JinkoSolar : Q1 2024 Earnings PPT

JINKOSOLAR HOLDING CO., LTD.

Q1 2024 EARNINGS CALL PRESENTATION

APRIL 29, 2024

Disclaimer

This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the "Company") in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

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Q1 2024 financial highlights

Quarterly shipments were 21,906 MW (19,993 MW for solar modules, and 1,914 MW for cells and wafers), down 21.4% QoQ, and up 51.2% YoY.

Total revenues were US$3.19 bn, down 29.8% QoQ, and down 1.2% YoY.

Gross margin was 11.9%, compared with 12.5% in Q4 2023 and 17.3% in Q1 2023.

(1)

Adjusted net income attributable to JinkoSolar Holding Co., Ltd's ordinary shareholders was US$65.1 mn, up 1.6% QoQ, and down 43.8% YoY.

Net income attributable to JinkoSolar Holding Co., Ltd's ordinary shareholders was US$84.4 mn, up 19.8 times, and down 22.7% YoY.

Cash and short-term restricted cash of US$ 2.44 bn as of end of Q1 2024 vs US$2.69 bn as of end of Q4 2023.

EBITDA was US$ 422.5 mn, down 1.1% YoY.

2024 Q2 guidance: module shipments to be around 24.0 to 26.0 GW.

Notes: YoY and QoQ changes calculated on the RMB basis.

(1) Excluding the impact from (i) a change in fair value of the Notes; (ii) a change in fair value of long-term investment and (iii)the share based compensation expenses.

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Business highlights

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Leveraging our outstanding N-type technology, extensive global operation network, and advanced integrated capacity structure, module shipments increased 53.3% year-over-year to 19.99 GW, ranking first in the industry.

N-type module shipments accounted for nearly 80% of all module shipments globally and nearly 50% of module shipments to North America.

Our order book visibility for 2024 currently exceeds 70%.

We were recognized as a Tier 1 energy storage provider by Bloomberg New Energy Finance (BNEF).

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JinkoSolar leads the industry with cutting-edgeN-type technology

Industry pioneer embracing the N-type TOPCon technology

Module shipments for the first quarter of 2024 nearly 20GW, No.1 in the PV industry.

At the end of the first quarter of 2024, we had delivered a total of 230GW solar modules globally, No.1 in the PV industry.

N-type module shipments for the first quarter of 2024 accounted for nearly 80% overall, No.1 in the PV industry.

We had been granted 330 TOPCon patents, overtaking most brands on the N-type TOPCon patent list.

N-type technology and product advantage

Lab efficiency of		Mass-production
TOPCon cells		efficiency of TOPCon
up to 26.89%		cells >26%

Lab efficiency of		Power output of N-
TOPCon based		type module over
perovskite tandem		30wp higher than
cell up to 32.33%		P-type

The world's largest integrated N-type capacity

• 70GW+ N-type TOPCon cell capacity

(By the end of 2023)

• The world largest 12GW+ overseas integrated capacity，over 75% for N-type

(By the end of 2023)

• Super-integratedN-type solar base in Shanxi with integrated capacity of 56GW

（To be implemented in four phases)

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Global industrial chain improved and sustainability competence further enhanced

Enhanced global manufacturing capability

Overseas wafer-cell-module manufacturing facility in Vietnam, Malaysia and U.S.

• We expect to have ~12GW integrated overseas capacity by the end of 2024, including ~2GW N-type module capacity in US.

Cooperation with industry leaders to extend integration

 Upstream：To ensure	 Long-term supply agreements
	with U.S. and German polysilicon
reliable and stable supply
	suppliers
of raw materials
	Strategic equity investments

 Downstream：To explore	 Strategic cooperation with various
potential for PV+energy	power suppliers and distributors
storage business

ESG management improvement

OVERALL SCORE

65.0 55.0 70.0

110.0 120.0110.0130.0

85.0 90.0

• Improved traceability system
• Independent 3rd party audits

• Joined UNGC and IRENA

•	2023 EcoVadis Silver
	Medal
•	MSCI rating from B to
	BBB

2022A		2023A			2024E
Mono wafer		PERC cell			Module		N-type cell

Carbon

Footprint

Traceability

Compliance

Rating

5

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Fostering Future Competitiveness

The largest N-type integrated

production facility in the industry

Super-integrated solar base in Shanxi, China

140

120

2025

100

2024

80

60

40

20

0

	2022	2023	2024-25
wafer			cell		module

56GW wafer-cell-module integrated

• Phase 1 + Phase 2 (14GW each) expected to reach full production by the end of 2024.
• Expected to bring a significant reduction in operating costs at full production.

Unprecedented production innovation

• One-sitevertical operation: to significantly reduce operation costs and improve operation efficiency.
• Cutting-edgetechnology: advanced N-typetechnology that can be upgraded to the next generation.
• Low carbon footprint: mostly powered by green energy.
• Cost Effective: lower integrated CAPEX per GW.
• Smart and traceable manufacturing capabilities.

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Extensive global sales network with improving product and business structure

Improving product and business structure	Growing global demand for Tiger Neo Series

DGDG

2024Q1A2024E

UtilityUtility

2024Q1A2024E

• DG business accounted for ~50% in Q1 2024 and is expected to account for 30~40% for full year 2024.
• Tiger Neo modules accounted for nearly 80% overall in Q1 2024, and 90%+ in EU, 90%+ in Emerging market, while ~50% in North America.

Unveiled the first Neo Green panels produced with renewable energy

• These N-type TOPCon Tiger Neo panels are produced in factories that were awarded the "Zero Carbon Factory" certification by TÜV Rheinland.
• Initial capacity is ~5GW.
• We are the first company in the industry to be awarded with the "Zero Carbon Factory" certification by TÜV Rheinland for wafer, cell and module manufacturing.

N-type Tiger Neo modules

Improving penetration in leading markets

Module shipments breakdown by region

Brand recognition

Recognized as a Tier 1 energy storage provider by Bloomberg New Energy Finance (BNEF).

-BNEF

Emerging

China

2024Q1A

19.99GW

APAC Europe

North

America

• In Q1,70%+ of modules were shipped to overseas markets, mainly to APAC and emerging markets.
• Shipments to the U.S. were relatively stable sequentially, while shipments to Europe increased nearly 20%.

Received the 'AAA' rating once again in the 24Q1 release of PV-Tech's ModuleTech bankability report.

-PV ModuleTech

Awarded with the ESG Transparency Award from EUPD Research.

-EUPD Research

Recognized as a Top Performer in the 2023 PV Module Reliability Scorecard published by PV Evolution Labs (PVEL) for the ninth consecutive Year.

-PV ModuleTech

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Consolidating our strengths to lead the industry

Long-term R&D and product leadership

• Cutting-edgeR&D.
• Highly collaborative and innovative system from wafer-cell-module to system solutions.
• Ability to quickly commercialize R&D results through mass production.

Effective and efficient Management Capability

• Optimizing in-house manufacturing to reduce integrated cost.
• Refining management processes to further optimize operational efficiency.
• Proven efficient execution ability.

Global industrial chain footprint and marketing network

• Global manufacturing footprint and vertically-integrated supply chain help optimize resources allocation.
• Extensive global marketing network with localized after-sales service.
• Long-termaccumulated brand advantage from consistent product reliability.

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Business Plan

• Mass production efficiency of N-type cells to reach 26.5%, by the end of 2024.
• 2024 module shipments to exceed 100~110GW (24~26GW in Q2 2024).
• Proportion of N-typeproducts expected to reach

~90% of total module shipments in 2024.

• Capacity for mono wafer, cell and module to reach 120GW, 110GW
  and 130GW(>90% are N-type) by the end of 2024.
• Integrated overseas capacity of 12GW （including 2GW N-type module capacity in US)，by the end of 2024.
• Build N-type supplychain ecosystem; develop PV+energy storage business.

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