A. Operating Results We are a global leader in the PV industry based in China. We have built a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar cells and solar modules. We sell most of our solar modules under our own “JinkoSolar” brand, with a small portion of solar modules sold on an OEM basis. We also sell silicon wafers and solar cells not used in our solar module production. Our revenues were RMB118.68 billion, RMB92.26 billion and RMB65.50 billion (US$9.37 billion) in 2023, 2024 and 2025, respectively. We had net income of RMB6.45 billion, RMB13.5 million in 2023, 2024, respectively and a net loss of RMB7.11 billion (US$1.02 billion) in 2025. Our operating results for 2025 were affected by continued supply-demand imbalances and pricing pressure across the photovoltaic value chain, along with a shifting trade environment in certain overseas markets. Module prices remained at a relatively low level throughout the year. In addition, we recorded impairment charges on certain long-lived assets based on a prudent assessment. Principal Factors Affecting Our Results of Operations We believe that the following factors have had, and we expect that they will continue to have, a significant effect on the development of our business, financial condition and results of operations. Industry Demand Our business and revenue growth depends on the industry demand for solar power and solar power products. Demand for solar power and solar power products depends on various factors including the global macroeconomic environment, pricing, cost-effectiveness, performance and reliability in comparison to alternative forms of energy, and the impact of government regulations and policies. Solar power is one of the fastest-growing sources of energy and is driven by factors such as cost-competitiveness, reliability as a predictable energy source, and growing commitments by various governments to combat climate change. 80 Table of Contents In the second half of 2009, demand for solar power and solar power products was significantly affected by the global financial crisis. In early 2010, as the effect of the global financial crisis started to subside, industry demand for solar power and solar power products started to revive. Access to financing continued to improve from 2010 to the first half of 2011, driven by increasing awareness of renewable energy, stronger balance sheets for financing providers and sustainable government incentives to develop solar as an alternative energy solution. However, in 2011, a decrease in payment to solar power producers, in the form of FIT and other reimbursements, and a reduction in available financing caused a decrease in the demand for solar power products, including solar modules, in the European markets. Payments to solar power producers decreased as governments in Europe, under pressure to reduce public debt levels, reduced subsidies such as FIT. Furthermore, many downstream purchasers of solar power products were unable to secure sufficient financing for the solar power projects due to the global credit crunch. Demand for solar modules in Europe fell significantly in 2013. As a result, many solar power producers that purchase solar power products from manufacturers like us were unable or unwilling to expand their operations. Our business and revenue increased in Europe in 2014, partly due to the significant increase in demand for solar modules in the U.K. Compared with 2014, our revenue increased in North America in 2015 mainly attributable to the significant increase in demand for solar modules in the U.S. China had become the largest solar market in 2016, whereas the demand in India continued to grow rapidly, second to only China and the United States. A strong presence in these markets led to an increase in our revenue despite the decreasing module price as a result of the China FIT cut as well as the uncertainties of the China-United States relations, and the existing and potential changes to United States and China trade and tariffs policies. Demand for solar power products is also affected by macroeconomic factors, such as energy supply, demand and prices, as well as regulations and policies governing renewable energies and related industries. For example, in June 2016, the FIT in China for utility-scale projects was significantly cut down. As a result, subsequent to a strong demand in the first half of 2016, the domestic market was almost frozen and the competition in the global market also intensified in the second half of 2016. In 2017, China remained the largest solar market and the U.S. market showed strong demand for solar modules, which was second to China, while the emerging markets grew rapidly, especially Mexico and Brazil. In 2018, demand from overseas markets continued to grow and accounted for an increasing proportion of our shipments despite of the softened domestic demand following the policy change by the Chinese government in May 2018. Subsequent to this May 2018 policy, demand in the domestic market of China experienced an immediate sharp drop, but now it is stable. The NEA has laid out their plans for a bidding system and has started to grant subsidy approvals for utility-scale projects. Most importantly, subsidies are prepaid by the State Grid and as a result there should be no more payment delays for new projects. The May 2018 policy sets a clear direction for the country’s solar plans and helps to greatly improve sentiment for the solar sector as the country tries to smoothly transit towards grid parity and encourages a more market-driven environment rather than a policy-driven one. The total subsidy scale for 2020 was RMB1.5 billion, which was decreased from RMB3.0 billion for 2019. The solar industry continues to make tremendous technological advancements that enhance quality and efficiency while lowering the solar generation costs. On a global scale, it remains enormous room for development of solar in many regions. Over the past several years, global demand for solar power has grown rapidly, driven by accelerating energy transition policies, declining system costs and increasing electrification trends across major economies. Since 2020, decarbonization commitments by governments in the United States, Europe and China have reinforced long-term growth expectations for renewable energy. Global solar installations expanded significantly between 2022 and 2024, driven by energy security concerns, supportive policy frameworks and improving project economics. China remained the largest solar market, while overseas markets experienced strong growth, supported by expanding renewable energy targets and increasing demand for clean electricity. However, growth rates moderated in 2024 following a period of rapid expansion, reflecting grid integration challenges, evolving policy environments and regional market adjustments. Global demand for solar power remained resilient in 2025, supported by accelerating energy transition policies, improving cost competitiveness and increasing electrification across major economies. In China, the solar industry continued to expand rapidly in 2025, with cumulative photovoltaic installations reaching the terawatt scale. Combined wind and solar capacity exceeded coal-fired capacity for the first time, highlighting the country’s accelerating shift toward renewable energy. In 2025 alone, according to the NEA, newly installations in China reached 317 GW, a 14% year-over year increase. Policy developments continued to promote more market-based renewable energy pricing mechanisms and evolving business models such as direct renewable power supply arrangements, while technological innovation across high-efficiency cell technologies supported ongoing improvements in system performance and application flexibility. International trade patterns also continued to evolve. While solar module export volumes remained resilient, export market diversification accelerated, with demand growth increasingly driven by emerging markets across Asia, Africa and other regions. The reliance on a small number of traditional end markets continued to decline as solar adoption broadened geographically. 81 Table of Contents Supply-demand adjustments across certain segments of the value chain continued in 2025, leading to pricing volatility and a more competitive operating environment. At the same time, the photovoltaic industry is transitioning from scale-driven expansion to technology- and value-driven competition, with growing emphasis on product performance, cost efficiency and differentiated solutions. In addition, a policy eliminating export VAT rebates for photovoltaic products, effective April 1, 2026, is expected to promote more rational pricing in overseas markets, curb disorderly exports of low-quality and low-priced products. Despite the near-term fluctuations, long-term demand fundamentals remain supported by global decarbonization commitments and continued improvements in the cost competitiveness of solar products. In addition, rising global electricity demand driven by electrification trends and energy-intensive digital infrastructure, including AI-related data centers, may further support the need for clean power generation. To proactively adapt to changes in the market, we implemented a number of strategic measures. Prior to the May 2018 policy announcement, we had already started reducing costs and improving efficiencies across our business. We began producing mono-wafers in 2016. Based on our continuous leading R&D capabilities and mass production experience started from 2019, we are expanding N-type cell production capacity. We made further progress in efficiency improvement and cost reduction for N-type products due to the continuous efforts of our R&D team, leveraging our accumulated industry knowledge and mass production experience. By the end of 2024, our accumulated global module shipments exceeded 300 GW, with high-efficiency Tiger Neo modules accounted for approximately 90% of total module shipments in 2024. By the end of 2025, we had 14 GW of N-type integrated capacity overseas, including 2 GW of N-type module production capacity in the United States. In 2025, we continued to focus on technology-driven and value-oriented strategies, including optimizing our product portfolio, strengthening our presence in end markets and expanding our energy storage business, to enhance our competitiveness in an evolving industry environment. We also continued to drive product upgrades and performance iterations, consistently enhancing product competitiveness. Our third-generation N-type TOPCon Tiger Neo 3.0 solar modules have demonstrated pricing premiums compared to conventional modules, supported by enhanced performance factors including high bifaciality and strong low-light performance. In addition, we continued to develop differentiated photovoltaic products tailored to diverse application scenarios, enhancing performance, reliability and lifecycle value across utility-scale and distributed generation markets. We continued to invest in advanced photovoltaic technologies, including N-type TOPCon and next-generation tandem cell technologies. In 2025, we set a new world record of 27.79% for our high-efficiency advanced N-type TOPCon cell. And our perovskite tandem solar cell based on N-type TOPCon set new record once again with a conversion efficiency of 34.76%. We partnered with XtalPi, a tech-driven R&D platform in material science, to speed up the commerciality of perovskite solar cell by using AI. In 2025, we continued to focus on overseas markets as a key growth area. Leveraging our brand recognition and distribution network, we maintained market presence across key regions. In Europe, our N-type TOPCon modules support alignment with local energy transition policies, contributing to stable market participation in several countries. In the Asia-Pacific region, we participated in both utility-scale and distributed generation projects, maintaining established positions in countries such as Australia and Japan. In South America and Central Asia, we are expanding local partnerships to support adoption in emerging markets. In addition, our energy storage business experienced rapid growth, further strengthening the synergies between our solar business and storage solutions. We are committed to a localization strategy, advancing our global presence from “global sales” to “global manufacturing” and “global investing.” In July 2024, we entered into a shareholder agreement to form a joint venture with RELC and VI in Saudi Arabia to build and operate a local manufacturing facility for high-efficiency solar cells and solar modules. Upon completion, it is expected to become one of the largest overseas N-type production facilities. This marks an important milestone for our globalization strategy. As of the date of this annual report, the project remained at a preliminary stage, and its timeline and implementation remained subject to various factors, including market conditions and regulatory developments. By leveraging our strengths in technology, patent portfolio, manufacturing capabilities, operating expertise, and global marketing and service networks, we are dedicated to building localized solar ecosystems together with our partners, so as to achieve synergy of resources and complementarity of advantages and further grow our competitiveness in the global market. 82 Table of Contents Industry Trend for Credit Sales Most of our sales are made on credit terms and we allow our customers to make payments after a certain period of time subsequent to the delivery of our products. We typically offer overseas customers credit terms of 60 to 90 days and domestic customers credit terms of 60 to 120 days. Selling products on credit terms has increased, and may continue to increase, our working capital requirements and may have a negative impact on our short-term liquidity. See “Item 3. Key Information—D. Risk Factors—Selling our products on credit terms may increase our working capital requirements and expose us to the credit risk of our customers.” Our accounts receivable turnover days were 79 days, 90 days and 100 days in 2023, 2024 and 2025, respectively. Allowance for credit losses on accounts receivable were RMB685.2 million and RMB829.4 million and RMB1.11 billion (US$158.1 million) as of December 31, 2023, 2024 and 2025, respectively. Provision of allowance for credit losses on accounts receivable was RMB181.8 million, RMB257.9 million and RMB307.4 million (US$44.0 million) in 2023, 2024 and 2025, respectively, and reversal of allowance for credit losses on accounts receivable were RMB77.0 million, RMB113.7 million and nil in 2023, 2024 and 2025, respectively. We will continue to make assessment and properly provide the provision on credit losses. Pricing of Solar Power Products The price of our solar modules is influenced by a variety of factors, including polysilicon prices, supply and demand conditions, the competitive landscape and processing technologies. The implementation of the capacity expansion plans by major solar power product manufacturers in 2009 and 2010 resulted in significant increases in the supply of solar power products in the global market, which contributed to a general decrease in the average selling prices of solar power products in recent years, including solar modules. The slowdown in the growth of demand for solar power products in recent years has further reduced the market prices of solar power products. In addition, decreases in the price of silicon feedstock, improvements in manufacturing techniques for solar power products and economies of scale have continually reduced the unit production costs of solar power products in recent years, which in turn have increased the competitiveness of solar power on an unsubsidized basis relative to conventional power and other renewable energy. In spite of the price fluctuations caused by the international trade barriers such as EU anti-dumping tariff and Section 201 Investigation, as well as the inconsistent government policies towards PV industry such as the “May 31 policy”—in May 2018, the NDRC, Ministry of Finance, and NEA jointly announced a new policy to lower the solar feed-in-tariff, halt subsidized utility-scale development, and implement a quota for distributed projects which are eligible for subsidies in 2018. We expect the market prices of solar power products to continue to decline in the long term due to continued advancements in processing technologies. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry—Our future growth and profitability depend on the demand for and the prices of solar power products and the development of photovoltaic technologies.” Government Subsidies, Policies and Economic Incentives With a number of markets such as India, Australia, United Arab Emirates, and Mexico rapidly approaching solar grid parity or having already achieved it, we expect dependence on government incentives to continue in the near future until solar power becomes universally affordable when compared to the cost of conventional fossil fuels. Various governments have used policy initiatives to encourage or accelerate the development and adoption of solar power and other renewable energy sources. 83 Table of Contents Countries in Europe, notably Italy, Germany, France, Belgium and Spain, certain countries in Asia, including China, Japan and India, as well as Australia and the United States have adopted renewable energy policies. Examples of government sponsored financial incentives to promote solar power include capital cost rebates, FIT, tax credits, net metering and other incentives to end users, distributors, project developers, system integrators and manufacturers of solar power products. Governments may reduce or eliminate existing incentive programs for political, financial or other reasons, which will be difficult for us to predict. Reductions in FIT programs may result in a significant fall in the price of and demand for solar power products. For example, subsidies have been reduced or eliminated in some countries such as China, Germany, Italy, Spain and Canada. In May 2018, the NDRC, the Ministry of Finance and the NEA issued a joint notice temporarily halting subsidies for utility-scale solar projects, slashing the quota on distributed solar projects which are eligible for subsidies in 2018 and greatly reducing FIT. The German market represents a major portion of the European solar market for ground-mounted systems and a stable residential and commercial rooftop market. The first subsidy-free grid parity projects of the industry were connected to the grid in 2020, which act as a driver for the additional market growth. Starting from 2011, major export markets for solar power and solar power products such as Japan, Germany, Italy, Spain and the United Kingdom continued to reduce their FIT as well as other incentive measures. For example, according to the Agency for Natural Resources and Energy, Ministry of Economy, Trade and Industry, Japan, between 2012 and 2025, the Japanese government reduced its FIT (per kWh) from JPY40 to JPY15 for projects below 10 kW, from JPY42 to JPY10 for certain projects between 10 kW to 50 kW, and to JPY8.9 for ground-mounted projects above 50 kW, and will further reduce its FIT in 2026. Our revenue and operating results may be adversely impacted by unfavorable policy revisions if FIT in the United States, our largest export market, and certain other major markets for solar power and solar power products are further reduced. Electric utility companies or generators of electricity from fossil fuels or other renewable energy sources could also lobby for a change in the relevant legislation in their markets to protect their revenue streams. Government economic incentives could be reduced or eliminated altogether. A significant reduction in the scope or discontinuation of government incentive programs, especially those in our target markets, could cause demand for our products and solar power to decline and have a material adverse effect on our business, financial condition, results of operations and prospects. We believe that the growth of the solar power industry in the short term will continue to depend largely on the availability and effectiveness of government incentives for solar power products and the competitiveness of solar power in relation to conventional and other renewable energy resources in terms of cost. Our business may also be affected by the trade policies of government or international trade bodies, particularly in our major export markets, such as the U.S. and Europe. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—We are subject to anti-dumping and countervailing duties imposed by the U.S. government. We are also subject to safeguard investigation and other foreign trade investigations initiated by the U.S. government and anti-dumping investigation and safeguard investigations initiated by governments in our other markets.” We expect our exports to both the U.S. market and European market to be adversely affected by these duties or measures. Our direct sales to the Americas market and European market accounted for 18.8% and 13.1% of our total revenue in 2025, respectively. Product and Service Mix Our product mix has evolved rapidly since our inception, as we expanded our production capabilities to manufacture and sell downstream solar power products and to capture the efficiencies of our vertically-integrated production process. Before 2009, our sales consisted of silicon wafers, silicon ingots and recovered silicon materials. We commenced production and sale of solar cells and solar modules in the second half of 2009. In 2010, we successfully achieved fully vertically-integrated solar module production and made sales of solar modules our largest source of revenue. In 2024, we continue to optimize our capacity structure, with the scale of N-type cell capacity and shipments of N-type products leading the industry. By creating a fully vertically-integrated production chain, we have succeeded in continually driving down average solar modules manufacturing cost per watt. By the end of 2025, our cumulative shipments of N-type products reached over 220 GW, making us the first module manufacturer in the world to reach this milestone. In 2025, our N-type Tiger Neo series accounted for nearly 99% of our total module shipments. We have continued to upgrade existing TOPCon capacity through technology enhancements. 84 Table of Contents The following table presents our integrated annual capacity of silicon wafers and solar cells as of December 31, 2023, 2024 and 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annual Production Capacity as of December 31, ​ ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ (GW) Monocrystalline silicon wafers 85.0 120.0 120.0 Solar cells 90.0 95.0 95.0 Solar modules ​ 110.0 ​ 130.0 ​ 130.0 ​ We are taking a more cautious approach to capacity expansion in 2026 and do not expect to add capacity besides upgrades to TOPCon technology. We expect annual integrated production capacity to reach approximately 100 GW by the end of 2026, including 14 GW from overseas facilities. Selected Statement of Operations Items Revenues We derive our revenues primarily from the sales of solar modules and, to a lesser extent, from the sales of silicon cells and solar wafers. We also derive a small portion of revenues from the sales of other solar materials, including raw materials and auxiliary materials, and the sales of our solar power plants. We expect the sales of photovoltaic products to continue to be our primary source of revenues. The following table presents our revenues, net of VAT, by products and services, as sales amounts and as percentages of total revenues, for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ (RMB in ​ ​ ​ (RMB in ​ ​ ​ (RMB in ​ (US$ in ​ ​ ​ ​ ​ ​ thousands) ​ ​ ​ (%) ​ thousands) ​ ​ ​ (%) ​ ​ ​ thousands) ​ ​ ​ thousands) ​ ​ ​ (%) Products ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sale of photovoltaic products 116,262,223.0 98.0 ​ 89,991,217. 0 ​ 97.5 62,527,592.0 ​ 8,941,326.9 95.5 Sales of other solar materials ​ 2,374,386.0 ​ 2.0 ​ 2,265,085.0 ​ 2.5 ​ 2,970,054.0 ​ 424,712.1 ​ 4.5 Sales of solar projects 41,982.0 0.0 ​ — ​ — — ​ — — Total 118,678,591.0 100.0 ​ 92,256,302.0 ​ 100.0 65,497,646.0 ​ 9,366,039.0 100.0 ​ Our revenues from sales of photovoltaic products are mainly affected by sales volumes, product mix and average selling prices. The following table sets forth the sales volume of our solar modules for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2025 Sales volume: ​ ​ ​ ​ ​ ​ Solar modules (MW) 78,519.8 92,873.3 86,805.5 ​ Cost of Revenues Cost of revenues primarily consists of: (i) raw materials, which primarily consist of virgin polysilicon and recoverable silicon materials; (ii) consumables and components, which include crucibles for the production of monocrystalline and multicrystalline silicon ingots, steel alloy saw wires, slurry, chemicals for raw material cleaning and silicon wafer cleaning, and gases such as argon and silane, as well as silicon wafers and solar cells we procure from third parties for the production of solar modules; (iii) direct labor costs, which include salaries and benefits for employees directly involved in manufacturing activities; (iv) overhead costs, which consist of equipment maintenance costs, cost of utilities including electricity and water; (v) depreciation of property, plant, equipment and project assets; (vi) processing fees paid to third party factories relating to the outsourced production of solar cells and solar modules; and (vii) subcontractor cost and those indirect costs related to contract performance, such as indirect labor, supplies and tools. In 2023, 2024 and 2025, our cost of revenues was RMB99.63 billion, RMB82.20 billion and RMB64.09 billion (US$9.16 billion), respectively. Operating Expenses Our operating expenses include selling and marketing expenses, general and administrative expenses, research and development expenses and impairment of long-lived assets. 85 Table of Contents Selling and Marketing Expenses. Our selling and marketing expenses consist primarily of shipping and handling expenses, warranty cost, exhibition costs, salaries, bonuses and other benefits for our sales personnel as well as sales-related travel and entertainment expenses. In 2023, 2024 and 2025, our selling and marketing expenses were RMB6.82 billion, RMB6.64 billion and RMB4.45 billion (US$636.6 million), respectively. General and Administrative Expenses. General and administrative expenses consist primarily of salaries and benefits for our administrative, finance and human resources personnel, amortization of land use rights, office expenses, entertainment expenses, business travel expenses, professional service fees, disposal and impairment of long-lived assets as well as provision for bad debts. In 2023, 2024 and 2025, our general and administrative expenses were RMB4.58 billion,RMB4.60 billion and RMB3.30 billion (US$472.6 million), respectively. Research and Development Expenses. Research and development expenses consist primarily of silicon materials used in our research and development activities and salaries, bonuses and other benefits for research and development personnel, and depreciation of equipment for research and development. In 2023, 2024 and 2025, our research and development expenses were RMB911.9 million, RMB920.5 million and RMB896.9 million (US$128.3 million), respectively. Impairment of long-lived assets. Impairment of long-lived assets consist primarily as a result of the obsolescence of certain production equipment. In 2023, 2024 and 2025, we recognized impairment of long-lived assets of RMB640.0 million, RMB1.24 billion and RMB1.66 billion (US$237.7 million), respectively. Interest Expenses, Net Our interest expenses primarily consist of interest expenses incurred on bank borrowings and the issuance of bonds. Our interest income primarily consist of interests earned on bank deposits. In 2023, 2024 and 2025, we incurred interest expenses of RMB1.17 billion, RMB1.14 billion, and RMB1.36 billion (US$194.5 million) net of interest income of RMB553.5 million, RMB414.7 million, and RMB504.1 million (US$72.1 million), respectively. Interest expenses capitalized during the construction period of property, plant and equipment, and project assets in 2023, 2024 and 2025 were RMB71.7 million, RMB60.8 million, and RMB28.9 million (US$4.1 million), respectively. Government Grants From time to time we apply for and receive government incentives in the form of subsidies from local and provincial governments. Government grants which are not subject to any condition and are not related to assets are recognized as subsidy income when received. The governments grant subsidies to encourage and support large-scale enterprises and high technology enterprises based in the relevant locations to upgrade their technology and develop the overseas market. We record such subsidies as subsidy income as there are no further obligations on us. The amount of government subsidies we receive may vary from period to period and there is no assurance that we will continue to receive government subsidy in the future. In 2023, 2024 and 2025, our government grants recognized in earnings, which were not assets-related, were RMB1.18 billion, RMB2.45 billion and RMB1.56 billion (US$223.3 million), respectively. Government grants related to assets are initially recorded as other payables and accruals. These grants will be deducted from the carrying amount when the assets are ready for use and approved by related government. We received government grants related to assets of RMB2.83 billion and RMB1.55 billion and RMB959.1 million (US$137.1 million) in 2023, 2024 and 2025, respectively. Exchange Gain In 2023, 2024 and 2025, we recorded a foreign exchange gain of RMB938.1 million, RMB484.4 million, RMB7.0 million (US$1.0 million), respectively, primarily due to fluctuations in the exchange rate of the U.S. dollars against the Renminbi. Other Loss/Income, net Net other loss was primarily attributable to change in fair value of financial liabilities. We had net other income of RMB26.1 million, RMB308.0 million and had other loss of RMB219.9 million (US$31.5 million) in 2023, 2024 and 2025, respectively. Gain from Disposal of a Subsidiary We recognized a gain from the disposal of a wholly-owned subsidiary of RMB72.0 million (US$10.3 million) in 2025. 86 Table of Contents Change in Fair Value of Contingent Consideration We recognized a loss from change in fair value of contingent consideration related to disposal of a subsidiary of RMB365.0 million (US$52.2 million) in 2025. Change in Fair Value of Foreign Exchange Forward Contracts We recognized a loss of RMB389.2 million in 2023, primarily due to fluctuations in exchange rate of the Renminbi against the U.S. dollars. We recognized a gain of RMB115.3 million in 2024, primarily due to fluctuations in exchange rate of the Renminbi against the U.S. dollar. We recognized a loss of RMB134.2 million (US$19.2 million) in 2025, primarily due to fluctuations in exchange rate of the Renminbi against the U.S. dollars. Change in Fair Value of Foreign Exchange options In 2023, we recognized a gain arising from change in fair value of foreign exchange options of RMB74.3 million, primarily due to the depreciation of the U.S. dollar against the Renminbi. In 2024, we recognized a gain arising from change in fair value of foreign exchange options of RMB1.3 million, respectively, primarily due to the appreciation of the U.S. dollar against the Renminbi. In 2025, we recognized a gain arising from change in fair value of foreign exchange options of RMB37.6 million(US$5.4 million), respectively, primarily due to the appreciation of the U.S. dollar against the Renminbi. Change in Fair Value of Convertible Senior Notes We issued convertible senior notes and call option with the principal amount of US$85.0 million in 2019, and the change in fair value of the senior notes was primarily due to the changes in the Company’s stock price. In 2023, we recognized losses arising from change in fair value of convertible senior notes of RMB31.2 million. In 2024, we recognized a gain arising from change in fair value of convertible senior notes of RMB323.5 million. All the senior notes have been converted into ordinary shares of the Company as of December 31, 2024. In 2025, we did not recognize any gain or loss arising from change in fair value of convertible senior notes. 87 Table of Contents Change in Fair Value of Long-term Investment In 2023, 2024 and 2025, we recognized gains from change in fair value of RMB221.5 million, RMB163.5 million and RMB33.2 million (US$4.7 million), respectively, due to the increased valuation of several solar technology companies that we invested. Share-based Compensation We adopted our 2021 Equity Incentive Plan in March 2021. As of the date of this annual report, 2,600,000 restricted shares have been granted to our directors, officers and employees pursuant to our 2021 Equity Incentive Plan and no restricted share awards were outstanding and available for future grant under our 2021 Equity Incentive Plan. We adopted our 2022 Equity Incentive Plan in February 2022. As of the date of this annual report, 12,000,000 restricted shares have been granted to our directors, officers and employees pursuant to our 2022 Equity Incentive Plan, and no restricted share awards were outstanding and available for future grant under our 2022 Equity Incentive Plan. We adopted our 2023 Equity Incentive Plan in January 2023 and as of the date of this annual report, 20,800,000 restricted shares have been granted to our directors, officers and employees pursuant to our 2023 Equity Incentive Plan. In October 2022, Jiangxi Jinko adopted its 2022 Equity Incentive Plan (the “Jiangxi Jinko 2022 Plan”), under which Jiangxi Jinko will grant share options to its employees. The total number of Jiangxi Jinko’s ordinary shares which may be issued under Jiangxi Jinko 2022 Plan is 40,187,375. All share-based payments to employees and directors, including grants of employee stock options, are measured based on the fair value of the stock options at the grant date. We have categorized these share-based compensation expenses in our (i) cost of revenues; (ii) selling and marketing expenses; (iii) general and administrative expenses; and (iv) research and development expenses, depending on the job functions of the grantees of our restricted shares and share options. The following table sets forth the allocation of our share-based compensation expenses both in terms of the amounts and as a percentage of total share-based compensation expenses in 2023, 2024 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ (RMB in ​ ​ ​ (RMB in ​ ​ ​ (RMB in ​ (US$ in ​ ​ ​ ​ ​ ​ thousands) ​ ​ ​ (%) ​ ​ ​ ​ thousands) ​ ​ ​ (%) ​ ​ ​ ​ thousands) ​ ​ ​ ​ thousands) ​ ​ ​ (%) Cost of revenues 1,733.8 0.2 (8,389.0) (2.3) — — — Selling and marketing expense 28,439.1 3.3 (3,010.0) (0.8) — — — General and administrative expense 825,687.4 95.7 377,977.0 103.3 225,727.2 32,278.6 100.0 Research and development expense 6,781.1 0.8 (826.0) (0.2) — — — Total share-based compensation expenses 862,641.4 100.0 365,752.0 100.0 225,727.2 32,278.6 100.0 ​ The increase in our share-based compensation expenses from 2022 to 2023 was primarily due to the grant of certain restricted shares under our 2022 Equity Incentive Plan. The decrease in our share-based compensation expenses from 2023 to 2024 was primarily due to decreased amortization expenses under our 2022 Equity Incentive Plan. The decrease in our share-based compensation expenses from 2024 to 2025 was primarily due to decreased amortization expenses under our equity incentive plans. Taxation Under the CIT Law, which became effective on January 1, 2008 and was amended on February 24, 2017 and December 29, 2018, domestic and foreign invested companies in China are generally subject to corporate income tax at the rate of 25%. Zhejiang Jinko, Haining Jinko, Anhui Jinko and Shangrao JinkoSolar have been designated by the relevant local authorities as “High and New Technology Enterprises” (“HNTEs”) under the CIT Law. Zhejiang Jinko received the HNTE designation in 2021, which was renewed in December 2024, and is entitled to enjoy the preferential tax rate of 15% (the “Preferential Rate”) from 2024 to 2026. Haining Jinko received the HNTE designation in December 2022 and enjoyed the Preferential Rate from 2022 to 2024. Following a successful renewal in December 2025, Haining Jinko is entitled to enjoy the Preferential Rate from 2025 to 2027. Anhui Jinko was designated as an HNTE in November 2023 and enjoyed the Preferential Rate from 2023 to 2025. Shangrao JinkoSolar received the HNTE designation in October 2025 and is entitled to enjoy the Preferential Rate from 2025 to 2027. In addition, Chuxiong Jinko, Qinghai Jinko, Jinchang Jinko, Sichuan Jinko and Leshan Jinko, our operating subsidiaries, have been designated by the relevant local authorities as “Enterprises in the Encouraged Industry.” According to the “Announcement on Continuation of CIT Policies for Large-scale Development in the Western Region” published on April 23, 2020, enterprises in encouraged industries that are established in the western region of China can continue to enjoy a preferential tax rate of 15% until December 31, 2030. 88 Table of Contents Since Jiangxi Jinko’s initial public offering in 2022, the Group accrued withholding income tax on the earnings of Jiangxi Jinko, which were expected to be distributed in the future based on its distribution plan. As of December 31, 2023, we recognized deferred tax liabilities of RMB68.5 million related to the cumulative undistributed earnings of Jiangxi Jinko. As of December 31, 2024 and 2025, we did not have any deferred tax liabilities as Jiangxi Jinko was not expected to pay any cash dividends to its ordinary shareholders due to its distributable profit was negative in 2024 and 2025. In addition, under the CIT Law, an enterprise established outside China with “de facto management bodies” within China may be considered a PRC tax resident enterprise and will normally be subject to the PRC corporate income tax at the rate of 25% on its global income. Under the Implementation Rules of the CIT Law, the term “de facto management bodies” refers to management bodies which have, in substance, overall management and control over such aspects as the production and business, personnel, accounts, and properties of the enterprise. On April 22, 2009, the STA promulgated a circular that sets out procedures and specific criteria for determining whether “de facto management bodies” for overseas incorporated, domestically controlled enterprises are located in China. However, as this circular only applies to enterprises incorporated under laws of foreign jurisdictions that are controlled by PRC enterprises or groups of PRC enterprises, it remains unclear how the tax authorities will determine the location of “de facto management bodies” for overseas incorporated enterprises that are controlled by individual PRC tax residents such as our company and JinkoSolar Investment. As such, it is still unclear if the PRC tax authorities would subsequently determine that, notwithstanding our status as the Cayman Islands holding company of our operating business in China, we should be classified as a PRC tax resident enterprise, whereby our global income will be subject to PRC income tax at a tax rate of 25%. Under the CIT Law and the Implementation Rules of the CIT Law, a withholding tax at the rate of 10% will normally be applicable to dividends payable to investors that are “non-resident enterprises,” to the extent such dividends have their source within China. Under the tax arrangement between Hong Kong and China, a reduced tax rate of 5% for dividends paid to a Hong Kong company will be applied provided that the beneficial owner of the dividends is a Hong Kong resident enterprise which directly owns at least a 25% equity interest in the PRC subsidiary. JinkoSolar Investment is our Hong Kong subsidiary. 55.59% of the equity interests in Jiangxi Jinko is owned directly by JinkoSolar Investment. If JinkoSolar Investment is not deemed a PRC tax resident enterprise and it has obtained the tax resident certificate of Hong Kong, is treated as the beneficial owner of the dividends paid by Jiangxi Jinko, Zhejiang Jinko and JinkoSolar (Shanghai) Management Co., Ltd. to JinkoSolar Investment, as the case may be, and owns such equity for at least 12 consecutive months before receiving such dividends, such dividends could be subject to a 5% withholding tax pursuant to the tax arrangement between Hong Kong and China as discussed above. According to the Notice of the State Taxation Administration on the Issues concerning the Application of the Dividend Clauses of Tax Agreements issued on February 20, 2009, a non-resident enterprise that intends to enjoy the preferential treatment under the relevant tax agreement is required to own the requisite amount of equity of a PRC enterprise specified by the relevant tax agreement for at least 12 consecutive months before obtaining the dividends. According to the Administrative Measures for Non-Residents Enjoying Tax Treaty Benefits issued by the STA on October 14, 2019, which became effective on January 1, 2020, the application of the preferential withholding tax rate under a bilateral tax treaty is based on the self-declaration and self-determination of the non-resident. The non-resident should submit the “Information Reporting Form on Treaty Benefits for Non-Resident Taxpayers” form and compile and retain relevant documentation for future inspection. According to the Circular of the State Taxation Administration on the “Beneficial Ownership” under Tax Treaty issued by the STA on February 3, 2018, the PRC tax authorities must evaluate whether an applicant for treaty benefits in respect of dividends, interest and royalties qualifies as a “beneficial owner” on a case-by-case basis and following the “substance over form” principle. The circular sets forth the criteria to identify a “beneficial owner” and provides that an applicant that does not carry out substantial business activities, or is an agent or conduit company may not be deemed a “beneficial owner” of the PRC subsidiary and therefore may not enjoy tax treaty benefits. According to Announcement of the State Taxation Administration on Issues Concerning the Recognition of Beneficial Owners in Entrusted Investments, effective on June 1, 2014, non-residents may be recognized as “beneficial owners” and enjoy the treaty benefits for the income derived from the PRC from certain investments. According to the Announcement of the State Taxation Administration on Issues concerning the “Beneficial Owner” in Tax Treaties, which became effective in April 2018, a resident enterprise is determined as a “beneficial owner” that can apply for a low tax rate under tax treaties based on an overall assessment of several factors. Furthermore, the Administrative Measures for Non-Resident Enterprises to Enjoy Treatments under Tax Treaties, which became effective in January 2020, requires non-resident enterprises to determine whether they are qualified to enjoy the preferential tax treatment under the tax treaties and file relevant form and retain materials for future possible tax inspection. 89 Table of Contents Pursuant to the Provisional Regulation of the PRC on Value Added Tax issued by the State Council, effective on January 1, 1994 and lately amended and effective on February 6, 2016, or the Provisional Regulation, and its Implementing Rules, all entities and individuals that are engaged in the sale of goods, the provision of processing, repairs and installation services, the sale of services, intangible assets and real property in China and the importation of goods in China are required to pay VAT. According to the Provisional Regulation, gross proceeds from sales and importation of goods and provision of services are generally subject to a VAT rate of 17% with exceptions for certain categories of goods that are taxed at a VAT rate of 13%.The Provisional Regulation was further amended on November 19, 2017, in which gross proceeds from sales and importation of goods and provision of services and tangible personal property leasing services are generally subject to a VAT rate of 17%, with exceptions for certain categories of goods that are taxed at a VAT rate of 11%. On April 4, 2018, the Circular of the MOF and the STA on Adjusting Value-added Tax Rates was promulgated, in which gross proceeds from sales and importation of goods and provision of services and tangible personal property leasing services are generally subject to a VAT rate of 16%, with exceptions for certain categories of goods that are taxed at a VAT rate of 10%. On March 20, 2019, the Announcement on Relevant Policies for Deepening Value-Added Tax Reform was jointly promulgated by the Ministry of Finance, the STA and the General Administration of Customs, which provides that, effective April 1, 2019, the VAT rate of gross proceeds from sales and importation of goods and provision of services was adjusted from 16% to 13%, with the VAT rate of certain categories of goods adjusted from 10% to 9%. In addition, under the Provisional Regulation, the input VAT for the purchase of fixed assets is deductible from the output VAT, except for goods or services that are used in non-VAT taxable items, VAT exempted items and welfare activities, or for personal consumption. According to former VAT levy rules, equipment imported for qualified projects is entitled to import VAT exemption and the domestic equipment purchased for qualified projects is entitled to VAT refund. However, such import VAT exemption and VAT refund were both eliminated as of January 1, 2009. On the other hand, if a foreign-invested enterprise obtained the confirmation letter of Domestic or Foreign Invested Project Encouraged by the State before November 10, 2008 and declared importation of equipment for qualified projects before June 30, 2009, it may still be qualified for the exemption of import VAT. The importation of equipment declared after July 1, 2009 will be subject to the import VAT. Effective on January 1, 2012, the MOF and the STA launched the VAT Pilot Program in Shanghai. On April 10, 2013, the State Council announced the nationwide implementation of the Pilot Program, which took effect from August 1, 2013. VAT payable on taxable services provided by a general VAT taxpayer for a taxable period is the net balance of the output VAT for the period after crediting the input VAT for the period. The amount of VAT payable does not result directly from output VAT generated from taxable services provided. In addition, the MOF and the STA released a notice, which further expanded the scope of taxable services subject to VAT on December 12, 2013, effective from January 1, 2014, replacing the Business Tax to Value Added Tax Circular 37 released by the MOF and the STA on May 24, 2013. On March 23, 2016, the MOF and the STA issued a notice, pursuant to which, effective from May 1, 2016, pilot program of replacing the business tax with VAT will be implemented nationwide, and the industry of construction, real estate, finance, life services will fall within the scope of taxable services subject to VAT instead of the business tax. Under the current law of the Cayman Islands, we are not subject to any income or capital gains tax. In addition, dividend payments made by us are not subject to any withholding tax in the Cayman Islands. ​ 90 Table of Contents Results of Operations ​ The following table sets forth a summary, for the periods indicated, of our consolidated results of operations and each item expressed as a percentage of our total net revenues. Our historical results presented below are not necessarily indicative of the results that may be expected for any future period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ (RMB) ​ ​ ​ (%) ​ ​ ​ (RMB) ​ ​ ​ (%) ​ ​ ​ (RMB) ​ ​ ​ US$ ​ ​ ​ (%) ​ ​ (in thousands, except percentage) Consolidated Statement of Operations ​ ​ ​ ​ ​ ​ ​ Revenues 118,678,591.0 100.0 92,256,302.0 100.0 65,497,646.0 ​ 9,366,039.0 ​ 100.0 Sale of photovoltaic Products 116,262,223.0 98.0 89,991,217.0 97.5 62,527,592.0 ​ 8,941,326.9 ​ 95.5 Sales of other solar materials 2,374,386.0 2.0 2,265,085.0 2.5 2,970,054.0 ​ 424,712.1 ​ 4.5 Sales of solar projects 41,982.0 — — — — — ​ — Cost of revenues (99,630,956.0) (84.0) (82,199,191.0) (89.1) (64,087,042.0) ​ (9,164,325.0) ​ (97.8) Gross profit 19,047,635.0 16.0 10,057,111.0 11.0 1,410,604.0 ​ 201,714.0 ​ 2.2 Total operating expenses (12,955,015.0) (10.9) (13,401,819.0) (14.5) (10,315,928.0) ​ (1,475,158.0) ​ (15.8) Income/(loss) from operations 6,092,620.0 5.1 (3,344,708.0) (3.6) (8,905,324.0) ​ (1,273,444.0) ​ (13.6) Interest expenses (1,171,136.0) (1.0) (1,143,079.0) (1.2) (1,360,138.0) ​ (194,497.0) ​ (2.1) Interest income ​ 553,531.0 ​ 0.5 ​ 414,685.0 ​ 0.4 ​ 504,109.0 ​ 72,087.0 ​ 0.8 Subsidy income 1,175,498.0 1.0 2,448,763.0 2.7 1,146,948.0 ​ 164,011.0 ​ 1.8 Exchange (loss)/gain 938,092.0 0.8 484,364.0 0.5 7,006.0 ​ 1,002.0 ​ — Other income, net 26,134.0 — 308,025 0.3 (219,947.0) ​ (31,452.0) ​ (0.3) Gain from disposal of a subsidiary ​ ​ ​ ​ ​ 1,145,172.0 ​ 1.2 ​ 71,992.0 ​ 10,295.0 ​ 0.1 Change in fair value of contingent consideration related to disposal of a subsidiary ​ — ​ — ​ (656,901.0) ​ 0.7 ​ (364,968.0) ​ (52,190.0) ​ (0.6) Change in fair value of foreign exchange forward contracts (389,166.0) (0.3) 115,312.0 0.1 (134,209.0) ​ (19,192.0) ​ (0.2) Change in fair value of foreign exchange options 74,307.0 0.1 1,342.0 0.0 37,586.0 ​ 5,375.0 ​ 0.1 Change in fair value of convertible senior notes and call option (31,188.0) 0 323,474.0 0.4 — ​ — ​ — Change in fair value of Long-term Investment ​ 221,473.0 ​ 0.2 ​ 163,492.0 ​ 0.2 ​ 33,171.0 ​ 4,743.0 ​ 0.1 Income tax expenses (1,260,285.0) (1.1) (69,441.0) (0.1) 2,220,948.0 ​ 317,591.0 ​ 3.4 Equity in income/(loss) of affiliated companies 222,674.0 0.2 (177,013.0) (0.2) (147,862.0) ​ (21,144.0) ​ (0.2) Income from continuing operations, net of tax 6,452,554.0 5.4 13,487.0 0.0 (7,110,688.0) ​ (1,016,815.0) ​ (10.9) Net income 6,452,554.0 5.4 13,487.0 0.0 (7,110,688.0) ​ (1,016,815.0) ​ (10.9) Less: Net (income) attributable to redeemable non-controlling interests ​ — ​ — ​ (35,926.0) ​ 0.0 ​ (85,882.0) ​ (12,281.0) ​ (0.1) Less: Net income/(loss) attributable to the non-controlling interests from continuing operations (3,005,111.0) (2.5) 76,979.0 0.1 2,751,476.0 ​ 393,456.0 ​ 4.2 Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders 3,447,443.0 2.9 54,540.0 0.1 (4,445,094.0) ​ (635,640.0) ​ (6.8) ​ Reportable Segments Based on the criteria established by ASC 280 “Segment Reporting”, our chief operating decision maker has been identified as the Chairman of the Board of Directors as well as the CEO, who only review our consolidated results when making decisions about allocating resources and assessing performance. Hence, we have only one operating segment which is vertically integrated solar power products manufacturing business from silicon ingots, wafers, cells to solar modules. Before the disposition of downstream solar projects segment in the fourth quarter of 2016, it was also a reportable segment. 2025 Compared with 2024 Revenues. Our revenues decreased by 29.0% from RMB92.26 billion in 2024 to RMB65.50 billion (US$9.37 billion) in 2025, primarily due to a decrease in average selling price of solar modules compared to 2024. Our revenue from sales of photovoltaic products decreased by 30.5% from RMB89.99 billion in 2024 to RMB62.53 billion (US$8.94 billion) in 2025, primarily due to a decrease in average selling price of solar modules compared to 2024. Cost of Revenues. Our cost of revenues decreased by 22.0% from RMB82.20 billion in 2024 to RMB64.09 billion (US$9.16 billion) in 2025, primarily due to a decrease in the cost of raw materials compared to 2024. 91 Table of Contents Gross Profit. Our gross profit decreased by 86.0% from RMB10.06 billion in 2024 to RMB1.41 billion (US$201.7 million) in 2025, mainly attributable to a decrease in average selling price of solar modules compared to 2024. Our gross margin decreased from 10.9% in 2024 to 2.2% in 2025, primarily due to a decrease in average selling price of solar modules compared to 2024. Operating Expenses. Our operating expenses decreased by 23.0% from RMB13.40 billion in 2024 to RMB10.32 billion (US$1.48 billion) in 2025, primarily due to (i) a reduction in shipping cost, driven by lower solar module shipment volumes and a decline in average freight rate in 2025, and (ii) lower employee compensation costs in 2025. Our selling and marketing expenses decreased by 33.0% from RMB6.64 billion in 2024 to RMB 4.45 billion (US$636.6 million) in 2025, primarily attributable to a reduction in shipping cost, driven by lower solar module shipment volumes and a decline in average freight rate in 2025. Our general and administrative expenses decreased by 28.1% from RMB4.60 billion in 2024 to RMB3.30 billion (US$472.6 million) in 2025, mainly due to lower employee compensation costs in 2025. Our impairment of long-lived assets increased by 33.8% from RMB1.24 billion in 2024 to RMB1.66 billion (US$237.7 million) in 2025. Our impairment of long-lived assets in 2025 was primarily attributable to the obsolescence of certain production equipment, while the impairment of long-lived assets in 2024 was mainly due to the write-off of net book value of the equipment resulted from the Fire Accident in Shanxi Province, which was partially offset by the estimated insurance proceed from the Fire Accident. Our research and development expenses remained relatively stable at RMB920.5 million in 2024 and RMB896.9 million (US$128.3 million) in 2025. Loss from Operations. As a result of the foregoing, we recorded loss from operations of RMB8.91 billion (US$1.27 billion) in 2025, compared to loss from operations of RMB3.34 billion in 2024. Our operating loss margin was 13.6% in 2025, compared to operating loss margin of 3.6% in 2024. Interest Expenses, Net. Our net interest expenses consist of interest expenses of RMB1.36 billion (US$194.5 million) and interest income of RMB504.1 million (US$72.1 million) in 2025. Our net interest expenses increased by 17.5% from RMB728.4 million in 2024 to RMB856.0 million (US$122.4 million) in 2025, mainly due to an increase in interest-bearing debts in 2025. Subsidy Income. Our subsidy income decreased by 53.1% from RMB2.45 billion in 2024 to RMB1.15 billion (US$164.0 million) in 2025, primarily due to a decrease in the cash receipt of incentives to the Company’s operations in 2025. Exchange Gain. We recognized a foreign exchange gain of RMB484.4 billion in 2024 and RMB7.0 million (US$1.0 million) in 2025, mainly due to the fluctuations in exchange rate of the U.S. dollars and euro against the Renminbi in 2025. Other Income/(Loss), Net. We had net other loss of RMB219.9 million (US$31.5 million) in 2025, compared to net other income of RMB308.0 million in 2024. The decrease was mainly due to the changes in the fair value of financial instruments in 2025. Gain from Disposal of a Subsidiary. We recognized a gain from the disposal of a subsidiary of RMB72.0 million (US$10.3 million) in 2025, compared to RMB1.15 billion in 2024. Change in Fair Value of Contingent Consideration Related to Disposal of a Subsidiary. We recognized a loss from the change in fair value of contingent consideration related to the disposal of a subsidiary of RMB365.0 million (US$52.2 million) in 2025, compared to RMB656.9 million in 2024. Change in Fair Value of Foreign Exchange Forward Contracts. We recognized a loss of RMB134.2 million (US$19.2 million) from the change in fair value of foreign currency forward contracts in 2025, compared to a loss of RMB115.3 million in 2024, primarily due to fluctuations in the exchange rate of Renminbi against the U.S. dollar. Change in Fair Value of Foreign Exchange Options. We recognized a gain of RMB37.6 million (US$5.4 million) from the change in the fair value of foreign exchange options in 2025, compared to a gain of RMB1.3 million in 2024. The change was primarily due to fluctuations in the exchange rate of U.S. dollars against the Renminbi. 92 Table of Contents Change in Fair Value of Long-term Investment. We recorded a gain from the change in fair value of long-term investment of RMB33.2 million (US$4.7 million) in 2025, compared to a gain of RMB163.5 million in 2024, primarily due to changes in the valuation of several solar technology companies in which we invested. Income Tax (Expense)/Benefit. We recognized an income tax benefit of RMB2.22 billion (US$317.6 million) in 2025, compared with an income tax expense of RMB69.4 million in 2024, primarily due to decreased income before tax. The effective tax rate was 26.7% in 2024 and 24.2% in 2025. Net Income attributable to JinkoSolar Holding Co., Ltd. As a result of the foregoing, our net loss attributable to JinkoSolar Holding Co., Ltd. was RMB4.45 billion (US$635.6 million) in 2025, compared with a net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB54.5 million in 2024. Our net profit margin of 0.1% in 2024 turned into net loss margin of 6.8% in 2025. 2024 Compared with 2023 Revenues. Our revenues decreased by 22.3% from RMB118.68 billion in 2023 to RMB92.26 billion in 2024, primarily due to a decrease in average selling price of solar modules compared to 2023. Our revenue from sales of photovoltaic products decreased by 22.8% from RMB116.26 billion in 2023 to RMB89.99 billion in 2024, primarily due to a decrease in average selling price of solar modules compared to 2023. Cost of Revenues. Our cost of revenues decreased by 17.5% from RMB99.63 billion in 2023 to RMB82.20 billion in 2024, primarily due to a decrease in the cost of raw materials compared to 2023. Gross Profit. Our gross profit decreased by 47.4% from RMB19.05 billion in 2023 to RMB10.06 billion in 2024, mainly attributable to the decrease in average selling price of solar modules compared to 2023. Our gross margin decreased from 16.0% in 2023 to 10.9% in 2024, primarily due to the decrease in average selling price of solar modules compared to 2023. Operating Expenses. Our operating expenses increased by 3.7% from RMB12.96 billion in 2023 to RMB13.40 billion in 2024, primarily due to (i) the write-off of the net book value of equipment resulting from the Fire Accident, which was partially offset by the estimated insurance proceeds from the Fire Accident, and (ii) an increase in the impairment loss of long-lived assets. Our selling and marketing expenses remained relatively stable at RMB6.82 billion in 2023 and RMB6.64 billion in 2024. Our general and administrative expenses remained relatively stable at RMB4.58 billion in 2023 and RMB4.60 billion in 2024. Our impairment of long-lived assets increased by 93.7% from RMB640.0 million in 2023 to RMB1.24 billion in 2024, due to the write-off of net book value of the equipment resulted from the Fire Accident in Shanxi Province, which was partially offset by the estimated insurance proceed from the Fire Accident. Our research and development expenses remained relatively stable at RMB911.9 million in 2023 and RMB920.5 million in 2024. Income/(Loss) from Operations. As a result of the foregoing, we recorded loss from operations of RMB3.34 billion in 2024, compared to income from operations of RMB6,09 billion in 2023. Our operating profit margin was -3.6% in 2024, compared to 5.1% in 2023. Interest Expenses, Net. Our net interest expenses consist of interest expenses of RMB1.14 billion and interest income of RMB414.7 million in 2024. Our net interest expenses increased by 17.9% from RMB617.6 million in 2023 to RMB728.4 million in 2024, mainly due to an increase in interest-bearing debts. Subsidy Income. Our subsidy income increased by 108.4% from RMB1.18 billion in 2023 to RMB2.45 billion in 2024, primarily due to an increase in the cash receipt of incentives to the Company’s operations. Exchange Gain. We recognized a foreign exchange gain of RMB938.1 million in 2023 and RMB484.4 million (US$66.4 million) in 2024, mainly due to the fluctuations in exchange rate of the U.S. dollars against the Renminbi. 93 Table of Contents Other Income, Net. We had net other income of RMB308.0 million in 2024, compared to net other income of RMB26.1 million in 2023. The increase was primarily due to income generated from the patent licensing in 2024. Gain from Disposal of a Subsidiary. We recognized a gain from the disposal of a subsidiary of RMB1,145.2 million in 2024, compared to nil in 2023. Change in Fair Value of Contingent Consideration Related to Disposal of a Subsidiary. We recognized a loss from the change in fair value of contingent consideration related to the disposal of a subsidiary of RMB656.9 million in 2024, compared to nil in 2023. Change in Fair Value of Foreign Exchange Forward Contracts. We recognized a gain of RMB115.3 million from the change in fair value of foreign currency forward contracts in 2024, compared to a loss of RMB389.2 million in 2023, primarily due to fluctuations in the exchange rate of Renminbi against the U.S. dollar. Change in Fair Value of Foreign Exchange Options. We recognized a gain of RMB1.3 million from the change in the fair value of foreign exchange options in 2024, compared to a gain of RMB74.3 million in 2023. The change was primarily due to fluctuations in the exchange rate of U.S. dollars against the Renminbi. Change in Fair Value of Convertible Senior Notes. We recorded a gain of RMB323.5 million from the change in fair value of convertible senior notes in 2024, compared to a loss of RMB31.2 million in 2023, primarily due to changes in the Company’s stock price during 2024. Change in Fair Value of Long-term Investment. We recorded a gain from the change in fair value of long-term investment of RMB163.5 million in 2024, compared to a gain of RMB221.5 million in 2023, primarily due to changes in the valuation of several solar technology companies in which we invested. Income Tax Expense. Our income tax expense decreased from RMB1.26 billion in 2023 to RMB69.4 million in 2024, primarily due to decreased income before tax. The effective tax rate was 16.8% in 2023 and 26.7% in 2024. Net Income attributable to JinkoSolar Holding Co., Ltd. As a result of the foregoing, our net income attributable to JinkoSolar Holding Co., Ltd. decreased from RMB3.45 billion in 2023 to RMB54.5 million in 2024. Our net profit margin decreased from 0.2% in 2023 to 0.1% in 2024. B. Liquidity and Capital Resources We have financed our operations and capital expenditures primarily through equity contributions from our shareholders, the net proceeds of our equity and debt securities offerings, cash flows generated from operations, as well as short-term and long-term debt financing. As of December 31, 2025, we had RMB20.01 billion (US$2.86 billion) in cash and cash equivalents and RMB2.93 billion (US$419.0 million) in restricted cash. Our cash and cash equivalents represent cash on hand and demand deposits with original maturities of three months or less that are placed with banks and other financial institutions. Our restricted cash represents deposits legally held by banks which are not available for general use. These deposits are held as collateral for the issuance of letters of credit and bank acceptable notes to vendors for the purchase of machinery and equipment and raw materials. Our capital commitments primarily relate to the purchase obligations and other contractual commitments under the agreements we have entered into for the expansion and construction of our manufacturing facilities, as well as the upgrading of our production equipment. Our capital commitments amounted to RMB2.97 billion (US$424.1 million) as of December 31, 2025, of which RMB1.93 billion (US$275.5 million) will be due in 2026. We anticipate to use funds from bank borrowings, finance leasing, and capital contribution from other shareholders of our subsidiaries, as the case may be, to fulfil these capital commitments. We plan to use the remaining available cash for research and development and for working capital and other general corporate purposes. As of December 31, 2025, we had obtained total credit facilities of RMB95.63 billion (US$13.67 billion) with various banks, of which RMB47.66 billion (US$6.82 billion) had been drawn down and RMB47.97 billion (US$6.86 billion) remained unused. 94 Table of Contents As of December 31, 2025, we had short-term borrowings (including the current portion of long-term bank borrowings and failed sale-leaseback financing) of RMB10.66 billion (US$1.52 billion). As of December 31, 2025, we had outstanding short-term borrowings of RMB10.09 billion (US$1.44 billion), RMB134.4 million (US$19.2 million), RMB426.1 million (US$60.9 million), which were denominated in Renminbi, Japanese Yen and U.S. dollar respectively, bearing a weighted average interest rate of 3.1%, 2.1%, 3.1% per annum, respectively. As of December 31, 2023 and 2024, Jinkosolar US Holding Inc maintained a revolving loan facility from Wells Fargo Bank, National Association. In 2025, the credit facility was renewed with Wells Fargo Bank, National Association under Jinkosolar US Industries Inc. As of December 31, 2023 and 2024, obligations under the loan facility were secured by substantially all of the assets of Jinkosolar (U.S.) Holding, Inc., including accounts receivable, bank balances, inventories, property and plants etc. (the “Pledged Assets”). The amount available under the facility was generally determined and periodically updated based on a specified percentage of the Pledged Assets balances. Beginning in April 2025, the Wells Fargo credit facility has been supported solely by all assets of Jinkosolar US Industries Inc. As of December 31, 2025, approximately US$1,294,888.00 were drawn down from such revolving loan facility. As of December 31, 2025, we have long-term borrowings (excluding the current portion of long-term bank borrowings and failed sale-leaseback financing) of RMB18.21 billion (US$2.60 billion), which bore interest at an average annual rate of 3.2%. In connection with most of our long-term borrowings, we have granted security interests over significant amounts of our assets. As of December 31, 2025, we pledged (i) property, plant and equipment with a total net book value of RMB13.28 billion (US$1.90 billion), (ii) land use rights with a total net book value of RMB425.7 million (US$60.9 million), (iii) inventories with a total net book value of RMB486.8 million (US$69.6 million), (iv) accounts receivable with a total net book value of RMB2.04 billion (US$292.2 million) and (v) bank deposits with a total net book value of RMB548.6 million (US$78.5 million) to secure the repayment of our short-term and long-term borrowings in an aggregate amount of RMB10.33 billion (US$1.48 billion). Although we have increased our level of bank borrowings to meet our working capital requirements, capital expenditures and other cash needs, we have not experienced any difficulties in repaying our borrowings. The relevant PRC laws and regulations permit payments of dividends by our PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC GAAP. In addition, the statutory general reserve fund requires annual appropriations of 10% of net after-tax income to be set aside prior to payment of any dividends by our PRC subsidiaries. As a result of these and other restrictions under PRC laws and regulations, our PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to us either in the form of dividends, loans or advances. Even though we do not currently require any such dividends, loans or advances from our PRC subsidiaries for working capital or other funding purposes, we may in the future require additional cash resources from our PRC subsidiaries due to changes in business conditions, to fund future acquisitions and development, or to declare dividends or make distributions to our shareholders. Our net assets subject to the above restrictions were RMB23.16 billion (US$3.31 billion), representing 89.0% of our total consolidated net assets as of December 31, 2025. Furthermore, cash transfers from our PRC subsidiaries to their parent companies outside of China are subject to PRC government’s control of currency conversion. Shortages in the availability of foreign currency may temporarily delay the ability of our PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to us, or otherwise satisfy their foreign currency denominated obligations. In November 2014, we signed a US$20.0 million two-year credit agreement with Wells Fargo, the term of which was later extended to November 2024. The credit limit was raised to US$40.0 million in June 2015, to US$60.0 million in July 2016 and further to US$90.0 million in January 2020 through amendments to the credit agreement. Borrowings under the credit agreement have been used to support our working capital and business operations in the United States. In July 2018, we signed a JPY5.30 billion syndicated loan agreement with a bank consortium led by Sumitomo Mitsui Banking Corporation to provide working capital and support for our business operations in Japan. The loan was downsized to JPY3.00 billion after annual review in December 2021. The working capital loan is renewed annually. In June 2025, we renewed the loan with a total credit facility of JPY3.00 billion and a one-year term. 95 Table of Contents Our working capital (total current assets in excess of total current liabilities) was RMB13.77 billion (US$1.97 billion) as of December 31, 2025. Our management believes that our cash position as of December 31, 2025, the cash expected to be generated from our operations, and funds available from borrowings under our credit facilities will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months from the date of issuance of our consolidated financial statements for 2025 included in this annual report. Cash Flows and Working Capital ​ The following table sets forth a summary of our cash flows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ (RMB) ​ ​ ​ (RMB) ​ ​ ​ (RMB) ​ ​ ​ (US$) ​ ​ (in thousands) Net cash (used)/ provided by operating activities 13,826,123.3 16,850,366.0 1,081,871.0 ​ 154,708.0 Net cash used in investing activities (15,159,670.1) (2,902,219.0) (5,377,366.0) ​ (768,952.0) Net cash provided by financing activities 8,640,901.8 (6,268,345.0) (758,706.0) ​ (108,495.0) Net increase in cash, cash equivalents, and restricted cash 8,156,326.7 8,310,695.0 (4,799,595.0) ​ (686,333.0) Cash, cash equivalents and restricted cash, beginning of the year 11,270,953.9 19,427,281.0 27,737,976.0 ​ 3,966,478.0 Cash and cash equivalents, restricted cash, end of the year 19,427,280.6 27,737,976.0 22,938,381.0 3,280,145.0 ​ Our net cash, cash equivalents and restricted cash increased by RMB8.16 billion, RMB8.31 billion during 2023 and 2024, and decreased by RMB4.80 billion (US$686.3 million) during 2025, respectively. As of December 31, 2025, we had RMB22.94 billion (US$3.28 billion) in cash, cash equivalents and restricted cash for continuing operations. We are a holding company incorporated in the Cayman Islands. We may rely on dividends from our subsidiaries in China for our cash needs. Current PRC regulations restrict the ability of our subsidiaries to pay dividends to us. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—We rely principally on dividends and other distributions on equity paid by our principal operating subsidiary, and limitations on their ability to pay dividends to us could have a material adverse effect on our business and results of operations.” and “Item 8. Financial Information—Dividend Policy” for more information. Operating Activities Net cash provided by operating activities in 2025 was RMB1.08 billion (US$154.7 million), consisting primarily of (i) an increase in accounts payable of RMB2.86 billion due to improved working capital management, and (ii) a decrease in advances to suppliers of RMB1.20 billion due to improved supply chain efficiency, partially offset by (i) an increase in inventories of RMB5.37 billion due to planned stockpiling of raw materials, and (ii) an increase in notes receivable of RMB1.20 billion due to a higher volume of customer payments settled through notes receivable. Net cash provided by operating activities in 2024 was RMB16.85 billion, consisting primarily of (i) a decrease in accounts receivable from third party of RMB8.4 billion due to the improvement in payment collection, and (ii) a decrease in inventories of RMB2.39 billion due to the contraction of our production capacity and business scale, partially offset by (i) a decrease in accounts payable to third party of RMB4.46 billion, which was primarily in relation to our production capacity, and (ii) a decrease in advances from third party of RMB1.71 billion due to decreased business scale globally. Net cash provided by operating activities in 2023 was RMB13.83 billion, consisting primarily of (i) a decrease in notes receivable from third parties of RMB2.50 billion due to the change of customers’ payment method, and (ii) an increase in accounts payable of RMB5.54 billion, which was primarily in relation to our increased production capacity, partially offset by (i) an increase in accounts receivable from third party of RMB6.81 billion, in line with our increased business scale globally, and (ii) an increase in inventories of RMB3.84 billion due to the expansion of our production capacity and business scale. ​ 96 Table of Contents Investing Activities Net cash used in investing activities in 2025 was RMB5.38 billion (US$769.0 million), consisting primarily of (i) the purchase of short-term investments of RMB4.22 billion, and (ii) the purchase of restricted short-term investments of RMB3.30 billion, partially offset by (i) cash collected from the maturity of restricted short-term investments of RMB2.97 billion, and (ii) cash collected from the maturity of restricted long-term investments of RMB1.00 billion. Net cash used in investing activities in 2024 was RMB2.90 billion, consisting primarily of (i) the purchase of property, plant and equipment of RMB9.13 billion, (ii) the purchase of restricted short-term investments of RMB8.34 billion, partially offset by (i) cash collected from restricted short term investments of RMB12.85 billion, and (ii) cash collected from short term investments of RMB1.04 billion. Net cash used in investing activities in 2023 was RMB15.16 billion, consisting primarily of (i) the purchase of property, plant and equipment of RMB15.29 billion, (ii) the purchase of restricted short-term investments of RMB15.24 billion and (iii) purchase of restricted long term investments of RMB1.54 billion, partially offset by (i) cash collected from restricted short term investments of RMB16.70 billion, and (ii) cash collected from restricted long-term investments of RMB1.38 billion. Financing Activities Net cash used by financing activities in 2025 was RMB758.7 million (US$108.5 million), consisting primarily of consisting primarily of (i) repayment of borrowings of RMB13.75 billion, and (ii) cash payment for financial liabilities measured at FVPL of RMB2.79 billion, partially offset by (i) proceeds from bank borrowings of RMB14.94 billion, and (ii) proceeds from issuance of convertible senior notes of RMB1.76 billion. Net cash used by financing activities in 2024 was RMB6.27 billion, consisting primarily of (i) borrowings of RMB25.18 billion, (ii) proceeds from issuance of convertible senior notes of RMB3.68 billion, partially offset by (i) repayment of borrowings of RMB22.75 billion, and (ii) decrease in notes payable from third party of RMB14.6 billion. Net cash provided by financing activities in 2023 was RMB8.64 billion, consisting primarily of (i) borrowings of RMB19.75 billion, (ii) proceeds from issuance of convertible senior notes of RMB4.73 billion, and (iii) increase in notes payable from third party of RMB5.21 billion, partially offset by repayment of borrowings of RMB20.82 billion. Restrictions on Cash Dividends For a discussion on the ability of our subsidiaries to transfer funds to our company and the impact this has on our ability to meet our cash obligations, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—We rely principally on dividends and other distributions on equity paid by our principal operating subsidiary, and limitations on their ability to pay dividends to us could have a material adverse effect on our business and results of operations,” and “Item 4. Information on the Company—B. Business Overview— Regulation—Dividend Distribution.” Capital Expenditures We incur capital expenditures primarily to construct our manufacturing facilities and purchase equipment for the production of silicon wafers, solar cells and solar modules, acquire land use rights. Our capital expenditures, representing the payments that we had made, were RMB15.85 billion, RMB9.37 billion and RMB3.30 billion (US$471.9 million) in 2023, 2024 and 2025, respectively. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—We may face termination, late charges and other risks relating to the termination or amendment of certain equipment purchase contracts.” Recent Accounting Pronouncements New Accounting Standards Adopted In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s income tax disclosures on the effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and the disclosures in this standard are required to be applied on a prospective basis with the option to apply the standard retrospectively. The Company adopted this ASU on a prospective basis for the period ended December 31, 2025. 97 Table of Contents New Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and issued subsequent amendment within ASU 2025-01 to clarify the effective date. ASU 2024-03 requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. A reporting entity is required to 1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (DD&A) (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(e); 2) include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements; 3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and 4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on the Group’s consolidated financial statements. In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20). The amendments in this ASU clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is in the process of assessing the impact of the amendments on the Group’s consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This standard introduces a practical expedient that companies can choose to apply when determining allowances for credit losses. Specifically, it permits companies to assume that the current conditions as of the balance sheet remain unchanged throughout the remaining life of the asset. The amendment is effective for annual reporting periods beginning after December 15, 2025, and requires prospective application. The Company is in the process of evaluating the impact of the amendments on the Group’s consolidated financial statement. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which clarify certain aspects of the guidance on hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. The new standard is effective for fiscal years beginning after December 15, 2026. The Company is in the process of evaluating the impact of the amendments on the Group’s consolidated financial statement. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832). ASU No. 2025-10 establishes guidance on the recognition, measurement, and presentation of government grants received by business entities. The guidance is effective for annual reporting periods beginning after December 15, 2029, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendments require that a business entity apply the guidance using one of the following transition approaches: (1) a modified prospective approach or (2) a modified retrospective approach or (3) a retrospective approach. The Company is in the process of assessing the impact of the amendments on the Group’s consolidated financial statements. 98 Table of Contents C. Research and Development, Patents and Licenses, etc. Research and Development We focus our research and development efforts on improving our manufacturing efficiency, enhancing the quality of our products and advancing next-generation PV technology. In recognition of our research and development capabilities, we have received various industry awards and achieved multiple technological breakthroughs over the years. In 2020, we ranked as a Top Performer for the sixth consecutive year in the 2020 PV Module Reliability Scorecard, published by PV Evolution Labs in partnership with DNV GL, and won the 6th All Quality Matters Award for PV Module Energy Yield Simulation (Mono Group) at the Solar Congress 2020 organized by TÜV Rheinland. In March 2021, our R&D Center module laboratory obtained satisfactory results in the latest national assessment of PV Modules Testing Accuracy. In December 2022, we launched our industry-leading 182 mm N-type TOPCon TigerNeo family, achieving the highest solar conversion efficiency of 23.86% for N-type TOPCon modules and the highest solar conversion efficiency of 26.4% for N-type TOPCon solar cells in the industry. In October 2023, our 182 mm N-type TOPCon solar cells achieved a maximum conversion efficiency rate of 26.89%, and our large size N-type TOPCon module achieved a maximum conversion efficiency rate of 24.76%. In June 2024, our N-type TOPCon module achieved a maximum conversion efficiency rate of 25.42%. In November 2025, our N-type TOPCon monocrystalline solar cells reached a maximum conversion efficiency rate of 27.79%. Furthermore, we made a significant breakthrough in the development of perovskite-silicon tandem N-type TOPCon cells, reaching a maximum conversion efficiency rate of 34.76% in 2025. By the end of 2025, the conversion efficiency of mass-produced solar cells incorporating multiple latest Jinko technologies has reached 27.52%. We maintain global R&D capability, with research centers located in Haining, Zhejiang Province; Shangrao, Jiangxi Province; and Xining, Qinghai Province in China, as well as in Vietnam. As of December 31, 2025, we had 2,184 R&D staff and had built a strong patent portfolio, including 1,484 granted TOPCon patents, making us one of the world’s leading holders of TOPCon-related patents. Our TOPCon patent portfolio covers a substantial number of countries and regions, including the United States, Europe, Japan, Australia and China. In addition to our full-time R&D team, we also involve employees from our manufacturing department to work on our research and development projects on a part-time basis. We plan to further enhance our research and development capability by recruiting additional experienced engineers specialized in the solar power industry. Certain members of our senior management spearhead our research and development efforts and set strategic directions for the advancement of our products and manufacturing processes. We have entered into a cooperative agreement with Nanchang University in Jiangxi Province, China, and established a joint PV materials research center on the campus of Nanchang University. Under the terms of the agreement, the research center is staffed by faculty members and students in doctoral and master programs from the material science and engineering department of Nanchang University as well as our technical personnel. The research center focuses on the improvement of our manufacturing process, resolution of technical problems in our silicon wafer and solar module production process and the research and development of new materials and technologies. The research center also provides on-site technical support to us and training for our employees. Under the agreement, any intellectual property developed by the research center will belong to us. The research center has assisted us in improving the quality of our silicon wafers, including the conversion efficiency of our silicon wafers, as well as our silicon wafer production process. We also engage other universities in our research and development efforts. In 2014, we established a long-term cooperative relationship with the State Key Laboratory of Silicon Materials of Zhejiang University and have launched a number of research and development projects since then. In 2015, we started to work with the Australian National University to explore certain cutting-edge cell technologies. In 2016, we established cooperative relationship with Sun Yat-Sen University and the National University of Singapore in the research of solar modules and solar cells, respectively. In 2017, we partnered with TÜV Rheinland, an independent provider of technical services for testing, inspection, certification, consultation and training, to develop standardized testing methods for bifacial PV technology. In 2018, we participated in three projects cooperating with Institute of Electrical Engineering of the Chinese Academy of Sciences of Zhejiang University and Nanchang University in module recycling, high-efficiency P-type poly, and N-type bifacial cell. In 2019, we signed a memorandum of understanding with Shanghai Institute of Space Power Sources to co-develop high efficiency solar cell technology for space and terrestrial applications. In the same year, we also led two national key R&D programs of China relating to the decline of the N-type multicrystalline cell industry and the recycle of end-of-life solar products. 99 Table of Contents As of the date of this annual report, we have published five articles regarding international standards and 100 articles regarding domestic standards. We have also established several national R&D platforms, including national enterprise technology centers, national post-doctoral research stations and national intellectual property demonstration enterprises. In November 2023, a wafer integrated project led by us was successfully approved as a key research and development plan of the 14th Five-Year Plan of the PRC by the Ministry of Science and Technology of the PRC. We believe that the continual improvement of our research and development capability is critical to maintaining our long-term competitiveness. In 2023, 2024 and 2025, our research and development expenses were RMB911.9 million, RMB920.5 million and RMB896.9 million (US$128.3 million), respectively. We intend to continue to devote management and financial resources to research and development as well as to seek cooperative relationships with academic institutions to further increase the conversion efficiency rate of our solar power products, improve our product quality and lower our overall production costs. Intellectual Property As of December 31, 2025, we had been granted 3,559 patents, including 1,156 utility model patents, 2,340 invention patents and 63 design patents, and 2,033 pending patent applications, and we held 19 software copyrights. These patents and patent applications relate to the technologies utilized in our manufacturing processes. We intend to continue to assess appropriate opportunities for patent protection of critical aspects of our technologies. We also rely on a combination of trade secrets and employee and third-party confidentiality agreements to safeguard our intellectual property. Our research and development employees are required to enter into agreements that require them to assign to us all inventions, designs and technologies that they develop during the terms of their employment with us. For information related to intellectual property claims that we have involved, see “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Legal and Administrative Proceedings.” We filed trademark registration applications with the PRC Trademark Office, World Intellectual Property Organization, or WIPO, and trademark authorities in other countries and regions. As of December 31, 2025, we had been granted 767 trademarks in the PRC, such as “”, “” and “”, and 32 trademarks in Hong Kong and Taiwan, including “”, and “”.As of the same date, we also had 154 trademarks registered in WIPO, and we had pending trademark applications of 156 trademarks in 75 countries and regions, including United Kingdom, European Union, Ukraine, Moldova, Chile, Zambia, Brazil, Uruguay, South Korea, Singapore, India, Pakistan, Malaysia, Cambodia, Egypt, United States, Vietnam, Uzbekistan and Mexico. In addition, as of December 31, 2025, we held registered 14 trademarks in the United States, 18 trademarks in Canada and 16 trademarks in Europe. D. Trend Information Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for 2025 that are reasonably likely to have a material effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause reported consolidated financial information not necessarily to be indicative of future operating results or financial conditions. E. Critical Accounting Estimates Our management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make judgments and estimates that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our judgments and estimates on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. We consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. There are other items within our financial statements that require estimation but are not deemed critical, as defined above. Changes in estimates used in these and other items could have a material impact on our financial statements. For a detailed discussion of our significant accounting policies and related judgments, see “Notes to Consolidated Financial Statements – Note 2 Principal Accounting Policies.” 100 Table of Contents Expected Credit Losses On January 1, 2020, we adopted Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which requires us to record the full amount of expected credit losses for the life of a financial asset at the time it is originated or acquired, and adjusted for changes in expected lifetime credit losses subsequently, which requires earlier recognition of credit losses. The allowance for credit losses represents our estimate of the expected lifetime credit losses inherent in finance receivables as of the balance sheet date. The adequacy of our allowance for credit losses is assessed quarterly, and the assumptions and models used in establishing the allowance are evaluated regularly. Because credit losses can vary substantially over time, estimating credit losses requires a number of assumptions about matters that are uncertain. Changes in assumptions affect the allowance for credit losses contained within finance receivables, net on our consolidated balance sheets. The provision for credit losses is estimated mainly based on past collection experience as well as consideration of current and future economic conditions and changes in our collection trends. We estimate the expected credit losses for financial assets with similar credit risk characteristics on a pool basis taking into consideration the size, type of the services and products the we provided. The key assumptions used in the process of estimating the provision for credit losses include credit risk characteristics, lifetime for debt recovery, current and future economic conditions. The estimate of expected credit losses is sensitive to our assumptions in these factors. Accrued Warranty Costs for Solar Modules Our major products Solar modules are typically sold with either a 5-year or 10-year warranty for solar modules product defects, and a 10-year and 25-year warranty against declines of more than 10% and 20%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, we are exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of solar modules product replacement or repair. We accrue liabilities for the estimated future costs of meeting our warranty obligations and apply significant judgements in estimating the expected failure rate of solar module products and the replacement costs associated with fulfilling our warranty obligations when measuring the warranty costs for solar modules. We have established detailed policies and control procedures to monitor the trend of replacement cost, failure rate or any changes in circumstances that may give rise to revise the existing accounting estimates. We also monitor our expected future module performance through certain quality and reliability testing and actual performance in certain field installation sites. Based on the historical actual claims incurred during the past years, we project the expected failure rate as 1% for the whole warranty period. With respect to the replacement cost, based on our actual claim experiences in the historical periods as well as our current best estimation, we believe that the average selling price of solar modules over the past two years may appropriately reflect the cost of product replacement. Impairment of Long-lived Assets We review our long-lived assets for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. When impairment indicator was identified, we conducted impairment tests at each of the asset group by comparing the net carrying value of the manufacturing workshops to the undiscounted net cash flows to be generated from the use of these manufacturing workshops. When the undiscounted projected operating cash flows expected to be generated are less than asset group’s carrying amount, an impairment loss was recognized based on the amount by which the carrying value of the asset group exceeds its fair value. The key assumptions used in the process of estimating the impairment of long-lived assets, including sales volume, unit selling price and gross margin. The estimate of impairment for long-lived assets is sensitive to our assumptions in these factors. For the year ended December 31, 2025, an impairment loss of RMB1.66 billion for long-lived assets were recognized which are the amounts by which the carrying values of assets exceed fair value. 101 Table of Contents ​