Slide 3: Q4 2024 financial highlights
Q4 2024 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% QoQ, and down 5.0% YoY. Total revenues were US$2.83 billion, down 15.7% QoQ and down 37.1% YoY. Gross margin was 3.6%, compared with 15.7% in Q3 2024 and 12.5% in
Slide 4: FY2024 financial highlights
FY2024 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% YoY. Total revenues were US$12.64 billion, down 22.3% YoY . Gross margin of 10.9%, compared with 16.0% in full year of 2023. (1) Adjusted net income attributable to
Slide 5: Business highlights
Business highlights 1 Module shipments for full year 2024 increased 18.3% year-over-year to 92.9GW, ranking first in the industry. 2 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
Slide 6: JinkoSolar leads the industry with cutting-edge N-type technology
JinkoSolar leads the industry with cutting-edge N-type technology Industry pioneer embracing the N-type TOPCon technology Continuous R&D investments to improve efficiency Set 27 world Mass-production We have been the global champion in annual module records for PV efficiency of TOPCon shipments for
Slide 7: Global capabilities further expanded
Global capabilities further expanded Global manufacturing 2.0: Cooperating with local partners to develop local supply chain, share benefits and acquire market share. Shanxi N-type Super Factory • Phase I of wafer and module fully operational. • We are working to reduce costs and improve efficiency
Slide 8: Extensive global sales capability
Extensive global sales capability Leading N-type product and capacity structure Strong Brand recognition Ranked No.1 in the Global Solar Module Manufacturers Ranking 2025 Tiger Neo modules report published by Wood Mackenzie. 2024Q4 FY2024 accounted for 95% overall in Q4 2024, and nearly 90% for Ra
Slide 9: Corporate Strategies
Corporate Strategies Technology Innovation Efficient Management Global Expansion • Maintain high R&D investments for • Implement comprehensive budget • Increase localization, shifting from cutting-edge innovation. management to swiftly respond to market “global marketing” to “global • Execute a clea
Slide 10: Business Plan
Business Plan Mass production efficiency of N-type cells to reach ~27%, by the end of 2025. 2025 module shipments to be 85~100GW (16~18GW in Q1 2025). Capacity for mono wafer, cell and module to reach 120GW, 95GW and 130GW by the end of 2025. Continue to optimize our assets and liabilities s
Slide 11: Quarterly financial highlights
Quarterly financial highlights Revenue and total shipments Gross profit and gross margin 27,862 25,318 25,910 26,462 26,335 21,906 25,221 25,000 23,822 23,838 15.7% 19,993 20,000 12.5% 11.9% 11.1% 15,000 4,624 3.6% 3,310 3,492 10,000 3,192 2,829 576 549 5,000 379 368 102 0 Q4 2023 Q1 2024 Q2 2024 Q3
Slide 12: Annual financial highlights
Annual financial highlights Revenue and module shipments Gross profit and gross margin 16,716 99.6 2,683 15,000 92.9 83.6 12,639 78.5 16.0% 10,000 1,372 5,000 10.9% – 2023 2024 2023 2024 Revenue (US$mn) Total shipments (GW) Module shipments Gross margin Gross profit (US$mn) (1) Adjusted net income（l
Slide 13: Income statement summary
Income statement summary Change by Quarterly (US$mn) Change by RMB Annually (US$mn) RMB Q4 2023 Q3 2024 Q4 2024 QoQ change YoY change FY2023A FY2024A YoY change Total shipments 27,862 MW 25,910 MW 26,462 MW 2.1% (5.0)% 83.6GW 99.6GW 19.2% Total module shipments 26,335 MW 23,838 MW 25,221 MW 5.8% (4.
Slide 14: Balance sheet summary
Balance sheet summary (US$mn) Q4 2023 Q3 2024 Q4 2024 Cash and restricted cash 2,754 3,188 3,800 Accounts and notes receivable 3,810 3,350 2,384 Inventories 2,566 2,173 1,714 Net PPE 5,812 6,503 6,138 Total assets 19,132 18,556 17,109 Total debt (1) 4,667 5,787 5,561 Short-term debt (2) 1,835 1,294
Slide 15: Appendix—Adjusted net income reconciliation
Appendix—Adjusted net income reconciliation (RMB in thousands) 2024Q4 FY2024 Net income attributable to JinkoSolar -473,730 57,547 Holding Co., Ltd.'s ordinary shareholders Change in fair value of convertible senior notes and call option -186,880 349,545 Change in fair value of Long-term Investment
Slide 16: www.jinkosolar.com
Building Your Trust in Solar www.jinkosolar.com hy are