JinkoSolar's Q1 2025: Unraveling Contradictions in U.S. Shipments, ESS Strategy, and CapEx Plans

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Financial Performance and Market Conditions:
- JinkoSolar reported US$1.91 billion in module shipments for Q1 2025, down both year-over-year and sequentially.
- The decline in shipments and profitability was primarily due to disruptions in demand caused by changes in international trade policies, pressuring profit margins across the solar industry.

China Market Dynamics:
- New installations in China during Q1 reached 59.7 gigawatts, indicating a 31% year-over-year increase.
- Growth in domestic demand was attributed to resilience shown despite higher comparisons from 2024, as well as market self-regulation and high-quality development initiatives by manufacturers.

ESS Shipments and Market Strategy:
- JinkoSolar expects 6 gigawatt-hours in ESS shipments for full-year 2025, with a focus on the Asia Pacific, Europe, and emerging markets.
- The expansion is driven by overseas market demand and the company's emphasis on technological innovation and application in specific scenarios.

TopCon Technology Advancements:
- JinkoSolar achieved 26.6% mass-produced cell efficiency for third-generation TOPCon products, with a projected 20-30 watt peak advantage compared to previous generations.
- The advancements are part of the company's strategy to maintain a competitive edge in the market by focusing on cell efficiency and product performance.