JinkoSolar's majority-owned subsidiary Jiangxi Jinko reported a staggering 98.8% year-over-year plunge in its 2024 net income to RMB 90.54 million, while also posting a net loss of RMB 1.01 billion when excluding extraordinary gains. The poor financial results stemmed primarily from an intense supply-demand mismatch across the solar photovoltaic industry that exerted significant downward pressure on selling prices for modules and other products.

While global demand for solar installations continued growing in 2024, oversupply issues led to a sharp deterioration in profitability across the supply chain. Jiangxi Jinko's revenues declined 22% year-over-year to RMB 92.62 billion, a direct casualty of the pricing pressures in its core markets. The company did maintain its leading position in module shipments and pursued operational efficiencies, capacity optimizations, and channel expansion to bolster performance.

However, Jiangxi Jinko's results were further weighed down by one-off events including phasing out obsolete production capacity and a fire incident at one of its facilities. Management highlighted that pricing headwinds overshadowed the firm's technological advantages and digital transformation initiatives in the short term. Looking ahead, JinkoSolar believes its subsidiary is well-positioned to regain profitability as supply-demand dynamics improve and new capacity expansions come online.