On August 29, Jingke Energy said in its "Record of Investor Relations Activities in August" that under the industry consensus of anti-involution overweight, the withdrawal of backward production capacity is expected to accelerate further. With the release of demand in the US market, the gross profit margin in the third quarter is expected to rise steadily.
In response to U.S. market expectations, Jingke Energy said that U.S. market demand has entered a process of accelerated release, because in the process of ITC subsidies for terminal power plants, a large number of safe harbor projects will land in the next 2-3 years. The company has restructured its supply chain and may adopt a non-Chinese manufacturer-led supply mode in the future, supplying part of the U.S. market through domestic manufacturing. In addition, JinkoSolar's Saudi project is positioned to meet the needs of the local market in the Middle East.
In response to the outlook for market demand for the whole year, Jingke Energy said that demand in 2026 is expected to increase slightly in a stable range compared with 2025. The growth rate of the Chinese market is expected to be relatively conservative , but looking around the global market, especially in emerging markets and optical storage parity markets, the Middle East, Europe and Latin America still have relatively healthy growth.
In addition, in terms of energy storage business layout, Jingke Energy is expected to achieve the target of 6GWh shipment this year and maintain sustained growth on a large scale next year. The shipping market is mainly based on overseas markets , with the Asia-Pacific market, emerging markets and European markets as the core.
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In the first half of 2025, the company achieved component shipments of 41.8GW, continuing to rank first in the world. Up to now, the total shipment of Tiger Neo series modules is 200 GW, which has become the "top seller" in the global photovoltaic market . During the same period, the company's energy storage business grew rapidly, and the energy storage system shipped 1.5g Wh in the first half of the year , which has exceeded the total shipment volume of last year.
In the process of continuous and deep adjustment of the industry, the company achieved revenue of 31.831 billion yuan and net profit of-2.909 billion yuan during the reporting period. In the second quarter, the non-net profit was reduced by 557 million yuan, and the gross profit margin was improved by 2.27 percentage points. In terms of
technology, during the reporting period, the company's TOPCon battery and component laboratory efficiency reached 27.02% and 25.58% of the industry record of similar products. In addition, the company has laid out more than 20GW high-power production capacity, and the upgrade of 670W third-generation product production line is also progressing in an orderly manner. It is expected that the proportion of high-power production capacity will be 40-50% by the end of the year, and it is confident to land the largest proportion of advanced production capacity in the industry next year.
Looking forward to the future, the industry structure is expected to be reconstructed in the promotion of "anti-involution". First, in terms of technology, the market share of high-power and high-value products is expected to gradually expand and become the dominant price in the new market. Second, in terms of share, as the bidding for power station projects is more inclined to the head, the leading share is expected to further increase. Third, on the market side, the spillover of the "anti-involution" policy is conducive to overseas markets with lower component costs and higher component price elasticity. Fourthly, with the continuous advancement of electricity market reform, optical storage will shift from "low-price competition" to "value creation" mode, and the benefit space of optical storage integration will be broadened. Global optical storage innovation leader is expected to benefit and cross the cycle.
1. The follow-up price outlook and profit turning point expectation of components under the anti-involution policy?
From the point of view of centralized procurement and bidding, the market responded positively to the "anti-involution" initiative and gradually responded to the bidding at a relatively reasonable price. At present, the winning price of the industry is steadily rising, and the market is gradually returning to a rational, healthy and orderly situation. The price increase of raw materials and the change of market electricity price mechanism brought about by No.136 still need time to digest in the terminal market, but the company level has been actively responding to the terminal market price. Under the industry consensus of anti-involution overweight, it is expected that the withdrawal of backward production capacity will be further accelerated. With the release of demand in the US market, the gross profit margin in the third quarter is expected to rise steadily. If the follow-up factors are actively promoted, as well as the company's advanced production capacity advantages, we hope to achieve profits as soon as possible next year.
2. Planning of the company's efficient production capacity landing? Consideration of future costs and premiums? At present,
the company has a production capacity of about 20GW with a power of more than 640W, and is expected to form a high-power production capacity of 40-50GW by the end of the year. The power of some TOPCon 3.0 mainstream products will reach 650-670 W, targeting overseas distributed and other high-premium markets. For 620-630W products to 660-670W iteration, the company has a clear plan in terms of cost and technology. With the release of high-power production capacity quarter by quarter, it is expected that the cost will increase slightly, but at the same time, there will be a unit sales premium of about 10%, so the gross profit of traditional products will increase to a certain extent.
3. Changes in US market demand after the OBBB Act? How to consider the future overseas supply layout? After the passage of the
relevant bill, the U.S. market demand has entered the process of accelerated release, because in the process of ITC subsidy decline for terminal power plants, a large number of safe harbor projects will land in the next 2-3 years. In response to relevant policies, the company has restructured its supply chain and may adopt a non-Chinese manufacturer-led supply mode in the future to supply part of the U.S. market through domestic manufacturing. The impact of the relevant bill on the supply of Saudi factories to the United States is currently being actively assessed with partners, but the Saudi project is positioned mainly to meet the needs of the local market in the Middle East.
4. Global Market Demand Expectations in 2025 and 2026?
Maintaining the judgment of a slight increase in 2025 installed capacity demand, it is estimated that the annual installed capacity will be around 700 GW, and China's installed capacity will account for 40-45% of the range, which is still the largest single market. Demand in 2026 is expected to increase slightly within a stable range compared with 2025. Among them, the Chinese market is affected by the fluctuation of the electricity market in the first year of the 15th Five-Year Plan and after the No.136 document, and the expected growth rate is relatively conservative. However, looking around the global market, especially in emerging markets and optical storage parity markets, the Middle East, Europe and Latin America still have relatively healthy growth.
5. Future development goals and advantageous markets of energy storage business? How profitable is it?
Energy storage focuses on R & D, technology, product and capacity investment in the early stage, and has formed a certain market competitiveness after a long period of market and industry layout. This year, orders landed quickly, and there are considerable large-scale orders in Europe, Asia-Pacific and Latin America. It is expected to achieve the target of 6GWh shipment this year and maintain the sustained growth of scale next year. At present, the shipping market is mainly based on overseas markets, with the Asia-Pacific market, emerging markets and European markets as the core. At present, there is still a certain loss in energy storage, but it is expected that there will be a significant increase in gross profit margin every quarter.
6. Capital expenditure of the Company in the R & D field?
Last year, the industry entered a period of adjustment, and the company continued to make efforts in operating cost control, cost reduction and efficiency enhancement from the perspective of budget. From the perspective of long-term benefits, whether it is cost reduction or power gain, R & D is of significant importance. In the R & D part, the company continues to maintain a high investment in basic research and applied research. The focus of mass production research is still on TOPCon upgrade, and in the medium and long term, laminated batteries are also the focus of research and development. This year's capital expenditure mainly focuses on the TOPCon 3.0 advanced capacity upgrade route, which has been significantly reduced compared with last year.
7. What is the current stage of perovskite stack technology? At present, there is still a lot of room for
perovskite efficiency, and it is expected to see more than 40% cell conversion efficiency in the future. In terms of reliability, the stability problem needs to be solved. Although it has made great progress compared with one or two years ago, the prerequisite for achieving mass production level is that the traditional DH, TC1000 and other tests can achieve stability, and remain relatively stable for a long time after decaying to a certain value. However, the test has not yet reached a stable state, and it is expected that it will take 2-3 years to solve the problem. At present, the company has laid out relevant pilot lines to verify the mass production of products, which are still in the research and development stage.
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