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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 announced a long-term polysilicon supply agreement with Wacker Chemie AG, allowing Wacker to supply over 70,000 tons of polysilicon from September 2021 to December 2026. The purchase price will be determined by market rates. This strategic partnership ensures a reliable source of high-quality raw materials for JinkoSolar's manufacturing, supporting the growing demand for their solar products. JinkoSolar aims to foster long-term relationships with key suppliers to enhance its product efficiency in the global PV market.
JinkoSolar Holding Co., Ltd. (NYSE: JKS) has achieved a significant milestone by obtaining the first Life Cycle Assessment (LCA) certificate for photovoltaic modules in Greater China, issued by TÜV Rheinland. Concurrently, the company has passed the Italian Environmental Product Declaration (EPD) certification, with 6 series and 43 sub-models of its monocrystalline mainstream modules certified. This recognition underlines JinkoSolar's commitment to environmental responsibility and carbon emissions reduction, aligning with global and national decarbonization goals.
JinkoSolar (NYSE: JKS) has received a favorable ruling from the U.S. Court of Appeals for the Federal Circuit, affirming the International Trade Commission's decision that its products do not infringe a patent from Hanwha Q CELLS. The ITC's conclusion, reached in June 2020, followed a patent investigation initiated by Hanwha in March 2019. JinkoSolar's Chairman, Xiande Li, welcomed the ruling as a confirmation of their commitment to innovation and product leadership in the solar industry.
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.
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