JinkoSolar’s revenues rose nearly 30% QoQ in Q2, but declined YoY in both Q2 and Q3
Gross margin turned positive, reaching 2.9% in Q2 and 7.3% in Q3 after a Q1 loss
Module shipments hit 61.9 GW for 9M 2025, with rising demand for high-power products and ESS
It expects ESS shipments at around 6 GWh in 2025, with at least 25% growth projected for 2026
JinkoSolar’s revenues climbed almost 30% quarter-on-quarter (QoQ) in Q2 2025 with RMB 17.99 billion, but fell sharply (25.2%) from a year earlier, as weaker module prices dragged down overall performance. The company’s revenues then slipped again in Q3 to RMB 16.16 billion (10.2% QoQ and 34.1% YoY) as both shipments and selling prices declined.
Announcing the financial results for both quarters on the same day, JinkoSolar highlighted a sequential improvement in its gross margin for 2 consecutive quarters, reaching 2.9% in Q2 and 7.3% in Q3, compared to a negative 2.5% in Q1. Gross profit also increased to RMB 526.5 million in Q2 and RMB 1.18 billion in Q3, after it reported a gross loss of RMB 352.9 million in Q1 2025 (see JinkoSolar’s Shipped 17.5 GW Solar Modules In Q1 2025).
JinkoSolar Chairman and CEO Xiande Li attributed the improvement in gross margin to the company’s product performance and strong presence in high-value overseas markets. Nevertheless, it continued to operate at a net loss, which narrowed from RMB 876.4 million in Q2 to RMB 749.8 million in Q3, compared with Q1’s RMB 1.32 billion.
Shipments
JinkoSolar’s solar module shipments in Q2 totaled 20.01 GW, and cell and wafer shipments totaled 1.55 GW, together representing an 18.4% decline QoQ and a 16.7% drop YoY. For Q3 this year, its module shipments added up to 20 GW, with 65% shipped overseas. Altogether, during 9M 2025, JinkoSolar’s global module shipments amounted to 61.9 GW.
At the end of the reporting period, its cumulative module shipments reached 370 GW while its Tiger Neo series surpassed 200 GW. The company is also expanding its energy storage system (ESS) business as the 9M 2025 shipments exceeded 3.3 GWh. Li expects ESS to become its 2nd major growth driver in 2026.
The manufacturer sees strong orderbook visibility for the ESS business in 2025, exceeding 90%. For this year, it expects ESS shipments to reach around 6 GWh.
Total shipments, on the other hand, including solar modules, cells, and wafers, are forecast in the range of 85 GW to 100 GW, including 18 GW to 33 GW within Q4 2025.
Li shared that the company’s module utilization rates during the reporting quarters stayed at a ‘reasonable’ level. Prices for polysilicon, wafers, cells, and modules have been rising since Q3. He remarked that the shift to high-power products is speeding up industry consolidation.
“We have made steady progress in high-power products upgrades in the third quarter and already delivered some high-power products at a premium of 1-2 US cents per watt, and expect high-power products to account for more than 60% of our total module shipments in 2026,” added Li.
Global demand for energy storage is rising as the economics improve and the energy transition accelerates, especially in China and across Europe, Asia Pacific, the Middle East, and Latin America. In the US, fast-growing AI data centers are pressuring the grid, boosting interest in solar+storage.
Reflecting on the growing global demand for energy storage, the company says this trend supports its strategy to invest in energy storage, backed by its strong brand, customer network, and existing 12 GWh pack and 5 GWh battery cell capacity. Its focus will be on high-margin overseas markets.
During its earnings call, JinkoSolar management said it expects a roughly flat year in 2026 as Chinese demand for solar PV drops, but it will be offset by growth elsewhere globally. Yet, it sees at least a 25% increase for ESS next year.