JinkoSolar Holding Co., Ltd. Q4 FY2025 earnings call

1. 技术研发：持续推进N型TopoCom技术升级和高效率产品迭代，截至2025年底，反TopCon电池实验室效率达27.79%，反TopCon基钙钛矿叠层电池效率34.76%，持有超700项TopCon专利，与CrystalPi合作推动AI在研发中的应用。2. 产品升级：第四季度超640Wp高效产品出货量环比增至约3GW，第三代TigerNEW系列最大输出功率670Wp，今年逐步扩大生产和出货。3. 成本控制：通过供应链优化和技术升级对冲原材料价格波动，银包铜技术研发按计划推进，预计2026年大规模放量，灯塔工厂项目提升生产效率和成本竞争力。4. 储能业务：作为第二增长曲线，强化关键技术研发，优化客户服务，依托光伏渠道扩大出货规模，2026年储能以前订单和高前订单超10GWh。5. 全球布局：优化全球制造和供应链布局，美国2GW端式组件工厂保持高利用率，强化本土化制造和服务能力

2025年全年组件出货量达到86GW，第四季度出货量为26GW，太阳能组件占总出货量近93%。全年组件出货量86GW，海外市场在2025年占组件出货量约60%，亚太及新兴市场合计近40%，美国市场约占5%。储能业务2025年出货量达5.2GW，2026年储能以前订单和高前订单合计超过10GWh

预计2026年底一体化产能达约100GW，其中海外一体化产能14GW；2026年第一季度组件出货量13 - 14GW，全年组件出货量75 - 85GW；2026年全年运营现金流预计保持为正；储能业务2026年出货量预计较2025年翻倍

1. 原材料价格波动，如硅料、银等价格波动影响毛利率。2. 汇率波动影响财务表现。3. 全球贸易环境变化可能影响出货量。4. 美国第一太阳能的诉讼可能带来的不确定性。5. 中东冲突对中东地区业务的短期影响，包括物流挑战和成本上升。6. 中国可能的太阳能设备出口限制相关不确定性。7. 钙钛矿技术商业化进程的不确定性

Q: Philip Shen from Roth Capital Partners asked about outlook and assumption for pricing for Q1 and Q2, and gross margin cadence.

A: Charlie responded that module price rebounded in the last three to five months reflecting cost-inflation and tier one companies' discipline, HP expected SP to improve quarter by quarter, market price up and more mix on high-inflation products but couldn't disclose detailed ASP.

Q: Rajiv Chaudhry asked about gross margin impact of foreign exchange, cost of silver, and cost of polysilicon.

A: Charlie said silver was the biggest impact, then exchange rate, polysilicon had less impact.

Q: Rajiv Chaudhry asked about depreciation and capex in 2025 and target for 2026.

A: Depreciation in 2025 was roughly 1 billion USD, capex in 2025 was roughly 1 billion USD, no additional investment plan in 2026.

Q: Rajiv Chaudhry asked about market share and size of market.

A: 2025 delivered roughly 85GW, market share 13% - 14%, 2026 global demand flat or slightly down, market share relatively stable, focus on high value customers.

Q: Rajiv Chaudhry asked about exchange rate.

A: Trying to diversify, encourage customers to switch to RMB, continue currency hedging, periodically reassess exchange rates for pricing.

Q: Alan Lowe from Jefferies asked about collaboration with US leader, FEOC-related issues, ESS gross margin, shareholders' return.

A: No further info on collaboration with Tesla/SpaceX, FEOC landfill compliance in Florida facilities in final stage, ESS gross margin estimate 10% - 15%, continue investment return in combination of share purchase and dividend.

Q: Philip Shen from Roth Capital Partners asked about perovskite outlook.

A: Perovskite still needs R&D work, maybe 3 - 5 years for commercial mass production.

Q: Philip Shen from Roth Capital Partners asked about shipments to US market in 2026.

A: 5% - 10%, challenge due to solar cell supply shortage.

Q: Philip Shen from Roth Capital Partners asked about source of non-FEOC cells.

A: Sourcing from several players in different continents.

Q: Philip Shen from Roth Capital Partners asked about impact of war.

A: Middle East conflict impacts shipment to Middle East, need to re-plan shipment plans, some cost push, pre-war shipment to Middle East was roughly 20%