JinkoSolar’s profitability deteriorates as annual module shipments decline

In Q4 2025, Jinko saw its gross margin collapse to 0.3% compared with 7.3% in Q3 and 3.8% in Q4 2024.

Jinko reported an adjusted net loss of US$119.8 million in Q4 2025, more than double the US$52.4 million loss in the previous quarter. On a GAAP basis, Jinko’s net loss reached US$214.5 million, compared to US$105.3 million in Q3 2025 and US$64.9 million in Q4 2024.

Over the full year, Jinko’s results reflected the headwinds it and the rest of the PV manufacturing industry have been facing.

“Facing persistently low module prices, the elimination of obsolete production capacity, and a still-evolving product mix, we incurred a net loss for the full year, said Xiande Li, JinkoSolar’s chairman and chief executive, who added that “volatility” in the global PV industry “negatively impacted financials across the industrial chain”.

“In the fourth quarter, our gross margin decreased sequentially, and our net loss expanded, impacted by factors including rising costs of raw materials such as polysilicon and silver, as well as foreign exchange rate fluctuations,” said Li.

Its annual module shipments for the year reached just over 86GW, down 7.3% from 2024. Total revenues for 2025 were US$9.37 billion, down 20% year-on-year. Compared with the 10.9% it achieved in 2024, Jinko’s gross margin for 2025 fell to 2.2%, reflecting the pricing battle the industry has been engaged in.

Jinko recorded adjusted net losses for 2025 of US$448.6 million and GAAP losses of US$635.6 million. EBITDA for 2025 was US$69 million, down 94.1% year on year.

Given the challenging conditions, Jinko’s guidance for 2026 module shipments was flat to declining at 75.0GW to 85.0GW. For the first quarter of 2026, Jinko said it expected module shipments of 13-14GW.

Jinko’s n-type module sales exceed 220GW in 2025

Despite the many challenges, Jinko’s quarterly presentation highlighted several positives, including its continued position as the largest module producer by shipments and its continued progress in developing and shipping new and higher-power module technologies.

At the end of Q4 2025, Jinko said it had delivered over 220GW of n-type modules, the most in the industry, while shipments of its high-efficinecy (640W+) modules reached around 3GW in Q4. Jinko said it expects its high-power modules to account for over 60% of its total shipments by the end of 2026.

The company said it was targeting 100GW of integrated production capacity by the end of 2026, including 14GW of overseas capacity.

It also pointed to the growth of its energy storage solutions (ESS) business, which saw shipments grow by over 400% year on year in 2025 to 5.2GWh. The company expects to double its ESS shipments in 2026.

“Our energy storage business maintained its rapid growth trajectory, with shipments growing significantly year-over-year, marking an important step in our ongoing transformation into an integrated energy solutions provider,” said Li. “We expect our ESS shipments to more than double in 2026 compared to 2025, as we penetrate into more high-value markets.”

“As the global energy transition advances and the demand for grid flexibility increases, the role of energy storage within renewable energy systems continues to strengthen,” added Li.

Chinese government encourages ‘high-quality development’ of solar

Li highlighted efforts on the policy front by the Chinese government to support the “high-quality development of the industry”. Earlier this year, the China Photovoltaic Industry Association (CPIA) announced plans to transition from a model of “competing on scale and price” to a new era of “value competition”.

“These policies are guiding the industry away from pure competition on scale and price toward a focus on genuine quality and value. In response, leading companies have been actively supporting government initiatives to return module prices to reasonable levels. In the first quarter of 2026, this dynamic, combined with the pass-through of rising commodity prices such as silver, as well as the impact of export tax rebates on demand, drove a significant sequential rebound in module prices.

“As the competitive landscape normalises and supply/demand dynamics gradually improve, we expect module prices to remain relatively stable going forward, with high efficiency and differentiated products continuing to command a premium. Simultaneously, volatility in global energy markets has highlighted the critical need for energy security, reinforcing the long-term value of reliable renewable energy.

“As solar power generation enters a market-driven phase, industry competition is transitioning to a model centred on technological innovation, product competitiveness, and the ability to deliver integrated solar plus storage solutions—which we are uniquely positioned to capitalise on.”