0001104659-26-044432
SEC filingJinkoSolar reported Q4 and full year 2025 financial results with 86 GW module shipments ranking first industry-wide, but total revenues down 29% YoY to RMB65.50 billion and net loss of RMB4.45 billion.
JinkoSolar's Q4 and full year 2025 results reflect intense industry pressures from structural imbalances, low module prices, and rising raw material costs like polysilicon and silver, leading to sharply compressed margins. Full year module shipments of 86 GW secured the top global ranking for the seventh consecutive year, with cumulative deliveries surpassing 390 GW and Tiger Neo series exceeding 220 GW as the best-selling ever. However, revenues fell 29% YoY to RMB65.50 billion, gross profit plummeted 86% to RMB1.41 billion with margin at 2.2% versus 10.9% in 2024, and GAAP net loss widened dramatically to RMB4.45 billion. Q4 saw similar trends: shipments up 20.9% QoQ to 24.2 GW but gross margin eroded to 0.3% from 7.3% prior quarter due to higher unit costs and lower ASPs, driving operating loss to RMB3.26 billion and GAAP net loss to RMB1.50 billion. Adjusted net loss excludes fair value changes on convertible notes and long-term investments, share-based comp, asset impairments, and the 2024 fire accident. CEO Xiande Li highlighted energy storage growth, with full-year ESS shipments meeting targets and BNEF Tier 1 status for eighth straight quarter; 2026 ESS shipments expected to more than double. Technological leadership persists with N-type TOPCon perovskite tandem cell at 34.76% efficiency record and over 700 TOPCon patents. Guidance signals recovery: Q1 2026 module shipments 13-14 GW, full year 75-85 GW, supported by policy-driven price stabilization, high-efficiency product premiums (e.g., Tiger Neo 3.0), U.S. 2 GW facility utilization, and integrated solar+storage push toward 100 GW capacity by year-end (14 GW overseas).