SHANGRAO, CHINA (By JinkoSolar, 17.Nov.2025, Words: 1,200) — JinkoSolar Holding Co., Ltd. announced its unaudited financial results for the second quarter ended 30 Jun. 2025 and third quarter ended 30 Sep. 2025.
Third quarter 2025 business highlights
— total module shipments for the third quarter were approximately 20GW, with over 65% shipped to overseas markets.
— by the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of 370 GW of solar modules, with total cumulative shipments of Tiger Neo series surpassing 200 GW, the best-selling module series in history.
— mass-produced cell efficiency for high-efficiency TOPCon products reached 27.2% to 27.4%.
— “we started to deliver certain high efficiency modules series with power output exceeding 640W, which carry a price premium over conventional series.”
— orderbook visibility for energy storage system (ESS) in 2025 exceeds 90%.
— “our MSCI ESG rating has been upgraded to “A”, the highest level among mainstream PV companies.”
Third quarter 2025 operational and financial highlights
— quarterly shipments were 21,570 MW (20,014 MW for solar modules and 1,556 MW for cells and wafers), down 18.4% sequentially and 16.7% year-over-year.
— total revenues were RMB16.16bn ($2.27bn), down 10.2% sequentially and 34.1% year-over-year.
— gross profit was RMB1.18bn ($166mn), up 124.5% sequentially and down 69.3% year-over-year.
— gross profit margin was 7.3%, compared with gross profit margin of 2.9% in Q2 2025 and gross profit margin of 15.7% in 3Q 2024.
— net loss attributable to JinkoSolar’s ordinary shareholders was RMB749.8mn ($105.3mn), compared with net loss attributable to JinkoSolar’s ordinary shareholders of RMB876.4mn in Q2 2025 and net income attributable to JinkoSolar’s ordinary shareholders of RMB22.5mn in Q3 2024.
— adjusted net loss attributable to JinkoSolar’s ordinary shareholders was RMB373.1mn ($52.4mn), which excludes the impact of (i) the change in fair value of convertible notes issued by us in 2023, (ii) the change in fair value of long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB856.4mn in Q2 2025 and adjusted net income attributable to JinkoSolar’s ordinary shareholders of RMB103.9mn in Q3 2024.Â
— basic and diluted losses per ordinary share were RMB3.58 ($0.50) and RMB3.58 ($0.50), respectively. This translates into basic and diluted losses per ADS of RMB14.32 ($2.01) and RMB14.32 ($2.01), respectively.
Second quarter 2025 operational and financial highlights
— quarterly shipments were 26,446 MW (24,334 MW for solar modules and 2,111 MW for cells and wafers), up 38.2% sequentially and 4.5% year-over-year.
— total revenues were RMB17.99bn ($2.51bn), up 29.9% sequentially and down 25.2% year-over-year.
— gross profit was RMB526.5mn ($73.5mn), compared with gross loss of RMB352.9mn in Q1 2025 and gross profit of RMB2.68bn in Q2 2024.
— gross profit margin was 2.9%, compared with gross loss margin of 2.5% in Q1 2025 and gross profit margin of 11.1% in Q2 2024.
— net loss attributable to JinkoSolar’s ordinary shareholders was RMB876.4mn ($122.3mn), compared with net loss attributable to JinkoSolar’s ordinary shareholders of RMB1.32bn in 1Q 2025 and net loss attributable to JinkoSolar’s ordinary shareholders of RMB100.7mn in Q2 2024.
— adjusted net loss attributable to JinkoSolar’s ordinary shareholders was RMB856.4mn ($119.5mn), which excludes the impact of (i) the change in fair value of convertible notes issued by us in 2023, (ii) the change in fair value of long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net loss attributable to JinkoSolar’s ordinary shareholders of RMB1.07bn in Q1 2025 and adjusted net income attributable to JinkoSolar’s ordinary shareholders of RMB378.5mn in Q2 2024.Â
— basic and diluted losses per ordinary share were RMB4.20 ($0.59) and RMB4.20 ($0.59), respectively. This translates into basic and diluted losses per ADS of RMB16.82 ($2.35) and RMB16.82 ($2.35), respectively.
Mr. Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, commented, “In the first three quarters of 2025, our global module shipments totaled 61.9 GW, once again ranking No.1 worldwide. Driven by our outstanding product performance and strong presence in high-value overseas markets, gross margin improved significantly sequentially for two consecutive quarters, reaching 2.9% in the second quarter and 7.3% in the third quarter. Our net loss was US$122.3 million in the second quarter and US$105.3 million in the third quarter, both narrowing sequentially. We are pleased to see that our intensive efforts devoted to R&D for energy storage business in the past two years started to bear fruit gradually. In the first three quarters, our cumulative ESS shipments exceeded 3.3 GWh, representing significant growth since the second quarter. This, combined with our rising market share in overseas markets, has helped the profitability of our energy storage business to improve noticeably. With scale efficiency and competitiveness improving, we expect our energy storage business to become our second growth engine and contribute to our profit in 2026.
We continue to keep our module utilization rates at a reasonable level in the second and third quarters. Since the third quarter, prices of polysilicon, wafers, and cells have all risen, and module prices trended upward in China and overseas.
The technology upgrade toward high-power production capacity is accelerating industry consolidation. This technology upgrade also meets end-customers demand for high-power products and higher investment returns. We have made steady progress in high-power products upgrades in the third quarter and already delivered some high-power products at a premium of 1-2 US cents per watt, and expect high-power products to account for more than 60% of our total module shipments in 2026.
In China, market-oriented reforms are improving the economics of many energy storage projects while demand is increasing in Europe, Asia Pacific, Middle East and Latin America because of improving economics and the global energy transition. In the U.S, the rapid expansion of AI data centers is straining domestic electricity supply, making solar+storage a safe and easy-to-deploy solution. We expect global demand for energy storage to experience significant growth, further validating our strategic decision to invest in the energy storage business and build a long-term competitive advantage with localized, one-stop, solar+storage solutions. As a leading enterprise in the PV sector, we possess long-established advantages in channels, brand reputation, and customer resources. We currently have 12 GWh of pack capacity and 5 GWh of battery cell capacity, and focus on high-margin overseas markets, particularly utility-scale and industrial and commercial projects.
The global supply chain is reshaping, and technological upgrades are accelerating high-quality development of the industry. With strong technological capabilities, long-term reliability, and global diversification of our energy storage business, we are well positioned to further strengthen our competitiveness and benefit from the next upward cycle in the industry.
Looking forward, we will continue to respond actively to the industry’s call for rational development and proactively adapt to changes in overseas policies to ensure sustainable supply for our customers. We will keep strengthening our competitive advantages in technology and global operations and balance scale and profitability to consolidate our industry-leading position. We expect total shipments to be between 85 GW and 100 GW for the full year of 2025, and ESS shipments to be approximately 6 GWh for the full year 2025.”
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