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JinkoSolar Announces Fourth Quarter and Full Year 2024 Financial Results

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SHANGRAO, China, March 26, 2025 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Business Highlights

  • Module shipments for full year 2024 increased 18.3% year-over-year to 92.9 GW, ranking first in the industry.

  • At the end of the fourth quarter, we became the first module manufacturer in the world to have delivered a total of over 300 GW solar modules.

  • By the end of the fourth quarter, the mass production efficiency of N-type TOPCon cells reached approximately 26.5%.

  • By the end of the fourth quarter, we had been granted 462 TOPCon patents, overtaking most brands on the N-type TOPCon patent list.

  • We were ranked as the most bankable solar module company in the 2024 PV Module Bankability Survey by Bloomberg New Energy Finance (BloombergNEF).

Fourth Quarter 2024 Operational and Financial Highlights

  • Quarterly shipments were 26,462 MW (25,221 MW for solar modules, and 1,241 MW for cells and wafers), up 2.1% sequentially, and down 5.0% year-over-year.

  • Total revenues were RMB20.65 billion (US$2.83 billion), down 15.7% sequentially and down 37.1% year-over-year.

  • Gross profit was RMB747.4 million (US$102.4 million), down 80.6% sequentially and down 81.7% year-over-year.

  • Gross margin was 3.6%, compared with 15.7% in Q3 2024 and 12.5% in Q4 2023.

  • Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB473.7 million (US$64.9 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB22.5 million in Q3 2024 and of RMB29.3 million in Q4 2023.

  • Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB381.3 million (US$52.2 million), which excludes the impact of (i) the change in fair value of convertible senior notes, (ii) the change in fair value of long-term investment, (iii) share based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB103.9 million in Q3 2024 and RMB462.7 million in Q4 2023.

  • Basic and diluted losses per ordinary share were RMB2.31 (US$0.32) and RMB2.31 (US$0.32), respectively. This translates into basic and diluted losses per ADS of RMB9.22 (US$1.26) and RMB9.22 (US$1.26), respectively.