Financial Data and Key Metrics Changes - The company's annual module shipments increased by 18.3% year-over-year to approximately 93 gigawatts, ranking first in the industry [9] - Gross margin dropped to 10.9% in 2024 from 16% in 2023, while net income fell by 98% year-over-year to $7.9 million [10] - In Q4, gross margin was 3.6%, down from 15.7% in Q3, with a net loss of $64.9 million compared to net income of $3.2 million in Q3 [11][33] Business Line Data and Key Metrics Changes - Total module shipments for Q4 were approximately 25.2 gigawatts, with over 50% shipped to domestic markets where prices were lower [11] - The proportion of higher-priced overseas orders declined sequentially, leading to decreased average selling price (ASP) and profits [11] - The N-type Tiger Neo series accounted for over 95% of shipments in Q4 and nearly 90% for the full year [28] Market Data and Key Metrics Changes - Newly added installations in China reached 277 gigawatts in 2024, a 28% increase year-over-year, setting a record high [12] - China's module exports reached 236 gigawatts in 2024, an increase of 13% year-over-year [12] - The global PV industry maintained fast growth momentum, with expectations for newly added installations in China to be around 270 gigawatts or higher in 2025 [29] Company Strategy and Development Direction - The company is committed to maintaining technology leadership through continuous R&D investments and mass production of innovative products [15] - A cautious approach to capacity expansion is being taken, with no new capacity added aside from upgrades to TOPCon technology [24] - The company aims to optimize its asset and liability structure while maintaining healthy cash reserves to strengthen resilience to risks [25][32] Management's Comments on Operating Environment and Future Outlook - Management noted that the industry may have entered a deep adjustment period, with companies lacking competitive costs likely to be phased out [21] - In the medium to long term, renewable energy is expected to supply half of global electricity demand by 2030, highlighting the growth potential of the PV industry [22] - The company expects module shipments to be between 16 to 18 gigawatts for Q1 2025 and between 85 and 100 gigawatts for the full year [24] Other Important Information - The company received a BBB rating for the second consecutive year in the MSCI ESG ratings, reflecting its commitment to ESG [18] - A strong patent portfolio was built, including 462 granted TOPCon patents, making the company a leading holder of such patents globally [19] - The company is actively responding to patent infringement claims from competitors, asserting that the allegations lack merit [20] Q&A Session Summary Question: Impact of increased import tariffs from Vietnam on margins and pricing strategy - Management indicated that they have prepared solutions for AD/CVD tariffs and do not expect a significant negative impact on margins [45] Question: Expectations for U.S. shipments and potential pullback due to higher tariffs - Management stated it is too early to define shipment volumes to the U.S. due to uncertain policies [48] Question: Q1 margin expectations - Management expects Q1 margins to be lower than Q4 due to lower prices from previous orders [58] Question: CapEx expectations for 2025 - Management expects CapEx to be much lower than the previous year, approximately RMB4 billion to RMB5 billion [65] Question: Updates on Saudi capacity and operational timeline - The Saudi Super Factory is in early preparation, with ground-breaking targeted by the end of Q2 and full operational status expected by the end of next year [82] Question: Market share expectations for 2025 - Management anticipates a slight decrease in market share this year due to industry consolidation but expects to be in a good position for future growth [89]

JINKOSOLAR HOLDING CO., LTD. Q4 2024 EARNINGS CALL PRESENTATION MARCH 26, 2025 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 of or be relied on in connection with any contract or commitment whatsoever. The information herein has been prepared by the Company ...

Core Viewpoint - JinkoSolar reported a challenging financial performance for 2024, with significant declines in revenue and profitability due to decreased module prices and operational challenges, despite maintaining a leading position in the solar industry and achieving record module shipments [4][34]. Group 1: Financial Performance - Total revenues for Q4 2024 were RMB20.65 billion (US$2.83 billion), down 15.7% sequentially and 37.1% year-over-year [10]. - Gross profit for Q4 2024 was RMB747.4 million (US$102.4 million), a decrease of 80.6% sequentially and 81.7% year-over-year [11]. - The net loss attributable to JinkoSolar's ordinary shareholders in Q4 2024 was RMB473.7 million (US$64.9 million), compared to net income of RMB22.5 million in Q3 2024 [29][31]. Group 2: Operational Highlights - Annual module shipments increased by 18.3% year-over-year to 92.9 GW, ranking first in the industry [4][49]. - Total shipments for the full year 2024 were 99,596 MW, including 92,873 MW for solar modules and 6,723 MW for cells and wafers [49]. - The average mass-produced N-type cell efficiency reached nearly 26.5% by the end of Q4 2024, with expectations to reach approximately 27% by the end of 2025 [6]. Group 3: Industry Context - The global PV industry saw a record high of 277 GW in newly added installations in China for 2024, marking a 28% year-over-year increase [5]. - The imbalance between supply and demand in the industry led to a downward trend in module prices, impacting profitability across the sector [5]. - National authorities in China have implemented measures to address supply-demand imbalances, including raising entry barriers for new manufacturing capacities and reducing export tax rebates [5]. Group 4: Future Outlook - For Q1 2025, JinkoSolar expects module shipments to be between 16.0 GW and 18.0 GW, and for the full year 2025, shipments are estimated to be between 85.0 GW and 100.0 GW [9][51]. - The company plans to maintain a cautious approach to capacity expansion in 2025, focusing on upgrades to TOPCon technology [10].