​ A. History and Development of the Company ​ Our legal and commercial name is JinkoSolar Holding Co., Ltd. Our principal executive office is located at 1 Yingbin Road, Shangrao Economic Development Zone, Jiangxi Province, 334100, People’s Republic of China. Our telephone number at this address is (86-793) 858-8188 and our fax number is (86-793) 846-1152. Our registered office in the Cayman Islands is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. The corporate affairs of our Company are governed by our Third Amended and Restated Memorandum and Articles of Association, the Companies Act (As Revised) of the Cayman Islands and the common law of Cayman Islands. SEC maintains an Internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding us that are filed electronically with the SEC. Our website is https://www.jinkosolar.com. We commenced our operations in June 2006 through our then consolidated subsidiary Jiangxi Desun Energy Co., Ltd. Our Company was incorporated as a limited liability company in the Cayman Islands on August 3, 2007. Following a series of equity transactions, we established a holding company structure with our Company being the ultimate holding company in 2009. We completed our initial public offering on the New York Stock Exchange in May 2010. Since then, we have conducted several follow-on equity offerings and debt financings to support business expansion and capital expenditure. In November 2016, we disposed of our downstream solar power project business in China. We have since expanded our global manufacturing and sales network and continue to develop advanced photovoltaic technologies. As of December 31, 2025, we had over 10 production facilities globally and over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico and other countries. As of the same date, we also had a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India to conduct sales, marketing and brand development for our products around the world. 53 Table of Contents In January 2022, Jiangxi Jinko completed its initial public offering and listing on the STAR Market of the Shanghai Stock Exchange. In July 2022, we announced a share repurchase program of up to US$200 million of our ordinary shares represented by ADSs during an 18-month period (the “Existing Share Repurchase Program”). In December 2023, we extended the Existing Share Repurchase Program for an additional 18-month period through June 30, 2025. In April 2023, Jiangxi Jinko completed the issuance of its convertible bonds in the principal amount of RMB10.00 billion on the STAR Market. We subscribed for the convertible bonds in an aggregate amount of RMB5.50 billion by exercising our special preemptive rights and are subject to a six-month lock-up period. After the lock-up period, we have the right to either sell such convertible bonds or convert them into Jiangxi Jinko’s ordinary shares. In February 2024, we disposed of Xinjiang Shibang Solar Energy Technology Co., Ltd. (formerly known as Xinjiang Jinko Solar Co., Ltd.). In September 2023, we declared a cash dividend of US$0.375 per ordinary share of US$0.00002 each of the Company, or US$1.50 per ADS. The dividend was paid on December 6, 2023. The total amount of cash distributed for the dividend was approximately US$78.7 million. In July 2024, we entered into a shareholder agreement to form a joint venture with Renewable Energy Localization Company and Vision Industries Company in Saudi Arabia to build and operate a local manufacturing facility for high-efficiency solar cells and solar modules. See “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Capital Expenditures” for a discussion of our capital expenditure. B. Business Overview 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 that are not utilized in our solar module production. In addition, we have expanded into energy storage business and offered our products to a diverse global customer base, including utility-scale developers, EPC contractors and distributed generation customers. We sell our products in major export markets and China. As of December 31, 2025, we had over 10 production facilities globally and over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico and other countries. As of the same date, we also had a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India to conduct sales, marketing and brand development for our products around the world. In addition, as of December 31, 2025, we had an aggregate of over 8,700 customers in near 200 countries and regions for our solar modules and energy storage systems. By the end of 2025, we became the first module manufacturer in the world to have delivered a total of over 390 GW of solar modules, with total cumulative shipments of N-type Tiger Neo series—the best-selling module series in history— surpassing 220 GW. In 2025, our annual module shipments reached approximately 86.8 GW. Our N-type Tiger Neo series accounted for over 99% of our total module shipments in 2025. 54 Table of Contents Our solar cells and modules utilize advanced solar technologies, such as N-type TOPCon technology and half-cell technology, and have achieved industry-leading conversion efficiency. By the end of 2023 and 2024, the mass production conversion efficiency rate of our solar cells using our P-type monocrystalline silicon wafers was 23.8% and 23.9%, respectively. By the end of 2023, 2024 and 2025, the mass production conversion efficiency rate of our N-type monocrystalline solar cells was 25.8%, 26.2% and 26.6%, respectively. We believe that the mass production conversion efficiency rates of our solar cells and modules were consistently higher than the industry average during the relevant periods. In October 2023, our 182mm N-type monocrystalline 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%. Our high-quality manufacturing capabilities have enabled us to produce solar cells and modules that meet the industry’s highest performance standards. All of our solar modules sold in Europe are TÜV, PID, Salt mist, Ammonia, Dust & Sand and CE certified; all of our solar module sold in India are BIS certified; all of our solar modules sold in North America are UL certified; all of our solar modules sold in Korea are KS certified; all of our solar modules sold in Indonesia are SNI certified; and all of our solar modules sold in China are CQC certified. In 2013, our solar modules passed TÜV Nord’s Dust & Sand Certification Test, demonstrating their suitability for installation in desert regions, and we also unveiled our “Eagle II” solar modules, which represent a new standard for performance and reliability. In May 2017, we became one of the first Chinese PV manufacturers to pass the intensive UV test according to IEC 61345 from TÜV Rheinland. In July 2017, we guaranteed that all our standard PV modules meet IEC 62804 double anti-PID standards. In May 2018, our entire portfolio of PV modules passed the Potential Induced Degradation resistance test as required by TÜV Nord’s IEC TS 62804-1 standards. In March 2019, we received the 5th “All Quality Matters Award” from TÜV Rheinland. In October 2021, our Tiger and Tiger Pro module series met the carbon footprint verification standards of TÜV Rheinland Group, a leading global services provider in the testing of PV modules and components. In February 2022, our factory in Shangrao obtained our first SNI certification. In 2025, our facilities in Shangrao, Jiangxi Province, Haining, Zhejiang Province, Yuhuan, Zhejiang Province, Hefei, Anhui Province, Xining, Qinghai Province, Chuxiong, Yunnan Province, Taiyuan, Shanxi Province, U.S. and Vietnam received the SGS ISO50001 certification. Our facilities in Shangrao, Jiangxi Province, Haining, Zhejiang Province, Yuhuan, Zhejiang Province, Hefei, Anhui Province, Xining, Qinghai Province, Chuxiong, Yunnan Province, and Vietnam also received the ISO14064 certification. In addition, our 6 mainstream PV products and the SUNTERA 3.44MWH liquid-cooled energy storage system have also received the ISO14067 certification. In 2025, our solar modules were the first among the top 10 global photovoltaic manufacturers to obtain the new BIS standard certification. In 2025, our solar modules has passed TÜV SUD’s Triple PID-Polarisation resistance test, and became the first company to obtain this certification of TÜV SUD, which fully demonstrate the outstanding anti-PID-p performance. In 2025, our Suntera and Sungiga energy storage product series successfully obtained comprehensive international certifications, covering safety, performance, EMC, transportation, and fire safety. At Net-Zero Europe 2025, Jinko ESS won Tier 1 Battery Storage Award for its outstanding product performance, safety standards and market influence. We leverage our vertically integrated platform and cost-efficient manufacturing capabilities in China to produce high quality products at competitive costs. Our solar cell and silicon wafer operations support our solar module production. In May 2023, we announced the construction of a major production base of 56 GW integrated wafer-cell-module capacity in Shanxi (the “Shanxi Integrated Base”), which will become the largest N-type integrated production facility in the industry. The Shanxi Integrated Base represents another strategic expansion of our mainstream production model in the PV industry. Construction of the Shanxi Integrated Base began in September 2023, and in March 2024, Phase I of the Shanxi Integrated Base, with a production capacity of 14 GW, commenced production. By the end of 2024, Phase I’s 14GW monocrystalline silicon pull rod and module capacity at the Shanxi Integrated Base were fully operational. In addition, we take ongoing efforts to reduce costs and improve efficiency through the introduction of automated equipment and process optimization. By the end of December 2025, Shanxi Phase II project were fully operational. In 2024, we continued to phase out outdated production capacity while further enhancing our global manufacturing capabilities across China, the United States, Southeast Asia and Saudi Arabia, providing convenient and timely access to key resources and suppliers. In July 2024, we entered into a shareholder agreement to form a joint venture with Renewable Energy Localization Company and Vision Industries Company in Saudi Arabia to build and operate a local manufacturing facility for high-efficiency solar cells and solar modules. This facility is designed to provide N-type cell and module production capacity. As of the date of this annual report, the project remains at a preliminary stage, and its timeline and implementation remain subject to various factors, including market conditions and regulatory developments. 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. 55 Table of Contents The upgrade toward high-power production capacity has become an important direction for accelerating industry high-quality development in 2025. This technical upgrade also meets end-customers demand for high-power products to achieve more reliable investment returns. As an industry pioneer to upgrade existing TOPCon capacity through technology enhancements, we made steady progress in high-power products upgrades in 2025. We no longer have any downstream solar power projects in China after we disposed of our downstream solar power projects business in China in 2016. Our Products and Services Our product mix has evolved rapidly since our inception, as we have incorporated more of the solar power value chain through the expansion of our production capabilities and acquisitions. We currently manufacture photovoltaic products, including solar modules, silicon wafers, solar cells, and other solar materials. In 2025, sales of photovoltaic products and other solar materials represented 95.5% and 4.5%, respectively, of our total revenues. In addition, we also sell small volumes of recovered silicon materials to optimize the utilization of our production capacity. Our principal product is solar modules. In 2023, 2024 and 2025, we sold solar modules of 78,519.8 MW, 92,873.3 MW and 86,805.5 MW, respectively. In 2023, 2024 and 2025, revenues from sales of solar module products to subsidiaries of JinkoPower amounted to RMB353.4 million, RMB390.3 million and RMB44.0 million (US$6.3 million), respectively. Solar Modules We commenced production of solar modules in August 2009. We expect that sales of solar modules will continue to be our largest revenue source in the future. In November 2021, we launched the Tiger Neo product series based on N-type TOPCon cell technology and have continuously upgraded its technology and process. Our N-type modules, which offer lower degradation, better temperature coefficient, higher bifaciality and better reliability, have received good market feedback and become the main products in our shipments. In January 2023, we revealed our Second Generation Tiger Neo panel family – one of the world’s most efficient and powerful solar panels. The upgraded Tiger Neo family includes three series with up to 445Wp for 54-cell, 615Wp for 72-cell, and 635Wp for 78-cell and module efficiency up to 22.27%, 23.23%, and 22.72% respectively. In January 2024, our affiliated company granted rights to certain of its N-type TOPCon-related patents to one of the top ten solar module companies in the world with reasonable license fee arrangement, allowing it to use certain of our patented TOPCon technologies in its relevant TOPCon products. In April 2024, our subsidiary signed a purchase agreement with Nyox Srl, a leading renewable energy solutions provider based in Italy, to supply 100MW Tiger Neo modules. In May 2024, our 2000-Volt EAGLE® Modules became the first in the world to be qualified as UL-listed products for UL61730-1 and UL61730-2, and UL-classified products for IEC 61215-1, IEC 61215-2 and IEC 61215-1-1. In June 2024, tested by TÜV SÜD, the conversion efficiency for our 2 m2 above large-size N-type TOPCon solar modules reached 25.42%, setting a new record once again. In September 2024, we completed our delivery program which provided over 1,000 PV modules to Ohana Hope Village, a rapid response housing initiative in Kahului, Maui, aimed at providing sustainable housing solutions for families displaced by the August 2023 Maui fire. 56 Table of Contents In October 2024, we introduced our revolutionary third-generation N-type TOPCon Tiger Neo 3.0 solar modules, setting new industry benchmarks with higher performance and power. Our third-generation high-power TOPCon product is expected to have a mainstream output of over 650 W and a maximum output of 670 W, with a remarkable conversion efficiency of up to 24.8%, and bifacial factor of up to 85%. The two flagship product series, the 670 W high-power modules and 495 W residential modules, are designed to meet the needs of large-scale power stations and distributed generation scenarios, respectively. By the end of 2025, 182 N-type high-efficiency TOPCon cells have achieved a full-area laboratory conversion efficiency of 27.02%, and N-type TOPCon modules have achieved a maximum laboratory conversion efficiency of 25.58%. Against the backdrop of the electricity market reform in 2025, customer demand for high-power products continues to rise. Our high-power Tiger Neo 3.0 series, has strong performance in low-light conditions and offers enhanced energy yield through bifacial design. This series is designed to maintain reliable generation under a variety of environmental conditions and is suitable for a wide range of distributed and utility-scale solar applications globally. Solar Cells We commenced production of solar cells in July 2009 following our acquisition of Zhejiang Jinko. Our solar cells are manufactured from monocrystalline wafers through a comprehensive series of processes, including texturing, diffusion, laser SE (Selective Emitter), etching, thermal oxidation, backside passivation, LPCVD (Low Pressure Chemical Vapor Deposition), laser grooving, and screen printing. These cells form the essential base material for the production of PV modules, with the majority of our cell production capacity dedicated to manufacturing our own PV modules. The efficiency of a solar cell converting sunlight into electricity is represented by the ratio of electrical energy produced by the solar cell to the energy from sunlight that reaches the solar cell. The conversion efficiency of solar cells is determined to a large extent by the quality of silicon wafers used to produce the solar cells. In 2018, we led the industry in the resizing of the 158 mm x 158 mm solar cell. In 2019, we released solar cells of larger size and incorporating the tilling ribbon technology, which greatly increased the power of the components and brought more benefits to customers. In 2020, we developed and mass produced highly efficient P-type monocrystalline solar cells of 163 mm x 163 mm and 182 mm x 182 mm, and constructed an industry-leading production line for N-type monocrystalline solar cells. In December 2020, our maximum mass production efficiency of P-type monocrystalline solar cells and N-type monocrystalline solar cells reached 23.2% and 24.2%, respectively. In October 2021, our high-efficiency N-Type monocrystalline silicon solar cell set a new world record with the highest conversion efficiency of 25.4%. In the fourth quarter of 2021, the mass production efficiency of approximately 900MW N-type TOPCon cells in our Haining production facility reached 24.5%, with the yield rate close to that of PERC solar cells. In December 2025, our maximum mass production efficiency of N-type monocrystalline solar cells reached nearly 27.52%. In January 2025, our perovskite tandem solar cell based on N-type TOPCon set new record once again with a conversion efficiency of 33.84%. In 2025, we introduced quarter-cut cell technology, which facilitated the optimization of cell arrangement in modules and offered the potential for expanding product offerings. We continue to implement technology upgrades and process enhancements including base metal substitution to improve performance and cost efficiency, supporting the long-term advancement of the TOPCon technology pathway. In November 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%. In January 2026, we signed a strategic partnership with XtalPi to accelerate AI driven R&D and commerciality of perovskite tandem solar cells. 57 Table of Contents Silicon Wafers We commenced production of monocrystalline silicon wafers and multicrystalline silicon wafers in March 2008 and July 2008, respectively. In 2018, we developed P-type and N-type monocrystalline silicon wafers with high quality and low oxygen content of 158 mm x 158 mm. In 2019, we developed technologies for silicon wafers of larger size, which resolved technical difficulties such as non-destructive cutting and concentric circle defects, and combined with N4/N5 technology, greatly improved the quality and efficiency of N-type monocrystalline silicon wafers while reducing its cost. In 2020, we developed and mass produced high quality silicon wafers of 182 mm x 182 mm. In 2024, we developed and mass produced N-type TOPCon cells of 182mm x 210mm, and conducted research on silicon wafers of 210 mm x 210 mm or larger size. We optimized Outer-furnace Czochralski technology and charging technology and developed and verified N7/N8 technology, which greatly improved the quality and efficiency of silicon wafers while increasing manufacturing capacity and reducing costs. In 2021 and 2022, we continued to reduce the thickness of mono wafers to save on polysilicon. In 2023, we continued to optimize and upgrade crystal pulling and slicing technologies to further improve efficiency and reduce cost. By the end of 2023, the thickness of mass-produced N-type 182mm silicon wafers and P-type 182mm silicon wafers had been reduced to 120 microns and 135 microns, respectively. In 2024, we continued to optimize and upgrade crystal pulling and slicing technologies, including introducing automated equipment, to further improve efficiency and reduce manufacturing cost. In 2025, we continued to optimize the crystal pulling and wafer slicing process, introduced tungsten wire slicing technology, and continued the automation optimization of crystal pulling furnaces. Solar Power Generation and Solar System EPC Services We commenced developing solar power projects in China in 2011 and generated revenue from sales of electricity generated by our own solar power projects when they were connected to the grid. In November 2016, we disposed of our downstream solar power project business in China and no longer have any downstream solar power projects in China after the disposal. Energy Storage System We launched our energy storage system business in 2022. We offer residential energy storage system, commercial and industrial energy storage system, and energy storage system designed for utility-scale power plants. We have entered into framework agreements and distribution agreements for the supply of our energy storage systems with various power suppliers and distributors in China and worldwide, including in the Middle and East Africa, Southeast Asia, North America, Australia, Japan, Europe and Latin America. In 2025, we continued to advance our energy storage business strategy, focusing on utility-scale and commercial and industrial markets. We further developed and upgraded our energy storage product solutions and enhanced our full lifecycle service capabilities to improve operational efficiency and safety in integrated solar and storage applications. Our energy storage production lines are operated at a stable and large scale, with continued improvements in key component development and manufacturing capabilities. Our full-year energy storage system shipments in 2025 increased significantly as compared with 2024, achieving the targets we set at the beginning of the year, while our presence in overseas markets continued to expand. By the end of 2025, we had 17 GWh of system integration (pack) capacity and 5 GWh of battery cell capacity. We continue to receive international recognition for our solid operational capabilities and outstanding technological innovation. For example, in February 2026, we were recognized as a Tier 1 energy storage provider according to Bloomberg NEF’s latest “Energy Storage Tier 1 List for Q1 2026.” ​ 58 Table of Contents Manufacturing We manufacture and sell solar modules, solar cells, silicon wafers and recovered silicon materials. Manufacturing Capacity and Facilities Manufacturing Capacity Our annual production capacity for mono wafers, solar cells and solar modules as of December 31, 2025 was 120.0 GW, 95.0 GW and 130.0 GW, respectively. Property and Plant We both own and lease properties for our operations. As of the date of this annual report, we had obtained land use rights to an aggregate of 7.7 million square meters of land, primarily for industrial use, on which our manufacturing facilities are located. We also lease office space and manufacturing facilities in various locations around the world where we maintain subsidiaries and offices. The following table sets forth the size, use and the location of the land for which we had obtained the land use rights as the date of this annual report: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial Use ​ ​ ​ Residential Use Location ​ (square meters) ​ (square meters) Shangrao, Jiangxi Province 1,842,523 50,370 Nanchang, Jiangxi Province ​ — ​ 7,261 Fengcheng, Jiangxi Province ​ 130,109 ​ — Haining, Zhejiang Province 1,318,920 18,963 Leshan, Sichuan Province ​ 416,179 ​ — Yuhuan, Zhejiang Province 628,769 — Yiwu, Zhejiang Province ​ 281,620 ​ — Chuzhou, Anhui Province ​ 289,091 ​ — Hefei, Anhui Province ​ 1,042,903 ​ — Yushan, Jiangxi Province ​ 189,111 ​ — Jinchang, Gansu Province ​ 322,525 ​ — Xining, Qinghai Province ​ 537,254 ​ — Shanghai ​ — ​ 142,937 Kulim, Kedah, Malaysia ​ 458,922 ​ — Total 7,457,926 219,531 ​ 59 Table of Contents The following table sets forth details of our manufacturing facilities as of the date of this annual report. Except as otherwise indicated, we own the facilities that have been completed and are under construction (including major equipment) and hold the right to use the relevant land for the durations described below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plant Size ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ (square ​ ​ ​ ​ Products ​ ​ ​ Location ​ ​ ​ No. ​ ​ ​ meters) ​ ​ ​ Duration of Land Use Right ​ ​ ​ Major equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Silicon Ingots and Wafers Shangrao Economic Development Zone, Jiangxi 1 287,985 (i) March 16, 2010 to February 3, 2057; (ii) December 9, 2009 to September 23, 2058; (iii) July 6, 2009 to August 10, 2059; (iv) July 10, 2009 to February 7, 2057; (v) January 6, 2009 to August 10, 2059 Monocrystalline furnaces, multicrystalline furnaces, wire saws, wire squares ​ ​ Yushan,Jiangxi* ​ 7 ​ 189,111 ​ 2021/1/22 to 2071/1/21 ​ ​ ​ ​ Jinchang,Gansu* ​ 10 ​ 322,525 ​ 2011/7/31 to 2061/7/31 ​ ​ ​ ​ Leshan, Sichuan* ​ 12 ​ 416,179 ​ (i) 2019/5/31 to 2069/5/31 ​ ​ Silicon Ingots Xining, Qinghai 15 537,254 (i) 2022/7/11 to 2072/7/11; (ii) 2024/3/1 to 2074/3/1 ​ Solar Cells Yuanhua Town, Haining, Zhejiang 3 106,260 (i) as of 2060/8/29; (ii) as of 2065/10/18 Diffusion furnaces, sintering furnaces, PECVD antireflection coatings manufacturing equipment, automatic printers ​ ​ Shangrao Economic Development Zone, Jiangxi ​ 18 ​ 178,582 ​ As of 2068/3/7 ​ ​ ​ ​ Hefei, Anhui ​ 19 ​ 304,689 ​ (i) 2022/1/26 to 2072/1/26, (ii) 2023/1/5 to 2073/1/4 ​ ​ ​ ​ Jianshan, Haining, Zhejiang ​ 2 ​ 203,195 ​ As of 2072/5/10 ​ ​ ​ ​ Huangwan Town, Haining Zhejiang ​ 20 ​ 432,053 ​ As of 2071/7/20 ​ ​ Solar Modules Shangrao Economic Development Zone, Jiangxi 5 724,799 July 6, 2009 to August 10, 2059 Laminating machine, solar cell module production line before and after component lamination, automatic glue spreads’ working station, solar cell module testing devices ​ Yuanhua Town, Haining, Zhejiang 6 291,076 (i) as of 2060/7/25; (ii) as of 2064/11/30; (iii) as of 2068/3/15; (4) 2070/6/11; (5) 2068/3/15; ​ ​ ​ Yuhuan, Zhejiang 9 628,769 April 27, 2023 to April 26, 2073 ​ ​ ​ ​ Chuzhou, Anhui* ​ 13 ​ 289,091 ​ April 13, 2020 to April 12, 2070 ​ ​ ​ Yiwu, Zhejiang* 14 281,621 March 13, 2020 to March 12, 2070 ​ ​ ​ ​ Hefei, Anhui ​ 16 ​ 606,536 ​ (i) 2022/8/18 to 2072/8/18; (ii) 2022/9/4 to 2072/9/4; (iii) 2023/1/5 to 2073/1/5; (iv) 2023/5/7 to 2073/5/7; (v) 2023/7/10 to 2073/7/10; (vi) 2024/1/6 to 2074/1/15 ​ ​ ​ ​ Jianshan, Haining, Zhejiang ​ 17 ​ 179,428 ​ As of 2073/2/1 ​ ​ Photovoltaic materials ​ Fengcheng, Yichun, Jiangxi ​ 4 ​ 130,109 ​ 2022/4/17 to 2072/4/16 ​ Injection molding machine, fully automatic connector assembly machine, cutting, riveting and twisting machine, junction box assembly machine, aluminum profile extrusion machine, aging furnace, sandblasting machine, oxidation line, fully automatic frame machine ​ ​ Shangrao Economic Development Zone, Jiangxi ​ 8 ​ 179,933 ​ (i) as of 2025/8/20, (ii) 2063/9/6 ​ ​ ​ ​ Hefei, Anhui ​ 11 ​ 131,678 ​ 2023/6/19 to 2073/6/18 ​ ​ *As of December 31, 2025, we have ceased operations at the facility as part of our phase-out of outdated production capacity. As of December 31, 2025, short-term borrowings of RMB3.56 billion (US$508.8 million) and long-term borrowings of RMB5.90 billion (US$844.0 million) were secured by our land use rights, plant and equipment. We believe our current land use rights, existing facilities and equipment are adequate for our current requirements. Major Plans to Construct, Expand or Improve Facilities We have entered into purchase and other agreements for purchase of additional manufacturing equipment and expansion of our production capacities. Our capital commitments under these contracts 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 and RMB1.04 billion (US$148.6 million) will be due after one year but within five years. The current capital commitment mainly relates to the construction and operation of our manufacturing facilities. We may terminate these agreements or revise their terms in line with our new plan and as a result, may be subject to cancellation, late charges and forfeiture of prepayments. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—We may continue to undertake acquisitions, investments, joint ventures or other strategic alliances, and such undertakings may be unsuccessful.” And “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.” ​ 60 Table of Contents Manufacturing Process Silicon Ingot Manufacturing We produce monocrystalline silicon ingots in electric furnaces. We place silicon materials, consisting of virgin polysilicon feedstock and recovered silicon materials of various grades according to formulas developed in-house into a quartz crucible in the furnace, where the silicon materials are melted. While heating the silicon materials, we pump a stream of argon, a chemically inert gas, into the furnace to remove the impurities vaporized during the heating process and to inhibit oxidation, thus enhancing the purity of the silicon ingots. A thin crystal “seed” is dipped into the molten silicon to determine the crystal orientation and structure. The seed is rotated and then slowly extracted from the molten silicon, which adheres to the seed and is pulled vertically upward to form a cylindrical silicon ingots consisting of a single large silicon crystal as the molten silicon and crucible cool. We have modified some of our monocrystalline furnaces to allow us to apply our furnace reloading production process, which enables us to increase the size of our silicon ingots while lowering our unit production costs by enhancing the utilization rate of our furnaces and reducing unit costs of consumables and utilities. After the silicon ingot is pulled and cooled, we square the silicon ingots in our squaring machines into blocks. We test monocrystalline silicon ingots as to their minority carrier lifetime, which is an important measurement of impurity levels of crystalline silicon material, as well as resistivity, electric properties and chemical properties and cut off the unusable parts before they are cut into silicon wafers. Silicon Wafer Cutting We cut silicon ingots into silicon wafers with high-precision diamond or tungsten wire saws carrying slurry to cut silicon wafers from the silicon ingot blocks. Using proprietary know-how and our process technology, we have improved these wire saws to enable us to cut silicon ingot blocks longer than the size that the wire saws were originally designed to cut as well as to increase the number of quality conforming silicon wafers produced from each silicon ingot block, produce silicon wafers with thickness of a high degree of consistency and improve the quality of silicon wafers. We mainly manufacture our N-type monocrystalline silicon wafers in 182mm x 182mm, 182mm x 210mm dimensions and 210 mm x 210mm. The dimensions of the silicon wafers we produce are dictated by current demands for market standard products. However, our production equipment and processes are also capable of producing silicon wafers in other dimensions if market demand should so require. After silicon wafers are cut from silicon ingots, they are cleaned and inserted into frames. The framed silicon wafers are further cleaned, dried and inspected before packaging. Solar Cell Manufacturing Solar cell manufacturing process starts with an ultrasonic cleaning process to remove grease and particles from the wafer surface, followed by chemical cleaning and texturing in wet benches to remove organic and metallic contaminate, as well as to create suede-like or pyramid-like topograph, depending on mono-crystalline wafer used, on the wafer surface. This rough surface could reduce the optical loss of solar cells due to lowering light reflection and creating longer optical path beneficial for light absorption. The wafer then receives a high temperature diffusion process to form p-n junction, which is the heart of solar cell to separate light generated carriers. An edge isolation process is adapted to electrically isolate diffused front and rear surfaces, followed by an anti-reflection coating process to deposit a thin layer of silicon nitride on the sunward side of the wafer to further enhance the light absorption. Metallization is then applied by screen printed metal paste on both sides of the wafer, followed by a high temperature co-firing process through a belt furnace to form ohmic-contact electrodes. The finished solar cells are tested and sorted, and ready for the solar module manufacturing process. Solar Module Manufacturing Solar modules are produced by interconnecting multiple solar cells into desired electrical configurations through welding. The interconnected solar cells are laid out and laminated in a vacuum with laboratory details involved. Through these processes and designs, the solar modules are weather-sealed, and thus are able to withstand high levels of ultraviolet radiation, moisture, wind, transportation damage and sand. Assembled solar modules are packaged in a protective aluminum frame prior to testing. 61 Table of Contents Raw and Ancillary Materials The raw materials used in our manufacturing process consist primarily of virgin polysilicon and recoverable silicon materials, and the ancillary materials used in our manufacturing process consist primarily of metallic pastes, encapsulant, tempered glass, aluminum frames, back sheets, junction boxes and other related consumables. The prices of polysilicon have historically been subject to significant volatility. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—Volatility in the prices of silicon raw materials makes our procurement planning challenging and could have a material adverse effect on our results of operations and financial condition.” Raw Materials The principal raw material used in our manufacturing process is virgin polysilicon. In each of 2023, 2024 and 2025, virgin polysilicon accounted for over 90.0% of our total silicon raw material purchases by value. We also use recoverable silicon materials in our production. We procure our raw materials from diversified sources. In 2025, purchases from foreign suppliers and domestic suppliers accounted for 20.21% and 79.79% of our total silicon raw material purchases, respectively. In 2023, 2024 and 2025, our five largest group suppliers accounted for 83.1%, 83.8% and 85.2%, respectively, of our total silicon purchases by value. In 2023, four of our group suppliers individually accounted for more than 10.0%, and our largest group supplier accounted for 30.6% of our total silicon purchases by value. In 2024, four of our group suppliers individually accounted for more than 10.0%, and our largest group supplier accounted for 25.4% of our total silicon purchases by value. In 2025, three of our group suppliers individually accounted for more than 10.0%, and our largest group supplier accounted for 28.8% of our total silicon purchases by value. A “group supplier” refers to an aggregation of our suppliers that are within the same corporate group. Our supply contracts generally include prepayment obligations for the procurement of silicon raw materials. As of December 31, 2025, we had RMB1.93 billion (US$276.2 million) of advances to suppliers. To secure a stable supply of polycrystalline silicon and crystalline silicon, we have entered into strategic cooperation and long-term procurement contracts with key suppliers in China. Virgin Polysilicon We primarily purchase solar grade virgin polysilicon from both domestic and foreign suppliers under the purchase contracts. To a lesser extent, we also purchase our virgin polysilicon through spot market purchases from time to time to take advantage of favorable movements in the price of virgin polysilicon. Recoverable Silicon Materials We purchase pre-screened recoverable silicon materials from our suppliers which are delivered to our facilities for chemical treatment, cleaning and sorting into recovered silicon materials. Currently, we secure most of our recoverable silicon materials through long-term contracts. Ancillary Materials We use metallic pastes as raw materials in our solar cell production process. Metallic pastes are used to form the grids of metal contacts that are printed on the front and back surfaces of the solar cells through screen-printing to create negative and positive electrodes. We procure metallic pastes from third parties under monthly contracts. In addition, we use EVA, tempered glass, aluminum frames and other raw materials in our solar module production process. We procure these materials from third parties on a monthly basis. 62 Table of Contents Customers and Markets We sell solar products in both China and overseas markets. Prior to the disposition of our downstream solar power project business in China in November 2016, we sold electricity generated by our solar power projects in China. In 2023, 2024 and 2025, we generated 38.3%, 33.8% and 34.5%, respectively, of our revenues from domestic sales and 61.7%, 66.2% and 65.5%, respectively, of our revenues from sales outside China. As of December 31, 2025, we had customers in various countries and regions, including China, the United States, India, Saudi Arabia, Australia, Pakistan, Brazil, Poland, Japan, Spain and Germany. The following table sets forth our net revenues generated from sales of products to customers in respective geographic locations both in absolute amounts and as percentages of net revenues, for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ (RMB in ​ ​ ​ (RMB in ​ ​ ​ (RMB in ​ (US$ in ​ ​ ​ ​ ​ ​ ​ thousands) ​ ​ ​ (%) ​ ​ ​ thousands) ​ ​ ​ (%) ​ ​ ​ thousands) ​ ​ ​ thousands) ​ ​ ​ (%) Inside China 45,418,257.0 38.3 % 31,212,181.0 33.8 % 22,588,614.0 3,230,128.8 34.5 % The Americas 21,640,478.0 18.2 % 22,535,516.0 24.4 % 12,303,917.0 1,759,436.7 18.8 % Europe 21,731,240.0 18.3 % 13,624,895.0 14.8 % 8,608,626.0 1,231,017.1 13.1 % Asia Pacific 19,431,642.0 16.4 % 1,771,391.0 1.9 % 13,436,711.0 1,921,424.1 20.5 % Rest of the world 10,456,974.0 8.8 % 23,112,319.0 25.1 % 8,559,778.0 1,224,032.0 13.1 % Total 118,678,591.0 100.0 % 92,256,302.0 100.0 % 65,497,646.0 9,366,038.8 100.0 % ​ Sales of photovoltaic products are our largest revenue contributor, which accounted for 95.5% of our total revenues in 2025. We expect that our sales of photovoltaic products will continue to be our largest revenue contributor. ​ None of our customers accounted for more than 10% of our total revenues in 2023, 2024 and 2025. In 2023, 2024 and 2025, our largest group customer accounted for 5.1%, 7.7% and 3.0% of our total revenue, respectively. A “group customer” refers to an aggregation of our customers that are within the same corporate group. The following table sets forth the primary products sold to our top five group customers and the percentage of total revenues generated by sales to our top five group customers for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ Products ​ ​ ​ (%) ​ ​ ​ Products ​ ​ ​ (%) ​ ​ ​ Products ​ ​ ​ (%) Top five group customers Solar modules 16.8 Solar modules 18.6 Solar modules 12.5 ​ ​ We sell most of our solar modules under our own brand “JinkoSolar”, with a small portion of solar modules sold on an OEM basis. Our customers for solar modules include distributors, project developers and system integrators. We have been able to establish strong relationships with a number of major customers, based on the quality of our products and our market reputation. Our module customers include a few leading players in the PV industry. Sales and Marketing We sell solar modules under both short-term and long-term contracts. We negotiate payment terms on a case-by-case basis. Most of our overseas’ customers are allowed to make full payment within 90 days. Our domestic customers typically make 90%-95% of the purchase price within 180 days after delivery, with the remaining balance settled upon the expiry of a retainage period ranging from one to two years after the relevant customer’s solar project commences normal operation. We retain a substantial portion of our solar cells for our own solar module production, while maintaining our flexibility to respond to market changes and price fluctuations by selling a portion of our solar cells in the spot market under favorable circumstances. In addition, we sell a portion of our silicon wafers to certain solar cell suppliers and purchase solar cells from them to meet our own production requirements. 63 Table of Contents As we continue to diversify our product lines, we have successfully expanded our global marketing footprint. Since commencing exports of our silicon wafers to Hong Kong in May 2008 and establishing a sales and marketing center in Shanghai in January 2009 to access both domestic and international sales channels, we have progressively expanded into the downstream solar module markets and broadened our global customer base. As of December 31, 2025, we had a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India and over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico and other countries. As of the same date, we had an aggregate of over 8,700 customers in near 200 countries and regions for our solar modules, and energy storage systems, and reached a cumulative module shipment volume of over 390 GW. In addition, we have devoted significant resources to developing solar module customers and a stable end-user customer base through establishing diversified sales channels comprising project developers, system integrators, distributors and sales agents and diversified marketing activities, including advertising on major industry publications, attending trade shows and exhibits worldwide as well as providing high quality services to our customers. In January 2024, we won the Solar Power World 2023 Leadership in Solar Energy Award in the solar panel category. In February 2024, we became the premium sponsor of Gresini Racing S.r.l. for the MotoE World Championship 2024. In April 2024, we were awarded the “Top Brand PV USA” seal by EUPD Research. In April 2024, we signed a purchase agreement with Nyox Srl, a leading renewable energy solutions provider based in Italy, for the supply of 100MW Tiger Neo modules. In June 2024, we were recognized as a Top Performer across all reliability categories in the 2024 PV Module Reliability Scorecard published by Kiwa PVEL. In September 2024, we were recognized as an “Overall Highest Achiever” in Renewable Energy Testing Center’s 2024 PV Module Index Report, marking the fifth consecutive year we have achieved this recognition. In December 2024, we were recognized with two prestigious awards from EUPD Research: the Solar Prosumer and the DACH Energy Transition Award. In February 2025, we were ranked No.1 in the Global Solar Module Manufacturers Ranking 2025 report published by Wood Mackenzie. In March 2025, we were ranked as the most bankable solar module company in the 2024 PV Module Bankability Survey by Bloomberg New Energy Finance (BloombergNEF). In May 2025, we announced that EAGLE® Preserve, our proprietary takeback-and-recycling program for end-of-life solar modules in the U.S., has become the very-first such stewardship program to receive the approval of the Washington State Department of Ecology. In July 2025, we announced the successful commissioning of 21.6 MWh of Energy Storage Systems supplied to Distributed Energy Infrastructure (DEI). This milestone marks a significant step in advancing clean, reliable, and dispatchable energy in Massachusetts through the state’s Solar Massachusetts Renewable Target (SMART) program. In November 2025, we once again, topped the PV Tech 2025 Q3 Module Tech Bankability Report with “AAA” rating. In November 2025, we were upgraded to an A rating by MSCI ESG, maintaining our position in the top tier of ESG performers in the global PV industry. 64 Table of Contents Quality Control According to ISO9001 and IEC 62941 quality management standards, we have established a complete quality control system covering the whole cycle of R&D, procurement and manufacturing, etc., to ensure the consistency of our product quality and compliance with product standard requirements. In 2025, our quality management systems in Shangrao, Jiangxi Province, Haining, Zhejiang Province, Yuhuan, Zhejiang Province, Hefei, Anhui Province, Chuxiong, Yunnan Province, Xining, Qinghai Province, Taiyuan, Shanxi Province, U.S. and Vietnam have all received the TÜV Rheinland ISO9001, ISO45001 and ISO14001 three-system certifications. In addition, our module manufacturing factories in Shangrao, Jiangxi Province, Haining, Zhejiang Province, Yuhuan, Zhejiang Province, Taiyuan, Shanxi Province, and Hefei, Anhui Province have received the TÜV-NORD IEC 62941 certification. In the area of carbon management, we successfully completed TÜV Rheinland ISO 14064 greenhouse gas verification, and an aggregate of 15 of our products have obtained ISO 14067 carbon footprint certification, further reinforcing our position as a global benchmark in green manufacturing. In 2025, our energy storage manufacturing facility in Haining, Zhejiang Province has obtained ISO 9001 Quality Management System certification. We also received a number of quality-related honors during the year. We were awarded the Fifth China Quality Award Nomination Award, becoming the only photovoltaic company to receive this national quality honor in the current session. Our National Quality Infrastructure Integration Service Base (Photovoltaic New Energy) was rated as a “2025 Jiangxi Province Quality Infrastructure Star Station,” a designation conferred upon companies within the province that have established a well-developed quality infrastructure system, demonstrated strong support capabilities and achieved significant service outcomes. At the 2025 China Quality (Nanjing) Conference, our quality digitalization management international integration innovation practice, developed under the “14321” methodology, received the “Quality Digitalization Management International Integration Innovation Practice Award,” making us one of only 25 national honorees in the “International Integration Innovation” category. In addition, we were recognized as a “G60 S&T Innovation Valley of Yangtze River Delta Quality Standard Benchmark Company” at the launch ceremony of the G60 S&T Innovation Valley of Yangtze River Delta Quality Standards Conference. In addition, we have also received international and domestic certifications for certain models of our solar modules. For example, we have received TÜV, PID, Salt, Ammonia, Dust & Sand and CE certifications for all of our solar modules sold in Europe, JPEA certifications for all of our solar module sold in Japan, SNI certifications for all of our solar module sold in Indonesia, UL certifications for all solar modules sold in North America and BIS certifications for all solar modules sold in India, KS certification for all solar modules sold in Korea and CQC certification for all of our solar modules in China. In May 2013, our modules became the first to pass TÜV NORD’s dynamic mechanical load testing with maximum 1000 Pascal downward load. In 2013, our solar modules also passed TÜV Nord’s Dust & Sand Certification Test, demonstrating their suitability for installation in desert regions. In December 2014, our modules became the first to pass TÜV NORD’s transportation and shipping of PV Module stacks test. Our solar modules received the highest testing result, class 1, in the fire resistance test conducted by Italy’s Istituto Giordano. We also obtained the JIS Q 8901 Certification from TÜV Rheinland. In May 2016, we became the first Chinese PV manufacturer that received Qualification Plus certification from TÜV Rheinland for solar modules. In May 2017, we became one of the first Chinese PV manufacturers to pass the intensive UV test according to IEC 61345 from TÜV Rheinland. In July 2017, we became one of the first PV module providers to guarantee that all our standard PV modules meet IEC 62804 double anti-PID standards. In August 2021, we obtained the first photovoltaic module LCA (Life Cycle Assessment) certificate in the Greater China region issued by TÜV Rheinland (China) Ltd., and passed the Italian EPD certification. In February 2022, our factory in Shangrao obtained our first SNI certification. In 2025, our facilities in Shangrao, Jiangxi Province, Haining, Zhejiang Province, Yuhuan, Zhejiang Province, Hefei, Anhui Province, Xining, Qinghai Province, Chuxiong, Yunnan Province, Taiyuan, Shanxi Province, U.S. and Vietnam received the SGS ISO50001 certification. Our facilities in Shangrao, Jiangxi Province, Haining, Zhejiang Province, Yuhuan, Zhejiang Province, Hefei, Anhui Province, Xining, Qinghai Province, Chuxiong, Yunnan Province, Taiyuan, Shanxi Province, and Vietnam also received the ISO14064 certification. In addition, our 6 mainstream PV products and the SUNTERA 3.44MWH liquid-cooled energy storage system have also received the ISO14067 certification. In 2025, our solar modules were the first among the top 10 global photovoltaic manufacturers to obtain the new BIS standard certification. In 2025, our solar modules has passed TÜV SUD’s Triple PID-Polarisation resistance test, and became the first company to obtain this certification of TÜV SUD, which fully demonstrate the outstanding anti-PID-p performance. In 2025, our Suntera and Sungiga energy storage product series successfully obtained comprehensive international certifications, covering safety, performance, EMC, transportation, and fire safety. At Net-Zero Europe 2025, Jinko ESS won Tier 1 Battery Storage Award for its outstanding product performance, safety standards and market influence. 65 Table of Contents We conduct systematic inspections of incoming raw materials, ranging from silicon raw materials to various ancillary materials. We have formulated and adopted guidelines and continue to devote efforts to developing and improving our inspection measures and standards on recycling recoverable silicon materials and production of silicon ingots, silicon wafer, solar cell and solar module. We conduct a final quality check before packing to ensure that our solar power products meet all our internal standards and customers’ specifications. In addition, we provide periodic training to our employees to ensure the effectiveness of our quality control procedures. In October 2009, we opened our PV module testing laboratory in Jiangxi, China, which can conduct over 20 different kinds of tests, ranging from basic power and temperature tests to challenging hot spot, pre-decay and UV aging tests, all of which conform to UL and International Electrotechnical Commission regulations. In February 2012, the laboratory was awarded the UL Witness Testing Data Program (“WTDP”) Certificate and, in August 2012, it was certified by China National Accreditation Service (“CNAS”). In September 2014, the laboratory was certified by Intertek Satellite Lab and obtained TÜV Nord CB Lab certificate in the same year. In March 2016, it also obtained the CGC Certificate and was certified as TMP laboratory by TÜV Rheinland. The laboratory received the DEKA TMP Laboratory Certificate in July 2020 and the SGS TMP Laboratory Certificate in May 2021, TÜV SUD TMP Laboratory Certificate In September 2022. We established additional laboratories in Haining, Zhejiang Province in 2016, and in Hefei, Anhui Province and Vietnam in 2023. In June 2024, our laboratories in Haining and Hefei were certified by CNAS. We have a dedicated team overseeing our quality control processes. In addition, we have established operation management and project-based customer service teams, aiming to supervise the whole installation process and service our customers in a timely manner. They work collaboratively with our sales team to provide customer support and after-sale services. We emphasize gathering customer feedback for our products and addressing customer concerns in a timely manner. Competition We operate in a highly competitive and rapidly evolving market. As we expand our solar wafer, cell and solar module production capacity and increase the output of these products, we mainly compete with both integrated and specialized manufacturers of solar power products, such as Longi Green Energy Technology Co., Ltd., Trina Solar Ltd., Canadian Solar Inc. and JA Solar Holdings Co., Ltd., in a continuously evolving industry. Recently, some upstream polysilicon manufacturers and downstream manufacturers, such as Tongwei and Astronergy, have also established or expanded their silicon ingots, silicon wafer, solar cell and solar module production operations. In addition, certain competitors have introduced or are expanding differentiated cell technologies, including back-contact (BC) cell technology and other high-efficiency product platforms, which may offer improved conversion efficiency, power output or product performance characteristics. The commercialization and market adoption of such technologies may intensify competition in premium product segments and place additional pressure on pricing and margins if we are unable to maintain technological competitiveness or timely introduce comparable or alternative solutions. We expect to face increased competition as other manufacturers of silicon ingots, silicon wafer, solar cell and solar module continue to expand their operations. Some of our current and potential competitors may have a longer operating history, greater financial and other resources, stronger brand recognition, better access to raw materials, stronger relationships with customers and greater economies of scale than we do. Moreover, certain of our competitors are highly-integrated producers whose business models provide them with competitive advantages, as they are less dependent on upstream suppliers and/or downstream customers in the value chain. Furthermore, some Chinese competitors have built new production capacity overseas, including in Southeast Asia and the United States, to expand their sales and marketing operations, which has intensified the competition in overseas markets. We compete primarily in terms of product quality and consistency, pricing, timely delivery, ability to fill large orders and reputation for reliable customer support services. We believe that our global manufacturing and sales network, strong R&D capabilities and patent portfolio, high-efficiency N-type products, integrated capacity structure and cost control capability will continue to strengthen our overall competitiveness. We have expanded our business beyond module manufacturing toward integrated solar and storage solutions to meet evolving customer demand and capture additional value across the energy value chain. At the same time, the photovoltaic industry is transitioning from scale-driven expansion to technology- and value-driven competition. In this evolving landscape, companies with strengths in high-efficiency technologies, integrated solutions, and global deployment are increasingly well-positioned to compete effectively. 66 Table of Contents See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—We face intense competition in solar power product markets. If we fail to adapt to changing market conditions and to compete successfully with existing or new competitors, our business prospects and results of operations would be materially adversely affected.” Production Safety We are subject to extensive PRC laws and regulations in relation to labor and production safety. We have adopted stringent safety procedures at our facilities to mitigate potential damage and personal injury in the event of an accident or natural disaster, and have implemented a number of internal guidelines and operating instructions for our manufacturing processes, including the operation of equipment and handling of chemicals. We also distribute safety-related manuals to employees and post bulletins setting forth safety instructions, guidelines and policies throughout our facilities. Failure by employees to follow these guidelines and instructions may result in fines. In addition, all of our new employees undergo extensive safety training and education. We also require our technical staff to attend weekly training programs conducted by instructors to enhance their work safety awareness and ensure the safe operation of equipment. Furthermore, we conduct regular inspections and our experienced equipment maintenance team oversees the operation of our production lines to maintain proper and safe working conditions. Our occupational health and safety management systems have been certified to meet the OHSAS 18001:2007 standards since March 2012. In 2019, we completed the certification transition from OHSAS 18001 to ISO 45001. In 2020, we completed the authentication of the second-level safety standardization. Since our inception, we have not experienced any major work-related injuries. On April 26, 2024, a fire accident occurred in one of our wafer slicing and solar cell manufacturing workshops in Shanxi Province, China (the “Fire Accident”). This incident resulted in significant damage to certain equipment and other assets. Following the accident, we promptly initiated loss assessment and insurance claim verification procedures. We have also reallocated our wafer and cell production across different manufacturing workshops to minimize disruptions to our manufacturing process. This incident has had a material impact on our results of operations for the year ended December 31, 2024. Based on the current progress of damage assessment and taking into account potential insurance recoveries, we estimate that the overall losses caused by the Fire Accident amount to approximately RMB0.67 billion. As of the date of this annual report, the cause of the Fire Accident was under investigation. Should another such accident happen, we could face penalties, liability claims and significant losses, which may materially and adversely affect our results of operations and financial position and damage our reputation. See “Risk Factors—Risks Related to Our Business and Industry—Our operations are subject to natural disasters, adverse weather conditions, operating hazards, production safety accidents, environmental incidents and labor disputes.” We use, store and generate volatile and otherwise dangerous chemicals and wastes during our manufacturing processes, and are subject to a variety of government regulations related to the use, storage and disposal of such hazardous chemicals and wastes. In accordance with the requirements of the Regulations on the Safety Management of Hazardous Chemicals, which became effective on March 15, 2002 and were amended on December 1, 2011 and December 7, 2013, we are required to engage state-qualified institutions to conduct the safety evaluation on our storage instruments related to our use of hazardous chemicals and file the safety evaluation report with the competent safety supervision and administration authorities every three years. Moreover, we are required to file periodic reports with the competent safety supervision and administration authorities and public security agencies concerning the actual storage situation of our chemicals and other hazardous chemicals that constitute major of hazard sources. 67 Table of Contents Environmental Matters We generate and discharge waste water, gaseous waste and other industrial waste at various stages of our manufacturing process as well as during the processing of recovered silicon material. We have installed pollution abatement equipment at our facilities to process, reduce, treat, and where feasible, recycle the waste materials before disposal or outsource the disposal of waste materials, and we treat the waste water, gaseous and liquid waste and other industrial waste produced during the manufacturing process before discharge. We also maintain environmental protection staff at each of our manufacturing facilities to monitor waste treatment and ensure that our waste emissions comply with the relevant environmental standards. We are required to comply with all national and local environmental protection laws and regulations and our operations are subject to periodic inspection by national and local environmental protection authorities. PRC national and local environmental laws and regulations prohibit the discharge of waste materials above prescribed levels, impose penalties for such violations accordingly, and provide that the relevant authorities may at their own discretion close or suspend the operation of any facility that fails to comply with orders requiring it to cease or remedy operations causing environmental damage. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—Compliance with environmentally safe production and construction and renewable energy development regulations can be costly, while non-compliance with such regulations may result in adverse publicity and potentially significant monetary damages, fines and suspension of our business operations.” Jiangxi Jinko obtained the certificate issued by the Bureau of Ecology and Environment of Shangrao Economic Development Zone confirming that we were in compliance with the environmental protection laws from 2018 till 2025. Our factories are equipped with state-of-the-art equipment that has been designed to not only produce the highest quality products, but also to minimize the environmental impact. As of December 31, 2025, all of our manufacturing facilities in operation have received the ISO 9001 Quality Management System Certification, the ISO 14001 Environmental Management System Certification, and ISO 45001 Occupational Health and Safety Management System Certification. Our module manufacturing facilities in operation in Shangrao, Jiangxi Province, Haining, Zhejiang Province, Yuhuan, Zhejiang Province, Hefei, Anhui Province and Shanxi Province have received IEC 62941 certification. Nine of our manufacturing facilities in operation have received the ISO 50001 Energy Management System Certification. In addition, eight of our manufacturing facilities executed ISO 14064 certification. In 2025, Jinko ESS successfully passed the SMETA audit, demonstrating compliance with international ethical trade standards for supply chains. Additionally, TÜV SÜD’s forced labor verification and traceability capability assessment were completed, ensuring full compliance in labor practices and supply chain traceability. In January 2012, we joined the PV Cycle Association for the collection and recycling of end-of-life solar modules at European level. In September 2016, we helped create the first PV recycling network in the U.S. In November 2017, we were awarded the Cradle-to-Cradle certificate by SGS, the world’s leading testing, inspection, verification, and certification organization, which demonstrates our commitment to high environmental, health and safety standards in our products and manufacturing processes. In December 2017, we were selected as a 2016-17 Leader in Silicon Valley Toxics Coalition’s Solar Scorecard, a system which ensures that the PV sector is safe for the environment, workers, and communities. In 2019, our manufacturing facility in Shangrao obtained the discharge permit for cell industry. In 2020, we received the Jinggangshan Quality Award of Jiangxi Province. In 2023, we were selected as the candidate for the 5th China Quality Award Nomination Award and the national Chief Quality Officer Typical Case of Quality Transformation and Innovation, with the highest rating of our market quality credit (AAA). In 2024, we were nominated for the Fifth China Quality Award and recognized as a Leading Enterprise in the Construction of a Quality Strong Country. In addition, in 2024, we launched our Neo Green modules, produced in its in-house “zero carbon factory” certified by third-party organizations. In 2025, we were rated as a Class A enterprise in the CDP assessment, and one of our manufacturing factory has been certified as a National Green Factory in China. In 2025, we completed the life-cycle carbon footprint assessment for our 5MWh energy storage system and obtained ISO 14067 certification from TÜV Rheinland, demonstrating our strong commitment to environmental management and sustainable development. Meanwhile, our energy storage manufacturing facility in Haining, Zhejiang Province was successfully included in Jiaxing City’s 2025 Green Factory List. We are required to obtain construction permits before commencing constructing production facilities. We are also required to obtain approvals from PRC environmental protection authorities before commencing commercial operations of our manufacturing facilities. We have environmental protection facilities in operation during the construction and operation of our production facilities, and all pollutants are discharged in compliance with the applicable laws and regulations. 68 Table of Contents On March 22, 2012, our 600 MW solar cell manufacturing line passed the Haining City environmental authority’s environmental evaluation. In May 2012, pursuant to a request from the Haining City environmental authority as a part of a program directed to all local manufacturing companies, we took additional steps intended to improve our program for handling hazardous waste, which was approved in September 2012. In November 2012, we were selected on a random basis for an audit of our energy conservation and emission-reduction management systems by the Haining City environmental authority, which we completed successfully. In 2023, eight of our new construction projects passed the environmental assessment and obtained the approvals. We continued to implement several environmental protection related projects at the Haining facility between 2023 and 2025, aiming to improve the waste treatment as well as to reduce carbon dioxide emission. We have invested to establish a new water recycle system, install roof-top solar panels, replace fluorescent tubes with LED light in the production lines, and upgrade waste chemical discharge sewers. In 2016, we completed the upgrade of the existing wastewater disposal station and improved the wastewater disposal of the Haining facility to comply with the new PRC environmental standards for the solar industry. In addition, we continued to strengthen the whole lifecycle management of solid waste. The vehicles used for transferring the hazardous waste are required to be equipped with GPS. We regularly review the qualification and technical capability of our waste disposal service providers. Seasonality Demand for solar power products tends to be weaker during the winter months partly due to adverse weather conditions in certain regions, which complicate the installation of solar power systems. Our operating results may fluctuate from period to period based on the seasonality of industry demand for solar power products. Our sales in the first quarter of any year may also be affected by the occurrence of the Chinese New Year holiday, during which domestic industrial activity is normally lower than that at other times. Insurance We have insurance policies covering certain machinery such as our monocrystalline and multicrystalline furnaces. These insurance policies cover damages and losses due to fire, flood, design defects or improper installation of equipment, water stoppages or power outages and other events stipulated in the relevant policies. For instance, insurance coverage for Jiangxi Jinko’s fixed assets and inventory other than land amounted to RMB16.76 billion (US$2.40 billion) as of December 31, 2025. As of December 31, 2025, we had product liability insurance coverage for most of our manufacturing and marketing companies of up to US$4.57 billion, export credit insurance coverage for most of our manufacturing and marketing companies of up to US$3.21 billion and product transportation liability insurance coverage for all of our product transportation companies of up to RMB104.34 billion (US$14.92 billion). We have engaged insurance firms specializing in insurance and risk management solutions for the solar industry to provide insurance coverage for product warranty liability in relation to our solar modules. In January 2025, we engaged Ariel Syndicate 1910 of Lloyd’s to provide insurance coverage for the product warranty services of our solar modules worldwide effective from January 1, 2025. The policy offers back-to-back coverage through a maximum of 15-year limited product defects warranty, as well as a 30-year linear warranty against degradation of module power output from the time of delivery. We believe that our overall insurance coverage is consistent with the market practice in the solar power industry in China. However, significant damage to any of our manufacturing facilities and buildings, whether as a result of fire or other causes, could have a material adverse effect on our results of operations. In accordance with customary practice in China, we do not carry any business interruption insurance. Moreover, we may incur losses beyond the limits, or outside the coverage, of our insurance policies. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—We have limited insurance coverage and may incur losses resulting from product liability claims, business interruption or natural disasters.” We paid an aggregate of RMB59.4 million, RMB62.51 million and RMB117.5 million (US$16.8 million) in insurance premiums in 2023, 2024 and 2025, respectively. Regulation This section sets forth a summary of the most significant regulations or requirements that affect our business activities in the PRC or our shareholders’ right to receive dividends and other distributions from us. 69 Table of Contents Renewable Energy Law and Other Government Directives The Renewable Energy Law, which originally became effective on January 1, 2006 and was amended on December 26, 2009, sets forth policies to encourage the development and on-grid application of solar energy and other renewable energy. The law also sets forth a national policy to encourage the installation and use of solar energy water heating systems, solar energy heating and cooling systems, PV systems and other systems that use solar energy. It also provides financial incentives, such as national funding, preferential loans and tax preferential treatment for the development of renewable energy projects. The PRC Energy Conservation Law, which became effective on April 1, 2008 and was amended on July 2, 2016 and October 26, 2018, encourages the utilization and installation of solar power facilities on buildings for energy-efficiency purposes. The law also encourages and supports the development of solar energy system in rural areas. The PRC Energy Law, which came into effect on January 1, 2025, covers aspects such as energy planning, development and utilization, market system, reserve and emergency, scientific and technological innovation, supervision and management, and legal liability. It clarifies the priority of developing renewable energy, increasing the proportion of non-fossil energy, standardizes the project development process and technical standards, and improves the power consumption guarantee and green energy consumption promotion mechanisms. On October 10, 2010, the State Council promulgated a decision to accelerate the development of seven strategic new industries. Pursuant to this decision, the PRC government will promote the popularization and application of solar thermal technologies by increasing tax and financial policy support, encouraging investment and providing other forms of beneficial support. On March 27, 2011, the NDRC promulgated the revised Guideline Catalogue for Industrial Restructuring which categorizes the solar power industry as an encouraged item. On February 16, 2013, the NDRC promulgated the 2013 revised Guideline Catalogue for Industrial Restructuring, effective on May 1, 2013, and amended it on October 30, 2019 and December 27, 2023, the solar power industry is still categorized as an encouraged item. In response to the increased pace of market development, the State Council, in a statement dated July 4, 2013, announced to support the development of PV production enterprises with high technology and strong market competitiveness, among other matters. In March 2016, the National People’s Congress approved the Outline of the Thirteenth Five-Year Plan (2016-2020) for National Economic and Social Development of the PRC, which mentions a national commitment to continuing to support the development of PV generation industry. In March 2021, the National People’s Congress approved the Outline of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and Long-Range Objectives for 2035, and in March 2026, the National People’s Congress approved the Outline of the 15th Five-Year Plan (2026-2030) for National Economic and Social Development of the PRC, which further expressed determination of national will to continuing to support the development of PV generation industry. The NEA has promulgated the Guide Opinion on Energy for 2016, as amended by the Guide Opinion on Energy for 2017, Guide Opinion on Energy for 2018, Guide Opinion on Energy for 2020, Guide Opinion on Energy for 2021, Guide Opinion on Energy for 2022, Guide Opinion on Energy for 2023, Guide Opinion on Energy for 2024, Guide Opinion on Energy for 2025 in the past few years, which encouraged the development of solar power. On November 29, 2016, the State Council released the Thirteen Five-Year Development Plan for National Strategic New Industries, which aims to promote the diversification and large-scale development of solar power industry. On December 8, 2016, the NEA officially released the Thirteen Five-Year Plan on Solar Power Development, pursuant to which, the NEA will provide market support to advanced technology and product and lead the PV technical advances and industry upgrading. On December 30, 2016, the MIIT, NDRC, the Ministry of Science and Technology and MOF jointly promulgated the Development Guide Regarding the New Materials Industry to support and provide details for the development of the PRC solar power industry. On July 18, 2017, the NEA, MIIT and the Certification and Accreditation Administration of the PRC jointly promulgated a notice regarding improving technical standards of major photovoltaic products and strengthening supervision to promote the technological progress of photovoltaic industry. 70 Table of Contents On April 2, 2018, the NEA promulgated the Circular on Matters Concerning Easing the Burden of Enterprises in Renewable Energy Sector, which aims to ease the burden of renewable energy enterprises through strengthening the implementation and supervision of existing policies. On January 7, 2019, the NDRC and the NEA promulgated a joint notice on actively promoting the work related to wind power and photovoltaic power generation without subsidy. On February 14, 2019, the NDRC issued the Green Industry Guidance Catalogue (2019 Edition), as amended by Green and Low-carbon Transformation Industry Guidance Catalogue (2024 Edition), to include solar power equipment manufacturing into the green industry guidance catalogue, to further encourage the development of solar industry. On October 30, 2019, the NDRC issued the Industrial Structure Adjustment Guidance Catalogue (2019 Edition) which became effective on January 1, 2020, as amended by the Industrial Structure Adjustment Guidance Catalogue (2024 Edition), to include the photovoltaic solar equipment manufacturing in the encouraged category, in order to coordinate the transition of the Chinese economy from a high-speed growth stage to a high-quality development stage. On January 20, 2020, the NEA, the NDRC, and the Ministry of Finance jointly issued Opinions on Promoting the Healthy Development of Non-hydroelectric Renewable Energy Power Generation, aiming at (i) improving the current subsidy method, (ii) improving market allocation of resources and subsidy decline mechanism, and (iii) optimizing subsidy redemption process. On September 29, 2020, the NDRC, the NEA and the Ministry of Finance jointly issued Supplementary Notice on Matters Relating to Several Opinions on Promoting the Sound Development of Non-Hydro-Renewable Energy Power Generation to further clarify relevant policies of additional subsidy funds for renewable energy electricity prices and stabilize industry expectations. On February 2, 2021, the State Council issued Guiding Opinions on Accelerating the Establishment and Improvement of the Green and Low-Carbon Circular Development Economic System, in order to accelerate the establishment of a robust economic system of green and low-carbon circular development. On February 24, 2021, the NDRC, the MOF, the People’s Bank of China, the China Banking and Insurance Regulatory Commission and the NEA issued Notice on Guiding to Increase Financial Support to Promote the Healthy and Orderly Development of Wind Power and Photovoltaic Power Generation Industries, in order to help solving the problems of renewable energy companies such as tight cash flow and difficulties in production and operation. On April 23, 2025, the NEA issued a notice on several measures to promote the development of the private economy in the energy sector, supporting large-scale Gobi Desert bases to independently deploy a certain scale of cutting-edge technology photovoltaic modules based on market needs, thereby assisting private enterprises in technological innovation. On October 28, 2025, the NEA released guidance on promoting the integrated development of coal and new energy, proposing to accelerate the development of photovoltaic and wind power industries in mining areas. On October 31, 2025, the NEA issued the Guiding Opinions on Promoting the Integrated and Synergistic Development of New Energy, proposing that by 2030, integrated and synergistic development will become an important approach for new energy development, and the reliability of new energy as a substitute will be significantly enhanced. On December 15, 2025, the NDRC and the NEA issued the Guiding Opinions on Promoting the Large-Scale Development of Concentrated Solar Power (CSP), actively advancing the construction of CSP projects, continuously expanding new scenarios for the development and utilization of CSP, and ensuring the large-scale development of CSP. Environmental Protection The construction processes of our solar power projects generate material levels of noise, waste water, gaseous emissions and other industrial wastes. Therefore, we are subject to a variety of government regulations related to the storage, use and disposal of hazardous materials and to the protection of the environment of the community. The major environmental regulations applicable to our business activities in the PRC include the Environmental Protection Law of the PRC, the Law on the Prevention and Control of Noise Pollution, the Law on the Prevention and Control of Air Pollution, the Law on the Prevention and Control of Water Pollution, the Law on the Prevention and Control of Solid Waste Pollution, the Law on Environmental Impact Evaluation, and the Regulations on the Administration of Environmental Protection In Construction Projects. 71 Table of Contents On April 24, 2014, the Standing Committee of the National People’s Congress promulgated the Environmental Protection Law of the PRC (Amended in 2014), which became effective on January 1, 2015. This Law is formulated for the purposes of environmental protection and improvement, prevention and treatment of pollution and other hazards, protection of public health, promoting development of ecological civilization, promoting sustainable economic and social development. On December 25, 2016, the Standing Committee of the National People’s Congress promulgated the Law on Environmental Protection Tax, which became effective on January 1, 2018 and was amended on October 26, 2018 and on October 28, 2025. The Law on Environmental Protection Tax reformed and replaced the pollutant discharge fee system, which had been implemented over decades in China. The Law on Environmental Protection Tax provides that, among others, from its effective date, the enterprises, entities and other producers and operators that directly emit taxable pollutants into the environment within the territory and other sea areas under the jurisdiction of the PRC shall pay environmental protection tax instead of pollutant discharge fees. Under the Law on Environmental Protection Tax, taxable pollutants include air and water pollutants, solid waste and noise. On December 29, 2018, Environmental Impact Assessment Law of the People’s Republic of China was amended and implemented. On June 5, 2022, Prevention and Control of Noise Pollution Law of the People’s Republic of China came into effect, replacing the original Prevention and Control of Environmental Noise Pollution Law of the People’s Republic of China. The forgoing amendment and the new legislation increased and refined the work of environmental protection departments, increasing the penalties for violations of environmental protection law. The operation of our factories in the U.S. and Vietnam is required to comply with local laws and regulations on environmental protection, including but not limited to, those in relation to air emissions, noise exposure, lead regulation, toxics release and hazardous waste disposal. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—Compliance with environmentally safe production and construction and renewable energy development regulations can be costly, while non-compliance with such regulations may result in adverse publicity and potentially significant monetary damages, fines and suspension of our business operations.” Foreign Investment in Solar Power Business In the past decade, the principal regulation governing foreign ownership of solar power businesses in the PRC is the Foreign Investment Industrial Guidance Catalog, which has been amended from time to time. Under the catalog, the solar power industry has been classified as an “encouraged foreign investment industry.” Foreign-invested enterprises in the encouraged foreign investment industries are entitled to certain preferential treatment, such as exemption from tariff on equipment imported for their operations, after obtaining approval from the PRC government authorities. On March 15, 2019 the National People’s Congress of the PRC issued the Foreign Investment Law of the PRC and on December 26, 2019, the State Council of the PRC issued the Implementing Regulations on the Foreign Investment Law of the PRC, both of which came into force on January 1, 2020, and replaced certain former laws regulating foreign-invested enterprises. According to the Foreign Investment Law and its implementing regulations, the PRC applies the administrative system of pre-establishment national treatment and negative list to foreign investments. “Pre-establishment national treatment” means the treatment accorded to foreign investors and their investments will be no less favorable to that accorded to domestic investors and their investments at the stage of investment access. On June 28, 2018, the NDRC and the MOFCOM jointly issued the Special Administrative Measures for the Access of Foreign Investment (2018 Edition) (the “Negative List”), which came into force on July 28, 2018 and subsequently amended by the Special Administrative Measures for the Access of Foreign Investment (2019 Edition), the Special Administrative Measures for the Access of Foreign Investment (2020 Edition), Special Administrative Measures for the Access of Foreign Investment (2021 Edition) and Special Administrative Measures for the Access of Foreign Investment (2024 Edition). “Negative list” means a special administrative measure for access of foreign investment in specific fields as imposed by the PRC. Foreign investors are not allowed to invest in the forbidden investment as specified in the negative list. Foreign investors must comply with the special equity management requirements, senior management requirements and other restrictive access special management measures when making investments in the restricted investments as specified in the negative list. The Negative List provides that sectors that are not specified in the Negative List shall be subject to administration under the principle of treating domestic investments and foreign investments equally. Simultaneously, the NDRC and the MOFCOM jointly issued the Industrial Catalogue to Encourage Foreign Investment (2025 Edition) to include photovoltaic power generation equipment manufacturing within the scope of industries that encourage foreign investment. 72 Table of Contents Work Safety We are subject to laws and regulations in relation to work safety and occupational disease prevention, including the Work Safety Law of the PRC, the Prevention and Control of Occupational Diseases of the PRC, and other relevant laws and regulations, the Law of the PRC on Special Equipment Safety. Employment Pursuant to the Labor Law of the PRC, the Labor Contract Law of the PRC and the Implementing Regulations of the Labor Contract Law of the PRC, employers must enter into written employment contracts with full-time employees. If an employer fails to do so within one year from the date on which the employment relationship is established, the employer must rectify the situation by entering into a written employment contract with the employee and pay the employee twice the amount of the employee’s salary for the period during which the written contract is not signed. The Labor Contract Law and its implementing rules also require all employers must comply with local minimum wage standards. If the wage paid to the employee by the employer is lower than the local minimum wage standard, the competent labor authorities may order the employer to pay the difference; in the event of any failure to pay within the time limit, the employer may be ordered to pay additional compensation to the employee at the standard of more than 50% but less than 100% of the payable amount. Violations of the Labor Law, the Labor Contract Law and its implementing rules may result in the imposition of fines and other administrative liabilities. Enterprises in the PRC are required by the PRC laws and regulations to participate in certain employee benefit plans covering pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, medical insurance and housing funds, and contribute to the plans or funds in amounts equal to certain percentages of salaries, including bonuses and allowances, of the employees as specified by the local government from time to time at locations where they operate their businesses or where they are located. According to the Social Insurance Law of the PRC, which came into effect on July 1, 2011 and was amended on December 29, 2018, an employer that fails to make social insurance contributions may be ordered to pay the required contributions within a stipulated deadline and be subject to a late fee at the rate of 0.05% per day from the date on which the contribution becomes due. If the employer still fails to rectify the failure to make social insurance contributions within the stipulated deadline, it may be subject to a fine ranging from one to three times the amount overdue. According to the Regulations on the Administration of Housing Fund, which came into force on March 24, 2002 and was amended on March 24, 2019, an enterprise that fails to make housing fund contributions may be ordered to rectify the non-compliance and pay the required contributions within a stipulated deadline; otherwise, an application may be made to a local court for compulsory enforcement. Taxation PRC Corporate Income Tax Prior to January 1, 2008, under the PRC Income Tax Law on Foreign-invested Enterprise and Foreign Enterprise, or the former Income Tax Law, and the related implementing rules, foreign-invested enterprises incorporated in the PRC were generally subject to a corporate income tax rate of 30% on taxable income and a local income tax rate of 3% on taxable income. The former Income Tax Law and the related implementing rules also provided for certain favorable tax treatments to foreign-invested enterprises. On March 16, 2007, the CIT Law was passed, which, together with the Implementation Rules of the CIT Law issued on December 6, 2007, became effective on January 1, 2008. The CIT Law, amended on February 24, 2017 and December 29, 2018, applies a uniform 25% corporate income tax rate to both foreign invested enterprises and domestic enterprises and eliminates many of the preferential tax policies afforded to foreign investors. Furthermore, dividends paid by a foreign invested enterprise to a non-resident shareholder are now subject to a withholding tax rate of 10%, which may be reduced under any applicable bilateral tax treaty between the PRC and the jurisdiction where the non-resident shareholder resides. The CIT Law provided a five-year grandfathering period, starting from its effective date, for enterprises established before the promulgation date of the CIT Law that were entitled to enjoy preferential tax policies under the former Income Tax Law or the related implementing rules. However, subject to the Circular on Implementing the Grandfathering Preferential Policies of the Enterprise Income Tax, or the Implementing Circular, promulgated by the State Council on December 26, 2007, only a certain number of the preferential policies provided under the former Income Tax Law and the related implementing rules were eligible to be grandfathered in accordance with the Implementing Circular. 73 Table of Contents With respect to our PRC operations, 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. Certain solar power project entities enjoy the preferential tax policies in connection with the development of the western region of China and are subject to a preferential tax rate of 15%. The enterprises which are eligible for such preferential tax rate must engage in the business falling in the scope of the Catalogue of Industries Encouraged in the Western Region promulgated by the NDRC. Enterprises that are eligible for the preferential tax rate of 15% may be able to enjoy such preferential tax rate and tax holiday simultaneously where certain criteria are met. According to the Circular of the State Taxation Administration on How to Understand and Identify “Beneficial Owner” under Tax Treaties, which became effective on October 27, 2009, and the Announcement of the State Taxation Administration on the Determination of “Beneficial Owners” in the Tax Treaties, effective on June 29, 2012, 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. This 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 a 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, nonresidents may be recognized as “beneficial owners” and enjoy 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 November 2015 and was amended in June 2018, require non-resident enterprises to determine whether they are qualified to enjoy the preferential tax treatment under the tax treaties and file relevant report and materials with the tax authorities. An enterprise registered under the laws of a jurisdiction outside China may be deemed a PRC tax resident enterprise if its place of effective management is in China. If an enterprise is deemed to be a PRC tax resident enterprise, its worldwide income will be subject to the corporate income tax. According to the Implementation Rules of the CIT Law, the term “de facto management bodies” is defined as bodies that have, in substance, and overall management and control over such aspects as the production and the business, personnel, accounts and properties of the enterprise. In addition, under the CIT Law and the Implementation Rules of the CIT Law, foreign shareholders could become subject to a 10% withholding tax on any gains they realize from the transfer of their shares, if such gains are regarded as income derived from sources within China, which includes gains from transfer of shares in an enterprise considered a “tax resident enterprise” in China. Once a non-PRC company is deemed to be a PRC tax resident enterprise by following the “de facto management bodies” concept and any dividend distributions from such company are regarded as income derived from sources within China, PRC income tax withholding may be imposed and applied to dividend distributions from the deemed PRC tax resident enterprise to its foreign shareholders. 74 Table of Contents VAT Pursuant to the Interim Regulations on Value-added Tax as amended on February 6, 2016 (the “2016 Interim Regulations on Value-added Tax”), and the Implementing Rules of the Interim Regulations on Value-added Tax as amended on October 28, 2011, all entities and individuals that are engaged in the sale of goods, the provision of repairs and replacement services and the importation of goods in the PRC are required to pay VAT. The 2016 Interim Regulations on Value-added Tax and their Implementing Rules also provide that 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 rate of 13%. The 2016 Interim Regulation on Value-added Tax 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 the Ministry of Finance, the STA and the General Administration of Customs, which further provides that effective from the date of April 1, 2019, the VAT rate of gross proceeds from sales and importation of goods and provision of services shall be adjusted from 16% to 13%, with the VAT rate of certain categories of goods shall be adjusted from 10% to 9%. According to the Value Added Tax Law of the PRC issued by the Standing Committee of the PRC National People’s Congress on December 25, 2024 and to be implemented on January 1, 2026, gross proceeds from sales and importation of goods and provision of services are subject to VAT at a rate of 13%, with exceptions for certain categories of goods and services that are taxed at a rate of 9% or 6%. Foreign Currency Exchange Foreign currency exchange regulation in the PRC is primarily governed by the Regulations on the Administration of Foreign Exchange, and the Provisions on the Administration of Settlement, Sale and Payment of Foreign Exchange. Currently, the Renminbi is convertible for current account items, including the distribution of dividends, interest payments, trade and service related foreign exchange transactions. On January 26, 2017, the SAFE issued the Circular on Further Promoting the Reform of Foreign Exchange Administration and Improving Examination of Authenticity and Compliance, pursuant to which the SAFE restated the procedures and reemphasized the bona fide principle for banks to follow during their review of certain cross-border profit remittance. Conversion of Renminbi for most capital account items, such as direct investment, security investment and repatriation of investment, however, is still subject to registration with the SAFE. Foreign-invested enterprises may buy, sell and remit foreign currencies at financial institutions engaged in foreign currency settlement and sale after providing valid commercial documents and, in the case of most capital account item transactions, obtaining approval from the SAFE. Capital investments by foreign enterprises are also subject to limitations, which include approvals by the NDRC, the MOFCOM, and registration with the SAFE. In August 2008, the SAFE issued the Circular on the Relevant Operating Issues Concerning the Improvement of the Administration of Payment and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, or the Circular 142, regulating the conversion by a foreign invested enterprise of foreign currency-registered capital into RMB by restricting how the converted RMB may be used. Pursuant to the Circular 142, the RMB capital converted from foreign currency registered capital of a foreign-invested enterprise may only be used for purposes within the business scope approved by the applicable government authority and may not be used for equity investments within the PRC. In addition, the SAFE strengthened its oversight of the flow and use of the RMB capital converted from foreign currency registered capital of foreign-invested enterprises. The use of such RMB capital may not be changed without the SAFE’s approval, and such RMB capital may not in any case be used to repay RMB-denominated loans if the proceeds of such loans have not been used. Violations may result in severe monetary or other penalties. Furthermore, on March 30, 2015, the SAFE issued the Circular on Reforming the Administration Approach Regarding the Foreign Exchange Capital Settlement of Foreign-invested Enterprises, or Circular 19, which became effective on June 1, 2015 and replaced Circular 142. Circular 19 provides that, the conversion from foreign currency registered capital of foreign-invested enterprises into the Renminbi capital may be at foreign-invested enterprises’ discretion, which means that the foreign currency registered capital of foreign-invested enterprises for which the rights and interests of monetary contribution has been confirmed by the local foreign exchange bureau (or the book-entry of monetary contribution has been registered) can be settled at the banks based on the actual operational needs of the enterprises. However, Circular 19 does not materially change the restrictions on the use of foreign currency registered capital of foreign-invested enterprises. Circular 19 continues to prohibit foreign-invested enterprises from, among other things, spending Renminbi capital converted from its foreign currency registered capital on expenditures beyond its business scope. On June 9, 2016, SAFE promulgated the Circular on Reforming and Regulating the Administrative Policies of Foreign Exchange Settlement under the Capital Account (“Circular 16”), which applies to all domestic enterprises in China. Circular 16 expands the application scope from only the capital of the foreign-invested enterprises to the capital, foreign debt fund and fund from oversea public offering. Also, Circular 16 allows enterprises to use their foreign exchange capitals under capital accounts allowed by the relevant laws and regulations. 75 Table of Contents In February 2012, the SAFE promulgated the Stock Option Notice. Under the Stock Option Notice, domestic individuals who participate in equity incentive plans of an overseas listed company are required, through a PRC agent or PRC subsidiary of such listed company, to register with SAFE and complete certain other bank and reporting procedures. The Stock Option Notice simplifies the requirements and procedures for the registration of stock incentive plan participants, especially in respect of the required application documents and the absence of strict requirements on offshore and onshore custodian banks, as were stipulated in the previous rules. The Circular of Further Improving and Adjusting Foreign Exchange Administration Policies on Foreign Direct Investment issued by the SAFE on November 19, 2012 and amended on May 4, 2015 substantially amends and simplifies the foreign exchange procedure. Pursuant to this circular, the opening of various special purpose foreign exchange accounts (e.g., pre-establishment expenses account, foreign exchange capital account, guarantee account), the reinvestment of lawful incomes derived by foreign investors in the PRC (e.g., profit, proceeds of equity transfer, capital reduction, liquidation and early repatriation of investment), and purchase and remittance of foreign exchange as a result of capital reduction, liquidation, early repatriation or share transfer in a foreign-invested enterprise no longer require the SAFE’s approval, and multiple capital accounts for the same entity may be opened in different provinces, which was not possible before. In addition, the SAFE promulgated the Circular on Printing and Distributing the Provisions on Foreign Exchange Administration over Domestic Direct Investment by Foreign Investors and the Supporting Documents in May 2013, as amended in October 2018, which specifies that the administration by the SAFE or its local branches over direct investment by foreign investors in the PRC must be conducted by way of registration and banks shall process foreign exchange business relating to the direct investment in the PRC based on the registration information provided by the SAFE and its branches. On February 13, 2015, the SAFE promulgated the Circular on Further Simplification and Improvement of Foreign Currency Administration Policies on Direct Investment, effective on June 1, 2015, which further simplifies the approval requirements of SAFE upon the direct investment by foreign investors. In particular, instead of applying for approvals from SAFE, entities and individuals are required to apply for foreign exchange registrations of foreign direct investment and overseas direct investment from qualified banks, while the qualified banks, under the supervision of the SAFE, will directly examine the applications and conduct the registration accordingly. On September 12, 2025, the SAFE issued the Notice on Matters Related to Deepening the Reform of Foreign Exchange Administration for Cross-border Investment and Financing, significantly streamlining the approval requirements for foreign direct investment by SAFE. On July 4, 2014, the SAFE issued the SAFE Circular 37. The SAFE Circular 37 requires PRC residents to register with the competent local SAFE branch in connection with their direct establishment or indirect control of an offshore special purpose vehicle, for the purpose of overseas investment and financing, with such PRC residents’ legally owned assets or equity interests in domestic enterprises or offshore assets or interests. The SAFE Circular 37 further requires amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as any change of basic information (including change of the PRC residents, name and operation term), increase or decrease of capital contribution by the PRC residents, share transfer or exchange, merger, division or other material events. In the event that a PRC resident holding interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent cross-border foreign exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital into its PRC subsidiary. Moreover, failure to comply with the various SAFE registration requirements described above could result in liability under the PRC law for evasion of foreign exchange controls. On January 26, 2017, the SAFE issued the Notice on Improving the Check of Authenticity and Compliance to further Promote Foreign Exchange Control (the “Circular 3”), which continuously implements and improves the policy for outward remittance of foreign exchange profit generated from direct investment. In addition, Circular 3 expands the scope of settlement of exchange for domestic loans in foreign currencies, and it is allowed to transfer inward overseas loans under domestic guarantee. The debtor may, directly or indirectly, transfer inward the funds under guarantee by domestic lending, equity investment or other measures. According to the Foreign Investment Law and its implementing regulations, a foreign investor may, in accordance with the law, freely transfer inward and outward its contributions, profits, capital gains, income from asset disposal, royalties of intellectual property rights, compensation or indemnity legally obtained, income from liquidation and so on made or derived within the territory of the PRC in RMB or a foreign currency. No entity or individual may illegally restrict the transfer inward or outward in terms of the currency, amount, frequency and so on of such transfer. ​ 76 Table of Contents Dividend Distribution The principal laws and regulations governing distribution of dividends paid by wholly foreign owned enterprises include the Company Law of the PRC, the Wholly Foreign Owned Enterprise Law of the PRC, and the Implementing Rules of the Wholly Foreign Owned Enterprise Law of the PRC, the Foreign Investment Law of the PRC, and the Implementing Regulations on the Foreign Investment Law of the PRC. Under the new regime of foreign investment, foreign-invested enterprises in the PRC, being treated equally with domestic companies, may pay dividends only out of their accumulated profits, if any, as determined in accordance with the PRC accounting standards and regulations. When distributing its after-tax profit, a company in the PRC is required to set aside as statutory common reserves of 10% of its after-tax profit, until the accumulative amount of such reserves reaches 50% of its registered capital. These reserves are not distributable as cash dividends. Where the aggregate balance of the company’s statutory common reserve is insufficient to cover any loss the company made in the previous financial year, the current financial year’s profits shall first be used to cover the loss before any statutory common reserve is drawn. In addition to the statutory common reserve, the company may draw a discretionary common reserve from its after-tax profits. Both the statutory common reserve and the discretionary common reserve may not be distributed to equity owners in the event of liquidation. A company is not permitted to distribute any profits until any losses from prior fiscal years have been offset and the common reserve is drawn. Profits retained from prior fiscal years may be distributed together with distributable profits from the current fiscal year. Intellectual Property Rights Patent The PRC has domestic laws for the protection of rights in copyrights, patents, trademarks and trade secrets. The PRC is also a signatory to the world’s major intellectual property conventions, including: ● Convention establishing the World Intellectual Property Organization (WIPO Convention) (June 4, 1980); ● Paris Convention for the Protection of Industrial Property (March 19, 1985); ● Patent Cooperation Treaty (January 1, 1994); and ● The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs) (November 11, 2001). Patents in the PRC are governed by the China Patent Law (March 12, 1984), as amended and its Implementing Regulations (January 19, 1985), as amended. The PRC is a signatory to the Paris Convention for the Protection of Industrial Property, in accordance with which any person who has duly filed an application for a patent in one signatory country shall enjoy, for the purposes of filing in the other countries, a right of priority during the period fixed in the convention (12 months for inventions and utility models, and 6 months for industrial designs). The China Patent Law covers three kinds of patents, namely, patents for inventions, utility models and designs. The Chinese patent system adopts the principle of first to file, which means where multiple patent applications are filed for the same invention, a patent will be granted only to the party that filed the application first. Consistent with international practice, the PRC only allows the patenting of inventions or utility models that possess the characteristics of novelty, inventiveness and practical applicability. For a design to be patentable, it must not be identical with or similar to any design which has been publicly disclosed in publications in the country or abroad before the date of filing or has been publicly used in the country before the date of filing, and must not be in conflict with any prior right of another. PRC law provides that anyone wishing to exploit the patent of another must enter into a written licensing contract with the patent holder and pay the patent holder a fee. One rather broad exception to this, however, is where a party possesses the means to exploit a patent for inventions or utility models under certain circumstances but cannot obtain a license from the patent holder on reasonable terms and in a reasonable period of time, the State Intellectual Property Office of the PRC is authorized to grant a compulsory license. A compulsory license can also be granted where a national emergency or any extraordinary state of affairs occurs or where the public interest so requires. The patent holder may appeal such a decision within three months from receiving notification by filing a suit in people’s court in the PRC. 77 Table of Contents PRC law defines patent infringement as the exploitation of a patent without the authorization of the patent holder. A patent holder who believes his patent is being infringed may file a civil suit or file a complaint with a local PRC intellectual property administrative authority, which may order the infringer to stop the infringing acts. A preliminary injunction may be issued by the people’s court upon the patentee’s or the interested parties’ request before any legal proceedings are instituted or during the proceedings. Evidence preservation and property preservation measures are also available both before and during the litigation. Damages in the case of patent infringement are determined as either the loss suffered by the patent holder arising from the infringement or the benefit gained by the infringer from the infringement. If it is difficult to ascertain damages in this manner, damages may be determined with reference to the license fee under a contractual license. Trademark The PRC Trademark Law, adopted in 1982 and revised in 1993, 2001, 2013 and 2019, with its implementation rules adopted in 2002 and revised in 2014, protects registered trademarks. The Trademark Office of the State Administration of Industry and Commerce handles trademark registrations and grants trademark registrations for a term of ten years which are renewable upon maturity. Trademark license agreements must be filed with the Trademark Office for record. Computer Software Copyright The Regulations on Computer Software Protection, adopted in 1991 and revised in 2001 and 2013, are enacted in accordance with the Copyright Law of the PRC, for the purposes of protecting the rights and interest of copyright owners of computer software. The National Copyright Administration (“NCAC”) is in charge of the administration of the registration of software copyright and the NCAC accredits the China Copyright Protection Center as the body for software registration. A registration certificate of the computer software copyright is a preliminary proof of the registered items. The NCAC encourages the registration of software copyright and gives emphasized protection to the registered software. ​ 78 Table of Contents C. Organizational Structure The following table sets out our significant subsidiaries as of the date of this annual report: ​ ​ ​ ​ ​ ​ ​ ​ Subsidiaries ​ ​ ​ Date of Incorporation/Acquisition ​ ​ ​ Place of Incorporation ​ ​ ​ Percentage of Ownership ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Investment Limited ​ November 10, 2006 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Co., Ltd. ​ December 13, 2006 PRC 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Zhejiang Jinko Solar Co., Ltd. ​ June 30, 2009 PRC 41.0 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Import and Export Co., Ltd. ​ December 24, 2009 PRC 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar GmbH ​ April 1, 2010 Germany 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Zhejiang Jinko Trading Co., Ltd. ​ June 13, 2010 PRC 41.0 % ​ ​ ​ ​ ​ ​ ​ ​ Yuhuan Jinko Solar Co., Ltd. ​ July 29, 2016 PRC 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (U.S.) Inc. ​ August 19, 2010 United States 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jiangxi Photovoltaic Materials Co., Ltd. ​ December 10, 2010 PRC 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Switzerland) AG ​ May 3, 2011 Switzerland 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (US) Holding Inc. ​ June 7, 2011 United States 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Canada Co., Ltd. ​ November 18, 2011 Canada 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Australia Holdings Co. Pty Ltd. ​ December 7, 2011 Australia 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Japan K.K. ​ May 21, 2012 Japan 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Technology Sdn.Bhd. ​ January 21, 2015 Malaysia 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Shanghai) Management Co., Ltd. ​ July 25, 2012 PRC 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Trading Private Limited ​ February 6, 2017 India 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar LATAM Holding Limited ​ August 22, 2017 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Middle East DMCC ​ November 6, 2016 Emirates 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar International Development Limited ​ August 28, 2015 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (U.S.) Industries Inc. ​ November 16, 2017 United States 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Haining) Co. Ltd. ​ December 15, 2017 PRC 42.5 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Korea Co., Ltd. ​ December 3, 2018 South Korea 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Sichuan) Co., Ltd. ​ February 18, 2019 ​ PRC ​ 35.5 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Vietnam) Co., Ltd. ​ September 26, 2019 ​ Vietnam ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Omega Solar Sdn. Bhd ​ September 23, 2019 ​ Malaysia ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Chuzhou) Co., Ltd. ​ December 26, 2019 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Yiwu) Co., Ltd ​ September 19, 2019 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Shangrao) Co., Ltd. ​ April 17, 2020 ​ PRC ​ 47.9 % ​ ​ ​ ​ ​ ​ ​ ​ Rui Xu Co., Ltd. ​ July 24, 2019 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar Denmark ApS ​ May 28, 2020 ​ Denmark ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Hong Kong Limited ​ August 17, 2020 ​ Hong Kong ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Chuxiong) Co., Ltd. ​ September 25, 2020 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Malaysia) SDN BHD. ​ August 28, 2020 ​ Malaysia ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Leshan) Co., Ltd. ​ April 25, 2021 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Vietnam) Industries Company Limited ​ March 29, 2021 ​ Vietnam ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Anhui) Co., Ltd. ​ September 3, 2021 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Solar (Yushan) Co., Ltd. ​ September 26, 2021 ​ PRC ​ 43.3 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar Italy S.R.L. ​ July 8, 2011 ​ Italy ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Qinghai) Co., Ltd. ​ April 3, 2019 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Fengcheng Jinko PV Materials Co., Ltd ​ August 11, 2021 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Feidong) Co., Ltd. (“Jinko Feidong”) ​ September 23, 2021 ​ PRC ​ 29.8 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Jinchang) Co., Ltd. (“Jinko Jinchang”) ​ September 24, 2021 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ JinkoSolar (Poyang) Co., Ltd. (“Jinko Poyang”) ​ December 1, 2021 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin Enterprise Management Center LP. ( “Shangrao Changxin”) ​ December 16, 2021 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 1 Enterprise Management Center LP. ​ February 17, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 2 Enterprise Management Center LP. ​ February 17, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 3 Enterprise Management Center LP. ​ June 15, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 5 Enterprise Management Center LP. ​ June 15, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Changxin No. 6 Enterprise Management Center LP. ​ October 25, 2022 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Jiaxing Jinyue Phase I Venture Capital Partnership( “Jiaxing Jinyue”) ​ April 26, 2022 ​ PRC ​ 78.2 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Jinko PV Manufacturing Co., Ltd ​ March 28, 2022 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Guangxin Jinko PV Manufacturing Co., Ltd ​ March 23, 2022 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Shanxi JinkoSolar Smart Manufacturing Co., Ltd ​ June 6, 2024 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jiangxi Jinko Energy Storage Co., Ltd ​ May 26, 2022 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Shanxi JinkoSolar II Smart Manufacturing Co., Ltd ​ June 6, 2024 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jinko Energy Storage Technology Co., Ltd ​ December 6, 2022 ​ PRC ​ 54.2 % ​ 79 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ Subsidiaries ​ ​ ​ Date of Incorporation/Acquisition ​ ​ ​ Place of Incorporation ​ ​ ​ Percentage of Ownership ​ ​ ​ ​ ​ ​ ​ ​ Shanxi JinkoSolar III Smart Manufacturing Co. ​ July 3, 2023 PRC 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ ZheJiang Jinko Energy Storage Co., Ltd ​ April 11, 2023 PRC 27.6 % ​ ​ ​ ​ ​ ​ ​ ​ MYTIKAS INVESTMENT LIMITED ​ June 1, 2023 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ Haining JinkoSolar Smart Manufacturing Co., Ltd ​ August 10, 2023 PRC 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Shanghai Jinko Green Energy Enterprise Management Co., Ltd. ​ December 7, 2020 PRC 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Xinyuan YueDong Technology Development Co., Ltd. ​ December 1, 2023 ​ PRC ​ 54.2 % ​ ​ ​ ​ ​ ​ ​ ​ Jiaxing Jinzhen Venture Capital Partnership LP ​ October 23, 2023 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Shangrao Carbon and Industrial Equity Investment Fund Center LP ​ November 15, 2023 ​ PRC ​ 25.2 % ​ ​ ​ ​ ​ ​ ​ ​ Yantai Jinyi Investment Management Partnership LP ​ July 31, 2023 ​ PRC ​ 21.6 % ​ ​ ​ ​ ​ ​ ​ ​ Zhejiang Jinko Battery Cell Co., Ltd. ​ August 5, 2025 PRC 27.6 % ​ D.Property, Plant and Equipment ​ For information regarding our material property, plant and equipment, see “—B. Business Overview—Manufacturing—Manufacturing Capacity and Facilities” in this annual report. ​