Record gold prices may be getting all the attention in commodities headlines lately, but similarly spiking prices for silver have been causing headaches for solar companies these days. That factor nearly drove JinkoSolar Holding Co. Ltd. (JKS.US; 688223.SH) back into the difficult position of spending more to produce each of its solar cells and modules than it could sell them for, just two quarters after its gross margin returned to positive territory.
近期商品市场焦点多集中在创新高的金价，但同样大幅上升的银价，正为太阳能企业带来不小压力。这一因素几乎令晶科能源股份有限公司（JKS.US；688223.SH）再次陷入成本高于售价的困境，而这距离其毛利率重回正值仅过去两个季度。
The rising yuan, JinkoSolar’s home currency, also worked against the company’s gross margin, which dropped to just 0.3% in the fourth quarter of last year, well below the 7.3% in the third quarter and 2.9% in the second quarter, according to its latest results published on Thursday. Just as disheartening for investors, the company forecast its shipments would continue to decline this year, as its recently named CEO Cao Haiyun referred to 2026 as a “transition year.”
此外，作为公司本币的人民币升值亦对毛利率构成压力。根据公司周四公布的最新业绩，去年第四季毛利率仅为0.3%，远低于第三季的7.3%及第二季的2.9%。同样令投资者感到失望的是，公司预计今年出货量将持续下降，新任行政总裁曹海云更将2026年形容为“过渡之年”。
Adding to its woes, the company and its peers took a hit from April 1, as China officially cancelled its yearslong tax rebate policy for exported photovoltaic products. That policy previously dropped the value added tax that solar companies had to pay for their products to 9% for exports from the standard 13%.
雪上加霜的是，自4月1日起，公司及同业再受打击，因中国正式取消已实施多年的光伏产品出口退税政策，该政策此前将光伏企业出口产品所需缴纳的增值税由标准的13%下调至9%。