JinkoSolar Posts Record Shipments but Suffers Deep Losses Amid Industry Turmoil

Event summary

  • JinkoSolar shipped 86 GW of solar modules in 2025, ranking first globally for the seventh consecutive year.
  • The company reported a net loss of RMB4.45 billion (US$635.6 million) for 2025, down 8,250.2% year-over-year.
  • Gross margin dropped to 2.2% in 2025 from 10.9% in 2024 due to persistently low module prices and rising raw material costs.
  • Energy storage system shipments increased significantly year-over-year, with the company expecting more than double growth in 2026.
  • JinkoSolar aims to reach an annual integrated production capacity of 100 GW by the end of 2026, including 14 GW from overseas facilities.

The big picture

JinkoSolar's financial results reflect the broader challenges facing the solar industry, including structural imbalances and shifting trade environments. The company's focus on technological innovation and energy storage solutions positions it to capitalize on the long-term value of renewable energy, but it must navigate near-term cost pressures and market volatility. The Chinese government's policies supporting high-quality development in the industry could further shape JinkoSolar's strategic direction.

What we're watching

Market Stabilization
Whether the company's expectation of stable module prices will materialize as supply-demand dynamics improve.
Technological Leadership
How JinkoSolar's advancements in N-type TOPCon and perovskite tandem solar cells will impact its competitive positioning.
Financial Recovery
The pace at which JinkoSolar can recover from deep losses and return to profitability amid industry volatility.