Stock code: 688223 Stock abbreviation: JinkoSolar

Bond code: 118034 Bond abbreviation: Jingneng convertible bond

JinkoSolar Corporation

Jinko Solar Co., Ltd.

(No. 1, Yingbin Avenue, Shangrao Economic and Technological Development Zone, Jiangxi Province)

Overseas issuance of Global Depositary Receipts

New domestic basic A shares

Feasibility analysis report on the use of raised funds

October 2024

1. Plan for the use of raised funds

The total amount of funds raised by the company in this issuance of GDRs shall not exceed RMB 450,000.00 (or equivalent in foreign currency),

The net proceeds of the total proceeds after deducting the issuance expenses will be used for the following items:

Unit: 10,000 yuan

Serial No. Project Name Total Investment The amount of funds to be raised

1 United States 1GW high-efficiency module projects 49,926.45 49,926.45

2 Shanxi Phase II 14GW integrated production base construction project 464,125.40 274,073.55

2-1 Shanxi Phase II 14GW high-efficiency module integrated production line project 94,543.08 55,829.22

2-2 Shanxi Phase II 14GW integrated production line for slicing and high-efficiency cells 246,529.85 145,579.86

project

2-3 Shanxi Phase II 14GW Monocrystalline Rod, Cutting and Squared Integrated Production Line Project 123,052.47 72,664.47

3 Replenishment of liquidity or repayment of bank borrowings 126,000.00 126,000.00

Total 640,051.85 450,000.00

After the funds raised in this GDR issuance are in place, if the actual net amount of funds raised is less than the amount of funds to be invested above, the board of directors of the company and its authorized persons will adjust and finally decide on the specific investment projects, priorities and specific investment amounts of each project according to the actual amount of funds raised, under the premise of complying with relevant laws and regulations, within the scope of the above-mentioned investment projects of raised funds, according to the progress of the investment projects and capital needs of the raised funds. The shortfall of the raised funds shall be solved by the company with its own funds or through other financing methods. Before the funds raised from the issuance of GDRs are in place, the company can invest in advance with self-raised funds according to the actual situation of the investment projects with the raised funds, and replace them in accordance with the provisions of relevant laws and regulations after the raised funds are in place.

If the total amount of funds raised is adjusted due to changes in regulatory policies or the requirements of issuance of registration and filing documents, it will be adjusted accordingly.

2. The background and purpose of the investment project of the raised funds

(1) Background of the Offering

1. The energy transition process is accelerating, and the demand for high-efficiency modules has broad prospects

With the increasing prominence of global energy shortage, climate anomalies and environmental pollution, it has become a broad global consensus to jointly respond to climate change and achieve green and sustainable development, driving the expansion of photovoltaic installed capacity demand. According to IRENA

Global Renewables Outlook: Energy Transformation 2050 was released in response to global climate challenges

The share of renewables in the total primary energy supply must grow from about 14% in 2017 to about 2050

65%, solar PV will lead the transformation of the global power industry. IRENA predicts that 8,519GW of installed solar PV capacity will reach 2050, accounting for 25% of the world's total electricity demand, more than 10 times the total solar PV generation in 2017. According to the International Energy Agency (IEA), global photovoltaic power generation accounted for about 4.5% of total electricity generation in 2022; The IEA predicts that photovoltaic power generation will account for about 21% of total power generation in 2030, about 32% in 2035, and about 40% in 2050.

The rapid iteration of technological innovation in the photovoltaic industry continues to promote the reduction of production costs and the improvement of power generation efficiency of photovoltaic modules, and the demand for technological innovation of photovoltaic module products by customers in the downstream market is increasing, and the demand for reducing BOS costs is also more urgent, and the market has a strong demand for high-efficiency modules. N-type modules have gradually gained industry recognition due to their advantages of high efficiency, low attenuation, high bifaciality, and low temperature coefficient.

2. Respond to the requirements of the development of new quality productivity and promote the low-carbon transformation and development of energy

In the case that P-type cells are approaching the efficiency limit, N-type cell technology will become the mainstream direction of future development

The N-type cell technology represented by N-type TOPCon is superior in terms of conversion efficiency, bifaciality, temperature coefficient and other parameters

At present, the mainstream P-type battery in the market has gradually replaced PERC as a new generation of mainstream battery technology. In 2021

Since then, the company has led the photovoltaic industry to gradually increase investment in N-type cells, and promoted the development of N-type TOPCon cells

The cost has been significantly reduced, and the mass production cost of N-type TOPCon cells has basically reached the same level as that of P-type PERC cells. future

With the reduction of production costs and the improvement of yield, N-type batteries will become one of the main development directions of battery technology, and the efficiency will also be improved rapidly.

The company actively responds to the development requirements of photovoltaic "new quality productivity", and advances the layout of N-type product innovation and technology development.

The N-type production capacity scale remains in the leading position in the industry. The new generation of N-type TOPCon cell technology has higher conversion efficiency.

Photovoltaic modules with high conversion efficiency can effectively reduce the LCOE of terminal power generation projects, effectively accelerate the industrialization process of N-type modules in the photovoltaic industry, help reduce costs and increase efficiency of photovoltaic power generation, and promote the rapid development of the photovoltaic industry as a leader in the N-type field.

3. N-type products have become the mainstream of the market, and the company has the first mover and technical advantages of N-type products

The company is one of the first photovoltaic companies in the industry to deploy N-type modules, and has advanced the layout of N-type product innovation and technology

Development, with a number of independent research and development core technologies for the main products. As the earliest photovoltaic company in the industry to carry out capacity tests, after long-term market verification and production line improvement, the company is currently the first to have mature N-type TOPCon electricity

Large-scale integrated mass production capacity of pools and components. With outstanding advantages in mass production technology, as of June 30, 2024,

The company has achieved stable mass production of N-type cells with a production capacity of more than 75GW, and the average mass production test of N-type TOPCon cells

The efficiency has exceeded 26.1%, the yield rate has remained above 98%, and the battery storage efficiency, non-silicon cost and new technology introduction pace have maintained industry-leading positions. In the first half of 2024, N-type modules accounted for more than 80% of the company's shipments, and the total shipments and shipments of N-type products continued to rank first in the industry, and the quality of N-type products was widely recognized.

(2) The purpose of the offering

1. Leading the advanced production capacity of N-type modules and consolidating the leading position of N-type

The company is one of the first photovoltaic companies in the industry to deploy N-type modules, and has advanced the layout of N-type product innovation and technology

It has developed a number of core technologies, and is the first to have the large-scale integrated mass production capacity of mature N-type TOPCon cells and modules. The issuance will significantly increase the company's N-type module production capacity and consolidate the company's leading position in the N-type field.

Through this fund-raising investment project, the company will further optimize the integrated layout, increase the proportion of advanced production capacity, explore the "new quality productivity" of photovoltaics, maintain industry competitiveness and improve profitability.

2. Implement the global development strategy and accelerate the construction of overseas production capacity

Focusing on the global photovoltaic market, the company has formulated a marketing layout strategy of "global layout and localized service", formed a complete marketing network, as well as a good brand image and customer stickiness. The company has provided economical, clean and intelligent photovoltaic modules and energy storage product solutions for more than 4,000 customers in nearly 200 countries and regions around the world, and has the industry's largest overseas integrated production capacity.

On the basis of the existing production capacity, the company will use the funds raised to actively promote the 1GW high-efficiency module project in United States, accelerate the higher-level global transformation from global marketing to global manufacturing, and help the company flexibly respond to international trade barriers. This issuance is conducive to the company to work with global customers to jointly promote the upgrading and low-carbon transformation of the new energy industry, lead the "zero-carbon" development of the new energy industry with photovoltaic product samples, promote the application of global green solutions, and reduce global carbon emissions.

3. Maintain the competitiveness of the industry and enhance the ability to resist risks

The photovoltaic industry is an asset-heavy and capital-intensive industry, and its characteristics such as rapid technology iteration and strong market demand require enterprises in the industry to maintain high-intensity capital investment. In the context of the overall rapid development of the photovoltaic industry, the company's operating scale will continue to maintain a rapid growth trend, in order to grasp the development opportunities of the industry, the company urgently needs to further enhance its financial strength through this issuance, maintain the company's industry competitiveness and improve profitability.

The funds raised by this issuance will effectively alleviate the financial pressure brought about by the expansion of the company's business scale. The issuance will be carried out

Enhance the company's core competitiveness, which is conducive to listed companies to grasp the opportunity of industry transformation and maximize the interests of shareholders.

3. The basic situation of the investment project of the raised funds

(1) 1GW high-efficiency module project in United States

1. Basic information of the project

The company plans to set up a new wholly-owned subsidiary to implement the project, with a total investment of 499.2645 million yuan and a planned use of raised funds of 499.2645 million yuan. The project is implemented in Florida, United States. The implementation of this project is mainly used for the company's overseas localization of manufacturing and supply chain, accelerating the company's higher-level global transformation from global marketing to global manufacturing, maintaining a leading share in overseas markets, and enhancing the company's core competitiveness and profitability.

2. Project background and necessity analysis

In recent years, for the purpose of protecting local industries, United States, the European Union, India and other countries and regions have launched "double anti-dumping" investigations, safeguard measures, tariff barriers or investigation procedures for Chinese photovoltaic products, as well as setting trade barriers on Chinese enterprises under the pretext of other controversial issues. In order to cope with the adverse impact of international trade barriers on China's photovoltaic industry and the company's operating performance, the company actively implements the global development strategy, and ensures the smooth sales network through a perfect overseas integrated production capacity and supply chain system, as well as a continuously optimized ESG system construction.

The construction of the 1GW high-efficiency module project in United States will help the company accelerate the higher-level global transformation from global marketing to global manufacturing, and help the company flexibly respond to international trade barriers.

3. Feasibility of project implementation

As the global carbon reduction goal is approaching, countries have increased the installation target of renewable energy, and the significant reduction in the cost of photovoltaic power generation makes the overall demand of the photovoltaic industry still optimistic in the future. In terms of overseas markets, market demand in major markets such as Europe, the Middle East, Asia-Pacific and the United States continues to improve, and market opportunities in emerging countries continue to emerge. According to the forecasts of BNEF, PVInfolink and other institutions, the global demand for the DC side of PV installed capacity is expected to exceed 500GW in 2024.

In the context of global carbon reduction, the local power demand in United States is showing a growing trend, coupled with the rapid development of artificial intelligence, the increasing demand for United States energy has further supported the demand of the United States photovoltaic market, and the demand for photovoltaic modules in United States power stations will remain strong in the long cycle in the future. The company's investment in the construction of United States component projects to achieve localized manufacturing and supply chain construction is conducive to the company's acceleration of a higher level of global transformation from global marketing to global manufacturing.

Maintain a leading share in overseas markets and enhance the company's core competitiveness and profitability. Therefore, the implementation of the fundraising project has a high feasibility.

4. Project investment estimate

The total investment of this project is 499.2645 million yuan, including 409.4373 million yuan of construction investment and working capital

89,827,200 yuan. The project plans to use the raised funds to invest 499.2645 million yuan, and the specific investment plan is as follows:

Unit: 10,000 yuan

Serial No. Project Project Investment Amount The amount of funds to be raised

1 Construction investment 40,943.73 40,943.73

1.1 Facilities and other expenses 24,958.62 24,958.62

1.2 Equipment acquisition costs 15,985.11 15,985.11

2 Bottom Liquidity 8,982.72 8,982.72

Total 49,926.45 49,926.45

5. Analysis of the economic benefits of the project

The after-tax financial internal rate of return of the project is calculated to be 11.83%, and the after-tax payback period is 8.80 years (inclusive).

construction period), the expected benefits of the project are good.

6. The main body of project implementation

The company plans to set up a new wholly-owned subsidiary to implement this project.

7. Project approval matters

As of the date of the announcement of this feasibility analysis report, the relevant procedures for the filing of overseas investment by the National Development and Reform Commission and the commerce department involved in this project are being processed.

(2) Shanxi Phase II 14GW high-efficiency module integrated production line project

1. Basic information of the project

The main body of the project is Shanxi JinkoSolar Intelligent Manufacturing Co., Ltd., with a total investment of 945.4308 million yuan and plans to use the raised funds of 558.2922 million yuan. The implementation site of this project is Xiaohe Industrial Park, Shanxi Transformation and Comprehensive Reform Demonstration Zone. The proceeds from this project will be mainly used for equipment and facilities related to the new N-type module production capacity, and further enhance the company's industry position in the N-type module field.

2. Project background and necessity analysis

At present, the cell technology in the photovoltaic market can be divided into two types: P-type and N-type, and P-type cells still occupy a large market

Tranche. According to the China Photovoltaic Industry Association, in 2023, the market share of P-type cells will be 73.0%, and N-type electricity

The market share of pool chips is 26.5%. In 2023, P-type monocrystalline cells will all use PERC technology, with an average conversion efficiency

to 23.4%; Its conversion efficiency is close to the limit, and the need for cell technology iteration is becoming increasingly urgent. N-type cells mainly include TOPCon and HJT, which are better than P-type cells in terms of conversion efficiency, bifaciality, temperature coefficient and other parameters, and are the next generation of new battery technologies.

The company actively responds to the development requirements of photovoltaic "new quality productivity", and is the first batch of photovoltaic enterprises in the industry to deploy N-type modules, ahead of the layout of N-type product innovation and technology development, has a number of core technologies, and takes the lead in having mature large-scale integrated mass production capacity of N-type TOPCon cells and modules. The photovoltaic modules produced by the company in this fund-raising investment project use a new generation of N-type TOPCon cell technology, which has higher conversion efficiency. Photovoltaic modules with high conversion efficiency can effectively reduce the LCOE of terminal power generation projects, effectively accelerate the industrialization process of N-type modules in the photovoltaic industry, help reduce costs and increase efficiency of photovoltaic power generation, and promote the rapid development of the photovoltaic industry as a leader in the N-type field.

The funds raised this time will be invested in the construction project of the second phase of the 14GW integrated production base in Shanxi, which will further help the company optimize the integrated layout, increase the proportion of advanced production capacity, explore the "new quality productivity" of photovoltaics, maintain the company's industry competitiveness and improve profitability.

3. Feasibility of project implementation

(1) N-type has become the mainstream of the market, and the company has a competitive advantage in leading the development of N-type technology

Judging from the current development of the solar cell industry, it has become an industry consensus to develop N-type cell technology and lay out a new generation of module production capacity. Especially when the P-type battery is close to the efficiency limit, the N-type battery technology will become the mainstream direction of future development, and the N-type battery technology is better than the mainstream P-type battery in the current market in terms of conversion efficiency, bifaciality, temperature coefficient and other parameters, and is the next generation of battery technology. In 2024, N-type technology will show a dominant position in the industry as a whole, and N-type products will account for 70% or more of all aspects of silicon wafers, cells, and modules. At the same time, technologies such as BC and HJT continue to iterate, but the progress of large-scale market promotion is slow due to cost, yield, patents, etc.; It will take time for next-generation cell technologies such as crystalline silicon and perovskite tandems to be put into mass production, so the iterative upgrade of technology based on N-type TOPCon is expected to dominate in the coming period.

As one of the promoters of the industrialization of N-type TOPCon technology in the world, the company is engaged in the research and development of TOPCon battery technology

It is at the forefront of the industry in terms of industrialization, and has mastered the core patented technology and production process related to N-type products

Ability to produce high-performance N-type products. In 2023, the company's R&D and mass production of high-efficiency N-type batteries will continue to make breakthroughs, and N-type TOPCon

The highest efficiency of cell research and development is 26.89%, and the highest efficiency of perovskite tandem cell based on N-type TOPCon is reached

32.33%。 At the end of 2023, the average efficiency of the company's N-type cell mass production exceeded 25.8%, and as of June 30, 2024,

The company has achieved stable mass production of N-type cells with a production capacity of more than 75GW, and the average mass production test of N-type TOPCon cells

The efficiency has exceeded 26.1%, the yield rate has remained above 98%, and the battery storage efficiency, non-silicon cost and new technology introduction pace have maintained industry-leading positions.

The company's N-type technology leadership will provide a strong guarantee for the implementation of the project. The second phase of Shanxi is 14GW high-efficiency group

The construction of the integrated production line project will help the company continue to maintain its leading position as a technology catch-up. Therefore, the implementation of this fundraising project has high feasibility.

(2) Sufficient technology, talent and market reserves have laid a solid foundation for the implementation of fundraising projects

As a leading enterprise in N-type technology, the company leads the development of N-type technology, and its solid technical reserves are the fundraising project

Conditions have been created for the implementation of the purpose. At the same time, the company's N-type products remain in the leading position in mass production, and N-type modules will be used in 2023

Shipments of 48.41GW, a year-on-year increase of 352%, the implementation of this fundraising project has accumulated sufficient production experience. In addition, the company attaches great importance to the cultivation of R&D talents, and continues to maintain a high level of R&D investment, with R&D expenses from 2021 to 2023

$716 million, $1,199 million and $1,578 million respectively; The talent pool for the implementation of this fundraising project is sufficient.

In addition, the company has laid out overseas production bases in Malaysia, United States and Viet Nam, established more than 120 marketing branches and 35 global service centers around the world, and the company's products have been sold to more than 4,000 customers in nearly 200 countries and regions around the world. The company's global marketing network has established a market reserve for the smooth implementation of this fundraising project.

The company's sufficient reserves in technology, talent and market have laid a solid foundation and created favorable conditions for the implementation of this fundraising project.

4. Project investment estimate

The total investment of the project is 945.4308 million yuan, including the construction investment of 873.8959 million yuan and the working capital

71,534,900 yuan. The project plans to use the raised funds to invest 558.2922 million yuan, and the specific investment plan is as follows:

Unit: 10,000 yuan

Serial No. Project Project Investment Amount The amount of funds to be raised

1 Construction investment 87,389.59 55,829.22

1.1 Equipment acquisition cost 83,892.20 55,829.22

1.2 Facilities and other expenses 3,497.39 -

Serial No. Project Project Investment Amount The amount of funds to be raised

2 Bottom Liquidity 7,153.49 -

Total 94,543.08 55,829.22

5. Analysis of the economic benefits of the project

The after-tax financial internal rate of return of the project is calculated to be 10.76%, and the after-tax payback period is 6.93 years (inclusive).

construction period), the expected benefits of the project are good.

6. The main body of project implementation

The main body of this project is Shanxi JinkoSolar Intelligent Manufacturing Co., Ltd., which is a wholly-owned subsidiary of the listed company.

7. Project approval matters

As of the announcement date of this feasibility analysis report, the filing and other work involved in this project are being handled, and the company will perform the approval or filing procedures according to the relevant requirements.

(3) Shanxi Phase II 14GW slicing and high-efficiency cell integrated production line project

1. Basic information of the project

The main body of this project is Shanxi JinkoSolar No.2 Intelligent Manufacturing Co., Ltd., with a total investment of 2465.2985 million yuan, and 14555.7986 million yuan of raised funds are planned to be used. The implementation site of this project is Xiaohe Industrial Park, Shanxi Transformation and Comprehensive Reform Demonstration Zone. The funds raised from this project will be mainly used to add equipment and facilities related to the production capacity of N-type silicon wafers and cells, and support the Shanxi Phase II 14GW high-efficiency module integrated production line project.

2. Project background and necessity analysis

For the background and necessity of the implementation of this project, please refer to "(2) 2, Project Background and Necessity Analysis" in "3. Basic Information of the Investment Project of the Raised Funds" in this report.

3. Feasibility of project implementation

For the feasibility of the implementation of this project, please refer to "3. Basic information of the investment project of the raised funds" in this report (2) 3. Feasibility of project implementation.

4. Project investment estimate

The total investment of the project is 2465.2985 million yuan, including the construction investment of 2265.3567 million yuan and the working capital

$199,941,800. The project plans to use the raised funds to invest 145,579.86 million yuan, and the specific investment plan is as follows:

Unit: 10,000 yuan

Serial No. Project Project Investment Amount The amount of funds to be raised

1 Construction investment 226,535.67 145,579.86

1.1 Equipment acquisition costs 224,285.17 145,579.86

1.2 Facility works and other expenses 2,250.50 -

2 Bottom Liquidity 19,994.18 -

Total 246,529.85 145,579.86

5. Analysis of the economic benefits of the project

The after-tax financial internal rate of return of the project is calculated to be 11.09%, and the after-tax payback period is 6.54 years inclusive

construction period), the expected benefits of the project are good.

6. The main body of project implementation

The main body of this project is Shanxi JinkoSolar No.2 Intelligent Manufacturing Co., Ltd., which is a wholly-owned subsidiary of the listed company.

7. Project approval matters

As of the announcement date of this feasibility analysis report, the filing and other work involved in this project are being handled, and the company will perform the approval or filing procedures according to the relevant requirements.

(4) Shanxi Phase II 14GW monocrystalline rod cutting integrated production line project

1. Basic information of the project

The main body of this project is Shanxi Jinko Solar No. 3 Intelligent Manufacturing Co., Ltd., with a total investment of 1230.5247 million yuan, and 726.6447 million yuan of raised funds are planned to be used. The implementation site of this project is Xiaohe Industrial Park, Shanxi Transformation and Comprehensive Reform Demonstration Zone. The funds raised from this project will be mainly used to increase the equipment and facilities related to the production capacity of N-type silicon ingots, supporting the 14GW high-efficiency module integrated production line project in Shanxi Phase II.

2. Project background and necessity analysis

For the background and necessity of the implementation of this project, please refer to "(2) 2, Project Background and Necessity Analysis" in "3. Basic Information of the Investment Project of the Raised Funds" in this report.

3. Feasibility of project implementation

For the feasibility of the implementation of this project, please refer to "3. Basic information of the investment project of the raised funds" in this report (2) 3. Feasibility of project implementation.

4. Project investment estimate

The total investment of this project is 1230.5247 million yuan, including 1194.8458 million yuan of construction investment and working capital

35,678,900 yuan. The project plans to use the raised funds to invest 726.6447 million yuan, and the specific investment plan is as follows:

Unit: 10,000 yuan

Serial No. Project Project Investment Amount The amount of funds to be raised

1 Construction investment 119,484.58 72,664.47

1.1 Equipment acquisition costs 114,669.74 72,664.47

1.2 Other construction expenses 4,814.84 -

2 Bottom Liquidity 3,567.89 -

Total 123,052.47 72,664.47

5. Analysis of the economic benefits of the project

It is estimated that the after-tax financial internal rate of return of the project is 8.99%, and the after-tax payback period is 6.43 years (including construction

set period), the expected benefits of the project are good.

6. The main body of project implementation

The main body of this project is Shanxi JinkoSolar No. 3 Intelligent Manufacturing Co., Ltd., which is a wholly-owned subsidiary of the listed company.

7. Project approval matters

As of the announcement date of this feasibility analysis report, the filing and other work involved in this project are being handled, and the company will perform the approval or filing procedures according to the relevant requirements.

(5) Replenishment of working capital or repayment of bank loans

The company intends to invest 126,000.00 yuan to supplement the company's working capital or repay the funds raised from the issuance of GDR

Repay bank borrowings to optimize capital structure, enhance capital strength, and meet business development capital needs. The scale of the raised funds to supplement the working capital comprehensively considers the company's existing capital situation, the gap in actual working capital demand and the company's future development strategy, and the overall scale is appropriate.

Fourth, the raised funds are invested in the field of scientific and technological innovation

(1) The funds raised this time are mainly invested in scientific and technological innovation products

The company focuses on the research and development of solar photovoltaic power generation related technologies and high-efficiency photovoltaic products, and has a number of independent research and development of solar photovoltaic power generation technologies and related product manufacturing technologies

The core technology is applied to the manufacturing of the company's core products, and finally applied to the downstream solar photovoltaic power generation field.

In recent years, policies such as grid parity in the photovoltaic industry have put forward higher requirements for the industry's continuous cost reduction and efficiency increase

Next-generation cell and module technologies are mainly focused on technologies such as N-type TOPCon and HJT. With technology

The cost of N-type TOPCon cell modules has approached that of PERC cell modules, and N-type cell modules have a large number of them

It has higher electrical performance and lower attenuation rate, which has obvious comparative advantages. In the above context, the company raised funds this time to invest in the United States 1GW high-efficiency module project, Shanxi Phase II 14GW integrated production base construction project, replenish working capital or repay bank loans, raised funds to invest in the project application N-type technology route, the main products are N-type modules and cells for N-type module production, silicon rods, is the application of cutting-edge research and development results and production of high-efficiency photovoltaic products, is the company's latest scientific and technological innovation products.

(2) The funds raised this time are mainly invested in the field of scientific and technological innovation

The raised funds are invested in the industrialization of N-type technology and the manufacture of high-efficiency photovoltaic products, and the photovoltaic industry belongs to the "Administrative Measures for the Identification of High-tech Enterprises" (Guo Ke Fa Huo [2016] No. 32) issued by the Ministry of Science and Technology, the Ministry of Finance and the State Administration of Taxation and its annex "High-tech Fields Supported by the State" stipulated in the field of "6. New energy and energy conservation/(1) renewable clean energy/1. Solar energy (solar photovoltaic power generation technology)"; It belongs to the "Guiding Catalogue of Key Products and Services in Strategic Emerging Industries (2016 Edition)" issued by the National Development and Reform Commission (National Development and Reform

Commission Announcement No. 1 of 2017) as defined in "6 New Energy Industry/6.3 Solar Energy Industry/6.3.1 Solar Energy Products

(photovoltaic cells and modules)" industry; It belongs to the "Classification of Strategic Emerging Industries (2018)" (Order No. 23 of the National Bureau of Statistics) issued by the National Bureau of Statistics as "6. Classification Table of Strategic Emerging Industries/6.3.1 Solar Energy Equipment and Production Equipment Manufacturing"; It belongs to the "new energy field/high-efficiency optoelectronic solar thermal industry" classified in the "Interim Provisions on the Application and Recommendation of Enterprises Issued and Listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange".

To sum up, the company's funds raised in this issuance are invested in the field of scientific and technological innovation, which is in line with the provisions of Article 12 of the Administrative Measures for Issuance and Registration.

(3) The fundraising project will promote the continuous improvement of the company's scientific and technological innovation level

The construction of the company's investment project with the raised funds is conducive to enhancing the company's competitiveness in N-type solar cell modules, and the company's supply capacity of N-type photovoltaic products will be further enhanced, providing production capacity guarantee for the company's business expansion, and also helping to meet the more diversified needs of downstream customers, thereby helping the company consolidate and strengthen its market position and continuously enhance the company's core competitiveness.

To sum up, this issuance is a practical way for the company to seize the development opportunities of the industry, strengthen the core technology and expand the scale of the business

It is an important measure of the company's strategic development goals. The investment of the funds raised by the company in this issuance is closely related to the field of scientific and technological innovation, which is in line with the national industrial policy and the company's strategic development plan.

5. The impact of the issuance on the company's operation and financial situation

(1) The impact of the issuance on the company's operation and management

The investment project of the raised funds is carried out around the company's main business, which is in line with the relevant national industrial policies and the company's overall strategic development direction in the future, which is conducive to the further expansion of the company's business, the consolidation and development of the company's competitive advantage in the industry, and has good market development prospects and economic benefits. The smooth implementation of the raised funds investment project will help improve the integrated production capacity of the company's high-quality products, help the company promote high-quality photovoltaic products, and consolidate its market position. At the same time, the fundraising project combines market demand and future development trends, conforms to the future development direction of the photovoltaic industry, helps the company give full play to the advantages of the industrial chain, thereby improving the company's overall competitiveness and anti-risk ability, maintaining and consolidating the company's market leading position in the photovoltaic industry, and conforming to the company's long-term development needs and shareholders' interests.

(2) The impact of the issuance on the company's financial condition

After the funds raised by this issuance are in place, the company's total assets and net assets will be increased, the liquidity will increase, and the capital strength will be further enhanced. At the same time, the company's asset-liability ratio will be further reduced, the capital structure will continue to be optimized, the financial risk will be reduced, and the ability to repay debts and resist risks will be further enhanced. As it takes a certain amount of time for the raised funds to invest in the construction of the project, the company's return on net assets and earnings per share may decline in the short term; However, with the completion of the construction of the fundraising project and the gradual release of benefits, the company's operating scale and profitability will be further improved, thereby enhancing the company's comprehensive strength, promoting the company's sustainable and healthy development, and contributing returns to shareholders.

6. Conclusion of feasibility analysis

To sum up, the company's investment of the funds raised in this issuance is in line with the development trend of the industry and the company's strategic needs, and the use of the raised funds will bring good returns to the company and shareholders well. The implementation of this fundraising project will further expand the company's capital scale and strength, enhance the company's competitiveness, and promote the company's sustainable development, which is in line with the interests of the company and all shareholders of the company. Therefore, the investment project of the raised funds is necessary and feasible.

JinkoSolar Corporation

board of directors

October 21, 2024