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What changed in JinkoSolar Holding Co., Ltd.'s 20-F — 2023 vs 2024

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Paragraph-level year-over-year comparison of JinkoSolar Holding Co., Ltd.'s 2023 and 2024 20-F annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+849 added−927 removedSource: 20-F (2025-04-29) vs 20-F (2024-04-25)

Top changes in JinkoSolar Holding Co., Ltd.'s 2024 20-F

849 paragraphs added · 927 removed · 598 edited across 5 sections

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

232 edited+82 added−148 removed577 unchanged
Biggest changeAccording to the Overseas Listing Filing Rules, if the issuer meets both of the following criteria, the overseas securities offering and listing conducted by such issuers shall be deemed as indirect overseas offering and listing: (i) 50% or more of the issuer’s operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year is accounted for by domestic companies; and (ii) the main parts of the issuer’s business activities are conducted in China, or its main places of business are located in China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled in China. 48 Table of Contents The Overseas Listing Filing Rules provide that (i) the filing procedures with the CSRC be completed within three business days after the issuer submits its application documents relating to the initial public offering and/or listing in overseas; (ii) a timely report be submitted to the CSRC and update its CSRC filing within three business days after the occurrence of any of the following material events, if any of the following events occurs before the completion of the overseas offering and/or listing but after the completion of its CSRC filing: (a) any material change to principal business, licenses or qualifications of the issuer, (b) a change of control of the issuer or any material change to equity structure of the issuer, and (c) any material change to the offering and listing plan; (iii) after the completion of the listing, a report relating to the issuance information of such offering and/or listing be submitted to the CSRC and a report be submitted to the CSRC within three business days upon the occurrence and public announcement of any of the following material events after the overseas offering and/or listing: (a) a change of control of the issuer, (b) the investigation, sanction or other measures undertaken by any foreign securities regulatory agencies or relevant competent authorities in respect of the issuer, (c) change of the listing status or transfer of the listing board, and (d) the voluntary or mandatory delisting of the issuer; and (iv) where there is material change in the main business of the issuer after overseas offering and listing, which does not apply to the Overseas Listing Filing Rules therefore, such issuer shall submit to the CSRC a report and a relevant legal opinion issued by a domestic law firm within three business days after occurrence of such change.
Biggest changeThe Overseas Listing Filing Rules provide that (i) the filing procedures with the CSRC be completed within three business days after the issuer submits its application documents relating to the initial public offering and/or listing in overseas; (ii) a timely report be submitted to the CSRC and update its CSRC filing within three business days after the occurrence of any of the following material events, if any of the following events occurs before the completion of the overseas offering and/or listing but after the completion of its CSRC filing: (a) any material change to principal business, licenses or qualifications of the issuer, (b) a change of control of the issuer or any material change to equity structure of the issuer, and (c) any material change to the offering and listing plan; (iii) after the completion of the listing, a report relating to the issuance information of such offering and/or listing be submitted to the CSRC and a report be submitted to the CSRC within three business days upon the occurrence and public announcement of any of the following material events after the overseas offering and/or listing: (a) a change of control of the issuer, (b) the investigation, sanction or other measures undertaken by any foreign securities regulatory agencies or relevant competent authorities in respect of the issuer, (c) change of the listing status or transfer of the listing board, and (d) the voluntary or mandatory delisting of the issuer; and (iv) where there is material change in the main business of the issuer after overseas offering and listing, which does not apply to the Overseas Listing Filing Rules therefore, such issuer shall submit to the CSRC a report and a relevant legal opinion issued by a domestic law firm within three business days after occurrence of such change.
While we do not believe that these regulatory changes would have any material impact on us, we cannot assure you that the regulators will agree with us or will not in the future adopt regulations that restrict our business operations or access to capital.
While we do not believe that these regulatory changes would have any material impact on us, we cannot assure you that the regulators will agree with us or will not in the future adopt regulations that restrict our business operations or access to capital.
The materialization of any of these risks could have a material adverse effect on our business, financial condition and results of operations. Our long-term investment which accounted for using fair value option is subject to uncertainties in accounting estimates. Fluctuations in the changes in fair value of these assets would affect our financial results.
The materialization of any of these risks could have a material adverse effect on our business, financial condition and results of operations. Our long-term investment, which is accounted for using fair value option, is subject to uncertainties in accounting estimates. Fluctuations in the changes in fair value of these assets would affect our financial results.
Pursuant to amendment made to the HFCAA in 2022, the PCAOB may determine that it is unable to inspect or investigate completely registered public accounting firms in any foreign jurisdictions because of positions taken by any foreign authority, rather than an authority in the location in which the firms are headquartered or in which they have a branch or office, as was the case under the original version of the HFCAA.
Pursuant to amendment made to the HFCAA in 2022, the PCAOB may determine that it is unable to inspect or investigate completely registered public accounting firms in any foreign jurisdictions because of positions taken by any foreign authority, rather than an authority in the location in which the firms are headquartered or in which they have a branch or office, as was the case under the original version of the HFCAA.
On May 26, 2022, the SEC conclusively listed us as a “Commission-Identified Issuer” under the HFCAA following the filing of our annual report on Form 20-F for the fiscal year ended December 31, 2021.
On May 26, 2022, the SEC conclusively listed us as a “Commission-Identified Issuer” under the HFCAA following the filing of our annual report on Form 20-F for the fiscal year ended December 31, 2021.
These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. These opinions proposed to take effective measures, such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-based overseas-listed companies and the demand for cybersecurity and data privacy protection.
These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. These opinions proposed to take effective measures, such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-based overseas-listed companies and the demand for cybersecurity and data privacy protection.
These opinions and any related implementation rules to be enacted may subject us to additional compliance requirement.
These opinions and any related implementation rules to be enacted may subject us to additional compliance requirement.
On February 17, 2023, the CSRC released a set of regulations consisting of six documents, including the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies and five supporting guidelines, collectively, the Overseas Listing Filing Rules, which came into effective on March 31, 2023.
On February 17, 2023, the CSRC released a set of regulations consisting of six documents, including the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies and five supporting guidelines, collectively, the Overseas Listing Filing Rules, which came into effective on March 31, 2023.
According to the Overseas Listing Filing Rules, China-based companies that have already offered shares or been listed overseas prior to the implementation of such new regulations qualify as “Stock Enterprises”, and Stock Enterprises are not required to apply for the filing immediately until a subsequent re-financing event occurs.
According to the Overseas Listing Filing Rules, China-based companies that have already offered shares or been listed overseas prior to the implementation of such new regulations qualify as “Stock Enterprises”, and Stock Enterprises are not required to apply for the filing immediately until a subsequent re-financing event occurs.
However, the Overseas Listing Filing Rules, among others, require the issuer or its main operational entity in the PRC to file with the CSRC for its follow-on securities offerings in the same offshore market within three business days after the completion of such offerings, and file with the CSRC for its offerings or listing in offshore stock market other than the stock market of its initial public offering or listing within three business days after the submission of offering application outside mainland China.
However, the Overseas Listing Filing Rules, among others, require the issuer or its main operational entity in the PRC to file with the CSRC for its follow-on securities offerings in the same offshore market within three business days after the completion of such offerings, and file with the CSRC for its offerings or listing in offshore stock market other than the stock market of its initial public offering or listing within three business days after the submission of offering application outside mainland China.
We had been listed on the New York Stock Exchange prior to the implementation of the Overseas Listing Filing Rules. Therefore, we are qualified as a “Stock Enterprise” and are not required to apply for the filing immediately until a subsequent re-financing event occurs according to the Overseas Listing Filing Rules.
We had been listed on the New York Stock Exchange prior to the implementation of the Overseas Listing Filing Rules. Therefore, we are qualified as a “Stock Enterprise” and are not required to apply for the filing immediately until a subsequent re-financing event occurs according to the Overseas Listing Filing Rules.
However, we are required to file with the CSRC for its follow-on securities offerings in the same offshore market within three business days after the completion of such offerings, and file with the CSRC for our offerings or listing in offshore stock market other than the stock market of our initial public offering or listing within three business days after the submission of offering application outside mainland China.
However, we are required to file with the CSRC for its follow-on securities offerings in the same offshore market within three business days after the completion of such offerings, and file with the CSRC for our offerings or listing in offshore stock market other than the stock market of our initial public offering or listing within three business days after the submission of offering application outside mainland China.
Failure to comply with the filing requirements for any offering, listing or any other capital raising activities, may result in administrative penalties, such as order to rectify, warnings, fines and other penalties, on the companies, the controlling shareholders, the actual controllers, the person directly in charge and other directly liable persons.
Failure to comply with the filing requirements for any offering, listing or any other capital raising activities, may result in administrative penalties, such as order to rectify, warnings, fines and other penalties, on the companies, the controlling shareholders, the actual controllers, the person directly in charge and other directly liable persons.
As of the date of this annual report, we have not received any inquiry, notice, warning, sanctions or regulatory objection from the CSRC.
As of the date of this annual report, we have not received any inquiry, notice, warning, sanctions or regulatory objection from the CSRC.
Given the uncertainties surrounding the CSRC filing requirements at this stage, we cannot assure you that we will be able to complete the filings and fully comply with the relevant new rules on a timely basis, or at all, if we conduct listing in other offshore stock markets or follow-on offerings, issuance of convertible corporate bonds, exchangeable bonds, and other equivalent offering activities in the future.
Given the uncertainties surrounding the CSRC filing requirements at this stage, we cannot assure you that we will be able to complete the filings and fully comply with the relevant new rules on a timely basis, or at all, if we conduct listing in other offshore stock markets or follow-on offerings, issuance of convertible corporate bonds, exchangeable bonds, and other equivalent offering activities in the future.
According to Article 35 of the Foreign Investment Law, a security review system for foreign investment will be established in the country, under which the security review shall be conducted for any foreign investment affecting or having the possibility to affect national security.
According to Article 35 of the Foreign Investment Law, a security review system for foreign investment will be established in the country, under which the security review shall be conducted for any foreign investment affecting or having the possibility to affect national security.
The manufacturing, marketing, distribution and sale of our products internationally, as well as the construction and operation of our manufacturing facilities outside of China may expose us to a number of risks, including those associated with: ● fluctuations in currency exchange rates; ● costs associated with understanding local markets and trends; ● costs associated with establishment of overseas manufacturing facilities; ● marketing and distribution costs; ● customer services and support costs; ● risk management and internal control structures for our overseas operations; ● compliance with the different commercial, operational, environmental and legal requirements; ● obtaining or maintaining certifications for production, marketing, distribution and sales of our products or, if applicable, services; ● maintaining our reputation as an environmentally friendly enterprise for our products or services; ● obtaining, maintaining or enforcing intellectual property rights; ● changes in prevailing economic conditions and regulatory requirements; ● transportation and freight costs; ● employing and retaining manufacturing, technology, sales and other personnel who are knowledgeable about, and can function effectively in, overseas markets; ● trade barriers such as trade remedies, which could increase the prices of the raw materials for our solar products, and export requirements, tariffs, taxes and other restrictions and expenses, which could increase the prices of our products and make us less competitive in some countries; ● challenges due to our unfamiliarity with local laws, regulation and policies, our absence of significant operating experience in local market, increased cost associated with establishment of overseas operations and maintaining a multinational organizational structure; and ● other various risks that are beyond our control. 14 Table of Contents Our manufacturing capacity outside China requires us to comply with different laws and regulations, including national and local regulations relating to production, environmental protection, employment and the other related matters.
The manufacturing, marketing, distribution and sale of our products internationally, as well as the construction and operation of our manufacturing facilities outside of China may expose us to a number of risks, including those associated with: ● fluctuations in currency exchange rates; ● costs associated with understanding local markets and trends; ● costs associated with establishment of overseas manufacturing facilities; ● marketing and distribution costs; ● customer services and support costs; ● risk management and internal control structures for our overseas operations; ● compliance with the different commercial, operational, environmental and legal requirements; ● obtaining or maintaining certifications for production, marketing, distribution and sales of our products or, if applicable, services; ● maintaining our reputation as an environmentally friendly enterprise for our products or services; ● obtaining, maintaining or enforcing intellectual property rights; ● changes in prevailing economic conditions and regulatory requirements; ● transportation and freight costs; ● employing and retaining manufacturing, technology, sales and other personnel who are knowledgeable about, and can function effectively in, overseas markets; ● trade barriers such as trade remedies, which could increase the prices of the raw materials for our solar products, and export requirements, tariffs, taxes and other restrictions and expenses, which could increase the prices of our products and make us less competitive in some countries; ● challenges due to our unfamiliarity with local laws, regulation and policies, our absence of significant operating experience in local market, increased cost associated with establishment of overseas operations and maintaining a multinational organizational structure; and ● other various risks that are beyond our control. 13 Table of Contents Our manufacturing capacity outside China requires us to comply with different laws and regulations, including national and local regulations relating to production, environmental protection, employment and the other related matters.
The price of the ADSs may continue to fluctuate in response to factors including the following: ● announcements of new products by us or our competitors; ● technological breakthroughs in the solar and other renewable power industries; ● reduction or elimination of government subsidies and economic incentives for the solar industry; ● news regarding any gain or loss of customers by us; ● news regarding recruitment or loss of key personnel by us or our competitors; ● announcements of competitive developments, acquisitions or strategic alliances in our industry; ● changes in the general condition of the global economy and credit markets; ● general market conditions or other developments affecting us or our industry; ● the operating and stock price performance of other companies, other industries and other events or factors beyond our control; ● regulatory developments in our target markets affecting us, our customers or our competitors; ● announcements regarding patent litigation or the issuance of patents to us or our competitors; ● announcements of studies and reports relating to the conversion efficiencies of our products or those of our competitors; 57 Table of Contents ● actual or anticipated fluctuations in our quarterly results of operations; ● changes in financial projections or estimates about our financial or operational performance by securities research analysts; ● changes in the economic performance or market valuations of other solar power technology companies; ● release or expiry of lock-up or other transfer restrictions on our outstanding ordinary shares or ADSs; ● sales or perceived sales of additional ordinary shares or ADSs; and ● commencement of, or our involvement in, litigation.
The price of the ADSs may continue to fluctuate in response to factors including the following: ● announcements of new products by us or our competitors; ● technological breakthroughs in the solar and other renewable power industries; ● reduction or elimination of government subsidies and economic incentives for the solar industry; ● news regarding any gain or loss of customers by us; ● news regarding recruitment or loss of key personnel by us or our competitors; ● announcements of competitive developments, acquisitions or strategic alliances in our industry; ● changes in the general condition of the global economy and credit markets; ● general market conditions or other developments affecting us or our industry; ● the operating and stock price performance of other companies, other industries and other events or factors beyond our control; ● regulatory developments in our target markets affecting us, our customers or our competitors; ● announcements regarding patent litigation or the issuance of patents to us or our competitors; ● announcements of studies and reports relating to the conversion efficiencies of our products or those of our competitors; 52 Table of Contents ● actual or anticipated fluctuations in our quarterly results of operations; ● changes in financial projections or estimates about our financial or operational performance by securities research analysts; ● changes in the economic performance or market valuations of other solar power technology companies; ● release or expiry of lock-up or other transfer restrictions on our outstanding ordinary shares or ADSs; ● sales or perceived sales of additional ordinary shares or ADSs; and ● commencement of, or our involvement in, litigation.
According to the Provisional Regulation of the PRC on Value-Added Tax as amended on November 19, 2017 and its implementing rules, and the Announcement on Relevant Policies for Deepening Value-Added Tax Reform promulgated on March 20, 2019, effective from the date of April 1, 2019, gross proceeds from sales and importation of goods and provision of services are generally subject to a value-added tax (“VAT”) at 13%, instead of 16%, with exceptions for certain categories of goods that are taxed at a rate at 9%, instead of 10%. 54 Table of Contents The State Council promulgated the Circular of the State Council on Cleaning up and Standardizing Preferential Policies on Tax and Other Aspects (“Circular 62”), on November 27, 2014 in an effort to render the preferential policies on tax, non-tax income, fiscal expenditure, and other aspects of the local government consistent with the PRC central laws and regulations.
According to the Provisional Regulation of the PRC on Value-Added Tax as amended on November 19, 2017 and its implementing rules, and the Announcement on Relevant Policies for Deepening Value-Added Tax Reform promulgated on March 20, 2019, effective from the date of April 1, 2019, gross proceeds from sales and importation of goods and provision of services are generally subject to a value-added tax (“VAT”) at 13%, instead of 16%, with exceptions for certain categories of goods that are taxed at a rate at 9%, instead of 10%. 49 Table of Contents The State Council promulgated the Circular of the State Council on Cleaning up and Standardizing Preferential Policies on Tax and Other Aspects (“Circular 62”), on November 27, 2014 in an effort to render the preferential policies on tax, non-tax income, fiscal expenditure, and other aspects of the local government consistent with the PRC central laws and regulations.
As a result, we may face significant risks resulting from currency exchange rate fluctuations, particularly, among Renminbi, Euros and U.S. dollars. For example, we expect our revenue and gross margin to be adversely affected by the recent appreciation of Renminbi against U.S. dollars, as a substantial portion of our sales are denominated in U.S. dollars.
As a result, we may face significant risks resulting from currency exchange rate fluctuations, particularly among Renminbi, Euros and U.S. dollars. For example, we expect our revenue and gross margin to be adversely affected by the appreciation of Renminbi against U.S. dollars, as a substantial portion of our sales are denominated in U.S. dollars.
Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including: ● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q, quarterly certifications by the principal executive and financial officers, or current reports on Form 8-K; ● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; 60 Table of Contents ● the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and ● the selective disclosure rules by issuers of material nonpublic information under Regulation FD.
Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including: ● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q, quarterly certifications by the principal executive and financial officers, or current reports on Form 8-K; ● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; 55 Table of Contents ● the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and ● the selective disclosure rules by issuers of material nonpublic information under Regulation FD.
Failure to comply with such provisions may subject us and the participants of our share incentive plans who are domestic individual participants to fines and legal sanctions and prevent us from further granting options under our share incentive plans to our employees, and we may become subject to more stringent review and approval processes with respect to our foreign-exchange activities, such as in regards to our PRC subsidiaries’ dividend payment to us or in regards to borrowing foreign currency, which could adversely affect our business operations. 56 Table of Contents It may be difficult to effect service of process on, or to enforce any judgments obtained outside the PRC against, us, our directors, or our senior management members who live inside the PRC.
Failure to comply with such provisions may subject us and the participants of our share incentive plans who are domestic individual participants to fines and legal sanctions and prevent us from further granting options under our share incentive plans to our employees, and we may become subject to more stringent review and approval processes with respect to our foreign-exchange activities, such as in regards to our PRC subsidiaries’ dividend payment to us or in regards to borrowing foreign currency, which could adversely affect our business operations. 51 Table of Contents It may be difficult to effect service of process on, or to enforce any judgments obtained outside the PRC against, us, our directors, or our senior management members who live inside the PRC.
Volatility in the prices of silicon raw materials makes our procurement planning challenging and could have a material adverse effect on our results of operations and financial condition. The prices of polysilicon, the essential raw material for solar cell and module products and silicon wafers have been subject to significant volatility.
Volatility in the prices of silicon raw materials makes our procurement planning challenging and could have a material adverse effect on our results of operations and financial condition. The prices of polysilicon, an essential raw material for solar cell and module products and silicon wafers, have been subject to significant volatility.
Risk Factors—Risks Related to Doing Business in China—Recent regulatory developments in China may subject us to additional regulatory review and disclosure requirements, expose us to government interference, or otherwise impact or restrict our ability to offer securities and raise capital outside China, which could adversely affect our business operations and cause the value of our securities to significantly decline or become worthless.” 7 Table of Contents The Holding Foreign Companies Accountable Act The United States adopted the Holding Foreign Companies Accountable Act on December 18, 2020, and it was amended by the Consolidated Appropriations Act, 2023 on December 17, 2022, the amended act (the “HFCAA”).
Risk Factors—Risks Related to Doing Business in China—Recent regulatory developments in China may subject us to additional regulatory review and disclosure requirements, expose us to government interference, or otherwise impact or restrict our ability to offer securities and raise capital outside China, which could adversely affect our business operations and cause the value of our securities to significantly decline or become worthless.” 6 Table of Contents The Holding Foreign Companies Accountable Act The United States adopted the Holding Foreign Companies Accountable Act on December 18, 2020, and it was amended by the Consolidated Appropriations Act, 2023 on December 17, 2022, the amended act (the “HFCAA”).
For this reason, we were not for the fiscal year of 2022, and do not expect to be for the fiscal year of 2023 or the foreseeable future, identified as a Commission-Identified Issuer under the HFCAA in respect of our annual report on Form 20-F.
For this reason, we were not for the fiscal year of 2022 or 2023, and do not expect to be for the fiscal year of 2024 or the foreseeable future, identified as a Commission-Identified Issuer under the HFCAA in respect of our annual report on Form 20-F.
In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action before federal courts of the United States. 59 Table of Contents As we are a Cayman Islands exempted company and a substantial part of our consolidated assets are located outside of the United States and a substantial part of our current operations are conducted in China, there is uncertainty as to whether the courts of the Cayman Islands or China would recognize or enforce judgments of U.S. courts predicated upon the civil liability provisions of the securities laws of the United States or any state against us and our officers and directors, most of whom are not residents of the United States and the substantial majority of whose assets are located outside the United States.
In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action before federal courts of the United States. 54 Table of Contents As we are a Cayman Islands exempted company and a substantial part of our consolidated assets are located outside of the United States and a substantial part of our current operations are conducted in China, there is uncertainty as to whether the courts of the Cayman Islands or China would recognize or enforce judgments of U.S. courts predicated upon the civil liability provisions of the securities laws of the United States or any state against us and our officers and directors, most of whom are not residents of the United States and the substantial majority of whose assets are located outside the United States.
See “—Risks Related to Our Business and Industry—We rely principally on dividends and other distributions on equity paid by our principal operating subsidiary, and limitations on their ability to pay dividends to us could have a material adverse effect on our business and results of operations” above for additional legal restrictions on the ability of our PRC subsidiaries to pay dividends to us. 58 Table of Contents The depositary of the ADSs has agreed to pay to you the cash dividends or other distributions it or the custodian receives on ordinary shares or other deposited securities underlying the ADSs, after deducting its fees and expenses.
See “—Risks Related to Our Business and Industry—We rely principally on dividends and other distributions on equity paid by our principal operating subsidiary, and limitations on their ability to pay dividends to us could have a material adverse effect on our business and results of operations” above for additional legal restrictions on the ability of our PRC subsidiaries to pay dividends to us. 53 Table of Contents The depositary of the ADSs has agreed to pay to you the cash dividends or other distributions it or the custodian receives on ordinary shares or other deposited securities underlying the ADSs, after deducting its fees and expenses.
Risk Factors—Risks Related to Doing Business in China— Complexity and uncertainties with respect to the PRC regulatory environment, including the interpretation and enforcement of PRC laws and regulations, could have a material adverse effect on us.” 5 Table of Contents Implications of Being a Foreign Private Issuer and a China-based Company We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers.
Risk Factors—Risks Related to Doing Business in China— Complexity and uncertainties with respect to the PRC regulatory environment, including the interpretation and enforcement of PRC laws and regulations, could have a material adverse effect on us.” 4 Table of Contents Implications of Being a Foreign Private Issuer and a China-based Company We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers.
The application of relevant laws, regulations and policies issued in the PRC, such as the Administrative Measures for Examination and Registration of Medium and Long-term Foreign Debts of Enterprises, could therefore restrict our ability to raise debt financing and could also impose registration and reporting requirements that could affect our ability to raise debt financing in a timely manner. 51 Table of Contents Our China-sourced income is subject to PRC withholding tax under the CIT Law, and we may be subject to PRC corporate income tax at the rate of 25%.
The application of relevant laws, regulations and policies issued in the PRC, such as the Administrative Measures for Examination and Registration of Medium and Long-term Foreign Debts of Enterprises, could therefore restrict our ability to raise debt financing and could also impose registration and reporting requirements that could affect our ability to raise debt financing in a timely manner. 46 Table of Contents Our China-sourced income is subject to PRC withholding tax under the CIT Law, and we may be subject to PRC corporate income tax at the rate of 25%.
Therefore, we may be at risk of being taxed under STA Announcement 7 and STA Announcement 37 and we may be required to expend valuable resources to comply with STA Announcement 7 and STA Announcement 37 or to establish that we should not be taxed thereunder, which may materially adversely affect our financial condition and results of operations. 55 Table of Contents As a foreign company, our acquisitions of PRC companies may take longer and be subject to higher level of scrutiny by the PRC government, which may delay or prevent any intended acquisition.
Therefore, we may be at risk of being taxed under STA Announcement 7 and STA Announcement 37 and we may be required to expend valuable resources to comply with STA Announcement 7 and STA Announcement 37 or to establish that we should not be taxed thereunder, which may materially adversely affect our financial condition and results of operations. 50 Table of Contents As a foreign company, our acquisitions of PRC companies may take longer and be subject to higher level of scrutiny by the PRC government, which may delay or prevent any intended acquisition.
Under the Corporate Income Tax Law of the PRC (the “CIT Law”) which became effective on January 1, 2008 and was amended on February 24, 2017 and December 29, 2018, and the Regulation on the Implementation of the CIT Law (the “Implementation Rules of the CIT Law”) which became effective on January 1, 2008 and was amended on April 23, 2019, China-sourced passive income of non-PRC tax resident enterprises, such as dividends paid by a PRC subsidiary to its overseas parent and gains on sales of securities, is generally subject to a 10% withholding tax.
Under the Corporate Income Tax Law of the PRC (the “CIT Law”) which became effective on January 1, 2008 and was amended on February 24, 2017 and December 29, 2018, and the Regulation on the Implementation of the CIT Law (the “Implementation Rules of the CIT Law”) which became effective on January 1, 2008 and was amended on April 23, 2019 and December 6, 2024, China-sourced passive income of non-PRC tax resident enterprises, such as dividends paid by a PRC subsidiary to its overseas parent and gains on sales of securities, is generally subject to a 10% withholding tax.
Starting from 2011, major export markets for solar power and solar power products such as Japan, Germany, Italy, Spain and the United Kingdom continued to reduce their FIT as well as other incentive measures.
Furthermore, starting from 2011, major export markets for solar power and solar power products, such as Japan, Germany, Italy, Spain and the United Kingdom, continued to reduce their FIT as well as other incentive measures.
If our company and JinkoSolar Investment are regarded by PRC tax authorities as PRC tax resident enterprises for PRC corporate income tax purposes, any dividends distributed from Jiangxi Jinko to JinkoSolar Investment and ultimately to our company could be exempt from the PRC withholding tax, while our company and JinkoSolar Investment will be subject to the uniform 25% corporate income tax rate on our global income at the same time. 52 Table of Contents Dividends payable by us to our foreign investors and gains on the sale of our shares or ADSs may become subject to PRC corporate income tax liabilities.
If our company and JinkoSolar Investment are regarded by PRC tax authorities as PRC tax resident enterprises for PRC corporate income tax purposes, any dividends distributed from Jiangxi Jinko to JinkoSolar Investment and ultimately to our company could be exempt from the PRC withholding tax, while our company and JinkoSolar Investment will be subject to the uniform 25% corporate income tax rate on our global income at the same time. 47 Table of Contents Dividends payable by us to our foreign investors and gains on the sale of our shares or ADSs may become subject to PRC corporate income tax liabilities.
Our failure to further refine and enhance our products and processes or to keep pace with evolving technologies and industry standards could cause our products to become uncompetitive or obsolete, which could materially adversely reduce our market share and affect our results of operations. 25 Table of Contents Existing regulations and policies and changes to these regulations and policies may present technical, regulatory and economic barriers to the purchase and use of solar power products, which may significantly reduce demand for our products.
Our failure to further refine and enhance our products and processes or to keep pace with evolving technologies and industry standards could cause our products to become uncompetitive or obsolete, which could materially adversely reduce our market share and affect our results of operations. 22 Table of Contents Existing regulations and policies and changes to these regulations and policies may present technical, regulatory and economic barriers to the purchase and use of solar power products, which may significantly reduce demand for our products.
If we cannot obtain additional funding on terms satisfactory to us when we need it, our growth prospects and future profitability may be materially and adversely affected. 9 Table of Contents ● The oversupply of solar cells and modules in the solar industry may cause substantial downward pressure on the prices of our products and reduce our revenue and earnings. ● We face risks associated with the manufacturing, marketing, distribution and sale of our products internationally and the construction and operation of our overseas manufacturing facilities, and if we are unable to effectively manage these risks, our business and operations abroad may be adversely affected and our ability to maintain, develop and expand our business abroad may be restricted. ● We are subject to anti-dumping and countervailing duties imposed by the U.S. government.
If we cannot obtain additional funding on terms satisfactory to us when we need it, our growth prospects and future profitability may be materially and adversely affected. ● The oversupply of solar cells and modules in the solar industry may cause substantial downward pressure on the prices of our products and reduce our revenue and earnings. ● We face risks associated with the manufacturing, marketing, distribution and sale of our products internationally and the construction and operation of our overseas manufacturing facilities, and if we are unable to effectively manage these risks, our business and operations abroad may be adversely affected and our ability to maintain, develop and expand our business abroad may be restricted. ● We are subject to anti-dumping and countervailing duties imposed by the U.S. government.
In addition, our market share may decline if our competitors are able to price their products more competitively. 13 Table of Contents We face risks associated with the manufacturing, marketing, distribution and sales of our products internationally and the construction and operation of our overseas manufacturing facilities, and if we are unable to effectively manage these risks, our business and operations abroad may be adversely affected and our ability to maintain, develop and expand our business abroad may be restricted.
In addition, our market share may decline if our competitors are able to price their products more competitively. 12 Table of Contents We face risks associated with the manufacturing, marketing, distribution and sales of our products internationally and the construction and operation of our overseas manufacturing facilities, and if we are unable to effectively manage these risks, our business and operations abroad may be adversely affected and our ability to maintain, develop and expand our business abroad may be restricted.
We believe that these regulations have little impact on us, because we are neither a critical information infrastructure operator nor a data processor within the meanings of these regulations. 6 Table of Contents On September 1, 2021, the PRC Data Security Law became effective, which imposes data security and privacy obligations on entities and individuals conducting data-related activities, and introduces a data classification and hierarchical protection system.
We believe that these regulations have little impact on us, because we are neither a critical information infrastructure operator nor a data processor within the meanings of these regulations. 5 Table of Contents On September 1, 2021, the PRC Data Security Law became effective, which imposes data security and privacy obligations on entities and individuals conducting data-related activities, and introduces a data classification and hierarchical protection system.
For example, on Janarary 1, 2024, the Fighting Against Forced Labour and Child Labour in Supply Chains Act (the “Canada Supply Chains Act”), Canada’s new supply chain transparency law, came into effect, which amends Canada’s Customs Tariff to allow for a prohibition on the importation of goods manufactured or produced, in whole or in part, by forced labour or child labour as those terms are defined in the Canada Supply Chains Act.
For example, on January 1, 2024, the Fighting Against Forced Labour and Child Labour in Supply Chains Act (the “Canada Supply Chains Act”), Canada’s new supply chain transparency law, came into effect, which amends Canada’s Customs Tariff to allow for a prohibition on the importation of goods manufactured or produced, in whole or in part, by forced labour or child labour as those terms are defined in the Canada Supply Chains Act.
Our legal recourse under such circumstances may be limited if the customers’ financial resources are already constrained or if we wish to continue to do business with these customers. 26 Table of Contents We are exposed to various risks related to legal or administrative proceedings or claims that could adversely affect our financial condition, results of operations and reputation, and may cause loss of business.
Our legal recourse under such circumstances may be limited if the customers’ financial resources are already constrained or if we wish to continue to do business with these customers. 23 Table of Contents We are exposed to various risks related to legal or administrative proceedings or claims that could adversely affect our financial condition, results of operations and reputation, and may cause loss of business.
President under the Section 201 Investigation. 19 Table of Contents In August 2017, the United States Trade Representative initiated an investigation pursuant to the Trade Act of 1974, as amended (the “Trade Act”), to determine whether acts, policies, and practices of the Government of China related to technology transfer, intellectual property, and innovation were actionable under the Trade Act (“Section 301 Investigation”).
President under the Section 201 Investigation. 17 Table of Contents In August 2017, the United States Trade Representative initiated an investigation pursuant to the Trade Act of 1974, as amended (the “Trade Act”), to determine whether acts, policies, and practices of the Government of China related to technology transfer, intellectual property, and innovation were actionable under the Trade Act (“Section 301 Investigation”).
In particular, if one of our operating subsidiaries in China borrows foreign currency loans from us or other foreign lenders, these loans must be registered with the SAFE. 53 Table of Contents If we finance our subsidiaries in China by means of additional capital contributions, these capital contributions must be filed or approved by certain government authorities, including the MOFCOM or its local counterparts.
In particular, if one of our operating subsidiaries in China borrows foreign currency loans from us or other foreign lenders, these loans must be registered with the SAFE. 48 Table of Contents If we finance our subsidiaries in China by means of additional capital contributions, these capital contributions must be filed or approved by certain government authorities, including the MOFCOM or its local counterparts.
In the second half of 2020, the production capacity of polysilicon of some key manufacturing facilities reduced due to the explosion accidents and maintenance activities, which further intensified the supply shortage. In 2021 and 2022, the price of polysilicon continued to increase due to power rationing and lockdowns as a result of the COVID-19 pandemic in certain regions of China.
In the second half of 2020, the production capacity of polysilicon at some key manufacturing facilities was reduced due to explosion accidents and maintenance activities, which further intensified the supply shortage. In 2021 and 2022, the price of polysilicon continued to increase due to power rationing and lockdowns in certain regions of China as a result of the COVID-19 pandemic.
Based on our ongoing assessment of the recoverability of our outstanding accounts receivable, and the consideration of the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses, we may need to continue to provide for credit losses and write off overdue accounts receivable we determine as not collectible.
Based on our ongoing assessment of the recoverability of our outstanding accounts receivable, and considering the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses, we may need to continue to provide for credit losses and write off overdue accounts receivable we determine as not collectible.
Our management believes that our cash position as of December 31, 2023, the cash expected to be generated from operations, and funds available from borrowings under our credit facilities will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months from the date of this annual report.
Our management believes that our cash position as of December 31, 2024, the cash expected to be generated from our operations, and funds available from borrowings under our credit facilities will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months from the date of this annual report.
Loss of our existing customers or failure to establish relationships with new customers could have a material adverse effect on our business and results of operations. 31 Table of Contents ● Acquisitions will generally divert a significant portion of our management and financial resources from our existing business and the integration of the target’s operations with our existing operations has required, and will continue to require, significant management and financial resources, potentially straining our ability to finance and manage our existing operations. ● There is no assurance that the expected synergies or other benefits from any acquisition or joint venture investment will actually materialize.
Loss of our existing customers or failure to establish relationships with new customers could have a material adverse effect on our business and results of operations. ● Acquisitions will generally divert a significant portion of our management and financial resources from our existing business and the integration of the target’s operations with our existing operations has required, and will continue to require, significant management and financial resources, potentially straining our ability to finance and manage our existing operations. ● There is no assurance that the expected synergies or other benefits from any acquisition or joint venture investment will actually materialize.
Holders are encouraged to consult their own tax advisors regarding the applicability of the PFIC rules to their purchase, ownership and disposition of the ADSs or ordinary shares. 61 Table of Contents We may issue additional ordinary shares, other equity or equity-linked or debt securities, which may materially adversely affect the price of our ordinary shares or ADSs.
Holders are encouraged to consult their own tax advisors regarding the applicability of the PFIC rules to their purchase, ownership and disposition of the ADSs or ordinary shares. 56 Table of Contents We may issue additional ordinary shares, other equity or equity-linked or debt securities, which may materially adversely affect the price of our ordinary shares or ADSs.
We currently own approximately 58.8% equity interest of Jiangxi Jinko and retain majority ownership of Jiangxi Jinko, but Jiangxi Jinko is managed by a separate board of directors and officers and those directors and officers owe fiduciary duties to the various stakeholders of Jiangxi Jinko, including shareholders other than our wholly-owned subsidiary.
We currently own approximately 58.59% equity interest of Jiangxi Jinko and retain majority ownership of Jiangxi Jinko, but Jiangxi Jinko is managed by a separate board of directors and officers and those directors and officers owe fiduciary duties to the various stakeholders of Jiangxi Jinko, including shareholders other than our wholly-owned subsidiary.
In May 2018, the National Development and Reform Commission of China (the “NDRC”), the Ministry of Finance and the National Energy Administration in China (the “NEA”) issued a joint notice temporarily halting subsidies for utility-scale solar projects, slashing the quota on distributed solar projects which are eligible for subsidies in 2018 and greatly reducing FIT.
In May 2018, the National Development and Reform Commission of China (the “NDRC”), the Ministry of Finance and the National Energy Administration in China (the “NEA”) issued a joint notice temporarily halting subsidies for utility-scale solar projects, slashing the quota on distributed solar projects which are eligible for subsidies in 2018 and significantly reducing FIT.
Summary of Risk Factors ● Our future growth and profitability depend on the demand for and the prices of solar power products and the development of photovoltaic technologies. ● The reduction, modification, delay or elimination of government subsidies and other economic incentives in solar energy industry may reduce the profitability of our business and materially adversely affect our business. ● We require a significant amount of cash to fund our operations and future business developments.
Summary of Risk Factors ● Our future growth and profitability depend on the demand for and the prices of solar power products and the development of photovoltaic technologies. ● The reduction, modification, delay or elimination of government subsidies and other economic incentives in solar energy industry may reduce the profitability of our business and materially adversely affect our business. 8 Table of Contents ● We require a significant amount of cash to fund our operations and future business developments.
The measures taken by the U.S. and Chinese governments may also restrict our ability to do business with entities both within and outside of China and may cause investors to lose confidence in Chinese companies and counterparties, including us.
The measures taken by the U.S. and Chinese governments may also restrict our ability to conduct business with entities both within and outside of China and may cause investors to lose confidence in Chinese companies and counterparties, including us.
Any of these events may increase the related costs, or impair our ability to run our operations in the future on a cost effective basis, which could in turn have a material adverse effect on our business and results of operations. We are subject to anti-dumping and countervailing duties imposed by the U.S. government.
Any of these events may increase the related costs, or impair our ability to run our operations in the future on a cost effective basis, which could in turn have a material adverse effect on our business and results of operations. ​ 14 Table of Contents We are subject to anti-dumping and countervailing duties imposed by the U.S. government.
As a result of the foregoing, you may not be able to rely on period to period comparisons of our operating results as an indication of our future performance. 33 Table of Contents Our failure to maintain sufficient collateral under certain pledge contracts for our short-term loans may materially adversely affect our financial condition, liquidity and results of operations.
As a result of the foregoing, you may not be able to rely on period to period comparisons of our operating results as an indication of our future performance. Our failure to maintain sufficient collateral under certain pledge contracts for our short-term loans may materially adversely affect our financial condition, liquidity and results of operations.
Such incidents may result in damage to our reputation or cause us to lose all or a portion of our production capacity, and future revenue anticipated to be derived from the relevant facilities. Our founders collectively have significant influence over our management and their interests may not be aligned with our interests or the interests of our other shareholders.
Such incidents may result in damage to our reputation or cause us to lose all or a portion of our production capacity, and future revenue anticipated to be derived from the relevant facilities. 31 Table of Contents Our founders collectively have significant influence over our management and their interests may not be aligned with our interests or the interests of our other shareholders.
Although there has been regulatory support for solar power generation such as subsidies, preferential tax treatment and other economic incentives in recent years, future government policies may not be as supportive. The PRC central government may reduce or eliminate existing incentive programs for economic, political, financial or other reasons.
Although there has been regulatory support for solar power generation in recent years, such as through subsidies, preferential tax treatment and other economic incentives, future government policies may not remain as supportive. The PRC central government may reduce or eliminate existing incentive programs for economic, political, financial or other reasons.
Furthermore, we have incurred and expected to continue to incur considerable costs and to use significant management time and other resources in an effort to comply with Section 404 and other requirements of the Sarbanes-Oxley Act. 35 Table of Contents Failure to achieve satisfactory production volumes of our products could result in higher unit production costs.
Furthermore, we have incurred and expected to continue to incur considerable costs and to use significant management time and other resources in an effort to comply with Section 404 and other requirements of the Sarbanes-Oxley Act. Failure to achieve satisfactory production volumes of our products could result in higher unit production costs.
Accordingly, a default by our suppliers to whom we have made substantial prepayment may have a material adverse effect on our financial condition, results of operations and liquidity. 23 Table of Contents Decreases in the price of solar power products, including solar modules, may result in additional provisions for inventory losses.
Accordingly, a default by our suppliers to whom we have made substantial prepayment may have a material adverse effect on our financial condition, results of operations and liquidity. Decreases in the price of solar power products, including solar modules, may result in additional provisions for inventory losses.
Moreover, government incentive programs are expected to gradually decrease in scope or be discontinued as solar power technology improves and becomes more affordable relative to other types of energy. Negative public or community response to solar energy projects could adversely affect the government support and approval of our solar energy business.
Moreover, government incentive programs are expected to gradually decrease in scope or be discontinued as solar power technology improves and becomes more affordable relative to other types of energy. Negative public or community response to solar energy projects could adversely affect the government support and approval of solar energy businesses.
Under the Master Agreement, as amended in March 2018, we will supply NextEra up to 2,750 MW of high-efficiency solar modules over four years.
Under the Master Agreement, as amended in March 2018, we agreed to supply NextEra up to 2,750 MW of high-efficiency solar modules over four years.
We believe that period to period comparisons of our operating results and our results for any period should not be relied upon as an indication of future performance. Our operations are subject to natural disasters, adverse weather conditions, operating hazards, environmental incidents and labor disputes.
We believe that period to period comparisons of our operating results and our results for any period should not be relied upon as an indication of future performance. Our operations are subject to natural disasters, adverse weather conditions, operating hazards, production safety accidents, environmental incidents and labor disputes.
Labor costs in China have risen in recent years as a result of the enactment of new labor laws and social development. In addition, inflation in China has increased. According to the National Bureau of Statistics of China, consumer price inflation in China was 0.9%, 2.0% and 0.2% in 2021, 2022 and 2023, respectively.
Labor costs in China have risen in recent years as a result of the enactment of new labor laws and social development. In addition, inflation in China has increased. According to the National Bureau of Statistics of China, consumer price inflation in China was 2.0%, 0.2% and 0.2% in 2022, 2023 and 2024, respectively.
As a result, subsequent to a strong demand in the first half of 2016, the domestic market was almost frozen and the competition in the global market also intensified in the second half of 2016.
As a result, subsequent to a strong demand in the first half of 2016, the domestic market was almost frozen while the competition in the global market also intensified in the second half of 2016.
The anti-dumping duty applicable to us was US$20 per m 2 . 20 Table of Contents In November 2023, Turkish Ministry of Trade initiated an anti-circumvention investigation on "photovoltaic cells assembled in modules or made up into panels" under the Harmonized System Codes of 8541.43.00.00.00 imported from Malaysia and certain other countries to investigate whether such products circumvent the anti-dumping duties currently imposed on similar products from China.
The anti-dumping duty applicable to us was US$20 per m 2 . 18 Table of Contents In November 2023, Turkish Ministry of Trade initiated an anti-circumvention investigation on “photovoltaic cells assembled in modules or made up into panels” under the Harmonized System Codes of 8541.43.00.00.00 imported from Malaysia and certain other countries to investigate whether such products circumvent the anti-dumping duties currently imposed on similar products from China.
Fluctuations in exchange rates could adversely affect our results of operations. We derive a substantial portion of our sales from international customers and a significant portion of our total revenue have been denominated in foreign currencies, particularly, Euros and U.S. dollars. Our sales outside China represented 75.2%, 58.1% and 61.7% of our total revenue in 2021, 2022 and 2023, respectively.
Fluctuations in exchange rates could adversely affect our results of operations. We derive a substantial portion of our sales from international customers and a significant portion of our total revenue have been denominated in foreign currencies, particularly, Euros and U.S. dollars. Our sales outside China represented 58.1%, 61.7% and 66.2% of our total revenue in 2022, 2023 and 2024, respectively.
In July 2023, the U.S. Department of Commerce revoked, in part, the antidumping duty and countervailing duty orders on CSPV products from China with respect to certain off-grid portable small panels. In February 2024, the U.S.
In July 2023, the U.S. Department of Commerce revoked, in part, the anti-dumping duty and countervailing duty orders on CSPV products from China with respect to certain off-grid portable small panels. In February 2024, the U.S.
Adverse changes in government regulations and policies relating to solar energy industry and their implementation, especially those relating to economic subsidies and incentives, could significantly reduce the profitability of our business and materially adversely affect the state of the industry.
Adverse changes in government regulations and policies related to solar energy industry and their implementation, especially those concerning economic subsidies and incentives, could significantly reduce the profitability of our business and materially adversely affect the state of the industry.
In 2021, 2022 and 2023, we generated 24.8%, 41.9% and 38.3% of our net revenues from sales in China, respectively. China is one of the world’s largest emerging markets, while the economies of emerging markets are typically more vulnerable to market downturns and economic slowdowns elsewhere in the world.
In 2022, 2023 and 2024, we generated 41.9%, 38.3% and 33.8% of our net revenues from sales in China, respectively. China is one of the world’s largest emerging markets, while the economies of emerging markets are typically more vulnerable to market downturns and economic slowdowns elsewhere in the world.
Examples of government-sponsored financial incentives to promote solar power include capital cost rebates, FIT, tax credits, net metering and other incentives to end-users, distributors, project developers, system integrators and manufacturers of solar power products. Governments may reduce or eliminate existing incentive programs for political, financial or other reasons, which will be difficult for us to predict.
Examples of government-sponsored financial incentives to promote solar power include capital cost rebates, FIT, tax credits, net metering and other incentives targeted at end-users, distributors, project developers, system integrators and manufacturers of solar power products. Governments in these countries may reduce or eliminate existing incentive programs for political, financial or other reasons, which will be difficult for us to predict.
In addition, the CAC and a number of other departments under the State Council promulgated the Measures for Cybersecurity Review on December 28, 2021, which became effective on February 15, 2022.
In addition, the Cybersecurity Administration of China, or the CAC, and a number of other departments under the State Council promulgated the Measures for Cybersecurity Review on December 28, 2021, which became effective on February 15, 2022.
Most of our sales are made on credit terms and we allow our customers to make payments after a certain period of time subsequent to the delivery of our products. Our accounts receivable turnover were 69 days, 74 days and 79 days in 2021, 2022 and 2023, respectively.
Most of our sales are made on credit terms and we allow our customers to make payments after a certain period of time subsequent to the delivery of our products. Our accounts receivable turnover days were 74 days, 79 days and 90 days in 2022, 2023 and 2024, respectively.
Partially in response to these actions, the PRC government has also taken steps affecting U.S.-China relations, including the issuance of the Unreliable Entity List in 2019 and the enactment of the Anti-Foreign Sanctions Law in 2021.
Partially in response to these actions, the PRC government has also taken steps affecting U.S.-China relations, including the issuance of the Unreliable Entity List in 2019 (as amended from time to time) and the enactment of the Anti-Foreign Sanctions Law in 2021.
In addition, when a company meets the SEC’s criteria, an independent registered public accounting firm must report on the effectiveness of our company’s internal control over financial reporting. Our management and independent registered public accounting firm have concluded that our internal control over financial reporting as of December 31, 2023 was effective.
In addition, when a company meets the SEC’s criteria, an independent registered public accounting firm must report on the effectiveness of our company’s internal control over financial reporting. 28 Table of Contents Our management and independent registered public accounting firm have concluded that our internal control over financial reporting as of December 31, 2024 was effective.
The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. ● Changes in political and economic policies of the PRC government could have a material adverse effect on the overall economic growth of the PRC, which could reduce the demand for our products and materially adversely affect our competitive position. ● Recent regulatory developments in China may subject us to additional regulatory review and disclosure requirements, expose us to government interference, or otherwise impact or restrict our certainty to offer securities and raise capital outside China, which could adversely affect our business operations and cause the value of our securities to significantly decline or become worthless. ● The approval, filing or other requirements of the CSRC or other PRC regulatory authorities is required under PRC law in connection with our future issuance of securities overseas, which could impose uncertainty on our capital raising activities. 10 Table of Contents Risks Related to Our Business and Industry Our future growth and profitability depend on the demand for and the prices of solar power products and the development of photovoltaic technologies.
The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. ● Changes in political and economic policies of the PRC government could have a material adverse effect on the overall economic growth of the PRC, which could reduce the demand for our products and materially adversely affect our competitive position. 9 Table of Contents ● Recent regulatory developments in China may subject us to additional regulatory review and disclosure requirements, expose us to government interference, or otherwise impact or restrict our certainty to offer securities and raise capital outside China, which could adversely affect our business operations and cause the value of our securities to significantly decline or become worthless. ● The approval, filing or other requirements of the CSRC or other PRC regulatory authorities is required under PRC law in connection with our future issuance of securities overseas, which could impose uncertainty on our capital raising activities.
However, as there remain uncertainties with respect to the interpretation and implementation of the Overseas Listing Filing Rules as well as the Confidentiality and Archives Administration Provisions, which both have just been released recently, we cannot assure you that we will be able to complete such filings in a timely manner and/or fully comply with such regulations in connection with our continued listing overseas and our overseas securities offerings in the future.
However, as there remain uncertainties with respect to the interpretation and implementation of the Overseas Listing Filing Rules as well as the Confidentiality and Archives Administration Provisions, we cannot assure you that we will be able to complete such filings in a timely manner and/or fully comply with such regulations in connection with our continued listing overseas and our overseas securities offerings in the future.
As a result, any significant reduction in the scope or discontinuation of government incentive programs in the overseas markets, especially where our major customers are located, could cause demand for our products and our revenue to decline and have a material adverse effect on our business, financial condition, results of operations and prospects.
As a result, any significant reduction in the scope of or discontinuation of government incentive programs in overseas markets, especially where our major customers are located, could result in a decline in demand for our products and, therefore, have a material adverse effect on our results of operations, financial position and business prospects.
Our ability to obtain external financing is subject to a number of uncertainties, including: ● our future financial condition, results of operations and cash flow; ● the general condition of the global equity and debt capital markets; ● regulatory and government support, such as subsidies, tax credits and other incentives; ● the continued confidence of banks and other financial institutions in our company and the solar power industry; ● economic, political and other conditions in the PRC and elsewhere; and ● our ability to comply with any financial covenants under the debt financing. 12 Table of Contents Any additional equity financing may be dilutive to our shareholders and any debt financing may require restrictive covenants.
Our ability to obtain external financing is subject to a number of uncertainties, including: ● our future financial condition, results of operations and cash flow; ● the general condition of the global equity and debt capital markets; ● regulatory and government support, such as subsidies, tax credits and other incentives; 11 Table of Contents ● the continued confidence of banks and other financial institutions in our company and the solar power industry; ● economic, political and other conditions in the PRC and elsewhere; and ● our ability to comply with any financial covenants under the debt financing.
The constant long-distance transportation of a large volume of our silicon wafers and solar cells may expose us to various risks, including (i) increases in transportation costs, (ii) loss of our silicon wafers or solar cells as a result of any accidents that may occur in the transportation process, (iii) delays in the transportation of our silicon wafers or solar cells as a result of any severe weather conditions, natural disasters or other conditions adversely affecting road traffic, and (iv) disruptions to our production of solar cells and solar modules as a result of delays in the transportation of our silicon wafers and solar cells.
As a result, we transport a substantial volume of our silicon wafers and solar cells within China. 20 Table of Contents The constant long-distance transportation of a large volume of our silicon wafers and solar cells may expose us to various risks, including (i) increases in transportation costs, (ii) loss of our silicon wafers or solar cells as a result of any accidents that may occur in the transportation process, (iii) delays in the transportation of our silicon wafers or solar cells as a result of any severe weather conditions, natural disasters or other conditions adversely affecting road traffic, and (iv) disruptions to our production of solar cells and solar modules as a result of delays in the transportation of our silicon wafers and solar cells.
Investors may elect to invest in our business and operations by purchasing Jiangxi Jinko’s shares in the STAR Listing or on the STAR Market rather than purchasing the ADSs, and that reduction in demand could lead to a decrease in the market price for the ADSs.
Investors may elect to invest in our business and operations by purchasing Jiangxi Jinko’s shares on the STAR Market or participated in its GDR offering, rather than purchasing the ADSs, and that reduction in demand could lead to a decrease in the market price for the ADSs.
In 2021, 2022 and 2023, we generated 75.2%, 58.1% and 61.7%, respectively, of our total revenue from sales outside China. We also have manufacturing facilities in the United States, Malaysia and Vietnam. In January 2018, we entered into a master solar module supply agreement (the “Master Agreement”) with NextEra Energy, Inc., or NextEra.
In 2022, 2023 and 2024, we generated 58.1%, 61.7% and 66.2%, respectively, of our total revenue from sales outside China. We also operate manufacturing facilities in the United States and Vietnam. In January 2018, we entered into a master solar module supply agreement (the “Master Agreement”) with NextEra Energy, Inc., or NextEra.
Examples of government sponsored financial incentives to promote solar energy include subsidies from the central and local governments, preferential tax rates and other incentives. The availability and size of such subsidies and incentives depend, to a large extent, on political and policy developments relating to environmental concerns and other macro-economic factors.
Examples of government sponsored financial incentives to promote solar energy include subsidies from the central and local governments, preferential tax rates and other benefits. The availability and size of such subsidies and incentives depend, to a large extent, on policy developments relating to environmental concerns and broader macroeconomic factors.
The continued expansion of our infrastructure will require us to commit substantial financial, operational and management resources before our revenue increases and without any assurances that our revenue will increase. It is difficult to predict the effect of the STAR Listing on the market price of the ADSs.
The continued expansion of our infrastructure will require us to commit substantial financial, operational and management resources before our revenue increases and without any assurances that our revenue will increase. It is difficult to predict the effect of the STAR Listing and the proposed offering of GDRs by Jiangxi Jinko on the market price of the ADSs.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

151 edited+61 added−116 removed188 unchanged
Biggest changeOn November 29, 2016, the State Council released the Thirteen Five-Year Development Plan for National Strategic New Industries, which aims to promote the diversification and large-scale development of solar power industry.
Biggest changeThe NEA has promulgated the Guide Opinion on Energy for 2016, as amended by the Guide Opinion on Energy for 2017, Guide Opinion on Energy for 2018, Guide Opinion on Energy for 2020, Guide Opinion on Energy for 2021, Guide Opinion on Energy for 2022, Guide Opinion on Energy for 2023, Guide Opinion on Energy for 2024, Guide Opinion on Energy for 2025 in the past few years, which encouraged the development of solar power. 76 Table of Contents On November 29, 2016, the State Council released the Thirteen Five-Year Development Plan for National Strategic New Industries, which aims to promote the diversification and large-scale development of solar power industry.
The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule 10b-18 and Rule 10b5-1 of the Exchange Act, as well as our insider trading policy. We plan to use our existing funds to fund repurchases made under the share repurchase program.
The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule 10b-18 and Rule 10b5-1 of the Exchange Act, as well as our insider trading policy. We plan to use our existing funds to fund repurchases made under the Existing Share Repurchase Program.
As of the same date, we also had a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India to conduct sales, marketing and brand development for our products around the world.
As of the same date, we also had a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India to conduct sales, marketing and brand development for our products around the world.
All of our solar modules sold in Europe are TÜV, PID, Salt mist, Ammonia, Dust & Sand and CE certified, all of our solar module sold in India are BIS certified, all of our solar modules sold in North America are UL certified, all of our solar modules sold in Korea are KS certified and our solar modules sold in China are CQC certified.
All of our solar modules sold in Europe are TÜV, PID, Salt mist, Ammonia, Dust & Sand and CE certified; all of our solar module sold in India are BIS certified; all of our solar modules sold in North America are UL certified; all of our solar modules sold in Korea are KS certified; and all of our solar modules sold in China are CQC certified.
In 2022, two of our group suppliers individually accounted for more than 10%, and our largest group supplier accounted for 34.0% of our total silicon purchases by value. In 2023, four of our group suppliers individually accounted for more than 10.0%, and our largest group supplier accounted for 30.6% of our total silicon purchases by value.
In 2022, two of our group suppliers individually accounted for more than 10.0%, and our largest group supplier accounted for 34.0% of our total silicon purchases by value. In 2023, four of our group suppliers individually accounted for more than 10.0%, and our largest group supplier accounted for 30.6% of our total silicon purchases by value.
For example, we have received TÜV, PID, Salt, Ammonia, Dust & Sand and CE certifications for all of our solar modules sold in Europe, JPEA certifications for all of our solar module sold in Japan, UL certifications for all solar modules sold in North America BIS and BIS certifications for all solar modules sold in India, KS certification for all solar modules sold in Korea and CQC certification for all of our solar modules in China.
For example, we have received TÜV, PID, Salt, Ammonia, Dust & Sand and CE certifications for all of our solar modules sold in Europe, JPEA certifications for all of our solar module sold in Japan, UL certifications for all solar modules sold in North America and BIS certifications for all solar modules sold in India, KS certification for all solar modules sold in Korea and CQC certification for all of our solar modules in China.
In addition, in order to promote our high-efficiency modules and cutting-edge N-type cell technologies, we, through a joint venture, Poyang Luohong, in which we then held 51% equity interest, had bid and won a 250 MW solar project under NEA’s “Technology Top Runner” program in Shangrao, Jiangxi Province.
In addition, in order to promote our high-efficiency modules and cutting-edge N-type cell technologies, we, through a joint venture, Poyang Luohong, in which we then held 51% equity interest, had bid for and won a 250 MW solar project under NEA’s “Technology Top Runner” program in Shangrao, Jiangxi Province.
Organizational Structure The following table sets out our significant subsidiaries as of the date of this annual report: ​ ​ ​ ​ ​ ​ ​ ​ Subsidiaries Date of Incorporation/Acquisition Place of Incorporation Percentage of Ownership ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Investment Limited ​ November 10, 2006 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Co., Ltd. ​ December 13, 2006 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Zhejiang Jinko Solar Co., Ltd. ​ June 30, 2009 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Import and Export Co., Ltd. ​ December 24, 2009 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar GmbH ​ April 1, 2010 Germany 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Zhejiang Jinko Trading Co., Ltd. ​ June 13, 2010 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Yuhuan Jinko Solar Co., Ltd. ​ July 29, 2016 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (U.S.) Inc. ​ August 19, 2010 United States 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jiangxi Photovoltaic Materials Co., Ltd. ​ December 10, 2010 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Switzerland) AG ​ May 3, 2011 Switzerland 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (US) Holdings Inc. ​ June 7, 2011 United States 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Canada Co., Ltd. ​ November 18, 2011 Canada 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Australia Holdings Co.
Organizational Structure The following table sets out our significant subsidiaries as of the date of this annual report: ​ ​ ​ ​ ​ ​ ​ ​ Subsidiaries Date of Incorporation/Acquisition Place of Incorporation Percentage of Ownership ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Investment Limited ​ November 10, 2006 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Co., Ltd. ​ December 13, 2006 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Zhejiang Jinko Solar Co., Ltd. ​ June 30, 2009 PRC 44.5 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Import and Export Co., Ltd. ​ December 24, 2009 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar GmbH ​ April 1, 2010 Germany 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Zhejiang Jinko Trading Co., Ltd. ​ June 13, 2010 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Yuhuan Jinko Solar Co., Ltd. ​ July 29, 2016 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (U.S.) Inc. ​ August 19, 2010 United States 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jiangxi Photovoltaic Materials Co., Ltd. ​ December 10, 2010 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Switzerland) AG ​ May 3, 2011 Switzerland 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (US) Holdings Inc. ​ June 7, 2011 United States 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Canada Co., Ltd. ​ November 18, 2011 Canada 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Australia Holdings Co.
We believe that both of these mass production conversion efficiency rates were consistently higher than industry average. In October 2021, our N-type monocrystalline solar cells reached the maximum conversion efficiency rate of 25.4%. In December 2022, our 182mm N-type monocrystalline solar cells reached the maximum conversion efficiency rate of 26.4%.
We believe that both of these mass production conversion efficiency rates were consistently higher than the industry average. In October 2021, our N-type monocrystalline solar cells reached a maximum conversion efficiency rate of 25.4%. In December 2022, our 182mm N-type monocrystalline solar cells reached a maximum conversion efficiency rate of 26.4%.
On June 28, 2018, the NDRC and the MOFCOM jointly issued the Special Administrative Measures for the Access of Foreign Investment (2018 Edition) (the “Negative List”), which came into force on July 28, 2018 and subsequently amended by the Special Administrative Measures for the Access of Foreign Investment (2019 Edition), the Special Administrative Measures for the Access of Foreign Investment (2020 Edition) and Special Administrative Measures for the Access of Foreign Investment (2021 Edition).
On June 28, 2018, the NDRC and the MOFCOM jointly issued the Special Administrative Measures for the Access of Foreign Investment (2018 Edition) (the “Negative List”), which came into force on July 28, 2018 and subsequently amended by the Special Administrative Measures for the Access of Foreign Investment (2019 Edition), the Special Administrative Measures for the Access of Foreign Investment (2020 Edition), Special Administrative Measures for the Access of Foreign Investment (2021 Edition) and Special Administrative Measures for the Access of Foreign Investment (2024 Edition).
The ADSs are listed on the New York Stock Exchange under the symbol “JKS.” On November 10, 2010, we completed a follow-on public offering of 3,500,000 ADSs representing 14,000,000 ordinary shares, of which 2,000,000 ADSs were sold by us and 1,500,000 ADSs were sold by the selling shareholders. 62 Table of Contents On September 25, 2013, we completed a follow-on public offering of 4,370,000 ADSs representing 17,480,000 ordinary shares, including 570,000 ADSs sold pursuant to the underwriters’ full exercise of their option to purchase additional ADSs.
The ADSs are listed on the New York Stock Exchange under the symbol “JKS.” On November 10, 2010, we completed a follow-on public offering of 3,500,000 ADSs representing 14,000,000 ordinary shares, of which 2,000,000 ADSs were sold by us and 1,500,000 ADSs were sold by the selling shareholders. 57 Table of Contents On September 25, 2013, we completed a follow-on public offering of 4,370,000 ADSs representing 17,480,000 ordinary shares, including 570,000 ADSs sold pursuant to the underwriters’ full exercise of their option to purchase additional ADSs.
No entity or individual may illegally restrict the transfer inward or outward in terms of the currency, amount, frequency and so on of such transfer. 92 Table of Contents Dividend Distribution The principal laws and regulations governing distribution of dividends paid by wholly foreign owned enterprises include the Company Law of the PRC as amended on October 26, 2018, the Wholly Foreign Owned Enterprise Law of the PRC as amended on October 1, 2016, and the Implementing Rules of the Wholly Foreign Owned Enterprise Law of the PRC as amended on February 19, 2014.
No entity or individual may illegally restrict the transfer inward or outward in terms of the currency, amount, frequency and so on of such transfer. ​ 83 Table of Contents Dividend Distribution The principal laws and regulations governing distribution of dividends paid by wholly foreign owned enterprises include the Company Law of the PRC as amended on October 26, 2018, the Wholly Foreign Owned Enterprise Law of the PRC as amended on October 1, 2016, and the Implementing Rules of the Wholly Foreign Owned Enterprise Law of the PRC as amended on February 19, 2014.
In May 2019, we completed a follow-on public offering of 4,671,875 ADSs, each representing four of our ordinary shares, at US$16.00 per ADS. Concurrently with the offering, we issued convertible senior notes of US$85 million due 2024 to support capital expenditure and supplement working capital.
In May 2019, we completed a follow-on public offering of 4,671,875 ADSs, each representing four of our ordinary shares, at US$16.00 per ADS. Concurrently with the offering, we issued convertible senior notes of US$85 million due 2024 (the “2019 Notes”) to support capital expenditure and supplement working capital.
In October 2021, our high-efficiency N-Type monocrystalline silicon solar cell set new world record with the highest conversion efficiency of 25.4%. In the fourth quarter of 2021, the mass production efficiency of approximately 900MW N-type Topcon Cells in our Haining production facility has reached 24.5%, with the yield rate close to that of the PERC.
In October 2021, our high-efficiency N-Type monocrystalline silicon solar cell set a new world record with the highest conversion efficiency of 25.4%. In the fourth quarter of 2021, the mass production efficiency of approximately 900MW N-type Topcon Cells in our Haining production facility reached 24.5%, with the yield rate close to that of the PERC.
Risk Factors—Risks Related to Our Business and Industry—Compliance with environmentally safe production and construction and renewable energy development regulations can be costly, while non-compliance with such regulations may result in adverse publicity and potentially significant monetary damages, fines and suspension of our business operations.” Foreign Investment in Solar Power Business In the past decade, the principal regulation governing foreign ownership of solar power businesses in the PRC is the Foreign Investment Industrial Guidance Catalog , which has been amended from time to time .
Risk Factors—Risks Related to Our Business and Industry—Compliance with environmentally safe production and construction and renewable energy development regulations can be costly, while non-compliance with such regulations may result in adverse publicity and potentially significant monetary damages, fines and suspension of our business operations.” 78 Table of Contents Foreign Investment in Solar Power Business In the past decade, the principal regulation governing foreign ownership of solar power businesses in the PRC is the Foreign Investment Industrial Guidance Catalog , which has been amended from time to time .
We sell silicon wafers and solar cells to the extent we do not consume them for our own production. We expect that our sales of solar modules will continue to be our largest revenue contributor. ​ None of our customers accounted for more than 10% of our total revenues in 2021, 2022 and 2023.
We sell silicon wafers and solar cells to the extent we do not consume them for our own production. We expect that our sales of solar modules will continue to be our largest revenue contributor. ​ None of our customers accounted for more than 10% of our total revenues in 2022, 2023 and 2024.
In March 2022, Jiangxi Jinko entered into an investment framework agreement with the Shangrao Guangxin District Government for a high-efficiency solar module and PV module aluminum frame project. By March 2022, we are the first company to deliver solar modules of 100 GW globally.
In March 2022, Jiangxi Jinko entered into an investment framework agreement with the Shangrao Guangxin District Government for a high-efficiency solar module and PV module aluminum frame project. By March 2022, we were the first company to deliver solar modules of 100 GW globally.
Risk Factors—Risks Related to Our Business and Industry—We may face termination and late charges and risks relating to the termination and amendment of certain equipment purchases contracts.” ​ 75 Table of Contents Manufacturing Process Silicon Ingot Manufacturing We produce monocrystalline silicon ingots in electric furnaces.
Risk Factors—Risks Related to Our Business and Industry—We may face termination and late charges and risks relating to the termination and amendment of certain equipment purchases contracts.” ​ 67 Table of Contents Manufacturing Process Silicon Ingot Manufacturing We produce monocrystalline silicon ingots in electric furnaces.
Also, Circular 16 allows enterprises to use their foreign exchange capitals under capital accounts allowed by the relevant laws and regulations. 91 Table of Contents In February 2012, the SAFE promulgated the Notice on the Administration of Foreign Exchange Matters for Domestic Individuals Participating in the Stock Incentive Plans of Overseas Listed Companies, or the Stock Option Notice.
Also, Circular 16 allows enterprises to use their foreign exchange capitals under capital accounts allowed by the relevant laws and regulations. In February 2012, the SAFE promulgated the Notice on the Administration of Foreign Exchange Matters for Domestic Individuals Participating in the Stock Incentive Plans of Overseas Listed Companies, or the Stock Option Notice.
Ltd. ​ December 15, 2017 PRC 46.4 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Korea Co., Ltd. ​ December 3, 2018 South Korea 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Sichuan) Co., Ltd. ​ February 18, 2019 ​ PRC ​ 38.5 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Vietnam) Co., Ltd. ​ September 26, 2019 ​ Vietnam ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Omega Solar Sdn.
Ltd. ​ December 15, 2017 PRC 41.4 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Korea Co., Ltd. ​ December 3, 2018 South Korea 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Sichuan) Co., Ltd. ​ February 18, 2019 ​ PRC ​ 38.5 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Vietnam) Co., Ltd. ​ September 26, 2019 ​ Vietnam ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Omega Solar Sdn.
If we fail to adapt to changing market conditions and to compete successfully with existing or new competitors, our business prospects and results of operations would be materially adversely affected.” 82 Table of Contents Production Safety We are subject to extensive PRC laws and regulations in relation to labor and safety.
If we fail to adapt to changing market conditions and to compete successfully with existing or new competitors, our business prospects and results of operations would be materially adversely affected.” Production Safety We are subject to extensive PRC laws and regulations in relation to labor and safety.
In February 2012, the facility was awarded the UL Witness Testing Data Program (“WTDP”) Certificate and, in August 2012, the facility was certified by China National Accreditation Service (“CNAS”). In September 2014, the facility was certified by Intertek Satellite Lab and obtained TÜV Nord CB Lab certificate in the same year.
In February 2012, the laboratory was awarded the UL Witness Testing Data Program (“WTDP”) Certificate and, in August 2012, it was certified by China National Accreditation Service (“CNAS”). In September 2014, the laboratory was certified by Intertek Satellite Lab and obtained TÜV Nord CB Lab certificate in the same year.
( “Shangrao Changxin”) ​ December 16, 2021 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 1 Enterprise Management Center LP. ​ February 17, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 2 Enterprise Management Center LP. ​ February 17, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 3 Enterprise Management Center LP. ​ June 15, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 5 Enterprise Management Center LP. ​ June 15, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 6 Enterprise Management Center LP. ​ October 25, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Jiaxing Jinyue Phase I Venture Capital Partnership( “Jiaxing Jinyue”) ​ April 26, 2022 ​ PRC ​ 78.2 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Jinko PV Manufacturing Co., Ltd ​ March 28, 2022 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Guangxin Jinko PV Manufacturing Co., Ltd ​ March 23, 2022 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jiangxi Jinko Energy Storage Co., Ltd ​ May 26, 2022 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Energy Storage Technology Co., Ltd ​ December 6, 2022 ​ PRC ​ 58.8 % ​ 95 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ Subsidiaries Date of Incorporation/Acquisition Place of Incorporation Percentage of Ownership ​ ​ ​ ​ ​ ​ ​ ​ ZheJiang Jinko Energy Storage Co., Ltd ​ April 11, 2023 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ MYTIKAS INVESTMENT LIMITED ​ June 1, 2023 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ Haining JinkoSolar Smart Manufacturing Co., Ltd ​ August 10, 2023 PRC 58.8 % ​ D.
( “Shangrao Changxin”) ​ December 16, 2021 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 1 Enterprise Management Center LP. ​ February 17, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 2 Enterprise Management Center LP. ​ February 17, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 3 Enterprise Management Center LP. ​ June 15, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 5 Enterprise Management Center LP. ​ June 15, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 6 Enterprise Management Center LP. ​ October 25, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Jiaxing Jinyue Phase I Venture Capital Partnership( “Jiaxing Jinyue”) ​ April 26, 2022 ​ PRC ​ 78.2 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Jinko PV Manufacturing Co., Ltd ​ March 28, 2022 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Guangxin Jinko PV Manufacturing Co., Ltd ​ March 23, 2022 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Shanxi JinkoSolar Smart Manufacturing Co., Ltd ​ June 6, 2024 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jiangxi Jinko Energy Storage Co., Ltd ​ May 26, 2022 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Shanxi JinkoSolar II Smart Manufacturing Co., Ltd ​ June 6, 2024 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Energy Storage Technology Co., Ltd ​ December 6, 2022 ​ PRC ​ 58.8 % ​ 86 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ Subsidiaries Date of Incorporation/Acquisition Place of Incorporation Percentage of Ownership ​ ​ ​ ​ ​ ​ ​ ​ Shanxi JinkoSolar III Smart Manufacturing Co. ​ July 3, 2023 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ ZheJiang Jinko Energy Storage Co., Ltd ​ April 11, 2023 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ MYTIKAS INVESTMENT LIMITED ​ June 1, 2023 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ Haining JinkoSolar Smart Manufacturing Co., Ltd ​ August 10, 2023 PRC 58.8 % ​ D.
Bhd ​ September 23, 2019 ​ Malaysia ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Chuzhou) Co., Ltd. ​ December 26, 2019 ​ PRC ​ 44.4 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Yiwu) Co., Ltd ​ September 19, 2019 ​ PRC ​ 35.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Shangrao) Co., Ltd. ​ April 17, 2020 ​ PRC ​ 37.2 % ​ ​ ​ ​ ​ ​ ​ ​ Rui Xu Co., Ltd. ​ July 24, 2019 ​ PRC ​ 35.3 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Denmark ApS ​ May 28, 2020 ​ Denmark ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Hong Kong Limited ​ August 17, 2020 ​ Hong Kong ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Chuxiong) Co., Ltd. ​ September 25, 2020 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Malaysia) SDN BHD. ​ August 28, 2020 ​ Malaysia ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Leshan) Co., Ltd. ​ April 25, 2021 ​ PRC ​ 41.1 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Vietnam) Industries Company Limited ​ March 29, 2021 ​ Vietnam ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Anhui) Co., Ltd. ​ September 3, 2021 ​ PRC ​ 32.3 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Yushan) Co., Ltd. ​ September 26, 2021 ​ PRC ​ 47.0 % ​ ​ ​ ​ ​ ​ ​ ​ Zhejiang New Materials Co., Ltd. ​ March 24, 2020 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Yiwu New Materials Co., Ltd. ​ October 16, 2020 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Italy S.R.L. ​ July 8, 2011 ​ Italy ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Qinghai) Co., Ltd. ​ April 3, 2019 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Fengcheng Jinko PV Materials Co., Ltd ​ August 11, 2021 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Feidong) Co., Ltd.
Bhd ​ September 23, 2019 ​ Malaysia ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Chuzhou) Co., Ltd. ​ December 26, 2019 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Yiwu) Co., Ltd ​ September 19, 2019 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Shangrao) Co., Ltd. ​ April 17, 2020 ​ PRC ​ 43.1 % ​ ​ ​ ​ ​ ​ ​ ​ Rui Xu Co., Ltd. ​ July 24, 2019 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Denmark ApS ​ May 28, 2020 ​ Denmark ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Hong Kong Limited ​ August 17, 2020 ​ Hong Kong ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Chuxiong) Co., Ltd. ​ September 25, 2020 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Malaysia) SDN BHD. ​ August 28, 2020 ​ Malaysia ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Leshan) Co., Ltd. ​ April 25, 2021 ​ PRC ​ 41.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Vietnam) Industries Company Limited ​ March 29, 2021 ​ Vietnam ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Anhui) Co., Ltd. ​ September 3, 2021 ​ PRC ​ 44.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Yushan) Co., Ltd. ​ September 26, 2021 ​ PRC ​ 47.0 % ​ ​ ​ ​ ​ ​ ​ ​ Zhejiang New Materials Co., Ltd. ​ March 24, 2020 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Italy S.R.L. ​ July 8, 2011 ​ Italy ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Qinghai) Co., Ltd. ​ April 3, 2019 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Fengcheng Jinko PV Materials Co., Ltd ​ August 11, 2021 ​ PRC ​ 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Feidong) Co., Ltd.
Under the Law on Environmental Protection Tax, taxable pollutants include air and water pollutants, solid waste and noise. 87 Table of Contents On December 29, 2018, Environmental Impact Assessment Law of the People’s Republic of China was amended and implemented.
Under the Law on Environmental Protection Tax, taxable pollutants include air and water pollutants, solid waste and noise. On December 29, 2018, Environmental Impact Assessment Law of the People’s Republic of China was amended and implemented.
At the end of May 2023, we announced the construction of a major production base of 56 GW integrated wafer-cell-module capacity in Shanxi (“Shanxi Integrated Base”), which will become the largest N-type integrated production facility in the industry. The Shanxi Integrated Base is our another strategic expansion of the mainstream production model in the PV industry.
In May 2023, we announced the construction of a major production base of 56 GW integrated wafer-cell-module capacity in Shanxi (the “Shanxi Integrated Base”), which will become the largest N-type integrated production facility in the industry. The Shanxi Integrated Base represents another strategic expansion of our mainstream production model in the PV industry.
The following table sets forth the primary products sold to our top five group customers and the percentage of total revenues generated by sales to our top five group customers for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ 2023 ​ Products (%) ​ Products (%) Products (%) Top five group customers Solar modules 14.9 Solar modules 15.3 Solar modules 16.8 ​ We sell most of our solar modules under our own brand “JinkoSolar”, with a small portion of solar modules on an OEM basis.
The following table sets forth the primary products sold to our top five group customers and the percentage of total revenues generated by sales to our top five group customers for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2023 ​ 2024 ​ Products (%) Products (%) Products (%) Top five group customers Solar modules 15.3 Solar modules 16.8 Solar modules 18.6 ​ We sell most of our solar modules under our own brand “JinkoSolar”, with a small portion of solar modules on an OEM basis.
The NCAC encourages the registration of software copyright and gives emphasized protection to the registered software. ​ 94 Table of Contents C.
The NCAC encourages the registration of software copyright and gives emphasized protection to the registered software. ​ 85 Table of Contents C.
In 2021, 2022 and 2023, our largest group customer accounted for 4.6%, 5.4% and 5.1% of our total revenue, respectively. A “group customer” refers to an aggregation of our customers that are within the same corporate group.
In 2022, 2023 and 2024, our largest group customer accounted for 5.4%, 5.1% and 7.7% of our total revenue, respectively. A “group customer” refers to an aggregation of our customers that are within the same corporate group.
Pty Ltd. ​ December 7, 2011 Australia 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Japan K.K. ​ May 21, 2012 Japan 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Technology Sdn.Bhd. ​ January 21, 2015 Malaysia 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Shanghai) Management Co., Ltd. ​ July 25, 2012 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Trading Private Limited ​ February 6, 2017 India 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar LATAM Holding Limited ​ August 22, 2017 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Middle East DMCC ​ November 6, 2016 Emirates 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar International Development Limited ​ August 28, 2015 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ Canton Best Limited ​ September 16, 2013 BVI 100 % ​ ​ ​ ​ ​ ​ ​ ​ Wide Wealth Group Holding Limited ​ June 11, 2012 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (U.S.) Industries Inc. ​ November 16, 2017 United States 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Poyang Ruilixin Information Technology Co., Ltd. ​ December 19, 2017 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Haining) Co.
Pty Ltd. ​ December 7, 2011 Australia 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Japan K.K. ​ May 21, 2012 Japan 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Technology Sdn.Bhd. ​ January 21, 2015 Malaysia 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Shanghai) Management Co., Ltd. ​ July 25, 2012 PRC 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Trading Private Limited ​ February 6, 2017 India 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar LATAM Holding Limited ​ August 22, 2017 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Middle East DMCC ​ November 6, 2016 Emirates 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar International Development Limited ​ August 28, 2015 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ Canton Best Limited ​ September 16, 2013 BVI 100 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (U.S.) Industries Inc. ​ November 16, 2017 United States 58.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Haining) Co.
Risk Factors—Risks Related to Our Business and Industry—We have limited insurance coverage and may incur losses resulting from product liability claims, business interruption or natural disasters.” We paid an aggregate of RMB30.0 million, RMB41.9 million and RMB59.4 million (US$8.4 million) in insurance premiums in 2021, 2022 and 2023, respectively.
Risk Factors—Risks Related to Our Business and Industry—We have limited insurance coverage and may incur losses resulting from product liability claims, business interruption or natural disasters.” We paid an aggregate of RMB41.9 million, RMB59.4 million and RMB62.51 million (US$8.56 million) in insurance premiums in 2022, 2023 and 2024, respectively.
In 2019, we developed technologies for silicon wafers of larger size, which resolved technical difficulties such as non-destructive cutting and concentric circle defects, and combined with N4/N5 technology, greatly improved the quality and efficiency of N-type monocrystalline silicon wafers while reducing its cost.
In 2019, we developed technologies for silicon wafers of larger size, which resolved technical difficulties such as non-destructive cutting and concentric circle defects, and combined with N4/N5 technology, greatly improved the quality and efficiency of N-type monocrystalline silicon wafers while reducing its cost. In 2020, we developed and mass produced high quality silicon wafers of 182 mm x 182 mm.
The following table sets forth the size, use and the location of the land, to which we had obtained the land use rights, as the date of this annual report: ​ ​ ​ ​ ​ ​ ​ Industrial Use Residential Use Location ​ (square meters) ​ (square meters) Shangrao, Jiangxi Province 1,843,848 50,370 Nanchang, Jiangxi Province ​ — ​ 7,261 Fengcheng, Jiangxi Province ​ 130,109 ​ — Haining, Zhejiang Province 1,318,920 18,963 Leshan, Sichuan Province ​ 416,179 ​ — Yuhuan, Zhejiang Province 628,769 — Yiwu, Zhejiang Province ​ 277,816 ​ — Chuzhou, Anhui Province ​ 289,091 ​ — Hefei, Anhui Province ​ 1,042,696 ​ — Yushan, Jiangxi Province ​ 189,111 ​ — Jinchang, Gansu Province ​ 322,525 ​ — Xining, Qinghai Province ​ 537,254 ​ — Shanghai ​ — ​ 93,277 Total 6,996,318 169,871 ​ We lease office space and manufacturing facilities in various locations around the world where we maintain subsidiaries and offices. ​ 74 Table of Contents Except as indicated otherwise, we own the facilities completed and under construction and own the right to use the relevant land for the durations described below (including capacities and major equipment): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plant Size ​ ​ ​ ​ ​ ​ Facility ​ (square ​ ​ ​ ​ Products Location No. meters) Duration of Land Use Right Major equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silicon Ingots and Wafers Shangrao Economic Development Zone, Jiangxi 1 287,985 (i) March 16, 2010 to February 3, 2057; (ii) December 9, 2009 to September 23, 2058; (iii) July 6, 2009 to August 10, 2059; (iv) July 10, 2009 to February 7, 2057; (v) January 6, 2009 to August 10, 2059 Monocrystalline furnaces, multicrystalline furnaces, wire saws, wire squarers ​ ​ Yushan,Jiangxi ​ 7 ​ 189,111 ​ 2021/1/22 to 2071/1/21 ​ ​ ​ ​ Jinchang,Gansu ​ 10 ​ 322,525 ​ 2011/7/31 to 2061/7/31 ​ ​ ​ ​ Leshan, Sichuan ​ 12 ​ 416,179 ​ (i) 2019/5/31 to 2069/5/31 ​ ​ Silicon Ingots Xining, Qinghai 15 537,254 (i) 2022/7/11 to 2072/7/11; (ii) 2024/3/1 to 2074/3/1 ​ Solar Cells Yuanhua Town, Haining, Zhejiang 3 106,260 (i) as of 2060/8/29; (ii) as of 2065/3/18 Diffusion furnaces, sintering furnaces, PECVD antireflection coatings manufacturing equipment, automatic printers ​ ​ Shangrao Economic Development Zone, Jiangxi ​ 18 ​ 178,582 ​ As of 2068/3/7 ​ ​ ​ ​ Hefei, Anhui ​ 19 ​ 304,689 ​ (i) 2022/1/26 to 2072/1/26, (ii) 2023/1/5 to 2073/1/4 ​ ​ ​ ​ Jianshan, Haining, Zhejiang ​ 2 ​ 203,195 ​ As of 2072/5/10 ​ ​ ​ ​ Huangwan Town, Haining Zhejiang ​ 20 ​ 432,053 ​ As of 2071/7/20 ​ ​ Solar Modules Shangrao Economic Development Zone, Jiangxi 5 724,799 July 6, 2009 to August 10, 2059 Laminating machine, solar cell module production line before and after component lamination, automatic glue spreads’ working station, solar cell module testing devices ​ Yuanhua Town, Haining, Zhejiang 6 291,076 (i) as of 2060/7/25; (ii) as of 2064/11/30; (iii) as of 2068/3/15; (4) 2070/6/11; (5) 2068/3/15; ​ ​ ​ Yuhuan, Zhejiang 9 628,769 April 27, 2023 to April 26, 2073 ​ ​ ​ ​ Chuzhou, Anhui ​ 13 ​ 289,091 ​ April 13, 2020 to April 12, 2070 ​ ​ ​ Yiwu, Zhejiang 14 277,816 March 13, 2020 to March 12, 2070 ​ ​ ​ ​ Hefei, Anhui ​ 16 ​ 606,329 ​ (i) 2022/8/18 to 2072/8/18; (ii) 2022/9/4 to 2072/9/4; (iii) 2023/1/5 to 2073/1/5; (iv) 2023/5/7 to 2073/5/7; (v) 2023/7/10 to 2073/7/10; (vi) 2024/1/6 to 2074/1/15 ​ ​ ​ ​ Jianshan, Haining, Zhejiang ​ 17 ​ 179,428 ​ As of 2073/2/1 ​ ​ Photovoltaic materials ​ Fengcheng, Yichun, Jiangxi ​ 4 ​ 130,109 ​ 2022/4/17 to 2072/4/16 ​ Injection molding machine, fully automatic connector assembly machine, cutting, riveting and twisting machine, junction box assembly machine, aluminum profile extrusion machine, aging furnace, sandblasting machine, oxidation line, fully automatic frame machine ​ ​ Shangrao Economic Development Zone, Jiangxi ​ 8 ​ 179,933 ​ (i) as of 2025/8/20, (ii) 2063/9/6 ​ ​ ​ ​ Hefei, Anhui ​ 11 ​ 131,678 ​ 2023/6/19 to 2073/6/18 ​ ​ ​ As of December 31, 2023, short-term borrowings of RMB987.6 million (US$139.1 million) and long-term borrowings of RMB2.15 billion (US$303.5 million) were secured by land use rights, plant and equipment.
The following table sets forth the size, use and the location of the land, to which we had obtained the land use rights, as the date of this annual report: ​ ​ ​ ​ ​ ​ ​ Industrial Use Residential Use Location ​ (square meters) ​ (square meters) Shangrao, Jiangxi Province 1,842,523 50,370 Nanchang, Jiangxi Province ​ — ​ 7,261 Fengcheng, Jiangxi Province ​ 130,109 ​ — Haining, Zhejiang Province 1,318,920 18,963 Leshan, Sichuan Province ​ 416,179 ​ — Yuhuan, Zhejiang Province 628,769 — Yiwu, Zhejiang Province ​ 281,620 ​ — Chuzhou, Anhui Province ​ 289,091 ​ — Hefei, Anhui Province ​ 1,042,903 ​ — Yushan, Jiangxi Province ​ 189,111 ​ — Jinchang, Gansu Province ​ 322,525 ​ — Xining, Qinghai Province ​ 537,254 ​ — Shanghai ​ — ​ 142,937 Total 6,999,004 219,531 ​ We lease office space and manufacturing facilities in various locations around the world where we maintain subsidiaries and offices. ​ 66 Table of Contents Except as indicated otherwise, we own the facilities completed and under construction and own the right to use the relevant land for the durations described below (including capacities and major equipment): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plant Size ​ ​ ​ ​ ​ ​ Facility ​ (square ​ ​ ​ ​ Products Location No. meters) Duration of Land Use Right Major equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silicon Ingots and Wafers Shangrao Economic Development Zone, Jiangxi 1 287,985 (i) March 16, 2010 to February 3, 2057; (ii) December 9, 2009 to September 23, 2058; (iii) July 6, 2009 to August 10, 2059; (iv) July 10, 2009 to February 7, 2057; (v) January 6, 2009 to August 10, 2059 Monocrystalline furnaces, multicrystalline furnaces, wire saws, wire squarers ​ ​ Yushan,Jiangxi* ​ 7 ​ 189,111 ​ 2021/1/22 to 2071/1/21 ​ ​ ​ ​ Jinchang,Gansu* ​ 10 ​ 322,525 ​ 2011/7/31 to 2061/7/31 ​ ​ ​ ​ Leshan, Sichuan* ​ 12 ​ 416,179 ​ (i) 2019/5/31 to 2069/5/31 ​ ​ Silicon Ingots Xining, Qinghai 15 537,254 (i) 2022/7/11 to 2072/7/11; (ii) 2024/3/1 to 2074/3/1 ​ Solar Cells Yuanhua Town, Haining, Zhejiang 3 106,260 (i) as of 2060/8/29; (ii) as of 2065/3/18 Diffusion furnaces, sintering furnaces, PECVD antireflection coatings manufacturing equipment, automatic printers ​ ​ Shangrao Economic Development Zone, Jiangxi ​ 18 ​ 178,582 ​ As of 2068/3/7 ​ ​ ​ ​ Hefei, Anhui ​ 19 ​ 304,689 ​ (i) 2022/1/26 to 2072/1/26, (ii) 2023/1/5 to 2073/1/4 ​ ​ ​ ​ Jianshan, Haining, Zhejiang ​ 2 ​ 203,195 ​ As of 2072/5/10 ​ ​ ​ ​ Huangwan Town, Haining Zhejiang ​ 20 ​ 432,053 ​ As of 2071/7/20 ​ ​ Solar Modules Shangrao Economic Development Zone, Jiangxi 5 724,799 July 6, 2009 to August 10, 2059 Laminating machine, solar cell module production line before and after component lamination, automatic glue spreads’ working station, solar cell module testing devices ​ Yuanhua Town, Haining, Zhejiang 6 291,076 (i) as of 2060/7/25; (ii) as of 2064/11/30; (iii) as of 2068/3/15; (4) 2070/6/11; (5) 2068/3/15; ​ ​ ​ Yuhuan, Zhejiang 9 628,769 April 27, 2023 to April 26, 2073 ​ ​ ​ ​ Chuzhou, Anhui* ​ 13 ​ 289,091 ​ April 13, 2020 to April 12, 2070 ​ ​ ​ Yiwu, Zhejiang* 14 277,816 March 13, 2020 to March 12, 2070 ​ ​ ​ ​ Hefei, Anhui ​ 16 ​ 606,536 ​ (i) 2022/8/18 to 2072/8/18; (ii) 2022/9/4 to 2072/9/4; (iii) 2023/1/5 to 2073/1/5; (iv) 2023/5/7 to 2073/5/7; (v) 2023/7/10 to 2073/7/10; (vi) 2024/1/6 to 2074/1/15 ​ ​ ​ ​ Jianshan, Haining, Zhejiang ​ 17 ​ 179,428 ​ As of 2073/2/1 ​ ​ Photovoltaic materials ​ Fengcheng, Yichun, Jiangxi ​ 4 ​ 130,109 ​ 2022/4/17 to 2072/4/16 ​ Injection molding machine, fully automatic connector assembly machine, cutting, riveting and twisting machine, junction box assembly machine, aluminum profile extrusion machine, aging furnace, sandblasting machine, oxidation line, fully automatic frame machine ​ ​ Shangrao Economic Development Zone, Jiangxi ​ 8 ​ 179,933 ​ (i) as of 2025/8/20, (ii) 2063/9/6 ​ ​ ​ ​ Hefei, Anhui ​ 11 ​ 131,678 ​ 2023/6/19 to 2073/6/18 ​ ​ * We ceased operations at the facility in 2024 as part of our phase-out of outdated production capacity.
As we build out our solar wafer, cell and solar module production capacity and increase the output of these products, we mainly compete with integrated as well as specialized manufacturers of solar power products such as Longi Green Energy Technology Co., Ltd., JA Solar Holdings Co., Ltd., Trina Solar Ltd., Canadian Solar Inc. and JA Solar Holdings Co., Ltd in a continuously evolving market.
As we expand our solar wafer, cell and solar module production capacity and increase the output of these products, we mainly compete with both integrated and specialized manufacturers of solar power products, such as Longi Green Energy Technology Co., Ltd., Trina Solar Ltd., Canadian Solar Inc. and JA Solar Holdings Co., Ltd, in a continuously evolving industry.
The Technology Top Runner Project was connected to grid on December 8, 2019. We sold all of our equity interest in Poyang Luohong to an independent third party buyer and filed such change of ownership with Shangrao Market Supervision Administration on December 17, 2019. We considered the Technology Top Runner Project as a unique business opportunity.
The Technology Top Runner Project was connected to grid on December 8, 2019. We sold all of our equity interest in Poyang Luohong to an independent third party buyer and filed the change of ownership with Shangrao Market Supervision Administration on December 17, 2019.
In addition, we have established operation management and project-based customer service teams, aiming to supervise the whole installation process and service our customers in a timely manner. They work collaboratively with our sales team to provide customer support and after-sale services. We emphasize gathering customer feedback for our products and addressing customer concerns in a timely manner.
In addition, we have established operation management and project-based customer service teams, aiming to supervise the whole installation process and service our customers in a timely manner. They work collaboratively with our sales team to provide customer support and after-sale services.
In addition, as of December 31, 2023, we had an aggregate of over 3,400 customers in over 190 countries and regions for our solar modules, including distributors, project developers and EPC. Our solar cells and modules utilize advanced solar technologies, such as the PERC technology and half cell technology, and have achieved industry-leading conversion efficiency.
In addition, as of December 31, 2024, we had an aggregate of over 6,400 customers in over 190 countries and regions for our solar modules, including distributors, project developers and EPC. Our solar cells and modules utilize advanced solar technologies, such as the N-type TOPCon technology and half cell technology, and have achieved industry-leading conversion efficiency.
Solar Power Generation and Solar System EPC Services We commenced developing solar power projects in China in 2011 and generated revenue from sales of electricity generated by our own solar power projects when they were connected to the grid. In November 2016, we disposed of our downstream solar power project business in China.
Solar Power Generation and Solar System EPC Services We commenced developing solar power projects in China in 2011 and generated revenue from sales of electricity generated by our own solar power projects when they were connected to the grid.
The PRC is a signatory to the Paris Convention for the Protection of Industrial Property, in accordance with which any person who has duly filed an application for a patent in one signatory country shall enjoy, for the purposes of filing in the other countries, a right of priority during the period fixed in the convention (12 months for inventions and utility models, and 6 months for industrial designs).
The PRC is a signatory to the Paris Convention for the Protection of Industrial Property, in accordance with which any person who has duly filed an application for a patent in one signatory country shall enjoy, for the purposes of filing in the other countries, a right of priority during the period fixed in the convention (12 months for inventions and utility models, and 6 months for industrial designs). 84 Table of Contents The China Patent Law covers three kinds of patents, namely, patents for inventions, utility models and designs.
The following table sets forth details of our sales volume by product for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 2023 Products ​ (MW) ​ (MW) ​ (MW) Silicon wafers 2,153.4 1,062.6 1,530.6 Solar cells 856.4 997.0 3,512.0 Solar modules 22,232.7 44,333.8 78,519.8 ​ Leveraging our expertise in manufacturing high quality solar modules and substantial experience in the solar industry, we commenced developing solar power projects and providing solar system integration services in late 2011.
The following table sets forth details of our sales volume by product for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 2024 Products ​ (MW) ​ (MW) ​ (MW) Silicon wafers 1,062.6 1,530.6 1,924.2 Solar cells 997.0 3,512.0 4,798.3 Solar modules 44,333.8 78,519.8 92,873.3 ​ 62 Table of Contents Leveraging our expertise in manufacturing high quality solar modules and substantial experience in the solar industry, we commenced developing solar power projects and providing solar system integration services in late 2011.
Unless otherwise specified, the results presented in this annual report do not include the results of our downstream solar power project business in China, a discontinued operation. In 2021, 2022 and 2023, revenues from sales of solar module products to subsidiaries of JinkoPower amounted to RMB27.1 million, RMB325.2 million and RMB353.4 million (US$49.8 million), respectively.
Unless otherwise specified, the results presented in this annual report do not include the results of our downstream solar power project business in China, a discontinued operation. In 2022, 2023 and 2024, revenues from sales of solar module products to subsidiaries of JinkoPower amounted to RMB325.2 million, RMB353.4 million and RMB390.3 million (US$53.5 million), respectively.
We again set a new record with the maximum solar conversion efficiency of 26.89% for our 182 mm and above large-size monocrystalline silicon TOPCon solar cell. This result has been independently confirmed by the National PV industry Measurement and Testing Center.
In October 2023, we achieved a major technical breakthrough for our 182 mm high-efficiency N-type monocrystalline silicon solar cell. We again set a new record with the maximum solar conversion efficiency of 26.89% for our 182 mm and above large-size monocrystalline silicon TOPCon solar cell. This result has been independently confirmed by the National PV industry Measurement and Testing Center.
In March 2016, the National People’s Congress approved the Outline of the Thirteenth Five-Year Plan for National Economic and Social Development of the PRC, which mentions a national commitment to continuing to support the development of PV generation industry. 85 Table of Contents In March 2021, the National People’s Congress approved the Outline of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and Long-Range Objectives for 2035, which further expressed determination of national will to continuing to support the development of PV generation industry.
In March 2021, the National People’s Congress approved the Outline of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and Long-Range Objectives for 2035, which further expressed determination of national will to continuing to support the development of PV generation industry.
We purchase our virgin polysilicon through spot market purchases to take advantage of decreasing virgin polysilicon prices. 77 Table of Contents Recoverable Silicon Materials We purchase pre-screened recoverable silicon materials from our suppliers which are delivered to our facilities for chemical treatment, cleaning and sorting into recovered silicon materials.
We purchase our virgin polysilicon through spot market purchases to take advantage of decreasing virgin polysilicon prices. Recoverable Silicon Materials We purchase pre-screened recoverable silicon materials from our suppliers which are delivered to our facilities for chemical treatment, cleaning and sorting into recovered silicon materials. Currently, we secure most of our recoverable silicon materials through long-term contracts.
Recently, some upstream polysilicon manufacturers as well as downstream manufacturers have also built out or expanded their silicon ingots, silicon wafer, solar cell and solar module production operations. We expect to face increased competition as other silicon ingots, silicon wafer, solar cell and solar module manufacturers continue to expand their operations.
Recently, some upstream polysilicon manufacturers and downstream manufacturers, such as Tongwei and Astronergy, have also established or expanded their silicon ingots, silicon wafer, solar cell and solar module production operations. We expect to face increased competition as other manufacturers of silicon ingots, silicon wafer, solar cell and solar module continue to expand their operations.
We are able to process and recover a broad range of recoverable silicon materials, which enables us to reduce our overall silicon material costs and improve product quality and yield.
Recovered Silicon Materials We commenced processing of recoverable silicon materials into recovered silicon materials in June 2006. We are able to process and recover a broad range of recoverable silicon materials, which enables us to reduce our overall silicon material costs and improve product quality and yield.
By the end of 2021, 2022 and 2023, mass production conversion efficiency rate of our solar cells using our P-type monocrystalline silicon wafers was 23.3%, 23.6% and 23.8%, respectively. By the end of 2021, 2022 and 2023, mass production conversion efficiency rate of our N-type monocrystalline solar cells was 24.5%, 25.1% and 25.8% respectively.
By the end of 2022, 2023 and 2024, the mass production conversion efficiency rate of our solar cells using our P-type monocrystalline silicon wafers was 23.6%, 23.8% and 23.9%, respectively, and the mass production conversion efficiency rate of our N-type monocrystalline solar cells was 25.1%, 25.8% and 26.2%, respectively.
We expect to retain a substantial portion of our solar cells for our own solar module production, while maintaining our flexibility to respond to market changes and price fluctuations by selling a portion of our solar cells in the spot market under favorable circumstances. We sell our solar cells under short-term contracts and by spot market sales.
We retain a substantial portion of our solar cells for our own solar module production, while maintaining our flexibility to respond to market changes and price fluctuations by selling a portion of our solar cells in the spot market under favorable circumstances. Historically, we made substantial sales of silicon wafers.
We renewed the insurance policy provided by Ariel Re from 2021 to 2022. The policy offers back-to-back coverage through a maximum of ten-year limited product defects warranty, as well as a 25-year (30-year for dual glass module) linear warranty against degradation of module power output from the time of delivery.
The policy offers back-to-back coverage through a maximum of ten-year limited product defects warranty, as well as a 25-year (30-year for dual glass module) linear warranty against degradation of module power output from the time of delivery.
Jiangxi Jinko issued 2,000,000,000 shares representing approximately 20% of the total 10,000,000,000 shares outstanding after the STAR Listing. The shares were issued at a public offering price of RMB5.00 per share and the total gross proceeds of the STAR Listing were approximately RMB10.00 billion. After the STAR Listing, we owned approximately 58.62% equity interest in Jiangxi Jinko.
Jiangxi Jinko issued 2,000,000,000 shares, representing approximately 20% of the total 10,000,000,000 shares outstanding after the listing, at an offering price of RMB5.00 per share, with total gross proceeds of approximately RMB10.00 billion. Immediately upon completion of the STAR Market listing, we owned approximately 58.62% equity interest in Jiangxi Jinko.
Manufacturing Capacity and Facilities Manufacturing Capacity Our annual production capacity for mono wafers, solar cells and solar modules as of December 31, 2023 was 85 GW, 90 GW and 110 GW, respectively. Property and Plant We both own and lease properties for our operations.
Manufacturing Capacity and Facilities Manufacturing Capacity Our annual production capacity for mono wafers, solar cells and solar modules as of December 31, 2024 was 120 GW, 95 GW and 130 GW, respectively. Property and Plant We both own and lease properties for our operations.
In addition, our module manufacturing factories in Shangrao, Jiangxi Province, Haining, Yiwu, Zhejiang Province and Chuzhou, Anhui Province, and Feidong, Anhui Province have received the TÜV-NORD IEC 62941 certification. In addition, we have also received international and domestic certifications for certain models of our solar modules.
In addition, our module manufacturing factories in Shangrao, Jiangxi Province, Haining, Zhejiang Province, Yuhuan, Zhejiang Province, Taiyuan, Shanxi Province, and Hefei, Anhui Province have received the TÜV-NORD IEC 62941 certification. 71 Table of Contents In addition, we have also received international and domestic certifications for certain models of our solar modules.
We obtained two small solar power projects as the repayment of our accounts receivable in Italy and commenced developing solar power projects overseas in 2016, which were disposed of in 2018.
In November 2016, we disposed of our downstream solar power project business in China. 64 Table of Contents We obtained two small solar power projects as the repayment of our accounts receivable in Italy and commenced developing solar power projects overseas in 2016, which were disposed of in 2018.
Our principal product is solar modules, but we also sell silicon wafers and solar cells from time to time to meet our customers’ demand. In 2023, sales of solar modules, silicon wafers and solar cells represented 96.5%, 0.2% and 1.3%, respectively, of our total revenues.
We currently manufacture a series of products from silicon wafers to solar modules. Our principal product is solar modules, but we also sell silicon wafers and solar cells from time to time to meet our customers’ demand. In 2024, sales of solar modules, silicon wafers and solar cells represented 96.5%, 0.1% and 0.9%, respectively, of our total revenues.
In April 2020, our engagement with PowerGuard expired. In December 2018, we engaged Ariel Syndicate 1910 of Lloyd’s (“Ariel Re”), a firm specialized in unique insurance and risk management solutions for the wind and solar energy industries, to provide insurance coverage for the product warranty services of our solar modules worldwide effective from May 2019.
In December 2018, we engaged Ariel Syndicate 1910 of Lloyd’s (“Ariel Re”), a firm specialized in unique insurance and risk management solutions for the wind and solar energy industries, to provide insurance coverage for the product warranty services of our solar modules worldwide effective from May 2019. We renewed the insurance policy provided by Ariel Re from 2021 to 2022.
Enterprises in the PRC are required by the PRC laws and regulations to participate in certain employee benefit plans covering pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, medical insurance and housing funds, and contribute to the plans or funds in amounts equal to certain percentages of salaries, including bonuses and allowances, of the employees as specified by the local government from time to time at locations where they operate their businesses or where they are located.
Violations of the Labor Law, the Labor Contract Law and its implementing rules may result in the imposition of fines and other administrative liabilities. 79 Table of Contents Enterprises in the PRC are required by the PRC laws and regulations to participate in certain employee benefit plans covering pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, medical insurance and housing funds, and contribute to the plans or funds in amounts equal to certain percentages of salaries, including bonuses and allowances, of the employees as specified by the local government from time to time at locations where they operate their businesses or where they are located.
Our module customers include leading players in the PV industry, such as, Swinterton Builder, NextEra, Sustainable Power Group, Green Light Contractors Pty Ltd., Copenhagen Infrastructure Partners, Vivint Solar Developer, LLC, CED Greentech and ConEdison Development. 78 Table of Contents Sales and Marketing We sell solar modules under short-term contracts and by spot market sales.
Our module customers include leading players in the PV industry, such as, Swinterton Builder, NextEra, Sustainable Power Group, Green Light Contractors Pty Ltd., Copenhagen Infrastructure Partners, Vivint Solar Developer, LLC, CED Greentech and ConEdison Development. Sales and Marketing We sell solar modules under both short-term and long-term contracts. We negotiate payment terms on a case-by-case basis.
The framed silicon wafers are further cleaned, dried and inspected before packaging. ​ 76 Table of Contents Solar Cell Manufacturing Solar cell manufacturing process starts with an ultrasonic cleaning process to remove grease and particles from the wafer surface, followed by chemical cleaning and texturing in wet benches to remove organic and metallic contaminate, as well as to create suede-like or pyramid-like topograph, depending on mono-crystalline wafer used, on the wafer surface.
Solar Cell Manufacturing Solar cell manufacturing process starts with an ultrasonic cleaning process to remove grease and particles from the wafer surface, followed by chemical cleaning and texturing in wet benches to remove organic and metallic contaminate, as well as to create suede-like or pyramid-like topograph, depending on mono-crystalline wafer used, on the wafer surface.
As of December 31, 2023, we had a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India and 26 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia.
As of December 31, 2024, we had a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India and 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico and other countries.
We believe our current land use rights, existing facilities and equipment are adequate for our current requirements. Major Plans to Construct, Expand or Improve Facilities We have entered into purchase and other agreements for purchase of additional manufacturing equipment and expansion of our production capacities.
Major Plans to Construct, Expand or Improve Facilities We have entered into purchase and other agreements for purchase of additional manufacturing equipment and expansion of our production capacities.
Through these processes and designs, the solar modules are weather-sealed, and thus are able to withstand high levels of ultraviolet radiation, moisture, wind, transportation damage and sand. Assembled solar modules are packaged in a protective aluminum frame prior to testing.
Through these processes and designs, the solar modules are weather-sealed, and thus are able to withstand high levels of ultraviolet radiation, moisture, wind, transportation damage and sand.
In 2023, we were selected as the candidate for the 5th China Quality Award Nomination Award and the national Chief Quality Officer Typical Case of Quality Transformation and Innovation, with the highest rating of our market quality credit (AAA). We are required to obtain construction permits before commencing constructing production facilities.
In 2023, we were selected as the candidate for the 5th China Quality Award Nomination Award and the national Chief Quality Officer Typical Case of Quality Transformation and Innovation, with the highest rating of our market quality credit (AAA).
Work Safety We are subject to laws and regulations in relation to work safety and occupational disease prevention, including the Work Safety Law of the PRC, which became effective on November 1, 2002 and was amended on August 31, 2014 and further amended on June 10, 2021, which took effect on September 1, 2021, the Prevention and Control of Occupational Diseases of the PRC, which was effective on May 1, 2002, and was amended on December 29, 2018, and other relevant laws and regulations, the Law of the PRC on Special Equipment Safety , which was effective on January 1, 2014. 88 Table of Contents Employment Pursuant to the Labor Law of the PRC, the Labor Contract Law of the PRC and the Implementing Regulations of the Labor Contract Law of the PRC, employers must enter into written employment contracts with full-time employees.
Work Safety We are subject to laws and regulations in relation to work safety and occupational disease prevention, including the Work Safety Law of the PRC, which became effective on November 1, 2002 and was amended on August 31, 2014 and further amended on June 10, 2021, which took effect on September 1, 2021, the Prevention and Control of Occupational Diseases of the PRC, which was effective on May 1, 2002, and was amended on December 29, 2018, and other relevant laws and regulations, the Law of the PRC on Special Equipment Safety , which was effective on January 1, 2014.
Currently, we purchase most of our recoverable silicon materials on the spot market. Ancillary Materials We use metallic pastes as raw materials in our solar cell production process. Metallic pastes are used to form the grids of metal contacts that are printed on the front and back surfaces of the solar cells through screen-printing to create negative and positive electrodes.
Ancillary Materials We use metallic pastes as raw materials in our solar cell production process. Metallic pastes are used to form the grids of metal contacts that are printed on the front and back surfaces of the solar cells through screen-printing to create negative and positive electrodes. We procure metallic pastes from third parties under monthly contracts.
Solar Modules We commenced producing solar modules in August 2009. In 2023, we sold 78.5 GW of solar modules and generated RMB114.38 billion (US$16.11 billion) of revenue from sales of solar modules, which accounted for 96.5% of our total revenue. We expect that sales of solar modules will continue to be our largest revenue source in the future.
Solar Modules We commenced producing solar modules in August 2009. In 2024, we sold 92.9 GW of solar modules and generated RMB89.01 billion (US$12.19 billion) of revenue from sales of solar modules, which accounted for 96.5% of our total revenue. We expect that sales of solar modules will continue to be our largest revenue source in the future.
According to the Circular of the State Taxation Administration on How to Understand and Identify “Beneficial Owner” under Tax Treaties , which became effective on October 27, 2009, and the Announcement of the State Taxation Administration on the Determination of “Beneficial Owners” in the Tax Treaties, effective on June 29, 2012, the PRC tax authorities must evaluate whether an applicant for treaty benefits in respect of dividends, interest and royalties qualifies as a “beneficial owner” on a case-by-case basis and following the “substance over form” principle.
Enterprises that are eligible for the preferential tax rate of 15% may be able to enjoy such preferential tax rate and tax holiday simultaneously where certain criteria are met. 80 Table of Contents According to the Circular of the State Taxation Administration on How to Understand and Identify “Beneficial Owner” under Tax Treaties , which became effective on October 27, 2009, and the Announcement of the State Taxation Administration on the Determination of “Beneficial Owners” in the Tax Treaties, effective on June 29, 2012, the PRC tax authorities must evaluate whether an applicant for treaty benefits in respect of dividends, interest and royalties qualifies as a “beneficial owner” on a case-by-case basis and following the “substance over form” principle.
Risk Factors—Risks Related to Our Business and Industry—Compliance with environmentally safe production and construction and renewable energy development regulations can be costly, while non-compliance with such regulations may result in adverse publicity and potentially significant monetary damages, fines and suspension of our business operations.” Jiangxi Jinko obtained the certificate issued by the Bureau of Ecology and Environment of Shangrao Economic Development Zone confirming that we were in compliance with the environmental protection laws from 2018 till 2023. ​ 83 Table of Contents Our factories are equipped with state-of-the-art equipment that has been designed to not only produce the highest quality products, but to also minimize the environmental impact.
Risk Factors—Risks Related to Our Business and Industry—Compliance with environmentally safe production and construction and renewable energy development regulations can be costly, while non-compliance with such regulations may result in adverse publicity and potentially significant monetary damages, fines and suspension of our business operations.” Jiangxi Jinko obtained the certificate issued by the Bureau of Ecology and Environment of Shangrao Economic Development Zone confirming that we were in compliance with the environmental protection laws from 2018 till 2024.
The NDRC organized the revision of the Green Industry Guidance Catalogue (2019 Edition) and, as a result, issued an announcement on March 16, 2023 to solicit opinions on Draft of Green Industry Guidance Catalogue (2023 Edition) from the public. 86 Table of Contents On October 30, 2019, the NDRC issued the Industrial Structure Adjustment Guidance Catalogue (2019 Edition) which became effective on January 1, 2020, as amended by the Industrial Structure Adjustment Guidance Catalogue (2024 Edition), to include the photovoltaic solar equipment manufacturing in the encouraged category, in order to coordinate the transition of the Chinese economy from a high-speed growth stage to a high-quality development stage.
On October 30, 2019, the NDRC issued the Industrial Structure Adjustment Guidance Catalogue (2019 Edition) which became effective on January 1, 2020, as amended by the Industrial Structure Adjustment Guidance Catalogue (2024 Edition), to include the photovoltaic solar equipment manufacturing in the encouraged category, in order to coordinate the transition of the Chinese economy from a high-speed growth stage to a high-quality development stage.
On September 29, 2020, the NDRC, the NEA and the Ministry of Finance jointly issued Supplementary Notice on Matters Relating to Several Opinions on Promoting the Sound Development of Non-Hydro-Renewable Energy Power Generation to further clarify relevant policies of additional subsidy funds for renewable energy electricity prices and stabilize industry expectations.
On September 29, 2020, the NDRC, the NEA and the Ministry of Finance jointly issued Supplementary Notice on Matters Relating to Several Opinions on Promoting the Sound Development of Non-Hydro-Renewable Energy Power Generation to further clarify relevant policies of additional subsidy funds for renewable energy electricity prices and stabilize industry expectations. 77 Table of Contents On March 5, 2020, the NEA issued Notice on Matters Related to the Construction of Wind Power and Photovoltaic Power Generation Projects in 2020, in order to adjust and improve the specific plans for the construction and management of wind power and photovoltaic power generation projects.
In February 2024, our affiliated company granted rights to certain of its N-type TOPCon-related patents to one of the top five solar cell companies in the world, allowing it to use certain of our patented TOPCon technologies in its relevant TOPCon products.
In February 2024, our affiliated company granted rights to one of the top five solar cell companies in the world, allowing it to use certain of our patented TOPCon technologies in their relevant TOPCon products. In February 2024, we unveiled Neo Green panels.
In 2021, 2022 and 2023, virgin polysilicon accounted for over 90% of our total silicon raw material purchases by value. We also use recoverable silicon materials in our production. We procure our raw materials from diversified sources. In 2023, purchases from foreign suppliers and domestic suppliers accounted for 20.3% and 79.7% of our total silicon raw material purchases, respectively.
In each of 2022, 2023 and 2024, virgin polysilicon accounted for over 90.0% of our total silicon raw material purchases by value. We also use recoverable silicon materials in our production. We procure our raw materials from diversified sources.
In addition, 11 of our manufacturing facilities executed ISO 14064 Greenhouse Gas emission inspection. In January 2012, we joined the PV Cycle Association for the collection and recycling of end-of-life solar modules at European level. In September 2016, we helped create the first PV recycling network in the U.S.
In January 2012, we joined the PV Cycle Association for the collection and recycling of end-of-life solar modules at European level. In September 2016, we helped create the first PV recycling network in the U.S.
The China Patent Law covers three kinds of patents, namely, patents for inventions, utility models and designs. The Chinese patent system adopts the principle of first to file, which means where multiple patent applications are filed for the same invention, a patent will be granted only to the party that filed the application first.
The Chinese patent system adopts the principle of first to file, which means where multiple patent applications are filed for the same invention, a patent will be granted only to the party that filed the application first.
In addition, we provide periodic training to our employees to ensure the effectiveness of our quality control procedures. 81 Table of Contents In February 2012, we opened our PV module testing laboratory in Jiangxi, China, which can conduct over 20 different kinds of tests, ranging from basic power and temperature tests to challenging hot spot, pre-decay and UV aging tests, all of which conform to UL and International Electrotechnical Commission regulations.
In October 2009, we opened our PV module testing laboratory in Jiangxi, China, which can conduct over 20 different kinds of tests, ranging from basic power and temperature tests to challenging hot spot, pre-decay and UV aging tests, all of which conform to UL and International Electrotechnical Commission regulations.
Raw and Ancillary Materials The raw materials used in our manufacturing process consist primarily of virgin polysilicon and recoverable silicon materials, and the ancillary materials used in our manufacturing process consist primarily of metallic pastes, encapsulant, tempered glass, aluminum frames, back sheets, junction boxes and other related consumables.
Assembled solar modules are packaged in a protective aluminum frame prior to testing. 68 Table of Contents Raw and Ancillary Materials The raw materials used in our manufacturing process consist primarily of virgin polysilicon and recoverable silicon materials, and the ancillary materials used in our manufacturing process consist primarily of metallic pastes, encapsulant, tempered glass, aluminum frames, back sheets, junction boxes and other related consumables.
However, significant damage to any of our manufacturing facilities and buildings, whether as a result of fire or other causes, could have a material adverse effect on our results of operations. In accordance with customary practice in China, we do not carry any business interruption insurance.
We believe that our overall insurance coverage is consistent with the market practice in China. However, significant damage to any of our manufacturing facilities and buildings, whether as a result of fire or other causes, could have a material adverse effect on our results of operations.
Customers and Markets We primarily sell solar products in both China and overseas markets, and before the disposition of our downstream solar power project business in China in November 2016, we sold electricity generated by our solar power projects in China.
We procure these materials from third parties on a monthly basis. 69 Table of Contents Customers and Markets We primarily sell solar products in both China and overseas markets, and before the disposition of our downstream solar power project business in China in November 2016, we sold electricity generated by our solar power projects in China.
In December 2023, the near and long-term science-based emissions reduction targets of Jiangxi Jinko were approved by the SBTi, making us the first PV company in the world to have our Net-zero targets validated.
In December 2023, the near and long-term science-based emissions reduction targets of Jiangxi Jinko were approved by the SBTi, making us the first PV company in the world to have our Net-zero targets validated. We are the second company in mainland China to achieve that status, as well as the third company in the global semi-conductor industry.
In December 2023, we were awarded with the ESG Transparency Award from EUPD Research. 80 Table of Contents In January 2024, we won the Solar Power World 2023 Leadership in Solar Energy Award in the solar panel category. In February 2024, we became the premium sponsor of Gresini Racing S.r.l. for the MotoE World Championship 2024.
In January 2024, we won the Solar Power World 2023 Leadership in Solar Energy Award in the solar panel category. In February 2024, we became the premium sponsor of Gresini Racing S.r.l. for the MotoE World Championship 2024. In April 2024, we were awarded the “Top Brand PV USA” seal by EUPD Research.
We have entered into framework agreements and distribution agreements regarding the supply of our energy storage systems with various power suppliers and distributors in China and worldwide including Middle and East Africa, Southeast Asia, North America, Australia and Japan. By the end of first quarter of 2024, our energy storage system with production capacity of 4GWh has started operation.
We have entered into framework agreements and distribution agreements for the supply of our energy storage systems with various power suppliers and distributors in China and worldwide, including in the Middle and East Africa, Southeast Asia, North America, Australia, Japan, Europe and Latin America.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeFinancial Information—Dividend Policy” for more information. ​ Operating Activities ​ Net cash used by operating activities in 2023 was RMB13.83 billion, consisting primarily of (i) a decrease in notes receivable from third parties of RMB2.50 billion due to the change of customers’ payment method, and (ii) an increase in accounts payable of RMB5.54 billion, which was primarily in relation to our increased production capacity, partially offset by (i) an increase in accounts receivable from third party of RMB6.81 billion, in line with our increased business scale globally, and (ii) an increase in inventories of RMB3.84 billion due to the expansion of our production capacity and business scale. ​ Net cash used by operating activities in 2022 was RMB5.80 billion, consisting primarily of (i) an increase in advances from third party customers of RMB3.29 billion, which was in line with our increased business scale globally, and (ii) an increase in accounts payable of RMB3.59 billion, which was primarily in relation to our increased production capacity and the rising price of raw materials, partially offset by (i) an increase in accounts receivable from third party of RMB8.61 billion, which was in line with our increased business scale globally, (ii) an increase in inventories of RMB6.05 billion due to our expanding production capacity and business scale, and (iii) an increase in advances to suppliers of RMB1.71 billion due to our increased procurement of raw materials. ​ Net cash provided by operating activities in 2021 was RMB430.6 million, consisting primarily of (i) an increase in advances from third party customers of RMB3.53 billion, which was in line with our increased business scale globally, and (ii) an increase in accounts payable of RMB2.64 billion, which was primarily in relation to our increased production capacity and the rising price of raw materials, partially offset by (i) an increase in inventories of RMB5.70 billion due to our expanding production capacity and business scale, (ii) an increase in accounts receivable from third party of RMB3.67 billion, which was in line with our increased business scale globally, and (iii) an increase in advances to suppliers of RMB856.6 million due to our increased procurement of raw materials. ​ Investing Activities ​ Net cash used in investing activities in 2023 was RMB15.16 billion, consisting primarily of (i) the purchase of property, plant and equipment of RMB15.29 billion, (ii) the purchase of restricted short-term investments of RMB15.24 billion and (iii) purchase of restricted long term investments of RMB1.54 billion, partially offset by (i) cash collected from restricted short term investments of RMB16.70 billion, and (ii) cash collected from restricted long-term investments of RMB1.38 billion. ​ Net cash used in investing activities in 2022 was RMB12.27 billion, consisting primarily of (i) the purchase of property, plant and equipment of RMB12.25 billion, (ii) the purchase of restricted short-term investments of RMB8.18 billion and (iii) purchase of restricted long term investments of RMB1.41 billion , partially offset by (i) cash collected from restricted short term investments of RMB8.49 billion, and (ii) cash collected from restricted long-term investments of RMB1.23 billion. ​ Net cash used in investing activities in 2021 was RMB11.31 billion, consisting primarily of (i) the purchase of restricted short-term investments of RMB13.36 billion, (ii) the purchase of property, plant and equipment of RMB8.65 billion, and (iii) purchase of restricted long term investments of RMB1.46 billion, partially offset by (i) cash collected from restricted short term investments of RMB10.50 billion, and (ii) cash collected from restricted long-term investments of RMB 1.65 billion. ​ Financing Activities ​ Net cash provided by financing activities in 2023 was RMB8.64 billion, consisting primarily of (i) borrowings of RMB19.75 billion, (ii) proceeds from issuance of convertible senior notes of RMB4.73 billion, and (iii) increase in notes payable from third party of RMB5.21 billion, partially offset by repayment of borrowings of RMB20.82 billion. ​ Net cash provided by financing activities in 2022 was RMB20.02 billion, consisting primarily of (i) borrowings of RMB29.66 billion and (ii) proceeds from Follow-on offering of RMB9.77 billion, partially offset by repayment of borrowings of RMB27.62 billion. ​ 114 Table of Contents Net cash provided by financing activities in 2021 was RMB12.02 billion, consisting primarily of (i) borrowings of RMB30.45 billion, (ii) Proceeds from At-The-Market offering of RMB641.1 million, (iii) Proceeds from exercise of call option of RMB621.1 million, and borrowing from government background funds of RMB2.13 billion, partially offset by (i) repayment of borrowings of RMB24.28 billion. ​ Restrictions on Cash Dividends ​ For a discussion on the ability of our subsidiaries to transfer funds to our company and the impact this has on our ability to meet our cash obligations, see “Item 3.
Biggest changeOperating Activities Net cash provided by operating activities in 2024 was RMB16.85 billion (US$2.31 billion), consisting primarily of (i) a decrease in accounts receivable from third party of RMB8.4 billion due to the improvement in payment collection, and (ii) a decrease in inventories of RMB2.39 billion due to the contraction of our production capacity and business scale, partially offset by (i) a decrease in accounts payable to third party of RMB4.46 billion, which was primarily in relation to our production capacity, and (ii) a decrease in advances from third party of RMB1.71 billion due to decreased business scale globally. 106 Table of Contents Net cash provided by operating activities in 2023 was RMB13.83 billion, consisting primarily of (i) a decrease in notes receivable from third parties of RMB2.50 billion due to the change of customers’ payment method, and (ii) an increase in accounts payable of RMB5.54 billion, which was primarily in relation to our increased production capacity, partially offset by (i) an increase in accounts receivable from third party of RMB6.81 billion, in line with our increased business scale globally, and (ii) an increase in inventories of RMB3.84 billion due to the expansion of our production capacity and business scale.
Critical Accounting Estimates Our management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make judgments and estimates that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures.
E. Critical Accounting Estimates Our management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make judgments and estimates that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures.
The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for us beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance.
The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Company beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance.
Solar power is one of the fastest-growing sources of energy and is driven by factors such as cost-competitiveness, reliability as a predictable energy source, and growing commitments by various governments to combat climate change. ​ 96 Table of Contents In the second half of 2009, demand for solar power and solar power products was significantly affected by the global financial crisis.
Solar power is one of the fastest-growing sources of energy and is driven by factors such as cost-competitiveness, reliability as a predictable energy source, and growing commitments by various governments to combat climate change. 87 Table of Contents In the second half of 2009, demand for solar power and solar power products was significantly affected by the global financial crisis.
Key Information—D. Risk Factors—Risks Related to Our Business and Industry—We rely principally on dividends and other distributions on equity paid by our principal operating subsidiary, and limitations on their ability to pay dividends to us could have a material adverse effect on our business and results of operations,” and “Item 4. Information on the Company—B.
Risk Factors—Risks Related to Our Business and Industry—We rely principally on dividends and other distributions on equity paid by our principal operating subsidiary, and limitations on their ability to pay dividends to us could have a material adverse effect on our business and results of operations,” and “Item 4. Information on the Company—B.
Certain members of our senior management spearhead our research and development efforts and set strategic directions for the advancement of our products and manufacturing processes. ​ 116 Table of Contents We have entered into a cooperative agreement with Nanchang University in Jiangxi Province, China and established a joint PV materials research center on the campus of Nanchang University.
Certain members of our senior management spearhead our research and development efforts and set strategic directions for the advancement of our products and manufacturing processes. 109 Table of Contents We have entered into a cooperative agreement with Nanchang University in Jiangxi Province, China and established a joint PV materials research center on the campus of Nanchang University.
We recorded a loss arising from change in fair value of convertible senior notes and call option of RMB12.1 million in 2022, compared to a loss of RMB31.2 million (US$4.4 million) in 2023. The change was primarily due to the changes in the Company’s stock price in 2023. ​ Change in fair value of long-term investment.
We recorded a loss arising from change in fair value of convertible senior notes and call option of RMB12.1 million in 2022, compared to a loss of RMB31.2 million in 2023. The change was primarily due to the changes in the Company’s stock price in 2023. Change in Fair Value of Long-term Investment.
Trend Information ​ Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for 2023 that are reasonably likely to have a material effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause reported consolidated financial information not necessarily to be indicative of future operating results or financial conditions. ​ E.
Trend Information Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for 2024 that are reasonably likely to have a material effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause reported consolidated financial information not necessarily to be indicative of future operating results or financial conditions.
As of the date of this annual report, we have published four article regarding international standard and 59 articles regarding domestic standard. We have several national R&D platforms, including national enterprise technology centers, national post-doctoral research stations and national intellectual property demonstration enterprises.
As of the date of this annual report, we have published four article regarding international standard and 70 articles regarding domestic standard. We have several national R&D platforms, including national enterprise technology centers, national post-doctoral research stations and national intellectual property demonstration enterprises.
Various governments have used policy initiatives to encourage or accelerate the development and adoption of solar power and other renewable energy sources. ​ Countries in Europe, notably Italy, Germany, France, Belgium and Spain, certain countries in Asia, including China, Japan and India, as well as Australia and the United States have adopted renewable energy policies.
Various governments have used policy initiatives to encourage or accelerate the development and adoption of solar power and other renewable energy sources. 90 Table of Contents Countries in Europe, notably Italy, Germany, France, Belgium and Spain, certain countries in Asia, including China, Japan and India, as well as Australia and the United States have adopted renewable energy policies.
In January 2018, we terminated the 2017 ATM Program and did not sell any ADSs under the 2017 ATM Program. ​ 112 Table of Contents In February 2018, we closed an offering of 4,140,000 ADSs, each representing four of our ordinary shares, par value US$0.00002 per share, at US$18.15 per ADS.
In January 2018, we terminated the 2017 ATM Program and did not sell any ADSs under the 2017 ATM Program. In February 2018, we closed an offering of 4,140,000 ADSs, each representing four of our ordinary shares, par value US$0.00002 per share, at US$18.15 per ADS.
In particular, decreases in the price of silicon feedstock, improvements in manufacturing techniques for solar power products and economies of scale have continually reduced the unit production costs of solar power products in recent years, which in turn have increased the competitiveness of solar power on an unsubsidized basis relative to conventional power and other renewable energy sources.
In addition, decreases in the price of silicon feedstock, improvements in manufacturing techniques for solar power products and economies of scale have continually reduced the unit production costs of solar power products in recent years, which in turn have increased the competitiveness of solar power on an unsubsidized basis relative to conventional power and other renewable energy.
Our gross profit increased by 55.1% from RMB12.28 billion in 2022 to RMB19.05 billion (US$2.68 billion) in 2023, mainly attributable to an increase in the shipment of solar modules in 2023. ​ Our gross margin increased from 14.8% in 2022 to 16.0% in 2023, primarily due to a decrease in the cost of materials of solar modules. ​ Operating Expenses.
Our gross profit increased by 55.1% from RMB12.28 billion in 2022 to RMB19.05 billion in 2023, mainly attributable to an increase in the shipment of solar modules in 2023. Our gross margin increased from 14.8% in 2022 to 16.0% in 2023, primarily due to a decrease in the cost of materials of solar modules. Operating Expenses.
On a global scale, it remains enormous room for development of solar in many regions. ​ Since 2020, various de-carbonization policies from major economies such as the United States, Europe and China has underpinned strong future solar demand outlook.
On a global scale, it remains enormous room for development of solar in many regions. 88 Table of Contents Since 2020, various de-carbonization policies from major economies such as the United States, Europe and China has underpinned strong future solar demand outlook.
In 2023, we recognized a gain from change in fair value of RMB221.5 million (US$31.2 million), primarily due to the increased valuation of several solar technology companies that we invested in. ​ Income Tax Expense. We recorded an income tax expense of RMB605.3 million in 2022, compared with an income tax expense of RMB1.26 billion (US$177.5 million) in 2023.
In 2023, we recognized a gain from change in fair value of RMB221.5 million, primarily due to the increased valuation of several solar technology companies that we invested in. Income Tax Expense. We recorded an income tax expense of RMB605.3 million in 2022, compared with an income tax expense of RMB1.26 billion in 2023.
The gain from foreign exchange options was primarily due to the depreciation of the U.S. dollar against the Renminbi. In 2022, we recognized a loss arising from change in fair value of foreign exchange options of RMB4.2 million, respectively, primarily due to the appreciation of the U.S. dollar against the Renminbi.
Change in Fair Value of Foreign Exchange options In 2022, we recognized a loss arising from change in fair value of foreign exchange options of RMB4.2 million, respectively, primarily due to the appreciation of the U.S. dollar against the Renminbi.
We also monitor our expected future module performance through certain quality and reliability testing and actual performance in certain field installation sites. Based on the historical actual claims incurred during the past years, we project the expected failure rate as 1% for the whole warranty period.
We also monitor our expected future module performance through certain quality and reliability testing and actual performance in certain field installation sites. 111 Table of Contents Based on the historical actual claims incurred during the past years, we project the expected failure rate as 1% for the whole warranty period.
We recognized a loss arising from change in fair value of foreign currency forward contracts of RMB164.4 million in 2022, compared with a loss of RMB389.2 million (US$54.8 million) in 2023, primarily due to fluctuations in exchange rate of the Renminbi against the U.S. dollars. ​ Change in Fair Value of Foreign Exchange Options.
We recognized a loss arising from change in fair value of foreign currency forward contracts of RMB164.4 million in 2022, compared with a loss of RMB389.2 million in 2023, primarily due to fluctuations in exchange rate of the Renminbi against the U.S. dollar. Change in Fair Value of Foreign Exchange Options.
The effective tax rate was 30.6% in 2022 and 16.8% in 2023. ​ Net Income attributable to JinkoSolar Holding Co., Ltd. As a result of the foregoing, our net income attributable to JinkoSolar Holding Co., Ltd. increased from RMB620.5 million in 2022 to RMB3.45 billion (US$485.6 million) in 2023.
The effective tax rate was 30.6% in 2022 and 16.8% in 2023. 103 Table of Contents Net Income attributable to JinkoSolar Holding Co., Ltd. As a result of the foregoing, our net income attributable to JinkoSolar Holding Co., Ltd. increased from RMB620.5 million in 2022 to RMB3.45 billion in 2023.
We adopted our 2014 Equity Incentive Plan in August 2014 and as of the date of this annual report, share options with respect to 14,476,580 ordinary shares have been granted to our directors, officers and employees pursuant to our 2014 Equity Incentive Plan.
Share-based Compensation We adopted our 2014 Equity Incentive Plan in August 2014 and as of the date of this annual report, share options with respect to 14,476,580 ordinary shares have been granted to our directors, officers and employees pursuant to our 2014 Equity Incentive Plan. Our 2014 Equity Incentive Plan has been terminated in August 2024.
Risk Factors—Risks Related to Our Business and Industry—We rely principally on dividends and other distributions on equity paid by our principal operating subsidiary, and limitations on their ability to pay dividends to us could have a material adverse effect on our business and results of operations.” and “Item 8.
Risk Factors—Risks Related to Our Business and Industry—We rely principally on dividends and other distributions on equity paid by our principal operating subsidiary, and limitations on their ability to pay dividends to us could have a material adverse effect on our business and results of operations.” and “Item 8. Financial Information—Dividend Policy” for more information.
We recognized a gain arising from change in fair value of foreign exchange options of RMB18.8 million in 2021, compared with a loss of RMB4.2 million in 2022. The gain from foreign exchange options was primarily due to the appreciation of the U.S. dollars against the Renminbi. ​ Change in fair value of convertible senior notes and call option.
We recognized a loss arising from change in fair value of foreign exchange options of RMB4.2 million in 2022, compared with a gain of RMB74.3 million in 2023. The gain from foreign exchange options was primarily due to the appreciation of the U.S. dollars against the Renminbi. Change in Fair Value of Convertible Senior Notes and Call Option.
Demand for solar power and products depends on various factors including the global macroeconomic environment, pricing, cost-effectiveness, performance and reliability in comparison to alternative forms of energy, and the impact of government regulations and policies.
Industry Demand Our business and revenue growth depends on the industry demand for solar power and solar power products. Demand for solar power and products depends on various factors including the global macroeconomic environment, pricing, cost-effectiveness, performance and reliability in comparison to alternative forms of energy, and the impact of government regulations and policies.
We recognized a foreign exchange gain of RMB1.03 billion in 2022 and RMB0.94 billion (US$132.1 million) in 2023, primary due to the fluctuations in exchange rate of the Renminbi against the U.S. dollars. ​ Other Income, Net. We had net other income of RMB1.6 million in 2022, compared with net other income of RMB26.1 million (US$3.7 million) in 2023.
We recognized a foreign exchange gain of RMB1.03 billion in 2022 and RMB0.94 billion in 2023, primary due to the fluctuations in exchange rate of the Renminbi against the U.S. dollar. Other Income, Net. We had net other income of RMB1.6 million in 2022, compared with net other income of RMB26.1 million in 2023.
The following table sets forth, by products, the sales volumes for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 2023 Sales volume: ​ ​ ​ ​ ​ ​ Silicon wafers (MW) 2,153.4 1,062.6 1,530.6 Solar cells (MW) 856.4 997.0 3,512.0 Solar modules (MW) 22,232.7 44,333.8 78,519.8 ​ The following table presents the sales volumes by solar module types for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 2023 Sales volume: Solar modules – Poly (MW) 40.8 1.3 0.3 Solar modules – Mono (MW) 7.3 13.0 256.6 Solar modules – N Type ​ — ​ 10,684.0 ​ 48,405.1 Solar modules – Mono PERC (MW) 22,184.6 33,635.5 29,857.8 Total ​ 22,232.7 ​ 44,333.8 ​ 78,519.8 ​ Pursuant to our order book of 2024, we are well positioned with 70% of expected solar module shipments for full year 2024 secured as of March 31, 2024, compared to 60% of total solar module shipments for full year 2023 secured as of March 31, 2023. ​ 101 Table of Contents Cost of Revenues ​ Cost of revenues primarily consists of: (i) raw materials, which primarily consist of both virgin polysilicon and recoverable silicon materials; (ii) consumables and components, which include crucibles for the production of monocrystalline and multicrystalline silicon ingots, steel alloy saw wires, slurry, chemicals for raw material cleaning and silicon wafer cleaning, and gases such as argon and silane, as well as silicon wafers and solar cells we procure from third parties for the production of solar modules; (iii) direct labor costs, which include salaries and benefits for employees directly involved in manufacturing activities; (iv) overhead costs, which consist of equipment maintenance costs, cost of utilities including electricity and water; (v) depreciation of property, plant, equipment and project assets; (vi) processing fees paid to third party factories relating to the outsourced production of solar cells and solar modules; and (vii) subcontractor cost and those indirect costs related to contract performance, such as indirect labor, supplies and tools.
The following table sets forth, by products, the sales volumes for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 2024 Sales volume: ​ ​ ​ ​ ​ ​ Silicon wafers (MW) 1,062.6 1,530.6 1,924.2 Solar cells (MW) 997.0 3,512.0 4,798.3 Solar modules (MW) 44,333.8 78,519.8 92,873.3 ​ The following table presents the sales volumes by solar module types for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 2024 Sales volume: Solar modules – Poly (MW) 1.3 0.3 — Solar modules – Mono (MW) 13.0 256.6 — Solar modules – N Type ​ 10,684.0 ​ 48,405.1 ​ 81,291.6 Solar modules – Mono PERC (MW) 33,635.5 29,857.8 11,581.7 Total ​ 44,333.8 ​ 78,519.8 ​ 92,873.3 ​ 92 Table of Contents Cost of Revenues Cost of revenues primarily consists of: (i) raw materials, which primarily consist of both virgin polysilicon and recoverable silicon materials; (ii) consumables and components, which include crucibles for the production of monocrystalline and multicrystalline silicon ingots, steel alloy saw wires, slurry, chemicals for raw material cleaning and silicon wafer cleaning, and gases such as argon and silane, as well as silicon wafers and solar cells we procure from third parties for the production of solar modules; (iii) direct labor costs, which include salaries and benefits for employees directly involved in manufacturing activities; (iv) overhead costs, which consist of equipment maintenance costs, cost of utilities including electricity and water; (v) depreciation of property, plant, equipment and project assets; (vi) processing fees paid to third party factories relating to the outsourced production of solar cells and solar modules; and (vii) subcontractor cost and those indirect costs related to contract performance, such as indirect labor, supplies and tools.
On January 22, 2014, we completed an offering of 3,750,000 ADSs representing 15,000,000 ordinary shares, receiving aggregate net proceeds of US$126.2 million after deducting discounts and commissions and offering expenses.
On September 25, 2013, we completed an offering of 4,370,000 ADSs, receiving aggregate net proceeds of US$67.8 million, after deducting discounts and commissions and offering expenses. On January 22, 2014, we completed an offering of 3,750,000 ADSs representing 15,000,000 ordinary shares, receiving aggregate net proceeds of US$126.2 million after deducting discounts and commissions and offering expenses.
In 2021, 2022 and 2023, our government subsidy income, which was not assets-related, was RMB465.7 million, RMB1.09 billion and RMB1.18 billion (US$165.6 million), respectively. ​ Government grants related to assets are initially recorded as other payables and accruals. These grants will be deducted from the carrying amount when the assets are ready for use and approved by related government.
In 2022, 2023 and 2024, our government subsidy income, which was not assets-related, was RMB1.09 billion, RMB1.18 billion and RMB2.45 billion (US$335.5 million), respectively. Government grants related to assets are initially recorded as other payables and accruals. These grants will be deducted from the carrying amount when the assets are ready for use and approved by related government.
Furthermore, the Administrative Measures for Non-Resident Enterprises to Enjoy Treatments under Tax Treaties, which became effective in November 2015 and was amended in June 2018, require non-resident enterprises to determine whether they are qualified to enjoy the preferential tax treatment under the tax treaties and file relevant report and materials with the tax authorities. ​ 105 Table of Contents Pursuant to the Provisional Regulation of the PRC on Value Added Tax issued by the State Council, effective on January 1, 1994 and lately amended and effective on February 6, 2016, or the Provisional Regulation, and its Implementing Rules, all entities and individuals that are engaged in the sale of goods, the provision of processing, repairs and installation services, the sale of services, intangible assets and real property in China and the importation of goods in China are required to pay VAT.
Furthermore, the Administrative Measures for Non-Resident Enterprises to Enjoy Treatments under Tax Treaties, which became effective in January 2020, requires non-resident enterprises to determine whether they are qualified to enjoy the preferential tax treatment under the tax treaties and file relevant form and retain materials for future possible tax inspection. 96 Table of Contents Pursuant to the Provisional Regulation of the PRC on Value Added Tax issued by the State Council, effective on January 1, 1994 and lately amended and effective on February 6, 2016, or the Provisional Regulation, and its Implementing Rules, all entities and individuals that are engaged in the sale of goods, the provision of processing, repairs and installation services, the sale of services, intangible assets and real property in China and the importation of goods in China are required to pay VAT.
As of the date of this annual report, no share options were outstanding and available for future grant under our 2009 Long Term Incentive Plan.
As of the date of this annual report, no share options were outstanding and available for future grant under our 2014 Equity Incentive Plan.
Our subsidy income increased by 8.3% from RMB1.09 billion in 2022 to RMB1.18 billion (US$165.6 million) in 2023, primarily due to an increase in the cash receipt of incentives to our business operations. ​ 108 Table of Contents Exchange gain.
Subsidy Income. Our subsidy income increased by 8.3% from RMB1.09 billion in 2022 to RMB1.18 billion in 2023, primarily due to an increase in the cash receipt of incentives to our business operations. Exchange Gain.
In 2021, 2022 and 2023, our research and development expenses were RMB461.6 million, RMB724.8 million, and RMB911.9 million (US$128.4 million), respectively. ​ Impairment of long-lived assets. Impairment of long-lived assets consist primarily as a result of the obsolescence of certain equipment for upgrade in our wafer and cell production line and impairment for one of our overseas solar power projects.
In 2022, 2023 and 2024, our research and development expenses were RMB724.8 million, RMB911.9 million and RMB920.5 million (US$126.1 million), respectively. Impairment of long-lived assets. Impairment of long-lived assets consist primarily as a result of the obsolescence of certain equipment for upgrade in our wafer and cell production line and impairment for one of our overseas solar power projects.
Our selling and marketing expenses consist primarily of shipping and handling expenses, warranty cost, exhibition costs, salaries, bonuses and other benefits for our sales personnel as well as sales-related travel and entertainment expenses. In 2021, 2022 and 2023, our selling and marketing expenses were RMB2.86 billion, RMB7.24 billion and RMB6.82 billion (US$0.96 billion), respectively. ​ General and Administrative Expenses.
Our selling and marketing expenses consist primarily of shipping and handling expenses, warranty cost, exhibition costs, salaries, bonuses and other benefits for our sales personnel as well as sales-related travel and entertainment expenses. In 2022, 2023 and 2024, our selling and marketing expenses were RMB7.24 billion, RMB6.82 billion and RMB6.64 billion (US$909.9 million), respectively. General and Administrative Expenses.
The shares were issued at a public offering price of RMB5.00 per share and the total gross proceeds of the STAR Listing were approximately RMB10.00 billion. After the STAR Listing, we owned approximately 58.62% equity interest in Jiangxi Jinko. ​ Our working capital was RMB1.88 billion (US$265.4 million) as of December 31, 2023.
The shares were issued at a public offering price of RMB5.00 per share and the total gross proceeds of the STAR Listing were approximately RMB10.00 billion. After the STAR Listing, we owned approximately 58.62% equity interest in Jiangxi Jinko. Our working capital was RMB14.38 billion (US$1.97 billion) as of December 31, 2024.
Our net interest expenses consist of interest expenses of RMB1.17 billion (US$165.0 million) and interest income of RMB553.5 million (US$78.0 million) in 2023. Our net interest expenses increased by 25.9% from RMB490.7 million in 2022 to RMB617.6 million (US$87.0 million) in 2023 due to an increase in interest-bearing debts. ​ Subsidy Income.
Our operating profit margin increased from 0.5% in 2022 to 5.1% in 2023. Interest Expenses, Net. Our net interest expenses consist of interest expenses of RMB1.17 billion and interest income of RMB553.5 million in 2023. Our net interest expenses increased by 25.9% from RMB490.7 million in 2022 to RMB617.6 million in 2023 due to an increase in interest-bearing debts.
We typically offer customers credit terms of 60 to 120 days. Selling products on credit terms has increased, and may continue to increase our working capital requirements and have a negative impact on our short-term liquidity. See “Item 3. Key Information—D.
Selling products on credit terms has increased, and may continue to increase our working capital requirements and have a negative impact on our short-term liquidity. See “Item 3. Key Information—D.
Sichuan Jinko, Leshan Jinko, Chuxiong Jinko, Qinghai Jinko and Jinko Jinchang were designated by the relevant local authorities as an “Enterprise in the Encouraged Industry.” According to the “Announcement on Continuation of CIT Policies for Large-scale Development in the Western Region” published on April 23, 2020, enterprises established in the western region of China in encouraged industries can continue to enjoy the preferential tax rate of 15% till December 31, 2030. ​ 104 Table of Contents Since Jiangxi Jinko’s initial pubic offering in 2022, the Group provided withholding income tax for the earnings of Jiangxi Jinko, which are expected to be distributed in the future based on its distribution plan.
In addition, Chuxiong Jinko and Qinghai Jinko, our operating subsidiaries, have been designated by the relevant local authorities as “Enterprises in the Encouraged Industry.” According to the “Announcement on Continuation of CIT Policies for Large-scale Development in the Western Region” published on April 23, 2020, enterprises in encouraged industries that are established in the western region of China can continue to enjoy a preferential tax rate of 15% until December 31, 2030. 95 Table of Contents Since Jiangxi Jinko’s initial pubic offering in 2022, the Group accrued withholding income tax on the earnings of Jiangxi Jinko, which were expected to be distributed in the future based on its distribution plan.
On March 23, 2016, the MOF and the STA issued a notice, pursuant to which, effective from May 1, 2016, pilot program of replacing the business tax with VAT will be implemented nationwide, and the industry of construction, real estate, finance, life services will fall within the scope of taxable services subject to VAT instead of the business tax. ​ Under the current law of the Cayman Islands, we are not subject to any income or capital gains tax.
On March 23, 2016, the MOF and the STA issued a notice, pursuant to which, effective from May 1, 2016, pilot program of replacing the business tax with VAT will be implemented nationwide, and the industry of construction, real estate, finance, life services will fall within the scope of taxable services subject to VAT instead of the business tax.
The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in us including the additional required disclosures when adopted.
The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted.
Interest expense capitalized during the construction period of property, plant and equipment, and project assets in 2021, 2022 and 2023 were RMB40.6 million, RMB70.7 million and RMB71.7 million (US$10.1 million), respectively. ​ 102 Table of Contents Government Grants ​ From time to time we apply for and receive government incentives in the form of subsidies from local and provincial governments.
Interest expenses capitalized during the construction period of property, plant and equipment, and project assets in 2022, 2023 and 2024 were RMB70.7 million, RMB71.7 million, and RMB60.8 million (US$8.3 million), respectively. 93 Table of Contents Government Grants From time to time we apply for and receive government incentives in the form of subsidies from local and provincial governments.
Jiangxi Jinko, Zhejiang Jinko, Haining Jinko, Yiwu Jinko, Shangrao Jinko, Zhejiang New Materials and Anhui Jinko were designated by the relevant local authorities as “High and New Technology Enterprises” under the CIT Law.
Jiangxi Jinko, Zhejiang Jinko, Haining Jinko, Shangrao Jinko, Zhejiang New Materials and Anhui Jinko have been designated by the relevant local authorities as High and New Technology Enterprises” (“HNTEs”) under the CIT Law.
In 2021, 2022 and 2023, our cost of revenues was RMB34.17 billion, RMB70.85 billion and RMB99.63 billion (US$14.03 billion), respectively. ​ Operating Expenses ​ Our operating expenses include selling and marketing expenses, general and administrative expenses, research and development expenses and impairment of long-lived assets. ​ Selling and Marketing Expenses.
In 2022, 2023 and 2024, our cost of revenues was RMB70.85 billion, RMB99.63 billion and RMB82.20 billion (US$11.26 billion), respectively. Operating Expenses Our operating expenses include selling and marketing expenses, general and administrative expenses, research and development expenses and impairment of long-lived assets. Selling and Marketing Expenses.
The loan was downsized to JPY3.00 billion after annual review in December 2021. ​ In May 2019, we completed a follow-on public offering of 4,671,875 ADSs, each representing four of our ordinary shares, at US$16.00 per ADS. Concurrently with the offering, we issued convertible senior notes of US$85 million due 2024 to support capital expenditure and supplement working capital.
The loan was downsized to JPY3.00 billion after annual review in December 2021. 105 Table of Contents In May 2019, we completed a follow-on public offering of 4,671,875 ADSs, each representing four of our ordinary shares, at US$16.00 per ADS. Concurrently with the offering, we issued the 2019 Notes.
Our direct sales to the North American market and European market accounted for 8.8% and 18.3% of our total revenue in 2023, respectively. 99 Table of Contents Changing Product and Service Mix ​ Our product mix has evolved rapidly since our inception, as we expanded our production capabilities to manufacture and sell downstream solar power products and to capture the efficiencies of our vertically-integrated production process.
Our direct sales to the Americas market and European market accounted for 24.4% and 14.8% of our total revenue in 2024, respectively. Product and Service Mix Our product mix has evolved rapidly since our inception, as we expanded our production capabilities to manufacture and sell downstream solar power products and to capture the efficiencies of our vertically-integrated production process.
We also have 904 pending patent applications. These patents and patent applications relate to the technologies utilized in our manufacturing processes. We intend to continue to assess appropriate opportunities for patent protection of critical aspects of our technologies. We also rely on a combination of trade secrets and employee and third-party confidentiality agreements to safeguard our intellectual property.
We intend to continue to assess appropriate opportunities for patent protection of critical aspects of our technologies. We also rely on a combination of trade secrets and employee and third-party confidentiality agreements to safeguard our intellectual property.
In 2024, the Japanese government further cut down its FIT to JPY9.2 for projects above 50 KW. ​ Our revenue and operating results may be adversely impacted by unfavorable policy revisions if FIT in the United States, our largest export market, and certain other major markets for solar power and solar power products are further reduced.
Our revenue and operating results may be adversely impacted by unfavorable policy revisions if FIT in the United States, our largest export market, and certain other major markets for solar power and solar power products are further reduced.
The gain from foreign exchange forward contracts was primary due to fluctuations in exchange rate of the Renminbi against the U.S. dollars. We recognized a loss of RMB164.4 million in 2022, primarily due to fluctuations in exchange rate of the Renminbi against the U.S. dollars.
Change in Fair Value of Foreign Exchange Forward Contracts We recognized a loss of RMB164.4 million in 2022, primarily due to fluctuations in exchange rate of the Renminbi against the U.S. dollars. We recognized a loss of RMB389.2 million in 2023, primarily due to fluctuations in exchange rate of the Renminbi against the U.S. dollars.
In 2022, we recognized a loss arising from change in fair value of convertible senior notes and call option of RMB12.1 million. In 2023, we recognized a loss arising from change in fair value of convertible senior notes and call option of RMB31.2 million (US$4.4 million).
Change in Fair Value of Convertible Senior Notes In 2022 and 2023, we recognized losses arising from change in fair value of convertible senior notes of RMB12.1 million and RMB31.2 million, respectively.
We had net income of RMB955.6 million, RMB1.57 billion and RMB6.45 billion (US$908.8 million) in 2021, 2022 and 2023, respectively. ​ Principal Factors Affecting Our Results of Operations ​ We believe that the following factors have had, and we expect that they will continue to have, a significant effect on the development of our business, financial condition and results of operations. ​ Industry Demand ​ Our business and revenue growth depends on the industry demand for solar power and solar power products.
We had net income of RMB1.57 billion, RMB6.45 billion and RMB13.5 million (US$1.8 million) in 2022, 2023 and 2024, respectively. Principal Factors Affecting Our Results of Operations We believe that the following factors have had, and we expect that they will continue to have, a significant effect on the development of our business, financial condition and results of operations.
Our net assets subject to the above restrictions were RMB26.52 billion (US$3.74 billion), representing 79.1% of our total consolidated net assets as of December 31, 2023. ​ Furthermore, cash transfers from our PRC subsidiaries to their parent companies outside of China are subject to PRC government’s control of currency conversion.
Our net assets subject to the above restrictions were RMB21.14 billion (US$2.90 billion), representing 64.5% of our total consolidated net assets as of December 31, 2024. Furthermore, cash transfers from our PRC subsidiaries to their parent companies outside of China are subject to PRC government’s control of currency conversion.
In 2023, we recognized a gain arising from change in fair value of foreign exchange options of RMB74.3 million (US$10.5 million), respectively, primarily due to the depreciation of the U.S. dollar against the Renminbi. ​ Change in Fair Value of Convertible Senior Notes and Call Option ​ In 2021, we recognized a gain arising from change in fair value of convertible senior notes and call option of RMB191.6 million.
In 2023, we recognized a gain arising from change in fair value of foreign exchange options of RMB74.3 million, respectively, primarily due to the depreciation of the U.S. dollar against the Renminbi.
Our processing services primarily represent silicon material processing services. We expect the sales of solar modules to continue to be our primary source of revenues.
We expect the sales of solar modules to continue to be our primary source of revenues.
We believe that our cash and cash equivalents, cash flows from operating activities and our subsidiary Jiangxi Jinko’s equity offerings will be sufficient to meet our working capital, capital expenditure needs that will arise in 2024 and beyond. 113 Table of Contents We are a holding company incorporated in the Cayman Islands.
We believe that our cash and cash equivalents, cash flows from operating activities and our subsidiary Jiangxi Jinko’s equity offerings will be sufficient to meet our working capital. We are a holding company incorporated in the Cayman Islands. We may rely on dividends from our subsidiaries in China for our cash needs.
(the “Pledged Assets”) as of December 31, 2022 and 2023, and the amount of available facilities is generally determined and updated from time to time based on certain percentage of the Pledged Assets balances.
(the “Pledged Assets”) as of December 31, 2023 and 2024, and the amount of available facilities is generally determined and updated from time to time based on certain percentage of the Pledged Assets balances. As of December 31, 2024, approximately US$130 were drawn down from such revolving loan facility.
We also derive a small portion of revenues from sales of other solar materials, generated electricity and processing service fees, as well as sales of two solar power plants in Mexico in 2020 and one solar power plant in Argentina in 2022. Our sales of other materials primarily consist of sales of raw materials and auxiliary materials.
We also derive a small portion of revenues from the sales of other solar materials, generated electricity and processing service fees, as well as the sales of our solar power plants. Our sales of other materials primarily consist of sales of raw materials and auxiliary materials. Our processing services primarily represent silicon material processing services.
We recognized a loss of RMB389.2 million (US$54.8 million) in 2023, primarily due to fluctuations in exchange rate of the Renminbi against the U.S. dollars. ​ Change in Fair Value of Foreign Exchange options ​ In 2021, we recognized a gain arising from change in fair value of foreign exchange options of RMB18.8 million.
We recognized a gain of RMB115.3 million (US$15.8 million) from the change in fair value of foreign currency forward contracts in 2024, compared to a loss of RMB389.2 million in 2023, primarily due to fluctuations in the exchange rate of Renminbi against the U.S. dollar. Change in Fair Value of Foreign Exchange Options.
Our capital expenditures were used primarily to construct our manufacturing facilities and purchase equipment for the production of silicon wafers, solar cells and solar modules, acquire land use rights, and construction of project assets.
Business Overview— Regulation—Dividend Distribution.” 107 Table of Contents Capital Expenditures We incur capital expenditures primarily to construct our manufacturing facilities and purchase equipment for the production of silicon wafers, solar cells and solar modules, acquire land use rights, and construction of project assets.
The increase in total revenues was mainly attributable to an increase in the shipment of solar modules due to the increasing demand in the global market, which was partially offset by the decrease in the average selling price of solar modules. ​ Our revenue from sales of solar modules increased by 42.6% from RMB80.22 billion in 2022 to RMB114.38 billion (US$16.11 billion) in 2023, primarily due to increasing demand in the global market offsetting by decrease in the average selling price of solar modules.
Our revenues increased by 42.8% from RMB83.13 billion in 2022 to RMB118.68 billion in 2023. The increase in total revenues was mainly attributable to an increase in the shipment of solar modules due to the increasing demand in the global market, which was partially offset by the decrease in the average selling price of solar modules.
As such, it is still unclear if the PRC tax authorities would subsequently determine that, notwithstanding our status as the Cayman Islands holding company of our operating business in China, we should be classified as a PRC tax resident enterprise, whereby our global income will be subject to PRC income tax at a tax rate of 25%. ​ Under the CIT Law and the Implementation Rules of the CIT Law, a withholding tax at the rate of 10% will normally be applicable to dividends payable to investors that are “non-resident enterprises,” to the extent such dividends have their source within China.
As such, it is still unclear if the PRC tax authorities would subsequently determine that, notwithstanding our status as the Cayman Islands holding company of our operating business in China, we should be classified as a PRC tax resident enterprise, whereby our global income will be subject to PRC income tax at a tax rate of 25%.
Our impairment of long-lived assets increased by 71.3% from RMB373.7 million in 2022 to RMB640.0 million (US$90.1 million) in 2023, due to an increase in impairment loss on property, plant and equipment as a result of the upgrade of certain cell production equipment. ​ Our research and development expenses increased by 25.8% from RMB724.8 million in 2022 to RMB911.9 million (US$128.4 million) in 2023, as we devoted more efforts on our research and development in 2023. ​ Income from Operations.
Our impairment of long-lived assets increased by 71.3% from RMB373.7 million in 2022 to RMB640.0 million in 2023, due to an increase in impairment loss on property, plant and equipment as a result of the upgrade of certain cell production equipment.
Our capital commitments under these agreements amounted to RMB20.15 billion (US$2.84 billion) as of December 31, 2023, of which RMB7.34 billion (US$1.03 billion) will be due in 2024. We anticipate to use funds from bank borrowings, finance leasing, and capital contribution from other shareholders of our subsidiaries, as the case may be, to fulfil these capital commitments.
Our capital commitments amounted to RMB12.11 billion (US$1.66 billion) as of December 31, 2024, of which RMB4.01 billion (US$549.4 million) will be due in 2025. We anticipate to use funds from bank borrowings, finance leasing, and capital contribution from other shareholders of our subsidiaries, as the case may be, to fulfil these capital commitments.
As of December 31, 2023, we had an integrated annual capacity of 85 GW for mono wafers, 90 GW for solar cells and 110 GW for solar modules. ​ Our revenues were RMB40.83 billion, RMB83.13 billion and RMB118.68 billion (US$16.72 billion) in 2021, 2022 and 2023, respectively.
As of December 31, 2024, we had an integrated annual capacity of 120 GW for mono wafers, 95 GW for solar cells and 130 GW for solar modules. Our revenues were RMB83.13 billion, RMB118.68 billion and RMB92.26 billion (US$12.64 billion) in 2022, 2023 and 2024, respectively.
We may rely on dividends from our subsidiaries in China for our cash needs. Current PRC regulations restrict the ability of our subsidiaries to pay dividends to us. See “Item 3. Key Information—D.
Current PRC regulations restrict the ability of our subsidiaries to pay dividends to us. See “Item 3. Key Information—D.
The credit limit was raised to US$40.0 million in June 2015, to US$60.0 million in July 2016 and further to US$90.0 million in January 2020 through amendments to the credit agreement.
The credit limit was raised to US$40.0 million in June 2015, to US$60.0 million in July 2016 and further to US$90.0 million in January 2020 through amendments to the credit agreement. Borrowings under the credit agreement have been used to support our working capital and business operations in the United States.
In addition, decreases in the price of silicon feedstock, improvements in manufacturing techniques for solar power products and economies of scale have continually reduced the unit production costs of solar power products in recent years, which in turn have increased the competitiveness of solar power on an unsubsidized basis relative to conventional power and other renewable energy. ​ 98 Table of Contents In spite of the price fluctuations caused by the international trade barriers such as EU anti-dumping tariff and Section 201 Investigation, as well as the inconsistent government policies towards PV industry such as the “May 31 policy”—in May 2018, the NDRC, Ministry of Finance, and NEA jointly announced a new policy to lower the solar feed-in-tariff, halt subsidized utility-scale development, and implement a quota for distributed projects which are eligible for subsidies in 2018.
In spite of the price fluctuations caused by the international trade barriers such as EU anti-dumping tariff and Section 201 Investigation, as well as the inconsistent government policies towards PV industry such as the “May 31 policy”—in May 2018, the NDRC, Ministry of Finance, and NEA jointly announced a new policy to lower the solar feed-in-tariff, halt subsidized utility-scale development, and implement a quota for distributed projects which are eligible for subsidies in 2018.
According to the Circular of the State Taxation Administration on How to Understand and Identify a “Beneficial Owner” under Tax Treaties which became effective on October 27, 2009, and the Announcement of the State Taxation Administration on the Determination of “Beneficial Owners” in the Tax Treaties, effective on June 29, 2012, the PRC tax authorities must evaluate whether an applicant for treaty benefits in respect of dividends, interest and royalties qualifies as a “beneficial owner” on a case-by-case basis and following the “substance over form” principle.
According to the Circular of the State Taxation Administration on the “Beneficial Ownership” under Tax Treaty issued by the STA on February 3, 2018, the PRC tax authorities must evaluate whether an applicant for treaty benefits in respect of dividends, interest and royalties qualifies as a “beneficial owner” on a case-by-case basis and following the “substance over form” principle.
The following table presents our revenues, net of VAT, by products and services, as sales amounts and as percentages of total revenues, for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 2023 ​ ​ (RMB in ​ ​ ​ (RMB in ​ ​ ​ (RMB in ​ (US$ in ​ ​ ​ thousands) (%) ​ thousands) (%) thousands) thousands) (%) Products ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silicon wafers 1,152,055.5 2.8 ​ 466,553.0 ​ 0.6 283,561.0 ​ 39,938.7 0.2 Solar cells 606,581.8 1.5 ​ 1,024,113.7 ​ 1.2 1,597,490.0 ​ 225,001.8 1.3 Solar modules ​ 37,737,382.6 92.4 ​ 80,224,353.8 ​ 96.5 114,381,172.0 ​ 16,110,251.2 96.5 Sales of other solar materials ​ 1,043,759.6 ​ 2.6 ​ 1,380,875.0 ​ 1.7 ​ 2,374,386.0 ​ 334,425.3 ​ 2.0 Sales of solar projects — — ​ 31,400.1 ​ 0.0 41,982.0 ​ 5,913.0 — Processing service fees 186,045.2 0.5 ​ — ​ — — ​ — — Revenue from generated electricity 100,696.4 0.2 ​ — ​ — — ​ — ​ — Total 40,826,521.1 100.0 ​ 83,127,295.6 ​ 100.0 118,678,591.0 ​ 16,715,530.0 100.0 ​ Our revenues are affected by sales volumes, product mix and average selling prices.
The following table presents our revenues, net of VAT, by products and services, as sales amounts and as percentages of total revenues, for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 2024 ​ ​ (RMB in ​ ​ ​ (RMB in ​ ​ ​ (RMB in ​ (US$ in ​ ​ ​ thousands) (%) ​ thousands) (%) thousands) thousands) (%) Products ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silicon wafers 466,553.0 0.6 ​ 283,561.0 ​ 0.2 151,095.0 ​ 20,700.0 0.1 Solar cells 1,024,113.7 1.2 ​ 1,597,490.0 ​ 1.3 826,104.0 ​ 113,176.0 0.9 Solar modules ​ 80,224,353.8 96.5 ​ 114,381,172.0 ​ 96.5 89,014,018.0 ​ 12,194,870.0 96.5 Sales of other solar materials ​ 1,380,875.0 ​ 1.7 ​ 2,374,386.0 ​ 2.0 ​ 2,265,085.0 ​ 310,315.0 ​ 2.5 Sales of solar projects 31,400.1 0.0 ​ 41,982.0 ​ — — ​ — — Processing service fees — — ​ — ​ — — ​ — — Revenue from generated electricity — — ​ — ​ — — ​ — ​ — Total 83,127,295.6 100.0 ​ 118,678,591.0 ​ 100.0 92,256,302.0 ​ 12,639,062.0 100.0 ​ Our revenues are affected by sales volumes, product mix and average selling prices.
We issued convertible senior notes and call option in 2019, the loss arising from change in fair value of which was primarily due to the changes in the Company’s stock price. ​ 103 Table of Contents Change in Fair Value of Long-term Investment ​ We recognized a gain from change in fair value of RMB101.9 million in the fourth quarter of 2022.
We issued convertible senior notes and call option in 2019, the loss arising from change in fair value of which was primarily due to the changes in the Company’s stock price.
The sales volume of our solar modules increased by 77.2% from 44.3 GW in 2022 to 78.5 GW in 2023. ​ 107 Table of Contents Our revenue from sales of silicon wafers decreased by 39.2 % from RMB466.6 million in 2022 to RMB283.6 million (US$39.9 million) in 2023.
The sales volume of our solar modules increased by 18.3% from 78.5 GW in 2023 to 92.9 GW in 2024. 100 Table of Contents Our revenue from sales of silicon wafers decreased by 46.7 % from RMB283.6 million in 2023 to RMB151.1 million (US$20.7 million) in 2024.
Our cost of revenues increased by 40.6% from RMB70.85 billion in 2022 to RMB99.63 billion (US$14.03 billion) in 2023, primarily due to an increase in the shipment of solar modules in 2023. ​ Gross Profit.
Our revenue from sales of other solar materials increased by 71.7% from RMB1.38 billion in 2022 to RMB2.37 billion in 2023. Cost of Revenues. Our cost of revenues increased by 40.6% from RMB70.85 billion in 2022 to RMB99.63 billion in 2023, primarily due to an increase in the shipment of solar modules in 2023. 102 Table of Contents Gross Profit.
As of December 31, 2023, we recognized deferred tax liabilities of RMB68.5 million (US$9.6 million), which was related to the cumulative undistributed earnings of Jiangxi Jinko. ​ In addition, under the CIT Law, an enterprise established outside China with “de facto management bodies” within China may be considered a PRC tax resident enterprise and will normally be subject to the PRC corporate income tax at the rate of 25% on its global income.
In addition, under the CIT Law, an enterprise established outside China with “de facto management bodies” within China may be considered a PRC tax resident enterprise and will normally be subject to the PRC corporate income tax at the rate of 25% on its global income.
We intend to continue to devote management and financial resources to research and development as well as to seek cooperative relationships with other academic institutions to further lower our overall production costs, increase the conversion efficiency rate of our solar power products and improve our product quality. ​ Intellectual Property ​ As of December 31, 2023, we have been granted 3,541 patents, including 1,344 utility model patents, 2,143 invention patent and 54 design patents.
We intend to continue to devote management and financial resources to research and development as well as to seek cooperative relationships with other academic institutions to further lower our overall production costs, increase the conversion efficiency rate of our solar power products and improve our product quality.
In 2023, we recognized a gain from change in fair value of RMB221.5 million (US$31.2 million), which was primarily due to the increased valuation of several solar technology companies that we invested in.
In 2023 and 2024, we recognized gains from change in fair value of RMB221.5 million and RMB163.5 million (US$22.4 million), respectively, due to the increased valuation of several solar technology companies that we invested.
Two of our subsidiaries had a revolving loan facility from Wells Fargo Bank, National Association as of December 31, 2022 and 2023. ​ Obligations under the loan facility were secured by substantially all of the assets of the two subsidiaries, including account receivables, bank balances, inventories, property and plants etc.
Obligations under the loan facility were secured by substantially all of the assets of the two subsidiaries, including account receivables, bank balances, inventories, property and plants etc.
Provision of allowance for credit losses receivable were RMB91.9 million, RMB394.3 million and RMB 181.8 million (US$25.6 million) in 2021, 2022 and 2023, respectively, and reversal of allowances for credit losses receivable were RMB24.2 million, RMB114.8 million and RMB77.0 million (US$10.8 million) in 2021, 2022 and 2023, respectively.
Provision of allowance for credit losses receivable were RMB394.3 million, RMB181.8 million and RMB257.9 million (US$35.3 million) in 2022, 2023 and 2024, respectively, and reversal of allowances for credit losses receivable were RMB114.8 million, RMB77.0 million and RMB113.7 million (US$15.6 million) in 2022, 2023 and 2024, respectively.
We will continue to make assessment and properly provide the provision on credit losses. ​ Pricing of Solar Power Products ​ The price of our solar modules is influenced by a variety of factors, including polysilicon prices, supply and demand conditions, the competitive landscape and processing technologies. ​ The implementation of the capacity expansion plans by major solar power product manufacturers in 2009 and 2010 resulted in significant increases in the supply of solar power products in the global market, which contributed to a general decrease in the average selling prices of solar power products in recent years, including solar modules.
We will continue to make assessment and properly provide the provision on credit losses. Pricing of Solar Power Products The price of our solar modules is influenced by a variety of factors, including polysilicon prices, supply and demand conditions, the competitive landscape and processing technologies.
Liquidity and Capital Resources ​ We have financed our operations and capital expenditures primarily through equity contributions from our shareholders, the net proceeds of our equity and debt securities offerings, cash flow generated from operations, as well as short-term and long-term debt financing. ​ As of December 31, 2023, we had RMB16.06 billion (US$2.26 billion) in cash and cash equivalents and RMB3.01 billion (US$423.7 million) in restricted cash.
Our net profit margin increased from 0.7% in 2022 to 2.9% in 2023. B. Liquidity and Capital Resources We have financed our operations and capital expenditures primarily through equity contributions from our shareholders, the net proceeds of our equity and debt securities offerings, cash flow generated from operations, as well as short-term and long-term debt financing.
We believe that the growth of the solar power industry in the short term will continue to depend largely on the availability and effectiveness of government incentives for solar power products and the competitiveness of solar power in relation to conventional and other renewable energy resources in terms of cost. ​ Our business may also be affected by the trade policies of government or international trade bodies, particularly in our major export markets, such as the U.S. and Europe.
We believe that the growth of the solar power industry in the short term will continue to depend largely on the availability and effectiveness of government incentives for solar power products and the competitiveness of solar power in relation to conventional and other renewable energy resources in terms of cost.
Meanwhile, intensified competition brought by changes in supply and demand, accelerated technical iteration, high interest rates, and geopolitical tensions caused some volatility in the global PV market, and posed challenges to all industry players. 97 Table of Contents ​ We believe the steady reduction in the manufacturing cost of solar power products will stimulate demand for solar power and solar power products in the long term.
Meanwhile, intensified competition brought by changes in supply and demand, accelerated technical iteration, high interest rates, and geopolitical tensions caused some volatility in the global PV market, and posed challenges to all industry players. Global solar demand continued to grow in 2024.
In 2021, 2022 and 2023, our research and development expenses were RMB461.6 million, RMB724.8 million and RMB911.9 million (US$128.4 million), respectively.
In 2022, 2023 and 2024, our research and development expenses were RMB724.8 million, RMB911.9 million and RMB920.5 million (US$126.1 million), respectively.
The term of this bank facility has been extended to 2022. ​ In September 2016, we signed a US$25.0 million two-year bank facility agreement with Malayan Banking Berhad, the term of which was extended to September 2022, to support our working capital and business operations in Malaysia. ​ In July 2017, we entered into a four-year financial lease in the amount of RMB600.0 million to support the improvement of our production efficiency. ​ In September 2017, we filed a prospectus supplement to sell up to an aggregate of US$100 million of the ADSs through the 2017 ATM Program.
The term of this bank facility has been extended to 2022. In September 2016, we signed a US$25.0 million two-year bank facility agreement with Malayan Banking Berhad, the term of which was extended to September 2022, to support our working capital and business operations in Malaysia.

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Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeShare Ownership ​ The following table sets forth information with respect to the beneficial ownership of our shares as of March 31, 2024 by: ​ ● each of our directors and executive officers; and ​ ● each person known to us to own beneficially more than 5.0% of our shares. ​ ​ ​ ​ ​ ​ ​ Ordinary Shares Beneficially Owned (1)(2) ​ ​ Number ​ % Directors and Executive Officers: ​ ​ ​ ​ Xiande Li (3)(7) 37,388,562 17.6 Xianhua Li (4)(7) 8,976,488 4.2 Wing Keong Siew * * Steven Markscheid * * Yingqiu Liu * * Haiyun (Charlie) Cao * * Mengmeng (Pan) Li ​ * ​ * All Directors and Executive Officers as a group 48,245,731 22.4 Principal Shareholders: ​ ​ Brilliant Win Holdings Limited (3) 37,388,562 17.6 Yale Pride Limited (5) 16,275,365 7.7 Zhuoling International Limited (6) ​ 12,800,000 ​ 6.0 * Less than 1%. ​ (1) Beneficial ownership is determined in accordance with Rule 13d-3 of the General Rules and Regulations under the Exchange Act, and includes voting or investment power with respect to the securities. ​ (2) The percentage of beneficial ownership is calculated by dividing the number of shares beneficially owned by such person or group by 212,618,115 ordinary shares, being the number of shares outstanding as of March 31, 2024 (excluding 92,946 ADSs representing 371,785 ordinary shares reserved for future grants under our share incentive plans, and 7,012,712 ordinary shares as treasury stock), and the number of ordinary shares that such person or group has the right to require within 60 days as of March 31, 2024 by option or other agreement (these shares are also included in the computation of the percentage ownership of any other person or group) . ​ (3) Represents 37,388,562 ordinary shares (including certain ordinary shares in the form of ADSs and restricted ADSs) held by Brilliant Win Holdings Limited.
Biggest changeShare Ownership The following table sets forth information with respect to the beneficial ownership of our shares as of the date of this annual report by: ● each of our directors and executive officers; and ● each person known to us to own beneficially more than 5.0% of our shares. ​ ​ ​ ​ ​ ​ ​ Ordinary Shares Beneficially Owned (1)(2) ​ ​ Number ​ % Directors and Executive Officers: ​ ​ ​ ​ Xiande Li (3)(7) 42,271,616 20.5 Xianhua Li (4)(7) 10,118,756 4.9 Wing Keong Siew * * Steven Markscheid * * Gang Chu * * Haiyun (Charlie) Cao * * Mengmeng (Pan) Li ​ * ​ * All Directors and Executive Officers as a group 54,832,610 26.5 Principal Shareholders: ​ ​ Brilliant Win Holdings Limited (3) 40,179,480 19.5 Yale Pride Limited (5) 17,008,100 8.2 Zhuoling International Limited (6) ​ 12,800,000 ​ 6.2 * Less than 1%.
The compensation committee is authorized to interpret the plan, to establish, amend and rescind any rules and regulations relating to the plan, and to make any other determinations that it deems necessary or desirable for the administration of the plan.
The compensation committee is authorized to interpret the plan, to establish, amend and rescind any rules and regulations relating to the plan, and to make any other determinations that it deems necessary or desirable for the administration of the plan.
The consideration to be paid for our ordinary shares upon exercise of an option or purchase of shares underlying the option may include cash, or its equivalent, ordinary shares of our company, or any combination of the foregoing methods of payment, or consideration received by us in a cashless exercise. ​ Change in Control.
The consideration to be paid for our ordinary shares upon exercise of an option or purchase of shares underlying the option may include cash, or its equivalent, ordinary shares of our company, or any combination of the foregoing methods of payment, or consideration received by us in a cashless exercise. Change in Control.
In the case of a change in control event, which is the sale or disposal of all, or substantially all of our assets, the acquisition by a third party of more than 50% of the voting power in our company by way of a merger, consolidation, tender or exchange offer or otherwise, the compensation committee may decide that all outstanding awards that are unexercisable or otherwise unvested or subject to lapse restrictions will automatically be deemed exercisable or otherwise vested or no longer subject to lapse restrictions, as the case may be, as of immediately prior to such change in control event.
In the case of a change in control event, which is the sale or disposal of all, or substantially all of our assets, the acquisition by a third party of more than 50% of the voting power in our company by way of a merger, consolidation, tender or exchange offer or otherwise, the compensation committee may decide that all outstanding awards that are unexercisable or otherwise unvested or subject to lapse restrictions will automatically be deemed exercisable or otherwise vested or no longer subject to lapse restrictions, as the case may be, as of immediately prior to such change in control event.
The compensation committee is authorized to interpret the plan, to establish, amend and rescind any rules and regulations relating to the plan, and to make any other determinations that it deems necessary or desirable for the administration of the plan.
The compensation committee is authorized to interpret the plan, to establish, amend and rescind any rules and regulations relating to the plan, and to make any other determinations that it deems necessary or desirable for the administration of the plan.
The consideration to be paid for our ordinary shares upon exercise of an option or purchase of shares underlying the option may include cash, or its equivalent, ordinary shares of our company, or any combination of the foregoing methods of payment, or consideration received by us in a cashless exercise. ​ Change in Control.
The consideration to be paid for our ordinary shares upon exercise of an option or purchase of shares underlying the option may include cash, or its equivalent, ordinary shares of our company, or any combination of the foregoing methods of payment, or consideration received by us in a cashless exercise. Change in Control.
The purpose of this plan is to aid us in recruiting and retaining directors, consultants or key employees of outstanding ability and to motivate such directors, consultants or key employees to exert their best efforts on our behalf by providing incentives through the granting of Awards in recognition of their past and future services.
The purpose of this plan is to aid us in recruiting and retaining directors, consultants or key employees of outstanding ability and to motivate such directors, consultants or key employees to exert their best efforts on our behalf by providing incentives through the granting of Awards in recognition of their past and future services.
The compensation committee is authorized to interpret the plan, to establish, amend and rescind any rules and regulations relating to the plan, and to make any other determinations that it deems necessary or desirable for the administration of the plan.
The compensation committee is authorized to interpret the plan, to establish, amend and rescind any rules and regulations relating to the plan, and to make any other determinations that it deems necessary or desirable for the administration of the plan.
The audit committee is responsible for, among other things: ​ ● selecting the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors; ​ ● reviewing with the independent auditors any audit problems or difficulties and management’s response; ​ ● reviewing and approving all proposed related-party transactions, as defined in Item 404 of Regulation S-K under the Securities Act; ​ ● discussing the annual audited financial statements with management and the independent auditors; ​ ● reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies; ​ ● meeting separately and periodically with management and the independent auditors; and ​ ● reporting regularly to the full board of directors. ​ Compensation Committee ​ Our compensation committee consists of Xiande Li and Steven Markscheid, and is chaired by Xiande Li.
The audit committee is responsible for, among other things: ● selecting the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors; ● reviewing with the independent auditors any audit problems or difficulties and management’s response; ● reviewing and approving all proposed related-party transactions, as defined in Item 404 of Regulation S-K under the Securities Act; ● discussing the annual audited financial statements with management and the independent auditors; ● reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies; ● meeting separately and periodically with management and the independent auditors; and ● reporting regularly to the full board of directors. 118 Table of Contents Compensation Committee Our compensation committee consists of Xiande Li and Steven Markscheid, and is chaired by Xiande Li.
The compensation committee will determine the provisions, terms and conditions of each award consistent with the provisions of our 2023 Equity Incentive Plan, including, but not limited to, the exercise price for an option, vesting schedule of options and restricted shares, forfeiture provisions, form of payment of exercise price and other applicable terms. ​ Option Exercise.
The compensation committee will determine the provisions, terms and conditions of each award consistent with the provisions of our 2022 Equity Incentive Plan, including, but not limited to, the exercise price for an option, vesting schedule of options and restricted shares, forfeiture provisions, form of payment of exercise price and other applicable terms. Option Exercise.
The compensation committee may also decide to cancel such awards for fair value (as determined in its sole discretion), provide for the issuance of substitute awards that will substantially preserve the otherwise applicable terms of any affected awards previously granted, or provide that affected options will be exercisable for a period of at least 15 days prior to the change in control event but not thereafter. ​ Amendment and Termination of Plan.
The compensation committee may also decide to cancel such awards for fair value (as determined in its sole discretion), provide for the issuance of substitute awards that will substantially preserve the otherwise applicable terms of any affected awards previously granted, or provide that affected options will be exercisable for a period of at least 15 days prior to the change in control event but not thereafter.
The compensation committee may also decide to cancel such awards for fair value (as determined in its sole discretion), provide for the issuance of substitute awards that will substantially preserve the otherwise applicable terms of any affected awards previously granted, or provide that affected options will be exercisable for a period of at least 15 days prior to the change in control event but not thereafter. ​ Amendment and Termination of Plan.
The compensation committee may also decide to cancel such awards for fair value (as determined in its sole discretion), provide for the issuance of substitute awards that will substantially preserve the otherwise applicable terms of any affected awards previously granted, or provide that affected options will be exercisable for a period of at least 15 days prior to the change in control event but not thereafter.
The compensation committee may also decide to cancel such awards for fair value (as determined in its sole discretion), provide for the issuance of substitute awards that will substantially preserve the otherwise applicable terms of any affected awards previously granted, or provide that affected options will be exercisable for a period of at least 15 days prior to the change in control event but not thereafter. ​ Amendment and Termination of Plan.
The compensation committee may also decide to cancel such awards for fair value (as determined in its sole discretion), provide for the issuance of substitute awards that will substantially preserve the otherwise applicable terms of any affected awards previously granted, or provide that affected options will be exercisable for a period of at least 15 days prior to the change in control event but not thereafter.
Our board of directors expects that it will benefit from the added interest which such key employees, directors or consultants will have in our welfare as a result of their proprietary interest in our success. The following paragraphs summarize the terms of the 2021 Equity Incentive Plan. ​ 122 Table of Contents Types of Awards.
Our board of directors expects that it will benefit from the added interest which such key employees, directors or consultants will have in our welfare as a result of their proprietary interest in our success. The following paragraphs summarize the terms of the 2021 Equity Incentive Plan. Types of Awards.
We expect that we will benefit from the added interest which such key employees, directors or consultants will have in our welfare as a result of their proprietary interest in our success. ​ The following paragraphs summarize the terms of the 2022 Equity Incentive Plan. ​ Types of Awards.
We expect that we will benefit from the added interest which such key employees, directors or consultants will have in our welfare as a result of their proprietary interest in our success. The following paragraphs summarize the terms of the 2022 Equity Incentive Plan. 115 Table of Contents Types of Awards.
Siew received his bachelor’s degree in electrical and electronics engineering from Singapore University in 1975 and his presidential/key executive MBA from Pepperdine University in 1999. ​ 119 Table of Contents Mr. Steven Markscheid has been an independent director of the Company since September 15, 2009. Mr.
Siew received his bachelor’s degree in electrical and electronics engineering from Singapore University in 1975 and his presidential/key executive MBA from Pepperdine University in 1999. Mr. Steven Markscheid has been an independent director of the Company since September 15, 2009. Mr.
Markscheid worked for GE Capital. During his time with GE, he led GE Capital’s business development activities in China and Asia Pacific, primarily acquisitions and direct investments. Prior to GE, he worked with the Boston Consulting Group throughout Asia. Mr.
From 1998 to 2006, Mr. Markscheid worked for GE Capital. During his time with GE, he led GE Capital’s business development activities in China and Asia Pacific, primarily acquisitions and direct investments. Prior to GE, he worked with the Boston Consulting Group throughout Asia. Mr.
Risk Factors—Risks Related to Doing Business in China—Our failure to make payments of statutory social welfare and housing funds to our employees could adversely and materially affect our financial condition and results of operations.” ​ 128 Table of Contents E.
Risk Factors—Risks Related to Doing Business in China—Our failure to make payments of statutory social welfare and housing funds to our employees could adversely and materially affect our financial condition and results of operations.” E.
The compensation committee will determine the provisions, terms and conditions of each award consistent with the provisions of our 2022 Equity Incentive Plan, including, but not limited to, the exercise price for an option, vesting schedule of options and restricted shares, forfeiture provisions, form of payment of exercise price and other applicable terms. ​ 123 Table of Contents Option Exercise.
The compensation committee will determine the provisions, terms and conditions of each award consistent with the provisions of our 2023 Equity Incentive Plan, including, but not limited to, the exercise price for an option, vesting schedule of options and restricted shares, forfeiture provisions, form of payment of exercise price and other applicable terms. 116 Table of Contents Option Exercise.
The vesting of the Awards is subject to (i) the participants’ continued service with the Company, and (ii) the Company meeting certain financial performance targets and investment targets. 124 Table of Contents Change in Control.
The vesting of the Awards is subject to (i) the participants’ continued service with the Company, and (ii) the Company meeting certain financial performance targets and investment targets. Change in Control.
The law of our home country, which is the Cayman Islands, does not require a majority of the board of directors of our company to be composed of independent directors, nor does the Cayman Islands law require that of a compensation committee or a nominating committee.
Board Practices Board of Directors Our board of directors currently consists of six directors. The law of our home country, which is the Cayman Islands, does not require a majority of the board of directors of our company to be composed of independent directors, nor does the Cayman Islands law require that of a compensation committee or a nominating committee.
Our board of directors may at any time amend, alter or discontinue our 2014 Equity Incentive Plan.
Amendment and Termination of Plan. Our board of directors may at any time amend, alter or discontinue our 2014 Equity Incentive Plan.
Our board of directors may at any time amend, alter or discontinue our 2021 Equity Incentive Plan.
Amendment and Termination of Plan. Our board of directors may at any time amend, alter or discontinue our 2021 Equity Incentive Plan.
Our board of directors may at any time amend, alter or discontinue our 2022 Equity Incentive Plan.
Amendment and Termination of Plan. Our board of directors may at any time amend, alter or discontinue our 2022 Equity Incentive Plan.
Siew then founded Hupomone Capital Partners in 2003. Before joining the investment service industry, he was managing three high-technology multinational companies in Asia between 1978 to 1989, being the General Manager of Fairchild Systems for Asia, the Managing Director of Mentor Graphics Asia Pacific and the Managing Director of Compaq Computer Asia Corporation. Mr.
Before joining the investment service industry, he was managing three high-technology multinational companies in Asia between 1978 to 1989, being the General Manager of Fairchild Systems for Asia, the Managing Director of Mentor Graphics Asia Pacific and the Managing Director of Compaq Computer Asia Corporation. Mr.
We estimate the aggregate amount of unpaid social security benefits and housing funds to be RMB740.5 million, RMB1.07 billion and RMB1.60 billion (US$225.0 million), respectively, as of December 31, 2021, 2022 and 2023. See “Item 3. Key Information—D.
We estimate the aggregate amount of unpaid social security benefits and housing funds to be RMB1.07 billion, RMB1.60 billion (US$225.0 million) and RMB1.88 billion (US$261.7 million), respectively, as of December 31, 2022, 2023 and 2024. See “Item 3. Key Information—D.
Therefore, Mr. Xiande Li is the beneficial owner of all our ordinary shares held by Brilliant Win Holdings Limited. The registered address of Brilliant Win Holdings Limited is Commerce House, Wickhams Cay 1, P. O. Box 3140, Road Town, Tortola, British Virgin Islands VG1110. Mr. Xiande Li is a brother of Mr.
Xianhua Li is the beneficial owner of all our ordinary shares held by Peaky Investments Limited. The registered address of Peaky Investments Limited is Commerce House, Wickhams Cay 1, P. O. Box 3140, Road Town, Tortola, British Virgin Islands VG1110. Mr. Xianhua Li is a brother of Mr. Xiande Li.
A director will cease to be a director if, among other things, the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors, (ii) dies or is found by our company to be or becomes of unsound mind, (iii) resigns his office by notice in writing to our company, (iv) without special leave of absence from our board of directors, is absent from meetings of our board of directors for six consecutive months and the board resolves that his office be vacated, (v) is prohibited by law from being a director or (vi) ceases to be a director by virtue of any provision of the Companies Act (As Revised) of the Cayman Islands or is removed from office pursuant to any other provision of our memorandum and articles of association. ​ Our officers are appointed by and serve at the discretion of the board of directors. ​ 127 Table of Contents Employment Agreements ​ We have entered into employment agreements with each of our executive officers.
A director will cease to be a director if, among other things, the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors, (ii) dies or is found by our company to be or becomes of unsound mind, (iii) resigns his office by notice in writing to our company, (iv) without special leave of absence from our board of directors, is absent from meetings of our board of directors for six consecutive months and the board resolves that his office be vacated, (v) is prohibited by law from being a director or (vi) ceases to be a director by virtue of any provision of the Companies Act (As Revised) of the Cayman Islands or is removed from office pursuant to any other provision of our memorandum and articles of association.
Our company has the right to seek damages if a duty owed by our directors is breached. ​ Terms of Directors and Executive Officers ​ One-third of our directors for the time being (or, if the number of our directors is not a multiple of three, the number nearest to but not greater than one-third) will retire from office by rotation at each annual general meeting.
Terms of Directors and Executive Officers One-third of our directors for the time being (or, if the number of our directors is not a multiple of three, the number nearest to but not greater than one-third) will retire from office by rotation at each annual general meeting.
Our directors who are also our employees receive compensation in the form of salaries in their capacity as our employees. ​ In 2023, we paid cash compensation in the aggregate amount of RMB8.7 million (US$1.2 million) to our executive officers and directors.
Our directors who are also our employees receive compensation in the form of salaries in their capacity as our employees. 113 Table of Contents In 2024, we paid cash compensation in the aggregate amount of RMB8.8 million (US$1.2 million) to our executive officers and directors.
He received his bachelor’s degree in East Asian Studies from Princeton University in 1976, his master’s degree in international affairs from Johns Hopkins University in 1980 and an MBA from Columbia University in 1991. ​ Mr. Yingqiu Liu has been an independent director of our company since April 2015. Mr.
He received his bachelor’s degree in East Asian Studies from Princeton University in 1976, his master’s degree in international affairs from Johns Hopkins University in 1980 and an MBA from Columbia University in 1991. Mr. Gang Chu has been an independent director of our company since August 2024. Mr.
Our board of directors may exercise all of the powers of our company to borrow money, and to mortgage or charge our undertakings, property and uncalled capital, and to issue debentures or other securities whenever money is borrowed or pledged as security for any debt, liability or obligation of our company or of any third party. ​ Committees of the Board of Directors ​ We have an audit committee, a compensation committee and a nominating committee under the board of directors.
Our board of directors may exercise all of the powers of our company to borrow money, and to mortgage or charge our undertakings, property and uncalled capital, and to issue debentures or other securities whenever money is borrowed or pledged as security for any debt, liability or obligation of our company or of any third party.
Xiande Li. ​ 129 Table of Contents (5) Represents 16,275,365 ordinary shares (including certain ordinary shares in the form of ADSs and restricted ADSs) held by Yale Pride Limited. Yale Pride Limited is a British Virgin Islands company wholly owned by Charming Grade Limited, which is in turn wholly owned by Mr. Kangping Chen. Mr.
(5) Represents 17,008,100 ordinary shares (including certain ordinary shares in the form of ADSs and restricted ADSs) held by Yale Pride Limited. Yale Pride Limited is a British Virgin Islands company wholly owned by Charming Grade Limited, which is in turn wholly owned by Mr. Kangping Chen. Mr.
Directors and Senior Management ​ The following table sets forth information regarding our directors and executive officers: ​ Name Age Position Xiande Li ​ 49 ​ Chairman of the board of directors and chief executive officer Xianhua Li ​ 50 ​ Director Wing Keong Siew ​ 73 ​ Independent director Steven Markscheid ​ 70 ​ Independent director Yingqiu Liu ​ 74 ​ Independent director Haiyun (Charlie) Cao ​ 47 ​ Director Mengmeng (Pan) Li ​ 43 ​ Chief financial officer ​ Mr.
Directors and Senior Management ​ The following table sets forth information regarding our directors and executive officers: ​ Name Age Position Xiande Li ​ 50 ​ Chairman of the board of directors and chief executive officer Xianhua Li ​ 51 ​ Director Wing Keong Siew ​ 74 ​ Independent director Steven Markscheid ​ 71 ​ Independent director Gang Chu ​ 61 ​ Independent director Haiyun (Charlie) Cao ​ 48 ​ Director Mengmeng (Pan) Li ​ 44 ​ Chief financial officer ​ Mr.
The nominating and corporate governance committee is responsible for, among other things: ​ ● identifying and recommending to the board nominees for election by the shareholders or appointment by the board, or for appointment to fill any vacancy; ​ ● reviewing annually with the board the current composition of the board with regard to characteristics such as knowledge, skills, experience, expertise and diversity required for the board as a whole; ​ ● identifying and recommending to the board the directors to serve as members of the board’s committees; ​ ● developing and recommending to the board of directors a set of corporate governance guidelines and principles applicable to our company; ​ ● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance; and ​ ● reporting regularly to the full board of directors.
The nominating and corporate governance committee is responsible for, among other things: ● identifying and recommending to the board nominees for election by the shareholders or appointment by the board, or for appointment to fill any vacancy; ● reviewing annually with the board the current composition of the board with regard to characteristics such as knowledge, skills, experience, expertise and diversity required for the board as a whole; ● identifying and recommending to the board the directors to serve as members of the board’s committees; ● developing and recommending to the board of directors a set of corporate governance guidelines and principles applicable to our company; ● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance; and ● reporting regularly to the full board of directors. 119 Table of Contents Duties of Directors Under Cayman Islands law, our directors owe to us fiduciary duties, including a duty of loyalty, a duty to act honestly and a duty to act in good faith and in what they consider to be our best interests.
We were awarded HR Asia Best Companies to Work for in Asia Awards – China Edition, in 2019, 2020 and 2021. With the corporate culture of equality, accountability, commitment, and driving excellence, we were acknowledged for the best practices in human resource management. In April 2021, we won the award for “Asia’s Best Employer” for the third consecutive year.
With the corporate culture of equality, accountability, commitment, and driving excellence, we were acknowledged for the best practices in human resource management. In April 2021, we won the award for “Asia’s Best Employer” for the third consecutive year.
Xiande Li is a founder of our company, the chairman of our board of directors and our chief executive officer. Prior to founding our company, he served as the marketing manager at Zhejiang Yuhuan Solar Energy Source Co., Ltd. from 2003 to 2004, where his responsibilities included overseeing and optimizing day-to-day operations.
Prior to founding our company, he served as the marketing manager at Zhejiang Yuhuan Solar Energy Source Co., Ltd. from 2003 to 2004, where his responsibilities included overseeing and optimizing day-to-day operations.
The compensation committee is responsible for, among other things: ​ ● reviewing and evaluating and if necessary, revising our company’s compensation policy, amending, or recommending that the board amend, these goals and objectives if the compensation committee deems it appropriate; ​ ● evaluating annually the performance of our chief executive officer in light of the goals and objectives of our company’s executive plans, and either as a committee or together with the other independent directors (as directed by the board), determining and approving the compensation level of our chief executive officer based on this evaluation; ​ ● determining, or recommending to the board for determination, the annual base and incentive compensation of the chief financial officer; ​ ● reviewing and recommending to the board the compensation of our directors; ​ ● reviewing periodically and making recommendations to the board regarding any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans; and ​ ● reporting regularly to the full board of directors. 126 Table of Contents Nominating Committee ​ Our nominating and corporate governance committee consists of Yingqiu Liu, Xiande Li and Steven Markscheid, and is chaired by Xiande Li., Yingqiu Liu and Steven Markscheid satisfy the “independence” requirements of the NYSE Listed Company Manual, Section 303A, and meet the criteria for “independence” under Rule 10A-3 under the Exchange Act.
The compensation committee is responsible for, among other things: ● reviewing and evaluating and if necessary, revising our company’s compensation policy, amending, or recommending that the board amend, these goals and objectives if the compensation committee deems it appropriate; ● evaluating annually the performance of our chief executive officer in light of the goals and objectives of our company’s executive plans, and either as a committee or together with the other independent directors (as directed by the board), determining and approving the compensation level of our chief executive officer based on this evaluation; ● determining, or recommending to the board for determination, the annual base and incentive compensation of the chief financial officer; ● reviewing and recommending to the board the compensation of our directors; ● reviewing periodically and making recommendations to the board regarding any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans; and ● reporting regularly to the full board of directors.
Amendment, alteration or discontinuation of our 2014 Equity Incentive Plan cannot be made without the consent of a recipient of awards if such action would diminish the rights of that recipient under the awards, provided that the board may amend the plan as it deems necessary to permit the granting of awards to meet the requirements of applicable laws and stock exchange rules. ​ Unless terminated earlier, our 2014 Equity Incentive Plan shall continue in effect for a term of ten years from the date of adoption. ​ 2021 Equity Incentive Plan ​ We adopted our 2021 Equity Incentive Plan in March 2021.
Amendment, alteration or discontinuation of our 2014 Equity Incentive Plan cannot be made without the consent of a recipient of awards if such action would diminish the rights of that recipient under the awards, provided that the board may amend the plan as it deems necessary to permit the granting of awards to meet the requirements of applicable laws and stock exchange rules.
Amendment, alteration or discontinuation of our 2021 Equity Incentive Plan cannot be made without the consent of a recipient of awards if such action would diminish the rights of that recipient under the awards, provided that the board may amend the plan as it deems necessary to permit the granting of awards to meet the requirements of applicable laws and stock exchange rules. ​ Unless terminated earlier, our 2021 Equity Incentive Plan shall continue in effect for a term of ten years from the date of adoption. ​ 2022 Equity Incentive Plan ​ We adopted our 2022 Equity Incentive Plan in March 2022.
Amendment, alteration or discontinuation of our 2021 Equity Incentive Plan cannot be made without the consent of a recipient of awards if such action would diminish the rights of that recipient under the awards, provided that the board may amend the plan as it deems necessary to permit the granting of awards to meet the requirements of applicable laws and stock exchange rules.
Amendment, alteration or discontinuation of our 2022 Equity Incentive Plan cannot be made without the consent of a recipient of awards if such action would diminish the rights of that recipient under the awards, provided that the board may amend the plan as it deems necessary to permit the granting of awards to meet the requirements of applicable laws and stock exchange rules. ​ Unless terminated earlier, our 2022 Equity Incentive Plan shall continue in effect for a term of ten years from the date of adoption. ​ 2023 Equity Incentive Plan ​ We adopted our 2023 Equity Incentive Plan in January 2023.
Amendment, alteration or discontinuation of our 2022 Equity Incentive Plan cannot be made without the consent of a recipient of awards if such action would diminish the rights of that recipient under the awards, provided that the board may amend the plan as it deems necessary to permit the granting of awards to meet the requirements of applicable laws and stock exchange rules.
He received his bachelor’s degree in economics from Shanghai University of Finance and Economics in 2003. ​ The business address of our directors and executive officers is c/o JinkoSolar Holding Co., Ltd., 1 Yingbin Road, Shangrao Economic Development Zone, Jiangxi Province, 334100, People’s Republic of China. ​ B.
The business address of our directors and executive officers is c/o JinkoSolar Holding Co., Ltd., 1 Yingbin Road, Shangrao Economic Development Zone, Jiangxi Province, 334100, People’s Republic of China. B.
Siew has been in venture capital/private equity management since 1989 when he was Senior Vice President of H&Q Singapore. In 1995, he formed a joint venture with UBS AG to raise a China Private Equity Fund. He rejoined as the president of H&Q Asia Pacific China and Hong Kong from 1998 to 2003. Mr.
In 1995, he formed a joint venture with UBS AG to raise a China Private Equity Fund. He rejoined as the president of H&Q Asia Pacific China and Hong Kong from 1998 to 2003. Mr. Siew then founded Hupomone Capital Partners in 2003.
The following table summarizes the outstanding options that we granted to our directors and executive officers and to other individuals as a group under our share incentive plans as of the date of this annual report.
The following table summarizes the options and restricted shares granted to our directors and executive officers and to other individuals as a group under our share incentive plans as of the date of this annual report, without giving effect to the options that were exercised or terminated, if any.
In line with the expansion of our operations, we plan to hire additional employees, including additional accounting, finance and sales, marketing personnel as well as manufacturing and engineering employees. ​ In line with local customary practices, we have made contributions to the social insurance funds which met the requirement of the local minimum wage standard, instead of the employees’ actual salaries as required, and have not made full contribution to the housing funds.
In line with local customary practices, we have made contributions to the social insurance funds which met the requirement of the local minimum wage standard, instead of the employees’ actual salaries as required, and have not made full contribution to the housing funds.
Xianhua Li is the sole director of Peaky Investments Limited and as such has the power to vote and dispose of the ordinary shares held by Peaky Investments Limited. Therefore, Mr. Xianhua Li is the beneficial owner of all our ordinary shares held by Peaky Investments Limited.
Peaky Investments Limited is a British Virgin Islands company which is wholly owned by Talent Galaxy Limited, a British Virgin Islands company wholly owned by Mr. Xianhua Li. Mr. Xianhua Li is the sole director of Peaky Investments Limited and as such has the power to vote and dispose of the ordinary shares held by Peaky Investments Limited. Therefore, Mr.
Unless terminated earlier, our 2023 Equity Incentive Plan shall continue in effect for a term of ten years from the date of adoption. Share Options ​ As of the date of this annual report, options to purchase 43,000 ordinary shares are outstanding.
Unless terminated earlier, our 2023 Equity Incentive Plan shall continue in effect for a term of ten years from the date of adoption.
Xianhua Li is a founder and director of our company. He was our vice president from June 2006 to March 2020. Prior to founding our company, Mr. Li served as the chief engineer of Yuhuan Automobile Company, where his major responsibilities included conducting and managing technology research and development activities and supervising production activities, from 1995 to 2000.
Li served as the chief engineer of Yuhuan Automobile Company, where his major responsibilities included conducting and managing technology research and development activities and supervising production activities, from 1995 to 2000. From 2000 to 2006, he was the factory director of Zhejiang Yuhuan Solar Energy Source Co., Ltd., where he was responsible for managing its research and development activities. Mr.
In November 2023, Jiangxi Jinko was awarded as “BOLE” Valuable Employer of the Year by Enfovia.com. In December 2023, Jiangxi Jinko was awarded as Top 100 Extraordinary Employer of 2023 by Liepin.com and Best Employer Brand for Global Companies by Moka. ​ Our employees are not covered by any collective bargaining agreement.
In November 2023, Jiangxi Jinko was awarded as “BOLE” Valuable Employer of the Year by Enfovia.com. In December 2023, Jiangxi Jinko was awarded as Top 100 Extraordinary Employer of 2023 by Liepin.com and Best Employer Brand for Global Companies by Moka. 120 Table of Contents In 2024, we received several awards and recognitions for our employer branding and corporate excellence.
We may renew the employment agreements with our executive officers. ​ D. Employees ​ As of December 31, 2021, 2022 and 2023, we had a total of 31,030, 46,511 and 57,397 employees, respectively. The increase in our number of employees in 2023 was mainly attributable to the expansion of our manufacturing facilities in China.
We may renew the employment agreements with our executive officers. D. Employees As of December 31, 2022, 2023 and 2024, we had a total of 46,511, 57,397 and 33,830 employees, respectively. The decrease in our number of employees in 2024 was primarily due to the strategic adjustment of our production structure and organizational structure optimization.
Unless terminated earlier, our 2009 Long Term Incentive Plan shall continue in effect for a term of ten years from the effective date of the 2009 Long Term Incentive Plan, the term of which has been extended to October 1, 2023. ​ 121 Table of Contents 2014 Equity Incentive Plan ​ We adopted our 2014 Equity Incentive Plan in August 2014.
Unless terminated earlier, our 2014 Equity Incentive Plan shall continue in effect for a term of ten years from the date of adoption. 114 Table of Contents 2021 Equity Incentive Plan We adopted our 2021 Equity Incentive Plan in March 2021.
All of the members of the audit committee satisfy the “independence” requirements of the NYSE Listed Company Manual, Section 303A, and meet the criteria for “independence” under Rule 10A-3 under the Exchange Act. The audit committee oversees our accounting and financial reporting processes and the audits of the financial statements of our company.
Audit Committee Our audit committee consists of Steven Markscheid, Gang Chu and Wing Keong Siew, and is chaired by Steven Markscheid. All of the members of the audit committee satisfy the “independence” requirements of the NYSE Listed Company Manual, Section 303A, and meet the criteria for “independence” under Rule 10A-3 under the Exchange Act.
Markscheid is chairman-emeritus and senior advisor of KX Power, a UK based battery energy storage project developer. He serves as an independent non-executive director of Xiaobai Maimai Inc., Fanhua Inc., Kingwisoft Technology, Richtech Robotics, Tristar Acquisition Corporation, Monterey Acquistion Corporation, Four Leaf Acquisition Corporation and also a trustee-emeritus of Princeton in Asia. From 1998 to 2006, Mr.
Markscheid is the managing partner of Aerion Capital, a family office, and chairman-emeritus and senior advisor of KX Power, a UK based battery energy storage project developer. He serves as an independent non-executive director of Richtech Robotics, ConnectM Corporation, Four Leaf Acquisition Corporation, Charlton Aria Acquisition Corporation, Aifeex Nexus Acquisition Corporation, and is also a trustee-emeritus of Princeton in Asia.
Prior to 2010, he served at Ernst & Young and KPMG. Mr. Li is a Certified Internal Auditor.
Prior to 2010, he served at Ernst & Young and KPMG. Mr. Li is a Certified Internal Auditor. He received his bachelor’s degree in economics from Shanghai University of Finance and Economics in 2003.
The total amount we set aside for the pension or retirement or other benefits of our executive officers and directors was RMB622.5 thousand (US$87.7 thousand) in 2023. ​ 120 Table of Contents Share Incentive Plans ​ 2009 Long Term Incentive Plan ​ We adopted our 2009 Long Term Incentive Plan on July 10, 2009, which was subsequently amended and restated.
The total amount we set aside for the pension or retirement or other benefits of our executive officers and directors was RMB564.5 thousand (US$77.3 thousand) in 2024. Share Incentive Plans 2014 Equity Incentive Plan We adopted our 2014 Equity Incentive Plan in August 2014.
As a result, we may not be aware of each person or group of affiliated persons who beneficially own more than 5.0% of our ordinary shares. ​ As of March 31, 2024, we had one record shareholder in the United States, our depositary.
The ADSs are traded on the NYSE and brokers or other nominees may hold ADSs in “street name” for customers who are the beneficial owners of the ADSs. As a result, we may not be aware of each person or group of affiliated persons who beneficially own more than 5.0% of our ordinary shares.
The registered address of Peaky Investments Limited is Commerce House, Wickhams Cay 1, P. O. Box 3140, Road Town, Tortola, British Virgin Islands VG1110. Mr. Xianhua Li is a brother of Mr.
Therefore, Mr. Xiande Li is the beneficial owner of all our ordinary shares held by Brilliant Win Holdings Limited. The registered address of Brilliant Win Holdings Limited is Commerce House, Wickhams Cay 1, P. O. Box 3140, Road Town, Tortola, British Virgin Islands VG1110; and (ii) 2,092,136 ordinary shares held by Gorgeous Win Capital Limited, a British Virgin Islands company.
We have adopted a charter for each of the three committees. Each committee’s members and functions are described below. ​ 125 Table of Contents Audit Committee ​ Our audit committee consists of Steven Markscheid, Yingqiu Liu and Wing Keong Siew, and is chaired by Steven Markscheid.
Committees of the Board of Directors We have an audit committee, a compensation committee and a nominating committee under the board of directors. We have adopted a charter for each of the three committees. Each committee’s members and functions are described below.
A vast majority of our employees are located in China with a small portion of employees based in Southeast Asia, the United States, Europe and other countries and regions. ​ We believe we maintain a good working relationship with our employees, and we have not experienced any labor disputes or any difficulty in recruiting staff for our operations.
We believe we maintain a good working relationship with our employees, and we have not experienced any labor disputes or any difficulty in recruiting staff for our operations. We were awarded HR Asia Best Companies to Work for in Asia Awards – China Edition, in 2019, 2020 and 2021.
We cannot ascertain the exact number of beneficial shareholders with addresses in the United States. ​ None of our shareholders has different voting rights from other shareholders as of March 31, 2024. We are currently not aware of any arrangement that may, at a subsequent date, result in a change of control of our company. F.
As of the date of this annual report, we had one record shareholder in the United States, our depositary. We cannot ascertain the exact number of beneficial shareholders with addresses in the United States. None of our shareholders has different voting rights from other shareholders as of as of the date of this annual report.
The Concert Persons may be deemed as a “group” for purposes of Section 13(d)(3) of the Exchange Act and Rule 13d-5 thereunder, and as a result such “group” would beneficially own 74,845,275 ordinary shares, which represent 35.2% of the Company’s ordinary shares outstanding as of March 31, 2024 . ​ The ADSs are traded on the NYSE and brokers or other nominees may hold ADSs in “street name” for customers who are the beneficial owners of the ADSs.
Xiande Li at any shareholder meeting. The Concert Persons may be deemed as a “group” for purposes of Section 13(d)(3) of the Exchange Act and Rule 13d-5 thereunder, and as a result such “group” would beneficially own 82,198,472 ordinary shares, which represent 39.8% of the Company’s ordinary shares outstanding as the date of this annual report.
Xianhua Li . ​ (4) Represents 8,976,488 ordinary shares (including certain ordinary shares in the form of ADSs) held by Peaky Investments Limited. Peaky Investments Limited is a British Virgin Islands company which is wholly owned by Talent Galaxy Limited, a British Virgin Islands company wholly owned by Mr. Xianhua Li. Mr.
Xiande Li is the beneficial owner of all ordinary shares held by Gorgeous Win. The registered address of Gorgeous Win Capital Limited is Intershore ChambersRoad Town, Tortola, British Virgin lslands. Mr. Xiande Li is a brother of Mr. Xianhua Li. (4) Represents 10,118,756 ordinary shares (including certain ordinary shares in the form of ADSs) held by Peaky Investments Limited.
These employment agreements became effective on the signing date and will remain effective through 2020.
Our officers are appointed by and serve at the discretion of the board of directors. Employment Agreements We have entered into employment agreements with each of our executive officers. These employment agreements became effective on the signing date and will remain effective through 2020.
Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation Not applicable. ​
We are currently not aware of any arrangement that may, at a subsequent date, result in a change of control of our company. 122 Table of Contents F. Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation Not applicable. ​
Removed
From 2000 to 2006, he was the factory director of Zhejiang Yuhuan Solar Energy Source Co., Ltd., where he was responsible for managing its research and development activities. Mr. Li is a brother of Mr. Xiande Li. ​ Mr. Wing Keong Siew has been a director of our company since May 2008. Mr.
Added
Xiande Li is a founder of our company, the chairman of our board of directors and our chief executive officer. He is also the chairman of the board of directors of both Jinko Solar Co., Ltd. (688223.SH) and Jinko Power Technology Co., Ltd. (601778.SH).
Removed
Liu is a researcher and doctoral supervisor of the Chinese Academy of Social Sciences (“CASS”), a member of the All-China Federation of Industry and Commerce Think Tank Committee, a member of expert group of the Fifth the China Economic and Social Development Council of National Committee of the Chinese People’s Political Consultative Conference, and the director of Institute of Private economy, China Urban Development.
Added
Xianhua Li is a founder and director of our company. He is also a director of Jinko Solar Co., Ltd. (688223.SH) and a director of Jinko Power Technology Co., Ltd. (601778.SH). He was our vice president from June 2006 to March 2020. Prior to founding our company, Mr.
Removed
Mr. Liu was previously the President of the University of Chinese Academy of Social Sciences, the Director General of the Center for Private Economic Studies in CASS, the Director of Socialist economic theory Research Department in Nankai University. Mr. Liu graduated from Nankai University with a doctor’s degree in economics in April 1991. In 1993, Mr.
Added
Li is a brother of Mr. Xiande Li. 112 Table of Contents Mr. Wing Keong Siew has been a director of our company since May 2008. Mr. Siew has been in venture capital/private equity management since 1989 when he was Senior Vice President of H&Q Singapore.
Removed
Liu was recognized as an expert who enjoys the life-time special allowance by the State Council. In 1996, Mr. Liu was recognized as an expert with outstanding contributions by CASS. ​ Mr. Haiyun (Charlie) Cao has been our director since December 2020.
Added
Gang Chu served as the chief operating officer and a member of the management committee of China International Capital Corporation Limited (“CICC”) from March 2015 to February 2024. Between November 2015 and August 2024, he served as director on the boards of various subsidiaries of CICC.
Removed
Our 2009 Long Term Incentive Plan provides for the grant of incentive plan options, restricted shares, restricted share units, share appreciation rights and other share-based awards, referred to as the “Awards.” The purpose of the 2009 Long Term Incentive Plan is to attract, retain and motivate key directors, officers and employees responsible for the success and growth of our company by providing them with appropriate incentives and rewards and enabling them to participate in the growth of our company.
Added
Between May 2009 and March 2015, he held various leadership roles at CICC, including as the head of strategy research in the research department, the head of capital markets, and the deputy chief operating officer of CICC.
Removed
We have reserved 9,194,356 ordinary shares for issuance under our 2009 Long Term Incentive Plan. ​ Plan Administration. Our 2009 Long Term Incentive Plan is administered by a committee appointed by our board of directors or in the absence of a committee, our board of directors.
Added
Prior to joining CICC, he worked at Citigroup from September 1993 to August 2008, holding various roles, including risk manager of emerging markets, proprietary trader of U.S. municipal bonds, the head of the Latin American equity derivatives business, and a managing director of the Citigroup Alternative Investments. Mr.
Removed
In each case, our board of directors or the committee will determine the provisions and terms and conditions of each award grant, including, but not limited to, the exercise price, time at which each of the Awards will be granted, number of shares subject to each Award, vesting schedule, form of payment of exercise price and other applicable terms.
Added
Chu obtained a bachelor’s degree in physics from the University of Science and Technology of China in July 1987 and a Ph.D. in theoretical physics from Northeastern University in the United States in September 1993. He also attended the Leonard N. Stern School of Business of New York University from September 1996 to June 1997. Mr.
Removed
The plan administrator may also grant Awards in substitution for options or other equity interests held by individuals who become employees of our company as a result of our acquisition or merger with the individual’s employer.
Added
Chu became a Chartered Financial Analyst in September 2002. Mr. Haiyun (Charlie) Cao has been our director since December 2020. He is also a director, the deputy general manager and the chief financial officer of Jinko Solar Co., Ltd. (688223.SH) and a director and the chairman of the supervisory board of Jinko Power Technology Co., Ltd. (601778.SH).

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Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeRelated Party Transactions ​ Related party balances ​ The following table sets forth the outstanding amounts due from/to related parties as of December 31, 2023. ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ RMB Accounts receivable from related parties: ​ ​ Accounts receivable from JinkoPower for sales of solar modules and others 296,512,048.8 Accounts receivable from Sweihan PV Power Company P.S.J.C (“Sweihan PV”, which develops and operates solar power projects in Dubai) — ​ ​ ​ Advances to Suppliers from a related party: ​ ​ Advances to Suppliers from Inner Mongolia Xinte Silicon Materials Co., Ltd for purchase of silicon ​ 6,555,231.9 ​ ​ ​ Notes receivables from a related party: ​ ​ Notes receivables from JinkoPower ​ 1,182,850.6 ​ ​ ​ Prepayment and Other receivables from related parties: ​ Prepayments to JinkoPower for outsourcing services ​ 12,635,442.4 Other receivables due from JinkoPower for disposal of solar power projects 13,140,523.2 Other receivables due from Sweihan PV Power Company P.S.J.C (“Sweihan PV”, which develops and operates solar power projects in Dubai) for technical services ​ 1,223,845.0 Other receivables from JinkoPower for miscellaneous transactions ​ 412,457.2 ​ ​ ​ Other assets from related parties: Guarantee receivables due from JinkoPower — Long-term receivables due from Sweihan PV Power Company P.S.J.C for DSRA deposit ​ 38,376,461.3 Long-term receivables due from JinkoPower for disposal of solar power projects ​ 16,859,423.3 ​ ​ ​ Accounts payable due to a related party: Accounts payable due to Jiangsu Jinko-Tiansheng Co., Ltd. ​ — Accounts payable due to Xinte Silicon for inventory purchase ​ 21,243,894.9 ​ ​ ​ Advance from customers due to a related party: ​ ​ Advance from customers due to JinkoPower for sales of solar modules and others ​ 3,411,679.3 ​ ​ ​ Notes Payable from a related party: ​ ​ Notes Payable due to Inner Mongolia Xinte Silicon Materials Co., Ltd ​ 277,000,000.0 ​ ​ ​ Other payables due to a related party: Other payables due to JinkoPower for payments on behalf of our company 11,598,914.2 Other payables to Jiangxi Desun for leasing of land and buildings ​ — (1) Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts we advanced to them for expected expenses, charges and incidentals relating to their business development activities.
Biggest changeRelated Party Transactions Related party balances The following table sets forth the outstanding amounts due from/to related parties as of December 31, 2024. ​ ​ ​ ​ ​ As of December 31, 2024 ​ ​ RMB Accounts receivable from related parties: ​ ​ Accounts receivable from JinkoPower for sales of solar modules and others 436,706,024.1 ​ ​ ​ Advances to suppliers from a related party: ​ ​ Advance to Yongxiang Power for inventory purchase ​ 203,055,903.2 ​ ​ ​ Notes receivables from a related party: ​ ​ Notes receivables from JinkoPower ​ 108,637,682.5 ​ ​ ​ Prepayment and other receivables from related parties: ​ Prepayments to JinkoPower for outsourcing services ​ 5,845,512.1 Other receivables due from JinkoPower for disposal of solar power projects 19,472,489.8 Other receivables due from Sweihan PV for technical services ​ 1,560,982.6 Other receivables from JinkoPower for miscellaneous transactions ​ 2,937,734.6 ​ ​ ​ Other assets from related parties: Long-term receivables due from Sweihan PV for DSRA deposit ​ 16,960,239.4 ​ ​ ​ Notes Payable from a related party: Notes payables due to Xinte Silicon for inventory purchase ​ 380,268,740.4 ​ ​ ​ Other payables due to a related party: Other payables due to JinkoPower for payments on behalf of our Company 11,068,529.6 (1) Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts we advanced to them for expected expenses, charges and incidentals relating to their business development activities.
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS ​ A. Major Shareholders ​ Please refer to “Item 6. Directors, Senior Management and Employees—E. Share Ownership.” ​ 130 Table of Contents B.
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS A. Major Shareholders Please refer to “Item 6. Directors, Senior Management and Employees—E. Share Ownership.” B.
In November 2017, we entered into an agreement with JinkoPower, pursuant to which JinkoPower is entrusted to exercise certain shareholders’ rights (other than profit distribution, residual property distribution and disposition rights) in five operating entities of overseas power stations which were then wholly-owned by us, enabling JinkoPower to monitor the construction and daily operations of these power stations.
Management service provided by JinkoPower In November 2017, the Company entered into an agreement with JinkoPower, which entrusted JinkoPower to exercise certain shareholders’ rights (other than right of profit distribution, right of residual property distribution and right of disposition) in five operating entities of overseas power stations wholly-owned by the Company, enabling JinkoPower to monitor the construction and daily operations of these power stations.
We retain ownership of these power stations and JinkoPower does not possess any call or other rights over them. We agree to pay service fees calculated based on the actual costs incurred by JinkoPower during the construction period of the power stations and a fixed fee during the operation period.
The Company retains ownership of these power stations and there exists no call or other rights of JinkoPower. The Company agrees to pay service fees calculated based on the actual costs incurred by JinkoPower during the power stations’ construction period and a fixed amount fee during the operation period.
Compensation” for a description of share options and stock purchase rights we have granted to our directors, officers and other individuals as a group. C. Interests of Experts and Counsel ​ Not applicable. ​
Board Practices” for details regarding employment agreements with our senior executive officers. Share Incentives See “Item 6. Directors, Senior Management and Employees—B. Compensation” for a description of share options and stock purchase rights we have granted to our directors, officers and other individuals as a group. C. Interests of Experts and Counsel ​ Not applicable. ​
JinkoSolar purchased polysilicon of RMB824.8 million and RMB1.54 billion (US$216.5 million) from Xinte Silicon during the years ended December 31, 2022 and 2023, respectively. Employment Agreements See “Item 6. Directors, Senior Management and Employees—C. Board Practices” for details regarding employment agreements with our senior executive officers. Share Incentives See “Item 6. Directors, Senior Management and Employees—B.
JinkoSolar purchased polysilicon of RMB824.8 million, RMB1.5 billion, and RMB421.4 million from Xinte Silicon during the years ended December 31, 2022, 2023 and 2024, respectively. JinkoSolar purchased polysilicon of nil, nil, and RMB595.6 million from Sichuan Yongxiang during the years ended December 31, 2022, 2023 and 2024, respectively. Employment Agreements See “Item 6. Directors, Senior Management and Employees—C.
In 2018, the agreement was extended for another 10 years from January 1, 2018 to December 31, 2027. Jiangxi Desun did not charged us in rent for 2023. In 2023, electricity fee charged by subsidiaries of JinkoPower amounted to RMB119.4 million (US$16.8 million). JinkoSolar jointly invested in Xinte Silicon in 2021 which was accounted for under the equity method.
Electricity fee charged by JinkoPower For the years ended December 31, 2022 and 2023 and 2024, electricity fee charged by subsidiaries of JinkoPower amounted to RMB27.5 million, RMB119.4 million and RMB118.9 million, respectively. ​ 124 Table of Contents Silicon procurement from Xinte Silicon and Sichuan Yongxiang JinkoSolar jointly invest in Xinte Silicon and Sichuan Yongxiang in 2021 which were accounted for under the equity method.
(3) On March 30, 2021, we signed an agreement to offset the debts and receivables between JinkoPower and us with the aggregate amount of RMB71.0 million. 131 Table of Contents Related party transactions ​ Related party transactions for the year ended December 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ 2023 ​ RMB Revenue from sales of products and providing services to related parties ​ ​ Revenue from sales of products to Sweihan PV — Income of financing guarantees ​ — Revenue from sales of products to JinkoPower 353,419,765.8 Income of project management provided to Sweihan PV ​ 3,930,910.0 Rental services provided to JinkoPower 11,589,850.9 ​ ​ ​ Service expenses provided by related parties Processing fee of OEM service charged by Jiangsu Jinko-Tiansheng — Management service provided by JinkoPower 16,399,788.0 Rental services provided by Jiangxi Desun ​ — Electricity fee charged by JinkoPower 119,352,299.3 Other fees charged by JinkoPower ​ — Silicon procurement from Xinte Silicon ​ 1,537,073,070.2 Compensation payment to JinkoPower ​ 5,109,050.3 ​ In connection with our disposal of JinkoSolar Power downstream business in 2016, we entered into a master service agreement with JinkoPower under which we agreed to provide a guarantee for JinkoPower’s financing obligations under its separate loan agreements.
(3) On March 30, 2021, we signed an agreement to offset the debts and receivables between JinkoPower and us with the aggregate amount of RMB71.0 million. 123 Table of Contents Related party transactions ​ Related party transactions for the year ended December 31, 2024 were as follows: ​ ​ ​ ​ ​ ​ 2024 ​ RMB Revenue from sales of products and providing services to related parties ​ ​ Revenue from sales of products to JinkoPower 390,339,342.3 Income of project management provided to Sweihan PV ​ 1,285,877.0 Rental services provided to JinkoPower 13,244,632.6 Management service provided to Sichuan Yongxiang ​ 350,286.4 Service expenses provided by related parties Management service provided by JinkoPower 19,930,751.2 Electricity fee charged by JinkoPower 118,908,004.1 Silicon procurement from Xinte Silicon ​ 421,353,981.9 Other fees charged/(reversal) by JinkoPower ​ (2,640,610.0) Silicon procurement from Sichuan Yongxiang ​ 595,557,558.2 ​ Solar module transactions with JinkoPower For the years ended December 31, 2022, 2023 and 2024, sales of solar module products to subsidiaries of JinkoPower amounted to RMB325.2 million, RMB353.4 million and RMB390.3 million, respectively.
We recorded service expenses of RMB7.8 million, RMB7.0 million and RMB6.8 million as cost of project assets in 2021, 2022 and 2023, respectively.
The Company recorded service expenses incurred in the years of 2022, 2023 and 2024 amounted to RMB7.0 million, RMB6.8 million and RMB6.9 million, respectively. Other than the solar project management service, JinkoPower also provided other management services to the Company amounted to RMB1.9 million, RMB9.6 million and RMB13.0 million in 2022, 2023 and 2024, respectively.
Removed
In the event that JinkoPower fails to perform its obligations under the loan agreements or otherwise defaults thereunder, we will become liable for JinkoPower’s obligations under the loan agreements. We charge JinkoPower service fees for the debt payment guarantee service according the master service agreement.
Added
Payment term offered by the Group to JinkoPower is consistent with the Group’s sales arrangements with third parties. As of December 31, 2023 and 2024 outstanding receivables due from JinkoPower were RMB297.7 million and RMB545.3 million, respectively.
Removed
Pursuant to the master service agreement, guarantee service fee is to be settled annually, and the management of us believes the guarantee fee charges are at market rates. The guarantee receivables were settled upon the receipt of guarantee fees from JinkoPower. In 2022, we and JinkoPower entered into an agreement to cancel the above guarantee arrangement.
Added
Rental services provided to JinkoPower For the years ended December 31, 2022, 2023 and 2024, rental services provided to subsidiaries of JinkoPower amounted to RMB5.0 million, RMB11.6 million and RMB13.2 million, respectively.
Removed
As of December 31, 2023, we recorded the guarantee fee income receivable amounted to nil and did not record any guarantee liability. Other income from JinkoPower for the guarantee fee amortized in 2023 amounted to nil, respectively. In 2023, sales of solar module products to subsidiaries of JinkoPower amounted to RMB353.4 million (US$49.8 million).
Added
Management service provided to Sichuan Yongxiang For the years ended December 31, 2022, 2023 and 2024, management service provided to Sichuan Yongxiang amounted to nil, nil and RMB0.4 million, respectively.
Removed
As of December 31, 2023, outstanding receivables due from JinkoPower were RMB297.7 million (US$41.9 million), none of which was overdue over one year. We did not charged JinkoPower interest on the overdue receivables. In 2023, we did not record any sales of solar module products to Sweihan PV.
Removed
In 2023, rental services provided to subsidiaries of JinkoPower amounted to RMB11.6 million (US$1.6 million). In 2023, we did not record any processing service fee due from Jinko-Tiansheng. Jinko-Tiansheng is an OEM service provider which provided PV module processing and assembling services to us.
Removed
We disposed all of our equity interest in Jinko-Tiansheng in 2022 and Jinko-Tiansheng is not our related party any more.
Removed
JinkoPower provided other management services to us of RMB1.0 million, RMB1.9 million and RMB9.6 million in 2021, 2022 and 2023, respectively. 132 Table of Contents On January 1, 2008, Jiangxi Desun and us entered into an operating lease agreement pursuant to which Jiangxi Desun leased its buildings and land use rights to us for a ten-year period from January 1, 2008 to December 31, 2017.

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