Technology

JinkoSolar Announces Fourth Quarter and Full Year 2024 Financial Results

Published

1 year ago

March 26, 2025

SHANGRAO, China, March 26, 2025 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Business Highlights

Module shipments for full year 2024 increased 18.3% year-over-year to 92.9 GW, ranking first in the industry.At the end of the fourth quarter, we became the first module manufacturer in the world to have delivered a total of over 300 GW solar modules.By the end of the fourth quarter, the mass production efficiency of N-type TOPCon cells reached approximately 26.5%.By the end of the fourth quarter, we had been granted 462 TOPCon patents, overtaking most brands on the N-type TOPCon patent list.We were ranked as the most bankable solar module company in the 2024 PV Module Bankability Survey by Bloomberg New Energy Finance (BloombergNEF).

Fourth Quarter 2024 Operational and Financial Highlights

Quarterly shipments were 26,462 MW (25,221 MW for solar modules, and 1,241 MW for cells and wafers), up 2.1% sequentially, and down 5.0% year-over-year.Total revenues were RMB20.65 billion (US$2.83 billion), down 15.7% sequentially and down 37.1% year-over-year.Gross profit was RMB747.4 million (US$102.4 million), down 80.6% sequentially and down 81.7% year-over-year.Gross margin was 3.6%, compared with 15.7% in Q3 2024 and 12.5% in Q4 2023.Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB473.7 million (US$64.9 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB22.5 million in Q3 2024 and of RMB29.3 million in Q4 2023.Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB381.3 million (US$52.2 million), which excludes the impact of (i) the change in fair value of convertible senior notes, (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 income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB103.9 million in Q3 2024 and RMB462.7 million in Q4 2023.Basic and diluted losses per ordinary share were RMB2.31 (US$0.32) and RMB2.31 (US$0.32), respectively. This translates into basic and diluted losses per ADS of RMB9.22 (US$1.26) and RMB9.22 (US$1.26), respectively.

Full Year 2024 Operational and Financial Highlights

Annual shipments were 99,596 MW (92,873 MW for solar modules, and 6,723 MW for cells and wafers), up 19.2% year-over-year.Total revenues were RMB92.26 billion (US$12.64 billion), down 22.3% year-over-year.Gross profit was RMB10.01 billion (US$1.37 billion), down 47.4% year-over-year.Gross margin of 10.9%, compared with 16.0% for the full year of 2023.Loss from operations of RMB3.42 billion (US$469.1 million), compared with income from operations of RMB6.09 billion for the full year of 2023.Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB57.5 million (US$7.9 million), down 98.3% year-over-year.Adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB571.4 million (US$78.3 million), which excludes the impact of (i) the change in fair value of convertible senior notes, (ii) the change in fair value of long-term investment, (iii) share based compensation expenses, (iv) the net loss resulting from a fire accident at one of our production bases in Shanxi Province in April 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 RMB4.07 billion in 2023.Basic earnings per ordinary share were RMB0.28 (US$0.04), and diluted losses per ordinary share were RMB1.25 (US$0.17). This translates into basic earnings per ADS of RMB1.10 (US$0.15) and diluted losses per ADS of RMB5.00 (US$0.69), respectively.

Mr. Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, commented, “We delivered more resilient operating results in the challenging year of 2024, thanks to our leading position in N-type TOPCon technology and patent portfolio, competitive products, as well as global sales and manufacturing networks. Our annual module shipments increased by 18.3% year-over-year to 92.9 GW, once again ranking first in the industry. The ongoing imbalance between supply and demand led to a decline in module prices during the year. Combined with the impact of short-term factors such as the elimination of obsolete production capacity, our profitability dropped significantly year-on-year. Gross margin was 10.9% in 2024, compared to 16.0% in 2023 and net income was US$7.9 million. Module shipments were 25.2 GW in the fourth quarter, in line with our guidance. As over 50% of modules were shipped to the domestic market where prices were lower, and the proportion of higher-price overseas orders declined sequentially, both module delivery prices and profits decreased sequentially. Gross margin was 3.6% in the fourth quarter, compared to 15.7% in the third quarter, and net loss was US$64.9 million in the fourth quarter.

In 2024, the global PV industry maintained fast growth momentum. Newly added installation in China reached 277 GW in 2024, marking an increase of 28% year-over-year and setting a record high, and China’s module exports reached 236 GW, up 13% year-over-year. Intensified supply and demand imbalances led to a downward trend in end products prices, pressuring profits in all segments of the industrial chain. In order to steer the industry back to healthy development, the national authorities took steps to resolve the structural imbalances between the supply and demand sides with the participation of industry associations and manufacturers. In November, state departments announced policies to raise entry barrier for new manufacturing capacities, reduce export tax rebates, and implement other measures. In December, leading PV enterprises signed a self-discipline pledge aimed at limiting low price competition and reducing production. More recently, the National Development and Reform Commission and the National Environment Administration jointly announced a policy on market-based reforms for on-grid renewable energy pricing, aimed at promoting high-quality industry development. Guided by industry self-discipline and supportive policies, along with demand recovery after the Spring Festival, prices in the industry, as well as our module prices, have stabilized and started to rebound.

We are committed to maintaining technology leadership through continuous R&D investments and mass production of innovative products. By the end of the fourth quarter, the average mass-produced N-type cell efficiency reached nearly 26.5%, and the efficiency on the highest-performing production lines, the golden area reached over 26.7%. We expect the average mass-produced N-type cell efficiency to reach approximately 27% by the end of 2025. In addition, we have recently initiated production of ultra-high efficiency third generation Tiger Neo products with large scale production expected by the end of 2025.

We continue to phase out outdated production capacity while further enhancing our global manufacturing capabilities. At our Shanxi N-type Super Factory, we are working to reduce costs and improve efficiency through the introduction of automated equipment and process optimization. Our 2GW N-type module production capacity in the U.S. is operating at near full capacity, while our Saudi project is progressing steadily.

In the short term, as some leading PV companies face significant financial losses, the industry may have entered a deep adjustment period. Companies lacking competitive costs and efficiency, product and technology iteration capabilities and global expansion capabilities are likely to be phased out, helping restore supply and demand balance to the industry. We have successfully navigated industry cycles several times and we are confident that our strong execution capabilities will help us overcome future challenges and position us strongly for emerging market opportunities. According to the International Energy Agency (IEA), renewable energy is expected to supply half of global electricity demand by 2030, with wind and solar PV generation doubling their share to 30%, creating vast growth potential for the PV industry.

We expect module shipments to be between 16.0 GW and 18.0 GW for the first quarter of 2025, and between 85.0 GW and 100.0 GW for the full year 2025. We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2025. We are taking a more cautious approach to capacity expansion in 2025 and will not add capacity besides upgrades to TOPCon technology. We will also continue to optimize our assets and liabilities structure while maintaining a healthy cash reserve, further strengthening our resilience to risks.”

Fourth Quarter 2024 Financial Results

Total Revenues

Total revenues in the fourth quarter of 2024 were RMB20.65 billion (US$2.83 billion), a decrease of 15.7% from RMB24.51 billion in the third quarter of 2024 and a decrease of 37.1% from RMB32.83 billion in the fourth quarter of 2023. The sequential and year-over-year decreases were mainly due to the decrease in average selling price of solar modules.

Gross Profit and Gross Margin

Gross profit in the fourth quarter of 2024 was RMB747.4 million (US$102.4 million), compared with RMB3.86 billion in the third quarter of 2024 and RMB4.09 billion in the fourth quarter of 2023.

Gross margin was 3.6% in the fourth quarter of 2024, compared with 15.7% in the third quarter of 2024 and 12.5% in the fourth quarter of 2023. The sequential and year-over-year decreases were mainly due to the decrease in average selling price of solar modules.

Loss/Income from Operations and Operating Margin

Loss from operations in the fourth quarter of 2024 was RMB2.02 billion (US$277.0 million), compared with income from operations of RMB75.5 million in the third quarter of 2024 and income from operations of RMB352.5 million in the fourth quarter of 2023, primarily attributable to the decreases in our revenues and gross margin in the fourth quarter of 2024.

Operating loss margin was 9.8% in the fourth quarter of 2024, compared with operating profit margin of 0.3% in the third quarter of 2024 and operating profit margin of 1.1% in the fourth quarter of 2023.

Total operating expenses in the fourth quarter of 2024 were RMB2.77 billion (US$379.4 million), a decrease of 26.7% from RMB3.78 billion in the third quarter of 2024 and a decrease of 25.9% from RMB3.74 billion in the fourth quarter of 2023. The sequential and year-over-year decreases were mainly due to the decrease in shipping cost.

Total operating expenses accounted for 13.4% of total revenues in the fourth quarter of 2024, compared to 15.4% in the third quarter of 2024 and 11.4% in the fourth quarter of 2023.

Interest Expenses, Net

Net interest expenses consist of interest expenses of RMB347.5 million (US$47.6 million) and interest income of RMB113.3 million (US$15.5 million) in the fourth quarter of 2024.

Net interest expenses in the fourth quarter of 2024 was RMB234.3 million (US$32.1 million), an increase of 15.9% from RMB202.1 million in the third quarter of 2024 and an increase of 13.9% from RMB205.6 million in the fourth quarter of 2023. The sequential and year-over-year increases were due to the increase in interest-bearing debts in the fourth quarter of 2024.

Subsidy Income

Subsidy income in the fourth quarter of 2024 was RMB900.1 million (US$123.3 million), compared with RMB431.8 million in the third quarter of 2024 and RMB554.6 million in the fourth quarter of 2023. The sequential and year-over-year increases were primarily attributable to the increases in cash receipt of incentives related to the Company’s business operations.

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

The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB408.2 million (US$55.9 million) in the fourth quarter of 2024, compared to a net exchange loss (including change in fair value of foreign exchange derivatives) of RMB251.9 million in the third quarter of 2024 and a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB76.3 million in the fourth quarter of 2023. The sequential and year-over-year changes were mainly attributable to the exchange rate fluctuations of US dollars against RMB in the fourth quarter of 2024.

Change in Fair Value of Convertible Senior Notes

The Company issued US$85.0 million of 4.5% convertible senior notes (the “Notes”) due 2024 in May 2019 and has elected to measure the Notes at fair value derived by valuation model, i.e., Binomial Model. All the Notes with the principal amount at issuance of US$85.0 million have been converted into ordinary shares of the Company in the second quarter of 2024.

Change in fair value of convertible senior notes was nil in the fourth quarter of 2024, compared to nil in the third quarter of 2024 and a loss of RMB155.1 million in the fourth quarter of 2023.

Change in Fair Value of Long-term Investment

The Company invested in equity interests in several solar technology companies engaged in the photovoltaic industry chain, which are recorded as long-term investment and reported at fair value with changes in fair value recognized as gains or losses. As of December 31, 2024, the Company had RMB1.05 billion (US$143.6 million) in long-term investment, compared with RMB845.0 million as of September 30, 2024.

The Company recognized a gain from change in fair value of long-term investment of RMB332.3 million (US$45.5 million) in the fourth quarter of 2024, compared with a gain of RMB30.8 million in the third quarter of 2024 and a loss of RMB90.9 million in the fourth quarter of 2023. The sequential and year-over-year changes were primarily due to the changes in the valuation of several solar technology companies we invested in.

Other Loss/Income, net

Net other loss in the fourth quarter of 2024 was RMB674.1 million (US$92.4 million), compared with net other income of RMB73.6 million in the third quarter of 2024 and net other loss of RMB10.8 million in the fourth quarter of 2023. 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 2024.

Equity in Loss/Income of Affiliated Companies

The Company indirectly holds a 20% equity interest in Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and a 9% equity interest in Xinte Ltd, a domestic silicon material supplier, and both investments are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB119.2 million (US$16.3 million) in the fourth quarter of 2024, compared with equity in loss of affiliated companies of RMB3.4 million in the third quarter of 2024 and equity in income of affiliated companies of RMB2.4 million in the fourth quarter of 2023. 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/Expense

The Company recorded an income tax benefit of RMB580.5 million (US$79.5 million) in the fourth quarter of 2024, compared with income tax expense of RMB148.5 million in the third quarter of 2024 and RMB200.8 million in the fourth quarter of 2023.

Net Loss/Income attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests amounted to RMB368.1 million (US$50.4 million) in the fourth quarter of 2024, compared with net loss attributable to non-controlling interests of RMB39.0 million in the third quarter of 2024 and net income attributable to non-controlling interests of RMB293.3 million in the fourth quarter of 2023. The sequential and year-over-year changes were mainly attributable to the changes in net loss or income of the Company’s majority-owned principal operating subsidiary, Jinko Solar Co., Ltd.

Net Loss/Income and Losses/Earnings per Share

Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB473.7 million (US$64.9 million) in the fourth quarter of 2024, compared with net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB22.5 million in the third quarter of 2024 and RMB29.3 million in the fourth quarter of 2023.

Excluding the impact of (i) the change in fair value of the convertible senior notes, (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 RMB381.3 million (US$52.2 million) in the fourth quarter of 2024, compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB103.9 million in the third quarter of 2024 and RMB462.7 million in the fourth quarter of 2023.

Basic and diluted losses per ordinary share were RMB2.31 (US$0.32) and RMB2.31 (US$0.32), respectively, in the fourth quarter of 2024, compared to basic and diluted earnings per ordinary share of RMB0.11 and RMB0.11, respectively, in the third quarter of 2024, and basic and diluted earnings per ordinary share of RMB0.14 and RMB0.14, respectively, in the fourth quarter of 2023. As each ADS represents four ordinary shares, this translates into basic and diluted losses per ADS of RMB9.22 (US$1.26) and RMB9.22 (US$1.26), respectively, in the fourth quarter of 2024; basic and diluted earnings per ADS of RMB0.44 and RMB0.44, respectively, in the third quarter of 2024; and basic and diluted earnings per ADS of RMB0.56 and RMB0.54, respectively, in the fourth quarter of 2023.

Financial Position

As of December 31, 2024, the Company had RMB27.74 billion (US$3.80 billion) in cash, cash equivalents, and restricted cash, compared with RMB19.07 billion as of December 31, 2023.

As of December 31, 2024, the Company’s accounts receivables were RMB14.07 billion (US$1.93 billion), compared with RMB22.96 billion as of December 31, 2023.

As of December 31, 2024, the Company’s inventories were RMB12.51 billion (US$1.71 billion), compared with RMB18.22 billion as of December 31, 2023.

As of December 31, 2024, the Company’s total interest-bearing debts were RMB40.59 billion (US$5.56 billion), compared with RMB31.10 billion as of December 31, 2023.

Full Year 2024 Financial Results

Total Revenues

Total revenues for full year 2024 were RMB92.26 billion (US$12.64 billion), a decrease of 22.3% from RMB118.68 billion for full year 2023. 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 2024 was RMB10.01 billion (US$1.37 billion), a decrease of 47.4% from RMB19.05 billion for full year 2023. The year-over-year decrease was mainly attributable to the decrease in average selling price of solar modules in 2024.

Gross margin was 10.9% for full year 2024, compared with 16.0% for full year 2023. The year-over-year decrease was mainly attributable to the decrease in average selling price of solar modules.

Loss/Income from Operations and Operating Margin

Loss from operations for full year 2024 was RMB3.42 billion (US$469.1 million), compared with income from operations of RMB6.09 billion for full year 2023. Operating loss margin for full year 2024 was 3.7%, compared with operating profit margin of 5.1% for full year 2023.

Total operating expenses for full year 2024 were RMB13.44 billion (US$1.84 billion), an increase of 3.7% from RMB12.96 billion for full year 2023. As a percentage of total revenues, operating expenses accounted for 14.6% for full year 2024, compared with 10.9% for full year 2023. The increase in total operating expenses was primarily due to (i) the write-off of net book value of equipment resulting from the Fire Accident, which was partially offset by the estimated insurance proceed from the Fire Accident, and (ii) an increase in the impairment loss of long-lived assets.

Interest Expense, Net

Net interest expenses consist of interest expenses of RMB1.14 billion (US$156.6 million) and interest income of RMB414.7 million (US$56.8 million) for full year 2024.

Net interest expenses for full year 2024 was RMB728.4 million (US$99.8 million), an increase of 17.9% from RMB617.6 million for full year 2023. The increase was mainly due to an increase in interest-bearing debts.

Subsidy Income

Subsidy income for full year 2024 was RMB2.45 billion (US$335.5 million), compared with RMB1.18 billion for full year 2023. The year-over-year increase was mainly attributable to an increase in the cash receipt of incentives to the Company’s business operations.

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

The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB601.0 million (US$82.3 million) for full year 2024, which was primarily due to the appreciation of US dollars against RMB. The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB623.2 million for full year 2023. The year-over-year change were mainly due to the exchange rate fluctuations of US dollars against RMB in 2024.

Change in Fair Value of Convertible Senior Notes

The Company issued the Notes in May 2019 and has elected to measure them at fair value derived by valuation model, i.e., Binomial Model. The Company recognized a gain from change in fair value of the Notes of RMB323.5 million (US$44.3 million) for full year 2024, compared to a loss of RMB31.2 million for full year 2023. The year-over-year change was primarily due to the changes in the Company’s stock price in 2024.

Change in Fair Value of Long-term Investment

The Company invested in equity interests in several solar technology companies engaged in the photovoltaic industry chain. As of December 31, 2024, the Company had RMB1.05 billion (US$143.6 million) in long-term investment, compared with RMB1.02 billion as of December 31, 2023. The Company recognized a gain from change in fair value of long-term investment of RMB163.5 million (US$22.4 million) in 2024, compared to a gain of RMB221.5 million for full year 2023.

Other Income/Loss, net

Net other income for full year 2024 was RMB880.5 million (US$120.6 million), compared with net other income of RMB26.1 million for full year 2023. The increase was primarily due to income generated from the disposal of a wholly-owned subsidiary in the year of 2024.

Equity in Loss/Income of Affiliated Companies

The Company indirectly holds a 20% equity interest of Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and a 9% equity interest in Xinte Ltd, a domestic silicon material supplier, and both investments are accounted using the equity method. The Company recorded equity in loss of affiliated companies of RMB177.0 million (US$24.3 million) in 2024, compared with equity in income of affiliated companies of RMB222.7 million in 2023. 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 Expense, Net

The Company recognized an income tax expense of RMB69.4 million (US$9.5 million) in 2024, compared with an income tax expense of RMB1.26 billion in 2023.

Net Income and Earnings/Losses per Share

Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders in 2024 was RMB57.5 million (US$7.9 million), compared with a net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB3.45 billion in 2023.

Excluding the impact of (i) the change in fair value of convertible senior notes, (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 income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB571.4 million (US$78.3 million), compared with RMB4.07 billion in 2023.

Basic earnings per share for full year 2024 were RMB0.28 (US$0.04), and diluted losses per share for full year 2024 were RMB1.25 (US$0.17), compared to basic and diluted earnings per share of RMB16.60 and RMB15.23, respectively, for full year 2023. This translates into basic earnings per ADS of RMB1.10 (US$0.15) and diluted losses per ADS of RMB5.00 (US$0.69) for full year 2024, compared to basic and diluted earnings per ADS of RMB66.39 and RMB60.90, respectively, for full year 2023.

Fourth Quarter and Full Year 2024 Operational Highlights

Solar Module, Cell and Wafer Shipments

Total shipments were 26,462 MW in the fourth quarter of 2024, including 25,221 MW for solar module shipments and 1,241 MW for cell and wafer shipments.

Total shipments in the full year 2024 were 99,596 MW, including 92,873 MW for solar module shipments and 6,723 MW for cell and wafer shipments.

Operations and Business Outlook Highlights

First Quarter and Full Year 2025 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 2025, the Company expects its module shipments to be in the range of 16.0 GW to 18.0 GW.

For full year 2025, the Company estimates its module shipments to be in the range of 85.0 GW to 100.0 GW.

Solar Products Production Capacity

The Company expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2025.

Recent Business Developments

In December 2024, JinkoSolar’s board of directors authorized the Company to upsize its existing share repurchase program launched in July 2022 and extended in December 2023 by increasing the aggregate value of Class A ordinary shares represented by ADSs that may be repurchased from US$200 million to US$350 million and to extend it for an additional 12-month period through June 30, 2026.In December 2024, JinkoSolar was recognized with two prestigious awards from EUPD Research, the Solar Prosumer and the DACH Energy Transition Award.In December 2024, JinkoSolar announced that all shareholder resolutions proposed at its 2024 annual general meeting were duly passed.In January 2025, JinkoSolar achieved a significant breakthrough in the development of its N-type TOPCon-based perovskite tandem solar cell. Independently tested by the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, the cell achieved an impressive conversion efficiency of 33.84%, surpassing JinkoSolar’s previous record of 33.24%. This achievement marks the 27th time JinkoSolar has set a world record for efficiency and power output for PV products.In February 2025, JinkoSolar ranked No.1 in the Global Solar Module Manufacturers Ranking 2025 report recently published by Wood Mackenzie, thanks to its outstanding technological capabilities and highly efficient module performance.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Wednesday, March 26, 2025 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/10046117-jh7y6t.html

It will automatically direct you to the registration page of “JinkoSolar Fourth Quarter and Fiscal Year 2024 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 2, 2025. The dial-in details for the replay are as follows:

International: +61 7 3107 6325

U.S.: +1 855 883 1031

Passcode: 10046117

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 one of the largest and most innovative solar module manufacturers in the world. 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, 2024.

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 rate 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, 2024, which was RMB7.2993 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. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com

In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

For the quarter ended

For the twelve months ended

Dec 31, 2023

Sep 30, 2024

Dec 31, 2024

Dec 31, 2023

Dec 31, 2024

RMB’000

USD’000

RMB’000

USD’000

Revenues

32,830,172

24,508,244

20,650,730

2,829,139

118,678,591

92,256,302

12,639,061

Cost of revenues

(28,739,438)

(20,652,556)

(19,903,357)

(2,726,749)

(99,630,956)

(82,241,474)

(11,267,036)

Gross profit

4,090,734

3,855,688

747,373

102,389

19,047,635

10,014,828

1,372,025

Operating expenses:

Selling and marketing

(1,857,825)

(2,172,100)

(1,222,550)

(167,489)

(6,819,305)

(6,658,108)

(912,157)

General and administrative

(1,541,467)

(1,175,798)

(929,029)

(127,276)

(4,583,837)

(4,614,001)

(632,116)

Research and development

(279,642)

(208,668)

(259,902)

(35,606)

(911,869)

(924,392)

(126,641)

Impairment of long-lived assets

(59,342)

(223,588)

(357,616)

(48,993)

(640,004)

(1,242,168)

(170,176)

Total operating expenses

(3,738,276)

(3,780,154)

(2,769,097)

(379,364)

(12,955,015)

(13,438,669)

(1,841,090)

(Loss)/income from operations

352,458

75,534

(2,021,724)

(276,975)

6,092,620

(3,423,841)

(469,065)

Interest expenses

(292,076)

(300,935)

(347,514)

(47,609)

(1,171,136)

(1,143,079)

(156,602)

Interest income

86,487

98,790

113,255

15,516

553,531

414,685

56,812

Subsidy income

554,619

431,753

900,142

123,319

1,175,498

2,448,763

335,479

Exchange gain/(loss),net

(38,424)

(203,999)

314,627

43,104

938,092

484,364

66,358

Change in fair value of foreign exchange derivatives

114,769

(47,912)

93,602

12,823

(314,859)

116,654

15,982

Change in fair value of Long-term Investment

(90,918)

30,772

332,270

45,521

221,473

163,492

22,398

Change in fair value of convertible senior notes

(155,102)

–

(31,188)

323,474

44,316

Other income/(loss), net

(10,771)

73,632

(674,143)

(92,357)

26,134

880,540

120,634

Income/(loss) before income taxes

521,042

157,635

(1,289,485)

(176,658)

7,490,165

265,052

36,312

Income tax (expenses)/benefit

(200,831)

(148,460)

580,537

79,533

(1,260,285)

(69,441)

(9,513)

Equity in (loss)/income of affiliated companies

2,375

(3,389)

(119,161)

(16,325)

222,674

(177,013)

(24,251)

Net income/(loss)

322,586

5,786

(828,109)

(113,450)

6,452,554

18,598

2,548

Less: Net loss/(income) attributable to non-controlling
interests

(293,269)

38,960

368,091

50,428

(3,005,111)

74,873

10,258

Less: Accretion to redemption value of redeemable non-
controlling interests

(22,214)

(13,712)

(1,879)

–

(35,926)

(4,922)

Net income/(loss) attributable to JinkoSolar
Holding Co., Ltd.’s ordinary shareholders

29,317

22,532

(473,730)

(64,901)

3,447,443

57,545

7,884

Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders per share:

Basic

0.14

0.11

(2.31)

(0.32)

16.60

0.28

0.04

Diluted

0.14

0.11

(2.31)

(0.32)

15.23

(1.25)

(0.17)

Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders per ADS:

Basic

0.56

0.44

(9.22)

(1.26)

66.39

1.10

0.15

Diluted

0.54

0.44

(9.22)

(1.26)

60.90

(5.00)

(0.69)

Weighted average ordinary shares outstanding:

Basic

209,582,718

204,902,909

205,490,103

207,705,476

208,607,597

Diluted

215,266,963

204,962,646

205,490,103

226,113,084

209,981,840

Weighted average ADS outstanding:

Basic

52,395,679

51,225,727

51,372,526

51,926,369

52,151,899

Diluted

53,816,741

51,240,662

51,372,526

56,528,271

52,495,460

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income/(loss)

322,586

5,786

(828,109)

(113,450)

6,452,554

18,598

2,548

Other comprehensive income/(loss):

-Unrealized (loss)/gain on available-for-sale securities

19,134

(10,212)

(1,399)

18,161

(10,212)

(1,399)

-Foreign currency translation adjustments

(116,523)

(123,210)

196,740

26,954

75,751

(93,863)

(12,859)

-Change in the instrument-specific credit risk

–

70,732

421

Comprehensive (loss)/income

225,239

(117,424)

(641,581)

(87,895)

6,617,198

(85,056)

(11,652)

Less: Comprehensive loss/(income) attributable to non-
controlling interests

(280,158)

77,293

306,252

41,956

(3,027,731)

44,084

6,039

Comprehensive (loss)/income attributable to JinkoSolar
Holding Co., Ltd.’s ordinary shareholders

(54,919)

(40,131)

(335,329)

(45,938)

3,589,467

(40,972)

(5,613)

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

Dec 31, 2023

Dec 31, 2024

RMB’000

USD’000

ASSETS

Current assets:

Cash,cash equivalents, and restricted cash

19,069,107

27,737,976

3,800,087

Restricted short-term investments and short-term investments

8,509,257

3,901,442

534,496

Accounts receivable, net

22,958,693

14,065,558

1,926,974

Notes receivable, net

4,090,085

3,333,377

456,670

Advances to suppliers, net

4,565,779

2,654,149

363,617

Inventories, net

18,215,537

12,509,422

1,713,784

Foreign exchange forward contract receivables

103,100

115,220

15,785

Prepayments and other current assets, net

3,430,224

4,490,411

615,184

Held-for-sale assets

2,003,417

57,502

7,878

Total current assets

82,945,199

68,865,057

9,434,475

Non-current assets:

Restricted long-term investments

1,536,198

1,328,201

181,963

Long-term investments

2,117,628

1,870,253

256,224

Property, plant and equipment, net

41,267,187

44,800,692

6,137,670

Land use rights, net

1,821,012

1,838,015

251,807

Intangible assets, net

569,088

461,955

63,288

Right-of-use assets, net

742,431

448,555

61,452

Deferred tax assets

1,290,004

2,641,397

361,870

Advances to suppliers to be utilised beyond one year

648,377

520,376

71,291

Other assets, net

2,790,567

1,954,935

267,825

Available-for-sale securities-non-current

104,134

150,922

20,676

Total non-current assets

52,886,626

56,015,301

7,674,066

Total assets

135,831,825

124,880,358

17,108,541

LIABILITIES

Current liabilities:

Accounts payable

15,475,166

11,038,668

1,512,291

Notes payable

25,690,532

11,189,801

1,532,997

Accrued payroll and welfare expenses

2,798,964

2,779,196

380,748

Advances from customers

6,965,298

5,088,596

697,135

Income tax payables

1,016,039

703,498

96,379

Other payables and accruals

13,448,501

16,499,668

2,260,449

Foreign exchange forward derivatives payables

26,466

20,789

2,848

Convertible senior notes

782,969

–

Lease liabilities – current

155,931

145,663

19,956

Short-term borrowings, including current portion of long-term borrowings,
and failed sale-leaseback financing

13,583,774

6,933,899

949,940

Held-for-sale liabilities

1,117,005

–

Total current liabilities

81,060,645

54,399,778

7,452,743

Non-current liabilities:

Long-term borrowings

11,238,806

20,643,272

2,828,117

Convertible notes

4,785,480

8,605,579

1,178,959

Accrued warranty costs – non current

2,145,426

2,136,192

292,657

Lease liabilities-noncurrent

557,136

330,740

45,311

Deferred tax liability

131,506

56,718

7,770

Long-term Payables

2,378,684

4,387,864

601,135

Total non-current liabilities

21,237,038

36,160,365

4,953,949

Total liabilities

102,297,683

90,560,143

12,406,692

Mezzanine Equity

Redeemable non-controlling interests

–

1,535,926

210,421

SHAREHOLDERS’ EQUITY

Total JinkoSolar Holding Co., Ltd. shareholders’ equity

20,156,434

19,869,284

2,722,080

Non-controlling interests

13,377,708

12,915,005

1,769,348

Total shareholders’ equity

33,534,142

32,784,289

4,491,428

Total liabilities, mezzanine equity and shareholders’ equity

135,831,825

124,880,358

17,108,541

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SOURCE JinkoSolar Holding Co., Ltd.

Technology

ADX welcomes Morgan Stanley as the first international investment bank Remote Trading Member, expanding global access to Abu Dhabi’s capital markets

Published

6 hours ago

May 5, 2026

ABU DHABI, UAE, May 5, 2026 /PRNewswire/ — The Abu Dhabi Securities Exchange (ADX) Group today announced that Morgan Stanley, a leading investment bank and financial services company, has joined the ADX as its first international investment bank Remote Trading Member — enabling Morgan Stanley’s clients to access the ADX directly.

This milestone strengthens ADX’s global connectivity and supports growing international institutional demand for exposure to UAE markets. It also reinforces its position as one of the world’s fastest-growing exchanges by market capitalization, while highlighting the market’s continued progress in depth, liquidity, and inclusion in major global indices.

Remote membership enables Morgan Stanley to provide its clients with direct market access to the ADX, with trading conducted via the firm’s global trading platform. The ADX continues to play a pivotal role in advancing Abu Dhabi’s long-term economic ambitions, as a mechanism for a diversified, innovation-led, knowledge-based economy.

Morgan Stanley’s direct trading access to ADX reflects the strength of Abu Dhabi’s investment proposition and the continued institutionalization of UAE capital markets. Morgan Stanley’s membership will enhance execution quality, optimize order routing, and provide greater control across the end-to-end trade lifecycle, delivering an advanced trading experience for global investors.

The structure follows a proven international access model used by Morgan Stanley and is designed to meet growing client demand for efficient, transparent, and seamless access to ADX-listed opportunities.

Abdulla Salem Alnuaimi, Group Chief Executive Officer of Abu Dhabi Securities Exchange (ADX) Group, said: “This marks a significant step in advancing our ambition to be a leading financial marketplace that drives opportunity and sustainable economic growth. This momentum is reflected in the strong foreign investor participation, with trading value exceeding 85 billion dirhams in the first quarter of 2026 up by 22% year on year. This performance underscores the growing depth and global relevance of our market, while reinforcing our commitment to expanding international access, strengthening cross-border connectivity, and building a world-class market infrastructure that attracts global capital, supports a diverse range of issuers and contributes to Abu Dhabi’s long-term economic prosperity.”

Patrick Delivanis, Regional Co-Head of MENA at Morgan Stanley, said: “Becoming a Remote Trading Member of ADX reflects our focus on providing clients with efficient, seamless access to Abu Dhabi’s capital markets through our market–leading trading platform. We see continued momentum in the institutionalization and international participation of UAE markets, and we’re pleased to support that evolution by enabling international investors to access opportunities in MENA with direct connectivity to local markets, alongside greater transparency and control across the trading lifecycle.”

Morgan Stanley’s participation aligns with ADX’s strategy to strengthen international connectivity, with remote memberships selectively offered to global firms to attract high-quality cross-border liquidity. The announcement builds on the ADX’s expansion momentum: in 2025, foreign investment rose by nearly 14% and institutional trading increased by 10% year on year. Subject to final operational readiness, Morgan Stanley expects to begin trading as a remote member in the coming weeks.

About Abu Dhabi Securities Exchange (ADX)

The Abu Dhabi Securities Exchange (ADX) was established on 15 November 2000 pursuant to Local Law No. (3) of 2000, which granted the exchange legal rights with independent financial and administrative status, as well as the necessary supervisory and executive powers necessary to carry out its functions. On 17 March 2020, the ADX was converted from a public entity into a Public Joint Stock Company (PJSC) in accordance with Law No. (8) of 2020.

The ADX Group, a market infrastructure group comprising the exchange (ADX) and its post-trade ecosystem, including its wholly owned subsidiaries AD Depository and AD Clear, was established. Through its integrated and globally aligned business structure, the ADX Group supports efficient, transparent, and resilient capital markets across trading, clearing, settlement, and custody.

The Group provides an efficient and regulated marketplace for the trading of securities, including equities issued by public joint-stock companies, bonds issued by governments and corporations, exchange-traded funds (ETFs), and other financial instruments approved by the UAE Capital Market Authority.

The ADX is the second-largest exchange in the Arab region by market capitalization. Its strategy of delivering stable financial performance through diversified revenue streams is aligned with the UAE’s national development agenda, “Towards the Next 50”, which aims to build a sustainable, diversified, and high-value-added economy.

For more information, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication
Abu Dhabi Securities Exchange (ADX)
Mobile: +971 (50) 668 9733
Email: ALKhateebA@adx.ae

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SOURCE Abu Dhabi Securities Exchange (ADX)

Technology

Geotab integrates Polestar vehicles into its OEM telematics network

Published

6 hours ago

May 5, 2026

Fleet operators across North America, Europe, and APAC can now access Polestar vehicle data directly in MyGeotab — no aftermarket hardware required.

LONDON, UK, May 5, 2026 /PRNewswire/ — Geotab, a global leader in connected vehicle and asset management solutions, today announced the integration of Polestar vehicles into its OEM telematics network, giving commercial fleet operators seamless access to Polestar data within MyGeotab from day one — with no aftermarket hardware installation required. The integration is available globally across North America, Europe, and Asia Pacific, supporting all Polestar models.

Developed in collaboration with Geotab, among other telematics service providers, Polestar Fleet Telematics integrates directly into MyGeotab. The Geotab integration enables fleet managers to manage Polestar vehicles alongside all other makes and models on a single unified platform — without fitting additional devices.

Connected vehicle data where it matters most

Through Polestar Fleet Telematics, fleet operators gain near-real-time access to a comprehensive dataset — covering EV battery and charging status, location, tyre information, vehicle security, maintenance alerts, and climate data — flowing directly from Polestar’s connected vehicle architecture into MyGeotab, with no physical installation required.

This breadth of data enables fleet managers to move from reactive to proactive operations — scheduling maintenance before failures occur, optimising charge planning across depots, and maintaining duty-of-care oversight across the entire fleet.

Supporting Europe’s Mixed-Fleet Reality

OEM-embedded telematics removes the need for aftermarket device installation across mixed-manufacturer fleets, reducing logistical overhead and supporting compliance with works council and GDPR requirements — a critical consideration for European fleet operators.

“Polestar Fleet Telematics combines sustainability with intelligence, integrating seamlessly with Geotab to deliver these capabilities directly into the platforms fleet operators trust. Continuous data visibility enables more efficient and informed fleet operations, from day-to-day management to long-term planning. By leveraging Polestar vehicles’ embedded connectivity, fleet managers can make smarter, data-driven decisions — without adding hardware or complexity to their operations.” said Emma Knapp, Manager of Global Key Accounts at Polestar.

Polestar joins an OEM telematics network that already spans over 80% of leading global vehicle manufacturers by fleet market share, including BMW Group, Ford, Stellantis, Volkswagen Group, and Volvo Cars. For fleet operators already using MyGeotab, Polestar vehicles can be connected and deliver data without any additional hardware or installation.

“OEM-embedded telematics represents a change in how fleet data reaches the platform — and Polestar’s connected vehicle architecture makes this integration particularly well-suited for markets that are seriously considering transitioning to electric vehicles.” said Christoph Ludewig, Vice President OEM Global at Geotab. “Fleet operators managing mixed EV and internal combustion engine fleets no longer need separate tools or hardware for each vehicle type. Polestar data flows directly into MyGeotab alongside every other vehicle in the fleet — giving operators the consolidated visibility they need to drive efficiency, support duty of care, and manage their EV transition with confidence.”

Global Availability

The integration is available now across North America, Europe, and Asia Pacific, supporting all Polestar models. Fleet managers can activate the service via the Geotab Marketplace or by contacting their Geotab representative.

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 28 markets globally across North America, Europe and Asia Pacific.

Polestar has four models in its line-up: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Planned models include the Polestar 7 compact SUV (to be introduced in 2028) and the Polestar 6 roadster. With its vehicles currently manufactured on two continents, North America and Asia, Polestar plans to diversify its manufacturing footprint further, with production of Polestar 7 planned in Europe.

Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion.

About Geotab

Geotab is a global leader in connected vehicle and asset management solutions, with headquarters in Oakville, Ontario and Atlanta, Georgia. Our mission is to make the world safer, more efficient, and sustainable. We leverage advanced data analytics and AI to transform fleet performance and operations, reducing cost and driving efficiency. Backed by top data scientists and engineers, we serve approximately 100,000 global customers, processing 100 billion data points daily from more than 5 million vehicle subscriptions. Geotab is trusted by Fortune 500 organisations, mid-sized fleets, and the largest public sector fleets in the world, including the US Federal government. Committed to data security and privacy, we hold FIPS 140-3 and FedRAMP authorisations. Our open platform, ecosystem of outstanding partners, and Geotab Marketplace deliver hundreds of fleet-ready third-party solutions. This year, we’re celebrating 25 years of innovation. Learn more at www.geotab.com/uk and follow us on LinkedIn or visit our blog.

GEOTAB and GEOTAB MARKETPLACE are registered trademarks of Geotab Inc. in Canada, the United States and/or other countries.

Media Contact: Geotab Contact, Romina Dashghachian, Strategic Communications Lead, EMEA, pr@geotab.com

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Technology

IDX Opens Geneva Office and Strengthens Global Data & Insights Capability

Published

6 hours ago

May 5, 2026

New Swiss presence and specialist team integration support growing global demand for evidence-based, defensible communications strategies

LONDON, May 5, 2026 /PRNewswire/ — IDX today announced the opening of its new Geneva office and the integration of a specialist Data & Insights team, strengthening the company’s international footprint and expanding its ability to help clients worldwide build communications strategies grounded in evidence, market intelligence and audience insight.

The expansion gives IDX an on-the-ground presence in Switzerland while adding further depth to its Data & Insights capability. The Geneva-based team will work closely with IDX specialists across performance marketing and corporate communications, helping clients develop a clearer view of the markets they operate in and the forces shaping their growth.

The move aligns with Destination 250 – Customers First, IDX’s global strategy to grow its team by 250, focused on deepening client value, strengthening delivery and investing in the capabilities that matter most to clients.

The investment strengthens the Data pillar of IDX’s Connected Content™ model, which combines Creative, Data, Technology and Media to create what IDX calls The Multiplier Effect, helping clients multiply what matters through more connected, measurable and effective work.

“IDX is experiencing phenomenal growth, and our new Geneva office gives us boots on the ground to better serve clients across Europe and globally across performance marketing, investor relations and corporate communications,” said Crispin Beale, Worldwide CEO, IDX. “Data has been at the heart of this business for decades, and this centre of excellence reflects our continued investment in that capability. It’s an incredibly exciting time for IDX, and I look forward to the next phase of our growth as we continue to expand globally.”

“This is an exciting step in IDX’s growth story and a clear response to what clients are asking for: more evidence-based thinking, stronger market context and clearer rationale behind their communications strategies,” said Chris Corrigan, Chief Customer Growth Officer, IDX. “Our new presence in Geneva, combined with deeper Data & Insights expertise, strengthens the way we support clients globally, giving them earlier access to the insight and market context they need to make better-informed decisions and turn evidence into action.”

The Geneva office will strengthen relationships with existing clients in the region, support re-engagement with former partners and create new opportunities for IDX with organisations operating across European and global markets. It reflects IDX’s continued investment in the capabilities that matter most to clients as communications, marketing and corporate reputation work become increasingly data-led and commercially accountable.

“IDX’s integrated offer across insights, performance marketing and corporate communications, powered by the combination of human intelligence, advanced technology and AI, represents exactly where the industry is heading,” said Lonneke de Roo, Head of Data & Insights, IDX. “I am delighted to join the business and help clients navigate increasingly complex markets with clearer evidence, sharper insight and more connected strategies.”

ABOUT IDX

IDX is a global strategic communications and marketing agency, headquartered in London with offices around the world, including New York, London, Phoenix, Helsinki, Gothenburg, Geneva, and Vadodara. Working with more than 1,600 clients across sectors, IDX combines deep industry knowledge with a data-first mindset to help ambitious brands thrive in complex, fast-moving markets. The firm specialises in performance marketing, investor relations, and stakeholder engagement, delivering integrated campaigns that drive meaningful business outcomes. Visit www.idx.inc to learn more.

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