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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 (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.
Q2 2025 saw a strong sequential rebound in shipments and profitability, while Q3 2025 experienced a decline in shipments and revenue but a significant improvement in gross margin and narrowing of net losses.
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 profitability improving and revenue contribution expected to rise significantly next year.
Reported a 34.11% year-over-year decline in Q3 2025 operating revenue, with significant net losses attributable to owners of the parent company.
Financial highlights
Q3 2025 revenue was $2.27 billion (RMB 16.15 billion), down 10% sequentially and 34% year-over-year, mainly due to lower module shipments and ASP declines.
Gross margin in Q3 was 7.3%, up from 2.9% in Q2, driven by lower unit costs.
Net loss attributable to owners of the parent company for Q3 2025 was RMB 1.29 billion, with adjusted net loss narrowing sequentially for two quarters.
Operating cash flow was $340 million in Q3, but net cash used in operating activities for the nine months was RMB 1.34 billion, up 267.83% year-over-year.
Q2 2025 revenue was $2.51 billion, up 30% sequentially but down 25% year-over-year.
Outlook and guidance
Full-year 2025 total shipments (modules, cells, wafers) expected between 85-100 GW; ESS shipments targeted at 6 GWh.
Energy storage business expected to more than double in 2026, with revenue contribution rising to 10-15% and gross margin of 15-20%.
Q4 2025 module shipments expected at the lower end of the 18-33 GW guidance range.
CapEx for 2025 and 2026 targeted at roughly RMB 5 billion per year, focused on upgrading to next-gen TOPCon technology.
Investors are cautioned not to base decisions solely on these unaudited results due to differences in consolidation scope and accounting standards.
What caused the 34% Q3 revenue decline?
Explain the 267% rise in cash used in operations.
Quantify Jiangxi Jinko's impact on JKS consolidated?
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Next JinkoSolar earnings date
Q4 202523 Mar, 2026
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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