JinkoSolar Holding Co., Ltd. engages in the design, development, production, and marketing of photovoltaic products.
The company has built a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar modules. The company sells most of its solar modules under its JinkoSolar brand, with a small portion of solar modules on an OEM basis. The company also sells silicon wafers and solar cells.
The company sells its products in major export markets and China. As...
JinkoSolar Holding Co., Ltd. engages in the design, development, production, and marketing of photovoltaic products.
The company has built a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar modules. The company sells most of its solar modules under its JinkoSolar brand, with a small portion of solar modules on an OEM basis. The company also sells silicon wafers and solar cells.
The company sells its products in major export markets and China. As of December 31, 2023, the company has various production facilities globally 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, 2023, the company also had global sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, the Netherlands, Vietnam, and India to conduct sales, marketing, and brand development for its products around the world. In addition, as of December 31, 2023, the company had an aggregate of over 3,400 customers in over 190 countries and regions for its solar modules, including distributors, project developers, and EPC.
The company’s solar cells and modules utilize advanced solar technologies, such as the PERC technology and half cell technology, and has achieved industry-leading conversion efficiency.
The company’s high-quality manufacturing capabilities have enabled it to produce solar cells and modules meeting the industry’s highest performance standards. All of the company’s solar modules sold in Europe are TÜV, PID, Salt mist, Ammonia, Dust & Sand and CE certified, all of its solar module sold in India are BIS certified, all of its solar modules sold in North America are UL certified, all of its solar modules sold in Korea are KS certified and its solar modules sold in China are CQC certified. In May 2018, the company’s entire portfolio of PV modules passed the Potential Induced Degradation resistance test as required by TÜV Nord’s IEC TS 62804-1 standards.
The company’s solar cell and silicon wafer operations support its solar module production. As of December 31, 2023, the company had an integrated annual capacity of approximately 85 GW for mono wafers, 90 GW for solar cells, and 110 GW for solar modules.
Products and Services
The company’s product mix has evolved rapidly since its inception, as it has incorporated more of the solar power value chain through the expansion of its production capabilities and acquisitions. The company manufactures a series of products from silicon wafers to solar modules. The company’s principal product is solar modules, but it also sells silicon wafers and solar cells from time to time to meet its customers’ demand. In 2023, sales of solar modules, silicon wafers, and solar cells represented 96.5%, 0.2% and 1.3%, respectively, of its total revenues. In addition, the company also sells small volumes of recovered silicon materials to optimize the utilization of its production capacity.
Leveraging its expertise in manufacturing high quality solar modules and substantial experience in the solar industry, the company commenced developing solar power projects and providing solar system integration services in 2011.
Solar Modules
The company commenced producing solar modules in 2009.
In September 2020, the company supplied Trung Nam Group with 611MW of Tiger bifacial transparent backsheet modules, which were installed at the Thuan Nam solar power plant project in Vietnam. Located in Thuan Nam, the Thuan Nam solar power plant project was one of the largest solar power projects by capacity that were using bifacial modules in both Vietnam and Southeast Asia.
In June 2021, the company’s flagship Tiger Pro dual glass module received the world’s first IEC TS 62804-1-1:2020 certificate issued by DEKRA, one of the world’s largest independent inspection companies.
In August 2021, the company obtained the first photovoltaic module LCA (Life Cycle Assessment) certificate in the Greater China region issued by TÜV Rheinland (China) Ltd., and concurrently passed the Italian EPD certification.
In October 2021, the company’s Tiger and Tiger Pro module series met the carbon footprint verification standards of TÜV Rheinland Group, a leading global services provider in the testing of PV modules and components. In November 2021, the company launched a new series of ultra-efficient 2021 Flagship Tiger Neo modules.
In November 2021, the company announced that Jiangxi Jinko plans to invest RMB450 million for equity in Sichuan Yongxiang Energy Technology Co., Ltd., a subsidiary of Tongwei Co., Ltd.
In December 2021, the company and Aldo Solar, which stands out as the largest distributor of solar energy solutions in Brazil with 31% market share, reinforce their partnership for 2022 with the signing of the largest distribution agreement for Distributed Generation ever signed by the company outside China.
In February 2022, the company’s Tiger Neo Bifacial BDV 570 (144 cells) and Tiger Neo Bifacial BDV 610 (156 cells) modules were officially certified by CERTISOLIS for their very competitively low carbon footprint values.
In March 2022, the company entered into a project investment cooperation framework agreement with Qinghai Provincial Department of Industry and Information Technology, Xining Municipal Government and Xining Economic and Technological Development Zone Management Committee for a joint monocrystalline silicon pull rod project.
In March 2022, the company entered into an investment framework agreement with the Shangrao Guangxin District Government for a high-efficiency solar module and PV module aluminum frame project.
In May 2022, the company signed an agreement with Aldo Solar for the distribution of 600 MW N-type Tiger Neo Modules.
In November 2022, the company announced that its 182 mm TOPCon module reached highest conversion efficiency of 23.86%.
In November 2022, the company announced it will supply approximately 522 MW of modules for Phase l of the Santa Luzia Utility PV Project Complex in Brazil.
In January 2023, the company revealed its Second Generation Tiger Neo panel family – one of the world’s most efficient and powerful solar panels. The upgraded Tiger Neo family includes three series with up to 445Wp for 54-cell, 615Wp for 72-cell, and 635Wp for 78-cell and module efficiency up to 22.27%, 23.23%, and 22.72% respectively.
In September 2023, the company signed a Memorandum of Understanding with Failte Energy Solutions limited to supply Tiger Neo modules for a total capacity of 200MW.
In October 2023, the company’s affiliate signed the largest ever supply agreement with ACWA Power, to provide 3.8 GW N-type Tiger Neo modules for ACWA Power’s two projects, the 1,581MWp Al KAHFAH and the 2,257MWp AR RASS 2, in Saudi Arabia.
As of December 31, 2023, the average output of the company’s 182mm 72 pieces Tiger Neo modules reached 585-590wp.
In January 2024, the company’s affiliated company granted rights to certain of its N-type TOPCon (Tunnel Oxide Passivated Contact)-related patents to one of the top ten solar module companies in the world with reasonable license fee arrangement, allowing it to use certain of the company’s patented TOPCon technologies in its relevant TOPCon products.
In April 2024, the company’s subsidiary signed a purchase agreement with Nyox Srl, a leading renewable energy solutions provider based in Italy, to supply 100MW Tiger Neo modules.
Solar Cells
The company commenced production of solar cells in July 2009 following its acquisition of Zhejiang Jinko Solar Co., Ltd. (Zhejiang Jinko). The efficiency of a solar cell converting sunlight into electricity is represented by the ratio of electrical energy produced by the solar cell to the energy from sunlight that reaches the solar cell. The conversion efficiency of solar cells is determined to a large extent by the quality of silicon wafers used to produce the solar cells.
In May 2021, the maximum solar conversion efficiency of the company’s large-area N-type monocrystalline silicon solar cells reached 25.25%, setting a new world record for large-size contact-passivated solar cells.
In July 2021, the maximum solar conversion efficiency of its advanced high-efficiency solar module reached 23.53% and outperformed the previous record of 23.01%, also set by it, in January 2021, after recently setting a test record of 25.25% for large-area N-type monocrystalline silicon solar cells.
In October 2021, the company achieved a major technical breakthrough on its N-type monocrystalline silicon solar cell, setting a new world record for the fourth time in a year with the maximum solar conversion efficiency of 25.4% for its large-size passivating contact solar cell.
In October 2023, the company achieved a major technical breakthrough for its 182 mm high-efficiency N-type monocrystalline silicon solar cell. The company again set a new record with the maximum solar conversion efficiency of 26.89% for its 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 February 2024, the company’s 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 the company’s patented TOPCon technologies in its relevant TOPCon products.
Silicon Wafers
In 2018, the company developed P-type and N-type monocrystalline silicon wafers with high quality and low oxygen content of 158 mm x 158 mm. In 2019, the company 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. In 2020, the company developed and mass produced high quality silicon wafers of 182 mm x 182 mm, and conducted research on silicon wafers of 210 mm x 210 mm or larger size. The company optimized Outer-furnace Czochralski technology and charging technology and developed and verified N7/N8 technology. By the end of 2023, thickness of the mass production of N-type 182mm silicon wafers and P-type 182mm silicon wafers had reduced to 120 microns and 135 microns, respectively.
Recovered Silicon Materials
The company commenced processing of recoverable silicon materials into recovered silicon materials in June 2006. The company is able to process and recover a broad range of recoverable silicon materials.
Energy Storage System
The company launched its energy storage system business in 2022. The company offers residential energy storage system, commercial and industrial (C&I) energy storage system, and energy storage system designed for large-scale power plants. The company has entered into framework agreements and distribution agreements regarding the supply of its 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, the company’s energy storage system with production capacity of 4GWh has started operation.
Suppliers
In September 2021, the company signed long-term purchase agreements with Wacker Chemie AG and Hemlock Semiconductor to procure polycrystalline silicon. In November 2021, the company formed a few strategic co-operations, such as a joint investment with Tongwei Co., Ltd. in a high-purity crystalline silicon project with annual capacity of 45,000 metric tons. In June 2021, the company entered into a strategic investment agreement with Inner Mongolia Xinte Silicon Materials Co. Ltd. (Xinte) to secure its polysilicon supply. The company subsequently entered into a long-term purchase agreement with Xinte in 2022 for 336,000 metric tons of polycrystalline silicon. In 2022, the company signed a long-term purchase agreement with certain subsidiaries of Tongwei Co., Ltd. In July 2023, the company signed long-term purchase agreements with OCIM Sdn. Bhd. for one year to secure the monthly supply of 230.4 metric tons of polycrystalline silicon.
Customers and Markets
The company primarily sells solar products in both China and overseas markets, and before the disposition of its downstream solar power project business in China in November 2016, the company sold electricity generated by its solar power projects in China. As of December 31, 2023, the company had customers from China, the United States, Mexico, Australia, Japan, the United Arab Emirates, Turkey, Jordan Vietnam, Egypt, Spain, and Germany.
The company sells silicon wafers and solar cells to the extent it does not consume them for its own production. The company sells most of its solar modules under its own brand ‘JinkoSolar’, with a small portion of solar modules on an OEM basis. The company’s customers for solar modules include distributors, project developers, and system integrators. The company has been able to establish strong relationships with a number of major customers, based on the quality of its products and its market reputation. The company’s 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
The company sells solar modules under short-term contracts and by spot market sales. The company sells its solar cells under short-term contracts and by spot market sales.
The company sells a small volume of recovered silicon materials. As the company continue to diversify its product lines, it has successfully expanded its global marketing footprint. The company established a sales and marketing center in Shanghai in January 2009, which provides it with convenient access to domestic and international sales channels. In November 2009, the company established JinkoSolar International Limited in Hong Kong to get easy access to major export markets. The company began exporting its silicon wafers to Hong Kong in May 2008, and has since expanded its sales to Taiwan, India, the Netherlands, Singapore, and South Korea. With its entry into the downstream solar module markets, the company has further successfully marketed its products to customers in China, the United States, India, Brazil, Japan, Germany, Australia, Spain, Poland, the Netherlands, Saudi Arabia, and other countries. As of December 31, 2023, the company 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, the 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.
In addition, the company has devoted significant resources to developing solar module customers and a stable end-user customer base through establishing diversified sales channels comprising project developers, system integrators, distributors and sales agents and diversified marketing activities, including advertising on major industry publications, attending trade shows and exhibits worldwide, as well as providing high quality services to its customers.
Research and Development
In 2023, the company’s research and development expenses were RMB911.9 million (US$128.4 million).
Competition
The company mainly compete with integrated, as well as specialized manufacturers of solar power products comprising Longi Green Energy Technology Co., Ltd.; JA Solar Holdings Co., Ltd.; Trina Solar Ltd.; Canadian Solar Inc.; and JA Solar Holdings Co., Ltd.
Regulation
The major environmental regulations applicable to the company’s business activities in the PRC (People’s Republic of China, excluding Taiwan, Hong Kong and Macau (China)) include the Environmental Protection Law of the PRC, the Law on the Prevention and Control of Noise Pollution, the Law on the Prevention and Control of Air Pollution, the Law on the Prevention and Control of Water Pollution, the Law on the Prevention and Control of Solid Waste Pollution, the Law on Environmental Impact Evaluation, and the Regulations on the Administration of Environmental Protection In Construction Projects.
The company is 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.
History
JinkoSolar Holding Co., Ltd. was founded in 2006. The company was incorporated in Cayman Islands in 2007.
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