Jinko Solar shipped 92.87 GW of modules in 2024, with a Q2 target of 20-25 GW.

On the evening of April 29, Jinko Solar, a leading global PV enterprise, released its 2024 annual report and 2025 Q1 report.

In Q1 2025, Jinko Solar achieved operating revenue of 13.843 billion yuan and a net profit attributable to shareholders of publicly listed firms of -1.39 billion yuan.

Jinko Solar stated that during the reporting period, prices across the main industry chain of the PV sector remained low overall, coupled with demand disruptions caused by changes in overseas trade policies, putting pressure on profit margins at various stages of industry integration. As an integrated enterprise with a global market presence, the company, while ensuring long-term customer contract fulfillment, experienced a year-on-year decline in the average selling price of module deliveries and profitability during the reporting period. In the next phase, the company will actively respond to changes in industry demand and policies, continuously optimize market strategies and supply chain management, and enhance the competitiveness of its technologies and products.

From January to March 2025, Jinko Solar achieved total shipments of 19,130 MW. Among them, module shipments reached 17,504 MW, while wafer and solar cell shipments totaled 1,626 MW. On the premise of balancing shipment scale and profitability, the company expects module shipments in Q2 to range from 20 GW to 25 GW.

According to its Q1 report, as of the end of the reporting period, Jinko Solar's cumulative global shipments of PV modules had exceeded 320 GW. During the same period, the company's mass production average efficiency of its high-efficiency N-type TOPCon cells in operation had reached over 26.6%, and the laboratory efficiency of its perovskite tandem cells based on N-type TOPCon had reached 34.22%.

On the evening of April 29, Jinko Solar also disclosed its 2024 annual report.

The annual report showed that in 2024, Jinko Solar achieved operating revenue of 92.47 billion yuan and a net profit attributable to shareholders of publicly listed firms of 99 million yuan.

In terms of shipments, in 2024, the company achieved module shipments of 92.87 GW, up 18.28% YoY, securing the top spot in global module shipments for the sixth consecutive year. During the same period, its N-type module shipments reached 81.29 GW, accounting for 88% of total shipments.

▍Continuously Advancing Globalization Strategy: New Progress in Saudi Arabia Project

From the perspective of market structure, in 2024, Jinko Solar's overseas markets contributed significantly to incremental growth, with module sales accounting for nearly 70% of total sales. Among them, emerging markets such as the Middle East and Southeast Asia experienced rapid growth.

During the reporting period, the company's module shipments in the Middle East approached 10 GW, while shipments in Southeast Asia increased by over 50% YoY.

In Saudi Arabia, the 10 GW high-efficiency cell and module project jointly constructed by Jinko Solar, the Public Investment Fund (PIF), and Saudi Energy Equipment Company (Vision Industries Company) is progressing smoothly and is expected to gradually commence production in the second half of 2026.

Jinko Solar's US factory has completed upgrades, expansions, and is now operating at full capacity with a 2 GW production capacity.

Looking back at 2024, the global PV industry continued to advance amidst a complex environment of demand growth and price fluctuations. Facing cyclical industry fluctuations, Jinko Solar enhanced its risk resilience by optimizing its asset structure and diversifying financing channels.

During the reporting period, the company promoted the issuance of global depositary receipts (GDRs) and applied for listing on the Frankfurt Stock Exchange to enhance its international financing capabilities.

At the operational level, Jinko Solar effectively reduced capital costs by optimizing the days payable outstanding and increasing the utilization ratio of supply chain finance instruments. In 2024, the company achieved operating cash flow of 7.867 billion yuan, with its asset-liability ratio decreasing by 2 percentage points year-on-year.

▍Plans to Complete Over 40% Capacity Upgrades and Retrofits Within the Year

Currently, the PV industry is still in the throes of a phased adjustment, during which the release of advanced production capacity is particularly crucial.

Jinko Solar's main business scope includes PV operations encompassing monocrystalline silicon ingot production, wafer slicing, cell manufacturing, and module encapsulation. The silicon ingots, wafers, and solar cells produced by the company are primarily used for in-house production and processing at various downstream stages. As of the end of 2024, it had formed an integrated production capacity of approximately 100 GW.

According to reports, in 2025, Jinko Solar will accelerate capacity upgrades, expecting to complete upgrades and retrofits for over 40% of its production capacity within the year and form a high-power TOPCon production capacity of 40 GW to 50 GW by the end of the year.

As of the end of 2024, the company's mass production average efficiency of cells in its key production areas exceeded 26.7%, and the laboratory efficiency of its TOPCon perovskite tandem cells reached 34.22%. Based on the TOPCon-based HOT4.0 technology platform, the mainstream models of its third-generation TigerNeo PV modules offer a maximum power of up to 670 W, a module conversion efficiency of up to 24.8%, and a bifaciality ratio of 85%, meeting the differentiated needs of large-scale power plants and distributed scenarios.

"Currently, the company's third-generation high-power TOPCon products are being smoothly taken as orders, with a considerable scale of orders on hand," Jinko Solar stated.

Jinko Solar also stated in its annual report that the company will increase R&D investment intensity and accelerate the digital transformation of the industry, focusing on rapidly deploying advantageous technologies and production capacity.

According to its annual report, as of the end of 2024, Jinko Solar had accumulated over 3,000 granted patents, ranking first globally in the number of N-type TOPCon-related patents.

▍Accelerating the Layout of the "Second Growth Curve" ESS Business

Jinko Solar regards its ESS business as its "second growth curve" and is accelerating the integration of PV and ESS.

In 2024, the company's ESS system shipments exceeded 1 GWh, achieving significant growth compared to the same period last year. It has launched customized ESS solutions for residential, commercial, industrial, and large-scale power plant scenarios and signed orders with multiple global power developers.

In the ESS sector, as of now, Jinko Solar has signed orders with multiple global power developers, distributors, and end-users, covering regions including China, the Middle East, Africa, Southeast Asia, North America, South America, Australia, and Japan.

Jinko Solar's global PV production capacity layout also provides support for the expansion of its ESS business. In July 2024, the company reached a cooperation agreement with Saudi Arabia to plan the construction of 10 GW of high-efficiency cell and module production capacity in Saudi Arabia. The project is expected to commence production in 2026, providing systematic solutions for the development and utilization of green energy in the Middle East.

According to Jinko Solar,In the future, the company will expand its overseas market presence in the ESS business, explore innovative "PV ESS integration" models, and aims to achieve ESS system shipments of 6 GWh in 2025, representing a nearly fivefold increase from 2024.