Jinko Power Technology (601778) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached ¥2.12 billion, up 10.47% year-over-year; net profit attributable to shareholders was ¥123 million, up 39.76% year-over-year.

• Cash flow from operating activities was ¥1.99 billion, a significant improvement from negative ¥726 million in H1 2024.

• The company continued its strategy of rolling development, asset-light operations, and high asset turnover, with 729MW of power stations transferred in H1 2025.

• Self-owned power station capacity reached 5,953MW, with 657MWh of independent energy storage; H1 power generation was 3.59 billion kWh.

Financial highlights

• Operating income: ¥2.12 billion, up 10.47% year-over-year.

• Net profit attributable to shareholders: ¥123 million, up 39.76% year-over-year.

• Net profit after non-recurring items: ¥62.97 million, down 27.14% year-over-year.

• Basic and diluted EPS: ¥0.04, up 33.33% year-over-year.

• Net cash from operating activities: ¥1.99 billion, a turnaround from negative in the prior year.

• Total assets: ¥43.26 billion; net assets attributable to shareholders: ¥15.97 billion.

Outlook and guidance

• The company expects continued growth in power station transfers and asset-light operations in H2 2025.

• Ongoing focus on high-quality project development, regional market expansion, and new energy storage business.

• Industry faces challenges from marketization of electricity prices and grid absorption, but policy support for renewables remains strong.