JinkoSolar Holding Co., Ltd. Q4 FY2024 earnings call

• Delivered resilient operations in 2024 with leading N-type TOPCon technology and global sales/manufacturing networks. Annual module shipments were 93 gigawatts, first in the industry.
• Global PV industry had fast growth in 2024, but supply-demand imbalance led to price decline and profit pressure. National authorities and industry took steps to address imbalance.
• Maintained tech leadership: N-type cell efficiency near 26.5%, Tiger Neo production initiated. Global manufacturing: Shanxi N-type Super Factory, U.S. factory at full capacity, Saudi project progressing.
• ESG recognition: Included in S&P Global 2025 Sustainability Yearbook, top in CSA, BBB in MSCI ESG. Strong patent portfolio with 462 granted TOPCon patents, responding to infringement claims.

In 2024, JinkoSolar's module shipments reached 92.87 gigawatts, up 18.3% year-over-year, ranking first in the industry. Total revenue was $12.64 billion, down 22% year-over-year. Gross margin was 11% in 2024, compared to 16% in 2023. For the fourth quarter of 2024, module shipments were 25.2 gigawatts, revenue was $2.83 billion, down 15.7% sequentially and 37% year-over-year. Gross margin was 3.6% in Q4 2024, compared to 15.7% in Q3 2024.

• Q1 2025 module shipments expected 16-18 gigawatts, full-year 2025 module shipments expected 85-100 gigawatts.
• By end of 2025, mass-produced N-type cell efficiency expected to reach ~27%.
• Cautious capacity expansion in 2025, no new capacity added besides TOPCon upgrades. Expected mono wafer, cell, module capacities by end of 2025: 120, 95, 130 gigawatts respectively.

• Supply-demand imbalances leading to price declines and profit pressure.
• Trade tariffs (AD/CVD) and potential impact on margins, but current U.S. operations managing without significant negative impact.
• Uncertainty in U.S. market demand affecting margins.
• Industry consolidation and potential phase-out of less competitive companies.

Q: About AD/CVD tariffs and U.S. shipments A: Jinko has solutions for AD/CVD, U.S. factories at full capacity, no big margin impact from tariffs, but U.S. demand is key.

Q: U.S. shipments expectation and pullback A: Uncertainty in policies, expecting reasonable range once policies clear.

Q: Q1 margin expectation, Q2-Q3 trends A: Q1 margin likely lower than Q4, Q2 margin to improve moderately as demand picks up.

Q: CapEx for 2025 A: CapEx expected ~RMB4-5B, much lower than previous year.

Q: Market share, depreciation, free cash flow A: Focus on technology and capabilities, depreciation Q4 ~RMB1.6-1.7B, 2025 pending, free cash flow expected positive but conservative.

Q: China supply side reforms, Saudi capacity A: Company optimistic on solar sector, Saudi project to break ground Q2 2025, fully operational end of 2026.