Jinko Technology: Proposes to Transfer Four PV Power Station Project Companies for RMB 287 Million

On the evening of June 24, Jinko Solar announced that its four commercial and industrial distributed PV power station project subsidiaries intend to sell all their PV power station equipment to China Construction Investment Leasing Co., Ltd., while simultaneously transferring 100% equity of the holding platform Hengfeng Jinge Enterprise Management Center (Limited Partnership) to Tianjin Jinjian Investment Co., Ltd. The total transaction consideration amounts to 287 million yuan, involving grid-connected installed capacity of approximately 76.55MW. Specifically, the total tax-inclusive sales price for the PV equipment of the four project companies is 287 million yuan, with the 100% equity transfer price of Hengfeng Jinge being 10,000 yuan.

Jinko Solar stated that this transaction aligns with the company's "rolling development" light-asset operation strategy, facilitating further optimization of its asset structure, accelerating asset turnover efficiency, and shortening the investment monetization cycle. Upon completion, the target companies and related project companies will no longer be included in the company's consolidated financial statements. Preliminary estimates indicate the transaction will generate profits equivalent to 10%-20% of the company's audited net profit for the most recent fiscal year.

According to the announcement, the four project companies collectively hold eight commercial and industrial distributed PV power stations, seven of which are located within factory premises of Jinko Energy Co., Ltd., an affiliate. During operation, these project companies leased rooftop space from Jinko Energy, prioritizing power sales to Jinko Energy and its subsidiaries. Post-transaction, subsequent leasing and electricity sales agreements between the project companies and Jinko Energy will no longer constitute related-party transactions.

As Jinko Solar's core business since inception, PV power station operations primarily involved self-owned centralized and commercial/industrial distributed stations before 2022. In recent years, to continuously optimize its portfolio structure and earnings quality, mitigate subsidy-related uncertainties, and reserve capital for newly developed parity PV projects, the company has systematically divested portions of its centralized and distributed PV assets through subsidiary equity transfers, establishing a normalized asset transaction mechanism.

During recent investor surveys, Jinko Solar explicitly stated it would continue advancing high-quality development and construction of various station types, maintaining a hybrid light/heavy asset operation model while enhancing the productized trading level of station assets to expand transaction scale and sustain sound liquidity. In Q1 2025, the company completed the transfer of a 440MW household PV asset package.