JinkoSolar shipped 86 GW of solar modules in 2025, down 7.3% YoY, but retained its top global ranking for the 7th time
The company reported a net loss of RMB 4.45 billion, with revenues and margins falling sharply due to low module prices and higher input costs
Energy storage emerged as a growth segment, with shipments rising 420% YoY to 5.2 GWh
JinkoSolar shipped over 86 GW of solar modules in FY2025, which it says helped it retain its top global ranking for the 7th time, but with a 7.3% annual decline from 92.9 GW in 2024 (previously reported as 99.59 GW). Close to 60% of the module shipments were to overseas markets, with US shipments accounting for approximately 5% in 2025.
InfoLink Consulting places JinkoSolar and LONGi on the top of its 2025 global module shipment ranking (see Top 4 Module Makers Control 58% Of 536 GW Global Shipments In 2025).
Despite this milestone, the company reported a net loss of RMB 4.45 billion, down 8,250.2% year-on-year (YoY) from a net income of RMB 54.5 million in the previous year.
Jinko Solar or Jiangxi Jinko, the company’s principal operating subsidiary, had earlier forecast a net loss of RMB 5.9 billion to RMB 6.9 billion for the reporting year, as did most leading Chinese players, citing continued challenges related to overcapacity, trade barriers, and rising raw material costs (see Top Chinese Module Makers Expect Losses To Continue In 2025).
JinkoSolar Chairman and CEO Xiande Li said, “Facing persistently low module prices, the elimination of obsolete production capacity, and a still-evolving product mix, we incurred a net loss for the full year.”
The company says its financial performance was impacted across the supply chain due to ongoing industry volatility, driven by structural imbalances and a shifting trade environment.
Its total revenues for the year dropped by 29% to RMB 65.50 billion, while gross profit of RMB 1.41 billion declined by 86% due to a drop in module ASPs. Gross margin was down to 2.2% vis-à-vis 10.9% in FY 2024.
Rising costs of raw materials, such as polysilicon and silver, and foreign exchange rate fluctuations weighed on its gross margin in the last quarter of the year. JinkoSolar reported 0.3% Q4 2025 gross margin, compared with 7.3% in the previous quarter and 3.8% in Q4 2024.
Its Q4 gross profit of RMB 55.1 million declined 95.3% sequentially and 93% annually.
JinkoSolar’s quarterly shipments of 24.2 GW improved by 20.9% quarter-on-quarter (QoQ), but there was a 4% drop on a YoY basis. A similar trend was seen in revenues of RMB 17.51 billion, which rose 8.3% QoQ and down 15.2% YoY (see JinkoSolar’s 2024 Annual Solar PV Shipments Exceed 99 GW). At the end of the quarter, its total solar module shipments reached 390 GW, including more than 220 GW of Tiger Neo series modules.
Energy storage systems (ESS) segment was a bright spot, with shipments growing 420% YoY to 5.2 GWh. The company says it has strong orderbook visibility as its signed and high-potential orders currently exceed 10 GWh in total. At the end of 2025, its manufacturing capacity reached 17 GWh for packs and 5 GWh for battery cells. In 2026, it targets more than doubling its ESS shipments YoY.
JinkoSolar guides for its FY 2026 module shipments within the range of 75 GW to 85 GW, including 13 GW to 14 GW in Q1 2026.
The company also expects its annual integrated production capacity to reach nearly 100 GW by the end of 2026, including 15 GW overseas (in Southeast Asia, Saudi Arabia and the US). Tiger Neo 3.0 capacity is expected to reach 40 GW by the end of 2026.
