Jinko Solar (688223) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB 92.62 billion, down 21.96% year-over-year, with net profit attributable to shareholders at RMB 90.54 million, a 98.78% decrease year-over-year.

• Operating profit dropped 91.24% year-over-year, and total profit turned negative at -RMB 71.38 million.

• The company maintained industry-leading shipment volumes and continued cost reduction and efficiency initiatives, but faced significant profit declines due to falling product prices and short-term disruptions.

Financial highlights

• Operating profit was RMB 798.65 million, down 91.24% year-over-year.

• Net profit attributable to shareholders was RMB 90.54 million, down 98.78% year-over-year.

• Basic EPS was RMB 0.01, down 98.65% year-over-year.

• Total assets at year-end were RMB 121.05 billion, down 8.38% from the start of the year.

• Shareholders' equity was RMB 32.36 billion, down 5.81% year-over-year.

Outlook and guidance

• The global photovoltaic market continued to grow, but intensified supply-demand imbalances led to lower end-product prices and industry-wide profit pressure.

• The company expects ongoing challenges from price declines and industry overcapacity, but aims to leverage technology and global channels for resilience.