According to Wechat Official Account @PVTechCN, Jinko Solar stated at its earnings conference call that the company's module shipments in the first quarter of 2025 were 17.5GW, and energy storage system shipments were 310MWh. As of the end of the first quarter, the company's order visibility for 2025 has reached 60% to 70%, strongly supporting the smooth achievement of the full-year shipment target of 85-100GW for modules in 2025.
In the first quarter of 2025, the company's module shipments reached 17.5GW, and energy storage system shipments were 310MWh. During the reporting period, the prices of the main industrial chain remained at a low level, coupled with the impact of changes in overseas trade policies, resulting in a net loss attributable to the parent company of RMB 1.39 billion in the first quarter.
As of the end of the first quarter, the company's order visibility for 2025 has reached 60% to 70%, strongly supporting the smooth achievement of the full-year shipment target. It is expected that the company's global module shipments in the second quarter will be 20-25GW.
In terms of globalization, the company's Saudi project is progressing smoothly and is expected to gradually go into production in the second half of 2026. The company's 2GW module production capacity in the United States achieved full capacity operation by the end of 2024. At the same time, the company is actively promoting GDR issuance and listing in Germany to expand global financing channels and enhance its capital strength.
The full-year module shipment target for 2025 is 85-100GW, and the energy storage system shipment target is 6GWh. By the end of the year, the power of high-efficiency TOPCon products will reach 650-670W, and the company plans to complete the upgrade of more than 40% of its production capacity by the end of the year. At the same time, it will strive to optimize its asset-liability structure to ensure healthy cash flow.
Key Questions and Jinko's Answers:
Regarding the recent price fluctuations in the photovoltaic industry, how do you judge the future price trend and profitability?
The peak of domestic distributed installation rush has passed, and market quotations are gradually becoming rational. However, in the long term, driven by AI and the demand for green electricity, the long-term demand for photovoltaics remains strong. Combined with the guidance on supply-side reform in the industry, this will help the industry develop in an orderly manner. Furthermore, some companies that have crossed over into the photovoltaic industry are gradually withdrawing from market competition. We believe that the industry will gradually move from loss to break-even, and then to gradual profitability. Companies with economies of scale, brand premium, leading technology, and cost control advantages will be more competitive.
How is the cost performance and power generation gain of the third-generation TOPCon products compared to other technical routes? Given the current competitive landscape, how does the company consider maintaining technological leadership and future technology layout?
On the one hand, relying on various technological upgrades, the company's high-efficiency products can achieve a module power of 670W, with a front-side power that is not inferior to any commercially available technology route in the market, while maintaining a cost advantage. The actual power generation, based on tests at multiple global demonstration power stations, is on average 2-3% higher. The company will complete the upgrade and transformation of more than 40% of its production capacity this year. In the future, the company will continuously upgrade TOPCon through new technologies such as metallization innovation and front-side passivation optimization to maintain its leading position in the industry. On the other hand, the company is using AI technology to accelerate the research and development of perovskite tandem solar cells. The stability of the current perovskite and TOPCon tandem solar cells has significantly improved compared to last year, and it is expected that a pilot production line will be formed in about three years.
The company has established its leading position in the industry in the past two years with n-type technology. How does the management plan strategically to maintain this leading position in the long term?
First, under the complex international trade situation, we will promote the upgrade from global marketing and global manufacturing to global investment. We will obtain market share through in-depth technological cooperation, such as the cooperation model with Saudi PIF. If successful, this model will be quickly replicated in other regions. Second, we will promote integrated projects like the Shanxi base, improving management efficiency and reducing costs through digitalization and AI, while achieving higher ESG standards. Third, we will maintain continuous technological and product leadership through high-intensity R&D investment.
What is the company's capital expenditure plan and cash flow situation for 2025?
The company has significantly reduced its capacity investment plan and scale since last year. This year, the focus is mainly on the upgrading and transformation of high-efficiency products, with an estimated capital expenditure of around RMB 4 billion for the whole year. Operating cash flow is a key focus of the company's operations. In 2024, the company achieved nearly RMB 8 billion in operating cash flow, and the goal for this year is to achieve positive operating cash flow and continuously improve operating efficiency.
What is the company's asset impairment situation in Q1 2025, and what is the future P-type impairment pressure?
The company recognized over RMB 400 million in asset impairment in the first quarter, mainly inventory impairment. From the perspective of production capacity structure, the company's P-type capacity占比 is already relatively small. This year, the company will conduct relevant impairment tests in accordance with accounting principles, and it is expected that there will not be particularly significant impairment pressure.
Source：https://mp.weixin.qq.com/s/zwdGC0UwVONRLhfhxLvBMw