Jinko Technology's response to the Shanghai Stock Exchange's regulatory letter: The asset-liability ratio of the first phase of the Zhongwei Zhisuan Center project in Ningxia is expected to reach 67.1%, which will not have a significant adverse impact on the financial structure.

Jinko Technology announced that the company has replied to the regulatory letter from the Shanghai Stock Exchange regarding the signing of the investment agreement for the Ningxia Zhongwei Computing Power Center project. The Ningxia Zhongwei Intelligent Computing Center project of the company fully draws on the mature experience of the industry, with a cautious and controllable investment pace. The project is based on a framework agreement, with a total investment of about 24.5 billion yuan, to be constructed in three phases. The first phase plans to invest about 10 billion yuan with an IT capacity of 400MW, and reserves space for the expansion of the second and third phases. Subsequent progress will be made step by step based on order situations, avoiding blind expansion without order support, ensuring that investment matches market demand. In order to reasonably control financial pressure and investment pace, the company will comprehensively raise funds through direct financing, indirect financing and other means, steadily implement through the introduction of strategic partners for joint investment and phased input, carefully evaluate fund-raising capabilities and project progress pace, ensuring the sustained and stable operation of the new energy main business. The company currently does not hold a large-scale photovoltaic power station in Ningxia. Ningxia, as an important province of wind and solar new energy in the country, has a large scale of new energy installed capacity, obvious advantages in market-based power trading prices, and also faces certain challenges regarding new energy consumption and limiting power pressure. The company has long been deeply involved in investment, construction and operation in the field of new energy power station, and has mature and professional capabilities in wind and solar project development, power market trading, optimization of new energy consumption, etc. The landing of the computing power center project can serve as a stable and high-capacity quality load, providing important support for the regional new energy consumption. The impact of the first phase of the project on the company's total assets and total liabilities was calculated based on a simplified calculation method: assuming the company holds 100% of the shares, the asset-liability ratio is expected to reach 67.1%, still at a controllable and healthy level, not constituting a significant adverse impact on the company's financial structure; assuming the company holds 51% of the shares and controls the project company, the asset-liability ratio is expected to reach 65.2%, with a more limited impact on the financial structure.