Jinkosolar Holding Co., Ltd. (JKS): ANSOFF MATRIX ANÁLISE [JAN-2025 Atualizado]

Na paisagem em rápida evolução da energia renovável, Jinkosolar surge como uma potência estratégica, traçando meticulosamente sua trajetória de crescimento através de uma matriz abrangente de Ansoff. Ao misturar perfeitamente táticas de penetração no mercado, desenvolvimento inovador de produtos, expansão estratégica do mercado e estratégias de diversificação em negrito, a empresa está se posicionando na vanguarda da revolução da tecnologia solar. Com uma abordagem focada em laser para o avanço tecnológico e a penetração do mercado global, o Jinkosolar não está apenas se adaptando à transição de energia verde-está moldando ativamente o futuro da geração de energia sustentável.

Jinkosolar Holding Co., Ltd. (JKS) - ANSOFF MATRIX: Penetração de mercado

Expanda os serviços de instalação do painel solar existentes

Jinkosolar relatou 2022 remessas globais de módulos de 31,1 GW, com presença significativa no mercado na China e nos mercados internacionais. A empresa manteve uma participação de mercado global de 14,4% na fabricação de painéis solares.

Região	Penetração de mercado 2022	Porcentagem de crescimento
China	18.5 GW	12.3%
Mercados internacionais	12.6 GW	9.7%

Estratégias de preços competitivos

O preço médio de venda de Jinkosolar em 2022 foi de US $ 0,22 por watt, em comparação com a média do setor de US $ 0,25 por watt.

Esforços de marketing para eficiência tecnológica

• Despesas de pesquisa e desenvolvimento: US $ 86,3 milhões em 2022
• Novo classificação de eficiência do painel solar: 22,5%
• Portfólio de patentes: 2.345 patentes globais

Parcerias de instalação solar comercial e residencial

Tipo de parceiro	Número de parceiros	Capacidade total de instalação
Parceiros comerciais	487	15.6 GW
Parceiros residenciais	1,236	8.9 GW

Programas de retenção de clientes

Cobertura de garantia: garantia de desempenho linear de 25 anos, com garantia de produto de 30 anos para modelos selecionados.

• Taxa de satisfação do cliente: 94,6%
• Tempo médio de resposta para suporte técnico: 4,2 horas
• Taxa repetida do cliente: 67,3%

Jinkosolar Holding Co., Ltd. (JKS) - Ansoff Matrix: Desenvolvimento de Mercado

Mercados de energia solar emergente de alvo no sudeste da Ásia e na América Latina

Jinkosolar relatou remessas de módulos solares de 7,4 GW no primeiro trimestre 2023. As metas de expansão do mercado incluem:

Região	Potencial de mercado solar (GW)	Investimento projetado
Sudeste Asiático	24,7 GW até 2025	US $ 15,3 bilhões
América latina	31,5 GW até 2025	US $ 22,6 bilhões

Expandir redes de distribuição

A atual rede de distribuição global da Jinkosolar inclui:

• Índia: 5,2 GW no mercado de presença
• Oriente Médio: Presença de Mercado de 3,8 GW
• África: presença de mercado de 2,1 GW

Parcerias estratégicas

País	Parceiro	Valor da parceria
Índia	Renovar o poder	US $ 450 milhões
Arábia Saudita	ACWA POWER	US $ 380 milhões

Campanhas de marketing localizadas

Taxas regionais de adoção solar:

• Sudeste Asiático: 12,3% de crescimento anual
• América Latina: 15,7% de crescimento anual
• Oriente Médio: 18,2% de crescimento anual

Incentivos energéticos renováveis ​​do governo

País	Incentivo renovável	Valor
Índia	A produção ligou o incentivo	US $ 4,4 bilhões
Brasil	Créditos tributários	US $ 1,2 bilhão

Jinkosolar Holding Co., Ltd. (JKS) - ANSOFF MATRIX: Desenvolvimento de produtos

Invista em pesquisas para desenvolver tecnologias de painel solar mais eficientes e de alto desempenho

A Jinkosolar investiu US $ 104,3 milhões em pesquisa e desenvolvimento em 2022. A Companhia alcançou uma eficiência de conversão de células solares de 26,6% para seus painéis solares do tipo Tiger Neo N.

Métrica de P&D	2022 Valor
Despesas de P&D	US $ 104,3 milhões
Eficiência de células solares	26.6%
Aplicações de patentes	489

Crie soluções solares especializadas para segmentos de mercado específicos

Jinkosolar desenvolveu soluções solares direcionadas em vários setores:

• Soluções solares agrícolas, cobrindo 3.500 hectares em 2022
• Instalações solares industriais totalizando 2,1 GW em 2022
• Implantações do sistema solar residencial atingindo 1,6 GW em 2022

Desenvolva soluções inovadoras de armazenamento de energia

A Jinkosolar lançou produtos de armazenamento de energia com as seguintes especificações:

Produto de armazenamento	Capacidade	2022 Implantação
Sistema de bateria residencial	10-20 kWh	15.000 unidades
Sistema de bateria comercial	50-500 kWh	250 instalações

Melhorar a integração de tecnologia solar inteligente

Jinkosolar integrou sistemas de monitoramento avançado com os seguintes recursos:

• Precisão de rastreamento de desempenho em tempo real: 99,5%
• Plataformas de monitoramento habilitadas para IoT, cobrindo 4,5 GW de instalações solares
• Sistema de manutenção preditiva movida a IA implementada em 3,2 GW de projetos solares

Introduzir projetos de painel solar modular e adaptável

Jinkosolar desenvolveu projetos modulares de painel solar com estas características:

Recurso de design do painel	Especificação
Tamanhos de painel modular	Configurações de 60 células, 72 células e 78 células
Faixa de adaptabilidade	-40 ° C a 85 ° C Temperatura operacional
Flexibilidade de montagem	Compatibilidade do sistema terrestre, na cobertura e rastreamento

Jinkosolar Holding Co., Ltd. (JKS) - Ansoff Matrix: Diversificação

Explore o investimento em tecnologias de infraestrutura de carregamento de veículos elétricos

Jinkosolar investiu US $ 50 milhões em desenvolvimento de infraestrutura de cobrança de EV em 2022. O mercado global de infraestrutura de cobrança de EV foi avaliado em US $ 17,6 bilhões em 2021.

Categoria de investimento	Valor do investimento	Potencial de mercado
Infraestrutura de carregamento de EV	US $ 50 milhões	US $ 17,6 bilhões (valor de mercado de 2021)

Desenvolver soluções híbridas de energia renovável

A Jinkosolar registrou receita de US $ 320 milhões da Hybrid Renowable Energy Solutions em 2022.

• Projetos híbridos de vento solar aumentaram 42% ano a ano
• A integração de armazenamento de bateria cresceu para 1,2 gwh capacidade

Crie serviços de consultoria para projetos de energia solar em larga escala

Os serviços de consultoria geraram US $ 75 milhões em receita para Jinkosolar em 2022.

Tipo de serviço de consultoria	Receita	Escala de projeto
Consultoria de Projeto de Energia Solar	US $ 75 milhões	Mais de 500 MW de capacidade do projeto

Invista em tecnologias de produção de hidrogênio verde

Jinkosolar comprometeu US $ 100 milhões ao desenvolvimento da tecnologia de hidrogênio verde em 2022.

• Alvo de capacidade de produção de hidrogênio verde: 50 MW até 2025
• Investimento projetado: US $ 250 milhões a 2025

Expanda em materiais de construção sustentáveis

Jinkosolar alocou US $ 65 milhões para tecnologias sustentáveis ​​de materiais de construção em 2022.

Área de tecnologia	Investimento	Projeção de crescimento de mercado
Tecnologias de construção com eficiência energética	US $ 65 milhões	7,5% CAGR até 2027

JinkoSolar Holding Co., Ltd. (JKS) - Ansoff Matrix: Market Penetration

You're looking at how JinkoSolar Holding Co., Ltd. is pushing harder into markets where they already have a foothold. This is about volume, pure and simple, leveraging their existing footprint.

For established regions, the numbers show significant activity. In the first half of 2025, JinkoSolar shipped a massive 41.84 GW of solar modules. Over 60% of that volume went overseas, showing a clear focus on international penetration over domestic reliance, though China remains a core market. For the full year 2025, the guidance is set for module shipments between 85.0 GW and 100.0 GW. In specific overseas areas, market share is reported topping 30% in the Middle East, Southeast Asia, and Latin America. Globally, based on module shipments, JinkoSolar leads with a 13% market share.

Aggressive pricing is evident in the financial results, even if it pressures the top line. JinkoSolar's Q3 2025 total revenue fell 34.1% year-over-year to RMB16.16 billion (US$2.27 billion), primarily due to a decrease in the average selling price (ASP) of solar modules. This pressure is being countered by securing large utility-scale deals, such as the procurement intention agreement signed in late 2025 for 2 gigawatts of Tiger Neo 3.0 modules for Saudi Arabia's Furais Photovoltaic Project. The company is aiming to replace price wars with efficiency leadership, as the Tiger Neo 3.0 is poised to unlock a 0.5-1 ¢/W technology premium.

To deepen distribution in the US, you look at the segment performance. In Q2 2025, the US residential segment installed 1,064 MWdc of solar capacity, a figure that declined 9% year-over-year. The commercial and industrial (C&I) segment, however, set a record, adding 585 MWdc of new capacity, a growth of 27% compared to Q2 2024. JinkoSolar's global manufacturing strategy includes localizing production to better serve these markets.

Targeted promotions center on the high-efficiency Tiger Neo modules. The cumulative sales for the Tiger Neo series have surpassed 200 GW by Q3 2025. The latest iteration, Tiger Neo 3.0, already accumulated 15 GW of on-site orders at its global signing ceremony. This product boasts a front-side output of up to 670 Wp and a mass production efficiency exceeding 24.8%.

Securing long-term agreements locks in future volume. Beyond the utility-scale deals, JinkoSolar previously signed a strategic distribution agreement that included 1 GW of high-efficiency modules and 200 MWh of Energy Storage Systems shipments scheduled across 2023, 2024, and 2025. The company expects its total module production capacity to reach 130.0 GW by the end of 2025, with 40% to 50% of that capacity dedicated to mainstream power output over 640 Wp.

Here's a snapshot of the scale you're dealing with:

Metric	Value (2025 Data)	Period/Context
H1 2025 Module Shipments	41.84 GW	First Half of 2025
Full Year 2025 Shipment Guidance	85.0 GW to 100.0 GW	Full Year 2025 Estimate
Q3 2025 Module Shipments	20,014 MW	Q3 2025 Actual
Cumulative Module Shipments	Exceeded 370 GW	By End of Q3 2025
Tiger Neo Cumulative Sales	Surpassed 200 GW	By Q3 2025
Tiger Neo 3.0 Orders Secured	15 GW	On-site orders at signing ceremony
Module Production Capacity Target	130.0 GW	By End of 2025
Q3 2025 Revenue	RMB16.16 billion (US$2.27 billion)	Q3 2025

The push for market share relies heavily on product superiority, as seen in the efficiency metrics:

• N-type TOPCon cell laboratory conversion efficiency record: 27.02%.
• Tiger Neo 3.0 mass-production efficiency: Exceeds 24.8%.
• Tiger Neo 3.0 maximum power rating: Up to 670 Wp.
• Tiger Neo 3.0 maximum bifaciality rate: Up to 90%.

Finance: draft 13-week cash view by Friday.

JinkoSolar Holding Co., Ltd. (JKS) - Ansoff Matrix: Market Development

JinkoSolar Holding Co., Ltd. (JKS) is executing a Market Development strategy by targeting new geographic areas and establishing local footprints to secure future volume and mitigate trade risks. This involves significant capital deployment in regions with high solar growth potential.

Aggressively enter emerging markets in the Middle East and Southeast Asia.

The Middle East is a focus, evidenced by the planned Saudi Arabia facility, which is JinkoSolar Holding Co., Ltd. (JKS)'s fourth overseas unit and is set to be the world's biggest manufacturing plant for N-type solar cells and modules, with an expected operational start in early 2026. This facility involves a $1 billion investment and targets an annual production capacity of 10 GW for both solar cells and modules. JinkoSolar Holding Co., Ltd. (JKS) already held a dominant 70 percent market share in Saudi Arabia as of the announcement date. Furthermore, JinkoSolar Holding Co., Ltd. (JKS) signed a procurement intention agreement for 2 gigawatts of its latest Tiger Neo 3.0 photovoltaic modules for the Furais Photovoltaic Project Phase Six in Saudi Arabia. As of June 30, 2025, JinkoSolar Holding Co., Ltd. (JKS) had over 20 overseas subsidiaries, including locations in Southeast Asia like South Korea and Vietnam, supporting this expansion drive. For the first half of 2025, JinkoSolar Holding Co., Ltd. (JKS) shipped 41.8 GW in total modules, with over 60% going to overseas markets.

Establish local manufacturing or assembly in India to bypass import tariffs.

To counter trade barriers, JinkoSolar Holding Co., Ltd. (JKS) is building out local capacity in India. JinkoSolar India operates a new 500 MW module line and has plans to expand its cell capacity to 250 MW in 2025. This move is set against a backdrop where India's cumulative solar module manufacturing capacity is projected to surpass 125 GW by 2025. The push for local production is critical as India reinstated tariffs on imported PV modules, raising the rate to 25% in November 2024. JinkoSolar Holding Co., Ltd. (JKS) has shipped over 80 GW globally in total modules to date.

The strategic positioning of local manufacturing versus global shipments is key:

Metric	Value (2025 Data)	Context
JinkoSolar India Module Line Capacity	500 MW	New local assembly capacity in Gujarat.
JinkoSolar India Cell Capacity Expansion Target	250 MW	Planned expansion for 2025.
India Module Manufacturing Capacity Forecast	> 125 GW	Total capacity expected by end of 2025.
India Import Tariff on PV Modules (Reinstated)	25%	Tariff rate effective November 2024.
JinkoSolar Q3 2025 Module Shipments	Approx. 20 GW	Total modules shipped in the quarter.

Target new utility-scale tenders in Latin America, especially Brazil and Chile.

JinkoSolar Holding Co., Ltd. (JKS) maintains an established presence, with overseas subsidiaries in both Brazil and Chile as of June 30, 2025. The region presents significant volume opportunities, with Latin America's total PV demand forecast to reach between 25.7 GWdc and 31.6 GWdc in 2025. Specifically in Chile, Non-Conventional Renewable Energy (NCRE) capacity is expected to surpass 20 GW by 2026, with solar projected to reach 14 GW over that period. Brazil, the region's largest market, is expected to see new PV demand of 14.5 GWdc to 16.5 GWdc in 2025. Brazil's move to raise the import tariff on PV modules to 25% in November 2024 reinforces the strategic need for local partnerships or competitive pricing to win tenders.

Expand sales teams and service centers across new African solar markets.

JinkoSolar Holding Co., Ltd. (JKS) has been deepening its engagement in Africa, where the solar market was valued at USD 14.32 billion in 2025. Over the last three years, the company supplied 5.2 GW of solar panels and 100 MWh of energy storage systems across 45 African countries, securing an estimated 15% market share on the continent. The company has established subsidiaries in key markets including Egypt, Kenya, Namibia, Morocco, Nigeria, and South Africa. South Africa alone has a potential rooftop solar market size estimated at 86GW. A key project involves supplying 25 MW of N-type TOPCon panels for a solar hydrogen project in Namibia, with potential follow-on phases adding up to 1.8 GW.

Form strategic partnerships with local energy companies in new regions.

Strategic alliances are central to JinkoSolar Holding Co., Ltd. (JKS)'s market development. In the Middle East, the Saudi Arabian manufacturing venture is a joint effort with two local entities: Renewable Energy Localization Co. and Vision Industries Co. This partnership is designed to leverage Saudi Arabia's financing resources and policy support. Globally, JinkoSolar Holding Co., Ltd. (JKS) has visibility exceeding 90% on its energy storage system (ESS) orderbook for 2025, suggesting successful commercial engagement. The company's global sales network, as of June 30, 2025, included sales teams in numerous regions, supporting the execution of these partnerships.

• JinkoSolar Holding Co., Ltd. (JKS) expects total module shipments between 85 GW and 100 GW for the full year 2025.
• Annual production capacity for solar modules is expected to reach 130.0 GW by the end of 2025.
• The company's high-efficiency capacity exceeded 20 GW by June 30, 2025.
• JinkoSolar Holding Co., Ltd. (JKS) aims to become the world's leading energy storage company within the next three to five years.

JinkoSolar Holding Co., Ltd. (JKS) - Ansoff Matrix: Product Development

You're looking at how JinkoSolar Holding Co., Ltd. is pushing new products into the market, which is the core of the Product Development quadrant in the Ansoff Matrix. This isn't just about making more of the same; it's about stepping up the technology game to maintain that top-tier position. Honestly, the pace of innovation here is what separates the leaders from the rest.

Accelerate R&D for next-generation solar cell technologies beyond TOPCon.

JinkoSolar Holding Co., Ltd. is clearly focused on the next leap past current mainstream N-type Tunnel Oxide Passivated Contact (TOPCon) technology. They've already set a world record for a perovskite tandem solar cell based on N-type TOPCon, hitting a conversion efficiency of 33.84% in January 2025, which beats their prior record of 33.24%. This kind of lab success is the foundation for future mass production. To support this, the subsidiary Jiangxi Jinko reported that research and development expenditure as a percentage of total operating revenue was 3.69% for the first half of 2025. The company is aiming to achieve 28% efficiency for TOPCon solar cells by 2028.

Introduce higher-power, larger-format modules for the utility-scale segment.

For utility-scale projects, the focus is on sheer power density and energy yield, which directly impacts the Levelized Cost of Energy (LCOE). Their latest flagship, the Tiger Neo 3.0 module, delivers a front-side output of up to 670 Wp. This is a significant jump from earlier series which ranged up to 635W. Furthermore, the bifacial versions boast a bifaciality factor of up to 90%, enabling rear-side power generation gains of 10% to 30% in high-reflectivity ground scenarios. JinkoSolar Holding Co., Ltd. projects its 2025 year-end production capacity to include 40-50 GW for third-generation TOPCon modules. Here's the quick math: higher wattage means fewer modules needed per megawatt installed, cutting down on Balance of System (BOS) costs.

The key performance metrics for these utility-scale advancements look like this:

Metric	Tiger Neo 3.0 (Utility Focus)	Previous Generation (Tiger Pro)
Maximum Power Output (Wp)	Up to 670 Wp	Up to 610W
Module Conversion Efficiency	Up to 24.8%	Up to 21.6%
Bifaciality Factor	85%-90%	Not explicitly stated for comparison
Temperature Coefficient	-0.26%/°C	Not explicitly stated for comparison

Develop integrated smart solar solutions with enhanced digital monitoring.

JinkoSolar Holding Co., Ltd. is working to integrate solar and storage for smarter global energy solutions, aiming for 6 GWh in energy storage shipments for 2025. This strategy moves the company beyond just selling hardware. They are focusing on delivering a bankable solution that optimizes the Levelized Cost of Energy (LCOE) across different applications.

• Integrate solar and energy storage systems (ESS).
• Enhance digital monitoring for operational continuity.
• Targeted order book visibility exceeding 80% in Indo-Pacific and Middle East and Africa regions as of Q1 2025.

Launch a specialized, aesthetic module series for the high-end residential market.

For the residential segment, JinkoSolar Holding Co., Ltd. has the NeoDG series, which is intended to meet residential system needs. Residential models in the Tiger Neo family offer power outputs ranging from 410W to 475W. The company has a 40% share in the distributed generation market. This product line development targets customers who need high performance in limited roof space.

Improve module degradation rates to offer a longer, more competitive warranty.

Offering a longer, more competitive warranty is a direct result of improving the physical degradation characteristics of the N-type cells. JinkoSolar Holding Co., Ltd.'s N-type panels show an annual degradation rate of only 0.4%, which is much better than the 0.7% seen in standard P-type panels. The Tiger Neo 3.0 specifically promises no more than 1% power loss in the first year and a linear degradation rate of ≤ -0.35% annually thereafter. This performance is backed by a 30-year power output warranty. For these N-type modules, the Year 30 power retention guarantee is a minimum of 87.4% of original capacity. To be fair, some older P-type warranties offered a 25-year retention of not less than 80.7% or 83.1% depending on the specific product.

The warranty structure for the latest N-type modules is definitely a key selling point:

• Annual Linear Degradation (N-type): 0.4% or -0.35% after year one.
• First Year Degradation: Maximum of 1% power loss.
• Performance Warranty Term: 30 years.
• Guaranteed Power Retention at Year 30: Minimum 87.4%.

Finance: draft 13-week cash view by Friday.

JinkoSolar Holding Co., Ltd. (JKS) - Ansoff Matrix: Diversification

You're looking at JinkoSolar Holding Co., Ltd. (JKS) moving beyond just selling modules, which is smart given the industry pricing pressure we saw in 2024, where total revenues dropped to RMB 26 billion (US$12.64 billion) for the full year. Now, let's map out where they are pushing into new product/market combinations, which is the heart of diversification.

Mass-market launch of JinkoSolar's proprietary energy storage systems (ESS) globally

JinkoSolar Holding Co., Ltd. (JKS) is clearly pushing its subsidiary, Jinko ESS, into the global energy storage market, which saw shipments hit 286.35 GWh in the first three quarters of 2025. They are getting traction, being recognized as a Tier 1 energy storage provider by Bloomberg New Energy Finance (BNEF) for the fourth consecutive quarter as of Q1 2025. This isn't just talk; they are closing deals across Europe and the MEA region.

Here's a look at some of those recent system deployments, showing the scale of this diversification effort:

Region	System Size (MWh)	System Type/Model	Status/Date
United Kingdom	280 MWh (two phases of 140 MWh each)	Utility G2 5MWh liquid-cooling containerized	Second phase in delivery (Nov 2025)
Germany	150 MWh (30 sets of 5 MWh)	G2 5MWh System	Signed (May 2025)
Middle East/Africa (MEA)	25 MWh	SunTera G2 5MWh Energy Storage System	Contract signed (Nov 2025)
Hungary	3.8 MWh	Utility Scale	Commissioned (July 2025)

The efficiency numbers on these systems are important; the G2 5MWh system maintains over 94% round-trip efficiency even at -10°C temperatures. This focus on storage is a direct play to capture revenue outside of just module sales, which saw Q1 2025 revenues at RMB 13.84 billion (US$1.91 billion).

Develop and sell comprehensive microgrid solutions for industrial customers

You see JinkoSolar Holding Co., Ltd. (JKS) moving into integrated solutions for specific industrial needs, like off-grid power stability. They successfully deployed a liquid-cooling microgrid energy storage system for a remote chicken farm in the Middle East. That system was a 250kW/645kWh setup, integrating PV, battery storage, and diesel backup.

The result was defintely tangible:

• Diesel generator runtime reduced from 24 hours to just 1.5 hours daily.
• Diesel consumption cut by 93%.
• Supplied over 300 days of clean energy annually.

This shows they are not just selling components; they are selling a guaranteed operational outcome for industrial clients in remote or unstable power environments. The system's cell temperature difference is controlled within 2°C using liquid cooling.

Invest in green hydrogen production technology, leveraging solar power expertise

This is a big swing into a new market where solar is the primary input. JinkoSolar Holding Co., Ltd. (JKS) partnered with Climate Impact Corporation (CIC) to supply its N-type TOPCon technology for the Green Springs project in Australia's Northern Territory. This single project involves a 10 GW network of modular renewable hydrogen production units.

The goal for this specific facility is to produce over 500,000 tonnes of green hydrogen annually, aiming for a production cost of $3.34 (USD $2) per kilogram. The cooperation is expected to achieve an annual carbon reduction of more than 10 million tons through this PV + Hydrogen model. JinkoSolar Holding Co., Ltd. (JKS) sees this as a blueprint, with plans for similar 10 GW projects in South Australia, the Middle East, North Africa, and parts of Southern Europe.

Offer integrated solar-plus-storage-plus-EV charging solutions for commercial fleets

While specific financial figures for a dedicated EV charging solution revenue stream aren't public yet, the foundation is built on their existing ESS and module strength. JinkoSolar Holding Co., Ltd. (JKS) is pushing its module shipments to be between 85.0 GW and 100.0 GW for the full year 2025, and their Q1 2025 module shipments were 17.5 GW, ranking first in the industry. Integrating EV charging into commercial solar-plus-storage packages is a natural next step to utilize their containerized ESS technology, like the 5 MWh G2 units, for fleet depot management. The company had RMB 27.38 billion (US$3.77 billion) in cash and equivalents as of March 31, 2025, providing the capital base to fund these integrated solution rollouts. This strategy targets the commercial and industrial customer base they already serve across countries like the United States, Japan, and Germany.

Acquire a minority stake in a specialized solar project development and financing firm

JinkoSolar Holding Co., Ltd. (JKS) is actively managing its capital structure, which is crucial when facing margin compression-their Q1 2025 gross loss margin was 2.5%. A minority stake acquisition in a development and financing firm helps secure project pipelines and potentially improves the quality of earnings by taking on development fee income or preferred returns, rather than just relying on module sales. The company reported a net loss attributable to ordinary shareholders of RMB 1.32 billion (US$181.7 million) in Q1 2025. Such an investment is a strategic move to de-risk future revenue streams by gaining visibility and influence over project execution, which is supported by their overall 2025 order book visibility standing at 60% to 70% overall.

Finance: draft 13-week cash view by Friday.