JinkoSolar (JKS) Q3 2025 earnings summary

Executive summary

• Global module shipments reached 61.9 GW in the first three quarters of 2025, maintaining the No.1 worldwide ranking, with cumulative shipments hitting 370 GW by Q3 2025 and Tiger Neo series surpassing 200 GW.

• Gross margin improved sequentially: 2.9% in Q2 and 7.3% in Q3 2025, with net loss narrowing for two consecutive quarters.

• Energy storage system (ESS) shipments exceeded 3.3 GWh in the first three quarters, with orderbook visibility for 2025 above 90% and significant growth and improved profitability.

• High-power product upgrades advanced, with premium pricing and expectations for high-power products to comprise over 60% of shipments by 2026.

• Over 65% of Q3 shipments were to overseas markets, with strong growth in Asia-Pacific, Europe, U.S., and emerging markets.

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.

• Q3 2025 gross margin: 7.3%, up from 2.9% in Q2; Q3 2025 gross profit: $166M, up 124.5% sequentially.

• Q3 2025 operating expenses were $363 million, up 36% sequentially, mainly due to increased impairment of long-lived assets.

• Q3 2025 adjusted net loss: $52.4M, improved from $119.5M in Q2; EBITDA Q3: $169.4M.

• At Q3 end: cash and equivalents $3.29 billion, total debt $6.4 billion, net debt $3.1 billion.

Outlook and guidance

• Full-year 2025 total shipments (modules, cells, wafers) expected between 85 GW–100 GW; Q4 2025 shipments expected at the lower end of 18–33 GW.

• ESS shipments targeted at 6 GWh for 2025, with business expected to more than double in 2026 and revenue contribution rising to 10–15%.

• 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.

• Global PV demand projected to be flat in 2026 versus 2025, but BESS installations expected to grow at least 25% year-over-year.