Philip Shen's questions to JinkoSolar Holding Co Ltd (JKS) leadership • Q1 2025
Question
Philip Shen asked for the gross margin outlook for Q2 and Q3, questioning when margins might return to positive territory. He also sought an update on plans for U.S. cell manufacturing given the 145% tariff and asked if manufacturing tools are exempt.
Answer
Charlie Cao, CFO, stated that he expects gross margins to improve slightly in Q2 and stabilize or improve in the second half of the year, acknowledging the current negative margin is unsustainable. Regarding U.S. manufacturing, Cao confirmed there are no short-term plans to build a cell facility in the U.S., as importing the necessary equipment from China is not economically feasible under the current tariff structure.