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 global leading enterprise in the PV industry, 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, the overall prices of the main PV industry chain remained low, coupled with disruptions in demand due to changes in overseas trade policies, putting pressure on profitability across all segments of the industry's integration. As an integrated enterprise with a global market presence, the company ensured long-term customer commitments while experiencing a YoY decline in module delivery prices and profitability during the reporting period. In the next phase, the company plans to actively respond to changes in industry demand and policies, continuously optimize market strategies and supply chain management, and enhance its technological and product competitiveness.

From January to March 2025, Jinko Solar achieved total shipments of 19,130MW, including module shipments of 17,504MW and wafer and solar cell shipments of 1,626MW. Balancing shipment scale and profitability, the company expects module shipments in Q2 to range from 20GW to 25GW.

According to its Q1 report, as of the end of the reporting period, Jinko Solar's cumulative global PV module shipments exceeded 320GW. During the same period, the company's mass-produced high-efficiency N-type TOPCon cells achieved an average efficiency of over 26.6%, while its perovskite tandem cells based on N-type TOPCon reached a laboratory efficiency of 34.22%.

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

The annual report shows that in 2024, Jinko Solar achieved 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 92.87GW, up 18.28% YoY, maintaining its position as the global leader in module shipments for the sixth consecutive year. During the same period, its N-type module shipments reached 81.29GW, accounting for 88% of the total.

▍Continuing to Advance Global Layout, Saudi Project Shows New Progress

From a market structure perspective, in 2024, Jinko Solar's overseas markets contributed the core growth, with module sales accounting for nearly 70% of the total. Among these, 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 10GW, while shipments in Southeast Asia grew by over 50% YoY.

In Saudi Arabia, Jinko Solar's 10GW high-efficiency cell and module project, developed in collaboration with the Public Investment Fund (PIF) and Vision Industries Company, progressed smoothly and is expected to commence production gradually in H2 2026.

Jinko Solar's US factory completed upgrades and capacity expansion, achieving full production operation with a capacity of 2GW.

Looking back at 2024, the global PV industry continued to move forward amidst a complex environment of demand growth and price fluctuations. Facing cyclical industry fluctuations, Jinko Solar optimized its asset structure and diversified financing to enhance its risk resistance.

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

On the operational side, Jinko Solar effectively reduced funding costs by optimizing accounts payable turnover days and increasing the use of supply chain financial instruments. In 2024, the company achieved operating cash flow of 7.867 billion yuan, with its asset-liability ratio decreasing by 2 percentage points for the year.

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

Currently, the PV industry is undergoing a painful phase of structural adjustment, where the release of advanced capacity is particularly critical.

Jinko Solar's main business scope includes PV operations such as monocrystalline silicon ingots, wafer slicing, cell manufacturing, and module encapsulation. The company's self-produced silicon ingots, wafers, and solar cells are primarily used for internal downstream production and processing. As of the end of 2024, it had established approximately 100GW of integrated capacity.

According to reports, in 2025, Jinko Solar is accelerating its capacity upgrades, expecting to complete upgrades for over 40% of its capacity within the year, forming 40GW to 50GW of high-power TOPCon capacity by year-end.

As of the end of 2024, the company's mass-produced cells in its premium production zones achieved an average efficiency of over 26.7%, while its laboratory TOPCon perovskite tandem cells reached an efficiency of 34.22%. Based on the TOPCon HOT4.0 technology platform, its third-generation TigerNeo PV module's mainstream version achieved a maximum power of 670W, with a module conversion efficiency of 24.8% and a bifaciality 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 receiving orders smoothly, forming a considerable scale of orders on hand," stated Jinko Solar.

Jinko Solar also mentioned in its annual report that the company will intensify its R&D investment and accelerate the advancement of industrial digitalization, focusing on the rapid deployment of advantageous technologies and capacities.

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

▍Accelerating the Layout of the "Second Growth Curve" in 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 energy storage system shipments exceeded 1GWh, achieving significant growth compared to the previous year. It 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 numerous global power developers, distributors, and end-users, covering regions including China, the Middle East and Africa, Southeast Asia, North America, South America, Australia, and Japan.

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

According to Jinko Solar, in the future, the company will intensify its efforts to expand the overseas market for ESS, explore innovative "PV ESS integration" models, and aims to achieve a 2025 ESS shipment target of 6GWh, nearly five times the 2024 level.