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JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a global powerhouse in the solar industry, recognized as one of the world's largest and most innovative manufacturers of solar modules. The company boasts a vertically integrated solar product value chain, with a substantial annual capacity: 3.5 GW for silicon ingots and wafers, 3 GW for solar cells, and 6.5 GW for solar modules. JinkoSolar's expansive operations span across 14 production facilities worldwide, including locations in China, Portugal, South Africa, and Malaysia.
Headquartered in Shangrao, China, JinkoSolar provides cutting-edge solar products and comprehensive solutions to a diverse international clientele comprising utility-scale, commercial, and residential customers. The company's product portfolio includes silicon wafers, solar cells, and high-efficiency solar modules, particularly the N-type TOPCon modules. JinkoSolar's advanced technology and continuous innovation have positioned it at the forefront of the photovoltaic (PV) industry. Notably, JinkoSolar's N-type Tiger Neo module series has gained acclaim for its superior performance and reliability.
JinkoSolar's commitment to innovation is underscored by its robust R&D efforts, with over 15,000 employees, including 200 dedicated R&D professionals, working to push the boundaries of solar technology. The company holds more than 3,500 global patents and has achieved numerous breakthroughs, including setting world records for cell conversion efficiency and module performance. Recently, JinkoSolar reported a landmark perovskite tandem solar cell efficiency of 33.24%, further cementing its leadership in PV technology.
Financially, JinkoSolar continues to demonstrate robust growth. The company reported total revenue of RMB 118.68 billion for 2023, marking a 43.55% year-over-year increase. Net profit attributable to shareholders surged by 153.2% to RMB 7.44 billion. In Q1 2024, JinkoSolar's module shipments grew by 53.3% year-over-year to 19.99 GW, with N-type shipments accounting for nearly 80%. The company's strategic focus on expanding its global footprint and enhancing its production capabilities is evident in its extensive network of 26 overseas subsidiaries and numerous sales offices worldwide.
JinkoSolar has also been proactive in addressing challenges and ensuring operational continuity. For instance, following a fire incident at its Shanxi manufacturing facility, the company swiftly implemented contingency plans to minimize disruptions. JinkoSolar remains committed to sustainable development and the promotion of clean energy solutions globally.
With ambitious plans for the future, JinkoSolar expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 120 GW, 110 GW, and 130 GW, respectively, by the end of 2024. The company continues to lead the global transition towards renewable energy, driven by its technological excellence and unwavering commitment to innovation and sustainability.
JinkoSolar (NYSE: JKS) has been named an "Eco-Leader" by Green Builder® Media for the third consecutive year, recognizing its commitment to sustainability and decarbonization efforts. The company has significantly reduced its carbon footprint in manufacturing, product supply chains, and daily energy use. Nigel Cockroft, General Manager of JinkoSolar (U.S.), emphasized the company's responsibility to lead in sustainability practices in the photovoltaic industry. The accolade aims to motivate other manufacturers to enhance their sustainable operations.
JinkoSolar (NYSE: JKS) announced a new record with its advanced solar module achieving a conversion efficiency of 23.53%, surpassing its previous record of 23.01% set in January 2021. This achievement was validated by TÜV Rheinland and results from JinkoSolar's innovative TOPCon cell technology, which enhances performance and aesthetics. The company's commitment to R&D underscores its goal to drive energy efficiency and reduce the levelized cost of energy (LCOE). Such advancements position JinkoSolar favorably in the competitive solar market.
JinkoSolar (NYSE: JKS) announced a strategic cooperation agreement with Maersk Shipping Co., Ltd. on July 9, 2021. This agreement aims to enhance joint logistics capabilities, addressing container shortages caused by the pandemic. CEO Kangping Chen expressed optimism about increasing demand for solar energy and the expected growth in shipment capacity, highlighting JinkoSolar's global marketing system and Maersk's expertise in logistics. The partnership seeks to develop efficient logistics solutions and create a green logistics ecosystem for their clients.
JinkoSolar announced that it has submitted application documents for a potential initial public offering (IPO) of its subsidiary, Jinko Solar Co., Ltd., on the Shanghai Stock Exchange's STAR Market. The IPO aims to issue up to 2.67 billion shares, representing 10% to 25% of Jiangxi Jinko's total capital. Currently, JinkoSolar owns about 73.28% of Jiangxi Jinko, which will decrease to approximately 54.96% post-offering. Proceeds from the IPO will support capital expenditures for solar production lines and a research center, totaling RMB 5.6 billion and RMB 749.8 million, respectively.
JinkoSolar (NYSE: JKS) reported its Q1 2021 financial results, showing total revenues of RMB7.94 billion (US$1.21 billion), a decline of 6.4% year-over-year. Solar module shipments rose 33.7% to 4,562 MW. Gross profit fell 18% to RMB1.36 billion, with a gross margin of 17.1%. Net income decreased by 21.7% to RMB221.1 million. The company anticipates a gross margin between 12% and 15% for Q2 2021 and expects full-year shipments of 25-30 GW. Recent strategic investments were made to secure polysilicon supply amid rising raw material prices.
JinkoSolar (NYSE: JKS) announced a significant investment of RMB315 million in Inner Mongolia Xinte Silicon Materials Co., Ltd. This will support the construction of a high-purity polysilicon production line with an annual capacity of 100,000 tons. Upon completion, JinkoSolar will hold a 9.00% stake in Inner Mongolia Xinte. CEO Kangping Chen expressed confidence in this strategic move, emphasizing the partnership with Xinte Energy to enhance the stability of silicon material supply and reduce supply chain volatility in the growing photovoltaic industry.
JinkoSolar, a leading solar module manufacturer, announced that its Tiger Pro dual glass module has received the world's first IEC TS 62804-1-1:2020 certification from DEKRA. This certification validates the module's exceptional anti-PID performance and quality under extreme conditions, meeting stringent safety and performance standards. The certification process involved a rigorous evaluation of potential-induced degradation in crystalline silicon PV modules. JinkoSolar aims to excel in high-performance modules, responding to the increasing market demand for efficiency and power output.
JinkoSolar (NYSE: JKS) has announced that it will release its unaudited financial results for the first quarter ending March 31, 2021, before the U.S. market opens on June 25, 2021. An earnings conference call will be held the same day at 8:00 a.m. Eastern Time, with dial-in details provided. For those unable to attend, a replay will be accessible starting two hours after the call concludes until July 2, 2021. JinkoSolar is recognized as a leading solar module manufacturer, boasting a robust production capacity across multiple locations worldwide.
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