Alan Lau's questions to JinkoSolar Holding Co Ltd (JKS) leadership • Q1 2025
Question
Alan Lau asked about the target gross margin for the ESS business, the status of receiving or selling IRA 45X credits, the U.S. shipment target for 2025, and the specifics of the shareholder return program, including the timing and scale of buybacks and dividends.
Answer
CFO Charlie Cao projected a 5% to 10% gross margin for the ESS business. He confirmed the company is exploring the sale of 2025 IRA credits after filing for 2024 credits as a tax deduction. The U.S. shipment target is 5-10% of total volume. Cao also announced plans to initiate buybacks and declare a dividend post-Q1 results, with an initial plan for at least $100 million split between the two, potentially increasing with asset monetization.