JinkoSolar management restructuring! Chen Kangping resigns as General Manager, with Cao Haiyun, who has a financial background, taking over the position.

Jinko Solar Daily, March 17 (Reporter Wang Chufan) — On the evening of March 16, Jinko Energy announced a management adjustment. The company’s board of directors approved the election of Chen Kangping as Vice Chairman of the Second Board of Directors. Meanwhile, due to work adjustments, Chen Kangping applied to resign from his position as General Manager and from related roles in the company’s subsidiaries. After resigning, he will continue to serve as a director and as a member of the Strategic and Sustainable Development Committee of the board.

At the same time, the announcement stated that, after nomination by the company’s chairman and approval by the Nomination Committee of the board, the company agreed to appoint Cao Haiyun as General Manager.

The announcement also disclosed that the board approved the appointment of Jiang Rui as Vice General Manager and Chang Chen as Chief Financial Officer.

Regarding these management changes, Jinko Energy stated that this personnel adjustment does not involve changes to the actual controlling shareholder or board members. It is a normal governance and management restructuring, reflecting the company’s talent development strategy of “globalization, youthfulness, and professionalism,” aimed at invigorating the management team.

The announcement also included resumes and qualifications of the relevant personnel. Specifically, Chen Kangping was born in 1973, holds Chinese nationality, and has a master’s degree. From 2003 to 2006, he served as Chief Financial Officer of Zhejiang Juhua Co., Ltd.; in 2007, he joined Jinko Energy, holding key positions such as Director and CEO of Jinko Energy Holding Co., Ltd.; since December 2020, he has served as General Manager of the company and has been a director since December 2020.

As of the date of this announcement, Chen Kangping did not directly hold shares in the company but held shares indirectly through Jinko Energy Investment Co., Ltd., Shangrao Zhuoling No. 2 Enterprise Development Center (Limited Partnership), and Shangrao Zhuoling Enterprise Development Center (Limited Partnership). He is also one of the actual controllers of Jinko Energy, acting in concert with Li Xiande and Li Xianhua.

Cao Haiyun, who will succeed as General Manager, was born in 1977, holds Chinese nationality, has a bachelor’s degree, and is a Certified Public Accountant in China, a Certified Tax Agent, and a U.S. CPA. His career began at PricewaterhouseCoopers, where from July 2002 to February 2012, he served as Senior Audit Manager at PwC Zhongtian. He joined Jinko Energy in 2012, serving as CFO, Vice General Manager, and Financial Director. Since December 2020, he has been a director of Jinko Energy Holding Co., Ltd., holding shares indirectly through Shangrao Jiarui Enterprise Development Center (Limited Partnership).

Jiang Rui, appointed as Vice General Manager, was born in 1983, holds Chinese nationality, has a master’s degree, and is qualified as a Secretary of the Board of Directors of the Shanghai Stock Exchange. Starting in 2008, he worked at Hongyuan Securities, CITIC Securities, and Tianfeng Securities (rights protection). From 2018 to 2020, he served as Director, Vice General Manager, and Secretary of the Board at Huaxi Biological. Since January 2021, he has been Secretary of the Board at Jinko Energy, continuing to hold this position through indirect holdings in related companies.

The company’s new CFO, Chang Chen, was born in 1988, holds Chinese nationality, has a bachelor’s degree, and is a Certified Public Accountant. From October 2010 to March 2013, he worked as an auditor at PwC Zhongtian. He joined Jinko Energy in 2013, serving as Financial Reporting Manager and Deputy General Manager of the Financial Budget and Business Analysis Department.

In terms of equity structure, as of September 30, 2025, Jinko Energy Investment Co., Ltd. was the largest shareholder, holding 55.59% of shares; Hong Kong Securities Clearing Co., Ltd. held 3.06%; Shangrao Runjia Enterprise Management Development Center (Limited Partnership) held 2.65%; Shangrao Zhuoqun Enterprise Development Center (Limited Partnership) held 2.11%.

The top ten shareholders included: Shangrao Zhuoling No. 2 Enterprise Development Center (Limited Partnership), ICBC- E Fund SSE Innovation Board 50 ETF, Shangrao Zhuoling Enterprise Development Center (Limited Partnership), China Merchants Bank-Hua Xia SSE Innovation Board 50 ETF, Morgan Stanley & Co. International PLC, and Tibet Yunshang Equity Investment Fund Management Co., Ltd. - Ningbo Yunshang Yunjing Venture Capital Partnership (Limited Partnership).

Notably, among the top ten shareholders, several partnership firms such as Shangrao Runjia, Zhuoqun, Zhuoling No. 2, and Zhuoling are controlled by Li Xiande, Chen Kangping, and Li Xianhua, further consolidating the actual controller’s influence over the company.

Jinko Energy’s performance forecast for 2025 shows total revenue of 65.492 billion yuan, down 29.18% year-on-year; operating loss of 9.106 billion yuan, a decrease of 1248.29%; net loss attributable to parent company owners of 6.786 billion yuan, a decrease of 6959.50%; basic earnings per share of -0.68 yuan, down 6900.00%. As of the end of 2025, total assets were 119.159 billion yuan, a 1.61% decrease from the beginning of the year; owners’ equity attributable to the parent was 25.462 billion yuan, down 21.19%.

Regarding the reasons for the losses, Jinko Energy stated that during the reporting period, global photovoltaic industry chain prices fluctuated sharply, and overseas trade protection policies caused disruptions, putting pressure on profits across all segments of photovoltaic module integration. Despite launching high-efficiency modules like “Feihu 3” and promoting capacity upgrades, and rapid growth in energy storage business, factors such as low module prices, low proportion of high-power product shipments, and asset impairment provisions led to the annual loss. Looking ahead to 2026, the industry is expected to move toward high-quality development, with supply and demand potentially rebalancing more quickly.

The “Science and Technology Innovation Board Daily” notes that Jinko Energy announced that starting from March this year, products such as the 650-watt “Feihu 3” and other specialized process products will implement price increases, with an average rise of about 30% to 40% compared to previous lows, and the highest increase reaching 50%.

As of the close on March 16, Jinko Energy’s stock price was 7.6 yuan per share, down 3.68%, with a total market capitalization of 76.04 billion yuan.