Oriental Jincheng International Credit Rating Co., Ltd. about JinkoSolar Co., Ltd

Announcement of concern about the decline in 2024 annual results1

Oriental Jincheng Announcement [2025] No. 0050

Orient Jincheng International Credit Rating Co., Ltd. (hereinafter referred to as "Orient Jincheng") is entrusted with the issuance of convertible bonds to unspecified targets by JinkoSolar Co., Ltd. (hereinafter referred to as "JinkoSolar" or the "Company") and its issuance of "JinkoSolar Co., Ltd."

Company Bonds" (hereinafter referred to as "Jingneng Convertible Bonds") has been credit-rated. On June 19, 2024, Oriental Jincheng vs JinkoSolar

JinkoSolar's corporate credit rating is AA+, with a stable outlook, and the credit rating of Jingneng Convertible Bonds is maintained at AA+, with the rating results valid from the date of the rating report to the maturity date.

On January 18, 2025, JinkoSolar announced the 2024 Annual Business of JinkoSolar Co., Ltd

Performance Forecast", said that the company is expected to achieve a net profit attributable to the owners of the parent company in 2024 of 80 million yuan to 120 million yuan

10,000 yuan, compared with the same period last year (statutory disclosure data), a year-on-year decrease of 98.39% to 98.92%; It is estimated that the net profit after deducting non-recurring gains and losses will be -105000000000 yuan to -75000000000000 yuan, a year-on-year decrease of 110.86% to 115.21% compared with the same period last year (statutory disclosure data). Since the performance forecast data is the company's preliminary accounting data, the accurate impact of net profit loss on financial indicators is subject to the company's audited "2024 Annual Report".

After the occurrence of the above matters, Dongfang Jincheng learned that the main reasons for the company's performance changes include: 1. The contradiction between supply and demand in the photovoltaic industry is prominent, the industry competition is fierce, the bidding price of modules continues to decline throughout the year, the trade protection policies in some overseas markets have intensified, and the profitability of all aspects of photovoltaic module integration is under overall pressure; 2. The low-price orders undertaken by the company led to a decline in gross profit margin, and at the same time, the operating performance decreased significantly year-on-year due to the elimination of backward production capacity and fire accidents.

Oriental Jincheng will continue to monitor the follow-up progress of the above matters, pay attention to the changes in JinkoSolar's operating and financial condition, and disclose in a timely manner the possible impact of the relevant matters on JinkoSolar's credit rating, rating outlook and credit rating of the "Jingneol Convertible Bonds" debt.

The announcement is hereby made.

Oriental Jincheng International Credit Rating Co., Ltd

January 24, 2025

1 Special Statement:

The copyright and other related intellectual property rights of this announcement are owned by Oriental Jincheng. Except as stipulated in the entrustment rating contract, the entrusting party, the rated object and any other user shall not be used for securities business activities such as issuing debt financing instruments or other purposes without the written authorization of Orient Jincheng.

This announcement is only a third-party reference opinion on the credit status of the rated object, and is not a conclusion or recommendation for a certain decision. Orient Jincheng is not responsible for any consequences arising from the issuer's use/quotation of this announcement, nor is it liable for any investor's investment behavior and investment losses.

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