Li Xiande, who thrives on "battles," is gearing up for a new challenge.

In the second half of the year, JinkoSolar, the global leader in photovoltaic (PV) module shipments, has significantly accelerated its efforts in the energy storage sector.

On October 30, the company announced two major developments: signing a Letter of Intent (LOI) with Aggreko for a 250MWh energy storage project and confirming plans to provide integrated PV-storage systems for the Australian market.

Over the past two months, JinkoSolar's energy storage projects have rapidly expanded across Europe and Asia. In early October, it successfully delivered a 10.32MWh energy storage system in Romania. On September 30, a 123.8MWh system was deployed at Athens Airport, followed by a 4.515MWh project in Japan on September 9.

These moves align with Chairman Li Xiande's message on the company’s official WeChat account before the June International Solar Photovoltaic Exhibition: "For the past 180 days, everyone in the industry has been asking how to 'survive.' The last eight days have shown me that we need to think about how to 'revive' and find our own rhythm." His remarks reflected his observations of the advanced, professional, and in-depth developments in overseas markets after engaging with international clients.

This year, "PV-storage integration" has become one of JinkoSolar's most frequently mentioned strategies.

The company revealed that it began laying the groundwork for PV-storage integration three years ago, anticipating a harvest period starting this year. Energy storage is expected to become its second growth engine, with overseas markets accounting for 80% of its current orders.

However, discussions among investors on platforms like Xueqiu focus on concerns like "when will the stock price recover?" and "when will losses improve?" In the first three quarters of this year, JinkoSolar reported a net loss attributable to shareholders of RMB 3.92 billion, a 422.67% year-on-year decline.

Despite this, the company maintained its position as the global leader in PV module shipments, with 61.78GW shipped in the first three quarters. Full-year shipments are projected to reach 85–100GW, roughly matching last year’s 92.87GW.

Industry observers note that JinkoSolar is still "fighting for the top spot," even as PV companies scramble for funding and acquisition opportunities amid a market downturn.

Li Xiande has always followed his own aggressive logic and pace—whether it was betting early on monocrystalline silicon, later pivoting to TOPCon (Tunnel Oxide Passivated Contact) technology, or pursuing large-scale financing and capacity expansion. From 2016 to 2025, he has spent most of his tenure as the global "shipment king."

But this dominance has come at a cost. Industry sources indicate that JinkoSolar has been a key driver of multiple price cuts, prioritizing market share over margins. Media reports highlight that its Q3 deliveries, though high in volume, suffered from declining prices. Analysts estimate that the company loses nearly one-third of revenue for every RMB 1 of modules sold, prompting investor skepticism about its "sell-more-lose-more" strategy.

Li Xiande has argued that lower module prices will unlock greater market demand, and PV-storage integration will become the dominant power supply model. This marks JinkoSolar’s first foray beyond PV in over a decade.

Management aims to rank among the top three global energy storage suppliers within three to five years. However, competition in this sector is already fierce, with industry giants like Tongwei, LONGi Green Energy, Trina Solar, and JA Solar entering the fray.

For Li Xiande, who thrives on challenges, the dual battle—defending its PV leadership while conquering energy storage—poses a formidable test.

**"Fighting for the Top Spot"**

Among PV industry leaders, Li Xiande is the most low-profile, rarely appearing in public. Colleagues describe him as a "gentle warrior"—polished in demeanor but always ready for battle.

During major industry shifts, he often publishes motivational messages on JinkoSolar’s official WeChat, with titles like "Full Battle Mode" and "No Fear, Just Fight."

Li once said, "Always progress and disrupt faster than competitors to gain first-mover advantage."

His relentless pursuit of leadership was evident two years ago when JinkoSolar reclaimed its position as the global PV module shipment leader in 2023, achieving record revenue and net profits.

To secure this victory, JinkoSolar embarked on aggressive financing and expansion after its A-share listing in 2022. By August 2023, it had raised nearly RMB 30 billion in three rounds—far surpassing LONGi’s RMB 20 billion in cumulative financing over 11 years.

In June 2023, Li concluded a message titled "Full Battle Mode" with: "It’s time to think big." A month earlier, JinkoSolar announced a RMB 56 billion investment in a 56GW "mega-factory" in Shanxi, leading the TOPCon expansion wave.

Despite signs of market saturation, the prevailing view was that cyclical challenges were temporary, and large-scale capacity expansion remained the trend.

Li remained resolute, declaring in mid-2023: "TOPCon is the undisputed future of high-value PV battery technology."

His bet paid off. In 2024, JinkoSolar ranked first among Jiangxi’s top 100 private enterprises with RMB 122.283 billion in revenue—Li’s career peak. He viewed this as JinkoSolar’s defining contribution to the PV technology revolution.

From 2016 to 2025, JinkoSolar has held the global shipment crown for six years, per GlobalData and PV InfoLink.

**Regaining the Throne**

Li’s strategic gambles over the past decade underpin these victories.

In 2016, amid the monocrystalline vs. polycrystalline debate, JinkoSolar pivoted early to monocrystalline, achieving capacity parity by 2017. At the time, industry leader Trina Solar hesitated, as monocrystalline held less than 20% market share in China in 2015.

Li’s first bet succeeded. By end-2016, monocrystalline’s efficiency and cost advantages boosted its share to 27%, propelling JinkoSolar past Trina to become the global shipment leader.

China’s PV boom triggered anti-dumping investigations in Western markets, prompting many firms to refocus domestically. But Li’s global ambitions remained undeterred. His "high-volume, low-margin" strategy took shape, with international markets as the core focus. As early as 2013, he identified Latin America and the Middle East/Africa as untapped growth regions.

In 2017, JinkoSolar set a then-record low bid of $0.0242/kWh for a UAE mega-project. This expansion and pricing strategy secured its dominance for three consecutive years.

However, China’s 2020 "dual-carbon" goals turbocharged domestic demand, leaving NYSE-listed JinkoSolar at a funding disadvantage against local rivals. By 2021, its shipments fell to fourth place.

Li’s response was decisive: spinning off its main subsidiary, Jiangxi Jinko, for an A-share listing in 2022. At the pre-IPO dinner, he quipped, "Some say Jinko is always half a step behind."

But this was his only delay. Post-listing, JinkoSolar accelerated financing and expansion. "Many credit our strategy, but execution speed is our real strength," Li said in a 2022 interview.

When asked about the "return to #1" playbook in 2023, he attributed it to three strategic pillars: product competitiveness, global presence, and operational efficiency.

**Dual-Front War**

This playbook now extends to energy storage.

Insiders note that JinkoSolar’s storage business inherits its PV product philosophy. Public records show the company added energy storage to its scope in late 2020, established dedicated subsidiaries in 2022, and declared storage "as critical as modules" in 2023.

By late 2023, storage projects accelerated—16 overseas deployments across Europe, the Middle East, and Japan, plus 24 domestic projects in Zhejiang, Guangdong, and Jiangsu.

The division’s leadership was handed to Zhou Fangkai, a veteran of Li’s team, as Storage Business President.

JinkoSolar stated that recent efforts focused on team-building and capacity to capitalize on the storage boom driven by global PV and wind expansion.

Its 2025 interim report emphasized becoming a "global integrated solutions leader" via PV-storage synergy—a shift from earlier separate discussions of PV and storage in annual reports.

But storage’s current frenzy rivals PV’s heyday. CATL, Sungrow, and PV peers like Canadian Solar and Trina now compete in Wood Mackenzie’s 2025 global storage rankings.

SMM forecasts a 23% CAGR for global storage demand from 2024–2030, reaching 828GWh by 2030.

JinkoSolar VP Qian Jing revealed storage is now its "second pillar," targeting a top-three global supplier rank within 3–5 years. The business shipped 1GWh in 2024, aiming for 6GWh this year.

Though volumes are modest, JinkoSolar’s PV "shipment king" status grants inherent advantages—storage systems and modules share similar customer and distribution channels.

The company is prioritizing overseas storage markets. Li’s logic: "Capacity rationalization depends on global flexibility, not scale battles." JinkoSolar’s 10+ global production bases, spanning the U.S., Southeast Asia, and the Middle East, hedge regional risks.

A late-2024 board meeting approved a GDR issuance for Frankfurt listing, seen as a capital move aligned with its global storage-PV expansion.

Amid the PV downturn, Li—ever the warrior—has widened his battlefield. JinkoSolar is developing higher-power TOPCon 2.0/3.0 products (2025 mass production) while exploring overseas and storage opportunities.

In a past New Year’s message, Li wrote: "I’m just an ordinary guy from a Zhejiang fishing village. Fishermen’s kids have innate crisis instincts—that’s why in PV, I’ve always been more vigilant than others."

So far, his bets—on technology shifts and market share—have paid off. But this dual-front war, defending PV while attacking storage in a cutthroat market, may be his toughest fight yet.