JinkoSolar's Core Subsidiary Posts $6.8 Billion Loss on Solar Price Decline

Event summary

  • JinkoSolar's subsidiary Jiangxi Jinko reported a RMB6.79 billion ($930 million) net loss for 2025, reversing a RMB98.9 million profit in 2024.
  • Revenue dropped 29.18% year-over-year to RMB65.49 billion ($8.9 billion) due to falling photovoltaic product prices.
  • Total assets declined 1.61% to RMB119.16 billion ($16.2 billion), while equity attributable to the parent company fell 21.19% to RMB25.46 billion ($3.5 billion).
  • The results are preliminary and prepared under PRC GAAP, differing from JinkoSolar's consolidated U.S. GAAP financials.

The big picture

JinkoSolar's financial turmoil reflects broader pressures in the solar manufacturing sector, where oversupply and price competition have squeezed margins. The company's ability to navigate these challenges will test its position as a global leader in clean energy technology. With over 10 production facilities and a vast international footprint, the scale of JinkoSolar's operations may either amplify or mitigate the impact of this downturn.

What we're watching

Price Recovery
Whether photovoltaic product prices rebound enough to restore Jiangxi Jinko's profitability in 2026.
Strategic Adjustments
How JinkoSolar will adapt its global operations to offset the subsidiary's financial downturn.
Regulatory Scrutiny
The extent to which accounting differences between PRC GAAP and U.S. GAAP may impact investor confidence.