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JinkoSolar's Financial Results for Q4 and Full Year 2025

JinkoSolar Holding Co., Ltd., a dominant player in the clean energy sector, announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025. The company's performance reflects both achievements in solar module shipments and the challenges posed by fluctuating market conditions.

Business Overview

In 2025, JinkoSolar achieved an impressive 86 GW in total module shipments, securing its position as the leading solar module manufacturer globally for the seventh consecutive year. By the end of the fourth quarter, the company reached a remarkable milestone, delivering over 390 GW of solar modules in total since its inception. Their Tiger Neo series emerged as the most popular, with total shipments exceeding 220 GW, solidifying its status in the industry.

Moreover, JinkoSolar made notable advancements in technology, particularly with their N-type TOPCon-based perovskite tandem solar cell, achieving a new industry record for conversion efficiency at 34.76%. The company also highlighted that it had secured over 700 patents related to the N-type TOPCon technology, positioning itself ahead of competitors.

Q4 2025 Highlights

During the fourth quarter, JinkoSolar shipped 24,204 MW of solar modules, which represents a 20.9% increase sequentially, but reflects a decrease of 4.0% year-over-year. The company's total revenue for the quarter reached RMB 17.51 billion (US$2.50 billion), an increase of 8.3% from the previous quarter but a decline of 15.2% when compared to the same period in the previous year. The gross profit for the quarter dramatically declined to RMB 55.1 million (US$7.9 million), resulting in a gross margin of just 0.3%, a significant drop from 7.3% in the prior quarter.

The net loss attributable to JinkoSolar's ordinary shareholders was RMB 1.50 billion (US$214.5 million) for Q4, revealing an escalating trend in losses compared to RMB 749.8 million in Q3 2025, and RMB 476.7 million for Q4 2024. Basic and diluted losses per ordinary share were RMB 7.16 (US$1.02).

Full-Year Financial Insights

For the full year, total solar module shipments were reported at 86,056 MW, reflecting a year-over-year decrease of 7.3%. The company recorded total revenues of RMB 65.50 billion (US$9.37 billion), which is a 29.0% decline from the previous year. Gross profit fell sharply to RMB 1.41 billion (US$201.7 million), and the company posted a staggering net loss of RMB 4.45 billion (US$635.6 million).

Despite these figures, JinkoSolar remains optimistic due to its expanding energy storage solutions. It was recognized as a Tier 1 energy storage provider by Bloomberg New Energy Finance for the eighth consecutive quarter, demonstrating a solid performance in the energy storage market amid broader industry challenges.

CEO's Remarks

Mr. Xiande Li, Chairman and CEO, stated, “Despite facing significant challenges in the global photovoltaic industry, we achieved our module shipment goals. The market volatility has impacted our margin and profitability, yet our energy storage segment shows strong growth potential. We anticipate even higher shipments in 2026, solidifying our transformation into a comprehensive energy solutions provider.”

Looking Ahead

For Q1 and full year 2026, JinkoSolar expects to ship between 13 GW and 14 GW of modules, with full-year projections for module shipments between 75 GW and 85 GW. The company's integrated production capacity is projected to reach approximately 100 GW by the end of 2026, which includes 14 GW from their overseas facilities.

As JinkoSolar continues to innovate and enhance its product offerings, including the upcoming Tiger Neo 3.0 series, the company is strategically positioned to navigate the evolving energy landscape, emphasizing both technology and sustainability. With the growing importance of energy security globally, JinkoSolar's commitment to clean energy solutions remains paramount.