JinkoSolar posts US$181 million losses in Q1 25, citing low prices and US tariffs

Facebook
Twitter
LinkedIn
Reddit
Email
jinkosolar
The company posted lower revenues in the first quarter of 2025 than in both Q4 and Q1 2024. Image: JinkoSolar.

Chinese solar manufacturing giant JinkoSolar posted net losses of US$181.7 million in the first quarter of 2025 amid low product prices and “changes in international trade policies.”

The company posted lower revenues in the first quarter of 2025 than in both Q4 and Q1 2024. They were down to RMB13.84 billion (US$1.91 billion), a 33% sequential fall and a 39.9% year-on-year (YoY) decline. The sequential decrease was due to lower module shipments, JinkoSolar said, while the YoY decline was “mainly due” to falling average selling price (ASP) of modules.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

JinkoSolar shipped 17.5GW of modules in Q1 2025 and 1.626GW of cells and wafers, down 27.7% sequentially and 12.7% YoY.

Low module prices have affected all of the major Chinese solar manufacturers over the last year, despite growing global shipments and demand. For example, Jinko’s 2024 full-year report shows record module shipment volumes of over 99GW, while also marking the first time that the company returned net losses in the last five years.

JinkoSolar CEO Xiande Li said: “Prices across the main segments of the solar industrial chain were low in the first quarter. This, combined with disruptions in demand caused by changes in international trade policies, pressured profit margins in each segment of the integrated solar supply chain.” 

Li highlighted divergence between Jinko’s domestic market and international ones. He explained Jinko had seen growth in its home market of China, where he claimed: “Market self-regulation and high-quality development initiatives by manufacturers became gradually effective. From January to March, average monthly bidding prices for solar modules steadily recovered in the domestic market, returning to a more rational level.”

The heads of Chinese solar manufacturers have increasingly been calling for an end to the “price war”, which has seen manufacturing volumes explode beyond global demand while ASPs have dropped substantially.

“According to data from the National Environment Administration, new installations in China in the first quarter amounted to 59.7 GW, an increase of 31% year-over-year,” he said.

Conversely, Li said: “Due to a year-over-year decline in shipments to the US market and a continued decline in higher-price overseas orders, our module prices and profitability decreased both year-over-year and sequentially.

“Recent changes in international trade policies, such as reciprocal tariffs in the United States, have brought some disruption to the PV industry.”

In the days following Donald Trump’s “Liberation Day” tariff announcement, PV Tech reported that Chinese solar stocks had been hit hard.

2025 outlook

Li said Jinkosolar expects production capacity of mono wafers, solar cells and solar module to reach 120GW, 90GW and 130GW, respectively, with between 40GW and 50GW of module production capacity earmarked for “third generation TOPCon modules”.

The company said it expects to ship 20GW-25GW of modules in Q2 2025 and between 85GW and 100GW over the whole year.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

September 12, 2025
Colombian energy supplier Celsia is seeking more than US$1.2 billion in investment to build wind and solar generation projects in Peru. 
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
September 11, 2025
Founder Group has won a RM10 million (US$2.3 million) engineering, procurement, construction and commissioning contract for a 30MW solar plant in Malaysia.
September 11, 2025
Madison Energy Infrastructure has raised US$800 million to accelerate the deployment of clean energy assets across the US. 
September 11, 2025
The EBRD has launched a new programme to improve access to green financing and support energy investments such as renewable power projects.
September 11, 2025
Constant Energy has secured THB300 million (US$9.4 million) in green financing from HSBC to expand large-scale solar and battery storage projects in Thailand. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines