28.   RELATED PARTY TRANSACTIONS AND BALANCES

(a)    Related party balances

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Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.

(b)    Related party transactions

Transactions related parties for the year ended December 31, 2023, 2024 and 2025 were as follows (RMB in thousands):

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-Solar module transactions with JinkoPower

For the years ended December 31, 2023, 2024 and 2025, sales of solar module products to subsidiaries of JinkoPower amounted to RMB353 million, RMB390 million and RMB44 million, respectively. Payment term offered by the Group to JinkoPower is consistent with the Group’s 3rd party sales arrangement. As of December 31, 2024 and 2025 outstanding accounts and notes receivables due from JinkoPower were RMB545 million and RMB176 million, respectively.

-Rental services provided to JinkoPower

For the years ended December 31, 2023, 2024 and 2025, rental services provided to subsidiaries of JinkoPower amounted to RMB12 million, RMB13 million and RMB12 million, respectively.

For the years ended December 31, 2023, 2024 and 2025, management service provided to Sichuan Yongxiang amounted to nil,RMB0.4 million and RMB nil million, respectively.

-Management service provided by JinkoPower

In November 2017, the Company entered into an agreement with JinkoPower, which entrusted JinkoPower to exercise certain shareholders’ rights (other than right of profit distribution, right of residual property distribution and right of disposition) in five operating entities of overseas power stations wholly-owned by the Company, enabling JinkoPower to monitor the construction and daily operations of these power stations. The Company retains ownership of these power stations and there exists no call or other rights of JinkoPower. The Company agrees to pay service fees calculated based on the actual costs incurred by JinkoPower during the power stations’ construction period and a fixed amount fee during the operation period. The Company recorded service expenses incurred in the years of 2023, 2024 and 2025 amounted to RMB7 million, RMB7 million and RMB2 million, respectively. Other than the solar project management service, JinkoPower also provided other management services to the Company amounted to RMB9 million, RMB13 million and RMB12 million in 2023, 2024 and 2025, respectively.

-Electricity fee charged by JinkoPower

For the years ended December 31, 2023 and 2024 and 2025, electricity fee charged by subsidiaries of JinkoPower amounted to RMB119 million, RMB119 million and RMB84 million, respectively.

-Silicon procurement from Xinte Silicon, Sichuan Yongxiang and Zhejiang New Materials

JinkoSolar jointly invest in Xinte Silicon and Sichuan Yongxiang in 2021 which were accounted for under the equity method (Note 14). JinkoSolar purchased polysilicon of RMB1,537 million, RMB421 million, and RMB234 million from Xinte Silicon during the years ended December 31, 2023, 2024 and 2025, respectively. JinkoSolar purchased polysilicon of nil,RMB596 million and RMB302 million from Sichuan Yongxiang during the years ended December 31, 2023, 2024 and 2025, respectively.

As disclosed in Note 8, the Group’s investment in Zhejiang New Materials was recorded under the equity method. JinkoSolar purchased polysilicon of RMB81 million from Zhejiang New Materials during the period from October 1, 2025 to December 31, 2025.