JinkoSolar's 2025 Performance Under Pressure: General Manager and Chief Financial Officer Both Replaced, Chen Kangping Transitions to Vice Chairman

Jinko Solar Wang Min On March 17, Jinko Solar Holdings Co., Ltd. (hereinafter referred to as “Jinko Solar”) announced that due to work adjustments, Chen Kangping has applied to resign from his position as General Manager of the company and from related positions in the company’s subsidiaries. The resignation report will take effect upon delivery to the company’s Board of Directors.

At the same time, the company’s Board of Directors agreed to elect Chen Kangping as Vice Chairman of the Second Board of Directors, with a term from the date of approval by the Second Extraordinary General Meeting until the expiration of the second board’s term.

It is noteworthy that, previously, Jinko Solar’s publicly disclosed articles of incorporation since listing clearly stated “The Board of Directors shall have one Chairman and no Vice Chairman.”

Chen Kangping is one of the company’s actual controllers, acting in concert with Li Xiande and Li Xianhua. He is the brother of Li Xiande’s spouse and is related to Li Xiande and Li Xianhua as brothers.

Upon nomination by the company’s Chairman and approval by the Nomination Committee of the Board, the company’s Board of Directors agreed to appoint Cao Haiyun as General Manager, effective from the date of approval by the Board until the end of the second board’s term.

After this appointment, Cao Haiyun will no longer serve as Deputy General Manager or Chief Financial Officer. The Board of Directors also approved the appointment of Jiang Rui as Deputy General Manager and Chang Chen as Chief Financial Officer.

Chen Kangping, Chinese nationality, born in 1973, holds a master’s degree. From 2003 to 2006, he served as Chief Financial Officer of Zhejiang Supor Co., Ltd.; from 2007 to December 2022, he was a director of Jinko Solar Holdings Co., Ltd.; from December 2008 to December 2020, he served as CEO of Jinko Solar Holdings Co., Ltd.; since September 2014, he has been a director of Jinko Power Technology Co., Ltd.; from December 2020 to March 2026, he has been General Manager of the company; since December 2020, he has been a director of the company.

Cao Haiyun, Chinese nationality, born in 1977, holds a master’s degree, and is a Certified Public Accountant (CPA) in China, a Certified Tax Agent, and a U.S. CPA. From July 2002 to February 2012, he served as Senior Audit Manager at PricewaterhouseCoopers Zhong Tian LLP; from February 2012 to May 2021, he was Chief Financial Officer of Jinko Solar Holdings Co., Ltd.; from June 2017 to September 2025, he served as Chairman of the Supervisory Board of Jinko Power Technology Co., Ltd.; since December 2020, he has been a director of Jinko Solar Holdings Co., Ltd.; from May 2021 to March 2026, he has been Deputy General Manager; from December 2023 to March 2026, he will serve as Chief Financial Officer; starting March 2026, he will serve as General Manager.

Jiang Rui, Chinese nationality, born in 1983, holds a master’s degree and is qualified as a Secretary of the Board of Directors of the Shanghai Stock Exchange. From July 2008 to August 2011, he served as Senior Deputy Manager in the General Manager’s Office of Hongyuan Securities Co., Ltd.; from August 2011 to December 2016, he was a senior manager and director at CITIC Securities Co., Ltd. and its subsidiaries; from December 2016 to December 2018, he was General Manager of Strategic Client Headquarters at Tianfeng Securities Co., Ltd.; from December 2018 to December 2020, he served as Director, Deputy General Manager, and Secretary of the Board of Huaxi Biological Technology Co., Ltd.; since January 2021, he has been Secretary of the Board of Directors of the company. Currently, he serves as Deputy General Manager and Secretary of the Board. He has held positions such as member of the Sixth Review Committee of the Shanghai Stock Exchange, and is currently a standing director of the China Listed Companies Association, a member of the Board Secretary Professional Committee, and a member of the Sustainability (ESG) Professional Committee. He has repeatedly received awards such as “Top 5A Board Secretary Performance Evaluation” from the China Securities Association, and has been recognized as a “New Fortune Gold Medal Board Secretary,” “Golden Bull Board Secretary Award,” and “Outstanding Board Secretary Award.”

Chang Chen, Chinese nationality, born in 1988, holds a bachelor’s degree and is a CPA in China. From October 2010 to March 2013, he worked as an auditor at PricewaterhouseCoopers Zhong Tian LLP; from March 2013 to February 2015, he served as Financial Reporting Manager of the company; from March 2016 to March 2026, he was Deputy General Manager of the Financial Budget and Business Analysis Department; from March 2026 onward, he will serve as Chief Financial Officer.

Jinko Solar was founded in 2006, is a solar technology enterprise focusing on integrated R&D and manufacturing of photovoltaic products and comprehensive clean energy solutions. The company’s products serve customers in multiple countries and regions, with vertically integrated production capacity established in core segments of the photovoltaic industry chain, and multiple manufacturing bases.

In 2025, Jinko Solar achieved total revenue of 65.492 billion yuan, a decrease of 29.18% compared to the previous year; net profit attributable to the parent company was -6.786 billion yuan, a decrease of 6959.50%; basic earnings per share were -0.68 yuan, down 6900% year-on-year.

At the end of 2025, the company’s total assets were 119.159 billion yuan, a decrease of 1.61% from the beginning of the year; owners’ equity attributable to the parent was 25.462 billion yuan, a decrease of 21.19%.

Related company: Jinko Solar SH688223