Release Date: March 26, 2025
Annual Module Shipments: Increased by 18.3% year over year to approximately 93 gigawatts.
- Fourth Quarter Module Shipments: 25.2 gigawatts, in line with guidance.
- Fourth Quarter Revenue: $2.83 billion, down 15.7% sequentially and 37% year over year.
- Fourth Quarter Gross Margin: 3.6%, compared to 15.7% in the third quarter and 12.5% in the fourth quarter of 2023.
- Fourth Quarter Net Loss: $64.9 million, compared to net income of $3.2 million in the third quarter.
- Full-Year 2024 Revenue: $12.64 billion, down 22% year over year.
- Full-Year 2024 Gross Margin: 11%, compared to 16% in 2023.
- Full-Year 2024 Net Income: $7.9 million, down 98% year over year.
- Cash and Cash Equivalents: $3.8 billion at the end of the fourth quarter.
- Total Debt: $5.56 billion at the end of the fourth quarter.
- Operating Expenses: $380 million in the fourth quarter, down 26% sequentially.
- Asset Liability Ratio: 72% at the end of the fourth quarter, improved from 75% at the beginning of the year.
Positive Points
- JinkoSolar Holding Co Ltd achieved a historical high in quarterly and annual module shipments, with total shipments reaching approximately 26.5 gigawatts in the fourth quarter.
- The company maintained its leading position in N-type TOPCon technology, with mass-produced N-type cell efficiency reaching nearly 26.5% by the end of the fourth quarter.
- JinkoSolar Holding Co Ltd was included in the S&P Global's 2025 Sustainability Yearbook and received a triple B rating in the MSCI ESG ratings, highlighting its commitment to sustainability.
- The company improved its asset liability ratio to 72% by the end of the fourth quarter, down from 75% at the beginning of the year, indicating better financial management.
- JinkoSolar Holding Co Ltd plans to maintain a healthy cash reserve and optimize its asset and liability structure, with cash and cash equivalents reaching $3.8 billion by the end of the fourth quarter.
Negative Points
- JinkoSolar Holding Co Ltd experienced a significant decline in profitability, with net income dropping 98% year over year to USD7.9 million.
- The company's gross margin fell to 3.6% in the fourth quarter, down from 15.7% in the third quarter, due to a decrease in average selling prices of solar modules.
- Total revenue decreased by 15.7% sequentially and 37% year over year, reflecting challenges in the market.
- The company faced a net loss of USD64.9 million in the fourth quarter, compared to a net income of USD3.2 million in the third quarter.
- JinkoSolar Holding Co Ltd anticipates a further decline in gross margins in the first quarter of 2025 due to a slack season and lower-priced orders.
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