JinkoSolar Holding Limited

Statement of results for the fourth quarter of 2024 and the year 2024

Shangrao, China, March 26, 2025 -- JinkoSolar, the world's most innovative photovoltaic company, owns JinkoSolar

The Company Limited ("JinkoSolar" or the "Company") (NYSE: JKS) today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

1. Business summary for the fourth quarter and full year of 2024

Module shipments for the year increased by 18.3% year-on-year to 92.9GW, ranking first in the industry.

By the end of the fourth quarter, JinkoSolar was the first in the industry to achieve a cumulative breakthrough in global module shipments

300GW of PV companies.

By the end of the fourth quarter, the average mass production efficiency of TOPCon cells was nearly 26.5%.

As of the end of the fourth quarter, the company has obtained as many as 462 authorized patents for N-type TOPCon

One of the companies with the most TOPCon patents.

In the BloombergNEF 2024 PV Module Bankability Survey, we were named the most profitable

Financing solar module companies.

2. Financial highlights for the fourth quarter of 2024

Total shipments in the fourth quarter reached 26,462 MW (including 25,221 MW of solar modules, 1,241 megawatts).

Watt cells and wafers), up 2.1% month-on-month and down 5.0% year-on-year.

Fourth-quarter revenue of RMB20.65 billion (US$2.83 billion) decreased 15.7% sequentially and year-on-year

A decrease of 37.1%.

Gross profit for the fourth quarter was RMB747.4 million (US$102.4 million), down 80.6% sequentially.

This represents a year-on-year decrease of 81.7%.

Gross margin was 3.6% in the fourth quarter, 15.7% in the third quarter of 2024, and 44 2023

12.5%。

Net loss attributable to common shareholders of the Company was RMB473.7 million (US$64.9 million),

Net income attributable to common shareholders of the Company was $22.5 million compared to the third quarter of 2024

Net profit attributable to ordinary shareholders of the Company for the fourth quarter of 2023 was RMB29.3 million

Currency.

Excludes (i) changes in the fair value of convertible bonds, (ii) changes in the fair value of long-term investments, and (iii) equity

Incentive expenses and (iv) the impact of impairment of long-term assets, net loss attributable to common shareholders of the Company

and RMB381.3 million (US$52.2 million). Compared to the third quarter of 2024 attributable to the company

Net profit attributable to ordinary shareholders was RMB103.9 million, attributable to the Company in the fourth quarter of 2023

Net profit for shareholders was RMB462.7 million.

Basic and diluted loss per share were RMB2.31 (US$0.32) and RMB2.31, respectively

(US$0.32), the basic and diluted losses per ADS were RMB9.22 (US$1.26), respectively

RMB) and 9.22 RMB (1.26 USD).

3. Financial summary for the full year 2024

Annual shipments reached 99,596 MW (including 92,873 MW of solar modules, 6,723 MW of electricity

pool wafers and wafers), up 19.2% year-on-year.

Total revenue reached RMB92.26 billion (US$12.64 billion), down 22.3% year-on-year.

Gross profit reached RMB10.01 billion (US$1.37 billion), down 47.4% year-on-year.

Gross margin was 10.9%, compared to 16.0% in 2023.

Operating loss was RMB3.42 billion (US$469.1 million), compared to full-year 2023 operations

The profit was RMB6.09 billion.

Net income attributable to ordinary shareholders of the Company was RMB57.5 million (US$7.9 million), representing the same period as before

This is a 98.3% decrease.

Excludes (i) changes in the fair value of convertible bonds, (ii) changes in the fair value of long-term investments, and (iii) equity

Incentive expenses, (iv) net losses from a fire at a manufacturing site in Shanxi Province in April 2024 (the "Fire").

and (v) the impact of impairment of long-term assets, net profit attributable to common shareholders of the Company was $571.4 million

RMB78.3 million, compared to RMB4.07 billion in 2023.

Basic earnings per share were RMB0.28 (US$0.04) and loss per diluted share was RMB1.25

RMB (US$0.17), with a basic income of RMB1.10 (US$0.15) per ADS, apportioned

The loss per ADS was RMB5.00 (US$0.69).

4. Management discussion and analysis

Mr. Xiande Li, Chairman and CEO of JinkoSolar, commented, "With our expertise in N-type TOPCon technology

With the advantages of patent portfolio, competitive products, and global marketing and manufacturing layout, we achieved more resilient operating performance in the challenging year of 2024, with full-year module shipments increasing by 18.3% year-on-year to 92.9GW, ranking first in the industry. The persistent supply-demand imbalance in 2024 has led to a decline in module prices, and our profitability has significantly decreased year-on-year due to short-term factors such as the elimination of outdated production capacity. Gross margin for the full year was:

10.9% compared to 16.0% in 2023. Net profit was $7.9 million, a significant year-on-year decline. Q4 group

With 25.2GW of unit shipments, in line with our guidance, module delivery prices and earnings declined QoQ as more than 50% of module sales in Q4 went to the lower-priced Chinese market, while the share of overseas high-priced orders decreased QoQ. Gross margin was 3.6% in the fourth quarter, compared to 15.7% in the third quarter, and net loss was $64.9 million.

In 2024, the global photovoltaic industry will continue to maintain rapid growth. In 2024, about 277GW of new PV capacity will be installed in China, a year-on-year increase of 28% and a record high. China's PV module exports will reach 236GW in 2024, up 13% year-on-year. At the same time, the intensification of the contradiction between supply and demand in the industry has led to a decline in the price of terminal products, and the profitability of all links in the industrial chain has been under pressure. In order to promote the healthy recovery and healthy development of the photovoltaic industry as soon as possible, the national level has made efforts to resolve the structural contradictions in the industry from both sides of supply and demand, and industry associations, enterprises and other parties are working hard to promote and participate. In November, relevant ministries and commissions successively issued policies for the photovoltaic industry in terms of raising the manufacturing threshold for new production capacity and lowering export tax rebates. In December, leading enterprises in the photovoltaic industry reached a self-discipline alliance on "low price limit" and "production limit", and actively implemented self-discipline actions. Recently, the National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) jointly issued a policy on market-oriented reform of feed-in tariffs for new energy to promote the high-quality development of the industry. Under the guidance of industry self-discipline and a series of policies, coupled with the recovery of demand after the Spring Festival, the price of the industrial chain and our module prices have stabilized and rebounded.

We are committed to continuous R&D investment and mass production of innovative products to stay ahead of the curve. As of the fourth quarter

At the end of the year, the average mass production efficiency of TOPCon cells was nearly 26.5%, and the gold line reached more than 26.7%. Expected in 2025

At the end of the day, the average mass production efficiency will reach about 27%. In addition, we have already started mass production of the ultra-efficient Tiger Neo third-generation product, which is expected to have a large-scale production capacity by the end of 2025.

We continue to eliminate outdated production capacity, while further improving the construction of global manufacturing capabilities. In our Shanxi N-type super factory, we continue to reduce costs and improve efficiency through the introduction of automation equipment and process improvement. The 2GWN module production capacity in the United States is basically at full capacity, and the Saudi Arabian project is progressing hard.

In the short term, as the operating performance of some leading enterprises in the photovoltaic industry falls into huge losses, the industry may be

Enter a period of deep adjustment. Some companies that do not have cost and efficiency competitiveness, product and technology iteration capabilities, and globalization capabilities will continue to clear out, promoting the industry to restore the balance between supply and demand. We have navigated through the ups and downs of the industry cycle many times with our keen market judgment and efficient execution, and we believe that these will continue to help us meet the challenges of the future and prepare for the ever-changing market opportunities. In the medium to long term, according to the International Energy Agency's (IEA), renewable energy will meet nearly half of the world's electricity demand by 2030, with wind and solar PV accounting for 30% of the total.

In the first quarter of 2025, module shipments are expected to be between 16 GW and 18 GW. Full year 2025

Module shipments are expected to be between 85 GW and 100 GW. We will also continue to optimize our asset-liability structure, maintain reasonable cash reserves, and enhance our ability to resist risks. We are more cautious about investing in capacity in 2025, with no new capacity other than TOPCon technology upgrades. By the end of 2025, monocrystalline wafer, high-efficiency cells and modules are expected to reach 120GW, 95GW and 130GW of production capacity. ”

5. Financial report for the fourth quarter of 2024

gross income

Total revenue for the fourth quarter of 2024 was RMB20.65 billion (US$2.83 billion), compared to the first quarter of 2024

This was down 15.7% from RMB24.51 billion in the third quarter and 32.83 billion yuan in the fourth quarter of 2023

Compared with the RMB, it decreased by 37.1%. The sequential and year-on-year declines were mainly due to a decrease in the average selling price of solar modules.

Gross profit and gross margin

Gross profit for the fourth quarter of 2024 was RMB747.4 million (US$102.4 million), compared to 2024

RMB3.86 billion in the third quarter of the year and RMB4.09 billion in the fourth quarter of 2023.

Gross margin for the fourth quarter of 2024 was 3.6%, compared to 15.7% for the third quarter of 2024, compared to 2023

It was 12.5% in the fourth quarter. The sequential and year-on-year declines were mainly due to a decrease in the average selling price of solar modules.

Operating loss/profit and operating margin

The company reported an operating loss of RMB2.02 billion (US$277.0 million) in the fourth quarter of 2024 compared to

Operating profit for the third quarter of 2024 was RMB75.5 million and for the fourth quarter of 2023 was RMB352.5 million, the decrease was mainly due to the decline in revenue and gross margin in the fourth quarter of 2024.

Operating loss margin for the fourth quarter of 2024 was 9.8%, compared to operating margin for the third quarter of 2024

was 0.3% and operating margin was 1.1% in the fourth quarter of 2023.

Total operating expenses for the fourth quarter of 2024 were RMB2.77 billion (US$379.4 million), compared to 2024

This represents a decrease of 26.7% compared to RMB3.78 billion in the third quarter of the year and RMB3.74 billion in the fourth quarter of 2023

The renminbi decreased by 25.9%. The sequential and year-over-year declines were mainly due to lower freight rates.

Total operating expenses were 13.4% of total revenue for the fourth quarter of 2024, compared to the third quarter of 2024

15.4%, compared to 11.4% in Q4 2023.

Net interest expense

Net interest expense for the fourth quarter of 2024 included a profit of RMB347.5 million (US$47.6 million).

interest expense and interest income of RMB113.3 million (US$15.5 million).

Net interest expense for the fourth quarter of 2024 was RMB234.3 million (US$32.1 million), compared to 2024

This represents an increase of 15.9% compared to RMB202.1 million in the third quarter of the year and 205.6 million in the fourth quarter of 2023

RMB increased by 13.9% compared to the previous year. The sequential and year-over-year increases were primarily due to the increase in interest-bearing liabilities in the fourth quarter of 2024.

Subsidized income

Subsidy revenue for the fourth quarter of 2024 was RMB900.1 million (US$123.3 million), compared to 2024

RMB431.8 million in the third quarter of the year and RMB554.6 million in the fourth quarter of 2023. Ring and ring

The year-over-year increase was primarily due to an increase in cash incentives related to the Company's operations.

Exchange gains/losses and gains and losses on changes in fair value of foreign exchange derivatives

The Company recognized a net foreign exchange of RMB408.2 million (US$55.9 million) in the fourth quarter of 2024

Gains, including changes in fair value of foreign exchange derivatives, were RMB76.3 million in the fourth quarter of 2023 compared to net foreign exchange losses (including changes in fair value of foreign exchange derivatives) of RMB251.9 million in the third quarter of 2024. The sequential and year-on-year changes were primarily due to fluctuations in the USD/CNY exchange rate in the fourth quarter of 2024.

Gains or losses on changes in the fair value of convertible bonds

In May 2019, the Company issued US$85 million of 4.5% convertible notes due 2024 with the option pricing model to determine fair value. All of the convertible notes totaling $85 million were converted into common stock of the Company in the second quarter of 2024.

The Company did not incur a change in the fair value of its convertible bonds in the fourth quarter of 2024, compared to the third quarter of 2024

There was no change in the fair value of the convertible bonds, and the loss for the fourth quarter of 2023 was RMB155.1 million.

Changes in the fair value of long-term investments

The company has acquired the equity of a number of solar technology companies in the photovoltaic industry chain, which are included in the long-term investment and listed as a company

The change in fair value is included in profit or loss. As of December 31, 2024, the company's long-term

Investment was RMB1.05 billion (US$143.6 million), compared to RMB845.0 million as of September 30, 2024

RMB.

In the fourth quarter of 2024, the Company recognized a fair value change gain on long-term investments of $332.3 million

RMB (US$45.5 million), compared to Q3 2024 revenue of RMB30.8 million, 2023

Fourth-quarter losses were RMB90.9 million. The sequential and year-over-year changes were primarily due to changes in the valuations of a number of solar technology companies in which the Company invested.

Other income losses/gains, net

Net loss of other income for the fourth quarter of 2024 was RMB674.1 million (US$92.4 million),

Net income from other income was RMB73.6 million compared to the third quarter of 2024 compared to the fourth quarter of 2023

Net loss of other income was RMB10.8 million. The sequential and year-over-year changes were primarily due to the change in the fair value of financial instruments in the fourth quarter of 2024.

Losses/gains on investments in associates

The company indirectly owns Sweihan PV Power Company, which develops and operates solar projects in Dubai

A 20% stake in P.J.S.C. and a 9% stake in Chinese polysilicon supplier Xinte Energy are both accounted for using the equity method. In the fourth quarter of 2024, the Company recognized an investment loss of RMB119.2 million (US$16.3 million) in Associates, compared to the investment loss on Associates in the third quarter of 2024

was RMB3.4 million and investment income on associates was RMB2.4 million in the fourth quarter of 2023.

The main reason for the fluctuation in investment losses/gains on associates is the change in net losses/gains incurred by associates.

Income tax gains/expenses

The Company recognized an income tax of RMB580.5 million (US$79.5 million) in the fourth quarter of 2024

Earnings. Income tax expense was RMB148.5 million compared to the third quarter of 2024 compared to the fourth quarter of 2023

Income tax expense was RMB200.8 million.

Minority Losses/Gains

Loss attributable to minority shareholders of the Company for the fourth quarter of 2024 was RMB368.1 million (RMB50.4 million

USD), compared to a loss attributable to minority shareholders of the Company of RMB39.0 million in the third quarter of 2024, and a gain attributable to minority shareholders of the Company of RMB293.3 million in the fourth quarter of 2023. The sequential and year-over-year changes were primarily due to changes in net loss/profit of JinkoSolar Co., Ltd., the Company's principal operating subsidiary.

Net loss/profit and loss/earnings per share

Net loss attributable to ordinary shareholders of the Company for the fourth quarter of 2024 was RMB473.7 million (6,490

US$10,000,000 compared to net profit of RMB22.5 million in the third quarter of 2024 and net in the fourth quarter of 2023

Profit was RMB29.3 million. Excluding the impact of (i) changes in the fair value of convertible bonds, (ii) changes in the fair value of long-term investments, (iii) equity incentive expenses and (iv) impairment of long-term assets, attributable to the public in the fourth quarter of 2024

Net loss to common shareholders of the Company was RMB381.3 million (US$52.2 million), compared to the third largest in 2024

Net profit attributable to ordinary shareholders of the Company for the quarter was RMB103.9 million, compared to RMB462.7 million for the fourth quarter of 2023.

Basic and diluted loss per share for the fourth quarter of 2024 were RMB2.31 (US$0.32), respectively

and RMB2.31 (US$0.32), compared to basic and diluted earnings per share for the third quarter of 2024, respectively

were RMB0.11 and RMB0.11, and basic and diluted earnings per share for the fourth quarter of 2023, respectively

0.14 RMB and 0.14 RMB. As each ADS represents 4 shares of common stock, Q4 2024

The basic and diluted loss per ADS were RMB9.22 (US$1.26) and RMB9.22 (1.26), respectively

USD), underlying and diluted earnings per ADS for the third quarter of 2024 were RMB0.44 and RMB0.44, respectively

RMB, underlying and diluted earnings per ADS for the fourth quarter of 2023 were RMB0.56 and RMB0.54, respectively

RMB.

Financials

As of December 31, 2024, the Company held cash and cash equivalents and restricted currency funds

totaled RMB27.74 billion (US$3.80 billion), compared to RMB19.07 billion as of December 31, 2023

RMB.

As of December 31, 2024, the company's accounts receivable was RMB14.07 billion (US$1.93 billion

yuan), compared to December 31, 2023, the company's accounts receivable was 22.96 billion yuan.

As of December 31, 2024, the company's inventory was 12.51 billion yuan ($1.71 billion),

Compared to December 31, 2023, the company's inventory was 18.22 billion yuan.

As of December 31, 2024, the Company's interest-bearing debt totaled RMB40.59 billion (US$5.56 billion).

yuan), compared to December 31, 2023, the company's interest-bearing debt totaled 31.10 billion yuan.

6. Annual financial report for 2024

gross income

Total revenue for the full year 2024 will be RMB92.26 billion (US$12.64 billion), compared to 1,186.8 in 2023

compared with 100 million yuan, it decreased by 22.3%. The decrease in total revenue was mainly due to a decrease in the average selling price of solar modules.

Gross profit and gross margin

Gross profit for the full year 2024 was RMB10.01 billion (US$1.37 billion), compared to 190.5 in 2023

compared with 100 million yuan, it decreased by 47.4%. The year-on-year decline was mainly due to a decrease in the average selling price of solar modules in 2024.

Gross margin for the full year 2024 was 10.9%, compared to 16.0% in 2023. The year-on-year decline was mainly due to:

Decrease in the average selling price of solar modules.

Operating loss/profit and operating margin

For the full year 2024, the operating loss was RMB3.42 billion (US$469.1 million), compared to 2023

Operating profit was RMB6.09 billion. The operating loss margin for the full year 2024 was 3.7%, compared to 2023

The operating margin was 5.1%.

Total operating expenses for the full year 2024 were RMB13.44 billion (US$1.84 billion), compared to 2023

12.96 billion yuan, an increase of 3.7%. Operating expenses accounted for 14.6% of total revenue for the full year 2024, compared to 10.9% of total revenue for the full year 2023. The increase in operating expenses was mainly attributable to (i) net loss after deducting the insurance claims received from the Shanxi fire, which were carefully estimated; and (ii) an increase in impairment losses on long-term assets.

Net interest expense

Net interest expense for the full year 2024 consisted of interest expense of RMB1.14 billion (US$156.6 million).

and interest income of RMB414.7 million (US$56.8 million).

Net interest expense for the full year 2024 was RMB728.4 million (US$99.8 million), compared to 2023

of 617.6 million yuan, an increase of 17.9%. The increase in net interest expense was primarily due to an increase in interest-bearing liabilities.

Subsidized income

Subsidy revenue for the full year of 2024 will be RMB2.45 billion (US$335.5 million), compared to 2023

1.18 billion RMB. The year-over-year increase was primarily due to an increase in cash incentives related to the Company's operations.

Exchange gains/losses and gains and losses on changes in fair value of foreign exchange derivatives

The Company recognized a net foreign exchange gain of RMB601.0 million (US$82.3 million) in 2024, including:

The change in fair value of foreign exchange derivatives was mainly due to the appreciation of the US dollar against the renminbi. In 2023, the Company recognized net foreign exchange income (including changes in fair value of foreign exchange derivatives) of RMB623.2 million. The year-on-year change is mainly due to the fluctuation of the USD/CNY exchange rate in 2024.

Gains or losses on changes in the fair value of convertible bonds

The Company issued convertible senior notes in May 2019 and chose to use a binary tree option pricing model

Determine fair value. In 2024, the Company recognized a gain on the fair value of convertible bonds of $323.5 million

RMB (US$44.3 million), a loss of RMB 31.2 million compared to 2023. 2024 Convertible Bonds

The main reason for the change in the fair value of the securities is the change in the company's share price in 2024.

Changes in the fair value of long-term investments

The company has acquired the equity of a number of solar technology companies in the photovoltaic industry chain. As of December 2024

On the 31st, the company's long-term investment was 1.05 billion yuan ($143.6 million), compared to December 2023

On March 31, it was 1.02 billion yuan. In 2024, the company confirmed RMB163.5 million (22.4 million

USD), compared to 2023 gains, was RMB221.5 million.

Other income gains/losses, net

Net income from other income for the full year 2024 was RMB880.5 million (US$120.6 million), compared to

Net income from other income for the full year 2023 was RMB26.1 million. The year-on-year increase was primarily due to the gain from the sale of a wholly owned subsidiary in 2024.

Losses/gains on investments in associates

The company indirectly owns Sweihan PV Power Company, which develops and operates solar projects in Dubai

A 20% stake in P.J.S.C. and a 9% stake in Chinese polysilicon supplier Xinte Energy are both accounted for using the equity method. For the full year 2024, the Company recognized an investment loss of RMB177.0 million (US$24.3 million) in Associates, compared to an investment gain of US$222.7 million in Associates in 2023. The main reason for the fluctuation in investment losses/gains on associates is the change in net losses/gains incurred by associates.

Income tax expense, net

The Company recognized an income tax expense of RMB69.4 million (US$9.5 million) in 2024, compared to 2023

Annual income tax expense was RMB1.26 billion.

Net profit and earnings/loss per share

Net profit attributable to ordinary shareholders of the Company for the full year 2024 was RMB57.5 million (US$7.9 million).

RMB), compared to the net profit attributable to ordinary shareholders of the Company for the full year of 2023, was RMB3.45 billion. Net attributable to common shareholders of the Company in 2024 excluding (i) changes in the fair value of convertible bonds, (ii) changes in the fair value of long-term investments, (iii) equity incentive expenses, (iv) net losses from fires and (v) impairment of long-term assets

Profit was RMB571.4 million (US$78.3 million), compared to 2023 attributable to the Company's ordinary shareholders

The net profit was RMB4.07 billion.

Basic earnings per share for the full year 2024 were RMB0.28 (US$0.04), with a loss per diluted share

RMB1.25 (US$0.17), compared to 2023 basic and diluted earnings per share of RMB16.60

RMB and 15.23 RMB. Basic earnings per ADS are RMB1.10 (US$0.15), diluted per ADS

The ADS loss was RMB5.00 (US$0.69), compared to 2023 basic and diluted earnings per ADS

66.39 RMB and 60.90 RMB, respectively.

7. Fourth Quarter and Full Year 2024 Operating Highlights

Solar module, cell and wafer shipments

Total shipments in the fourth quarter of 2024 were 26,462 MW, including 25,221 MW of solar modules and

1,241 MW of cells and wafers.

Total shipments for the full year 2024 are 99,596 MW, including 92,873 MW of solar modules and 6,723 megawatts

Watt cells and silicon wafers.

8. Operational and business outlook

Outlook for the first quarter and full year 2025

The Company's performance guidance is based on management's current views and estimates of market conditions, production capacity, company orders and the global economic environment. This expectation is subject to uncertainty about end-customer demand and sales timelines. Management's views and estimates are subject to change without notice.

In the first quarter of 2025, the company expects module shipments to be between 16.0 GW and 18.0 GW.

For the full year of 2025, module shipments are expected to be between 85.0 GW and 100.0 GW.

Solar product production capacity

By the end of 2025, the annual production capacity of monocrystalline silicon wafers, cells and solar modules is expected to reach respectively

to 120 GW, 95 GW, and 130 GW.

A summary of recent business

In December 2024, JinkoSolar's Board of Directors authorized the Company to implement the Solar Consolidation Program in July 2022

The share repurchase program, which was extended in December 2023, consists of ADSs with a total value of US$200 million

Class A common stock represented increased to $350 million and extended for 12 months to June 30, 2026

Day.

In December 2024, JinkoSolar received two major awards from EUPD Research

, the Solar Prosumer Award and the DACH Region (Germany, Austria and Switzerland) Energy Transition Award.

In December 2024, all shareholder resolutions of JinkoSolar's 2024 Annual General Meeting of Shareholders were passed

Pass.

In January 2025, JinkoSolar made a major breakthrough in the development of perovskite/TOPCon tandem cells.

It has been tested by the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, an authoritative third-party organization, and its transformation effect

The rate is as high as 33.84%. In less than a year, it has once again refreshed the previous innovation of the R&D team of Jingxin R&D

The highest conversion efficiency of the tandem cell of the same kind is 33.24%, and the cumulative number of PV breaks has been achieved 27 times

An outstanding achievement in the world record for product efficiency and power.

In February 2025, JinkoSolar became a leader in the international arena with its superior technical prowess and efficient module performance

Wood Mackenzie, an authoritative energy consultancy, released the Global Solar Energy

Module Manufacturers Ranking 2025 tops the list.

9. Conference Call Information

Company management will meet on Wednesday, March 26, 2025 at 8:00 a.m. ET (i.e. North

8:00 p.m. Beijing/Hong Kong time) to discuss the current results.

Please use the link below to pre-register prior to the start of the conference. Once you have registered, you will receive an invitation to the meeting by email with a dialing number, password, and unique PIN for attendees.

Participant registration link: https://s1.c-conf.com/diamondpass/10046117-jh7y6t.html

Click on the link to open the JinkoSolar Fourth Quarter 2024 Results Conference Call page and enter your details to receive the meeting invitation.

10 minutes before the meeting starts, you can join the meeting using the attendance information provided in the meeting invitation, including the meeting number, password, and unique PIN.

A replay of the conference call will be available approximately 2 hours after the end of the conference until 2025 ET

April 2 at 23:59 p.m., listen to the number:

International Access Number: +61 7 3107 6325

US access number: +1 855 883 1031

Password: 10046117

If you would like to listen to the conference call online, please click here to go to the Investor Relations page of JinkoSolar's website

Surface: http://www.jinkosolar.com

10. About JinkoSolar Holding Limited

JinkoSolar Holding Limited (NYSE: JKS) is one of the world's most innovative photovoltaic companies. The company provides solar products, solutions and technical services to ground-mounted, commercial and residential customers in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, the Netherlands, Poland, Austria, Switzerland, Greece and other regions.

As of December 31, 2024, JinkoSolar had more than 10 global production sites around the world;

More than 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, etc.; The sales team is located in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, the Netherlands, Vietnam and India.

For more information, please visit JinkoSolar's official website: www.jinkosolar.com

Currency conversion

In this edition, the conversion of RMB to USD is for the convenience of the reader only, and all RMB to USD conversion is calculated at the customs-certified RMB wire transfer purchase rate provided by the Federal Reserve Bank of New York at noon in New York

Counted. As of December 31, 2024, it is 1.00 USD to 7.2993 RMB. There is no representation

In the implication that the RMB amount can or should be converted, realised or settled into US dollars at that exchange rate or any other exchange rate. The percentages stated in this press release are based on RMB.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended

and Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform of 1995

The provisions of the Act are made. These forward-looking statements can be identified by words such as "will," "expects," "anticipates," "targets," "aims," "plans," "believes," "estimates" and other similar expressions. Statements, including statements regarding JinkoSolar's beliefs and expectations, are forward-looking statements. This statement involves inherent risks and uncertainties, and actual results may differ materially from those contained in such forward-looking statements. Details of these and other risks are set forth in JinkoSolar's public filings with the SEC, including 20-

Version F of the fiscal year report. In case of discrepancies between the English and Chinese versions, the English version shall prevail. Except as required by applicable law, any information provided in this press release is current as of the date of this press release, and JinkoSolar undertakes no obligation to update such information.

For investors and media, please contact:

China:

Ms. Stella Wang

JinkoSolar HoldingCo.,Ltd.

Tel:+8621-5180-8777ext.7806

Email:ir@jinkosolar.com

Mr. Rene Vanguestaine

Christensen

Tel:+8617817490483

Email:rene.vanguestaine@christensencomms.com

U.S. Regions:

Ms. Linda Bergkamp

Christensen, Scottsdale, Arizona

Tel:+1-480-614-3004

Email: linda.bergkamp@christensencomms.com

JinkoSolar Holding Limited

Unaudited Condensed Consolidated Balance Sheet

(All amounts are in thousands)

December 31, 2023 December 31, 2024

day

CNY, CNY, USD

asset

Liquid asset:

Cash, cash equivalents and restricted

Cash 19,069,107 27,737,976 3,800,087

Restricted short-term investments and short-term investments 8,509,257 3,901,442 534,496

Accounts receivable, net 22,958,693 14,065,558 1,926,974

Notes receivable, net 4,090,085 3,333,377 456,670

Prepaid, net 4,565,779 2,654,149 363,617

Inventories, net 18,215,537 12,509,422 1,713,784

Accounts receivable for foreign exchange forward contracts 103,100 115,220 15,785

advances and other current assets,

Net worth 3,430,224 4,490,411 615,184

Assets held for sale 2,003,417 57,502 7,878

Total current assets 82,945,199 68,865,057 9,434,475

Non-current assets:

Restricted long-term investments 1,536,198 1,328,201 181,963

Long-term equity investment/other bond investment

2,117,628 1,870,253 256,224

Fixed assets, net 41,267,187 44,800,692 6,137,670

Land use rights, net 1,821,012 1,838,015 251,807

Intangible assets, net 569,088 461,955 63,288

Right-of-use assets, net 742,431 448,555 61,452

Deferred tax assets 1,290,004 2,641,397 361,870

Long-term advances 648,377 520,376 71,291

Other assets, net worth 2,790,567 1,954,935 267,825

Non-current available-for-sale financial assets 104,134 150,922 20,676

Total non-current assets 52,886,626 56,015,301 7,674,066

Total assets 135,831,825 124,880,358 17,108,541

liability

Current Liabilities:

Accounts payable 15,475,166 11,038,668 1,512,291

Notes payable 25,690,532 11,189,801 1,532,997

Employee compensation and benefits payable 2,798,964 2,779,196 380,748

Accounts receivable in advance 6,965,298 5,088,596 697,135

Income tax payable 1,016,039 703,498 96,379

Other payables and accruions 13,448,501 16,499,668 2,260,449

Foreign exchange forward derivatives accounts payable 26,466 20,789 2,848

Convertible Corporate Bonds 782,969 - -

Lease liabilities - short-term 155,931 145,663 19,956

Short-term borrowings, including long-term borrowings

Short-term portion and sale-leaseback 13,583,774 6,933,899 949,940

fund

Liabilities held for sale 1,117,005 - -

Total current liabilities 81,060,645 54,399,778 7,452,743

Non-current liabilities:

Long-term borrowings 11,238,806 20,643,272 2,828,117

Convertible bonds 4,785,480 8,605,579 1,178,959

Withholding Quality Margin - Long Term 2,145,426 2,136,192 292,657

Lease liabilities - long-term 557,136 330,740 45,311

Deferred tax liabilities 131,506 56,718 7,770

Long-term payables 2,378,684 4,387,864 601,135

Total non-current liabilities 21,237,038 36,160,365 4,953,949

Total liabilities 102,297,683 90,560,143 12,406,692

Mezzanine Interests

Redeemable minority interests - 1,535,926 210,421

Shareholders' equity

Equity attributable to Jinko's common shareholders

Total 20,156,434 19,869,284 2,722,080

Minority interests 13,377,708 12,915,005 1,769,348

Total shareholders' equity 33,534,142 32,784,289 4,491,428

Total Liabilities, Mezzanine Equity and Shareholders

Equity 135,831,825 124,880,358 17,108,541

JinkoSolar Holding Limited

Unaudited Condensed Consolidated Statement of Income

(Except for the number of shares and per share (or ADS) data, the amount is in thousands)

End of the quarter End of the year

December 31, 2023 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024

日 日

RMB CNY, CNY, USD, CNY, CNY, USD

Operating income 32,830,172 24,508,244 20,650,730 2,829,139 118,678,591 92,256,302 12,639,061

Cost of Sales (28,739,438) (20,652,556) (19,903,357) (2,726,749) (99,630,956) (82,241,474) (11,267,036)

Gross profit 4,090,734 3,855,688 747,373 102,389 19,047,635 10,014,828 1,372,025

Operating Costs:

Selling Expenses (1,857,825) (2,172,100) (1,222,550) (167,489) (6,819,305) (6,658,108) (912,157)

Administrative Expenses (1,541,467) (1,175,798) (929,029) (127,276) (4,583,837) (4,614,001) (632,116)

R&D Expenses (279,642) (208,668) (259,902) (35,606) (911,869) (924,392) (126,641)

Asset impairment loss (59,342) (223,588) (357,616) (48,993) (640,004) (1,242,168) (170,176)

Total Operating Expenses (3,738,276) (3,780,154) (2,769,097) (379,364) (12,955,015) (13,438,669) (1,841,090)

Operating profit/(loss.)

lost) 352,458 75,534 (2,021,724) (276,975) 6,092,620 (3,423,841) (469,065)

Interest expense (292,076) (300,935) (347,514) (47,609) (1,171,136) (1,143,079) (156,602)

Interest income 86,487 98,790 113,255 15,516 553,531 414,685 56,812

Subsidy income 554,619 431,753 900,142 123,319 1,175,498 2,448,763 335,479

Exchange gains/(losses.)

loss), net (38,424) (203,999) 314,627 43,104 938,092 484,364 66,358

Foreign exchange derivatives

Fair value of goods 114,769 (47,912) 93,602 12,823 (314,859) 116,654 15,982

fluctuation

Long-term equity investment

(90,918) 30,772 332,270 45,521 221,473 163,492 22,398

move

Convertible bonds

Change in fair value (155,102) - - - (31,188) 323,474 44,316

Other business income/

(loss), net (10,771) 73,632 (674,143) (92,357) 26,134 880,540 120,634

Profit before tax/(loss.)

loss) 521,042 157,635 (1,289,485) (176,658) 7,490,165 265,052 36,312

Income Tax (Expense)

/Revenue (200,831) (148,460) 580,537 79,533 (1,260,285) (69,441) (9,513)

to associates

Investment income/(loss 2,375 (3,389) (119,161) (16,325) 222,674 (177,013) (24,251)

lost)

Net profit/(loss) 322,586 5,786 (828,109) (113,450) 6,452,554 18,598 2,548

Less: Belong to the minority

Shareholders' profit and loss (293,269) 38,960 368,091 50,428 (3,005,111) 74,873 10,258

Less: Vested in redeemable

Minority Shareholders - (22,214) (13,712) (1,879) - (35,926) (4,922)

Income

Attributed to JinkoSolar

Source Holdings Co., Ltd

Common shareholders 29,317 22,532 (473,730) (64,901) 3,447,443 57,545 7,884

Net Profit/(Loss.)

loss)

Attributed to JinkoSolar

Source Holdings Co., Ltd

common shareholders of the Company

Profit per share /

(Loss):

Basic 0.14 0.11 (2.31) (0.32) 16.60 0.28 0.04

Dilution 0.14 0.11 (2.31) (0.32) 15.23 (1.25) (0.17)

Attributed to JinkoSolar

Source Holdings Co., Ltd

common shareholders of the Company

Earnings per ADS

/(Loss):

Basic 0.56 0.44 (9.22) (1.26) 66.39 1.10 0.15

Diluted 0.54 0.44 (9.22) (1.26) 60.90 (5.00) (0.69)

Weighted average circulation

Number of Common Shares:

Basic 209,582,718 204,902,909 205,490,103 205,490,103 207,705,476 208,607,597 208,607,597

Diluted 215,266,963 204,962,646 205,490,103 205,490,103 226,113,084 209,981,840 209,981,840

Weighted average circulation

Number of ADS:

Basic 52,395,679 51,225,727 51,372,526 51,372,526 51,926,369 52,151,899 52,151,899

Diluted 53,816,741 51,240,662 51,372,526 51,372,526 56,528,271 52,495,460 52,495,460

Unaudited Condensed Consolidated Statement of Consolidated Comprehensive Income and Loss

Net profit/(loss) 322,586 5,786 (828,109) (113,450) 6,452,554 18,598 2,548

Other comprehensive income/(loss.)

loss):

- Available-for-sale financial assets

The allowable change in value is not realized

P/(loss) 19,134 - (10,212) (1,399) 18,161 (10,212) (1,399)

-Translation adjustment for foreign currency statements (116,523) (123,210) 196,740 26,954 75,751 (93,863) (12,859)

- Convertible bonds - specific workers

Change in credit risk 42 - - - 70,732 421 58

Consolidated profit/(loss) 225,239 (117,424) (641,581) (87,895) 6,617,198 (85,056) (11,652)

Less: Attributable to minority shareholders

Comprehensive income/(loss) (280,158) 77,293 306,252 41,956 (3,027,731) 44,084 6,039

It is owned by JinkoSolar Holdings

Ordinary shareholders of a limited company

Comprehensive income/(loss) (54,919) (40,131) (335,329) (45,938) 3,589,467 (40,972) (5,613)

Note: The accounts in the above financial statements are presented and translated by JinkoSolar in accordance with the requirements of the US Accounting Standards, which are different from the requirements for the preparation of the financial statements under the Chinese Accounting Standards and are for investors' reference only.