Jinko Power Technology (601778) H2 2025 earnings summary

Executive summary

• Achieved net profit attributable to shareholders of RMB 329.85 million in 2025, up 1.69% year-over-year, with total revenue of RMB 3.90 billion, down 18.32% year-over-year.

• Operating cash flow surged 270.61% to RMB 3.87 billion, mainly due to increased renewable energy subsidies and residential project collections.

• Board proposes a cash dividend of RMB 0.283 per 10 shares, totaling RMB 98.99 million, pending shareholder approval.

• Audit report issued an unqualified opinion; no material misstatements or omissions identified.

Financial highlights

• Revenue decreased 18.32% year-over-year to RMB 3.90 billion; net profit attributable to shareholders rose 1.69% to RMB 329.85 million.

• Net profit after non-recurring items was RMB 172.99 million, up 16.66% year-over-year.

• Basic and diluted EPS were both RMB 0.09; ROE was 2.10%.

• Operating cash flow reached RMB 3.87 billion, up 270.61% year-over-year.

• Total assets at year-end were RMB 41.78 billion; net assets attributable to shareholders were RMB 16.13 billion.

Outlook and guidance

• Industry faces slower PV installation growth and increased curtailment, with 2026 expected to see the first negative growth in new installations since subsidy removal.

• Company will focus on high-quality, sustainable development, deepen asset-light strategy, and expand into storage, wind, and green computing.

• Plans to accelerate storage business, pursue overseas high-quality projects, and seek new growth in green power and digital infrastructure.