Jinko Power Technology (601778) H2 2024 earnings summary

Executive summary

• Achieved revenue of ¥4.77 billion in 2024, up 9.25% year-over-year; net profit attributable to shareholders was ¥324 million, down 15.39% year-over-year, mainly due to lower gains from asset disposals and increased curtailment in the PV sector.

• Operating cash flow turned positive to ¥1.04 billion from a negative ¥598 million last year, reflecting improved cash management.

• Board proposes a cash dividend of ¥0.0279 per share (pre-tax), totaling ¥97.54 million, pending shareholder approval.

Financial highlights

• Revenue: ¥4.77 billion, up 9.25% year-over-year; net profit: ¥324 million, down 15.39%.

• Gross margin for PV station development/operation/transfer was 50.15%, down 2.64 percentage points; household PV rolling development margin was 1.86%, down 3.23 points.

• Net assets attributable to shareholders: ¥15.87 billion, up 1.90%; total assets: ¥42.59 billion, up 3.77%.

• Basic and diluted EPS: ¥0.09, down 18.18% year-over-year.

• Adjusted net profit (excluding non-recurring items): ¥148 million, down 41% year-over-year.

• Non-recurring gains: ¥176 million, mainly from asset disposals and government subsidies.

Outlook and guidance

• 2025 industry outlook remains robust with expected new PV installations above 200GW, but policy and market uncertainties persist.

• Company will focus on asset management, high-quality project development, and expanding storage and emerging energy services.

• Emphasis on high-turnover, light-asset strategy, and international expansion to diversify risk and drive growth.