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Company Research16 Apr 2024
Companies That Had Their IPO in 2022: War, Inflation and Interest Rates
The stock market and IPO landscape in 2022 was marked by inflationary pressures, rate hikes, and war that heavily impacted the market sentiment.
JinkoSolar
JinkoSolar (JKS) investor relations material
JinkoSolar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Global module shipments reached 61.9 GW in the first three quarters of 2025, maintaining the top global ranking, with cumulative shipments at 370 GW and Tiger Neo series surpassing 200 GW.
Gross margin improved sequentially to 2.9% in Q2 and 7.3% in Q3 2025, with net loss narrowing over two consecutive quarters.
Over 65% of Q3 2025 module shipments were to overseas markets, with U.S. shipments nearly doubling sequentially.
Energy storage system (ESS) shipments exceeded 3.3 GWh in the first three quarters, with orderbook visibility for 2025 above 90% and profitability improving.
MSCI ESG rating upgraded to A, the highest among mainstream PV companies.
Financial highlights
Q3 2025 revenue was $2.27 billion, down 10% sequentially and 34% year-over-year, mainly due to lower module shipments and ASP declines.
Q2 2025 revenue was $2.51 billion, up 30% sequentially but down 25% year-over-year.
Q3 2025 gross margin: 7.3%, up from 2.9% in Q2 2025.
Q3 2025 net loss attributable to shareholders: $105.3M, improved from $122.3M loss in Q2 2025; adjusted net loss: $52.4M, improved from $119.5M in Q2.
Cash and equivalents at Q3 2025: $3.29B; net debt: $3.1B; total debt: $6.4B.
Outlook and guidance
Full-year 2025 total shipments (modules, cells, wafers) expected between 85–100 GW; ESS shipments targeted at 6 GWh.
Q4 2025 module shipments expected at the lower end of the 18–33 GW guidance range.
High-power products expected to account for over 60% of total module shipments in 2026.
Annual production capacity for mono wafer, cell, and module to reach 120 GW, 95 GW, and 130 GW, respectively, by end of 2025.
Energy storage business expected to more than double in 2026, with revenue contribution rising to 10–15% and gross margin of 15–20%.
ESS revenue contribution and margin impact 2026
High-power module shipment share and margin premium
Module market share trajectory amid consolidation
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Next JinkoSolar earnings date
Q4 202523 Mar, 2026
JinkoSolar
Next JinkoSolar earnings date
Q4 202523 Mar, 2026
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Frequently asked questions
JinkoSolar Holding Co., Ltd. engages in the design, development, production, and marketing of photovoltaic products. It operates through following segments: Solar Power Products, Solar System Projects, and Other Operations. The Solar Power Products segment includes solar modules, silicon wafers and solar power system kits. The Solar System Projects segment comprises engineering procurement and construction services for turn-key and build-operate-transfer solar power plants. The Other Operations segment consists of silicon ingots and topskin materials.
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