晶科能源（JKS）：每股美国存托股份1.30美元的现金股息（收益率6.7%）

Cash Dividend of US$1.30 per ADS (6.7%Yield); Beacon Amid Darkness Conclusion JKS announced cash dividend ofUS$1.30per ADS. Holders of the OrdinaryShares or ADSs at the close of trading on July 2, 2025 will be entitled toreceive the cash dividend. The dividend is expected to be paid on or aroundJuly 16, 2025. Total amount of cash to be distributed for the dividend isexpected to be approximatelyUS$68.1 million. As JKS announced in Dec 11, 2024 and reiterated in subsequent 1Q25earnings calls, Shareholders' Return Program (SRP) is on schedule andguided the co might start with USD100+mn of dividend + repurchase. Despite the industry remaining challenging, we see this cash dividendas strong, continued commitment to shareholders. Co is committed tocontinue to the SRP next 3 years.We note thatthis cash dividend alone isequivalent to 6.7% of dividend yield. We also note that with cash availablein JKS US, and also financial assets which would be available to monetizeby 25YE, co would implement the remaining part of the program. Detail Generous Dividend of US$1.30 per ADS.Depsite industry remaining toughwith challenges in depressed prices, JKS maintained robust financialresilience. This cash dividend shows the continued commitment towardsshareholders. We note that this cash dividend alone is equivalent to6.7%of dividend yieldvscurrent market cap of US$1billion. More to come with SRP.As JKS announced in Dec 11, 2024 andreiterated in subsequent 1Q25 earnings calls, SRP is on schedule and theco has started repurchase post blackout period after 1Q25 earnings wasannounced. We note that some investors are concerned on the feasibilityof selling A-shares to fund the SRP. We highlight that JKS already has cashavailable in US holdco level and will have additional funds available fromsale of other financial investment to fund the remaining part of SRP. Related Research Alan Lau * | Equity Analyst852 3767 1113 | alan.lau@jefferies.comJohnson Wan * | Equity Analyst852 3743 8083 | johnson.wan@jefferies.com Company Description JinkoSolarJinkoSolar is a manufacturer of solar panels. Company Valuation/Risks JinkoSolar We apply a 7x FY26E PE to arrive at our PT ofUSD62.01. This is assuming normalized NPM and discount by 10% discount rate for 1 year.Risks include unfavorable business conditions for ADRs listed on the NYSE, higher-than-expected upstream prices, lower-than-expected solarinstallations, and unexpected trade barriers affecting overseas sales. Analyst Certification: I, Alan Lau, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Johnson Wan, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. Registration of non-US analysts:Alan Lau is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified asa research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst. Registration of non-US analysts:Johnson Wan is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedJune 16, 2025 0:51 A.M.Recommendation DistributedJune 16, 2025 0:51 A.M. Explanation of Jefferies Ratings Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period