JinkoSolar (JKS) Q4 2025 earnings summary

Executive summary

• Achieved 86 GW of module shipments in 2025, maintaining global leadership for the seventh consecutive year, despite a net loss due to low module prices and rising raw material costs.

• Energy storage system (ESS) shipments grew significantly to 5.2 GWh, with revenue recognized for 1.7 GWh, and are expected to more than double in 2026.

• Maintained technological leadership with 32 world records for PV efficiency, over 700 TOPCon patents, and a new perovskite tandem cell efficiency record of 34.76%.

• Global manufacturing and supply chain optimization continued, with high utilization at the U.S. facility and expansion in high-value overseas markets.

• Recognized as a Tier 1 energy storage provider by BNEF for the eighth consecutive quarter and achieved highest ESG ratings in the industry.

Financial highlights

• Q4 2025 revenue was $2.5 billion (RMB17.51 billion), up 8.3% sequentially but down 15.2% year-over-year; full-year revenue was $9.37 billion (RMB65.50 billion), down 29% year-over-year.

• Q4 2025 gross margin dropped to 0.3% from 7.3% in Q3; full-year gross margin was 2.2%, down from 10.9% in 2024.

• Q4 2025 net loss attributable to shareholders was $214.5 million (RMB1.50 billion); adjusted net loss was $119.8 million (RMB837.7 million).

• Full-year 2025 net loss attributable to shareholders was $635.6 million (RMB4.45 billion); adjusted net loss was $448.6 million (RMB3.14 billion).

• Cash and equivalents at year-end were $3.28 billion (RMB22.94 billion); total debt was $6.72 billion (RMB47.01 billion); net debt was $3.44 billion.

Outlook and guidance

• Annual integrated production capacity is expected to reach 100 GW by end of 2026, with 14 GW from overseas facilities.

• Module shipment guidance for Q1 2026 is 13–14 GW; full-year 2026 guidance is 75–85 GW.

• ESS shipments are expected to more than double in 2026, with signed and high-potential orders exceeding 10 GWh.

• High-efficiency products (640W+) expected to exceed 60% of shipments in 2026.

• ASPs are expected to improve gradually in 2026, driven by cost inflation and a higher mix of high-efficiency products.