SHANGRAO, China, April 16, 2026 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a global leader in clean energy technology, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter and Full Year 2025 Business Highlights

• Module shipments for full year 2025 were 86 GW, ranking first in the industry.
• By the end of the fourth quarter, we became the first module manufacturer in the world to deliver a total of over 390 GW solar modules, with total shipments of the Tiger Neo series surpassing 220 GW, making it the best-selling module series in history.
• Our N-type TOPCon-based perovskite tandem solar cell achieved a new conversion efficiency record of 34.76%.
• By the end of the fourth quarter, we had been granted over 700 TOPCon patents, surpassing most competitors on the N-type TOPCon patent list.
• Full-year energy storage system shipments increased significantly year-over-year, achieving the targets we set at the beginning of the year, while our presence in overseas markets continued to expand.
• We were recognized as a Tier 1 energy storage provider by Bloomberg New Energy Finance (BNEF) for the eighth consecutive quarter.

Fourth Quarter 2025 Operational and Financial Highlights

• Quarterly solar modules shipments were 24,204 MW, up 20.9% sequentially and down 4.0% year-over-year.
• Total revenues were RMB17.51 billion (US$2.50 billion), up 8.3% sequentially and down 15.2% year-over-year.
• Gross profit was RMB55.1 million (US$7.9 million), down 95.3% sequentially and 93.0% year-over-year.
• Gross margin was 0.3%, compared with 7.3% in Q3 2025 and 3.8% in Q4 2024.
• Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB1.50 billion (US$214.5 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB749.8 million in Q3 2025 and net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB476.7 million in Q4 2024.
• Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB837.7 million (US$119.8 million), which excludes the impact of (i) the change in fair value of convertible notes issued by Jinko Solar Co., Ltd. (“Jiangxi Jinko”) in 2023, (ii) the change in fair value of long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB373.1 million in Q3 2025 and adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB430.8 million in Q4 2024.
• Basic and diluted losses per ordinary share were RMB7.16 (US$1.02) and RMB7.16 (US$1.02), respectively. This translates into basic and diluted losses per ADS of RMB28.65 (US$4.10) and RMB28.65 (US$4.10), respectively.

Full Year 2025 Operational and Financial Highlights

• Annual solar modules shipments were 86,056 MW, down 7.3% year-over-year.
• Total revenues were RMB65.50 billion (US$9.37 billion), down 29.0% year-over-year.
• Gross profit was RMB1.41 billion (US$201.7 million), down 86.0% year-over-year.
• Gross margin of 2.2%, compared with 10.9% for the full year of 2024.
• Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB4.45 billion (US$635.6 million), down 8,250.2% year-over-year.
• Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB3.14 billion (US$448.6 million), which excludes the impact of (i) the change in fair value of convertible notes issued by Jiangxi Jinko in 2023, (ii) the change in fair value of long-term investment, (iii) share based compensation expenses, (iv) the net loss resulting from the fire accident that occurred at one of our silicon wafer slicing and solar cell manufacturing workshops in Shanxi Province in 2024 (the “Fire Accident”), and (v) the impairment of long-lived assets, compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB521.9 million in 2024.
• Basic and diluted losses per ordinary share were RMB21.33 (US$3.05) and RMB21.33 (US$3.05), respectively. This translates into basic and diluted losses per ADS of RMB85.31(US$12.20) and RMB85.31 (US$12.20), respectively.

Mr. Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, commented, “Global module shipments reached 86 GW in 2025, ranking first globally for the seventh consecutive year. The global photovoltaic industry continued to experience volatility due to structural imbalances and a shifting trade environment, which negatively impacted financials across the industrial chain. Facing persistently low module prices, the elimination of obsolete production capacity, and a still-evolving product mix, we incurred a net loss for the full year. In the fourth quarter, our gross margin decreased sequentially and our net loss expanded, impacted by factors including rising costs of raw materials such as polysilicon and silver, as well as foreign exchange rate fluctuations. However, our energy storage business maintained its rapid growth trajectory, with shipments growing significantly year-over-year, marking an important step in our ongoing transformation into an integrated energy solutions provider. We expect our ESS shipments to more than double in 2026 compared to 2025, as we penetrate into more high-value markets.

The Chinese government has continued to strengthen its recent policies supporting the high-quality development of the industry. These policies are guiding the industry away from pure competition on scale and price toward a focus on genuine quality and value. In response, leading companies have been actively support government initiatives to return module prices to reasonable levels. In the first quarter of 2026, this dynamic, combined with the pass-through of rising commodity prices such as silver, as well as the impact of export tax rebates on demand, drove a significant sequential rebound in module prices. As the competitive landscape normalizes and supply—demand dynamics gradually improve, we expect module prices to remain relatively stable going forward, with high efficiency and differentiated products continuing to command a premium. Simultaneously, volatility in global energy markets has highlighted the critical need for energy security, reinforcing the long-term value of reliable renewable energy. As solar power generation enters a market-driven phase, industry competition is transitioning to a model centered on technological innovation, product competitiveness, and the ability to deliver integrated solar plus storage solutions—which we are uniquely positioned to capitalize on.

We continue to drive technological breakthroughs and lead industry innovation, highlighting the quality and value we offer. As of the end of the fourth quarter, we became the first module manufacturer in the world to deliver a total of over 390 GW of solar modules, with cumulative shipments of our Tiger Neo series surpassing 220 GW, making it the best-selling module series in history. As of the end of 2025, the maximum laboratory conversion efficiency of our N-type TOPCon cells reached 27.79%, while our N-type TOPCon-based perovskite tandem solar cell achieved a new conversion efficiency record of 34.76%. Our development of silver-coated copper technology is progressing as planned, with large-scale production expected to gradually ramp up in 2026. We also continue to drive product upgrades, with shipments of high-efficiency products that exceed 640 W during the quarter increasing sequentially to approximately 3 GW. As we scale up production of our Tiger Neo 3.0 series this year, the differentiated value proposition of our high-efficiency products will allow us to command higher premiums. Further supporting this is our vertically integrated production model which continues to improve production efficiency and cost competitiveness.

As the global energy transition advances and the demand for grid flexibility increases, the role of energy storage within renewable energy systems continues to strengthen. Looking forward to the medium to long term, as the construction of new power systems advances and new load demand grows from data centers, application scenarios for solar and storage systems will continue to broaden. To address growing customer demand, we continued to optimize our global manufacturing and supply chain footprint. Our 2 GW N-type module facility in the U.S. maintained high utilization rates as we further strengthened local manufacturing and service capabilities there.

Looking forward, we will continue to consolidate our technological leadership, deepen our global footprint, accelerate the development of our integrated solar + storage solutions, and consistently improve our capabilities to deliver comprehensive value through our solutions. This will steadily strengthen our long-term competitiveness and profitability as the industry landscape reshapes. With this in mind, we expect annual integrated production capacity to reach approximately 100 GW by the end of 2026, including 14 GW from overseas facilities. We expect module shipments to be between 13 GW and 14 GW for the first quarter of 2026, and between 75 GW and 85 GW for the full year 2026.”

Fourth Quarter 2025 Financial Results

Total Revenues

Total revenues in the fourth quarter of 2025 were RMB17.51 billion (US$2.50 billion), representing an increase of 8.3% from RMB16.16 billion in the third quarter of 2025 and a decrease of 15.2% from RMB20.65 billion in the fourth quarter of 2024. The sequential increase was primarily due to the increase in the shipment volume of solar modules, while the year-over-year decrease was mainly due to the decrease in the average selling price of solar modules.

Gross Profit and Gross Margin

Gross profit in the fourth quarter of 2025 was RMB55.1 million (US$7.9 million), compared with RMB1.18 billion in the third quarter of 2025 and RMB789.7 million in the fourth quarter of 2024.

Gross margin was 0.3% in the fourth quarter of 2025, compared with 7.3% in the third quarter of 2025 and 3.8% in the fourth quarter of 2024. The sequential decrease was primarily due to a higher unit cost of products sold, while the year-over-year decrease was mainly due to the decrease in the average selling price of solar modules.

Loss from Operations and Operating Margin

Loss from operations in the fourth quarter of 2025 was RMB3.26 billion (US$465.7 million), compared with loss from operations of RMB1.40 billion in the third quarter of 2025 and loss from operations of RMB1.94 billion in the fourth quarter of 2024. The sequential and year-over-year increases were primarily attributable to the decrease in our gross margin in the fourth quarter of 2025.

Operating loss margin was 18.6% in the fourth quarter of 2025, compared with operating loss margin of 8.7% in the third quarter of 2025 and operating loss margin of 9.4% in the fourth quarter of 2024.

Total operating expenses in the fourth quarter of 2025 were RMB3.31 billion (US$473.6 million), representing an increase of 28.0% from RMB2.59 billion in the third quarter of 2025 and an increase of 21.2% from RMB2.73 billion in the fourth quarter of 2024. The sequential and year-over-year increases were primarily due to an increase in the impairment of long-lived assets in the fourth quarter of 2025.

Total operating expenses accounted for 18.9% of total revenues in the fourth quarter of 2025, compared to 16.0% in the third quarter of 2025 and 13.2% in the fourth quarter of 2024.

Interest Expenses and Interest Income

Interest expenses were RMB359.0 million (US$51.3 million), and interest income was RMB129.3 million (US$18.5 million) in the fourth quarter of 2025.

Net interest expenses in the fourth quarter of 2025 were RMB229.7 million (US$32.8 million), representing an increase of 13.8% from RMB201.8 million in the third quarter of 2025 and a decrease of 1.9% from RMB234.3 million in the fourth quarter of 2024. The sequential increase was primarily due to an increase of interest-bearing debt in the fourth quarter of 2025, while the year-over-year decrease was mainly due to an increase of interest income during the fourth quarter of 2025.

Subsidy Income

Subsidy income in the fourth quarter of 2025 was RMB240.4 million (US$34.4 million), compared with RMB358.6 million in the third quarter of 2025 and RMB900.1 million in the fourth quarter of 2024. The sequential and year-over-year decreases were primarily attributable to the decreases in cash receipt of incentives related to the Company’s business operations.

Exchange Loss/Gain and Change in Fair Value of Foreign Exchange Derivatives

The Company recorded a net exchange loss (including change in fair value of foreign exchange derivatives) of RMB303.8 million (US$43.4 million) in the fourth quarter of 2025, compared to a net exchange gain of RMB0.9 million in the third quarter of 2025 and a net exchange gain of RMB408.2 million in the fourth quarter of 2024. The sequential and year-over-year changes were mainly attributable to fluctuations in the exchange rate of the US dollar and euro against RMB in the fourth quarter of 2025.

Change in Fair Value of Long-term Investment

The Company holds certain equity interests in several solar technology companies in the photovoltaic industry, which are recorded as long-term investment and available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of December 31, 2025, the Company had RMB864.4 million (US$123.6 million) in available-for-sale securities and long-term investment (excluding the investments accounted for under the equity method and held-to-maturity debt securities), compared with RMB1.15 billion as of September 30, 2025.

The Company recognized a loss from the change in fair value of long-term investment of RMB23.7 million (US$3.4 million) in the fourth quarter of 2025, compared with a gain of RMB60.7 million in the third quarter of 2025 and a gain of RMB332.3 million in the fourth quarter of 2024. The sequential and year-over-year changes were primarily due to the decreases in the fair value of several solar technology companies we invested in.

Other Income/Loss, Net

Net other income in the fourth quarter of 2025 was RMB26.0 million (US$3.7 million), compared with net other loss of RMB121.1 million in the third quarter of 2025 and net other loss of RMB758.4 million in the fourth quarter of 2024. The sequential and year-over-year changes were mainly due to the changes in the fair value of financial instruments in the fourth quarter of 2025.

Equity in Loss/Income of Affiliated Companies

The Company indirectly holds equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB33.8 million (US$4.8 million) in the fourth quarter of 2025, compared with equity in income of affiliated companies of RMB2.9 million in the third quarter of 2025 and equity in loss of affiliated companies of RMB119.2 million in the fourth quarter of 2024. The fluctuations in equity in loss or income of affiliated companies primarily arose from the changes in net losses or gains incurred by the affiliated companies.

Income Tax Benefit

The Company recorded an income tax benefit of RMB1.04 billion (US$148.9 million) in the fourth quarter of 2025, compared with income tax benefit of RMB191.6 million in the third quarter of 2025 and income tax benefit of RMB580.5 million in the fourth quarter of 2024.

Net Loss Attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests amounted to RMB1.06billion (US$152.0 million) in the fourth quarter of 2025, compared with net loss attributable to non-controlling interests of RMB385.8 million in the third quarter of 2025 and RMB370.2 million in the fourth quarter of 2024. The sequential and year-over-year increases were mainly attributable to the increases in net loss of Jiangxi Jinko, the Company’s majority-owned principal operating subsidiary.

Net Loss and Losses per Share

Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB1.50 billion (US$214.5 million) in the fourth quarter of 2025, compared with net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB749.8 million in the third quarter of 2025 and RMB476.7 million in the fourth quarter of 2024.

Excluding the impact of (i) the change in fair value of convertible notes issued by Jiangxi Jinko in 2023, (ii) the change in fair value of the long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB837.7 million (US$119.8 million) in the fourth quarter of 2025, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB373.1 million in the third quarter of 2025 and RMB430.8  million in the fourth quarter of 2024.

Basic and diluted losses per ordinary share were RMB7.16 (US$1.02) and RMB7.16 (US$1.02), respectively, in the fourth quarter of 2025, compared to basic and diluted losses per ordinary share of RMB3.58 and RMB3.58, respectively, in the third quarter of 2025, and basic and diluted losses per ordinary share of RMB2.32 and RMB2.32, respectively, in the fourth quarter of 2024. As each ADS represents four ordinary shares, this translates into basic and diluted losses per ADS of RMB28.65 (US$4.10) and RMB28.65 (US$4.10), respectively, in the fourth quarter of 2025; basic and diluted losses per ADS of RMB14.32 and RMB14.32, respectively, in the third quarter of 2025; and basic and diluted losses per ADS of RMB9.28 and RMB9.28, respectively, in the fourth quarter of 2024.

Full Year 2025 Financial Results

Total Revenues

Total revenues for full year 2025 were RMB65.50 billion (US$9.37 billion), representing a decrease of 29.0% from RMB92.26 billion for full year 2024. The decrease in total revenues was mainly attributable to the decrease in average selling price of solar modules.

Gross Profit and Gross Margin

Gross profit for full year 2025 was RMB1.41 billion (US$201.7 million), a decrease of 86.0% from RMB10.06 billion for full year 2024. The year-over-year decrease was mainly attributable to the decrease in average selling price of solar modules in 2025.

Gross margin was 2.2% for full year 2025, compared with 10.9% for full year 2024. The year-over-year decrease was mainly attributable to the decrease in average selling price of solar modules.

Loss from Operations and Operating Margin

Loss from operations for full year 2025 was RMB8.91 billion (US$1.27 billion), compared with loss from operations of RMB3.34 billion for full year 2024. Operating loss margin for full year 2025 was 13.6%, compared with operating loss margin of 3.6% for full year 2024.

Total operating expenses for full year 2025 were RMB10.32 billion (US$1.48 billion), a decrease of 23.0% from RMB13.40 billion for full year 2024. As a percentage of total revenues, operating expenses accounted for 15.8% for full year 2025, compared with 14.5% for full year 2024. The decrease in total operating expenses was primarily due to (i) a reduction in shipping cost, driven by lower solar module shipment volumes and a decline in average freight rate in 2025, and (ii) lower employee compensation costs in 2025.

Interest Expenses and Interest Income

Interest expenses were RMB1.36 billion (US$194.5 million), and interest income was RMB504.1 million (US$72.1 million) for the full year 2025.

Net interest expenses for full year 2025 was RMB856.0 million (US$122.4 million), an increase of 17.5% from RMB728.4 million for full year 2024. The increase was mainly due to an increase in interest-bearing debts in 2025.

Subsidy Income

Subsidy income for full year 2025 was RMB1.15 billion (US$164.0 million), compared with RMB2.45 billion for full year 2024. The year-over-year decrease was mainly attributable to a decrease in the cash receipt of incentives to the Company’s business operations.

Exchange Loss/Gain and Change in Fair Value of Foreign Exchange Derivatives

The Company recorded a net exchange loss (including change in fair value of foreign exchange derivatives) of RMB89.6 million (US$12.8 million) for full year 2025, which was primarily due to the depreciation of the US dollar and euro against RMB. The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB601.0 million for full year 2024. The year-over-year change was mainly driven by the exchange rate fluctuations of the US dollar and euro against RMB in 2025.

Change in Fair Value of Long-term Investment

The Company holds certain equity interests in several solar technology companies in the photovoltaic industry, which are recorded as long-term investment and available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of December 31, 2025, the Company had RMB864.4 million (US$123.6 million) in available-for-sale securities and long-term investment (excluding the investments accounted for under the equity method and held-to-maturity debt securities), compared with RMB1.05 billion as of December 31, 2024. The Company recognized a gain from change in fair value of long-term investment of RMB33.2 million (US$4.7 million) for full year 2025, compared to a gain of RMB163.5 million for full year 2024.

Other Loss/Income, net

Net other loss for full year 2025 was RMB512.9 million (US$73.3 million), compared with net other income of RMB796.3 million for full year 2024. The decrease was primarily due to income generated from the disposal of a wholly-owned subsidiary in 2024.

Equity in Loss of Affiliated Companies

The Company indirectly holds equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB147.9 million (US$21.1 million) in 2025, compared with equity in loss of affiliated companies of RMB177.0 million in 2024. The fluctuations in equity in loss of affiliated companies primarily arose from the changes in net losses incurred by the affiliated companies.

Income Tax Benefit/Expense, Net

The Company recognized an income tax benefit of RMB2.22 billion (US$317.6 million) in 2025, compared with an income tax expense of RMB69.4 million in 2024.

Net Loss/Income and Losses/ Earnings per Share

Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders in 2025 was RMB4.45 billion (US$635.6 million), compared with a net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB54.5 million in 2024.

Excluding the impact of (i) the change in fair value of convertible notes issued by Jiangxi Jinko in 2023, (ii) the change in fair value of the long-term investment, (iii) share based compensation expenses, (iv) the net loss resulting from the Fire Accident, and (v) the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB3.14 billion (US$448.6 million), compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB521.9 million in 2024.

Basic and diluted losses per share for full year 2025 were RMB21.33 (US$3.05) and RMB21.33 (US$3.05), respectively, compared to basic earnings per share of RMB0.26 and diluted losses per share of RMB1.27, respectively, for full year 2024. This translates into basic and diluted losses per ADS of RMB85.31 (US$12.20) and RMB85.31 (US$12.20), respectively, for full year 2025, compared to basic earnings per ADS of RMB1.04 and diluted losses per ADS of RMB5.06, respectively, for full year 2024.

Financial Position

As of December 31, 2025, the Company had RMB22.94 billion (US$3.28 billion) in cash, cash equivalents, and restricted cash, compared with RMB27.74 billion as of December 31, 2024.

As of December 31, 2025, the Company’s accounts receivables were RMB13.59 billion (US$1.94 billion), compared with RMB14.07 billion as of December 31, 2024.

As of December 31, 2025, the Company’s inventories were RMB14.48 billion (US$2.07 billion), compared with RMB12.51 billion as of December 31, 2024.

As of December 31, 2025, the Company’s total interest-bearing debts were RMB47.01 billion (US$6.72 billion), compared with RMB40.59 billion as of December 31, 2024.

Operations and Business Outlook Highlights

First Quarter and Full Year 2026 Guidance

The Company’s business outlook is based on management’s current views and estimates with respect to market conditions, production capacity, the Company’s order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management’s views and estimates are subject to change without notice.

For the first quarter of 2026, the Company expects its module shipments to be in the range of 13.0 GW to 14.0 GW.

For full year 2026, the Company estimates its module shipments to be in the range of 75.0 GW to 85.0 GW.

For full year 2026, the Company expects its ESS shipments to be more than doubled year-over-year.

Solar Products Production Capacity

The Company expects its annual integrated production capacity to be 100GW, including 14 GW overseas, by the end of 2026, by the end of 2026.

Recent Business Developments

• In February 2026, Jinko ESS North American business unit has received IEC 62443-2-4 certification from exida, a globally recognized authority in industrial cybersecurity and functional safety.
• In February 2026, Jiangxi Jinko published certain preliminary unaudited consolidated financial results as of and for the full year ended December 31, 2025.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Thursday, April 16, 2026 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong the same day).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10054051-xbgjcl.html 

It will automatically direct you to the registration page of “JinkoSolar Fourth Quarter and Full Year 2025 Earnings Conference Call”, where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, April 23, 2026. The dial-in details for the replay are as follows:

International: +61 7 3107 6325  
U.S.:      +1 855 883 1031 
Passcode:     10054051

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar’s website at http://www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in clean energy technology. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and 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, as of December 31, 2025.

To find out more, please see: www.jinkosolar.com

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rates in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of December 31, 2025, which was RMB6.9931 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com 

Mr. Christian Arnell
Christensen
Tel: +852 2117 0861
Email: christian.arnell@christensencomms.com 

In the U.S.:
Email: jinko@christensencomms.com

GUANGZHOU, China, April 16, 2026 /PRNewswire/ — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced that the Company has filed its annual report on Form 20-F that includes its audited financial statements for the three years ended December 31, 2025 with the U.S. Securities and Exchange Commission on April 16, 2026. The annual report is available on the Company’s website at ir.vip.com. Holders of the Company’s securities may request a copy of the Company’s annual report free of charge according to the instructions provided on the Company’s website.

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.

Investor Relations Contact

Tel: +86 (20) 2233-0732
Email: IR@Vipshop.com

TAIPEI and EL DORADO HILLS, Calif., April 16, 2026 /PRNewswire/ — Blaize Holdings, Inc. (Nasdaq: BZAI, Nasdaq: BZAIW) (“Blaize,” the “Company,” “we,” “our,” or “us”), a leader in programmable, energy-efficient AI computing, and Winmate Inc., a publicly traded company in Taiwan, today announced the signing of a Memorandum of Understanding (MOU) to establish a strategic collaboration focused on advancing the development and deployment of sovereign, mission-critical edge artificial intelligence (AI) systems. This collaboration reflects a shared commitment to enabling secure, efficient, and deployable AI capabilities at the edge, where data sovereignty, operational reliability, and real-time decision-making are critical.

Addressable Market
According to BCC Research^[1], the global edge AI market is projected to grow from $11.8 billion in 2025 to nearly $57 billion by 2030 – a 36.9% compound annual growth rate.

By combining Winmate’s expertise across defense, oil & gas, transportation, maritime, healthcare, aviation, industrial automation, and smart infrastructure sectors with Blaize’s advanced AI inference technology, the partnership is to address a significant portion.

Operational Use Cases
• Border Security & Surveillance: Real-time threat detection and perimeter monitoring 
• Mobile Command & Control Units: On-site intelligence processing and situational awareness 
• Unmanned Systems (UAVs & Ground Vehicles): Autonomous navigation and mission execution 
• Critical Infrastructure Protection: Monitoring and predictive analytics for key assets 
• Maritime Domain Awareness: Vessel tracking and anomaly detection
• Healthcare in Remote Environments: Portable AI-enabled diagnostics and decision support

“Edge AI is no longer a technological trend—it is a structural shift in where and how intelligence is deployed. Real-world environments do not wait for connectivity or cloud round-trips. This collaboration is about ensuring that AI-powered decisions happen at the moment and place they are needed most,” said Ken Lu, CEO and Chairman of Winmate Inc.

“The future of AI is not defined by raw compute – it is defined by intelligence that is deployable, efficient, and secure at the point of action. Blaize was built for exactly this moment: bringing programmable AI inference to the edge environments where performance constraints are real and the stakes are high. Winmate’s rugged platform expertise makes this partnership a strong foundation for what defense and critical infrastructure customers need today,” said Dinakar Munagala, CEO of Blaize, Inc.

Scope of Collaboration
• Integration of AI inference and software capabilities into rugged computing platforms 
• Joint development of next-generation edge AI systems 
• Creation of validated architectures and deployable solutions 

The MOU signed by Blaize and Winmate establishes a non-binding framework for strategic collaboration. Definitive agreements remain subject to negotiation by both parties.

^[1] BCC Research, “Global Edge AI Market,” October 2025.

About Blaize, Inc.

Blaize delivers a programmable AI platform, purpose-built for AI inference workloads in real-world environments. Its Hybrid AI architecture combines the Blaize GSP (Graph Streaming Processor), an efficient AI processor, with GPU-based infrastructure, enabling AI inference workloads to run across edge, cloud, and data center. Blaize solutions support computer vision, multimodal AI, and sensor-driven applications across smart cities, industrial automation, telecommunications, retail, logistics, and defense. Blaize is headquartered in El Dorado Hills, California, with a global presence across North America, Europe, the Middle East, and Asia. To learn more, visit www.blaize.com or follow us on LinkedIn @blaizeinc.

About Winmate Inc.

Winmate Inc. is a publicly traded global leader in rugged computing solutions, delivering industrial-grade platforms for demanding environments.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are based on beliefs and assumptions and on information currently available to Blaize, including expectations and scope of customer contracts, including potential values and the timing of revenues pursuant to such contracts; preliminary estimates of results of operations and guidance on results for future periods; the industry in which Blaize operates, market opportunities, and product offerings. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to those factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 24, 2026, and other documents filed by Blaize from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Blaize assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. Blaize does not give any assurance that it will achieve its expectations. The expected revenue for the first fiscal quarter ended March 31, 2026 is preliminary as Blaize has not completed its financial statements for the quarter.

Blaize Contact
press@blaize.com
www.blaize.com

Investors
ir@blaize.com
www.blaize.com

Winmate Inc. 
Liu, Chih-Yuan 
Tel: +886-2-8511-0288 
Email: spokesman1@winmate.com.tw  
https://www.winmate.com/  

GUANGZHOU, China, April 16, 2026 /PRNewswire/ — XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading global AI mobility technology company, today announced the release of its 2025 Environmental, Social and Governance Report (the “Report”), highlighting its sustainability initiatives and key achievements in 2025.

2025 ESG Report Highlights:

• ESG Recognition: XPENG received the MSCI ESG AAA rating for the third consecutive year, the highest rating among global automakers, underscoring the Company’s strong sustainability leadership.
• Short-term Carbon Target: By 2027, XPENG aims to reduce carbon emissions per passenger vehicle it produces by 9% across its entire lifecycle compared to 2023, and to lower the carbon emission intensity of its corporate operations by 38%.
• Long-term Carbon Target: XPENG aims to achieve carbon neutrality throughout the lifecycle of its products and within corporate operations by 2050.
• Sustainable Energy Utilization: XPENG’s annual clean energy consumption reached 73,000 MWh, with photovoltaic power generation totaling 106,000 MWh, demonstrating continued progress in scaling renewable energy use.
• Low-carbon Products: The vehicles produced by XPENG in 2025 are expected to reduce greenhouse gas emissions by more than 6 million tons over their lifecycles compared to conventional cars, supporting emissions-reduction and climate-transition goals.
• Product Quality: Seven affiliates of XPENG have obtained ISO 9001 quality system certification, and XPENG won the “2025 Quality Progress Award” and the “2025 Quality Management Figure Award,” further strengthening its quality management systems.
• Product Safety: Three XPENG models received five-star safety ratings from C-NCAP, three models earned five-star safety ratings from EURO NCAP, and two models obtained five-star ratings from both C-NCAP and C-GCAP, highlighting the Company’s strong safety performance.
• Information Security: XPENG successfully renewed its ISO 27001 Information Security Management System and ISO 27701 Privacy Information Management System certifications. No cybersecurity incidents or data breaches occurred in 2025, underscoring XPENG’s effective data and information security framework.
• Responsible AI governance: XPENG implemented an AI security and compliance management system covering the entire AI lifecycle — from R&D and testing to deployment, operation and decommissioning — to strengthen governance, protect stakeholder interests, and support responsible innovation and sustainable growth.
• Community Influence: As of the end of 2025, the XPENG Volunteer Service Task Force had enrolled over 2,100 registered volunteers, fostering a harmonious community.

To view the full 2025 ESG Report, please visit the ESG section of XPENG’s Investor Relations website: https://ir.xiaopeng.com/esg.

About XPENG

XPENG is a leading Chinese Smart EV and NEV company that designs, develops, manufactures, and markets Smart EVs and NEVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company’s Smart EVs and NEVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPENG’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG’s goal and strategies; XPENG’s expansion plans; XPENG’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPENG’s expectations regarding demand for, and market acceptance of, its products and services; XPENG’s expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contacts:

For Investor Enquiries:
IR Department
XPeng Inc.
Email: ir@xiaopeng.com

Jenny Cai
Piacente Financial Communications
Tel: +1 212 481 2050 / +86 10 6508 0677
Email: xpeng@tpg-ir.com

For Media Enquiries:
PR Department
XPeng Inc.
Email: pr@xiaopeng.com