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JINKOSOLAR HOLDING CO., LTD. Q2 AND Q3 2025 EARNINGS CALL PRESENTATION NOVEMBER 17, 2025
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1 1 This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The information herein has been prepared by the Company solely for use in this presentation. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided. Participants agree further not to photograph, copy or otherwise reproduce these materials in any form or pass on these materials to any other person for any purpose, during the presentation or while in the conference room. Participants must return this presentation and all others materials provided in connection herewith to the Company at the completion of the presentation. This presentation may contain forward-looking statements and management may make additional forward-looking statements in response to your questions. These statements are made under the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements concerning our beliefs, forecasts, estimates and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that our results of operations may fluctuate from period to period; the risk of PRC governmental policy changes; the risk that we face intense competition from other solar companies; the risk that PRC economic, political and social conditions as well as government policies can affect our business and other risks outlined in our public filings with the Securities and Exchange Commission, including our registration statement on Form F-1, as amended. The forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this presentation. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Disclaimer
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Q2 2025 financial highlights (1) Total revenues were US$2.51 billion, up 29.9% sequentially and down 25.2% year-over-year. Gross profit margin was 2.9%, compared with gross loss margin of 2.5% in Q1 2025, significantly improved QoQ. Quarterly shipments were 26,446 MW (24,334 MW for solar modules and 2,111 MW for cells and wafers), up 38.2% QoQ and 4.5% YoY. Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was US$119.5 million, compared with adj. net loss of US$147.4 million last quarter, loss narrowed significantly QoQ. Cash and short-term restricted cash of US$3.39billion as of end of Q2 2025 vs US$3.77 billion as of end of Q1 2025. Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was US$122.3 million, compared with net loss loss of US$181.7 million last quarter, narrowed significantly QoQ. EBITDA was US$51.0 mn, significantly improved QoQ. 2 Notes: YoY and QoQ changes calculated on the RMB basis. (1) Excluding the impact from (i) a change in fair value of the Notes; (ii) a change in fair value of long-term investment; (iii)the share based compensation expenses; and (iv) the impairment of long-lived assets. Change in fair value of the Notes is nill in Q2, 2025. (2) Please refer to slide 12 for adjusted net income reconciliation.
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Q3 2025 financial highlights (1) Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders wasUS$52.4 million, compared with adj net loss of US$119.5 million last quarter, loss narrowed significantly QoQ. Total revenues were US$2.27 billion, down 10.2% QoQ and down 34.1% YoY. Gross profit margin was 7.3%, compared with 2.9% in Q2 2025, improving significantly QoQ. Quarterly shipments were 21,570 MW (20,014 MW for solar modules and 1,556 MW for cells and wafers), down 18.4% QoQ and 16.7% YoY. Cash and short-term restricted cash of US$3.29billion as of end of Q3 2025 vs US$3.39 billion as of end of Q2 2025. Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was US$105.3 million, compared with net loss loss of US$122.3 million last quarter, loss narrowed significantly QoQ. EBITDA was US$169.4 mn, significantly improved QoQ. 3 Notes: YoY and QoQ changes calculated on the RMB basis. (1) Excluding the impact from (i) a change in fair value of the Notes; (ii) a change in fair value of long-term investment; (iii)the share based compensation expenses; and (iv) the impairment of long-lived assets. Change in fair value of the Notes is nill in Q3, 2025. (2) Please refer to slide 12 for adjusted net income reconciliation.
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Q3 Business highlights 4 Orderbook visibility for energy storage system (ESS) in 2025 exceeds 90%. By the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of 370 GW of solar modules, with total cumulative shipments of Tiger Neo series surpassing 200 GW, the best-selling module series in history. 1 Total module shipments for the third quarter were approximately 20GW, with over 65% shipped to overseas markets. 2 3 Mass-produced cell efficiency for high-efficiency TOPCon products reached 27.2% to 27.4%. We started to deliver certain high efficiency modules series with power output exceeding 640W, which carry a price premium over conventional series.4 5 Our MSCI ESG rating has been upgraded to "A", the highest level among mainstream PV companies.6
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Currently, high-power modules series carries 1-2c USD/watt premium over conventional series. Percentage of high-power products expected to grow from 5% in 2025 to 60%+ in 2026. Average power generation gain is 3-4% higher per watt over BC*. In low light conditions, TOPCon achieves a 7.18% gain over BC in Chengdu, and a 10.79% gain over BC in Kagoshima, Japan, according to our field test data. Next Generation Tiger Neo 3.0 with the highest power output up to 670w Q1-Q3 global module shipments totaled 61.9GW, once again ranking No.1 worldwide. At the end of Q3’2025, we had delivered a total of 370GW solar modules globally, No.1 in the PV industry. At the end of Q3’2025, we had delivered a total of 200GW N- type modules globally, No.1 in the PV industry. Upgrade of existing TOPCon capacity: we expect capacity for high-power products (640wp+) to be 40~50% overall by 2025, the largest one in the industry. Q1-Q3 ESS shipments >3.3 GWh, increasing significantly QoQ for two consecutive quarters. 5 JinkoSolar leads the industry with cutting-edge N-type technology Tiger Neo 3.0, Innovative solution under anti-involution Continuous R&D investments to improve efficiency Set 30 world records for PV efficiency and power output Mass-production cell efficiency of high- power TOPCon series 27.2%-27.4% Steady progress in metallization to reduce costs Lab efficiency of TOPCon based perovskite tandem 34.22% TOPCon pioneer and emerging force in energy storage Notes：According to JinkoSolar’s field test platform https://www.jinkosolar.com/TigerNeoComparisonTest/frontend/#/index
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• 2GW N-type module capacity. • Adjusting manufacturing and supply chains in response to policy changes to provide U.S. customers with long-term, stable, and reliable solutions. • Phase I of wafer and module, Phase II wafer-cell-module fully operational. • Deep integration of AI, cloud computing, big data and other technologies. • Integrated, end-to-end production lead time reduced from 22 days to 7 days. • Operating costs reduced by 25% at full production. Global manufacturing 2.0: Cooperating with local partners to develop local supply chain, share benefits and acquire market share. Saudi Arabia Global manufacturing 2.0 10GW+ N-type integrated capacity.US Global capabilities further expanded Shanxi N-type Super Factory 6 SEA • Partnered with PIF and VI to build the world’s largest overseas N-type production facility for cells and modules, our fourth overseas facility. • Project implementation with flexible timetable based on policy changes.
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2022 2023 2024 2025E 6GWh China EuropeAmericas APAC Others 2025Q3 20GW PV+ESS enhanced our competitiveness 7 Energy storage business, our second growth engine Industry leading Brand and ESG recognition PV, Strong presence in high-value overseas markets Module shipments breakdown by region Shipped 3.3GWh in Q1-Q3, improved sequentially for two consecutive quarters. PV+ESS empowering clean energy future Rating Note: Americas includes North America and Latin America. Others includes Middle East and Africa. 65%+ of our modules were shipped overseas in Q3’2025. Shipments to the U.S. were 1.3GW in Q3, shipments doubled sequentially. Notes：Access JinkoSolar’s Sustainability efforts at https://www.jinkosolar.com/en/site/responsibility. 90% of 2025 orders has been signed 3.3GWh 90% 80% 20% Overseas Domestic 80% Manufacturing Capacity: 12GWh of Pack and 5GWh battery cell. Leveraging channels, brand reputation, and customer resources in PV. ~80% orders are overseas, focusing on Utility and C&I. Order backlog 5GWh battery 12GWh pack Q1-Q3 Tier 1 energy storage provider by BNEF for the seventh consecutive quarter. No.1 in the Global Solar Module Manufacturers Ranking 2025 report. Once again topped the PV Tech 2025 Q3 Module Tech Bankability Report with "AAA" Top Performer in PVEL's PV Module Reliability Scorecard for the Eleventh Consecutive Time Achieved 78/100 in S&P Global ESG Rating, the highest one in the industry Achieved 73/100 in EcoVadis Sustainability Rating Achieved B Grade in Climate Questionnaire of CDP Achieved A Grade in MSCI ESG Rating, the highest one in the industry, the highest level among mainstream PV companies 3 GWh, Jinko ESS partnered with Metlen Group to empower energy transition in Chile and Europe （June, 2025) 21.6 MWh, successful commissioning of Energy Storage Systems supplied to Distributed Energy Infrastructure in Massachusetts(July,2025) 123.8 MWh, Jinko ESS Powers Athens Airport to establish World's largest PV+ESS self-consumption aviation Hub(Sep,2025)
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• Maintain high R&D investments for cutting-edge innovation. • Execute a clear product roadmap: mass production, development, and technology pipeline. • Place great importance on intellectual property protection. • Enhance key equipment and materials synergy for lasting technical advantages. Technology Innovation Efficient Management • Implement comprehensive budget management to swiftly respond to market changes. • Further optimize operational efficiency and asset and liability structure. • Improve execution. • Accelerate automation, digitalization, and intelligent applications. Global Expansion • Increase localization, shifting from “global marketing” to “global manufacturing” and “global investing”. • Enhance global talent, organizational structures, and management mechanisms. • Improve supply chain compliance and traceability; maintain ESG leadership. Corporate Strategies 8
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Mass production cell efficiency of high-efficiency TOPCon products to reach 27.2%~27.6%, by the end of 2025. 2025 total shipments（including wafer, cell and module) to be 85~100GW (18~33GW in Q4 2025). 2025 ESS shipments to be approximately 6GWh. Capacity for mono wafer, cell and module to reach 120GW, 95GW and 130GW by the end of 2025. (40~50% of capacity are 640wp or above). Continue to optimize market strategies, supply chain management, and to improve technology and product competitiveness. Business Plan 9
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Quarterly financial highlights 10 10 Revenue and total shipments Gross profit (loss) and gross (loss) margin Adjusted net income（loss) and adjusted net(loss) margin 3,310 3,492 2,829 1,908 2,511 2,270 25,318 25,910 26,462 19,130 26,446 21,570 23,822 23,838 25,221 17,504 24,334 20,014 – 5,000 10,000 15,000 20,000 25,000 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Revenue (US$mn) Total shipments (MW) Module shipments GAAP net income(loss) and net (loss)margin (14) 3 (65) (182) (122) (105) -0.4% 0.1% -2.3% -9.5% -4.9% -4.6% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 GAAP net income(loss) (US$mn) Net (loss)margin (1) Notes： (1) Adjusted net loss excludes the impact from (i) a change in fair value of the Notes; (ii) a change in fair value of long-term investment; (iii)the share based compensation expenses; and (iv) the impairment of long-lived assets. Change in fair value of the Notes is nill in Q2 and Q3, 2025. 52 15 (59) (147) (120) (52) 1.6% 0.4% -2.1% -7.7% -4.8% -2.3% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Adjusted Net Income(loss) (US$mn) Adjusted Net(loss)margin 368 549 108 (49) 74 166 11.1% 15.7% 3.8% (2.5%) 2.9% 7.3% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Gross profit (US$mn) Gross margin
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Income statement summary 11 11 Notes: Unaudited quarterly financials. YoY and QoQ changes calculated on the RMB basis. (1) Adjusted net loss in excludes the impact from ( i) a change in fair value of the Notes; (ii) a change in fair value of long-term investment; (iii)the share based compensation expenses; and (iv) the impairment of long-lived assets. Change in fair value of the Notes is nill in Q2, 2025. Quarterly (US$mn) Change by RMB Q2 2024 Q1 2025 Q2 2025 QoQ change YoY change Total shipments 25,318 MW 19,130 MW 26,446 MW 38.2% 4.5% Total module shipments 23,822 MW 17,504 MW 24,334 MW 39.0% 2.1% Revenue 3,310 1,908 2,511 29.9% (25.2%) Gross profit(loss) 368 (49) 74 / (80.3%) Gross (loss) margin 11.1% (2.5%) 2.9% 5.4pct (8.2pct) Adjusted Net Income(loss) (1) 52 (147) (120) / / Adjusted Net (loss) margin 1.6% (7.7%) (4.8%) 2.9pct (6.4pct) GAAP net income(loss) (14) (182) (122) / / GAAP net (loss) margin (0.4%) (9.5%) (4.9%) 4.6pct (4.5pct)
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Income statement summary 12 12 Notes: Unaudited quarterly financials. YoY and QoQ changes calculated on the RMB basis. (1) Adjusted net loss excludes the impact from (i) a change in fair value of the Notes; (ii) a change in fair value of long-term investment; (iii)the share based compensation expenses; and (iv) the impairment of long-lived assets. Change in fair value of the Notes is nill in Q3, 2025. Quarterly (US$mn) Change by RMB Q3 2024 Q2 2025 Q3 2025 QoQ change YoY change Total shipments 25,910 MW 26,446 MW 21,570 MW (18.4%) (16.7%) Total module shipments 23,838 MW 24,334 MW 20,014 MW (17.8%) (16.0%) Revenue 3,492 2,511 2,270 (10,2%) (34.1%) Gross profit(loss) 549 74 166 124.5% (69.4%) Gross (loss) margin 15.7% 2.9% 7.3% 4.4pct (8.4pct) Adjusted Net Income(loss) (1) 15 (120) (52) / / Adjusted Net (loss) margin 0.4% (4.8%) (2.3%) 2.5pct (2.7pct) GAAP net income(loss) 3 (122) (105) / / GAAP net (loss) margin 0.1% (4.9%) (4.6%) 0.3pct (4.7pct)
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Balance sheet summary 13 13 (US$mn) Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Cash and restricted cash 1,909 3,188 3,773 3,395 3,293 Accounts and notes receivable 3,120 3,350 2,176 2,572 2,529 Inventories 2,682 2,173 1,827 1,799 2,099 Net PPE 6,277 6,503 6,045 5,865 5,580 Total assets 17,702 18,556 16,847 16,978 16,975 Total debt (1) 3,861 5,787 6,414 6,717 6,399 Short-term debt (2) 956 1,294 1,255 1,574 1,529 Long-term debt (3) 2,905 4,493 5,159 5,143 4,870 Net debt (4) 1,952 2,599 2,640 3,323 3,106 Total liabilities 13,097 13,588 12,490 12,829 12,744 Mezzanine Equity (5) / 217 214 209 214 Total shareholders’ equity 4,604 4,750 4,143 3,940 4017 Notes: Unaudited quarterly financials. (1) Interest-bearing debt. (2) Short-term debt includes short-term borrowings, current lease liabilities and current convertible senior notes. (3) Long-term debt includes long-term borrowings, convertible senior notes, noncurrent lease liabilities and interest bearing long-term payable. (4) Total debt minus cash and restricted cash. (5) The non-controlling interest with redemption equity related to a subsidiary of Jiangxi Jinko.
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14 Appendix—Adjusted net income reconciliation (RMB in thousands) 2025Q1 2025Q2 2025Q3 Net income(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders -1,318,879 876,422 749,787 Change in fair value of convertible senior notes -144,779 - - Change in fair value of Long-term Investment -46,155 46,793 5,607 Share-based compensation expenses -58,308 56,035 55,693 impairment of long-lived assets - 10,820 326,573 Adjusted net income(loss) attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders -1,069,636 856,360 373,128 Notes: Unaudited quarterly financials.
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