Chinese solar manufacturing giant Jinko Solar has published steeply declining incomes and revenues for its major operational subsidiary, Jinko Solar Co. (Jiangxi Jinko), over the full year 2024.
The decline reflects the broad trend across the solar manufacturing industry, where severe downward pressure on prices—brought about by an excess of product supply—has squeezed manufacturers’ margins and pushed some into the red.
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The preliminary results published yesterday show Jinko Solar’s net income declining by 98.78% year-on-year (YoY) to RMB90.54 million (US$12.4 million), in line with its predictions from January which forecast income between RMB80 million and RMB 120 million.
Preliminary 2024 revenues were down 21.96% YoY to RMB92.62 billion (US$12.7 billion) and net loss attributable to shareholders was RMB1.02 billion (US$139 million). This is a 114.66% drop compared with the 2023 results.
In its preliminary results announcement, Jinko said: “Intensified supply-demand mismatches across the industry resulted in downward pressure on the prices of end products, posing significant challenges to profitability across the industrial chain.”
Recently, to respond to the low prices and oversupply, Chinese PV manufacturing firms have called for greater self-regulation and efforts to balance supply and demand. There are also reports that the criteria for domestic renewable energy auctions in China will change to discourage what has been described as “toxic” price competition.
Speaking exclusively to PV Tech, JinkoSolar’s vice-president Dany Qian said: “Facing the challenges experienced by the entire industry in 2024, JinkoSolar has maintained a stable market position and, of the big 5 module manufacturers, Jinko is the only one to end the year showing an operational profit, its influence as an industry leader remaining undiminished, with the company demonstrating strong resilience in a complex market environment.”
