Leading Chinese module manufacturer JinkoSolar has sold 41.8GW of PV modules in the first half of the year, despite posting growing financial losses for its manufacturing subsidiary.
The company’s second quarter module shipments of around 24.3GW are in line with many of the shipment figures recorded in previous quarters, and a significant increase over the 17.5GW of modules shipped in the first quarter of this year. JinkoSolar noted that by the end of June, it was the first module manufacturer to have delivered over 350GW of solar modules.
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The company’s recent module, wafer and cell shipment trends are shown in the graph below. Overseas shipments have accounted for an increasingly significant proportion of these sales, with more than 60% of module shipments in the first half of 2025 going to overseas markets.
India has emerged as a key market for Chinese solar cells, with India importing US$607.9 million of cells in the second quarter of this year, and China accounting for two-thirds of module imports to India. Africa has also imported more Chinese modules in the last year, with sales of Chinese modules to Africa increasing 60% year-on-year to over 15GW.
Looking ahead, JinkoSolar expects to sell 20-23GW of modules in the third quarter of this year, and 85-100GW of modules for the full year 2025. This would put the company’s 2025 sales in line with both many of the quarterly sales figures reported in the last year, and the full-year sales figure of around 92.7GW sold in 2024.
However, the company did not announce its wafer or cell shipments for the second quarter of this year, and has not released a forecast for shipments of these products for the remainder of the year. This is a contrast to much of the company’s historic financial reporting, and comes at a time when wafers and cells are accounting for an increasing volume of total Chinese solar product sales, as overseas countries look to import Chinese wafers and cells to build modules domestically, rather than import whole modules made in China.
Jinko Solar Co. posts losses of US$589.3 million
In less encouraging news for the company, JinkoSolar’s manufacturing subsidiary, Jinko Solar Co., reported both declining revenues and overall losses in the first half of this year. Operating revenue fell from RMB47.3 billion (US$6.6 billion) in the first half of 2024 to RMB31.8 billion (US$4.4 billion) in the first half of 2025, and follows the 2024 full year results that saw the company’s net income fall 98.78% year-on-year.
These sustained financial struggles resulted in a loss for the company in the first half of this year, losing RMB4.2 billion (US$589.3 million), compared to turning a profit of RMB1.7 billion (US$230.7 million) in the first half of 2024.
While the company did not publish forecasts for the remainder of 2025, its parent company, JinkoSolar, noted that its forecasts for manufacturing capacity remain unchanged. In its full year 2024 results, JinkoSolar said that it expects to reach total manufacturing capacity of 130GW, 120GW and 95GW for modules, wafers and cells, respectively, by the end of 2025, and it repeated these forecasts in its mid-year results.
