JinkoSolar Holding Co., Ltd. Q3 FY2024 earnings call

• Leveraged leading N-type TOPCon technology, competitive products, and global networks to achieve relatively outstanding results despite industry earnings pressure.
• Gross margin was 15.7% and net income was $3.2 million, significantly improved sequentially.
• In September, China's newly added installation was 20.89 gigawatt, up 32.4% year-over-year and 26.9% sequentially.
• Industry faced price decline and some companies went bankrupt/reorganized; CPIA encouraged self-discipline in pricing.
• N-type TOPCon cell mass-produced efficiency improved to ~26.2%; continued R&D investment.
• Built Jinko 360 Smart Platform, certified by TÜV Rheinland, integrating MES and QMS with IoT, AI, etc.
• Participated in 2024 New York Climate Week, launched climate white paper; completed third-party ESG audits for most key suppliers.

Total revenue was about $3.5 billion, up 2% sequentially and down 23% year-on-year. Gross margin was 5.7%. Total shipments in the third quarter were 25.9 gigawatts, with module shipments accounting for 92% of total. Distribution business accounted for approximately 37% of total shipments. Tiger Neo's shipments accounted for nearly 90% of total shipments, with over 90% in China and nearly 70% in North America.

• Expect module share to be between 90 gigawatts to 100 gigawatts for 2024 and 22.3 gigawatts to 32.3 gigawatts for the fourth quarter.
• Continue to optimize assets and liability structure, and turnover efficiency to strengthen risk resilience.

• Imbalance between supply and demand led to continuous price decline in end market, affecting the whole industrial chain.
• Certain overseas markets had demand volatility, causing module exports to decrease sequentially.
• Potential retroactive tariffs in US market and related risks need to be managed.

Q: Volume of modules shipped into the U.S. in Q3 and expected Q4 shipment?

A: Q3 shipment to U.S. was roughly 15%-18% of total; Q4 expected to be lower due to seasonality and market turbulence, but within annual expectations.

Q: ASPs outlook for Q4 in different regions?

A: Third quarter ASPs were flat; Q4 market price in recent three months downward, blended ASPs likely lower.

Q: EBITDA, depreciation in Q3, and storage business update?

A: Depreciation in Q3 was $70 million; storage business is early-stage, not disclosing detailed revenues yet.

Q: Frankfurt listing efforts and cash flow?

A: GDR roughly RMB4.5 billion, dilution ~5%-6%, use of proceeds for working capital, U.S. capacity expansion, etc.

Q: Business segment split (utility vs rooftop) and diluted EPS calculation?

A: DG ratio roughly 37% (distribution), 63% utility; detailed EPS calculation to be shared post-call